Food and Beverage

FOOD AND BEVERAGE

INDUSTRY UPDATE │ SEPTEMBER 2016

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW With nearly 400 announced food and beverage M&A transactions thus far in 2016, . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY the market for food and beverage assets remains strong. Recent notable . PUBLIC COMPARABLES . EARNINGS CALENDAR transactions, including Roark Capital’s acquisition of Jimmy John’s, CenterOak GROUP OVERVIEW Partners acquisition of Wetzel’s Pretzels, and Post Holding’s acquisition of National Harris Williams & Co. is a leading advisor to the food and Pasteurized Eggs, illustrate the broad appeal of food and beverage assets ranging beverage market. Our significant experience covers a broad range from restaurants to packaged food companies. of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas: . Agribusiness HAT E VE EEN OING . Baked and Prepared Goods W W ’ B D . Beverages . Branded and Private Label CLOSED HW&CO. TRANSACTIONS . Dairy . Distribution . Ingredients . Meat and Protein . Natural and Organic a portfolio company of a portfolio company of a subsidiary of a portfolio company of . Processing . Produce . Restaurant and Retail has been acquired by has been acquired by has been acquired by has been acquired by . Snacks

CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander Managing Director [email protected] a portfolio company of a portfolio company of +1 (612) 359-2716

has been acquired by has been acquired by Ryan Budlong has been acquired by Managing Director has been acquired by [email protected] A Private +1 (415) 217-3409 Investor Group 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 has acquired Vice President has been acquired by has been acquired by [email protected] has been acquired by +1 (612) 359-2714

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PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

WHAT WE’RE READING

PANERA COMES OUT SWINGING AGAINST HAPPY MEAL-STYLE KIDS’ FOOD

Panera has announced that it is rethinking the traditional approach to kids’ meals – ditching “cute, toy-shaped processed food” and opting instead for a menu free of artificial flavors, preservatives, sweeteners, and colors. The move, which is part of the company’s broader attempt at reformulating existing recipes, is paying dividends with a 4.2% increase in comparable store sales in the most recent quarter.

Access the full article here.

SUGAR SHOCKED? THE REST OF FOOD INDUSTRY PAYS FOR LOTS OF RESEARCH, TOO

Americans are reacting to news that, 50 years ago, the sugar industry paid scientists for research that downplayed the commodity’s role in heart disease. However, the recent spotlight has highlighted the extent to which present-day nutrition studies are still funded – and actively shaped – by the food industry.

Access the full article here.

STOCK UP: GROCERY PRICES HAVE FALLEN FOR EIGHT STRAIGHT MONTHS

Across the U.S., grocery prices have fallen for eight straight months, posting a 1.6% decrease year-over-year. The reason: a major surplus of foods ranging from ground beef to milk as exports taper on the heels of a strengthening U.S. Dollar.

Access the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES1

Soybeans: 120 (40.6%) 100 Corn: 80 (54.8%)

60 Crude Oil: (57.4%) 40 Wheat: 20 Commodity PriceIndex Commodity (59.4%) Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16

Corn Soybeans Crude Oil Wheat

PROTEIN PRICE INDICES2,3

150 Beef: 140 25.7% 130 Pork: 120 9.1% 110 Poultry:

100 0.8% ProteinPriceIndex 90 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140 R e s t aur ant : 120 24. 3% G r o c e r y :

100 13. 0% SalesIndex 80 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Restaurant Grocery CONSUMER FOOD PRICE INDEX INFLATION2

5.0 4.0 3.0 2.0

Inflation(%) 1.0 0.0 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

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 17.3% (0.9%) (5.7%) 10.3% 13.7x 15.4x 7.8x 2.8x Fruit and Vegetable 2.6% 31.9% 6.3% (9.1%) 15.2x 20.0x 9.7x 0.6x Ingredients / Flavors 5.7% 22.2% 7.7% 13.4% 21.5x 26.3x 16.5x 1.4x

Inputs Agribusiness (2.0%) 0.3% 0.9% 5.8% 19.5x 18.9x 9.3x 1.9x Branded Processed Foods 1.2% 17.7% 0.0% 12.8% 21.1x 28.4x 14.4x 2.0x Private Label Foods and Beverages (7.2%) 9.5% (4.8%) (7.4%) 31.6x 28.5x 9.8x 3.3x Natural / Organic Foods / BFY 23.8% 11.7% 1.8% (6.9%) 21.3x 29.7x 16.2x 3.7x Baked Goods (2.8%) 2.9% (12.5%) (16.6%) 16.1x 30.0x 9.5x 2.5x Dairy 5.6% 2.7% (1.0%) 3.2% 21.0x 25.3x 13.1x 1.7x Non-Alcoholic Beverages (4.6%) 17.5% 0.2% 0.5% 20.7x 24.3x 13.0x 1.9x Alcoholic Beverages (2.3%) 18.6% 0.5% 5.3% 20.5x 32.0x 14.1x 2.6x Food and BeverageFood and Snacks 9.5% 5.5% 4.2% 9.7% 21.7x 29.5x 14.9x 1.6x Grocery Distribution 0.2% 10.9% (0.4%) (4.0%) 15.6x 17.6x 7.9x 2.0x Food Retail (1.8%) (12.5%) (10.5%) (24.5%) 17.4x 19.2x 6.8x 1.5x Foodservice (3.8%) (25.9%) (1.5%) (3.6%) 20.9x 30.2x 9.7x 4.4x Quick Service Restaurant (1.2%) 11.5% (8.3%) (12.8%) 21.2x 24.1x 12.2x 2.3x Fast Casual (0.9%) (37.1%) (10.8%) (26.1%) 36.6x 35.1x 10.1x 0.7x Differentiated Casual (9.3%) (7.3%) (9.2%) (21.6%) 21.8x 25.9x 9.1x 1.4x Casual Dining Restaurant (6.4%) (10.2%) (8.4%) (17.9%) 14.7x 18.6x 8.0x 2.1x Fine Dining (7.0%) (7.3%) (17.8%) (10.4%) 14.9x 16.8x 7.6x 2.3x

Consumer and Retail and Consumer Pizza 18.0% 9.3% 4.8% (12.6%) 28.9x 32.5x 16.9x 4.1x Beverage / Snack Retail 0.2% (11.6%) (0.1%) (16.4%) 25.6x 31.1x 15.7x 2.6x Family Restaurant (10.8%) (12.2%) (0.9%) (14.4%) 17.9x 27.6x 9.9x 2.2x Overall Median (0.9%) 6.1% (1.8%) (7.2%) 20.5x 24.0x 10.8x 2.0x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

PUBLIC EQUITY MARKET OVERVIEW

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

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

(40.0%) (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 09/08/16 09/08/16 Liquor Stores NA Ltd LIQ Convertible $52.2 Repay Indebtedness

09/02/16 08/12/16 GreenSpace Brands Inc JTR Follow-On $6.1 Debt Repayment Working Capital 08/29/16 29/8/16 Farmer Bros Co FARM Follow-On - Liquidity for Private Owners

08/23/16 08/02/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $0.6 Product Development / R&D Working Capital 08/08/16 07/19/16 Wingstop Inc WING Follow-On $175.5 Liquidity for Private Owners

08/08/16 08/08/16 B&G Foods Inc BGS Follow-On $183.8 General Corporate Purposes Reduce Indebtedness 08/04/16 08/04/16 Global Gardens Group Inc VGM Follow-On $3.9 Marketing & Sales Product Development / R&D 07/29/16 07/29/16 Soupman Inc SOUP Convertible $150.0 Working Capital

07/29/16 07/29/16 Xylitol Canada Inc XYL Convertible $0.3 Reduce Indebtedness

07/14/16 07/14/16 AdvancePierre Foods Hldg Inc APFH IPO $449.2 Reduce Indebtedness

06/30/16 06/13/16 Captiva Verde Industries Ltd VEG Follow-On $0.5 Capex General Corporate Purposes 06/30/16 06/20/16 Spot Coffee(Canada)Ltd SPP Follow-On $0.5 Working Capital

06/21/16 05/26/15 Cott Corp COTT Follow-On $230.1 General Corporate Purposes Reduce Indebtedness

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

PUBLIC COMPARABLES5

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2016E ($ in millions, except per share data) Ticker 9/12/16 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 $37.46 68.8% $28,597 $29,307 $19,074 $2,230 (9.9%) (2.1%) 7.4% 11.7% 29.1x 1.54x 13.1x 1.65x 13.9x B&G Foods, Inc. BGS 46.20 87.4% 3,079 4,518 1,214 281 41.3% 22.5% 34.7% 23.2% 29.5x 3.72x 16.1x 3.22x 14.0x Campbell Soup Company CPB 55.99 82.5% 17,111 18,956 7,961 1,299 (1.5%) (0.4%) 32.4% 16.3% 30.6x 2.38x 14.6x 2.37x 10.6x ConAgra Foods, Inc. CAG 44.46 91.1% 19,327 24,102 11,643 1,624 (26.5%) (9.1%) 27.1% 13.9% NA 2.07x 14.8x 2.08x 12.1x General Mills, Inc. GIS 66.28 90.9% 39,331 48,219 16,563 3,396 (6.1%) (2.3%) 36.0% 20.5% 23.7x 2.91x 14.2x 2.95x 13.8x Hormel Foods Corporation HRL 36.49 79.8% 19,337 19,356 9,296 1,374 (1.2%) 2.6% 21.1% 14.8% 23.8x 2.08x 14.1x 2.03x 13.3x Kellogg Company K 79.13 90.8% 27,366 35,046 13,136 1,943 (7.6%) (4.0%) 39.9% 14.8% 44.9x 2.67x 18.0x 2.69x 13.9x McCormick & Company, Incorporated MKC 98.04 90.9% 12,334 13,788 4,355 733 2.5% 2.4% 40.5% 16.8% 28.8x 3.17x 18.8x 3.11x 17.7x Nestle S.A. NESN-CH 79.84 95.8% 246,812 269,132 90,925 17,262 (6.3%) (1.7%) 50.8% 19.0% 27.6x 2.96x 15.6x 2.90x 15.1x Post Holdings, Inc. POST 82.05 92.2% 5,241 8,714 5,076 907 NM 72.5% 28.5% 17.9% NA 1.72x 9.6x 1.71x 9.4x Hershey Company HSY 97.48 82.8% 14,648 17,513 7,336 1,706 (2.0%) 2.4% 45.0% 23.3% 28.0x 2.39x 10.3x 2.35x 9.9x J. M. Smucker Company SJM 137.83 87.6% 15,884 21,126 7,689 1,796 21.9% 9.4% 37.3% 23.4% 22.4x 2.75x 11.8x 2.75x 12.4x Mean 0.4% 7.7% 33.4% 18.0% 28.8x 2.53x 14.3x 2.48x 13.0x Median (2.0%) 1.0% 35.3% 17.4% 28.4x 2.53x 14.4x 2.53x 13.6x Private Label Foods and Beverages Cott Corporation BCB-CA $15.14 87.0% $2,054 $3,325 $2,889 $340 12.3% 10.0% 32.7% 11.8% NM 1.15x 9.8x 1.04x 8.5x Seneca Foods Corporation SENEA 29.71 72.7% 309 613 1,302 93 2.3% 0.6% 7.9% 7.2% 5.6x 0.47x 6.6x NA NA TreeHouse Foods, Inc. THS 89.54 85.7% 4,988 7,834 4,476 473 38.1% 26.8% 16.0% 10.6% 51.4x 1.75x 16.6x 1.25x 11.7x Mean 17.5% 12.5% 18.9% 9.8% 28.5x 1.12x 11.0x 1.14x 10.1x Median 12.3% 10.0% 16.0% 10.6% 28.5x 1.15x 9.8x 1.14x 10.1x Natural / Organic Foods / Better-For-You Amplify Snack Brands Inc BETR $16.47 94.0% $1,221 $1,424 $206 $69 26.8% NA 52.5% 33.5% NM 5.00x 17.6x 5.48x 15.4x SunOpta Inc. SOY-CA 6.94 88.3% 576 1,130 1,222 60 3.4% 2.3% 10.6% 4.9% NA 1.20x 16.2x 0.80x 11.6x Pinnacle Foods, Inc. PF 50.54 97.2% 5,890 8,921 2,869 574 9.3% 5.3% 28.5% 20.0% 29.7x 3.11x 15.5x 2.84x 13.7x Hain Celestial Group, Inc. HAIN 36.24 60.7% 3,693 4,485 2,888 374 12.2% 21.5% 22.1% 12.9% 17.9x 1.55x 12.0x 1.48x 11.1x WhiteWave Foods Company WWAV 55.43 97.6% 9,818 11,903 4,121 534 14.4% 19.6% 35.2% 13.0% 51.8x 2.89x 22.3x 2.76x 20.2x Mean 13.2% 12.2% 29.8% 16.9% 33.1x 2.75x 16.7x 2.67x 14.4x Median 12.2% 12.5% 28.5% 13.0% 29.7x 2.89x 16.2x 2.76x 13.7x Baked Goods Aryzta AG ARYN-CH $39.73 71.7% $3,620 $5,604 $3,651 $705 (23.4%) (13.0%) 31.2% 19.3% NA 1.53x 7.9x 1.27x 7.8x Flowers Foods, Inc. FLO 15.03 55.0% 3,144 4,172 3,883 440 3.6% 3.6% 45.3% 11.3% 17.3x 1.07x 9.5x 1.06x 9.2x George Weston Limited WN-CA 83.96 90.7% 10,592 24,216 35,881 2,906 (28.2%) 2.8% 28.8% 8.1% 30.6x 0.67x 8.3x 0.66x 8.1x Grupo Bimbo SAB de CV BIMBOA-MX 2.82 86.6% 12,891 16,765 13,485 1,659 (4.9%) (0.2%) 54.4% 12.3% 42.3x 1.24x 10.1x 1.31x 11.8x Lancaster Colony Corporation LANC 132.50 96.2% 3,583 3,465 1,191 209 7.8% 0.7% 26.2% 17.5% 29.4x 2.91x 16.6x 2.86x 16.3x Mean (9.0%) (1.2%) 37.1% 13.7% 29.9x 1.49x 10.5x 1.43x 10.6x Median (4.9%) 0.7% 31.2% 12.3% 30.0x 1.24x 9.5x 1.27x 9.2x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

PUBLIC COMPARABLES5

Dairy Danone SA BN-FR $74.32 94.2% $47,862 $56,959 $24,482 $4,025 (7.3%) (3.0%) 51.2% 16.4% 22.9x 2.33x 14.2x 2.28x 13.1x Dean Foods Company DF 16.07 75.9% 1,442 2,327 7,784 442 (11.9%) (6.9%) 26.5% 5.7% 13.3x 0.30x 5.3x 0.30x 5.1x Emmi AG EMMN-CH 671.60 95.1% 3,547 3,946 3,311 327 (6.6%) (1.0%) 19.2% 9.9% 25.6x 1.19x 12.1x 1.18x 11.8x Glanbia Plc GL9-IE 18.12 86.6% 5,461 6,186 3,081 372 (3.4%) 0.4% 9.6% 12.1% 25.0x 2.01x 16.6x 1.95x 15.8x Lifeway Foods, Inc. LWAY 13.60 96.6% 220 219 123 11 2.6% 11.4% 32.2% 8.8% 52.3x 1.79x 20.3x 1.71x 16.6x Parmalat S.p.A. PLT-IT 2.65 93.9% 4,905 4,723 7,134 437 (1.6%) 1.1% 2.3% 6.1% 28.3x 0.66x 10.8x 0.65x 9.5x Saputo Inc. SAP-CA 33.00 95.0% 12,852 13,864 8,334 930 (7.9%) 2.5% 18.7% 11.2% 26.4x 1.66x 14.9x 1.64x 14.3x Savencia SA SAVE-FR 65.86 97.2% 919 1,327 4,830 262 (11.9%) (2.7%) 4.3% 5.4% 15.3x 0.27x 5.1x 0.27x 4.3x Mean (6.0%) 0.2% 20.5% 9.4% 26.1x 1.28x 12.4x 1.25x 11.3x Median (6.9%) (0.3%) 18.9% 9.3% 25.3x 1.43x 13.1x 1.41x 12.4x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG-GB $6.71 73.9% $787 $801 $393 $78 (7.8%) 1.4% 46.1% 19.9% 17.2x 2.04x 10.2x 2.34x 11.7x Cott Corporation BCB-CA 15.14 87.0% 2,054 3,325 2,889 340 12.3% 10.0% 32.7% 11.8% NM 1.15x 9.8x 1.04x 8.5x Dr Pepper Snapple Group, Inc. DPS 91.26 92.4% 16,604 19,277 6,311 1,577 1.8% 1.7% 59.3% 25.0% 20.6x 3.05x 12.2x 3.01x 12.1x Lassonde Industries, Inc. LAS.A 159.43 93.9% 496 761 1,140 126 (1.1%) 3.5% 29.6% 11.0% 22.2x 0.67x 6.0x 0.65x 5.9x Monster Beverage Corporation MNST 148.30 89.1% 27,400 26,921 2,905 1,134 13.4% 10.9% 62.4% 39.0% 45.0x 9.27x 23.7x 8.80x 21.5x National Beverage Corp. FIZZ 52.58 81.2% 2,428 2,295 737 117 12.2% 4.2% 33.3% 15.9% 33.4x 3.12x 19.6x NA NA PepsiCo, Inc. PEP 106.02 95.6% 150,522 172,892 62,173 12,567 (4.8%) (2.0%) 55.0% 20.2% 29.5x 2.78x 13.8x 2.76x 13.7x Coca-Cola Company KO 43.19 91.6% 182,482 206,656 42,661 11,542 (6.0%) (3.5%) 60.1% 27.1% 24.3xNA 4.84x 17.9x 4.98x 17.5x Mean 2.5% 3.3% 47.3% 21.2% 27.5x 3.36x 14.2x 3.37x 13.0x Median 0.4% 2.6% 50.6% 20.0% 24.3x 2.92x 13.0x 2.76x 12.1x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $123.81 92.2% $197,522 $246,479 $42,551 $15,384 (9.3%) 2.4% 59.8% 36.2% 49.2x 5.79x 16.0x 5.71x 14.9x Brown-Forman Corporation BF.B 46.44 85.1% 18,315 20,097 2,995 1,027 (1.7%) 1.5% 68.0% 34.3% 17.4x 6.71x 19.6x 6.51x 18.3x Carlsberg A/S CARL.B-DK 92.47 89.7% 14,229 19,562 9,716 1,869 (15.3%) (5.7%) 45.9% 19.2% NA 2.01x 10.5x 2.04x 10.5x Constellation Brands, Inc. STZ 164.87 97.7% 32,696 40,978 6,786 2,245 10.6% 33.8% 47.2% 33.1% 30.6x 6.04x 18.2x 5.70x 17.1x Diageo plc DGE-GB 27.48 93.3% 68,926 82,878 15,532 4,997 (8.7%) (4.3%) 59.8% 32.2% 23.2x 5.34x 16.6x 5.65x 16.9x Heineken NV HEIA-NL 87.91 89.2% 50,495 64,934 22,745 4,822 (4.7%) (2.5%) 12.2% 21.2% 33.3x 2.85x 13.5x 2.80x 11.7x Kirin Holdings Company, Limited 2503-JP 16.36 90.3% 15,045 24,187 18,293 2,034 (5.4%) (10.8%) 43.5% 11.1% NA 1.32x 11.9x 1.17x 10.4x Pernod Ricard SA RI-FR 116.69 96.5% 30,689 40,801 9,631 2,769 (5.9%) (4.6%) 61.6% 28.7% 22.1x 4.24x 14.7x 4.11x 14.2x SABMiller plc SAB-GB 58.41 88.0% 94,777 106,002 19,833 9,792 (10.4%) (5.1%) 22.2% 49.4% 39.7x 5.34x 10.8x 4.33x 16.9x Sapporo Holdings Limited 2501-JP 26.32 84.8% 2,100 4,356 4,598 388 (0.1%) (7.4%) 35.1% 8.4% 39.2x 0.95x 11.2x 0.82x 9.5x Mean (5.1%) (0.3%) 45.5% 27.4% 31.9x 4.06x 14.3x 3.88x 14.0x Median (5.6%) (4.4%) 46.5% 30.5% 32.0x 4.79x 14.1x 4.22x 14.6x Snacks Golden Enterprises, Inc. GLDC $11.97 96.2% $135 $140 $136 $9 3.1% (0.4%) 49.8% 6.4% 42.8x 1.03x 15.9x NA NA Inventure Foods, Inc. SNAK 9.57 97.5% 184 291 278 8 (4.4%) 13.0% 14.8% 2.7% NA 1.05x NM 1.00x 16.9x J & J Snack Foods Corp. JJSF 121.01 96.3% 2,230 2,118 990 154 2.1% 4.3% 33.1% 15.6% 30.1x 2.14x 13.7x 2.11x 13.4x John B. Sanfilippo & Son, Inc. JBSS 51.08 70.1% 430 473 952 68 7.3% 9.0% 14.5% 7.1% 18.7x 0.50x 7.0x 0.51x NA Mondelez International, Inc. MDLZ 43.55 91.8% 66,406 82,015 26,970 4,855 (17.2%) 1.3% 40.6% 18.0% 9.2x 3.04x 16.9x 3.12x 17.0x PepsiCo, Inc. PEP 106.02 95.6% 150,522 172,892 62,173 12,567 (4.8%) (2.0%) 55.0% 20.2% 29.5x 2.78x 13.8x 2.76x 13.7x Snyder's-Lance, Inc. LNCE 33.97 86.9% 3,212 4,584 1,895 219 12.7% 3.5% 35.8% 11.6% NM 2.42x 20.9x 1.99x 14.5x Mean (0.2%) 4.1% 34.8% 11.7% 26.0x 1.85x 14.7x 1.92x 15.1x Median 2.1% 3.5% 35.8% 11.6% 29.5x 2.14x 14.9x 2.05x 14.5x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $44.03 69.6% $1,911 $1,549 $1,909 $515 21.1% 14.0% 13.4% 27.0% 6.7x 0.81x 3.0x 0.96x 5.6x JBS S.A. JBSS3-BR 3.54 77.9% 10,210 25,897 47,951 3,030 (7.0%) 5.7% 12.1% 6.3% 17.6x 0.54x 8.5x 0.45x 6.2x Sanderson Farms, Inc. SAFM 93.87 94.4% 2,124 1,881 2,705 305 (6.2%) 1.3% 17.8% 11.3% 15.2x 0.70x 6.2x 0.66x 5.4x Seaboard Corporation SEB 3,302.00 94.3% 3,713 3,055 5,390 283 (12.8%) (5.9%) 8.9% 5.2% 15.4x 0.57x 10.8x NA NA Tyson Foods, Inc. TSN 73.83 95.8% 21,824 27,816 38,310 3,587 (6.5%) 4.4% 12.7% 9.4% 17.8x 0.73x 7.8x 0.75x 7.6x Mean (2.3%) 3.9% 13.0% 11.8% 14.5x 0.67x 7.3x 0.71x 6.2x Median (6.5%) 4.4% 12.7% 9.4% 15.4x 0.70x 7.8x 0.71x 5.9x Fruit and Vegetable Calavo Growers, Inc. CVGW $68.04 95.2% $1,172 $1,177 $896 $63 5.5% 11.7% 12.4% 7.0% 34.6x 1.31x 18.7x 1.25x 17.3x Fresh Del Monte Produce Inc. FDP 58.33 95.9% 2,968 3,142 4,077 356 3.8% 5.1% 13.3% 8.7% 22.4x 0.77x 8.8x 0.78x 9.6x Seneca Foods Corporation SENEA 29.71 72.7% 309 613 1,302 93 2.3% 0.6% 7.9% 7.2% 5.6x 0.47x 6.6x NA NA Total Produce Plc T7O-IE 1.80 93.9% 575 764 3,366 72 1.4% 0.1% 13.6% 2.1% 17.5x 0.23x 10.6x 0.20x 10.2x Mean 3.2% 4.4% 11.8% 6.3% 20.1x 0.70x 11.2x 0.75x 12.3x Median 3.0% 2.9% 12.9% 7.1% 20.0x 0.62x 9.7x 0.78x 10.2x Ingredients / Flavors Givaudan SA GIVN-CH $2,072.29 96.1% $18,933 $19,584 $4,565 $1,075 (5.1%) 0.2% 42.6% 23.5% 27.7x 4.29x 18.2x 4.08x 16.7x Ingredion Incorporated INGR 135.43 96.7% 9,614 10,964 5,657 1,016 0.9% (4.7%) 25.2% 18.0% 21.4x 1.94x 10.8x 1.91x 10.8x International Flavors & Fragrances Inc. IFF 135.00 96.6% 10,747 11,702 3,058 706 (0.5%) 2.1% 45.2% 23.1% 26.3x 3.83x 16.6x 3.76x 16.0x Kerry Group Plc KRZ-IE 82.19 85.3% 14,542 16,362 6,782 994 (3.8%) (3.7%) 9.9% 14.7% 25.4x 2.41x 16.5x 2.37x 16.5x Sensient Technologies Corporation SXT 75.26 99.2% 3,340 3,942 1,387 246 (0.7%) (1.9%) 34.5% 17.8% 31.7x 2.84x 16.0x 2.80x 14.6x Symrise AG SY1-DE 73.01 94.2% 9,394 11,182 3,033 612 0.9% 9.3% 41.9% 20.2% 33.7x 3.69x 18.3x 3.45x 16.0x Tate & Lyle PLC TATE-GB 9.51 95.3% 4,399 4,964 3,547 440 (5.9%) (11.7%) 6.9% 12.4% 20.4x 1.40x 11.3x 1.48x 11.3x Mean (2.0%) (1.5%) 29.4% 18.5% 26.7x 2.91x 15.4x 2.84x 14.6x Median (0.7%) (1.9%) 34.5% 18.0% 26.3x 2.84x 16.5x 2.80x 16.0x Agribusiness Archer-Daniels-Midland Company ADM $42.96 91.3% $24,434 $29,875 $63,037 $2,095 (14.2%) 12.6% 7.9% 3.3% 17.0x 0.47x 14.3x 0.47x 9.9x Bunge Limited BG 62.45 78.2% 8,499 11,328 41,324 1,736 (14.8%) (13.0%) 8.4% 4.2% 12.1x 0.27x 6.5x 0.27x 6.2x CF Industries Holdings, Inc. CF 25.51 45.6% 5,597 12,303 4,181 1,657 (5.0%) (10.8%) 33.1% 39.6% 29.6x 2.94x 7.4x 3.06x 9.9x Darling Ingredients Inc. DAR 14.17 89.0% 2,263 4,112 3,321 429 (11.5%) 23.9% 14.8% 12.9% 20.8x 1.24x 9.6x 1.21x 9.1x Monsanto Company MON 106.99 93.6% 46,427 55,720 13,266 3,670 (13.0%) (3.5%) 57.9% 27.7% 43.8x 4.20x 15.2x 4.11x 14.6x Andersons, Inc. ANDE 35.43 91.5% 980 1,498 3,991 23 (6.6%) (10.3%) 5.8% 0.6% NA 0.38x NM 0.36x 11.6x Mosaic Company MOS 27.25 68.7% 9,277 12,123 7,617 1,348 (17.7%) NA 7.4% 17.7% 16.7x 1.59x 9.0x 1.70x 11.1x Mean (11.9%) (0.2%) 19.3% 15.1% 23.4x 1.59x 10.3x 1.60x 10.4x Median (13.0%) (6.9%) 8.4% 12.9% 18.9x 1.24x 9.3x 1.21x 9.9x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $91.23 98.1% $62 $79 $1,296 $14 1.8% 2.6% 5.6% 1.1% 10.3x 0.06x 5.7x NA NA Core-Mark Holding Company, Inc. CORE 36.50 73.0% 1,666 1,877 12,505 131 17.8% 10.9% 5.1% 1.0% 30.8x 0.15x 14.3x 0.13x 11.8x Performance Food Group Company PFGC 24.37 86.6% 2,449 3,584 16,105 328 5.5% 5.6% 12.8% 2.0% 33.9x 0.22x 10.9x 0.22x 9.6x SpartanNash Company SPTN 30.34 89.5% 1,115 1,583 7,650 228 (2.9%) (1.1%) 14.4% 3.0% 18.8x 0.21x 7.0x 0.21x 6.8x SUPERVALU INC. SVU 4.75 57.5% 1,249 3,683 17,318 755 (3.8%) 14.1% 13.3% 4.4% 7.6x 0.21x 4.9x 0.21x 5.1x United Natural Foods, Inc. UNFI 41.82 75.1% 2,074 2,655 8,470 301 3.5% 11.8% 15.6% 3.5% 16.5x 0.31x 8.8x 0.30x 8.5x Mean 3.6% 7.3% 11.1% 2.5% 19.6x 0.19x 8.6x 0.21x 8.3x Median 2.6% 8.3% 13.1% 2.5% 17.6x 0.21x 7.9x 0.21x 8.5x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $151.69 89.4% $66,034 $65,370 $144,038 $5,918 24.6% 11.8% 13.5% 4.1% 28.4x 0.45x 11.0x 0.54x 12.9x Ingles Markets, Incorporated IMKTA 38.64 67.0% 539 1,432 3,785 238 (0.1%) 0.1% 24.3% 6.3% 13.9x 0.38x 6.0x 0.38x 5.9x J Sainsbury plc SBRY-GB 3.18 73.8% 6,801 9,668 35,387 1,889 (7.5%) (1.3%) 6.1% 5.3% 9.9x 0.27x 5.1x 0.31x 5.8x Royal Ahold N.V. AD-NL 23.28 91.0% 29,918 28,864 43,131 2,842 1.9% 0.6% 27.7% 6.6% 18.3x 0.67x 10.2x 0.42x 6.5x Natural Grocers by Vitamin Cottage NGVC 11.00 42.6% 244 291 687 47 14.9% 19.2% 25.0% 6.9% 18.7x 0.42x 6.2x 0.40x 6.1x Sprouts Farmers Markets, Inc. SFM 19.37 64.6% 2,853 3,056 3,858 321 18.3% NA 27.7% 8.3% 20.4x 0.79x 9.5x 0.76x 10.1x SUPERVALU INC. SVU 4.75 57.5% 1,249 3,683 17,318 755 (3.8%) 14.1% 13.3% 4.4% 7.6x 0.21x 4.9x 0.21x 5.1x Tesco PLC TSCO-GB 2.17 68.9% 17,313 26,718 82,336 3,296 (18.6%) (6.4%) 5.1% 4.0% 42.6x 0.32x 8.1x 0.37x 8.3x Kroger Co. KR 30.89 72.3% 29,217 40,359 112,409 5,873 3.3% 4.4% 20.1% 5.2% 14.7x 0.36x 6.9x 0.35x 6.8x Village Super Market, Inc. VLGEA 31.61 97.7% 308 272 1,603 66 1.8% 2.9% 26.0% 4.1% 19.9x 0.17x 4.1x NA NA Weis Markets, Inc. WMK 52.46 94.5% 1,398 1,275 2,915 173 3.0% 2.5% 25.1% 6.0% 21.5x 0.44x 7.4x NA NA Whole Foods Market, Inc. WFM 28.39 79.8% 8,927 9,231 15,665 1,368 3.0% 6.8% 34.7% 8.7% 19.6x 0.59x 6.7x 0.58x 6.9x Mean 3.4% 5.0% 20.7% 5.8% 19.6x 0.42x 7.2x 0.43x 7.5x Median 2.4% 2.9% 24.7% 5.6% 19.2x 0.40x 6.8x 0.39x 6.7x

Foodservice Colabor Group Inc. GCL-CA $0.63 66.6% $17 $171 $1,139 $21 (10.2%) (7.7%) 2.0% 1.9% NA 0.15x 8.0x NA 6.7x Sysco Corporation SYY 50.36 93.3% 27,496 31,087 50,367 2,672 3.5% 4.3% 18.3% 5.3% 30.2x 0.62x 11.6x 0.59x 10.9x Chefs' Warehouse, Inc. CHEF 11.54 55.5% 301 599 1,129 62 23.0% 25.1% 24.7% 5.4% NM 0.53x 9.7x 0.51x 11.0x Mean 5.4% 7.2% 15.0% 4.2% 30.2x 0.43x 9.8x 0.55x 9.5x Median 3.5% 4.3% 18.3% 5.3% 30.2x 0.53x 9.7x 0.55x 10.9x Quick Service Restaurant Bojangles, Inc. BOJA $15.82 73.1% $567 $761 $512 $78 10.7% NA 21.0% 15.2% 16.8x 1.48x 9.7x 1.43x 9.6x Jack in the Box Inc. JACK 96.88 94.4% 3,185 4,075 1,555 318 1.6% 14.5% 29.4% 20.4% 29.5x 2.62x 12.8x 2.56x 12.1x McDonald's Corporation MCD 115.95 87.9% 97,906 120,788 25,125 9,070 (3.4%) (3.3%) 41.3% 36.1% 22.1x 4.81x 13.3x 4.94x 12.9x Popeyes Louisiana Kitchen, Inc. PLKI 54.79 87.0% 1,159 1,265 264 83 5.3% 10.7% 82.3% 31.6% 28.2x 4.79x 15.2x 4.63x 14.5x Restaurant Brands International Inc QSR 44.96 91.5% 10,438 19,989 4,092 1,727 53.0% NA 46.7% 42.2% 40.2x 4.89x 11.6x 4.83x 10.8x Sonic Corp. SONC 26.33 72.5% 1,249 1,740 619 170 4.2% 5.0% 35.9% 27.4% 20.7x 2.81x 10.2x 2.91x 10.0x Wendy's Company WEN 10.54 92.6% 2,746 4,862 1,690 449 (13.6%) (12.5%) 39.0% 26.6% 19.5x 2.88x 10.8x 3.44x 12.3x Yum! Brands, Inc. YUM 88.66 96.4% 33,807 38,280 13,005 2,780 (0.6%) (0.4%) 27.0% 21.4% 26.1x 2.94x 13.8x 2.89x 12.6x Mean 7.1% 2.3% 40.3% 27.6% 25.4x 3.40x 12.2x 3.45x 11.9x Median 2.9% 2.3% 37.5% 27.0% 24.1x 2.91x 12.2x 3.18x 12.2x

Fast Casual Chipotle Mexican Grill, Inc. CMG $428.90 56.7% $12,268 $11,998 $4,047 $484 (8.9%) 11.2% 11.9% 12.0% NM 2.96x 24.8x 2.97x NM El Pollo Loco Holdings Inc LOCO 13.70 88.7% 509 616 367 61 3.0% NA 21.9% 16.6% 22.4x 1.68x 10.1x 1.61x 9.5x Fiesta Restaurant Group, Inc. FRGI 25.32 49.3% 669 735 710 95 9.7% 10.3% 20.9% 13.4% 18.7x 1.04x 7.7x 1.02x 7.6x Habit Restaurants, Inc. HABT 14.65 52.2% 256 248 257 26 24.5% NA 17.1% 10.3% 51.0x 0.97x 9.4x 0.87x 8.0x Noodles & Co. NDLS 6.14 41.1% 158 234 470 28 7.8% 13.0% 8.7% 5.9% NA 0.50x 8.5x 0.48x 8.5x Panera Bread Company PNRA 210.26 93.8% 4,680 4,922 2,740 400 4.7% 6.8% 15.5% 14.6% 35.1x 1.80x 12.3x 1.76x 12.1x Potbelly Corp. PBPB 12.79 85.3% 317 288 392 38 11.7% NA 16.2% 9.7% 46.6x 0.73x 7.6x 0.70x 7.3x Shake Shack, Inc. SHAK 34.70 62.1% 821 802 225 44 NA NA 24.7% 19.6% NM 3.57x 18.2x 3.11x 19.2x Zoe's Kitchen, Inc. ZOES 25.43 60.9% 482 495 256 23 27.2% NA 16.2% 8.8% NM 1.94x 21.9x 1.78x 20.7x Mean 10.0% 10.3% 17.0% 12.3% 34.8x 1.69x 13.4x 1.59x 11.6x Median 8.7% 10.7% 16.2% 12.0% 35.1x 1.68x 10.1x 1.61x 9.0x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $38.13 79.5% $918 $986 $956 $131 9.0% 8.6% 14.2% 13.7% 19.6x 1.03x 7.5x 0.98x 7.5x Buffalo Wild Wings, Inc. BWLD 162.02 78.7% 2,926 2,989 1,944 299 17.9% 18.8% 14.1% 15.4% 30.1x 1.54x 10.0x 1.47x 9.6x Chuy's Holdings, Inc. CHUY 29.00 76.8% 482 469 311 40 16.0% 17.5% 17.5% 12.7% 33.4x 1.51x 11.8x 1.39x 10.9x Dave & Buster's Entertainment, Inc. PLAY 42.42 85.0% 1,705 1,971 933 217 15.1% 14.7% 21.5% 23.3% 21.8x 2.11x 9.1x 2.01x 8.5x Ignite Restaurant Group, Inc. IRG 0.94 15.7% 24 137 475 22 17.3% 36.0% 4.9% 4.7% NA 0.29x 6.2x 0.30x 6.1x Cheesecake Factory Incorporated CAKE 50.40 90.7% 2,404 2,417 2,166 270 17.3% 36.0% 16.7% 12.5% 19.8x 1.12x 8.9x 1.06x 8.5x Wingstop, Inc. WING 29.78 90.0% 846 919 85 30 16.2% NA 69.6% 35.8% 55.6x 10.88x 30.4x 10.03x 27.3x Mean 15.5% 21.9% 22.6% 16.9% 30.0x 2.64x 12.0x 2.46x 11.2x Median 16.2% 18.1% 16.7% 13.7% 25.9x 1.51x 9.1x 1.39x 8.5x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $18.73 90.1% $2,051 $3,223 $4,319 $434 (3.5%) 2.1% 11.4% 10.1% 38.2x 0.75x 7.4x 0.75x 7.1x Brinker International, Inc. EAT 51.69 93.7% 2,851 3,937 3,257 491 8.5% 4.6% 16.3% 15.1% 15.2x 1.21x 8.0x 1.21x 8.3x Darden Restaurants, Inc. DRI 63.06 87.4% 7,901 8,190 6,934 904 2.5% (6.8%) 19.1% 13.0% 21.6x 1.18x 9.1x 1.16x 8.4x DineEquity, Inc. DIN 79.64 80.6% 1,433 2,687 658 265 (2.5%) (1.9%) 59.2% 40.3% 14.4x 4.09x 10.1x 4.15x 10.1x Red Robin Gourmet Burgers, Inc. RRGB 48.83 59.1% 624 902 1,277 147 3.2% 8.6% 15.6% 11.5% 15.7x 0.71x 6.2x 0.68x 6.1x Ruby Tuesday, Inc. RT 3.06 45.3% 183 340 1,091 78 (3.1%) (4.5%) 14.5% 7.1% NA 0.31x 4.4x 0.32x 4.4x Texas Roadhouse, Inc. TXRH 43.41 88.6% 3,041 3,004 1,917 250 12.5% 13.0% 15.9% 13.0% 27.3x 1.57x 12.0x 1.50x 11.2x Mean 2.5% 2.2% 21.7% 15.7% 22.1x 1.40x 8.2x 1.40x 7.9x Median 2.5% 2.1% 15.9% 13.0% 18.6x 1.18x 8.0x 1.16x 8.3x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $14.56 84.9% $331 $327 $344 $44 8.6% 11.6% 18.9% 12.8% 19.7x 0.95x 7.4x 0.93x 6.8x Fogo de Chao, Inc. FOGO 12.19 61.3% 337 468 277 62 4.2% NA 23.9% 22.2% 10.5x 1.69x 7.6x 1.66x 8.4x Ruth's Hospitality Group, Inc. RUTH 15.17 80.8% 471 498 380 57 18.0% (2.5%) 22.5% 15.0% 16.8x 1.31x 8.7x 1.28x 8.2x Mean 10.3% 4.6% 21.8% 16.7% 15.7x 1.32x 7.9x 1.29x 7.8x Median 8.6% 4.6% 22.5% 15.0% 16.8x 1.31x 7.6x 1.28x 8.2x Pizza Domino's Pizza, Inc. DPZ $150.21 99.3% $7,222 $9,307 $2,321 $465 11.6% 9.9% 31.8% 20.0% 40.2x 4.01x 20.0x 3.88x 19.5x Papa John's International, Inc. PZZA 76.17 97.5% 2,849 3,172 1,658 187 0.6% 5.9% 18.8% 11.3% 32.5x 1.91x 16.9x 1.85x 16.7x Papa Murphy's Holdings, Inc. FRSH 5.86 32.7% 100 210 125 23 14.8% NA 29.0% 18.8% 17.8x 1.68x 9.0x 1.57x 8.7x Mean 9.0% 7.9% 26.5% 16.7% 30.2x 2.54x 15.3x 2.43x 15.0x Median 11.6% 7.9% 29.0% 18.8% 32.5x 1.91x 16.9x 1.85x 16.7x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $12.40 69.5% $300 $253 $150 $20 NA NA 43.4% 13.4% 31.1x 1.68x 12.6x 1.55x 11.6x Dunkin' Brands Group, Inc. DNKN 48.41 95.6% 4,417 6,542 820 417 4.7% 6.5% 75.7% 50.9% 36.5x 7.98x 15.7x 7.79x 14.4x Jamba, Inc. JMBA 10.59 68.0% 159 143 95 (1) (54.3%) (25.7%) 35.0% NM NA 1.51x NM 1.78x 25.6x Krispy Kreme Doughnuts, Inc. KKD #N/A #N/A NA NA 523 74 4.3% 5.3% 17.9% 14.1% NA NA NA NA NA Starbucks Corporation SBUX 54.71 85.5% 79,167 80,455 20,510 4,641 11.3% 12.4% 24.1% 22.6% 30.2x 3.92x 17.3x 3.69x 15.1x Mean (8.5%) (0.4%) 39.2% 25.3% 32.6x 3.77x 15.2x 3.70x 16.7x Median 4.5% 5.9% 35.0% 18.4% 31.1x 2.80x 15.7x 2.74x 14.7x Family Restaurant Bob Evans Farms, Inc. BOBE $38.76 80.3% $764 $1,122 $1,323 $123 (1.6%) (4.7%) 12.8% 9.3% 27.6x 0.85x 9.1x 0.85x 8.0x Cracker Barrel Old Country Store, Inc. CBRL 149.73 86.6% 3,604 3,827 2,886 356 2.5% 2.6% 69.7% 12.3% 19.5x 1.33x 10.8x 1.30x 10.4x Denny's Corporation DENN 10.48 88.2% 780 995 497 67 1.5% 2.0% 28.6% 13.5% 52.2x 2.00x 14.9x 1.97x 10.1x Luby's, Inc. LUB 4.32 83.2% 122 157 427 21 8.6% 4.7% 10.0% 4.8% NA 0.37x 7.6x NA NA Mean 2.8% 1.2% 30.3% 10.0% 33.1x 1.14x 10.6x 1.37x 9.5x Median 2.0% 2.3% 20.7% 10.8% 27.6x 1.09x 9.9x 1.30x 10.1x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

140 3 2 .7 % 130

120 2 0 .3 %

110 1 0 .5 % 100 3 .9 % 90

80 (6 .1 % )

70 (1 0 .5 % ) 60

50 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16

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

ROARK CAPITAL GROUP TO ACQUIRE JIMMY JOHN’S

. Roark Capital Group has agreed to acquire a majority interest in Jimmy John’s for an undisclosed amount. . Jimmy John’s is one of the largest and fastest growing fast-casual restaurant Enterprise Value: ND brands, known for its quick service, homemade bread, and freshly-cut, quality Revenue Multiple: ND meats. EBITDA Multiple: ND . The transaction will enable Roark to expand its portfolio of franchised and Announced: September 8, 2016 multi-unit restaurant concepts.

CENTEROAK PARTNERS TO ACQUIRE WETZEL’S PRETZELS

. CenterOak Partners has agreed to acquire Wetzel’s Pretzels, a portfolio company of Levine Leichtman Capital Partners. . With over 300 locations in 28 states and six countries, Wetzel’s Pretzels is the Enterprise Value: ND second largest owner of premium freshly baked soft pretzels, with stores Revenue Multiple: ND located in shopping centers, theme parks, train stations, and airports. EBITDA Multiple: ND . The transaction will add a growth-oriented consumer holding to CenterOak’s Announced: September 2, 2016 portfolio.

POST HOLDINGS, INC. TO ACQUIRE NATIONAL PASTEURIZED EGGS . Post Holdings has agreed to acquire National Pasteurized Eggs for an undisclosed amount. . National Pasteurized Eggs utilizes a patented in-shell pasteurization process Enterprise Value: ND that allows for commercial-scale production of eggs for the food service, Revenue Multiple: ND retail, and international channels. EBITDA Multiple: ND . The transaction will allow Post to build upon its Michael Foods business, a Announced: September 1, 2016 producer and distributor of eggs, potatoes, and dairy products.

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

12.0x 11.3x 2.00x $280 600 $247.7 9.9x 9.7x $240 10.0x 500 9.2x of Number Transactions 8.8x 8.3x 8.8x 1.60x Multiple Sales EV/LTM 8.0x 8.0x $200 8.0x 400 1.20x $160 6.0x 300 $110.2 $120.7 $120 0.80x $67.2

EV / LTM/ EV EBITDAM ultiple 4.0x 200 $80 $55.7 0.40x $36.9 2.0x Aggregate($Valueinbillions)Deal 100 $40 $24.0 $9.3 $8.2 0.0x 0.00x $0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 9/8/2016 Jimmy John's Franchise LLC Roark Capital Group, Inc. 9/8/2016 Kelley Foods of Alabama, Inc. Ben E. Keith Co. 9/8/2016 M.H. Enterprises, Inc. Teriyaki Madness 9/6/2016 CiCi Enterprises LP Arlon Group LLC 9/6/2016 Last Drop Distillers Ltd. Sazerac Co., Inc. 9/5/2016 Veganz GmbH Katjes International GmbH & Co. 9/5/2016 C7 Brands Ltd. Prime Active Capital Plc 9/2/2016 Broer Bakkerijgrondstoffen BV Sonneveld Group BV 9/2/2016 Wetzel's Pretzels LLC CenterOak Partners LLC 9/2/2016 Compagnie de la Seine SAS Groupe Émeraude SAS

PRIVATE EQUITY INVESTMENTS & EXITS

100 77 80 65 65

60 48 43 36 38 40 32 34 31 33 27 25 26 21 17 18 20 14

Number ofTransactions 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 │ SEPTEMBER 2016

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 ($in billions) $6 L + 200

$4 Loan Loan Volume byQuarter L + 100

$2 Average Spread OverLIBOR

$0 L + 0 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2009 2010 2011 2012 2013 2014 2015 1H16 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 YTD Recent Debt Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread

09/08/16 Kernel Holding SA Edible fats and oils, nec USD 300 Export Credit N/A N/A 09/06/16 Podravka D D Canned fruits and vegetables USD 62 Undisclosed N/A N/A 09/01/16 Philip Morris International Inc Chewing and smoking tobacco USD 3,500 Revolver/Line >= 1 Yr. N/A 17.5 08/31/16 Ecom Agroindustrial Corp Ltd Roasted coffee USD 500 364-Day Facility N/A N/A 08/31/16 Ikedenkanzai Corp Candy/other confectionery products USD 2,200 Revolver/Line >= 1 Yr. N/A N/A 08/30/16 Chinyi Eggs Technology Co Ltd Poultry slaughtering/processing USD 166 Term Loan N/A 160 08/30/16 Chinyi Eggs Technology Co Ltd Poultry slaughtering/processing USD 3 Standby Letter of Credit N/A N/A 08/30/16 Chinyi Eggs Technology Co Ltd Poultry slaughtering/processing USD 309 Term Loan N/A 160 08/30/16 Chinyi Eggs Technology Co Ltd Poultry slaughtering/processing USD 422 Revolver/Line >= 1 Yr. N/A 170 08/25/16 China Mengniu Dairy Co Ltd Fluid milk USD 200 Term Loan N/A 85 08/24/16 Amplify Snack Brands Food preparations, nec USD 30 Revolver/Line >= 1 Yr. N/A N/A 08/24/16 Amplify Snack Brands Food preparations, nec USD 20 Revolver/Line >= 1 Yr. N/A N/A 08/24/16 Amplify Snack Brands Food preparations, nec USD 600 Term Loan B N/A 550 08/17/16 China Resources (Holdings) Co Ltd Food preparations, nec USD 140 Term Loan N/A 425 08/17/16 China Resources (Holdings) Co Ltd Food preparations, nec USD 550 Term Loan N/A 450

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

M&A OVERVIEW*

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

180 16.0x 160 18 15.0x 140

120 8 40 17 14.0x 100 19 19 6 20 13.0x 80 10 141 10 60 5 118 12.0x 4 7 7 9 13 8 107 102 92 94

Number of Transactions of Number 5 89 6 82 40 7 10 70 M edian Trading MMTrading ult edian iple 58 11.0x 53 52 52 57 48 46 47 20 42 39 34 33

10.0x 0

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Jul-16

Jun-16

Apr-16

Jan-16

Feb-16

Sep-15

Oct-15

Mar-16

Nov-15

Aug-15

Aug-16

Dec-15 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 9/8/2016 Jimmy John's Franchise LLC - Roark Capital Group, Inc. - - - - P N.A. 9/8/2016 Kelley Foods of Alabama, Inc. - Ben E. Keith Co. - - - - P N.A. 9/8/2016 M.H. Enterprises, Inc. - Teriyaki Madness - - - - P N.A. 9/6/2016 CiCi Enterprises LP - Arlon Group LLC - - - - P N.A. 9/6/2016 Last Drop Distillers Ltd. - Sazerac Co., Inc. - - - - P Cross Border 9/5/2016 Veganz GmbH - Katjes International GmbH & Co. - - - - P EU 9/5/2016 C7 Brands Ltd. - Prime Active Capital Plc - - - - P EU 9/2/2016 Broer Bakkerijgrondstoffen BV - Sonneveld Group BV $7.4 0.4x - 9.4x P EU 9/2/2016 Wetzel's Pretzels LLC Levine Leichtman Capital Partners CenterOak Partners LLC - - - - P N.A. 9/2/2016 Compagnie de la Seine SAS - Groupe Émeraude SAS - - - - P EU 9/1/2016 National Pasteurized Eggs, Inc. - Post Holdings, Inc. - - - - P N.A. 9/1/2016 Original Joe's Franchise Group, Inc. Franworks Franchise Corp. Cara Operations Ltd. $70.9 - - - P Cross Border 9/1/2016 Metcalfe's Skinny Ltd. Metcalfe's Food Co. Ltd. Diamond Foods, Inc. - - - - P Cross Border 9/1/2016 GBK Restaurants Ltd. Nando's Group Holdings Ltd. Famous Brands Ltd. $157.2 - 12.5x - P EU 9/1/2016 Gold&Green Foods Oy - Paulig Group - - - - P EU 8/31/2016 Domaine Pinnacle, Inc. Domaine Pinnacle, Inc. Corby Spirit & Wine Ltd. $9.2 - - - P Cross Border 8/31/2016 Hepok Vinarija Ljubuški doo Amko Komerc doo Zeraa Agriculture Investment $2.5 - - - P EU 8/31/2016 Promax Nutrition Corp. Promax Nutrition Corp. NuGo Nutrition - - - - P N.A. 8/30/2016 Doctor Gummy SA - Vallis Capital Partners SGPS SA - - - - P EU 8/29/2016 Old Grove Marketplace - InvenTrust Properties Corp. $23.3 - - - P N.A. 8/29/2016 MAPCO Express, Inc. Delek US Holdings, Inc. Empresas Copec SA $535.0 - - - P N.A. 8/29/2016 Duckhorn Wine Co. - TSG Consumer Partners LLC - - - - P N.A. 8/27/2016 Boulangerie Oscuro SARL - Boulangerie Oscuro SARL - - - - P EU 8/26/2016 Euphorium Bakery Ltd. Tesco Plc Samworth Brothers Ltd. - - - - P EU 8/25/2016 Legacy for Life LLC - Youngevity International, Inc. - - - - P N.A. 8/25/2016 Sektkellerei Am Turm Deidesheim-Speyer Valckenberg Holding GmbH Sektkellerei Am Turm Deidesheim - - - - P EU 8/25/2016 Myasokombinat Zvenigovski - Polski Koncern Miesny DUDA SA $0.8 - - - P EU 8/25/2016 Marinopoulos Group - Sklavenitis $140.6 - - - P EU 8/24/2016 H. Fox & Co., Inc. - Westminster Cracker Co., Inc. - - - - P N.A. 8/24/2016 Yerbamatestore.pl Intenson Europe Sp zoo Etin Group Sp zoo - - - - P EU 8/23/2016 Bresc BV - Hügli Holding AG - - - - P EU 8/23/2016 Culinor NV - ORIOR AG - - - - P EU 8/23/2016 Lodis Invest Eood Tera Lind Eood Doreco Commerce Eood $1.6 - - - P EU 8/23/2016 Precocinados Fuentetaja Sl - The Carlyle Group LP $85.0 - - - P Cross Border 8/23/2016 Southern Season, Inc. - Calvert Retail LP $3.5 - - - P N.A. 8/22/2016 CST Brands, Inc. CST Brands, Inc. Parkland Fuel Corp. $750.0 - - - P Cross Border 8/22/2016 Restaurang Eko AB - ExeoTech Invest AB $0.1 0.0x - - P EU 8/22/2016 Cornfields, Inc. - Eagle Family Foods, Inc. - - - - P N.A. 8/18/2016 Schlachter Jepsen GmbH & Co. KG - Westrich GmbH - - - - P EU 8/17/2016 L'Auberge du Châtelet SC - Auberge du Châtelet - - - - P EU

* M&A transactions include European and cross-border deals since 2015. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

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

8/17/2016 The Red Sails Inn - The Brigantine, Inc. - - - - P N.A. 8/16/2016 Tilleys Sweets Ltd. - Maxilin Ltd. - - - - P EU 8/15/2016 InterHealth Nutraceuticals, Inc. - Lonza Group AG - - - - P Cross Border 8/15/2016 Backhaus Fischer UG - Fischer Backwaren Manufaktur - - - - P EU 8/11/2016 Gourmet Guru, Inc. - United Natural Foods, Inc. - - - - P Cross Border 8/11/2016 L'Orpin SARL - L'Orpin SARL - - - - P Cross Border 8/10/2016 Kings Food Markets, Inc. - KB Holding, Inc. - - - - P Cross Border 8/9/2016 Foodist GmbH - Ströer SE & Co. KGaA - - - - P Cross Border 8/9/2016 Kaluzhskiy Myasokombinat OAO - Kaluzhskiy Myasokombinat $1.6 - - - P Cross Border 8/8/2016 Tyrrells Potato Crisps Ltd. - Amplify Snack Brands, Inc. $385.5 7.1x - - P Cross Border 8/8/2016 Delta Ultraviolet Corp. - AEA Investors LP - - - - P Cross Border 8/8/2016 Baho food GmbH - OSI Group LLC - - - - P Cross Border 8/8/2016 Curran Co., Inc. - Growers Express LLC - - - - P Cross Border 8/8/2016 Right Angle Marketing (York) Ltd. - Right Angle Marketing - - - - P Cross Border 8/4/2016 S&D Coffee, Inc. - Cott Corp. (Canada) $355.0 - - - P Cross Border 8/3/2016 Redbrook Ingredient Services Ltd. - Frutarom Industries Ltd. $44.8 1.8x - - P Cross Border 8/3/2016 Sosa Ingredients SL Ofistrade SA Meridia Capital Partners SGEIC SA - - - - P Cross Border 8/3/2016 Create-A-Treat Ltd. - Thomas H. Lee Partners LP - - - - P Cross Border 8/3/2016 NAFTA Foods & Packaging, Inc. - Thomas H. Lee Partners LP - - - - P Cross Border 8/2/2016 The Wendys Co. The Wendy's Co. Four Corners Property Trust, Inc. $2.1 - - - P Cross Border 8/2/2016 Oak State Products, Inc. - Vestar; Goldman Sachs; Hearthside - - - - P Cross Border 8/1/2016 Streamfoods Holdings Ltd. Wellness Foods Ltd. Pioneer Food Group Ltd. $10.0 - - - P Cross Border 8/1/2016 Del Monaco Foods, Inc. - Kettle Cuisine LLC - - - - P Cross Border 8/1/2016 Réaux - Maîtres Laitiers du Cotentin - - - - P Cross Border 7/30/2016 Konditorei und Café Maaß - Konditorei und Café Maass - - - - P Cross Border 7/29/2016 Dailycer France SAS Tofutown.com GmbH Cereal Group B.V. - - - - P Cross Border 7/29/2016 Hop Valley Brewing Co. - Tenth & Blake Beer Co. - - - - P Cross Border 7/29/2016 Save-A-Lot Food Stores, Inc. SUPERVALU, Inc. Rumored Bidder $1,800.0 - - - P Cross Border 7/29/2016 Hannibal Village Market, Inc. - TOPS Markets LLC - - - - P Cross Border 7/29/2016 Dr. Smoothie Brands, Inc. Dr. Smoothie Enterprises Highlander Partners LP - - - - P Cross Border 7/29/2016 The Eat Out Group SL Agrolimen SA Ibersol SGPS SA - - - - P Cross Border 7/29/2016 Materne SAS - Fromageries Bel SA - - - - P Cross Border 7/28/2016 The Eat Out Group SL Agrolimen SA Abac Solutions Manager SARL $120.9 - - - P Cross Border 7/28/2016 Agrogorodok Moskovskii JSC - Brianskie Syrovarni LLC $0.6 - - - P Cross Border 7/28/2016 Dagniaux SAS - Polynor SARL $0.6 - - - P Cross Border 7/27/2016 NYM Holdings, Inc. - iFresh, Inc. $127.3 1.0x - - P Cross Border 7/27/2016 Zabka Polska Sp zoo - Rumored Bidder $1,100.0 0.8x - - P Cross Border 7/27/2016 Root Coffee Roasters - Moustache Coffee Club LLC - - - - P Cross Border 7/27/2016 Wed. S. Joustra & Zoon BV Distilleerderij M. Dirkzwager BV Boomsma Distilleerderij - - - - P Cross Border 7/26/2016 Indian River Beverage Corp. - ANSA McAL US, Inc. - - - - P Cross Border 7/25/2016 The Sandwich Factory Holdings Ltd. Cranswick Plc Greencore Group Plc $19.6 0.4x - - P Cross Border 7/25/2016 Groupe Bertrand SARL Groupe Bertrand SARL Qsr Belgium SA - - - - P Cross Border 7/25/2016 Ansolive - ARC Food Invest - - - - P Cross Border 7/25/2016 Profrost AS - Agrofert as - - - - P Cross Border 7/25/2016 The Original ChopShop Co - Hargett Hunter Capital Partners LLC - - - - P Cross Border 7/25/2016 Jouan Marc EURL - Jouan Marc EURL - - - - P Cross Border 7/22/2016 Dr. Förster AG - VR Equitypartner GmbH - - - - P Cross Border 7/22/2016 North East Convenience Stores Ltd. - James Hall & Co. Ltd. - - - - P Cross Border 7/21/2016 Schneider SAS - CEA Investissement SA - - - - P Cross Border 7/21/2016 General Mills, Inc. General Mills, Inc. The Mennel Milling Co. $18.0 - - - P Cross Border 7/20/2016 Waterfall Catering Group Ltd. - Elior UK Holdings Ltd. - - - - P Cross Border 7/20/2016 Snak Club, Inc. - Insignia Capital Group LLC - - - - P Cross Border 7/20/2016 New Century Snacks LLC - Insignia Capital Group LLC - - - - P Cross Border 7/20/2016 Avita Beverage Co. LLC - iBrands Corp. - - - - P Cross Border 7/20/2016 Terrapin Beer Co. LLC - SABMiller Plc - - - - P Cross Border 7/20/2016 Mallet & Co., Inc. - The Jordan Co. LP - - - - P Cross Border 7/19/2016 Golden Enterprises, Inc. - UTZ Quality Foods, Inc. $139.9 1.0x 16.0x 28.7x P Cross Border 7/19/2016 Pon Food Corp. - Good Source Solutions - - - - P Cross Border 7/19/2016 Fattorie Giacobazzi SRL - Granarolo SpA - - - - P Cross Border 7/19/2016 Black Waters Coffee Co. Black Waters Coffee Shops LLC Huron Capital Partners - - - - P Cross Border 7/19/2016 Predpriiatie Po Obespecheniiu Pitaniem - Predpriiatie Po Obespecheniiu $0.4 - - - P Cross Border 7/18/2016 Lawler Foods Ltd. - Gryphon Investors, Inc. - - - - P Cross Border 7/16/2016 Café PMU - Café PMU - - - - P Cross Border 7/16/2016 Bajeux-Bourcet SARL - Bajeux Bourcet SARL /Blasquez/ - - - - P Cross Border 7/15/2016 CH & Co Group - The Brookwood Partnership Ltd. - - - - P Cross Border

* M&A transactions include European and cross-border deals since 2015. PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5

September 2016 Date Company 9/12/2016 Farmer Brothers Co. (FARM-US) 9/14/2016 Wm. Morrison Supermarkets plc (GB-MRW) 9/14/2016 Empire Company Limited (JP-EMP.A) 9/21/2016 Origin Enterprises Plc (OIZ-IE) 9/21/2016 General Mills, Inc. (GIS-US) 9/29/2016 PepsiCo, Inc. (PEP-US) 9/29/2016 ConAgra Foods, Inc. (CAG-US) 9/28/2016 Costco Wholesale Corp. (COST-US)

October 2016 Date Company 10/3/2016 SUPER VALUE CO., LTD. (3094-JP) 10/4/2016 Bonduelle SA (BON-FR) 10/5/2016 Tesco Plc (TSCO-GB) 10/5/2016 Constellation Brands, Inc. (STZ-US) 10/12/2016 Watts Co., Ltd. (2735-JP) 10/13/2016 Sudzucker AG (SZU-DE) 10/18/2016 Danone SA (BN-FR) 10/18/2016 X5 Retail Group NV (FIVE-GB) 10/18/2016 SABMiller Plc (SAB-GB) 10/19/2016 Beijer Ref AB (BEIJ.B-SE) 10/20/2016 Nestle SA (NESN-CH) 10/20/2016 Axfood AB (AXFO-SE) 10/25/2016 Wal-Mart de Mexico SAB de CV (WALMEX-MX) 10/26/2016 Heineken NV (HEIA-NL) 10/26/2016 X5 Retail Group NV (FIVE-GB) 10/27/2016 CFAO SA (CFAO-FR) 10/31/2016 Shoprite Holdings Ltd. (SHP-ZA) 10/27/2016 PriceSmart, Inc. (PSMT-US) 10/28/2016 Anheuser-Busch InBev SA (ABI-BE) 10/31/2016 Shoprite Holdings Ltd. (SHP-ZA)

November 2016 Date Company 11/1/2016 MillerCoors LLC (079SJS-E) 11/1/2016 Kikkoman Corp. (2801-JP) 11/1/2016 Kellogg Co. (K-US) 11/1/2016 Molson Coors Brewing Co. (TAP-US) 11/1/2016 Wajax Corp. (WJX-CA)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2016

HARRIS WILLIAMS & CO.

SOURCES

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PAGE | 17