Food and Beverage

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

www.harriswilliams.de

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

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

0 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW As 2016 comes to a close, HW&Co. is pleased to report a record year in food & . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY beverage M&A with nearly 600 closed transactions in the last twelve months. This . PUBLIC COMPARABLES . EARNINGS CALENDAR past year, HW&Co.’s food & beverage practice advised on numerous transactions GROUP OVERVIEW across a wide range of subsectors. Transactions of note were Mercer Foods, a Harris Williams & Co. is a leading advisor to the food and provider of better-for-you, freeze-dried snacks and ingredients; Idaho Pacific beverage market. Our significant experience covers a broad range Holdings, a provider of dehydrated potato ingredients; and PANOS brands, a of end markets, industries, and business models. This particular report focuses on trends and provider of better-for-you specialty foods. metrics in the following areas: . Agribusiness HAT E VE EEN OING . Baked and Prepared Goods W W ’ B D . Beverages . Branded and Private Label CLOSED HW&CO. TRANSACTIONS . Dairy . Distribution . Ingredients . Meat and Protein . Natural and Organic a portfolio company of a portfolio company of a portfolio company of a subsidiary of . Processing . Produce and . Restaurant and Retail has been acquired by has been acquired by has been acquired by has been acquired by . Snacks

CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander Managing Director

a portfolio company of [email protected] a portfolio company of a portfolio company of +1 (612) 359-2716

has been acquired by Ryan Budlong has been acquired by Managing Director has been acquired by has been acquired by [email protected] A Private +1 (415) 217-3409 Investor Group 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 has been acquired by Vice President has been acquired by has been acquired by [email protected] has been acquired by +1 (612) 359-2714

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

WHAT WE’RE READING

AMERICANS DON’T TRUST SCIENTISTS’ TAKE ON FOOD ISSUES

A recent survey conducted by the Pew Research Center seems to upend many notions related to consumers’ changing tastes and preferences. In a surprising twist, consumers indicated that they seem to care less about GMOs than previously thought.

Access the full article here.

ARE FOOD ALLERGIES ON THE RISE? EXPERTS SAY THEY DON'T KNOW

A new report by the National Academy of Sciences indicates that its nearly impossible to pinpoint the number of individuals suffering from food allergies in the U.S. The lack of an optimal diagnostic tool – and the rampant issue of misinformed self-diagnosis – is leading many to question the ultimate figure, making it difficult for consumers and food companies to react.

Access the full article here.

DR PEPPER, PEPSI SNAP UP ALTERNATIVE BEVERAGE MAKERS

In a move reflecting consumers’ shift from sugary drinks, two of the largest U.S. soda makers have announced landmark acquisitions of start-ups focused on healthier beverages. Dr. Pepper and PepsiCo’s respective acquisitions of Bai Brands and KeVita come on the heels of Coca-Cola’s continued headway with acquisitions that have included Suja Life, Honest Tea, and Zico.

Access the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES1

120 Soybeans: 100 (36.6%) 80 Corn: 60 (52.6%)

40 Crude Oil: (52.3%)

CommodityPriceIndex 20 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 Wheat:

Corn Soybeans Wheat Crude Oil (61.5%)

PROTEIN PRICE INDICES2,3

140

130 Beef: 120 22.0%

110 Pork 5.8% ProteinPriceIndex 100 Poultry: 90 1.0% Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16

Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140 Restaurant: 21.0% 120 Grocery:

100 11.1% SalesIndex 80 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

4.0

3.0

2.0

Inflation(%) 1.0

0.0 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16

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 (7.2%) 16.8% 4.9% 40.7% 11.9x 14.4x 6.7x 2.9x Fruit and Vegetable 8.9% 37.4% 10.7% (7.6%) 16.6x 21.8x 10.0x 0.6x Ingredients / Flavors (11.1%) (1.9%) (9.3%) 3.7% 20.6x 24.7x 15.0x 1.3x

Inputs Agribusiness 12.8% 14.8% 0.0% 28.9% 19.1x 17.6x 10.7x 2.1x Branded Processed Foods (4.7%) 7.4% (10.9%) (6.9%) 20.3x 25.8x 13.3x 2.3x Private Label Foods and Beverages (17.7%) 3.9% 17.4% 0.3% 26.5x 25.2x 10.4x 3.3x Natural / Organic Foods / BFY 1.5% 8.5% 6.4% (0.6%) 19.1x 30.0x 16.0x 3.5x Baked Goods 5.9% (7.2%) (17.3%) (23.6%) 20.3x 30.0x 9.3x 2.1x Dairy (4.2%) 7.7% 8.8% 11.4% 19.7x 23.8x 12.9x 1.7x Non-Alcoholic Beverages (3.1%) 0.5% (8.3%) 4.4% 20.8x 23.2x 12.7x 1.8x Alcoholic Beverages (4.5%) (3.7%) (11.5%) (0.3%) 20.6x 24.9x 13.4x 2.6x Food and BeverageFood and Snacks 7.1% 11.0% (2.8%) 8.8% 23.1x 24.7x 15.3x 1.7x Grocery Distribution 7.6% 10.2% (0.4%) (2.2%) 17.6x 21.0x 8.9x 2.0x Food Retail 9.6% (6.4%) 0.4% (5.9%) 18.4x 20.1x 7.6x 2.0x Foodservice 27.6% 35.7% 10.3% 19.2% 21.7x 30.6x 11.9x 4.7x Quick Service Restaurant 11.2% 15.4% (1.0%) (5.0%) 23.0x 22.2x 11.8x 2.8x Fast Casual 6.5% (11.3%) 15.3% (2.6%) 43.3x 34.6x 14.0x 1.4x Differentiated Casual 12.3% 8.9% 3.3% (7.5%) 24.3x 28.1x 10.6x 0.9x Casual Dining Restaurant 12.6% 12.4% 6.2% (8.5%) 15.6x 23.4x 8.4x 2.3x Fine Dining 27.1% 16.9% 21.2% 12.7% 18.3x 20.6x 10.2x 2.6x

Consumer and Retail and Consumer Pizza 8.9% 48.2% 12.9% 5.2% 31.7x 35.2x 18.3x 4.0x Beverage / Snack Retail 4.8% (11.0%) 0.8% (8.1%) 24.5x 31.2x 16.7x 2.7x Family Restaurant 18.4% 31.5% 7.8% 12.7% 21.8x 47.3x 11.6x 2.2x Overall Median 3.9% 6.5% (0.1%) 0.5% 21.0x 24.1x 11.3x 2.1x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

PUBLIC EQUITY MARKET OVERVIEW

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

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

(30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0%

Inputs Food and Beverage Consumer and Retail RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 12/02/16 12/02/16 Diamond Estates Wines DWS Follow-On $6.0 Capital Expenditure

11/30/16 10/17/16 Bojangles' Inc BOJA Follow-On $119.0 Liquidity for Private Owners

11/24/16 11/21/16 Spot Coffee(Canada)Ltd SPP Follow-On $0.4 Capital Expenditure Working Capital 11/21/16 11/16/16 Hip Cuisine Inc N/A - $0.5 Working Capital

11/16/16 11/11/16 Performance Food Group Co PFGC Follow-On $228.5 Liquidity for Private Owners

11/15/16 10/10/16 Premium Brands Holdings Corp PBH Convertible $74.3 Debt Repayment Future Acquisitions 11/09/16 10/10/16 Saputo Inc SAP Follow-On $224.3 Liquidity for Private Owners

11/08/16 07/19/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $3.0 Debt Repayment Working Capital 11/01/16 10/31/16 Wingstop Inc WING Follow-On $179.3 Liquidity for Private Owners

10/26/16 10/27/16 Chanticleer Holdings Inc HOTR Follow-On $13.5 Debt Repayment Working Capital 10/27/16 10/17/16 Kokos Group Inc - IPO $0.2 Pay Fees & Expenses

10/17/16 06/07/16 Spot Coffee(Canada)Ltd SPP Follow-On $0.4 Capital Expenditure Working Capital 10/14/16 10/03/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $3.0 Debt Repayment Working Capital

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

PUBLIC COMPARABLES5

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2016E ($ in millions, except per share data) Ticker 12/14/16 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 $34.44 66.2% $27,243 $27,623 $19,015 $2,171 (3.8%) (2.9%) 8.0% 11.4% 26.2x 1.45x 12.7x 1.58x 13.5x B&G Foods, Inc. BGS 43.68 82.7% 2,909 4,216 1,319 307 52.8% 24.3% 35.2% 23.3% 25.3x 3.20x 13.7x 3.03x 12.9x Campbell Soup Company CPB 59.52 87.7% 18,420 21,721 7,960 1,564 (0.9%) 0.3% 38.1% 19.6% 28.3x 2.73x 13.9x 2.72x 12.1x ConAgra Foods, Inc. CAG 38.23 78.2% 16,815 21,076 11,517 1,733 4.4% (11.1%) 27.3% 15.0% 25.7x 1.83x 12.2x 2.24x 12.5x General Mills, Inc. GIS 63.67 87.3% 37,695 47,022 16,263 3,378 (7.4%) (3.5%) 37.4% 20.8% 23.2x 2.89x 13.9x 2.89x 13.5x Hormel Foods Corporation HRL 34.82 76.2% 18,448 18,283 9,523 1,418 2.8% 2.9% 22.8% 14.9% 21.3x 1.92x 12.9x 1.93x 12.5x Kellogg Company K 74.19 85.1% 25,949 33,506 13,059 1,765 (6.1%) (4.2%) 39.5% 13.5% 37.3x 2.57x 19.0x 2.58x 13.5x McCormick & Company, Incorporated MKC 93.42 86.6% 11,810 13,311 4,386 761 2.8% 2.3% 41.6% 17.3% 25.9x 3.03x 17.5x 3.00x 17.1x Nestle S.A. NESN-CH 71.64 85.9% 222,022 244,343 90,925 17,262 (6.3%) (1.7%) 50.8% 19.0% 25.8x 2.69x 14.2x 2.75x 14.3x Post Holdings, Inc. POST 77.89 87.5% 5,004 8,415 5,027 897 NM 69.4% 26.9% 17.8% NA 1.67x 9.4x 1.67x 9.0x Hershey Company HSY 101.02 85.8% 15,296 18,234 7,379 1,764 (1.4%) 2.1% 45.2% 23.9% 26.7x 2.47x 10.3x 2.45x 10.2x J. M. Smucker Company SJM 129.47 82.3% 15,204 20,434 7,511 1,759 8.6% 8.9% 36.7% 23.4% 21.3x 2.72x 11.6x 2.68x 12.0x Mean 4.1% 7.2% 34.1% 18.3% 26.1x 2.43x 13.4x 2.46x 12.8x Median (0.9%) 1.2% 37.0% 18.4% 25.8x 2.63x 13.3x 2.63x 12.7x Private Label Foods and Beverages Cott Corporation BCB-CA $10.97 63.1% $1,508 $3,682 $3,048 $352 9.4% 12.7% 34.4% 11.6% NA 1.21x 10.4x 1.11x 9.4x Seneca Foods Corporation SENEA 41.40 98.7% 414 787 1,346 95 5.7% 1.3% 8.5% 7.0% 8.2x 0.59x 8.3x NA NA TreeHouse Foods, Inc. THS 72.41 69.3% 4,103 6,951 5,274 555 62.5% 33.3% 16.4% 10.5% 42.3x 1.32x 12.5x 1.13x 10.8x Mean 25.9% 15.8% 19.7% 9.7% 25.2x 1.04x 10.4x 1.12x 10.1x Median 9.4% 12.7% 16.4% 10.5% 25.2x 1.21x 10.4x 1.12x 10.1x Natural / Organic Foods / Better-For-You Amplify Snack Brands Inc BETR $9.22 52.6% $718 $1,291 $229 $81 34.0% NA 45.7% 35.3% 30.2x 5.65x 16.0x 4.79x 15.3x SunOpta Inc. SOY-CA 7.28 94.7% 632 1,180 1,278 61 8.8% 2.9% 10.8% 4.7% NA 0.92x 19.5x 0.83x 12.1x Pinnacle Foods, Inc. PF 50.68 96.0% 6,039 9,041 2,992 602 13.4% 6.7% 29.6% 20.1% 29.9x 3.02x 15.0x 2.89x 14.0x Hain Celestial Group, Inc. HAIN 39.56 69.4% 4,076 4,868 2,888 374 12.2% 21.5% 22.1% 12.9% 19.7x 1.69x 13.0x 1.62x 12.2x WhiteWave Foods Company WWAV 55.34 97.4% 9,799 11,870 4,171 561 11.2% 19.1% 36.0% 13.4% 49.8x 2.85x 21.2x 2.79x 20.0x Mean 15.9% 12.6% 28.8% 17.3% 32.4x 2.82x 16.9x 2.58x 14.7x Median 12.2% 12.9% 29.6% 13.4% 30.0x 2.85x 16.0x 2.79x 14.0x Baked Goods Aryzta AG ARYN-CH $45.06 86.5% $4,020 $6,764 $4,305 $677 (4.1%) (9.7%) 32.0% 15.7% 44.6x 1.57x 10.0x 1.64x 10.9x Flowers Foods, Inc. FLO 19.10 83.9% 4,007 5,004 4,802 538 28.2% 9.5% 44.4% 11.2% 22.4x 1.04x 9.3x 1.27x 11.2x George Weston Limited WN-CA 86.54 93.5% 11,085 24,433 46,937 3,821 (6.1%) 12.5% 28.5% 8.1% 25.8x 0.52x 6.4x 0.67x 8.1x Grupo Bimbo SAB de CV BIMBOA-MX 2.37 72.7% 11,087 14,938 13,524 1,613 (2.2%) (0.7%) 54.1% 11.9% 36.7x 1.10x 9.3x 1.22x 11.0x Lancaster Colony Corporation LANC 138.31 98.0% 3,821 3,675 1,188 218 4.4% 0.8% 27.4% 18.3% 30.0x 3.09x 16.9x 3.05x 17.0x Mean 4.0% 2.5% 37.3% 13.1% 31.9x 1.47x 10.4x 1.57x 11.7x Median (2.2%) 0.8% 32.0% 11.9% 30.0x 1.10x 9.3x 1.27x 11.0x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

PUBLIC COMPARABLES5

Dairy Danone SA BN-FR $65.60 83.2% $43,153 $52,251 $24,482 $3,839 (7.3%) (3.0%) 51.2% 15.7% 21.8x 2.13x 13.6x 2.22x 12.7x Dean Foods Company DF 21.46 99.3% 1,947 2,815 7,715 440 (9.2%) (3.9%) 24.6% 5.7% 18.9x 0.36x 6.4x 0.37x 6.0x Emmi AG EMMN-CH 597.58 84.6% 3,132 3,530 3,311 327 (6.6%) (1.0%) 19.2% 9.9% 23.5x 1.07x 10.8x 1.09x 11.1x Glanbia Plc GL9-IE 16.31 77.9% 4,996 5,721 3,081 372 (3.4%) 0.4% 9.6% 12.1% 24.1x 1.86x 15.4x 1.89x 15.2x Lifeway Foods, Inc. LWAY 10.64 57.6% 170 168 123 9 3.4% 10.2% 26.0% 7.2% 51.0x 1.36x 19.0x 1.35x 17.7x Parmalat S.p.A. PLT-IT 2.68 95.3% 4,971 4,788 7,134 396 (1.6%) 1.1% 2.3% 5.5% 30.3x 0.67x 12.1x 0.70x 9.9x Saputo Inc. SAP-CA 35.10 96.0% 13,797 14,734 8,383 978 (3.6%) 1.1% 18.4% 11.7% 26.5x 1.76x 15.1x 1.72x 14.9x Savencia SA SAVE-FR 70.31 93.6% 984 1,502 4,830 262 (11.9%) (2.7%) 4.3% 5.4% 17.2x 0.31x 5.7x 0.32x 4.9x Mean (5.0%) 0.3% 19.4% 9.1% 26.7x 1.19x 12.3x 1.21x 11.6x Median (5.1%) (0.3%) 18.8% 8.5% 23.8x 1.21x 12.9x 1.22x 11.9x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG-GB $6.16 68.7% $718 $727 $371 $74 (6.7%) (1.0%) 46.3% 20.0% 15.0x 1.96x 9.8x 2.24x 11.1x Cott Corporation BCB-CA 10.97 63.1% 1,508 3,682 3,048 352 9.4% 12.7% 34.4% 11.6% NA 1.21x 10.4x 1.11x 9.4x Dr Pepper Snapple Group, Inc. DPS 89.99 91.1% 16,544 19,239 6,408 1,643 2.6% 2.1% 57.8% 25.6% 19.5x 3.00x 11.7x 2.99x 12.0x Lassonde Industries, Inc. LAS.A 160.43 94.5% 518 757 1,141 127 (0.4%) 3.7% 29.3% 11.2% 22.1x 0.66x 5.9x 0.66x 6.7x Monster Beverage Corporation MNST 44.37 79.9% 25,694 25,095 2,936 913 9.4% 10.5% 63.8% 31.1% 40.3x 8.55x 27.5x 8.31x 21.2x National Beverage Corp. FIZZ 49.50 76.5% 2,352 2,201 761 117 13.3% 5.3% 33.3% 15.4% 28.7x 2.89x 18.8x 2.85x 15.7x PepsiCo, Inc. PEP 106.12 95.7% 151,493 172,435 61,870 12,586 (4.0%) (2.3%) 54.6% 20.3% 23.2x 2.79x 13.7x 2.74x 13.6x Coca-Cola Company KO 41.79 88.7% 180,109 201,933 41,978 11,206 (6.1%) (3.9%) 60.7% 26.7% 25.3xNA 4.81x 18.0x 4.85x 17.2x Mean 2.2% 3.4% 47.5% 20.2% 24.9x 3.23x 14.5x 3.22x 13.4x Median 1.1% 2.9% 50.5% 20.2% 23.2x 2.84x 12.7x 2.80x 12.8x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $104.39 77.8% $178,520 $227,477 $42,551 $15,353 (9.3%) 2.4% 59.8% 36.1% 44.6x 5.35x 14.8x 5.12x 13.7x Brown-Forman Corporation BF.B 45.30 87.5% 17,877 19,920 2,979 1,101 (1.2%) 0.6% 66.1% 36.9% 17.3x 6.69x 18.1x 6.49x 18.2x Carlsberg A/S CARL.B-DK 86.24 83.7% 13,192 18,525 9,716 1,869 (15.3%) (5.7%) 45.9% 19.2% NA 1.91x 9.9x 2.04x 10.4x Constellation Brands, Inc. STZ 157.07 90.5% 31,194 39,037 7,075 2,366 12.9% 25.3% 48.7% 33.4% 28.2x 5.52x 16.5x 5.41x 16.1x Diageo plc DGE-GB 26.13 89.0% 66,272 80,224 15,532 4,862 (8.7%) (4.3%) 59.8% 31.3% 23.2x 5.17x 16.5x 5.65x 16.9x Heineken NV HEIA-NL 75.49 76.6% 43,438 57,877 22,745 4,822 (4.7%) (2.5%) 12.2% 21.2% 30.3x 2.54x 12.0x 2.64x 11.0x Kirin Holdings Company, Limited 2503-JP 16.69 90.5% 15,620 24,414 18,705 2,152 0.4% (8.8%) 44.2% 11.5% NA 1.31x 11.3x 1.35x 11.5x Pernod Ricard SA RI-FR 107.70 88.3% 28,681 38,629 9,631 2,891 (5.9%) (4.6%) 61.6% 30.0% 21.7x 4.01x 13.4x 4.12x 14.2x Sapporo Holdings Limited 2501-JP 25.64 82.6% 2,064 4,240 4,770 421 7.6% (5.0%) 36.3% 8.8% 24.9x 0.89x 10.1x 0.89x 10.2x Mean (2.7%) (0.3%) 48.3% 25.4% 27.2x 3.71x 13.6x 3.74x 13.6x Median (4.7%) (4.3%) 48.7% 30.0% 24.9x 4.01x 13.4x 4.12x 13.7x Snacks Inventure Foods, Inc. SNAK $9.74 96.3% $195 $311 $274 $7 (4.6%) 11.1% 11.9% 2.5% NA 1.13x NM 1.12x NM J & J Snack Foods Corp. JJSF 131.76 97.6% 2,484 2,332 993 152 1.7% 4.6% 30.4% 15.4% 32.8x 2.35x 15.3x 2.33x 15.1x John B. Sanfilippo & Son, Inc. JBSS 69.04 94.8% 611 642 949 70 4.5% 8.9% 16.4% 7.4% 24.7x 0.68x 9.1x 0.69x NA Mondelez International, Inc. MDLZ 43.30 93.3% 66,533 82,021 26,517 4,847 (14.7%) 7.2% 38.6% 18.3% NM 3.09x 16.9x 3.14x 16.8x PepsiCo, Inc. PEP 106.12 95.7% 151,493 172,435 61,870 12,586 (4.0%) (2.3%) 54.6% 20.3% 23.2x 2.79x 13.7x 2.74x 13.6x Snyder's-Lance, Inc. LNCE 38.46 98.6% 3,711 5,055 2,067 248 22.3% 5.5% 36.2% 12.0% NM 2.45x 20.3x 2.20x 16.1x Mean 0.9% 5.8% 31.4% 12.7% 26.9x 2.08x 15.1x 2.04x 15.4x Median (1.1%) 6.4% 33.3% 13.7% 24.7x 2.40x 15.3x 2.27x 15.6x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $40.55 73.2% $1,848 $1,567 $1,539 $245 (15.9%) 4.9% NM 15.9% 14.4x 1.02x 6.4x 1.07x 7.8x JBS S.A. JBSS3-BR 3.32 82.4% 9,565 24,966 47,562 2,823 (6.4%) 4.6% 13.0% 5.9% NA 0.52x 8.8x 0.46x 6.6x Sanderson Farms, Inc. SAFM 89.52 90.1% 2,031 1,788 2,705 305 (6.2%) 1.3% 17.8% 11.3% 14.5x 0.66x 5.9x 0.63x 5.0x Seaboard Corporation SEB 4,165.00 91.6% 4,918 4,286 5,309 318 (11.0%) (7.2%) 10.1% 6.0% 15.7x 0.81x 13.5x NA NA Tyson Foods, Inc. TSN 63.00 81.8% 18,230 24,172 36,954 3,585 (10.8%) 2.4% 11.9% 9.7% 13.6x 0.65x 6.7x 0.66x 6.8x Mean (10.1%) 1.2% 13.2% 9.8% 14.6x 0.73x 8.3x 0.70x 6.5x Median (10.8%) 2.4% 12.4% 9.7% 14.4x 0.66x 6.7x 0.64x 6.7x Fruit and Vegetable Calavo Growers, Inc. CVGW $57.35 80.2% $1,004 $1,009 $896 53 5.5% 11.7% 12.4% 5.9% 29.7x 1.13x 19.1x 1.06x 14.6x Fresh Del Monte Produce Inc. FDP 60.96 91.2% 3,188 3,328 4,099 400 3.1% 4.6% 12.6% 9.7% 22.6x 0.81x 8.3x 0.83x 9.5x Seneca Foods Corporation SENEA 41.40 98.7% 414 787 1,346 95 5.7% 1.3% 8.5% 7.0% 8.2x 0.59x 8.3x NA NA Total Produce Plc T7O-IE 2.02 99.1% 653 842 3,366 72 1.4% 0.1% 13.6% 2.1% 21.0x 0.25x 11.7x 0.23x 11.8x Mean 3.9% 4.4% 11.8% 6.2% 20.4x 0.69x 11.9x 0.71x 12.0x Median 4.3% 2.9% 12.5% 6.5% 21.8x 0.70x 10.0x 0.83x 11.8x Ingredients / Flavors Givaudan SA GIVN-CH $1,788.30 83.0% $16,498 $17,497 $4,637 $1,103 (0.4%) 0.1% 43.7% 23.8% 25.0x 3.77x 15.9x 3.78x 15.4x Ingredion Incorporated INGR 125.80 89.9% 9,072 10,228 5,709 1,041 2.2% (4.1%) 25.1% 18.2% 18.8x 1.79x 9.8x 1.79x 9.9x International Flavors & Fragrances Inc. IFF 120.07 83.6% 9,670 10,543 3,069 702 0.2% 1.8% 44.1% 22.9% 24.7x 3.43x 15.0x 3.38x 14.7x Kerry Group Plc KRZ-IE 69.03 71.6% 12,374 14,195 6,782 994 (3.8%) (3.7%) 9.9% 14.7% 22.8x 2.09x 14.3x 2.19x 15.2x Sensient Technologies Corporation SXT 80.23 96.2% 3,657 4,252 1,392 268 0.9% (1.9%) 35.1% 19.2% 32.3x 3.05x 15.9x 3.04x 16.9x Symrise AG SY1-DE 60.57 78.2% 7,892 9,667 3,101 623 4.7% 9.2% 39.8% 20.1% 30.7x 3.12x 15.5x 3.13x 14.7x Tate & Lyle PLC TATE-GB 8.66 81.8% 4,049 4,501 3,555 488 (0.2%) (10.2%) 10.3% 13.7% 13.9x 1.27x 9.2x 1.36x 10.0x Mean 0.5% (1.2%) 29.7% 18.9% 24.0x 2.65x 13.7x 2.67x 13.8x Median 0.2% (1.9%) 35.1% 19.2% 24.7x 3.05x 15.0x 3.04x 14.7x Agribusiness Archer-Daniels-Midland Company ADM $46.10 96.3% $26,699 $32,091 $62,354 $2,174 (13.5%) (1.7%) 4.9% 3.5% 17.6x 0.51x 14.8x 0.51x 10.7x Bunge Limited BG 71.82 97.1% 10,056 12,978 41,985 1,370 (7.9%) (11.3%) 0.7% 3.3% 16.6x 0.31x 9.5x 0.30x 7.8x CF Industries Holdings, Inc. CF 28.52 63.9% 6,623 13,722 3,934 1,381 (10.8%) (11.3%) 3.4% 35.1% NM 3.49x 9.9x 3.69x 14.4x Darling Ingredients Inc. DAR 13.57 85.2% 2,264 4,063 3,322 429 (9.0%) 24.5% 13.0% 12.9% 15.5x 1.22x 9.5x 1.21x 9.3x Monsanto Company MON 104.76 91.7% 45,798 53,113 13,490 3,552 (9.9%) (3.2%) 45.0% 26.3% 35.0x 3.94x 15.0x 3.89x 14.1x Andersons, Inc. ANDE 41.48 96.6% 1,170 1,512 3,959 118 (7.9%) (11.1%) 14.6% 3.0% NA 0.38x 12.9x 0.38x 12.1x Mosaic Company MOS 29.89 94.8% 10,338 13,391 7,464 1,246 (18.1%) NA 7.4% 16.7% 23.6x 1.79x 10.7x 1.89x 12.7x Mean (11.0%) (2.3%) 12.7% 14.4% 21.6x 1.66x 11.7x 1.70x 11.6x Median (9.9%) (7.1%) 7.4% 12.9% 17.6x 1.22x 10.7x 1.21x 12.1x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $97.73 96.9% $67 $81 $1,295 $13 1.0% 2.2% 5.4% 1.0% 11.7x 0.06x 6.2x NA NA Core-Mark Holding Company, Inc. CORE 38.73 77.5% 1,796 2,039 13,508 129 24.3% 12.6% 5.0% 1.0% 34.3x 0.15x 15.8x 0.14x 13.1x Performance Food Group Company PFGC 23.68 84.2% 2,471 3,729 16,222 316 6.2% 5.8% 12.6% 2.0% 35.7x 0.23x 11.8x 0.23x 10.1x SpartanNash Company SPTN 36.86 93.1% 1,415 1,883 9,450 230 19.9% 6.1% 14.2% 2.4% 23.5x 0.20x 8.2x 0.24x 8.2x SUPERVALU INC. SVU 4.87 67.9% 1,275 3,609 17,121 744 (5.1%) 30.8% 12.9% 4.3% 7.7x 0.21x 4.9x 0.21x 5.0x United Natural Foods, Inc. UNFI 46.19 88.5% 2,334 2,915 8,672 304 4.9% 11.5% 15.3% 3.5% 18.6x 0.34x 9.6x 0.33x 9.3x Mean 8.5% 11.5% 10.9% 2.4% 21.9x 0.20x 9.4x 0.23x 9.2x Median 5.6% 8.8% 12.8% 2.2% 21.0x 0.21x 8.9x 0.23x 9.3x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $159.86 94.3% $70,194 $69,428 $119,598 $4,927 2.6% 4.0% 13.6% 4.1% 29.1x 0.58x 14.1x 0.57x 13.7x Ingles Markets, Incorporated IMKTA 47.90 96.2% 674 1,567 3,785 $193 (0.1%) 0.1% 24.3% 5.1% 17.4x 0.41x 8.1x 0.41x 6.5x J Sainsbury plc SBRY-GB 3.17 74.2% 6,818 8,625 33,585 $1,284 (7.1%) (3.3%) 5.9% 3.8% 9.8x 0.26x 6.7x 0.27x 5.2x Royal Ahold N.V. AD-NL 20.69 80.9% 26,150 26,120 7,652 230 (81.7%) NA 26.4% 3.0% 17.5x 3.41x NM 0.41x 6.3x Natural Grocers by Vitamin Cottage NGVC 12.42 55.4% 278 333 705 46 12.9% 17.9% 28.1% 6.5% 24.3x 0.47x 7.3x 0.46x 7.0x Sprouts Farmers Markets, Inc. SFM 20.50 68.3% 2,875 3,155 3,991 311 17.5% 20.0% 26.1% 7.8% 22.7x 0.79x 10.2x 0.78x 10.5x SUPERVALU INC. SVU 4.87 67.9% 1,275 3,609 17,121 744 (5.1%) 30.8% 12.9% 4.3% 7.7x 0.21x 4.9x 0.21x 5.0x Tesco PLC TSCO-GB 2.61 91.2% 21,240 29,143 78,545 3,432 (18.3%) (7.7%) 5.3% 4.4% NM 0.37x 8.5x 0.41x 9.3x Kroger Co. KR 35.02 81.9% 32,148 44,567 113,891 5,846 4.6% 4.6% 20.2% 5.1% 16.5x 0.39x 7.6x 0.39x 7.6x Village Super Market, Inc. VLGEA 31.95 87.7% 312 298 1,635 66 2.6% 3.5% 25.3% 4.0% 20.1x 0.18x 4.5x NA NA Weis Markets, Inc. WMK 60.16 94.8% 1,610 1,546 2,946 171 3.1% 2.9% 25.0% 5.8% 25.6x 0.52x 9.0x NA NA Whole Foods Market, Inc. WFM 31.54 88.6% 9,995 10,194 15,724 1,368 2.2% 6.8% 34.1% 8.7% 20.3x 0.65x 7.5x 0.64x 7.6x Mean (5.6%) 7.2% 20.6% 5.2% 19.2x 0.69x 8.0x 0.46x 7.9x Median 2.4% 4.0% 24.7% 4.7% 20.1x 0.44x 7.6x 0.41x 7.3x

Foodservice Colabor Group Inc. GCL-CA $0.98 85.9% $102 $239 $1,111 $22 (10.8%) (8.3%) 1.8% 2.0% NA 0.21x 10.9x 0.20x 9.7x Sysco Corporation SYY 55.83 99.7% 30,420 37,597 51,773 2,811 6.1% 4.8% 19.3% 5.4% 30.6x 0.73x 13.4x 0.71x 12.9x Chefs' Warehouse, Inc. CHEF 14.65 70.5% 386 692 1,150 58 16.4% 22.7% 25.0% 5.1% NM 0.60x 11.9x 0.58x 12.2x Mean 3.9% 6.4% 15.4% 4.2% 30.6x 0.51x 12.1x 0.50x 11.6x Median 6.1% 4.8% 19.3% 5.1% 30.6x 0.60x 11.9x 0.58x 12.2x Quick Service Restaurant Bojangles, Inc. BOJA $18.90 93.8% $691 $874 $521 $80 9.3% NA 19.6% 15.4% 19.7x 1.68x 10.9x 1.64x 10.8x Jack in the Box Inc. JACK 112.68 99.5% 3,600 4,578 1,599 337 3.8% 2.4% 28.0% 21.0% 30.7x 2.86x 13.6x 2.85x 13.4x McDonald's Corporation MCD 123.17 93.3% 101,879 125,619 24,934 9,248 (2.8%) (3.8%) 42.8% 37.1% 23.2x 5.04x 13.6x 5.10x 13.3x Popeyes Louisiana Kitchen, Inc. PLKI 61.62 97.6% 1,277 1,394 267 87 3.9% 9.2% 62.2% 32.5% 31.4x 5.22x 16.1x 5.17x 16.0x Restaurant Brands International Inc QSR 48.77 97.2% 11,528 20,794 4,279 1,837 30.6% NA 46.9% 42.9% 40.0x 4.86x 11.3x 5.02x 11.2x Sonic Corp. SONC 27.16 74.7% 1,276 1,788 606 167 0.0% 3.8% 36.2% 27.6% 21.2x 2.95x 10.7x 3.12x 10.8x Wendy's Company WEN 13.84 98.6% 3,588 5,664 1,590 458 (13.8%) (14.3%) 40.7% 28.8% 20.0x 3.56x 12.4x 3.95x 14.3x Yum! Brands, Inc. YUM 64.13 69.7% 23,716 29,876 12,894 2,802 (2.0%) (0.4%) 30.1% 21.7% 16.4x 2.32x 10.7x 4.15x 14.0x Mean 3.6% (0.5%) 38.3% 28.4% 25.3x 3.56x 12.4x 3.88x 13.0x Median 1.9% 1.0% 38.4% 28.2% 22.2x 3.26x 11.8x 4.05x 13.3x

Fast Casual Chipotle Mexican Grill, Inc. CMG $381.55 66.0% $10,920 $10,561 $3,867 $277 (15.4%) 8.0% 10.5% 7.2% NM 2.73x 38.2x 2.69x NM El Pollo Loco Holdings Inc LOCO 13.22 85.6% 505 606 374 60 4.2% NA 20.3% 16.0% 21.9x 1.62x 10.2x 1.60x 9.6x Fiesta Restaurant Group, Inc. FRGI 28.85 74.9% 785 849 720 93 8.4% 9.9% 19.4% 13.0% 33.9x 1.18x 9.1x 1.19x 9.1x Habit Restaurants, Inc. HABT 17.10 69.8% 445 432 271 28 23.9% NA 14.7% 10.2% NM 1.60x 15.7x 1.53x 15.2x Noodles & Co. NDLS 4.95 36.3% 132 214 475 25 6.3% 12.1% 7.6% 5.3% NA 0.45x 8.6x 0.44x 8.8x Panera Bread Company PNRA 211.94 94.6% 4,647 4,996 2,760 403 3.7% 6.3% 14.3% 14.6% 35.4x 1.81x 12.4x 1.79x 12.2x Potbelly Corp. PBPB 14.30 95.4% 363 334 400 39 10.3% 10.2% 14.5% 9.8% 49.7x 0.83x 8.5x 0.82x 8.6x Shake Shack, Inc. SHAK 38.54 87.6% 1,414 1,390 246 47 41.3% NA 22.9% 18.9% NM 5.64x 29.8x 5.23x NM Wingstop, Inc. WING 31.83 95.2% 917 1,068 87 31 NA NA 68.7% 35.1% NM 12.25x 34.9x 11.66x NM Zoe's Kitchen, Inc. ZOES 26.00 62.3% 511 530 267 23 24.7% NA 13.5% 8.8% NM 1.99x 22.6x 1.91x 22.2x

Mean 11.9% 9.3% 20.6% 13.9% 35.2x 3.01x 19.0x 2.88x 12.2x Median 8.4% 9.9% 14.6% 11.6% 34.6x 1.72x 14.0x 1.69x 9.6x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $38.60 81.2% $907 $990 $961 $128 6.7% 8.1% 10.7% 13.3% 22.2x 1.03x 7.7x 1.00x 7.8x Buffalo Wild Wings, Inc. BWLD 169.05 96.5% 3,099 3,163 1,983 308 14.5% 17.3% 13.8% 15.5% 30.7x 1.59x 10.3x 1.57x 10.4x Chuy's Holdings, Inc. CHUY 34.15 90.4% 578 564 323 41 16.1% 17.2% 15.3% 12.6% 38.6x 1.75x 13.9x 1.69x 13.3x Dave & Buster's Entertainment, Inc. PLAY 55.35 95.4% 2,364 2,627 969 229 15.4% NA 16.1% 23.7% 28.1x 2.71x 11.5x 2.65x 10.8x Ignite Restaurant Group, Inc. IRG 0.34 7.6% 9 122 462 20 17.3% 36.0% 7.9% 4.3% NA 0.26x 6.1x 0.27x 5.3x Cheesecake Factory Incorporated CAKE 63.27 98.2% 3,015 3,048 2,199 279 17.3% 36.0% 15.7% 12.7% 23.5x 1.39x 10.9x 1.34x 10.5x Mean 14.6% 22.9% 13.2% 13.7% 28.6x 1.46x 10.1x 1.42x 9.7x Median 15.7% 17.3% 14.5% 13.0% 28.1x 1.49x 10.6x 1.46x 10.5x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $18.68 93.4% $1,980 $3,153 $4,297 $428 (3.1%) 1.8% 10.0% 10.0% 35.5x 0.73x 7.4x 0.74x 7.1x Brinker International, Inc. EAT 52.57 94.1% 2,611 4,023 3,253 480 6.5% 4.6% 10.6% 14.8% 15.8x 1.24x 8.4x 1.24x 8.6x Darden Restaurants, Inc. DRI 76.52 96.3% 9,460 9,786 6,961 921 1.5% (7.1%) 17.8% 13.2% 24.7x 1.41x 10.6x 1.39x 10.0x DineEquity, Inc. DIN 83.54 84.5% 1,533 2,799 651 261 (3.4%) 0.5% 57.2% 40.1% 15.4x 4.30x 10.7x 4.38x 10.6x Red Robin Gourmet Burgers, Inc. RRGB 54.95 79.7% 660 961 1,291 143 3.0% 8.3% 12.3% 11.1% 22.1x 0.74x 6.7x 0.74x 6.7x Ruby Tuesday, Inc. RT 3.44 59.8% 206 361 1,068 67 (5.0%) (4.0%) 9.8% 6.3% NA 0.34x 5.4x NA NA Texas Roadhouse, Inc. TXRH 49.17 97.3% 3,520 3,498 1,960 262 11.5% 13.1% 14.5% 13.4% 30.2x 1.78x 13.4x 1.75x 13.0x Mean 1.6% 2.4% 18.9% 15.5% 24.0x 1.51x 8.9x 1.70x 9.4x Median 1.5% 1.8% 12.3% 13.2% 23.4x 1.24x 8.4x 1.31x 9.3x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $18.10 98.1% $428 $427 $347 $44 7.2% 10.7% 13.2% 12.8% 23.0x 1.23x 9.6x 1.22x 9.3x Fogo de Chao, Inc. FOGO 14.40 80.5% 408 543 285 53 8.4% NA 21.8% 18.7% 14.1x 1.90x 10.2x 1.91x 9.8x Ruth's Hospitality Group, Inc. RUTH 19.05 96.9% 612 646 383 59 22.7% (2.5%) 19.2% 15.3% 20.6x 1.69x 11.0x 1.67x 10.6x Mean 12.8% 4.1% 18.1% 15.6% 19.3x 1.61x 10.3x 1.60x 9.9x Median 8.4% 4.1% 19.2% 15.3% 20.6x 1.69x 10.2x 1.67x 9.8x Pizza Domino's Pizza, Inc. DPZ $162.97 94.4% $7,801 $9,878 $2,394 $478 13.0% 10.5% 30.7% 20.0% 40.4x 4.13x 20.7x 4.06x 20.4x Papa John's International, Inc. PZZA 88.46 98.4% 3,230 3,545 1,691 193 2.7% 6.0% 17.5% 11.4% 35.2x 2.10x 18.3x 2.06x 18.5x Papa Murphy's Holdings, Inc. FRSH 4.40 34.0% 75 187 125 22 9.2% NA 24.7% 17.3% 19.3x 1.49x 8.6x 1.44x 8.8x Mean 8.3% 8.3% 24.3% 16.2% 31.6x 2.57x 15.9x 2.52x 15.9x Median 9.2% 8.3% 24.7% 17.3% 35.2x 2.10x 18.3x 2.06x 18.5x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $7.10 49.7% $179 $153 $159 $18 NA NA 41.3% 11.6% 26.7x 0.97x 8.4x 0.94x 7.9x Dunkin' Brands Group, Inc. DNKN 53.62 98.0% 4,928 7,027 817 422 2.1% 5.7% 77.6% 51.7% 38.1x 8.60x 16.7x 8.48x 15.4x Jamba, Inc. JMBA 10.50 75.6% 163 149 82 (5) (56.0%) (28.9%) 39.7% NM NA 1.81x NM 1.88x 26.5x Starbucks Corporation SBUX 58.83 95.2% 86,320 87,727 21,311 4,917 11.3% 12.7% 26.7% 23.1% 31.2x 4.12x 17.8x 4.03x 16.4x Mean (9.6%) (1.3%) 40.6% 25.1% 32.0x 3.87x 14.3x 3.83x 16.5x Median 3.2% 5.5% 39.7% 18.6% 31.2x 2.97x 16.7x 2.95x 15.9x Family Restaurant Bob Evans Farms, Inc. BOBE $53.00 96.2% $1,046 $1,401 $1,314 $124 (1.6%) (3.2%) 13.8% 9.4% 47.3x 1.07x 11.3x 1.07x 9.8x Cracker Barrel Old Country Store, Inc. CBRL 171.13 99.0% 4,125 4,400 2,920 371 2.0% 3.1% 15.5% 12.7% 21.0x 1.51x 11.9x 1.49x 11.8x Denny's Corporation DENN 12.85 98.5% 940 1,167 501 68 1.1% 2.6% 27.6% 13.6% 58.2x 2.33x 17.1x 2.30x 11.8x Luby's, Inc. LUB 4.38 85.9% 127 163 403 19 2.2% 1.0% 10.7% 4.8% NA 0.41x 8.4x NA NA Mean 0.9% 0.9% 16.9% 10.1% 42.2x 1.33x 12.2x 1.62x 11.1x Median 1.6% 1.8% 14.6% 11.1% 47.3x 1.29x 11.6x 1.49x 11.8x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

140

130 1 7 .0 %

1 2 .3 % 120

1 0 .3 % 110

5 .9 % 100

5 .7 % 90

(5 .7 % ) 80

70 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16

Restaurant Natural/Organic Beverage

Private Label Food Manufacturing Protein Processing/Dairy S&P 500

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

B&G FOODS, INC TO ACQUIRE VICTORIA FINE FOODS

. B&G Foods has agreed to acquire Victoria Fine Foods, a portfolio company of Huron Capital Partners. . Victoria Fine Foods produces and markets variety of premium pasta, specialty sauces, savory condiments, and gourmet spreads with a focus on high-quality Enterprise Value: $70 mm ingredients. Revenue Multiple: 1.70x EBITDA Multiple: 7.80x . The transaction will allow B&G to expand its portfolio of Italian-style offerings Announced: December 2, 2016 and will be immediately accretive to the Company’s earnings per share.

BLUE ROAD CAPITAL TO ACQUIRE DIAMOND OF CALIFORNIA

. Snyder’s-Lance has agreed to sell Diamond of California, its culinary nut business, to Blue Road Capital. . Diamond of California produces nuts for ingredient and snacking applications. Enterprise Value: ND Revenue Multiple: ND . The divestiture by Snyder’s-Lance will allow the Company to focus on core EBITDA Multiple: ND brands with higher growth profiles and achieve its stated goal of reducing Announced: November 28, 2016 leverage.

CHAROEN POKPHAND FOODS TO ACQUIRE BELLISIO FOODS INC

. Charoen Pokphand Foods, a publicly listed Thailand-based food business, has agreed to acquire Bellisio Foods, a portfolio company of Centre Partners Management. . Bellisio Foods is a producer and distributor of single-serve frozen entrees, with Enterprise Value: $1,075 mm brands such as Boston Market, Chili’s, Atkins, and Michelina’s. Revenue Multiple: 1.6x EBITDA Multiple: 13.1x . The transaction will allow CPF to leverage Bellisio’s deep strategic relationships Announced: November 17, 2016 with U.S. and Canadian retailers to gain access to the North American market.

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

12.0x 11.3x 2.00x $280 700 $247.7 9.9x 9.7x 9.6x $240 600

10.0x 9.2x ions of Transact Number 8.8x 8.3x 8.8x 1.60x Multiple Sales LTM EV/ 8.0x $200 500 8.0x 1.20x $160 400 6.0x $110.2 $120.7 $120 300 0.80x $67.2

EV / EV LTMMEBI TDA ultiple 4.0x $80 200 $55.7 $51.8 0.40x 2.0x e Deal ($Value Aggregat inbillions) $40 $24.0 100 $9.3 $8.2 0.0x 0.00x $0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 12/10/2016 Sunday Supermarket Darvoza Savdo OOO 12/9/2016 Compañía Alimentaria del Sur Comerándalus SL 12/8/2016 Smooth Ambler Spirits Co Austin Nichols & Co., Inc. 12/7/2016 J.P.S. Lait SAS J.P.S. Lait SAS 12/7/2016 Degens NV Ardian SA; Holding Solina SA 12/7/2016 Fertin Pharma A/S EQT Partners AB 12/7/2016 Nestle Healthcare Nutrament Business Brynwood Partners 12/7/2016 Main Line Delivery.com LLC Square, Inc.; Caviar, Inc. 12/6/2016 iNTERTAIN Ltd. Stonegate Pub Co. Ltd. 12/6/2016 Dufour Sisteron SAS La coopérative Arterris SCA

PRIVATE EQUITY INVESTMENTS & EXITS

120 110 100 80 65 65 60 60 48 38 43 32 34 36 31 40 27 25 26 21 17 18 20 14

Number ofTransactionsNumber 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 │ DECEMBER 2016

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity7

QUARTERLY LOAN VOLUME AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

$16 L + 600

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

$8 L + 300

($ in billions) $6 L + 200

$4 Loan Loan Volume byQuarter L + 100

$2 Average Spread OverLIBOR

$0 L + 0 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2009 2010 2011 2012 2013 2014 2015 1H16 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

2012 2013 2014 2015 2016 YTD Recent Debt Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread

12/02/16 Advance Pierre Foods Food preparations, nec 695 USD Term Loan B N/A 300 BPS 11/15/16 All Holding Company LLC Sausages and other prepared meats 22 USD Term Loan N/A 700 BPS 11/15/16 All Holding Company LLC Sausages and other prepared meats 8 USD Revolver/Line >= 1 Yr. N/A 700 BPS 11/30/16 Archer Daniels Midland Co Wet corn milling 1,500 USD Revolver/Line >= 1 Yr. N/A 11/30/16 Archer Daniels Midland Co Wet corn milling 1,000 USD 364-Day Facility N/A 11/30/16 Archer Daniels Midland Co Wet corn milling 1,500 USD Revolver/Line >= 1 Yr. N/A 11/15/16 Constellation Brands Inc Malt beverages Term Loan B N/A 11/15/16 Constellation Brands Inc Malt beverages Term Loan B N/A 12/07/16 Continental Foods Food preparations, nec 275 USD Term Loan B N/A 425 BPS 12/07/16 Continental Foods Food preparations, nec 82 USD Term Loan N/A 475 BPS 12/07/16 Continental Foods Food preparations, nec 134 USD Term Loan B N/A 375 BPS 11/17/16 Cranswick Plc Prepared feeds, nec 199 USD Revolver/Line >= 1 Yr. N/A 12/15/16 Dr Pepper Snapple Group Inc Bottled and canned soft drinks 1,700 USD Bridge Loan N/A 12/06/16 Fromageries Bel SA Cheese, natural and processed 322 USD Revolver/Line >= 1 Yr. N/A 12/06/16 Fromageries Bel SA Cheese, natural and processed 100 USD Term Loan N/A

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

M&A OVERVIEW*

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

16.0x 200

180

15.0x 160 46 18 28 140 14.0x 120 8 17 19 13.0x 100 19 6 20 80 10 141 139 137 12.0x 10 60 5 118 4 7 7 9 13 8 107 5 89 92 94 Number of Transactions of Number 6 82 M edian Trading MMTrading edian ult iple 40 7 10 11.0x 70 53 52 52 58 57 42 48 46 47 20 34 39 33

10.0x 0

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316 Q416 Jul-16 Jun-16 Apr-16 Jan-16 Feb-16 Sep-16 Oct-16 Mar-16 Nov-15 Nov-16 Aug-16 Dec-15 May-16 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 12/10/2016 Sunday Supermarket - Darvoza Savdo OOO ---- EU 12/9/2016 Compañía Alimentaria del Sur - Comerándalus SL ---- P EU 12/8/2016 Smooth Ambler Spirits Co - Austin Nichols & Co., Inc. ---- N.A. 12/7/2016 J.P.S. Lait SAS - J.P.S. Lait SAS ---- P EU 12/7/2016 Degens NV ITT Food Ingredients BV Ardian SA; Holding Solina SA ---- EU 12/7/2016 Fertin Pharma A/S - EQT Partners AB ---- P EU 12/7/2016 Nestle Healthcare Nutrament Business Nestlé SA Brynwood Partners ---- P N.A. 12/7/2016 Main Line Delivery.com LLC - Square, Inc.; Caviar, Inc. ---- N.A. 12/6/2016 iNTERTAIN Ltd. - Stonegate Pub Co. Ltd. $50.2 - - - EU 12/6/2016 Dufour Sisteron SAS IEP Invest NV La coopérative Arterris SCA ---- EU 12/6/2016 PawPack LLC - The Gift Box, Inc. ---- N.A. 12/5/2016 The Plough At Cadsden Ltd. - Sinofortone Group Ltd. $2.5 - - - EU 12/2/2016 Chaucer Foods Ltd. - Nagatanien Holdings Co., Ltd. $130.0 - 10.8x - P EU 12/2/2016 Victoria Fine Foods LLC Huron Capital Partners LLC B&G Foods, Inc. $70.0 1.7x 7.8x - P N.A. 12/2/2016 Go Well Promoção de Eventos Catering - Sonae SGPS SA ---- EU 12/2/2016 Schlumberger AG - Sastre SA $81.0 - - - EU 12/2/2016 Suffield Foods LLC - NightFood Holdings, Inc. ---- N.A. 12/2/2016 Kaiser's Tengelmann GmbH - EDEKA ZENTRALE AG & Co. KG ---- EU 12/2/2016 Deep Ellum Brewing Co. - Storied Craft Breweries $14.3 - - - N.A. 12/2/2016 Little Extra SA Auchan Holding SA Little Extra SA /Tordjman/ ---- P EU 12/2/2016 Cosi, Inc. - Milfam LLC $16.0 0.2x -1.5x -1.2x N.A. 12/1/2016 Westland Distillery LLC - Rémy Cointreau SA; Orpar SA ---- Cross Border 12/1/2016 Greene Farm Foods Ltd. - Kepak Group Ltd. ---- EU 12/1/2016 La Croissanterie SA - CM CIC Investissement SA ---- P EU 12/1/2016 Wild Rose Marketing, Inc. - C.A. Fortune & Co. ---- N.A. 12/1/2016 Cottage Delight Ltd. - Vestey Holdings Ltd. ---- EU 11/30/2016 Koh Thai Tapas Ltd. - Alcuin Capital Partners LLP ---- P EU 11/30/2016 Candyking Holding AB - Candyking Holding AB ---- P EU 11/30/2016 Scotsburn Co-operative Services Ltd. - Agropur cooperative ---- Cross Border 11/29/2016 La Diperie - MTY Food Group, Inc. $1.1 - - - Cross Border 11/29/2016 Enrico Giotti SpA - McCormick & Co., Inc. $127.0 - 12.0x - Cross Border 11/29/2016 Village Green Restaurants Ltd. - Shepherd Neame Ltd. $14.7 1.8x - - P EU 11/29/2016 The Duke of Wellington /Surrey/ - Peach Pub Co. Ltd. ---- P EU 11/28/2016 Mustard Catering Ltd. - Kofler & Kompanie GmbH ---- EU 11/28/2016 Diamond of California Snyder's-Lance, Inc. Blue Road Management LP ---- P N.A. 11/28/2016 Blue Lake Citrus Products LLC The Seminole Tribe of Florida, Inc. Centre Partners Management LLC ---- N.A. 11/28/2016 Vilniaus Degtine AB - Marie Brizard Wine & Spirits SA $11.6 - - - EU 11/25/2016 REINS International (USA) Co. Ltd. - Reins International, Inc. $87.0 1.6x - - Cross Border 11/25/2016 Palink SIA Mego SIA ICA Gruppen AB ---- EU 11/25/2016 Slipper Limpet Processing SAS - Lequertier Caen SAS ---- P EU

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

M&A OVERVIEW*

Recent Food and Beverage M&A5

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

11/25/2016 Vitamin Well AB - Bridgepoint Development Capital Ltd. - - - - P EU 11/25/2016 Alison's Coffee Shops Ltd. - Cooplands Retail Ltd. - - - - P EU 11/25/2016 Sosa Ingredients SL - Savencia SA - - - - P EU 11/25/2016 Pandea Dietetica SRL - Granarolo SpA; Intesa Sanpaolo Merchant Banking- - - - EU 11/24/2016 H.B. Clark & Co. (Successors) Ltd. - Prudential Investment Management - - - - Cross Border 11/24/2016 Streekbox BV - Ekomenu BV - - - - EU 11/24/2016 Old Manor Trading Ltd. - Redcomb Pubs Ltd. - - - - EU 11/23/2016 Profi Rom Food SRL - Mid Europa Partners LLP $564.4 - - - P EU 11/22/2016 KeVita, Inc. - PepsiCo, Inc. $200.0 - - - P N.A. 11/22/2016 Bai Brands LLC - Dr Pepper Snapple Group, Inc. $1,700.0 14.2x - - N.A. 11/22/2016 Kraft Heinz Bakery - New Mill Capital Holdings LLC - - - - N.A. 11/22/2016 Wyldlifepets.Com - Chew.Club LLC - - - - N.A. 11/21/2016 Döllinghareico GmbH & Co. KG - Döllinghareico Gmbh & Co. - - - - P EU 11/21/2016 Tino's Italian Specialty Foods LLC - Generation Growth Capital, Inc - - - - N.A. 11/18/2016 La Panetière Du Rouergue Sasu - Initiative et Finance Investissement - - - - P EU 11/18/2016 Go Epic Health, Inc. - Leone Asset Management, Inc. - - - - N.A. 11/18/2016 James Fleming & Co. Ltd. Süddeutsche Zeelandia Ltd. - - - - EU 11/18/2016 Molochnaia Kompaniia Zelenaia Dolina - Agrotekhnologii & Servis LLC $2.6 - - - EU 11/18/2016 Valdak Corp. - Petro Serve USA - - - - N.A. 11/17/2016 Bellisio Foods, Inc. Centre Partners Management LLC Charoen Pokphand Foods Public Co. $1,075.0 1.6x 13.1x - P Cross Border 11/16/2016 Elore Enterprises LLC - The Carlyle Group LP $75.0 - - - N.A. 11/16/2016 Orgen Gida Sanayi Ve Ticaret AS Yildiz Holding AS Ajinomoto Co., Inc. $66.9 - - - EU 11/15/2016 Mineralvandsfabrikken Frem A/S - Fuglsang Holding A/S - - - - EU 11/15/2016 Societé Des Domaines De L'Espérance - Hôtel & Food Disrpt Partners SAS $1.5 - - - EU 11/14/2016 Reformhaus Bacher - AUCTUS Capital Partners AG - - - - P EU 11/14/2016 Optima SRL - Charterhouse Capital Partners LLP - - - - P EU 11/12/2016 Rudi Jahnke Süsswaren e.K. - RAGOLDS Invest GmbH - - - - EU 11/11/2016 Mercer Foods LLC - Graham Partners, Inc. - - - - P N.A. 11/10/2016 FZ Foods AG - Production Site KTG Agrar SE Greussener Salami - - - - EU 11/8/2016 Laboratoire Lescuyer SAS - TCR Capital SAS - - - - P EU 11/8/2016 Emily's Inflight Food Services Ltd. - On Air Dining Ltd. - - - - EU 11/8/2016 The Kraft Heinz Co. - Production Site The Kraft Heinz Co. Livia Corporate Development SE - - - - P EU 11/8/2016 Slachthuizen Goossens NV - Debra-Meat BVBA - - - - EU 11/7/2016 SFG Holdings Ltd. - Japan Agricultural Cooperatives Group - - - - P EU 11/7/2016 Cohere SA Fasope SL La Sirena Alimentación Congelada - - - - EU 11/7/2016 Queen City Whiskey - George Remus Queen City Whiskey LLC MGP Ingredients, Inc. - - - - N.A. 11/7/2016 Hillside Candy LLC - Highlander Partners LP - - - - P N.A. 11/7/2016 La Guyennoise SA - Maison Le Star SASU - - - - EU 11/7/2016 Fabryka Pizzy Sp zoo - Sfinks Polska SA - - - - EU 11/7/2016 Espressaroma SpA Comitalia Compagnia Fiduciaria Soimar Srl - - - - P EU 11/4/2016 Slagter Munch ApS - Tulip Food Co. A/S - - - - EU 11/4/2016 Institut de Recherche Biologique - 3i Group Plc - - - - P EU 11/3/2016 Angelic Bakehouse, Inc. - T. Marzetti Co., Inc. - - - - P N.A. 11/3/2016 Crediton Confectionery Ltd. - Devon Sweet Factory Ltd. - - - - EU 11/3/2016 Wilde Thyme Ltd. - Entiér Ltd. - - - - EU 11/2/2016 Mct Dairies, Inc. Allied Dairy Products, Inc. Ornua Co-Operative Ltd. $5.0 - - - Cross Border 11/2/2016 Barrels Unlimited, Inc. - TFF Group - - - - Cross Border 11/2/2016 Flanagan Brothers, Inc. - EDAC Technologies Corp. - - - - N.A. 11/2/2016 Dakri-Dystrybucja Sp zoo - Bake & Co. NV - - - - EU 11/1/2016 Portland Bottling Co. - Limnes Bottling Acquisition Co. - - - - N.A. 11/1/2016 arko GmbH Waldersee J.J.Darboven GmbH & Co. - - - - EU 11/1/2016 Faribault Foods, Inc. - Beverage Business 0 Harvest Hill Beverage Co. / Brynwood Partners - - - - N.A. 11/1/2016 Two Grocery-Anchored Shopping Centers - Phillips Edison Grocery Center REIT I, Inc. - - - - N.A. 11/1/2016 Albert Darnell Ltd. - New England Seafood International Ltd. ---- EU 10/29/2016 Spreewaelder Feinbrand - Spreewaelder Feinbrand ---- EU 10/28/2016 coop eG - REWE Deutscher Supermarkt ---- EU 10/28/2016 Deoleo SA Deoleo SA De La Cooperativa $7.6 - - - EU 10/27/2016 Domaine Des Hautes Glaces SAS - Rémy Cointreau SA ---- EU 10/27/2016 Kushtown USA LLC - Finore Mining, Inc. $1.9 - - - N.A. 10/27/2016 Equilibre Restauration SARL - Restauval Sasu ---- EU 10/26/2016 Pacific Island Restaurants, Inc. - Restaurant Brands New Zealand Ltd. $105.0 - - - P Cross Border 10/26/2016 F3 Innovations LLC - Scepter Holdings, Inc. ---- N.A. 10/26/2016 STONEFIRE Grill, Inc. - Goode Partners LLC ---- P N.A. 10/25/2016 Edeka Zentrale Ag & Co. Kg - Gebers Landmarkt GmbH ---- EU 10/25/2016 Lush Gourmet Foods LLC - Ferris Coffee & Nut Co. ---- N.A.

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

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5 December 2016 Date Company 12/13/2016 Colruyt SA (COLR-BE) 12/14/2016 Manutan International SA (MAN-FR) 12/15/2016 Empire Co. Ltd. (EMP.A-CA)

January 2017 Date Company 1/12/2017 Sudzucker AG (SZU-DE) 1/26/2017 John Keells Holdings Plc (JKH.N0000-LK) 1/26/2017 Sligro Food Group NV (SLIGR-NL)

February 2017 Date Company 2/2/2017 Kesko Oyj (KESBV-FI) 2/3/2017 AAK AB (AAK-SE) 2/6/2017 Axfood AB (AXFO-SE) 2/6/2017 Tyson Foods, Inc. (TSN-US) 2/8/2017 B&B Tools AB (BBTO.B-SE) 2/8/2017 ICA Gruppen AB (ICA-SE) 2/8/2017 NattoPharma ASA (NATTO-NO) 2/9/2017 Orkla ASA (ORK-NO) 2/13/2017 Rexel SA (RXL-FR) 2/14/2017 MillerCoors LLC (079SJS-E) 2/14/2017 Vallianz Holdings Ltd. (545-SG) 2/14/2017 Molson Coors Brewing Co. (TAP-US) 2/15/2017 Danone SA (BN-FR) 2/15/2017 Heineken NV (HEIA-NL) 2/15/2017 Heineken Holding NV (HEIO-NL) 2/15/2017 Wal-Mart de Mexico SAB de CV (WALMEX-MX) 2/15/2017 Wessanen NV (WES-NL) 2/15/2017 SalMar ASA (SALM-NO) 2/16/2017 Hellaby Holdings Ltd. (HBY-NZ) 2/16/2017 Nestle SA (NESN-CH) 2/17/2017 Campbell Soup Co. (CPB-US) 2/17/2017 West International AB (WINT-SE) 2/21/2017 Bufab Holding AB (BUFAB-SE) 2/21/2017 Leroy Seafood Group ASA (LSG-NO) 2/21/2017 Wal-Mart Stores, Inc. (WMT-US) 2/22/2017 Gruma SAB de CV (GRUMAB-MX) 2/24/2017 Woolworths Ltd. (WOW-AU) 2/28/2017 ORIOR AG (ORON-CH)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2016

HARRIS WILLIAMS & CO.

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PAGE | 17