Food and Beverage Industry Update │ December 2017

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 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 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 & 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 │ DECEMBER 2017

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW The food & beverage M&A market remains active through December, with several . M&A MARKET OVERVIEW . DEBT MARKET OVERVIEW notable transactions. Arby’s, a portfolio company of Roark Capital Group, . RECENT M&A ACTIVITY announced its acquisition of Buffalo Wild Wings, demonstrating the continued . EARNINGS CALENDAR appetite of private equity groups to enter or continue to expand their holdings in GROUP OVERVIEW the restaurant space. Also notable is Nestle’s announced acquisition of Atrium Harris Williams & Co. is a leading advisor to the food and Innovations. Nestle is actively looking for growth avenues in consumer healthcare beverage market. Our significant to complement its focus on high-growth food and beverage categories. Mars’ experience covers a broad range of end markets, industries, and minority investment in KIND further illustrates the desire of large CPGs to capture business models. This particular report focuses on trends and growth in fast-growing categories. metrics in the following areas: . Agribusiness . Bakery . Beverages WHAT WE’VE BEEN DOING . Branded and Private Label . Dairy CLOSED HW&CO. TRANSACTIONS . Distribution . Ingredients . Meat and Protein The Soup & Infant . Natural and Organic Feeding Business of a division of . Processing a partnership of a portfolio company of . Produce Restaurant and Retail PizzaRev & . a portfolio company of Founders . Snacks

has been acquired by has been acquired by has been acquired by has been acquired by CONTACTS

Tim Alexander Managing Director [email protected] +1 (612) 359-2716 Ryan Budlong Managing Director [email protected] a portfolio company of a portfolio company of a portfolio company of a portfolio company of +1 (415) 217-3409

and Brant Cash Director has been acquired by has been acquired by has been acquired by has been acquired by [email protected] +1 (612) 359-2709 Ryan Freeman Director [email protected] +1 (612) 359-2703 Andy Warczak Vice President [email protected] +1 (612) 359-2714 a subsidiary of a portfolio company of a portfolio company of

has been acquired by

has been acquired by has been acquired by has been acquired by

www.harriswilliams.com

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

WHAT WE’VE BEEN READING

DIGITALIZATION AND THE FUTURE OF FOOD

The massive power of digitalization – the great opportunities and great risks – is changing business models daily. To capitalize on this revolutionary period in manufacturing, food and beverage companies must leverage digitalization advantages in everything from restructuring the value chain to embracing virtualization.

Access the full article here.

E-COMMERCE EXPECTED TO LEAD SALES CHANNELS IN GROWTH THROUGH 2022

Euromonitor International recently released industry data suggesting that e-commerce will be the fastest growing retail channel through 2022. Within internet retailing, the food and drink category is expected to see the fastest growth at 80 percent.

Access the full article here.

WHAT’S YOUR FLAVOR? THE SFA’S CONSUMER TRENDS FOR 2018

The Specialty Food Association’s Trendspotter Panel identified macro trends like sustainability and wellness, combined with consumers’ demand for convenience and flavor adventure, are converging in its analysis of 2018 trends. Alternative sweeteners and a wider variety of plant-based foods were among the top trends to make the list.

Access the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES5

120 Soybeans: 100 (33.2%) 80 Crude Oil: 60 (42.6%)

40 Wheat: (47.8%) 20 CommodityPrice Index Corn: - Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 (53.8%)

Crude Oil Soybeans Wheat Corn

PROTEIN PRICE INDICES2,3

140

130 Beef: 120 11.9%

110 Pork (2.1%) ProteinPriceIndex 100 Poultry: 90 (7.7%) Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17

Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140 Restaurant: 130 19.2% 120 Grocery: 110 10.5%

100 SalesIndex 90 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION (YOY)2

4.0

3.0

2.0

1.0 Infation (%)Infation -

(1.0) Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17

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 9.1% 6.0% 5.2% (4.4%) 14.5x 14.4x 7.5x 3.2x Fruits and Vegetables 6.2% 4.4% 15.8% 40.5% 18.8x 22.8x 15.2x 0.7x Ingredients / Flavors 7.5% 24.6% 8.5% 4.9% 24.2x 30.7x 18.2x 1.4x

Inputs Agribusiness 0.4% (7.1%) 0.4% 18.1% 20.1x 23.1x 12.8x 2.9x Branded Processed Foods 2.4% 1.4% (1.0%) (5.6%) 20.0x 25.2x 12.6x 2.2x Private Label Foods and Beverages 8.0% 15.8% 0.4% (1.7%) 22.3x 25.0x 12.6x 4.5x Natural / Organic Foods / BFY 0.3% 5.2% (12.5%) 11.3% 25.8x 48.5x 19.0x 7.2x Baked Goods 8.5% (2.8%) 9.9% 8.5% 21.1x 39.2x 13.2x 2.5x Dairy 0.7% 13.6% 2.0% 9.0% 19.6x 23.6x 14.5x 1.3x Non-Alcoholic Beverages 2.0% 30.2% 0.5% 7.9% 22.2x 24.3x 14.5x 1.7x Alcoholic Beverages 7.5% 34.3% 11.3% 14.0% 22.0x 27.0x 16.1x 2.6x Food and BeverageFood and Snacks 6.6% 1.0% 0.9% 5.5% 25.6x 27.0x 16.1x 3.1x Grocery Distribution 8.6% (13.2%) 4.3% 5.3% 17.9x 25.8x 10.3x 2.3x Food Retail 18.4% (23.1%) (7.7%) (10.5%) 13.3x 20.7x 6.5x 1.7x Foodservice 14.3% 16.0% 9.6% 22.7% 19.7x 28.1x 12.2x 4.6x Quick Service Restaurant 6.6% 11.6% 4.8% 9.7% 23.2x 24.1x 12.1x 3.6x Fast Casual 13.7% (14.5%) 3.3% (0.9%) 45.5x 46.1x 15.6x 1.8x Differentiated Casual 27.6% (8.2%) (1.0%) 2.7% 23.3x 23.9x 9.4x 0.6x Casual Dining Restaurant 9.6% 2.7% 1.8% 5.1% 17.1x 27.8x 8.5x 2.8x Fine Dining 7.9% (14.7%) 2.7% 17.3% 18.7x 22.4x 9.0x 1.2x

Consumer and Retail and Consumer Pizza (4.2%) 12.4% (17.6%) 3.1% 24.0x 27.2x 14.3x 3.7x Beverage / Snack Retail (3.8%) (11.7%) 1.5% 3.0% 24.8x 28.3x 16.3x 2.3x Family Restaurant 9.7% (5.1%) 3.9% 4.0% 20.2x 22.8x 9.9x 2.1x Overall Median 6.0% 4.0% 2.7% 5.3% 21.2x 25.0x 12.3x 2.3x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

PUBLIC EQUITY MARKET OVERVIEW

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

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

(30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 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 12/06/17 12/20/17 Reed's Inc REED Follow-On $14.0 General Corporate Purposes Repay Indebtedness Working Capital 12/04/17 12/04/17 Performance Food Group Co PFGC Follow-On $188.2 Secondary Pay Fees & Expenses 11/23/17 11/16/17 Naturally Splendid Entrps Ltd RCE.P Follow-On $1.2 General Corporate Purposes Working Capital 11/22/17 11/22/17 Long Island Iced Tea Corp LTEA Follow-On - General Corporate Purposes 11/20/17 11/20/17 Captiva Verde Industries Ltd VEG Follow-On $0.3 General Corporate Purposes Furture Acquisitions Working Capital 11/20/17 11/20/17 Performance Food Group Co PFGC Follow-On $141.3 Secondary Pay Fees & Expenses 11/1/17 11/01/17 Naturally Splendid Entrps LTD NSP Follow-On $0.6 Working Capital 10/23/17 09/06/17 Fat Brands Inc FAT IPO $24.0 Pursue Growth Opportunities 10/23/17 10/23/17 Muscle Maker Inc MMB IPO $20.0 Working Capital 10/14/17 09/29/17 Long Island Iced Tea Corp LTEA Follow-On $1.3 General Corporate Purposes 9/14/17 09/14/17 RAVE Restaurant Group Inc RAVE Rights $5.0 Repay Indebtedness General Corporate Purposes 9/13/17 09/13/17 Performance Food Group Co PFGC Follow-On $142.0 Liquidity for Private Owners 9/12/17 05/11/14 Organto Foods Inc OGO Follow-On $4.1 Pursue Growth Opportunities 8/15/17 08/09/17 Eastside Distilling Inc ESDI Follow-On $5.4 General Corporate Purposes

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

PUBLIC COMPARABLES5

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2017E ($ in millions, except per share data) Ticker 12/13/17 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 $38.81 86.6% $30,468 $29,557 $19,453 $2,345 2.3% (3.2%) 8.2% 12.1% 19.1x 1.52x 12.6x 1.44x 11.7x B&G Foods, Inc. BGS 33.00 69.1% 2,174 4,005 1,608 323 21.9% 25.1% 29.1% 20.1% 21.7x 2.49x 12.4x 2.39x 11.0x Campbell Soup Company CPB 49.30 76.8% 14,958 18,264 7,849 1,966 (1.4%) (2.1%) 36.3% 25.0% 17.4x 2.33x 9.3x 2.32x 10.2x Conagra Brands, Inc. CAG 37.42 89.8% 15,339 18,466 6,964 1,229 (18.4%) (23.1%) 29.3% 17.6% 26.5x 2.65x 15.0x 2.38x 12.3x General Mills, Inc. GIS 55.96 87.4% 31,861 42,475 15,481 3,279 (4.8%) (4.6%) 35.1% 21.2% 20.1x 2.74x 13.0x 2.73x 12.5x Hormel Foods Corp. HRL 37.17 97.8% 19,524 19,330 9,168 1,372 (3.7%) (0.5%) 20.5% 15.0% 23.6x 2.11x 14.1x 2.08x 13.6x Kellogg Company K 66.07 86.2% 22,784 30,731 12,817 3,633 (1.9%) (4.2%) 37.8% 28.3% 29.4x 2.40x 8.5x 2.41x 11.6x McCormick & Company, Inc. MKC 101.01 94.8% 13,228 18,451 4,570 820 4.2% 2.5% 41.3% 17.9% 27.9x 4.04x 22.5x 3.78x 19.7x Nestle S.A. NESN-CH 86.38 96.3% 268,087 289,875 90,161 17,410 (0.8%) (3.2%) 50.2% 19.3% 28.4x 3.22x 16.6x 3.19x 16.7x Pinnacle Foods, Inc. PF 56.61 84.9% 6,736 9,578 3,119 672 4.2% 6.3% 29.5% 21.5% 38.3x 3.07x 14.3x 3.03x 14.0x Post Holdings, Inc. POST 78.48 88.1% 5,191 10,841 5,226 944 NM 29.4% 27.3% 18.1% NM 2.07x 11.5x 2.01x 10.4x Hershey Company HSY 113.22 97.2% 17,019 19,929 7,546 1,768 2.3% 0.8% 46.4% 23.4% 33.8x 2.64x 11.3x 2.64x 10.9x J. M. Smucker Company SJM 118.09 82.2% 13,397 18,475 7,335 1,643 (2.3%) 10.0% 37.1% 22.4% 23.8x 2.52x 11.2x 2.50x 11.0x Mean 0.1% 2.6% 32.9% 20.2% 25.8x 2.60x 13.2x 2.53x 12.7x Median (1.1%) (0.5%) 35.1% 20.1% 25.2x 2.52x 12.6x 2.41x 11.7x Private Label Foods and Beverages Cott Corp. BCB-CA $17.13 96.6% $2,382 $3,845 $3,851 $421 116.0% 23.5% 50.4% 10.9% NA 1.00x 9.1x 1.52x 10.3x Lamb Weston Holdings, Inc. LW-US 55.85 97.6% 8,149 10,565 3,209 660 6.2% 4.5% 23.7% 20.6% 25.0x 3.29x 16.0x 3.24x 14.0x Seneca Foods Corp. SENEA 32.85 77.0% 321 749 1,292 46 (4.0%) (0.8%) 5.4% 3.6% NM 0.58x 16.3x NA NA TreeHouse Foods, Inc. THS 46.38 51.3% 2,663 5,210 6,384 660 21.1% 33.2% 15.8% 10.3% NA 0.82x 7.9x 0.83x 8.4x Mean 34.8% 15.1% 23.8% 11.3% 25.0x 1.42x 12.3x 1.86x 10.9x Median 13.6% 14.0% 19.7% 10.6% 25.0x 0.91x 12.6x 1.52x 10.3x Natural / Organic Foods / Better-For-You Amplify Snack Brands Inc. BETR $7.00 61.7% $491 $1,073 $372 $81 62.6% 88.3% 35.9% 21.9% 42.7x 2.89x 13.2x 2.85x 12.9x Hain Celestial Group, Inc. HAIN 40.73 89.3% 4,241 4,879 2,880 243 (0.7%) 7.7% 17.9% 8.5% 54.3x 1.69x 20.0x 1.67x 15.6x The Simply Good Foods Company SMPL 13.26 96.6% 934 1,095 396 61 NA NA NA 15.4% NA 2.76x 18.0x 2.72x 17.0x SunOpta Inc. SOY-CA 7.90 77.4% 675 1,164 1,285 56 0.5% 0.4% 10.9% 4.4% NA 0.91x 20.7x 0.92x 16.7x Mean 20.8% 32.1% 21.6% 12.5% 48.5x 2.06x 18.0x 2.04x 15.6x Median 0.5% 7.7% 17.9% 11.9% 48.5x 2.23x 19.0x 2.19x 16.2x Baked Goods Aryzta AG ARYN-CH $37.07 81.0% $3,398 $6,287 $4,152 $460 (3.6%) (3.5%) 27.1% 11.1% NA 1.51x 13.7x 1.43x 12.9x Flowers Foods, Inc. FLO 19.80 94.3% 4,134 4,992 3,916 394 (18.5%) 1.6% 45.5% 10.0% 49.3x 1.27x 12.7x 1.28x 11.2x George Weston Limited WN-CA 86.27 92.3% 10,996 25,053 36,899 3,627 (21.4%) (0.0%) 29.5% 9.8% 18.4x 0.68x 6.9x 0.67x 7.9x Grupo Bimbo SAB de CV BIMBOA-MX 2.24 83.1% 10,381 14,397 13,732 1,554 1.1% (0.7%) 53.0% 11.3% 46.5x 1.05x 9.3x 1.03x 9.4x Hostess Brands, Inc. TWNK 14.36 83.6% 1,512 2,744 759 181 (35.1%) NA 37.3% 23.9% NM 3.62x 15.2x 3.54x 12.0x Lancaster Colony Corp. LANC 129.79 86.9% 3,540 3,382 1,209 212 1.8% 6.0% 24.9% 17.5% 31.8x 2.80x 16.0x 2.78x 15.5x Mean (12.6%) 0.7% 36.2% 13.9% 36.5x 1.82x 12.3x 1.79x 11.5x Median (11.0%) (0.0%) 33.4% 11.2% 39.2x 1.39x 13.2x 1.35x 11.6x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

PUBLIC COMPARABLES5

Dairy Danone SA BN-FR $83.60 97.8% $56,281 $77,169 $25,080 $4,399 2.4% (3.7%) 49.6% 17.5% 24.3x 3.08x 17.5x 2.65x 14.9x Dean Foods Company DF 11.70 52.4% 1,063 1,985 7,878 344 2.1% (5.7%) 22.5% 4.4% 25.1x 0.25x 5.8x 0.25x 5.7x Emmi AG EMMN-CH 691.33 86.5% 3,695 4,101 3,295 354 (0.5%) (3.9%) 18.1% 10.8% 25.2x 1.24x 11.6x 1.23x 12.2x Glanbia PLC GL9-IE 18.41 87.2% 5,447 6,340 3,232 401 20.5% (0.8%) 26.3% 12.4% 21.3x 1.96x 15.8x 2.24x 16.3x Lifeway Foods, Inc. LWAY 8.75 72.4% 140 139 123 7 (0.3%) 2.2% 26.6% 5.6% NM 1.13x 20.1x 1.14x NA Parmalat S.p.A. PLT-IT 3.71 96.9% 6,876 6,825 7,388 466 3.8% 1.3% 18.1% 6.3% NM 0.92x 14.7x 0.83x 12.6x Saputo Inc. SAP-CA 34.95 93.5% 13,202 14,338 8,728 994 4.1% (2.4%) 18.3% 11.4% 22.8x 1.64x 14.4x 1.63x 13.8x Savencia SA SAVE-FR 91.65 88.6% 1,261 1,794 5,106 262 5.7% (5.6%) 4.3% 5.1% 7.9x 0.35x 6.8x 0.32x 4.9x Mean 4.7% (2.3%) 23.0% 9.2% 21.1x 1.32x 13.3x 1.29x 11.5x Median 3.1% (3.0%) 20.4% 8.5% 23.6x 1.19x 14.5x 1.19x 12.6x

Non-Alcoholic Beverages A.G. BARR PLC BAG-GB $8.48 99.0% $976 $966 $339 $68 (8.7%) (7.6%) 45.6% 20.1% 21.2x 2.85x 14.2x 2.71x 13.8x Cott Corp. BCB-CA 17.13 96.6% 2,382 3,845 3,851 421 116.0% 23.5% 50.4% 10.9% NA 1.00x 9.1x 1.52x 10.3x Dr Pepper Snapple Group, Inc. DPS 93.53 94.0% 17,000 21,305 6,704 1,597 4.6% 3.3% 57.0% 23.8% 23.6x 3.18x 13.3x 3.17x 13.3x Lassonde Industries, Inc. LAS.A 196.42 97.0% 634 817 1,150 131 0.8% 3.7% 27.9% 11.4% 23.6x 0.71x 6.2x 0.70x 6.0x Monster Beverage Corp. MNST 63.46 99.9% 35,479 34,384 3,323 1,322 14.7% 11.5% 62.6% 39.8% 45.6x 10.35x 26.0x 10.12x 25.9x National Beverage Corp. FIZZ 103.13 79.4% 4,720 4,591 911 117 19.7% 12.5% 33.3% 12.9% 37.8x 5.04x 39.2x 4.93x 22.1x PepsiCo, Inc. PEP 118.02 98.9% 166,960 187,967 63,514 12,692 2.7% (1.7%) 54.6% 20.0% 24.3x 2.96x 14.8x 2.96x 14.3x Coca-Cola Company KO 45.80 96.5% 192,966 214,742 36,886 10,554 (12.1%) (7.2%) 62.3% 28.6% 43.1x 5.82x 20.3x 6.10x 20.0x Mean 17.2% 4.8% 49.2% 20.9% 31.3x 3.99x 17.9x 4.03x 15.7x Median 3.6% 3.5% 52.5% 20.0% 24.3x 3.07x 14.5x 3.07x 14.0x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $110.73 87.6% $188,619 $308,387 $52,415 $19,107 23.9% 6.7% 60.6% 36.5% 50.9x 5.88x 16.1x 5.43x 14.1x Brown-Forman Corp. BF.B 65.82 96.8% 24,896 26,888 3,115 1,047 4.6% 0.8% 66.5% 33.6% 34.1x 8.63x 25.7x 8.51x 23.9x Carlsberg A/S CARL.B-DK 115.65 96.8% 17,447 21,369 9,251 1,966 (4.8%) (6.9%) 50.8% 21.3% 22.7x 2.31x 10.9x 2.16x 10.2x Constellation Brands, Inc. STZ 219.92 96.8% 43,051 51,890 7,458 2,747 5.4% 8.4% 50.9% 36.8% 30.9x 6.96x 18.9x 6.84x 19.0x Diageo PLC DGE-GB 35.34 98.4% 87,929 100,487 15,278 4,970 (1.6%) (2.9%) 60.7% 32.5% 25.0x 6.58x 20.2x 6.23x 18.5x Heineken NV HEIA-NL 101.30 95.0% 58,347 74,224 23,084 5,170 0.5% (3.8%) 15.8% 22.4% 27.0x 3.22x 14.4x 2.89x 12.1x Kirin Holdings Company, Limited 2503-JP 24.93 98.6% 22,939 28,675 18,011 2,121 (3.7%) (5.2%) 46.1% 11.8% 16.2x 1.59x 13.5x 1.66x 12.9x Pernod Ricard SA RI-FR 152.46 97.3% 40,332 49,484 9,822 2,929 2.0% (3.0%) 61.9% 29.8% 24.6x 5.04x 16.9x 4.65x 16.0x Sapporo Holdings Limited 2501-JP 31.75 98.1% 2,491 4,540 4,981 411 4.4% (0.4%) 35.9% 8.2% 29.1x 0.91x 11.1x 0.93x 11.1x Mean 3.4% (0.7%) 49.9% 25.9% 28.9x 4.57x 16.4x 4.37x 15.3x Median 2.0% (2.9%) 50.9% 29.8% 27.0x 5.04x 16.1x 4.65x 14.1x Snacks Inventure Foods, Inc. SNAK $3.99 39.3% $79 $138 $272 $1 82.0% 0.2% 12.7% 0.5% NA 0.51x NM 0.67x 10.4x J & J Snack Foods Corp. JJSF 147.81 96.0% 2,752 2,603 1,084 161 9.2% 5.6% 30.8% 14.9% 35.0x 2.40x 16.1x 2.37x 16.2x John B. Sanfilippo & Son, Inc. JBSS 62.25 83.3% 537 601 839 74 (11.5%) 1.3% 16.2% 8.8% 19.4x 0.72x 8.1x 0.70x NA Mondelez International, Inc. MDLZ 42.96 91.0% 64,079 81,936 25,700 5,022 (3.1%) (9.7%) 39.0% 19.5% 29.8x 3.19x 16.3x 3.18x 16.1x PepsiCo, Inc. PEP 118.02 98.9% 166,960 187,967 63,514 12,692 2.7% (1.7%) 54.6% 20.0% 24.3x 2.96x 14.8x 2.96x 14.3x Snyder's-Lance, Inc. LNCE 39.54 96.8% 3,825 4,941 2,231 252 13.9% 11.0% 36.5% 11.3% NA 2.21x 19.6x 2.21x 15.9x Mean 15.5% 1.1% 31.6% 12.5% 27.1x 2.00x 15.0x 2.02x 14.6x Median 5.9% 0.8% 33.7% 13.1% 27.0x 2.31x 16.1x 2.29x 15.9x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $44.80 88.9% $1,972 $1,858 $1,098 ($50) (28.7%) (9.5%) 6.6% NM NA 1.69x NM 1.53x NM JBS S.A. JBSS3-BR 2.63 65.0% 7,264 22,190 50,660 3,575 6.5% 0.8% 16.7% 7.1% 13.7x 0.44x 6.2x 0.45x 5.6x Sanderson Farms, Inc. SAFM 166.83 94.6% 3,798 3,400 3,213 527 18.8% 5.4% 25.7% 16.4% 13.5x 1.06x 6.4x 1.01x 6.4x Seaboard Corp. SEB 4,132.05 88.1% 4,918 4,149 5,596 382 5.4% (5.1%) 10.8% 6.8% 15.0x 0.74x 10.9x NA NA Tyson Foods, Inc. TSN 82.45 97.4% 24,602 34,502 38,149 4,018 3.2% 0.6% 14.1% 10.5% 16.9x 0.90x 8.6x 0.89x 8.4x Mean 1.1% (1.6%) 14.8% 10.2% 14.8x 0.97x 8.0x 0.97x 6.8x Median 5.4% 0.6% 14.1% 8.8% 14.4x 0.90x 7.5x 0.95x 6.4x Fruits and Vegetables Calavo Growers, Inc. CVGW $74.70 95.9% $1,283 $1,313 $1,046 $70 16.7% 10.6% 8.2% 6.7% 35.3x 1.26x 18.8x 1.16x 18.9x Fresh Del Monte Produce Inc. FDP 47.01 74.8% 2,352 2,627 4,083 236 (0.4%) 1.7% 6.3% 5.8% 17.4x 0.64x 11.1x 0.63x 10.1x Seneca Foods Corp. SENEA 32.85 77.0% 321 749 1,292 46 (4.0%) (0.8%) 5.4% 3.6% NM 0.58x 16.3x NA NA Total Produce PLC T7O-IE 2.97 97.4% 948 1,207 3,638 86 8.1% 1.2% 13.1% 2.4% 22.8x 0.33x 14.1x 0.26x 11.8x Mean 5.1% 3.2% 8.3% 4.6% 25.2x 0.70x 15.1x 0.69x 13.6x Median 3.8% 1.4% 7.2% 4.7% 22.8x 0.61x 15.2x 0.63x 11.8x Ingredients / Flavors Givaudan SA GIVN-CH $2,281.23 98.4% $21,025 $22,490 $4,855 $1,099 4.7% 0.4% 43.9% 22.6% 31.5x 4.63x 20.5x 4.47x 19.8x Ingredion Inc. INGR 138.17 98.1% 9,945 11,351 5,795 1,079 1.5% (0.0%) 26.2% 18.6% 19.8x 1.96x 10.5x 1.95x 10.4x International Flavors & Fragrances Inc. IFF 151.73 96.9% 12,025 13,388 3,307 729 7.7% 2.6% 43.2% 22.0% 29.2x 4.05x 18.4x 3.97x 17.6x Kerry Group PLC KRZ-IE 110.46 99.9% 19,287 20,743 6,840 968 0.9% (4.5%) 9.9% 14.1% 30.7x 3.03x 21.4x 2.78x 19.3x Sensient Technologies Corp. SXT 74.91 88.2% 3,249 3,852 1,364 254 (2.0%) (2.2%) 35.6% 18.6% 30.9x 2.82x 15.2x 2.81x 15.0x Symrise AG SY1-DE 83.48 96.9% 10,791 12,370 3,211 680 11.3% 9.7% 40.7% 21.2% 36.3x 3.85x 18.2x 3.50x 16.5x Tate & Lyle PLC TATE-GB 9.20 89.0% 4,305 4,740 3,586 575 0.9% (3.9%) 11.9% 16.0% 12.9x 1.32x 8.2x 1.29x 8.3x Mean 3.6% 0.3% 30.2% 19.0% 27.3x 3.10x 16.1x 2.97x 15.3x Median 1.5% (0.0%) 35.6% 18.6% 30.7x 3.03x 18.2x 2.81x 16.5x Agribusiness Andersons, Inc. ANDE $32.70 72.8% $920 $1,329 $3,795 $139 (4.1%) (6.9%) 8.4% 3.7% NA 0.35x 9.6x 0.34x 9.3x Archer-Daniels-Midland Company ADM 40.99 86.4% 23,360 29,534 61,300 2,300 (1.7%) (10.2%) 5.1% 3.8% 19.5x 0.48x 12.8x 0.48x 10.1x Bunge Limited BG 67.02 80.0% 9,656 13,770 45,988 614 9.5% (8.6%) 2.6% 1.3% 21.8x 0.30x 22.4x 0.29x 9.9x CF Industries Holdings, Inc. CF 41.08 98.3% 9,470 16,337 3,898 1,032 (0.9%) (7.0%) 0.2% 26.5% NA 4.19x 15.8x 4.08x 16.4x Darling Ingredients Inc. DAR 17.29 92.7% 2,841 4,565 3,601 436 8.4% 2.7% 12.2% 12.1% 44.7x 1.27x 10.5x 1.26x 10.5x Monsanto Company MON 117.87 96.0% 51,691 57,971 14,633 4,128 8.5% (2.6%) 50.3% 28.2% 23.1x 3.96x 14.0x 3.91x 13.6x Mosaic Company MOS 25.07 72.9% 8,712 11,983 7,180 1,070 (3.8%) (7.4%) 12.1% 14.9% 25.9x 1.67x 11.2x 1.68x 10.7x Mean 2.3% (5.7%) 13.0% 12.9% 27.0x 1.75x 13.8x 1.72x 11.5x Median (0.9%) (7.0%) 8.4% 12.1% 23.1x 1.27x 12.8x 1.26x 10.5x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $89.80 73.1% $62 $94 $1,275 $8 (1.5%) 1.0% 5.4% 0.6% 21.1x 0.07x 11.3x NA NA Core-Mark Holding Company, Inc. CORE 31.77 72.0% 1,455 1,899 15,452 124 14.4% 15.0% 5.1% 0.8% 35.1x 0.12x 15.3x 0.12x 12.6x Performance Food Group Company PFGC 31.15 98.0% 3,280 4,637 17,081 361 11.9% 7.7% 12.7% 2.1% 30.4x 0.27x 12.8x 0.27x 11.3x SpartanNash Company SPTN 26.13 64.7% 945 1,603 8,032 231 (15.0%) 0.5% 13.7% 2.9% NA 0.20x 6.9x 0.20x 6.8x SUPERVALU Inc. SVU 19.93 55.5% 749 2,352 16,519 535 46.6% (1.4%) 9.9% 3.2% NA 0.14x 4.4x 0.15x 4.8x United Natural Foods, Inc. UNFI 50.40 95.7% 2,556 2,982 9,454 321 9.0% 9.6% 14.9% 3.4% 19.7x 0.32x 9.3x 0.31x 9.1x Mean 10.9% 5.4% 10.3% 2.2% 26.6x 0.19x 10.0x 0.21x 8.9x Median 10.4% 4.3% 11.3% 2.5% 25.8x 0.17x 10.3x 0.20x 9.1x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corp. COST $189.41 99.1% $82,285 $83,846 $129,025 $5,430 8.7% 4.6% 13.2% 4.2% 31.0x 0.65x 15.4x 0.64x 15.0x Ingles Markets, Inc. IMKTA 32.55 62.1% 457 1,311 4,003 237 5.5% 1.4% 24.0% 5.9% 12.2x 0.33x 5.5x 0.33x 5.5x J Sainsbury PLC SBRY-GB 3.20 87.6% 6,845 8,385 35,808 1,316 6.6% (3.4%) 6.6% 3.7% 21.7x 0.23x 6.4x 0.23x 4.7x Kroger Co. KR 26.48 72.7% 23,206 36,514 119,242 5,536 4.7% 3.9% 20.3% 4.6% 15.6x 0.31x 6.6x 0.30x 6.2x Natural Grocers by Vitamin Cottage NGVC 8.14 59.0% 180 235 769 44 9.0% 13.9% 23.2% 5.7% 26.0x 0.31x 5.4x 0.30x 5.4x Royal Ahold Delhaize N.V. AD-NL 21.87 95.6% 27,446 30,805 54,973 4,063 NM NM 29.8% 7.4% 19.6x 0.56x 7.6x 0.42x 6.3x Sprouts Farmers Markets, Inc. SFM 23.76 91.5% 3,142 3,607 4,506 312 12.9% 16.6% 26.7% 6.9% 24.3x 0.80x 11.6x 0.78x 11.3x SUPERVALU Inc. SVU 19.93 55.5% 749 2,352 16,519 535 46.6% (1.4%) 9.9% 3.2% NA 0.14x 4.4x 0.15x 4.8x Tesco PLC TSCO-GB 2.80 100.0% 22,440 28,187 71,985 3,446 (7.5%) (9.8%) 5.6% 4.8% 37.7x 0.39x 8.2x 0.37x 7.6x Village Super Market, Inc. VLGEA 23.09 69.0% 232 201 1,601 63 (2.1%) 1.3% 25.3% 4.0% 15.8x 0.13x 3.2x NA NA Weis Markets, Inc. WMK 41.13 59.7% 1,109 1,086 3,508 166 19.1% 8.5% 23.6% 4.7% 14.6x 0.31x 6.5x NA NA Mean 10.4% 3.6% 18.9% 5.0% 21.8x 0.38x 7.3x 0.39x 7.4x Median 7.7% 2.7% 23.2% 4.7% 20.7x 0.31x 6.5x 0.33x 6.2x

Foodservice Chefs' Warehouse, Inc. CHEF $20.65 94.3% $535 $851 $1,287 $60 13.2% 17.1% 24.9% 4.6% 38.0x 0.66x 14.2x 0.66x 13.0x Colabor Group Inc. GCL-CA 0.56 49.0% 58 154 1,023 15 5.4% (8.3%) 1.6% 1.5% NA 0.15x 10.0x 0.15x 7.9x Sysco Corp. SYY 62.00 98.7% 32,222 40,361 56,053 3,100 8.3% 5.9% 19.1% 5.5% 28.1x 0.72x 13.0x 0.71x 12.4x US Foods Holdings Corp. USFD-US 30.83 97.9% 6,855 10,584 23,829 928 2.8% 2.2% 17.7% 3.9% 26.1x 0.44x 11.4x 0.44x 10.1x Mean 8.9% 4.9% 15.2% 3.9% 30.7x 0.49x 12.17x 0.49x 10.88x Median 8.3% 5.9% 19.1% 4.6% 28.1x 0.55x 12.22x 0.55x 11.28x Quick Service Restaurant Bojangles, Inc. BOJA $12.83 57.4% $472 $626 $539 $73 3.4% NA 15.4% 13.6% 14.8x 1.16x 8.6x 1.15x 9.2x Jack in the Box Inc. JACK 103.44 91.5% 3,019 4,157 1,554 342 (2.8%) 1.5% 26.3% 22.0% 23.4x 2.68x 12.1x 2.78x 12.5x McDonald's Corp. MCD 173.34 99.4% 137,299 163,247 23,509 9,672 (5.7%) (5.6%) 49.0% 41.1% 24.9x 6.94x 16.9x 7.19x 15.8x Restaurant Brands International Inc. QSR 62.01 90.0% 14,484 24,637 4,551 2,032 6.4% 58.3% 49.0% 44.6% 41.1x 5.41x 12.1x 5.36x 11.7x Sonic Corp. SONC 28.47 94.7% 1,125 1,730 477 149 (21.3%) (4.8%) 44.7% 31.2% 19.3x 3.63x 11.6x 3.68x 11.5x Wendy's Company WEN 15.59 93.6% 3,727 6,174 1,224 346 (23.0%) (17.1%) 39.1% 28.3% NM 5.04x 17.8x 5.03x 15.2x Yum! Brands, Inc. YUM 82.30 97.6% 27,630 36,266 6,197 1,939 252.9% NM 45.8% 31.3% 25.3x 5.85x 18.7x 6.15x 18.1x Mean 30.0% 6.5% 38.5% 30.3% 24.8x 4.39x 14.0x 4.48x 13.4x Median (2.8%) (4.8%) 44.7% 31.2% 24.1x 5.04x 12.1x 5.03x 12.5x

Fast Casual Chipotle Mexican Grill, Inc. CMG $322.37 64.6% $8,989 $8,440 $4,401 $442 13.8% 4.3% 12.4% 10.0% NM 1.92x 19.1x 1.88x 17.9x El Pollo Loco Holdings Inc. LOCO 10.43 70.2% 392 471 399 58 6.7% 8.2% 17.9% 14.4% 46.1x 1.18x 8.2x 1.17x 7.8x Fiesta Restaurant Group, Inc. FRGI 20.25 66.1% 530 589 678 76 (5.8%) 4.7% 14.1% 11.2% NA 0.87x 7.8x 0.89x 8.2x Habit Restaurants, Inc. HABT 10.05 50.9% 199 195 320 30 18.4% 25.6% 11.4% 9.5% 42.6x 0.61x 6.4x 0.59x 6.9x Noodles & Co. NDLS 4.93 82.1% 190 252 473 16 (0.4%) 7.0% 11.1% 3.3% NA 0.53x 16.0x 0.55x 9.3x Potbelly Corp. PBPB 12.90 88.7% 315 293 418 35 4.6% 9.7% 12.6% 8.4% NM 0.70x 8.3x 0.68x 7.8x Shake Shack, Inc. SHAK 46.24 98.6% 1,771 1,749 336 53 36.4% 46.6% 24.0% 15.8% NM 5.21x 32.9x 4.92x NM Wingstop, Inc. WING 42.60 99.7% 1,224 1,355 102 38 17.0% NA 66.6% 37.6% 58.4x 13.28x 35.3x 12.92x NM Zoe's Kitchen, Inc. ZOES 16.48 60.1% 320 357 305 23 14.3% 23.8% 12.6% 7.5% NM 1.17x 15.6x 1.14x 16.8x

Mean 11.7% 16.2% 20.3% 13.1% 49.1x 2.83x 16.6x 2.75x 10.7x Median 13.8% 9.0% 12.6% 10.0% 46.1x 1.17x 15.6x 1.14x 8.2x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $37.20 78.2% $751 $916 $1,036 $117 7.9% 7.6% 7.1% 11.3% 23.9x 0.88x 7.8x 0.89x 8.4x Buffalo Wild Wings, Inc. BWLD 156.33 90.6% 2,430 2,801 2,026 259 2.2% 11.8% 13.0% 12.8% 40.8x 1.38x 10.8x 1.35x 10.1x Chuy's Holdings, Inc. CHUY 26.05 73.8% 433 416 353 39 9.3% 14.6% 11.9% 11.0% 28.1x 1.18x 10.7x 1.13x 10.0x Dave & Buster's Entertainment, Inc. PLAY 54.11 73.6% 2,197 2,497 1,105 266 14.0% 15.8% 15.6% 24.0% 20.7x 2.26x 9.4x 2.18x 9.3x Cheesecake Factory Inc. CAKE 48.56 72.3% 2,207 2,331 2,292 268 17.3% 36.0% 13.2% 11.7% 17.8x 1.02x 8.7x 1.03x 9.1x Mean 10.1% 17.2% 12.1% 14.2% 26.3x 1.34x 9.5x 1.32x 9.4x Median 9.3% 14.6% 13.0% 11.7% 23.9x 1.18x 9.4x 1.13x 9.3x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $21.54 95.8% $1,950 $3,119 $4,130 $392 (3.9%) (2.0%) 9.3% 9.5% 27.8x 0.76x 8.0x 0.75x 7.7x Brinker International, Inc. EAT 38.59 72.9% 1,776 3,130 3,132 429 (3.7%) 2.2% 10.0% 13.7% 13.9x 1.00x 7.3x 0.99x 7.4x Darden Restaurants, Inc. DRI 87.29 91.7% 10,777 11,567 7,392 959 6.2% 8.9% 17.5% 13.0% 22.5x 1.56x 12.1x 1.51x 10.9x DineEquity, Inc. DIN 51.16 59.7% 912 2,179 610 223 (6.3%) (2.0%) 53.6% 36.5% NA 3.57x 9.8x 3.61x 10.1x Red Robin Gourmet Burgers, Inc. RRGB 53.55 72.3% 687 959 1,330 131 3.0% 6.3% 11.3% 9.8% 55.9x 0.72x 7.3x 0.70x 7.0x Ruby Tuesday, Inc. RT 2.40 67.0% 147 312 913 37 (14.6%) (7.7%) 12.4% 4.0% NA 0.34x 8.5x NA NA Texas Roadhouse, Inc. TXRH 51.27 95.6% 3,621 3,570 2,159 287 10.1% 11.6% 14.1% 13.3% 29.4x 1.65x 12.5x 1.61x 12.0x Mean (1.3%) 2.5% 18.3% 14.3% 29.9x 1.37x 9.3x 1.53x 9.2x Median (3.7%) 2.2% 12.4% 13.0% 27.8x 1.00x 8.5x 1.25x 8.9x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $15.20 80.9% $316 $356 $359 $39 3.5% 6.9% 9.7% 11.0% 33.1x 0.99x 9.0x 0.98x 8.0x Fogo de Chao, Inc. FOGO 12.38 72.6% 342 452 307 56 7.9% 11.9% 18.1% 18.2% 16.8x 1.47x 8.1x 1.46x 8.3x Ruth's Hospitality Group, Inc. RUTH 21.48 94.8% 666 691 398 60 4.0% (1.1%) 15.7% 15.2% 22.4x 1.74x 11.4x 1.68x 10.6x Mean 5.1% 5.9% 14.5% 14.8% 24.1x 1.40x 9.5x 1.37x 9.0x Median 4.0% 6.9% 15.7% 15.2% 22.4x 1.47x 9.0x 1.46x 8.3x Pizza Domino's Pizza, Inc. DPZ $181.91 82.1% $7,899 $10,806 $2,716 $539 13.4% 12.3% 30.8% 19.9% 34.5x 3.98x 20.0x 3.84x 19.1x Papa John's International, Inc. PZZA 58.36 64.5% 2,026 2,405 1,755 198 3.8% 4.0% 16.4% 11.3% 19.9x 1.37x 12.1x 1.35x 12.0x Papa Murphy's Holdings, Inc. FRSH 6.07 89.3% 102 201 123 14 (1.4%) NA 29.2% 11.4% NA 1.63x 14.3x 1.70x 10.5x Mean 5.3% 8.2% 25.5% 14.2% 27.2x 2.33x 15.5x 2.30x 13.9x Median 3.8% 8.2% 29.2% 11.4% 27.2x 1.63x 14.3x 1.70x 12.0x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $3.95 49.7% $101 $72 $175 $5 10.3% 18.9% 36.6% 3.0% NA 0.41x 13.8x 0.41x 6.8x Dunkin' Brands Group, Inc. DNKN 61.01 99.1% 5,477 7,555 849 464 3.9% 4.8% 79.9% 54.7% 26.5x 8.90x 16.3x 8.85x 15.6x Jamba, Inc. JMBA 8.10 75.3% 123 108 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.32x NM NA NA Starbucks Corp. SBUX 59.54 91.8% 84,329 85,637 22,384 5,018 5.0% 10.8% 23.1% 22.4% 30.1x 3.83x 17.1x 3.73x 15.4x Mean (6.5%) 2.2% 39.5% 23.6% 28.3x 3.61x 15.7x 4.33x 12.6x Median 4.3% 5.3% 36.6% 18.3% 28.3x 2.57x 16.3x 3.73x 15.4x Family Restaurant Cracker Barrel Old Country Store, Inc. CBRL $162.76 93.0% $3,910 $4,189 $2,927 $396 0.2% 2.5% 15.2% 13.5% 19.7x 1.43x 10.6x 1.41x 10.3x Denny's Corp. DENN 13.40 94.0% 866 1,155 523 117 4.4% 4.6% 26.9% 22.4% 26.0x 2.21x 9.9x 2.18x 11.5x Luby's, Inc. LUB 2.76 61.3% 80 110 376 12 (6.6%) (1.6%) 7.3% 3.3% NA 0.29x 9.0x NA NA Mean (0.7%) 1.8% 16.5% 13.0% 22.8x 1.31x 9.8x 1.79x 10.9x Median 0.2% 2.5% 15.2% 13.5% 22.8x 1.43x 9.9x 1.79x 10.9x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE INDEX5

140

130 2 2 .6 %

120 1 7 .3 %

110 1 7 .3 %

100 1 5 .7 %

90 9 .4 %

80 (1 1 .4 %)

70 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17

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

M&A MARKET OVERVIEW Highlighted Food and Beverage Transactions5

ARBY’S TO ACQUIRE BUFFALO WILD WINGS . Arby’s, a portfolio company of Roark Capital, agreed to acquire Buffalo Wild Wings for $2.8 billion. . Buffalo Wild Wings is a leading fast casual restaurant chain.

Enterprise Value: $2,809 mm . Arby’s will leverage the combined strengths of both organizations to further differentiate and transform the company. Revenue Multiple: 1.4x EBITDA Multiple: 10.9x . Roark Capital currently owns several other restaurant chains, including Jimmy Announced: November 28, 2017 John’s and Naf Naf Grill.

NESTLE TO ACQUIRE ATRIUM INNOVATIONS

. Nestle agreed to purchase Atrium Innovations from Permira Advisors for $2.3 billion. . Atrium produces innovative, science-based, natural health products. Enterprise Value: $2,300 mm Revenue Multiple: 3.3x . The acquisition enhances Nestle’s ability to become a “nutrition, health and EBITDA Multiple: ND wellness” company. Announced: December 5, 2017

MARS TO PURCHASE MINORITY STAKE IN KIND

. Mars Inc. has agreed to buy a minority stake in KIND. . KIND produces snacks that are healthy, tasty, wholesome, and convenient. Enterprise Value: ND . The acquisition will enable Mars to build on the success of KIND’s products, Revenue Multiple: ND and allow them to broaden their portfolio to address evolving consumer EBITDA Multiple: ND needs. Announced: November 29, 2017

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

12.0x 2.00x $280 700 11.3x 10.4x $247.7 10.0x 9.7x $240 600

10.0x ions of Transact Number 8.8x 9.2x 8.8x 1.60x Multiple Sales LTM EV/ 8.3x 8.0x $200 500 8.0x 1.20x $160 400 6.0x $120.7 $120 300 0.80x 4.0x $67.2 $72.5 $80 $55.7 200

EV / EV LTMMEBI TDA ultiple $52.9 0.40x 2.0x $8.2 $40 $24.0 100

Aggregat e e Deal ($Value Aggregat inbillions) $9.3

0.0x 0.00x $0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 12/12/2017 Imvescor Restaurant Group, Inc. MTY Food Group, Inc. 12/11/2017 albi GmbH + Co. KG EDEKA ZENTRALE AG & Co. KG 12/11/2017 Diversi Foods NV Dr. August Oetker KG 12/6/2017 OK Supermarket Auchan Romania SA 12/6/2017 Pacifica Foods LLC Wind Point Advisors LLC 12/5/2017 Atrium Innovations, Inc. Nestlé SA 12/5/2017 La Rousse Foods Ltd. Musgrave Group Plc 12/4/2017 Clarks UK Ltd. The Hain Daniels Group Ltd. 12/4/2017 Craft Brew Alliance - Woodinville Facility Sound Commercial Investments 12/4/2017 Moy Park Ltd. - Poppintree Facility Kepak Group Ltd.

PRIVATE EQUITY INVESTMENTS & EXITS

150 140 122 120 90 90 65 65 67 60 43 48 32 34 36 38 25 26 31 30 14 17 18

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 │ DECEMBER 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 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 2012 2013 2014 2015 2016 1H17 3Q17 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

L + 1000 6.0x

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

2013 2014 2015 2016 1H17 Recent Debt Offerings8 Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

12/13/17 Nomad Food Ltd Frozen specialties, nec $500 USD Term Loan B Senior 275 BPS 12/13/17 Nomad Food Ltd Frozen specialties, nec $100 USD Term Loan B Senior 225 BPS 12/13/17 Nomad Food Ltd Frozen specialties, nec $610 USD Term Loan B Senior 225 BPS 12/12/17 Ajinomoto Co Inc Food preparations, nec $881 USD Revolver/Line >= 1 Yr. Senior 12/11/17 Ardent Mills LLC Flour/other grain mill products $250 USD Term Loan A Senior 150 BPS 12/11/17 Ardent Mills LLC Flour/other grain mill products $600 USD Revolver/Line >= 1 Yr. Senior 113 BPS 12/11/17 Darling International Inc Animal and marine fats and oils $525 USD Term Loan B Senior 200 BPS 12/8/17 Archer Daniels Midland Co Edible fats and oils, nec $2,000 USD Revolver/Line >= 1 Yr. Senior 12/8/17 Archer Daniels Midland Co Edible fats and oils, nec $1,500 USD 364-Day Facility Senior 12/5/17 J Garcia Carrion SA Wines, brandy, and spirits $89 USD Revolver/Line >= 1 Yr. Senior 12/5/17 J Garcia Carrion SA Wines, brandy, and spirits $296 USD Term Loan Senior 12/5/17 J Garcia Carrion SA Wines, brandy, and spirits $59 USD Term Loan Senior 12/1/17 Matsutani Nori Co Ltd Canned/cured fish and seafoods $36 USD Revolver/Line >= 1 Yr. Senior 12/1/17 Peet's Coffee & Tea Inc Roasted coffee $600 USD Revolver/Line >= 1 Yr. Senior 150 BPS 12/1/17 St Hubert SA Creamery butter $309 USD Term Loan B Senior 375 BPS 12/1/17 St Hubert SA Creamery butter $12 USD Revolver/Line >= 1 Yr. Senior

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

M&A OVERVIEW*

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

240 16.0x

200 15.0x 40

160 46 18 14.0x 35 33 34 38 120 8 13.0x 17 19 19 6 20 80 166 10 12.0x 141 139 10 126 128 5 118 119 9 13 7 107 109

Number of Transactions of Number 8 89 92 94 M edian Trading MMTrading ult edian iple 40 6 82 11.0x 10 70 58 57 48 46 47 52 39 33

10.0x 0

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317 Q417 Jul-17 Jun-17 Apr-17 Jan-17 Feb-17 Sep-17 Oct-17 Mar-17 Nov-16 Nov-17 Aug-17 Dec-16 May-17 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 12/12/2017 Imvescor Restaurant Group, Inc. - MTY Food Group, Inc. $208.3 - - - Cross Border 12/11/2017 albi GmbH + Co. KG - EDEKA ZENTRALE AG & Co. KG ---- EU 12/11/2017 Diversi Foods NV Unimar NV Dr. August Oetker KG ---- EU 12/6/2017 OK Supermarket Farr Group SRL Auchan Romania SA ---- EU 12/6/2017 Pacifica Foods LLC - Wind Point Advisors LLC ---- P N.A. 12/5/2017 Atrium Innovations, Inc. - Nestlé SA $2,300.0 3.3x - - P Cross Border 12/5/2017 La Rousse Foods Ltd. Aryzta AG Musgrave Group Plc $35.5 - - - P EU 12/4/2017 Clarks UK Ltd. - The Hain Daniels Group Ltd. ---- EU 12/4/2017 Craft Brew Alliance - Woodinville Facility Craft Brew Alliance, Inc. Sound Commercial Investments $24.5 - - - N.A. 12/4/2017 Moy Park Ltd. - Poppintree Facility JBS SA Kepak Group Ltd. ---- EU 12/1/2017 Xanthic Biopharma Ltd. - Aurquest Resources, Inc. ---- Cross Border 11/30/2017 KAPS LLC - Brookwood Financial Partners LP ---- N.A. 11/30/2017 Field Roast Grain Meat Co. - Maple Leaf Foods, Inc. $120.0 3.2x - - Cross Border 11/30/2017 Squirrel Brand LP - John B. Sanfilippo & Son, Inc. $31.5 0.9x - - N.A. 11/30/2017 Day After Day Oy - Kotipizza Group Oyj ---- EU 11/28/2017 Buffalo Wild Wings, Inc. - Arby's Restaurant Group $2,809.2 1.4x 10.9x 26.6x N.A. 11/28/2017 Belgian Ice Cream Group NV - Sweet Products Logistics NV ---- EU 11/28/2017 Laughing Stock Vineyards - Province of Ontario ---- Cross Border 11/28/2017 Glacio NV - Baronie-de Heer BV ---- EU 11/27/2017 Modecor Italiana SRL Angelikos Consultadoria Economica Charterhouse Capital Partners LLP ---- EU 11/27/2017 Pasta Romana Foods, Inc. - Romana Food Brands Corp. ---- Cross Border 11/24/2017 Couleurs d'ici SAS - Couleurs d'ici SAS ---- P EU 11/23/2017 Les Chardons SARL - Les Chardons SARL ---- P EU 11/23/2017 Yumm-Pizza OOO - Yumm-Pizza OOO ---- P EU 11/22/2017 Buddy's Kitchen, Inc. - Premium Brands Holdings Corp. ---- Cross Border 11/22/2017 Raybern Foods LLC - Premium Brands Holdings Corp. ---- P Cross Border 11/22/2017 C. Hahne Mühlenwerke GmbH & Co. - Karlchen's Backstube GmbH ---- EU 11/21/2017 Colgin Cellars - LVMH Moët Hennessy Louis Vuitton ---- Cross Border 11/21/2017 La Pataterie Développement SAS - Verdoso Investments SA ---- P EU 11/21/2017 Boulangerie Des Colonnes SARL - Boulangerie Des Colonnes SARL ---- P EU 11/20/2017 Bento, Inc. - YO! Sushi Ltd. $100.0 0.4x 9.0x - P Cross Border 11/20/2017 Decacer, Inc. - L.B. Maple Treat Corp. $31.2 - - - P Cross Border 11/20/2017 Italian Rose Gourmet Products, Inc. - Blue Point Capital Partners LLC ---- P N.A. 11/20/2017 Veresk LLC - Veresk LLC ---- P EU 11/20/2017 Lodkhik OOO - Lodkhik OOO ---- P EU 11/20/2017 Podporozhskiy Khlebokombinat OAO - Podporozhskiy Khlebokombinat OAO ---- P EU 11/20/2017 T&T Supermarket, Inc. Loblaw Cos. Ltd. Micron Waste Technologies, Inc. ---- Cross Border 11/17/2017 Bolle S De - Bierderij Waterland BV ---- EU 11/17/2017 Brasa y Leña España SL - Nazca Capital SGECR SA ---- P EU 11/17/2017 Atlantic Aqua Farms, Inc. - Ontario Teachers' Pension Plan ---- P Cross Border

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

11/17/2017 Elephant & Castle Ltd. - Press Up Ltd. - - - - P EU 11/16/2017 Supralon International AG - Viscofán SA $14.2 - - - P EU 11/16/2017 Caspian UK Group Ltd. - Bridgepoint Advisers Ltd. - - - - P EU 11/16/2017 Turkent Gida ve Turizm Sanayi Yum! Brands, Inc. Abraaj Capital Ltd. - - - - P EU 11/16/2017 Hälsa för Alla Sverige AB Life Europe AB Holland & Barrett Retail Ltd. - - - - EU 11/16/2017 Bezgluten Sp zoo - Coast2Coast Investments (Pty) Ltd. - - - - EU 11/15/2017 Centerplate, Inc. - Sodexo SA $675.0 0.7x - - P Cross Border 11/15/2017 Carnosa AG - MALU Holding AG - - - - EU 11/15/2017 Hurricane AMT LLC - FAT Brands, Inc. $12.5 - - - N.A. 11/15/2017 GIM Factory, Inc. - Taokaenoi Food & Marketing Public Co. Ltd. $2.0 - - - Cross Border 11/14/2017 Nonni's Foods LLC - Vestar Capital Partners, Inc. - - - - P N.A. 11/14/2017 CB Franchise Systems LLC - MTY Food Group, Inc. $24.6 - - - Cross Border 11/14/2017 Radish, Inc. - Maestro Food Co. - - - - N.A. 11/13/2017 Mendocino Farms LLC - TPG Growth LLC - - - - P N.A. 11/13/2017 Original Philly Holdings, Inc. - Tyson Foods, Inc. - - - - N.A. 11/13/2017 Kii Naturals, Inc. - Riverside Partners LLC - - - - N.A. 11/12/2017 Another Broken Egg of America LLC - The Beekman Group LLC - - - - P N.A. 11/10/2017 Berlys Corporación Alimentaria SA - Ardian SA $581.3 2.2x - - P EU 11/10/2017 Bakkerij Patisserie Van Heuckelom - Unimar NV - - - - EU 11/9/2017 Cambrooke Therapeutics, Inc. - Ajinomoto North America, Inc. $65.0 5.1x - - P N.A. 11/8/2017 Sa Brain & Co. Ltd. /8 Pubs/ S.A. Brain & Co. Ltd. Butcombe Brewery Ltd. - - - - EU 11/8/2017 ABP Corp. - Panera Bread Co. - - - - P N.A. 11/7/2017 Dansk Supermarked A/S - Købmand Herman Sallings Fond $4,531.1 - - - EU 11/7/2017 Flavourin SAS - Capa-City SAS - - - - P EU 11/7/2017 Love You Foods LLC - Disruptive Enterprises LLC - - - - N.A. 11/6/2017 Redefine International - Leopard Redefine International Plc PATRIZIA Immobilien AG $238.2 - - - EU 11/6/2017 Carnicas Saenz SL - Guzmán Gastronomía SL - - - - EU 11/6/2017 Froosh AB - Karl Fazer Ab Oy - - - - P EU 11/6/2017 Gaytan Foods Co. - Evans Food Group Ltd. - - - - N.A. 11/3/2017 Nutragenesis LLC - Innophos Holdings, Inc. $28.0 - - - N.A. 11/3/2017 Jean-Pierre Tallec L'Héritage du Goût - Société Cooperative Agricole - - - - EU 11/2/2017 Hortex Holding SA - Mid Europa Partners LLP - - - - P EU 11/2/2017 Richelieu Foods, Inc. - Süddeutsche Zuckerrübenverwertungs - - - - P N.A. 11/2/2017 Tazo Tea Co. Starbucks Corp. Unilever Plc $384.0 3.4x - - Cross Border 11/2/2017 Bäckerei Schwyter AG - Obermühle Boswil AG - - - - EU 11/2/2017 Magicgoal Ltd. - Delaware North Cos., Inc. - - - - Cross Border 11/2/2017 3k Oil Services Ltd. - Tervita Corp. - - - - Cross Border 11/2/2017 L'Atelier du poissonnier SAS - Groupe Duval SAS - - - - EU 11/2/2017 CBA Slovakia AS - Enterprise Investors Sp zoo - - - - P EU 11/1/2017 Betin, Inc. - Saputo, Inc. - - - - Cross Border 11/1/2017 ZIFRU Trockenprodukte GmbH - HOCHDORF Holding AG - - - - EU 11/1/2017 Culinary Coffee Roasters LLC - Isodiol International, Inc. $0.5 - - - Cross Border 11/1/2017 Gold Crest Food & Beverages Ltd. - Green Bean Ltd. $1.3 - - - EU 10/31/2017 Columbus Manufacturing, Inc. - Hormel Foods Corp. $850.0 2.8x - - P N.A. 10/31/2017 Natural Stuff, Inc. - Amfil Technologies, Inc. $0.1 - - - Cross Border 10/30/2017 Sausalitos Holding GmbH - Ergon Capital SA - - - - P EU 10/28/2017 Famille Mommessin SA - Artemis SA Private Equity - - - - P EU 10/27/2017 Standard Candy Co., Inc. - Hearthside Food Solutions LLC - - - - N.A. 10/27/2017 The London Kitchen Ltd. - Swan About Ltd. - - - - EU 10/26/2017 Inventure Foods, Inc. - UTZ Quality Foods LLC $165.0 0.0x 9.2x 0.0x N.A. 10/26/2017 Castlerock Group Holdings, Inc. - WOWIO, Inc. $2.5 - - - N.A. 10/26/2017 Life Europe AB - Fairford Holdings Europe AB - - - - P EU 10/26/2017 Olivos Naturales SL - ADM Capital Europe LLP - - - - P EU 10/25/2017 Arne B. Corneliussen AS DAT-Schaub A/S Idun Industri AS - - - - EU 10/25/2017 Profi Sp zoo - Coast2Coast Investments Ltd. - - - - EU 10/24/2017 SDJ Trading LLC - Enson Group, Inc. - - - - N.A. 10/23/2017 ProBlend-Eurogerm LLC - Mobago SAS - - - - N.A. 10/23/2017 Cambrian Solutions - Color Division Cambrian Solutions, Inc. ROHA Dyechem Sez Pvt Ltd. - - - - Cross Border 10/22/2017 Au Petit Panier - Au Petit Panier - Private Group - - - - P EU 10/20/2017 Herfroy SASU - Herfroy SASU /Raja/ - - - - P EU 10/20/2017 Biosurya SL - Compagnie Biodiversité SAS - - - - EU 10/19/2017 Hallo Pizza GmbH - Domino's Pizza Group Plc $37.7 0.4x 9.1x - EU 10/19/2017 Victoria's Kitchen LLC - Hispanica International Delights of America - - - - N.A. 10/18/2017 Hyundai Mikhailovka Agro LLC - Lotte Trading Co., Ltd. - - - - EU 10/18/2017 Heredad Del Parador SL - Subsidiaries Heredad Del Parador SL Cavas Del Castillo De Perelada SA - - - - EU

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

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5

December 2017 Date Company

12/13/2017 Empire Co. Ltd. (EMP.A-CA) 12/14/2017 Sanderson Farms, Inc. (SAFM-US) 12/15/2017 MamaMancini's Holdings, Inc. (MMMB-US) 12/18/2017 Shoei Foods Corp. (8079-JP) 12/19/2017 Darden Restaurants, Inc. (DRI-US) 12/19/2017 Imvescor Restaurant Group, Inc. (IRG-CA) 12/20/2017 Ark Restaurants Corp. (ARKR-US) 12/20/2017 General Mills, Inc. (GIS-US) 12/20/2017 Morgan's Foods, Inc. (MRFD-US) 12/21/2017 Real Good Food Plc (RGD-GB) 12/21/2017 Conagra Brands, Inc. (CAG-US) 12/28/2017 Aoki Super Co., Ltd. (9977-JP) January 2018 Date Company 1/3/2018 Sonic Corp. (SONC-US) 1/4/2018 Ruby Tuesday, Inc. (RT-US) 1/4/2018 Lamb Weston Holdings, Inc. (LW-US) 1/5/2018 Marie Brizard Wine & Spirits SA (MBWS-FR) 1/5/2018 Cal-Maine Foods, Inc. (CALM-US) 1/5/2018 Constellation Brands, Inc. (STZ-US) 1/11/2018 Leading Brands, Inc. (LBIX-US) 1/11/2018 Rocky Mountain Chocolate Factory, Inc. (RMCF-US) 1/11/2018 Sudzucker AG (SZU-DE) 1/18/2018 Bronco Billy Co., Ltd. (3091-JP) 1/18/2018 Associated British Foods Plc (ABF-GB) 1/18/2018 Sportscene Group, Inc. (SPS.A-CA) 1/22/2018 J&J Snack Foods Corp. (JJSF-US) 1/25/2018 Diageo Plc (DGE-GB) 1/25/2018 Lancaster Colony Corp. (LANC-US) 1/25/2018 McCormick & Co., Inc. (MKC-US) 1/25/2018 Starbucks Corp. (SBUX-US) 1/26/2018 Bull-Dog Sauce Co., Ltd. (2804-JP) 1/26/2018 House Foods Group Inc. (2810-JP) 1/26/2018 Crystal Rock Holdings, Inc. (CRVP-US) 1/26/2018 Cloetta AB (CLA.B-SE) 1/29/2018 Key Coffee, Inc. (2594-JP) 1/30/2018 NWF Group Plc (NWF-GB) 1/30/2018 Brinker International, Inc. (EAT-US)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2017

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