Food and Beverage

FOOD AND BEVERAGE

INDUSTRY UPDATE │ FEBRUARY 2018

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 07078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

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 │ FEBRUARY 2018

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW The food & beverage M&A market remains active through February, with several . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY notable transactions. Keurig Green Mountain Inc, a subsidiary of Acorn Holdings . EARNINGS CALENDAR

BV, entered into a definitive agreement to acquire Dr Pepper Snapple Group for GROUP OVERVIEW Harris Williams & Co. is a leading $25 billion. The acquisition allows Dr. Pepper Snapple to continue broadening its advisor to the food and beverage market. Our significant portfolio of beverage brands. General Mills announced its acquisition of Blue experience covers a broad range of end markets, industries, and business models. This particular Buffalo Pet Products for $8 billion. This is General Mills’ first acquisition in the pet report focuses on trends and metrics in the following areas: food space. . Agribusiness . Bakery HAT E VE EEN OING . Beverages W W ’ B D . Branded and Private Label . Dairy CLOSED HW&CO. TRANSACTIONS . Distribution . Ingredients . Meat and Protein . Natural and Organic . Processing a portfolio company of Established the Burgar King UK . Produce a portfolio company of Mater Franchise . Restaurant and Retail has been acquired by . Snacks has been acquired by has been acquired by has been acquired by A Family office CONTACTS investor Tim Alexander Managing Director [email protected] +1 (612) 359-2716 Ryan Budlong The Soup & Infant Feeding Business of Managing Director [email protected] a division of a portfolio company of a partnership of +1 (415) 217-3409 Brant Cash PizzaRev & a portfolio company of Founders Director has been acquired by has been acquired by [email protected] has been acquired by +1 (612) 359-2709 has been acquired by Ryan Freeman Director [email protected] +1 (612) 359-2703 Andy Warczak Vice President [email protected] +1 (612) 359-2714 a portfolio company of a portfolio company of a portfolio company of a portfolio company of Brant Wilczek and Vice President

has been acquired by has been acquired by has been acquired by has been acquired by [email protected] +1 (612) 359-2732

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

WHAT WE’VE BEEN READING

FOUR IN 10 AMERICANS WILLING TO EAT LAB-GROWN MEAT As demand for alternative protein sources continues to increase, 4 in 10 Americans say they are willing to eat lab- grown or “cultured” meat. While non-GMO and natural trends continue to shape American dietary habits, a growing portion of the population is turning to lab-grown proteins that can be produced with fewer inputs than are requited for raising traditional livestock.

Access the full article here.

HUNGRY FOR GROWTH: FOOD COMPANIES KEEP M&A ON THE MENU IN 2018

Food manufacturers, struggling with slowing demand and rapidly changing consumer tastes, will make acquisitions a major part of their business plans in 2018 as they jump-start growth and give their companies a bigger stake in popular trends. "This is a big part of our strategy and will continue to be," Sean Connolly, CEO of Conagra brands, told analysts. "M&A provides upside. When it comes to acquisitions, the key, of course, is [finding] that proper balance between being aggressive and being disciplined.“

Access the full article here.

SNACK FOOD DEMAND ON THE RISE US snack food demand is forecast to total $93.2 billion in 2022. Demand for chocolate confections is projected to remain the largest of any segment through 2022. Demand for nuts and seeds is expected to grow the fastest of all segments through 2022, as consumers become increasingly health-conscious.

Access the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES4

120 Soybeans: 100 (27.8%) 80 Wheat: 60 (28.5%) 40 Crude Oil: (39.7%) 20 Corn:

Commodity PriceIndex Commodity Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 (47.7%) Crude Oil Soybeans Wheat Corn

PROTEIN PRICE INDICES1,2

130 Beef: 120 12.3% 110 Pork 100 (6.2%)

90 Poultry: (11.4%) Protein PriceIndexProtein 80 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES3

140 R e s t aur ant : 130 25. 3% 120 G r o c e r y : 110 10. 5% 100 SalesIndex 90 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION1

4.0

3.0

2.0

1.0

Inflation(%) -

(1.0) Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS4

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 (10.5%) 16.4% (13.6%) (3.9%) 11.6x 12.5x 7.1x 3.2x Fruit and Vegetable (3.5%) 12.2% 9.6% 49.0% 17.4x 21.2x 16.6x 1.0x Ingredients / Flavors (7.1%) 9.5% (1.5%) 11.8% 21.7x 27.4x 16.4x 1.6x Inputs Agribusiness 9.9% (7.2%) 7.5% 8.6% 18.1x 22.8x 14.1x 3.3x Branded Processed Foods (8.7%) (8.7%) (5.7%) (7.6%) 16.9x 18.5x 11.8x 2.7x Private Label Foods and Beverages (10.9%) 7.9% (11.6%) (9.5%) 19.4x 25.2x 11.8x 4.5x Natural / Organic Foods / BFY (9.3%) 16.5% (20.4%) (20.2%) 23.7x 36.9x 16.8x 4.8x Baked Goods (5.4%) (3.3%) 3.1% (1.9%) 18.9x 28.1x 11.1x 2.5x Dairy (6.1%) 4.0% 2.8% 11.7% 17.7x 17.4x 14.3x 1.3x Non-Alcoholic Beverages (5.4%) 23.3% 16.4% 30.4% 21.2x 27.6x 14.8x 2.8x Alcoholic Beverages 1.7% 38.8% 6.3% 6.9% 21.4x 23.4x 16.3x 2.9x Food and BeverageFood and Snacks (3.8%) 1.6% (2.3%) (4.7%) 18.7x 24.9x 14.4x 2.4x Grocery Distribution (12.9%) (22.8%) (4.7%) (3.0%) 14.3x 18.5x 9.2x 3.4x Food Retail 5.4% (10.8%) 14.5% (11.7%) 12.7x 16.3x 6.8x 1.7x Foodservice 8.6% 17.7% 6.3% 1.8% 17.1x 26.5x 12.1x 4.2x Quick Service Restaurant (3.7%) 4.8% (7.7%) 1.7% 21.0x 21.1x 13.3x 4.1x Fast Casual (2.1%) (12.0%) 7.8% (21.7%) 45.7x 47.5x 13.2x 1.8x Differentiated Casual 5.0% (10.7%) 19.7% (14.2%) 20.2x 19.1x 9.0x 0.9x Casual Dining Restaurant 11.4% 30.3% 8.4% 5.3% 16.9x 23.6x 10.2x 2.5x Fine Dining 28.4% 13.9% 17.6% 18.1% 18.7x 25.6x 10.2x 2.1x

Consumer and Retail and Consumer Pizza 4.2% 15.8% (9.0%) 12.1% 23.4x 29.7x 12.8x 5.2x Beverage / Snack Retail (1.1%) (6.1%) (4.4%) (9.8%) 21.5x 17.0x 14.3x 2.2x Family Restaurant 1.5% (3.7%) (0.7%) (2.8%) 19.6x 21.4x 10.2x 2.1x Overall Median (2.3%) 4.8% 0.5% (1.4%) 18.9x 21.7x 12.3x 2.5x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

PUBLIC EQUITY MARKET OVERVIEW

PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)4

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

(35.0%) (25.0%) (15.0%) (5.0%) 5.0% 15.0% 25.0% 35.0% 45.0%

Inputs Food and Beverage Consumer and Retail

RECENT EQUITY OFFERINGS5

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type Use of Funds ($mm) Secondary 2/14/18 02/14/18 Reed's Inc REED Follow-On - Pay Fees & Expenses Secondary 2/6/18 02/06/18 Simply Good Foods Co SMPL Follow-On $112.8 Pay Fees & Expenses

1/31/18 12/13/17 Ipic Entertainment Inc IPIC IPO $15.1 General Corp. Purp.

General Corp. Purp. 1/26/18 01/26/18 Naturally Splendid Enterprises Ltd. NSP Follow-On $2.6 Prod Dev / R&D Working Capital General Corp. Purp. 1/19/18 09/25/17 Feronia Inc FRN Follow-On $19.8 Working Capital General Corp. Purp. 1/17/18 01/17/18 Tal Consolidated Inc TCL IPO - Reduce Indebtedness Secondary 1/3/18 01/03/18 Success Entertainment Group Int. SEGN Follow-On $59.2 Pay Fees & Expenses

General Corp. Purp. 12/18/17 12/14/17 The Chefs' Warehouse Inc CHEF Follow-On $34.2 Working Capital Pay Fees & Expenses

12/13/17 12/13/17 Ipic Entertainment Inc IPIC IPO $40.1 General Corp. Purp.

General Corp. Purp. 12/6/17 10/20/17 Reed's Inc REED Follow-On $14.0 Reduce Indebtedness Marketing & Sales Secondary 12/4/17 12/04/17 Performance Food Group Co PFGC Follow-On $188.2 Pay Fees & Expenses General Corp. Purp. 11/23/17 11/16/17 Naturally Splendid Enterprises Ltd. NSP Follow-On $1.2 Working Capital

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

PUBLIC COMPARABLES4

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2018E ($ in millions, except per share data) Ticker 3/2/18 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage Branded Processed Foods Associated British Foods PLC ABF-GB $35.90 80.1% $28,082 $27,171 $19,453 $2,345 2.3% (3.2%) 8.2% 12.1% 17.1x 1.40x 11.6x 1.32x 10.7x B&G Foods, Inc. BGS 29.53 68.5% 1,832 3,843 1,668 326 19.9% 25.3% 20.4% 19.5% 8.5x 2.30x 11.8x 2.30x 11.5x Campbell Soup Company CPB 42.12 70.3% 12,710 16,616 7,858 2,015 (0.9%) (1.9%) 35.1% 25.6% 12.1x 2.11x 8.2x 2.10x 9.4x Conagra Brands, Inc. CAG 36.89 88.6% 14,584 18,117 7,821 1,402 15.7% (19.1%) 30.3% 17.9% 21.7x 2.32x 12.9x 2.31x 12.0x General Mills, Inc. GIS 50.93 83.0% 28,777 38,694 15,568 3,214 (2.4%) (4.1%) 34.5% 20.6% 18.5x 2.49x 12.0x 2.47x 11.3x Hormel Foods Corp. HRL 32.66 85.9% 17,137 17,631 9,219 1,316 (3.1%) (0.9%) 21.5% 14.3% 19.0x 1.91x 13.4x 1.90x 12.4x Kellogg Company K 67.66 89.8% 23,134 31,484 12,929 4,108 (0.7%) (3.9%) 42.3% 31.8% 18.5x 2.44x 7.7x 2.44x 12.1x McCormick & Company, Inc. MKC 108.33 98.8% 14,006 18,857 4,834 912 9.6% 4.4% 45.9% 18.9% 28.7x 3.90x 20.7x 3.86x 20.3x Nestle S.A. NESN-CH 78.36 87.3% 244,405 263,817 91,227 18,266 0.5% (3.0%) 49.7% 20.0% 32.1x 2.89x 14.4x 2.71x 14.5x Pinnacle Foods, Inc. PF 56.16 84.2% 6,509 9,222 3,144 677 0.5% 6.7% 30.7% 21.5% 12.3x 2.93x 13.6x 2.93x 13.3x Post Holdings, Inc. POST 77.61 87.2% 5,236 10,833 5,409 1,045 NM 19.3% 28.5% 19.3% 25.9x 2.00x 10.4x 1.98x 10.3x Hershey Company HSY 98.80 84.8% 14,657 17,213 7,515 1,806 1.0% 0.4% 43.8% 24.0% 26.7x 2.29x 9.5x 2.29x 9.5x J. M. Smucker Company SJM 128.67 90.9% 14,414 19,170 7,360 1,664 (0.8%) 10.3% 36.0% 22.6% 11.4x 2.60x 11.5x 2.59x 11.5x Mean 3.5% 2.3% 32.8% 20.6% 19.4x 2.43x 12.1x 2.40x 12.2x Median 0.5% (0.9%) 34.5% 20.0% 18.5x 2.32x 11.8x 2.31x 11.5x Private Label Foods and Beverages Cott Corp. BCB-CA $15.81 89.1% $2,181 $3,644 $3,851 $421 116.0% 23.5% 50.4% 10.9% NA 0.95x 8.7x 1.61x 11.3x Lamb Weston Holdings, Inc. LW-US 55.33 90.9% 7,960 10,427 3,243 696 5.5% NA 25.5% 21.5% 25.2x 3.22x 15.0x 3.19x 13.9x Seneca Foods Corp. SENEA 29.60 75.4% 286 732 1,315 43 2.5% 0.3% 8.1% 3.2% NM 0.56x 17.1x NA NA TreeHouse Foods, Inc. THS 39.54 43.7% 2,134 4,530 6,307 600 2.0% 28.9% 15.6% 9.5% NA 0.72x 7.6x 0.72x 7.4x Mean 31.5% 17.6% 24.9% 11.3% 25.2x 1.36x 12.1x 1.84x 10.9x Median 4.0% 23.5% 20.5% 10.2% 25.2x 0.83x 11.8x 1.61x 11.3x Natural / Organic Foods / Better-For-You Hain Celestial Group, Inc. HAIN $34.82 76.3% $3,543 $4,170 $2,915 $258 0.7% 5.7% 18.0% 8.9% 36.9x 1.43x 16.1x 1.43x 13.7x The Simply Good Foods Company SMPL 13.55 84.6% 953 1,213 503 72 NA NA 47.7% 14.3% NA 2.41x 16.9x 3.01x 17.8x SunOpta Inc. SOY-CA 7.09 69.5% 602 1,063 1,280 63 (5.0%) 1.0% 8.9% 4.9% NA 0.83x 16.8x 0.83x 16.8x Mean (2.2%) 3.3% 24.9% 9.4% 36.9x 1.56x 16.6x 1.75x 16.1x Median (2.2%) 3.3% 18.0% 8.9% 36.9x 1.43x 16.8x 1.43x 16.8x Baked Goods Aryzta AG ARYN-CH $23.60 59.3% $2,200 $5,088 $4,152 $460 (3.6%) (3.5%) 27.1% 11.1% NA 1.23x 11.1x 1.15x 11.1x Flowers Foods, Inc. FLO 20.82 97.0% 4,311 5,128 3,921 384 (0.2%) 1.5% 44.1% 9.8% 28.8x 1.31x 13.4x 1.31x 11.4x George Weston Limited WN-CA 80.70 86.4% 10,330 24,388 36,899 3,627 (21.4%) (0.0%) 29.5% 9.8% 17.2x 0.66x 6.7x 0.63x 7.1x Grupo Bimbo SAB de CV BIMBOA-MX 2.27 84.5% 10,994 15,607 14,150 1,604 4.9% 0.2% 52.8% 11.3% 45.0x 1.10x 9.7x 1.08x 10.8x Lancaster Colony Corp. LANC 119.51 88.0% 3,245 3,066 1,202 201 1.0% 6.9% 25.9% 16.7% 27.4x 2.55x 15.3x 2.55x 14.3x Mean (3.8%) 1.0% 35.9% 11.7% 29.6x 1.37x 11.2x 1.34x 11.0x Median (0.2%) 0.2% 29.5% 11.1% 28.1x 1.23x 11.1x 1.15x 11.1x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

PUBLIC COMPARABLES4

Dairy Danone SA BN-FR $78.50 89.0% $53,290 $71,769 $27,834 $4,757 14.7% (0.3%) NA 17.1% 16.6x 2.58x 15.1x 2.34x 12.8x Dean Foods Company DF 8.98 44.7% 800 1,697 7,795 322 1.1% (6.4%) 22.8% 4.1% 13.6x 0.22x 5.3x 0.22x 5.1x Emmi AG EMMN-CH 749.51 93.8% 4,005 4,412 3,295 354 (0.5%) (3.9%) 18.1% 10.8% 26.1x 1.34x 12.5x 1.28x 12.8x Glanbia PLC GL9-IE 17.73 84.0% 5,192 5,631 2,692 374 9.1% (7.2%) 22.5% 13.9% 18.0x 2.09x 15.1x 1.91x 13.8x Lifeway Foods, Inc. LWAY 6.70 58.2% 106 106 123 7 (0.3%) 2.2% 26.6% 5.6% 55.3x 0.86x 15.3x 0.87x NA Parmalat S.p.A. PLT-IT 3.64 92.5% 6,733 7,009 7,388 466 3.8% 1.3% 18.1% 6.3% NM 0.95x 15.1x 0.83x 12.6x Saputo Inc. SAP-CA 31.13 84.3% 12,032 13,366 8,856 986 5.3% (2.7%) 16.9% 11.1% 17.4x 1.51x 13.6x 1.49x 13.0x Savencia SA SAVE-FR 102.67 98.0% 1,412 1,945 5,106 262 5.7% (5.6%) 4.3% 5.1% 8.5x 0.38x 7.4x 0.33x 5.3x Mean 4.9% (2.8%) 18.5% 9.3% 22.2x 1.24x 12.4x 1.16x 10.8x Median 4.5% (3.3%) 18.1% 8.5% 17.4x 1.14x 14.3x 1.07x 12.8x Non-Alcoholic Beverages A.G. BARR PLC BAG-GB $8.84 92.4% $1,022 $1,011 $339 $68 (8.7%) (7.6%) 45.6% 20.1% 21.7x 2.98x 14.8x 2.76x 14.1x Cott Corp. BCB-CA 15.81 89.1% 2,181 3,644 3,851 421 116.0% 23.5% 50.4% 10.9% NA 0.95x 8.7x 1.61x 11.3x Dr Pepper Snapple Group, Inc. DPS 116.13 91.7% 20,929 25,297 6,690 1,573 3.9% 3.0% 57.9% 23.5% 19.8x 3.78x 16.1x 3.78x 16.2x Lassonde Industries, Inc. LAS.A 192.67 92.8% 622 805 1,150 131 0.8% 3.7% 27.9% 11.4% 23.1x 0.70x 6.1x 0.67x 5.8x Monster Beverage Corp. MNST 54.01 76.9% 30,705 29,503 3,369 NA 10.7% 11.0% 62.1% NA 38.2x 8.76x NA 8.76x 23.0x National Beverage Corp. FIZZ 96.36 74.2% 4,492 4,364 911 117 19.7% 12.5% 33.3% 12.9% 36.0x 4.79x 37.3x 4.68x 21.0x PepsiCo, Inc. PEP 109.26 89.2% 153,762 173,625 63,525 12,900 1.2% (1.6%) 53.8% 20.3% 32.0x 2.73x 13.5x 2.73x 13.2x Coca-Cola Company KO 43.69 89.9% 185,268 214,183 35,410 8,761 (14.4%) (8.4%) 59.8% 24.7% NM 6.05x 24.4x 6.05x 19.5x Mean 16.1% 4.5% 48.9% 17.7% 28.5x 3.84x 17.3x 3.88x 15.5x Median 2.5% 3.4% 52.1% 20.1% 27.6x 3.38x 14.8x 3.27x 15.1x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $109.27 86.4% $184,415 $304,183 $52,415 $18,675 23.9% 6.7% 60.6% 35.6% 47.9x 5.80x 16.3x 5.39x 13.7x Brown-Forman Corp. BF.B 56.22 99.0% 26,335 28,327 3,115 1,047 4.6% 0.8% 66.5% 33.6% 36.0x 9.09x 27.1x 8.97x 25.1x Carlsberg A/S CARL.B-DK 121.54 92.8% 18,487 22,248 9,372 1,980 0.7% (6.5%) 51.1% 21.1% NM 2.37x 11.2x 2.18x 10.0x Constellation Brands, Inc. STZ 220.00 95.9% 42,047 51,258 7,447 2,763 2.8% 7.7% 50.5% 37.1% 26.0x 6.88x 18.6x 6.80x 18.8x Diageo PLC DGE-GB 32.80 88.2% 82,033 96,575 15,685 5,239 3.6% (2.4%) 62.6% 33.4% 19.0x 6.16x 18.4x 6.00x 17.8x Heineken NV HEIA-NL 103.78 91.0% 59,963 77,100 24,688 5,504 7.3% (1.1%) 13.8% 22.3% 25.2x 3.12x 14.0x 2.87x 12.0x Kirin Holdings Company, Limited 2503-JP 25.82 97.2% 23,382 23,757 1,864 2,563 (90.2%) (55.2%) NA 137.5% 10.3x 12.75x 1.35x 1.35x 9.3x Pernod Ricard SA RI-FR 160.59 95.7% 43,040 52,096 10,247 3,049 5.5% (1.1%) 62.9% 29.8% 21.7x 5.08x 17.1x 4.84x 16.7x Sapporo Holdings Limited 2501-JP 28.15 87.0% 2,219 4,294 4,919 397 (1.4%) 0.1% 33.9% 8.1% 21.4x 0.87x 10.8x 0.83x 10.2x Mean (4.8%) (5.7%) 50.3% 39.8% 25.9x 5.79x 15.0x 4.36x 14.8x Median 3.6% (1.1%) 55.8% 33.4% 23.4x 5.80x 16.3x 4.84x 13.7x Snacks J & J Snack Foods Corp. JJSF $137.51 87.4% $2,512 $2,383 $1,124 $165 12.9% 6.6% 27.6% 14.7% 24.9x 2.12x 14.4x 2.16x 14.7x John B. Sanfilippo & Son, Inc. JBSS 58.10 77.8% 502 570 849 68 (7.6%) 0.6% 14.5% 8.0% 21.0x 0.67x 8.4x 0.67x NA Mondelez International, Inc. MDLZ 44.49 94.2% 64,877 81,848 25,896 5,268 (0.1%) (8.9%) 38.0% 20.3% 23.2x 3.16x 15.5x 3.19x 16.2x PepsiCo, Inc. PEP 109.26 89.2% 153,762 173,625 63,525 12,900 1.2% (1.6%) 53.8% 20.3% 32.0x 2.73x 13.5x 2.73x 13.2x Snyder's-Lance, Inc. LNCE 49.93 98.5% 4,903 5,979 2,227 255 5.6% 11.2% 36.1% 11.4% 33.7x 2.68x 23.5x 2.68x 20.4x Mean 2.4% 1.6% 34.0% 15.0% 27.0x 2.27x 15.0x 2.29x 16.1x Median 1.2% 0.6% 36.1% 14.7% 24.9x 2.68x 14.4x 2.68x 15.5x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

PUBLIC COMPARABLES4

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $43.53 86.4% $1,865 $1,666 $1,205 $30 (3.3%) (7.1%) 22.8% 2.5% NA 1.38x NM 1.32x 23.3x JBS S.A. JBSS3-BR 3.07 78.8% 8,339 23,264 50,660 3,575 6.5% 0.8% 16.7% 7.1% 15.4x 0.46x 6.5x 0.48x 5.9x Sanderson Farms, Inc. SAFM 120.98 68.6% 2,806 2,417 3,426 515 18.2% 6.2% 9.0% 15.0% 9.2x 0.71x 4.7x 0.72x 4.7x Seaboard Corp. SEB 4,046.00 86.3% 4,755 3,771 5,809 366 8.0% (3.5%) 9.0% 6.3% 19.2x 0.65x 10.3x NA NA Tyson Foods, Inc. TSN 73.62 87.0% 21,850 31,260 39,238 4,095 6.2% (0.3%) 14.4% 10.4% 9.5x 0.80x 7.6x 0.80x 7.6x Mean 7.1% (0.8%) 14.4% 8.3% 13.3x 0.80x 7.3x 0.83x 10.4x Median 6.5% (0.3%) 14.4% 7.1% 12.5x 0.71x 7.1x 0.76x 6.7x Fruit and Vegetable Calavo Growers, Inc. CVGW $84.35 92.8% $1,475 $1,490 $1,076 $69 15.0% 11.2% 11.4% 6.4% 39.5x 1.39x 21.6x 1.34x 20.7x Fresh Del Monte Produce Inc. FDP 47.29 76.3% 2,298 2,654 4,085 237 2.0% 1.4% 5.2% 5.8% 19.7x 0.65x 11.2x 0.65x 11.2x Seneca Foods Corp. SENEA 29.60 75.4% 286 732 1,315 43 2.5% 0.3% 8.1% 3.2% NM 0.56x 17.1x NA NA Total Produce PLC T7O-IE 2.89 90.3% 1,110 1,369 3,638 86 8.1% 1.2% 13.1% 2.4% 21.2x 0.38x 16.0x 0.29x 12.6x Mean 6.9% 3.5% 9.5% 4.5% 26.8x 0.74x 16.5x 0.76x 14.8x Median 5.3% 1.3% 9.7% 4.5% 21.2x 0.60x 16.6x 0.65x 12.6x Ingredients / Flavors Givaudan SA GIVN-CH $2,243.19 91.8% $20,893 $21,977 $5,132 $1,080 8.4% 2.2% 41.9% 21.0% 27.4x 4.28x 20.3x 4.07x 18.2x Ingredion Inc. INGR 131.16 89.7% 9,315 10,601 5,831 1,085 2.2% 0.9% 25.3% 18.6% 18.3x 1.82x 9.8x 1.82x 9.7x International Flavors & Fragrances Inc. IFF 138.14 87.8% 10,922 12,198 3,399 744 9.1% 3.2% 40.0% 21.9% 37.3x 3.59x 16.4x 3.59x 16.1x Kerry Group PLC KRZ-IE 100.52 88.0% 17,520 19,211 7,228 1,032 6.6% (1.8%) 12.9% 14.3% 24.5x 2.66x 18.6x 2.43x 17.0x Sensient Technologies Corp. SXT 71.65 84.3% 3,069 3,664 1,362 253 (1.5%) (2.0%) 34.1% 18.6% 35.0x 2.69x 14.5x 2.69x 13.9x Symrise AG SY1-DE 79.06 89.5% 10,358 11,938 3,211 680 11.3% 9.7% 40.7% 21.2% 33.6x 3.72x 17.6x 3.30x 15.6x Tate & Lyle PLC TATE-GB 7.63 73.8% 3,571 4,006 3,586 575 0.9% (3.9%) 11.9% 16.0% 10.3x 1.12x 7.0x 1.09x 7.0x Mean 5.3% 1.2% 29.5% 18.8% 26.6x 2.84x 14.9x 2.71x 13.9x Median 6.6% 0.9% 34.1% 18.6% 27.4x 2.69x 16.4x 2.69x 15.6x Agribusiness Andersons, Inc. ANDE $35.50 88.2% $1,002 $1,465 $3,686 $123 (6.1%) (6.2%) 7.4% 3.3% 23.6x 0.40x 11.9x 0.40x 10.7x Archer-Daniels-Midland Company ADM 42.21 90.6% 23,069 29,371 60,848 2,069 (2.5%) (9.2%) 5.8% 3.4% 14.8x 0.48x 14.2x 0.48x 10.0x Bunge Limited BG 75.14 89.7% 10,690 13,969 45,794 400 7.3% (7.1%) 3.4% 0.9% NM 0.31x 34.9x 0.31x 12.8x CF Industries Holdings, Inc. CF 41.98 94.4% 9,715 16,677 4,130 1,182 12.1% (4.5%) 13.9% 28.6% 27.2x 4.04x 14.1x 4.04x 16.4x Darling Ingredients Inc. DAR 17.90 91.8% 2,896 4,586 3,663 428 8.0% (2.5%) 12.2% 11.7% 22.8x 1.25x 10.7x 1.25x 10.4x Monsanto Company MON 122.79 98.9% 54,179 59,207 14,647 4,092 5.2% (2.0%) 49.9% 27.9% 22.7x 4.04x 14.5x 3.99x 14.0x Mosaic Company MOS 26.78 85.9% 10,155 13,250 7,409 1,189 3.4% (6.5%) 14.2% 16.0% NA 1.79x 11.1x 1.79x 11.3x Mean 3.9% (5.4%) 15.3% 13.1% 22.2x 1.76x 15.9x 1.75x 12.2x Median 5.2% (6.2%) 12.2% 11.7% 22.8x 1.25x 14.1x 1.25x 11.3x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $90.00 78.3% $62 $77 $1,280 $7 (0.2%) 0.9% 5.6% 0.6% 18.5x 0.06x 10.3x NA NA Core-Mark Holding Company, Inc. CORE 20.63 53.8% 934 1,406 15,688 94 8.0% 15.1% 5.1% 0.6% 28.1x 0.09x 15.0x 0.09x 10.4x Performance Food Group Company PFGC 31.73 90.0% 3,224 4,627 17,340 361 13.6% 8.2% 12.6% 2.1% 19.9x 0.27x 12.8x 0.27x 11.3x SpartanNash Company SPTN 18.39 48.6% 611 1,382 8,128 236 5.1% 0.9% 12.3% 2.9% NA 0.17x 5.8x 0.17x 5.8x SUPERVALU Inc. SVU 15.39 49.2% 565 2,428 14,649 455 64.7% (5.6%) 9.2% 3.1% 16.8x 0.17x 5.3x 0.16x 5.1x United Natural Foods, Inc. UNFI 43.27 82.1% 2,169 2,595 9,454 321 9.0% 9.6% 14.9% 3.4% 16.7x 0.27x 8.1x 0.27x 7.9x Mean 16.7% 4.9% 9.9% 2.1% 20.0x 0.17x 9.6x 0.19x 8.1x Median 8.5% 4.6% 10.7% 2.5% 18.5x 0.17x 9.2x 0.17x 7.9x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

PUBLIC COMPARABLES4

Food Retail Costco Wholesale Corp. COST $189.67 94.9% $83,004 $82,875 $132,735 $5,430 11.0% 5.1% 13.2% 4.1% 30.1x 0.62x 15.3x 0.63x 14.8x Ingles Markets, Inc. IMKTA 33.10 69.0% 467 1,343 4,034 237 5.4% 1.5% 24.1% 5.9% 7.9x 0.33x 5.7x 0.34x 5.7x J Sainsbury PLC SBRY-GB 3.48 75.8% 7,709 9,250 35,808 1,316 6.6% (3.4%) 6.6% 3.7% 23.8x 0.26x 7.0x 0.25x 5.0x Kroger Co. KR 27.35 87.0% 24,202 37,510 119,242 5,536 4.7% 3.9% 20.3% 4.6% 16.3x 0.31x 6.8x 0.31x 6.4x Natural Grocers by Vitamin Cottage NGVC 7.25 58.5% 157 211 788 42 9.2% 13.0% 22.7% 5.3% 15.6x 0.27x 5.0x 0.27x 4.9x Royal Ahold Delhaize N.V. AD-NL 22.62 97.0% 28,091 31,450 54,973 4,242 NM NM 29.8% 7.7% 12.8x 0.57x 7.4x 0.41x 6.1x Sprouts Farmers Markets, Inc. SFM 25.64 90.6% 3,437 3,900 4,665 325 15.3% 16.3% 26.1% 7.0% 22.5x 0.84x 12.0x 0.84x 12.1x SUPERVALU Inc. SVU 15.39 49.2% 565 2,428 14,649 455 64.7% (5.6%) 9.2% 3.1% 16.8x 0.17x 5.3x 0.16x 5.1x Tesco PLC TSCO-GB 2.78 92.1% 23,496 29,243 71,985 3,446 (7.5%) (9.8%) 5.6% 4.8% 38.3x 0.41x 8.5x 0.38x 7.7x Village Super Market, Inc. VLGEA 24.09 81.1% 237 4 1,601 63 (2.1%) 1.3% 25.3% 4.0% 16.1x 0.00x 0.1x NA NA Weis Markets, Inc. WMK 38.56 61.3% 1,016 993 3,508 166 19.1% 8.5% 23.6% 4.7% 13.4x 0.28x 6.0x NA NA Mean 12.6% 3.1% 18.8% 5.0% 19.4x 0.37x 7.2x 0.40x 7.5x Median 7.9% 2.7% 22.7% 4.7% 16.3x 0.31x 6.8x 0.34x 6.1x

Foodservice Chefs' Warehouse, Inc. CHEF $23.05 88.9% $648 $924 $1,302 $62 9.1% 15.9% 25.8% 4.7% 43.4x 0.71x 15.0x 0.71x 14.0x Colabor Group Inc. GCL-CA 0.49 50.9% 48 138 1,017 19 (3.8%) (7.8%) 0.9% 1.9% NA 0.14x 7.3x 0.13x 7.1x Sysco Corp. SYY 59.64 92.8% 31,033 38,960 57,007 3,072 7.4% 5.8% 18.7% 5.4% 26.5x 0.68x 12.7x 0.68x 12.1x US Foods Holdings Corp. USFD-US 33.76 99.6% 7,229 10,867 24,147 951 5.4% 1.6% 17.9% 3.9% 17.1x 0.45x 11.4x 0.45x 10.4x Mean 4.3% 4.6% 15.1% 4.0% 29.0x 0.49x 11.59x 0.49x 10.89x Median 7.4% 5.8% 18.7% 4.7% 26.5x 0.57x 12.05x 0.57x 11.22x Quick Service Restaurant Bojangles, Inc. BOJA $13.53 60.5% $485 $639 $539 $73 3.4% NA 15.4% 13.6% 15.2x 1.19x 8.7x 1.17x 9.4x Jack in the Box Inc. JACK 91.99 81.4% 2,689 3,790 1,495 337 0.9% (0.2%) 34.2% 22.5% 24.6x 2.53x 11.2x 2.74x 12.0x McDonald's Corp. MCD 148.39 83.0% 124,122 151,194 22,820 9,753 (7.3%) (6.0%) 49.9% 42.7% 24.4x 6.63x 15.5x 6.63x 14.6x Restaurant Brands International Inc. QSR 57.34 83.2% 14,225 28,682 4,576 2,154 10.4% 56.3% 50.5% 47.1% 35.3x 6.27x 13.3x 6.27x 13.4x Sonic Corp. SONC 25.12 83.6% 970 1,617 453 146 (23.2%) (7.1%) 39.8% 32.2% 17.0x 3.57x 11.1x 3.45x 10.8x Wendy's Company WEN 16.17 91.6% 3,826 6,314 1,223 414 (14.8%) (15.1%) 40.2% 33.8% 20.8x 5.16x 15.3x 5.16x 16.2x Yum! Brands, Inc. YUM 80.36 92.4% 26,501 34,582 5,878 1,959 (7.5%) NM 48.8% 33.3% 21.1x 5.88x 17.7x 5.88x 17.2x Mean (5.5%) 5.6% 39.8% 32.2% 22.6x 4.46x 13.3x 4.47x 13.4x Median (7.3%) (6.0%) 40.2% 33.3% 21.1x 5.16x 13.3x 5.16x 13.4x

Fast Casual Chipotle Mexican Grill, Inc. CMG $320.62 64.3% $8,749 $8,240 $4,476 $476 14.7% 2.9% 11.1% 10.6% 51.9x 1.84x 17.3x 1.84x 17.6x El Pollo Loco Holdings Inc. LOCO 9.55 64.3% 379 457 399 58 6.7% NA 17.9% 14.4% 43.9x 1.15x 7.9x 1.14x 7.7x Fiesta Restaurant Group, Inc. FRGI 18.00 71.0% 449 522 669 63 (6.0%) 3.1% 13.2% 9.4% NM 0.78x 8.3x 0.78x 7.9x Habit Restaurants, Inc. HABT 9.15 46.3% 187 199 332 30 16.9% 23.8% 11.2% 9.0% NM 0.60x 6.7x 0.60x 6.7x Noodles & Co. NDLS 6.85 98.6% 255 317 473 16 (0.4%) 7.0% 11.1% 3.3% NM 0.67x 20.2x 0.70x 11.8x Potbelly Corp. PBPB 13.20 92.4% 318 293 428 36 5.2% 9.4% 12.4% 8.4% NM 0.68x 8.1x 0.68x 7.7x Shake Shack, Inc. SHAK 39.60 83.6% 1,538 1,523 359 66 33.6% 44.7% 21.2% 18.3% NM 4.24x 23.2x 4.24x 27.1x Wingstop, Inc. WING 44.01 88.6% 1,284 1,410 106 40 15.5% NA 70.2% 37.6% 48.8x 13.36x 35.6x 13.36x NM Zoe's Kitchen, Inc. ZOES 14.75 78.3% 286 330 314 25 13.8% 22.3% 9.0% 7.9% NM 1.05x 13.2x 1.05x 15.3x

Mean 11.1% 16.2% 19.7% 13.2% 48.2x 2.71x 15.6x 2.71x 12.7x Median 13.8% 9.4% 12.4% 9.4% 48.8x 1.05x 13.2x 1.05x 9.8x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

PUBLIC COMPARABLES4

Differentiated Casual BJ's Restaurants, Inc. BJRI $44.45 93.5% $889 $1,028 $1,032 $113 3.9% 6.9% 10.0% 10.9% 21.0x 1.00x 9.1x 1.00x 9.3x Chuy's Holdings, Inc. CHUY 27.83 86.7% 460 443 353 39 9.3% 14.6% 11.9% 11.0% 29.9x 1.26x 11.4x 1.20x 10.6x Dave & Buster's Entertainment, Inc. PLAY 45.86 62.4% 1,823 2,123 1,105 266 14.0% 15.8% 15.6% 24.0% 17.2x 1.92x 8.0x 1.88x 8.1x Cheesecake Factory Inc. CAKE 48.19 71.8% 2,162 2,275 2,261 259 17.3% 36.0% 13.3% 11.5% 14.4x 1.01x 8.8x 1.01x 8.9x Mean 11.1% 18.3% 12.7% 14.4% 20.6x 1.29x 9.3x 1.27x 9.2x Median 11.7% 15.2% 12.6% 11.2% 19.1x 1.13x 9.0x 1.10x 9.1x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $23.70 97.0% $2,129 $3,129 $4,213 $389 (0.9%) (1.8%) 12.7% 9.2% 22.8x 0.74x 8.0x 0.74x 7.6x Brinker International, Inc. EAT 35.99 78.6% 1,600 2,959 3,127 428 (3.4%) 1.7% 12.6% 13.7% 13.2x 0.95x 6.9x 0.94x 7.1x Darden Restaurants, Inc. DRI 95.57 95.5% 11,427 12,401 7,631 995 9.1% 13.4% 15.2% 13.0% 23.7x 1.63x 12.5x 1.61x 11.8x DineEquity, Inc. DIN 78.91 100.0% 1,383 2,633 605 205 (4.6%) (2.6%) 50.2% 34.0% NA 4.35x 12.8x 4.35x 12.5x Red Robin Gourmet Burgers, Inc. RRGB 56.83 76.7% 707 966 1,381 138 6.5% 6.4% 15.0% 10.0% 23.6x 0.70x 7.0x 0.70x 6.9x Texas Roadhouse, Inc. TXRH 57.37 94.9% 3,987 3,900 2,220 315 11.5% 11.9% 13.2% 14.2% 30.4x 1.76x 12.4x 1.76x 13.2x Mean 3.0% 4.9% 19.8% 15.7% 22.7x 1.69x 9.9x 1.68x 9.8x Median 2.8% 4.1% 14.1% 13.4% 23.6x 1.29x 10.2x 1.28x 9.7x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $18.68 99.3% $363 $403 $359 $39 3.5% 6.9% 9.7% 11.0% 38.0x 1.12x 10.2x 1.11x 8.8x Fogo de Chao, Inc. FOGO 15.60 91.5% 444 554 307 56 7.9% NA 18.1% 18.2% 21.7x 1.80x 9.9x 1.77x 10.2x Ruth's Hospitality Group, Inc. RUTH 25.13 98.5% 776 821 415 66 7.5% 6.2% 27.0% 15.8% 25.6x 1.98x 12.5x 1.98x 12.1x Mean 6.3% 6.6% 18.2% 15.0% 28.4x 1.63x 10.9x 1.62x 10.3x Median 7.5% 6.6% 18.1% 15.8% 25.6x 1.80x 10.2x 1.77x 10.2x Pizza Domino's Pizza, Inc. DPZ $223.97 94.9% $9,745 $12,671 $2,788 $566 12.8% 11.8% 31.5% 20.3% 38.2x 4.54x 22.4x 4.54x 22.3x Papa John's International, Inc. PZZA 60.89 71.5% 2,014 2,480 1,783 196 4.1% 3.7% 16.9% 11.0% 21.2x 1.39x 12.6x 1.39x 12.6x Papa Murphy's Holdings, Inc. FRSH 4.85 71.3% 81 181 123 14 (1.4%) NA 29.2% 11.4% NA 1.46x 12.8x 1.53x 9.4x Mean 5.1% 7.8% 25.9% 14.2% 29.7x 2.47x 16.0x 2.49x 14.7x Median 4.1% 7.8% 29.2% 11.4% 29.7x 1.46x 12.8x 1.53x 12.6x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $3.52 44.2% $93 $64 $175 $5 10.3% NA 36.6% 3.0% NA 0.37x 12.3x 0.36x 8.5x Dunkin' Brands Group, Inc. DNKN 59.35 86.7% 4,805 6,767 861 474 3.8% 4.7% 80.1% 55.1% 15.4x 7.86x 14.3x 7.86x 15.6x Jamba, Inc. JMBA 8.50 81.4% 135 128 80 2 (50.8%) (29.7%) 25.3% 2.3% NA 1.61x NM NA NA Starbucks Corp. SBUX 57.01 87.9% 78,936 80,092 22,726 5,047 4.9% 10.2% 23.7% 22.2% 18.5x 3.52x 15.9x 3.48x 14.6x Mean (7.9%) (4.9%) 41.4% 20.6% 17.0x 3.34x 14.1x 3.90x 12.9x Median 4.3% 4.7% 30.9% 12.6% 17.0x 2.56x 14.3x 3.48x 14.6x Family Restaurant Cracker Barrel Old Country Store, Inc. CBRL $158.66 88.6% $3,753 $3,984 $2,942 $391 0.5% 2.0% 14.3% 13.3% 15.8x 1.35x 10.2x 1.34x 10.0x Denny's Corp. DENN 15.48 98.6% 969 1,253 529 94 4.4% 3.9% 26.3% 17.7% 26.9x 2.37x 13.4x 2.37x 12.3x Luby's, Inc. LUB 2.80 79.5% 82 112 376 14 (5.2%) (1.6%) 7.3% 3.7% NA 0.30x 8.1x NA NA Mean (0.1%) 1.4% 16.0% 11.5% 21.4x 1.34x 10.6x 1.85x 11.2x Median 0.5% 2.0% 14.3% 13.3% 21.4x 1.35x 10.2x 1.85x 11.2x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE INDEX4

140

130 1 5 .3 %

120 1 3 .7 %

110 9 .4 %

100 4 .8 %

90 (4 .0 %) 80 (9 .7 %) 70 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18

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

M&A MARKET OVERVIEW Highlighted Food and Beverage M&A Transactions4

KEURIG GREEN MOUNTAIN AGREED TO ACQUIRE DR. PEPPER SNAPPLE GROUP

. Keurig Green Mountain, a subsidiary of Acorn Holdings BV, entered into a definitive agreement to acquire Dr. Pepper Snapple Group for $25 billion. . Dr. Pepper Snapple Group is a U.S. based manufacturer and marketer of non- Enterprise Value: $25,251 mm alcoholic beverages. Revenue Multiple: 3.8x EBITDA Multiple: 16.1x . The acquisition will create a new beverage company “Keurig Dr. Pepper.” Announced: January 29, 2018

DEL MONTE FRESH ANNOUNCES ACQUISITION OF MANN PACKING

. Del Monte Fresh Produce announced its acquisition of Mann Packing for $361 million. . Mann Packing is a leading North American grower, processor, and supplier of Enterprise Value: $361 mm a broad variety of fresh and value-added vegetable products. Revenue Multiple: 0.7x . The acquisition will diversify Del Monte’s offering, particularly in the fresh-cut EBITDA Multiple: NA segment. Announced: February 6, 2018

GENERAL MILLS ANNOUNCES ACQUISITION OF BLUE BUFFALO

. General Mills will acquire Blue Buffalo for $40.00 per share in cash, representing an enterprise value of approximately $8 billion. . Blue Buffalo is a leading provider of premium pet food. Enterprise Value: $7,935 mm . The acquisition marks General Mills' entrance into the fast-growing natural Revenue Multiple: 6.2x segment of the pet food industry. EBITDA Multiple: 25.3x Announced: February 23, 2018

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends4

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

12.0x 11.4x 2.00x $280 700 11.3x 10.7x $247.7 10.0x 9.7x $240 600

10.0x 8.8x ions Transact of Number 9.2x 8.8x 1.60x Multiple Sales LTM EV/ 8.3x 8.0x $200 500 8.0x 1.20x $160 400 6.0x $120.7 $120 300 0.80x $37.5 4.0x $67.2 $71.6 $80 $55.7 200

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

$9.3 Aggregat e e Deal ($Value Aggregat in billions) 0.0x 0.00x $0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD YTD EV / LTM EBITDA EV / LTM Sales Aggregate Deal Value # of Deals Latest Deals and Announced Private Equity Activity4

LAST 10 DEALS ANNOUNCED

1/0/1900Announced 1/0/1900 Target 0 1/0/1900Cargill, Incorporated Buyer 2/25/2018 Le Plan de l'Homme EARL Les Grands Chais de France SA 2/23/2018 Blue Buffalo Pet Products, Inc. General Mills, Inc. 2/22/2018 Braaitime LLC Stryve Foods LLC 2/21/2018 juicyB ApS juicyB ApS - Halldórsson 2/21/2018 Roil Foods Ltd. Paine Schwartz Partners LLC 2/21/2018 Innovate Services Ltd. Bridges Fund Management Ltd. 2/21/2018 NutraDried LLP EnWave Corp. 2/21/2018 Birrificio Del Ducato SRL Duvel Moortgat NV 2/20/2018 Del Monte Canada, Inc. Bonduelle SA

PRIVATE EQUITY INVESTMENTS & EXITS

160 139 140 122 120 94 100 80 65 65 67 60 43 48 32 34 36 38 40 25 26 31 18 Number of Transactionsof Number 20 9 7 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD Number of Investments Number of Exits

* M&A transactions include European and cross-border deals since 2015. PAGE | 11 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity6

QUARTERLY LOAN VOLUME AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

L + 600 $16 L + 500 $14

$12 L + 400 $10 L + 300 $8

($ in billions) $6 L + 200

$4 Average Spread OverLIBOR Loan Loan Volume byQuarter L + 100 $2

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

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

L + 1000 6.0x L + 800

4.0x L + 600

L + 400 2.0x

EBITDA Multiple L + 200

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

2013 2014 2015 2016 2017

Recent Debt Offerings7

Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

3/2/18 Arctic Glacier Inc Ice cream and frozen desserts $25 USD Term Loan B Senior 375 BPS 3/2/18 Arctic Glacier Inc Ice cream and frozen desserts $412 USD Term Loan B Senior 375 BPS 2/22/18 Kernel Holding SA Wet corn milling $100 USD Revolver/Line >= 1 Yr. Senior 2/12/18 Groupe Danone SA Dry/condensed/evaporated products $2,458 USD Revolver/Line >= 1 Yr. Senior 40 BPS 2/7/18 Parmalat Canada Inc Fluid milk $32 USD Revolver/Line >= 1 Yr. Senior 2/7/18 Taylor Fresh Foods Inc Frozen fruits and vegetables $245 USD Revolver/Line >= 1 Yr. Senior 163 BPS 2/7/18 Taylor Fresh Foods Inc Frozen fruits and vegetables $393 USD Term Loan A Senior 163 BPS 2/7/18 Taylor Fresh Foods Inc Frozen fruits and vegetables $275 USD Term Loan A Senior 163 BPS 2/6/18 Hain Celestial Group Food preparations, nec $450 USD Revolver/Line >= 1 Yr. Senior 150 BPS 2/6/18 Hain Celestial Group Food preparations, nec $550 USD Revolver/Line >= 1 Yr. Senior 150 BPS 2/6/18 Hain Celestial Group Food preparations, nec $300 USD Term Loan A Senior 150 BPS 1/31/18 Barilla SpA Macaroni and spaghetti $621 USD Revolver/Line >= 1 Yr. Senior 1/31/18 Berlys Corporacion Alimentaria SA Bread, cake and related products $62 USD Revolver/Line >= 1 Yr. Senior 375 BPS 1/31/18 Berlys Corporacion Alimentaria SA Bread, cake and related products $404 USD Term Loan B Senior 400 BPS 1/31/18 Huzhou Laohenghe Brewing Co Ltd Food preparations, nec $16 USD Term Loan Senior 523 BPS 1/30/18 Kellogg Co Cereal breakfast foods $1,000 USD 364-Day Facility Senior 125 BPS

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

M&A OVERVIEW*

Median LTM Trading Multiples & Quarterly Food & Beverage M&A4

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

240 17.0x

200 16.0x 39

15.0x 160 46 19 37 35 33 14.0x 34 8 120 17 13.0x 18 20 6 19 80 167 10 140 139 12.0x 9 126 125 129 Number Number ofTransact ions 119 7 6 118 13 8 107 Median Trading Multiple Median 93 93 40 5 89 83 9 11.0x 11 70 52 59 56 40 46 47 40 32 10.0x 0

Jul-17

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417 Q118 Jun-17 Apr-17 Jan-18 Feb-17 Feb-18 Sep-17 Oct-17 Mar-17 Nov-17 Aug-17 Dec-17 May-17

Food Products, Processing, and Ingredients Retail and Restaurants Strategic Acquirer Private Equity Acquirer

Recent Food and Beverage M&A4

EnterpriseValue Enterprise Value Private Equity Geographic Announced Target Seller Buyer ($mm) Sales EBITDA EBIT Involvement Location 2/25/2018 Le Plan de l'Homme EARL - Les Grands Chais de France SA - - - - EU 2/23/2018 Blue Buffalo Pet Products, Inc. - General Mills, Inc. $7,935.1 6.2x 25.3x 26.2x N.A. 2/22/2018 Braaitime LLC - Stryve Foods LLC - - - - N.A. 2/21/2018 juicyB ApS - juicyB ApS - Halldórsson - - - - P EU 2/21/2018 Roil Foods Ltd. Roilvest Ltd. Paine Schwartz Partners LLC - - - - P Cross Border 2/21/2018 Innovate Services Ltd. - Bridges Fund Management Ltd. $10.0 0.4x - - P Cross Border 2/21/2018 NutraDried LLP - EnWave Corp. $3.7 0.6x - - N.A. 2/21/2018 Birrificio Del Ducato SRL - Duvel Moortgat NV - - - - EU 2/20/2018 Del Monte Canada, Inc. Conagra Brands, Inc. Bonduelle SA $34.2 0.7x - - Cross Border 2/20/2018 TCHO Ventures, Inc. - Ezaki Glico Co., Ltd. - - - - P Cross Border 2/20/2018 Fogo de Chão, Inc. - Rhône Capital LLC $552.9 - - - P N.A. 2/19/2018 Grabbagreen Franchsing LLC - MTY Food Group, Inc. $2.8 - - - N.A. 2/15/2018 CSM Bakery Solutions - Multifoods CSM Bakery Solutions Europe Holding BVBakeMark USA LLC - - - - P Cross Border 2/14/2018 3v Group - The SHS Group Ltd. - - - - Cross Border 2/14/2018 United Restaurant Group, Inc. - United Restaurant Group International, Inc. ---- Cross Border 2/14/2018 Papa Gino's, Inc. Specialty Brands Holdings LLC Barington Hilco Acquisition Corp. $22.7 - - - Cross Border 2/13/2018 Smashburger Master LLC Icon Burger Development Co. LLC Jollibee Worldwide Pte Ltd. $222.2 - - - N.A. 2/12/2018 Crystal Rock Holdings, Inc. - Cott Corp. (Canada) $34.3 0.6x 6.7x 17.6x N.A. 2/8/2018 Black Lion LLC - BGEO Group Plc ---- EU 2/6/2018 Mann Packing Co., Inc. - Del Monte Fresh Produce N.A., Inc. $361.0 0.7x - - N.A. 2/6/2018 Pure Applied Sciences, Inc. - Cannabis Strategic Ventures ---- N.A. 2/5/2018 Huddle House, Inc. - Elysium Management ---- P N.A. 2/5/2018 San Diego Farmers Outlet, Inc. - Royalty Foods LLC $1.1 - - - N.A. 2/1/2018 CHEHALEM Winery - Chehalem Winery - Stoller ---- P N.A. 2/1/2018 Becton Dickinson Malaysia, Inc. Becton, Dickinson & Co. Sunny Sky Products LLC ---- N.A. 1/31/2018 Betty Ice SRL - Unilever South Central Europe SRL ---- EU 1/31/2018 Intergalactic Foods LLC - Platinex, Inc. ---- N.A. 1/31/2018 Green Plate Kitchen, Inc. - Celebrate Brands LLC ---- N.A. 1/30/2018 California Natural Products Inc - Gehl Foods LLC ---- N.A. 1/29/2018 Dr Pepper Snapple Group, Inc. - Keurig Green Mountain, Inc. $25,251.5 3.8x 16.1x 18.8x N.A. 1/29/2018 Wody Mineralne - FoodCare Sp zoo ---- EU 1/25/2018 Iron City Brewing Co. - Iron City Brewing Co. /Forrest/ ---- P N.A. 1/23/2018 Keg Restaurants Ltd. Fairfax Financial Holdings Ltd. Cara Operations Ltd. $184.6 - - - N.A. 1/22/2018 Reallygoods LLC Nature's Path Foods, Inc. EVOLVE Brands LLC ---- N.A. 1/17/2018 Avión Spirits LLC - Pernod Ricard USA LLC ---- N.A. 1/16/2018 Nestle SA - U.S. Confectionery Nestlé SA Ferrero SpA $2,800.0 - - - Cross Border 1/16/2018 Chicago Custom Foods LLC - Highlander Partners LP ---- P N.A. 1/15/2018 Tamarack Cellars - Vintage Wine Estates, Inc. ---- N.A. 1/13/2018 Zvolenska Mliekaren AS Schreiber Foods, Inc. Nexo Trade s.r.o. ---- EU

* M&A transactions include European and cross-border deals since 2015. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

M&A OVERVIEW*

Recent Food and Beverage M&A4

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

1/10/2018 Pennant Foods LLC - W.K.S Restaurant Corp. - - - - P N.A. 1/10/2018 Salsi SA - Angst Ro SRL - - - - EU 1/9/2018 Atlanta Cheesecake Co. Panarama, Inc. Dessert Holdings - - - - N.A. 1/9/2018 Maverick Enterprises, Inc. Private Capital Management, Inc. Sparflex SA - - - - Cross Border 1/9/2018 S.C. Rommac Trade S.R.L. - Amylon SA Sibiu - - - - EU 1/8/2018 Pepees SA - Pepees SA $52.6 0.9x 5.9x 7.8x P EU 1/5/2018 The Icelandic Milk & Skyr Corp. - Groupe Lactalis SA - - - - Cross Border 1/2/2018 Pro-Pet HIG Capital Cargill - - - - P N.A. 12/28/2017 Village Market of Waterbury MAC Corner Market LLC Associated Grocers of New England, Inc. - - - - N.A. 12/28/2017 Shelburne Grocery LLC MAC Corner Market LLC Associated Grocers of New England, Inc. - - - - N.A. 12/28/2017 Richmond Market & Beverage MAC Corner Market LLC Associated Grocers of New England, Inc. - - - - N.A. 12/22/2017 OPM France SAS - SodaStream International Ltd. $19.7 0.3x 2.7x - Cross Border 12/22/2017 Lily's Ltd. - Colian Holding SA $47.4 1.3x - - P EU 12/21/2017 Kangaroo Brands, Inc. - Sandwich Bros Business Kangaroo Brands, Inc. Conagra Brands, Inc. - - - - Cross Border 12/21/2017 TS BrandCo Holdings, Inc. - DOJA Cannabis Co., Ltd. $63.0 - - - P Cross Border 12/21/2017 Natural Flavors, Inc. - Firmenich SA - - - - Cross Border 12/21/2017 Le Crobag GmbH & Co. KG Etablissements J. Soufflet SA Autogrill Deutschland GmbH - - - - Cross Border 12/21/2017 Établissements Dugas SAS - Equistone Partners Europe Ltd.; Établissements Dugas- SAS /Private- Group- 2/ - P EU 12/20/2017 Galaxy Nutritional Foods, Inc. - GreenSpace Brands, Inc. $16.9 - - - P Cross Border 12/20/2017 Krasnogorskiy Maslosyrzavod OOO - UK Kontrast OOO $0.1 1.5x - - Cross Border 12/20/2017 Bisquit Dubouché et Cie SAS Distell Group Ltd. Davide Campari-Milano SpA $62.0 - - - Cross Border 12/19/2017 Qdoba Restaurant Corp. Jack in the Box, Inc. Apollo Global Management LLC $305.0 - - - P N.A. 12/19/2017 Gyor Biscuit Factory Mondelez International, Inc. Pionir d.o.o - - - - EU 12/19/2017 Vitamin World, Inc. - Feihe International, Inc. - - - - P N.A. 12/18/2017 Snyder's-Lance, Inc. - Campbell Soup Co. $5,989.3 2.8x 23.8x 38.2x N.A. 12/18/2017 Kluman & Balter Ltd Hain Celestial Group, Inc. Brenntag AG - - - - EU 12/18/2017 Captain D's Enterprises LLC - Sentinel Capital Partners LLC - - - - P N.A. 12/17/2017 Amplify Snack Brands, Inc. - The Hershey Co. $1,487.8 4.0x 18.3x 22.2x N.A. 12/17/2017 Fruitapeel Ltd. - Puratos Group NV - - - - EU 12/12/2017 Imvescor Restaurant Group, - MTY Food Group, Inc. $204.9 - - - Cross Border 12/11/2017 albi GmbH + Co. KG - EDEKA ZENTRALE AG & Co. KG - - - - EU 12/11/2017 Diversi Foods NV Unimar NV Dr. August Oetker KG - - - - EU 12/6/2017 OK Supermarket - Auchan Romania - - - - P N.A. 12/6/2017 Pacifica Foods LLC - Wind Point Advisors LLC - - - - P N.A. 12/5/2017 At rium Innovat ions, Inc - Nest lé SA $2,300.0 3.3x - - EU 12/5/2017 La Rousse Foods Ltd. Aryzta AG Musgrave Group Plc $35.5 - - - EU 12/4/2017 Clarks UK Ltd. - The Hain Daniels Group Ltd. - - - - EU 12/4/2017 Craft Brew Alliance - Woodinville Facility Craft Brew Alliance, Inc. Sound Commercial Investment s $24.5 - - - Cross Border 12/4/2017 Moy Park Ltd. - Poppint ree Facility JBS SA Kepak Group Ltd. - - - - Cross Border 12/1/2017 Xanthic Biopharma Ltd. - Aurquest Resources, Inc. - - - - Cross Border 11/30/2017 KAPS LLC - Brookwood Financial Partners LP - - - - Cross Border 11/30/2017 Field Roast Grain Meat Co. - Maple Leaf Foods, Inc. $120.0 3.2x - - Cross Border 11/30/2017 Squirrel Brand LP - John B. Sanfilippo & Son, Inc. - 0.9x - - EU 11/30/2017 Day After Day Oy - Kot ipizza Group Oyj - - - - EU 11/28/2017 Buffalo Wild Wings, Inc. - Arby's Restaurant Group - 1.4x 10.9x 26.6x EU 11/28/2017 Belgian Ice Cream Group NV - Sweet Products Logistics - - - - EU 11/28/2017 Laughing Stock Vineyards - Baronie-de Heer - - - - Cross Border 11/28/2017 Glacio NV - Baronie-de Heer BV - - - - Cross Border 11/27/2017 Modecor I taliana SRL Angelikos Consultadoria Economica Charterhouse Capital Partners LLP - - - - Cross Border 11/27/2017 Pasta Romana Foods, Inc. - Romana Food Brands Corp. - - - - Cross Border 11/24/2017 Couleurs d'ici SAS 0 Couleurs d'ici SAS - - - - EU 11/23/2017 Les Chardons SARL - Les Chardons SARL - - - - EU 11/22/2017 Yumm-Pizza OOO - Yumm-Pizza OOO - - - - Cross Border 11/22/2017 Buddy's Kitchen, Inc. - Premium Brands Holdings Corp. - - - - Cross Border 11/22/2017 Raybern Foods LLC - Premium Brands Holdings Corp. - - - - P Cross Border 11/22/2017 C. Hahne Mühlenwerke GmbH & Co. KG - Karlchen's Backstube GmbH - - - - EU 11/21/2017 Colgin Cellars - LVMH Moët Hennessy Louis Vuitton - - - - Cross Border 11/21/2017 La Pataterie Développement SAS - Verdoso Investment s SA - - - - P EU 11/21/2017 Boulangerie Des Colonnes SARL - Boulangerie Des Colonnes SARL - - - - P EU 11/20/2017 Bento, Inc. - YO! Sushi Ltd.; Mayfair Equity Partners LLP $88.2 - - - P Cross Border 11/20/2017 Decacer, Inc. - L.B. Maple Treat Corp.; Lantic, Inc. $31.2 - - - P Cross Border 11/20/2017 Italian Rose Gourmet Products, Inc. - Blue Point Capital Partners LLC ---- P N.A. 11/20/2017 Veresk LLC - Veresk LLC ---- N.A. 11/20/2017 Lodkhik OOO - Lodkhik OOO ---- N.A. 11/20/2017 Podporozhskiy Khlebokombinat OAO - Podporozhskiy Khlebokombinat OAO ---- N.A. 11/20/2017 T&T Supermarket , Inc Loblaw Cos. Ltd. Micron Waste Technologies, Inc. ---- N.A. 11/17/2017 Bolle S De - Bierderij Waterland BV ---- EU 11/17/2017 Brasa y Leña España SL - Nazca Capital SGECR SA ---- P EU 11/17/2017 At lant ic Aqua Farms, Inc 0 Ontario Teachers' Pension Plan ---- N.A. 11/17/2017 Elephant & Cast le Ltd. - Press Up Ltd. $14.2 - - - EU 11/16/2017 Supralon International AG - Viscofán SA $14.2 - - - EU 11/16/2017 Caspian UK Group Ltd. 0 Bridgepoint Advisers Ltd. ---- P EU

* M&A transactions include European and cross-border deals since 2015. PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar4

February2018 Date Company

2/27/2018 SunOpta, Inc. (SOY-CA) 2/27/2018 B&G Foods, Inc. (BGS-US) 2/27/2018 Coca-Cola Bottling Co. Consolidated (COKE-US) 2/28/2018 Snyder's-Lance, Inc. (LNCE-US) 2/28/2018 Monster Beverage Corp. (MNST-US) 2/28/2018 Hostess Brands, Inc. (TWNK-US) March2018 Date Company 3/1/2018 Senomyx, Inc. (SNMX-US) 3/6/2018 Nature's Sunshine Products, Inc. (NATR-US) 3/6/2018 United Natural Foods, Inc. (UNFI-US) 3/7/2018 Omega Protein Corp. (OME-US) 3/7/2018 Smart & Final Stores, Inc. (SFS-US) 3/8/2018 National Beverage Corp. (FIZZ-US) 3/8/2018 Jones Soda Co. (JSDA-US) 3/13/2018 Craft Brew Alliance, Inc. (BREW-US) 3/15/2018 Premium Brands Holdings Corp. (PBH-CA) 3/16/2018 JBS USA LLC (07MYRM-E) 3/21/2018 General Mills, Inc. (GIS-US) 3/22/2018 Conagra Brands, Inc. (CAG-US) 3/23/2018 Sun-Rype Products Ltd. (SRF-CA) 3/27/2018 McCormick & Co., Inc. (MKC-US) 3/28/2018 Reed's, Inc. (REED-US)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2018

HARRIS WILLIAMS & CO.

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PAGE | 17