Provide a declining margin version of the NPV analysis, using the Exhibit 7 values and forecasting cash-flows thru 2023, include the terminal value in 2023. Comment on your results. The EBITDA margin declines by 0.5% each year. In the terminal year, the EBITDA margin is estimated at 4.9%, a level that is consistent with the EBITDA margins of conventional grocers. For the steady state growth rate use 3.4%, the real growth rate of 2% plus a rate of expected long-term inflation of 1.4% based on the prevailing 30-year government bond yield. In addition you can adjust the model assumptions to better reflect your vision of the Whole Foods outlook. Be sure to state what you modified and why.

2 Exhibit 7 WHOLE FOODS MARKET Deutsche Bank Model (millions of USD, except per share figures) Forecast forecast 2014 2015 105% 12.6% At Fiscal Year End Store Growth Sales Growth EBITDA Margin Tax Rate Actual Actual Actual 2011 2012 2013 4.0% 7.7% 8.1% 12.2% 15.7% 10.4% 8.5% 9.0% 9.5% 38.1% 38.4% 38.8% 11.1% 9.4% 39.0% 14.0% 9.8% 39.0% 7.0 7.1 10.5 Current Asset Turnover Current Liabilities Turnove Net PP&E / Store Annual Dep. & Amort / Sto 7.0 10.5 6.4 1.00 5.6 10.9 6.5 0.93 6.5 10.7 6.7 0.94 10.5 6.7 0.94 6.7 0.94 423 Stores Sales EBITDA Dep. & Amort. EBIT Taxes Net Income Shares Outstanding Earnings per Share 311 335 10,108 11,699 8591,055 311 311 548 744 209 286 339 458 350 364 0.97 1.26 362 12,917 1,222 339 883 343 540 372 1.45 400 450 14,35116,360 1,352 1,600 376 976 1,176 459 596 717 372 1.60 1.93 381 372 2,304 1.406 Current Assets Current Liabilities Net Working Capital Net PP&E 1,453 880 573 1,997 2,103 977 1,126 2,193 1,980 1.088 892 2,428 2,050 1.238 812 2,680 3,018 Return on Capital 13.2% 13.8% 16.3% 17.1% 18.3% 1 Exhibit 2 WHOLE FOODS MARKET Select Market Share Data Grocery Sales by Channel Actual 2011 40.1% 17.2% 15.1% 8.5% Traditional Supermarkets Supercenters Convenience Stores Wholesale Clubs Drug Stores Mass Merchandisers Limited Assortment Grocery Stor Dollar Stores Other 5.5% Forecasted 37.4% 18.5% 15.6% 9.0% 5.9% 2.8% 3.7% 2.3% 4.9% 4.4% 2.7% 2.2% 4.3% NN 1999 Top Grocery Retailers in North America 2012 Revenue ($ Wal-Mart 145.0 Kroger 96.3 Costco 87.3 Target 73.1 Safeway 44.5 Loblaw Cos. 31.8 Publix 27.5 Ahold USA Retail 27.3 7-Eleven 22.0 C&S Wholesale Grocers 21.4 Delhaize America 19.5 H-E-B Grocery Co. Sobeys 17.7 Dollar General Corp. 16.1 Meijer, Inc. 14.6 Wakefern Food Corp. 13.6 Metro Inc. 12.0 Whole Foods Market 11.7 19.4 Source: Market Share Reporter, Case Writer Estimates Exhibit 6 WHOLE FOODS MARKET Store Growth Statistics for Whole Foods and Other Industry Comparables 2008 2009 2010 2011 2012 2013 275 36 86 284 40 92 299 43 100 311335 103 148 113129 400 362 167 151 72 Total Stores Trader Joe's Whole Foods Market Sprouts Fresh Market Natural Grocers Fairway Other Natural and Organic Retailers Kroger Safeway SuperValu Wal-Mart (including Sam's Club, U.S. o Costco (U.S., Canada, & Mexico) 14 2,481 1,739 2,474 4,258 512 2,469 1,725 2,421 4,360 527 2,460 1,694 2,349 4,413 540 2,435 2,424 1,678 1,641 2,394 2,434 4,4794,625 592 606 200 2,640 1,335 2,396 4.835 634 2008 2009 2010 2011 2012 2013 Same-Store Sales Growth Whole Foods Market Sprouts Fresh Market Kroger (excluding fuel) Safeway (excluding fuel) SuperValu (including fuel) Wal-Mart (U.S. only) Costco (including fuel) 4.0% 9.0% -1.5% 5.3% 1.5% 0.5% 3.5% 8.0% 4.0% 2.6% -1.1% 3.1% 4.9% -1.2% 0.8% 4.0% 7.0% 2.3% 5.0% 2.5% 0.5% 5.1% -0.6% 7.0% 8.0% 5.1% 5.4% 4.9% 4.9% -6.0% 1.6% 10.0% 8.0% 9.7% 5.7% 3.5% 1.6% -2.8% 2.4% 7.0% 7.0% 10.7% 3.2% 3.6% 0.2% -2.4% 0.5% 6.0% Source: Company SEC filings: Deutsche Bank Research; Food Marketing Institute 2 Exhibit 7 WHOLE FOODS MARKET Deutsche Bank Model (millions of USD, except per share figures) Forecast forecast 2014 2015 105% 12.6% At Fiscal Year End Store Growth Sales Growth EBITDA Margin Tax Rate Actual Actual Actual 2011 2012 2013 4.0% 7.7% 8.1% 12.2% 15.7% 10.4% 8.5% 9.0% 9.5% 38.1% 38.4% 38.8% 11.1% 9.4% 39.0% 14.0% 9.8% 39.0% 7.0 7.1 10.5 Current Asset Turnover Current Liabilities Turnove Net PP&E / Store Annual Dep. & Amort / Sto 7.0 10.5 6.4 1.00 5.6 10.9 6.5 0.93 6.5 10.7 6.7 0.94 10.5 6.7 0.94 6.7 0.94 423 Stores Sales EBITDA Dep. & Amort. EBIT Taxes Net Income Shares Outstanding Earnings per Share 311 335 10,108 11,699 8591,055 311 311 548 744 209 286 339 458 350 364 0.97 1.26 362 12,917 1,222 339 883 343 540 372 1.45 400 450 14,35116,360 1,352 1,600 376 976 1,176 459 596 717 372 1.60 1.93 381 372 2,304 1.406 Current Assets Current Liabilities Net Working Capital Net PP&E 1,453 880 573 1,997 2,103 977 1,126 2,193 1,980 1.088 892 2,428 2,050 1.238 812 2,680 3,018 Return on Capital 13.2% 13.8% 16.3% 17.1% 18.3% 1 Exhibit 2 WHOLE FOODS MARKET Select Market Share Data Grocery Sales by Channel Actual 2011 40.1% 17.2% 15.1% 8.5% Traditional Supermarkets Supercenters Convenience Stores Wholesale Clubs Drug Stores Mass Merchandisers Limited Assortment Grocery Stor Dollar Stores Other 5.5% Forecasted 37.4% 18.5% 15.6% 9.0% 5.9% 2.8% 3.7% 2.3% 4.9% 4.4% 2.7% 2.2% 4.3% NN 1999 Top Grocery Retailers in North America 2012 Revenue ($ Wal-Mart 145.0 Kroger 96.3 Costco 87.3 Target 73.1 Safeway 44.5 Loblaw Cos. 31.8 Publix 27.5 Ahold USA Retail 27.3 7-Eleven 22.0 C&S Wholesale Grocers 21.4 Delhaize America 19.5 H-E-B Grocery Co. Sobeys 17.7 Dollar General Corp. 16.1 Meijer, Inc. 14.6 Wakefern Food Corp. 13.6 Metro Inc. 12.0 Whole Foods Market 11.7 19.4 Source: Market Share Reporter, Case Writer Estimates Exhibit 6 WHOLE FOODS MARKET Store Growth Statistics for Whole Foods and Other Industry Comparables 2008 2009 2010 2011 2012 2013 275 36 86 284 40 92 299 43 100 311335 103 148 113129 400 362 167 151 72 Total Stores Trader Joe's Whole Foods Market Sprouts Fresh Market Natural Grocers Fairway Other Natural and Organic Retailers Kroger Safeway SuperValu Wal-Mart (including Sam's Club, U.S. o Costco (U.S., Canada, & Mexico) 14 2,481 1,739 2,474 4,258 512 2,469 1,725 2,421 4,360 527 2,460 1,694 2,349 4,413 540 2,435 2,424 1,678 1,641 2,394 2,434 4,4794,625 592 606 200 2,640 1,335 2,396 4.835 634 2008 2009 2010 2011 2012 2013 Same-Store Sales Growth Whole Foods Market Sprouts Fresh Market Kroger (excluding fuel) Safeway (excluding fuel) SuperValu (including fuel) Wal-Mart (U.S. only) Costco (including fuel) 4.0% 9.0% -1.5% 5.3% 1.5% 0.5% 3.5% 8.0% 4.0% 2.6% -1.1% 3.1% 4.9% -1.2% 0.8% 4.0% 7.0% 2.3% 5.0% 2.5% 0.5% 5.1% -0.6% 7.0% 8.0% 5.1% 5.4% 4.9% 4.9% -6.0% 1.6% 10.0% 8.0% 9.7% 5.7% 3.5% 1.6% -2.8% 2.4% 7.0% 7.0% 10.7% 3.2% 3.6% 0.2% -2.4% 0.5% 6.0% Source: Company SEC filings: Deutsche Bank Research; Food Marketing Institute