Exhibit 6.9 indicates that the market has alternated between being more impressed with Hershey’s potential and then more impressed with Tootsie Roll’s. In 2004, 2006, and 2008, Tootsie Roll’s P/E ratio was higher than Hershey’s; the opposite was true for 2005 and 2007. However, both companies’ P/E ratios were consistently higher than the industry average of approximately 20 for all five years of the analysis.