Food and Beverage Industry Update │ January 2017

FOOD AND BEVERAGE

INDUSTRY UPDATE │ JANUARY 2017

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is 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 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW 2016 was a record year for food and beverage M&A activity and that level of . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY activity is continuing with a robust start to 2017 across several food and beverage . EARNINGS CALENDAR verticals. Recent transactions of note have included the sale of Rita’s Italian Ice, a GROUP OVERVIEW Harris Williams & Co. is a leading water-ice and custard chain, to an investor group comprised of Argosy Private advisor to the food and beverage market. Our significant Equity and MTN Capital as well as the sale of TIC Gums, a producer of food experience covers a broad range of end markets, industries, and business models. This particular texturizers, to Ingredion as it seeks to expand its higher-value specialty portfolio. report focuses on trends and metrics in the following areas: . Agribusiness . Baked and Prepared Goods HAT E VE EEN OING . Beverages W W ’ B D . Branded and Private Label . Dairy CLOSED HW&CO. TRANSACTIONS . Distribution . Ingredients . Meat and Protein . Natural and Organic . Processing a portfolio company of a portfolio company of a portfolio company of a subsidiary of . Produce . Restaurant and Retail and . Snacks has been acquired by has been acquired by has been acquired by has been acquired by CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander Managing Director [email protected] +1 (612) 359-2716 a portfolio company of a portfolio company of a portfolio company of Ryan Budlong Managing Director has been acquired by [email protected] has been acquired by has been acquired by has been acquired by +1 (415) 217-3409 A Private Brant Cash Investor Group Director [email protected] +1 (612) 359-2709 Ryan Freeman Director [email protected] +1 (612) 359-2703

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

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

www.harriswilliams.com

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

WHAT WE’RE READING

THESE FOODS AREN’T GENETICALLY MODIFIED BUT THEY ARE “EDITED”

Created with tools that snip – rather than add – DNA at precise locations, “gene-edited” crops differ from their “genetically modified” counterparts. In fact, they largely fall outside of current regulations, including labeling practices, altogether. Regulators and consumers alike are beginning to question whether technical intricacies are stymieing the more practical objectives of regulations.

Access the full article here.

WHY GOING ORGANIC JUST GOT EASIER FOR FARMERS

With the rising popularity of organic animal-feed applying pressure to domestic supply, the Organic Trade Association and the USDA are rolling out a new, transitional certification. Their goal is to lower the hurdle for farmers seeking to take the leap into organic farming practices.

Access the full article here.

SOY, ALMOND, COCONUT: IF IT'S NOT FROM A COW, CAN YOU LEGALLY CALL IT MILK?

Soy, almond, rice, hemp, pistachio, macadamia, and sunflower – just a sampling of the types of “milk” consumers are likely to see in the dairy cases of their local grocery stores. Now, the National Milk Producers Federation, which represents dairy farmers nationwide, is fighting back, calling on the FDA to limit plant-based drinks’ ability to market themselves as “milk.”

Access the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES1

120 Soybeans: 100 (29.8%)

80 Crude Oil: (48.0%) 60 Corn: 40 (50.5%)

20 Wheat: Commodity Price Index Price Commodity Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 (59.5%)

Corn Soybeans Wheat Crude Oil

PROTEIN PRICE INDICES2,3

140

130 Beef: 120 14.0%

110 Pork 4.7% ProteinPriceIndex 100 Poultry: 90 2.2% Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16

Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140 R e s t aur ant : 25. 6% 120 G r o c e r y :

100 12. 5% SalesIndex 80 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

4.0

3.0

2.0

Inflation(%) 1.0

0.0 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-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 (2.4%) 17.3% 4.0% 28.7% 11.9x 13.3x 7.9x 2.9x Fruit and Vegetable 2.4% 32.1% 9.5% (0.6%) 15.9x 21.7x 9.9x 0.4x Ingredients / Flavors (6.2%) (0.2%) (13.7%) (6.6%) 19.9x 23.8x 14.6x 1.3x

Inputs Agribusiness 5.7% 27.1% 7.3% 21.1% 17.3x 16.7x 10.3x 2.1x Branded Processed Foods (1.7%) 8.0% (10.2%) (7.6%) 20.5x 26.1x 13.5x 2.3x Private Label Foods and Beverages (19.1%) 5.5% (9.5%) 1.9% 25.6x 24.8x 10.4x 3.3x Natural / Organic Foods / BFY 6.4% 17.9% 2.0% (2.6%) 18.8x 32.5x 17.1x 3.5x Baked Goods 3.9% (4.5%) 6.9% (23.5%) 20.7x 30.3x 9.5x 2.1x Dairy 0.1% 14.1% 0.8% 8.4% 19.9x 24.8x 13.7x 1.7x Non-Alcoholic Beverages (2.1%) 1.8% (9.7%) (5.4%) 20.8x 23.3x 12.5x 1.8x Alcoholic Beverages (4.4%) 1.7% (12.9%) (11.3%) 20.2x 25.0x 13.5x 2.6x Food and BeverageFood and Snacks 6.4% 14.0% 0.5% 4.3% 23.0x 24.0x 15.0x 1.7x Grocery Distribution 15.8% 20.4% 18.8% 27.9% 17.4x 22.3x 9.3x 2.0x Food Retail 4.3% (5.9%) 2.6% (9.1%) 18.2x 19.7x 7.4x 2.1x Foodservice 24.9% 37.0% 16.6% 20.7% 21.4x 30.4x 12.2x 4.7x Quick Service Restaurant 12.4% 17.2% 5.4% (2.4%) 22.7x 21.8x 11.8x 2.8x Fast Casual 5.1% (2.6%) 2.3% (2.7%) 44.4x 35.7x 12.5x 1.3x Differentiated Casual 12.5% (6.4%) 1.4% (14.7%) 23.3x 27.8x 9.8x 0.9x Casual Dining Restaurant 2.9% (1.7%) 7.3% (0.7%) 14.9x 21.7x 7.9x 2.5x Fine Dining 28.0% 12.5% 19.5% 5.3% 17.0x 19.5x 9.8x 2.6x

Consumer and Retail and Consumer Pizza 9.2% 55.1% 3.6% 19.2% 32.7x 34.7x 18.1x 4.0x Beverage / Snack Retail (4.7%) (11.3%) 0.5% (4.1%) 22.6x 30.6x 16.0x 2.7x Family Restaurant 19.7% 29.9% 4.4% 7.2% 20.2x 44.1x 10.8x 2.2x Overall Median 3.1% 9.2% (0.4%) (1.6%) 20.5x 24.9x 11.3x 2.1x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

PUBLIC EQUITY MARKET OVERVIEW

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

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

(30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0% 60.0%

Inputs Food and Beverage Consumer and Retail RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 12/30/16 12/30/16 Eastside Distilling Inc EURC Follow-On $1.0 Working Capital General Corporate Purposes 12/22/16 12/27/16 RAVE Restaurant Group Inc RAVE Convertible $1.0 Capital Expenditure Working Capital 12/21/16 12/02/16 Long Island Iced Tea Corp LTEA Follow-On $1.6 Working Capital General Corporate Purposes 12/02/16 11/08/16 Diamond Estates Wines DWS Follow-On $6.0 Capital Expenditure

11/30/16 10/17/16 Bojangles' Inc BOJA Follow-On $119.0 Liquidity for Private Owners

11/24/16 11/21/16 Spot Coffee(Canada)Ltd SPP Follow-On $0.4 Capital Expenditure Working Capital 11/21/16 11/21/16 Hip Cuisine Inc N/A - $0.5 Working Capital

11/16/16 11/11/16 Performance Food Group Co PFGC Follow-On $228.5 Liquidity for Private Owners

11/15/16 10/10/16 Premium Brands Holdings Corp PBH Convertible $74.3 Debt Repayment Future Acquisitions 11/09/16 06/07/16 Saputo Inc SAP Follow-On $224.3 Liquidity for Private Owners

11/08/16 07/19/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $3.0 Debt Repayment Working Capital 11/01/16 10/31/16 Wingstop Inc WING Follow-On $179.3 Liquidity for Private Owners

10/26/16 10/27/16 Chanticleer Holdings Inc HOTR Follow-On $13.5 Debt Repayment Working Capital

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

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 1/12/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage Branded Processed Foods Associated British Foods plc ABF-GB $31.56 63.5% $25,772 $26,153 $19,015 $2,171 (3.8%) (2.9%) 8.0% 11.4% 26.1x 1.38x 12.0x 1.54x 13.1x B&G Foods, Inc. BGS 43.45 82.2% 2,889 4,197 1,319 307 52.8% 24.3% 35.2% 23.3% 25.1x 3.18x 13.7x 3.00x 12.8x Campbell Soup Company CPB 61.93 91.2% 18,469 21,770 7,960 1,564 (0.9%) 0.3% 38.1% 19.6% 28.4x 2.73x 13.9x 2.73x 12.1x ConAgra Foods, Inc. CAG 38.52 78.8% 16,817 18,826 9,740 1,352 (2.3%) (17.5%) 31.0% 13.9% 27.1x 1.93x 13.9x 2.00x 11.3x General Mills, Inc. GIS 61.64 84.5% 35,369 45,178 15,950 3,386 (7.7%) (4.1%) 36.8% 21.2% 22.8x 2.83x 13.3x 2.81x 13.1x Hormel Foods Corporation HRL 35.37 77.4% 18,545 18,383 9,523 1,428 2.8% 2.9% 22.8% 15.0% 21.4x 1.93x 12.9x 1.94x 12.6x Kellogg Company K 72.14 82.8% 25,220 32,777 13,059 1,765 (6.1%) (4.2%) 39.5% 13.5% 36.3x 2.51x 18.6x 2.52x 13.2x McCormick & Company, Incorporated MKC 90.18 83.6% 11,374 12,875 4,386 761 2.8% 2.3% 41.6% 17.3% 24.9x 2.94x 16.9x 2.90x 16.5x Nestle S.A. NESN-CH 73.99 88.7% 225,902 248,223 90,925 17,784 (6.3%) (1.7%) 50.8% 19.6% 26.5x 2.73x 14.0x 2.80x 14.6x Post Holdings, Inc. POST 82.10 92.2% 5,306 8,717 5,027 897 NM 69.4% 26.9% 17.8% NA 1.73x 9.7x 1.73x 9.3x Hershey Company HSY 104.76 88.9% 15,911 18,850 7,379 1,764 (1.4%) 2.1% 45.2% 23.9% 27.8x 2.55x 10.7x 2.53x 10.6x J. M. Smucker Company SJM 130.86 83.2% 15,212 20,442 7,511 1,759 8.6% 8.9% 36.7% 23.4% 21.3x 2.72x 11.6x 2.69x 12.0x Mean 3.5% 6.6% 34.4% 18.3% 26.2x 2.43x 13.4x 2.43x 12.6x Median (1.4%) 1.2% 36.7% 18.7% 26.1x 2.64x 13.5x 2.61x 12.7x Private Label Foods and Beverages Cott Corporation BCB-CA $10.93 62.8% $1,501 $3,676 $3,048 $352 9.4% 12.7% 34.4% 11.6% NA 1.21x 10.4x 1.13x 9.6x Seneca Foods Corporation SENEA 38.97 91.4% 394 768 1,346 95 5.7% 1.3% 8.5% 7.0% 7.8x 0.57x 8.1x NA NA TreeHouse Foods, Inc. THS 71.38 68.3% 4,059 6,907 5,274 555 62.5% 33.3% 16.4% 10.5% 41.8x 1.31x 12.4x 1.13x 10.8x Mean 25.9% 15.8% 19.7% 9.7% 24.8x 1.03x 10.3x 1.13x 10.2x Median 9.4% 12.7% 16.4% 10.5% 24.8x 1.21x 10.4x 1.13x 10.2x Natural / Organic Foods / Better-For-You Amplify Snack Brands Inc BETR $10.31 58.8% $808 $1,381 $229 $81 34.0% NA 45.7% 35.3% 33.9x 6.04x 17.1x 5.12x 16.5x SunOpta Inc. SOY-CA 7.44 96.8% 640 1,187 1,278 61 8.8% 2.9% 10.8% 4.7% NA 0.93x 19.6x 0.86x 12.5x Pinnacle Foods, Inc. PF 52.81 97.0% 6,266 9,268 2,992 602 13.4% 6.7% 29.6% 20.1% 31.1x 3.10x 15.4x 2.97x 14.4x Hain Celestial Group, Inc. HAIN 40.00 70.2% 4,156 4,948 2,888 374 12.2% 21.5% 22.1% 12.9% 20.1x 1.71x 13.2x 1.65x 12.3x WhiteWave Foods Company WWAV 55.42 97.5% 9,836 11,907 4,171 561 11.2% 19.1% 36.0% 13.4% 50.0x 2.86x 21.2x 2.80x 20.1x Mean 15.9% 12.6% 28.8% 17.3% 33.8x 2.93x 17.3x 2.68x 15.1x Median 12.2% 12.9% 29.6% 13.4% 32.5x 2.86x 17.1x 2.80x 14.4x Baked Goods Aryzta AG ARYN-CH $44.32 88.3% $4,001 $6,746 $4,305 $677 (4.1%) (9.7%) 32.0% 15.7% 44.9x 1.57x 10.0x 1.65x 11.0x Flowers Foods, Inc. FLO 19.61 88.8% 4,107 5,104 4,802 538 28.2% 9.5% 44.4% 11.2% 23.0x 1.06x 9.5x 1.30x 11.4x George Weston Limited WN-CA 86.32 93.3% 10,889 24,238 46,937 3,821 (6.1%) 12.5% 28.5% 8.1% 25.7x 0.52x 6.3x 0.68x 8.3x Grupo Bimbo SAB de CV BIMBOA-MX 2.18 66.7% 9,961 13,812 13,524 1,613 (2.2%) (0.7%) 54.1% 11.9% 35.8x 1.02x 8.6x 1.14x 10.3x Lancaster Colony Corporation LANC 138.84 95.1% 3,864 3,718 1,188 218 4.4% 0.8% 27.4% 18.3% 30.3x 3.13x 17.1x 3.09x 17.2x Mean 4.0% 2.5% 37.3% 13.1% 31.9x 1.46x 10.3x 1.57x 11.6x Median (2.2%) 0.8% 32.0% 11.9% 30.3x 1.06x 9.5x 1.30x 11.0x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

PUBLIC COMPARABLES5

Dairy Danone SA BN-FR $64.79 82.1% $41,747 $50,844 $24,482 $3,839 (7.3%) (3.0%) 51.2% 15.7% 21.4x 2.08x 13.2x 2.19x 12.5x Dean Foods Company DF 20.46 91.7% 1,862 2,730 7,715 440 (9.2%) (3.9%) 24.6% 5.7% 18.0x 0.35x 6.2x 0.35x 5.8x Emmi AG EMMN-CH 624.76 88.4% 3,287 3,686 3,311 347 (6.6%) (1.0%) 19.2% 10.5% 25.0x 1.11x 10.6x 1.15x 11.6x Glanbia Plc GL9-IE 17.18 82.1% 5,036 5,761 3,081 372 (3.4%) 0.4% 9.6% 12.1% 24.7x 1.87x 15.5x 1.92x 15.4x Lifeway Foods, Inc. LWAY 10.97 59.4% 178 176 123 9 3.4% 10.2% 26.0% 7.2% 53.5x 1.43x 19.9x 1.41x 18.5x Parmalat S.p.A. PLT-IT 3.23 100.0% 5,807 5,624 7,134 396 (1.6%) 1.1% 2.3% 5.5% 35.9x 0.79x 14.2x 0.83x 11.7x Saputo Inc. SAP-CA 36.04 98.6% 13,745 14,682 8,383 978 (3.6%) 1.1% 18.4% 11.7% 26.9x 1.75x 15.0x 1.75x 15.1x Savencia SA SAVE-FR 72.93 97.1% 996 1,514 4,830 262 (11.9%) (2.7%) 4.3% 5.4% 17.7x 0.31x 5.8x 0.33x 5.0x Mean (5.0%) 0.3% 19.4% 9.2% 27.9x 1.21x 12.6x 1.24x 12.0x Median (5.1%) (0.3%) 18.8% 8.8% 24.8x 1.27x 13.7x 1.28x 12.1x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG-GB $6.19 69.1% $713 $721 $371 $74 (6.7%) (1.0%) 46.3% 20.0% 15.6x 1.94x 9.7x 2.28x 11.4x Cott Corporation BCB-CA 10.93 62.8% 1,501 3,676 3,048 352 9.4% 12.7% 34.4% 11.6% NA 1.21x 10.4x 1.13x 9.6x Dr Pepper Snapple Group, Inc. DPS 89.66 90.7% 16,538 19,233 6,408 1,643 2.6% 2.1% 57.8% 25.6% 19.5x 3.00x 11.7x 2.99x 12.0x Lassonde Industries, Inc. LAS.A 169.76 99.6% 541 780 1,141 127 (0.4%) 3.7% 29.3% 11.2% 23.3x 0.68x 6.1x 0.69x 7.0x Monster Beverage Corporation MNST 43.41 78.2% 25,117 24,518 2,936 913 9.4% 10.5% 63.8% 31.1% 39.4x 8.35x 26.8x 8.12x 20.7x National Beverage Corp. FIZZ 47.61 73.6% 2,221 2,070 761 117 13.3% 5.3% 33.3% 15.4% 27.1x 2.72x 17.7x 2.68x 14.8x PepsiCo, Inc. PEP 102.07 92.0% 146,014 166,956 61,870 12,586 (4.0%) (2.3%) 54.6% 20.3% 22.3x 2.70x 13.3x 2.66x 13.2x Coca-Cola Company KO 40.87 86.7% 177,047 198,871 41,978 11,206 (6.1%) (3.9%) 60.7% 26.7% 24.9xNA 4.74x 17.7x 4.78x 17.0x Mean 2.2% 3.4% 47.5% 20.2% 24.6x 3.17x 14.2x 3.17x 13.2x Median 1.1% 2.9% 50.5% 20.2% 23.3x 2.71x 12.5x 2.67x 12.6x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $105.71 78.8% $176,725 $225,682 $42,551 $15,353 (9.3%) 2.4% 59.8% 36.1% 44.9x 5.30x 14.7x 5.09x 13.6x Brown-Forman Corporation BF.B 43.89 84.9% 17,318 19,361 2,979 1,101 (1.2%) 0.6% 66.1% 36.9% 16.8x 6.50x 17.6x 6.31x 17.7x Carlsberg A/S CARL.B-DK 86.52 84.0% 13,023 18,356 9,716 1,869 (15.3%) (5.7%) 45.9% 19.2% NA 1.89x 9.8x 2.04x 10.3x Constellation Brands, Inc. STZ 147.31 84.9% 29,225 37,639 7,246 2,443 13.9% 19.3% 49.6% 33.7% 25.0x 5.19x 15.4x 5.22x 15.6x Diageo plc DGE-GB 26.70 90.9% 66,016 79,968 15,532 4,862 (8.7%) (4.3%) 59.8% 31.3% 24.3x 5.15x 16.4x 5.77x 17.3x Heineken NV HEIA-NL 74.79 75.9% 42,613 57,052 22,745 4,822 (4.7%) (2.5%) 12.2% 21.2% 30.2x 2.51x 11.8x 2.63x 11.0x Kirin Holdings Company, Limited 2503-JP 16.65 90.4% 15,175 23,969 18,705 2,152 0.4% (8.8%) 44.2% 11.5% NA 1.28x 11.1x 1.34x 11.4x Pernod Ricard SA RI-FR 110.93 90.9% 29,119 39,067 9,631 2,891 (5.9%) (4.6%) 61.6% 30.0% 22.4x 4.06x 13.5x 4.20x 14.5x Sapporo Holdings Limited 2501-JP 26.15 84.3% 2,050 4,225 4,770 421 7.6% (5.0%) 36.3% 8.8% 25.0x 0.89x 10.0x 0.91x 10.3x Mean (2.6%) (1.0%) 48.4% 25.4% 27.0x 3.64x 13.4x 3.72x 13.5x Median (4.7%) (4.3%) 49.6% 30.0% 25.0x 4.06x 13.5x 4.20x 13.6x Snacks Inventure Foods, Inc. SNAK $7.67 75.6% $162 $278 $274 $7 (4.6%) 11.1% 11.9% 2.5% NA 1.01x NM 1.00x 28.6x J & J Snack Foods Corp. JJSF 129.24 95.7% 2,440 2,287 993 152 1.7% 4.6% 30.4% 15.4% 32.2x 2.30x 15.0x 2.28x 14.7x John B. Sanfilippo & Son, Inc. JBSS 67.82 93.1% 592 624 949 70 4.5% 8.9% 16.4% 7.4% 24.0x 0.66x 8.9x 0.67x NA Mondelez International, Inc. MDLZ 44.81 96.6% 69,607 85,095 26,517 4,829 (14.7%) 7.2% 38.6% 18.2% NM 3.21x 17.6x 3.26x 17.4x PepsiCo, Inc. PEP 102.07 92.0% 146,014 166,956 61,870 12,586 (4.0%) (2.3%) 54.6% 20.3% 22.3x 2.70x 13.3x 2.66x 13.2x Snyder's-Lance, Inc. LNCE 37.48 95.9% 3,677 5,020 2,067 248 22.3% 5.5% 36.2% 12.0% NM 2.43x 20.2x 2.19x 16.0x Mean 0.9% 5.8% 31.4% 12.6% 26.2x 2.05x 15.0x 2.01x 18.0x Median (1.1%) 6.4% 33.3% 13.7% 24.0x 2.37x 15.0x 2.23x 16.0x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $44.00 79.4% $1,944 $1,770 $1,246 $42 (37.6%) (2.9%) 1.6% 3.3% NM 1.42x NM 1.21x 8.5x JBS S.A. JBSS3-BR 3.75 93.1% 10,616 26,017 47,562 2,823 (6.4%) 4.6% 13.0% 5.9% NA 0.55x 9.2x 0.48x 6.9x Sanderson Farms, Inc. SAFM 93.55 94.1% 2,137 1,903 2,816 379 0.4% 1.6% 20.3% 13.4% 11.2x 0.68x 5.0x 0.66x 5.0x Seaboard Corporation SEB 3,872.00 85.2% 4,675 4,043 5,309 318 (11.0%) (7.2%) 10.1% 6.0% 15.0x 0.76x 12.7x NA NA Tyson Foods, Inc. TSN 61.76 80.2% 17,682 23,624 36,954 3,585 (10.8%) 2.4% 11.9% 9.7% 13.3x 0.64x 6.6x 0.64x 6.6x Mean (13.1%) (0.3%) 11.4% 7.7% 13.2x 0.81x 8.4x 0.75x 6.7x Median (10.8%) 1.6% 11.9% 6.0% 13.3x 0.68x 7.9x 0.65x 6.8x Fruit and Vegetable Calavo Growers, Inc. CVGW $59.30 83.0% $1,036 $1,043 $936 $70 9.2% 10.6% 10.9% 7.5% 27.2x 1.12x 14.9x 1.10x 14.6x Fresh Del Monte Produce Inc. FDP 60.18 90.0% 3,171 3,312 4,099 400 3.1% 4.6% 12.6% 9.7% 22.5x 0.81x 8.3x 0.83x 9.5x Seneca Foods Corporation SENEA 38.97 91.4% 394 768 1,346 95 5.7% 1.3% 8.5% 7.0% 7.8x 0.57x 8.1x NA NA Total Produce Plc T7O-IE 1.97 94.7% 637 825 3,366 72 1.4% 0.1% 13.6% 2.1% 20.8x 0.25x 11.5x 0.23x 11.7x Mean 4.8% 4.1% 11.4% 6.6% 19.6x 0.68x 10.7x 0.72x 11.9x Median 4.4% 2.9% 11.8% 7.2% 21.7x 0.69x 9.9x 0.83x 11.7x Ingredients / Flavors Givaudan SA GIVN-CH $1,837.07 85.2% $16,769 $17,768 $4,637 $1,162 (0.4%) 0.1% 43.7% 25.1% 25.8x 3.83x 15.3x 3.85x 15.7x Ingredion Incorporated INGR 125.93 90.0% 9,106 10,262 5,709 1,041 2.2% (4.1%) 25.1% 18.2% 18.9x 1.80x 9.9x 1.78x 9.9x International Flavors & Fragrances Inc. IFF 115.76 80.6% 9,237 10,111 3,069 702 0.2% 1.8% 44.1% 22.9% 23.6x 3.29x 14.4x 3.25x 14.2x Kerry Group Plc KRZ-IE 74.01 76.8% 12,728 14,549 6,782 994 (3.8%) (3.7%) 9.9% 14.7% 23.8x 2.15x 14.6x 2.26x 15.7x Sensient Technologies Corporation SXT 76.99 92.3% 3,479 4,074 1,392 268 0.9% (1.9%) 35.1% 19.2% 30.8x 2.93x 15.2x 2.91x 16.2x Symrise AG SY1-DE 60.55 78.1% 7,762 9,537 3,101 633 4.7% 9.2% 39.8% 20.4% 30.7x 3.08x 15.1x 3.12x 14.6x Tate & Lyle PLC TATE-GB 8.49 80.2% 3,922 4,374 3,555 488 (0.2%) (10.2%) 10.3% 13.7% 14.1x 1.23x 9.0x 1.35x 10.0x Mean 0.5% (1.2%) 29.7% 19.2% 23.9x 2.61x 13.4x 2.65x 13.8x Median 0.2% (1.9%) 35.1% 19.2% 23.8x 2.93x 14.6x 2.91x 14.6x Agribusiness Archer-Daniels-Midland Company ADM $43.47 90.8% $25,323 $30,715 $62,354 $2,174 (13.5%) (1.7%) 4.9% 3.5% 16.7x 0.49x 14.1x 0.49x 10.3x Bunge Limited BG 69.52 93.9% 9,844 12,766 41,985 1,370 (7.9%) (11.3%) 0.7% 3.3% 16.2x 0.30x 9.3x 0.30x 7.4x CF Industries Holdings, Inc. CF 33.48 88.8% 7,970 15,069 3,934 1,460 (10.8%) (11.3%) 3.4% 37.1% NM 3.83x 10.3x 4.04x 15.7x Darling Ingredients Inc. DAR 12.48 78.3% 2,103 3,902 3,322 429 (9.0%) 24.5% 13.0% 12.9% 14.5x 1.17x 9.1x 1.16x 8.9x Monsanto Company MON 107.50 94.1% 47,554 53,997 13,919 3,823 (2.8%) (2.6%) 48.0% 27.5% 29.6x 3.88x 14.1x 3.93x 14.3x Andersons, Inc. ANDE 39.55 88.1% 1,134 1,475 3,959 169 (7.9%) (11.1%) 14.6% 4.3% NA 0.37x 8.7x 0.37x 11.9x Mosaic Company MOS 30.67 97.2% 11,007 14,060 7,464 1,246 (18.1%) NA 7.4% 16.7% 25.1x 1.88x 11.3x 1.98x 13.4x Mean (10.0%) (2.2%) 13.1% 15.0% 20.4x 1.71x 11.0x 1.75x 11.7x Median (9.0%) (6.8%) 7.4% 12.9% 16.7x 1.17x 10.3x 1.16x 11.9x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $121.05 98.5% $80 $94 $1,295 $13 1.0% 2.2% 5.4% 1.0% 13.9x 0.07x 7.2x NA NA Core-Mark Holding Company, Inc. CORE 42.32 84.6% 1,972 2,215 13,508 129 24.3% 12.6% 5.0% 1.0% 37.5x 0.16x 17.1x 0.15x 14.3x Performance Food Group Company PFGC 23.15 82.3% 2,378 3,636 16,222 316 6.2% 5.8% 12.6% 2.0% 34.3x 0.22x 11.5x 0.22x 9.9x SpartanNash Company SPTN 39.22 97.1% 1,512 1,980 9,450 230 19.9% 6.1% 14.2% 2.4% 25.0x 0.21x 8.6x 0.26x 8.6x SUPERVALU INC. SVU 4.27 69.2% 1,179 3,682 13,519 498 (24.7%) 53.2% 13.6% 3.7% 11.5x 0.27x 7.4x 0.23x 5.7x United Natural Foods, Inc. UNFI 47.13 90.3% 2,446 3,026 8,672 304 4.9% 11.5% 15.3% 3.5% 19.5x 0.35x 10.0x 0.34x 9.7x Mean 5.3% 15.2% 11.0% 2.3% 23.6x 0.22x 10.3x 0.24x 9.6x Median 5.6% 8.8% 13.1% 2.2% 22.3x 0.22x 9.3x 0.23x 9.7x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $160.84 94.8% $70,955 $70,189 $119,598 $4,927 2.6% 4.0% 13.6% 4.1% 29.4x 0.59x 14.2x 0.58x 13.9x Ingles Markets, Incorporated IMKTA 48.25 92.1% 676 1,547 3,795 $236 0.4% 0.5% 24.6% 6.2% 18.1x 0.41x 6.6x 0.41x 6.5x J Sainsbury plc SBRY-GB 3.18 74.5% 6,897 8,704 33,585 $1,284 (7.1%) (3.3%) 5.9% 3.8% 10.4x 0.26x 6.8x 0.28x 5.3x Royal Ahold N.V. AD-NL 20.62 80.6% 26,270 26,239 48,882 230 16.6% NA 26.4% 0.5% 17.9x 0.54x NM 0.42x 6.6x Natural Grocers by Vitamin Cottage NGVC 12.55 56.0% 282 337 705 46 12.9% 17.9% 24.4% 6.5% 24.6x 0.48x 7.3x 0.46x 7.1x Sprouts Farmers Markets, Inc. SFM 19.25 64.2% 2,755 3,035 3,991 309 17.5% 20.0% 26.1% 7.8% 21.8x 0.76x 9.8x 0.75x 10.2x SUPERVALU INC. SVU 4.27 69.2% 1,179 3,682 13,519 498 (24.7%) 53.2% 13.6% 3.7% 11.5x 0.27x 7.4x 0.23x 5.7x Tesco PLC TSCO-GB 2.53 88.2% 20,595 28,498 78,545 3,432 (18.3%) (7.7%) 5.3% 4.4% NM 0.36x 8.3x 0.42x 9.3x Kroger Co. KR 33.00 79.2% 31,024 43,461 113,891 5,819 4.6% 4.6% 20.2% 5.1% 15.9x 0.38x 7.5x 0.38x 7.4x Village Super Market, Inc. VLGEA 30.07 82.6% 299 278 1,635 66 2.6% 3.5% 25.3% 4.0% 19.9x 0.17x 4.2x NA NA Weis Markets, Inc. WMK 63.93 92.8% 1,760 1,696 2,777 147 (2.8%) 0.9% 25.0% 5.3% 31.2x 0.61x 11.5x NA NA Whole Foods Market, Inc. WFM 30.49 85.7% 9,714 9,913 15,724 1,368 2.2% 6.8% 34.1% 8.7% 19.7x 0.63x 7.2x 0.62x 7.4x Mean 0.6% 9.1% 20.4% 5.0% 20.0x 0.45x 8.3x 0.45x 7.9x Median 2.4% 4.0% 24.5% 4.7% 19.7x 0.44x 7.4x 0.42x 7.2x

Foodservice Colabor Group Inc. GCL-CA $1.02 89.6% $105 $242 $1,111 $22 (10.8%) (8.3%) 1.8% 2.0% NA 0.22x 11.1x 0.21x 10.1x Sysco Corporation SYY 54.85 96.1% 30,240 37,416 51,773 2,811 6.1% 4.8% 19.3% 5.4% 30.4x 0.72x 13.3x 0.71x 12.9x Chefs' Warehouse, Inc. CHEF 15.30 73.6% 407 713 1,150 58 16.4% 22.7% 25.0% 5.1% NM 0.62x 12.2x 0.60x 12.5x Mean 3.9% 6.4% 15.4% 4.2% 30.4x 0.52x 12.2x 0.51x 11.8x Median 6.1% 4.8% 19.3% 5.1% 30.4x 0.62x 12.2x 0.60x 12.5x Quick Service Restaurant Bojangles, Inc. BOJA $19.65 94.9% $726 $909 $521 $80 9.3% NA 19.6% 15.4% 20.7x 1.74x 11.3x 1.71x 11.2x Jack in the Box Inc. JACK 107.90 95.2% 3,537 4,515 1,599 337 3.8% 2.4% 28.0% 21.0% 30.1x 2.82x 13.4x 2.80x 13.2x McDonald's Corporation MCD 120.96 91.7% 100,384 124,124 24,934 9,248 (2.8%) (3.8%) 42.8% 37.1% 22.9x 4.98x 13.4x 5.05x 13.1x Popeyes Louisiana Kitchen, Inc. PLKI 62.03 98.3% 1,294 1,410 267 87 3.9% 9.2% 62.2% 32.5% 31.9x 5.28x 16.3x 5.27x 16.2x Restaurant Brands International Inc QSR 49.37 98.3% 11,647 20,913 4,279 1,837 30.6% NA 46.9% 42.9% 40.7x 4.89x 11.4x 5.05x 11.3x Sonic Corp. SONC 26.56 73.1% 1,269 1,807 590 165 (3.6%) 2.8% 33.9% 28.0% 20.3x 3.06x 10.9x 3.19x 11.0x Wendy's Company WEN 13.63 96.9% 3,506 5,581 1,590 458 (13.8%) (14.3%) 40.7% 28.8% 19.6x 3.51x 12.2x 3.89x 14.1x Yum! Brands, Inc. YUM 64.26 69.9% 23,668 29,828 12,894 2,802 (2.0%) (0.4%) 30.1% 21.7% 16.4x 2.31x 10.6x 4.17x 13.9x Mean 3.2% (0.7%) 38.0% 28.4% 25.3x 3.58x 12.4x 3.89x 13.0x Median 0.9% 1.0% 37.3% 28.4% 21.8x 3.29x 11.8x 4.03x 13.2x

Fast Casual Chipotle Mexican Grill, Inc. CMG $410.21 75.6% $11,983 $11,624 $3,867 $277 (15.4%) 8.0% 10.5% 7.2% NM 3.01x NM 2.97x NM El Pollo Loco Holdings Inc LOCO 12.45 80.6% 490 591 374 60 4.2% NA 20.3% 16.0% 21.3x 1.58x 9.9x 1.56x 9.3x Fiesta Restaurant Group, Inc. FRGI 27.65 71.7% 754 818 720 95 8.4% 9.9% 19.4% 13.2% 32.6x 1.14x 8.6x 1.14x 8.7x Habit Restaurants, Inc. HABT 15.55 63.6% 419 406 271 28 23.9% NA 14.7% 10.2% NM 1.50x 14.7x 1.43x 13.5x Noodles & Co. NDLS 4.55 33.3% 124 206 475 25 6.3% 12.1% 7.6% 5.3% NA 0.43x 8.2x 0.42x 8.5x Panera Bread Company PNRA 213.63 95.3% 4,691 5,040 2,760 403 3.7% 6.3% 14.3% 14.6% 35.7x 1.83x 12.5x 1.80x 12.4x Potbelly Corp. PBPB 13.40 89.4% 345 316 400 39 10.3% 10.2% 14.5% 9.8% 47.2x 0.79x 8.0x 0.78x 8.2x Shake Shack, Inc. SHAK 35.30 80.2% 1,308 1,283 246 47 41.3% NA 22.9% 18.9% NM 5.21x 27.5x 4.83x 30.0x Wingstop, Inc. WING 28.94 86.6% 832 983 87 31 NA NA 68.7% 35.1% 56.8x 11.28x 32.1x 10.73x 28.5x Zoe's Kitchen, Inc. ZOES 22.71 54.4% 449 467 267 23 24.7% 35.0% 13.5% 8.8% NM 1.75x 19.9x 1.69x 19.6x

Mean 11.9% 13.6% 20.6% 13.9% 38.7x 2.85x 15.7x 2.73x 15.4x Median 8.4% 10.1% 14.6% 11.7% 35.7x 1.66x 12.5x 1.62x 12.4x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $36.10 75.9% $844 $928 $961 $128 6.7% 8.1% 10.7% 13.3% 20.6x 0.97x 7.2x 0.93x 7.4x Buffalo Wild Wings, Inc. BWLD 154.35 88.1% 2,808 2,871 1,983 308 14.5% 17.3% 13.8% 15.5% 27.8x 1.45x 9.3x 1.43x 9.5x Chuy's Holdings, Inc. CHUY 30.80 81.5% 521 507 323 41 16.1% 17.2% 15.3% 12.6% 34.8x 1.57x 12.5x 1.52x 11.9x Dave & Buster's Entertainment, Inc. PLAY 55.18 94.7% 2,338 2,601 969 229 15.4% NA 16.1% 23.7% 27.8x 2.68x 11.3x 2.62x 10.8x Ignite Restaurant Group, Inc. IRG 0.68 15.3% 17 130 462 20 17.3% 36.0% 7.9% 4.3% NA 0.28x 6.5x 0.29x 5.6x Cheesecake Factory Incorporated CAKE 61.45 95.4% 2,848 2,880 2,199 279 17.3% 36.0% 15.7% 12.7% 22.2x 1.31x 10.3x 1.27x 10.0x Mean 14.6% 22.9% 13.2% 13.7% 26.6x 1.38x 9.5x 1.34x 9.2x Median 15.7% 17.3% 14.5% 13.0% 27.8x 1.38x 9.8x 1.35x 9.7x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $17.66 88.3% $1,895 $3,067 $4,297 $428 (3.1%) 1.8% 10.0% 10.0% 33.9x 0.71x 7.2x 0.72x 7.0x Brinker International, Inc. EAT 47.64 85.3% 2,369 3,780 3,253 480 6.5% 4.6% 10.6% 14.8% 14.3x 1.16x 7.9x 1.16x 8.1x Darden Restaurants, Inc. DRI 73.52 92.6% 9,050 9,374 6,995 932 1.3% (7.2%) 15.3% 13.3% 21.3x 1.34x 10.1x 1.33x 9.7x DineEquity, Inc. DIN 76.51 77.4% 1,393 2,659 651 261 (3.4%) 0.5% 57.2% 40.1% 14.0x 4.08x 10.2x 4.16x 10.1x Red Robin Gourmet Burgers, Inc. RRGB 50.03 72.5% 659 959 1,291 143 3.0% 8.3% 12.3% 11.1% 22.1x 0.74x 6.7x 0.74x 6.7x Ruby Tuesday, Inc. RT 2.27 40.2% 141 326 1,022 45 (9.0%) (4.7%) 7.0% 4.5% NA 0.32x 7.2x NA NA Texas Roadhouse, Inc. TXRH 46.43 91.9% 3,272 3,251 1,960 262 11.5% 13.1% 14.5% 13.4% 28.1x 1.66x 12.4x 1.62x 12.1x Mean 1.0% 2.3% 18.1% 15.3% 22.3x 1.43x 8.8x 1.62x 8.9x Median 1.3% 1.8% 12.3% 13.3% 21.7x 1.16x 7.9x 1.25x 8.9x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $17.90 96.8% $422 $422 $347 $44 7.2% 10.7% 13.2% 12.8% 22.7x 1.22x 9.5x 1.20x 9.2x Fogo de Chao, Inc. FOGO 14.00 78.3% 397 524 285 53 8.4% NA 21.8% 18.7% 13.7x 1.84x 9.8x 1.84x 9.5x Ruth's Hospitality Group, Inc. RUTH 18.05 91.9% 577 611 383 59 22.7% (2.5%) 19.2% 15.3% 19.5x 1.60x 10.4x 1.58x 10.0x Mean 12.8% 4.1% 18.1% 15.6% 18.6x 1.55x 9.9x 1.54x 9.5x Median 8.4% 4.1% 19.2% 15.3% 19.5x 1.60x 9.8x 1.58x 9.5x Pizza Domino's Pizza, Inc. DPZ $167.43 97.0% $8,143 $10,220 $2,394 $478 13.0% 10.5% 30.7% 20.0% 42.1x 4.27x 21.4x 4.20x 21.1x Papa John's International, Inc. PZZA 85.26 94.2% 3,192 3,506 1,691 193 2.7% 6.0% 17.5% 11.4% 34.7x 2.07x 18.1x 2.04x 18.2x Papa Murphy's Holdings, Inc. FRSH 4.46 34.4% 77 189 125 22 9.2% NA 24.7% 17.3% 19.8x 1.51x 8.7x 1.45x 9.0x Mean 8.3% 8.3% 24.3% 16.2% 32.2x 2.62x 16.1x 2.56x 16.1x Median 9.2% 8.3% 24.7% 17.3% 34.7x 2.07x 18.1x 2.04x 18.2x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $6.75 47.2% $171 $146 $159 $18 NA NA 41.3% 11.6% 25.6x 0.92x 8.0x 0.92x 8.1x Dunkin' Brands Group, Inc. DNKN 50.93 90.7% 4,673 6,772 817 422 2.1% 5.7% 77.6% 51.7% 36.1x 8.29x 16.0x 8.18x 14.8x Jamba, Inc. JMBA 9.81 71.0% 153 139 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.70x NM 1.76x 24.8x Starbucks Corporation SBUX 57.74 93.5% 84,559 85,966 21,311 4,917 11.3% 12.7% 26.7% 23.1% 30.6x 4.03x 17.5x 3.95x 16.1x Mean (9.6%) (1.3%) 40.6% 25.1% 30.8x 3.74x 13.8x 3.70x 16.0x Median 3.2% 5.5% 39.7% 18.6% 30.6x 2.87x 16.0x 2.85x 15.4x Family Restaurant Bob Evans Farms, Inc. BOBE $48.75 88.4% $976 $1,331 $1,314 $124 (1.6%) (3.2%) 13.8% 9.4% 44.1x 1.01x 10.8x 1.02x 9.3x Cracker Barrel Old Country Store, Inc. CBRL 157.81 90.2% 3,780 4,055 2,920 371 2.0% 3.1% 15.5% 12.7% 19.2x 1.39x 10.9x 1.38x 10.8x Denny's Corporation DENN 12.38 94.1% 916 1,143 501 68 1.1% 2.6% 27.6% 13.6% 56.7x 2.28x 16.7x 2.25x 11.6x Luby's, Inc. LUB 4.02 78.8% 118 154 403 19 2.2% 1.0% 10.7% 4.8% NA 0.38x 8.0x NA NA Mean 0.9% 0.9% 16.9% 10.1% 40.0x 1.27x 11.6x 1.55x 10.6x Median 1.6% 1.8% 14.6% 11.1% 44.1x 1.20x 10.8x 1.38x 10.8x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

140

130 1 8 .3 %

1 7 .5 % 120 1 6 .2 % 110 1 1 .8 % 100 9 .5 %

90 1 .4 %

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

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

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

ARGOSY PRIVATE EQUITY AND MTN CAPITAL PARTNERS TO ACQUIRE RITA’S FRANCHISE COMPANY

. Argosy Private Equity and MTN Capital Partners have agreed to acquire Rita’s Franchise Company, a portfolio company of Falconhead Capital, for an undisclosed amount. . Rita’s is the largest Italian Ice concept in the world with more than 600 Enterprise Value: ND locations in 30 states and four countries. Revenue Multiple: ND EBITDA Multiple: ND . The acquisition will allow Argosy and MTN Capital to help facilitate Rita’s Announced: January 3, 2017 continued geographic expansion and growth of its guest loyalty program.

J&J SNACK FOODS CORP. TO ACQUIRE HILL & VALLEY INC.

. J&J Snack Foods Corp. has agreed to acquire Hill & Valley Inc., a portfolio company of Circle Peak Capital and Quilvest, for an undisclosed amount. . Hill & Valley produces branded and private label Sugar-Free and No Sugar Added pre-baked bakery items. Enterprise Value: ND Revenue Multiple: ND . The transaction will allow J&J Snack Foods to expand its in-store bakery EBITDA Multiple: ND offerings and capitalize on growth opportunities with the acquisition of a Announced: December 30, 2016 newly constructed facility.

INGREDION INCORPORATED TO ACQUIRE TIC GUMS, INC.

. Ingredion Incorporated has agreed to acquire TIC Gums, Inc. . TIC Gums provides texture systems and stability solutions to the food and beverage industry. Enterprise Value: $400 mm Revenue Multiple: ND . The transaction will allow Ingredion to leverage TIC Gums’ texture expertise to expand its portfolio of specialty offerings and further diversify its customer EBITDA Multiple: ND base. Announced: December 20, 2016

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

12.0x 11.3x 2.00x $280 700 $247.7 9.9x 10.0x 9.7x $240 600

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

EV / EV LTMMEBI TDA ultiple $51.8 0.40x 2.0x $8.2 $40 $24.0 100

Aggregat e e Deal ($Value Aggregat inbillions) $9.3 $1.1 0.0x 0.00x $0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 1/13/2017 Fricopan Back GmbH Immekath Sun Fruits GmbH 1/12/2017 Vegetalia SL Ebro Foods SA 1/12/2017 VALMONT CR, spol. s.r.o. Pressmedia Spol sro 1/12/2017 WeinArt Handelsgesellschaft mbH Hawesko Holding AG 1/12/2017 The Italian Stove The Italian Stove /Katopodis/ 1/12/2017 Bebidas de Calidad de Madrid SL Anheuser-Busch InBev SA/NV 1/12/2017 Angelo's Pizzeria, Inc. Greenfield Farms Food, Inc. 1/11/2017 Le Saumonier Cherbourg SARL AMP Saumon de France 1/10/2017 Carr Shellfish Ireland Ltd. Glenmar Shellfish Ltd. 1/10/2017 Triporteur NV NV Rafina

PRIVATE EQUITY INVESTMENTS & EXITS

120 110 100 80 65 65 60 60 48 38 43 32 34 36 31 40 25 26 17 18 18 20 14 12

Number ofTransactionsNumber 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD Number of Investments Number of Exits

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

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity7

QUARTERLY LOAN VOLUME AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

$16 L + 600

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

$8 L + 300

($ in billions) $6 L + 200

$4 Loan Loan Volume byQuarter

$2 Average Spread OverLIBOR L + 100

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

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

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

6.0x L + 1000

L + 800 4.0x L + 600

L + 400

2.0x EBITDA Multiple L + 200

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

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

01/01/17 Trufood Inc Chocolate and cocoa products 12 USD Term Loan N/A 250 BPS 01/01/17 Trufood Inc Chocolate and cocoa products 27 USD Revolver/Line >= 1 Yr. N/A 250 BPS 01/01/17 Trufood Inc Chocolate and cocoa products 3 USD Delay Draw Term Loan N/A 250 BPS 12/26/16 Asahi Group Holdings Ltd Malt beverages 20,500 USD Term Loan N/A 12/26/16 Asahi Group Holdings Ltd Malt beverages 37,000 USD Term Loan N/A 12/26/16 Asahi Group Holdings Ltd Malt beverages 40,000 USD Term Loan N/A 12/23/16 Foodstuffs North Island Ltd Food preparations, nec 60 USD Revolver/Line >= 1 Yr. N/A 12/23/16 Foodstuffs North Island Ltd Food preparations, nec 230 USD Revolver/Line >= 1 Yr. N/A 12/23/16 Foodstuffs North Island Ltd Food preparations, nec 110 USD Revolver/Line >= 1 Yr. N/A 12/23/16 Foodstuffs North Island Ltd Food preparations, nec 250 USD Revolver/Line >= 1 Yr. N/A 12/23/16 Foodstuffs North Island Ltd Food preparations, nec 250 USD Revolver/Line >= 1 Yr. N/A 12/23/16 Imuraya Group Co Ltd Candy/other confectionery prod'ts 3,000 USD 364-Day Facility N/A 12/23/16 Optima srl [MEC3] Food preparations, nec 20 USD Revolver/Line >= 1 Yr. N/A 12/23/16 Optima srl [MEC3] Food preparations, nec 30 USD CAPEX Facility N/A 12/23/16 Optima srl [MEC3] Food preparations, nec 185 USD Term Loan N/A

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

M&A OVERVIEW*

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

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

120 8 17

13.0x 100 19 19 6 20 80 166 10 12.0x 141 139 10 60 5 118 4 7 7 9 13 8 107 92 94 Number of Transactions of Number 5 6 89 M edian Trading MMTrading edian ult iple 40 82 11.0x 10 70 53 52 52 58 57 42 48 46 47 6 20 39 33 21

10.0x 0

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Jul-16

Jun-16

Apr-16

Jan-16

Feb-16

Sep-16

Oct-16

Mar-16

Nov-16

Aug-16

Dec-15

Dec-16 May-16 Food Products, Processing, and Ingredients Retail and Restaurants Strategic Acquirer Private Equity Acquirer Recent Food and Beverage M&A5

EnterpriseValue Enterprise Value Private Equity Geographic Announced Target Seller Buyer ($mm) Sales EBITDA EBIT Involvement Location 1/13/2017 Fricopan Back GmbH Immekath Aryzta AG Sun Fruits GmbH - - - - EU 1/12/2017 Vegetalia SL - Ebro Foods SA - - - - EU 1/12/2017 VALMONT CR, spol. s.r.o. - Pressmedia Spol sro - - - - EU 1/12/2017 WeinArt Handelsgesellschaft mbH - Hawesko Holding AG - - - - EU 1/12/2017 The Italian Stove - The Italian Stove /Katopodis/ - - - - P EU 1/12/2017 Bebidas de Calidad de Madrid SL - Anheuser-Busch InBev SA/NV - - - - EU 1/12/2017 Angelo's Pizzeria, Inc. - Greenfield Farms Food, Inc. - - - - P N.A. 1/11/2017 Le Saumonier Cherbourg SARL - AMP Saumon de France - - - - EU 1/10/2017 Carr Shellfish Ireland Ltd. - Glenmar Shellfish Ltd. - - - - EU 1/10/2017 Triporteur NV - NV Rafina - - - - EU 1/9/2017 O-Original BV - BRITA GmbH - - - - EU 1/9/2017 Garden Fresh Restaurant Corp. - Cerberus Capital Management LP - - - - P N.A. 1/9/2017 Contemporary Foodservice Marketing - Acosta, Inc. - - - - N.A. 1/9/2017 Sensient Technologies Corp. Sensient Technologies Corp. Lesaffre & Co. SA - - - - EU 1/9/2017 Land of The Sky Mobile Canning - Iron Heart Canning Co - - - - N.A. 1/6/2017 Ministry of Cake Ltd. Ministry of Cake (Holdings) Ltd. Holding Mademoiselle Desserts SAS - - - - P EU 1/6/2017 SI Seafarms Ltd. - Blueshell Mussels Ltd. - - - - EU 1/6/2017 Selecta Management AG Selecta Management AG Baltcap Private Equity II UK GP Ltd. - - - - EU 1/5/2017 Yarrah Organic Pet Food BV - AAC Capital Partners Management BV - - - - P EU 1/4/2017 Spanish Peaks Food & Beverage - ML Capital Group, Inc. - - - - N.A. 1/4/2017 Absolute Taste Ltd. Mclaren Technology Group Ltd. One Event Management Ltd. - - - - EU 1/3/2017 West Cornwall Pasty Co. Ltd. - Samworth Brothers Ltd. - - - - P EU 1/3/2017 Rita's Water Ice Franchise Co. - Argosy Private Equity - - - - P N.A. 1/3/2017 Iceage Delivery Service Ltd. - Iceage Delivery Services Ltd. - - - - P EU 1/3/2017 Novofruct SK sro - NDX Energija UAB - - - - EU 1/1/2017 Café Cuckoo's Nest Odense ApS - Café Cuckoo´s Nest Odense - - - - EU 1/1/2017 Pepperjax Development, Inc. - TA Associates Management LP - - - - P N.A. 12/31/2016 Bubbies Homemade Ice Cream & Desserts - Kenex Holdings LLC - - - - N.A. 12/31/2016 K-MAC Holdings Corp. - Lee Equity Partners LLC - - - - P N.A. 12/30/2016 Hill & Valley, Inc. - J&J Snack Foods Corp. - - - - P N.A. 12/30/2016 Jwadmarlatt LLC - Deco Pizzeria LLC - - - - N.A. 12/28/2016 Quomak NV - Solina Corporate SASU - - - - P EU 12/24/2016 Marnier Investissements SA Davide Campari-Milano SpA Marnier Investissments $31.4 - - - P EU 12/23/2016 Aperto Gruppe - Coop Genossenschaft - - - - EU 12/23/2016 fritz-kulturgüter GmbH - fritz-kulturgüter GmbH - - - - P EU 12/22/2016 Lácteos Caprinos SA - Emmi AG - - - - EU 12/22/2016 Norddeutsche Kaffeewerke GmbH - Strauss Group Ltd. $52.2 - - - EU 12/22/2016 Desarrollos Alimentarios Frescos SA - J. García Carrión SA - - - - EU 12/21/2016 DUC SA - Plukon Food Group BV - - - - EU 12/21/2016 Selina BG ApS - Sushimania /Lagrolet/ - - - - P EU

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

M&A OVERVIEW*

Recent Food and Beverage M&A5

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

12/21/2016 Mason Cellars - Trinchero Family Estates - - - - P N.A. 12/20/2016 TIC Gums, Inc. - Ingredion, Inc. $400.0 - - - P N.A. 12/20/2016 Ben & Florentine Restaurants, Inc. - Imvescor Restaurant Group, Inc. $18.7 - - - Cross Border 12/20/2016 Destiny Foods Ltd. - Argos Soditic SA; La CIE des Desserts - - - - EU 12/20/2016 Resto In SA GeoPost SA Takeaway.com NV - - - - EU 12/20/2016 Specialty Blending Co. LLC Flowers Foods, Inc. AB Mauri (UK) Ltd. - - - - Cross Border 12/20/2016 Kaluzny SARL - Kaluzny SARL /Gente/ - - - - P EU 12/20/2016 Sweet Harvest Foods Co. - Natural American Foods, Inc. - - - - N.A. 12/20/2016 Krokodile Pear Foods Ltd. - Jusu Bar, Inc. - - - - Cross Border 12/20/2016 Atlantic Foods Ltd. Flagship Food Group LLC OSI Group LLC - - - - Cross Border 12/20/2016 Loungers Ltd. - Lion Capital LLP $169.8 - - - P EU 12/19/2016 The Wine Fusion Ltd. - Lanchester Wine Cellars Ltd. - - - - EU 12/19/2016 Hôtel Restaurant Anne de Bretagne - Hotel Restaurant Anne De Bretagne - - - - P EU 12/19/2016 Devin JSC - SPADEL SA $133.9 - - - P EU 12/16/2016 KFF Kurhessische Fleischwaren W-E-G Stiftung & Co. KG Tiernahrung Deuerer GmbH - - - - EU 12/16/2016 La CIE des Desserts SAS - Argos Soditic - - - - P EU 12/16/2016 Sipsmith Ltd. - Beam Suntory - - - - P Cross Border 12/16/2016 Società Agricola Greppo Biondi Sant - Société Européenne - - - - EU 12/15/2016 Hungryhouse Holdings Ltd. Delivery Hero Holding GmbH JUST EAT Plc $304.9 - - - EU 12/15/2016 Schiller Fleisch GmbH & Co. KG - HANNOVER Finanz GmbH - - - - P EU 12/15/2016 Bow Truss Coffee Roasters - Bow Truss Coffee Roasters - - - - P N.A. 12/14/2016 Agushia Ltd. - Comptoir Group Plc $0.5 0.2x - - EU 12/14/2016 DuPont Nutrition & Health, Inc. E.I. du Pont de Nemours & Co. Warburg Pincus LLC - - - - N.A. 12/14/2016 Globus Wine A/S Hammeken Holding ApS Credo Partners AS - - - - P EU 12/13/2016 L.F.I. (UK) Ltd. Tollblend Ltd. Lesaffre & Co. - - - - EU 12/13/2016 SCA Nuestra Señora Del Olivo - Interóleo Picual Jaén SA - - - - EU 12/13/2016 DGS Group BV - Equistone Partners Europe Ltd.; - - - - P EU 12/13/2016 Sushi Mania SA - Migros-Genossenschafts-Bund - - - - EU 12/10/2016 Sunday Supermarket - Darvoza Savdo OOO - - - - EU 12/9/2016 Compañía Alimentaria del Sur - Comerándalus SL - - - - P EU 12/8/2016 Smooth Ambler Spirits Co - Austin Nichols & Co., Inc. - - - - N.A. 12/7/2016 J.P.S. Lait SAS - J.P.S. Lait SAS - - - - P EU 12/7/2016 Degens NV ITT Food Ingredients BV Ardian SA; Holding Solina SA - - - - EU 12/7/2016 Fertin Pharma A/S - EQT Partners AB - - - - P EU 12/7/2016 Nestle Healthcare Nutrament Business Nestlé SA Brynwood Partners - - - - N.A. 12/7/2016 Main Line Delivery.com LLC - Square, Inc.; Caviar, Inc. - - - - N.A. 12/6/2016 iNTERTAIN Ltd. - Stonegate Pub Co. Ltd. $50.2 - - - EU 12/6/2016 Dufour Sisteron SAS IEP Invest NV La coopérative Arterris SCA - - - - EU 12/6/2016 PawPack LLC - The Gift Box, Inc. - - - - N.A. 12/5/2016 The Plough At Cadsden Ltd. - Sinofortone Group Ltd. $2.5 - - - EU 12/2/2016 Chaucer Foods Ltd. - Nagatanien Holdings Co., Ltd. $130.0 - 10.8x - P EU 12/2/2016 Victoria Fine Foods LLC Huron Capital Partners LLC B&G Foods, Inc. $70.0 1.7x 7.8x - P N.A. 12/2/2016 Go Well Promoção de Eventos Catering - Sonae SGPS SA - - - - EU 12/2/2016 Schlumberger AG - Sastre SA $81.0 - - - EU 12/2/2016 Suffield Foods LLC - NightFood Holdings, Inc. - - - - N.A. 12/2/2016 Kaiser's Tengelmann GmbH - EDEKA ZENTRALE AG & Co. KG - - - - EU 12/2/2016 Deep Ellum Brewing Co. - Storied Craft Breweries $14.3 - - - N.A. 12/2/2016 Little Extra SA Auchan Holding SA Little Extra SA /Tordjman/ - - - - P EU 12/2/2016 Cosi, Inc. - Milfam LLC $16.0 0.2x - - N.A. 12/1/2016 Westland Distillery LLC - Rémy Cointreau SA; Orpar SA - - - - Cross Border 12/1/2016 Greene Farm Foods Ltd. - Kepak Group Ltd. - - - - EU 12/1/2016 La Croissanterie SA - CM CIC Investissement SA - - - - P EU 12/1/2016 Wild Rose Marketing, Inc. - C.A. Fortune & Co. - - - - N.A. 12/1/2016 Cottage Delight Ltd. - Vestey Holdings Ltd. - - - - EU 11/30/2016 Koh Thai Tapas Ltd. - Alcuin Capital Partners LLP - - - - P EU 11/30/2016 Candyking Holding AB - Candyking Holding AB - - - - P EU 11/30/2016 Scotsburn Co-operative Services Ltd. - Agropur cooperative - - - - Cross Border 11/29/2016 La Diperie - MTY Food Group, Inc. $1.1 - - - Cross Border 11/29/2016 Enrico Giotti SpA - McCormick & Co., Inc. $127.0 - 12.0x - Cross Border 11/29/2016 Village Green Restaurants Ltd. - Shepherd Neame Ltd. $14.7 1.8x - - EU 11/29/2016 The Duke of Wellington /Surrey/ - Peach Pub Co. Ltd. - - - - EU 11/28/2016 Mustard Catering Ltd. - Kofler & Kompanie GmbH - - - - EU 11/28/2016 Diamond of California Snyder's-Lance, Inc. Blue Road Management LP - - - - P N.A. 11/28/2016 Blue Lake Citrus Products LLC The Seminole Tribe of Florida, Inc. Centre Partners Management LLC - - - - N.A. 11/28/2016 Vilniaus Degtine AB - Marie Brizard Wine & Spirits SA $11.6 - - - EU

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

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5

January 2017 Date Company 1/11/2017 SUPERVALU, Inc. (SVU-US) 1/12/2017 Hagar hf (HAGA-IS) 1/12/2017 Rocky Mountain Chocolate Factory, Inc. (RMCF-US)

February 2017 Date Company 2/2/2017 Kesko Oyj (KESBV-FI) 2/3/2017 AAK AB (AAK-SE) 2/3/2017 BE Group AB (BEGR-SE) 2/3/2017 Takoma Oyj (TAM1V-FI) 2/3/2017 The Hershey Co. (HSY-US) 2/6/2017 Axfood AB (AXFO-SE) 2/6/2017 Tyson Foods, Inc. (TSN-US) 2/6/2017 Phibro Animal Health Corp. (PAHC-US) 2/8/2017 B&B Tools AB (BBTO.B-SE) 2/8/2017 ICA Gruppen AB (ICA-SE) 2/8/2017 NattoPharma ASA (NATTO-NO) 2/8/2017 Whole Foods Market, Inc. (WFM-US) 2/9/2017 Kellogg Co. (K-US) 2/9/2017 The Coca-Cola Co. (KO-US) 2/9/2017 TreeHouse Foods, Inc. (THS-US) 2/14/2017 MillerCoors LLC (079SJS-E) 2/14/2017 Molson Coors Brewing Co. (TAP-US) 2/15/2017 Danone SA (BN-FR) 2/15/2017 Heineken NV (HEIA-NL) 2/16/2017 Nestle SA (NESN-CH) 2/17/2017 Campbell Soup Co. (CPB-US) 2/17/2017 The J. M. Smucker Co. (SJM-US) 2/21/2017 Wal-Mart Stores, Inc. (WMT-US) 2/21/2017 Kerry Group Plc (KRZ-IE) 2/23/2017 Loblaw Cos. Ltd. (L-CA) 2/28/2017 Target Corp. (TGT-US) March 2017 Date Company 3/1/2017 Royal Ahold Delhaize NV (AD-NL) 3/2/2017 Anheuser-Busch InBev SA /Old/ (BUD-US) 3/2/2017 Bonduelle SA (BON-FR) 3/2/2017 The Kroger Co. (KR-US) 3/2/2017 Costco Wholesale Corp. (COST-US) 3/7/2017 Wajax Corp. (WJX-CA) 3/13/2017 Aryzta AG (ARYN-CH)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2017

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