Food and Beverage

FOOD AND BEVERAGE

INDUSTRY UPDATE │ AUGUST 2016

www.harriswilliams.de

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

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

0 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW With transaction announcements that included Utz Quality Foods’ acquisition of . M&A MARKET OVERVIEW . DEBT MARKET OVERVIEW Golden Flake, Cott’s acquisition of S&D Coffee, and Amplify Snack Brands’ . RECENT M&A ACTIVITY acquisition of Tyrrells, July and August proved to be active months in food and . PUBLIC COMPARABLES . EARNINGS CALENDAR beverage M&A. Year-to-date, over 300 food and beverage transactions have been announced across North America and Europe – a rate that is expected to GROUP OVERVIEW Harris Williams & Co. is a leading match, if not exceed, 2015 levels. HW&Co. remains confident that strategic and advisor to the food and financial purchasers’ interest in the food sector will remain robust with growth in beverage market. Our significant experience covers a broad range the snack food, produce, and clean ingredient categories seen as particularly of end markets, industries, and business models. This particular appealing. 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

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

WHAT WE’RE READING

ORGANIC FOOD FIGHTS BACK AGAINST 'NON-GMO' RIVAL

Fueled by a trend where consumers are increasingly adopting Non-GMO Project verified foods, sales have grown from $7 billion to $16 billion in just two years – partially at the expense of their organic counterparts. Now, organic food companies are starting to cautiously voice concerns that consumers are unaware that non-GMO does not necessarily mean better-for-you.

Access the full article here.

WAL-MART, AMERICA'S LARGEST GROCER, IS NOW SELLING “UGLY” FRUIT AND VEGETABLES

In a bid to combat food waste – and provide consumers with more affordable, healthy produce – Wal-Mart has announced that it will begin selling “ugly” fruits and vegetables whose blemishes would have ordinarily landed them in a landfill. The move, which follows the lead of Whole Foods and Giant Eagle, is said to potentially transform the grocery market.

Access the full article here.

PACKAGING INNOVATION PLAYS KEY ROLE IN PURCHASING DECISIONS

Research suggests that the environmental impact of consumers’ eating habits is top-of-mind with 80% of consumers ascribing equal importance to reducing food and packaging waste. Recently, 52% of consumers stated that they prefer food purchases with minimal to no packaging, prompting many food companies to re-think their merchandising plans.

Access the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES1

Soybeans: (25.3%) Corn: 120 (39.5%) Wheat: 70 (51.6%) Crude Oil: 20 (51.3%)

Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Commodity PriceIndex Commodity Corn Soybeans Crude Oil Wheat

PROTEIN PRICE INDICES2,3

150 Beef: 140 20.9% 130 Pork: 120 9.0% 110 Poultry:

100 (1.3%) ProteinPriceIndex 90 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140

R e s t aur ant : 120 23. 8% G r o c e r y : 100 SalesIndex 12. 7%

80 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

Restaurant Grocery CONSUMER FOOD PRICE INDEX INFLATION2

5.0

4.0

3.0

2.0 Inflation(%) 1.0

0.0 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-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 6.4% (8.8%) (4.2%) 6.8% 14.6x 15.2x 7.1x 2.6x Fruit and Vegetable 7.3% 18.9% 3.7% (5.3%) 15.7x 20.1x 9.4x 0.6x Ingredients / Flavors 8.2% 16.0% 12.5% 15.9% 22.6x 26.8x 16.3x 1.3x

Inputs Agribusiness 8.4% (6.6%) 10.9% 4.7% 18.8x 20.1x 9.7x 1.9x Branded Processed Foods 8.9% 20.2% 5.7% 13.2% 22.8x 28.7x 14.8x 2.3x Private Label Foods and Beverages 6.7% 26.1% 0.5% 0.8% 32.6x 31.8x 10.7x 3.3x Natural / Organic Foods / BFY 17.2% 2.1% 3.8% (7.7%) 21.4x 29.6x 16.9x 3.7x Baked Goods 1.0% 3.6% (7.0%) (7.8%) 17.0x 31.6x 9.5x 2.5x Dairy 4.1% 2.6% 3.5% 2.6% 21.9x 26.5x 13.5x 1.6x Non-Alcoholic Beverages 5.2% 13.8% 6.5% 7.9% 21.7x 25.4x 13.7x 1.9x Alcoholic Beverages 0.2% 9.4% 1.7% 3.6% 21.3x 33.0x 15.1x 2.6x Food and BeverageFood and Snacks 13.9% 3.1% 6.2% 9.6% 22.8x 30.6x 15.0x 1.6x Grocery Distribution 9.9% 6.2% 9.1% (2.2%) 18.6x 19.2x 7.2x 1.8x Food Retail 2.0% (7.2%) (14.5%) (21.5%) 17.7x 21.1x 7.2x 1.0x Foodservice (13.7%) (24.7%) (0.8%) 6.3% 22.2x 37.5x 9.6x 4.4x Quick Service Restaurant 4.3% 3.9% (2.8%) (13.2%) 22.1x 25.1x 12.5x 2.3x Fast Casual (2.8%) (31.4%) (5.4%) (23.3%) 39.0x 42.7x 10.6x 0.7x Differentiated Casual 4.6% (10.5%) 7.0% (14.2%) 23.5x 27.0x 10.3x 1.5x Casual Dining Restaurant (0.9%) (13.3%) (6.8%) (22.5%) 15.7x 19.4x 8.4x 2.1x Fine Dining (10.4%) (9.9%) (13.2%) (21.2%) 15.1x 16.9x 8.1x 2.3x

Consumer and Retail and Consumer Pizza 19.8% 3.0% 2.3% (14.7%) 28.5x 31.6x 16.5x 4.1x Beverage / Snack Retail (0.6%) (2.9%) (0.8%) (15.6%) 27.6x 36.1x 15.6x 2.6x Family Restaurant (2.9%) (8.6%) 5.7% (15.8%) 19.0x 33.3x 9.8x 2.1x Overall Median 4.3% 4.3% 1.2% (5.7%) 21.4x 26.5x 11.2x 2.1x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

PUBLIC EQUITY MARKET OVERVIEW

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

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

(35.0%) (20.0%) (5.0%) 10.0% 25.0% 40.0% Inputs Food and Beverage Consumer and Retail

RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 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 Corp. Purp. Reduce Indebtedness 08/04/16 08/04/16 Global Gardens Group Inc VGM Follow-On $3.9 Marketing & Sales Prod Dev/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 Corp. Purp. 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 Corp. Purp. Reduce Indebtedness 06/07/16 - Naturally Splendid Entrp Ltd RCE.P Follow-On $1.2 Prod Dev / R&D General Corp. Purp. 06/03/16 06/03/16 Constellation Brands Inc STZ Follow-On - General Corp. Purp.

06/02/16 05/26/16 Reed's Inc REED Follow-On $2.4 General Corp. Purp. Working Capital 05/19/16 05/04/16 Amplify Snack Brands Inc BETR Follow-On $112.5 Secondary Pay Fees & Expenses

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 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 8/14/16 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 $38.70 71.1% $30,554 $31,263 $19,074 $2,230 (9.9%) (2.1%) 7.4% 11.7% 31.8x 1.64x 14.0x 1.82x 15.3x B&G Foods, Inc. BGS 48.63 92.0% 3,204 4,644 1,214 281 41.3% 22.5% 34.7% 23.2% 30.7x 3.83x 16.5x 3.30x 14.3x Campbell Soup Company CPB 60.96 89.8% 18,707 22,007 7,967 1,574 (3.3%) 0.5% 34.5% 19.8% 26.6x 2.76x 14.0x 2.75x 12.3x ConAgra Foods, Inc. CAG 46.58 95.4% 20,333 25,108 11,643 1,624 (26.5%) (9.1%) 27.1% 13.9% NA 2.16x 15.5x 2.17x 12.5x General Mills, Inc. GIS 71.17 97.6% 42,412 51,300 16,563 3,396 (6.1%) (2.3%) 36.0% 20.5% 25.6x 3.10x 15.1x 3.13x 14.7x Hormel Foods Corporation HRL 37.06 81.1% 19,451 19,324 9,182 1,329 (3.4%) 2.8% 22.9% 14.5% 25.4x 2.10x 14.5x 2.04x 13.4x Kellogg Company K 83.53 95.8% 29,208 36,888 13,136 1,943 (7.6%) (4.0%) 39.9% 14.8% 47.9x 2.81x 19.0x 2.83x 14.7x McCormick & Company, Incorporated MKC 101.78 94.4% 12,814 14,268 4,355 733 2.5% 2.4% 40.5% 16.8% 29.9x 3.28x 19.5x 3.22x 18.3x Nestle S.A. NESN-CH 81.99 99.6% 255,651 272,371 92,208 17,214 (7.9%) (1.2%) 49.7% 18.7% 27.5x 2.95x 15.8x 2.92x 15.3x Post Holdings, Inc. POST 82.40 92.6% 5,358 8,831 5,076 907 NM 72.5% 28.5% 17.9% NA 1.74x 9.7x 1.73x 9.5x Hershey Company HSY 111.47 94.6% 17,060 19,925 7,336 1,706 (2.0%) 2.4% 45.0% 23.3% 32.7x 2.72x 11.7x 2.68x 11.3x J. M. Smucker Company SJM 152.83 97.2% 17,704 23,024 7,811 1,763 37.2% 9.8% 35.5% 22.6% 26.4x 2.95x 13.1x 2.96x 13.4x Mean 1.3% 7.8% 33.5% 18.1% 30.5x 2.67x 14.9x 2.63x 13.8x Median (3.4%) 1.4% 35.1% 18.3% 28.7x 2.79x 14.8x 2.79x 13.9x Private Label Foods and Beverages Cott Corporation BCB-CA $16.91 97.2% $2,351 $3,622 $2,889 $340 12.3% 10.0% 32.7% 11.8% NM 1.25x 10.7x 1.13x 9.2x Seneca Foods Corporation SENEA 33.45 81.8% 333 636 1,302 93 2.3% 0.6% 7.9% 7.2% 6.4x 0.49x 6.8x NA NA TreeHouse Foods, Inc. THS 98.02 93.8% 5,547 8,393 4,476 473 38.1% 26.8% 16.0% 10.6% 57.2x 1.88x 17.7x 1.34x 12.6x Mean 17.5% 12.5% 18.9% 9.8% 31.8x 1.21x 11.7x 1.23x 10.9x Median 12.3% 10.0% 16.0% 10.6% 31.8x 1.25x 10.7x 1.23x 10.9x Natural / Organic Foods / Better-For-You Amplify Snack Brands Inc BETR $14.57 87.5% $1,136 $1,339 $206 $69 26.8% NA 52.5% 33.5% NM 5.00x 16.9x 5.23x 14.6x SunOpta Inc. SOY-CA 6.71 70.1% 556 1,112 1,222 36 3.4% 2.3% 9.5% 2.9% NA 1.20x 16.0x 0.78x 11.2x Pinnacle Foods, Inc. PF 49.55 96.3% 5,862 8,892 2,869 574 9.3% 5.3% 28.5% 20.0% 29.6x 3.10x 15.5x 2.83x 13.7x Hain Celestial Group, Inc. HAIN 55.35 80.6% 5,524 6,316 2,888 374 12.2% 21.5% 22.1% 12.9% 26.7x 2.19x 16.9x 2.07x 15.5x WhiteWave Foods Company WWAV 55.15 97.1% 9,760 11,845 4,121 534 14.4% 19.6% 35.2% 13.0% 51.5x 2.87x 22.2x 2.75x 20.1x Mean 13.2% 12.2% 29.6% 16.5% 35.9x 2.87x 17.5x 2.73x 15.0x Median 12.2% 12.5% 28.5% 13.0% 29.6x 2.87x 16.9x 2.75x 14.6x Baked Goods Aryzta AG ARYN-CH $38.82 70.0% $3,546 $5,529 $3,651 $705 (23.4%) (13.0%) 31.2% 19.3% NA 1.51x 7.8x 1.26x 7.8x Flowers Foods, Inc. FLO 14.85 54.4% 3,157 4,185 3,883 440 3.6% 3.6% 45.3% 11.3% 17.3x 1.08x 9.5x 1.06x 9.1x George Weston Limited WN-CA 90.24 97.5% 11,536 25,160 35,881 2,906 (28.2%) 2.8% 28.8% 8.1% 32.7x 0.70x 8.7x 0.67x 8.3x Grupo Bimbo SAB de CV BIMBOA-MX 3.03 92.8% 14,459 18,332 13,485 1,641 (4.9%) (0.2%) 54.4% 12.2% 44.7x 1.36x 11.2x 1.35x 12.2x Lancaster Colony Corporation LANC 130.91 96.2% 3,559 3,465 1,184 201 9.1% 0.4% 25.1% 16.9% 30.6x 2.93x 17.3x 2.83x 16.7x Mean (8.8%) (1.3%) 36.9% 13.6% 31.3x 1.52x 10.9x 1.44x 10.8x Median (4.9%) 0.4% 31.2% 12.2% 31.6x 1.36x 9.5x 1.26x 9.1x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

PUBLIC COMPARABLES5

Dairy Danone SA BN-FR $78.14 99.1% $51,227 $60,324 $24,482 $4,025 (7.3%) (3.0%) 51.2% 16.4% 24.6x 2.46x 15.0x 2.42x 13.9x Dean Foods Company DF 17.47 82.5% 1,566 2,451 7,784 442 (11.9%) (6.9%) 26.5% 5.7% 14.4x 0.31x 5.5x 0.32x 5.3x Emmi AG EMMN-CH 648.82 98.3% 3,506 3,868 3,338 321 (10.2%) 1.7% 19.2% 9.6% 28.4x 1.16x 12.0x 1.14x 11.9x Glanbia Plc GL9-IE 19.63 93.8% 5,864 6,508 3,077 347 (8.6%) 2.7% 8.7% 11.3% 28.5x 2.12x 18.7x 2.03x 16.8x Lifeway Foods, Inc. LWAY 10.60 70.1% 172 173 122 7 1.7% 12.1% 25.8% 6.0% NM 1.42x 23.8x 1.22x 17.8x Parmalat S.p.A. PLT-IT 2.64 93.8% 4,911 4,728 7,134 396 (1.6%) 1.1% 2.3% 5.5% 28.4x 0.66x 11.9x 0.65x 9.5x Saputo Inc. SAP-CA 33.35 99.3% 13,163 14,175 8,334 930 (7.9%) 2.5% 18.7% 11.2% 26.5x 1.70x 15.2x 1.64x 14.4x Savencia SA SAVE-FR 65.41 96.9% 910 1,438 4,926 296 (19.4%) (2.1%) 3.0% 6.0% 14.2x 0.29x 4.9x 0.29x 4.6x Mean (8.1%) 1.0% 19.4% 9.0% 23.6x 1.27x 13.4x 1.21x 11.8x Median (8.3%) 1.4% 18.9% 7.8% 26.5x 1.29x 13.5x 1.18x 12.9x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG-GB $6.64 72.8% $772 $787 $393 $78 (7.8%) 1.4% 46.1% 19.9% 17.3x 2.00x 10.1x 2.34x 11.7x Cott Corporation BCB-CA 16.91 97.2% 2,351 3,622 2,889 340 12.3% 10.0% 32.7% 11.8% NM 1.25x 10.7x 1.13x 9.2x Dr Pepper Snapple Group, Inc. DPS 97.23 98.4% 17,984 20,657 6,311 1,577 1.8% 1.7% 59.3% 25.0% 22.2x 3.27x 13.1x 3.22x 12.9x Lassonde Industries, Inc. LAS.A 164.69 100.0% 522 803 1,150 126 3.4% 3.8% 27.7% 11.0% 23.4x 0.70x 6.4x 0.67x 6.1x Monster Beverage Corporation MNST 161.18 96.8% 30,729 30,250 2,905 1,134 13.4% 10.9% 62.4% 39.0% 50.4x 10.41x 26.7x 9.88x 24.1x National Beverage Corp. FIZZ 55.74 86.1% 2,553 2,448 705 112 9.1% 2.1% 37.1% 15.9% 41.9x 3.47x 21.8x NA NA PepsiCo, Inc. PEP 108.59 97.9% 156,465 178,835 62,173 12,567 (4.8%) (2.0%) 55.0% 20.2% 30.6x 2.88x 14.2x 2.85x 14.1x Coca-Cola Company KO 44.03 93.4% 190,941 215,115 42,661 11,542 (6.0%) (3.5%) 60.1% 27.1% 25.4xNA 5.04x 18.6x 5.19x 18.2x Mean 2.7% 3.1% 47.5% 21.2% 30.2x 3.63x 15.2x 3.61x 13.8x Median 2.6% 1.9% 50.6% 20.0% 25.4x 3.07x 13.7x 2.85x 12.9x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $126.04 93.8% $203,404 $252,361 $42,551 $15,353 (9.3%) 2.4% 59.8% 36.1% 50.9x 5.93x 16.4x 5.87x 15.3x Brown-Forman Corporation BF.B 97.97 89.7% 19,898 21,136 3,028 1,027 (1.3%) 2.1% 70.4% 33.9% 18.8x 6.98x 20.6x 6.86x 19.2x Carlsberg A/S CARL.B-DK 100.22 98.1% 15,579 20,913 9,716 1,869 (15.3%) (5.7%) 45.9% 19.2% NA 2.15x 11.2x 2.17x 11.1x Constellation Brands, Inc. STZ 165.51 98.4% 33,115 41,397 6,786 2,245 10.6% 33.8% 47.2% 33.1% 31.3x 6.10x 18.4x 5.75x 17.2x Diageo plc DGE-GB 28.21 95.8% 70,929 84,881 15,532 4,862 (8.7%) (4.3%) 59.8% 31.3% 24.4x 5.46x 17.5x 5.93x 17.7x Heineken NV HEIA-NL 89.89 91.2% 52,301 66,740 22,745 4,822 (4.7%) (2.5%) 12.2% 21.2% 34.7x 2.93x 13.8x 2.88x 12.1x Kirin Holdings Company, Limited 2503-JP 16.56 91.4% 15,629 24,771 18,293 2,034 (5.4%) (10.8%) 43.5% 11.1% NA 1.35x 12.2x 1.17x 10.4x Pernod Ricard SA RI-FR 118.61 99.1% 31,578 41,694 9,763 3,528 (7.8%) (3.8%) 62.1% 36.1% 29.2x 4.27x 11.8x 4.19x 14.5x SABMiller plc SAB-GB 56.71 85.4% 91,729 102,954 19,833 4,854 (10.4%) (5.1%) 22.2% 24.5% 39.4x 5.19x 21.2x 4.25x 16.8x Sapporo Holdings Limited 2501-JP 26.17 84.3% 2,063 4,319 4,598 388 (0.1%) (7.4%) 35.1% 8.4% 38.1x 0.94x 11.1x 0.80x 9.3x Mean (5.2%) (0.1%) 45.8% 25.5% 33.3x 4.13x 15.4x 3.99x 14.4x Median (6.6%) (4.1%) 46.5% 27.9% 33.0x 4.73x 15.1x 4.22x 14.9x Snacks Golden Enterprises, Inc. GLDC $11.89 95.6% $134 $139 $136 $9 3.1% (0.4%) 49.8% 6.4% 42.5x 1.02x 15.8x NA NA Inventure Foods, Inc. SNAK 9.46 96.3% 188 295 278 8 (4.4%) 13.0% 14.8% 2.7% NA 1.06x NM 1.02x 17.1x J & J Snack Foods Corp. JJSF 122.37 97.4% 2,290 2,178 990 154 2.1% 4.3% 33.1% 15.6% 30.9x 2.20x 14.1x 2.17x 13.8x John B. Sanfilippo & Son, Inc. JBSS 46.38 63.7% 405 491 942 69 8.5% 9.2% 11.9% 7.4% 16.8x 0.52x 7.1x 0.54x NA Mondelez International, Inc. MDLZ 43.17 91.0% 66,826 82,435 26,970 4,855 (17.2%) 1.3% 40.6% 18.0% 9.3x 3.06x 17.0x 3.14x 17.1x PepsiCo, Inc. PEP 108.59 97.9% 156,465 178,835 62,173 12,567 (4.8%) (2.0%) 55.0% 20.2% 30.6x 2.88x 14.2x 2.85x 14.1x Snyder's-Lance, Inc. LNCE 35.29 90.3% 3,369 4,742 1,895 219 12.7% 3.5% 35.8% 11.6% NM 2.50x 21.6x 2.05x 15.0x Mean (0.0%) 4.1% 34.4% 11.7% 26.0x 1.89x 15.0x 1.96x 15.4x Median 2.1% 3.5% 35.8% 11.6% 30.6x 2.20x 15.0x 2.11x 15.0x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $42.05 66.5% $1,845 $1,483 $1,909 $515 21.1% 14.0% 13.4% 27.0% 6.5x 0.78x 2.9x 0.91x 5.1x JBS S.A. JBSS3-BR 3.49 76.9% 10,087 24,275 48,241 3,397 (6.8%) 6.9% 10.8% 7.0% NM 0.50x 7.1x 0.40x 5.5x Sanderson Farms, Inc. SAFM 89.75 93.5% 2,031 1,808 2,717 298 (6.7%) 2.9% 16.4% 11.0% 14.9x 0.67x 6.1x 0.63x 5.6x Seaboard Corporation SEB 3,118.00 89.1% 3,761 3,103 5,390 283 (12.8%) (5.9%) 8.9% 5.2% 15.6x 0.58x 11.0x NA NA Tyson Foods, Inc. TSN 75.37 99.8% 22,335 28,327 38,310 3,587 (6.5%) 4.4% 12.7% 9.4% 18.2x 0.74x 7.9x 0.76x 7.7x Mean (2.3%) 4.5% 12.5% 11.9% 13.8x 0.65x 7.0x 0.68x 6.0x Median (6.7%) 4.4% 12.7% 9.4% 15.2x 0.67x 7.1x 0.70x 5.6x Fruit and Vegetable Calavo Growers, Inc. CVGW $61.80 89.8% $1,070 $1,097 $865 $56 3.5% 12.9% 12.2% 6.5% 35.9x 1.27x 19.6x 1.18x 16.9x Fresh Del Monte Produce Inc. FDP 60.23 99.0% 3,082 3,257 4,077 356 3.8% 5.1% 13.3% 8.7% 23.3x 0.80x 9.1x 0.81x 9.9x Seneca Foods Corporation SENEA 33.45 81.8% 333 636 1,302 93 2.3% 0.6% 7.9% 7.2% 6.4x 0.49x 6.8x NA NA Total Produce Plc T7O-IE 1.71 89.5% 551 652 3,189 68 (9.9%) 0.7% 13.5% 2.1% 17.0x 0.20x 9.6x 0.18x 8.6x Mean (0.1%) 4.8% 11.7% 6.1% 20.7x 0.69x 11.3x 0.72x 11.8x Median 2.9% 2.9% 12.7% 6.8% 20.1x 0.64x 9.4x 0.81x 9.9x Ingredients / Flavors Givaudan SA GIVN-CH $2,118.57 98.5% $19,616 $20,267 $4,565 $1,075 (5.1%) 0.2% 42.6% 23.5% 28.6x 4.44x 18.9x 4.23x 17.4x Ingredion Incorporated INGR 135.96 99.3% 9,743 11,093 5,657 1,016 0.9% (4.7%) 25.2% 18.0% 21.7x 1.96x 10.9x 1.95x 11.0x International Flavors & Fragrances Inc. IFF 135.59 97.0% 10,816 11,771 3,058 706 (0.5%) 2.1% 45.2% 23.1% 26.5x 3.85x 16.7x 3.78x 16.1x Kerry Group Plc KRZ-IE 87.19 90.5% 15,321 17,142 6,782 994 (3.8%) (3.7%) 9.9% 14.7% 26.8x 2.53x 17.2x 2.50x 17.3x Sensient Technologies Corporation SXT 74.01 97.5% 3,307 3,909 1,387 246 (0.7%) (1.9%) 34.5% 17.8% 31.4x 2.82x 15.9x 2.77x 14.5x Symrise AG SY1-DE 75.60 97.6% 9,861 NA 3,033 NA 0.9% 9.3% NA NA 34.4x NA NA NA NA Tate & Lyle PLC TATE-GB 9.51 98.5% 4,408 4,973 3,547 440 (5.9%) (11.7%) 6.9% 12.4% 20.9x 1.40x 11.3x 1.53x 11.6x Mean (2.0%) (1.5%) 27.4% 18.2% 27.2x 2.83x 15.1x 2.79x 14.6x Median (0.7%) (1.9%) 29.8% 17.9% 26.8x 2.67x 16.3x 2.63x 15.3x Agribusiness Archer-Daniels-Midland Company ADM $44.07 91.5% $25,464 $30,905 $63,037 $2,095 (14.2%) 12.6% 7.9% 3.3% 17.7x 0.49x 14.8x 0.48x 10.2x Bunge Limited BG 65.76 82.3% 9,196 12,025 41,324 1,736 (14.8%) (13.0%) 8.4% 4.2% 13.1x 0.29x 6.9x 0.29x 6.6x CF Industries Holdings, Inc. CF 22.35 34.9% 5,409 12,115 4,181 1,657 (5.0%) (10.8%) 33.1% 39.6% 28.6x 2.90x 7.3x 3.02x 9.6x Darling Ingredients Inc. DAR 14.83 93.1% 2,414 4,263 3,321 429 (11.5%) 23.9% 14.8% 12.9% 22.2x 1.28x 9.9x 1.26x 9.4x Monsanto Company MON 105.25 92.1% 45,937 55,230 13,266 3,670 (13.0%) (3.5%) 57.9% 27.7% 43.4x 4.16x 15.0x 4.07x 14.5x Andersons, Inc. ANDE 37.32 96.3% 1,025 1,543 3,991 23 (6.6%) (10.3%) 5.8% 0.6% NA 0.39x NM 0.37x 12.0x Mosaic Company MOS 27.18 62.0% 9,956 12,802 7,617 1,348 (17.7%) NA 7.4% 17.7% 17.9x 1.68x 9.5x 1.80x 11.6x Mean (11.9%) (0.2%) 19.3% 15.1% 23.8x 1.60x 10.6x 1.61x 10.6x Median (13.0%) (6.9%) 8.4% 12.9% 20.1x 1.28x 9.7x 1.26x 10.2x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $91.97 98.9% $63 $80 $1,296 $14 1.8% 2.6% 5.6% 1.1% 10.4x 0.06x 5.8x NA NA Core-Mark Holding Company, Inc. CORE 43.78 87.6% 2,019 2,229 12,505 131 17.8% 10.9% 5.1% 1.0% 37.3x 0.18x 17.0x 0.16x 14.0x Performance Food Group Company PFGC 26.52 94.3% 3,082 4,285 NA NA NA NA 12.3% NA 47.4x NA NA 0.26x 11.5x SpartanNash Company SPTN 30.99 91.6% 1,150 1,637 7,618 227 (3.5%) NA 14.7% 3.0% 18.6x 0.21x 7.2x 0.21x 7.1x SUPERVALU INC. SVU 5.00 54.3% 1,478 3,912 17,318 753 (3.8%) 14.1% 15.0% 4.3% 9.0x 0.23x 5.2x 0.22x 5.3x United Natural Foods, Inc. UNFI 49.67 89.2% 2,522 2,948 8,318 301 5.4% 13.0% 15.1% 3.6% 19.8x 0.35x 9.8x 0.33x 9.6x Mean 3.6% 10.2% 11.3% 2.6% 23.8x 0.21x 9.0x 0.24x 9.5x Median 1.8% 12.0% 13.5% 3.0% 19.2x 0.21x 7.2x 0.22x 9.6x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $169.04 99.6% $73,915 $73,251 $144,038 $5,918 24.6% 11.8% 13.5% 4.1% 31.8x 0.51x 12.4x 0.60x 14.4x Establishments Delhaize Freres DELB-BE 114.92 99.5% NA NA 27,293 1,642 (2.0%) 0.9% 24.5% 6.0% 23.7x NA NA NA NA Ingles Markets, Incorporated IMKTA 37.12 64.4% 522 1,414 3,785 238 (0.1%) 0.1% 24.3% 6.3% 13.4x 0.37x 5.9x 0.37x 5.8x J Sainsbury plc SBRY-GB 3.07 71.4% 5,827 8,695 35,387 1,889 (7.5%) (1.3%) 6.1% 5.3% 9.8x 0.25x 4.6x 0.28x 5.5x Royal Ahold N.V. AH-NL 24.41 95.4% 31,241 30,187 43,131 2,842 1.9% 0.6% 27.7% 6.6% 19.2x 0.70x 10.6x 0.44x 7.2x Natural Grocers by Vitamin Cottage NGVC 11.98 46.3% 275 322 687 47 14.9% 19.2% 25.0% 6.9% 21.1x 0.47x 6.8x 0.44x 6.7x Sprouts Farmers Markets, Inc. SFM 22.66 75.5% 3,421 3,625 3,858 321 18.3% NA 27.7% 8.3% 24.5x 0.94x 11.3x 0.89x 11.2x SUPERVALU INC. SVU 5.00 54.3% 1,478 3,912 17,318 753 (3.8%) 14.1% 15.0% 4.3% 9.0x 0.23x 5.2x 0.22x 5.3x Tesco PLC TSCO-GB 2.08 65.1% 16,611 26,016 82,336 3,296 (18.6%) (6.4%) 5.1% 4.0% 41.9x 0.32x 7.9x 0.37x 8.3x Kroger Co. KR 32.58 76.2% 31,061 42,206 111,383 5,909 2.6% 4.5% 20.9% 5.3% 15.3x 0.38x 7.1x 0.36x 7.0x Village Super Market, Inc. VLGEA 31.00 97.3% 308 273 1,603 66 1.8% 2.9% 26.0% 4.1% 19.9x 0.17x 4.2x NA NA Weis Markets, Inc. WMK 51.79 96.1% 1,391 1,268 2,915 173 3.0% 2.5% 25.1% 6.0% 21.4x 0.44x 7.3x NA NA Whole Foods Market, Inc. WFM 30.90 86.8% 9,924 10,228 15,665 1,368 3.0% 6.8% 34.7% 8.7% 21.8x 0.65x 7.5x 0.64x 7.7x Mean 2.9% 4.6% 21.2% 5.8% 21.0x 0.45x 7.6x 0.46x 7.9x Median 1.9% 2.7% 24.5% 6.0% 21.1x 0.41x 7.2x 0.40x 7.1x

Foodservice Colabor Group Inc. GCL-CA $0.63 66.5% $18 $172 $1,139 $21 (10.2%) (7.7%) 2.0% 1.9% NA 0.15x 8.0x NA 6.6x Sysco Corporation SYY 52.21 96.7% 29,404 33,232 49,121 2,634 1.1% 3.9% 17.9% 5.4% 37.5x 0.68x 12.6x 0.63x 11.7x Chefs' Warehouse, Inc. CHEF 11.35 54.6% 293 590 1,129 62 23.0% 25.1% 24.7% 5.4% NM 0.52x 9.6x 0.50x 10.8x Mean 4.6% 7.1% 14.8% 4.2% 37.5x 0.45x 10.1x 0.56x 9.7x Median 1.1% 3.9% 17.9% 5.4% 37.5x 0.52x 9.6x 0.56x 10.8x Quick Service Restaurant Bojangles, Inc. BOJA $17.00 73.8% $617 $811 $512 $78 10.7% NA 21.0% 15.2% 18.3x 1.58x 10.4x 1.52x 10.3x Jack in the Box Inc. JACK 98.93 99.2% 3,235 4,124 1,555 318 1.6% 14.5% 29.4% 20.4% 30.0x 2.65x 13.0x 2.59x 12.3x McDonald's Corporation MCD 119.52 90.6% 101,140 124,022 25,125 9,070 (3.4%) (3.3%) 41.3% 36.1% 22.8x 4.94x 13.7x 5.08x 13.3x Popeyes Louisiana Kitchen, Inc. PLKI 56.93 90.4% 1,247 1,332 262 83 6.8% 12.0% 82.0% 31.7% 30.0x 5.09x 16.0x 4.82x 14.9x Restaurant Brands International Inc QSR 47.43 98.9% 11,109 20,659 4,092 1,727 53.0% NA 46.7% 42.2% 42.8x 5.05x 12.0x 4.99x 11.0x Sonic Corp. SONC 28.88 79.5% 1,401 1,893 619 170 4.2% 5.0% 35.9% 27.4% 23.2x 3.06x 11.1x 3.13x 10.8x Wendy's Company WEN 9.98 87.7% 2,678 4,794 1,690 449 (13.6%) (12.5%) 39.0% 26.6% 19.0x 2.84x 10.7x 3.39x 12.1x Yum! Brands, Inc. YUM 89.96 99.2% 35,066 39,539 13,005 2,780 (0.6%) (0.4%) 27.0% 21.4% 27.1x 3.04x 14.2x 2.98x 13.0x Mean 7.3% 2.6% 40.3% 27.6% 26.6x 3.53x 12.6x 3.56x 12.2x Median 2.9% 2.3% 37.5% 27.0% 25.1x 3.05x 12.5x 3.26x 12.2x

Fast Casual Chipotle Mexican Grill, Inc. CMG $397.33 52.4% $11,573 $11,303 $4,047 $484 (8.9%) 11.2% 11.9% 12.0% 58.9x 2.79x 23.3x 2.79x NM El Pollo Loco Holdings Inc LOCO 13.78 89.2% 535 642 367 61 3.0% NA 21.9% 16.6% 23.6x 1.75x 10.6x 1.68x 9.9x Fiesta Restaurant Group, Inc. FRGI 22.81 40.6% 638 704 710 95 9.7% 10.3% 25.9% 13.4% 17.8x 0.99x 7.4x 0.98x 7.2x Habit Restaurants, Inc. HABT 15.09 53.8% 272 264 257 26 24.5% NA 17.1% 10.3% 54.0x 1.02x 10.0x 0.93x 8.5x Noodles & Co. NDLS 7.04 47.1% 184 261 470 28 7.8% 13.0% 8.7% 5.9% NA 0.56x 9.5x 0.53x 9.4x Panera Bread Company PNRA 221.24 98.7% 4,970 5,212 2,740 400 4.7% 6.8% 15.5% 14.6% 37.3x 1.90x 13.0x 1.86x 12.8x Potbelly Corp. PBPB 12.90 86.1% 327 298 392 38 11.7% NA 16.2% 9.7% 48.1x 0.76x 7.8x 0.73x 7.6x Shake Shack, Inc. SHAK 37.96 64.4% 901 882 225 44 NA NA 27.9% 19.6% NM 3.92x 20.0x 3.42x 19.9x Zoe's Kitchen, Inc. ZOES 36.14 85.4% 714 720 244 21 29.4% 39.2% 64.6% 8.5% NM 2.95x 34.7x 2.57x 29.3x Mean 10.2% 16.1% 23.3% 12.3% 39.9x 1.85x 15.1x 1.72x 13.1x Median 8.7% 11.2% 17.1% 12.0% 42.7x 1.75x 10.6x 1.68x 9.6x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $40.73 84.9% $980 $1,048 $956 $131 9.0% 8.6% 14.2% 13.7% 20.9x 1.10x 8.0x 1.04x 7.9x Buffalo Wild Wings, Inc. BWLD 167.05 81.2% 3,016 3,079 1,944 299 17.9% 18.8% 14.1% 15.4% 31.0x 1.58x 10.3x 1.52x 9.9x Chuy's Holdings, Inc. CHUY 33.42 88.5% 566 552 311 40 16.0% 17.5% 17.5% 12.7% 39.2x 1.78x 14.0x 1.64x 12.9x Dave & Buster's Entertainment, Inc. PLAY 45.19 90.6% 1,857 2,128 906 206 17.0% 13.9% 25.6% 22.8% 27.0x 2.35x 10.3x 2.17x 9.1x Ignite Restaurant Group, Inc. IRG 1.11 18.6% 30 143 475 22 17.3% 36.0% 4.9% 4.7% NA 0.30x 6.5x 0.31x 6.4x Cheesecake Factory Incorporated CAKE 51.11 88.7% 2,502 2,514 2,166 270 17.3% 36.0% 16.7% 12.5% 20.7x 1.16x 9.3x 1.11x 8.8x Wingstop, Inc. WING 32.52 98.2% 924 997 85 30 16.2% NA 69.6% 35.8% NM 11.80x 33.0x 10.90x 29.9x Mean 15.8% 21.8% 23.2% 16.8% 27.7x 2.87x 13.0x 2.67x 12.1x Median 17.0% 18.1% 16.7% 13.7% 27.0x 1.58x 10.3x 1.52x 9.1x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $18.97 85.8% $2,162 $3,334 $4,319 $434 (3.5%) 2.1% 11.4% 10.1% 40.2x 0.77x 7.7x 0.77x 7.3x Brinker International, Inc. EAT 54.13 95.4% 3,050 NA 3,257 488 8.5% 4.6% 16.3% 15.0% 16.0x NA NA NA NA Darden Restaurants, Inc. DRI 62.75 85.8% 7,872 8,161 6,934 904 2.5% (6.8%) 19.1% 13.0% 21.5x 1.18x 9.0x 1.16x 8.4x DineEquity, Inc. DIN 75.86 73.7% 1,383 2,637 658 265 (2.5%) (1.9%) 59.2% 40.3% 13.9x 4.01x 10.0x 4.08x 9.9x Red Robin Gourmet Burgers, Inc. RRGB 52.07 62.0% 691 969 1,277 144 3.2% 8.6% 15.6% 11.3% 17.3x 0.76x 6.7x 0.73x 6.6x Ruby Tuesday, Inc. RT 3.24 45.0% 196 352 1,091 79 (3.1%) (4.5%) 14.5% 7.2% NA 0.32x 4.5x 0.33x 4.6x Texas Roadhouse, Inc. TXRH 46.09 94.1% 3,280 3,243 1,917 250 12.5% 13.0% 15.9% 13.0% 29.5x 1.69x 13.0x 1.61x 12.1x Mean 2.5% 2.2% 21.7% 15.7% 23.1x 1.46x 8.5x 1.45x 8.1x Median 2.5% 2.1% 15.9% 13.0% 19.4x 0.97x 8.4x 0.97x 7.9x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $15.45 90.1% $362 $357 $344 $44 8.6% 11.6% 18.9% 12.8% 21.5x 1.04x 8.1x 1.01x 7.4x Fogo de Chao, Inc. FOGO 12.82 62.7% 358 490 277 62 4.2% NA 23.9% 22.2% 11.2x 1.77x 8.0x 1.73x 8.8x Ruth's Hospitality Group, Inc. RUTH 15.06 80.2% 475 501 380 57 18.0% (2.5%) 22.5% 15.0% 16.9x 1.32x 8.8x 1.29x 8.3x Mean 10.3% 4.6% 21.8% 16.7% 16.5x 1.38x 8.3x 1.35x 8.2x Median 8.6% 4.6% 22.5% 15.0% 16.9x 1.32x 8.1x 1.29x 8.3x Pizza Domino's Pizza, Inc. DPZ $146.13 98.0% $7,005 $9,089 $2,321 $465 11.6% 9.9% 31.8% 20.0% 39.0x 3.92x 19.6x 3.79x 19.1x Papa John's International, Inc. PZZA 74.66 95.6% 2,774 3,096 1,658 187 0.6% 5.9% 18.8% 11.3% 31.6x 1.87x 16.5x 1.80x 16.4x Papa Murphy's Holdings, Inc. FRSH 6.03 33.6% 102 213 125 23 14.8% NA 29.0% 18.8% 18.2x 1.70x 9.1x 1.59x 8.8x Mean 9.0% 7.9% 26.5% 16.7% 29.6x 2.50x 15.1x 2.40x 14.7x Median 11.6% 7.9% 29.0% 18.8% 31.6x 1.87x 16.5x 1.80x 16.4x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $13.91 78.0% $341 $286 $144 $20 NA NA 47.7% 14.1% NA 1.99x 14.1x 1.72x 12.9x Dunkin' Brands Group, Inc. DNKN 47.30 89.7% 4,376 6,500 820 417 4.7% 6.5% 75.7% 50.9% 36.1x 7.93x 15.6x 7.74x 14.3x Jamba, Inc. JMBA 11.35 72.9% 173 157 95 (6) (54.3%) (25.7%) 31.8% NM NA 1.65x NM 1.95x 28.1x Krispy Kreme Doughnuts, Inc. KKD 21.00 96.6% NA NA 523 74 4.3% 5.3% 17.9% 14.1% 44.7x NA NA NA NA Starbucks Corporation SBUX 55.47 86.7% 81,030 82,318 20,510 4,641 11.3% 12.4% 24.1% 22.6% 30.9x 4.01x 17.7x 3.78x 15.5x Mean (8.5%) (0.4%) 39.4% 25.5% 37.2x 3.90x 15.8x 3.80x 17.7x Median 4.5% 5.9% 31.8% 18.4% 36.1x 3.00x 15.6x 2.87x 14.9x Family Restaurant Bob Evans Farms, Inc. BOBE $36.95 75.4% $743 $1,070 $1,339 $130 (0.8%) (5.9%) 63.1% 9.7% 33.3x 0.80x 8.2x 0.81x 7.5x Cracker Barrel Old Country Store, Inc. CBRL 158.64 91.8% 3,833 4,056 2,886 356 2.5% 2.6% 69.7% 12.3% 20.7x 1.41x 11.4x 1.37x 11.0x Denny's Corporation DENN 11.02 87.5% 830 1,045 497 67 1.5% 2.0% 28.6% 13.5% 55.5x 2.10x 15.6x 2.06x 10.6x Luby's, Inc. LUB 4.59 88.1% 133 167 427 21 8.6% 4.7% 63.6% 4.8% NA 0.39x 8.1x NA NA Mean 3.0% 0.9% 56.3% 10.1% 36.5x 1.17x 10.8x 1.41x 9.7x Median 2.0% 2.3% 63.4% 11.0% 33.3x 1.10x 9.8x 1.37x 10.6x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

140 2 9 .3 % 130

120 2 1 .5 %

110 4 .9 % 100 2 .4 % 90

80 (2 .6 % )

70 (6 .1 % ) 60

50 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-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

AMPLIFY SNACK BRANDS TO ACQUIRE TYRRELLS GROUP HOLINGS

. Amplify Snack Brands has agreed to acquire Tyrrells Group Holdings Limited for $392 million in a cash and stock deal. . Tyrrells is a premium Better-For-You snack food business based in the UK. Enterprise Value: $392mm Revenue Multiple: 3.5x . The transaction will allow Amplify snacks to benefit from new distribution EBITDA Multiple: 16.1x channels and cost benefits from Tyrrells’ manufacturing and international Announced: August 6, 2016 capabilities.

COTT CORPORATION TO ACQUIRE S&D COFFEE

. Cott Corporation has agreed to acquire S&D Coffee for a cash offering of $355 million, representing a 6.0x post synergy adjusted EBITDA multiple. . S&D Coffee is a tea and coffee manufacturer, delivering high-quality coffee, Enterprise Value: $355mm tea, and liquid extracts to restaurants and convenience stores. Revenue Multiple: ND . The transaction will enable Cott to become a leading player in the coffee EBITDA Multiple: 6.0x and tea categories, as well as benefit from technology, supply chain, Announced: August 4, 2016 product, and distribution synergies.

UTZ QUALITY FOODS TO ACQUIRE GOLDEN ENTERPRISES

. UTZ Quality Foods has signed a definitive merger agreement to acquire Golden Enterprises (NASDAQ:GLDC) for $12 per share in a $140 million offer. . Golden Enterprises manufactures and markets snack food through its Enterprise Value: $140mm subsidiary Golden Flake Snack Foods. Revenue Multiple: 1.0x EBITDA Multiple: 16.0x . Golden Enterprises’ product lines, market coverage, and manufacturing Announced: July 19, 2016 facilities will help UTZ fulfill its desire to expand and grow in the southern U.S.

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

$280 600 12.0x 11.3x 2.00x $247.7 9.9x $240 9.7x 500

10.0x 9.2x ions Transact of Number 8.8x 8.3x 8.8x 1.60x Multiple Sales LTM EV/ $200 8.0x 7.9x 8.0x 400 1.20x $160 6.0x 300 $110.2 $120.7 $120 0.80x $67.2 200

EV / EV LTMMEBI TDA ultiple 4.0x $80 $55.7 0.40x $35.1

Aggregat e e Deal Aggregat Value (inbillions) $ 100 2.0x $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 8/11/2016 Gourmet Guru, Inc. United Natural Foods, Inc. 8/11/2016 L'Orpin SARL L'Orpin SARL /Private Group/ 8/10/2016 Kings Food Markets, Inc. KB Holding, Inc. 8/9/2016 Foodist GmbH Ströer SE & Co. KGaA 8/9/2016 Kaluzhskiy Myasokombinat OAO Kaluzhskiy Myasokombinat OAO /Kolotov/ 8/8/2016 Tyrrells Potato Crisps Ltd. Amplify Snack Brands, Inc. 8/8/2016 Delta Ultraviolet Corp. AEA Investors LP; Neptune-Benson, Inc.; Evoqua Water Technologies LLC 8/8/2016 Baho food GmbH OSI Group LLC 8/8/2016 Curran Co., Inc. Growers Express LLC 8/8/2016 Right Angle Marketing (York) Ltd. Right Angle Marketing (York) Ltd/Haken/

PRIVATE EQUITY INVESTMENTS & EXITS

80 76 70 65 65 66 60 48 50 43 36 38 40 32 34 31 27 25 26 30 21 17 18 20 14 10

Number ofTransactionsNumber 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 │ AUGUST 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

$10 L + 400

$8 L + 300

$6 ($ in ($in billions) L + 200

$4 Loan Loan Volume byQuarter

$2 Average Spread OverLIBOR L + 100

$0 L + 0 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 2009 2010 2011 2012 2013 2014 2015 Institutional Pro Rata Revolving Cred it / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

L + 1000 6.0x 2012 2013 2014 2015 1Q2016

L + 800

4.0x L + 600

L + 400

2.0x EBITDA Multiple

L + 200 Average Spread OverLIBOR

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

Recent Debt Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread

08/11/16 China Resources (Holdings) Co Ltd Farm supplies USD 790 Revolver/Term Loan N/A N/A 08/05/16 Meadowood Associates LP Membership Sports and Recreation Clubs USD 43 Revolver/Line >= 1 Yr. N/A 175 08/04/16 Milk Specialties Global Farm-product raw materials USD 50 Revolver/Line >= 1 Yr. N/A N/A 08/04/16 Milk Specialties Global Farm-product raw materials USD 475 Term Loan B N/A 500 08/01/16 Coca-Cola Beverages Florida LLC Bottled and canned soft drinks USD 100 Revolver/Line < 1 Yr. N/A 150 07/29/16 Groupe Poult Cookies and crackers USD 30 CAPEX Facility N/A 425 07/29/16 Groupe Poult Cookies and crackers USD 185 Term Loan B N/A 525 07/29/16 Groupe Poult Cookies and crackers USD 15 Revolver/Line >= 1 Yr. N/A 425 07/29/16 Natori Co Ltd Women's Accessory and Specialty Stores USD 2,660 Term Loan N/A N/A 07/28/16 China Mengniu Dairy Co Ltd Dairy products USD 200 Term Loan N/A 85 07/27/16 Groupe Danone SA Dry/condensed/evaporated products USD 2,000 Term Loan N/A N/A 07/27/16 Groupe Danone SA Dry/condensed/evaporated products USD 11,100 Bridge Loan N/A N/A 07/25/16 Avril SCA Human and animal nutrition USD 300 Revolver/Line >= 1 Yr. N/A N/A 07/25/16 Avril SCA Human and animal nutrition USD 150 Term Loan N/A N/A 07/25/16 Avril SCA Human and animal nutrition USD 200 Term Loan N/A N/A

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 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 15.0x 18 140

14.0x 120 8 17

100 19 19 13.0x 6 20 80 30 10 141 12.0x 10 60 5 118 4 7 7 9 13 8 107

92 94 Number of Transactionsof Number

M edian Trading MMTrading ult edian iple 5 89 6 82 40 7 10 11.0x 70 68 58 53 52 52 57 48 46 47 20 42 39 34 33 10.0x 0 Jul-15 Jul-16 Jun-16 Apr-16 Jan-16 Feb-16 Sep-15 Oct-15 Mar-16 Nov-15 Aug-15 Dec-15

May-16

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216 Q316 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 8/11/2016 Gourmet Guru, Inc. - United Natural Foods, Inc. - - - - P Cross Border 8/11/2016 L'Orpin SARL - L'Orpin SARL /Private Group/ - - - - 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 OAO /Kolotov/ $1.6 - - - P Cross Border 8/8/2016 Tyrrells Potato Crisps Ltd. - Amplify Snack Brands, Inc. $392.0 3.5x 16.1x - P Cross Border 8/8/2016 Delta Ultraviolet Corp. - AEA Investors LP; Neptune-Benson, Inc.; Evoqua Water- Technologies- - LLC - 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 (York) Ltd/Haken/ - - - - P Cross Border 8/4/2016 S&D Coffee, Inc. - Cott Corp. (Canada) $355.0 - 6.0x - 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; Give & Go Prepared Foods- Corp.- - - P Cross Border 8/3/2016 NAFTA Foods & Packaging, Inc. - Thomas H. Lee Partners LP; Give & Go Prepared Foods- Corp.- - - P Cross Border 8/2/2016 The Wendys Co. /Odessa/ The Wendy's Co. Four Corners Property Trust, Inc. $2.1 - - - P Cross Border 8/2/2016 Oak State Products, Inc. - Vestar Capital Partners, Inc.; Goldman Sachs Private- Equity- Group; Hearthside- - Food SolutionsP LLCCross 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; Kainos Capital 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 /Zimny/ - - - - 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; Bevolution Group - - - - 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/Wijnkoperij BV - - - - 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 /Belgium & Luxembourg Quick/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

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

7/25/2016 The Original ChopShop Co - Hargett Hunter Capital Partners LLC - - - - P Cross Border 7/25/2016 Jouan Marc EURL - Jouan Marc EURL /Lherec/ - - - - P Cross Border 7/22/2016 Dr. Förster AG - VR Equitypartner GmbH; Wagner Holding GmbH; Dr.- Foerster- AG /Private- Group/- 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; BPIFrance Investissement SAS;- Schneider- SAS- /Private- Group/ P Cross Border 7/21/2016 General Mills, Inc. /Martel Plant/ 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; Molson Coors Brewing Co.; Tenth & Blake- Beer Co.- - - P Cross Border 7/20/2016 Mallet & Co., Inc. - The Jordan Co. LP; Vantage Specialty Chemicals, Inc.- - - - 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, Inc.; Evergreen Pacific Partners- Management- - Co., Inc.- P Cross Border 7/19/2016 Fattorie Giacobazzi SRL - Granarolo SpA; Intesa Sanpaolo Merchant Banking- - - - P Cross Border 7/19/2016 Black Waters Coffee Co. /Route Business/ Black Waters Coffee Shops LLC Huron Capital Partners LLC; Ronnoco Coffee LLC - - - - P Cross Border 7/19/2016 Predpriiatie Po Obespecheniiu Pitaniem & Torg Obsluzhivaniu- AO Predpriiatie Po Obespecheniiu Pitaniem & Torg Obsluzh$0.4 /Urazov/- - - P Cross Border 7/18/2016 Lawler Foods Ltd. - Gryphon Investors, Inc. - - - - P Cross Border 7/16/2016 Café PMU - Café PMU /Rennieville/ - - - - 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 7/15/2016 Taylor Maid Farms Coffee & Tea, Inc. - InHouse Ventures LLC - - - - P Cross Border 7/15/2016 Seafood Pub Co. Ltd. - Penta Capital LLP $24.0 - - - P Cross Border 7/14/2016 Papai Hus Elelmiszer Feldolgozo Es Ertekesito Kft - TANO Commerce Kft - - - - P Cross Border 7/13/2016 Landfleischerei Bendig GmbH - Landfleischerei Bendig GmbH /Raboese/ - - - - P Cross Border 7/13/2016 Pidy NV - Biscuits Bouvard SAS - - - - P Cross Border 7/13/2016 Tomcoex SA - Carnes y Vegetales SL $4.4 - - - P Cross Border 7/13/2016 Giant Food LLC Royal Ahold NV New Albertson's, Inc. - - - - P Cross Border 7/13/2016 Fiorio Colori SpA - AromataGroup Srl - - - - P Cross Border 7/12/2016 SFK Leblanc A/S Equity Datterholding 2 ApS Axcel Management A/S - - - - P Cross Border 7/12/2016 Nutricafés - Cafés e Restauração SA - Massimo Zanetti Beverage Group SpA $82.3 2.2x 7.9x - P Cross Border 7/12/2016 Bakewise Brands, Inc. - Yamazaki Baking Co., Ltd. - - - - P Cross Border 7/12/2016 AmRest Holdings SE - FCapital Dutch BV; Inmobiliaria Tabga SA de$1,359.2 CV 1.5x 11.9x 25.5x P Cross Border 7/12/2016 Halo Foods Ltd. Raisio Oyj Nimbus BV - - - - P Cross Border 7/11/2016 Fleischversorgung Gelsenkirchen GmbH - WESTFLEISCH eG - - - - P Cross Border 7/11/2016 PPH Ferma-Pol Sp zoo - Polski Koncern Miesny DUDA SA; Cedrob SA - - - - P Cross Border 7/11/2016 Landes Foods LLC - Rudys Food Products, Inc. - - - - P Cross Border 7/11/2016 Vietti SRL - Kum & Go LC $55.2 - - - P Cross Border 7/11/2016 Grupo Osborne SA - Osborne Group /Private Group/ - - - - P Cross Border 7/11/2016 Tristan Capital Partners /Piazza Center/ Tristan Capital Partners LLP/Real Estate/Dreef Beheer BV - - - - P Cross Border 7/10/2016 Aurivo Co-operative Society Ltd. - Earrai Coillte Chonnacht Teoranta $6.6 - - - EU 7/8/2016 Pro à Pro Distribution SA Colruyt SA METRO AG - - - - EU 7/7/2016 The WhiteWave Foods Co. - Danone SA $12,500.0 3.1x 24.7x 31.9x Cross Border 7/7/2016 Corney & Barrow Ltd. Corney & Barrow Group Ltd. Bowmark Capital LLP; Drake & Morgan Ltd. ---- Cross Border 7/7/2016 The Leeds Brewery Co. Ltd. - Castle Eden Brewery Ltd ---- Cross Border 7/6/2016 The Liberation Group Ltd. Legal & General Group Plc Caledonia Investments Plc $154.0 - 11.1x - P Cross Border 7/6/2016 Idaho Pacific Holdings, Inc. Novacap Arlon Group LLC ---- P N.A. 7/5/2016 Hostess Brands LLC - The Gores Group LLC; Gores Holdings $2,300.0 3.5x 10.4x - N.A. 7/5/2016 Internatural AB - Midsona AB $96.0 - - - EU 7/5/2016 Les Pêcheries de Chez-Nous - Tri-Union Frozen Foods Products ---- N.A. 7/5/2016 Vaco BV Bakkavör Group hf Culinor NV ---- EU 7/5/2016 Angelini Trading Co., Inc. - Adaiah Distribution, Inc. $1.1 - - - Cross Border 7/3/2016 Continentale Nutrition SA - C&D Foods Ltd. ---- EU 7/1/2016 Stiletto Foods - Wessanen NV ---- EU 7/1/2016 Bath Ales Ltd. - St Austell Brewery Co. Ltd. ---- EU 7/1/2016 Catering Danmark ApS - Færch & Co. Gastro ApS ---- P EU 7/1/2016 Biscuiterie Penven SAS Wenceslas Chancerelle SAS Comptoir des Flandres SAS ---- EU 7/1/2016 Supplies On The Fly Instawares Holding Co. LLC Sysco Corp. ---- N.A. 6/30/2016 APEX Casino - Century Casinos, Inc. $12.2 - - - N.A. 6/30/2016 Bodegas Vélez SL - Bodegas Vélez SL /Eguren/ ---- EU 6/30/2016 Florentin BV - Obela Fresh Dips & Spreads Pty Ltd. $11.9 2.2x - - EU 6/30/2016 DAT-Schaub A/S - Leverandørselskabet Danish Crown ---- EU 6/30/2016 Vinfabriken Sverige AB - Cefour Wine & Beverage Partihandel $1.0 0.3x - 7.9x EU 6/28/2016 Burma Bacon Supplies Ltd. - Dalziel Ltd. ---- Cross Border 6/27/2016 Viande Laroche - Brome Lake Ducks ---- N.A.

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

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5

August 2016 Date Company 8/15/2016 Sysco Corp. (NYSE:SYY) 8/15/2016 X5 Retail Group N.V. (LSE:FIVE) 8/16/2016 Wal-Mart Stores Inc. (NYSE:WMT) 8/16/2016 O'KEY GROUP SA (LSE:OKEY) 8/17/2016 Lenta Ltd (LSE:LNTA) 8/19/2016 Hügli Holding AG (SWX:HUE) 8/25/2016 Coca-Cola Amatil Limited (ASX:CCL) 8/29/2016 MHP S.A. (LSE:MHPC)

September 2016 Date Company 9/1/2016 Campbell Soup Company (NYSE:CPB) 9/6/2016 Toho Co., Ltd. (TSE:8142) 9/9/2016 The Kroger Co. (NYSE:KR) 9/11/2016 Avi Ltd. (JSE:AVI) 9/14/2016 Wm. Morrison Supermarkets plc (LSE:MRW) 9/14/2016 Empire Company Limited (TSX:EMP.A) 9/21/2016 Origin Enterprises Plc (ISE:OIZ) 9/27/2016 Hiday Hidaka Corp. (TSE:7611) 9/28/2016 Costco Wholesale Corporation (NasdaqGS:COST)

October 2016 Date Company 10/4/2016 Tesco PLC (LSE:TSCO) 10/12/2016 Retail Partners Co., Ltd. (TSE:8167) 10/12/2016 Suedzucker AG (DB:SZU) 10/13/2016 Hub Co., Ltd. (JASDAQ:3030) 10/16/2016 Sfinks Polska Spolka Akcyjna (WSE:SFS) 10/17/2016 Philip Morris International, Inc. (NYSE:PM) 10/18/2016 Domino's Pizza, Inc. (NYSE:DPZ) 10/19/2016 Gruma S.A.B. de CV (BMV:GRUMA B) 10/20/2016 Axfood AB (OM:AXFO) 10/24/2016 Wal-Mart de Mexico SAB De CV (BMV:WALMEX *) 10/25/2016 The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 10/25/2016 X5 Retail Group N.V. (LSE:FIVE) 10/26/2016 Clicks Group Limited (JSE:CLS) 10/26/2016 Cloetta AB (publ) (OM:CLA B) 10/27/2016 Tokyo Ichiban Foods Co., Ltd. (TSE:3067) 10/31/2016 Japan Tobacco Inc. (TSE:2914) 10/31/2016 Archer-Daniels-Midland Company (NYSE:ADM) 10/31/2016 Molson Coors Brewing Company (NYSE:TAP) 10/31/2016 Nichirei Corp. (TSE:2871)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ AUGUST 2016

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HARRIS WILLIAMS & CO.

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