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## Summary of Quarterly Results 

The following is a summary of selected financial information of the consolidated financial statements and non-GAAP measures of the Company for each of the quarters of fiscal 2013 and 2012: 

(In thousands of dollars, except for volume and per share information) 

## QUARTERS 

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Historically, the first quarter (October to December) of the fiscal year is the best quarter for adjusted gross margins and adjusted net earnings, due to the favourable mix of products sold. This is explained by increased sales of baked goods during this holiday period of the year. In addition, in fiscal 2012, a special quota was opened by the U.S. which allowed the Company to sell more export volume in the first quarter of that year. Conversely, the second quarter (January to March) is historically the lowest volume quarter, resulting in lower revenues, adjusted gross margins and adjusted net earnings. In fiscal 2013, the Company gained additional industrial volume from existing and new customers and recaptured an HFCS substitutable account in western Canada starting in the third quarter, which resulted in higher sales volume in the second, third and fourth quarters. Adjusted gross margin rate per metric tonne was lower in fiscal 2013 than fiscal 2012 due mainly to an unfavourable sales mix and additional operational expenses. 

