FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019

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Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams Ltd, which is a private limited company 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 (registration number 07078852). Harris Williams Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams Ltd conduct business. FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 WHAT WE’RE SEEING

1 MARKET UPDATE Group Overview . Harris Williams is a leading advisor to the food and The M&A landscape in the food and beverage industry is continuing to be active beverage market. Our significant experience covers a broad range including several notable transactions. One Rock Capital Partners agreed to acquire of end markets, industries, and business models. This particular Innophos, a leading international producer of essential ingredients, for $932 million. report focuses on trends and metrics in the following areas: Lassonde agreed to acquire Sun-Rype Products, a manufacturer of fruit-based food and . Agribusiness beverage products, for $77 million. Brentwood Associates also acquired Chicken Salad . Bakery . Beverages Chick, an operator and franchisor of fast-casual restaurants in the Southeast, for an . Branded and Private Label undisclosed amount. . Dairy . Distribution . Ingredients . Meat and Protein WHAT WE’VE BEEN DOING . Natural and Organic . Processing CLOSED HARRIS WILLIAMS TRANSACTIONS . Produce . Restaurant and Retail . Snacks Land Animal Protein Division of Contacts a portfolio company of . Tim Alexander Managing Director has received a minority [email protected] has entered into a investment from has been acquired by +1 (612) 359-2716 partnership with has been acquired by . Ryan Budlong Managing Director [email protected] +1 (415) 217-3409 . Brant Cash Managing Director [email protected] +1 (612) 359-2709 . Ryan Freeman a portfolio company of aa portfolioportfolio companycompany ofof Director a portfolio company of [email protected] has been acquired by has been acquired by +1 (612) 359-2703 has been acquired by . Andy Warczak has been acquired by a portfolio company of Vice President [email protected] +1 (612) 359-2714 . Brant Wilczek Vice President [email protected] +1 (612) 359-2732 . Thomas DeMinico a portfolio company of Vice President a portfolio company of a portfolio company of a portfolio company of [email protected] +1 (612) 359-2719 has been acquired by has been acquired by has been acquired by has been acquired by

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PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 INDUSTRY SPOTLIGHT: TRENDS IN FOODSERVICE

FOODSERVICE TRENDS FOR 2020

According to Technomic, consumer demand for healthy alternatives and flavor innovation will drive foodservice trends in 2020. Plates will be filled with cooler colors such as greens (broccoli rabes, cresses, kale hybrids, etc.), blues (spirulina and butterfly peas) and purple variations of veggies (corn, broccoli and snap peas). With the explosive growth of at-home delivery expected to continue, foodservice chains will need to employ more creative means of enticing people to dine in at restaurants, including limited-time offers, BOGO meals and loyalty-based rewards.

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BEVERAGE INNOVATIONS FUEL THE FOODSERVICE CATEGORY

Beverages have always played an important role in the foodservice industry, but recent innovations have driven meaningful growth. Beverage growth has outpaced that of foodservice within the past few years thanks to innovative options such as nitro coffee, plant- based milks and other alternative beverages, as reported by Technomic. Starbucks has capitalized on the consumer demand for innovation through its nitro cold brew product, which has quickly become one of the Company's most popular drinks and has been a catalyst for growth in the afternoon daypart.

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HARRIS WILLIAMS ADVISES THE BAKERY COS. ON ITS PARTNERSHIP WITH ARBOR

Harris Williams advised The Bakery Cos., a leading provider of buns, biscuits, English muffins and other bakery products, on its partnership with Arbor Investments, a private equity firm focused on acquiring companies in the food and beverage industries. The Company services a blue-chip customer base across the foodservice and retail channels and leads with superior service, quality and consistency. “Innovative and flexible bakeries that can meet the demands of today’s customers are positioned for long-term growth, and companies like The Bakery Cos. are emblematic of this trend,” expressed Brant Cash, Managing Director at Harris Williams.

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SELECT HARRIS WILLIAMS FOODSERVICE SUPPLIER TRANSACTIONS

a division of a portfolio company of a portfolio company of a portfolio company of has entered into a a portfolio company of partnership with has been acquired by has been acquired by has been acquired by has been acquired by

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES 4

Res taurant: 140 130 3 4 . 4 % 120 G rocery: 110 100 2 1 . 9 %

Sales Sales Index 90 80 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION 2

4.0 3.0 (%) 2.0 1.0

Inflation - (1.0) Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19

VITAL SIGNS

KEY TRADING STATISTICS 1

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 4.1% 38.2% (1.4%) 89.4% 13.8x 17.0x 15.1x 3.4x Fruit and Vegetable 4.8% (7.0%) (6.2%) (5.0%) 11.7x 26.6x 11.2x 3.9x

Inputs Ingredients / Flavors 2.2% 1.3% (3.4%) 1.5% 20.6x 34.6x 15.9x 2.2x Agribusiness (8.0%) (11.8%) 4.5% 1.5% 18.1x 20.9x 10.4x 3.0x Branded Processed Foods (2.7%) (1.9%) (1.2%) (1.4%) 16.1x 23.4x 12.6x 4.0x Private Label Foods and Beverages 14.2% 15.2% 5.6% 8.7% 10.1x 24.1x 13.6x 4.7x Natural / Organic Foods / BFY (9.9%) (5.0%) 5.2% 22.9% 35.4x 43.8x 24.7x 12.9x Baked Goods (7.2%) 4.7% (3.7%) 3.1% 20.8x 25.3x 11.5x 3.2x Dairy (11.5%) (27.6%) (0.1%) (4.1%) 14.5x 19.9x 13.3x 2.6x Non-Alcoholic Beverages (0.5%) (11.1%) (2.2%) (8.0%) 22.0x 19.6x 13.5x 2.5x

Food and Beverage and Food Alcoholic Beverages (2.5%) 15.8% (0.6%) 12.3% 21.1x 27.6x 13.4x 2.9x Snacks 5.0% 23.5% 3.7% 19.3% 27.3x 23.0x 18.0x 2.2x Grocery Distribution (18.5%) (20.5%) (9.2%) 14.3% 9.9x 25.6x 10.0x 6.1x Food Retail 9.4% (4.5%) 7.3% (2.2%) 11.7x 17.1x 7.1x 3.6x Foodservice 5.4% 5.2% 6.6% 2.7% 18.6x 25.0x 16.4x 4.9x Quick Service Restaurant (6.7%) 12.5% (3.8%) 22.0% 23.6x 25.8x 18.7x 5.4x Fast Casual (0.0%) (12.2%) 0.2% 22.1% 55.1x NA 15.2x 5.7x Differentiated Casual (1.2%) (23.4%) (2.6%) 19.1% 17.6x 19.9x 12.1x 5.3x Casual Dining Restaurant (2.7%) 0.1% 6.0% 31.3% 14.8x 16.9x 11.8x 6.7x Fine Dining (7.6%) (23.9%) (3.3%) (8.2%) 14.5x 14.8x 11.5x 4.1x

Consumer and Retail and Consumer Pizza 21.4% 4.2% 7.6% 24.5% 36.0x 29.9x 21.6x 4.9x Beverage / Snack Retail (1.9%) 8.4% (4.0%) 23.6% 24.5x 28.3x 20.2x 1.6x Family Restaurant (10.5%) 16.0% (4.2%) (4.0%) 16.4x 14.1x 17.0x 4.6x Overall Median (1.1%) (0.2%) (0.4%) 8.3% 19.7x 22.3x 13.2x 3.9x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 PUBLIC EQUITY MARKET OVERVIEW

PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STO CK PRICE) 1 Protein Processing Snacks Family Restaurant Alcoholic Beverages Private Label Quick Service Restaurant S&P Beverage / Snack Retail Foodservice Baked Goods Pizza Ingredients / Flavors Casual Dining Restaurant Branded Processed Foods Food Retail Natural / Organic / BFY Fruit and Vegetable Non-Alcoholic Beverages Agribusiness Fast Casual Grocery Distribution Differentiated Casual Fine Dining Dairy

(80.0%) (65.0%) (50.0%) (35.0%) (20.0%) (5.0%) 10.0% 25.0% 40.0% 55.0% 70.0% Inputs Food and Beverage Consumer and Retail

RECENT EQUITY OFFERINGS 5

Close Date Filing Date Issuer Ticker Transaction Type Gross Proceeds ($M) Use of Funds

General Corp. Purp. 10/30/19 9/27/19 Diamond Estates Wines & Spirits Inc DWS Follow-On $1.8 Marketing & Sales General Corp. Purp. 10/23/19 10/22/19 Reeds Inc REED Follow-On $7.0 Working Capital General Corp. Purp. 10/16/19 9/20/19 BellRing Brands Inc BRBR IPO $552.0 Pay Fees & Expenses General Corp. Purp. 10/7/19 10/7/19 Simply Good Foods Co SMPL Follow-On $352.5 Future Acquisitions Secondary 10/3/19 10/1/19 Grocery Outlet Holding Corp GO Follow-On $438.8 Pay Fees & Expenses General Corp. Purp. 10/2/19 7/4/19 Candy Club Holdings Ltd CLB Follow-On $1.0 Working Capital General Corp. Purp. 9/27/19 9/27/19 Diamond Estates Wines & Spirits Inc DWS Follow-On $2.3 Marketing & Sales General Corp. Purp. 9/12/19 9/12/19 Candy Club Holdings Ltd CLB Follow-On $1.0 General Corp. Purp. 9/11/19 9/11/19 Celsius Holdings Inc CSUH Follow-On $28.8 Marketing & Sales General Corp. Purp. 9/9/19 7/8/19 Naturally Splendid Enterprises Ltd NSP Follow-On $0.6 General Corp. Purp. 9/3/19 9/3/19 Restaurant Brands International Inc QSR.TO Follow-On $1,280.5 Secondary General Corp. Purp. 8/21/19 8/21/19 Saputo Inc SAP Follow-On $301.0 Reduce Indebtedness

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 PUBLIC COMPARABLES1

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV /2019E (USD in millions except per share data) Ticker 10/31/19 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 $28.79 83.7% $22,725 $22,328 $19,703 $2,412 (1.2%) 0.9% 23.1% 12.2% 19.2x 1.13x 9.3x 1.09x 8.6x B&G Foods, Inc. BGS 15.55 49.2% 996 2,907 1,648 287 (3.6%) 7.7% 24.0% 17.4% 5.7x 1.76x 10.1x 1.75x 9.4x Campbell Soup Company CPB 46.31 95.7% 13,948 22,431 8,107 1,480 22.6% 0.6% 33.4% 18.3% 29.5x 2.77x 15.2x 2.62x 13.3x Conagra Brands, Inc. CAG 27.05 75.4% 13,164 23,971 10,095 2,031 26.7% 5.9% 28.4% 20.1% 18.7x 2.37x 11.8x 2.28x 11.9x General Mills, Inc. GIS 50.86 90.2% 30,739 45,824 16,774 3,649 4.4% 1.0% 34.7% 21.8% 16.4x 2.73x 12.6x 2.73x 13.0x The Hershey Company HSY 146.87 90.5% 30,684 35,129 7,906 2,056 2.1% 2.3% 46.3% 26.0% 24.2x 4.44x 17.1x 4.41x 17.6x Hormel Foods Corporation HRL 40.89 88.4% 21,834 21,514 9,521 1,341 0.1% 0.8% 20.4% 14.1% 22.6x 2.26x 16.0x 2.26x 16.1x The J. M. Smucker Company SJM 105.68 82.3% 12,053 18,048 7,714 1,621 2.7% 0.2% 38.1% 21.0% 22.4x 2.34x 11.1x 2.35x 10.9x Kellogg Company K 63.53 96.8% 21,670 30,149 13,672 2,065 1.9% 1.5% 32.7% 15.1% 30.0x 2.21x 14.6x 2.23x 13.6x McCormick & Company, Incorporated MKC 160.69 93.9% 21,357 25,866 5,437 1,129 2.1% 7.4% 44.1% 20.8% 30.7x 4.76x 22.9x 4.79x 22.7x Nestlé S.A. NESN 106.64 93.0% 307,934 347,905 95,604 19,305 4.5% 1.4% 50.1% 20.2% 33.8x 3.64x 18.0x 3.69x 17.2x Post Holdings, Inc. POST 102.90 90.5% 7,519 13,820 5,868 1,179 NM 5.0% 31.3% 20.1% 45.5x 2.36x 11.7x 2.41x 11.2x

Mean 4.6% 3.0% 35.7% 20.1% 24.9x 2.81x 13.9x 2.79x 13.6x Median 2.1% 1.5% 33.4% 20.1% 23.4x 2.37x 12.6x 2.41x 13.0x Private Label Foods and Beverages Lamb Weston Holdings, Inc. LW 78.04 93.1% 11,399 13,790 3,831 849 8.8% 8.2% 26.7% 22.2% 24.1x 3.60x 16.3x 3.55x 14.7x Seneca Foods Corporation SENE.A 35.38 98.4% 329 683 1,270 11 9.6% (2.4%) 4.3% 0.8% NM 0.54x NM NA NA TreeHouse Foods, Inc. THS 54.02 79.6% 3,036 5,524 5,567 506 9.3% 1.9% 16.9% 9.1% NM 0.99x 10.9x 1.26x 11.2x Mean 5.2% 2.6% 37.0% 8.0% 24.1x 384.45x 13.6x 2.41x 13.0x Median 9.0% 1.9% 21.8% 5.0% 24.1x 2.30x 13.6x 2.41x 13.0x

Natural / Organic Foods / Better-For-You The Hain Celestial Group, Inc. HAIN $23.64 89.4% $2,470 $3,070 $2,266 $163 (5.1%) (7.9%) 20.6% 7.2% NM 1.35x 18.8x 1.42x 16.5x SunOpta Inc. SOY 1.90 24.4% 167 738 1,215 25 (1.5%) (3.8%) 9.0% 2.0% NM 0.61x 29.8x 0.61x 19.3x The Simply Good Foods Company SMPL 24.54 78.3% 2,336 2,261 523 92 NA NA 0 17.5% 43.8x 4.32x 24.7x 4.20x 22.4x Mean (3.3%) (5.9%) 23.7% 8.9% 43.8x 2.09x 24.4x 2.08x 19.4x Median (3.3%) (5.9%) 20.6% 7.2% 43.8x 1.35x 24.7x 1.42x 19.3x

Baked Goods ARYZTA AG ARYN $0.79 8.3% $780 $1,596 $3,766 $299 (6.3%) (4.6%) 15.3% 7.9% NM 0.42x 5.3x 0.42x 4.6x Flowers Foods, Inc. FLO 21.72 89.2% 4,594 5,893 4,087 400 3.6% 1.4% 47.7% 9.8% 25.9x 1.44x 14.7x 1.44x 13.6x George Weston Limited WN 80.14 92.5% 12,300 30,887 36,875 3,351 1.3% 0.0% 31.6% 9.1% NM 0.84x 9.2x 0.81x 7.6x Grupo Bimbo, S.A.B. de C.V. BMV:BIMBO A 1.86 81.7% 8,615 14,335 14,802 1,744 (2.5%) 5.7% 52.6% 11.8% 23.7x 0.97x 8.2x 0.94x 8.5x Hostess Brands, Inc. TWNK 12.78 86.0% 1,397 2,437 906 178 8.9% (8.2%) 34.0% 19.6% 25.1x 2.69x 13.7x 2.73x 11.9x Lancaster Colony Corporation LANC 139.18 71.6% 3,826 3,630 1,328 214 7.1% 3.8% 25.4% 16.1% 25.5x 2.73x 17.0x 2.72x 17.1x

Mean 2.0% (0.3%) 34.4% 12.4% 25.0x 1.52x 11.4x 1.51x 10.6x Median 2.5% 0.7% 32.8% 10.8% 25.3x 1.21x 11.5x 1.19x 10.2x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 PUBLIC COMPARABLES1

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2019E (USD in millions except per share data) Ticker 10/31/19 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy Danone S.A. BN $82.89 90.3% $53,697 $70,019 $28,221 $5,363 (3.7%) 4.8% 48.4% 19.0% 22.3x 2.48x 13.1x 2.49x 13.1x Emmi AG EMMN 845.50 85.8% 4,523 4,736 3,531 351 2.0% 2.0% 36.4% 9.9% 25.2x 1.34x 13.5x 1.35x 13.1x Glanbia plc GL9 11.14 51.5% 3,287 4,175 3,035 343 (2.9%) 4.0% 27.4% 11.3% 13.5x 1.38x 12.2x 1.02x 11.4x Lifeway Foods, Inc. LWAY 2.01 42.3% 32 34 95 1 (14.1%) (8.1%) 27.2% 1.4% NM 0.36x 24.9x NA NA Saputo Inc. TSX:SAP 29.03 82.3% 11,835 15,480 10,687 975 10.9% 8.1% 9.5% 9.1% 19.9x 1.45x 15.9x 1.39x 14.3x Mean 1.0% 3.9% 29.1% 11.6% 17.7x 1.21x 14.4x 1.28x 13.4x Median (2.9%) 4.0% 27.4% 10.6% 19.9x 1.34x 13.3x 1.30x 13.1x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG $7.18 56.6% $803 $808 $328 $63 (7.9%) (0.9%) 43.3% 19.1% 19.6x 2.46x 12.9x 2.40x 13.2x The Coca-Cola Company KO 54.43 97.3% 233,205 265,992 33,560 10,670 (1.3%) (7.5%) 61.7% 31.8% 29.1x 7.93x 24.9x 7.18x 22.6x Cott Corporation TSX:BCB 12.86 79.4% 1,731 3,189 2,394 291 2.1% 9.9% 50.7% 12.1% NM 1.33x 11.0x 1.33x 9.7x Lassonde Industries Inc. LAS.A 132.82 74.5% 921 1,229 1,265 121 4.2% 2.9% 26.6% 9.6% 19.7x 0.97x 10.2x 0.95x 9.4x Monster Beverage Corporation MNST 56.13 84.6% 30,584 29,361 4,108 1,466 11.2% 11.8% 59.9% 35.7% 29.2x 7.15x 20.0x 7.05x 19.9x National Beverage Corp. FIZZ 43.96 42.4% 2,050 1,899 985 177 (2.3%) 10.2% 37.1% 18.0% 16.3x 1.93x 10.7x 1.98x 11.5x PepsiCo, Inc. PEP 137.17 97.7% 191,275 219,636 66,045 12,787 2.1% 2.2% 55.2% 19.4% 15.6x 3.33x 17.2x 3.29x 16.8x

Mean (0.7%) 2.3% 43.9% 19.6% 21.6x 3.33x 15.1x 3.45x 14.7x Median 0.4% 2.5% 47.0% 18.6% 19.6x 2.20x 13.5x 2.40x 13.2x

Alcoholic Beverages Anheuser-Busch InBev SA/NV ABI $80.30 77.7% $157,344 $269,717 $54,364 $21,383 (1.1%) 8.9% 62.1% 39.3% 16.5x 4.96x 12.6x 5.07x 12.3x Carlsberg A/S CARL 140.73 93.2% 20,750 24,202 9,838 2,112 3.9% 0.9% 49.4% 21.5% NM 2.46x 11.5x 2.46x 11.3x Constellation Brands, Inc. STZ 190.33 88.7% 36,326 50,094 8,211 2,980 3.8% 5.1% 50.6% 36.3% 47.7x 6.10x 16.8x 6.11x 16.1x Diageo plc DGE 40.92 87.1% 96,061 113,132 16,351 5,638 1.9% 5.5% 62.2% 34.5% 24.3x 6.92x 20.1x 6.49x 18.7x Heineken N.V. HEIA 101.95 87.9% 58,130 77,653 26,307 5,753 2.2% 4.6% 39.8% 21.9% 27.6x 2.95x 13.5x 2.91x 12.6x Kirin Holdings Company, Limited 2503 21.33 82.4% 18,727 23,648 18,018 1,510 11.9% (4.7%) 43.6% 8.4% 28.8x 1.31x 1.30x 1.30x 11.6x Pernod Ricard SA RI 184.48 92.2% 48,671 56,442 10,448 3,188 2.7% 2.7% 61.5% 30.5% 30.2x 5.40x 17.7x 5.34x 17.2x Sapporo Holdings Limited 2501 25.23 96.9% 1,965 4,402 4,843 332 3.4% (3.0%) 30.4% 6.8% 21.8x 0.91x 13.3x 0.90x 11.3x

Mean 3.6% 2.5% 50.0% 24.9% 28.1x 3.88x 13.3x 3.82x 13.9x Median 3.0% 3.6% 50.0% 26.2% 27.6x 3.96x 13.4x 3.99x 12.5x

Snacks J & J Snack Foods Corp. JJSF $190.76 96.9% $3,594 $3,398 $1,186 $166 4.2% 6.1% 29.5% 14.0% 39.1x 2.86x 20.5x 2.85x 20.1x John B. Sanfilippo & Son, Inc. JBSS 106.12 98.4% 1,209 1,256 890 82 1.4% (2.1%) 18.8% 9.2% 26.7x 1.41x 15.4x 1.40x NA Mondelez International, Inc. MDLZ 52.45 92.5% 75,519 94,356 25,728 5,024 (1.5%) (1.0%) 39.4% 19.5% 19.4x 3.67x 18.8x 3.66x 18.1x PepsiCo, Inc. PEP 137.17 97.7% 191,275 219,636 66,045 12,787 2.1% 2.2% 55.2% 19.4% 15.6x 3.33x 17.2x 3.29x 16.8x

Mean 1.6% 1.3% 35.7% 15.5% 25.2x 2.82x 18.0x 2.80x 18.3x Median 1.8% 0.6% 34.4% 16.7% 23.0x 3.09x 18.0x 3.07x 18.1x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 PUBLIC COMPARABLES1

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2019E (USD in millions except per share data) Ticker 10/31/19 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $39.89 78.7% $1,942 $1,713 $1,262 $29 (20.2%) (6.4%) 11.7% 2.3% NM 1.36x NM 1.39x NM JBS S.A. JBSS3 7.03 82.6% 18,728 32,545 50,178 3,396 14.5% (3.3%) 14.6% 6.8% 20.2x 0.65x 9.6x 0.66x 7.1x Sanderson Farms, Inc. SAFM 154.81 97.8% 3,429 3,385 3,332 170 (0.8%) 7.2% 7.8% 5.1% NM 1.02x 19.9x 0.95x 13.2x Seaboard Corporation SEB 4,219.09 88.9% 4,915 4,900 6,690 188 2.8% 8.0% 5.6% 2.8% NM 0.73x 26.1x NA NA Tyson Foods, Inc. TSN 82.79 88.0% 30,192 42,584 42,405 3,925 5.9% 4.8% 11.8% 9.3% 13.9x 1.00x 10.8x 0.98x 10.3x

Mean 0.4% 2.1% 10.3% 5.3% 17.0x 0.95x 16.6x 0.99x 10.2x Median 2.8% 4.8% 11.7% 5.1% 17.0x 1.00x 15.4x 0.97x 10.3x

Fruit and Vegetable Calavo Growers, Inc. CVGW $86.73 85.9% $1,526 $1,529 $1,184 $80 9.0% 9.7% 10.6% 6.8% 50.4x 1.29x 19.1x 1.25x 18.2x Fresh Del Monte Produce Inc. FDP 31.90 82.2% 1,534 2,363 4,510 211 2.5% 3.8% 6.8% 4.7% 26.6x 0.52x 11.2x 0.52x 9.4x Seneca Foods Corporation SENE.A 35.38 98.4% 329 683 1,270 11 9.6% (2.4%) 4.3% 0.8% NM 0.54x NM NA NA Total Produce plc T7O 1.63 72.3% 632 1,199 4,214 109 (2.6%) 7.7% 13.7% 2.6% 10.9x 0.28x 11.0x 0.29x 12.3x

Mean 4.6% 4.7% 8.9% 3.7% 29.3x 0.66x 13.7x 0.69x 13.3x Median 5.7% 5.8% 8.7% 3.6% 26.6x 0.53x 11.2x 0.52x 12.3x

Ingredients / Flavors Givaudan SA GIVN $2,933.43 99.9% $27,041 $30,853 $6,094 $1,167 15.5% 9.3% 40.7% 19.2% 40.0x 5.06x 26.4x 4.90x 23.4x Ingredion Incorporated INGR 79.00 73.5% 5,274 7,031 5,737 921 (2.0%) 0.2% 22.8% 16.1% 13.5x 1.23x 7.6x 1.23x 7.5x International Flavors & Fragrances Inc. IFF 122.01 79.8% 13,028 17,554 5,075 1,104 40.5% 18.3% 41.6% 21.8% 36.5x 3.46x 15.9x 3.41x 15.9x Kerry Group plc KRZ 120.83 97.6% 21,327 23,726 7,910 1,106 5.1% 5.2% 47.4% 14.0% 34.6x 3.00x 21.5x 2.97x 20.2x Sensient Technologies Corporation SXT 62.56 83.2% 2,647 3,250 1,329 237 (4.5%) (1.5%) 32.8% 17.8% 20.1x 2.45x 13.7x 2.48x 14.5x Symrise AG SY1 96.18 95.6% 13,025 14,409 3,722 744 4.4% 7.0% 39.8% 20.0% 41.6x 3.87x 19.4x 3.79x 18.3x Tate & Lyle plc TATE 8.70 83.1% 4,054 4,454 3,503 597 (1.8%) 1.1% 46.7% 17.0% 17.4x 1.27x 7.5x 1.23x 7.3x

Mean 8.2% 5.7% 38.8% 18.0% 29.1x 2.90x 16.0x 2.86x 15.3x Median 4.4% 5.2% 40.7% 17.8% 34.6x 3.00x 15.9x 2.97x 15.9x

Agribusiness The Andersons, Inc. ANDE $18.42 48.2% $596 $2,210 $7,097 $212 119.3% 21.1% 6.7% 3.0% 15.1x 0.31x 10.4x 0.24x 9.7x Archer-Daniels-Midland Company ADM 42.04 85.5% 23,403 32,282 64,274 2,519 (0.3%) 1.1% 6.3% 3.9% 20.0x 0.50x 12.8x 0.50x 10.8x Bunge Limited BG 54.00 84.1% 7,650 14,684 41,900 (159) (8.5%) (0.1%) 1.2% NM NM 0.35x NM 0.34x 9.9x CF Industries Holdings, Inc. CF 45.35 82.2% 9,861 16,514 4,673 1,837 6.3% 5.9% 25.4% 39.3% 20.9x 3.53x 9.0x 3.54x 9.8x Darling Ingredients Inc. DAR 19.30 85.3% 3,180 4,952 3,358 411 (3.7%) 0.4% 22.1% 12.2% 41.8x 1.47x 12.0x 1.46x 11.3x The Mosaic Company MOS 19.88 53.2% 7,671 12,401 9,351 1,750 2.1% 7.8% 13.7% 18.7% 30.1x 1.33x 7.1x 1.36x 7.6x

Mean 19.2% 6.0% 12.6% 15.4% 25.6x 1.25x 10.3x 1.24x 9.8x Median 0.9% 3.5% 10.2% 12.2% 20.9x 0.91x 10.4x 0.93x 9.8x

Distribution, Retail, and Restaurants Grocery and C-Store Distribution AMCON Distributing Company DIT $73.00 69.5% $43 $79 $1,392 $12 5.3% 15.3% 6.0% 0.9% 10.2x 0.06x 6.7x NA NA Core-Mark Holding Company, Inc. CORE 30.52 74.5% 1,400 2,012 13,225 149 2.9% 7.2% 6.9% 1.1% 25.6x 0.15x 13.5x 0.12x 11.1x Performance Food Group Company PFGC 42.61 90.2% 4,496 5,832 21,447 458 20.5% 9.8% 12.3% 2.1% 26.8x 0.27x 12.7x 0.26x 11.4x SpartanNash Company SPTN 13.10 56.9% 476 1,477 8,435 148 4.7% 3.2% 14.3% 1.8% NM 0.18x 10.0x 0.17x 7.6x United Natural Foods, Inc. UNFI 7.50 30.5% 401 3,472 21,387 437 109.1% 36.2% 13.0% 2.0% NM 0.16x 7.9x 0.14x 5.9x

Mean 28.5% 14.3% 10.5% 1.6% 20.9x 0.16x 10.2x 0.17x 9.0x Median 5.3% 9.8% 12.3% 1.8% 25.6x 0.16x 10.0x 0.16x 9.3x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 PUBLIC COMPARABLES1

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2019E (USD in millions except per share data) Ticker 10/31/19 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Foodservice Distribution The Chefs' Warehouse, Inc. CHEF $33.13 78.8% $1,005 $1,407 $1,559 $76 10.8% 10.9% 25.7% 4.9% 44.3x 0.90x 18.5x 0.88x 15.8x Sysco Corporation SYY 79.87 100.0% 40,894 48,577 60,202 3,400 1.5% 5.2% 19.0% 5.6% 25.0x 0.81x 14.3x 0.80x 13.5x US Foods Holding Corp. USFD 39.67 92.0% 8,695 12,075 25,046 1,065 3.8% 2.6% 17.7% 4.3% 21.7x 0.48x 11.3x 0.46x 10.1x Mean (39.9%) (58.5%) 48.2% 3.5% 25.3x 2.76x 16.4x 0.84x 14.7x Median 1.5% 5.2% 25.7% 4.9% 25.0x 0.90x 16.4x 0.84x 14.7x

Food Retail Costco Wholesale Corporation COST $297.11 96.7% $130,617 $128,758 $152,703 $6,229 7.9% 8.8% 13.0% 4.1% 36.0x 0.84x 20.7x 0.83x 20.2x Ingles Markets, Incorporated IMKT.A 39.43 90.3% 799 1,635 4,186 258 1.5% 3.4% 24.3% 6.2% 10.1x 0.39x 6.3x 0.39x 6.3x J Sainsbury plc SBRY 2.63 62.2% 5,802 7,921 36,198 1,269 (4.4%) 5.6% 6.8% 3.5% 22.9x 0.22x 6.2x 0.19x 3.3x The Kroger Co. KR 24.64 77.0% 19,752 39,686 120,846 5,151 (2.9%) 2.4% 22.4% 4.3% 12.3x 0.33x 7.7x 0.32x 7.3x Natural Grocers by Vitamin Cottage, Inc. NGVC 8.77 35.8% 197 246 894 47 7.7% 9.2% 26.5% 5.3% 19.5x 0.27x 5.2x NA NA Koninklijke Ahold Delhaize N.V. AD 24.89 93.0% 27,392 40,905 71,343 4,549 NM NM 27.2% 6.4% 14.4x 0.57x 9.0x 0.56x 6.8x Sprouts Farmers Market, Inc. SFM 19.41 67.7% 2,293 3,940 5,539 334 9.0% 11.5% 33.5% 6.0% 18.2x 0.71x 11.8x 0.70x 12.3x Tesco PLC LSE:TSCO 3.04 92.6% 29,611 47,904 78,645 4,380 (0.1%) 3.5% 5.8% 5.6% 17.6x 0.61x 10.9x 0.58x 8.0x Village Super Market, Inc. VLGE.A 26.50 82.3% 381 329 1,644 62 1.8% 0.2% 27.8% 3.7% 15.0x 0.20x 5.3x NA NA Weis Markets, Inc. WMK 38.49 72.2% 1,035 1,125 3,534 172 1.0% 6.3% 26.5% 4.9% 16.6x 0.32x 6.5x NA NA

Mean 2.4% 5.7% 21.4% 5.0% 18.3x 0.45x 9.0x 0.51x 9.2x Median 1.5% 5.6% 25.4% 5.1% 17.1x 0.36x 7.1x 0.56x 7.3x

Quick Service Restaurant Del Taco Restaurants, Inc. TACO $7.64 56.6% 283 675 513 58 3.7% 5.6% 25.1% 11.2% NM 1.32x 11.7x 1.32x 10.5x Jack in the Box Inc. JACK $84.02 90.2% 2,170 3,172 906 260 (1.9%) (16.5%) 38.2% 28.7% 25.3x 3.50x 12.2x 3.31x 12.0x McDonald's Corporation MCD 196.70 88.6% 149,383 193,541 20,891 10,357 (1.5%) (5.7%) 52.5% 49.6% 25.8x 9.26x 18.7x 9.21x 18.1x Restaurant Brands International Inc. QSR 65.44 82.4% 19,509 33,505 5,509 2,177 5.8% 10.4% 58.0% 39.5% 26.6x 6.08x 15.4x 5.99x 14.6x The Wendy's Company WEN 21.18 92.7% 4,884 8,205 1,345 404 7.0% (5.4%) 46.0% 30.1% 10.7x 6.10x 20.3x 4.82x 19.8x YUM! Brands, Inc. YUM 101.71 85.0% 30,818 40,702 5,461 1,994 (4.3%) NM 50.2% 36.5% 28.1x 7.45x 20.4x 7.32x 19.7x Mean 1.0% (4.3%) 49.0% 36.9% 23.3x 6.48x 17.4x 6.13x 16.8x Median (1.5%) (5.6%) 50.2% 36.5% 25.8x 6.10x 18.7x 5.99x 18.1x

Fast Casual Restaurant Chipotle Mexican Grill, Inc. CMG $778.16 90.7% $21,629 $23,623 $5,371 $653 13.1% 11.6% 33.7% 12.2% NM 4.40x 36.2x 4.27x NM El Pollo Loco Holdings, Inc. LOCO 11.62 62.9% 428 719 441 59 3.8% 5.7% 21.9% 13.5% NM 1.63x 12.1x 1.64x 12.0x Fiesta Restaurant Group, Inc. FRGI 8.60 33.0% 233 575 669 55 (2.1%) (2.4%) 21.0% 8.3% NM 0.86x 10.4x 0.86x 8.9x The Habit Restaurants, Inc. HABT 10.51 65.6% 218 393 446 34 16.1% 18.1% 17.5% 7.7% NM 0.88x 11.5x 0.85x 10.4x Noodles & Company NDLS 5.33 54.2% 235 533 462 30 0.9% (1.0%) 16.6% 6.5% NM 1.15x 17.8x 1.14x 15.1x Potbelly Corporation PBPB 4.25 35.6% 101 323 410 21 (5.1%) 0.9% 27.7% 5.2% NM 0.79x 15.2x 0.79x 14.9x Shake Shack Inc. SHAK 82.28 77.7% 2,514 2,816 567 71 31.6% 32.1% 37.0% 12.5% NM 4.96x 39.9x 4.69x NM Wingstop Inc. WING 83.43 77.7% 2,457 2,774 187 49 26.5% 29.0% 53.9% 26.1% NM 14.83x NM 13.92x NM

Mean 10.6% 11.7% 28.6% 11.5% NA 3.69x 20.4x 3.52x 12.2x Median 8.5% 8.6% 24.8% 10.2% NA 1.39x 15.2x 1.39x 12.0x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 PUBLIC COMPARABLES1

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2019E (USD in millions except per share data) Ticker 10/31/19 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Differentiated Casual Restaurant BJ's Restaurants, Inc. BJRI $39.59 58.7% $810 $1,356 $1,151 $123 4.9% 6.2% 16.3% 10.7% 20.3x 1.18x 11.0x 1.17x 11.5x The Cheesecake Factory Incorporated CAKE 41.79 79.0% 1,865 2,906 2,374 221 17.3% 36.0% 41.2% 9.3% 19.9x 1.22x 13.1x 1.18x 13.3x Chuy's Holdings, Inc. CHUY 24.37 88.7% 405 618 421 37 6.0% 9.3% 16.3% 8.8% NM 1.47x 16.6x 1.45x 16.4x Dave & Buster's Entertainment, Inc. PLAY 39.78 64.4% 1,226 2,936 1,322 282 9.6% 12.3% 28.7% 21.4% 13.1x 2.22x 10.4x 2.17x 10.6x Mean 9.4% 16.0% 25.6% 12.5% 17.8x 1.52x 12.8x 1.49x 12.9x Median 7.8% 10.8% 22.5% 10.0% 19.9x 1.35x 12.1x 1.31x 12.4x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $19.81 89.2% $1,697 $4,271 $4,130 $390 (1.4%) (1.3%) 16.3% 9.4% 16.9x 1.03x 11.0x 1.03x 10.5x Brinker International, Inc. EAT 44.45 82.9% 1,661 4,264 3,250 369 3.2% (0.0%) 16.1% 11.4% 11.9x 1.31x 11.5x 1.28x 11.3x Darden Restaurants, Inc. DRI 112.27 87.4% 13,764 19,024 8,583 1,181 4.6% 7.2% 21.7% 13.8% 19.5x 2.22x 16.1x 2.19x 15.6x Dine Brands Global, Inc. DIN 73.15 70.3% 1,228 2,985 897 248 20.6% 11.3% 43.0% 27.6% 12.8x 3.33x 12.0x 3.24x 11.2x Red Robin Gourmet Burgers, Inc. RRGB 30.50 82.7% 396 1,096 1,319 100 (4.1%) 0.7% 19.6% 7.6% NM 0.83x 11.0x 0.84x 10.4x Texas Roadhouse, Inc. TXRH 56.50 83.3% 3,931 4,379 2,637 304 10.0% 10.4% 18.4% 11.5% 24.9x 1.66x 14.4x 1.60x 13.7x Mean 5.5% 4.7% 22.5% 13.5% 17.2x 1.73x 12.7x 1.70x 12.1x Median 3.9% 4.0% 19.0% 11.5% 16.9x 1.49x 11.8x 1.44x 11.3x Fine Dining Restaurant J. Alexander's Holdings, Inc. JAX $9.65 80.3% 142 229 247 24 2.8% 3.7% 36.9% 9.9% 21.3x 0.93x 9.4x 0.91x 8.8x Ruth's Hospitality Group, Inc. RUTH $20.58 71.6% 602 865 460 75 2.4% 6.3% 27.5% 16.3% 14.8x 1.88x 11.5x 1.85x 11.5x Mean 2.4% 6.3% 27.5% 16.3% 14.8x 1.88x 11.5x 1.85x 11.5x Median 2.4% 6.3% 27.5% 16.3% 14.8x 1.88x 11.5x 1.85x 11.5x

Pizza Restaurant Domino's Pizza, Inc. DPZ $271.62 89.9% $11,109 $14,720 $3,551 $646 9.5% 14.0% 27.9% 18.2% 29.9x 4.15x 22.8x 4.09x 21.6x Papa John's International, Inc. PZZA 58.55 96.7% 1,861 2,382 1,510 117 (12.9%) (3.7%) 23.6% 7.7% NM 1.58x 20.4x 1.50x 18.8x Mean (1.7%) 5.2% 25.7% 13.0% 29.9x 2.86x 21.6x 2.80x 20.2x Median (1.7%) 5.2% 25.7% 13.0% 29.9x 2.86x 21.6x 2.80x 20.2x Family Restaurant Cracker Barrel Old Country Store, Inc. CBRL $155.50 84.1% $3,741 $4,115 $3,072 $390 1.4% 1.8% 34.6% 12.7% 16.8x 1.34x 10.5x 1.32x 10.4x Denny's Corporation DENN 20.12 84.3% 1,188 1,623 587 95 (3.1%) 5.4% 36.2% 16.2% 11.5x 2.76x 17.0x 3.06x 17.1x Luby's, Inc. LUB 1.84 83.6% 56 95 336 3 (8.7%) (7.7%) 27.4% 0.8% NM 0.28x 33.6x NA NA Mean (3.5%) (0.2%) 32.7% 9.9% 14.1x 1.46x 20.4x 2.19x 13.8x Median (3.1%) 1.8% 34.6% 12.7% 14.1x 1.34x 17.0x 2.19x 13.8x Beverage / Snack Retail DAVIDsTEA Inc. DTEA $1.67 63.3% $44 $93 $159 ($2) (4.3%) 1.6% 50.5% NM NM 0.58x NM NA NA Dunkin' Brands Group, Inc. DNKN 78.62 92.8% 6,511 9,451 1,354 469 2.8% 18.3% 52.0% 34.6% 27.7x 6.98x 20.1x 6.90x 19.4x Starbucks Corporation SBUX 84.56 84.8% 100,170 108,581 26,509 5,378 7.2% 7.5% 28.2% 20.3% 29.0x 4.10x 20.2x 4.03x 18.4x Mean 1.9% 9.2% 43.6% 27.5% 28.3x 3.89x 20.2x 5.46x 18.9x Median 2.8% 7.5% 50.5% 27.5% 28.3x 4.10x 20.2x 5.46x 18.9x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 PUBLIC EQUITY MARKET OVERVIEW

FOODP FOODU B L I CAND EAND Q U BEVERAGEI T BEVERAGEY M A R K E T INDUSTRY O VINDUSTRY E R V I E W 1 STOCK STOCK PERFORMANCE PERFORMANCE INDEX INDEX4

140 2 8 .4 % 130

120 1 7 .6 % 110 100 1 3 .7 % 90

80 1 1 .0 %

70

60 1 9 .8 %

50 ( 8 .3 %) 40 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19

Restaurant Protein Processing/Dairy Natural/ Organic Beverage Private Label Food Manufacturing S&P 500

M&A MARKET OVERVIEW Highlighted Food and Beverage M&A Transactions1

BRENTWOOD ASSOCIATES ACQUIRED CHICKEN SALAD CHICK

. Brentwood Associates acquired Chicken Salad Chick for an undisclosed amount . Based in Auburn, AL, Chicken Salad Chick operates and franchises 137 fast-casual restaurants serving full-flavored, Southern-style chicken salad made from scratch Enterprise Value: NA . The acquisition fits well within Brentwood Associates’ strategy of investing in high-growth Revenue Multiple: NA consumer businesses, and the firm has a long track record of working with leading EBITDA Multiple: NA restaurant concepts Announced: November 4, 2019

LASSONDE T O ACQUIRE SUN - RYPE PRODUCTS

. Lassonde to acquire Sun-Rype Products for $77.2M . Based in British Columbia, Canada, Sun-Rype Products manufactures and sells various ready-to-drink fruit-based juices, drinks and snacks Enterprise Value: $77.2M . The acquisition will expand Lassonde’s manufacturing footprint in Western Canada and Revenue Multiple: 0.6x Northwestern U.S. and will further enhance the Company’s presence in the Canadian EBITDA Multiple: 11.2x branded juices and drinks sector Announced: October 29, 2019

ONE ROCK CAPITAL PARTNERS TO ACQUIRE INNOPHOS

. One Rock Capital Partners to acquire Innophos for $932.0M . Based in Cranbury, NJ, Innophos is an international producer of specialty ingredients with applications in food, health, nutrition and industrial markets Enterprise Value: $932.0M Revenue Multiple: 1.2x . One Rock Capital Partners will seek to maximize Innophos’ growth potential by continuing to EBITDA Multiple: 9.1x expand its presence in high-growth food, health and nutrition markets Announced: October 21, 2019

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 M&A MARKET OVERVIEW*

Food and Beverage M&A Trends1 MEDIAN FOOD & BEV. TRANSACTION ANNOUNCED FOOD & BEV. MULTIPLES TRANSACTIONS

$280 900 16.0x 2.00x $247.7 800

14.0x $240 Number of Transactions of Number 10.9x 700

11.3x 1.60x Multiple Sales LTM / EV $200 12.0x 10.5x 11.1x 10.0x 600 9.7x 8.8x 10.0x 8.3x 9.2x 1.20x $160 500 8.0x $120.7 8.0x $110.6 $120 400 0.80x 6.0x $55.7 $77.6 300 $80 $67.2 $24.0 $54.6 4.0x $52.9 200 0.40x EV EV / LTM EBITDAMultiple $40 $8.2 100 2.0x Aggregate Deal Value ($ inbillions) $0 0 0.0x 0.00x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD Aggregate Deal Value # of Deals EV / LTM EBITDA EV / LTM Sales YTD Latest Deals and Announced Private Equity Activity1

LAST 10 DEALS ANNOUNCED

1/0/190011/7/2019Announced Elba S.L. Target 0 Cargill,Iceland IncorporatedSeafood InternationalBuyer 11/6/2019 Diversified Restaurant Holdings ICV Partners 11/4/2019 Hulman & Company Penske Entertainment 11/4/2019 Simply Southern Restaurant Group Brentwood Associates 10/29/2019 Sun-Rype Products Lassonde Industries 10/29/2019 Food & Service Beteiligungsgesellschaft Finatem Beteiligungsgesellschaft 10/28/2019 Byrne Dairy - Milk Bottling Facility Upstate Niagara Cooperative 10/28/2019 Buffalo Wild Wings Four Corners Property Trust 10/25/2019 Warnock Food Products Calbee North America 10/25/2019 Birch Creek Vineyard Dumas Station Wines

PRIVATE EQUITY INVESTMENTS & EXITS

160 139 150 140 122 123 120 94 100 86 80 65 65 67 66 60 43 48 32 34 36 38 40 25 26 31 18 Number Transactions Number of 20 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 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 │ NOVEMBER 2019 DEBT MARKET OVERVIEW Food and Beverage Loan Activity6 AVERAGE SPREAD ON FOOD & QUARTERLY LOAN VOLUME BEVERAGE LOANS $18 L + 600 $16 L + 500 $14

$12 L + 400 $10 L + 300 ($ in in ($ billions) $8

Loan Loan Volume by Quarter $6 L + 200 Average Average Spread Over LIBOR $4 L + 100 $2

$0 L + 0 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 2012 2013 2014 2015 2016 2017 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS CREDIT STATISTICS

6.0x L + 1000

L + 800

4.0x L + 600

L + 400

EBITDAMultiple 2.0x

Average Average Spread Over LIBOR L + 200

0.0x L + 0 Debt/ Senior Debt/ EBITDA/ EBITDA - Capex/ EBITDA EBITDA Cash Interest Cash Interest 2013 2014 2015 2016 2017 Recent Debt Offerings7

Effective Date Borrower Name Description Tranche Amount Type Seniority Type Spread

10/24/19 Coca-Cola European Partners Plc Provides nonalcoholic ready-to-drink beverages 666.24 Term Loan Senior 10/24/19 Coca-Cola European Partners Plc Provides nonalcoholic ready-to-drink beverages 1665.6 Revolver/Line >= 1 Yr. Senior 10/23/19 Foodstuffs North Island Ltd Provides nonalcoholic ready-to-drink beverages 166.92 Revolver/Line >= 1 Yr. Senior 10/23/19 Foodstuffs North Island Ltd Retails and distributes groceries 89.88 Revolver/Line >= 1 Yr. Senior 10/23/19 Foodstuffs North Island Ltd Retails and distributes groceries 35.31 Revolver/Line >= 1 Yr. Senior 10/23/19 Foodstuffs North Island Ltd Retails and distributes groceries 25.68 Revolver/Line >= 1 Yr. Senior 10/23/19 Foodstuffs North Island Ltd Retails and distributes groceries 77.04 Revolver/Line >= 1 Yr. Senior 10/23/19 Foodstuffs North Island Ltd Retails and distributes groceries 38.52 Revolver/Line >= 1 Yr. Senior 10/23/19 Foodstuffs North Island Ltd Retails and distributes groceries 109.14 Revolver/Line >= 1 Yr. Senior 10/23/19 Fromageries Bel SA Produces and distributes cheese 69.56 Schuldschein Senior 10/23/19 Fromageries Bel SA Produces and distributes cheese 69.56 Schuldschein Senior 10/18/19 Cargill Inc Manufactures food ingredients 3750 Revolver/Line >= 1 Yr. Senior 87.5 10/18/19 Cargill Inc Manufactures food ingredients 1250 364-Day Facility Senior 87.5 10/16/19 High Liner Foods Provides packaged frozen seafood products 300 Term Loan B Senior 425 10/16/19 High Liner Foods Provides packaged frozen seafood products 180 Revolver/Line >= 1 Yr. Senior 150 10/14/19 Ecom Agroindustrial Corp Ltd Processes cotton and cocoa 433.3 Revolver/Line >= 1 Yr. Senior 10/14/19 Ecom Agroindustrial Corp Ltd Processes cotton and cocoa 216.7 Revolver/Line >= 1 Yr. Senior 10/10/19 B&G Foods Manufactures and sells frozen foods 450 Term Loan B Senior 250 10/9/19 China Shengmu Organic Milk Ltd Produces and distributes raw milk and dairy products 100 Revolver/Term Loan Senior 180 10/8/19 MCF Holdings Ltd Processes beef, pork and chicken 47.28 Revolver/Line >= 1 Yr. Senior 10/8/19 MCF Holdings Ltd Processes beef, pork and chicken 15.01 Term Loan Senior 10/4/19 Congelados de Navarra Produces frozen vegetable products 16.46 Term Loan Senior 10/4/19 Congelados de Navarra Produces frozen vegetable products 31.47 Revolver/Line >= 1 Yr. Senior

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 M&A OVERVIEW*

Median LTM Trading Multiples & Quarterly Food & Beverage M&A1

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

17.0x 240 43 55 16.0x 200 39 41 15.0x 17 46 160 36 19 38 14.0x 35 33 34 48 8 120 17 13.0x 211 18 20 201

Number of Transactions Number 167 167 170 80 25 12.0x 140 139 Median Trading Multiple Trading Median 131 137 118 126 119 125 8 107 111 93 93 11.0x 40 66 59

10.0x 0

Jul-19

Q415 Q317 Q219 Q215 Q315 Q116 Q216 Q316 Q416 Q117 Q217 Q417 Q118 Q218 Q318 Q418 Q119 Q319 Q419

Jan-19

Jun-19

Oct-18 Oct-19

Apr-19

Feb-19 Sep-19

Dec-18

Aug-19

Nov-18

Mar-19 May-19

Food Products, Processing, and Ingredients Retail and Restaurants Strategic Acquirer Private Equity Acquirer Recent Food and Beverage M&A1

Enterprise Enterprise Value Private Equity Geographic Announced Target Seller Buyer Value ($M) Sales EBITDA EBIT Involvement Location

11/6/2019 Diversified Restaurant Holdings - ICV Partners $181.5 1.2x 12.3x 42.8x P N.A. 11/4/2019 Hulman & Company Hulman & Company Penske Entertainment - - - - N.A. 11/4/2019 Chicken Salad Chick EMP Management Brentwood Associates - - - - P N.A. 10/29/2019 Sun-Rype Products The Jim Pattison Group Lassonde Industries $77.2 0.6x 11.2x - N.A. 10/29/2019 Food & Service Beteiligungsgesellschaft Steadfast Capital Finatem Beteiligungsgesellschaft - - - - P EU 10/28/2019 Byrne Dairy - Milk Bottling Facility Byrne Dairy Upstate Niagara Cooperative - - - - N.A. 10/28/2019 Buffalo Wild Wings - Four Corners Property Trust $2.4 - - - N.A. 10/25/2019 Warnock Food Products - Calbee North America - - - - N.A. 10/25/2019 Birch Creek Vineyard - Dumas Station Wines - - - - N.A. 10/24/2019 Strathearn Distillery - Douglas Laing & Co - - - - EU 10/24/2019 El Apple Restaurants El Apple Lone Star Apple - - - - N.A. 10/23/2019 Spence & Co. Alliance Select Foods International Acme Smoked Fish Of Massachusetts - - - - N.A. 10/23/2019 Sugarfina Sugarfina Bristol Capital Advisors $15.1 - - - P N.A. 10/23/2019 Joseph's Pasta Company Brynwood Partners Management LaSalle Capital - - - - P N.A. 10/23/2019 The Moon Under Water - Caledon Concepts - - - - N.A. 10/23/2019 Brianza Salumi di Vismara Luigi & C. S.r.l. - Rigamonti Salumificio - - - - EU 10/23/2019 Collalbrigo Grandi Vini S.R.L. - PROSIT - - - - EU 10/23/2019 Torrevento srl - PROSIT - - - - EU 10/22/2019 Hughson Nut APB Partners Olam International $54.0 - - - Cross Border 10/22/2019 Caladero S.L.U. Mercadona, S.A. GRUPO PROFAND, SL - - - - EU 10/21/2019 The Cross Keys Inn & Restaurant - Peter Watson (Skipton) Ltd - - - - EU 10/21/2019 Marco New American Bistro - Providence Street Restaurant Group - - - - N.A. 10/21/2019 Certain Assets of Passport Global Foods Passport Foods Skyview Capital - - - - P N.A. 10/21/2019 Innophos Holdings, Inc. One Rock Capital Partners $932.0 1.2x 9.1x 15.3x P N.A. 10/21/2019 Firelands Winery - Schiff Capital Group - - - - N.A. 10/19/2019 Salumi Boschi Fratelli S.p.A. - PARMACOTTO S.p.a. - - - - EU 10/18/2019 Gastone s.r.l. - CRM s.r.l. - - - - EU 10/18/2019 Southwest Deli Group - Sun Holdings - - - - N.A. 10/17/2019 20 A la Bonne Heure and Coeur de Blé of Crescendo RestaurationCrescendo Restauration Guichard-Perrachon Société Anonyme $22.2 - - - EU 10/17/2019 ARIVIA S.A. - Upfield Europe B.V. - - - - EU 10/16/2019 Sandel Foods Inc. - Puratos Canada Inc - - - - N.A. 10/16/2019 Substantially All Assets of Mahard Egg Farm Mahard Egg Farm Cal-Maine Foods - - - - N.A. 10/16/2019 Mad River Brewing - Yurok Agricultural Corp. - - - - N.A. 10/15/2019 Creative Snacks Co. - KIND LLC - - - - N.A. 10/15/2019 Franchise Located In The Bronx - Muscle Maker Franchising - - - - N.A. 10/14/2019 Carson's Cookie Fix - eCreamery - - - - N.A. 10/11/2019 Soaring Wings Soaring Wings ARC Group $18.0 0.3x - - N.A. 10/11/2019 Sainsbury's Supermarket Legal & General Group Supermarket Income REIT $76.6 - - - EU 10/11/2019 Agincourt Industries - Cracker Barrel Old Country Store $36.0 - - - N.A. 10/11/2019 Revolution Waves - Clearly Drinks - - - - EU

* M&A transactions include European and cross-border deals since 2015. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 M&A OVERVIEW

Recent Food and Beverage M&A1

Enterprise Enterprise Value Private Equity Geographic Announced Target Seller Buyer Value ($M) Sales EBITDA EBIT Involvement Location

10/10/2019 Matthew Walker 2 Sisters Food Group Valeo Foods $82.5 - - - EU 10/10/2019 Plant in Athy of Coca-Cola Consolidated Coca-Cola Consolidated Monster Beverage - - - - Cross Border 10/10/2019 Chanticleer Holdings - SONNET BioTherapeutics - - - - N.A. 10/10/2019 Cocktail Crate - Traverse City Whiskey - - - - N.A. 10/9/2019 Béquet Confections - Doscher's Candies - - - - N.A. 10/9/2019 popchips Verlinvest Velocity Snack Brands - - - - P N.A. 10/9/2019 Luché Tradition Volailles Production (Casino) Guichard-Perrachon Société L.D.C. S.A. - - - - EU 10/9/2019 Nimbus Foods Valeo Foods Meadow Foods - - - - EU 10/8/2019 Golden Greek Fresh/Happy Farm Produce - GrubMarket - - - - N.A. 10/8/2019 Arrowhead Mills/nSpired Natural Foods The Hain Celestial Group Hometown Food $15.0 - - - N.A. 10/8/2019 Blendtopia - Peak Foods - - - - N.A. 10/4/2019 Big Oz Industries - London Food Corporation - - - - EU 10/4/2019 Pastry Factory - Grupo Empresarial Palacios - - - - EU 10/3/2019 Gold Star Foods Castle Harlan Good Source Solutions - - - - P N.A. 10/3/2019 Applebee's Fishers AEI Fund Management Sky Development Alhambra $2.9 - - - N.A. 10/3/2019 Forneria Gusparo - Bouvard Italia - - - - EU 10/2/2019 Turtle Jack's Restaurant Tortoise Restaurant Group MTY Food Group - - - - N.A. 10/2/2019 Wonder Natural Foods - Wickapogue Management - - - - N.A. 10/2/2019 East Coast Subs restaurants - Cincinnati management group - - - - N.A. 10/2/2019 Assets of Robert Rothschild Farm Robert Rothschild Farm RKCA - - - - N.A. 10/2/2019 Kemper - H. & E. Reinert Westfalische Privat-Fleischerei - - - - EU 10/1/2019 Rue des Francs-Bourgeois restaurant assets - BMO Real Estate Partners $39.3 - - - EU 10/1/2019 Factory of Paterna in Valencia CEREALTO SIRO FOODS Bakery Iberian Investments - - - - EU 10/1/2019 Granum - East West Tea Company - - - - N.A. 10/1/2019 Captain Dan's Seafood - Champlain Financial Corporation - - - - P Cross Border 10/1/2019 Restaurants In Washington And Portland Restaurants Unlimited Ascend Hospitality Group - - - - N.A. 10/1/2019 Salad Collective - Snappy Salads Enterprises - - - - N.A. 9/30/2019 Cake Craft World - Dr. Oetker - - - - EU 9/30/2019 Assets and business of Mr Bagels Mr Bagels Limited Grupo Bimbo UK - - - - EU 9/27/2019 Outback Steakhouse Restaurant Property in Ohio Washington Prime Group Four Corners Property Trust $2.0 - - - N.A. 9/27/2019 The Wine & Cheese Place - TAVco Holdings - - - - N.A. 9/27/2019 Plantextrakt GmbH - Martin Bauer GmbH - - - - EU 9/27/2019 Hoca Meat Products BVBA - ZAPHIR SAS - - - - EU 9/26/2019 DRIP Beverages - SBD Capital $1.5 - - - N.A. 9/25/2019 Del Frisco's Double Eagle Steakhouses Del Frisco's Restaurant Landry's - - - - N.A. 9/25/2019 The Scottish Salmon Company Northern Link Bakkafrost $668.0 2.8x 12.3x 15.3x P EU 9/25/2019 4-elements R&L - Coffee Fellows - - - - EU 9/25/2019 Haas - Dawn Farm Foods - - - - EU 9/25/2019 Slygel - Borde SA - - - - EU 9/25/2019 All Assets of Spudulike Spudulike Albert Bartlett & Sons (Airdrie) - - - - EU 9/24/2019 La Bresse SAS/Sibert - Agrial S.A. - - - - EU 9/24/2019 Assets of Societe Fromagere De La Brie Societe Fromagere De La Brie Fromagerie Beillevaire - - - - EU 9/24/2019 Plant of Kronenbrot Kg Franz Mainz Kronenbrot Harry Brot GmbH - - - - EU 9/23/2019 Owen Roe . Vintage Wine Estates - - - - N.A. 9/21/2019 Outback Steakhouse - Triple Jin - - - - N.A. 9/20/2019 Axle Brewing Company - Eastern Market Brewing Company - - - - N.A. 9/19/2019 Foxtail Foods - David's Cookies - - - - N.A. 9/19/2019 Pani SAS - SAS PANIFRAIS - - - - EU 9/19/2019 Antico Forno A Legna - Italforno S.r.l. - - - - EU 9/19/2019 FigLeaf Brewing - March First Manufacturing - - - - N.A. 9/18/2019 Acque Minerali Dea Capital Alternative Funds SGR Coca-Cola HBC $97.4 - - - P EU 9/18/2019 Franchise in Midtown Manhattan - Muscle Maker Franchising - - - - N.A. 9/18/2019 Cameron's Coffee and Distribution Goldner Hawn Grupo Nutresa $113.0 1.6x - - P Cross Border 9/17/2019 Euro Dispal SARL SAS UNIPLANEZE Les Salaisons Dijonnaises A. Sabatier - - - - EU 9/16/2019 East End Foods Ltd East End Foods Holdings Exponent Private Equity - - - - P EU 9/13/2019 KFC restaurant at Geyer Springs Road, Little Rock - Ampex Brands Burleson $0.7 - - - N.A. 9/12/2019 Il Fornaio (America) IFCB Holding Corporation Create Restaurants $74.2 0.7x - 9.4x N.A. 9/12/2019 Islands West Manufacturing - Fresh Direct Produce - - - - N.A. 9/12/2019 Perkins & Marie Callender's - Huddle House $51.5 0.1x - - N.A. 9/12/2019 Modern Meat - Navis Resources $2.6 - - - N.A. 9/11/2019 Direct Store Delivery Snacks Business Conagra Brands Utz Quality Foods - - - - N.A. 9/11/2019 Func Food Group Sentica Partners Celsius Holdings $30.7 0.8x - - P Cross Border 9/11/2019 Freed Foods Advantage Capital Partners Grays Peak Capital - - - - P N.A. 9/10/2019 Five Wendys Restaurants in West Texas - Meritage Hospitality Group - - - - N.A. 9/10/2019 Anthony's Goods - ACH Food Companies - - - - N.A. 9/10/2019 Cafe Valley - Swander Pace Capital - - - - P N.A. 9/10/2019 Rochester Mills Production Brewery - Infamy Brews - - - - N.A. 9/10/2019 The Builders Arms Geronimo Inns Hippo Inns - - - - EU 9/10/2019 All Assets of Sugarfina Sugarfina Candy Cube Holdings - - - - N.A. 9/9/2019 Red Ace - Bhang Corporation $2.1 - - - N.A. 9/9/2019 AQUAhydrate The Yucaipa Companies Alkaline Water Company $50.8 3.4x - - P N.A. 9/9/2019 Altrincham Asda Aberdeen Standard Investments Tameside Metropolitan Borough Council $27.8 22.5x - - P EU 9/9/2019 Halo Top Brand of Eden Creamery Eden Creamery Wells Enterprises - - - - N.A. 9/8/2019 DiTondo's Tavern - Via Seneca $0.4 - - - N.A. 9/7/2019 Halewood Wines & Spirits - West Cork Distillers - - - - EU 9/7/2019 Eight Channels of DBX Analog Marquis Theater The Little Bear Saloon - - - - N.A. 9/6/2019 The Better Baking Company - Global Bakeries - - - - N.A.

PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar1

Date Company

10/31/2019 MGP Ingredients, Inc. 10/31/2019 Altria Group, Inc. 10/31/2019 DuPont de Nemours, Inc. November 2019 Date Company 11/1/2019 Colgate-Palmolive Company 11/1/2019 Natural Health Trends Corp. 11/4/2019 Phibro Animal Health Corporation 11/4/2019 Freshpet, Inc. 11/4/2019 The Mosaic Company 11/4/2019 Lancaster Colony Corporation 11/5/2019 Coca-Cola Consolidated, Inc. 11/5/2019 WW International, Inc. 11/5/2019 Green Plains Inc. 11/5/2019 Primo Water Corporation 11/6/2019 Flowers Foods, Inc. 11/6/2019 Hostess Brands, Inc. 11/6/2019 Arcadia Biosciences, Inc.

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2019 HARRIS WILLIAMS

SOURCES

1. Capital IQ 2. Unweighted Average 3. US Census Bureau 4. U.S. Bureau of Labor Statistics 5. Thomson Financial 6. S&P 7. Reuters

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