Bidder Offering Price Main Proposal

Dreyer's Grand $31 (Stock) * Maintain B&J Management Team

* Operate B&J as a quasi-autonomous business unit
* Encourage some social endeavors

Unilever $36 (Cash) * Maintain select members of B&J Management Team

* Intergrate B&J into Unilever's frozen deserts division
* Restrict social commitments and interests

Meadowbrook Lane $32 (Cash) * Install new Management team

* Allow B&J to operate as an independent company
controlled under the Meadowbrook umbrella
* Maintain select social projects and interests

Chartwell Minority Interest * Install new Management Team

* Allow B&J to continue as an independent company
 Ben & Jerry's Homemade Financial Statements and Financial Ratios
(Units are in Millions except for per-share figures)
FISCAL YEAR
1999 1998 1997
Net Sales $ 237.0 $ 209.2 $ 174.2
Cost of Sales 145.3 136.2 114.3

Gross Profit 91.7 73.0 59.9

Selling, General, & Administrative Expenses 82.9 63.9 53.5
Earnings Before Interest and Taxes 8.9 9.1 6.4
Net Income 8.0 6.2 3.9

Working Capital $ 42.80 $ 48.40 $ 51.40

Total Assets 150.6 149.5 146.5
Long-Term Debt and Obligations 16.7 20.5 25.7
Stockholders' Equity 89.4 90.9 86.9

Per-Share Figures:
Sales $ 31.34
Earnings $ 1.06
Book Equity $ 11.82

Gross Margin 38.7% 34.9% 34.4%

Operating Margin 3.8% 4.3% 3.7%
Net Income Margin 3.4% 3.0% 2.2%
Asset Turnover 1.6 1.4 1.2
Working Capital Turnover 5.5 4.3 3.4

Return on Assets 3.5% 3.7% 2.6%

Return on Equity 8.9% 6.8% 4.5%
Yield to Maturity on 30-Year US Treasury Bonds 6.5% 5.1% 5.9%
nd Financial Ratios
re figures)
FISCAL YEAR
1996 1995 1994
$ 167.2 $ 155.3 $ 148.8
115.2 109.1 109.8

52.0 46.2 39.0

45.5 36.4 36.3
6.5 9.8 2.7
3.9 5.9 -1.9

$ 50.10 $ 51.00 $ 37.50

136.7 131.1 120.3
31.1 32.0 32.4
82.7 78.5 72.5

31.1% 29.7% 26.2%

3.9% 6.3% 1.8%
2.3% 3.8% -1.3%
1.2 1.2 1.2
3.3 3.0 4.0

2.9% 4.5% 1.3%

4.7% 7.5% -2.6%
6.6% 6.0% 7.9%
Return on Equity = Profitability x Efficiency x Leverage
Return on Equity = Return on Sales x Asset Turnover x Asset-To-Equity Ratio

Fiscal Year 1999 1998 1997 1996 1995

Profitability
(Return on Sales) 0.034 0.030 0.022 0.023 0.038
Efficiency
(Asset Turnover) 1.57 1.40 1.19 1.22 1.18
Leverage
(Asset-To-Equity Ratio) 1.68 1.64 1.69 1.65 1.67
Return on Equity 8.9% 6.8% 4.5% 4.7% 7.5%
1994

-0.013

1.24

1.66
-2.6%