Food and Beverage Industry Update │ June 2015

FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

www.harriswilliams.de

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

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW Strategic buyers remained active during the months of May and June in the . DEBT MARKET OVERVIEW food and beverage sector. HW&Co. advised Wanchese Fish Company, a . RECENT M&A ACTIVITY leading harvester and value added processor of seafood to Cooke . PUBLIC COMPARABLES Aquaculture, a global seafood supplier. Other notable deals involving strategic . EARNINGS CALENDAR buyers included Hormel's acquisition of Applegate Farms, WhiteWave's GROUP OVERVIEW acquisition of Vega, and Campbell's acquisition of Garden Fresh Salsa. HW&Co. Harris Williams & Co. is a leading expects strategic buyers to remain active and to continue to aggressively advisor to the food and beverage market. Our significant pursue high quality assets with significant growth potential. experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and WHAT WE’VE BEEN DOING metrics in the following areas: . Agribusiness . Baked and Prepared Goods SALE OF WANCHESE TO COOKE AQUACULTURE . Beverages . Branded and Private Label Overview . Dairy On June 5th, Wanchese Fish Company completed its sale to Cooke . Distribution Aquaculture. The acquisition will provide Cooke with access to seafood . Ingredients harvested in North and South America and processing facilities in both regions. . Meat and Protein Cooke formed a new company, Cooke Seafood USA, in order to complete the . Natural and Organic acquisition. . Processing . Produce . Restaurant and Retail Company Description . Snacks Wanchese Fish Company, engages in the production of seafood for the food service, wholesale, ingredient, and retail markets in the U.S. and Europe. It offers CONTACTS a wide variety of fresh and frozen shellfish and fin fish species. The Glenn Gurtcheff companys wa founded in 1936 and is based in Suffolk, Virginia. Managing Director [email protected] +1 (612) 359-2702 Key Value Drivers for Wanchese Fish Company Tim Alexander Managing Director . Access to diverse and sustainable fisheries in the [email protected] U.S. and Argentina. +1 (612) 359-2716 . Strong industry tailwinds and changing Ryan Budlong demographics driving increased global demand Director for seafood. [email protected] has been acquired by +1 (415) 217-3409 . Wanchese has numerous tangible, near term Brant Cash growth opportunities that will drive value for the Director Company. [email protected] +1 (612) 359-2709 . Wanchese has developed several innovative products and processing operations that drive Ryan Freeman Vice President attractive margins. [email protected] . Diverse, global customer base values Wanchese as +1 (612) 359-2703 a one-stop-shop for seafood. Andy Warczak Vice President [email protected] +1 (612) 359-2714

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

WHAT WE’VE BEEN DOING

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WHAT WE’RE READING

FDA TAKES STEPS TO REMOVE ARTIFICIAL TRANS FATS IN PROCESSED FOODS

The U.S. Food and Drug Administration has determined that the primary source of trans fats in processed foods, partially hydrogenated oils (PHOs), are not safe for human consumption. The FDA has given food manufacturers three years to remove PHOs from products. Many companies have already taken steps in anticipation of this determination, leading the FDA to expect that most trans fats will be eliminated ahead of the compliance date. Access to the full article here.

BIRD FLU SENDS EGG PRICES UP, BUT SLOWING DEMAND PREVENTS SHORTAGES

Approximately 47 million chickens and turkeys were affected by a recent outbreak of the avian flu, sharply decreasing this year’s supply of eggs by roughly 341 million dozen according to the U.S.D.A. The initial increase in commercial egg prices began in mid-May, led by restaurants and food companies. However, that trend has begun to reverse due to limited demand and wholesale buyer resistance. Access to the full article here.

IS GRAIN-FREE THE NEW GLUTEN FREE?

Grain-free foods are viewed as less processed and meet the demands of the 43% of US consumers planning to eat less processed foods in the next year. 2014 saw an increase in grain-free product launches. According to Mintel there has been a 134% increase in the launch of bakery products with non-grain flours since 2010. Non-grain products include almond, chickpea, peanut, coconut, soybean, and potato. Access to the full article here.

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

VITAL SIGNS

COMMODITY PRICE INDICES1

140 Soybeans: (29.4%) Wheat: 90 (39.3%) Crude Oil: (42.2%) Corn: Commodity Price Index 40 (46.1%) May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Corn Soybeans Wheat Crude Oil

PROTEIN PRICE INDICES2,3

150 Beef: 140 33.4% 130 Poultry: 7.7% 120 Pork: 110 6.9% 100 Protein Price Index 90 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Beef Pork Poul try

RESTAURANT AND GROCERY STORE SALES INDICES4

140 Restaurant: 28.8% 120 Grocery: 11.7% 100 Sales Index

80 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15

Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

5.5

4.0

2.5

Inflation (%) 1.0

-0.5 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

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 10.0% 19.2% (5.6%) (1.5%) 12.5x 14.2x 7.3x 3.0x Fruit and Vegetable 7.0% 11.1% (6.0%) 5.2% 16.4x 14.8x 12.0x 1.0x Ingredients / Flav ors (2.3%) 8.4% (3.1%) 15.0% 21.6x 27.3x 13.8x 1.8x Inputs Agribusiness 9.5% (5.7%) 9.8% (5.9%) 14.0x 17.2x 9.1x 1.4x Branded Processed Foods 4.5% 4.2% 5.1% 9.3% 20.7x 29.4x 14.6x 3.2x Private Label Foods (8.1%) (7.0%) (17.7%) 9.1% 20.0x 31.3x 13.5x 5.5x Natural / Organic Foods 1.6% 13.7% 1.4% (6.4%) 35.1x 56.0x 19.2x 3.2x Baked Goods / Snack Foods 3.4% 5.6% (0.6%) 7.1% 24.6x 28.7x 12.3x 2.7x Dairy 0.4% (5.9%) (9.7%) (1.5%) 20.1x 23.4x 9.3x 2.1x Non-Alcoholic Beverages (0.3%) 16.2% (5.1%) 12.7% 21.1x 22.6x 13.3x 1.8x

Food Beverage and Alcoholic Beverages 1.4% (1.5%) (0.6%) 13.8% 21.4x 27.1x 14.3x 3.2x Food Retail (8.0%) (0.5%) (8.7%) 9.4% 18.8x 20.6x 7.9x 2.1x Grocery Distribution (11.4%) 8.5% (18.8%) 2.4% 17.8x 20.9x 7.7x 2.4x Foodservice (8.7%) (1.8%) (2.9%) 3.1% 23.5x 29.9x 10.3x 3.6x Quick Service Restaurant (3.5%) 33.7% (5.6%) 15.0% 27.6x 33.5x 13.8x 2.1x Fast Casual 0.8% 10.4% (5.7%) (10.4%) 33.5x 32.8x 15.0x 0.8x Differentiated Casual (10.6%) 4.4% (9.8%) (10.1%) 29.0x 34.5x 11.9x 0.2x Casual Dining Restaurant (0.9%) 19.3% (6.6%) 1.9% 23.6x 28.7x 10.3x 2.1x Fine Dining (0.9%) (0.8%) (4.4%) (12.5%) 18.9x 22.5x 9.9x NM

Consumer and Retail Pizza 14.9% 67.8% 7.3% 21.5% 32.3x 38.0x 19.4x 3.7x Beverage / Snack Retail 9.8% 32.1% 12.6% 15.2% 30.9x 31.4x 19.3x 2.9x Family Restaurant (2.2%) 43.7% (5.2%) 34.0% 25.3x 22.4x 12.3x 2.4x Overall Median 0.8% 7.9% (3.3%) 8.4% 22.3x 25.6x 12.3x 2.3x

PUBLIC COMPANY SECTOR PERFORMANCE5 (ONE YEAR CHANGE IN STOCK PRICE)

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

-17.5% - 5.0% 7.5% 20.0% 32.5% 45.0% 57.5% 70.0% Inputs Food and Beverage Consumer and Retail

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015 PUBLIC COMPARABLES5

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2015E ($ in millions, except per share data) Ticker 6/16/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage Branded Processed Foods Associated British Foods plc ABF $47.22 90.2% $37,147 $1,675 $437 $38,384 $20,062 $2,399 (9.2%) 2.9% 24.0% 12.0% 42.1x 1.91x 16.0x 1.77x 15.5x B&G Foods Inc. BGS 29.80 87.3% $1,727 $1,032 $24 $2,736 $867 $183 15.3% 15.0% 29.4% 21.1% 37.5x 3.16x 14.9x 3.12x 13.6x Campbell Soup Company CPB 47.55 98.3% 14,765 3,795 230 18,330 8,241 1,508 1.3% 2.3% 34.3% 18.3% 19.8x 2.22x 12.2x 2.25x 11.8x ConAgra Foods, Inc. CAG 38.62 98.9% 16,493 8,370 137 24,726 17,546 2,311 6.7% 10.1% 19.8% 13.2% NM 1.41x 10.7x 1.55x 11.5x General Mills, Inc. GIS 55.09 95.4% 32,839 10,291 784 42,345 17,615 3,153 (2.3%) 2.8% 33.8% 17.9% 23.8x 2.40x 13.4x 2.35x 11.8x Hormel Foods Corporation HRL 56.66 95.5% 14,962 250 624 14,588 9,503 1,155 5.9% 5.6% 18.0% 12.1% 23.4x 1.54x 12.6x 1.52x 12.3x Kellogg Company K 62.47 89.4% 22,046 7,731 349 29,428 14,394 1,669 (1.9%) 3.1% 34.7% 11.6% 49.7x 2.04x 17.6x 2.14x 11.8x Kraft Foods Group, Inc. KRFT 85.20 93.3% 50,462 10,032 1,178 59,316 18,195 2,266 0.7% (0.9%) 25.9% 12.5% 53.2x NM NM 3.27x 15.9x McCormick & Company, Incorporated MKC 78.20 98.0% 9,990 1,323 87 11,226 4,260 688 1.9% 3.7% 40.6% 16.1% 23.9x 2.64x 16.3x 2.59x 15.2x Mondelez International, Inc. MDLZ 40.75 97.5% 66,277 18,811 1,902 83,186 33,365 5,087 (5.2%) 1.5% 37.0% 15.2% 29.4x 2.49x 16.4x 2.75x 15.4x Nestlé S.A. NESN 74.46 88.8% 235,969 21,838 9,027 248,780 92,479 17,547 (10.8%) 1.1% 48.2% 19.0% 15.3x 2.69x 14.2x 2.53x 13.2x Post Holdings, Inc. POST 48.46 92.8% 2,658 3,965 579 6,043 3,803 473 NM 58.5% 24.5% 12.4% NM 1.59x 12.8x 1.18x 9.0x The Hain Celestial Group, Inc. HAIN 64.54 97.3% 6,621 879 100 7,400 2,574 296 26.6% 25.6% 23.5% 11.5% 50.8x 2.87x 25.0x 2.54x 18.1x The Hershey Company HSY 92.10 82.7% 20,174 2,460 405 22,229 7,488 1,666 4.1% 6.2% 45.0% 22.3% 24.6x 2.97x 13.3x 2.82x 12.3x The J. M. Smucker Company SJM 112.35 93.1% 13,443 6,171 126 19,489 5,693 1,103 1.5% 1.0% 34.7% 19.4% 33.9x 3.42x 17.7x 2.46x 11.9x Mean 2.5% 9.2% 31.5% 15.6% 32.9x 2.38x 15.2x 2.32x 13.3x Median 1.4% 3.1% 33.8% 15.2% 29.4x 2.45x 14.6x 2.46x 12.3x Private Label Foods Seneca Foods Corp. SENE.A 28.12 88.4% 286 284 11 559 1,286 37 (4.0%) 0.8% 6.5% 2.9% 30.6x 0.43x 15.0x NA NA Treehouse Foods, Inc. THS 71.51 77.0% 3,066 1,399 63 4,402 3,110 368 31.1% 14.3% 20.6% 11.8% 32.1x 1.42x 12.0x 1.27x 10.4x Mean 13.5% 7.5% 13.5% 7.4% 31.3x 0.93x 13.5x 1.27x 10.4x Median 13.5% 7.5% 13.5% 7.4% 31.3x 0.93x 13.5x 1.27x 10.4x Natural / Organic Foods Boulder Brands, Inc. BDBD 6.98 45.1% 428 299 21 706 523 59 9.5% 21.2% 37.2% 11.3% NM 1.35x 12.0x 1.35x 10.0x SunOpta Inc. TSX:SOY 10.30 77.4% 698 145 3 840 1,224 63 3.7% 5.8% 11.4% 5.1% NM 0.69x 13.4x 0.65x 10.5x The Hain Celestial Group, Inc. HAIN 64.54 97.3% 6,621 879 100 7,400 2,574 296 26.6% 25.6% 23.5% 11.5% 50.8x 2.87x 25.0x 2.54x 18.1x The WhiteWave Foods Company WWAV 48.45 97.4% 8,484 1,559 31 10,012 3,518 401 27.3% 18.9% 33.8% 11.4% 61.2x 2.85x 25.0x 2.56x 19.7x Mean 16.8% 17.9% 26.5% 9.8% 56.0x 1.9x 18.8x 1.8x 14.6x Median 18.0% 20.1% 28.6% 11.3% 56.0x 2.1x 19.2x 1.9x 14.3x Baked Goods / Snack Foods ARYZTA AG SWX:ARYN $54.82 56.8% $4,834 $3,279 $985 $7,127 $5,753 $839 (6.1%) 4.1% 27.9% 14.6% 34.6x 1.24x 8.5x 1.55x 9.5x Diamond Foods, Inc. DMND 31.97 94.8% 1,006 648 32 1,622 881 94 4.2% (3.9%) 25.3% 10.6% 44.0x 1.84x 17.3x 1.83x 12.9x Flowers Foods, Inc. FLO 21.67 91.7% 4,552 706 8 5,250 3,741 427 (0.4%) 9.2% 48.1% 11.4% 26.3x 1.40x 12.3x 1.38x 11.4x George Weston Limited WN 81.29 92.6% 10,398 11,086 1,943 19,541 37,145 2,271 23.5% 4.6% 26.2% 6.1% NM 0.53x 8.6x 0.50x 5.9x Golden Enterprises Inc. GLDC 4.02 82.9% 45 10 1 54 133 7 (2.8%) (0.5%) 49.3% 5.2% 26.1x 0.41x 7.9x NA NA Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.63 89.7% 12,389 4,390 148 16,631 12,819 1,475 (5.0%) 4.2% 53.0% 11.5% 47.8x 1.30x 11.3x 1.19x 10.9x Inventure Foods, Inc. SNAK 10.79 76.5% 211 85 1 295 296 8 26.1% 19.7% 12.8% 2.8% NM 1.00x NM 0.99x NA J&J Snack Foods Corp. JJSF 109.81 95.0% 2,052 2 89 1,965 948 146 7.3% 6.4% 31.1% 15.4% 28.7x 2.07x 13.5x 1.99x 12.6x John B Sanfilippo & Son Inc. JBSS 52.13 96.0% 581 117 2 696 868 63 15.2% 7.4% 15.1% 7.2% 21.2x 0.80x 11.1x 0.77x NA Lancaster Colony Corporation LANC 90.15 92.2% 2,466 0 161 2,305 1,086 168 5.7% (0.8%) 23.1% 15.5% 25.5x 2.12x 13.7x 1.99x 12.5x Snyder's-Lance, Inc. LNCE 31.14 94.6% 2,198 447 12 2,633 1,650 171 8.7% 0.2% 35.5% 10.4% 37.0x 1.60x 15.4x 1.52x 12.9x Mean 6.9% 4.6% 31.6% 10.1% 32.3x 1.3x 12.0x 1.4x 11.1x Median 5.7% 4.2% 27.9% 10.6% 28.7x 1.3x 11.8x 1.5x 11.9x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015 PUBLIC COMPARABLES5

Dairy Savencia SA ENXTPA:BH $66.70 90.1% $935 $1,168 $594 $1,510 $5,576 $279 (3.7%) 2.5% 31.7% 5.0% 21.8x 0.27x 5.4x 0.28x 4.8x Danone BN 68.36 88.4% $41,909 $13,487 $3,870 $51,526 $25,593 $4,015 (12.7%) 0.7% 47.7% 15.7% 31.7x 2.01x 12.8x 1.98x 12.0x Dean Foods Company DF 17.86 90.5% 1,685 853 30 2,509 9,213 243 1.6% (5.6%) 18.8% 2.6% NM 0.27x 10.3x 0.30x 6.9x Emmi AG SWX:EMMN 327.23 77.0% 1,751 625 318 2,057 3,427 288 (7.5%) 5.6% 33.2% 8.4% 20.4x 0.60x 7.2x 0.58x 7.0x Glanbia plc GL9 19.47 93.7% 5,758 746 133 6,372 3,053 279 (5.8%) (4.1%) 30.2% 9.1% 35.2x 2.09x NM 1.95x 18.4x Lifeway Foods Inc. LWAY 18.21 81.4% 298 9 6 300 119 8 22.0% 19.4% 26.4% 6.5% NM 2.53x NM 2.23x 19.7x Parmalat SpA BIT:PLT 2.61 89.4% 4,791 189 1,187 3,793 6,157 464 (16.2%) 0.4% 19.4% 7.5% 25.1x 0.62x 8.2x 0.52x 6.6x Saputo Inc. TSX:SAP 25.66 83.2% 10,079 1,380 57 11,402 8,417 839 0.6% 6.6% 10.0% 10.0% 20.6x 1.35x 13.6x 1.27x 12.6x Mean (2.7%) 3.2% 27.2% 8.1% 25.8x 1.22x 9.6x 1.14x 11.0x Median (4.8%) 1.6% 28.3% 8.0% 23.4x 0.99x 9.3x 0.92x 9.5x Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $9.55 85.9% $1,101 $23 $38 $1,086 $392 $73 (6.5%) 3.9% 47.3% 18.6% 23.6x 2.77x 14.9x 2.49x 12.9x Cott Corporation BCB 10.26 97.3% 1,103 1,778 35 2,846 2,338 209 13.3% 0.2% 18.0% 9.0% NM 1.22x 13.6x 0.93x NA Dr Pepper Snapple Group, Inc. DPS 73.54 90.3% 14,100 2,632 101 16,631 6,174 1,402 2.6% 1.3% 58.9% 22.7% 20.6x 2.69x 11.9x 2.66x 11.0x Keurig Green Mountain, Inc. GMCR 83.53 52.6% 12,861 536 98 13,300 4,731 1,184 5.1% 10.9% 38.4% 25.0% 23.3x 2.81x 11.2x 2.63x 11.0x Lassonde Industries Inc. LAS.A 111.56 94.2% 780 327 0 1,106 1,005 106 6.7% 5.2% 27.7% 10.6% 21.0x 1.10x 10.4x NA NA Monster Beverage Corporation MNST 132.18 91.4% 22,493 0 1,010 21,483 2,556 835 11.2% 12.4% 55.6% 32.7% NM 8.41x 25.7x 7.18x 20.7x National Beverage Corp. FIZZ 22.35 81.8% 1,036 15 40 1,011 646 84 0.1% 1.6% 33.9% 12.9% 21.5x 1.57x 12.1x NA NA Pepsico, Inc. PEP 93.55 92.8% 138,085 30,365 8,495 159,955 66,277 12,308 (0.3%) (0.4%) 53.9% 18.6% 21.9x 2.41x 13.0x 2.50x 12.7x Starbucks Corporation SBUX 52.97 99.1% 79,426 2,092 1,850 79,669 17,701 3,891 13.2% 12.0% 30.8% 22.0% 31.4x 4.50x 20.5x 3.93x 16.7x The Coca-Cola Company KO 40.08 89.1% 174,697 42,681 20,057 197,321 46,133 12,868 (0.6%) (0.7%) 61.2% 27.9% 25.3x 4.28x 15.3x 4.38x 15.8x Mean 4.5% 4.6% 42.6% 20.0% 23.6x 3.18x 14.9x 3.34x 14.4x Median 3.8% 2.7% 42.8% 20.3% 22.6x 2.73x 13.3x 2.64x 12.9x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $121.24 89.4% $194,420 $51,122 $8,658 $236,884 $46,911 $18,111 5.1% 6.0% 60.2% 38.6% 18.2x 5.05x 13.1x 5.03x 12.5x Brown-Forman Corporation BF.B 99.04 99.0% 21,592 1,188 370 22,410 3,134 1,078 4.8% 4.8% 69.7% 34.4% 31.1x 7.15x 20.8x 5.31x 19.6x Carlsberg A/S CPSE:CARL B 93.33 93.5% 14,468 6,350 332 20,486 9,359 1,870 (21.4%) (6.5%) 49.3% 20.0% 21.3x 2.19x 11.0x 2.02x 9.8x Constellation Brands Inc. STZ 117.75 96.4% 23,070 7,353 113 30,310 6,028 1,787 23.8% 31.4% 43.8% 29.7% 28.6x 5.03x 17.0x 4.76x 15.2x Diageo plc DGE 29.20 89.4% 73,140 17,709 1,250 89,599 15,937 4,967 (14.6%) (0.0%) 58.5% 31.2% 24.5x 5.62x 18.0x 5.13x 15.4x Heineken NV ENXTAM:HEIA 76.85 88.4% 44,888 13,430 824 57,493 21,982 4,718 (16.9%) 4.0% 38.9% 21.5% 25.7x 2.62x 12.2x 2.47x 10.7x Kirin Holdings Company, Limited TSE:2503 14.48 98.8% 13,277 7,004 465 19,816 17,768 2,111 (19.2%) 7.5% 43.1% 11.9% 46.0x 1.12x 9.4x 1.10x 9.1x Pernod-Ricard SA RI 118.04 87.8% 31,162 11,719 703 42,178 9,679 2,716 (14.7%) (2.7%) 62.1% 28.1% 28.7x 4.36x 15.5x 4.16x 14.1x SABMiller plc LSE:SAB 52.12 85.0% 84,259 12,544 965 95,838 16,534 6,136 (1.0%) (0.2%) 29.7% 37.1% 24.6x 5.80x 15.6x 5.51x 15.0x Sapporo Holdings Ltd. TSE:2501 3.74 83.3% 1,466 2,029 75 3,419 4,194 327 (17.2%) 2.5% 34.6% 7.8% 35.4x 0.82x 10.5x 0.78x 9.9x Mean (7.1%) 4.7% 49.0% 26.0% 28.4x 3.97x 14.3x 3.63x 13.1x Median (14.6%) 3.2% 46.5% 28.9% 27.1x 4.69x 14.3x 4.46x 13.3x Inputs Protein Processing Cal-Maine Foods, Inc. CALM $55.86 92.0% $2,708 $53 $238 $2,523 $1,545 $261 10.7% 12.7% 24.4% 16.9% 18.2x 1.63x 9.7x 1.19x 3.5x JBS S.A. BOVESPA:JBSS3 5.33 94.3% 15,377 14,797 4,413 25,760 39,966 3,549 (9.6%) 4.9% 15.7% 8.9% 14.2x 0.64x 7.3x 0.47x 5.6x Sanderson Farms, Inc. SAFM 77.84 74.9% 1,744 10 154 1,601 2,913 540 7.4% 10.1% 21.4% 18.5% 5.8x 0.55x 3.0x 0.54x 3.5x Seaboard Corp. SEB 3,332.72 71.8% 3,903 133 646 3,390 6,446 479 (1.9%) 3.9% 10.0% 7.4% 11.2x 0.53x 7.1x NA NA Tyson Foods, Inc. TSN 41.91 95.7% 17,005 7,674 225 24,454 40,583 2,501 14.6% 7.0% 8.3% 6.2% 16.4x 0.60x 9.8x 0.59x 7.4x Mean 4.3% 7.7% 16.0% 11.6% 13.2x 0.79x 7.4x 0.70x 5.0x Median 7.4% 7.0% 15.7% 8.9% 14.2x 0.60x 7.3x 0.56x 4.6x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015 PUBLIC COMPARABLES5

Fruit and Vegetable Calavo Growers Inc. CVGW $54.83 95.2% $953 $51 $9 $995 $836 $51 11.6% 13.7% 9.7% 6.1% NM 1.19x 19.6x 1.01x 16.2x Fresh Del Monte Produce Inc. FDP 37.93 92.2% 1,988 342 29 2,301 3,954 258 5.5% 4.0% 9.1% 6.5% 16.7x 0.58x 8.9x 0.58x 8.9x Seneca Foods Corp. SENE.A 28.12 88.4% 286 284 11 559 1,286 37 (4.0%) 0.8% 6.5% 2.9% NM 0.43x 15.0x NA NA Total Produce plc ISE:T7O 1.27 95.4% 421 161 140 442 3,228 75 (11.1%) 2.8% 13.7% 2.3% 13.0x 0.14x 5.9x 0.14x 6.3x Mean 0.5% 5.3% 9.7% 4.5% 14.8x 0.59x 12.3x 0.58x 10.5x Median 0.7% 3.4% 9.4% 4.5% 14.8x 0.51x 12.0x 0.58x 8.9x Ingredients / Flavors Givaudan SA SWX:GIVN $1,765.94 83.2% $16,221 $1,215 $479 $16,957 $4,433 $909 (9.6%) 1.9% 46.0% 20.5% 27.3x 3.82x 18.7x 3.64x 15.4x Ingredion Incorporated INGR $81.30 93.2% $5,817 $2,230 $609 $7,438 $5,641 $828 (7.5%) (3.8%) 20.4% 14.7% 16.6x 1.32x 9.0x 1.24x 8.4x International Flavors & Fragrances Inc. IFF 111.24 90.4% 8,998 944 446 9,495 3,093 689 3.3% 3.6% 44.4% 22.3% 20.9x 3.07x 13.8x 3.04x 13.4x Kerry Group plc ISE:KRZ 75.62 95.7% 13,300 1,917 352 14,865 6,968 876 (13.3%) 0.4% 44.5% 12.6% 24.3x 2.13x 17.0x 2.19x 16.1x Sensient Technologies Corporation SXT 68.63 97.9% 3,207 504 18 3,693 1,427 270 (2.5%) (0.5%) 33.9% 19.0% 30.0x 2.59x 13.7x 2.63x 13.3x Sym rise AG XTRA:SY1 63.34 90.1% 8,222 1,479 221 9,481 2,491 527 (1.9%) 5.3% 42.6% 21.2% 36.3x 3.81x 18.0x 3.16x 14.2x Tate & Lyle plc TATE 8.62 72.9% 4,000 1,141 316 4,825 3,500 410 (31.2%) (8.4%) 100.0% 11.7% 85.0x 1.38x 11.8x 1.17x 9.1x Mean (9.0%) (0.2%) 47.4% 17.4% 34.4x 2.59x 14.5x 2.44x 12.8x Median (7.5%) 0.4% 44.4% 19.0% 27.3x 2.59x 13.8x 2.63x 13.4x Agribusiness Archer-Daniels-Midland Company ADM $51.45 95.4% $31,918 $6,441 $1,296 $37,063 $78,011 $4,074 (12.1%) (4.4%) 6.7% 5.2% 13.4x 0.48x 9.1x 0.46x 9.4x Bunge Limited BG 91.16 97.8% 13,090 4,220 870 16,440 54,506 1,997 (9.2%) (1.4%) 5.6% 3.7% 19.4x 0.30x 8.2x 0.31x 7.5x CF Industries Holdings, Inc. CF 64.16 99.0% 15,101 4,593 1,779 17,914 4,564 1,967 (13.4%) (10.9%) 38.4% 43.1% 17.2x 3.92x 9.1x 4.00x 7.8x Darling Ingredients Inc. DAR 15.49 72.4% 2,559 2,091 112 4,538 3,885 486 68.7% 30.6% 22.1% 12.5% 21.8x 1.17x 9.3x 1.22x 9.4x Monsanto Company MON 112.85 87.6% 53,728 8,311 2,716 59,323 14,947 4,298 (3.1%) 4.6% 53.8% 28.8% 24.3x 3.97x 13.8x 3.68x 11.4x The Andersons, Inc. ANDE 41.32 59.1% 1,166 654 54 1,765 4,487 146 (15.9%) (1.6%) 9.0% 3.2% 13.2x 0.39x 12.1x 0.39x 8.9x The Mosaic Company MOS 44.60 82.9% 16,285 3,827 2,517 17,594 9,209 2,319 17.4% (6.2%) 21.5% 25.2% 15.3x 1.91x 7.6x 1.78x 7.1x Mean 4.6% 1.5% 22.4% 17.4% 17.8x 1.73x 9.9x 1.69x 8.8x Median (9.2%) (1.6%) 21.5% 12.5% 17.2x 1.17x 9.1x 1.22x 8.9x Consumer and Retail Food Retail Costco Wholesale Corporation COST $137.98 88.0% 60,641 6,026 6,805 59,862 115,944 4,656 5.8% 6.8% 12.9% 4.0% 26.6x 0.52x 12.9x 0.49x 12.2x Establishments Delhaize Freres DELB 90.83 88.8% 9,322 2,862 1,529 10,655 23,802 1,341 (15.8%) (5.4%) 24.1% 5.6% NM 0.45x 7.9x 0.38x 6.0x Fairway Group Holdings Corp. FWM 4.04 51.7% 177 257 36 398 798 14 2.8% 18.0% 31.3% 1.8% NM 0.50x NM 0.50x 10.5x Ingles Markets, Incorporated IMKT.A 48.44 88.7% 981 929 9 1,901 3,823 240 1.2% 1.9% 23.0% 6.3% 17.2x 0.50x 7.9x 0.49x 7.6x J Sainsbury plc LSE:SBRY 4.07 77.0% 7,800 4,246 1,956 10,090 35,064 1,832 (11.9%) (0.2%) 6.4% 5.2% NM 0.29x 5.5x 0.27x 5.3x Koninklijke Ahold N.V. ENXTAM:AH 20.33 89.5% 16,639 3,738 2,357 18,020 36,897 2,261 (17.5%) (3.2%) 26.7% 6.1% 20.1x 0.49x 8.0x 0.42x 6.7x Natural Grocers by Vitamin Cottage NGVC 22.81 65.2% 513 25 7 531 573 47 19.6% 24.5% 29.0% 8.2% 33.2x 0.93x 11.3x 0.77x 10.1x Roundy's, Inc. RNDY 3.26 53.3% 161 658 43 776 3,974 119 18.7% 0.9% 26.3% 3.0% NM 0.20x 6.5x 0.19x 6.4x Sprouts Farmers Market, Inc. SFM 28.24 73.4% 4,330 380 178 4,532 3,102 265 19.9% 81.7% 29.6% 8.5% 38.7x 1.46x 17.1x 1.21x 13.9x SUPERVALU Inc. SVU 8.38 69.8% 2,219 2,728 114 4,833 17,820 777 3.9% 0.8% 14.9% 4.4% 18.7x 0.27x 6.2x 0.27x 6.0x Tesco PLC LSE:TSCO 3.30 70.4% 26,685 19,558 3,309 42,934 95,399 1,724 (9.1%) (2.0%) 2.9% 1.8% NM 0.45x NM 0.44x 9.6x The Kroger Co. KR 72.35 93.1% 35,466 11,307 252 46,521 108,555 5,374 7.1% 5.7% 22.1% 5.0% 19.7x 0.43x 8.7x 0.41x 8.4x Village Super Market Inc. VLGE.A 30.75 88.9% 436 46 59 423 1,575 66 5.1% 4.1% 27.3% 4.2% 14.7x 0.27x 6.4x NA NA Weis Markets, Inc. WMK 42.08 81.1% 1,132 0 98 1,034 2,802 148 3.9% 0.6% 27.2% 5.3% 21.1x 0.37x 7.0x NA NA Whole Foods Market, Inc. WFM 40.97 71.2% 14,679 63 776 13,966 14,952 1,392 10.0% 11.4% 35.5% 9.3% 24.6x 0.93x 10.0x 0.85x 9.2x Mean 2.9% 9.7% 22.6% 5.2% 23.5x 0.54x 8.9x 0.51x 8.6x Median 3.9% 1.9% 26.3% 5.2% 20.6x 0.45x 7.9x 0.44x 8.4x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015 PUBLIC COMPARABLES5

Grocery Distribution AMCON Distributing Co. DIT $82.61 93.5% $51 $36 $0 $87 $872 $12 5.4% 4.1% 8.8% 1.4% 10.9x 0.10x 7.0x NA NA Core-Mark Holding Company, Inc. CORE 56.37 78.8% 1,302 39 17 1,324 8,310 109 5.9% 8.6% 7.1% 1.3% 29.2x 0.16x 12.2x 0.12x 10.1x SpartanNash Company SPTN 31.62 93.9% 1,189 535 8 1,716 7,895 222 57.4% 44.2% 14.5% 2.8% 20.9x 0.22x 7.7x 0.22x 7.1x SUPERVALU Inc. SVU 8.38 69.8% 2,219 2,728 114 4,833 17,820 777 3.9% 0.8% 14.9% 4.4% 18.7x 0.27x 6.2x 0.27x 6.0x United Natural Foods, Inc. UNFI 61.89 73.8% 3,100 549 24 3,625 7,888 290 18.2% 16.0% 15.6% 3.7% 23.0x 0.46x 12.5x 0.41x 10.6x Mean 18.2% 14.7% 12.2% 2.7% 20.5x 0.24x 9.1x 0.25x 8.4x Median 5.9% 8.6% 14.5% 2.8% 20.9x 0.22x 7.7x 0.24x 8.6x Foodservice Colabor Group Inc. TSX:GCL $0.84 24.8% $23 $151 $0 $174 $1,159 $23 (8.9%) (5.5%) 2.1% 2.0% NM 0.15x 7.4x 0.14x 6.8x Sysco Corporation SYY 37.25 89.9% 22,118 7,669 5,085 24,702 48,566 2,395 6.0% 5.2% 17.5% 4.9% 25.6x 0.51x 10.3x 0.49x 10.1x The Chefs' Warehouse, Inc. CHEF 19.16 79.6% 503 144 2 646 848 40 17.6% 26.9% 24.8% 4.7% 34.2x 0.76x 16.3x 0.60x 9.2x Mean 4.9% 8.8% 14.8% 3.9% 29.9x 0.47x 11.4x 0.41x 8.7x Median 6.0% 5.2% 17.5% 4.7% 29.9x 0.51x 10.3x 0.49x 9.2x Quick Service Restaurant Jack in the Box Inc. JACK 86.84 86.8% 3,246 604 10 3,840 1,520 282 2.7% 5.4% 27.0% 18.5% 33.3x 2.53x 13.6x 2.43x 12.9x McDonald's Corp. MCD 94.63 92.5% 90,704 14,292 1,635 103,361 26,700 9,311 (5.3%) (0.9%) 38.0% 34.9% 21.4x 3.87x 11.1x 4.15x 11.5x Popeyes Louisiana Kitchen, Inc. PLKI 57.78 86.9% 1,338 110 6 1,441 245 79 13.6% 15.3% 65.0% 32.4% 33.7x 5.88x 18.2x 5.20x 16.3x Restaurant Brands International Inc. QSR 37.10 81.2% 17,340 9,281 1,022 25,599 1,888 605 78.2% (7.1%) 55.8% 32.1% NM 13.56x NM 6.08x 15.5x Sonic Corp. SONC 31.59 86.0% 1,643 507 27 2,123 582 153 7.4% 2.1% 54.1% 26.3% 32.8x 3.65x 13.9x 3.45x 12.5x The Wendy's Company WEN 11.25 96.1% 4,089 1,457 203 5,343 2,004 394 (16.7%) (6.4%) 33.6% 19.6% 42.5x 2.67x 13.6x 3.25x 13.8x Yum! Brands, Inc. YUM 91.82 95.7% 39,703 3,387 675 42,415 13,177 2,709 (0.7%) 0.6% 25.7% 20.6% 40.5x 3.22x 15.7x 2.97x 13.8x Mean 11.3% 1.3% 42.7% 26.3% 34.0x 5.05x 14.3x 3.93x 13.7x Median 2.7% 0.6% 38.0% 26.3% 33.5x 3.65x 13.8x 3.45x 13.8x Fast Casual Chipotle Mexican Grill, Inc. CMG $600.62 82.5% 18,647 0 891 17,757 4,293 898 26.6% 21.4% 38.1% 20.9% 39.5x 4.14x 19.8x 3.61x 16.9x El Pollo Loco Holdings, Inc. LOCO 20.74 49.7% 776 151 9 919 354 61 10.9% NA 26.0% 17.4% 17.4x 2.60x 15.0x 2.41x 13.6x Fiesta Restaurant Group, Inc. FRGI 50.95 73.8% 1,349 73 4 1,418 630 87 17.3% 36.0% 25.6% 13.8% 36.5x 2.25x 16.4x 1.98x 13.4x The Habit Restaurants, Inc. HABT 34.52 78.1% 475 2 54 424 191 20 17.3% 36.0% 21.5% 10.2% NM 2.21x 21.7x 1.76x 17.0x Noodles & Company NDLS 16.32 45.6% 514 22 2 535 420 46 17.3% 36.0% 19.6% 10.9% NM 1.27x 11.7x 1.11x 10.5x Panera Bread Company PNRA 182.38 96.9% 4,870 100 202 4,768 2,572 393 17.3% 36.0% 33.5% 15.3% 29.0x 1.85x 12.1x 1.76x 11.7x Potbelly Corporation PBPB 13.99 82.7% 420 1 62 359 339 32 17.3% 36.0% 30.4% 9.5% NM 1.06x 11.2x 0.94x 9.7x Zoe's Kitchen, Inc. ZOES 41.90 97.6% 809 25 26 808 188 15 43.6% NA 20.6% 8.0% NM 4.29x NM 3.40x 40.9x Mean 21.0% 33.6% 26.9% 13.2% 30.6x 2.46x 15.4x 2.12x 16.7x Median 17.3% 36.0% 25.8% 12.3% 32.8x 2.23x 15.0x 1.87x 13.5x Differentiated Casual BJ's Restaurants, Inc. BJRI $46.73 84.3% $1,226 $39 $26 $1,238 $865 $102 9.1% 10.3% 18.4% 11.8% 40.2x 1.43x 12.2x 1.30x 10.5x Buffalo Wild Wings Inc. BWLD 158.85 81.1% 3,017 0 114 2,904 1,589 244 19.5% 23.0% 23.7% 15.3% 32.0x 1.83x 11.9x 1.54x 9.8x Chuy's Holdings, Inc. CHUY 26.75 72.9% 441 9 7 442 256 28 19.8% 22.6% 18.3% 10.8% 37.1x 1.73x 16.0x 1.50x 13.4x Ignite Restaurant Group, Inc. IRG 4.96 33.4% 130 162 32 260 836 26 17.3% 36.0% 29.7% 3.2% NM 0.31x 9.8x 0.51x 8.2x The Cheesecake Factory Incorporated CAKE 54.56 99.0% 2,561 102 39 2,623 2,013 237 6.2% 4.3% 42.6% 11.8% 26.2x 1.30x 11.1x 1.21x 10.2x Mean 14.4% 19.3% 26.6% 10.6% 33.9x 1.32x 12.2x 1.21x 10.4x Median 17.3% 22.6% 23.7% 11.8% 34.5x 1.43x 11.9x 1.30x 10.2x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015 PUBLIC COMPARABLES5

Casual Dining Restaurant Bloomin' Brands, Inc. BLMN 21.88 83.3% 2,712 1,322 136 3,898 4,487 449 7.0% 4.8% 16.6% 10.0% 28.7x 0.87x 8.7x 0.86x 8.1x Brinker International, Inc. EAT 57.39 90.5% 3,509 936 64 4,381 2,994 450 4.0% 2.1% 19.6% 15.0% 22.6x 1.46x 9.7x NA 8.9x Darden Restaurants, Inc. DRI 67.94 96.5% 8,546 1,527 436 9,637 6,536 699 51.9% (6.2%) 20.3% 10.7% NM 1.47x 13.8x 1.38x 11.0x DineEquity, Inc. DIN 99.08 86.7% 1,887 1,452 133 3,206 664 255 3.0% (13.4%) 57.0% 38.4% 43.2x 4.83x 12.6x 4.71x 11.3x Red Robin Gourmet Burgers Inc. RRGB 87.22 97.2% 1,232 144 21 1,354 1,201 131 14.2% 9.0% 22.8% 10.9% 33.6x 1.13x 10.3x 1.03x 9.0x Ruby Tuesday, Inc. RT 6.53 76.2% 405 251 61 595 1,137 85 (3.4%) (4.5%) 17.2% 7.5% NM 0.52x 7.0x 0.52x 8.5x Texas Roadhouse, Inc. TXRH 36.54 95.1% 2,558 52 99 2,511 1,645 201 12.7% 12.7% 32.7% 12.2% 27.8x 1.53x 12.5x 1.37x 10.8x Mean 12.7% 0.6% 26.6% 15.0% 31.2x 1.69x 10.7x 1.65x 9.7x Median 7.0% 2.1% 20.3% 10.9% 28.7x 1.46x 10.3x 1.20x 9.0x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG 18.57 65.8% 438 0 7 431 310 43 11.4% 14.2% 24.4% 14.0% 25.4x 1.39x 10.0x 1.20x 8.4x Ruth's Hospitality Group Inc. RUTH 15.65 96.8% 546 3 3 546 353 55 15.1% (1.7%) 25.3% 15.6% 19.6x 1.55x 9.9x 1.43x 9.5x Mean 13.2% 6.2% 24.8% 14.8% 22.5x 1.5x 9.9x 1.3x 9.0x Median 13.2% 6.2% 24.8% 14.8% 22.5x 1.5x 9.9x 1.3x 9.0x Pizza Domino's Pizza, Inc. DPZ 110.76 97.2% 6,113 1,527 75 7,566 2,042 389 11.1% 7.4% 30.1% 19.1% 37.5x 3.70x 19.4x 3.44x 17.1x Papa John's International Inc. PZZA 70.99 98.9% 2,824 231 24 3,032 1,629 164 9.7% 9.6% 24.5% 10.1% 38.6x 1.86x 18.5x 1.79x 16.4x Papa Murphy's Holdings, Inc. FRSH 21.87 96.3% 371 115 1 485 101 25 17.9% NA 52.0% 24.5% NM 4.78x 19.5x 3.92x 16.3x Mean 12.9% 8.5% 35.5% 17.9% 38.0x 3.45x 19.1x 3.05x 16.6x Median 11.1% 8.5% 30.1% 19.1% 38.0x 3.70x 19.4x 3.44x 16.4x Beverage / Snack Retail Dunkin' Brands Group, Inc. DNKN $53.59 98.2% $5,157 $2,509 $340 $7,326 $763 $380 5.4% 5.9% 79.8% 49.8% 31.4x 9.61x 19.3x 9.09x 17.7x Jamba, Inc. JMBA 15.46 91.5% 247 0 8 239 219 3 (2.8%) 0.9% 34.2% 1.4% NM 1.09x NM 1.74x 15.9x Krispy Kreme Doughnuts, Inc. KKD 19.93 89.3% 1,275 11 59 1,227 501 64 8.7% 7.2% 18.9% 12.8% 43.5x 2.45x 19.1x 2.23x 15.0x Starbucks Corporation SBUX 52.97 99.1% 79,426 2,092 1,850 79,669 17,701 3,891 13.2% 12.0% 30.8% 22.0% 31.4x 4.50x 20.5x 3.93x 16.7x Mean 6.1% 6.5% 40.9% 21.5% 35.5x 4.41x 19.6x 4.25x 16.3x Median 7.0% 6.6% 32.5% 17.4% 31.4x 3.47x 19.3x 3.08x 16.3x Family Restaurant Bob Evans Farms, Inc. BOBE $47.50 79.0% $1,123 $451 $6 $1,568 $1,349 $100 1.6% 1.6% 34.7% 7.4% NM 1.16x 15.6x 1.15x 9.9x Cracker Barrel Old Country Store, Inc. CBRL $143.53 89.7% $3,439 $410 $202 $3,646 $2,816 $318 5.7% 4.1% 66.4% 11.3% 22.4x 1.29x 11.5x 1.24x 10.8x Denny's Corporation DENN 11.33 93.6% 956 156 2 1,110 481 85 4.5% (3.2%) 39.1% 17.6% 28.5x 2.31x 13.1x 2.27x 11.9x Frisch's Restaurants, Inc. FRS 33.71 95.9% 173 2 5 171 215 24 5.3% 18.8% 11.7% 10.9% 15.8x 0.79x 7.2x NA NA Luby's, Inc. LUB 5.18 86.2% 148 48 2 195 396 16 0.8% 3.5% 30.8% 4.0% NM 0.49x 12.3x NA NA Mean 3.6% 5.0% 36.6% 10.3% 22.2x 1.21x 11.9x 1.55x 10.9x Median 4.5% 3.5% 34.7% 10.9% 22.4x 1.16x 12.3x 1.24x 10.8x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

PUBLIC EQUITY MARKET OVERVIEW

RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 05/26/15 05/26/15 Cott Corp COTT Follow-On $150.0 Redeem A Class Shares, Pay Fees & Expenses 05/05/15 09/08/14 Pinnacle Foods Inc PF Follow-On $204.8 Secondary

04/29/15 05/20/13 B&G Foods Inc BGS Follow-On $128.5 General Corp. Purp.

04/13/15 04/13/15 Diamond Estate Wines DWS Follow-On $1.9 General Corp. Purp.

04/02/15 04/02/15 Scor International Foods Inc - IPO $5.0 Working Capital Oper Fund / Cash Res 03/25/15 03/25/15 Premium Brands Holding Corp PBH Convertible $48.0 Reduce Indebtedness Future Acquisitions 03/16/15 03/16/15 Wayne Farms Inc - IPO $100.0 Reduce Indebtedness Working Capital 03/09/15 09/08/14 Pinnacle Foods Inc PF Follow-On $532.1 Secondary Pay Fees & Expenses 02/25/15 11/27/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.5 Working Capital Property Development 02/10/15 12/04/14 Captiva Verde Industries Ltd VEG.H Follow-On $0.1 General Corp. Purp.

01/28/15 03/10/14 Post Holdings Inc POST Follow-On $355.1 Acquisition Fin.

01/28/15 01/28/15 Atlantica Seafoods Co Inc N/A IPO $3.8 Prod Dev / R&D, General Corp. Purp., Working Capital 01/23/15 01/16/15 Avidus Management Group Inc AVD Follow-On $0.5 General Corp. Purp. & Working Capital

EARNING RELEASE CALENDAR5 June 2015 Date Company 6/22/2015 Sonic Corp. (NasdaqGS:SONC) 6/23/2015 Darden Restaurants, Inc. (NYSE:DRI) 6/25/2015 Del Monte Pacific Limited (SGX:D03) 6/30/2015 ConAgra Foods, Inc. (NYSE:CAG) 6/30/2015 Schlumberger AG (WBAG:SLBS)

July 2015 Date Company 7/1/2015 General Mills, Inc. (NYSE:GIS) 7/9/2015 Suedzucker AG (DB:SZU) 7/9/2015 Pepsico, Inc. (NYSE:PEP) 7/14/2015 Yum! Brands, Inc. (NYSE:YUM) 7/16/2015 Domino's Pizza, Inc. (NYSE:DPZ) 7/21/2015 Chipotle Mexican Grill, Inc. (NYSE:CMG) 7/22/2015 The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 7/23/2015 McDonald's Corp. (NYSE:MCD) 7/23/2015 Nutreco N.V. (ENXTAM:NUO) 7/23/2015 Ruby Tuesday, Inc. (NYSE:RT) 7/23/2015 Unilever plc (LSE:ULVR)

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

17.3% 135 13.6% 125

115 12.4%

105 8.5%

95 6.1%

85 3.0% 75 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Restaurant Natural/Organic Beverage Private Label Food Manufacturing S&P 500

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

HORMEL FOODS ACQUIRES APPLEGATE FARMS

. Hormel Foods agreed to acquire Applegate Farms for $755mm, which includes a NPV tax benefit of $165mm. . Applegate Farms is a producer of natural and organic prepared meats and Enterprise Value: $775mm will operate autonomously as a standalone subsidiary. Revenue Multiple: N/A EBITDA Multiple: 14.0x . The acquisition will expand Hormel’s offerings in the growing organic and Announced: 05/26/2015 natural food space.

CAMPBELL SOUP COMPANYACQUIRES GARDEN FRESH SALSA (GARDEN FRESH GOURMET)

. Through it’s subsidiary Bolthouse Farms, Campbell Soup Company agreed to acquire Garden Fresh Salsa Company (previously Garden Fresh Gourmet) for $231mm, which includes an NPV tax benefit of $41mm. . Enterprise Value: $231mm Garden Fresh Salsa produces refrigerated salsas, hummus, dips and tortilla Revenue Multiple: 1.9x chips. EBITDA Multiple: 12.5x . The purchase will allow Campbell to expand into the deli section and will Announced: 06/09/2015 complement its strong presence in the produce section. THE WHITEWAVE FOODS COMPANY ACQUIRES VEGA

. The Whitewave Foods Company agreed to acquire Sequel Natural Ltd (dba Vega) for $550mm. . Vega produces plant-based nutrition products, including powdered shakes Enterprise Value: $550mm and snack bars that contain nutrient-dense, superfood ingredients. Revenue Multiple: 5.5x EBITDA Multiple: 22.0x . Favorable plant-based eating trends and Whitewave’s existing plant-based Announced: 06/09/2015 foods and beverages portfolio makes this an attractive transaction.

PAGE | 11 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

M&A MARKET OVERVIEW

Food and Beverage M&A Trends5

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

$140 350 16.0x 2. 00x $120. 7 14.0x 1. 75x $120 $110. 2 300 ubro rn c ions act Trans of Number EV SalesLTM / Multiple 12.0x 11. 3x 1. 50x $100 250 9. 9x 9. 7x 10.0x 9. 2x 9. 1x 1. 25x 8. 3x $67. 2 8. 8x $80 $70. 9 200 8. 0x 8. 0x 1. 00x $55. 7 $60 150 6. 0x 0. 75x EV EV / LTM EBI M TDA ultiple $40 100 4. 0x 0. 50x $24. 0 Aggregate Deal Value ($ inbillions) ($ Value Deal Aggregate $20 $9. 3 50 2. 0x 0. 25x $8. 2

0. 0x 0. 00x $0 0 2008 2009 2010 2011 2012 2013 2014 YTD 2008 2009 2010 2011 2012 2013 2014 YTD 2015 2015 EV / LTM EBITDA E V / LT M Sa le s Aggregate Deal Value # of deals

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

Announced Target g p Buyer 6/9/2015 Garden Fresh Salsa Company, Inc. Wm. Bolthouse Farms, Inc. 6/9/2015 The Coastal Companies Arlon Group LLC 6/9/2015 Medora Snacks, LLC and Ideal Snacks Permira Advisers Ltd. 6/9/2015 Sequel Natural Ltd. The WhiteWave Foods Company 6/8/2015 American Almond Products Company Barry Callebaut AG 6/8/2015 Clicca e Mangia and JEB srl JUST EAT plc 6/8/2015 Mr. Gatti's, L.P. Sovrano, LLC 6/8/2015 Fresh Hemp Foods Ltd. Compass Diversified Holdings 6/5/2015 Flavor Infusion, LLC Symrise AG 6/5/2015 R J Foods Ltd Thomas Tucker Ltd

PRIVATE EQUITY INVESTMENTS & EXITS

60 46 48 50 43 38 40 34 36 32 31 32 27 27 27 30 26 25 26 24 21 17 18 20 14 10

Number of Transactions 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Nu mber of Investments Nu mber of Exits

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity7

QUARTERLY LOAN VOLUME AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

$16 L + 600 $14 L + 500 $12

$10 L + 400

$8 L + 300

$6 ($ in ($ in billions) L + 200 $4

LoanVolume Quarterby L + 100

$2 Average Spread Over LIBOR

$0 L + 0 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 2008 2009 2010 2011 2012 2013 2014 Institutional Pr o Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

6.0x L + 1000 2010 2011 2012 2013 2014

L + 800

4.0x L + 600

L + 400

EBITDA Multiple EBITDA 2.0x

L + 200 Average Spread Average Spread Over LIBOR

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

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

06/15/15 Felda Global Ventures Vegetable oil mills, nec USD 175,000,000 Bridge Loan N/A N/A 06/09/15 Podravka D D Food preparations, nec EUR 58,000,000 Undisclosed N/A N/A 06/08/15 PepsiCo Inc Bottled and canned soft drinks USD 3,722,500,000 364-Day Facility N/A 10 06/08/15 PepsiCo Inc Bottled and canned soft drinks USD 3,722,500,000 Revolver/Line >= 1 Yr. N/A 10 06/05/15 Valeo Foods Ltd Food preparations, nec EUR 75,000,000 Acquisition Facility N/A 350 06/05/15 Valeo Foods Ltd Food preparations, nec EUR 35,000,000 Revolver/Line >= 1 Yr. N/A 350 06/05/15 Valeo Foods Ltd Food preparations, nec EUR 404,000,000 Term Loan B N/A 425 06/05/15 Valeo Foods Ltd Food preparations, nec GBP 81,000,000 Term Loan N/A 800 05/29/15 Braum's Inc Ice cream and frozen desserts USD 160,000,000 Revolver/Line >= 1 Yr. N/A N/A 05/29/15 Silver Bay Seafoods LLC Fresh or frozen prepared fish USD 80,000,000 Revolver/Line >= 1 Yr. N/A 250 05/29/15 Silver Bay Seafoods LLC Fresh or frozen prepared fish USD 25,000,000 Term Loan A N/A 250 05/22/15 Kodama Co Ltd Sausages and other prepared meats JPY 670,000,000 Revolver/Line >= 1 Yr. N/A N/A 05/22/15 Pacific Andes Food Frozen specialties, nec USD 72,000,000 Term Loan N/A 340 05/22/15 Symrise GmbH & Co KG Flavoring extracts/syrups, nec EUR 300,000,000 Revolver/Line >= 1 Yr. N/A N/A 05/20/15 Ajinomoto Co Inc Food preparations, nec JPY 24,000,000,000 Term Loan N/A N/A

PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

M&A OVERVIEW

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

16.0x 120

15.0x 100 6 20 14.0x 80 10 13.0x 10 60 5 4 7 7 7 9 13 8 12.0x 5 7 5 89 6 Number of Transactions40 7 82 M edian Trading M ultiple Trading M edian 7 10 2 4 6 70 13 11.0x 58 57 5 53 52 52 3 46 47 49 48 46 47 20 42 39 36 34 36 33 34 33 25 25 10.0x 22

0 Jul-14 Jun-1 4 Apr -1 5 Jan-15 Feb -1 5 Sep -1 4 Oct-1 4 Mar-15 Nov-14 Aug-14 Dec-14 May-14 May-15 Q10 9 Q20 9 Q30 9 Q40 9 Q11 0 Q21 0 Q31 0 Q41 0 Q11 1 Q21 1 Q31 1 Q41 1 Q11 2 Q21 2 Q31 2 Q41 2 Q11 3 Q21 3 Q31 3 Q41 3 Q11 4 Q21 4 Q31 4 Q41 4 Q11 5 Food Products, Processing, and Ingredients Retail and Restaurants St rat egi c Acquire r Private Equ ity Acquirer Recent Food and Beverage M&A5

Enterprise Enterprise Value Private Equity Geographic Announced Target Seller Buyer ($mm) Sales EBITDA EBIT Involvement Location 6/9/2015 Garden Fresh Salsa Company, Inc. - Wm. Bolthouse Farms, Inc. $231.0 1.9x 12.5x - N.A. 6/9/2015 The Coastal Companies - Arlon Group LLC ----  N.A. 6/9/2015 Medora Snacks, LLC and Ideal Snacks - Permira Advisers Ltd. ----  Cross Border 6/9/2015 Sequel Natural Ltd. VMG Partners The WhiteWave Foods Company $550.0 5.5x 22.0x -  N.A. 6/8/2015 American Almond Products Company - Barry Callebaut AG ---- Cross Border 6/8/2015 Clicca e Mangia and JEB srl - JUST EAT plc ---- EU 6/8/2015 Mr. Gatti's, L.P. Blue Sage Capital Sovrano, LLC ---- N.A. 6/8/2015 Fresh Hemp Foods Ltd. Avrio Capital Inc. Compass Diversified Holdings $106.5 3.0x 20.7x -  N.A. 6/5/2015 Flavor Infusion, LLC - Symrise AG ---- Cross Border 6/5/2015 R J Foods Ltd - Thomas Tucker Ltd ---- EU 6/4/2015 Urtekram A/S - Midsona AB (publ) (OM:MSON B) $32.7 --- EU 6/3/2015 Bioquelle GmbH - Felix Austria GmbH ---- EU 6/3/2015 LXR Biotech, LLC - Business Continuity Solutions, Inc. ---- N.A. 6/3/2015 Cabinet Bocquier SAS - Soregor ---- Cross Border 6/2/2015 The New Bakery Company, LLC The Wendy's Company East Balt, Inc. $80.0 --- N.A. 6/2/2015 Slane Castle Irish Whiskey Limited - Brown-Forman Corporation ---- Cross Border 6/2/2015 Tasti D-Lite, LLC Steelpoint Capital Partners, LP Kahala Corp. (OTCPK:KAHL) ----  N.A. 6/2/2015 Espresso House Holding AB Herkules Capital AS JAB Holdings B.V. ----  EU 6/2/2015 J E Wilson & Sons Limited - Creative Confectionery Company ---- EU 6/1/2015 Sama Srl - MARR SpA (BIT:MARR) $1.9 --- EU 6/1/2015 Droga Chocolates - BBX Sweet Holdings, LLC ---- N.A. 6/1/2015 Douglas Holding AG Advent International Corporation CVC Capital Partners Limited ----  EU 6/1/2015 CH&Co Catering Limited - MML Capital Partners ----  EU 6/1/2015 Ocealliance Societe Financiere De Developpeme- Mariteam ---- EU 5/30/2015 Twin County Dairy, Inc., Facility in Kalona, Iowa Twin County Dairy Inc. Kalona SuperNatural ---- N.A. 5/29/2015 HAMLET PROTEIN A/S Polaris Management A/S The Goldman Sachs Group, Inc. ----  Cross Border 5/28/2015 H. Bögel GmbH & Co. KG - fentus 48. GmbH ---- EU 5/28/2015 Alisuper - ExploraÇÃo De Supermercados Alisuper - ExploraÇÃo Intermarché SAS $5.5 --- EU 5/27/2015 Wycam's Produkten N.V. - Confiserie Thijs N.V. ---- EU 5/27/2015 Health & Passion AB - Cefour Wine & Beverage Partihandel ---- EU 5/27/2015 The Egg & I Restaurants - First Watch Restaurants, Inc. ---- N.A. 5/27/2015 Café Beníce, Pretzalicious Line of Products Café Beníce All City Candy ---- N.A. 5/27/2015 130 Billa Supermarkets In Italy REWE-Zentral-Aktiengesellschaft - ---- Cross Border 5/26/2015 Sarl Les Viviers Quiberonnais - Le Chalut Des 2 Ports SA ---- EU 5/26/2015 Applegate Farms LLC Applegate Investment Corporation Hormel Foods Corporation (NYSE:HRL) $775.0 - 14.0x - N.A. 5/26/2015 Cérélia SA BNP Paribas Développement IK Investment Partners ----  EU 5/26/2015 Ooooby Fresno T&D Willey Farms Food Commons Fresno ---- N.A. 5/25/2015 Lieken AG, Weißenhorn Site Lieken AG - ---- Cross Border 5/24/2015 Grupo Alimentario Naturiber S. A. - Vall Companys S.A. ---- EU 5/23/2015 Little Sweet Shop ------Cross Border

PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

M&A OVERVIEW

Recent Food and Beverage M&A5

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

5/22/2015 Molda AG CMP Capital Management Döhler GmbH ---- EU 5/22/2015 Baa Bar Group Plc ------Cross Border 5/22/2015 Golden County Foods, Inc. Brazos Private Equity Partners Monogram Appetizers, LLC $22.0 ---  N.A. 5/22/2015 Frisch's Restaurants, Inc. (AMEX:FRS) - NRD Capital Management, LLC $172.8 0.8x 7.3x 13.3x  N.A. 5/22/2015 Morris Northstar, Hatchery at Jefferson County Morris Hatchery Inc. Aviagen, Inc. $2.9 --- N.A. 5/21/2015 Musgrave Retail Partners GB Limited Musgrave Group PLC Booker Group PLC (LSE:BOK) $62.7 0.0x -- EU 5/21/2015 DOC Kaas B.A. - DMK Deutsches Milchkontor GmbH --- - EU 5/20/2015 FH Jacka Bakery ------Cross Border 5/19/2015 Huttulan Kukko Oy - Scandi Standard AB (publ) (OM:SCST) $14.5 --- EU 5/19/2015 Daybrook Fisheries, Inc. - Oceana Group Ltd. (JSE:OCE) $384.4 3.5x 10.1x - Cross Border 5/19/2015 Viljagruppen AB Ligula Hospitality Group AB Rasta Group AB $16.2 0.9x -- EU 5/19/2015 H.C. Handelscenter. Venslev A/S - Brødr. Ewers A/S -- -- EU 5/19/2015 iSatori, Inc. (OTCPK:IFIT) RENN Fund, Inc. (AMEX:RCG) FitLife Brands, Inc. $7.7 0.8x -- N.A. 5/18/2015 63% of T&S Enterprises - Asrapport Dining Co., Ltd. $5.9 --- Cross Border 5/18/2015 The Simply Great Drinks Company Ltd. - POM Wonderful, LLC ---- Cross Border 5/18/2015 Ventura Foods, Homade Brand Chili Sauce Ventura Foods, LLC Allied Old English, Inc. ---- N.A. 5/17/2015 BSA Inc. Caisse de dépôt Frutarom Industries Ltd. (TASE:FRUT) $37.4 1.2x -- Cross Border 5/16/2015 The Alchemist Bar & Restaurant Ltd. Living Ventures Restaurants Ltd Palatine Private Equity LLP $20.5 ---  EU 5/15/2015 The Meantime Brewing Company Limited - SABMiller Holdings Ltd ---- EU 5/14/2015 Top Shelf Brands Holdings Corp. Top Shelf Brands Holdings Corp. International Spirit & Beverage Group, ---- N.A. 5/14/2015 A Sure Wing, L.L.C. - AMC Wings, Inc. $54.0 --- N.A. 5/13/2015 Matador Processors, Inc. ------Cross Border 5/12/2015 Blake's All Natural Food - ConAgra Foods, Inc. (NYSE:CAG) --- - N.A. 5/12/2015 The Good Egg Wichita - Sasnak Management Corporation ---- N.A. 5/12/2015 Ridge Runner Fast Foods Inc. - Carolina Quality, Inc. ---- N.A. 5/11/2015 Gouwecuisine BV - Eetgemak B.V. ---- EU 5/11/2015 NPI, LLC - InterHealth Nutraceuticals, Inc. ---- N.A. 5/11/2015 Wight Salads Group, Ltd. Vitacress Salads Ltd APS Salads Ltd --- - EU 5/6/2015 Aalbæk Specialiteter A/S - Atria Oyj (HLSE:ATRAV) ---- EU 5/6/2015 Johnstone's Just Desserts Ltd. - Finsbury Food Group plc (AIM:FIF) ---- EU 5/6/2015 Novotel Edinburgh Park Algonquin SA Dhiafatina Hotels ---- Cross Border 5/6/2015 Aamicola Crystal Clear - Blue Summit Waters, LLC ---- N.A. 5/6/2015 Sunrise Farms, Inc. Elanco Animal Health, Inc. Charles River Laboratories ---- N.A. 5/5/2015 Balconi Industria Dolciaria S.p.A. Clessidra SGR S.p.A. Valeo Foods Group Limited ---- EU 5/5/2015 Norman Collett Limited - Fruit Growers Alliance Ltd. ---- Cross Border 5/4/2015 SAS Gastronome Luché Gastronome Casino, Guichard-Perrachon Société ---- EU 5/4/2015 Earlville Farm - Iroquois Valley Farms LLC ---- N.A. 5/4/2015 Martínez Loriente S.A. Mercadona, S.A. Torrent Fimer SL ---- EU 5/4/2015 Presteve Foods Limited - Tricor Pacific Founders Capital Inc. ----  N.A. 5/3/2015 Parity Bars Ltd - Enjoy Pubs Lt d. ---- EU 5/2/2015 Animal Health International, Inc. Leonard Green & Partners, L.P. Patterson Companies, Inc. $1,100.0 0.7x 16.2x -  N.A. 5/1/2015 Gold Standard Baking, Inc. Arbor Private Investment Company Tricor Pacific Capital, Inc. ----  N.A. 5/1/2015 Hiller Incorporated - The Kroger Co. of Michigan ---- N.A. 4/30/2015 Insight Beverages, Inc. - Kerry Group plc (ISE:KRZ) ---- Cross Border 4/30/2015 Let's Yo!, LLC - U-Swirl International, Inc. ---- N.A. 4/30/2015 Bottle Green Ltd. DCC plc (LSE:DCC) Kingsland Drinks Limited ---- EU 4/29/2015 Napier Brown Foods Limited Real Good Food plc (AIM:RGD) Tereos Participations S.A.S $52.6 --- EU 4/29/2015 Fiesta Mart, Inc. The Grocers Supply Co., Inc. Acon Investments, L.L.C. ----  N.A. 4/28/2015 Biscuiterie Jules Destrooper N.V. Griesson - de Beukelaer GT & CO ---- EU 4/28/2015 Cimandis Ltd. SandpiperCI Limited BFS Group Limited ---- EU 4/27/2015 Tannis Trading, Inc. - Sysco Canada, Inc. ---- N.A. 4/27/2015 Conservas Garavilla, S.A.U. MCH Private Equity, S.L. Bolton Group International S.r.l. ---- EU 4/27/2015 ZF Italien-Importe GmbH - Theo Rüther GmbH & Co. KG ---- EU 4/27/2015 ESG Kräuter GmbH - Fuchs Gewürze GmbH ---- EU 4/24/2015 Bad Daddy's International, LLC FS-BDI Holdings Good Times Restaurants Inc. $21.0 ---  N.A. 4/22/2015 Ridley Inc. (TSX:RCL) Fairfax Financial Holdings Limited Alltech, Inc. $423.3 0.7x 8.1x 9.4x  N.A. 4/22/2015 Prospect Enterprises, Inc., Most Seafood Assets Prospect Enterprises, Inc. Santa Monica Seafood Company ---- N.A. 4/21/2015 Paqui, LLC - SkinnyPop Popcorn LLC ---- N.A. 4/20/2015 Iglo Foods Holdings Limited Permira Advisers Ltd. Nomad Holdings Limited $2,808.0 1.8x 8.2x -  Cross Border 4/20/2015 The Moving Venue Caterers Ltd - Smart (Group) Ltd. ---- EU 4/15/2015 Gabbotts Farm (Retail) Ltd Cribbin Family Butchers Crawshaw Group plc (AIM:CRAW) $5.8 0.4x 4.9x - EU 4/15/2015 Nordic Service Partners Holding AB (OM:NSP B) European Digital Partners Danske Koncept Restauranter $45.6 0.5x 6.3x 17.5x  EU 4/14/2015 Prefered Brands International, Inc. ASG-OMNI LLC Kagome Co. Ltd. (TSE:2811) $114.6 --- Cross Border 4/13/2015 Henry H. Ottens Manufacturing Co. - International Flavors & Fragrances ---- N.A. 4/10/2015 Greenyard Foods NV - Univeg and Peatinvest ---- EU

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2015

HARRIS WILLIAMS & CO.

SOURCES

1. IMF 2. U.S. Bureau of Labor Statistics 3. Unweighted Average 4. U.S. Census Bureau 5. Capital IQ 6. Thomson Financial 7. S&P 8. Reuters

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