[logo] Spartan Stores, Inc.

[logo] Seaway Food Town, Inc.

Headquartered

Grand Rapids, MI

Headquartered

Toledo, OH

Principal Business

Grocery and convenience
store wholesaler and retail
grocery store operator

Principal Business

Grocery and deep discount drug store retailer

($ in millions)

1999

2000
30 YTD

($ in millions)

1999

2000
30 YTD

Annual Sales

$2,671.7

$2,358.3

Annual Sales

$658.9

$348.4

EBITDA

$57.2

$63.5

EBITD

$30.0

$17.4

Net Income

$14.8

$16.9

Net Income

$7.5

$5.0

Total Assets

$538.7

$579.6

Total Assets

$180.8

$179.7

Shareholder Equity

$121.1

$125.8

Shareholder Equity

$64.0

$69.1

Shares Outstanding

11.2 mil.

10.1 mil.

Shares Outstanding

6.7 mil.

6.7 mil.

Retail Stores

47

Retail Stores

Grocery

47

Deep Discount Drug

26

Whsl. Operations

Independent Grocery

Stores

400

Convenience Stores

9,600

Products

Over 40,000 distributed;
2,400 private label items

Distribution Centers

Distribution Centers

2

Grocery Stores

2

Convenience Stores

4

Employees

7,500

Employees

4,724

Geographic Regions

Geographic Regions

Grocery Stores

MI, OH, IN

Grocery and Deep

Discount Drug Stores

OH and MI

Convenience Stores

MI, IL, IN, KY, OH, PA, TN, GA, WV

Business Strategy

Expanding Retail

Spartan Stores, Inc. plans to continue to increase its retail presence and to become a significant food retailer and distributor in the Midwest. Becoming a retailer with a core competency in wholesale will open new revenue and earnings opportunities. The large number of independent retail grocers in Spartan's target area (many of which are now Spartan customers) offer continued consolidation opportunities. Spartan's experienced retail operations team, as well as its expertise in retail support services, should provide Spartan with the tools for both successful integration and significantly improved retail profitability. Through a combination of internal and external revenue growth and efficiency improvements, Spartan expects to achieve sustainable earnings growth in excess of its anticipated revenue growth. The Company's business strategy will focus on:

Spartan's strategic repositioning is expected to help secure its competitive wholesale position, improve margins, and ensure faster growth.

Over the past 18 months, the Company acquired the following retailers:

          •   Ashcraft's Markets: 8 stores
          •   Family Fare Supermarkets: 13 stores
          •   Glen's Markets: 23 stores
          •   Great Day Food Centers: 3 stores

In March 2000, Spartan announced the signing of a definitive merger agreement with Toledo, Ohio-based Seaway Food Town. Following shareholder approval, the acquisition would add a total of 73 stores, resulting in 94 supermarkets and 26 deep discount drug stores.

-

Acquisitions, which will play a vital role in Spartan's long-term retail strategy. During the next several years, acquisitions are expected to add an additional 5-10% revenue growth. Spartan's strategy targets acquisition candidates to be:

•

Independent operators with strong local market presence

Spartan Stores, Inc. 1999 Sales Mix

•

Retail stores in contiguous geographic regions

•

Profitable stores that can benefit from more efficient management

[Pie chart]

•

Accretive to earnings within 24 months of Spartan ownership

Grocery Distribution
Convenience Distribution

67.5%
31.5%

Insurance

0.6%

-

Enhanced Marketing and Merchandising Programs

Real Estate

0.4%

•

Increase multi-tiered private label programs

•

Design product mix to reflect preferences of each local market

•

Increase buying leverage through retail store additions and synergistic relationships with existing wholesale customers

•

Target merchandising, advertising, and promotions to improve sales per square foot, same-store sales comparisons, and in-store traffic

•

Implement marketing "best practices" across all business units to increase penetration of higher market products

Spartan Stores, Inc. Pro Forma Sales Mix

-

Cost structure streamlining

40 weeks ended 1/1/2000

(Including Seaway Food Town)

•

Continue to streamline operational and administrative functions across all business units

[Pie Chart]

•

Expects to realize annual synergies from the Seaway merger of over $6 million in the first full fiscal year ending March 30, 2002, increasing thereafter, primarily from purchasing leverage, volume efficiencies and corporate overhead cost reductions

Grocery Distribution
Retail
Convenience Distribution
Insurance

41.8%
32.7%
24.8%
0.4%

•

Continue to implement store operational "best practices" within all stores

Real Estate

0.3%

Spartan/Seaway Combination

Executive Management Team

The merger with Seaway Food Town would launch Spartan Stores as a publicly traded company with an annual sales run rate in excess of $3.5 billion. Seaway is expected to give Spartan a strong foothold in northwest Ohio. In addition, Spartan has identified additional profit potential through:

Spartan's executive management team, led by President and Chief Executive Officer Jim Meyer, has been instrumental in developing Spartan's retail grocery strategy. This team is committed to becoming a significant food retailer and distributor in the Midwest while enhancing shareholder value by achieving consistent, profitable growth:

-

Improved private label program for Seaway

-

Increased buying power from Seaway's retail operations

Jim Meyer, President and Chief Executive Officer

-

Elimination of redundant administrative functions

Joel Barton, Vice President Spartan Stores Retail

-

Shift in merchandising to a "pull-through" marketing strategy

Dave Couch, Vice President Information Technology

-

Improved category management

Dick Deming, Vice President Human Resources

Spartan expects to improve Seaway's sales per square foot and same-store sales comparisons, while improving retail store profitability. Seaway is expected to be accretive to Spartan's earnings within 24 months.

Chuck Fosnaugh, Vice President Development

Mike Frank, Vice President Logistics

John Sommavilla, Vice President Purchasing

Dave Staples, Vice President Finance and Chief Financial Officer

Spartan Stores, Inc.
Operating Territory


[MAP OF MICHIGAN, INDIANA, OHIO, WISCONSIN, ILLINOIS, KENTUCKY, TENNESSEE,
WEST VIRGINIA, PENNSYLVANIA AND PART OF GEORGIA
WITH SYMBOLS INDICATING LOCATIONS OF
SPARTAN STORES AND SEAWAY FOOD TOWN IN
MICHIGAN, INDIANA, OHIO, AND KENTUCKY]

*

Spartan Stores Retail
47 Locations

Distribution Center Locations:

[   ]

Spartan: Grocery

Seaway Food Town Inc.

Grand Rapids, MI

•

Food Town Supermarkets

Plymouth, MI

47 Locations

•

Deep Discount Drug Stores

[   ]

Spartan: Convenience

26 Locations

Grand Rapids, MI

Louisville, KY

[  ]

Grocery Distribution

Sandusky, OH

(MI, IN & OH)

Gahanna, OH

Convenience Distribution

[   ]

Seaway Food Town: Toledo, OH

MI, IL, IN, KY, OH, PA,

TN, GA, WV

Spartan Stores, Inc. Unaudited Pro Forma
Combined Financial Statements
(Including Seaway Food Town)

building
a new
spartan

Income Statements
(In thousands, except per share data)

Net Sales

$

3,603,143

$

2,899,511

Cost of sales

Gross profit

585,683

457,568

SG&A

Operating profit

57,602

45,786

EBITDA

111,796

87,922

Interest expense, net

26,727

21,675

[FOOD TOWN LOGO]

Restructuring charge

5,698

(4,748

)

Other (gains) & losses

)

)

Pretax income

28,895

31,115

Income taxes

Net earnings-Operations

18,298

19,880

Nonrecurring items

)

[FAMILY FARE LOGO]

Total net earnings

$

$

Diluted EPS-Operations

$

0.86

$

0.99

Wgtd avg. shares outst.

21,147

20,145

[ASHCRAFT'S MARKETS LOGO]

Estimated operating EPS

excluding restructuring charges

$

1.03

$

0.84

[GREAT DAY LOGO]

Balance Sheet

(in thousands)

[GLEN'S MARKETS LOGO]

Total current assets

$

358,957

Other assets

172,231

Net property & equipment

Total assets

$

Total current liabilities

$

244,179

Long-term debt & capital lease obligations

355,875

Other long-term liabilities

13,213

Total shareholders' equity

Total liabilities & shareholders' equity

$

TTM Earnings per share

$1.21

$1.31

$1.09E

Book Value

$9.49

$10.33

$10.10

Long-term debt/equity

2.13x

0.58x

1.76x

Current ratio

1.51x

1.26x

1.47x

The parties have filed with the Securities and Exchange Commission a definitive prospectus/joint proxy statement relating to the proposed merger. WE URGE INVESTORS TO READ THE DEFINITIVE PROSPECTUS/JOINT PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHICH HAVE BEEN FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors are able to obtain documents free of charge at the SEC's Web site, www. sec. gov. In addition, documents filed with the SEC by Spartan Stores will be available free of charge by directing a request to the Chief Financial Officer of Spartan Stores, Inc. at 850 76th Street S.W., P.O. Box 8700, Grand Rapids, Michigan 49518. Documents filed with the SEC by Seaway Food Town will be available free of charge by directing a request to the Chief Financial Officer of Seaway Food Town, Inc. at 1020 Ford Street, Maumee, Ohio 43537. Information concerning the participants in the solicitation of proxies for the merger is included in the definitive prospectus/joint proxy statement.

FORWARD-LOOKING STATEMENTS:
This fact sheet contains plans, expectations, estimates, projections and other forward-looking statements that involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Internal and external factors that might cause such a difference include, but are not limited to: (1) expected cost savings and other synergies from the merger might not be fully realized or realized within the expected time frame; (2) revenues following the merger may be lower than expected; (3) competitive pressures among food retail and distribution companies may increase significantly; (4) costs or difficulties related to the integration of the business may be encountered; (5) changes in the interest rate environment may reduce net interest income; (6) general economic conditions may deteriorate, either nationally or in the states in which the combined company will operate; (7) legislation or regulatory changes may adversely affect the businesses in which the combined company would be engaged; (8) approvals by each company's shareholders may not be obtained; and (9) the combined company may not meet the listing requirements of the Nasdaq National Market. The parties disclaim any intention or obligation to update or revise and forward-looking statement and other information set forth in this fact sheet.