Food and Beverage Industry Update │ January 2016

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

www.harriswilliams.de

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

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW 2015 was a robust year for food and beverage M&A, with over 230 North . M&A MARKET OVERVIEW . DEBT MARKET OVERVIEW American transactions announced. HW&Co. capitalized on the strong market in . RECENT M&A ACTIVITY 2015, closing seven transactions in the snacks, ingredients, restaurant, food . PUBLIC COMPARABLES distribution, and food processing segments. Looking forward, HW&Co. anticipates . EARNINGS CALENDAR that 2016 middle market deal flow will remain strong despite China’s economic GROUP OVERVIEW slowdown and continued uncertainty in the global economy. Middle market deals Harris Williams & Co. is a leading should continue to garner significant interest, as both strategic and financial advisor to the food and beverage market. Our significant buyers continue to be eager to put capital to work in the space. 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 CLOSED HW&CO. TRANSACTIONS . Baked and Prepared Goods . Beverages . Branded and Private Label . Dairy . Distribution . Ingredients

a subsidiary of a portfolio company of . Meat and Protein a portfolio company of . Natural and Organic

has been acquired by . Processing has been acquired by has been acquired by . Produce has been acquired by . Restaurant and Retail . Snacks

CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander a portfolio company of a portfolio company of a portfolio company of Managing Director [email protected] has been acquired by +1 (612) 359-2716 has been acquired by has been acquired by has been acquired by Ryan Budlong Director A Private [email protected] Investor Group +1 (415) 217-3409 Brant Cash Director [email protected] +1 (612) 359-2709 Ryan Freeman Vice President [email protected] a portfolio company of has divested selected assets a portfolio company of to +1 (612) 359-2703 has acquired Andy Warczak and has been acquired by has been acquired by Vice President [email protected] +1 (612) 359-2714

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

WHAT WE’RE READING

STARTUPS TAKE BITE OUT OF FOOD POISONING

In the wake of large-scale food poisoning outbreaks across much of the United States, a handful of startups have arisen to help suppliers, restaurants, and even individual consumers identify potential contaminants, allergens, and spoilage in their food. The makers of these pocket-sized devices, which scan samples at a molecular level, are wagering that these products will have a transformative impact on food safety standards.

Access to the full article here.

CAMPBELL SOUP SWITCHES SIDES IN THE GMO LABELING FIGHT

The Campbell Soup Co., a leading voice in the hotly-contested debate regarding required labeling of genetically modified ingredients, has surprised many with its recent shift in support of such measures. In response to consumer pressure and in avoidance of conflicting demands by individual states, the company has called for federal regulation that will affect many of its own products as well as a broader industry that has vehemently opposed the move.

Access to the full article here.

NEW DIETARY GUIDELINES GARNER CRITICISM

Following the release of new dietary guidelines, the USDA and Department of Health and Human Services have found themselves contending with a wave of criticism claiming that their recommendations are muddled and confusing. These complaints raise questions about the role of special interest groups in crafting the guidelines that play a critical role in determining the foods America produces, buys, and eats.

Access to the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES1

160 140 Soybeans: (23.0%) 120 Corn: 100 (36.6%) 80 Wheat: 60 (39.1%) 40 Crude Oil:

Commodity PriceIndex Commodity 20 (64.7%) Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Corn Soybeans Wheat Crude Oil

PROTEIN PRICE INDICES2,3

150 Beef: 140 29.6% 130 Pork: 8.1% 120 Poultry: 110 4.6%

100 ProteinPriceIndex 90 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140

R e s t aur ant : 120 18. 5% G r o c e r y : 100 SalesIndex 9. 6%

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

Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

5.5

4.0

2.5

Inflation(%) 1.0

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

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 (15.4%) (1.1%) (1.3%) (12.7%) 11.3x 8.4x 5.7x 2.6x Fruit and Vegetable 2.4% 14.3% (0.2%) (6.7%) 15.8x 16.4x 10.4x 1.0x Ingredients / Flavors (0.1%) 1.6% 0.1% 3.0% 21.6x 24.9x 15.4x 1.8x

Inputs Agribusiness (24.1%) (39.6%) (1.8%) (17.4%) 10.6x 13.9x 7.8x 1.9x Branded Processed Foods (2.3%) 15.1% 0.6% 13.2% 19.8x 28.7x 14.0x 2.5x Private Label Foods and Beverages (1.3%) 4.7% (11.0%) (26.5%) 30.9x 27.2x 11.7x 5.3x Natural / Organic Foods / BFY (16.9%) (9.7%) (4.0%) (11.7%) 19.1x 32.5x 19.6x 5.0x Baked Goods (4.0%) (2.8%) (3.6%) 14.7% 21.0x 30.0x 12.4x 3.1x Dairy (2.5%) 0.5% (0.2%) (7.4%) 20.5x 24.0x 11.1x 1.6x Non-Alcoholic Beverages 1.4% 2.5% 2.5% 9.3% 21.9x 28.8x 13.5x 1.8x Alcoholic Beverages 0.8% 7.8% (0.5%) 2.7% 23.0x 23.8x 13.9x 2.7x Food and BeverageFood and Snacks (2.1%) 17.1% (1.7%) 4.0% 25.5x 29.0x 14.5x 2.0x Grocery Distribution (15.8%) (22.6%) (8.2%) (23.1%) 13.1x 13.5x 6.8x 2.1x Food Retail (5.4%) (9.6%) (2.4%) (12.6%) 19.0x 20.3x 7.6x 1.4x Foodservice (1.3%) (31.0%) (4.3%) (11.4%) 20.6x 31.4x 11.0x 5.5x Quick Service Restaurant 0.9% (0.1%) 2.3% (6.9%) 22.6x 25.4x 12.6x 2.6x Fast Casual (16.7%) (34.6%) (17.8%) (49.2%) 35.1x 23.7x 11.7x 0.8x Differentiated Casual (16.0%) (13.0%) (12.0%) (18.0%) 25.2x 32.9x 11.0x 1.1x Casual Dining Restaurant (8.9%) (21.5%) (4.0%) (19.5%) 17.2x 22.1x 8.7x 2.3x Fine Dining 5.1% (8.5%) 3.7% (20.3%) 17.0x 19.3x 10.2x 0.3x

Consumer and Retail and Consumer Pizza (19.5%) (4.9%) (8.5%) (13.0%) 24.8x 34.8x 12.5x 3.7x Beverage / Snack Retail (8.7%) (14.2%) (0.8%) (13.5%) 31.5x 27.6x 16.9x 2.8x Family Restaurant (14.9%) (12.4%) (14.3%) (24.2%) 19.9x 21.7x 9.3x 2.0x Overall Median (3.5%) (0.9%) (2.4%) (6.9%) 20.9x 24.8x 11.9x 2.1x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

PUBLIC EQUITY MARKET OVERVIEW

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

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

(45.0%) (30.0%) (15.0%) 0.0% 15.0% 30.0% Inputs Food and Beverage Consumer and Retail

RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 12/29/15 12/29/15 Avidus Management Group Inc AVD Follow-On $0.9 General Corp. Purp. & Working Capital 12/15/15 10/06/15 Spot Coffee (Canada) Ltd SPP Follow-On $1.1 General Corp. Purp. Reduce Indebtedness 12/09/15 12/09/15 Rest Brands Intl Inc QSR Follow-On $601.7 Secondary Pay Fees & Expenses 12/04/15 12/04/15 Vitamin Shoppe Inc VSI Convertible $143.8 Stock Repurchase

11/23/15 11/23/15 The JM Smucker Co SJM Follow-On $468.3 Secondary

11/06/15 11/06/15 The Habit Restaurants HABT Follow-On $119.8 Secondary

10/26/15 07/02/15 Del Taco Restaurants Inc TACO Follow-On $46.5 Secondary

10/19/15 09/15/15 GreenSpace Brands Inc JTR Follow-On $1.1 Acquisition Fin. Working Capital 10/19/15 10/19/15 Ballast Point Brewing PINT IPO $172.5 General Corp. Purp.

10/01/15 09/09/15 Performance Food Group Co PFGC IPO $275.5 General Corp. Purp.

09/24/15 09/15/15 SunOpta Inc STKL Follow-On $100.0 Acquisition Fin. Reduce Indebtedness 09/21/15 09/21/15 The JM Smucker Co SJM Follow-On $964.9 Secondary

08/17/15 08/17/15 Aramark ARMK Follow-On $729.1 Secondary Pay Fees & Expenses

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

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 1/12/16 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 $43.90 83.7% $34,604 $1,382 $1,083 $34,903 $19,744 $2,271 (6.0%) (0.3%) 23.7% 11.5% 45.1x 1.77x 15.4x 1.81x 15.8x B&G Foods Inc. BGS 35.72 93.4% 2,071 979 46 3,004 862 190 4.9% 12.2% 30.5% 22.0% 28.8x 3.48x 15.8x 2.24x 10.5x Campbell Soup Company CPB 53.48 97.1% 16,580 4,112 263 20,429 8,030 1,480 (3.9%) 3.6% 34.4% 18.4% 25.1x 2.54x 13.8x 2.52x 12.0x ConAgra Foods, Inc. CAG 40.69 89.4% 17,665 7,905 96 25,474 15,820 2,275 14.6% 4.5% 22.3% 14.4% NM 1.61x 11.2x 2.13x 12.4x General Mills, Inc. GIS 56.37 94.2% 33,447 8,824 650 41,621 17,283 3,467 (2.0%) 0.3% 35.4% 20.1% 23.1x 2.41x 12.0x 2.50x 12.3x Hormel Foods Corporation HRL 79.51 98.4% 21,009 435 347 21,097 9,264 1,218 (0.6%) 4.0% 19.6% 13.1% 30.7x 2.28x 17.3x 2.18x 15.6x Kellogg Company K 71.47 97.0% 25,329 7,949 299 32,979 13,897 1,619 (4.6%) 0.6% 34.7% 11.6% NM 2.37x 20.4x 2.46x 13.3x McCormick & Company, Incorporated MKC 85.51 97.8% 10,945 1,492 112 12,325 4,268 687 0.7% 2.4% 40.4% 16.1% 27.3x 2.89x 17.9x 2.79x 16.1x Nestlé S.A. NESN 71.62 92.8% 228,391 24,371 5,052 247,709 97,991 18,659 (3.6%) 2.7% 49.0% 19.0% 15.6x 2.53x 13.3x 2.69x 14.2x Post Holdings, Inc. POST 58.53 82.0% 3,634 4,664 841 7,456 4,648 595 NM 69.2% 25.3% 12.8% NM 1.60x 12.5x 1.42x 9.2x The Hershey Company HSY 85.01 76.3% 18,430 2,769 344 20,854 7,487 1,702 1.6% 5.0% 45.8% 22.7% 37.2x 2.79x 12.3x 2.77x 11.8x The J. M. Smucker Company SJM 121.67 97.1% 14,561 5,865 139 20,286 6,917 1,422 25.6% 5.9% 36.6% 20.6% 35.5x 2.93x 14.3x 2.58x 12.0x Mean 2.4% 9.2% 33.1% 16.9% 29.8x 2.43x 14.7x 2.34x 12.9x Median (0.6%) 3.8% 34.6% 17.3% 28.8x 2.47x 14.0x 2.48x 12.4x Private Label Foods and Beverages Cott Corporation TSX:BCB $10.82 95.9% $1,186 $1,704 $64 $2,826 $2,789 $312 36.6% 6.9% 26.8% 11.2% 58.5x 1.01x 9.1x 0.95x 7.7x Seneca Foods Corp. SENE.A 28.31 89.5% 287 344 9 622 1,274 52 (3.8%) 0.2% 7.8% 4.1% 14.8x 0.49x 12.0x NA NA Treehouse Foods, Inc. THS 69.58 74.9% 2,999 1,324 31 4,291 3,245 368 20.0% 15.1% 19.8% 11.3% 27.0x 1.32x 11.7x 0.83x 8.1x Mean 17.6% 7.4% 18.1% 8.9% 33.4x 0.94x 10.9x 0.89x 7.9x Median 20.0% 6.9% 19.8% 11.2% 27.0x 1.01x 11.7x 0.89x 7.9x Natural / Organic Foods / Better-For-You Amplify Snack Brands, Inc. BETR $9.76 56.7% $676 $205 $7 $874 $171 $38 206.2% NA 56.1% 22.1% NM 5.12x 23.2x 4.01x 10.7x Boulder Brands, Inc. BDBD 10.99 92.7% 679 290 24 945 508 44 (1.0%) 14.3% 36.5% 8.6% NM 1.86x 21.5x 1.77x 12.2x SunOpta Inc. TSX:SOY 6.00 56.6% 512 149 99 562 1,201 51 0.0% 4.2% 10.4% 4.2% NM 0.47x 11.0x 0.36x 5.0x The Hain Celestial Group, Inc. HAIN 39.09 55.3% 4,025 889 148 4,766 2,744 347 18.9% 23.7% 23.5% 12.6% 21.0x 1.74x 13.7x 1.58x 11.2x The WhiteWave Foods Company WWAV 36.12 68.8% 6,364 2,233 29 8,568 3,750 437 17.0% 19.0% 34.3% 11.6% 41.6x 2.28x 19.6x 2.03x 14.9x Mean 48.2% 15.3% 32.2% 11.9% 31.3x 2.29x 17.8x 1.95x 10.8x Median 17.0% 16.7% 34.3% 11.6% 31.3x 1.86x 19.6x 1.77x 11.2x Baked Goods ARYZTA AG SWX:ARYN $46.31 58.8% $4,111 $2,266 $350 $6,027 $4,221 $385 (34.9%) (7.7%) 18.4% 9.1% NM 1.43x 15.7x 1.38x 8.4x Flowers Foods, Inc. FLO 21.85 80.0% 4,636 897 9 5,524 3,797 444 2.7% 8.8% 48.4% 11.7% 24.7x 1.45x 12.4x 1.38x 11.3x George Weston Limited WN 71.58 88.5% 9,156 10,603 2,078 17,681 36,622 2,507 2.8% 3.1% 26.6% 6.8% 26.9x 0.48x 7.1x 0.53x 6.1x Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.64 96.1% 12,393 4,252 237 16,408 12,440 1,429 (8.4%) (1.9%) 53.3% 11.5% 47.9x 1.32x 11.5x 1.29x 12.0x Lancaster Colony Corporation LANC 116.71 98.3% 3,194 0 199 2,994 1,139 185 8.1% (0.3%) 23.6% 16.2% 29.3x 2.63x 16.2x 2.47x 15.1x Mean (5.9%) 0.4% 34.0% 11.1% 32.2x 1.46x 12.6x 1.41x 10.6x Median 2.7% (0.3%) 26.6% 11.5% 28.1x 1.43x 12.4x 1.38x 11.3x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

PUBLIC COMPARABLES5

Dairy Danone BN $65.31 88.5% $40,036 $13,529 $4,179 $49,386 $24,583 $3,969 (13.3%) (1.1%) 49.0% 16.1% 38.2x 2.01x 12.4x 2.00x 12.0x Dean Foods Company DF 17.85 90.4% 1,631 841 64 2,408 8,494 362 (9.7%) (0.8%) 22.5% 4.3% NM 0.28x 6.6x 0.30x 5.9x Emmi AG SWX:EMMN 445.62 97.0% 2,384 609 308 2,685 3,569 317 (5.7%) 7.1% 33.8% 8.9% 20.6x 0.75x 8.5x 0.81x 9.0x Glanbia plc GL9 18.71 87.7% 5,526 745 105 6,167 2,970 295 (10.4%) 7.2% 29.6% 9.9% 31.3x 2.08x 20.9x 1.97x 17.1x Lifeway Foods Inc. LWAY 11.38 50.8% 186 8 8 186 119 6 3.6% 15.5% 28.2% 5.4% NM 1.56x 28.8x 1.46x 14.8x Parmalat SpA BIT:PLT 2.57 93.1% 4,735 416 524 4,627 7,084 472 2.8% 3.6% 18.8% 6.7% 26.1x 0.65x 9.8x 0.61x 8.2x Saputo Inc. TSX:SAP 22.74 94.1% 8,934 1,408 164 10,178 7,982 785 (12.1%) 4.2% 9.8% 9.8% 21.5x 1.28x 13.0x 1.28x 12.2x Savencia SA ENXTPA:SAVE 64.22 90.9% 901 980 507 1,374 5,072 299 (17.2%) (0.6%) 33.4% 5.9% 16.3x 0.27x 4.6x 0.28x 4.5x Mean (7.7%) 4.4% 28.1% 8.4% 25.7x 1.11x 13.1x 1.09x 10.5x Median (10.1%) 3.9% 28.9% 7.8% 23.8x 1.01x 11.1x 1.05x 10.5x

Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $7.58 74.5% $876 $47 $16 $907 $397 $75 (10.5%) 4.6% 48.2% 18.9% 19.7x 2.29x 12.1x 2.40x 12.5x Cott Corporation BCB 10.82 95.9% 1,186 1,704 64 2,826 2,789 312 36.6% 6.9% 26.8% 11.2% 58.5x 1.01x 9.1x 0.95x 7.7x Dr Pepper Snapple Group, Inc. DPS 92.72 97.3% 17,514 2,648 216 19,946 6,245 1,442 2.8% 1.5% 59.0% 23.1% 24.6x 3.19x 13.8x 3.13x 12.7x Keurig Green Mountain, Inc. GMCR 90.42 65.5% 13,489 452 59 13,881 4,520 1,066 (4.0%) 5.4% 35.9% 23.6% 28.7x 3.07x 13.0x 3.09x 13.5x Lassonde Industries Inc. LAS.A 114.83 97.0% 802 281 0 1,083 1,049 116 4.9% 0.6% 28.5% 11.1% 21.7x 1.03x 9.3x NA NA Monster Beverage Corporation MNST 147.30 91.8% 29,861 0 2,785 27,076 2,683 958 11.8% 10.3% 58.2% 35.7% 50.7x 10.09x 28.3x 8.77x 22.2x National Beverage Corp. FIZZ 41.00 85.4% 1,904 0 76 1,828 672 93 5.1% 1.0% 33.5% 13.9% 35.8x 2.72x 19.6x NA NA Pepsico, Inc. PEP 97.62 94.4% 142,218 32,191 10,679 163,730 64,419 12,097 (3.6%) (0.7%) 54.4% 18.8% 28.9x 2.54x 13.5x 2.61x 12.9x The Coca-Cola Company KO 42.12 95.9% 183,179 46,465 22,798 206,846 45,166 12,369 (2.2%) (1.7%) 60.6% 27.4% 26.5x 4.58x 16.7x 4.66x 16.7x Mean 4.5% 3.1% 45.0% 20.4% 32.8x 3.39x 15.1x 3.66x 14.0x Median 2.8% 1.5% 48.2% 18.9% 28.7x 2.72x 13.5x 3.09x 12.9x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $118.00 87.2% $189,560 $51,621 $6,784 $234,397 $44,899 $17,276 (4.0%) 4.5% 60.5% 38.5% 24.0x 5.22x 13.6x 5.21x 13.2x Brown-Forman Corporation BF.B 94.57 85.2% 19,899 1,782 195 21,486 3,103 1,102 1.6% 4.1% 69.4% 35.5% 28.8x 6.92x 19.5x 5.17x 18.8x Carlsberg A/S CPSE:CARL B 82.71 86.8% 12,754 5,633 452 17,934 9,726 1,909 (12.2%) (4.9%) 49.4% 19.6% NM 1.84x 9.4x 1.86x 9.3x Constellation Brands Inc. STZ 147.04 95.3% 29,293 7,417 494 36,216 6,361 2,012 6.7% 32.6% 45.4% 31.6% 29.1x 5.69x 18.0x 5.16x 15.6x Diageo plc DGE 26.45 88.5% 66,547 15,883 742 81,688 17,004 5,284 (3.1%) 1.7% 57.6% 31.1% 19.1x 4.80x 15.5x 5.28x 16.1x Heineken NV ENXTAM:HEIA 83.42 89.2% 47,931 12,483 946 59,468 21,651 4,596 (17.3%) 4.3% 38.8% 21.2% 21.6x 2.75x 12.9x 2.62x 11.1x Kirin Holdings Company, Limited TSE:2503 13.38 82.0% 12,213 7,025 1,486 17,753 18,903 2,423 (5.1%) 7.1% 44.1% 12.8% 22.5x 0.94x 7.3x 0.95x 8.0x Pernod-Ricard SA RI 108.52 84.6% 28,680 10,638 607 38,711 9,533 2,710 (12.4%) (4.0%) 61.9% 28.4% 30.6x 4.06x 14.3x 3.99x 13.7x SABMiller plc LSE:SAB 58.43 98.3% 94,145 12,010 629 105,526 15,555 4,676 10.6% (7.9%) 70.4% 30.1% 33.5x 6.78x 22.6x 6.90x 17.3x Sapporo Holdings Ltd. TSE:2501 4.27 88.7% 1,664 1,981 87 3,558 4,495 341 (5.1%) 2.9% 34.0% 7.6% 22.6x 0.79x 10.4x 0.77x 9.7x Mean (4.0%) 4.0% 53.1% 25.6% 25.8x 3.98x 14.3x 3.79x 13.3x Median (4.5%) 3.5% 53.5% 29.2% 24.0x 4.43x 13.9x 4.57x 13.5x Snacks Diamond Foods, Inc. DMND $39.52 93.8% $1,246 $652 $7 $1,891 $842 $109 (4.0%) (4.0%) 27.2% 13.0% 38.0x 2.24x 17.3x 2.14x 13.7x Golden Enterprises Inc. GLDC 4.66 94.1% 53 7 3 57 131 8 (1.6%) (1.6%) 50.4% 6.3% 22.6x 0.43x 6.8x NA NA Inventure Foods, Inc. SNAK 5.76 44.8% 113 108 1 220 288 13 6.2% 15.6% 14.2% 4.5% NM 0.77x 17.1x 0.70x 10.9x J&J Snack Foods Corp. JJSF 112.90 89.9% 2,109 1 134 1,976 976 149 6.2% 5.5% 30.8% 15.2% 30.0x 2.02x 13.3x 1.96x 12.4x John B Sanfilippo & Son Inc. JBSS 53.52 80.7% 596 64 2 659 908 68 12.5% 8.0% 14.8% 7.5% 18.6x 0.73x 9.6x 0.70x NA Mondelez International, Inc. MDLZ 42.12 86.7% 66,936 16,457 2,105 81,288 31,102 4,835 (10.9%) 12.8% 38.0% 15.5% 8.1x 2.61x 16.8x 2.91x 15.7x Pepsico, Inc. PEP 97.62 94.4% 142,218 32,191 10,679 163,730 64,419 12,097 (3.6%) (0.7%) 54.4% 18.8% 28.9x 2.54x 13.5x 2.61x 12.9x Snyder's-Lance, Inc. LNCE 35.29 90.3% 2,499 443 64 2,877 1,690 185 8.0% 1.6% 35.0% 10.9% 35.5x 1.70x 15.6x 1.38x 10.3x Mean 1.6% 4.7% 33.1% 11.5% 26.0x 1.63x 13.8x 1.77x 12.7x Median 2.3% 3.6% 32.9% 12.0% 28.9x 1.86x 14.5x 1.96x 12.7x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $47.21 74.6% $2,289 $29 $420 $1,898 $1,996 $568 32.9% 19.1% 34.9% 28.4% 6.5x 0.95x 3.3x 1.02x 4.7x JBS S.A. BOVESPA:JBSS3 2.74 63.1% 7,825 16,554 6,048 18,331 37,800 3,238 (18.2%) 2.8% 14.9% 8.6% 6.0x 0.48x 5.7x 0.37x 4.4x Sanderson Farms, Inc. SAFM 79.72 91.8% 1,799 10 197 1,612 2,803 411 1.0% 5.5% 17.5% 14.6% 8.2x 0.58x 3.9x 0.59x 5.8x Seaboard Corp. SEB 2,625.25 56.6% 3,074 113 739 2,449 5,967 302 (8.9%) 0.6% 8.0% 5.1% 16.7x 0.41x 8.1x NA NA Tyson Foods, Inc. TSN 53.58 98.5% 21,207 6,725 690 27,242 41,373 3,098 10.1% 7.8% 10.0% 7.5% 17.9x 0.66x 8.8x 0.68x 8.5x Mean 3.4% 7.2% 17.1% 12.8% 11.0x 0.62x 6.0x 0.67x 5.9x Median 1.0% 5.5% 14.9% 8.6% 8.2x 0.58x 5.7x 0.64x 5.2x Fruit and Vegetable Calavo Growers Inc. CVGW $50.23 80.8% $873 $40 $7 $906 $857 $52 9.5% 15.8% 9.9% 6.1% 31.5x 1.06x 17.3x 0.95x 14.3x Fresh Del Monte Produce Inc. FDP 39.85 83.9% 2,082 212 43 2,251 4,008 258 3.3% 5.4% 9.0% 6.4% 15.8x 0.56x 8.7x 0.55x 9.1x Seneca Foods Corp. SENE.A 28.31 89.5% 287 344 9 622 1,274 52 (3.8%) 0.2% 7.8% 4.1% 14.8x 0.49x 12.0x NA NA Total Produce plc ISE:T7O 1.60 98.1% 471 204 110 564 3,091 68 (12.7%) 2.2% 13.9% 2.2% 16.8x 0.18x 8.3x 0.18x 8.1x Mean (0.9%) 5.9% 10.2% 4.7% 19.7x 0.57x 11.6x 0.56x 10.5x Median (0.2%) 3.8% 9.5% 5.1% 16.3x 0.53x 10.4x 0.55x 9.1x Ingredients / Flavors Givaudan SA SWX:GIVN $1,760.55 90.2% $16,218 $1,352 $307 $17,263 $4,696 $980 (3.9%) 3.3% 46.0% 20.9% 27.2x 3.68x 17.6x 3.86x 15.9x Ingredion Incorporated INGR 93.45 93.8% 6,686 2,267 731 8,222 5,584 874 (3.7%) (4.6%) 21.5% 15.6% 18.8x 1.47x 9.4x 1.43x 8.7x International Flavors & Fragrances Inc. IFF 118.33 96.1% 9,496 1,196 277 10,415 3,064 674 0.2% 3.2% 44.8% 22.0% 22.2x 3.40x 15.4x 3.31x 14.1x Kerry Group plc ISE:KRZ 82.82 97.9% 14,567 1,786 198 16,154 6,562 839 (17.1%) (2.4%) 45.8% 12.8% 25.1x 2.46x 19.2x 2.41x 17.6x Sensient Technologies Corporation SXT 58.70 83.2% 2,654 630 24 3,260 1,380 263 (5.2%) (1.5%) 33.7% 19.1% 24.2x 2.36x 12.4x 2.32x 11.6x Symrise AG XTRA:SY1 63.42 90.3% 8,233 1,580 250 9,563 2,865 608 15.9% 9.5% 42.3% 21.2% 33.2x 3.34x 15.7x 3.11x 13.7x Tate & Lyle plc TATE 8.40 84.7% 3,919 1,179 363 4,734 3,529 452 (20.5%) (10.6%) 38.0% 12.8% 59.1x 1.34x 10.5x 1.36x 10.1x Mean (4.9%) (0.4%) 38.9% 17.8% 30.0x 2.58x 14.3x 2.54x 13.1x Median (3.9%) (1.5%) 42.3% 19.1% 25.1x 2.46x 15.4x 2.41x 13.7x Agribusiness Archer-Daniels-Midland Company ADM $34.27 64.3% $20,450 $6,782 $1,137 $26,095 $72,151 $3,347 (14.6%) (6.7%) 6.4% 4.6% 11.8x 0.36x 7.8x 0.36x 7.7x Bunge Limited BG 65.17 70.0% 9,284 4,230 731 12,783 45,581 1,815 (24.4%) (7.6%) 6.2% 4.0% 21.2x 0.28x 7.0x 0.29x 6.3x CF Industries Holdings, Inc. CF 32.54 46.3% 7,584 5,593 943 12,234 4,409 1,901 (9.1%) (11.4%) 38.8% 43.1% 8.5x 2.77x 6.4x 2.37x 5.5x Darling Ingredients Inc. DAR 9.60 53.5% 1,581 2,024 149 3,457 3,588 429 3.6% 28.1% 21.4% 12.0% 24.4x 0.96x 8.1x 1.02x 7.2x Monsanto Company MON 92.52 73.4% 40,742 9,732 2,297 48,177 14,350 4,358 (7.9%) 0.8% 54.5% 30.4% 24.3x 3.36x 11.1x 3.29x 10.5x The Andersons, Inc. ANDE 28.99 58.6% 804 523 41 1,287 4,366 125 (10.0%) (3.7%) 8.9% 2.9% 14.2x 0.29x 10.3x 0.29x 6.4x The Mosaic Company MOS 24.56 45.6% 8,658 3,798 1,285 11,171 9,111 2,268 13.8% (6.4%) 22.2% 24.9% 7.2x 1.23x 4.9x 1.29x 5.7x Mean (7.0%) (1.0%) 22.6% 17.4% 15.9x 1.32x 7.9x 1.27x 7.1x Median (9.1%) (6.4%) 21.4% 12.0% 14.2x 0.96x 7.8x 1.02x 6.4x

Consumer and Retail Grocery Distribution AMCON Distributing Co. DIT $78.39 89.0% $50 $25 $0 $74 $891 $14 5.0% 3.5% 8.6% 1.5% 9.1x 0.08x 5.4x NA NA Core-Mark Holding Company, Inc. CORE 76.91 83.8% 1,773 47 9 1,811 8,688 119 7.8% 8.3% 7.2% 1.4% 36.3x 0.21x 15.2x 0.14x 12.0x Performance Food Group Company PFGC 20.29 80.5% 2,081 1,506 12 3,576 15,501 291 20.9% NA 12.1% 1.9% 29.7x 0.23x 12.3x 0.21x 10.0x SpartanNash Company SPTN 20.20 59.6% 759 548 9 1,299 7,847 223 6.7% 43.8% 14.5% 2.8% 13.1x 0.17x 5.8x 0.17x 5.5x SUPERVALU Inc. SVU 6.01 50.1% 1,598 2,713 247 4,064 17,984 802 4.1% 37.1% 15.1% 4.5% 12.1x 0.23x 5.1x 0.23x 5.1x United Natural Foods, Inc. UNFI 37.47 44.7% 1,886 500 12 2,373 8,269 306 15.1% 15.1% 15.2% 3.7% 13.8x 0.29x 7.8x 0.28x 7.3x Mean 9.9% 21.6% 12.1% 2.6% 19.0x 0.20x 8.6x 0.21x 8.0x Median 7.3% 15.1% 13.3% 2.4% 13.4x 0.22x 6.8x 0.21x 7.3x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $156.06 91.9% $68,629 $6,126 $6,283 $68,472 $116,553 $4,765 1.8% 4.8% 13.1% 4.1% 29.2x 0.59x 14.4x 0.55x 13.4x Establishments Delhaize Freres DELB 97.22 93.5% 10,009 2,853 1,626 11,235 26,639 1,538 2.9% (0.9%) 24.3% 5.8% 32.8x 0.42x 7.3x 0.41x 6.5x Fairway Group Holdings Corp. FWM 0.67 8.5% 29 257 30 257 779 15 (2.4%) 9.9% 31.5% 2.0% NM 0.33x 16.6x 0.33x 6.6x Ingles Markets, Incorporated IMKT.A 39.19 67.9% 794 895 8 1,682 3,779 240 (1.5%) 0.5% 23.6% 6.3% 13.4x 0.45x 7.0x 0.44x 6.7x J Sainsbury plc LSE:SBRY 3.62 87.1% 6,936 3,906 1,920 8,922 35,674 2,870 (8.3%) (0.9%) 7.5% 8.0% 11.1x 0.25x 3.1x 0.26x 4.7x Koninklijke Ahold N.V. ENXTAM:AH 21.21 93.5% 17,351 3,734 2,432 18,654 41,123 2,493 2.0% (0.8%) 27.0% 6.1% 20.3x 0.45x 7.5x 0.43x 6.9x Natural Grocers by Vitamin Cottage NGVC 20.75 59.3% 467 28 3 492 625 50 20.0% 22.9% 29.2% 8.0% 28.8x 0.79x 9.8x 0.66x 8.3x Sprouts Farmers Market, Inc. SFM 25.92 67.4% 3,981 291 132 4,140 3,397 282 19.6% 39.2% 29.3% 8.3% 33.6x 1.22x 14.7x 1.03x 12.4x SUPERVALU Inc. SVU 6.01 50.1% 1,598 2,713 247 4,064 17,984 802 4.1% 37.1% 15.1% 4.5% 12.2x 0.23x 5.1x 0.23x 5.1x Tesco PLC LSE:TSCO 2.23 61.5% 18,059 19,374 2,973 34,461 93,911 1,027 (3.5%) (2.2%) 2.3% 1.1% NM 0.37x 33.6x 0.43x 9.9x The Kroger Co. KR 41.24 96.5% 40,198 11,259 274 51,183 108,872 5,599 2.2% 5.0% 22.7% 5.1% 20.4x 0.47x 9.1x 0.44x 8.7x Village Super Market Inc. VLGE.A 24.95 72.2% 353 46 56 343 1,594 67 3.4% 3.5% 27.3% 4.2% 11.3x 0.21x 5.1x NA NA Weis Markets, Inc. WMK 41.18 79.3% 1,108 0 104 1,004 2,828 155 3.7% 0.9% 27.3% 5.5% 19.4x 0.36x 6.5x NA NA Whole Foods Market, Inc. WFM 32.27 56.1% 11,013 65 392 10,686 15,389 1,397 8.4% 9.6% 35.2% 9.1% 21.8x 0.69x 7.6x 0.67x 8.1x Mean 3.8% 9.2% 22.5% 5.6% 21.2x 0.49x 10.5x 0.49x 8.1x Median 2.6% 4.2% 25.6% 5.6% 20.3x 0.43x 7.6x 0.44x 7.5x

Foodservice Colabor Group Inc. TSX:GCL $0.60 23.6% $17 $145 $0 $162 $1,128 $20 (14.0%) (8.4%) 1.8% 1.8% NM 0.14x 8.2x 0.15x 7.7x Sysco Corporation SYY 40.70 96.8% 22,976 3,088 388 25,676 48,798 2,344 3.3% 4.4% 17.6% 4.8% 37.3x 0.53x 11.0x 0.50x 10.3x The Chefs' Warehouse, Inc. CHEF 14.77 61.9% 388 292 1 679 988 53 23.2% 29.5% 25.3% 5.4% 25.5x 0.69x 12.8x 0.59x 9.2x Mean 4.2% 8.5% 14.9% 4.0% 31.4x 0.45x 10.6x 0.41x 9.1x Median 3.3% 4.4% 17.6% 4.8% 31.4x 0.53x 11.0x 0.50x 9.2x Quick Service Restaurant Bojangles', Inc. BOJA $16.33 57.4% $587 $243 $15 $815 $477 $65 15.9% NA 22.5% 13.7% 23.0x 1.71x 12.4x 1.55x 9.9x Jack in the Box Inc. JACK 73.84 73.8% 2,561 742 18 3,285 1,540 299 3.8% 0.7% 28.1% 19.4% 25.0x 2.13x 11.0x 2.01x 10.0x McDonald's Corp. MCD 117.44 97.7% 107,837 17,991 2,453 123,375 25,644 8,909 (8.3%) (2.2%) 38.0% 34.7% 25.4x 4.81x 13.8x 5.03x 13.5x Popeyes Louisiana Kitchen, Inc. PLKI 59.10 88.9% 1,328 110 8 1,430 257 83 13.1% 15.3% 64.9% 32.2% 31.8x 5.57x 17.3x 5.05x 15.6x Restaurant Brands International Inc. QSR 32.31 70.7% 7,111 8,788 976 14,924 3,412 1,054 226.1% 16.7% 44.8% 30.9% NM 4.37x 14.2x 3.62x 8.8x Sonic Corp. SONC 30.67 83.5% 1,506 507 37 1,976 612 167 8.2% 4.2% 55.1% 27.2% 24.2x 3.23x 11.9x NA NA The Wendy's Company WEN 9.99 85.3% 2,732 2,403 176 4,959 1,956 390 (7.0%) (7.7%) 34.5% 19.9% 45.2x 2.54x 12.7x 3.43x 12.6x Yum! Brands, Inc. YUM 69.57 72.5% 30,001 3,217 861 32,357 13,151 2,790 (2.3%) (1.1%) 26.2% 21.2% 33.2x 2.46x 11.6x 2.41x 10.7x Mean 31.2% 3.7% 39.3% 24.9% 29.7x 3.35x 13.1x 3.30x 11.6x Median 6.0% 0.7% 36.3% 24.2% 25.4x 2.88x 12.6x 3.43x 10.7x

Fast Casual Chipotle Mexican Grill, Inc. CMG $404.26 53.3% $12,446 $0 $960 $11,486 $4,574 $984 17.8% 20.3% 38.4% 21.5% 24.1x 2.51x 11.7x 2.56x 15.8x El Pollo Loco Holdings, Inc. LOCO 12.27 42.0% 470 126 8 587 359 64 8.3% 17.9% 26.0% 17.9% 20.6x 1.64x 9.1x NA NA Fiesta Restaurant Group, Inc. FRGI 33.58 48.7% 892 70 1 962 664 91 12.4% 9.9% 25.7% 13.7% 23.3x 1.45x 10.5x 1.29x 8.4x The Habit Restaurants, Inc. HABT 23.23 57.4% 320 2 52 270 218 23 35.0% NA 21.8% 10.4% NM 1.24x 12.0x 0.98x 8.7x Noodles & Company NDLS 11.40 40.7% 316 60 2 374 447 42 15.6% 20.4% 18.4% 9.5% NM 0.84x 8.9x 0.77x 10.8x Panera Bread Company PNRA 190.49 91.6% 5,091 411 275 5,228 2,662 387 5.7% 9.0% 32.6% 14.5% 32.3x 1.96x 13.5x 1.92x 13.2x Potbelly Corporation PBPB 11.37 68.3% 344 0 43 302 363 33 14.4% 15.1% 30.2% 9.1% NM 0.83x 9.1x 0.74x 8.0x Shake Shack Inc. SHAK 32.86 34.0% 500 0 70 430 174 24 63.3% NA 39.4% 13.8% NM 2.47x 17.9x 1.90x 10.6x Zoe's Kitchen, Inc. ZOES 28.80 61.8% 558 27 20 564 214 18 33.3% NA 21.1% 8.6% NM 2.64x 30.9x 2.15x 27.6x Mean 22.9% 15.4% 28.2% 13.2% 25.1x 1.73x 13.7x 1.54x 12.9x Median 15.6% 16.5% 26.0% 13.7% 23.7x 1.64x 11.7x 1.60x 10.7x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $41.46 74.8% $1,045 $68 $27 $1,086 $900 $116 8.3% 9.0% 19.5% 12.9% 25.7x 1.21x 9.4x 1.10x 8.3x Buffalo Wild Wings Inc. BWLD 157.14 76.3% 2,993 108 20 3,081 1,731 255 19.5% 21.8% 23.0% 14.7% 33.1x 1.78x 12.1x 1.45x 9.5x Chuy's Holdings, Inc. CHUY 36.46 100.0% 601 0 11 590 278 34 18.7% 20.4% 19.9% 12.3% 38.4x 2.12x 17.3x 1.84x 15.1x Dave & Buster's Entertainment, Inc. PLAY 38.79 89.5% 1,610 355 19 1,946 840 177 18.1% 14.7% 28.4% 21.0% 32.9x 2.32x 11.0x 2.06x 8.9x Ignite Restaurant Group, Inc. IRG 3.72 46.9% 97 162 52 207 830 32 17.3% 36.0% 29.9% 3.9% NM 0.25x 6.4x 0.43x 7.0x The Cheesecake Factory Incorporated CAKE 46.32 78.7% 2,191 85 30 2,247 2,073 252 17.3% 36.0% 43.1% 12.2% 20.4x 1.08x 8.9x 1.01x 8.4x Wingstop Inc. WING 22.83 63.5% 653 96 6 742 75 26 27.9% NA 71.0% 33.9% NM 9.84x 29.0x 8.91x 25.2x Mean 18.2% 23.0% 33.5% 15.8% 30.1x 2.66x 13.4x 2.40x 11.8x Median 18.1% 21.1% 28.4% 12.9% 32.9x 1.78x 11.0x 1.45x 8.9x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $16.43 62.6% $1,968 $1,407 $136 $3,240 $4,437 $456 1.2% 4.0% 16.9% 10.3% 15.3x 0.73x 7.1x 0.73x 6.7x Brinker International, Inc. EAT 49.90 78.7% 2,972 1,129 66 4,035 3,054 465 4.0% 2.5% 19.7% 15.2% 14.8x 1.32x 8.7x 1.20x 7.9x Darden Restaurants, Inc. DRI 62.51 82.7% 8,016 1,199 858 8,357 6,905 873 7.5% (5.6%) 22.0% 12.6% 22.4x 1.21x 9.6x 1.19x 9.0x DineEquity, Inc. DIN 83.79 73.4% 1,561 1,446 106 2,902 674 255 4.0% (10.3%) 57.2% 37.8% 28.1x 4.30x 11.4x 4.36x 10.3x Red Robin Gourmet Burgers Inc. RRGB 60.56 63.7% 843 172 22 994 1,253 144 13.3% 10.0% 23.3% 11.5% 21.3x 0.79x 6.9x 0.74x 6.2x Ruby Tuesday, Inc. RT 5.08 66.4% 310 232 45 497 1,123 82 (2.1%) (4.9%) 17.2% 7.3% NM 0.44x 6.1x 0.44x 5.6x Texas Roadhouse, Inc. TXRH 35.74 87.6% 2,507 71 73 2,505 1,757 205 13.1% 12.6% 18.4% 11.7% 26.2x 1.43x 12.2x 1.28x 10.4x Mean 5.9% 1.2% 25.0% 15.2% 21.4x 1.46x 8.9x 1.42x 8.0x Median 4.0% 2.5% 19.7% 11.7% 21.8x 1.21x 8.7x 1.19x 7.9x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $14.98 63.5% $349 $15 $1 $363 $323 $42 10.2% 13.1% 24.0% 13.0% 26.5x 1.12x 8.6x 1.01x 7.5x Fogo de Chao, Inc. FOGO 14.48 53.3% 406 165 22 549 263 49 3.3% NA 31.3% 18.6% 16.1x 2.09x 11.3x 1.86x 9.1x Ruth's Hospitality Group Inc. RUTH 16.39 92.0% 574 5 3 576 368 56 32.3% (1.2%) 26.2% 15.3% 19.0x 1.57x 10.2x 1.47x 9.5x Mean 15.3% 5.9% 27.2% 15.6% 20.5x 1.59x 10.0x 1.45x 8.7x Median 10.2% 5.9% 26.2% 15.3% 19.0x 1.57x 10.2x 1.47x 9.1x Pizza Domino's Pizza, Inc. DPZ $109.76 91.7% $5,998 $1,528 $33 $7,493 $2,118 $407 10.5% 8.9% 30.3% 19.2% 33.7x 3.54x 18.4x 3.28x 16.2x Papa John's International Inc. PZZA 49.00 61.7% 1,912 239 24 2,126 1,646 170 5.5% 8.7% 24.6% 10.3% 27.1x 1.29x 12.5x 1.24x 11.5x Papa Murphy's Holdings, Inc. FRSH 11.18 49.2% 190 112 5 296 115 26 25.0% NA 47.6% 22.3% 35.6x 2.58x 11.6x 2.24x 10.5x Mean 13.6% 8.8% 34.2% 17.3% 32.2x 2.47x 14.2x 2.25x 12.7x Median 10.5% 8.8% 30.3% 19.2% 33.7x 2.58x 12.5x 2.24x 11.5x Beverage / Snack Retail DAVIDsTEA Inc. DTEA $10.73 35.8% $257 $0 $37 $221 $127 $11 12.7% NA 52.8% 8.9% NM 1.73x 19.4x 1.57x 12.0x Dunkin' Brands Group, Inc. DNKN 38.74 68.2% 3,589 2,496 325 5,761 800 399 8.3% 6.4% 80.0% 49.8% 23.3x 7.20x 14.4x 6.88x 13.4x Jamba, Inc. JMBA 12.57 74.4% 189 0 25 164 186 (2) (14.7%) (6.7%) 35.0% NM 21.8x 0.88x NM 2.49x 16.9x Krispy Kreme Doughnuts, Inc. KKD 14.58 65.3% 919 12 37 893 514 69 7.5% 7.0% 19.5% 13.4% 31.4x 1.74x 13.0x 1.63x 11.0x Starbucks Corporation SBUX 59.46 92.9% 88,286 2,383 1,611 89,058 19,163 4,297 16.5% 13.0% 31.1% 22.4% 31.8x 4.65x 20.7x 4.12x 17.0x Mean 6.1% 4.9% 43.7% 23.6% 27.1x 3.24x 16.9x 3.34x 14.1x Median 8.3% 6.7% 35.0% 17.9% 27.4x 1.74x 16.9x 2.49x 13.4x Family Restaurant Bob Evans Farms, Inc. BOBE $39.03 64.9% $815 $475 $5 $1,284 $1,336 $141 0.8% (3.7%) 36.5% 10.6% 39.9x 0.96x 9.1x 0.97x 8.5x Cracker Barrel Old Country Store, Inc. CBRL 122.97 75.8% 2,944 412 128 3,228 2,861 342 5.3% 3.1% 32.9% 12.0% 17.2x 1.13x 9.4x 1.10x 9.0x Denny's Corporation DENN 9.35 73.0% 753 172 9 917 496 89 8.3% (0.4%) 39.8% 17.9% 21.7x 1.85x 10.3x 1.81x 10.0x Luby's, Inc. LUB 4.07 68.6% 117 38 2 154 394 17 (0.1%) 4.0% 30.9% 4.4% NM 0.39x 8.8x NA NA Mean 3.6% 0.8% 35.1% 11.2% 26.3x 1.08x 9.4x 1.29x 9.2x Median 3.0% 1.3% 34.7% 11.3% 21.7x 1.04x 9.3x 1.10x 9.0x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

140 1 2 .6 % 130

120 9 .7 %

110 6 .2 %

100 (2 .6 % )

90 (5 .9 % ) 80 (2 7 .1 % ) 70 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16

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

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

GENERAL MILLS ACQUIRES EPIC PROVISIONS

. General Mills announced that it has acquired EPIC Provisions for an estimated $100 million in cash. . EPIC Provisions produces meat-based protein bars, consisting primarily of beef, Enterprise Value: $100mm bison, lamb, turkey, liver, fruit, and nuts. Revenue Multiple: 5.0x EBITDA Multiple: ND . The deal is an add-on for Annie’s, which General Mills acquired in October Announced: January 6, 2016 2014, and will help it further penetrate the natural and organic category.

TEASDALE FOODS ACQUIRES BRUCE FOODS’ MEXICAN FOOD BUSINESS

. Teasdale Foods, backed by Snow Phipps, announced that is has acquired the Casa Fiesta, Viva Mexico, and Mexene brands from Bruce Foods.

Enterprise Value: ND . The brands produce beans, peppers, salsa, and taco shells. Revenue Multiple: ND . The transaction will allow Bruce Foods to focus on other categories like EBITDA Multiple: ND marinades and seasonings. Announced: January 6, 2016

MANITOBA HARVEST ACQUIRES HEMP OIL CANADA

. Manitoba Harvest, backed by Compass Diversified Holdings, announced that it has acquired Hemp Oil Canada for approximately $31 million in cash. . Hemp Oil Canada manufactures hemp-based food products and ingredients, Enterprise Value: $31mm including oils, vegetable capsules, seeds, flours, and powders. Revenue Multiple: 2.3x EBITDA Multiple: 8.4x . The transaction provides Manitoba Harvest with further manufacturing Announced: December 15, 2015 capacity, increased presence in ingredients, and access to new customers.

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

$280 600 12.0x 11.3x 2.00x $247.7 9.9x $240 9.7x 1.75x 500

10.0x 9.2x ions Transact of Number 8.8x 8.3x 8.8x Multiple Sales LTM EV/ 1.50x $200 8.0x 8.0x 400 1.25x $160 6.0x 1.00x $120.7 300 $110.2 $120 0.75x $67.2 200

EV / EV LTMM EBI TDA ultiple 4.0x $80 0.50x $55.7

Aggregat e e Deal ($Value Aggregat inbillions) 100 2.0x $40 $24.0 0.25x $9.3 $8.2 0.0x 0.00x $0 0 2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015

EV / LTM EBITDA EV / LTM Sales Aggregate Deal Value # of deals

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

1/0/1900Announced Target 0 Cargill, IncorporatedBuyer 1/7/2016 Biodroga Inc. Neptune Technologies (TSX:NTB) 1/6/2016 EPIC Provisions LLC Annie's, Inc. 1/6/2016 Bruce Foods, Mexican Food Business Teasdale Foods Inc. 1/6/2016 Real Yorkshire Pudding Co. Limited Go2 Foods 1/1/2016 Sincerely Yogurt, Inc. Ablak Holdings, LLC 12/23/2015 Cocoa Dolce Chocolates, LLC Birds Eye Holdings, LLC 12/22/2015 Orchard House Foods Ltd. Hain Celestial UK Limited 12/22/2015 Breckenridge Holding Company Anheuser-Busch Companies, LLC 12/21/2015 Rugen Fisch AG Thai Union Group (SET:TU) 12/21/2015 Camden Town Brewery Ltd Anheuser-Busch InBev SA/NV

PRIVATE EQUITY INVESTMENTS & EXITS

70 65 65 60 46 48 50 43 38 34 36 40 32 31 27 27 26 27 25 26 30 21 17 18 20 14 10

Number ofTransactionsNumber 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Number of Investments Number of Exits

* M&A transactions include European and cross-border deals since 2015. PAGE | 11 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity7

QUARTERLY LOAN VOLUME AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

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

$10 L + 400

$8 L + 300 $6 ($ in ($in billions) L + 200 $4

Loan Loan Volume byQuarter L + 100

$2 Average Spread OverLIBOR

$0 L + 0 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 2009 2010 2011 2012 2013 2014 1Q-3Q15 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

6.0x 2011 2012 2013 2014 LTM 9/30/15 L + 1000

L + 800

4.0x L + 600

L + 400

EBITDA Multiple 2.0x

L + 200 Average Spread OverLIBOR

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

Recent Debt Offerings8

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

01/08/16 Pt Ivo Mas Tunggal Vegetable oil mills, nec USD 150 Term Loan N/A 226 01/08/16 Pt Ivo Mas Tunggal Vegetable oil mills, nec USD 150 Term Loan N/A 293 01/05/16 Hamal Signature NV Food preparations, nec EUR 159 Term Loan B N/A N/A 01/05/16 Hamal Signature NV Food preparations, nec EUR 15 Revolver/Line >= 1 Yr. N/A N/A 12/30/15 HB Grandi hf Fresh or frozen prepared fish EUR 55 Term Loan N/A N/A 12/28/15 Vedan Enterprise Corp Food preparations, nec TWD 1,200 Term Loan N/A 75 12/28/15 Vedan Enterprise Corp Food preparations, nec TWD 1,200 Term Loan N/A 75 12/26/15 Imuraya Group Co Ltd Candy/other confectionery prod'ts JPY 3,000 Revolver/Line < 1 Yr. N/A N/A 12/24/15 Murray Goulburn Fluid milk AUD 250 Revolver/Line >= 1 Yr. N/A N/A 12/24/15 Murray Goulburn Fluid milk AUD 170 Revolver/Line >= 1 Yr. N/A N/A 12/24/15 Nishi Awa Beef Co Ltd Food preparations, nec JPY 200 Term Loan N/A N/A 12/23/15 Mediterranea de Catering SL Food preparations, nec EUR 40 Term Loan N/A N/A 12/23/15 Mediterranea de Catering SL Food preparations, nec EUR 3 Revolver/Line >= 1 Yr. N/A N/A 12/23/15 Mediterranea de Catering SL Food preparations, nec EUR 3 Revolver/Term Loan N/A N/A 12/22/15 Agrarfrost GmbH & Co KG Frozen specialties, nec EUR 32 Term Loan N/A N/A

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

M&A OVERVIEW*

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

16.0x 180

15.0x 160 18 140 14.0x 120 8

13.0x 100 19 6 20 80 10 12.0x 141 10

Number of Transactions 60 5 118 M edian Trading MMTrading edian ult iple 4 7 7 7 13 8 5 7 9 11.0x 5 89 92 40 6 82 6 7 10 70 13 58 53 52 52 57 46 47 49 48 46 47 20 42 39 33 34 33 10.0x 25

0 Jul-15 Jun-15 Apr-15 Jan-15 Feb-15 Sep-15 Oct-15 Mar-15 Nov-15 Aug-15 Dec-14 Dec-15

May-15

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

Q21 5

Q31 5 Q41 5 Food Products, Processing, and Ingredients Retail and Restaurants Strategic Acquirer Private Equity Acquirer Recent Food and Beverage M&A5

EnterpriseValue Enterprise Value Private Equity Geographic Announced Target Seller Buyer ($mm) Sales EBITDA EBIT Involvement Location 1/7/2016 Biodroga Inc. - Neptune Technologies (TSX:NTB) $10.6 0.7x 5.0x - N.A. 1/6/2016 EPIC Provisions LLC - Annie's, Inc. $100.0 5.0x - - N.A. 1/6/2016 Bruce Foods, Mexican Food Business Bruce Foods Corporation Teasdale Foods Inc. ---- P N.A. 1/6/2016 Real Yorkshire Pudding Co. Limited - Go2 Foods ---- P EU 1/1/2016 Sincerely Yogurt, Inc. - Ablak Holdings, LLC ---- N.A. 12/23/2015 Cocoa Dolce Chocolates, LLC - Birds Eye Holdings, LLC ---- P N.A. 12/22/2015 Orchard House Foods Ltd. Wellness Foods Ltd. Hain Celestial UK Limited ---- EU 12/22/2015 Breckenridge Holding Company - Anheuser-Busch Companies, LLC ---- N.A. 12/21/2015 Rugen Fisch AG - Thai Union Group (SET:TU) ---- Cross Border 12/21/2015 Camden Town Brewery Ltd - Anheuser-Busch InBev SA/NV $126.5 9.4x - - EU 12/21/2015 Bix Produce Company, LLC - Norwest Equity Partners ---- P N.A. 12/19/2015 J.P.'s Shellfish, Confederation Cove Mussel - Atlantic Aqua Farms, Inc. ---- N.A. 12/18/2015 Four Peaks Brewing Company, Inc. - Anheuser-Busch Companies, LLC ---- N.A. 12/16/2015 Mozart Distillerie GmbH - Schlumberger AG (WBAG:SLBS) ---- EU 12/17/2015 Urban Fresh Foods Limited - Lotus Bakeries NV (ENXTBR:LOTB) $104.2 - - - EU 12/16/2015 Hubers Landhendl GmbH - Bell AG (SWX:BELL) ---- EU 12/16/2015 Elburn Cooperative Company, Inc. - CHS, Inc. ---- N.A. 12/16/2015 Central Roast Inc. - GreenSpace Brands (TSXV:JTR) $12.4 1.5x - - N.A. 12/15/2015 Togo's Franchised Eateries, LLC Mainsail Partners Nimes Capital, LLC ---- P N.A. 12/15/2015 Hemp Oil Canada Inc. - Fresh Hemp Foods Ltd. $30.6 2.3x 8.4x - N.A. 12/15/2015 Ensaladas Verdes S.A. - Primaflor SL ---- EU 12/14/2015 Pinkberry, Inc. Highland Capital Partners Kahala Brands, Ltd. ---- P N.A. 12/14/2015 DPI Specialty Foods Ornua Co-Operative Ltd. Arbor Private Investment Company ---- P N.A. 12/10/2015 Salad Signature NV AAC Capital Partners IK Investment Partners ---- P EU 12/10/2015 Lunch Garden SNC H2 Equity Partners B.V. Bregal Freshstream LLP ---- P EU 12/9/2015 Hopen Fisk AS - Brødrene Sperre AS ---- EU 12/8/2015 Stone Wolf Vineyards Inc. - Integrated Beverage Group LLC ---- N.A. 12/8/2015 Aquaterra Corporation Ltd. Birch Hill Equity Partners Cott Corporation (TSX:BCB) $45.9 - - - P N.A. 12/6/2015 Keurig Green Mountain, Inc. - JAB Holdings; BDT Capital Partners $14,097.9 3.1x 13.2x 17.6x P Cross Border 12/3/2015 Striped Pig Distillery, LLC - South Beach Spirits, Inc. $0.3 - - - N.A. 12/3/2015 Slaney Foods International Ltd - ABP Food Group ---- EU 12/3/2015 Le Grand Lejon SAS - Gendreau SAS ---- EU 12/2/2015 European United Bakeries S.A. - Moulins de Kleinbettingen SA ---- EU 12/2/2015 Taco Bueno Restaurants, L.P. Palladium Equity Partners TPG Growth ---- P N.A. 12/1/2015 Universal Meats (UK) Ltd - BRF Invicta Limited $50.8 - - - EU 12/1/2015 Redwood Hill Farm, LLC - Emmi AG (SWX:EMMN) ---- Cross Border 12/1/2015 Sørwi A/S FoodService Danmark A/S Delika Food Group A/S ---- EU 11/30/2015 Daloon A/S - Izico Bocholt N.V. ---- EU 11/30/2015 Beam Suntory Inc., Brandy and Sherry Business Beam Suntory Inc. Emperador Inc. (PSE:EMP) $290.5 - - - Cross Border 11/30/2015 neat foods, LLC. - Atlantic Natural Foods, LLC ---- N.A.

* M&A transactions include European and cross-border deals since 2015. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

M&A OVERVIEW*

Recent Food and Beverage M&A5

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

11/30/2015 Kalmar Lantmän Ek.För - Swedish Agro AB ---- EU 11/30/2015 The Original Cakerie, Ltd. - Gryphon Investors ---- P N.A. 11/30/2015 EARL Tour Trencavel - Les Grands Chais De France SA ---- EU 11/25/2015 Berner Food and Beverage Inc. - Peak Rock Capital ---- P N.A. 11/25/2015 French Creek Seafood Ltd. - ShangHai Kaichuang Marine $8.3 - - - Cross Border 11/25/2015 Chateau Mirefleurs Castel Chateau Co Yantai Changyu Pioneer Wine $3.9 - - - Cross Border 11/24/2015 Boulder Brands, Inc. (NasdaqGS:BDBD) - Pinnacle Foods Inc. (NYSE:PF) $967.5 1.8x 17.8x 40.5x N.A. 11/23/2015 TruSweets, LLC - Wholesome Sweeteners, Inc. ---- N.A. 11/23/2015 ABL Management, Inc. - TrustHouse Services Group, Inc. ---- N.A. 11/23/2015 Stauber Performance Ingredients, Inc. ICV Partners, LLC Hawkins Inc. (NasdaqGS:HWKN) $157.0 1.3x - - P N.A. 11/23/2015 Castro Baroña, S.L. - Terra de Asorei, A.I.E. ---- EU 11/23/2015 Conservas Martinez S.A. Marcove Alimentación S.L. Compre y Compare S.A. ---- EU 11/21/2015 Chapel Foods Limited Abbeydale Food Group Limited Genius Foods Ltd $5.3 - - - EU 11/19/2015 Suntree, LLC - Satori Capital, LLC $20.0 - - - P N.A. 11/18/2015 DairiConcepts, L.P. Fonterra Co-Operative Group Ltd. Dairy Farmers of America, Inc. $126.1 - - - N.A. 11/18/2015 Small Batch Coffee Company Limited - Risk Capital Partners Limited ---- P EU 11/18/2015 McKinley Vintners Ltd - New Generation Wines Limited ---- EU 11/17/2015 Ko-Ed Candies, Inc. - Platter's Chocolates Inc. ---- N.A. 11/17/2015 Sobraques Distribution S.A.S. - Groupe Even SCA ---- EU 11/17/2015 Spice It Up LLC - Ignyte Lab LLC ---- N.A. 11/16/2015 Farmer Brothers Co., Spice Products Division Farmer Brothers Co. Harris Spice Company Inc. $11.0 - - - N.A. 11/16/2015 Organic Meadow Inc. Organic Meadow Co-Operative Meadowfresh Dairy Corporation ---- N.A. 11/16/2015 thinkThin LLC TSG Consumer Partners Glanbia plc (ISE:GL9) $217.0 2.6x - - P Cross Border 11/16/2015 Ballast Point Brewing & Spirits, Inc. - Constellation Brands Inc. (NYSE:STZ) $1,000.0 - - - N.A. 11/16/2015 Sparkletts - DS Services of America, Inc. ---- N.A. 11/12/2015 Cigierre Compagnia Generale Ristorazione Spa L Capital Management SAS BC Partners ---- P EU 11/11/2015 MillerCoors LLC Miller Brewing Company, Inc. Molson Coors Brewing Company $12,000.0 1.6x 7.3x 8.8x N.A. 11/11/2015 SABMiller plc - Anheuser-Busch InBev SA/NV $117,400.0 7.1x 18.0x - EU 11/9/2015 Houlihan's Restaurants, Inc. Goldner Hawn York Capital Management ---- P N.A. 11/5/2015 C+C Pfeiffer GmbH Pfeiffer HandelsgmbH Transgourmet Holding AG ---- EU 11/4/2015 Epicéa SA - La Bovida SA ---- EU 11/3/2015 J. M. Smucker, Canned Milk Brands The J. M. Smucker Company Eagle Family Foods Group LLC ---- N.A. 11/2/2015 Findus Sverige AB LionGem Sweden 1 AB Nomad Foods Limited $739.5 1.0x - - Cross Border 11/2/2015 Tropics Mixology Beverage Innovations, Inc. Bevolution Group ---- N.A. 11/2/2015 Tican A/S Tican Fresh Meat A/S Tönnies Lebensmittel ---- EU 11/1/2015 Ralcorp Holdings Inc. ConAgra Foods, Inc. Treehouse Foods, Inc. $2,700.0 0.9x 9.1x - N.A. 10/31/2015 Valdycomer S.A. - Promociones Cullar S.L. ---- EU 10/31/2015 Hijos De Julio De La Vega S.L. - La Compañía ---- EU 10/31/2015 Kornicis Group Limited NBGI Private Equity Limited Isfield Investments LLP ---- P EU 10/30/2015 Intelligentsia Coffee & Tea, Inc. - Peet's Coffee & Tea, Inc. ---- N.A. 10/29/2015 Viotros S.A. Elgeka S.A. Arista S.A. ---- EU 10/27/2015 Diamond Foods, Inc. Oaktree Capital Management Snyder's-Lance, Inc. $1,929.6 2.1x 16.5x - P N.A. 10/27/2015 Izarra - Distillerie de la Côte Basque SA Rémy Cointreau SA Spirited Brands Limited ---- EU 10/27/2015 FineFrance UK Limited - Vestey Group Limited ---- EU 10/26/2015 Coolen International B.V. - Hendrix Genetics BV ---- EU 10/24/2015 Bodegas Valdivia de Cádiz S.L. Nueva Rumasa S.A. José Y Miguel Martín S.L. ---- EU 10/22/2015 Amador Distillery, LLC - ROK Drinks Ltd. ---- Cross Border 10/22/2015 Wonderfully Raw Gourmet Delights, LLC - Fresca Foods, Inc. ---- N.A. 10/21/2015 The Greene Turtle Franchising Corporation JPB Capital Partners Stone-Goff Partners ---- P N.A. 10/21/2015 SIBELL SA - Europe Snacks S.A. ---- EU 10/20/2015 Wirtz Beverage Group, LLC Wirtz Corporation The Charmer Sunbelt Group ---- N.A. 10/20/2015 Tropical Blossom Honey Co., Inc. - North Dallas Honey Company, LP ---- N.A. 10/19/2015 The SeaWolf Group LLC - The Grilled Cheese Truck, Inc. ---- N.A. 10/19/2015 Quality Meat Gothenburg AB - Gourmet Food AB ---- EU 10/16/2015 MOJO Colors Corporation - Tekweld Solutions Inc. ---- N.A. 10/16/2015 Premier Is - Mejerigaarden A/S Erhvervsinvest Management A/S Food Union ---- P EU 10/15/2015 Red Arrow Products Company LLC - Kerry Group plc ---- Cross Border 10/15/2015 Island Oasis, Inc. TSG Consumer Partners Kerry Group plc ---- P Cross Border 10/14/2015 Voortman Cookies Limited - Swander Pace Capital ---- P N.A. 10/14/2015 La Terra Fina USA, Inc. Claridge, Inc. HP Hood LLC ---- N.A. 10/13/2015 US And UK Wine Operations Diageo plc (LSE:DGE) Treasury Wine Estates Limited $600.0 - 7.9x - Cross Border 10/9/2015 Macduff Shellfish Group Change Capital Partners Clearwater Seafoods $144.5 1.8x 8.2x - P Cross Border 10/9/2015 Mill Street Brewery XDL Capital Group; HMW Capital Labatt Brewing Company Limited ---- P N.A. 10/8/2015 Grupo Ibérica de Congelados, S.A. - Portobello Capital Gestión ---- P EU 10/7/2015 Biocentury, S.L.U. Agrolimen SA Nutrition & Santé SAS ---- EU

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

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5 January 2016 Date Company 1/21/2016 Starbucks Corporation (NasdaqGS:SBUX) 1/21/2016 Luby's, Inc. (NYSE:LUB) 1/27/2016 Ingredion Incorporated (NYSE:INGR) 1/28/2016 The Hershey Company (NYSE:HSY) 1/28/2016 Ajinomoto Co., Inc. (TSE:2802)

February 2016 Date Company 2/1/2016 Sysco Corporation (NYSE:SYY) 2/1/2016 Archer-Daniels-Midland Company (NYSE:ADM) 2/2/2016 Chipotle Mexican Grill, Inc. (NYSE:CMG) 2/2/2016 Yum! Brands, Inc. (NYSE:YUM) 2/3/2016 Buffalo Wild Wings Inc. (NasdaqGS:BWLD) 2/4/2016 Kikkoman Corp. (TSE:2801) 2/5/2016 Tyson Foods, Inc. (NYSE:TSN) 2/9/2016 Panera Bread Company (NasdaqGS:PNRA) 2/9/2016 Carlsberg A/S (CPSE:CARL B) 2/9/2016 Heineken Holding NV (ENXTAM:HEIO) 2/10/2016 Molson Coors Brewing Company (NYSE:TAP) 2/10/2016 Pernod-Ricard SA (ENXTPA:RI) 2/11/2016 Treehouse Foods, Inc. (NYSE:THS) 2/16/2016 High Liner Foods Inc. (TSX:HLF) 2/17/2016 Cloetta AB (publ) (OM:CLA B) 2/17/2016 Wal-Mart Stores Inc. (NYSE:WMT) 2/17/2016 Cott Corporation (TSX:BCB) 2/18/2016 Nestlé S.A. (SWX:NESN) 2/18/2016 Koninklijke Wessanen N.V. (ENXTAM:WES) 2/22/2016 The J. M. Smucker Company (NYSE:SJM) 2/22/2016 Danone (ENXTPA:BN) 2/23/2016 Papa John's International Inc. (NasdaqGS:PZZA) 2/24/2016 Domino's Pizza, Inc. (NYSE:DPZ) 2/24/2016 Anheuser-Busch InBev SA/NV (ENXTBR:ABI) 2/25/2016 Campbell Soup Company (NYSE:CPB) 2/29/2016 Ito En, Ltd. (TSE:2593) 2/29/2016 Royal Unibrew A/S (CPSE:RBREW)

March 2016 Date Company 3/1/2016 Bonduelle SA (ENXTPA:BON) 3/2/2016 The Kroger Co. (NYSE:KR)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

OUR FIRM

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website.

Aerospace, Defense Building Products Business Consumer Energy, Power & Government & Materials Services & Infrastructure Services

Healthcare Industrials Specialty Technology, Transportation & Life Sciences Distribution Media & Telecom & Logistics

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

Boston Richmond (Headquarters) Frankfurt Two International Place 1001 Haxall Point Bockenheimer Landstrasse 33-35 24th Floor 9th Floor 60325 Frankfurt Boston, Massachusetts 02110 Richmond, Virginia 23219 Germany Phone: +1 (617) 482-7501 Phone: +1 (804) 648-0072 Phone: +49 069 3650638 00 Cleveland San Francisco London 1900 East 9th Street 575 Market Street 63 Brook Street 20th Floor 31st Floor London W1K 4HS, England Cleveland, Ohio 44114 San Francisco, California 94105 Phone: +44 (0) 20 7518 8900 Phone: +1 (216) 689-2400 Phone: +1 (415) 288-4260 Minneapolis 222 South 9th Street Suite 3350 NETWORK OFFICES Minneapolis, Minnesota 55402 Phone: +1 (612) 359-2700 Beijing New Delhi Hong Kong Shanghai Mumbai

PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2016

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

DISCLOSURES

Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

PAGE | 17