Food and Beverage

FOOD AND BEVERAGE

INDUSTRY UPDATE │ JUNE 2017

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 7078852. 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.

0 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW With nearly 300 transactions so far this year, the food and beverage M&A market . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY remains robust. Recent notable transactions include: Lavazza’s acquisition of . EARNINGS CALENDAR

Kicking Horse Coffee Co., HGGC’s acquisition of Nutraceutical International, and GROUP OVERVIEW Harris Williams & Co. is a leading J.M. Smucker Company’s acquisition of Wesson Oil. The divestiture of Wesson Oil advisor to the food and beverage market. Our significant by Conagra Brands points to the food giant’s continued efforts to reshape its experience covers a broad range of end markets, industries, and business models. This particular portfolio. report focuses on trends and metrics in the following areas: . Agribusiness . Baked and Prepared Goods HAT E VE EEN OING . Beverages W W ’ B D . Branded and Private Label . Dairy CLOSED HW&CO. TRANSACTIONS . Distribution . Ingredients . Meat and Protein The Soup & Infant . Natural and Organic Feeding Business of . Processing a partnership of a portfolio company of a portfolio company of . Produce Restaurant and Retail PizzaRev & . Founders . Snacks has been acquired by has been acquired by has been acquired by has been acquired by CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander Managing Director [email protected] +1 (612) 359-2716 a portfolio company of a portfolio company of a portfolio company of a subsidiary of Ryan Budlong and Managing Director [email protected] has been acquired by has been acquired by has been acquired by has been acquired by +1 (415) 217-3409 Brant Cash Director [email protected] +1 (612) 359-2709 Ryan Freeman Director [email protected] +1 (612) 359-2703

a portfolio company of a portfolio company of a portfolio company of Andy Warczak Vice President [email protected] has been acquired by +1 (612) 359-2714 has been acquired by has been acquired by has been acquired by A Private Investor Group

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

WHAT WE’VE BEEN DOING (CONTINUED)

HW&CO. ADVISES ON THE SALE OF PIZZAREV

Overview On May 22, 2017, Cleveland Avenue acquired PizzaRev, adding to the continued momentum of HW&Co.’s food and beverage group. Company Description PizzaRev franchises and operates over 45 fast casual build-your-own pizza restaurants in the United States and Mexico, offering highly-customizable and high-quality pizzas cooked in under three minutes. The concept, which also offers salads, desserts, and alcoholic and non-alcoholic beverages, differentiates itself from fast casual competitors through customization, atmosphere, food quality, and innovation.

Key Value Drivers for PizzaRev Rev-olutionary Concept . Growing franchise system with base of experienced, enthusiastic, and well-capitalized franchise partners.

. Significant white space for growth both domestically a partnership of and internationally. PizzaRev & . Differentiated concept offering a fully customizable, Founders better-for-you offering, and an attractive, “stay and enjoy” atmosphere. has been acquired by

. Category innovator with industry-leading offerings, menu enhancements, and technology integration.

VITAL SIGNS

COMMODITY PRICE INDICES1

120 Soybeans: 100 (35.4%) 80 Corn: 60 (46.3%) 40 Wheat: 20 (47.1%) CommodityPriceIndex - Crude Oil: May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 (49.8%) Soybeans Wheat Corn Crude Oil

PROTEIN PRICE INDICES2,3

140

130 Beef: 120 10.7%

110 Pork 3.1% ProteinPriceIndex 100 Poultry: 90 (3.4%) Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17

Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140 R e s t aur ant : 20. 7% 120 G r o c e r y :

100 9. 3% SalesIndex 80 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

4.0

3.0

2.0

1.0

Infational (%) Infational -

(1.0) May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Stock Price % Change EV/EBITDA % Change Current Valuation Stats Net Debt / Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing (0.9%) (0.9%) (5.8%) (0.9%) 12.5x 12.9x 6.5x 3.0x Fruit and Vegetable 2.0% 3.3% 13.6% 17.2% 16.4x 24.5x 11.5x 0.7x Ingredients / Flavors 10.9% 5.2% 5.9% 0.7% 23.0x 27.3x 16.1x 1.4x

Inputs Agribusiness (2.3%) 0.9% 0.8% (0.8%) 21.7x 24.5x 11.6x 2.5x Branded Processed Foods (0.4%) (6.5%) (5.1%) (5.9%) 20.6x 28.1x 12.8x 2.2x Private Label Foods and Beverages (9.0%) (14.7%) 6.5% 26.5% 33.6x 25.0x 11.3x 5.7x Natural / Organic Foods / BFY 0.8% (30.3%) 25.2% (12.6%) 17.7x 25.4x 15.2x 7.1x Baked Goods 1.7% (2.6%) (1.1%) (1.0%) 19.9x 28.3x 9.9x 2.4x Dairy 5.8% 5.3% 8.8% 16.9% 19.6x 24.0x 13.3x 1.3x Non-Alcoholic Beverages 10.8% 4.0% 9.4% 9.9% 22.7x 25.0x 14.2x 1.7x Alcoholic Beverages 16.9% 10.8% 3.4% 3.6% 21.3x 26.1x 15.3x 2.6x Food and BeverageFood and Snacks 1.0% 12.1% (0.1%) 10.1% 21.8x 32.9x 15.5x 3.3x Grocery Distribution 9.4% (1.6%) (6.4%) 7.2% 15.2x 17.5x 7.9x 2.1x Food Retail 3.8% (5.1%) (7.4%) (7.9%) 15.6x 18.2x 7.1x 1.5x Foodservice 5.3% 0.4% (3.1%) 1.2% 20.1x 17.0x 12.5x 4.0x Quick Service Restaurant 14.6% 23.4% 4.3% 8.3% 23.0x 26.4x 13.1x 3.2x Fast Casual 15.7% (0.4%) 0.9% 25.5% 41.7x 43.1x 15.7x 1.4x Differentiated Casual (3.4%) (4.6%) 3.7% (2.0%) 23.2x 26.3x 9.6x 1.0x Casual Dining Restaurant 22.5% 7.9% 6.9% 1.9% 17.7x 23.5x 8.6x 2.4x Fine Dining 1.1% 6.9% 2.2% 1.1% 19.1x 22.8x 9.4x 1.3x

Consumer and Retail and Consumer Pizza 10.8% 21.6% 3.1% 22.1% 26.3x 36.1x 19.8x 4.0x Beverage / Snack Retail 0.8% (13.2%) 9.5% 5.4% 24.6x 28.2x 17.4x 2.4x Family Restaurant (2.5%) (1.0%) (5.9%) 3.9% 19.7x 35.4x 11.0x 2.6x Overall Median 5.9% 0.9% 2.2% 2.6% 21.1x 25.0x 12.1x 2.2x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

PUBLIC EQUITY MARKET OVERVIEW

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

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

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

Inputs Food and Beverage Consumer and Retail RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 05/18/17 05/15/17 Performance Food Group Co PFGC Follow-On $387.5 Liquidity for Private Owners

05/11/17 05/11/17 Organto Foods Inc OGO Follow-On $2.5 Working Capital General Corporate Purposes 05/11/17 05/11/17 Fogo De Chao Inc FOGO Follow-On $63.0 Liquidity for Private Owners

04/24/17 04/24/17 Noble Romans Inc NROM Follow-On $3.7 Liquidity for Private Owners 04/12/17 04/11/17 Hostess Brands Inc TWNK Follow-On $306.5 Liquidity for Private Owners

03/14/17 03/13/17 Noodles & Co NDLS Follow-On $31.5 Pay Fees & Expenses

03/07/17 03/07/17 Xylitol Canada Inc XYL Follow-On $1.3 Working Capital

03/17/17 03/03/17 A&W Food Services of Canada - Follow-On $11.0 Liquidity for Private Owners

02/23/17 02/16/17 Performance Food Group Co. PFGC Follow-On $317.3 Liquidity for Private Owners

02/23/17 02/22/17 LeGall Holdings Inc. - IPO $0.1 Liquidity for Private Owners

02/14/17 02/13/17 New Age Bev Corp. NBEV Follow-On $15.0 Pursue Growth Opportunities General Corporate Purposes Working Capital 01/30/17 01/25/17 Long Island Iced Tea Corp. LTEA Follow-On $17.4 General Corporate Purposes

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

PUBLIC COMPARABLES5

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2017E ($ in millions, except per share data) Ticker 6/9/17 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage Branded Processed Foods Associated British Foods plc ABF-GB $37.47 87.5% $29,666 $29,375 $19,036 $2,259 (0.2%) (2.8%) 8.4% 11.9% 21.2x 1.54x 13.0x 1.51x 12.4x B&G Foods, Inc. BGS 40.15 76.0% 2,669 4,407 1,456 318 32.2% 24.6% 29.3% 21.8% 24.0x 3.03x 13.9x 2.66x 12.0x Campbell Soup Company CPB 56.54 83.3% 17,135 20,223 7,913 1,623 (0.7%) 0.9% 36.8% 20.5% 35.6x 2.56x 12.5x 2.55x 11.2x Conagra Brands, Inc. CAG 38.76 79.3% 16,492 18,866 8,793 1,323 (2.6%) (21.1%) 31.6% 15.0% 28.0x 2.15x 14.3x 2.45x 12.6x General Mills, Inc. GIS 57.09 78.3% 32,892 42,925 15,741 3,439 (7.0%) (4.4%) 35.4% 21.8% 21.1x 2.73x 12.5x 2.77x 12.3x Hormel Foods Corporation HRL 34.77 86.9% 18,378 18,079 9,398 1,412 2.3% 1.6% 22.3% 15.0% 21.2x 1.92x 12.8x 1.97x 12.3x Kellogg Company K 72.66 83.4% 25,451 33,145 12,879 3,469 (3.6%) (4.3%) 59.8% 26.9% 33.0x 2.57x 9.6x 2.63x 12.8x McCormick & Company, Incorporated MKC 104.40 96.8% 13,015 14,595 4,425 779 2.5% 1.9% 39.5% 17.6% 28.1x 3.30x 18.7x 3.19x 17.4x Nestle S.A. NESN-CH 83.43 96.1% 259,654 274,171 90,816 17,587 (1.5%) (3.0%) 50.4% 19.4% 29.3x 3.02x 15.6x 2.89x 15.1x Pinnacle Foods, Inc. PF 60.74 91.1% 7,193 10,036 3,140 652 14.4% 8.0% 27.2% 20.8% 34.5x 3.20x 15.4x 3.13x 14.2x Post Holdings, Inc. POST 83.67 94.0% 5,545 9,324 5,012 880 NM 57.5% 26.1% 17.6% NM 1.86x 10.6x 1.80x 9.6x Hershey Company HSY 114.02 96.8% 17,350 19,969 7,491 1,768 2.9% 1.4% 48.5% 23.6% 39.7x 2.67x 11.3x 2.63x 10.8x J. M. Smucker Company SJM 127.16 80.8% 14,805 20,036 7,392 1,662 (5.4%) 9.6% 33.4% 22.5% 24.9x 2.71x 12.1x 2.68x 11.7x Mean 2.8% 5.4% 34.5% 19.6% 28.4x 2.56x 13.2x 2.53x 12.7x Median (0.4%) 1.4% 33.4% 20.5% 28.1x 2.67x 12.8x 2.63x 12.3x Private Label Foods and Beverages Cott Corporation BCB-CA $14.07 80.8% $1,953 $4,114 $3,434 $364 17.1% 18.5% 34.6% 10.6% NA 1.20x 11.3x 1.08x 9.2x Seneca Foods Corporation SENEA 31.75 74.4% 320 680 1,246 57 (2.3%) (2.4%) 7.0% 4.6% 25.0x 0.55x 11.9x NA NA TreeHouse Foods, Inc. THS 77.95 74.6% 4,438 7,117 6,449 669 74.6% 39.6% 16.8% 10.4% NA 1.10x 10.6x 1.11x 9.7x Mean 29.8% 18.5% 19.5% 8.5% 25.0x 0.95x 11.3x 1.09x 9.4x Median 17.1% 18.5% 16.8% 10.4% 25.0x 1.10x 11.3x 1.09x 9.4x Natural / Organic Foods / Better-For-You Amplify Snack Brands Inc BETR $8.67 49.5% $665 $1,254 $304 $82 56.6% NA 38.4% 27.1% 33.3x 4.13x 15.2x 3.11x 12.2x Hain Celestial Group, Inc. HAIN 35.03 61.5% 3,624 4,416 2,888 374 12.2% 21.5% 22.1% 12.9% 17.5x 1.53x 11.8x 1.48x 11.6x SunOpta Inc. SOY-CA 9.59 95.2% 825 1,251 1,324 38 10.9% 2.4% 10.9% 2.9% NA 0.94x 33.0x 0.92x 15.3x Mean 26.6% 12.0% 23.8% 14.3% 25.4x 2.20x 20.0x 1.84x 13.1x Median 12.2% 12.0% 22.1% 12.9% 25.4x 1.53x 15.2x 1.48x 12.2x Baked Goods Aryzta AG ARYN-CH $33.36 71.9% $3,063 $5,062 $4,225 $584 15.7% (11.2%) 29.7% 13.8% NA 1.20x 8.7x 1.18x 9.9x Flowers Foods, Inc. FLO 18.28 87.1% 3,825 4,720 3,910 416 1.9% 1.1% 44.9% 10.6% 23.4x 1.21x 11.4x 1.21x 10.5x George Weston Limited WN-CA 89.99 98.1% 11,510 24,836 36,527 3,108 1.1% 4.4% 29.8% 8.5% 26.8x 0.68x 8.0x 0.69x 7.9x Grupo Bimbo SAB de CV BIMBOA-MX 2.52 77.3% 11,853 15,710 13,627 1,580 0.1% (0.1%) 52.3% 11.6% 38.8x 1.15x 9.9x 1.04x 9.4x Lancaster Colony Corporation LANC 127.75 85.6% 3,506 3,381 1,196 221 1.0% 4.4% 24.1% 18.5% 29.8x 2.83x 15.3x 2.75x 15.0x Mean 4.0% (0.3%) 36.2% 12.6% 29.7x 1.41x 10.6x 1.37x 10.5x Median 1.1% 1.1% 29.8% 11.6% 28.3x 1.20x 9.9x 1.18x 9.9x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

PUBLIC COMPARABLES5

Dairy Danone SA BN-FR $74.83 94.9% $50,117 $57,775 $24,274 $3,808 (2.3%) (5.0%) 45.6% 15.7% 24.0x 2.38x 15.2x 2.03x 11.7x Dean Foods Company DF 17.87 80.1% 1,624 2,484 7,827 386 (1.5%) (2.6%) 22.9% 4.9% 23.0x 0.32x 6.4x 0.31x 5.8x Emmi AG EMMN-CH 765.78 95.9% 4,097 4,408 3,308 350 (0.9%) (2.4%) 19.6% 10.6% 28.3x 1.33x 12.6x 1.27x 12.6x Glanbia Plc GL9-IE 19.82 93.9% 5,867 6,339 3,150 393 2.4% (0.1%) 9.0% 12.5% 24.7x 2.01x 16.1x 2.02x 15.6x Lifeway Foods, Inc. LWAY 9.58 51.8% 155 152 123 8 1.6% 6.5% 25.8% 6.2% 57.7x 1.23x 19.7x 1.17x NA Parmalat S.p.A. PLT-IT 3.43 95.4% 6,365 5,951 7,179 463 0.9% 0.4% 19.6% 6.4% NM 0.83x 12.9x 0.82x 10.0x Saputo Inc. SAP-CA 32.18 86.1% 12,434 13,441 8,504 975 1.5% (1.0%) 8.4% 11.5% 23.2x 1.58x 13.8x 1.55x 13.1x Savencia SA SAVE-FR 97.78 96.2% 1,372 1,821 4,888 262 (0.8%) (4.3%) 4.3% 5.4% 11.7x 0.37x 6.9x 0.34x 5.0x Mean 0.1% (1.1%) 19.4% 9.2% 27.5x 1.26x 13.0x 1.19x 10.5x Median 0.1% (1.7%) 19.6% 8.5% 24.0x 1.28x 13.3x 1.22x 11.7x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG-GB $8.28 96.6% $966 $954 $343 $71 (12.9%) (4.9%) 46.4% 20.6% 21.1x 2.78x 13.5x 2.84x 14.1x Cott Corporation BCB-CA 14.07 80.8% 1,953 4,114 3,434 364 17.1% 18.5% 34.6% 10.6% NA 1.20x 11.3x 1.08x 9.2x Dr Pepper Snapple Group, Inc. DPS 91.40 91.9% 16,801 21,101 6,563 1,581 3.9% 2.9% 55.6% 24.1% 20.2x 3.22x 13.3x 3.15x 12.7x Lassonde Industries, Inc. LAS.A 179.18 98.2% 580 811 1,138 128 (1.0%) 4.7% 25.8% 11.3% 24.6x 0.71x 6.3x 0.70x 5.9x Monster Beverage Corporation MNST 50.05 90.2% 28,419 27,639 3,106 1,233 13.5% 10.6% 64.8% 39.7% 40.4x 8.90x 22.4x 8.19x 20.5x National Beverage Corp. FIZZ 87.24 90.8% 4,063 3,957 794 117 15.0% 7.2% 33.3% 14.8% 42.8x 4.98x 33.8x 4.38x 20.4x PepsiCo, Inc. PEP 115.94 98.2% 165,620 188,403 62,988 12,639 0.5% (1.8%) 56.0% 20.1% 25.0x 2.99x 14.9x 2.95x 14.3x Coca-Cola Company KO 45.32 98.4% 193,632 216,067 40,235 10,875 (7.0%) (4.6%) 60.7% 27.0% 31.7xNA 5.37x 19.9x 6.21x 19.6x Mean 3.6% 4.1% 47.1% 21.0% 29.4x 3.77x 16.9x 3.69x 14.6x Median 2.2% 3.8% 51.0% 20.3% 25.0x 3.10x 14.2x 3.05x 14.2x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $113.57 84.6% $192,307 $309,927 $45,517 $16,399 4.4% 1.8% 61.3% 36.0% NM 6.81x 18.9x 5.42x 14.2x Brown-Forman Corporation BF.B 49.16 82.3% 19,145 21,112 2,994 1,047 (1.1%) 0.0% 69.2% 35.0% 28.7x 7.05x 20.2x 6.82x 19.3x Carlsberg A/S CARL.B-DK 107.14 96.4% 16,264 20,454 9,303 1,842 (4.3%) (6.7%) 50.6% 19.8% 24.2x 2.20x 11.1x 2.09x 10.0x Constellation Brands, Inc. STZ 181.00 97.0% 35,338 44,392 7,330 2,543 12.0% 14.6% 48.9% 34.7% 26.8x 6.06x 17.5x 5.84x 16.4x Diageo plc DGE-GB 29.64 96.5% 74,609 88,055 15,136 4,822 (5.5%) (4.9%) 61.6% 31.9% 24.8x 5.82x 18.3x 5.67x 16.5x Heineken NV HEIA-NL 97.60 97.3% 56,219 69,830 23,000 5,049 1.1% (3.4%) 13.8% 22.0% 32.3x 3.04x 13.8x 2.85x 11.8x Kirin Holdings Company, Limited 2503-JP 21.96 93.6% 20,070 27,846 19,053 2,121 5.7% (5.5%) 45.6% 11.1% 17.6x 1.46x 13.1x 1.51x 12.2x Pernod Ricard SA RI-FR 135.33 97.8% 35,919 45,516 9,714 2,976 (0.5%) (4.0%) 62.4% 30.6% 25.3x 4.69x 15.3x 4.42x 14.9x Sapporo Holdings Limited 2501-JP 29.00 93.4% 2,285 4,344 5,057 432 13.2% (1.1%) 34.4% 8.5% 27.3x 0.86x 10.1x 0.87x 9.9x Mean 2.8% (1.0%) 49.8% 25.5% 25.9x 4.22x 15.4x 3.94x 13.9x Median 1.1% (3.4%) 50.6% 30.6% 26.1x 4.69x 15.3x 4.42x 14.2x Snacks Inventure Foods, Inc. SNAK $4.50 44.3% $89 $183 $261 $5 (0.3%) 3.7% 17.2% 1.7% NA 0.70x NM 0.85x 15.3x J & J Snack Foods Corp. JJSF 134.83 94.1% 2,524 2,402 1,012 155 2.1% 4.6% 29.5% 15.3% 32.9x 2.37x 15.5x 2.26x 14.3x John B. Sanfilippo & Son, Inc. JBSS 64.33 86.1% 559 651 877 75 (6.9%) 5.2% 16.4% 8.6% 20.0x 0.74x 8.7x 0.76x NA Mondelez International, Inc. MDLZ 45.62 96.6% 69,218 86,346 25,882 4,713 (8.6%) (9.7%) 40.0% 18.2% 41.2x 3.34x 18.3x 3.34x 16.8x PepsiCo, Inc. PEP 115.94 98.2% 165,620 188,403 62,988 12,639 0.5% (1.8%) 56.0% 20.1% 25.0x 2.99x 14.9x 2.95x 14.3x Snyder's-Lance, Inc. LNCE 37.03 90.6% 3,578 4,730 2,193 272 28.8% 7.2% 34.8% 12.4% 43.1x 2.16x 17.4x 2.14x 15.9x Mean 2.6% 1.5% 32.3% 12.7% 32.4x 2.05x 15.0x 2.05x 15.3x Median 0.1% 4.2% 32.2% 13.9% 32.9x 2.26x 15.5x 2.20x 15.3x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $38.50 82.4% $1,685 $1,521 $1,103 ($47) (45.1%) (7.5%) 12.8% NM NA 1.38x NM 1.22x 21.2x JBS S.A. JBSS3-BR 2.22 54.9% 6,060 21,485 49,594 3,325 2.8% 3.7% 11.8% 6.7% 5.7x 0.43x 6.5x 0.42x 5.3x Sanderson Farms, Inc. SAFM 128.10 99.5% 2,913 2,667 3,009 430 10.8% 3.5% 18.3% 14.3% 13.2x 0.89x 6.2x 0.81x 5.6x Seaboard Corporation SEB 4,096.31 90.1% 4,797 4,139 5,459 356 (0.0%) (6.0%) 10.1% 6.5% 14.0x 0.76x 11.6x NA NA Tyson Foods, Inc. TSN 60.75 78.8% 17,508 23,728 36,814 3,667 (5.5%) 1.4% 12.2% 10.0% 12.5x 0.64x 6.5x 0.63x 6.2x Mean (7.4%) (1.0%) 13.0% 9.4% 11.4x 0.82x 7.7x 0.77x 9.6x Median (0.0%) 1.4% 12.2% 8.3% 12.9x 0.76x 6.5x 0.72x 5.9x Fruit and Vegetable Calavo Growers, Inc. CVGW $76.15 99.1% $1,335 $1,374 $1,008 $70 16.4% 10.4% 13.4% 6.9% 33.1x 1.36x 19.7x 1.29x 17.2x Fresh Del Monte Produce Inc. FDP 51.27 76.7% 2,620 2,886 4,019 304 (2.3%) 2.3% 9.5% 7.6% 14.0x 0.72x 9.5x 0.70x 9.1x Seneca Foods Corporation SENEA 31.75 74.4% 320 680 1,246 57 (2.3%) (2.4%) 7.0% 4.6% 25.0x 0.55x 11.9x NA NA Total Produce Plc T7O-IE 2.38 98.5% 761 891 3,435 81 7.7% (0.6%) 13.7% 2.3% 23.9x 0.26x 11.1x 0.21x 9.6x Mean 4.9% 2.4% 10.9% 5.4% 24.0x 0.72x 13.0x 0.73x 12.0x Median 2.7% 0.8% 11.4% 5.8% 24.5x 0.63x 11.5x 0.70x 9.6x Ingredients / Flavors Givaudan SA GIVN-CH $2,026.28 94.0% $18,710 $19,612 $4,733 $1,098 3.7% 0.1% 42.6% 23.2% 28.1x 4.14x 17.9x 3.83x 17.0x Ingredion Incorporated INGR 115.83 82.7% 8,303 9,893 5,797 1,069 2.6% (1.7%) 24.4% 18.4% 18.0x 1.71x 9.3x 1.66x 9.0x International Flavors & Fragrances Inc. IFF 137.20 95.5% 10,835 12,092 3,161 708 4.3% 1.8% 43.2% 22.4% 27.3x 3.83x 17.1x 3.65x 16.1x Kerry Group Plc KRZ-IE 87.95 95.5% 15,489 16,981 6,782 960 0.2% (4.3%) 40.1% 14.2% 26.0x 2.50x 17.7x 2.34x 16.3x Sensient Technologies Corporation SXT 82.58 97.7% 3,655 4,218 1,382 264 0.7% (2.0%) 35.5% 19.1% 34.1x 3.05x 16.0x 3.00x 16.4x Symrise AG SY1-DE 71.95 92.8% 9,340 10,919 3,211 680 11.3% 9.7% 40.7% 21.2% 33.0x 3.40x 16.1x 3.23x 14.9x Tate & Lyle PLC TATE-GB 9.29 87.7% 4,316 4,816 3,586 498 1.1% (6.4%) NA 13.9% 13.2x 1.34x 9.7x 1.34x 9.1x Mean 3.4% (0.4%) 37.8% 18.9% 25.7x 2.85x 14.8x 2.72x 14.1x Median 2.6% (1.7%) 40.4% 19.1% 27.3x 3.05x 16.1x 3.00x 16.1x Agribusiness Andersons, Inc. ANDE 37.90 84.4% 1,075 1,706 3,889 151 (6.1%) (9.7%) 12.1% 3.9% 46.2x 0.44x 11.3x 0.42x 10.0x Archer-Daniels-Midland Company ADM $42.02 87.8% $23,979 $29,808 $63,036 $2,580 (2.4%) (10.8%) 3.6% 4.1% 17.7x 0.47x 11.6x 0.46x 9.1x Bunge Limited BG 79.06 94.4% 11,098 13,740 44,884 956 8.0% (9.2%) 1.0% 2.1% 21.6x 0.31x 14.4x 0.30x 7.6x CF Industries Holdings, Inc. CF 27.25 73.3% 6,353 13,921 3,718 1,063 (14.7%) (11.0%) 15.3% 28.6% NA 3.74x 13.1x 3.38x 12.0x Darling Ingredients Inc. DAR 15.86 95.5% 2,612 4,330 3,499 440 6.0% 16.6% 13.4% 12.6% 24.5x 1.24x 9.8x 1.23x 9.6x Monsanto Company MON 117.52 99.6% 51,569 58,463 14,461 4,298 5.8% (2.1%) 58.4% 29.7% 27.0x 4.04x 13.6x 4.01x 13.9x Mosaic Company MOS 23.51 68.4% 8,252 11,567 7,067 1,070 (16.2%) (7.9%) 8.2% 15.1% NM 1.64x 10.8x 1.58x 10.1x Mean (2.8%) (4.9%) 16.0% 13.7% 27.41x 1.70x 12.1x 1.63x 10.3x Median (2.4%) (9.2%) 12.1% 12.6% 24.54x 1.24x 11.6x 1.23x 10.0x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $102.20 83.2% $69 $77 $1,280 $11 (1.3%) 1.8% 5.8% 0.9% 14.3x 0.06x 6.8x NA NA Core-Mark Holding Company, Inc. CORE 36.72 73.4% 1,701 1,883 15,022 129 29.2% 14.8% 4.9% 0.9% 33.6x 0.13x 14.6x 0.12x 11.4x Performance Food Group Company PFGC 28.20 96.8% 2,925 4,232 16,706 328 9.4% 6.9% 12.3% 2.0% 34.0x 0.25x 12.9x 0.25x 10.4x SpartanNash Company SPTN 30.97 76.7% 1,172 1,828 7,858 231 3.2% (0.2%) 14.9% 2.9% 18.8x 0.23x 7.9x 0.22x 7.2x SUPERVALU INC. SVU 3.99 69.5% 1,071 2,221 12,480 441 (3.3%) (10.1%) 13.3% 3.5% 14.6x 0.18x 5.0x 0.16x 4.8x United Natural Foods, Inc. UNFI 40.42 77.5% 2,046 2,499 9,147 316 10.0% 11.1% 15.5% 3.5% 16.2x 0.27x 7.9x 0.26x 7.6x Mean 7.8% 4.1% 11.1% 2.3% 21.9x 0.19x 9.2x 0.20x 8.3x Median 6.3% 4.4% 12.8% 2.5% 17.5x 0.21x 7.9x 0.22x 7.6x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $180.38 98.5% $79,113 $77,654 $123,285 $4,927 (14.4%) 4.5% 13.5% 4.0% 31.3x 0.63x 15.8x 0.60x 14.1x Ingles Markets, Incorporated IMKTA 36.90 70.4% 519 1,389 3,848 236 2.0% 0.6% 24.1% 6.1% 14.9x 0.36x 5.9x 0.36x 5.9x J Sainsbury plc SBRY-GB 3.38 91.8% 7,393 9,597 34,171 1,316 (3.4%) (3.5%) 6.2% 3.9% 15.1x 0.28x 7.3x 0.27x 5.5x Kroger Co. KR 30.78 81.1% 28,090 40,947 115,337 5,775 5.0% 5.4% 20.1% 5.0% 15.1x 0.36x 7.1x 0.34x 6.7x Natural Grocers by Vitamin Cottage NGVC 9.50 66.9% 213 268 736 42 10.5% 15.4% 24.5% 5.7% 23.2x 0.36x 6.3x 0.34x 5.3x Royal Ahold Delhaize N.V. AD-NL 21.56 84.3% 25,888 29,248 54,973 4,063 29.8% 8.3% 29.8% 7.4% 23.8x 0.53x 7.2x 0.40x 6.1x Sprouts Farmers Markets, Inc. SFM 24.79 99.6% 3,408 3,802 4,184 292 12.2% 17.4% 27.8% 7.0% 28.8x 0.91x 13.0x 0.83x 12.3x SUPERVALU INC. SVU 3.99 69.5% 1,071 2,221 12,480 441 (3.3%) (10.1%) 13.3% 3.5% 14.6x 0.18x 5.0x 0.16x 4.8x Tesco PLC TSCO-GB 2.30 83.2% 18,858 24,541 73,745 3,404 (9.6%) (9.7%) 5.5% 4.6% NA 0.33x 7.2x 0.34x 7.0x Village Super Market, Inc. VLGEA 26.16 71.8% 265 32 1,631 68 1.7% 2.9% 26.1% 4.2% 16.6x 0.02x 0.5x NA NA Weis Markets, Inc. WMK 53.54 77.7% 1,440 1,417 3,137 66 8.1% 5.2% 24.9% 2.1% 18.2x 0.45x 21.6x NA NA Whole Foods Market, Inc. WFM 35.73 93.3% 11,418 11,455 19,551 1,718 25.8% 13.7% 34.1% 8.8% 28.4x 0.59x 6.7x 0.71x 9.0x Mean 5.4% 4.2% 20.8% 5.2% 20.9x 0.42x 8.6x 0.44x 7.7x Median 3.5% 4.9% 24.3% 4.8% 18.2x 0.36x 7.1x 0.35x 6.4x

Foodservice Chefs' Warehouse, Inc. CHEF $15.75 91.8% $415 $711 $1,220 $55 10.0% 19.1% 25.7% 4.5% NA 0.58x 13.0x 0.56x 11.3x Colabor Group Inc. GCL-CA 0.66 57.4% 67 162 1,051 22 0.2% (8.2%) NM 2.1% 4.9x 0.15x 7.3x 0.16x 7.5x Sysco Corporation SYY 55.19 96.7% 29,538 37,341 54,598 2,993 11.2% 6.0% 18.7% 5.5% 29.0x 0.68x 12.5x 0.66x 11.4x Mean 7.1% 5.6% 22.2% 4.0% 17.0x 0.47x 10.9x 0.46x 10.1x Median 10.0% 6.0% 22.2% 4.5% 17.0x 0.58x 12.5x 0.56x 11.3x Quick Service Restaurant Bojangles, Inc. BOJA $17.10 76.5% $626 $794 $536 $83 6.9% NA 17.4% 15.5% 17.1x 1.48x 9.6x 1.42x 9.7x Jack in the Box Inc. JACK 107.02 94.5% 3,148 4,333 1,625 358 5.1% 3.6% 26.5% 22.0% 26.4x 2.67x 12.1x 2.81x 12.1x McDonald's Corporation MCD 151.48 98.4% 123,467 148,262 24,394 9,320 (3.8%) (4.7%) 42.8% 38.2% 26.8x 6.08x 15.9x 6.62x 14.9x Restaurant Brands International Inc QSR 57.43 92.0% 13,558 24,325 4,228 1,862 4.7% NA 45.9% 44.0% 38.9x 5.75x 13.1x 5.32x 11.7x Sonic Corp. SONC 29.43 95.2% 1,249 1,820 557 159 (10.0%) 0.9% 33.1% 28.6% 21.5x 3.27x 11.4x 3.82x 12.1x Wendy's Company WEN 15.54 93.3% 3,814 6,049 1,342 387 (24.7%) (17.7%) 46.6% 28.8% 32.0x 4.51x 15.6x 5.03x 14.9x Yum! Brands, Inc. YUM 73.10 79.5% 25,456 33,837 6,340 1,905 (46.8%) (21.8%) 43.3% 30.0% 19.0x 5.34x 17.8x 5.86x 17.0x Mean (9.8%) (7.9%) 36.5% 29.6% 26.0x 4.16x 13.6x 4.41x 13.2x Median (3.8%) (4.7%) 42.8% 28.8% 26.4x 4.51x 13.1x 5.03x 12.1x

Fast Casual Chipotle Mexican Grill, Inc. CMG $460.85 92.4% $13,209 $12,632 $4,139 $330 (2.5%) 6.9% 14.1% 8.0% NM 3.05x 38.3x 2.72x 23.0x El Pollo Loco Holdings Inc LOCO 14.20 97.2% 546 640 386 59 7.4% NA 20.2% 15.4% 31.6x 1.66x 10.8x 1.55x 9.7x Fiesta Restaurant Group, Inc. FRGI 21.50 70.1% 582 650 711 85 1.5% 8.1% 19.0% 12.0% NA 0.92x 7.6x 0.94x 7.2x Habit Restaurants, Inc. HABT 16.50 83.5% 455 442 295 30 21.6% NA 15.9% 10.1% NM 1.49x 14.8x 1.30x 13.1x Noodles & Co. NDLS 4.05 38.7% 160 210 490 11 5.7% 10.9% 6.5% 2.3% NA 0.43x 18.7x 0.46x 7.1x Panera Bread Company PNRA 314.22 99.4% 6,704 7,037 2,838 421 4.4% 5.3% 16.8% 14.8% 47.4x 2.48x 16.7x 2.37x 15.8x Potbelly Corp. PBPB 12.00 82.5% 301 274 413 41 7.8% NA 12.4% 9.8% 38.7x 0.66x 6.7x 0.62x 6.9x Shake Shack, Inc. SHAK 39.25 91.4% 1,490 1,467 291 45 40.6% NA 21.5% 15.4% NM 5.04x 32.7x 4.11x 27.3x Wingstop, Inc. WING 30.72 91.9% 890 1,027 96 34 18.3% NA 72.3% 35.0% 51.2x 10.71x 30.6x 10.02x 26.0x Zoe's Kitchen, Inc. ZOES 14.67 37.2% 285 315 286 23 17.3% 29.7% 13.8% 8.0% NM 1.10x 13.8x 0.99x 13.9x

Mean 12.2% 12.2% 21.3% 13.1% 42.2x 2.76x 19.1x 2.51x 15.0x Median 7.6% 8.1% 16.3% 11.1% 43.1x 1.58x 15.7x 1.43x 13.5x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $43.45 91.4% $937 $1,096 $1,007 $127 7.4% 8.3% 11.4% 12.6% 23.7x 1.09x 8.7x 1.04x 8.7x Buffalo Wild Wings, Inc. BWLD 145.95 83.4% 2,356 2,677 2,013 286 7.1% 14.8% 12.9% 14.2% 31.6x 1.33x 9.4x 1.26x 9.1x Chuy's Holdings, Inc. CHUY 26.85 71.1% 454 440 339 42 13.8% 16.7% 15.0% 12.3% 26.3x 1.30x 10.6x 1.16x 9.8x Dave & Buster's Entertainment, Inc. PLAY 68.90 93.8% 2,898 3,123 1,047 255 15.6% 16.5% 27.5% 24.3% 29.2x 2.98x 12.2x 2.69x 11.2x Cheesecake Factory Incorporated CAKE 58.12 86.6% 2,788 2,830 2,285 287 17.3% 36.0% 14.5% 12.5% 20.4x 1.24x 9.9x 1.21x 9.9x Mean 12.2% 18.5% 16.3% 15.2% 26.2x 1.59x 10.1x 1.47x 9.7x Median 13.8% 16.5% 14.5% 12.6% 26.3x 1.30x 9.9x 1.21x 9.8x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $21.30 96.1% $2,135 $3,051 $4,232 $416 (2.5%) 0.3% 13.6% 9.8% 45.3x 0.72x 7.3x 0.72x 7.1x Brinker International, Inc. EAT 41.39 74.1% 2,025 3,346 3,222 457 2.6% 3.8% 14.2% 14.2% 13.4x 1.04x 7.3x 1.06x 7.7x Darden Restaurants, Inc. DRI 92.12 99.0% 11,454 11,503 7,026 946 0.1% (7.0%) 19.7% 13.5% 23.5x 1.64x 12.2x 1.54x 11.1x DineEquity, Inc. DIN 46.09 52.4% 829 2,075 627 241 (6.3%) (0.9%) 57.6% 38.5% 9.7x 3.31x 8.6x 3.33x 8.7x Red Robin Gourmet Burgers, Inc. RRGB 66.70 90.0% 858 1,148 1,313 133 3.8% 7.7% 15.0% 10.1% NM 0.87x 8.6x 0.84x 7.6x Ruby Tuesday, Inc. RT 2.36 56.6% 143 324 976 37 (11.9%) (6.1%) 11.6% 3.8% NA 0.33x 8.8x NA NA Texas Roadhouse, Inc. TXRH 51.71 99.7% 3,667 3,595 2,043 271 9.7% 11.8% 16.6% 13.3% 32.3x 1.76x 13.3x 1.63x 12.3x Mean (0.7%) 1.4% 21.2% 14.7% 24.9x 1.38x 9.4x 1.52x 9.1x Median 0.1% 0.3% 15.0% 13.3% 23.5x 1.04x 8.6x 1.30x 8.2x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $16.65 88.6% $363 $377 $354 $43 4.9% 8.3% 17.2% 12.0% 25.2x 1.06x 8.8x 1.03x 7.9x Fogo de Chao, Inc. FOGO 13.85 81.2% 391 510 296 54 7.4% NA 21.9% 18.3% 17.1x 1.72x 9.4x 1.60x 8.4x Ruth's Hospitality Group, Inc. RUTH 22.10 97.6% 678 689 390 61 3.1% (1.6%) 26.5% 15.7% 22.8x 1.77x 11.3x 1.66x 10.3x Mean 5.1% 3.4% 21.9% 15.3% 21.7x 1.52x 9.8x 1.43x 8.9x Median 4.9% 3.4% 21.9% 15.7% 22.8x 1.72x 9.4x 1.60x 8.4x Pizza Domino's Pizza, Inc. DPZ $206.19 94.0% $9,916 $11,878 $2,558 $511 13.5% 11.6% 31.0% 20.0% 44.1x 4.64x 23.2x 4.32x 21.2x Papa John's International, Inc. PZZA 79.41 87.8% 2,920 3,214 1,734 197 6.2% 5.3% 18.2% 11.3% 28.1x 1.85x 16.3x 1.78x 15.3x Papa Murphy's Holdings, Inc. FRSH 4.40 56.4% 75 (325) 126 12 1.5% NA 29.0% 9.6% NA NM NM NM NM Mean 7.1% 8.5% 26.1% 13.6% 36.1x 3.25x 19.8x 3.05x 18.3x Median 6.2% 8.5% 29.0% 11.3% 36.1x 3.25x 19.8x 3.05x 18.3x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $6.15 43.0% $158 $116 $167 $7 15.9% NA 44.9% 4.0% NA 0.70x 17.4x 0.68x 9.7x Dunkin' Brands Group, Inc. DNKN 56.93 95.4% 5,247 7,279 830 440 1.8% 4.7% 78.3% 53.0% 25.5x 8.77x 16.5x 8.63x 15.4x Jamba, Inc. JMBA 6.88 59.2% 105 91 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.11x NM 1.21x 8.7x Starbucks Corporation SBUX 62.19 95.9% 90,057 91,636 21,974 5,053 9.1% 12.0% 22.2% 23.0% 30.9x 4.17x 18.1x 3.94x 15.9x Mean (5.0%) (1.7%) 40.6% 23.5% 28.2x 3.69x 17.4x 3.61x 12.4x Median 4.3% 5.0% 39.7% 18.6% 28.2x 2.64x 17.4x 2.57x 12.6x Family Restaurant Cracker Barrel Old Country Store, Inc. CBRL $169.49 96.8% $4,075 $4,291 $2,929 $392 1.5% 3.2% 15.3% 13.4% 20.5x 1.47x 11.0x 1.44x 10.6x Denny's Corporation DENN 12.06 84.6% 843 1,099 510 93 2.9% 3.5% 27.0% 18.3% 50.3x 2.15x 11.8x 2.08x 10.8x Luby's, Inc. LUB 3.01 59.0% 88 123 391 13 (9.0%) (0.8%) 8.3% 3.3% NA 0.32x 9.4x NA NA Mean (1.5%) 2.0% 16.9% 11.7% 35.4x 1.31x 10.7x 1.76x 10.7x Median 1.5% 3.2% 15.3% 13.4% 35.4x 1.47x 11.0x 1.76x 10.7x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

130

2 0 .0 % 120 1 5 .0 %

110 1 5 .6 %

100 5 .8 %

3 .2 % 90 (6 .7 % )

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

THE J.M. SMUCKER CO. TO ACQUIRE WESSON OIL BRAND

. The J.M. Smucker Company has agreed to acquire Wesson Oil from Conagra Brands, Inc. . Wesson is a manufacturer of various edible oils, including vegetable, canola, Enterprise Value: $285 mm corn, and blended oils. Revenue Multiple: ND . The acquisition will allow J.M. Smucker to realize significant supply chain cost EBITDA Multiple: 9.5x synergies as a strong complement to its existing Crisco brand. Announced: May 30, 2017

LUIGI LAVAZZA S.p.A TO ACQUIRE KICKING HORSE COFFEE CO. LTD

. Luigi Lavazza has acquired an 80% stake in Kicking Horse Coffee Co. from Swander Pace Capital. . Kicking Horse Coffee Co. is a Canada-based roaster and distributor of organic fair trade coffee. Enterprise Value: $159 mm Revenue Multiple: ND . The acquisition will allow Lavazza to continue executing its strategy of EBITDA Multiple: ND achieving international growth and diversification, as well as strengthening its Announced: May 24, 2017 competitive position in the sector.

HGGC, LLC TO ACQUIRE NUTRACEUTICAL INTERNATIONAL CORP.

. HGGC has agreed to acquire Nutraceutical International Corp. (“NIC”) for $41.80 a share, which represents a 49.3% premium over NIC’s stock price one day before the announcement. . NIC is a US-based manufacturer, marketer, and distributor of nutritional Enterprise Value: $446 mm supplements and food sold in health and natural food stores. Revenue Multiple: 1.9x EBITDA Multiple: 10.3x . HGGC will leverage its knowledge and expertise in the natural products Announced: May 22, 2017 industry to support the continued growth of the Company.

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

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

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

EV / EV LTMMEBI TDA ultiple $52.9 0.40x 2.0x $8.2 $26.5 $40 $24.0 100

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

0.0x 0.00x $0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD YTD EV / LTM EBITDA EV / LTM Sales Aggregate Deal Value # of Deals Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

1/0/1900Announced Target 0 Cargill, IncorporatedBuyer 6/6/2017 Konditerskaya Fabrika Globus KDV Group 6/5/2017 Giant Beverage Co., Inc. Hispanica International Delights 6/1/2017 BluDog Products LLC International Consolidated Cos., Inc. 5/31/2017 Hitzberger AG Migros-Genossenschafts-Bund 5/30/2017 Hilcona AG Bell Food Group AG 5/30/2017 Wesson Oil Brand The J. M. Smucker Co. 5/26/2017 Celler Coop (Bottling Plant) Castell D'Or SL 5/26/2017 Schwyzer Milchhuus AG Estavayer Lait SA 5/26/2017 Fire Burger Bar Fire Burger Bar - Kozhan 5/24/2017 Kicking Horse Coffee Co. Ltd. Luigi Lavazza SpA

PRIVATE EQUITY INVESTMENTS & EXITS

140 122 120 100 80 67 65 65 59 60 48 38 43 39 32 34 36 31 40 25 26 14 17 18 20

Number ofTransactionsNumber 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD Number of Investments Number of Exits

* M&A transactions include European and cross-border deals since 2015. PAGE | 11 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity7

QUARTERLY LOAN VOLUME AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

$16 L + 600

$14 L + 500 $12 L + 400 $10

$8 L + 300

($ in billions) $6 L + 200

$4 Loan Loan Volume byQuarter

$2 Average Spread OverLIBOR L + 100

$0 L + 0 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 2010 2011 2012 2013 2014 2015 2016 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

6.0x L + 1000

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 1Q17 Recent Debt Offerings8 Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

06/15/17 Atkins Nutritionals Inc Dehydrated fruit/vegetables/soups 275 USD Revolver/Line >= 1 Yr. Senior 06/15/17 Atkins Nutritionals Inc Dehydrated fruit/vegetables/soups 275 USD Term Loan B Senior 06/01/17 High Liner Foods Animal and marine fats and oils 518 USD Term Loan B Senior 325 BPS 05/29/17 PT Kaldu Sari Nabati Indonesia Cookies and crackers 95 USD Term Loan Senior 350 BPS 05/25/17 Blue Buffalo Co Ltd Dog and cat food 400 USD Term Loan B Senior 200 BPS 05/19/17 Bumble Bee Seafoods Canned/cured fish and seafoods 210 USD Revolver/Line >= 1 Yr. Senior 150 BPS 05/19/17 Hostess Brands Bread, cake and related products 1,096 USD Term Loan B Senior 250 BPS 05/18/17 First Baking Co Ltd Bread, cake and related products 2,000 USD Revolver/Line >= 1 Yr. Senior 05/18/17 General Mills Inc Cereal breakfast foods 2,700 USD Revolver/Line >= 1 Yr. Senior 100 BPS 05/16/17 Premier Foods Plc Food preparations 272 USD Revolver/Line >= 1 Yr. Senior 350 BPS 05/15/17 Salad Signature NV Food preparations 174 USD Term Loan B Senior 350 BPS 05/15/17 Salad Signature NV Food preparations 174 USD Revolver/Line >= 1 Yr. Senior 300 BPS 05/04/17 Hostess Brands Bread, cake and related products 996 USD Term Loan B Senior 275 BPS 05/03/17 Jacobs Douwe Egberts Roasted coffee 200 USD Term Loan B Senior 200 BPS 05/03/17 Jacobs Douwe Egberts Roasted coffee 573 USD Term Loan B Senior 225 BPS

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

M&A OVERVIEW*

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

15.0x 200

40 180 14.0x 160 46 18 35 140

13.0x 120 8 17 100 19 19 6 20 24 12.0x 80 166 10 141 139 10 126 60 5 118 4 7 7 9 13 8 107 92 94 Number of Transactions of Number 6 89 M edian Trading MMTrading edian ult iple 11.0x 40 82 10 70 74 53 58 57 52 48 46 47 52 20 39 33

10.0x 0

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117 Q217 Jul-16 Jun-16 Apr-17 Jan-17 Feb-17 Sep-16 Oct-16 Mar-17 Nov-16 Aug-16 Dec-16 May-16 May-17 Food Products, Processing, and Ingredients Retail and Restaurants Strategic Acquirer Private Equity Acquirer Recent Food and Beverage M&A5

EnterpriseValue Enterprise Value Private Equity Geographic Announced Target Seller Buyer ($mm) Sales EBITDA EBIT Involvement Location 6/6/2017 Konditerskaya Fabrika Globus - KDV Group $35.3 - - - EU 6/5/2017 Giant Beverage Co., Inc. - Hispanica International Delights $0.6 - - - N.A. 6/1/2017 BluDog Products LLC - International Consolidated Cos., Inc. ---- N.A. 5/31/2017 Hitzberger AG - Migros-Genossenschafts-Bund ---- EU 5/30/2017 Hilcona AG - Bell Food Group AG ---- EU 5/30/2017 Wesson Oil Brand Conagra Brands, Inc. The J. M. Smucker Co. $285.0 - 9.5x - N.A. 5/26/2017 Celler Coop (Bottling Plant) Celler Cooperatiu Castell D'Or SL $2.0 - - - P EU 5/26/2017 Schwyzer Milchhuus AG - Estavayer Lait SA ---- EU 5/26/2017 Fire Burger Bar - Fire Burger Bar - Kozhan ---- P EU 5/24/2017 Kicking Horse Coffee Co. Ltd. - Luigi Lavazza SpA $159.4 - - - P Cross Border 5/24/2017 ID Bio SAS - Eurazeo SA ---- P EU 5/23/2017 Moli La Boella Societat Ltda - Bodegues Sumarroca Sociedad Ltda. ---- EU 5/23/2017 OMIRA Oberland-Milchverwertung - Groupe Lactalis SA ---- EU 5/23/2017 Big Groupe SAS - BlueGem Capital Partners LLP ---- P EU 5/23/2017 Tillamook Country Smoker, Inc. - Insignia Capital Group LLC ---- P N.A. 5/22/2017 Nutraceutical International Corp. - HGGC LLC $446.0 1.9x 10.3x - P N.A. 5/22/2017 DDL, Inc. (Nebraska) - B&R Stores, Inc. ---- N.A. 5/18/2017 Charles Wells Ltd. Young & Co.'s Brewery Plc Marston's Plc $71.3 - - - EU 5/18/2017 Gefleortens Mejeriförening Ek För - Arla Ekonomisk Forening ---- EU 5/18/2017 Wes-T-Go & Chillerz - Brookwood Financial Partners LP ---- N.A. 5/17/2017 Pat' à Crêpes - Pat' à Crêpes /Robert/ ---- P EU 5/17/2017 Whitworths Group Ltd. - Anatolia Seramik Sanayi VE Ticaret A S ---- P EU 5/16/2017 AG Foods Group AS - Ag Foods Group ---- P EU 5/15/2017 Roasting Plant, Inc. (Michigan) - Roasting Plant Inc (Detroit) ---- P N.A. 5/15/2017 Schill-Malz GmbH & Co. KG GrainCorp Ltd. Bamberger Mälzerei Gmbh ---- EU 5/11/2017 MAREDO Gaststätten-GmbH - Perusa GmbH ---- P EU 5/11/2017 RO MAR SRL - Alto Partners SGR SpA ---- P EU 5/9/2017 JW Lee, Inc. - RCI Hospitality Holdings, Inc. $26.0 - - - N.A. 5/8/2017 Coalfrio Alimentación SA - Comercial Oblanca SA ---- EU 5/8/2017 The Works Gourmet Burger Bistro Fresh Brands, Inc. (Canada) MTY Food Group, Inc. $5.8 - - - Cross Border 5/8/2017 Les Restaurants Giorgio Amérique Ltée - MTY Food Group, Inc. $0.2 - - - Cross Border 5/4/2017 Industrializacion de Frutas Del Segre SA - Sociedad Anónima Minera Catalana ---- P EU 5/4/2017 The Lagunitas Brewing Co. - Heineken NV ---- P Cross Border 5/3/2017 Icelandic Group ehf - Seachill Meals Operations Icelandic Group ehf Samherji hf; Seagold Ltd. ---- EU 5/3/2017 Brasserie Bar Co. Ltd. Fulham Brasserie Bar Co. Ltd. Avignon Capital Ltd. $3.4 - - - P EU 5/2/2017 Marten Vertriebs GmbH & Co. KG - ZUR MUEHLEN ApS & Co. KG ---- EU 5/2/2017 Grupo Siro Corporativo SL Grupo Siro Corporativo SL Cerealto Siro Foods SL ---- EU 5/2/2017 Karoun Dairies, Inc. - LAG Holding, Inc. $130.0 - - - N.A. 5/1/2017 Big Bottom Distilling LLC - Eastside Distilling, Inc. $0.1 - - - N.A. 4/28/2017 Olam Food Ingredients Spain SL - Olam International Ltd. ---- EU

* M&A transactions include European and cross-border deals since 2015. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

M&A OVERVIEW*

Recent Food and Beverage M&A5

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

4/28/2017 PetMatrix LLC - Spectrum Brands Holdings, Inc. - - - - P N.A. 4/28/2017 MOOYAH Franchise LLC - Balmoral Funds LLC - - - - P N.A. 4/26/2017 Brio Produtos De Agricultura Biologica SA - Sonae SGPS SA - - - - P EU 4/26/2017 Feng Sushi Ltd. - The Genuine Dining Co. Ltd. - - - - P EU 4/26/2017 Artland Convenience GmbH Vion Holding NV Tönnies Lebensmittel GmbH & Co, - - - - EU 4/25/2017 Treehouse Foods, Inc. - Soup & Infant Feeding TreeHouse Foods, Inc. Insight Equity Holdings LLC - - - - N.A. 4/25/2017 AdvancePierre Foods Holdings, Inc. - Tyson Foods, Inc. $4,132.5 2.6x 14.9x 19.5x N.A. 4/25/2017 Cafesa Co - JunkieDog.com, Inc. $0.6 - - - N.A. 4/24/2017 Premiere Food Service, Inc. - Creative Dining Services, Inc. - - - - N.A. 4/24/2017 Ellison Bakery, Inc. - Blackford Capital LLC - - - - P N.A. 4/23/2017 Pegasus Coffee House - Pegasus Coffee Roaster - - - - N.A. 4/21/2017 Bacardi Martini France SAS Bacardi Ltd. Konings NV - - - - EU 4/21/2017 Kensington & Sons LLC - Unilever NV $140.0 - - - P Cross Border 4/21/2017 Carrier Restauration SASU - Gozoki SAS - - - - EU 4/20/2017 Addo Food Group Ltd. Eliot Luxembourg Holdco SARL Lloyds Development Capital - - - - P EU 4/20/2017 Mountain Mike's Pizza LLC - Levine Leichtman Capital Partners - - - - P N.A. 4/20/2017 Idea Quick SRL - Unigrains SA - - - - EU 4/19/2017 Herzberger Bäckerei GmbH - Gute Lebensmittel GmbH & Co. KG - - - - EU 4/19/2017 Bonbons Barnier - Bonbons Barnier SA - - - - P EU 4/19/2017 Dolciaria Val d'Enza SRL - CapVest Ltd.; Valeo Foods Ltd. - - - - P EU 4/19/2017 Eau des Alpes SAS - Ogeu Groupe SAS - - - - EU 4/18/2017 Weetabix Ltd. Shanghai Guosheng (Group) Co. Post Holdings, Inc. $1,763.2 - - - P Cross Border 4/18/2017 Hill Biscuits Ltd. - Lloyds Development Capital - - - - P EU 4/18/2017 Mormor Magdas Därproducerade - ExeoTech Invest AB $0.2 - - - EU 4/18/2017 Arthur Dogswell LLC - Frontenac Co. LLC - - - - P N.A. 4/18/2017 Grupo Restauración Lateral SL - BlueGem Capital Partners LLP - - - - P EU 4/17/2017 Beaux Frères - Maisons & Domaines Henriot France - - - - Cross Border 4/17/2017 Umalat Zao - Umalat Zao /Private Group/ - - - - P EU 4/14/2017 NÖM AG Raiffeisen-Holding Niederösterreich MGN Milchgenossenschaft - - - - EU 4/13/2017 C. Augusto Egli SA Haecky Holding AG Bodegas Murviedro SA - - - - EU 4/12/2017 Refresco Group NV - PAI Partners SAS $2,136.9 - - - P EU 4/12/2017 IFC - International Food Cooperation Germany GmbH- BIP Candy & Toys Germany GmbH - - - - EU 4/12/2017 Pointing Dog - Revere pub Co. - - - - EU 4/12/2017 Maison Antoine Louboutin SARL - Maison Antoine Louboutin SARL - - - - P EU 4/12/2017 Herb's International Service SASU - Döhler GmbH $26.6 - - - P EU 4/12/2017 Les Ateliers De Cornouaille SARL - Kan Ar Mor AD - - - - EU 4/11/2017 Atkins Nutritionals, Inc. - Conyers Park Acquisition Corp. $856.0 2.1x 11.6x - P N.A. 4/11/2017 Cattlemens Grill Ltd. The Damn Yankee Co. Cattlemens Grill Ltd. - - - - P EU 4/10/2017 Unified Grocers, Inc. - SUPERVALU, Inc. $375.0 0.1x - - N.A. 4/10/2017 Nestle Italiana - Frozen Food Business Nestlé Italiana SpA FRoSTA AG - - - - EU 4/10/2017 The New Pub Co. Ltd - The Laine Pub Co. Ltd. $5.0 - - - EU 4/10/2017 Columbia Phytotechnology LLC - International Flavors & Fragrances, Inc. ---- N.A. 4/6/2017 Nobleza Iberica SA Nobleza Iberica SA Bell AG ---- EU 4/6/2017 Passport Food Group LLC - Swander Pace Capital LLC ---- P N.A. 4/5/2017 Panera Bread Co. - JAB Holdings, BDT Capital Partners $7,480.2 2.6x 18.8x - N.A. 4/5/2017 Brighter Foods Ltd. - Real Good Food Plc $13.3 - - - EU 4/5/2017 Oscar Mayer Ltd. - Deutsche Beteiligungs AG ---- P EU 4/5/2017 Verquin Confiseur SAS - Sucralliance SAS ---- EU 4/5/2017 Treasury Wine Estates Ltd. Treasury Wine Estates Ltd. Delicato Family Vineyards LLC ---- N.A. 4/4/2017 Rene Laurent - Frutarom Industries Ltd. $21.3 1.7x - - EU 4/4/2017 Custom Made Meals LLC - New Water Capital LP ---- P N.A. 4/4/2017 CLEARLY DRINKS LTD - NorthEdge Capital LLP ---- P EU 4/4/2017 Wozl 4 BV Wozl 4 BV Limburg Catering BV ---- EU 4/3/2017 English Bay Batter, Inc. Kilmer Group Cérélia SAS ---- Cross Border 4/3/2017 Truitt Bros., Inc. - Seneca Foods Corp. ---- N.A. 4/3/2017 Westbridge Food Group Ltd. - CPF Investment Ltd. $75.0 0.2x - - EU 4/3/2017 PB Bake Off Special Products BV - Standard Investment Management ---- EU 4/3/2017 Guckenheimer Enterprises, Inc. - ISS A/S $225.0 - - - Cross Border 3/31/2017 Country Fresh, Inc. Eos Partners Kainos Capital ---- P N.A. 3/31/2017 Halieutis Fish & Co SAS Compagnie Financière Cite Marine SAS ---- EU 3/31/2017 GFA Chateau Haut-Batailley - Chateau Haut Batailley ---- P EU 3/31/2017 Les Gâteaux de la Cousine SAS - Notus Technologies SAS ---- P EU 3/31/2017 Maverick Brands LLC - New Age Beverages Corp. $11.1 - - - N.A. 3/31/2017 Kar Nut Products Co. - Palladium Equity Partners Advisor LLC ---- N.A. 3/30/2017 Groupe Flo SA - Naxicap Partners SA ---- EU

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

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5

June 2017 Date Company 6/1/2017 Saputo, Inc. (SAP-CA) 6/6/2017 Greenyard Foods NV (GREEN-BE) 6/15/2017 The Kroger Co. (KR-US) 6/28/2017 Del Monte Pacific Ltd. (D03-SG) July 2017 Date Company 7/6/2017 Associated British Foods Plc (ABF-GB) 7/14/2017 Axfood AB (AXFO-SE) 7/20/2017 Sligro Food Group NV (SLIGR-NL) 7/23/2017 United Spirits Ltd. (532432-IN) 7/25/2017 Greencore Group Plc (GNC-GB) 7/27/2017 Anheuser-Busch InBev SA/NV (ABI-BE) 7/27/2017 Danone SA (BN-FR) 7/27/2017 Nestle SA (NESN-CH) 7/28/2017 Parmalat SpA (PLT-IT) 7/31/2017 Heineken NV (HEIA-NL) August 2017 Date Company 8/1/2017 Greggs Plc (GRG-GB) 8/1/2017 Saputo, Inc. (SAP-CA) 8/2/2017 Bonduelle SA (BON-FR) 8/2/2017 Devro Plc (DVO-GB) 8/7/2017 Tyson Foods, Inc. (TSN-US) 8/9/2017 Stock Spirits Group Plc (STCK-GB) 8/10/2017 Glanbia Plc (GL9-IE) 8/14/2017 JBS SA (JBSS3-BR) 8/14/2017 Sysco Corp. (SYY-US) 8/16/2017 Carlsberg A/S (CARL.B-DK) 8/17/2017 Bell Food Group AG (BELL-CH) 8/18/2017 Lotus Bakeries NV (LOTB-BE) 8/21/2017 Royal Unibrew A/S (RBREW-DK) 8/24/2017 Leroy Seafood Group ASA (LSG-NO) 8/29/2017 RCL Foods Ltd. (South Africa) (RCL-ZA) 8/30/2017 The Scottish Salmon Co. Plc (SSC-NO) 8/31/2017 Campbell Soup Co. (CPB-US)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ JUNE 2017

HARRIS WILLIAMS & CO.

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PAGE | 17