Food and Beverage

FOOD AND BEVERAGE

INDUSTRY UPDATE │ MARCH 2017

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

0 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW Over the past three months, over 100 food & beverage transactions have been . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY announced. Transactions of note include: Bonduelle’s acquisition of Ready Pac . EARNINGS CALENDAR

Foods, US Foods’ acquisition of SRA Foods, and Restaurant Brands International’s GROUP OVERVIEW Harris Williams & Co. is a leading acquisition of Popeye’s Louisiana Kitchen. Additionally, Kraft Heinz’s recently advisor to the food and beverage market. Our significant attempted bid for Unilever stands as a testament to large food companies’ experience covers a broad range of end markets, industries, and business models. This particular continued interest in M&A to diversify and accelerate growth. report focuses on trends and metrics in the following areas: . Agribusiness . Baked and Prepared Goods HAT E VE EEN OING . Beverages W W ’ B D . Branded and Private Label . Dairy CLOSED HW&CO. TRANSACTIONS . Distribution . Ingredients . Meat and Protein . Natural and Organic . Processing a portfolio company of a portfolio company of a portfolio company of a portfolio company of . Produce . Restaurant and Retail and . Snacks has been acquired by has been acquired by has been acquired by has been acquired by CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander Managing Director [email protected] +1 (612) 359-2716 a subsidiary of a portfolio company of a portfolio company of Ryan Budlong Managing Director has been acquired by [email protected] has been acquired by has been acquired by has been acquired by +1 (415) 217-3409 Brant Cash Director [email protected] +1 (612) 359-2709 Ryan Freeman Director [email protected] +1 (612) 359-2703

a portfolio company of a portfolio company of a portfolio company of Andy Warczak Vice President

has been acquired by [email protected] has been acquired by +1 (612) 359-2714 has been acquired by has been acquired by A Private Investor Group

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

WHAT WE’RE READING

HW&CO. ADVISES ON THE SALE OF READY PAC FOODS

Overview On March 21, 2017 Ready Pac Foods, a portfolio company of H.I.G. Capital, was successfully sold to Bonduelle for $409 million, representing a multiple of 10.8x expected 2017 adjusted EBITDA. The sale represents the latest in HW&Co.’s growing list of better-for-you fresh produce transactions. Company Description Ready Pac Foods, producer of the original Bistro Bowl® complete meal salad, is a leading provider of ready-to-eat salads, packaged salads, snacks, and pre-cut fruit and vegetables. Ready Pac manufactures a complete range of products featuring fresh produce and protein under the company’s Bistro®, Ready Snax®, Cool Cuts® and elevĀte™ brands. Key Value Drivers for Ready Pac Foods Representative Products . Recognized as a market leader in fresh, healthy, ready-to- eat salads, with ~85% share of single-serve, ready-to-eat

salads. a portfolio company of . Industry innovation leader with 2x the innovation rate of competitors.

. Diverse, high-quality customer base comprised of national has been acquired by retailers and QSRs.

. Premier operator in the sector, with a CPG-oriented management team and industry-leading delivery and quality metrics.

VITAL SIGNS

COMMODITY PRICE INDICES1

120 Soybeans: 100 (29.0%)

80 Corn: (46.2%) 60 Wheat: 40 (47.2%) Crude Oil:

Commodity PriceIndex Commodity 20 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 (49.5%)

Corn Soybeans Wheat Crude Oil

PROTEIN PRICE INDICES2,3

140

130 Beef: 120 8.2%

110 Pork 1.6% ProteinPriceIndex 100 Poultry: 90 (4.2%) Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140 Restaurant: 24.1% 120 Grocery:

100 9.9% SalesIndex 80 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

4.0

3.0

2.0

Inflation(%) 1.0

0.0 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Stock Price % Change EV/EBITDA % Change Current Valuation Stats Net Debt / Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing 2.5% 3.1% 4.5% 0.4% 12.1x 12.6x 7.6x 2.9x Fruit and Vegetable (4.8%) 13.6% 7.9% 6.2% 16.3x 17.7x 9.7x 0.6x Ingredients / Flavors 1.4% 12.3% (9.7%) (2.6%) 21.2x 24.8x 15.7x 1.4x

Inputs Agribusiness (3.9%) 22.3% 9.0% 9.4% 20.3x 22.8x 11.6x 2.9x Branded Processed Foods 3.9% 1.3% (3.5%) (8.2%) 20.9x 27.2x 13.5x 2.3x Private Label Foods and Beverages 12.0% 0.9% (5.5%) 18.4% 40.9x 13.1x 10.9x 4.2x Natural / Organic Foods / BFY (6.2%) 25.9% (6.4%) (11.6%) 22.2x 27.8x 15.0x 4.4x Baked Goods (3.3%) 0.4% (3.0%) (9.9%) 21.0x 28.3x 9.3x 2.4x Dairy 8.8% 3.9% (3.0%) (1.3%) 20.3x 25.0x 12.9x 1.2x Non-Alcoholic Beverages 5.3% 3.6% (3.0%) (2.0%) 21.7x 25.1x 13.0x 1.8x Alcoholic Beverages 6.0% 2.6% (4.8%) (9.1%) 20.2x 23.2x 13.5x 2.4x Food and BeverageFood and Snacks 1.1% 5.9% 1.9% 5.7% 24.6x 28.9x 15.2x 3.3x Grocery Distribution (12.9%) 2.9% (2.9%) 16.7% 15.9x 18.7x 7.7x 2.1x Food Retail (12.7%) (14.0%) (4.3%) (19.5%) 17.3x 19.6x 6.9x 2.2x Foodservice (6.5%) 12.5% (1.9%) (7.0%) 19.5x 28.3x 10.3x 3.9x Quick Service Restaurant (1.3%) 21.1% 4.4% 1.9% 21.7x 24.4x 12.9x 2.9x Fast Casual (18.3%) (20.9%) (3.6%) (8.1%) 42.5x 41.8x 13.2x 1.4x Differentiated Casual (3.3%) (10.6%) (2.5%) (19.5%) 24.4x 27.6x 9.8x 1.0x Casual Dining Restaurant (19.4%) (16.2%) (11.3%) (6.3%) 15.1x 21.7x 7.5x 2.4x Fine Dining (4.0%) 4.7% 14.7% (2.6%) 17.4x 19.7x 9.8x 1.5x

Consumer and Retail and Consumer Pizza (13.5%) 36.3% (9.5%) 14.8% 34.5x 27.7x 15.8x 4.1x Beverage / Snack Retail (4.0%) (15.6%) (2.7%) (20.7%) 23.1x 25.6x 16.1x 2.5x Family Restaurant (7.4%) 5.2% 6.5% 7.4% 19.8x 34.4x 10.6x 2.4x Overall Median (2.3%) 1.8% (1.6%) (2.8%) 20.9x 24.7x 11.3x 2.3x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

PUBLIC EQUITY MARKET OVERVIEW

PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)5

Pizza Natural / Organic / BFY Agribusiness Quick Serv ice Restaurant S&P Fruit and Vegetable Foodserv ice Ingredients / Flav ors Snacks Family Restaurant Fine Dining Dairy Non-Alcoholic Bev erages Protein Processing Grocery Distribution Alcoholic Bev erages Branded Processed Foods Priv ate Label Baked Goods Differentiated Casual Food Retail Bev erage / Snack Retail Casual Dining Restaurant Fast Casual

(25.0%) (10.0%) 5.0% 20.0% 35.0%

Inputs Food and Beverage Consumer and Retail RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 03/17/17 03/03/17 A&W Food Services of Canada - Follow-On $11.0 Liquidity for Private Owners

02/23/17 02/16/17 Performance Food Group Co. PFGC Follow-On $317.3 Liquidity for Private Owners 02/23/17 02/22/17 LeGall Holdings Inc. - IPO $0.1 Liquidity for Private Owners

02/14/17 02/13/17 New Age Bev Corp. NBEV Follow-On $15.0 Pursue Growth Opportunities General Corporate Purposes Working Capital 02/09/17 02/09/17 Noodles & Co. NDLS Convertible - Debt Repayment 01/30/17 01/25/17 Long Island Iced Tea Corp. LTEA Follow-On $17.4 General Corporate Purposes

02/01/17 02/01/17 Eastside Distilling Inc. EURC Follow-On - Working Capital Debt Repayment General Corporate Purposes 01/31/17 01/25/17 Freshii Inc. FRII IPO $110.3 Debt Repayment Pursue Growth Opportunities 01/24/17 01/18/17 AdvancePierre Foods Hldg Inc. APFH Follow-On $388.1 Liquidity for Private Owners

01/10/17 08/12/16 GreenSpace Brands Inc. JTR Follow-On $6.4 Acquisition Financing Working Capital General Corporate Purposes 01/13/17 01/10/17 Performance Food Group Co. PFGC Follow-On $228.5 Liquidity for Private Owners

12/30/16 12/30/16 Eastside Distilling Inc. EURC Follow-On $1.0 Working Capital General Corporate Purposes 12/27/16 12/22/16 RAVE Restaurant Group Inc. RAVE Convertible $1.0 Capital Expenditure Working Capital

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES5

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2017E ($ in millions, except per share data) Ticker 3/13/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage Branded Processed Foods Associated British Foods plc ABF-GB $32.21 64.8% $25,486 $25,867 $19,015 $2,171 (3.8%) (2.9%) 8.0% 11.4% 25.5x 1.36x 11.9x 1.40x 11.7x B&G Foods, Inc. BGS 41.80 79.1% 2,795 4,492 1,391 317 44.0% 24.3% 24.9% 22.8% 24.3x 3.23x 14.2x 2.72x 12.2x Campbell Soup Company CPB 59.05 87.0% 18,068 21,259 7,930 1,548 (0.8%) 0.4% 38.0% 19.5% 37.1x 2.68x 13.7x 2.66x 11.6x Conagra Brands, Inc. CAG 41.02 84.0% 18,061 20,151 9,740 1,452 (2.3%) (17.5%) 30.9% 14.9% 29.2x 2.07x 13.9x 2.60x 13.5x General Mills, Inc. GIS 60.52 83.0% 35,473 45,282 15,950 3,364 (7.7%) (4.1%) 36.8% 21.1% 22.8x 2.84x 13.5x 2.90x 12.9x Hormel Foods Corporation HRL 34.94 78.1% 18,739 18,383 9,511 1,420 3.8% 2.3% 24.2% 14.9% 21.5x 1.93x 12.9x 1.98x 12.3x Kellogg Company K 74.15 85.1% 26,166 33,669 13,014 2,174 (3.8%) (4.2%) 31.5% 16.7% 38.1x 2.59x 15.5x 2.65x 12.9x McCormick & Company, Incorporated MKC 100.38 93.1% 12,738 14,078 4,412 768 2.7% 2.3% 44.0% 17.4% 27.6x 3.19x 18.3x 3.07x 16.8x Nestle S.A. NESN-CH 75.38 90.4% 236,476 250,993 90,816 17,587 (1.5%) (3.0%) 50.4% 19.4% 27.8x 2.76x 14.3x 2.74x 14.3x Post Holdings, Inc. POST 83.60 93.9% 5,442 9,121 5,028 899 NM 66.2% 27.3% 17.9% NM 1.81x 10.1x 1.77x 9.6x Hershey Company HSY 108.70 92.3% 16,590 19,315 7,440 1,790 0.7% 1.4% 37.7% 24.1% 32.7x 2.60x 10.8x 2.54x 10.5x J. M. Smucker Company SJM 139.11 88.4% 16,200 21,147 7,416 1,742 (0.5%) 9.1% 35.6% 23.5% 24.2x 2.85x 12.1x 2.84x 12.2x Mean 2.8% 6.2% 32.5% 18.6% 28.3x 2.49x 13.4x 2.49x 12.5x Median (0.8%) 0.9% 33.6% 18.6% 27.6x 2.64x 13.6x 2.66x 12.2x Private Label Foods and Beverages Cott Corporation BCB-CA $11.81 67.9% $1,662 $3,750 $3,236 $348 9.9% 15.6% 33.9% 10.8% NA 1.16x 10.8x 1.02x 8.6x Seneca Foods Corporation SENEA 36.40 85.3% 355 727 1,283 78 2.7% (1.0%) 10.1% 6.1% 12.7x 0.57x 9.3x NA NA TreeHouse Foods, Inc. THS 84.93 81.2% 4,864 7,580 6,185 643 92.9% 39.2% 18.0% 10.4% NA 1.23x 11.8x 1.17x 10.0x Mean 35.2% 17.9% 20.7% 9.1% 12.7x 0.98x 10.6x 1.10x 9.3x Median 9.9% 15.6% 18.0% 10.4% 12.7x 1.16x 10.8x 1.10x 9.3x Natural / Organic Foods / Better-For-You Amplify Snack Brands Inc BETR $8.04 45.9% $637 $1,219 $271 $85 47.2% NA 41.5% 31.4% 23.0x 4.50x 14.4x 3.01x 11.7x SunOpta Inc. SOY-CA 7.16 93.2% 613 1,047 1,347 54 17.6% 4.4% 5.0% 4.0% NA 0.78x 19.5x 0.78x 12.5x Pinnacle Foods, Inc. PF 57.72 97.6% 6,951 9,765 3,128 645 17.8% 8.3% 31.0% 20.6% 32.9x 3.12x 15.1x 3.03x 13.8x Hain Celestial Group, Inc. HAIN 35.44 62.2% 3,828 4,620 2,888 374 12.2% 21.5% 22.1% 12.9% 18.5x 1.60x 12.4x 1.53x 11.6x WhiteWave Foods Company WWAV 54.80 96.4% 9,719 11,814 4,198 557 8.6% 18.2% 32.9% 13.3% 46.5x 2.81x 21.2x 2.65x 18.1x Mean 20.7% 13.1% 26.5% 16.4% 30.2x 2.56x 16.5x 2.20x 13.5x Median 17.6% 13.2% 31.0% 13.3% 27.9x 2.81x 15.1x 2.65x 12.5x Baked Goods Aryzta AG ARYN-CH $32.07 69.1% $2,821 $5,565 $4,305 $677 NA (9.7%) 32.0% 15.7% 31.2x 1.29x 8.2x 1.36x 10.5x Flowers Foods, Inc. FLO 19.08 90.9% 4,090 5,059 3,927 438 3.9% 1.5% 45.5% 11.2% 25.1x 1.29x 11.5x 1.28x 11.1x George Weston Limited WN-CA 83.69 90.5% 10,710 23,831 36,228 3,080 (1.2%) 3.6% 29.3% 8.5% 28.4x 0.66x 7.7x 0.66x 7.8x Grupo Bimbo SAB de CV BIMBOA-MX 2.37 72.6% 10,998 14,779 13,488 1,598 (2.3%) (0.7%) 53.9% 11.9% 36.4x 1.10x 9.2x 1.05x 9.5x Lancaster Colony Corporation LANC 130.43 87.4% 3,627 3,509 1,190 225 2.6% 0.6% 28.4% 18.9% 27.4x 2.95x 15.6x 2.87x 15.3x Mean 0.8% (1.0%) 37.8% 13.2% 29.7x 1.46x 10.5x 1.44x 10.9x Median 0.7% 0.6% 32.0% 11.9% 28.4x 1.29x 9.2x 1.28x 10.5x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES5

Dairy Danone SA BN-FR $67.19 85.2% $43,662 $51,698 $24,274 $3,808 (2.3%) (5.0%) 45.6% 15.7% 22.4x 2.13x 13.6x 1.95x 11.0x Dean Foods Company DF 18.36 82.3% 1,710 2,578 7,710 455 (5.1%) (5.1%) 24.6% 5.9% 14.3x 0.33x 5.7x 0.32x 5.9x Emmi AG EMMN-CH 652.53 92.4% 3,497 3,895 3,311 347 (6.6%) (1.0%) 19.2% 10.5% 26.2x 1.18x 11.2x 1.17x 11.7x Glanbia Plc GL9-IE 19.02 90.9% 5,710 6,182 3,150 393 2.4% (0.1%) 9.0% 12.5% 25.3x 1.96x 15.7x 2.02x 15.6x Lifeway Foods, Inc. LWAY 10.60 57.4% 174 172 123 9 3.4% 10.2% 26.0% 7.2% 52.4x 1.40x 19.5x 1.30x 13.7x Parmalat S.p.A. PLT-IT 3.24 98.7% 6,027 5,613 7,179 463 0.9% 0.4% 19.6% 6.4% NM 0.78x 12.1x 0.79x 9.9x Saputo Inc. SAP-CA 33.85 90.6% 13,059 13,986 8,413 995 0.1% (0.5%) 18.0% 11.8% 25.2x 1.66x 14.1x 1.60x 13.3x Savencia SA SAVE-FR 83.22 98.0% 1,175 1,012 4,888 262 (0.8%) (4.3%) 4.3% 5.4% 10.6x 0.21x 3.9x 0.21x 3.2x Mean (1.0%) (0.7%) 20.8% 9.4% 25.2x 1.21x 12.0x 1.17x 10.5x Median (0.3%) (0.7%) 19.4% 8.8% 25.2x 1.29x 12.9x 1.23x 11.4x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG-GB $6.80 75.8% $798 $806 $371 $74 (6.7%) (1.0%) 46.3% 20.0% 17.3x 2.17x 10.9x 2.51x 12.4x Cott Corporation BCB-CA 11.81 67.9% 1,662 3,750 3,236 348 9.9% 15.6% 33.9% 10.8% NA 1.16x 10.8x 1.02x 8.6x Dr Pepper Snapple Group, Inc. DPS 94.71 95.9% 17,601 20,273 6,519 1,653 3.8% 2.8% 58.7% 25.4% 21.2x 3.11x 12.3x 3.00x 12.2x Lassonde Industries, Inc. LAS.A 156.12 91.6% 514 753 1,141 127 (0.4%) 3.7% 29.3% 11.2% 22.5x 0.66x 5.9x 0.65x 5.7x Monster Beverage Corporation MNST 46.43 83.7% 26,682 26,084 3,044 1,205 13.5% 10.7% 66.0% 39.6% 39.6x 8.57x 21.7x 7.71x 19.2x National Beverage Corp. FIZZ 72.72 95.5% 3,519 3,413 794 117 15.0% 7.2% 33.3% 14.8% 37.0x 4.30x 29.1x 3.73x 17.4x PepsiCo, Inc. PEP 109.41 98.4% 158,578 179,502 62,801 12,683 (0.4%) (1.8%) 54.1% 20.2% 25.5x 2.86x 14.2x 2.83x 13.6x Coca-Cola Company KO 42.03 89.2% 180,780 204,446 41,379 11,151 (5.3%) (4.0%) 59.7% 26.9% 28.3xNA 4.94x 18.3x 5.92x 18.4x Mean 3.7% 4.1% 47.7% 21.1% 27.3x 3.47x 15.4x 3.42x 13.4x Median 1.7% 3.3% 50.2% 20.1% 25.5x 2.98x 13.2x 2.91x 13.0x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $107.65 80.2% $181,710 $299,330 $45,517 $16,399 4.4% 1.8% 61.3% 36.0% NM 6.58x 18.3x 5.29x 13.8x Brown-Forman Corporation BF.B 46.23 89.7% 18,146 20,175 3,022 1,101 (0.2%) 0.8% 66.3% 36.4% 17.8x 6.68x 18.3x 6.46x 18.1x Carlsberg A/S CARL.B-DK 87.90 85.3% 13,379 17,569 9,303 1,842 (4.3%) (6.7%) 50.6% 19.8% 20.9x 1.89x 9.5x 1.89x 9.2x Constellation Brands, Inc. STZ 158.39 91.3% 31,744 40,158 7,246 2,443 13.9% 19.3% 49.6% 33.7% 27.2x 5.54x 16.4x 5.25x 15.0x Diageo plc DGE-GB 27.78 94.6% 70,326 83,772 15,136 4,822 (5.5%) (4.9%) 61.6% 31.9% 24.4x 5.53x 17.4x 5.58x 16.2x Heineken NV HEIA-NL 83.15 84.4% 47,945 61,555 23,000 5,049 1.1% (3.4%) 13.8% 22.0% 29.0x 2.68x 12.2x 2.68x 11.1x Kirin Holdings Company, Limited 2503-JP 18.19 98.7% 16,679 24,006 19,097 2,128 5.2% (6.1%) 44.3% 11.1% 16.2x 1.26x 11.3x 1.34x 11.0x Pernod Ricard SA RI-FR 115.76 94.9% 30,572 40,169 9,714 2,976 (0.5%) (4.0%) 62.4% 30.6% 22.7x 4.14x 13.5x 4.12x 13.8x Sapporo Holdings Limited 2501-JP 25.55 82.3% 2,041 4,126 4,987 428 13.1% (1.5%) 34.6% 8.6% 24.4x 0.83x 9.6x 0.85x 9.8x Mean 3.0% (0.5%) 49.4% 25.6% 22.8x 3.90x 14.1x 3.72x 13.1x Median 1.1% (3.4%) 50.6% 30.6% 23.5x 4.14x 13.5x 4.12x 13.8x Snacks Inventure Foods, Inc. SNAK $4.94 48.7% $97 $213 $274 $7 (4.6%) 11.1% 11.9% 2.5% NA 0.77x NM 0.72x 10.3x J & J Snack Foods Corp. JJSF 133.50 98.1% 2,536 2,371 996 154 0.9% 4.2% 29.2% 15.4% 33.2x 2.38x 15.4x 2.23x 14.1x John B. Sanfilippo & Son, Inc. JBSS 64.65 88.8% 571 614 919 71 (1.8%) 7.3% 17.4% 7.7% 22.5x 0.67x 8.7x 0.71x NA Mondelez International, Inc. MDLZ 44.21 95.3% 68,011 83,523 25,923 4,616 (12.5%) (9.8%) 37.6% 17.8% 43.4x 3.22x 18.1x 3.24x 16.5x PepsiCo, Inc. PEP 109.41 98.4% 158,578 179,502 62,801 12,683 (0.4%) (1.8%) 54.1% 20.2% 25.5x 2.86x 14.2x 2.83x 13.6x Snyder's-Lance, Inc. LNCE 39.92 98.5% 3,878 5,155 2,109 265 27.3% 6.2% 37.8% 12.5% NM 2.44x 19.5x 2.27x 15.2x Mean 1.5% 2.9% 31.3% 12.7% 31.1x 2.06x 15.2x 2.00x 13.9x Median (1.1%) 5.2% 33.4% 14.0% 29.4x 2.41x 15.4x 2.25x 14.1x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $38.35 69.5% $1,684 $1,510 $1,246 $42 (37.6%) (2.9%) 1.6% 3.3% NM 1.21x NM 1.13x 13.1x JBS S.A. JBSS3-BR 3.69 91.1% 10,279 25,041 48,878 3,185 0.2% 4.3% 14.3% 6.5% NM 0.51x 7.9x 0.42x 5.0x Sanderson Farms, Inc. SAFM 93.62 94.2% 2,170 1,944 2,899 398 5.8% 2.8% 11.9% 13.7% 10.8x 0.67x 4.9x 0.62x 5.2x Seaboard Corporation SEB 3,895.00 85.7% 4,706 4,002 5,379 331 (3.8%) (6.9%) 9.9% 6.2% 15.1x 0.74x 12.1x NA NA Tyson Foods, Inc. TSN 63.60 82.5% 18,106 23,779 36,942 3,745 (7.1%) 2.1% 15.7% 10.1% 12.5x 0.64x 6.3x 0.65x 6.4x Mean (8.5%) (0.1%) 10.7% 8.0% 12.8x 0.76x 7.8x 0.71x 7.4x Median (3.8%) 2.1% 11.9% 6.5% 12.5x 0.67x 7.1x 0.64x 5.8x Fruit and Vegetable Calavo Growers, Inc. CVGW $56.60 79.2% $1,037 $1,092 $958 $70 10.5% 10.0% 9.7% 7.3% 27.9x 1.14x 15.6x 1.03x 14.5x Fresh Del Monte Produce Inc. FDP 57.74 86.4% 2,946 3,183 4,004 345 (2.2%) 2.8% 5.9% 8.6% 13.4x 0.79x 9.2x 0.76x 9.2x Seneca Foods Corporation SENEA 36.40 85.3% 355 727 1,283 78 2.7% (1.0%) 10.1% 6.1% 12.7x 0.57x 9.3x NA NA Total Produce Plc T7O-IE 2.09 100.0% 659 786 3,435 80 7.7% (0.6%) 13.7% 2.3% 21.8x 0.23x 9.9x 0.20x 9.2x Mean 4.7% 2.8% 9.9% 6.1% 18.9x 0.68x 11.0x 0.67x 11.0x Median 5.2% 1.1% 9.9% 6.7% 17.6x 0.68x 9.6x 0.76x 9.2x Ingredients / Flavors Givaudan SA GIVN-CH $1,810.60 84.0% $16,707 $17,609 $4,733 $1,098 3.7% 0.1% 42.6% 23.2% 26.1x 3.72x 16.0x 3.58x 15.7x Ingredion Incorporated INGR 119.82 85.6% 8,651 10,121 5,704 1,069 1.5% (3.4%) 24.2% 18.7% 18.4x 1.77x 9.5x 1.69x 9.2x International Flavors & Fragrances Inc. IFF 126.60 88.1% 10,125 11,131 3,116 714 3.1% 1.8% 42.9% 22.9% 25.4x 3.57x 15.6x 3.40x 14.7x Kerry Group Plc KRZ-IE 79.80 82.8% 14,125 15,617 6,782 973 0.2% (4.3%) 40.1% 14.3% 24.9x 2.30x 16.1x 2.27x 15.7x Sensient Technologies Corporation SXT 79.61 95.5% 3,585 4,162 1,383 260 0.5% (2.0%) 34.1% 18.8% 28.7x 3.01x 16.0x 2.94x 15.7x Symrise AG SY1-DE 63.37 81.8% 8,263 NA 3,212 NA 11.3% 9.7% NA NA 29.2x NA NA NA NA Tate & Lyle PLC TATE-GB 9.36 88.5% 4,311 4,763 3,555 488 (0.2%) (10.2%) 10.3% 13.7% 15.4x 1.34x 9.8x 1.39x 9.7x Mean 2.9% (1.2%) 32.4% 18.6% 24.0x 2.62x 13.8x 2.55x 13.5x Median 1.5% (2.0%) 37.1% 18.8% 25.4x 2.66x 15.8x 2.61x 15.2x Agribusiness Archer-Daniels-Midland Company ADM $44.70 93.4% $25,704 $31,128 $62,421 $2,794 (7.7%) (11.4%) 6.1% 4.5% 20.8x 0.50x 11.1x 0.49x 9.1x Bunge Limited BG 80.89 97.9% 11,372 13,944 42,679 1,502 (1.8%) (11.4%) 5.6% 3.5% 17.1x 0.33x 9.3x 0.31x 7.1x CF Industries Holdings, Inc. CF 29.42 79.1% 6,725 14,478 3,685 1,084 (14.5%) (12.4%) 0.3% 29.4% NA 3.93x 13.4x 3.38x 10.9x Darling Ingredients Inc. DAR 14.17 89.0% 2,347 4,087 3,399 434 0.0% 25.4% 13.8% 12.8% 23.0x 1.20x 9.4x 1.18x 8.8x Monsanto Company MON 114.14 98.4% 49,711 56,154 13,919 4,089 (2.8%) (2.6%) 48.0% 29.4% 30.9x 4.03x 13.7x 3.91x 13.5x Andersons, Inc. ANDE 38.70 86.2% 1,087 1,483 3,925 126 (5.1%) (10.5%) 8.6% 3.2% NM 0.38x 11.7x 0.36x 7.8x Mosaic Company MOS 29.12 84.7% 10,205 13,388 7,163 1,070 (19.5%) NA 11.1% 14.9% 34.3x 1.87x 12.5x 1.81x 10.4x Mean (7.3%) (3.8%) 13.4% 14.0% 25.2x 1.75x 11.6x 1.64x 9.6x Median (5.1%) (10.9%) 8.6% 12.8% 23.0x 1.20x 11.7x 1.18x 9.1x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $101.60 82.7% $68 $81 $1,283 $13 (0.4%) 1.8% 5.7% 1.0% 12.5x 0.06x 6.5x NA NA Core-Mark Holding Company, Inc. CORE 31.25 62.5% 1,514 1,820 14,529 133 31.3% 14.2% 5.1% 0.9% 27.9x 0.13x 13.7x 0.12x 10.6x Performance Food Group Company PFGC 22.80 81.1% 2,370 3,711 16,380 316 7.3% 6.2% 12.8% 1.9% 31.8x 0.23x 11.8x 0.22x 9.3x SpartanNash Company SPTN 31.69 78.5% 1,208 1,615 7,735 231 1.1% (0.8%) 14.2% 3.0% 21.3x 0.21x 7.0x 0.19x 6.5x SUPERVALU INC. SVU 3.29 53.3% 913 3,416 13,519 508 (24.7%) 53.2% 13.2% 3.8% 8.8x 0.25x 6.7x 0.26x 6.9x United Natural Foods, Inc. UNFI 41.96 80.4% 2,178 2,708 8,910 311 7.3% 11.3% 15.1% 3.5% 17.0x 0.30x 8.7x 0.28x 8.3x Mean 3.6% 14.3% 11.0% 2.3% 19.9x 0.20x 9.1x 0.21x 8.3x Median 4.2% 8.8% 13.0% 2.5% 19.2x 0.22x 7.9x 0.22x 8.3x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $164.55 92.1% $73,101 $72,480 $121,194 $4,927 3.3% 4.0% 12.9% 4.1% 30.7x 0.60x 14.7x 0.56x 13.4x Ingles Markets, Incorporated IMKTA 43.45 82.9% 611 1,496 3,827 236 1.6% 0.7% 24.1% 6.2% 15.8x 0.39x 6.3x 0.38x 6.3x J Sainsbury plc SBRY-GB 3.29 77.1% 7,254 9,061 33,585 1,284 (7.1%) (3.3%) 5.9% 3.8% 10.8x 0.27x 7.1x 0.27x 5.4x Royal Ahold N.V. AD-NL 21.83 85.4% 27,568 26,808 54,972 250 29.8% 8.3% 26.5% 0.5% 25.0x 0.49x NM 0.39x 5.8x Natural Grocers by Vitamin Cottage NGVC 10.20 45.9% 235 287 721 44 11.6% 16.6% 24.7% 6.2% 23.8x 0.40x 6.5x 0.36x 5.6x Sprouts Farmers Markets, Inc. SFM 17.94 59.8% 2,567 2,939 4,046 294 12.6% 18.4% 26.1% 7.3% 22.7x 0.73x 10.0x 0.65x 9.6x SUPERVALU INC. SVU 3.29 53.3% 913 3,416 13,519 508 (24.7%) 53.2% 13.2% 3.8% 8.8x 0.25x 6.7x 0.26x 6.9x Tesco PLC TSCO-GB 2.34 81.5% 18,924 26,827 78,545 3,432 (10.1%) (7.7%) 5.3% 4.4% NM 0.34x 7.8x 0.39x 8.0x Kroger Co. KR 28.69 73.2% 26,648 39,493 115,337 5,776 5.0% 5.4% 20.1% 5.0% NM 0.34x 6.8x 0.33x 6.5x Village Super Market, Inc. VLGEA 27.03 74.2% 260 28 1,627 67 1.5% 3.1% 25.5% 4.1% 17.6x 0.02x 0.4x NA NA Weis Markets, Inc. WMK 58.89 85.5% 1,589 1,566 3,137 66 9.0% 5.2% 24.9% 2.1% 18.2x 0.50x 23.9x NA NA Whole Foods Market, Inc. WFM 28.95 81.4% 9,203 9,405 15,813 1,367 1.7% 5.9% 33.6% 8.6% 20.8x 0.59x 6.9x 0.58x 7.2x Mean 2.9% 9.1% 20.2% 4.7% 19.4x 0.41x 8.8x 0.42x 7.5x Median 2.5% 5.3% 24.4% 4.2% 19.5x 0.39x 6.9x 0.39x 6.7x

Foodservice Colabor Group Inc. GCL-CA $0.89 78.2% $92 $181 $1,056 $23 20.4% (8.9%) 1.3% 2.2% NM 0.17x 7.9x 0.17x 7.5x Sysco Corporation SYY 51.88 90.9% 28,404 35,981 53,077 2,955 8.6% 5.3% 19.1% 5.6% 28.6x 0.68x 12.2x 0.65x 11.0x Chefs' Warehouse, Inc. CHEF 14.35 69.0% 372 671 1,193 66 12.6% 21.0% 26.0% 5.5% NM 0.56x 10.2x 0.53x 10.7x Mean 13.9% 5.8% 15.5% 4.4% 28.6x 0.47x 10.1x 0.45x 9.8x Median 12.6% 5.3% 19.1% 5.5% 28.6x 0.56x 10.2x 0.53x 10.7x Quick Service Restaurant Bojangles, Inc. BOJA $18.65 85.4% $684 $860 $532 $83 8.9% NA 20.9% 15.6% 18.8x 1.62x 10.3x 1.51x 10.4x Jack in the Box Inc. JACK 97.65 86.2% 3,130 4,165 1,616 351 4.8% 3.1% 27.4% 21.7% 25.8x 2.58x 11.9x 2.63x 11.3x McDonald's Corporation MCD 127.61 96.7% 104,733 129,465 24,622 9,320 (3.1%) (4.3%) 42.4% 37.9% 23.5x 5.26x 13.9x 5.97x 13.4x Popeyes Louisiana Kitchen, Inc. PLKI 78.96 99.7% 1,637 1,752 269 89 3.8% 9.3% 64.4% 33.0% 39.9x 6.51x 19.7x 6.48x 18.4x Restaurant Brands International Inc QSR 54.76 94.4% 12,743 21,791 4,146 1,834 2.3% NA 48.1% 44.2% 37.1x 5.26x 11.9x 4.86x 10.6x Sonic Corp. SONC 23.45 64.5% 1,041 1,580 590 165 (3.6%) 2.8% 33.9% 28.0% 17.7x 2.68x 9.6x 3.32x 10.3x Wendy's Company WEN 13.25 91.6% 3,329 5,509 1,435 377 (23.3%) (16.7%) 44.7% 26.3% 27.3x 3.84x 14.6x 4.64x 13.7x Yum! Brands, Inc. YUM 64.38 70.0% 22,614 30,848 6,366 1,885 (51.4%) (21.3%) 43.0% 29.6% 15.8x 4.85x 16.4x 5.49x 15.2x Mean (7.7%) (4.5%) 40.6% 29.5% 25.7x 4.07x 13.5x 4.36x 12.9x Median (0.4%) (0.8%) 42.7% 28.8% 24.7x 4.34x 12.9x 4.75x 12.3x

Fast Casual Chipotle Mexican Grill, Inc. CMG $405.87 80.2% $11,537 $11,119 $3,904 $204 (13.3%) 6.7% 9.8% 5.2% NM 2.85x NM 2.43x 20.9x El Pollo Loco Holdings Inc LOCO 10.85 72.4% 426 529 380 59 7.1% NA 18.3% 15.4% 23.6x 1.39x 9.0x 1.29x 8.1x Fiesta Restaurant Group, Inc. FRGI 21.65 60.1% 587 656 712 91 3.5% 8.9% 17.5% 12.8% 35.2x 0.92x 7.2x 0.89x 7.2x Habit Restaurants, Inc. HABT 15.15 75.7% 422 410 284 29 23.1% NA 15.1% 10.3% 56.7x 1.44x 14.0x 1.20x 12.1x Noodles & Co. NDLS 3.60 27.3% 109 192 487 14 7.0% 11.6% 7.3% 2.8% NA 0.39x 14.1x 0.41x 6.2x Panera Bread Company PNRA 234.47 98.4% 5,047 5,373 2,795 403 4.2% 5.4% 16.7% 14.4% 38.3x 1.92x 13.3x 1.82x 12.1x Potbelly Corp. PBPB 13.00 86.7% 327 305 407 40 9.2% 10.7% 14.3% 9.8% 42.1x 0.75x 7.6x 0.67x 7.0x Shake Shack, Inc. SHAK 31.15 72.5% 1,161 1,137 268 42 40.9% 48.2% 22.0% 15.8% 58.2x 4.23x 26.8x 3.19x 20.6x Wingstop, Inc. WING 25.96 77.7% 757 901 91 32 17.2% NA 68.6% 35.3% 49.5x 9.87x 28.0x 9.00x 22.7x Zoe's Kitchen, Inc. ZOES 16.93 40.5% 328 352 276 23 21.8% 33.3% 10.2% 8.3% NM 1.28x 15.4x 1.09x 14.3x

Mean 12.1% 17.8% 20.0% 13.0% 43.4x 2.50x 15.1x 2.20x 13.1x Median 8.1% 10.7% 15.9% 11.6% 42.1x 1.42x 14.0x 1.24x 12.1x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $38.40 80.8% $850 $976 $993 $129 8.0% 8.6% 12.6% 13.0% 20.7x 0.98x 7.5x 0.94x 8.0x Buffalo Wild Wings, Inc. BWLD 150.15 85.8% 2,615 2,708 1,987 297 9.6% 16.2% 11.9% 15.0% 29.4x 1.36x 9.1x 1.26x 8.8x Chuy's Holdings, Inc. CHUY 28.00 74.1% 477 463 331 41 15.2% 17.4% 12.2% 12.4% 27.7x 1.40x 11.3x 1.21x 10.0x Dave & Buster's Entertainment, Inc. PLAY 58.53 96.7% 2,527 2,790 969 229 15.4% NA 16.1% 23.7% 30.0x 2.88x 12.2x 2.44x 10.3x Ignite Restaurant Group, Inc. IRG 0.37 9.8% 5 117 462 20 17.3% 36.0% 7.9% 4.3% NA 0.25x 5.9x 0.29x 5.5x Cheesecake Factory Incorporated CAKE 61.87 96.1% 2,983 3,030 2,276 289 17.3% 36.0% 15.4% 12.7% 22.1x 1.33x 10.5x 1.29x 10.5x Mean 13.8% 22.9% 12.7% 13.5% 26.0x 1.37x 9.4x 1.24x 8.8x Median 15.3% 17.4% 12.4% 12.9% 27.7x 1.35x 9.8x 1.24x 9.4x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $17.66 88.3% $1,869 $2,836 $4,252 $420 (2.9%) 1.0% 11.0% 9.9% 49.0x 0.67x 6.8x 0.66x 6.6x Brinker International, Inc. EAT 41.14 73.7% 2,094 3,480 3,236 468 4.4% 4.2% 12.5% 14.5% 13.3x 1.08x 7.4x 1.09x 8.1x Darden Restaurants, Inc. DRI 74.45 93.7% 9,415 9,739 6,995 932 1.3% (7.2%) 15.3% 13.3% 22.2x 1.39x 10.5x 1.34x 9.6x DineEquity, Inc. DIN 55.07 57.8% 978 2,217 634 253 (6.9%) (0.3%) 57.4% 39.9% 10.3x 3.50x 8.8x 3.54x 9.3x Red Robin Gourmet Burgers, Inc. RRGB 53.20 79.3% 680 1,015 1,296 137 3.1% 8.4% 12.4% 10.5% NM 0.78x 7.4x 0.74x 6.9x Ruby Tuesday, Inc. RT 1.74 31.8% 141 326 1,022 45 (9.0%) (4.7%) 7.0% 4.5% NA 0.32x 7.2x NA NA Texas Roadhouse, Inc. TXRH 40.67 80.5% 3,010 2,958 1,991 262 10.1% 11.9% 13.2% 13.2% 26.1x 1.49x 11.3x 1.36x 10.3x Mean 0.0% 1.9% 18.4% 15.1% 24.2x 1.32x 8.5x 1.46x 8.5x Median 1.3% 1.0% 12.5% 13.2% 22.2x 1.08x 7.4x 1.22x 8.7x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $17.55 94.9% $417 $402 $352 $46 6.1% 9.0% 20.8% 13.0% 23.4x 1.14x 8.8x 1.10x 8.4x Fogo de Chao, Inc. FOGO 13.95 78.0% 411 531 288 54 6.1% NA 26.3% 18.9% 17.2x 1.84x 9.7x 1.67x 8.7x Ruth's Hospitality Group, Inc. RUTH 18.80 95.7% 615 637 386 61 3.4% (1.7%) 27.0% 15.8% 20.3x 1.65x 10.4x 1.53x 9.5x Mean 5.2% 3.6% 24.7% 15.9% 20.3x 1.54x 9.7x 1.43x 8.9x Median 6.1% 3.6% 26.3% 15.8% 20.3x 1.65x 9.7x 1.53x 8.7x Pizza Domino's Pizza, Inc. DPZ $186.79 97.3% $8,950 $10,969 $2,473 $492 11.6% 11.1% 31.1% 19.9% 43.3x 4.44x 22.3x 4.01x 19.5x Papa John's International, Inc. PZZA 76.29 84.3% 2,818 3,125 1,714 195 4.7% 6.0% 18.6% 11.4% 28.0x 1.82x 16.0x 1.74x 14.9x Papa Murphy's Holdings, Inc. FRSH 4.00 30.9% 70 (337) 127 22 5.6% NA 30.2% 17.3% 25.8x NM NM NM NM Mean 7.3% 8.6% 26.6% 16.2% 32.4x 3.13x 19.1x 2.88x 17.2x Median 5.6% 8.6% 30.2% 17.3% 28.0x 3.13x 19.1x 2.88x 17.2x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $6.80 47.6% $185 $160 $159 $18 NA NA 41.3% 11.6% 27.7x 1.01x 8.7x 0.89x 7.6x Dunkin' Brands Group, Inc. DNKN 54.15 96.2% 5,062 7,066 829 433 2.2% 5.1% 79.4% 52.3% 26.1x 8.52x 16.3x 8.34x 14.8x Jamba, Inc. JMBA 9.64 70.8% 148 134 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.64x NM 1.75x 11.6x Starbucks Corporation SBUX 54.63 88.6% 79,487 80,503 21,672 4,992 9.9% 12.2% 24.4% 23.0% 28.0x 3.71x 16.1x 3.43x 13.7x Mean (9.9%) (1.6%) 40.6% 25.3% 27.2x 3.72x 13.7x 3.60x 11.9x Median 3.3% 5.2% 39.7% 18.6% 27.7x 2.68x 16.1x 2.59x 12.6x Family Restaurant Cracker Barrel Old Country Store, Inc. CBRL $158.86 90.8% $3,893 $4,108 $2,928 $385 2.1% 3.2% 15.2% 13.2% 19.4x 1.40x 10.7x 1.36x 10.2x Denny's Corporation DENN 12.31 86.4% 881 1,124 507 96 3.2% 3.1% 27.7% 19.0% 49.8x 2.22x 11.7x 2.13x 10.9x Luby's, Inc. LUB 3.30 64.7% 97 135 396 15 (7.4%) (0.2%) 6.8% 3.7% NA 0.34x 9.2x NA NA Mean (0.7%) 2.1% 16.6% 11.9% 34.6x 1.32x 10.5x 1.75x 10.5x Median 2.1% 3.1% 15.2% 13.2% 34.6x 1.40x 10.7x 1.75x 10.5x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

130

1 9 .3 % 120 1 5 .4 %

110 9 .7 %

100 4 .9 %

4 .5 % 90 (3 .2 % )

80 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 Restaurant Natural/Organic Beverage

Private Label Food Manufacturing Protein Processing/Dairy S&P 500

M&A MARKET OVERVIEW Highlighted Food and Beverage M&A Transactions5

US FOODS TO ACQUIRE SRA FOODS

. US Foods has agreed to acquire SRA Foods for an undisclosed amount. . SRA Foods is a meat processor and distributor that offers over 1,000 distinct items and serves the foodservice channel in the Southeastern U.S. Enterprise Value: ND . The acquisition will strengthen US Foods’ center-of-the-plate offerings and Revenue Multiple: ND expand its geographic footprint by further penetrating the Southeastern EBITDA Multiple: ND region. Announced: March 7, 2017

RESTAURANT BRANDS INTERNATIONAL TO ACQUIRE POPEYES LOUISIANA KITCHEN . Restaurant Brands International, owner of Burger King and Tim Hortons, has agreed to acquire Popeyes Louisiana Kitchen for $79 per share, representing a 19.5% premium to the share price on the day before the announcement. . Popeyes is one of the world’s largest quick service restaurant concepts with Enterprise Value: $1,768 mm over 2,600 restaurants in 26 countries, approximately 97% of which are Revenue Multiple: 6.6x franchised. EBITDA Multiple: 20.8x . The acquisition will allow RBI to leverage its global scale and resources to Announced: February 21, 2017 continue developing the Popeyes brand at an increasing pace.

PANOS HOLDINGS HAS AGREED TO ACQUIRE WALDEN FARMS

. PANOS Holdings, a portfolio company of HKW, has agreed to acquire Walden Farms for an undisclosed amount. . Walden Farms is a provider of branded calorie-free foods, including salad dressings, syrups, coffee creamers, and sauces. Enterprise Value: ND Revenue Multiple: ND . The acquisition will expand PANOS’ portfolio of better-for-you brands. PANOS EBITDA Multiple: ND seeks to capture incremental growth by leveraging its retail relationships and Announced: February 17, 2017 launching new products.

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES ANNOUNCED FOOD & BEV. TRANSACTIONS

12.0x 2.00x $280 700 11.3x $247.7 10.0x 9.7x $240 600

10.0x ions of Transact Number 8.8x 9.2x 8.8x 1.60x Multiple Sales LTM EV/ 8.3x 8.0x 7.9x $200 500 8.0x 1.20x $160 400 6.0x $120.7 $120 300 0.80x 4.0x $67.2 $80 $55.7 200

EV / EV LTMMEBI TDA ultiple $52.9 0.40x 2.0x $8.2 $40 $24.0 100

Aggregat e e Deal ($Value Aggregat inbillions) $9.3 $4.8 0.0x 0.00x $0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD YTD EV / LTM EBITDA EV / LTM Sales Aggregate Deal Value # of Deals Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

1/0/1900Announced Target 0 Cargill, IncorporatedBuyer 3/9/2017 Bird Rock Coffee Roasters, Inc. Coffee Roasting Co. 3/8/2017 Mé Fresh Markets SA Juan Fornés Fornés SA 3/8/2017 Goethe SL Damm SA 3/8/2017 Bio-Zentrale Naturprodukte GmbH ZERTUS GmbH 3/7/2017 SRA Foods, Inc. US Foods Holding Corp. 3/7/2017 Groupe Commensal, Inc. Food Pasta Romana, Inc. 3/7/2017 Grenade (UK) Ltd. Lion Capital LLP 3/6/2017 Chris Candies, Inc. Cemoi Chocolatier SAS 3/5/2017 Laan Heiloo BV Idun Industri AS 3/3/2017 Dok Dall'Ava Srl CA Traiteur et Salaisons SAS

PRIVATE EQUITY INVESTMENTS & EXITS

130 122 110 90 65 65 67 70 48 50 38 43 32 34 36 31 25 26 26 30 14 17 18 14 10 Number ofTransactionsNumber -10 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD

Number of Investments Number of Exits

* M&A transactions include European and cross-border deals since 2015. PAGE | 11 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity7

QUARTERLY LOAN VOLUME AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

$16 L + 600

$14 L + 500 $12 L + 400 $10

$8 L + 300

($ in billions) $6 L + 200

$4 Loan Loan Volume byQuarter

$2 Average Spread OverLIBOR L + 100

$0 L + 0 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 2010 2011 2012 2013 2014 2015 2016

Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

6.0x L + 1000

L + 800 4.0x L + 600

L + 400

2.0x EBITDA Multiple L + 200

0.0x Average Spread OverLIBOR L + 0 Debt/ Senior Debt/ EBITDA/ EBITDA - EBITDA EBITDA Cash Interest Capex/ Cash Interest

2012 2013 2014 2015 2016 Recent Debt Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread

03/15/17 Arctic Glacier Inc Ice cream and frozen desserts 60 USD Revolver/Line >= 1 Yr. N/A 03/15/17 Arctic Glacier Inc Ice cream and frozen desserts 415 USD Term Loan B N/A 475 BPS 03/07/17 Allied Mills Pty Ltd Flour/other grain mill products 239 USD Revolver/Term Loan N/A 325 BPS 03/07/17 China Huiyuan Juice Group Ltd Canned fruits and vegetables 158 USD Term Loan N/A 290 BPS 03/01/17 Burton's Biscuits Ltd Cookies and crackers 41 USD Revolver/Line >= 1 Yr. N/A 03/01/17 Mondelez International Inc Bottled and canned soft drinks 1,500 USD 364-Day Facility N/A 113 BPS 03/01/17 Yamasan Corp Food preparations, nec 12 USD 364-Day Facility N/A 02/27/17 Ecom Agroindustrial Corp Ltd Roasted coffee 400 USD 364-Day Facility N/A 135 BPS 02/23/17 Marukin Co Ltd Frozen bakery product/not bread 23 USD Term Loan N/A 02/21/17 Bakkavor Group hf Food preparations, nec 94 USD Term Loan N/A 02/21/17 Bakkavor Group hf Food preparations, nec 249 USD Revolver/Line >= 1 Yr. N/A 02/21/17 Bakkavor Group hf Food preparations, nec 262 USD Term Loan N/A 02/17/17 Smithfield Foods Inc Meat packing plants 900 USD Revolver/Line >= 1 Yr. N/A 138 BPS 02/17/17 Smithfield Foods Inc Meat packing plants 500 USD Term Loan A N/A 138 BPS 02/17/17 Smithfield Foods Inc Meat packing plants 100 USD Revolver/Line >= 1 Yr. N/A 138 BPS

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

M&A OVERVIEW*

Median LTM Trading Multiples & Quarterly Food & Beverage M&A5

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

16.0x 200 40 180 15.0x 160 46 18 14.0x 140

120 8 17 26 13.0x 100 19 19 6 20 80 166 10 12.0x 141 139 10 60 5 118 4 7 7 9 13 8 107 92 94 98 Number of Transactions of Number 5 6 89 M edian Trading MMTrading ult edian iple 40 82 11.0x 10 70 53 52 52 58 57 42 48 46 47 20 39 33

10.0x 0

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416 Q117 Jul-16 Jun-16 Apr-16 Jan-17 Feb-16 Feb-17 Sep-16 Oct-16 Mar-16 Nov-16 Aug-16 Dec-16 May-16 Food Products, Processing, and Ingredients Retail and Restaurants Strategic Acquirer Private Equity Acquirer Recent Food and Beverage M&A5

EnterpriseValue Enterprise Value Private Equity Geographic Announced Target Seller Buyer ($mm) Sales EBITDA EBIT Involvement Location 3/9/2017 Bird Rock Coffee Roasters, Inc. - Coffee Roasting Co. - - - - N.A. 3/8/2017 Mé Fresh Markets SA - Juan Fornés Fornés SA - - - - EU 3/8/2017 Goethe SL - Damm SA - - - - EU 3/8/2017 Bio-Zentrale Naturprodukte GmbH LINDHORST- Gruppe ZERTUS GmbH - - - - EU 3/7/2017 SRA Foods, Inc. - US Foods Holding Corp. - - - - N.A. 3/7/2017 Groupe Commensal, Inc. Imvescor Restaurant Group, Inc. Food Pasta Romana, Inc. $3.1 - - - Cross Border 3/7/2017 Grenade (UK) Ltd. - Lion Capital LLP $88.2 - - - P EU 3/6/2017 Chris Candies, Inc. - Cemoi Chocolatier SAS - - - - Cross Border 3/5/2017 Laan Heiloo BV - Idun Industri AS - - - - EU 3/3/2017 Dok Dall'Ava Srl - CA Traiteur et Salaisons SAS - - - - EU 3/2/2017 O Olive Oil, Inc. - Landec Corp. $10.0 - - - N.A. 3/2/2017 Westfälische Lebensmittelwerke Lindemann - Bunge Deutschland GmbH - - - - EU 3/2/2017 Hawkshead Brewery Ltd. - Halewood International Ltd. - - - - EU 3/2/2017 Johnson Industries International, Inc. - Tetra Pak International SA - - - - Cross Border 2/27/2017 Berlypan SL - Berlys Corporación Alimentaria SA - - - - EU 2/24/2017 PIZZA-BLITZ Godly AG - Telepizza Group SA - - - - EU 2/24/2017 frostkrone Tiefkühlkost GmbH - EMERAM Capital Partners GmbH - - - - P EU 2/24/2017 Remke Markets, Inc. - Fresh Encounter, Inc. - - - - N.A. 2/24/2017 Intercontinental Coffee Trading, Inc. - Hamburg Coffee Co. Hacofco mbH - - - - Cross Border 2/23/2017 Ready Pac Foods, Inc. - Bonduelle SA $409.0 - - - Cross Border 2/23/2017 Latvijas Piens SIA Latraps Trade SIA EXIMO Agro-Marketing AG - - - - P EU 2/23/2017 Jan Schots NV - Breydel Chimay Group NV - - - - EU 2/22/2017 Rhenser Mineralbrunnen GmbH - Rhenser Mineralbrunnen GmbH - - - - P EU 2/21/2017 Popeyes Louisiana Kitchen, Inc. - Restaurant Brands International, Inc. $1,768.0 6.6x 20.8x 22.5x Cross Border 2/21/2017 Zabka Polska Sp zoo - CVC Capital Partners Ltd. $1,230.8 0.9x - - P EU 2/21/2017 365 Matins SA - Poulaillon SA $1.5 0.8x - - P EU 2/20/2017 La Versa Viticoltori dal 1905 SpA - Cavit Cantina Viticoltori Consorzio $4.5 0.6x - - EU 2/17/2017 Candyking Holding AB - Cloetta AB $62.1 0.4x 7.9x 18.3x P EU 2/17/2017 Walden Farms, Inc. - PANOS Holdings - - - - N.A. 2/16/2017 The Yorkshire Provender Ltd. - Hain Celestial Group, Inc. - - - - Cross Border 2/16/2017 D. Brickman, Inc. - Metropolitan Foods, Inc. - - - - N.A. 2/16/2017 Kombinat Myasnoy Kalacheyevskiy OAO Kamdel OOO Kombinat Myasnoy Kalacheyevskiy OAO $0.0 0.0x - - P EU 2/16/2017 Open Road Snacks, Inc. - Pasta Fresca, Inc. - - - - P N.A. 2/16/2017 Gourmand In - Gourmand Inn - - - - P EU 2/15/2017 Maka 2 SAS - Maka 2 SAS - - - - P EU 2/14/2017 All American Foods, Inc. - US Foods Holding Corp. - - - - N.A. 2/13/2017 WELL PLUS TRADE Vertriebs GmbH & Co. KG - HQ Equita GmbH; WELL PLUS TRADE Vertriebs GmbH---- /Private Group/ P EU 2/9/2017 Ruggeri & C. SpA - Rotkäppchen-Mumm Sektkellereien ---- EU 2/9/2017 Diamant Nahrungsmittel GmbH Wilhelm Werhahn KG Puratos NV ---- EU 2/9/2017 02 Breathe LLC - Elev8 Brands, Inc. ---- N.A.

* M&A transactions include European and cross-border deals since 2015. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

M&A OVERVIEW*

Recent Food and Beverage M&A5

EnterpriseValue Enterprise Value Private Equity European Announced Target Seller Buyer ($mm) Sales EBITDA EBIT Involvement Transaction

2/9/2017 Grozette BV - Vandersterre Groep Bedrijven BV - - - - P EU 2/8/2017 Lyaxovichsky Molochny Zavod COAO - B.S.A. International SA (Belgium) $13.5 - - - P EU 2/8/2017 Coca-Cola Southwest Beverages LLC The Coca-Cola Co. AC Bebidas S de RL de CV - - - - Cross Border 2/7/2017 Sema E SASU - BNP Paribas Développement SA - - - - P EU 2/7/2017 Nestlé Waters Deutschland GmbH Nestlé SA HANSA-HEEMAN AG - - - - EU 2/7/2017 PS Bageri AB - Lantmännen Unibake Danmark A/S - - - - EU 2/6/2017 Body & Fit Sportsnutrition BV - Glanbia Plc - - - - EU 2/6/2017 Grass Advantage LLC - Glanbia Plc - - - - Cross Border 2/6/2017 L'Escargot Courbeyre SAS - Groupe Française De Gastronomie SA - - - - EU 2/6/2017 Domaine De Cantarelle SCEA - Cap Wine International SAS - - - - EU 2/6/2017 Grand Havana Masters, LLC - JunkieDog.com, Inc. $0.2 - - - N.A. 2/6/2017 Yobe Acquisition LLC - ARC Group, Inc. $2.3 2.6x - - N.A. 2/6/2017 Tavern Snacks Ltd. - Tayto Group Ltd. - - - - EU 2/3/2017 Hybrid Dining Ltd. Kout Food Group KSCC Euro Garages Ltd. - - - - EU 2/2/2017 Wagner Pralinen GmbH - Wagner Pralinen GmbH - - - - EU 2/2/2017 Nektar Naturals Fine Foods LLC - Xylitol Canada, Inc. $0.7 - - - Cross Border 2/1/2017 Corporate Chefs, Inc. - Elior, Inc. - - - - N.A. 2/1/2017 Helsingin Pizzapalvelu Oy - Kotipizza Group Oyj - - - - EU 2/1/2017 Tao Group - The Madison Square Garden Co. $330.4 - - - N.A. 2/1/2017 Vantodio Holdings Ltd. - Frutarom Industries Ltd. $159.9 - - - EU 2/1/2017 Linauer & Wagner "Backstuben" - Ankerbrot AG - - - - EU 2/1/2017 Michael Angelo's Gourmet Foods Inc. - Advent International Corp. - - - - N.A. 2/1/2017 Calbee North America LLC - Calbee America, Inc. $170.0 1.4x - - N.A. 2/1/2017 Dickie Poh Corp. - Sustainable Sea Products International LLC - - - - N.A. 2/1/2017 Keystone Fruit Marketing, Inc. - Progressive Produce LLC /California/ - - - - N.A. 1/31/2017 NUTRICIA DEVA a.s. Danone SA ARX Equity Partners sro; Nutricia Deva a.s. /Private Group/---- P EU 1/31/2017 Portlebay Popcorn - Tayto Group (Manufacturing) Ltd. ---- EU 1/31/2017 Dino Polska SA - Dino Polska SA /Biernacki/ ---- P EU 1/28/2017 A1 Bags & Supplies, Inc. - National Epicure, Inc. ---- Cross Border 1/27/2017 Kronenbrot KG Franz Mainz - Signal Capital Partners LLP ---- P EU 1/27/2017 Mademoiselle de Margaux SASU - Loc Maria Biscuits Sasu ---- EU 1/26/2017 Pretzel Baron Properties LLC - Valora Holding AG ---- Cross Border 1/26/2017 Senzora BV /Candy Division/ De Sluisstraat Holding BV Fortuin Dockum BV ---- EU 1/25/2017 Pizza Topco France SAS Top Brands NV AmRest Holdings SE $15.1 - - - EU 1/25/2017 Southern Coffee Service, Inc. - Five Star Food Service, Inc. ---- N.A. 1/25/2017 Fearless Films, Inc. - Legacy Ventures International, Inc. ---- N.A. 1/24/2017 Schwermer Dietrich Stiel GmbH - Heidi Chocolat SA ---- EU 1/24/2017 Bob Evans Farms, Inc. Bob Evans Farms, Inc. Golden Gate Private Equity, Inc. $565.0 0.6x 5.4x - P N.A. 1/24/2017 Karl Schmidt GmbH - Odewald & Compagnie Gesellschaft ---- P EU 1/24/2017 Amanda Seafoods A/S - Insula AS ---- EU 1/24/2017 Native Maine Produce & Specialty Foods LLC - RLJ Equity Partners LLC; SJ Partners LLC ---- P N.A. 1/23/2017 Exquisite Food NV Alimax NV Sligro Food Group NV ---- EU 1/23/2017 Hemptastic GmbH - Katjes International GmbH & Co. ---- EU 1/23/2017 Click Wholesale Distributing, Inc. - Craig Stein Beverage ---- N.A. 1/23/2017 Nustef Foods Ltd. - Riverside Partners LLC ---- P N.A. 1/19/2017 Goldco LLC - Seven Hospitality LLC ---- P N.A. 1/19/2017 Frostag Food-Centrum AG - Hilcona AG ---- EU 1/19/2017 Les Ducs de Gascogne SAS - Le Ducs de Gascogne SAS ---- P EU 1/18/2017 Brinkhoff & Monoson, Inc. - San Francisco Equity Partners ---- P N.A. 1/18/2017 Michel'S, Inc. - Watabe Wedding Corp. ---- Cross Border 1/18/2017 Compagnie Lyonnaise Restauration Service - Newrest Group International SAS ---- EU 1/18/2017 Silva Regal, Inc. - Liberty Richter, Inc. ---- N.A. 1/18/2017 Cameron Hughes Wine - Vintage Wine Estates, Inc. $5.5 - - - N.A. 1/17/2017 Activ International SA - Givaudan SA ---- EU 1/17/2017 Love & Quiches LLC - AUA Private Equity Partners LLC ---- N.A. 1/17/2017 La Sagra Brew SLU - Molson Coors Brewing Co. ---- Cross Border 1/14/2017 Hubbox Ltd. - Hubbox Ltd. $2.7 - - - P EU 1/13/2017 Fricopan Back GmbH Immekath Aryzta AG Sun Fruits GmbH ---- EU 1/12/2017 Vegetalia SL - Ebro Foods SA ---- EU 1/12/2017 VALMONT CR, spol. s.r.o. - Pressmedia Spol sro ---- EU 1/12/2017 WeinArt Handelsgesellschaft mbH - Hawesko Holding AG ---- EU 1/12/2017 The Italian Stove - The Italian Stove /Katopodis/ ---- P EU 1/12/2017 Bebidas de Calidad de Madrid SL - Anheuser-Busch InBev SA/NV ---- EU 1/12/2017 Angelo's Pizzeria, Inc. - Greenfield Farms Food, Inc. ---- N.A. 1/11/2017 Le Saumonier Cherbourg SARL - AMP Saumon de France ---- EU

* M&A transactions include European and cross-border deals since 2015. PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5

March 2017 Date Company 3/10/2017 Sato Foods Co., Ltd. (Niigata) (2923-JP) 3/13/2017 Aryzta AG (ARYN-CH) 3/13/2017 Japan Meat Co., Ltd. (3539-JP) 3/21/2017 Coca-Cola European Partners Plc (CCE-US) 3/21/2017 Fevertree Drinks Plc (FEVR-GB) 3/22/2017 Emmi AG (EMMN-CH) 3/30/2017 Hilton Food Group Plc (HFG-GB) 3/30/2017 BayWa AG (BYW6-DE) 3/30/2017 Hilton Food Group Plc (HFG-GB)

April 2017 Date Company 4/5/2017 Fleury Michon SA (FLE-FR) 4/6/2017 Ruby Tuesday, Inc. (RT-US) 4/11/2017 Hugli Holding AG (HUE-CH) 4/12/2017 Barry Callebaut AG (BARN-CH) 4/12/2017 Tesco Plc (TSCO-GB) 4/19/2017 Associated British Foods Plc (ABF-GB) 4/20/2017 AAK AB (AAK-SE) 4/20/2017 Axfood AB (AXFO-SE) 4/25/2017 McDonald'sBrinker International, Corp. (MCD-US) Inc. (EAT-US) 4/27/2017 Kikkoman Corp. (2801-JP) 4/27/2017 Wal-Mart de Mexico SAB de CV (WALMEX-MX) 4/27/2017 Starbucks Corp. (SBUX-US)

May 2017 Date Company 5/4/2017 Kellogg Co. (K-US) 5/8/2017 Sysco Corp. (SYY-US) 5/8/2017 Tyson Foods, Inc. (TSN-US) 5/10/2017 Royal Ahold Delhaize NV (AD-NL) 5/10/2017 The Wendy's Co. (WEN-US) 5/16/2017 Jack in the Box, Inc. (JACK-US) 5/18/2017 Dairy Crest Group Plc (DCG-GB) 5/18/2017 Wal-Mart Stores, Inc. (WMT-US) 5/19/2017 Campbell Soup Co. (CPB-US) 5/23/2017 Greencore Group Plc (GNC-GB) 5/25/2017 Tate & Lyle Plc (TATE-GB) 5/25/2017 Costco Wholesale Corp. (COST-US)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2017

HARRIS WILLIAMS & CO.

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PAGE | 17