FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020

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 Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams Ltd conduct business. FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 WHAT WE’RE SEEING

1 MARKET UPDATE Group Overview . Harris Williams is a leading advisor to the food and M&A activity in the food and beverage industry is continuing, with strategic buyers being beverage market. Our significant experience covers a broad range particularly active. US Foods announced it will acquire Smart Foodservice Warehouse of end markets, industries, and business models. This particular Stores, a wholesale food distributor and foodservice warehouse, for $970 million, from report focuses on trends and metrics in the following areas: Smart & Final Stores, a portfolio company of Apollo Global Management. Mondelēz . Agribusiness announced it will acquire Give & Go, a producer of baked goods, for $1.2 billion, from . Bakery . Beverages Thomas H. Lee Partners. Hormel Foods announced it will acquire Sadler’s Smokehouse, a . Branded and Private Label provider of premium pit-smoked meats, for $270 million. . Dairy . Distribution . Ingredients . Meat and Protein WHAT WE’VE BEEN DOING . Natural and Organic . Processing CLOSED HARRIS WILLIAMS TRANSACTIONS . Produce . Restaurant and Retail . Snacks

Contacts . Tim Alexander Managing Director [email protected] +1 (612) 359-2716 . Ryan Budlong Managing Director [email protected] +1 (415) 217-3409 . Brant Cash Managing Director [email protected] +1 (612) 359-2709 . Ryan Freeman Managing Director [email protected] +1 (612) 359-2703 . Andy Warczak Vice President [email protected] +1 (612) 359-2714 . Brant Wilczek Vice President [email protected] +1 (612) 359-2732 . Thomas DeMinico Vice President [email protected] +1 (612) 359-2719 . Richard Furseth Vice President [email protected] +1 (612) 359-2733

www.harriswilliams.com

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 HARRIS WILLIAMS ADVISES LANCASTER FOODS

Harris Williams advised Lancaster Foods, a subsidiary of Guest Services, on its sale to The Coastal Companies, a portfolio company of Arlon Group.

BUSINESS OVERVIEW KEY VALUE DRIVERS

. Lancaster is a leading wholesale supplier of conventional  Best-in-class sourcing capabilities and fresh-cut produce for retail customers across the Northeast U.S.  One-stop-shop provider for conventional and fresh-cut needs

. Founded in 1986, Lancaster operates a 220,000-square-  Attractive position as go-to fill-in provider foot distribution and processing center in Jessup, Maryland, and operates a fleet of over 70 delivery vehicles.  Industry-leading margin profile

 Attractively positioned to service the Mid-Atlantic region

REPRESENTATIVE PRODUCTS  Deep and experienced management team

Conventional Produce Fresh-Cut Produce

90+ 70+ Varieties Varieties

VITAL SIGNS

COMMODITY PRICE INDICES 1

160 Wheat: 9.4%

120 Corn: 1.0%

80 Crude Oil: (7.7%) Commodity Commodity Price Index 40 Soybeans: Mar-15 Sep-15 Feb-16 Aug-16 Jan-17 Jun-17 Dec-17 May-18 Oct-18 Apr-19 Sep-19 Mar-20 (9.0%) Crude Oil Soybean Wheat Corn PROTEIN PRICE INDICES 2 , 3

110 Pork 8.1% 100 Beef: 1.3% Poultry

Protein Price Price Protein Index 90 0.5% Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES 4

Res taurant: 140 130 2 2 . 7 % 120 110 100 G rocery:

Sales Sales Index 90 1 5 . 8 % 80 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION 2

4.0 3.0 2.0 1.0

Infation (%) - (1.0) Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20

VITAL SIGNS

KEY TRADING STATISTICS 1

Stock Price % Change EV/EBITDA % Change Current Valuation Stats Net Debt / Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing (24.5%) 6.8% (15.1%) (1.9%) 10.5x 14.1x 12.3x 1.8x Fruit and Vegetable (15.7%) (6.7%) 0.2% (7.9%) 10.5x 17.6x 11.3x 3.9x

Inputs Ingredients / Flavors (1.4%) (2.4%) (4.9%) (0.0%) 19.0x 29.9x 15.0x 2.3x Agribusiness (12.2%) (12.1%) 10.6% (4.0%) 14.1x 16.0x 8.5x 3.5x Branded Processed Foods (6.9%) 5.1% (4.8%) 0.2% 16.7x 21.6x 12.7x 3.7x Private Label Foods and Beverages (15.7%) 18.5% (0.1%) 2.1% 7.6x 20.2x 9.5x 4.7x Natural / Organic Foods / BFY (4.9%) 9.0% (0.2%) 25.2% 26.4x NA 23.3x 6.2x Baked Goods (8.0%) (2.3%) (3.8%) (7.0%) 19.3x 25.0x 11.3x 3.2x Dairy (4.0%) (14.5%) 5.0% (22.9%) 13.6x 21.6x 12.8x 2.5x Non-Alcoholic Beverages (1.3%) (4.7%) (3.1%) (11.6%) 21.2x 18.9x 11.4x 2.2x

Food and Beverage and Food Alcoholic Beverages (12.9%) (8.4%) (17.8%) (5.8%) 19.2x 23.9x 11.8x 2.9x Snacks (7.9%) 7.6% (5.2%) 1.9% 21.3x 22.7x 17.1x 2.2x Grocery Distribution (12.2%) (32.6%) 21.6% 16.3% 10.3x 19.7x 10.3x 5.8x Food Retail (9.7%) (14.4%) 8.2% 13.1% 12.2x 14.4x 9.4x 4.2x Foodservice (14.7%) (3.9%) (13.3%) (1.4%) 14.8x 28.4x 14.6x 4.5x Quick Service Restaurant (11.3%) (6.4%) (9.5%) 8.8% 22.8x 24.7x 18.2x 5.4x Fast Casual (1.8%) 4.9% 80.0% 44.3% 42.1x NA 16.3x 5.7x Differentiated Casual (19.1%) (27.7%) 21.7% 25.5% 15.0x 13.7x 11.4x 5.3x Casual Dining Restaurant (10.3%) (12.9%) 1.2% 29.2% 13.1x 14.0x 11.5x 6.5x Fine Dining (18.1%) (26.6%) 19.2% 4.0% 12.7x 13.3x 11.3x 4.0x Consumer and Retail and Consumer Pizza 3.2% 34.2% 16.3% (0.7%) 35.9x 35.5x 23.9x 5.4x Beverage / Snack Retail (13.1%) (8.7%) 3.6% 5.9% 20.7x 24.4x 18.6x 6.0x Family Restaurant (6.8%) (0.1%) (4.7%) 7.2% 15.7x 12.4x 13.1x 2.3x Overall Median (10.6%) (5.8%) (0.1%) 2.8% 17.0x 20.0x 12.5x 3.9x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 PUBLIC EQUITY MARKET OVERVIEW

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

(80.0%) (65.0%) (50.0%) (35.0%) (20.0%) (5.0%) 10.0% 25.0% 40.0% 55.0% 70.0% 85.0% Inputs Food and Beverage Consumer and Retail

RECENT EQUITY OFFERINGS 5

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

Secondary - 03/05/20 Keurig Dr Pepper Inc DPS Follow-On $1,090.0 General Corp. Purp. 03/04/20 02/19/20 Else Nutrition Holdings Inc BABY Follow-On $6.0 General Corp. Purp. 02/28/20 12/03/19 Champignon Brands Inc SHRM IPO $2.1 General Corp. Purp. - 02/20/20 Centr Brands Corp - Follow-On $0.9 General Corp. Purp. 02/07/20 10/23/17 Muscle Maker Inc GRIL IPO $7.7 General Corp. Purp. 01/29/20 01/27/20 Grocery Outlet Holding Corp GO Follow-On $528.0 General Corp. Purp. - 01/10/20 The Very Good Food Co Inc NA IPO $2.7 General Corp. Purp. - 01/10/20 She Beverage Company, Inc. NA IPO $252.5 General Corp. Purp. 12/17/19 12/11/19 RiceBran Technologies RBIT Follow-On $7.4 General Corp. Purp. 11/20/19 11/18/19 Performance Food Group Co PFGC Follow-On $515.0 Reduce Indebtedness Working Capital 11/19/19 - The Chefs Warehouse Inc CHEF Convertible $150.0 General Corp. Purp. General Corp. Purp. 10/30/19 9/27/19 Diamond Estates Wines & Spirits Inc DWS Follow-On $1.8 Marketing & Sales

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE INDEX 4

150 8 .4 % 140

130 6 .3 %

120 5 .6 % 110 4 .3 % 100 Price Price Index 90 ( 0 .4 %)

80 ( 2 8 .5 %) 70

60 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 Restaurant Protein Processing/Dairy Natural/ Organic Beverage Private Label Food Manufacturing S&P 500 M&A MARKET OVERVIEW Highlighted Food and Beverage M&A Transactions1

US FOODS TO ACQUIRE SMART FOODSERVICE WAREHOUSE STORES

. US Foods to acquire Smart Foodservice Warehouse Stores for $970 million from Smart & Final Stores, a portfolio company of Apollo Global Management. . Based in Gresham, Oregon, Smart Foodservice Warehouse Stores is a wholesale food distributor that operates 70 small cash-and-carry stores throughout the West Coast, serving Enterprise Value: $970 million midsized restaurants and other food business customers. Revenue Multiple: 0.9x EBITDA Multiple: 11.4x . The acquisition will complement US Foods’ existing cash-and-carry concept, CHEF’STORE, Announced: March 6, 2020 and will accelerate US Foods’ presence in the growing channel.

M O N D E L Ē Z TO ACQUIRE G I V E & GO

. Mondelēz to acquire Give & Go for $1.2 billion from Thomas H. Lee Partners. . Based in Toronto, Canada, Give & Go is a manufacturer of fully finished, sweet baked goods for the in-store bakery channel. Enterprise Value: $1.2 billion Revenue Multiple: ~2.4x . The acquisition expands Mondelēz’s snacking offering and establishes a leading position in EBITDA Multiple: NA in-store bakery. Announced: February 25, 2020

H O R M E L FOODS TO ACQUIRE SADLER’S SMOKEHOUSE

. Hormel Foods acquires Sadler’s Smokehouse for $270 million. . Based in Henderson, Texas, Sadler’s Smokehouse is a family-owned business that specializes in premium and authentic pit-smoked meats for retail and foodservice customers. Enterprise Value: $270 million Revenue Multiple: NA . The acquisition will complement Hormel’s foodservice business and gives it another brand EBITDA Multiple: NA to expand in the retail and deli channels. Announced: February 20, 2020

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 M&A MARKET OVERVIEW*

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

$280 1000 18.0x 2.40x $247.7 900 16.0x 15.9x $240 2.00x 800 of TransactionsNumber

14.0x MultipleSales LTM / EV 10.9x $200 700 11.3x 10.0x 11.2x 12.0x 10.5x 1.60x 8.8x $160 600 9.2x 9.7x 10.0x 8.0x 500 1.20x $120.7 $120 $110.6 8.0x 400

6.0x 0.80x $55.7 $77.6 300 $80 $52.9 $58.3 4.0x 200

EV EV / LTM EBITDA Multiple $24.0 0.40x $40

Aggregate Deal Value ($ inbillions) Aggregate($Value Deal 100 2.0x $8.2 $4.9 0.0x 0.00x $0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD YTD Aggregate Deal Value # of Deals EV / LTM EBITDA EV / LTM Sales Latest Deals and Announced Private Equity Activity1

LAST 10 DEALS ANNOUNCED

Announced Target Buyer 1/0/19001/0/19001/0/1900 01/0/1900 Cargill, Incorporated 3/9/2020Bakers + Baristas Patisserie Valerie 3/6/2020Leysieffer & Co. KG Deel & Winkler 3/6/2020Sushi Yama AB Litorina Capital Advisors 3/5/2020Smart Foodservice Stores US Foods 3/5/2020Engelman's Bakery Shoreline Equity Partners 3/3/2020Parasole Restaurant FS Funds 3/3/2020Assets of CraftWorks Restaurants and BreweriesFortress Credit 3/3/2020Preservation Bar & Grill Beau Soleil Cafe 3/2/2020Virginia's Kitchen Curaleaf Holdings 3/2/2020Raphael Dal Bo AG Provinco Italia Spa

PRIVATE EQUITY INVESTMENTS & EXITS

160 139 150 131 140 122 120 94 100 86 75 80 65 65 67 60 43 48 36 38 40 25 26 31 18 20 9 10

Number Transactions Number of 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Number of Investments Number of Exits

* M&A transactions include European and cross-border deals since 2015. PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 DEBT MARKET OVERVIEW Food and Beverage Loan Activity6 AVERAGE SPREAD ON FOOD & QUARTERLY LOAN VOLUME BEVERAGE LOANS $18 L + 600 $16 L + 500 $14

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

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

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

CREDIT STATISTICS CREDIT STATISTICS

6.0x L + 1000

L + 800

4.0x L + 600

L + 400

EBITDA Multiple 2.0x

Average Average Spread Over LIBOR L + 200

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

Effective Date Borrower Name Description Tranche Amount Type Seniority Type Spread

2/29/20 Yamasan Corp Manufactures mountain herbs 12.49 Revolver/Line < 1 Yr. Senior 2/28/20 Yoshida Peanuts Food Co Ltd Provides canned fruits and vegetables and juices 27.76 Revolver/Line >= 1 Yr. Senior 2/26/20 Mondelez International Inc Provides snack food and beverage products 1500 364-Day Facility Senior 112.5 2/14/20 MGP Ingredients Inc Provides distilled alcohol products and food ingredients 300 Revolver/Line >= 1 Yr. Senior 100 2/14/20 Mitr Phol Sugar Corp Ltd Operates as a sugar producing firm 170 364-Day Facility Senior 2/10/20 Philip Morris International Inc Manufactures and sells nicotine-containing products 2000 Revolver/Line >= 1 Yr. Senior 17.5 2/7/20 Biscuit International SAS Manufactures gluten and milk free biscuits 120.37 Term Loan Senior 2/7/20 Biscuit International SAS Manufactures gluten and milk free biscuits 536.21 Term Loan B Senior 400 2/7/20 Biscuit International SAS Manufactures gluten and milk free biscuits 93.02 Revolver/Line >= 1 Yr. Senior 2/5/20 Chiquita Brands International Provides bananas, pineapples, and packaged salads 105 Revolver/Line >= 1 Yr. Senior 125 2/4/20 Philip Morris International Inc Manufactures and sells nicotine-containing products 2000 364-Day Facility Senior 15 1/31/20 Britvic Soft Drinks Ltd Manufactures soft drinks 527.96 Revolver/Line >= 1 Yr. Senior 1/31/20 Tokyo Suirei Offers apartments and related services 1.85 Revolver/Line >= 1 Yr. Senior 2/7/20 Biscuit International SAS Manufactures gluten and milk free biscuits 120.37 Term Loan Senior 2/7/20 Biscuit International SAS Manufactures gluten and milk free biscuits 536.21 Term Loan B Senior 400 2/7/20 Biscuit International SAS Manufactures gluten and milk free biscuits 93.02 Revolver/Line >= 1 Yr. Senior 2/7/20 Sime Darby Plantations Sdn Bhd Provides palm oil 950 Term Loan Senior 2/5/20 Cerelia Produces and sells ready to bake chilled dough 461.87 Term Loan B Senior 2/5/20 Cerelia Produces and sells ready to bake chilled dough 109.97 Revolver/Line >= 1 Yr. Senior 2/4/20 Philip Morris International Inc Manufactures and sells nicotine-containing products 2000 364-Day Facility Senior 15 1/31/20 Britvic Soft Drinks Ltd Manufactures soft drinks 527.96 Revolver/Line >= 1 Yr. Senior 1/31/20 Tokyo Suirei Offers apartments and related services 1.85 Revolver/Line >= 1 Yr. Senior 1/30/20 Wells Enterprises Inc Produces and markets ice creams and frozen treats 173 Term Loan B Senior 275

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 M&A OVERVIEW*

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

18.0x 240 43 55 17.0x 200 16.0x 39 41 17 160 46 15.0x 36 16 38 35 33 34 48 14.0x 8 120 17 9 18 20 211 13.0x 201

Number of Transactions Number 167 167 170 80 25 145 Median Trading Multiple Median Trading 12.0x 139 131 137 118 126 119 125 107 111 114 93 93 40 11.0x 66

10.0x 0 Jul-19 Jan-20 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Jun-19 Oct-19 Apr-19 Feb-19 Sep-19 Feb-20 Dec-19 Aug-19 Nov-19 Mar-19 May-19

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

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

3/6/2020 Leysieffer & Co. KG - Deel & Winkler ---- Cross Border 3/6/2020 Sushi Yama AB - Litorina Capital Advisors ---- P EU 3/5/2020 Smart Foodservice Stores Smart & Final Stores US Foods $970.0 0.9x 11.4x - N.A. 3/5/2020 Engelman's Bakery - Shoreline Equity Partners ---- P N.A. 3/3/2020 Parasole Restaurant - FS Funds ---- N.A. 3/3/2020 Assets of CraftWorks Restaurants and Breweries CraftWorks Restaurants and Breweries Fortress Credit $138.0 - - - N.A. 3/3/2020 Preservation Bar & Grill - Beau Soleil Cafe ---- N.A. 3/2/2020 Virginia's Kitchen - Curaleaf Holdings ---- N.A. 3/2/2020 Raphael Dal Bo AG - Provinco Italia Spa $15.0 1.4x - - EU 3/2/2020 Milwaukee Brewing Company - Liquid Collective & Drink Design ---- N.A. 3/2/2020 Genossenschaft Migros Ostschweiz Genossenschaft Migros Ostschweiz BKTL Group ---- EU 2/29/2020 Monty’s Bakehouse - SATS Investments $34.2 - - - Cross Border 2/28/2020 Ransom Wine Co. & Distillery - Integrated Beverage Group ---- N.A. 2/28/2020 Georg Parlasca Keksfabrik - AUCTUS Capital ---- P EU 2/27/2020 La Romainville S.A - BIP Investment Partners ---- P EU 2/27/2020 Plenty-Full Food Services - 1237696 BC ---- N.A. 2/27/2020 Suomen Kotijäätelö Oy - La Muu AS ---- EU 2/27/2020 Dumpling Segment of Condeli Condeli Weinbergmaier Tiefkühlkost ---- EU 2/26/2020 Harrogate Water Brands - Danone Waters (UK & Ireland) ---- EU 2/26/2020 Uckermarker Milch HOCHDORF Holding Ostmilch Handels ---- EU 2/25/2020 Assets of Infusion Works Infusion Works City View Green $4.0 - - - N.A. 2/25/2020 Give and Go Prepared Foods Thomas H. Lee Partners Mondelez International $1,200.0 2.4x - - P N.A. 2/24/2020 Sandbanks Estate Winery - Arterra Wines Canada ---- N.A. 2/24/2020 Fresh Foods Corporation Of America - Sara Lee Frozen Bakery ---- N.A. 2/22/2020 Assets of Real Urban Barbecue Catering Real Urban Barbecue Catering BBQ Holdings ---- N.A. 2/21/2020 8 Slices Limited Azzuri Group. Berbere ---- EU 2/21/2020 The Palm chain Just One More Restaurant Golden Nugget $50.0 - - - N.A. 2/21/2020 Maitre du Terroir - Labruyère Eberlé ---- EU 2/21/2020 Music City Beer Company - Fat Bottom Brewing ---- N.A. 2/20/2020 Sadler's Smokehouse - Hormel Foods $270.0 - - - N.A. 2/19/2020 Farmwise Cleveland Avenue B&G Foods ---- P N.A. 2/18/2020 The Quit Company - B & B Systems ---- N.A. 2/18/2020 Lancaster Foods Guest Services The Coastal Companies ---- N.A. 2/18/2020 Celtrade Canada Argosy Partners STIR Foods ---- P N.A. 2/18/2020 Taste of India AS Nordic Food Group Indian Gourmet AS ---- EU 2/18/2020 Empire Packing Company JBS USA Food Company $238.0 - - - N.A. 2/17/2020 Like Meat - Foods United ---- Cross Border 2/13/2020 Flo Beverages - Kona Gold Solutions ---- N.A. 2/12/2020 Friends & Burgers - NoHo Partners ---- EU

* M&A transactions include European and cross-border deals since 2015. PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 M&A OVERVIEW*

Recent Food and Beverage M&A1

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

2/12/2020 Fortune Fish Company - Investcorp Holdings ---- P Cross Border 2/12/2020 Kronos Foods Grey Mountain Partners Entrepreneurial Equity ---- P N.A. 2/11/2020 Granite City Food & Brewery Granite City Food & Brewery BBQ Holdings $3.7 - - - N.A. 2/11/2020 Granite City Food & Brewery Granite City Food & Brewery Landry's $7.5 - - - N.A. 2/11/2020 Dunkin Restaurants in South Florida Dunkin' Donuts Askar Management Group ---- N.A. 2/11/2020 73 Drive-In Restaurants SD-Missouri Arizona Restaurant Systems ---- N.A. 2/11/2020 The Boat House Sully - Knife & Fork Food ---- EU 2/6/2020 Grieg NL Seafarms Ocean Choice International Grieg Seafood $168.5 - - - Cross Border 2/5/2020 Quinoa Operations of Andean Naturals Andean Naturals Ardent Mills ---- N.A. 2/5/2020 Assets of Érablier Érablières des Alléghanys Mondias Natural Products $0.8 - - - N.A. 2/5/2020 Charlestowne Premium Beverage - Charlestowne Premium Beverages ---- N.A. 2/5/2020 Assets of Bama ICEE Distributors Bama ICEE Distributors The ICEE Company ---- N.A. 2/4/2020 Production Facility in Saint Charles, MI - TNT Crust ---- N.A. 2/4/2020 Morey's Seafood International Acuity Capital Partners SeaPak Shrimp & Seafood ---- P N.A. 2/4/2020 Bryans at The Fisherman's Lodge - Catch Seafood ---- EU 2/4/2020 Zaks (UK) Limited - Neighbourhood Restaurants ---- EU 2/3/2020 Assets of Cambridge Packing Company Cambridge Packing Company Chefs' Warehouse ---- N.A. 2/3/2020 Fitzgerald Burguer - Benknow SL ---- EU 1/31/2020 Marroquin Organic International - AGRANA Beteiligungs-AG ---- Cross Border 1/31/2020 Distillerie Claeyssens de WAMBRECHIES - Saint Germain brasserie ---- EU 1/31/2020 Produits Alimentaires Berthelet - Solina Group ---- Cross Border 1/30/2020 NuWave Foods - Blackhawk Resource $0.6 - - - N.A. 1/30/2020 S&D Coffee Cott Corporation Westrock Coffee $405.0 - - - N.A. 1/30/2020 Mochi Ice Cream Company Century Park Capital Partners Lakeview Capital ---- P N.A. 1/30/2020 Strega Ristorante The Varano Group Danu Partners ---- Cross Border 1/30/2020 Atout Prim - Normandie Fruits ---- EU 1/29/2020 Banded Peak Brewing - Labatt Brewing Company ---- N.A. 1/28/2020 Grupo VMR - Plukon Processing Ommel ---- EU 1/28/2020 Waldfeucht-Haaren DMK Deutsches Milchkontor Schwarz Produktion ---- EU 1/28/2020 Niven Family Wine Estates- Wines Niven Family Wine Estates WX ---- N.A. 1/28/2020 Wine & Spirits Distribution Southern Glazer's Wine and Spirits CC One Virgin Islands ---- N.A. 1/28/2020 Pasticceria Bindi - BC Partners ---- P EU 1/27/2020 G&W Distilling - Labatt Brewing Company ---- N.A. 1/27/2020 11 locations of Lucky's Market Lucky's Market Parent Publix Super Markets ---- Cross Border 1/27/2020 KAM Food Service - Restaurant Brands ---- EU 1/26/2020 Assets of BL Restaurant BL Restaurant Operations BLH Acquisition $82.5 - - - N.A. 1/24/2020 RYGR BRYGGHÙS - Grans Bryggeri AS ---- EU 1/23/2020 The London Distillery Company - British Honey Company ---- EU 1/23/2020 Healthfood24 - AlphaPet Ventures ---- EU 1/23/2020 Limitless Coffee - Keurig Dr Pepper ---- N.A. 1/22/2020 LaFenice - Givex Corporation ---- N.A. 1/22/2020 Atwater Brewing - Tenth and Blake Beer ---- N.A. 1/21/2020 SFFI Company - Renaissance Food ---- N.A. 1/21/2020 EARL La Ferme Du Puntoun - Feyel Artzner ---- EU 1/20/2020 LifeBrandz USA Office Hashida Capital Square ---- Cross Border 1/20/2020 Westbloom - JUSU BAR ---- N.A. 1/20/2020 Potager City Rhône-Alpes PME Gestion Carrefour ---- P EU 1/20/2020 Allier Volailles Maison David Et Perot - Groupe Solexia, SASU ---- EU 1/17/2020 Ultra-Clean Label CBD Beverage Products MCTC Holdings hempSMART ---- N.A. 1/17/2020 Guisabel - Sarl Saveurs Et Delices ---- EU 1/17/2020 HANS IM GLÜCK Franchise - GAB Beteiligungsgesellschaft ---- EU 1/16/2020 Frulact - Ardian ---- P EU 1/16/2020 Van-Lang Enterprises - Gourmet Culinary Holdings ---- N.A. 1/16/2020 Daroma caffà - Mandarin Investment Management S.A. ---- P EU 1/15/2020 Thrushwood Farms Quality Meats - Western's Smokehouse ---- N.A. 1/15/2020 Outer Galactic Chocolates - Mendo Distribution and Transportation $0.5 - - - N.A. 1/15/2020 Processing Plant of Anthony Seafoods St. Anthony Seafoods Clearwater Seafoods ---- Cross Border 1/15/2020 Schlafly Bankside - The Saint Louis Brewery ---- N.A. 1/15/2020 Seattle Fish Seattle Fish Fortune Fish Company ---- N.A. 1/14/2020 LÁCTEAS FLOR DE BURGOS - CAPSA ---- EU 1/14/2020 Dunn's River Brands Fireman Capital Partners Purity Organic ---- P N.A. 1/14/2020 Selma's Cookies - Byrd Cookie Company ---- N.A. 1/14/2020 Artebianca Natura & Tradizione Alto Partners SGR Panealba ---- P EU 1/14/2020 Riunione Industrie Alimentari - Angulas Aguinaga ---- EU 1/14/2020 Business and Brand of Le Boulanger Le Boulanger Athens Baking Company ---- N.A. 1/13/2020 Primo Water Corporation - Cott Corporation $789.1 2.6x 16.7x 44.2x N.A. 1/12/2020 Point Lobster Company - Europa South Restaurant ---- N.A. 1/10/2020 Bonny Doon Winery - WarRoom Ventures ---- N.A. 1/9/2020 Florida Veg Investments - Shoreline Equity Partners ---- P N.A. 1/8/2020 RBI Ventures - Tevano Payment Systems ---- N.A. 1/8/2020 Certain Assets Of US Star 39 US Star 39 Newco Dining $1.5 - - - N.A. 1/7/2020 The Ashwood Pub - Green Brick Property ---- EU 1/7/2020 Creminelli Fine Meats - Daniele International ---- N.A. 1/7/2020 Bovendis - Le Delas SA ---- EU 1/7/2020 Healthy People BV - Riedel Drinks ---- EU 1/7/2020 Eating with the Seasons - GrubMarket ---- N.A. 1/6/2020 2 Chevys Fresh Mex Units (St. Louis) Chevys Restaurants Xperience Restaurant ---- N.A.

* M&A transactions include European and cross-border deals since 2015. PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar1

February 2020 Date Company

2/27/2020 Monster Beverage Corporation 2/27/2020 Beyond Meat, Inc. 2/27/2020 Keurig Dr Pepper Inc. March 2020 Date Company 3/16/2020 New Age Beverages Corporation 3/18/2020 General Mills, Inc. 3/25/2020 Arcadia Biosciences, Inc. 3/31/2020 Landec Corporation 3/31/2020 Conagra Brands, Inc. 3/31/2020 International Spirits & Wellness Holdings, Inc.

* M&A transactions include European and cross-border deals since 2015. PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 PUBLIC COMPARABLES4

Price atAs a % ofMarket Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV /2020E (USD in millions except per share data) Ticker 2/29/20 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage Branded Processed Foods Associated British Foods plc ABF $28.79 82.6% $22,713 $21,670 $19,703$2,412 (3.3%)(0.1%)23.1%12.2% 20.3x1.10x9.0x1.04x6.9x B&G Foods, Inc. BGS 14.80 56.6% 948 2,8581,660 300 (2.4%)6.6%24.4%18.1% 12.6x1.72x9.5x1.72x9.4x Campbell Soup Company CPB 45.12 91.0% 13,61122,2218,0781,447 13.4%0.6%33.9%17.9% 29.5x2.75x15.4x2.72x13.4x Conagra Brands, Inc. CAG 26.69 75.0% 12,99323,62510,5322,165 28.8%8.5%28.2%20.6% 16.1x2.24x10.9x2.24x11.3x General Mills, Inc. GIS 49.00 86.9% 29,63644,18216,7833,723 3.1%1.7%35.1%22.2% 14.1x2.63x11.9x2.55x12.2x The Hershey Company HSY 143.99 88.8% 30,20234,1947,9861,970 2.5%2.4%45.4%24.7% 26.4x4.28x17.4x4.16x16.4x Hormel Foods Corporation HRL 41.60 85.1% 22,24521,8239,5211,293 (0.6%)0.0%19.6%13.6% 23.0x2.29x16.9x2.21x15.7x The J. M. Smucker Company SJM 102.99 80.2% 11,74517,4137,6111,629 (1.4%)0.9%38.2%21.4% 18.8x2.29x10.7x2.28x10.4x Kellogg Company K 60.47 85.1% 20,68429,32913,5782,170 0.2%1.6%32.6%16.0% 21.6x2.16x13.5x2.18x13.3x McCormick & Company, Incorporated MKC146.19 83.7% 19,41723,5995,3471,141 0.8%6.6%40.1%21.3% 27.9x4.41x20.7x4.31x20.6x Nestlé S.A. NESN102.12 87.3% 294,119 322,99395,88619,284 2.8%2.8%49.8%20.1% 23.0x3.37x16.7x3.44x15.5x Post Holdings, Inc. POST101.26 89.0% 7,07913,2335,7271,136 NM 4.4%32.2%19.8% NM 2.31x11.6x2.23x10.5x

Mean 4.0%3.0%33.5%19.0% 21.2x2.63x13.7x2.59x13.0x Median 0.8%2.1%33.3%20.0% 21.6x2.30x12.7x2.26x12.7x Private Label Foods and Beverages Lamb Weston Holdings, Inc. LW 86.89 90.2% 12,69415,0853,938 879 9.2%8.6%26.9%22.3% 25.2x3.83x17.2x3.60x14.6x Seneca Foods Corporation SENE.A 34.72 82.9% 317635 1,290 68 9.7%0.0%8.5%5.2% 15.3x0.49x9.4xNA NA TreeHouse Foods, Inc. THS 38.11 56.1% 2,1434,2944,289 454 (6.5%) (11.4%)18.7%10.6% NM 1.00x9.5x1.01x8.7x Mean 2.5%(0.9%)38.5%9.5% 20.2x 282.95x12.0x2.31x11.7x Median 3.5%0.0%22.8%7.9% 20.2x2.42x9.5x2.31x11.7x

Natural / Organic Foods / Better-For-You The Hain Celestial Group, Inc. HAIN$23.73 85.7% $2,477$2,857$2,239 $168 (2.8%)(5.2%)21.0%7.5% NM 1.28x17.0x1.42x14.3x SunOpta Inc. SOY 2.71 57.3% 239799 1,190 34 (5.6%)(4.0%)9.8%2.9% NM 0.67x23.3x0.65x13.8x The Simply Good Foods Company SMPL 22.06 70.4% 2,1012,698 55597 NA NA 0 17.5% NM 4.86x27.9x2.86x15.8x Mean (4.2%)(4.6%)24.1%9.3% NA 2.27x22.7x1.64x14.7x Median (4.2%)(4.6%)21.0%7.5% NA 1.28x23.3x1.42x14.3x

Baked Goods ARYZTA AG ARYN $0.85 52.7% $845 $1,661$3,691 $319 (4.1%)(3.7%)15.4%8.6% NM 0.45x5.2x0.44x4.6x Flowers Foods, Inc. FLO 21.53 88.4% 4,5555,8294,124 402 4.4%1.6%47.7%9.8% 27.7x1.41x14.5x1.37x13.1x George Weston Limited WN 75.33 88.7% 11,56830,59238,6333,409 8.5%2.6%31.8%8.8% NM 0.79x9.0x0.79x7.4x Grupo Bimbo, S.A.B. de C.V. BMV:BIMBO A 1.50 67.9% 6,90812,78315,4781,966 5.5%8.1%52.7%12.7% 21.8x0.83x6.5x0.84x7.4x Hostess Brands, Inc. TWNK 12.71 85.5% 1,5662,363 908175 6.7%7.7%33.2%19.2% 23.1x2.60x13.5x2.39x10.3x Lancaster Colony Corporation LANC144.45 87.3% 3,9743,8001,334 218 5.0%3.9%25.9%16.3% 26.9x2.85x17.4x2.80x16.3x

Mean 4.3%3.4%34.5%12.6% 24.9x1.49x11.0x1.44x9.8x Median 5.2%3.2%32.5%11.2% 25.0x1.12x11.3x1.11x8.8x

PAGE | 11 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 PUBLIC COMPARABLES4

Price atAs a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2019E (USD in millions except per share data) Ticker 2/29/20 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy Danone S.A. BN $70.08 77.3% $45,433 $45,433 $28,377 $5,850 0.5%7.0% 49.1% 20.6% 21.6x 1.60x7.8x1.59x8.0x Emmi AG EMMN863.68 85.9% 4,6214,8333,608 356 2.7%4.0% 36.3%9.9% 25.2x 1.34x13.6x1.27x12.4x Glanbia plc GL9 11.60 54.4% 3,4254,1114,330 340 19.3% 22.5% 20.1%7.8% 17.3x 0.95x12.1x0.97x10.9x Lifeway Foods, Inc. LWAY 2.05 43.2% 323294 2 (12.2%) (8.8%) 27.0%1.7% NM 0.34x19.8xNA NA Saputo Inc. TSX:SAP27.85 80.5% 11,363 14,621 11,1501,059 16.9% 10.2% 10.0%9.5% 24.1x 1.31x13.8x1.28x11.6x Mean 7.1%8.9% 29.5% 11.2% 18.8x 1.12x12.3x1.22x9.4x Median 9.0%8.6% 30.8%9.7% 21.6x 1.23x12.8x1.27x10.9x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG $6.83 54.6% $760$764$328$63 (7.9%) (0.9%) 43.3% 19.1% 18.9x 2.33x12.2x2.25x12.1x The Coca-Cola Company KO 53.49 89.0% 229,487 264,595 37,266 11,990 8.6%(3.8%) 60.8% 32.2% 25.8x 7.10x22.1x6.79x21.1x Primo Water Corporation PRMW 14.19 89.6% 1,9203,2842,395 308 0.9% 13.8% 51.3% 12.8% NM 1.37x10.7x1.52x9.6x Lassonde Industries Inc. LAS.A101.06 68.0% 701 1,0001,265 121 4.2%2.9% 26.6%9.6% 15.9x 0.79x8.3x0.71x7.4x Monster Beverage Corporation MNST 62.41 88.5% 33,557 32,2564,2011,479 10.3% 11.3% 60.0% 35.2% 30.7x 7.68x21.8x7.00x19.7x National Beverage Corp. FIZZ 42.29 60.3% 1,9691,785 978171 (4.0%)7.2% 36.4% 17.4% 16.9x 1.83x10.5x1.84x10.7x PepsiCo, Inc. PEP 132.03 89.7% 183,462 211,434 67,161 12,579 3.9%2.3% 55.4% 18.7% 25.4x 3.15x16.8x3.02x15.2x

Mean 6.6%4.2% 43.4% 23.7% 19.6x 3.15x13.1x3.30x13.7x Median 4.0%2.6% 47.3% 18.9% 18.9x 2.08x11.4x2.25x12.1x

Alcoholic Beverages Anheuser-Busch InBev SA/NV ABI $55.79 54.7% $109,314 $109,314 $52,329 $19,942 (1.3%)4.8% 61.1% 38.1% 12.9x 2.09x5.5x2.06x5.0x Carlsberg A/S CARL131.36 83.9% 19,319 22,6769,8972,129 3.2%3.6% 49.5% 21.5% NM 2.29x10.7x2.27x9.8x Constellation Brands, Inc. STZ 172.38 80.4% 32,790 45,9618,2383,028 1.9%4.4% 51.4% 36.8% 40.0x 5.58x15.2x5.73x15.2x Diageo plc DGE 35.31 76.1% 82,409 101,898 17,4285,949 9.0%7.7% 61.5% 34.1% 21.6x 5.85x17.1x6.05x16.9x Heineken N.V. HEIA 99.22 85.9% 57,082 75,480 26,8985,869 4.5%7.0% 39.9% 21.8% 23.9x 2.81x12.9x2.73x11.7x Kirin Holdings Company, Limited 2503 19.15 76.8% 16,512 22,014 17,8632,286 1.5%4.0% 43.7% 12.8% 30.5x 1.23x1.23x1.23x9.3x Pernod Ricard SA RI 161.00 81.6% 42,313 51,805 10,6283,385 3.5%4.6% 61.5% 31.8% 26.5x 4.87x15.3x4.78x15.2x Sapporo Holdings Limited 2501 19.98 76.9% 1,5563,7924,526 372 (4.8%) (0.8%) 31.6%8.2% 22.8x 0.84x10.2x0.83x11.7x

Mean 2.2%4.4% 50.0% 25.6% 25.5x 3.19x11.0x3.21x11.8x Median 2.6%4.5% 50.5% 26.8% 23.9x 2.55x11.8x2.50x11.7x

Snacks J & J Snack Foods Corp. JJSF$160.82 81.7% $3,043 $2,880 $1,198 $166 4.6%6.4% 29.3% 13.9%32.5x 2.40x17.3x2.33x16.4x John B. Sanfilippo & Son, Inc. JBSS 70.19 65.1% 80184388390 1.2%(1.3%) 19.8% 10.2%15.6x 0.96x9.4x0.92xNA Mondelez International, Inc. MDLZ 52.80 88.1% 75,659 93,622 25,8685,301(0.3%) (0.1%) 40.0% 20.5%19.9x 3.62x17.7x3.53x16.9x PepsiCo, Inc. PEP 132.03 89.7% 183,462 211,434 67,161 12,5793.9%2.3% 55.4% 18.7%25.4x 3.15x16.8x3.02x15.2x

Mean 2.4%1.8% 36.1% 15.8% 23.3x 2.53x15.3x2.45x16.2x Median 2.6%1.1% 34.6% 16.3% 22.7x 2.78x17.1x2.68x16.4x

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 PUBLIC COMPARABLES4

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2019E (USD in millions except per share data) Ticker 2/29/20 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Inputs Protein Processing Cal-Maine Foods, Inc. CALM$34.89 74.2% $1,699 $1,568 $1,217 ($12) (22.7%) (0.8%) 8.7%NM NM 1.29x NM 1.17x 8.7x JBS S.A. JBSS3 5.04 66.3% 13,427 26,571 46,731 3,953 5.6% (4.8%) 15.0% 8.5% 14.2x 0.57x6.7x 0.55x 5.3x Sanderson Farms, Inc. SAFM123.56 68.9% 2,748 2,899 3,520 185 9.7% 6.7% 6.9% 5.2% NM 0.82x 15.7x 0.76x 9.2x Seaboard Corporation SEB3,415.00 72.0% 3,978 3,995 6,840 233 3.9% 8.3% 6.4% 3.4% 14.1x 0.58x 17.1xNA NA Tyson Foods, Inc. TSN 67.83 72.0% 24,761 36,657 43,027 4,110 7.5% 5.2% 12.1% 9.6% 12.2x 0.85x8.9x 0.81x 8.0x

Mean 0.8% 2.9% 9.8% 6.7% 13.5x 0.82x 12.1x 0.82x 7.8x Median 5.6% 5.2% 8.7% 6.9% 14.1x 0.82x 12.3x 0.78x 8.3x

Fruit and Vegetable Calavo Growers, Inc. CVGW$72.45 72.0% $1,275 $1,275 $1,211 $66 10.2% 8.1% 9.3% 5.5% 34.8x 1.05x 19.3x 0.98x 13.3x Fresh Del Monte Produce Inc. FDP 27.42 70.7% 1,317 2,116 4,489 203 (0.1%) 3.8% 6.8% 4.5% 20.0x 0.47x 10.4x 0.45x 8.7x Seneca Foods Corporation SENE.A 34.72 82.9% 317 635 1,290 68 9.7% 0.0% 8.5% 5.2% 15.3x 0.49x9.4xNA NA Total Produce plc T7O 1.32 63.2% 513 1,079 4,185 89 (1.9%) 8.5% 13.9% 2.1% 8.9x 0.26x 12.1x 0.26x 10.6x

Mean 4.5% 5.1% 9.6% 4.3% 19.8x 0.57x 12.8x 0.56x 10.9x Median 4.8% 6.0% 8.9% 4.9% 17.6x 0.48x 11.3x 0.45x 10.6x

Ingredients / Flavors Givaudan SA GIVN $3,105.53 88.0% $28,627 $32,441 $6,405 $1,240 14.0% 11.7% 40.8% 19.4% 39.8x 5.07x 26.2x 4.68x 21.7x Ingredion Incorporated INGR 83.30 83.7% 5,571 7,333 6,209 908 (1.3%) 2.9% 21.1% 14.6% 13.6x 1.18x8.1x 1.19x 7.7x International Flavors & Fragrances Inc. IFF 119.78 78.3% 12,790 16,647 5,140 1,111 29.2% 18.2% 41.2% 21.6% 29.9x 3.24x 15.0x 3.16x 14.5x Kerry Group plc KRZ 126.47 90.9% 22,324 24,559 8,126 1,198 7.4% 7.9% 100.0% 14.7% 35.9x 3.02x 20.5x 2.93x 18.8x Sensient Technologies Corporation SXT 49.18 65.4% 2,082 2,697 1,323 211 (4.6%) (1.5%) 31.4% 15.9% 25.4x 2.04x 12.8x 2.18x 12.4x Symrise AG SY1 96.93 88.1% 13,127 14,511 3,824 781 5.9% 7.7% 40.1% 20.4% 42.5x 3.79x 18.6x 3.52x 16.5x Tate & Lyle plc TATE 9.01 87.0% 4,196 4,729 3,503 597 (1.8%) 1.1% 46.7% 17.0% 14.4x 1.35x7.9x 1.31x 7.5x

Mean 7.0% 6.8% 45.9% 17.7% 28.8x 2.81x 15.6x 2.71x 14.2x Median 5.9% 7.7% 40.8% 17.0% 29.9x 3.02x 15.0x 2.93x 14.5x

Agribusiness The Andersons, Inc. ANDE$18.37 48.9% $590 $2,073 $8,170 $235 168.3% 27.7% 6.3% 2.9% 33.4x 0.25x8.8x 0.25x 7.2x Archer-Daniels-Midland Company ADM 37.65 79.8% 21,004 30,144 64,656 2,580 0.5% 1.2% 6.4% 4.0% 15.4x 0.47x 11.7x 0.45x 8.7x Bunge Limited BG 46.95 78.7% 6,660 12,210 41,140 1,486 (10.1%) (1.2%) 5.5% 3.6% NM 0.30x8.2x 0.29x 8.6x CF Industries Holdings, Inc. CF 36.86 66.8% 7,968 14,661 4,590 1,811 3.6% 7.6% 25.6% 39.5% 16.5x 3.19x8.1x 3.35x 9.3x Darling Ingredients Inc. DAR 25.70 86.9% 4,213 5,996 3,364 408 (0.7%) (0.3%) 23.0% 12.1% 13.8x 1.78x 14.7x 1.72x 12.5x The Mosaic Company MOS 17.03 54.5% 6,450 10,922 8,906 1,346 (7.1%) 7.5% 10.1% 15.1% NM 1.23x8.1x 1.27x 7.8x

Mean 25.8% 7.1% 12.8% 12.9% 19.8x 1.20x9.9x 1.22x 9.0x Median (0.1%) 4.4% 8.2% 8.1% 16.0x 0.85x8.5x 0.86x 8.6x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $72.72 72.7% $41 $99 $1,037 $11 5.9% 4.7% 8.1% 1.1% 17.9x 0.10x8.9xNA NA Core-Mark Holding Company, Inc. CORE 23.01 56.2% 1,049 1,829 13,329 154 3.3% 5.0% 6.9% 1.2% 19.7x 0.14x 11.9x 0.11x 9.8x Performance Food Group Company PFGC 42.40 77.8% 4,968 7,726 22,900 473 26.5% 11.8% 11.9% 2.1% 25.9x 0.34x 16.3x 0.24x 10.7x SpartanNash Company SPTN 12.43 66.5% 452 1,426 8,536 142 5.8% 4.1% 14.6% 1.7% NM 0.17x 10.0x 0.16x 7.6x United Natural Foods, Inc. UNFI 6.47 42.0% 346 4,617 24,527 447 72.0% 40.1% 12.9% 1.8% NM 0.19x 10.3x 0.19x 8.4x

Mean 22.7% 13.2% 10.9% 1.6% 21.2x 0.18x 11.5x 0.18x 9.1x Median 5.9% 5.0% 11.9% 1.7% 19.7x 0.17x 10.3x 0.18x 9.1x

PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 PUBLIC COMPARABLES4

Price atAs a % ofMarket Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2020E (USD in millions except per share data) Ticker 2/29/20 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food Retail Costco Wholesale Corporation COST $281.14 86.4% $124,196 $124,357 $158,350 $6,4797.5%9.3%13.0%4.1%33.4x0.79x19.2x0.75x17.6x Ingles Markets, Incorporated IMKT.A 35.77 72.8% 725 1,5984,219 257 1.9%3.3%24.2%6.1% 9.4x0.38x 6.2x0.37x 5.8x J Sainsbury plc SBRY 2.50 80.5%5,512 13,667 36,1981,269(4.4%)5.6%6.8%3.5% NM 0.38x10.8x0.37x 4.9x The Kroger Co. KR 28.13 91.5% 22,521 42,555 122,2864,9000.9%2.0%22.1%4.0%14.4x0.35x 8.7x0.34x 7.6x Natural Grocers by Vitamin Cottage, Inc. NGVC 6.90 48.4% 155 565 912 46 5.1%8.1%26.3%5.1%17.2x0.62x12.2x NA NA Koninklijke Ahold Delhaize N.V. AD 23.29 86.5% 25,203 38,158 74,0424,774 NM NM 27.3%6.4%13.3x0.52x 8.0x0.51x 6.2x Sprouts Farmers Market, Inc. SFM 15.98 66.4%1,8783,5285,635 345 8.2%11.7%33.8%6.1%12.8x0.63x10.2x0.58x10.0x Tesco PLC LSE:TSCO 2.92 87.7% 28,402 46,696 78,6454,3800.5%3.2%5.8%5.6%17.1x0.59x10.7x0.56x 7.1x Village Super Market, Inc. VLGE.A 20.55 63.8% 296 357 1,659 49 1.2%0.6%27.6%3.0%13.6x0.22x 7.3x NA NA Weis Markets, Inc. WMK 37.25 75.6%1,0021,0683,543 175 1.0%4.1%28.7%4.9%16.1x0.30x 6.1x NA NA

Mean 2.4%5.3%21.6%4.9%16.4x0.48x 9.9x0.50x 8.5x Median 1.2%4.1%25.3%5.0%14.4x0.45x 9.4x0.51x 7.1x

Foodservice The Chefs' Warehouse, Inc. CHEF $30.62 72.8% $928 $1,313 $1,592 $79 10.2%10.1%25.5%5.0%37.7x0.82x16.6x0.70x12.5x Colabor Group Inc. TSX: GCL 0.34 42.6% 35 93 810 14 0.7%(8.0%) 13.0%1.8% NM 0.11x 6.4x0.14x 5.5x Sysco Corporation SYY 66.65 77.5% 33,892 42,944 60,4613,4211.4%4.4%19.0%5.7%19.1x0.71x12.6x0.68x11.5x US Foods Holding Corp. USFD 33.64 78.1%7,396 12,435 25,9391,1217.3%4.2%17.7%4.3%19.2x0.48x11.1x0.42x 9.2x Mean 4.1%2.2%19.2%4.1%28.4x0.55x11.9x0.51x9.8x Median 1.4%4.4%19.0%5.0%28.4x0.71x12.6x0.68x11.5x Quick Service Restaurant Jack in the Box Inc. JACK $68.86 73.9%1,5583,742 967 220 11.7% (13.3%)31.2%22.7%25.6x3.87x17.0x3.68x13.8x McDonald's Corporation MCD 194.17 87.5% 144,743 191,401 21,077 10,5090.2%(5.1%) 52.7%49.9%24.6x9.08x18.2x8.72x17.0x Restaurant Brands International Inc. QSR 58.50 73.6% 17,458 31,2325,6032,2124.6%10.6%58.0%39.5%24.7x5.57x14.1x5.34x12.8x The Wendy's Company WEN 18.88 78.5%4,2117,6241,370 406 8.4%(1.6%) 44.1%29.6%32.6x5.57x18.8x4.19x17.8x Yum! Brands, Inc. YUM 89.25 74.5% 26,848 37,5775,5972,018(1.6%) NM 50.5%36.1%21.6x6.71x18.6x6.48x17.8x Mean 4.7%(2.3%) 47.3%35.5%25.8x6.16x17.4x5.68x15.8x Median 4.6%(3.3%) 50.5%36.1%24.7x5.57x18.2x5.34x17.0x

Fast Casual Chipotle Mexican Grill, Inc. CMG $773.58 82.3% $21,481 $23,451 $5,586 $692 14.8%12.7%34.1%12.4% NM 4.20x33.9x3.71x25.3x El Pollo Loco Holdings, Inc. LOCO 12.90 77.5% 450 756 442 60 1.5%5.2%21.9%13.5% NM 1.71x12.7x1.67x12.2x Fiesta Restaurant Group, Inc. FRGI 9.66 63.2% 247 590 661 51 (4.0%)(2.4%) 20.4%7.7% NM 0.89x11.6x0.90x 8.9x The Habit Restaurants, Inc. HABT 13.96 99.0% 290 465 466 35 15.9%18.0%17.1%7.5% NM 1.00x13.3x0.93x11.3x Noodles & Company NDLS 8.12 89.6% 358 638 462 35 1.0%(1.7%) 17.1%7.6% NM 1.38x18.1x1.34x15.3x Potbelly Corporation PBPB 5.00 53.1% 118 336 410 21 (3.1%)0.2%27.8%5.0% NM 0.82x16.3x0.81x14.4x Shake Shack Inc. SHAK 59.44 56.2%2,0462,336 595 70 29.4%30.3%36.5%11.8% NM 3.93x33.4x3.26x26.9x Wingstop Inc. WING 84.45 78.6%2,4882,795 200 49 30.4%24.6%52.9%24.5% NM 14.00x NM 12.23x NM

Mean 10.7%10.8%28.5%11.3% NA 3.49x19.9x3.11x16.3x Median 8.2%8.9%24.8%9.7% NA 1.54x16.3x1.51x14.4x

PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 PUBLIC COMPARABLES4

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2019E (USD in millions except per share data) Ticker 2/29/20 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Differentiated Casual BJ's Restaurants, Inc. BJRI $32.95 62.2% $633 $1,234 $1,161 $120 4.0% 5.4% 16.0% 10.4% 15.0x 1.06x 10.3x 1.01x 10.2x The Cheesecake Factory Incorporated CAKE 35.63 69.7% 1,590 2,669 2,483 214 17.3% 36.0% 41.1% 8.6% 12.5x 1.07x 12.5x 0.92x 11.0x Chuy's Holdings, Inc. CHUY 21.44 72.8% 356 571 426 39 7.1% 8.8% 16.7% 9.1% 32.9x 1.34x 14.7x 1.25x 13.5x Dave & Buster's Entertainment, Inc. PLAY 33.01 55.4% 1,009 2,873 1,339 278 8.1% 11.4% 28.1% 20.8% 11.4x 2.15x 10.3x 1.98x 10.0x Mean 9.1% 15.4% 25.5% 12.2% 17.9x 1.41x 11.9x 1.29x 11.2x Median 7.6% 10.1% 22.4% 9.7% 13.7x 1.21x 11.4x 1.13x 10.6x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $17.99 74.1% $1,544 $4,008 $4,139 $396 0.3% (1.0%) 16.3% 9.6% 12.4x 0.97x 10.1x 0.95x 9.3x Brinker International, Inc. EAT 34.35 72.2% 1,285 3,866 3,329 377 4.9% 0.9% 15.9% 11.3% 9.4x 1.16x 10.3x 1.07x 9.5x Darden Restaurants, Inc. DRI 97.50 75.9% 11,847 17,404 8,666 1,048 4.4% 7.4% 21.7% 12.1% 19.2x 2.01x 16.6x 1.89x 13.2x Dine Brands Global, Inc. DIN 81.85 78.4% 1,349 3,082 910 251 16.6% 4.9% 42.1% 27.6% 14.0x 3.39x 12.3x 3.29x 11.1x Red Robin Gourmet Burgers, Inc. RRGB 27.50 73.7% 355 1,040 1,315 97 (1.8%) 0.3% 19.5% 7.4% NM 0.79x 10.7x 0.82x 10.7x Texas Roadhouse, Inc. TXRH 56.22 77.6% 3,902 4,367 2,756 327 12.2% 11.5% 18.7% 11.9% 22.9x 1.58x 13.4x 1.46x 12.4x Mean 6.1% 4.0% 22.4% 13.3% 15.6x 1.65x 12.2x 1.58x 11.0x Median 4.7% 2.9% 19.1% 11.6% 14.0x 1.37x 11.5x 1.27x 10.9x Fine Dining Ruth's Hospitality Group, Inc. RUTH $19.13 70.5% 544 840 468 74 3.5% 6.6% 26.9% 15.9% 13.3x 1.79x 11.3x 1.67x 10.8x Mean 3.5% 6.6% 26.9% 15.9% 13.3x 1.79x 11.3x 1.67x 10.8x Median 3.5% 6.6% 26.9% 15.9% 13.3x 1.79x 11.3x 1.67x 10.8x

Pizza Domino's Pizza, Inc. DPZ $339.46 88.9% $13,126 $17,286 $3,619 $668 5.4% 13.5% 28.0% 18.5% 35.5x 4.78x 25.9x 4.37x 22.3x Papa John's International, Inc. PZZA 57.61 82.1% 1,860 2,378 1,619 108 (2.6%) (1.9%) 28.8% 6.7% NM 1.47x 21.9x 1.43x 16.2x Mean 1.4% 5.8% 28.4% 12.6% 35.5x 3.12x 23.9x 2.90x 19.2x Median 1.4% 5.8% 28.4% 12.6% 35.5x 3.12x 23.9x 2.90x 19.2x Beverage / Snack Retail DAVIDsTEA Inc. DTEA $1.14 49.6% $30 $77 $157 $1 (5.0%) 0.7% 52.9% 0.5% NM 0.49x NM NA NA Dunkin' Brands Group, Inc. DNKN 66.52 78.5% 5,493 8,331 1,370 476 3.7% 3.2% 51.7% 34.8% 23.0x 6.08x 17.5x 5.90x 16.6x Starbucks Corporation SBUX 78.43 78.7% 92,053 109,576 26,973 5,545 6.7% 7.6% 28.4% 20.6% 25.7x 4.06x 19.8x 3.83x 17.4x Mean 1.8% 3.8% 44.3% 18.6% 24.4x 3.54x 18.6x 4.86x 17.0x Median 3.7% 3.2% 51.7% 20.6% 24.4x 4.06x 18.6x 4.86x 17.0x Family Restaurant Cracker Barrel Old Country Store, Inc. CBRL $143.33 79.2% $3,432 $4,343 $3,122 $403 1.4% 2.2% 35.1% 12.9% 15.7x 1.39x 10.8x 1.35x 10.9x Denny's Corporation DENN 17.41 72.9% 975 1,439 541 94 (14.1%) 2.2% 37.3% 17.3% 9.2x 2.66x 15.4x 3.16x 14.4x Luby's, Inc. LUB 2.36 89.1% 72 148 316 (1) (11.0%) (7.3%) 26.4% NM NM 0.47x NM NA NA Mean (7.9%) (1.0%) 32.9% 15.1% 12.4x 1.51x 13.1x 2.25x 12.7x Median (11.0%) 2.2% 35.1% 15.1% 12.4x 1.39x 13.1x 2.25x 12.7x

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2020 HARRIS WILLIAMS

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