Food and Beverage Industry Update │ November 2016

FOOD AND BEVERAGE

INDUSTRY UPDATE │ NOVEMBER 2016

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW With over 500 transactions announced through November, the food and . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY beverage M&A market is on track to achieve record activity in 2016. To that end, . PUBLIC COMPARABLES . EARNINGS CALENDAR HW&Co. is pleased to announce the acquisition of Mercer Foods, a leading GROUP OVERVIEW provider of freeze-dried fruits and vegetables in the United States, to Graham Harris Williams & Co. is a leading advisor to the food and Partners. The transaction marks the latest in HW&Co.’s food & beverage practice, beverage market. Our significant experience covers a broad range building on recent momentum in both the better-for-you ingredients and snacks of end markets, industries, and business models. This particular report focuses on trends and subsectors. 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.com

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

WHAT WE’RE READING

HW&CO. ADVISES ON THE SALE OF MERCER FOODS

Overview On November 10, 2016 Mercer Foods, a portfolio company of Frontenac and Lake Pacific Partners, was successfully sold to Graham Partners. The sale represents the latest in HW&Co.’s growing list of better-for-you snack food and ingredient transactions. Company Description Mercer Foods is the leading provider of freeze-dried fruits and vegetables in the United States, with one of the largest and most efficient freeze-drying facilities in the world. The Company has been a leader in the industry for over 35 years, capitalizing on the clean label and “better-for-you” food industry megatrends.

Key Value Drivers for Mercer Foods Representative . Recognized as a market leader in the freeze-dried industry Applications/Products: for its innovation, quality, and customer service.

. Viewed as a trusted partner by its blue-chip customer a portfolio company of base, relying on Mercer Foods for clean label ingredients. and . Leader in high growth sectors of the food industry, including freeze-dried packaged snacks. has been acquired by

. Sustainable competitive advantages due to internally designed equipment and extensive production know-how.

. Proven management team with over 100 years of industry experience.

VITAL SIGNS

COMMODITY PRICE INDICES1

Soybeans: 120 (36.6%) 100 Corn: (52.6%) 80 Crude Oil: 60 (52.3%)

40 Wheat: (61.5%) Commodity PriceIndex Commodity 20 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Corn Soybeans Crude Oil Wheat

PROTEIN PRICE INDICES2,3

130 Beef: 120 19.2% Pork: 110 6.2%

100 Poultry: 1.1% ProteinPriceIndex 90 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140 R e s t aur ant : 120 25. 6% G r o c e r y :

100 11. 6% SalesIndex 80 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Restaurant Grocery CONSUMER FOOD PRICE INDEX INFLATION2

4.0

3.0

2.0

Inflation(%) 1.0

0.0 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-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 (6.9%) 20.1% 10.8% 21.4% 11.7x 13.9x 7.2x 2.8x Fruit and Vegetable 6.1% 30.3% 9.6% (1.8%) 16.8x 20.8x 9.6x 0.6x Ingredients / Flavors (14.3%) 1.7% (10.6%) 2.2% 20.0x 24.0x 14.6x 1.3x

Inputs Agribusiness (5.3%) 0.8% (6.7%) 30.9% 18.3x 15.8x 10.2x 2.1x Branded Processed Foods (13.7%) 10.6% (12.1%) (7.4%) 19.0x 24.5x 13.0x 2.3x Private Label Foods and Beverages (25.7%) 34.4% 8.7% (7.1%) 26.6x 22.1x 11.1x 3.3x Natural / Organic Foods / BFY (3.6%) 14.8% 4.7% (5.0%) 18.8x 38.4x 18.1x 3.5x Baked Goods 2.3% (6.0%) (5.3%) (21.8%) 16.5x 28.9x 9.3x 2.5x Dairy 0.2% 4.5% 3.3% 6.8% 18.8x 22.4x 12.3x 1.7x Non-Alcoholic Beverages (12.5%) 2.2% (10.5%) 1.4% 20.4x 22.6x 11.1x 1.9x Alcoholic Beverages (8.1%) (4.1%) (8.5%) 0.8% 19.7x 23.5x 13.5x 2.6x Food and BeverageFood and Snacks (3.7%) 4.9% (1.1%) 3.8% 22.1x 22.6x 13.5x 1.7x Grocery Distribution (5.8%) 4.3% (1.6%) (4.2%) 17.1x 20.1x 8.6x 2.0x Food Retail 0.5% (4.0%) (2.9%) (6.6%) 18.2x 19.5x 7.3x 2.0x Foodservice 13.2% 8.6% 6.3% 14.9% 21.1x 29.2x 11.0x 4.7x Quick Service Restaurant (2.4%) 7.3% (6.8%) (7.2%) 21.3x 20.8x 10.8x 2.4x Fast Casual (1.6%) (13.1%) (2.2%) (16.9%) 38.5x 33.6x 10.1x 0.7x Differentiated Casual (3.6%) 8.2% 0.4% (12.4%) 23.1x 26.9x 10.0x 1.4x Casual Dining Restaurant 1.6% 19.6% 0.0% (9.6%) 16.1x 22.7x 8.5x 2.3x Fine Dining 5.3% 1.2% 3.2% (1.5%) 16.1x 17.9x 9.6x 2.6x

Consumer and Retail and Consumer Pizza 9.2% 49.0% 11.5% 1.5% 31.9x 33.8x 17.7x 4.0x Beverage / Snack Retail (6.5%) (12.1%) (7.4%) (14.7%) 23.4x 28.4x 15.6x 2.7x Family Restaurant 3.0% 9.9% 1.9% (0.7%) 19.2x 30.9x 10.2x 2.2x Overall Median (4.2%) 3.9% (2.8%) (5.0%) 20.0x 22.9x 10.6x 2.1x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

PUBLIC EQUITY MARKET OVERVIEW

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

Pizza Priv ate Label Fruit and Vegetable Protein Processing Casual Dining Restaurant Natural / Organic / BFY Branded Processed Foods Family Restaurant Foodserv ice Differentiated Casual Quick Serv ice Restaurant S&P Snacks Dairy Grocery Distribution Non-Alcoholic Bev erages Ingredients / Flav ors Fine Dining Agribusiness Food Retail Alcoholic Bev erages 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 11/09/16 10/10/16 Saputo Inc SAP Follow-On $224.3 Liquidity for Private Owners

11/08/16 06/07/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $3.0 Debt Repayment Working Capital 11/01/16 07/19/16 Wingstop Inc WING Follow-On $179.3 Liquidity for Private Owners 10/26/16 10/31/16 Chanticleer Holdings Inc HOTR Follow-On $13.5 Debt Repayment Working Capital 10/27/16 10/27/16 Kokos Group Inc - IPO $0.2 Pay Fees & Expenses

10/17/16 10/17/16 Spot Coffee(Canada)Ltd SPP Follow-On $0.4 Capital Expenditure Working Capital 10/14/16 06/07/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $3.0 Debt Repayment Working Capital 10/11/16 10/03/16 Ten Peaks Coffee Co Inc TPK Convertible $11.3 Pursue Growth Opportunities

10/06/16 10/06/16 Xfit Brands Inc XFTB Follow-On - Acquisition Financing

10/03/16 10/03/16 Captiva Verde Industries Ltd VEG Follow-On $0.9 Working Capital

07/29/16 07/29/16 Xylitol Canada Inc XYL Convertible $0.4 Working Capital

10/03/16 10/03/16 Ten Peaks Coffee Co Inc TPK Convertible $11.4 Pursue Growth Opportunities

09/08/16 09/08/16 Liquor Stores NA Ltd LIQ Convertible $52.2 Repay Indebtedness

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 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 11/13/16 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 $32.70 60.5% $25,889 $26,269 $19,015 $2,171 (3.8%) (2.9%) 8.0% 11.4% 25.1x 1.38x 12.1x 1.52x 12.9x B&G Foods, Inc. BGS 40.10 75.9% 2,663 3,971 1,319 314 52.8% 24.3% 35.2% 23.8% 23.2x 3.01x 12.6x 2.86x 12.1x Campbell Soup Company CPB 53.50 78.8% 16,454 19,699 7,961 1,446 (1.5%) (0.4%) 32.1% 18.2% 29.6x 2.47x 13.6x 2.46x 11.0x ConAgra Foods, Inc. CAG 34.93 71.5% 15,291 19,552 11,517 1,733 4.4% (11.1%) 27.3% 15.0% 23.3x 1.70x 11.3x 2.08x 11.8x General Mills, Inc. GIS 61.04 83.7% 36,098 45,426 16,263 3,378 (7.4%) (3.5%) 37.4% 20.8% 22.2x 2.79x 13.4x 2.79x 13.0x Hormel Foods Corporation HRL 34.78 76.1% 18,406 18,424 9,296 1,374 (1.2%) 2.6% 21.1% 14.8% 22.6x 1.98x 13.4x 1.93x 12.6x Kellogg Company K 72.50 83.2% 25,441 32,998 13,059 1,765 (6.1%) (4.2%) 39.5% 13.5% 36.6x 2.53x 18.7x 2.54x 13.3x McCormick & Company, Incorporated MKC 91.52 84.9% 11,541 13,042 4,386 761 2.8% 2.3% 41.6% 17.3% 25.3x 2.97x 17.1x 2.94x 16.7x Nestle S.A. NESN-CH 69.44 83.3% 216,109 238,430 90,925 17,262 (6.3%) (1.7%) 50.8% 19.0% 24.5x 2.62x 13.8x 2.62x 13.6x Post Holdings, Inc. POST 72.14 81.1% 4,664 8,137 5,076 907 NM 72.5% 28.5% 17.9% NA 1.60x 9.0x 1.59x 8.8x Hershey Company HSY 97.25 82.6% 14,744 17,682 7,379 1,764 (1.4%) 2.1% 45.2% 23.9% 25.7x 2.40x 10.0x 2.37x 9.9x J. M. Smucker Company SJM 127.06 80.8% 14,792 20,034 7,689 1,796 21.9% 9.4% 37.3% 23.4% 20.9x 2.61x 11.2x 2.61x 11.8x Mean 4.9% 7.4% 33.7% 18.2% 25.4x 2.34x 13.0x 2.36x 12.3x Median (1.4%) 0.8% 36.3% 18.0% 24.5x 2.50x 13.0x 2.50x 12.4x Private Label Foods and Beverages Cott Corporation BCB-CA $12.57 72.2% $1,733 $3,907 $3,048 $352 9.4% 12.7% 34.4% 11.6% NA 1.28x 11.1x 1.20x 10.2x Seneca Foods Corporation SENEA 36.45 89.2% 355 729 1,346 95 5.7% 1.3% 8.5% 7.0% 7.2x 0.54x 7.7x NA NA TreeHouse Foods, Inc. THS 63.34 60.6% 3,593 6,441 5,274 555 62.5% 33.3% 16.4% 10.5% 37.0x 1.22x 11.6x 1.05x 10.0x Mean 25.9% 15.8% 19.7% 9.7% 22.1x 1.01x 10.1x 1.13x 10.1x Median 9.4% 12.7% 16.4% 10.5% 22.1x 1.22x 11.1x 1.13x 10.1x Natural / Organic Foods / Better-For-You Amplify Snack Brands Inc BETR $14.00 79.9% $1,047 $1,250 $206 $69 26.8% NA 52.5% 33.5% 56.0x 5.20x 18.1x 4.66x 13.2x SunOpta Inc. SOY-CA 6.67 90.6% 571 1,126 1,222 60 3.4% 2.3% 10.6% 4.9% NA 0.92x 18.7x 0.82x 11.8x Pinnacle Foods, Inc. PF 47.79 90.5% 5,638 8,640 2,992 602 13.4% 6.7% 29.6% 20.1% 27.9x 2.89x 14.4x 2.76x 13.4x Hain Celestial Group, Inc. HAIN 34.38 60.3% 3,557 4,349 2,888 374 12.2% 21.5% 22.1% 12.9% 17.2x 1.51x 11.6x 1.45x 10.9x WhiteWave Foods Company WWAV 54.15 95.3% 9,597 11,668 4,171 545 11.2% 19.1% 36.0% 13.1% 48.8x 2.80x 21.4x 2.73x 19.7x Mean 13.4% 12.4% 30.2% 16.9% 37.5x 2.66x 16.8x 2.48x 13.8x Median 12.2% 12.9% 29.6% 13.1% 38.4x 2.80x 18.1x 2.73x 13.2x Baked Goods Aryzta AG ARYN-CH $41.59 79.8% $3,819 $6,563 $4,305 $677 (4.1%) (9.7%) 32.0% 15.7% 41.4x 1.52x 9.7x 1.56x 10.4x Flowers Foods, Inc. FLO 15.50 61.2% 3,218 4,215 4,802 538 28.2% 9.5% 44.4% 11.2% 18.0x 0.88x 7.8x 1.07x 9.4x George Weston Limited WN-CA 76.10 82.3% 9,733 23,357 35,881 2,906 (28.2%) 2.8% 28.8% 8.1% 28.9x 0.65x 8.0x 0.66x 8.0x Grupo Bimbo SAB de CV BIMBOA-MX 2.35 72.2% 11,075 14,926 13,524 1,613 (2.2%) (0.7%) 54.1% 11.9% 38.4x 1.10x 9.3x 1.28x 11.5x Lancaster Colony Corporation LANC 133.96 96.9% 3,674 3,528 1,188 218 4.4% 0.8% 27.4% 18.3% 28.8x 2.97x 16.2x 2.93x 16.4x Mean (0.4%) 0.5% 37.3% 13.0% 31.1x 1.43x 10.2x 1.50x 11.1x Median (2.2%) 0.8% 32.0% 11.9% 28.9x 1.10x 9.3x 1.28x 10.4x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

PUBLIC COMPARABLES5

Dairy Danone SA BN-FR $63.77 80.8% $41,828 $50,926 $24,482 $4,025 (7.3%) (3.0%) 51.2% 16.4% 20.7x 2.08x 12.7x 2.12x 12.1x Dean Foods Company DF 18.71 88.4% 1,693 2,561 7,715 440 (9.2%) (3.9%) 24.6% 5.7% 16.4x 0.33x 5.8x 0.33x 5.5x Emmi AG EMMN-CH 561.29 79.5% 3,003 3,401 3,311 327 (6.6%) (1.0%) 19.2% 9.9% 22.0x 1.03x 10.4x 1.03x 10.3x Glanbia Plc GL9-IE 16.20 77.4% 4,795 5,519 3,081 372 (3.4%) 0.4% 9.6% 12.1% 22.7x 1.79x 14.8x 1.79x 14.4x Lifeway Foods, Inc. LWAY 12.14 65.7% 196 194 123 9 3.4% 10.2% 26.0% 7.2% 58.9x 1.58x 21.9x 1.54x 20.4x Parmalat S.p.A. PLT-IT 2.66 94.4% 4,934 4,751 7,134 396 (1.6%) 1.1% 2.3% 5.5% 29.4x 0.67x 12.0x 0.68x 9.6x Saputo Inc. SAP-CA 33.47 91.6% 13,130 14,067 8,383 978 (3.6%) 1.1% 18.4% 11.7% 26.0x 1.68x 14.4x 1.69x 14.7x Savencia SA SAVE-FR 65.49 94.5% 919 1,437 4,830 262 (11.9%) (2.7%) 4.3% 5.4% 15.8x 0.30x 5.5x 0.30x 4.7x Mean (5.0%) 0.3% 19.4% 9.2% 26.5x 1.18x 12.2x 1.19x 11.5x Median (5.1%) (0.3%) 18.8% 8.5% 22.4x 1.30x 12.3x 1.29x 11.2x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG-GB $6.42 71.6% $750 $758 $371 $74 (6.7%) (1.0%) 46.3% 20.0% 15.7x 2.04x 10.2x 2.35x 11.7x Cott Corporation BCB-CA 12.57 72.2% 1,733 3,907 3,048 352 9.4% 12.7% 34.4% 11.6% NA 1.28x 11.1x 1.20x 10.2x Dr Pepper Snapple Group, Inc. DPS 82.38 83.4% 15,134 17,829 6,408 1,643 2.6% 2.1% 57.8% 25.6% 17.9x 2.78x 10.9x 2.77x 11.1x Lassonde Industries, Inc. LAS.A 148.63 87.5% 481 745 1,140 126 (1.1%) 3.5% 29.6% 11.0% 22.1x 0.65x 5.9x 0.66x 5.9x Monster Beverage Corporation MNST 41.92 75.5% 23,935 NA 2,941 NA 9.6% 10.5% 63.8% NA 37.5x NA NA NA NA National Beverage Corp. FIZZ 47.06 72.7% 2,191 2,058 737 117 12.2% 4.2% 33.3% 15.9% 30.2x 2.79x 17.6x 2.68x 16.6x PepsiCo, Inc. PEP 103.19 93.0% 147,993 168,935 61,870 12,487 (4.0%) (2.3%) 54.6% 20.2% 22.6x 2.73x 13.5x 2.69x 13.3x Coca-Cola Company KO 41.03 87.1% 176,961 198,785 41,978 11,206 (6.1%) (3.9%) 60.7% 26.7% 24.9xNA 4.74x 17.7x 4.77x 16.9x Mean 2.0% 3.2% 47.6% 18.7% 24.4x 2.43x 12.4x 2.45x 12.2x Median 0.8% 2.8% 50.5% 20.0% 22.6x 2.73x 11.1x 2.68x 11.7x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $107.49 80.0% $182,000 $230,957 $42,551 $15,353 (9.3%) 2.4% 59.8% 36.1% 44.6x 5.43x 15.0x 5.20x 13.8x Brown-Forman Corporation BF.B 45.34 84.4% 18,148 19,930 2,995 1,101 (1.7%) 1.5% 68.0% 36.7% 17.3x 6.65x 18.1x 6.45x 18.1x Carlsberg A/S CARL.B-DK 85.40 82.9% 13,067 18,401 9,716 1,869 (15.3%) (5.7%) 45.9% 19.2% NA 1.89x 9.8x 1.99x 10.2x Constellation Brands, Inc. STZ 152.39 87.8% 30,607 38,451 7,075 2,366 12.9% 25.3% 48.7% 33.4% 27.7x 5.43x 16.3x 5.33x 15.9x Diageo plc DGE-GB 24.95 84.7% 62,786 76,738 15,532 4,862 (8.7%) (4.3%) 59.8% 31.3% 22.2x 4.94x 15.8x 5.45x 16.3x Heineken NV HEIA-NL 77.01 78.1% 44,355 58,794 22,745 4,822 (4.7%) (2.5%) 12.2% 21.2% 30.3x 2.58x 12.2x 2.62x 10.9x Kirin Holdings Company, Limited 2503-JP 17.03 92.4% 15,567 24,361 18,705 2,152 0.4% (8.8%) 44.2% 11.5% NA 1.30x 11.3x 1.24x 10.7x Pernod Ricard SA RI-FR 109.04 89.4% 28,941 38,889 9,631 2,891 (5.9%) (4.6%) 61.6% 30.0% 21.5x 4.04x 13.5x 4.07x 14.0x Sapporo Holdings Limited 2501-JP 26.78 86.3% 2,110 4,286 4,770 421 7.6% (5.0%) 36.3% 8.8% 23.5x 0.90x 10.2x 0.84x 9.4x Mean (2.7%) (0.2%) 48.5% 25.4% 26.7x 3.69x 13.6x 3.69x 13.3x Median (4.7%) (4.3%) 48.7% 30.0% 23.5x 4.04x 13.5x 4.07x 13.8x Snacks Inventure Foods, Inc. SNAK $8.21 84.2% $162 $277 $274 $7 (4.6%) 11.1% 11.9% 2.5% NA 1.01x NM 1.00x 29.0x J & J Snack Foods Corp. JJSF 119.01 95.1% 2,222 2,069 993 153 1.7% 4.6% 30.4% 15.4% 29.4x 2.08x 13.5x 2.07x 13.4x John B. Sanfilippo & Son, Inc. JBSS 63.46 87.1% 547 578 949 70 4.5% 8.9% 16.4% 7.4% 22.1x 0.61x 8.2x 0.62x NA Mondelez International, Inc. MDLZ 41.19 88.8% 63,614 79,102 26,517 4,847 (14.7%) 7.2% 38.6% 18.3% NM 2.98x 16.3x 3.03x 16.2x PepsiCo, Inc. PEP 103.19 93.0% 147,993 168,935 61,870 12,487 (4.0%) (2.3%) 54.6% 20.2% 22.6x 2.73x 13.5x 2.69x 13.3x Snyder's-Lance, Inc. LNCE 37.11 94.9% 3,565 4,909 2,067 248 22.3% 5.5% 36.2% 12.0% NM 2.37x 19.8x 2.14x 15.6x Mean 0.9% 5.8% 31.4% 12.6% 24.7x 1.97x 14.3x 1.92x 17.5x Median (1.1%) 6.4% 33.3% 13.7% 22.6x 2.23x 13.5x 2.10x 15.6x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $40.95 70.7% $1,791 $1,510 $1,539 $245 (15.9%) 4.9% NM 15.9% 13.9x 0.98x 6.2x 0.99x 6.5x JBS S.A. JBSS3-BR 2.61 64.8% 7,452 23,139 47,951 3,030 (7.0%) 5.7% 12.1% 6.3% 13.6x 0.48x 7.6x 0.44x 6.3x Sanderson Farms, Inc. SAFM 83.55 84.1% 1,886 1,643 2,705 305 (6.2%) 1.3% 17.8% 11.3% 13.5x 0.61x 5.4x 0.58x 4.6x Seaboard Corporation SEB 3,700.00 98.1% 4,333 3,701 5,309 318 (11.0%) (7.2%) 10.1% 6.0% 13.9x 0.70x 11.6x NA NA Tyson Foods, Inc. TSN 66.54 86.4% 19,792 25,784 38,310 3,587 (6.5%) 4.4% 12.7% 9.4% 16.1x 0.67x 7.2x 0.69x 7.0x Mean (9.3%) 1.8% 13.2% 9.8% 14.2x 0.69x 7.6x 0.68x 6.1x Median (7.0%) 4.4% 12.4% 9.4% 13.9x 0.67x 7.2x 0.64x 6.4x Fruit and Vegetable Calavo Growers, Inc. CVGW $64.35 90.0% $1,122 $1,128 $896 53 5.5% 11.7% 12.4% 5.9% 33.2x 1.26x 21.3x 1.17x 16.3x Fresh Del Monte Produce Inc. FDP 62.82 94.8% 3,254 3,395 4,099 400 3.1% 4.6% 12.6% 9.8% 23.1x 0.83x 8.5x 0.85x 9.7x Seneca Foods Corporation SENEA 36.45 89.2% 355 729 1,346 95 5.7% 1.3% 8.5% 7.0% 7.2x 0.54x 7.7x NA NA Total Produce Plc T7O-IE 1.85 93.0% 590 779 3,366 72 1.4% 0.1% 13.6% 2.1% 18.6x 0.23x 10.8x 0.21x 9.8x Mean 3.9% 4.4% 11.8% 6.2% 20.5x 0.71x 12.1x 0.74x 11.9x Median 4.3% 2.9% 12.5% 6.5% 20.8x 0.68x 9.6x 0.85x 9.8x Ingredients / Flavors Givaudan SA GIVN-CH $1,782.57 82.7% $16,460 $17,458 $4,637 $1,103 (0.4%) 0.1% 43.7% 23.8% 24.4x 3.77x 15.8x 3.68x 15.0x Ingredion Incorporated INGR 116.58 83.3% 8,441 9,597 5,709 1,041 2.2% (4.1%) 25.1% 18.2% 17.5x 1.68x 9.2x 1.68x 9.3x International Flavors & Fragrances Inc. IFF 118.40 82.4% 9,404 10,277 3,069 702 0.2% 1.8% 44.1% 22.9% 24.0x 3.35x 14.6x 3.29x 14.2x Kerry Group Plc KRZ-IE 67.77 70.3% 11,928 13,748 6,782 994 (3.8%) (3.7%) 9.9% 14.7% 21.5x 2.03x 13.8x 2.08x 14.4x Sensient Technologies Corporation SXT 75.19 98.7% 3,349 3,944 1,392 268 0.9% (1.9%) 35.1% 19.2% 29.6x 2.83x 14.7x 2.81x 15.1x Symrise AG SY1-DE 59.75 77.1% 7,756 9,531 3,101 623 4.7% 9.2% 39.8% 20.1% 29.6x 3.07x 15.3x 3.03x 14.2x Tate & Lyle PLC TATE-GB 8.55 80.7% 3,988 4,441 3,555 488 (0.2%) (10.2%) 10.3% 13.7% 13.8x 1.25x 9.1x 1.35x 10.0x Mean 0.5% (1.2%) 29.7% 18.9% 22.9x 2.57x 13.2x 2.56x 13.2x Median 0.2% (1.9%) 35.1% 19.2% 24.0x 2.83x 14.6x 2.81x 14.2x Agribusiness Archer-Daniels-Midland Company ADM $41.73 87.2% $24,011 $29,403 $62,354 $2,174 (13.5%) (1.7%) 4.9% 3.5% 15.8x 0.47x 13.5x 0.47x 9.8x Bunge Limited BG 64.30 91.2% 8,966 11,888 41,985 1,370 (7.9%) (11.3%) 0.7% 3.3% 14.8x 0.28x 8.7x 0.28x 6.8x CF Industries Holdings, Inc. CF 27.78 54.6% 6,476 13,575 3,934 1,381 (10.8%) (11.3%) 3.4% 35.1% NM 3.45x 9.8x 3.61x 13.8x Darling Ingredients Inc. DAR 13.51 84.8% 2,223 4,022 3,322 429 (9.0%) 24.5% 13.0% 12.9% 15.2x 1.21x 9.4x 1.19x 9.0x Monsanto Company MON 97.90 85.7% 42,879 50,194 13,490 3,552 (9.9%) (3.2%) 45.0% 26.3% 32.7x 3.72x 14.1x 3.67x 13.3x Andersons, Inc. ANDE 35.15 89.1% 991 1,333 3,959 118 (7.9%) (11.1%) 14.6% 3.0% NA 0.34x 11.3x 0.33x 11.0x Mosaic Company MOS 27.41 83.1% 9,599 12,652 7,464 1,246 (18.1%) NA 7.4% 16.7% 21.9x 1.70x 10.2x 1.78x 11.9x Mean (11.0%) (2.3%) 12.7% 14.4% 20.1x 1.60x 11.0x 1.62x 10.8x Median (9.9%) (7.1%) 7.4% 12.9% 15.8x 1.21x 10.2x 1.19x 11.0x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $91.00 94.7% $63 $76 $1,295 $13 1.0% 2.2% 5.4% 1.0% 10.9x 0.06x 5.8x NA NA Core-Mark Holding Company, Inc. CORE 34.63 69.3% 1,598 1,841 13,508 129 24.3% 12.6% 5.0% 1.0% 30.5x 0.14x 14.3x 0.13x 11.9x Performance Food Group Company PFGC 24.55 87.3% 2,539 3,796 16,222 316 6.2% 5.8% 12.6% 2.0% 36.6x 0.23x 12.0x 0.23x 10.2x SpartanNash Company SPTN 35.55 99.3% 1,332 1,800 9,450 230 19.9% 6.1% 14.2% 2.4% 22.1x 0.19x 7.8x 0.23x 7.8x SUPERVALU INC. SVU 4.79 66.8% 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 45.13 86.5% 2,279 2,861 8,470 303 3.5% 11.8% 15.6% 3.6% 18.1x 0.34x 9.4x 0.32x 9.1x Mean 8.3% 11.5% 11.0% 2.4% 21.0x 0.19x 9.0x 0.22x 8.8x Median 4.9% 8.9% 12.8% 2.2% 20.1x 0.20x 8.6x 0.23x 9.1x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $149.36 88.0% $65,289 $66,348 $118,719 $4,927 2.2% 4.1% 13.4% 4.2% 28.0x 0.56x 13.5x 0.55x 13.1x Ingles Markets, Incorporated IMKTA 46.65 80.9% 651 1,544 3,785 $193 (0.1%) 0.1% 24.3% 5.1% 16.8x 0.41x 8.0x 0.41x 6.4x J Sainsbury plc SBRY-GB 2.96 69.3% 6,474 8,281 33,585 $1,284 (7.1%) (3.3%) 5.9% 3.8% 9.4x 0.25x 6.4x 0.26x 5.0x Royal Ahold N.V. AD-NL 21.94 85.8% 28,109 26,841 7,652 230 (81.8%) NA 27.5% 3.0% 17.6x 3.51x NM 0.41x 6.4x Natural Grocers by Vitamin Cottage NGVC 12.40 55.3% 279 326 687 47 14.9% 19.2% 25.0% 6.9% 21.4x 0.47x 6.9x 0.44x 6.8x Sprouts Farmers Markets, Inc. SFM 21.74 72.5% 3,094 3,374 3,991 311 17.5% 20.0% 26.1% 7.8% 24.4x 0.85x 10.9x 0.84x 11.3x SUPERVALU INC. SVU 4.79 66.8% 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 2.50 87.1% 20,419 28,321 78,545 3,432 (18.3%) (7.7%) 5.3% 4.4% NM 0.36x 8.3x 0.41x 9.0x Kroger Co. KR 33.52 78.4% 31,649 42,816 112,409 5,846 3.3% 4.4% 20.1% 5.2% 16.0x 0.38x 7.3x 0.37x 7.3x Village Super Market, Inc. VLGEA 32.62 98.3% 321 307 1,635 68 3.2% 3.5% 26.0% 4.2% 22.2x 0.19x 4.5x NA NA Weis Markets, Inc. WMK 60.80 99.8% 1,635 1,571 2,946 171 3.1% 2.9% 25.0% 5.8% 26.0x 0.53x 9.2x NA NA Whole Foods Market, Inc. WFM 30.30 85.2% 9,644 9,843 15,724 1,368 2.2% 6.8% 34.1% 8.7% 19.5x 0.63x 7.2x 0.62x 7.3x Mean (5.5%) 7.3% 20.5% 5.3% 19.0x 0.70x 7.9x 0.45x 7.8x Median 2.2% 4.1% 24.7% 4.7% 19.5x 0.44x 7.3x 0.41x 7.0x

Foodservice Colabor Group Inc. GCL-CA $0.89 84.5% $91 $227 $1,111 $22 (10.8%) (8.3%) 1.8% 2.0% NA 0.20x 10.4x 0.20x 9.5x Sysco Corporation SYY 53.13 97.2% 29,058 36,235 51,773 2,811 6.1% 4.8% 19.3% 5.4% 29.2x 0.70x 12.9x 0.69x 12.5x Chefs' Warehouse, Inc. CHEF 12.85 61.8% 337 644 1,150 58 16.4% 22.7% 25.0% 5.1% NM 0.56x 11.0x 0.54x 11.3x Mean 3.9% 6.4% 15.4% 4.2% 29.2x 0.49x 11.5x 0.48x 11.1x Median 6.1% 4.8% 19.3% 5.1% 29.2x 0.56x 11.0x 0.54x 11.3x Quick Service Restaurant Bojangles, Inc. BOJA $17.55 92.4% $638 $821 $521 $80 9.3% NA 19.6% 15.4% 18.3x 1.58x 10.2x 1.54x 10.1x Jack in the Box Inc. JACK 98.61 96.0% 3,222 4,112 1,555 318 1.6% 14.5% 29.4% 20.4% 29.9x 2.64x 12.9x 2.58x 12.3x McDonald's Corporation MCD 114.22 86.6% 94,853 118,594 24,934 9,209 (2.8%) (3.8%) 42.8% 36.9% 21.6x 4.76x 12.9x 4.82x 12.5x Popeyes Louisiana Kitchen, Inc. PLKI 59.48 94.4% 1,233 1,349 267 87 3.9% 9.2% 62.2% 32.5% 30.3x 5.06x 15.5x 5.01x 15.5x Restaurant Brands International Inc QSR 43.48 88.5% 10,186 19,452 4,279 1,837 30.6% NA 46.9% 42.9% 35.3x 4.55x 10.6x 4.69x 10.5x Sonic Corp. SONC 25.93 71.4% 1,187 1,699 606 167 0.0% 3.8% 36.2% 27.6% 20.1x 2.80x 10.1x 2.95x 10.2x Wendy's Company WEN 11.50 98.8% 2,956 5,031 1,590 458 (13.8%) (14.3%) 40.7% 28.8% 16.5x 3.16x 11.0x 3.51x 12.7x Yum! Brands, Inc. YUM 60.70 66.0% 22,277 28,437 12,894 2,802 (2.0%) (0.4%) 30.1% 21.7% 15.4x 2.21x 10.1x 4.05x 13.1x Mean 3.4% 1.5% 38.5% 28.3% 23.4x 3.34x 11.7x 3.65x 12.1x Median 0.8% 1.7% 38.4% 28.2% 20.8x 2.98x 10.8x 3.78x 12.4x

Fast Casual Chipotle Mexican Grill, Inc. CMG $397.08 63.6% $11,495 $11,136 $3,867 $277 (15.4%) 8.0% 10.5% 7.2% NM 2.88x NM 2.84x NM El Pollo Loco Holdings Inc LOCO 12.20 79.0% 469 570 374 60 4.2% NA 20.3% 16.0% 20.3x 1.52x 9.5x 1.50x 9.0x Fiesta Restaurant Group, Inc. FRGI 28.35 73.1% 763 828 720 95 8.4% 9.9% 19.4% 13.2% 33.0x 1.15x 8.7x 1.16x 8.8x Habit Restaurants, Inc. HABT 14.85 60.0% 285 272 271 28 23.9% NA 14.7% 10.2% 59.4x 1.01x 9.9x 0.96x 9.5x Noodles & Co. NDLS 4.55 33.3% 120 202 475 19 6.3% 12.1% 7.6% 4.1% NA 0.42x 10.4x 0.41x 8.3x Panera Bread Company PNRA 202.12 90.2% 4,413 4,762 2,760 403 3.7% 6.3% 14.3% 14.6% 33.6x 1.73x 11.8x 1.70x 11.7x Potbelly Corp. PBPB 13.30 88.7% 335 306 400 39 10.3% 10.2% 14.5% 9.8% 45.9x 0.77x 7.8x 0.75x 7.9x Shake Shack, Inc. SHAK 37.71 80.2% 903 879 246 47 41.3% NA 22.9% 18.9% NM 3.57x 18.8x 3.31x 20.5x Zoe's Kitchen, Inc. ZOES 23.76 56.9% 462 476 256 23 27.2% NA 16.2% 8.8% NM 1.86x 21.0x 1.71x 19.9x Mean 12.2% 9.3% 15.6% 11.4% 38.4x 1.66x 12.2x 1.59x 12.0x Median 8.4% 9.9% 14.7% 10.2% 33.6x 1.52x 10.1x 1.50x 9.3x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $39.25 82.5% $913 $996 $961 $128 6.7% 8.1% 10.7% 13.3% 22.3x 1.04x 7.8x 1.00x 7.9x Buffalo Wild Wings, Inc. BWLD 161.90 93.6% 2,947 3,011 1,983 308 14.5% 17.3% 13.8% 15.5% 29.2x 1.52x 9.8x 1.49x 9.9x Chuy's Holdings, Inc. CHUY 30.45 80.6% 512 498 323 41 16.1% 17.2% 15.3% 12.6% 34.2x 1.54x 12.3x 1.49x 11.7x Dave & Buster's Entertainment, Inc. PLAY 45.97 92.1% 1,934 2,200 933 217 15.1% 14.7% 21.5% 23.3% 24.7x 2.36x 10.1x 2.25x 9.4x Ignite Restaurant Group, Inc. IRG 0.32 7.1% 8 121 462 20 17.3% 36.0% 7.9% 4.3% NA 0.26x 6.1x 0.27x 5.3x Cheesecake Factory Incorporated CAKE 57.96 99.9% 2,749 2,782 2,199 279 17.3% 36.0% 15.7% 12.7% 21.5x 1.26x 10.0x 1.22x 9.6x Wingstop, Inc. WING 26.98 81.5% 775 927 87 31 NA NA 68.7% 35.1% 52.9x 10.63x 30.3x 10.12x 26.8x Mean 14.5% 21.6% 21.9% 16.7% 30.8x 2.66x 12.3x 2.55x 11.5x Median 15.6% 17.2% 15.3% 13.3% 26.9x 1.52x 10.0x 1.49x 9.6x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $19.28 96.4% $2,032 $3,204 $4,297 $429 (3.1%) 1.8% 10.0% 10.0% 36.4x 0.75x 7.5x 0.75x 7.3x Brinker International, Inc. EAT 53.59 97.2% 2,661 4,073 3,253 480 6.5% 4.6% 10.6% 14.8% 16.1x 1.25x 8.5x 1.25x 8.7x Darden Restaurants, Inc. DRI 70.12 99.9% 8,630 8,956 6,961 921 1.5% (7.1%) 17.8% 13.2% 22.5x 1.29x 9.7x 1.27x 9.2x DineEquity, Inc. DIN 82.48 83.5% 1,492 2,759 651 261 (3.4%) 0.5% 57.2% 40.1% 15.0x 4.24x 10.6x 4.31x 10.5x Red Robin Gourmet Burgers, Inc. RRGB 52.90 76.3% 680 981 1,291 143 3.0% 8.3% 12.3% 11.1% 22.8x 0.76x 6.9x 0.75x 6.9x Ruby Tuesday, Inc. RT 3.05 52.9% 184 338 1,068 67 (5.0%) (4.0%) 9.8% 6.3% NA 0.32x 5.1x NA NA Texas Roadhouse, Inc. TXRH 45.06 92.0% 3,178 3,156 1,960 262 11.5% 13.1% 14.5% 13.4% 27.3x 1.61x 12.1x 1.57x 11.8x Mean 1.6% 2.4% 18.9% 15.5% 23.4x 1.46x 8.6x 1.65x 9.0x Median 1.5% 1.8% 12.3% 13.2% 22.7x 1.25x 8.5x 1.26x 8.9x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $16.00 93.3% $376 $376 $347 $44 7.2% 10.7% 13.2% 12.8% 20.3x 1.08x 8.5x 1.07x 8.2x Fogo de Chao, Inc. FOGO 13.50 75.5% 380 512 285 53 8.4% NA 21.8% 18.7% 13.1x 1.80x 9.6x 1.80x 9.3x Ruth's Hospitality Group, Inc. RUTH 16.65 88.7% 531 565 383 59 22.7% (2.5%) 19.2% 15.3% 17.9x 1.47x 9.6x 1.46x 9.2x Mean 12.8% 4.1% 18.1% 15.6% 17.1x 1.45x 9.2x 1.44x 8.9x Median 8.4% 4.1% 19.2% 15.3% 17.9x 1.47x 9.6x 1.46x 9.2x Pizza Domino's Pizza, Inc. DPZ $159.62 93.1% $7,674 $9,752 $2,394 $478 13.0% 10.5% 30.7% 20.0% 39.8x 4.07x 20.4x 4.00x 20.1x Papa John's International, Inc. PZZA 84.24 99.4% 3,108 3,422 1,691 193 2.7% 6.0% 17.5% 11.4% 33.8x 2.02x 17.7x 1.99x 17.9x Papa Murphy's Holdings, Inc. FRSH 4.43 34.2% 75 187 125 22 9.2% NA 24.7% 17.3% 19.3x 1.49x 8.6x 1.44x 8.6x Mean 8.3% 8.3% 24.3% 16.2% 31.0x 2.53x 15.6x 2.48x 15.5x Median 9.2% 8.3% 24.7% 17.3% 33.8x 2.02x 17.7x 1.99x 17.9x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $10.50 73.4% $260 $213 $150 $20 NA NA 43.4% 13.4% 27.0x 1.42x 10.6x 1.34x 9.9x Dunkin' Brands Group, Inc. DNKN 48.85 93.4% 4,481 6,580 817 422 2.1% 5.7% 77.6% 51.7% 34.6x 8.05x 15.6x 7.94x 14.4x Jamba, Inc. JMBA 10.18 71.6% 156 142 82 (5) (56.0%) (28.9%) 39.7% NM NA 1.73x NM 1.78x NM Starbucks Corporation SBUX 53.93 85.3% 78,765 80,110 21,316 4,884 11.3% 12.7% 26.7% 22.9% 28.4x 3.76x 16.4x 3.68x 15.0x Mean (9.6%) (1.3%) 41.1% 25.5% 30.0x 3.74x 14.2x 3.69x 13.1x Median 3.2% 5.5% 39.7% 18.5% 28.4x 2.74x 15.6x 2.73x 14.4x Family Restaurant Bob Evans Farms, Inc. BOBE $43.27 89.7% $855 $1,213 $1,323 $123 (1.6%) (4.7%) 12.8% 9.3% 30.9x 0.92x 9.8x 0.92x 8.6x Cracker Barrel Old Country Store, Inc. CBRL 147.91 85.6% 3,554 3,803 2,912 359 2.5% 3.3% 15.3% 12.3% 18.8x 1.31x 10.6x 1.29x 10.3x Denny's Corporation DENN 12.42 99.8% 911 1,138 501 68 1.1% 2.6% 27.6% 13.6% 56.5x 2.27x 16.7x 2.24x 11.5x Luby's, Inc. LUB 4.28 83.9% 124 160 403 19 2.2% 1.0% 31.5% 4.8% NA 0.40x 8.3x NA NA Mean 1.0% 0.6% 21.8% 10.0% 35.4x 1.22x 11.3x 1.48x 10.2x Median 1.6% 1.8% 21.5% 10.8% 30.9x 1.11x 10.2x 1.29x 10.3x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

140 1 4 .3 % 130

120 1 0 .8 %

110 6 .4 % 100 4 .3 % 90

80 (0 .8 % )

70 (2 5 .3 % ) 60

50 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-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

HIGHLANDER PARTNERS TO ACQUIRE HILLSIDE CANDY, LLC . Highlander Partners has agreed to acquire Hillside Candy for an undisclosed amount. . Hillside Candy is a manufacturer of a broad variety of premium organic, sugar-free, and traditional confectionary products marketed under a house Enterprise Value: ND of brands. Revenue Multiple: ND . The transaction will allow Highlander to execute its “buy and build” strategy, EBITDA Multiple: ND utilizing Hillside Candy as a platform for further clean-label confectionary Announced: November 7, 2016 acquisitions.

US FOODS TO ACQUIRE SAVE ON SEAFOOD COMPANY, INC

. US Foods has agreed to acquire Save on Seafood for an undisclosed amount. . Save on Seafood processes and distributes fresh and frozen seafood to restaurants and grocery stores throughout the Southeast region of the U.S., Enterprise Value: ND accumulating over $80 million in annual sales. Revenue Multiple: ND EBITDA Multiple: ND . The transaction will allow US Foods to expand its seafood offerings, Announced: October 19, 2016 capitalizing on the increase in seafood sales in the Southeast region.

CONSTELLATION BRANDS, INC TO ACQUIRE CHARLES SMITH WINES LLC . Constellation Brands has agreed to acquire the Charles Smith Wines collection of five super and ultra premium wines. . Charles Smith Wines is a US-based producer of high quality wines, selling its Kung Fu Riesling, Velvet Devil Merlot, Boom Boom! Syrah, Eve Chardonnay, Enterprise Value: $120 mm and Chateau Smith Cabernet Sauvignon. Revenue Multiple: ND EBITDA Multiple: ND . The transaction allows Constellation Brands to enhance its core wine portfolio and strengthen its operations of wine supply. Announced: October 17, 2016

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 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 $280 600 $247.7 9.9x 9.7x $240

10.0x 9.2x 9.1x 500 ions of Transact Number 8.8x 8.3x 8.8x 1.60x Multiple Sales LTM EV/ 8.0x $200 8.0x 400 1.20x $160 6.0x 300 $110.2 $120.7 $120 0.80x $67.2

EV / EV LTMMEBI TDA ultiple 4.0x 200 $80 $55.7 $47.5 0.40x 2.0x e Deal ($Value Aggregat inbillions) 100 $40 $24.0 $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 11/10/2016 FZ Foods AG - Production Site Greussener Salami 11/8/2016 Laboratoire Lescuyer SAS TCR Capital SAS 11/8/2016 Emily's Inflight Food Services Ltd. On Air Dining Ltd. 11/8/2016 The Kraft Heinz Co. - Production Site Livia Corporate Development SE 11/8/2016 Slachthuizen Goossens NV Debra-Meat BVBA 11/7/2016 SFG Holdings Ltd. Japan Agricultural Cooperatives Group 11/7/2016 Cohere SA La Sirena Alimentación Congelada 11/7/2016 Queen City Whiskey - George Remus MGP Ingredients, Inc. 11/7/2016 Hillside Candy LLC Highlander Partners LP 11/7/2016 La Guyennoise SA Maison Le Star SASU

PRIVATE EQUITY INVESTMENTS & EXITS

100 96

80 65 65 60 48 43 46 36 38 40 32 34 31 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 │ NOVEMBER 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 ($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

11/11/16 Inghams Enterprises Pty Ltd Poultry slaughtering/processing USD 191 Term Loan N/A 11/11/16 Inghams Enterprises Pty Ltd Poultry slaughtering/processing USD 130 Term Loan N/A 11/11/16 Inghams Enterprises Pty Ltd Poultry slaughtering/processing USD 96 Multi-Option Facility N/A 11/09/16 Ajinomoto Co Inc Food preparations, nec USD 532 Term Loan N/A 11/07/16 Imsto NV Frozen specialties, nec USD 87 Term Loan N/A 11/07/16 Imsto NV Frozen specialties, nec USD 87 Revolver/Line >= 1 Yr. N/A 11/07/16 Kagome Co Ltd Pickles/sauces/salad dressings USD 283 Term Loan N/A 11/04/16 Fromageries Bel SA Cheese, natural and processed USD 500 Undisclosed N/A 11/02/16 Aryzta Europe Finance DAC Cookies and crackers USD 55 Schuldschein N/A 160 bps 11/02/16 Aryzta Europe Finance DAC Cookies and crackers USD 55 Schuldschein N/A 180 bps 11/02/16 Aryzta Europe Finance DAC Cookies and crackers USD 55 Schuldschein N/A 200 bps 11/02/16 Aryzta Europe Finance DAC Cookies and crackers USD 55 Schuldschein N/A 220 bps 11/02/16 Jacobs Douwe Egberts Roasted coffee USD 1,409 Term Loan A N/A 225 bps 11/01/16 Nagatanien Holdings Co Ltd [Ex-Nagatanien Dehydrated Co Ltd]fruit/vegetables/soups USD 58 Revolver/Line >= 1 Yr. N/A 10/31/16 Jacobs Douwe Egberts Roasted coffee Term Loan B N/A

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 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 18 140 14.0x 120 8 17 13.0x 100 19 19 6 20 14 80 10 12.0x 141 139 10 60 5 118 4 7 7 9 13 8 107 5 89 92 94

Number of Transactions of Number 6 83 M edian Trading MMTrading ult edian iple 40 82 11.0x 7 10 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-15

Oct-16

Mar-16

Nov-15

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 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 - - - - P 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 - - - - P 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. 10/25/2016 RAWkin Juice - Hip Cuisine, Inc. - - - - N.A. 10/25/2016 Bodegas Sierra de Guara SL - Grandes Vinos y Vinedos SA - - - - EU 10/24/2016 Hardy Remagen GmbH & Co. KG Remagen Wolfgang Weil & Sohn GmbH - - - - EU

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

10/24/2016 Segrest, Inc. - Central Garden & Pet Co. $60.0 - - - P N.A. 10/24/2016 Thelens VITUS GmbH - Ridderskamp - - - - P EU 10/24/2016 Schluter SA - Government of Singapore $7.4 - - - EU 10/24/2016 ALPEX Sp zoo - Aromes Group Sp zoo - - - - EU 10/21/2016 Kesko Oyj Kesko Oyj Lenta Ltd. $176.0 - - - EU 10/21/2016 General Mills Services (UK) Ltd. General Mills, Inc. Country Style Foods Ltd. - - - - EU 10/20/2016 Domaine Laleure-Piot SCEA - AdVini SA - - - - EU 10/19/2016 Calder Foods Ltd. - Flagship Europe Ltd. - - - - P EU 10/19/2016 Tender Choice Foods, Inc. - Blue Goose Capital Corp. - - - - P N.A. 10/19/2016 Save On Seafood Fishing, Inc. - US Foods, Inc. - - - - N.A. 10/19/2016 Champy SAS - AdVini SA - - - - EU 10/19/2016 Belgocatering NV - Creia International Srl - - - - EU 10/18/2016 Peyton Events Ltd. Peyton & Byrne Ltd. Sodexo Ltd.; Sodexo Services Group Ltd. - - - - EU 10/18/2016 The Stirling Creamery Ltd. - Gay Lea Foods Co-operative Ltd. - - - - N.A. 10/17/2016 Save-A-Lot Food Stores, Inc. SUPERVALU, Inc. ONEX Corp. $1,365.0 0.3x 10.6x - P N.A. 10/17/2016 Constellation Brands Canada, Inc. Constellation Brands, Inc. Ontario Teachers' Pension Plan Board $779.2 - - - P N.A. 10/17/2016 Purchasing Systems Ltd. - Sodexo SA - - - - EU 10/17/2016 The FoodFellas Ltd. - CP Foods Uk Ltd. $25.0 0.4x - - EU 10/17/2016 Metzgerei Bach Günter Fleischerei - Metzgerei Bach Guenter Fleischerei - - - - P EU 10/17/2016 La Nouvelle Maison du Sablé SARL - Maison Reignier SAS - - - - EU 10/17/2016 Charles Smith Wines LLC Charles Smith Wines LLC Constellation Brands, Inc. $120.0 - - - N.A. 10/17/2016 GodBiten Konditori AB - Bisca A/S; Scandza AS - - - - EU 10/15/2016 Watergate Inn Enterprise Inns Plc Chester Race Co. Ltd. - - - - EU 10/14/2016 Chipsters Food Oy Ab Chipsters Ab Martin & Servera AB - - - - EU 10/13/2016 Belmont Meat Products Ltd. - Premium Brands Holdings Corp. $37.7 - - - N.A. 10/13/2016 Ilfracombe Wholesale Grocers Ltd. - Savona Provisions Ltd. - - - - EU 10/12/2016 Denny Oil Co., Inc. Denny Oil Co. Sunoco LP $53.0 - - - N.A. 10/12/2016 Nestle Waters France Nestlé SA Ogeu Groupe SAS - - - - EU 10/11/2016 BrandMark Products, Inc. - Mix 1 Life, Inc. - - - - N.A. 10/11/2016 Ruggles Green Texas LLC - Hargett Hunter Capital Partners LLC - - - - P N.A. 10/10/2016 Allied Specialty Foods, Inc. - AdvancePierre Foods Inc. $60.0 - - - N.A. 10/10/2016 Kolak Snack Foods Ltd. - Europe Snacks - - - - EU 10/9/2016 Glacier Water Services, Inc. - Primo Water Corp. $222.4 1.6x 9.1x 29.8x N.A. 10/7/2016 Fort Garry Brewing Co. Ltd. Russell Breweries, Inc. Fort Garry Brewing Co. LP $5.8 - - - Cross Border 10/7/2016 Jurajska Sp zoo - Bewa Sp zoo - - - - EU 10/6/2016 WM. Wrigley Jr. Co. - Mars, Inc. - - - - N.A. 10/6/2016 The Old Shades - Redcomb Pubs Ltd. - - - - EU 10/6/2016 BBC Quality Pastries BV - Equistone Partners Europe Ltd - - - - P EU 10/6/2016 Nell's, Inc. C&S Group Enterprises LLC Weis Markets, Inc. - - - - N.A. 10/6/2016 Action Wholesale Liquor - Boardwalk Distribution Co. - - - - N.A. 10/5/2016 Nothing Bundt Cakes - Levine Leichtman Capital Partners, Inc.; Nothing Bundt- Cakes- /Private- Group/- P N.A. 10/5/2016 Sachsenmilch AG - Sachsenmilch Anlagen - - - - EU 10/5/2016 Euro Garages Ltd. - EFR Europe BV - - - - EU 10/5/2016 Destrooper-Olivier NV Wimex Trading AB Jules Destrooper NV - - - - P EU 10/5/2016 Gimborn Holding - Hillhouse Capital Management Ltd - - - - P EU 10/5/2016 Loma Linda & Worthington Foods Kellogg Co. AFT Holdings, Inc. - - - - N.A. 10/5/2016 Hagar AS Ingman Group Oy AB Eesti Leivatööstus OÜ - - - - P EU 10/4/2016 Kronos Foods Corp. Prospect Partners, LLC Grey Mountain Partners LLC - - - - P N.A. 10/4/2016 High West Distillery & Saloon - Constellation Brands, Inc. $160.0 - - - N.A. 10/4/2016 Novasem SRL - Semences de France SA - - - - EU 10/4/2016 Humbly Hemp, Inc. - HealthTalk Live, Inc. $9.0 - - - N.A. 10/3/2016 Tri-Union Frozen Foods Products LLC - Thai Union Group Public Co. Ltd. $0.3 - - - Cross Border 10/3/2016 MeriCal, Inc. - Linden Manager LLC - - - - P N.A. 10/3/2016 WillaKenzie Estate, Inc. - Jackson Family Wines, Inc. - - - - N.A. 10/3/2016 Fleischmann's Vinegar Company, Inc. Stone Canyon Industries LLC Green Plains, Inc. $250.0 2.3x 10.0x - P N.A. 10/3/2016 Polen Gida A S - Martin Braun-Gruppe - - - - EU 10/2/2016 Palco LLC - Rouse's Enterprises, LLC - - - - N.A. 9/30/2016 Caterina Foods LLC - Archer-Daniels-Midland Co. - - - - N.A. 9/30/2016 Thonhauser GmbH - Alex C. Fergusson LLC - - - - Cross Border 9/30/2016 Gellertstadt Bäckerei GmbH - Bäckerei und Konditorei Ralf Groschupf - - - - EU 9/30/2016 Welmar Europe BV Marubeni Corp. Cornelis Vrolijk BV - - - - P EU 9/29/2016 Trevisanalat SpA - Sabelli Spa - - - - EU 9/29/2016 Etablissementen Adriaens SA - Verbist Viande de Bastogne SA - - - - EU 9/29/2016 Aliments la Bourgeoise, Inc. - Agrilait Coopérative Agricole - - - - Cross Border 9/28/2016 Titan Bread Factory - Lantmännen Unibake Sweden AB - - - - EU

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

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5

November 2016 Date Company 11/1/2016 MillerCoors LLC (079SJS-E) 11/1/2016 Kikkoman Corp. (2801-JP) 11/1/2016 Kellogg Co. (K-US) 11/1/2016 Molson Coors Brewing Co. (TAP-US) 11/1/2016 Wajax Corp. (WJX-CA) 11/2/2016 NOW, Inc. (DNOW-US) 11/3/2016 Wm Morrison Supermarkets Plc (MRW-GB) 11/7/2016 Wal-Mart de Mexico SAB de CV (WALMEX-MX) 11/7/2016 Sysco Corp. (SYY-US) 11/10/2016 Cott Corp. (Canada) (BCB-CA) 11/11/2016 SABMiller Ltd. (SAB-GB) 11/16/2016 Target Corp. (TGT-US) 11/17/2016 Delhaize Group SA (DELB-BE) 11/17/2016 Wal-Mart Stores, Inc. (WMT-US) 11/21/2016 Tyson Foods, Inc. (TSN-US) 11/22/2016 Campbell Soup Co. (CPB-US)

December 2016 Date Company 12/1/2016 Fred's, Inc. (FRED-US) 12/1/2016 The Kroger Co. (KR-US) 12/6/2016 Wolseley Plc (WOS-GB) 12/7/2016 PriceSmart, Inc. (PSMT-US) 12/8/2016 Costco Wholesale Corp. (COST-US) 12/14/2016 Manutan International SA (MAN-FR) 12/15/2016 Empire Co. Ltd.

January 2017 Date Company 1/12/2017 Sudzucker AG (SZU-DE) 1/18/2017 Fastenal Co. (FAST-US) 1/25/2017 W.W. Grainger, Inc. (GWW-US) 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)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2016

HARRIS WILLIAMS & CO.

SOURCES

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PAGE | 17