Market concentration in coffee 1 Hot co ee market share concentration Our vision Banking for BANKING FOR 100% Top 3 Top 10 Food 80% 60% Hot coffee* world value share 40% 14 co ee players hold shares between 1-5% by companies top

retail sales generated The last five years have seen a rapid shift in the coffee landscape, with JAB COFFEE 20% spending over USD 30bn to acquire coffee brands around the world. JAB’s emergence as a clear competitor to Nestlé for global coffee leadership has upped 0% the pace of M&A industry-wide. Significant consolidation lies ahead in the coffee Asia Australasia Eastern Latin Middle East North Western Pacific Europe America and Africa America Europe industry—and it will take a different form at the brand-owner level than through the rest of the supply chain. 2 Beverage market share consolidation by segment Ajinomoto 2% UCC Holdings 100% Strauss Group 1% 2% Mayora Indah 80% Dongsuh Foods Melitta 1% 2% 60% 2% Massimo Zanetti Strauss/São Miguel 1% 3% 40%

by companies top Kapal Api 3% global voulume generated 20% Rabobank finances Tchibo Nestlé 0% 4% 39% every part of the Beer Spirits Wine Carbonated Juice RTD Coffee Kraft Heinz coffee value chain, We are your best soft drinks coffee 4% with exclusive sector financial partner 3 Co ee pod market share concentration Starbucks* 4% knowledge and in the coffee value 100% JM Smucker extensive networks. chain. 80% 4% Lavazza 60% 5%

40% * excludes coffee shop sales JAB 22% by companies top

retail sales generated 20% Source: Euromonitor 2017

0% Asia Australasia Eastern Latin Middle East North Western Pacific Europe America and Africa America Europe Growing a better world together

Source: Euromonitor 2017 Nestlé UCC Holdings Cafés Templo Lavazza Lavazza Olam Food Services Massimo Zanetti AmRest Ronnoco Peet's Caravan Co ee Cafés Palma Marinopoulos Blackwater SEDA Solubles & Tea JDE JDE Kicking Horse United Coffee Swire Pacic (60%), Boncafé Carte Noire Coffee Mövenpick Foods (40%) Keurig Green Cia Cacique JAB Holdings Intelligentsia Mountain JAB Café Seleto (brands) D.E. Master Blenders JAB Holdings Nestlé Mövenpick Merrild Wessanen Melitta Ka e Retail JAB Holdings Coca-Cola JDE Coffee Baron Peet's Coffee & Tea Bevyz Espresso IneoBio House Friele Olam Blue Bottle Mondelēz International Swander Pace ITO EN Hamdi Ulukaya JDE Starbucks Tata Global Beverages JDE Keurig Green Super Group Kicking Horse Coffee Mountain Schluter Keurig Green Earth Rules D.E. Master Blenders Mountain Distant Lands Coffee La Colombe Coop Kaffe Friele Peet's Co ee & Tea James Finlay Ronnoco Lavazza Farmer Uni-President Brothers Cott Ronnoco Co ee Stumptown U.S. Roasterie Merrild Henderson Coffee Autocrat China Mist Abraaj Solberg & Hansen S&D Coffee Corpn Capital Java House Dromedar Kaffebar Royal Cup El Fornet Massimo New Colombia Resources Ca è Nero Zanetti Icebox Harris and Herkules PE Café Tolima Farmer Don Diego Hoole Nutricafés Brothers Espresso House Farmer Brothers Massive shifts in the coffee Tchibo West Coast Boyd Coffee QSR/Co ee chains QSR/Co ee Coffee Compañía del Matthew Algie Trópico Café y Té and tea landscape since 2012

Rhône Capital Lavazza’s Pana- Rom subsidiary Key M&A transactions since 2012

= EV Cott Eden Alpha Group = EV not available

OCS

Caffitaly System Eden Springs 2012 2013 2014 2015 2016 2017

Source: Rabobank 2017