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Michael..could you pls. send attachment in a pdf..cannot open the way it is..thx...
TM

Tommy,

I remain hopeful that this will work, but also recognize that we have limited flexibility in this situation given our partnership with PBG and that the upside may not be enough for you. I have shown four scenarios in the attachment, ranging from Catterton's minimum underwriting (base case) to PBG's base case to two upside scenarios we all believe are possible. The estimated range of outcomes for the four scenarios implies the 50 bps would be worth between $1 million and $4.5 million.

There is a chart with #'s on bottom that may have not come out in text. One Natural Experience (O.N.E.) Overview• Ample growth capital: O.N.E. has a $16 million growth capital investment commitment from Catterton Growth Partners and Pepsi BottlingGroup (PBG) with the first tranche of funding already invested in the Company• Distribution muscle: With the strength of the PBG partnership and distribution agreement already in place, O.N.E. is well-positioned torapidly expand distribution through PBG's national distribution network starting with its launch in Los Angeles and Miami• Differentiated supply lines to scale: O.N.E. has secured scalable access to supply through its secured relationship with Brazilian-basedAmacoco, largest coconut water supplier recently acquired by PepsiCo. In addition, has an exclusive North American agreement with the largestproducer in Indonesia.• Strong international interest: The Company has tremendous upside expansion potential given strong interest from large international strategicplayers• Stellar market performance: In a matter of three weeks, original coconut water product already highest performing SW than any other PBGproduct in initial launch markets (outselling Starbucks, Muscle Milk); #1 performing product in the alternative beverage category at WholeFoods (which includes ready-to-drink tea, energy drinks)CattertonPBGUpsideUpside +CaseCaseCaseInt'l Case2013 Gross Sales$96,621,328$124,000,000$200,000,000$400,000,000Exit multiple (LTM sales)2.50x2.50x2.50x2.50xEquity Value (assume no cash/debt)$241,553,321$310,000,000$500,000,000$1,000,000,000Less: Distribution Payment19,324,26624,800,00040,000,00080,000,000Remaining Equity Value222,229,055285,200,000460,000,000920,000,000Less: Liquidation Preferences and Div's23,699,77223,699,77223,699,77223,699,772Remaining Equity Value$198,529,283$261,500,228$436,300,228$896,300,228Value of 50 bps$992,646$1,307,501$2,181,501$4,481,501

Jeffrey..this is more info. from Catterton.Ill call you at home later today..thx TM