Wholesale Banking North America

Growing a better world together Meet Wholesale Banking: ’s Corporate and Rabobank division Founded as a of farmers in the in 1898 to promote financial Serving clients across the value chain resilience in the agricultural sector, Rabobank understands the food and industry better than any other .

Sourcing Processing Logistics Distribution Rabobank Group is a global leader operating in 38 countries worldwide. In North America, we are deeply committed to all segments of the food and agribusiness (F&A) industry and are also active in trade & commodity Rabobank Wholesale Banking finance for agriculture, energy and metals, and a leader in renewable energy A premier corporate and investment bank to the food, agribusiness, and commodities financing. Rabobank is proud to be a steadfast and trusted advisor to our industries and a leading renewable energy financier, we provide sector expertise, clients across the globe. strategic advisory and tailored financial solutions.

Rabobank’s other North American operating entities Leading $765B $128B in Rated global F&A Rabo AgriFinance assets F&A loans A+ / Aa3* advisor Rabo AgriFinance serves leading agricultural producers and throughout the United States with value-added financial products and services, including loans, , input finance and risk management products. 43,272 38 HQ DLL Group employees countries Netherlands A global vendor finance company for equipment and technology assets. DLL provides leading asset-based financial solutions throughout the entire asset life cycle, across retail finance, commercial finance and used equipment finance.

* S&P/Moody’s rating March, 2021

Wholesale Banking Rabobank | 01 Rabobank offers our F&A clients an unmatched and ConfConfecectionertioneryy MMilkilk powder powder CoCornrn vast global BeefBeef ContainerContainer boards boards SteakSteak network across CattleCattle every major sector CocoaCocoa

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Food and agribusiness sector coverage

Farm Inputs Grains, Oilseeds & Sugar Animal Protein Dairy F&A Supply Chains Beverages Consumer Foods Seeds/Fertilizers Wheat & Corn Eggs Fluid milk Logistics Beer/Wine/Spirits Fresh produce/Grocery Crop nutrition & protection Soybeans Poultry Milk beverages Cold chain Soft drinks Snacks/Confectionery Farm equipment & services Specialty & Organic grains Beef Yogurt Packaging Coffee/Tea Bakery Animal nutrition & health Cane & Beet sugar Pork Butter Distribution Juices Food service Seafood Cheese Retail Restaurants Ice Cream Forest products Alternative proteins Nutrition/Ingredients

02 | Rabobank Wholesale Banking Wholesale Banking Rabobank | 03 Our specialized F&A sector teams are expertly organized around your business This Sector Banking approach at Rabobank is an unparalleled market offering for our corporate and private equity clients, leveraging our global network of subject matter experts across numerous facets of the entire food and agribusiness value Your Rabobank team is sector-specific and fully equipped to support chain. From the strategic assessment of macro-themes impacting a specific sector you with deep sector knowledge. Building long-term and sustainable to micro-level analyses of companies, our sector banking model drives optimal client relationships is at the core of our service model, and we work to strategic roadmaps for our clients, and helps us facilitate strategic event dialogue help our clients make informed decisions, anticipate trends and seize the with C-suites and Boards. most attractive opportunities.

Client Sector Banking

Dairy

Animal Protein F&A Supply Chains Comprises sector bankers, who Taps into our global, regional and alongside product and advisory local networks of relationships with Grains, specialists, advise C-suites and F&A corporates, producers, financial Beverages Oilseeds & Sugar Boards on strategic opportunities sponsors, and top start-ups

Farm Inputs Consumer Foods

Offers exclusive insights on sectors, Generates ideas and Relationship Sector Heads Mergers & Acquisitions Financial Products Research peer companies and their ecosystems, attractive opportunities for Managers & Strategists Advisors Specialists Analysts augmented by unmatched clients to seize F&A research

04 | Rabobank Wholesale Banking Wholesale Banking Rabobank | 05 Advisor in sell- and buy-side Mergers & transactions, takeover defenses, mergers, corporate restructurings, leveraged Acquisitions buyouts, joint ventures and spin-offs Over 90 M&A experts serve Rabobank clients worldwide, Expertise in public transactions providing extensive cross-border execution capabilities and tailored one-on-one situations with a local presence in all major geographies. Our team Close collaboration with Debt is fully equipped to advise clients in both buy-side and and Equity Capital Markets and sell-side transactions ranging from public auctions to Sponsor Coverage tailored one-on-one situations. In addition, we collaborate Tailored strategic advice and with Rabobank’s Capital Markets, Equity Private Placement, process execution excellence RaboResearch and financial Sponsor Coverage teams - the last of which works closely with all major private equity firms in the F&A space.

Mergers & Acquisitions

Financial Advisory & Solutions Full suite of Acquisition Finance advisory services Pending Pending Pending 2021 Markets Paine Schwartz Lineage/ QAF Limited Bridgepoint Trade & Commodity Finance and financial Partners Bay Grove Sale of Verisem Acquisition of Sale of Rivalea to JBS for Acquisition of Sun World Value Chain Finance to Syngenta Kloosterboer by an Enterprise Value of International Lineage/Bay Grove A$157m Corporate Loan Products products

2021 2021 2021 2021 Renewable Energy Project Rabobank’s Wholesale Banking division Finance provides large food and agribusiness corporates, Sustainability-Linked Products commodity traders, private equity firms, Richardson Vivera Malayan Sofina renewable energy developers and sponsors, International Flour Mills Foods Inc. F&A Startup Innovation Acquisition of Sale of Vivera to JBS Financial advisor to MFM for its Acquisition of Eight Fifty emerging growth companies and financial Italgrani USA strategic partnership with Tyson Food Group and sale of 49% stake in its RaboResearch institutions with market-leading solutions. poultry business

Any securities-related business is provided by Rabo Securities USA, Inc., which is a member of the SIPC and FINRA.

06 | Rabobank Wholesale Banking Wholesale Banking Rabobank | 07 2021 2021 2021 2021 Acquisition

Farm Inputs Private Equity Sprague HP Terold Holdings, LLC Finance Company Sponsor $1 billion Repurchase Facility $82 million Senior Secured PIK $160 million Secured Holdco Secured Holdco Term Loan Flexible Working Capital Solution Term Loan Term Loan Acquisition Facility Sole Arranger, Minority Interest Acquisition Acquisition Facility Sole Arranger, Agent Rabobank’s Acquisition Finance team works with Agent and Lender Sole Arranger, Agent and Lender Sole Arranger, Agent and Lender and Lender Full-suite service offering ranging from strategic advice to financial sponsors and private equity firms in the 2020 2020 2020 2020 arrangements, leveraged origination, structuring, execution, and management buyouts and underwriting of event-driven financings. In tandem with our M&A, Innovative idea generation Sponsor Coverage and Capital Markets groups, we work QSR Kings & Convicts Sollio Groupe NBM US Holdings, Inc. through collaboration with Brewing Co. Coopératif $500 million Secured Company with top-tier financial sponsors throughout the merger M&A, Sponsor Coverage and $28 million RCF & Term Loan C$50 million Preferred Shares HoldCo Term Loan $72 million Delayed Draw Facility and acquisition process to provide optimal debt Structured Acquisition Financing Refinance Acquisition Refinance Acquisition Emergency Pandemic Facility RaboResearch Sole Arranger, Bridge Loan Bridge Loan Sole Arranger, Agent and Lender Investor Arranger, Agent and Lender Agent and Lender structures and syndication services to support our clients’ Intimate access to every key ambitions. Rabobank’s long-term approach is reflected private equity investor in the by our many ‘final hold’ positions, where we hold to F&A space including 200+ financial sponsors maturity significant amounts of the debt issued by clients.

Financial Advisory & Solutions

Financial Advisory & Solutions (FAS) is our center of Center of financial innovation 2021 2021 2021 2021 financial innovation. We create unique solutions to meet clients’ needs where existing banking products do not Capital structuring advice sufficiently address them. Our capabilities include junior Crown Custom Made Protein for Pets Duravant Tailor-made product Bakeries Meals capital for acquisitions and expansions, short-term liquidity agnostic solutions Incremental Term Loan LBO $128 million Senior Secured Incremental Term Loan Refinancing $198 million Senior Secured Credit Facillities $108 million Senior $930 million First and Second solutions and those that address specific balance sheet and Credit Facilities Sole Arranger Secured Credit Facillities Lien Credit Facillities Multi-disciplinary experts Participant Sole Bookrunner, Admin Agent Documentation Agent Participant capital management needs, and tax-efficient financings.

We advise clients on optimizing their capital structure and 2021 2021 2021 2020 managing their liquidity and credit ratings impact under both status quo and more complex or event-driven situations. FAS comprises multi-disciplinary experts with deep Lineage Logistics Nutrisystem - Pete & Gerry’s Orgain Incremental Term Loan Adaptive Health Organics understanding of credit, capital markets, accounting, legal $500 million Senior Secured LBO, $632 million First Lien LBO, $193 million Senior Dividend Recapitalization Facilities Credit Facilities Secured Credit Facilities $285 million Senior Secured and tax who lead our clients from discovery to execution. Joint Lead Arranger, Joint Lead Arranger, Joint Lead Arranger, Credit Facilities Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Lead Arranger Any securities-related business is provided by Rabo Securities USA, Inc., which is a member of the SIPC and FINRA.

08xx | Rabobank CorporateWholesale Investment Banking Banking Wholesale Banking Rabobank | 09 2021 2021 2021 2021 Equity Capital Markets Risk & Treasury Management Our Equity Capital Markets specialists The Risk & Treasury Management team offers

The Wine Louis Dreyfus Company Sofina Mercon originate, structure and execute equity and corporates and financial institutions strategies Group $650 million Sustainability Linked Foods Inc. B.V. equity-linked issues, such as initial public to manage asset and liability exposures with $600 million Credit Facilities Credit Facility C$2.6 billion Credit Facilities $500 million Credit Facilities Lead Arranger, Left Lead Arranger, Co-Underwriter, Sole Lead Lead Arranger, Sole offerings (IPOs), secondary offerings, block services spanning FX, risk, money Bookrunner, Sustainability Coordinator, Arranger, Joint Bookrunner, Bookrunner, Sustainability Administrative Agent Administrative Agent Administrative Agent Agent, Administrative Agent trades, convertible bond offerings, share markets, derivative strategies and commodities. buybacks and other types of equity advisory. Our roots in the F&A sector put us in a position 2021 2021 2021 2021 In addition, for private, fast-growing companies to share in-depth knowledge and provide our we have a dedicated Equity Private Placement global clients with customized advice on CNH Westrock Pilgrim’s Alimentation team to support capital raising. hedging and commodity risk management. Industrials Company Pride Couche-Tard Inc. $962 million ABS €600 million Credit Facility $1 billion 4.250% Sustainability €650 million Senior Notes Joint Bookrunner Lead Arranger, Linked Notes €350 million Green Notes Sole Bookrunner, Co-Manager Co-Manager Administrative Agent

Strong execution capacity in the Markets pro-rata loan market, private debt and equity placements, and public 2021 2021 2021 2021 equity share buybacks Debt Capital Markets

The Capital Markets team offers advisory, underwriting Strategic risk management Keurig Post Grupo Viz, S.A.P.I ASR Group and execution for debt and equity issuances, acquisition capabilities enable clients to Dr Pepper Inc. Holdings, Inc. de C.V. International, Inc. manage volatility across interest $2.15 billion of 0.750%, 2.250%, $1.8 billion of 4.500% Senior $600 million Multicurrency $400 million Credit Facilities financing and bridge loans for investment and non- 3.350% Senior Unsecured Notes Unsecured Notes Credit Facility Lead Arranger, rates, commodities and FX Joint Bookrunner Joint Bookrunner Lead Arranger, Bookrunner, Sole Bookrunner, investment grade corporates, project finance, trade Administrative Agent Administrative Agent and commodity finance, and financial institution Globally-renowned macroeconomic 2021 2021 2021 2021 counterparties. Our clients and other financial forecasts across FX, interest rates and energy from a team of over 50 institutions see us as a key partner in syndications Economics and Markets analysts given our strong track record and sector focus. We Dole Plc Cheescake Factory Oatly The Kingfish Company Pioneer in Sustainable Debt $1.44 billion Credit Facilities operate from Utrecht/, London, New York, Joint Underwriter, Pro Rata $405 million CB/ABB $1.4 billion IPO €50 million Private Placement Capital Markets and founding Administrative Agent Co-Manager Senior Co-Manager with Subsequent IPO Listing Hong Kong, Singapore, Mumbai and Sao Paulo. $400 million IPO Joint Bookrunner member of Green Bond Principles Joint Bookrunner

Any securities-related business is provided by Rabo Securities USA, Inc., which is a member of the SIPC and FINRA.

10 | Rabobank Wholesale Banking Wholesale Banking Rabobank | 11 Client Trade & Payables Receivables Commodity Suppliers Debtors Inventory

Structured Inventory Supplier Finance Asset Based Lending Monetization Securitization Finance Products • Accounts payables • Inventory • Trade receivables, • Trade receivables • Trade receivables, • Market-leading • Reduction of inventory & other • Enterprise system- lease contracts, Rabobank’s award-winning Trade & Commodity automated cloud- liquidity needs and, assets generated data consumer loans, Client-centric approach, in- whole business depth knowledge of trade flows Finance (TCF) team provides short-to medium- based platform if applicable, margin • Client can benefit • Client can benefit call exposure from underlying • Client may benefit and commodity supply value • Suppliers can benefit from stronger credit term working capital financing solutions for from stronger credit • Client may benefit collateral for profile of debtors from deal structure chain expertise competitive margin & pool approach for domestic and international companies involved in profile of client from underlying • High advance rate collateral for • Easily scalable competitive margin • Classified as trade • Off-balance the trading of physical commodities globally in the competitive margin • High advance rate Solutions across agriculture, credit • High advance rate structure energy, and metals & minerals energy, metals and agricultural sectors. Spanning • Light documentation • Light documentation • On- & off-balance structures multiple continents, our global network of experts • Easily scalable • High advance rate • Easily scalable Help trading companies adapt work closely with clients on advising, structuring to and achieve the energy transition through supply chain and arranging working capital facilities in addition expertise and forward-looking to providing other bank products such as capital financing solutions markets, markets hedging, and value chain financing.

Value Chain Finance

Rabobank’s Value Chain Finance (VCF) team offers Highly experienced team Agri Energy Metals & Minerals flexible working capital solutions to clients around Global expertise in integrated Grains & Oilseeds, Coffee, Crude Oil, Refined Ferrous and Non-Ferrous the world. With a team of over 100 experts, we have working capital solutions across Cocoa, Sugar and Cotton Petroleum Products, LNG, Metals, Base Metals and extensive experience in North America and across the Natural Gas, Oil Liquid Precious Metals the value chain and Biofuels world in accounts payable, inventory and accounts receivable financing programs with multi-jurisdiction Innovative Sustainable Supplier Working Capital Transactional trade facilities, borrowing base facilities, revolving credit facilities, short-to and multi-currency components. Providing non- Finance offering incorporates Financing medium term working capital financings sustainability metrics and recourse, limited recourse and full recourse solutions supplier incentives throughout the entire working capital value chain, Trade Trade-finance solutions, such as import and export L/C’s, documentary collection, L/C VCF is able to uniquely offer integrated facilities tailored Finance confirmation & trade-related guarantees and short-term financing (i.e. advances, freight finance) to clients’ specific situations and requirements.

12 | Rabobank Wholesale Banking Wholesale Banking Rabobank | 13 Corporate Loan Products Offerings: Renewable Energy • Revolvers • Specialized revolvers/sub-limits Facilities • Term loans • Standby LCs • Delayed-draw term loans • Commercial Paper Back- facilities Project Finance

Tenor • Bridge loans • Short term • Long term Areas of Expertise Rabobank’s global Renewable Energy Project Finance team has a strong focus on advising, structuring, arranging and Wind underwriting complex project finance transactions. We offer Currency • US Dollar • Multicurrency Onshore and offshore innovative structures that are tailor-made for primarily renewable Solar energy, but also for F&A projects. Renewable energy projects Utility and distribution & Availability • Committed • Uncommitted • Bi-lateral community include wind, solar, battery storage, geothermal, fuel cells, waste-to-energy, waste-to-value and energy efficiency. To Battery Storage, Energy Collateral • Secured • Unsecured • Borrowing base Efficiency & Fuel Cells support the successful realization of these projects, Rabobank offers construction, project-level and back-leveraged term Food & Agribusiness debt, bridge financing, equipment supply loans, portfolio or Format • Syndicated • Bilateral • Club Processing, storage, recycling, bio-waste-to-energy and HoldCo facilities as well as ancillary services including interest cogeneration rate hedging and letters of credit supported by the bank’s expertise and strong credit rating. Rabobank has a long track record in financing energy transition projects globally, with a large footprint in North America, Europe and Asia.

2021 2021 2021 2020

Glacier Sands Wind Redaptive Sunflower Solar Flats Undisclosed Amount Energy Efficiency Financing $146 million Construction Solar + Storage Corporate Tax Equity Bridge Loan, $50 million Loan LC Facilities 1) $287 million Construction/Back Leverage Borrowing Base Facility Coordinating Lead 2) $173 million Term Loan, LC Facility Sole Mandated Lead Arranger, Arranger, LC Issuing Bank, Term Loan, LC facilities Admin Agent, Coordinating Administrative Agent, Lender Coordinating Lead Arranger, Loan Products Lead Arranger, LC Issuing Bank Collateral Agent Co-Syndication Agent Long track record in financing Rabobank’s Core Lending Group offerings represent the full Full product suite renewable energy projects suite of credit products for our large commercial and private globally, with a large footprint in Multi-disciplinary coverage and equity clients, providing a host of financing solutions to the North America, Europe and Asia underwriting teams drive sectors we serve. With extensive food and agribusiness sector corporate lending solutions Tailor-made project financings knowledge, our relationship management and credit as an alternative in capital- professionals aim for unmatched excellence in meeting our Deep F&A sector knowledge that intensive sectors greatly enhances our structuring clients’ critical needs related to working capital, fixed assets capabilities Advise on effective ways for and acquisition financing. companies to achieve their sustainability & energy transition objectives 14 | Rabobank Wholesale Banking Wholesale Banking Rabobank | 15 Sustainability-Linked Food & Agribusiness Products Startup Innovation

Rabobank is a global leader in the growing Sustainable Finance market, Today, success requires new ways of thinking and operating in a rapidly changing providing our clients with products and services that meet their sustainability environment. Rabobank is committed to helping clients achieve their long-term ambitions. Further, Rabobank has consistently been ranked #1 in having the strategic goals and future-proof their businesses. Innovation is the engine for best ESG risk rating amongst by Sustainalytics. As a leading feeding the world sustainably in decades to come, and Rabobank is proud to offer Sustainability Coordinator for complex transactions, Rabobank serves the clients engagement with our flagship FoodBytes! innovation platform. Sustainable Finance market with innovative structures that promote F&A sustainability objectives such as carbon footprint reduction, regenerative agriculture, renewable energy production and sourcing, and food and packaging waste reduction. Rabobank built the FoodBytes! innovation platform as an engine for ongoing Product offerings include: collaboration between large food and agriculture companies, startups and investors working towards a more stable and sustainable food system. Green & Sustainability-Linked Loans and Bonds Linking facilities to specific uses of green proceeds or facilities’ pricing to corporates’ ESG performance FoodBytes! is taking a two-pronged approach to industry change: discovering Sustainable Supplier Finance and supporting startup innovation, and helping large food and agriculture Implementing value chain finance programs that reward suppliers with better pricing for improved companies embed and drive innovation across their organizations through sustainability performance connections to startups. In today’s virtual world, the FoodBytes! network is able Carbon Banking to tap into global solutions and bring them to different regions to support our Partnering with clients on financing projects that offset carbon emissions through regenerative agriculture practices and broader supply chain carbon reduction clients and advance the industry.

Renewable Energy Project Finance Since participating, Financing technologies to lead the transition to a low carbon economy by increasing renewable energy + alumni have raised over generation and procurement 3,000 startup relationships $1.4B we have successful pilot engagements led over 60 with clients 2021 2021 2020 2020

For more information please visit www.foodbytesworld.com Louis Dreyfus Company ECOM Agroindustrial Suzano Bell & Evans Corp $650 million $720 million $750 million $300 million C02 Emissions, Water and Inaugural Sustainability Linked First Sustainability-linked Bond in First Green Loan in U.S. Poultry Waste-linked Revolver Credit Facility the Americas & Emerging Markets Lead Arranger, Joint Bookrunner, Lead Arranger, Active Bookrunner, Global Coordinator, Bookrunner, Sustainability Coordinator Sustainability Coordinator and Joint Bookrunner Administrative Agent Administrative Agent

16 | Rabobank Wholesale Banking Wholesale Banking Rabobank | 17 Growing a Better World Together Underpinning our global mission of Growing a Better World Together, Rabobank is committed to enabling a food-secure future for our world’s population. Through our financial solutions, knowledge and networks, we share a commitment with our clients to ensure the long-term vibrancy of our global food system and achieve shared goals, such as improving availability and access to nutritious food and enhancing the stability of food and agriculture supply chains. Rabobank’s efforts also include an array of key bank-led initiatives and partnerships:

Rabobank Foundation is the Representing over $7 trillion in In 2018, Rabobank partnered with bank’s renowned not-for-profit assets, the task force is a pilot the UN Environment Program to social fund that promotes group within the United Nations launch the AGRI3 Fund, an economic self-reliance among Environment Programme Finance ambitious, open partnership for smallholder farmers around the Initiative (UNEP FI). Rabobank is forest protection, sustainable world by providing grants, a participant in the program, agriculture, and improved farmer credit, knowledge and strategic working to develop analytical livelihoods by unlocking at least market opportunities. tools and indicators to strengthen $1 billion in finance in assessment and disclosure of emerging markets. climate-related risks and opportunities for financial institutions. RaboResearch Together with clients and other stakeholders, we are proud to be active in a host of global forums where we share insights and co-develop solutions to address the biggest challenges facing food and RaboResearch Food & Agribusiness is a team of Deep specialization in Food & Agribusiness, agribusiness, and our society, where we seek to promote greater equity for the underserved. 85 highly specialized analysts working across Macroeconomics and Markets the globe who provide our clients with tailored, Through our collaborations with industry groups, policy makers, non-profits and academia, we work indispensable analysis. In addition, the Industry influencers recognized for to make tangible strides towards building a better food system. tactical, bespoke perspectives RaboResearch Economics & Markets team of over 50 analysts issues regular forecasts and Over 600 F&A thought leadership commentary to support risk management and publications, podcasts and event presentations in the last year strategic decision making. Complementary to publishing insights and engaging industry Recently launched RaboResearch leaders on popular podcasts and at virtual and Energy Transition team will provide in-person events, our analysts are in regular and clients with unique analysis on renewable energy technologies close dialogue with clients on key strategic issues.

18 | Rabobank Wholesale Banking Wholesale Banking Rabobank | 19 www.RabobankWholesaleBankingNA.com

Issued by Rabobank, which is a trade name of Coöperatieve Rabobank U.A., registered as in investment firm with the Netherlands Authority for the Financial Markets. The products and services mentioned herein are available through Rabobank subsidiaries or branches located in the relevant jurisdictions worldwide and registered as required with the local regulatory authorities. In the United States, these products and services are provided by Rabobank through its branch or subsidiaries in the United States. Any securities related business is provided by Rabo Securities USA, Inc., which is a member of the SIPC and FINRA.

© 2021 Rabobank

Growing a better world together