Consumer Products and Retail Quarterly Update

Consumer Products and Retail Quarterly update

Q4 2018

Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com Quarterly update | Q4 2018 | Consumer Products and Retail

Consumer Products and Retail trends In this update

1,2 3 On-the-go Artificial Intelligence (AI) • Consumer trends As the boundary between snacking AI is one of several disruptive • Economic outlook and dining shifts, the ways in which technologies that consumer product foods are marketed and packaged are companies are looking to take • Industry analysis changing to accommodate a new advantage of as these technologies • Select M&A transactions generation of on-the-go consumers. continue to evolve. The technology Companies across the snacking can help strengthen a company’s • Appendix spectrum have taken note of the competitive advantage in the uptick in demand for convenience and marketplace and enhance the have responded with new packaging customer experience in a number This update will focus on formats designed to make meal of ways. Many companies are news and trends in the preparation and consumption faster currently utilizing automated following areas: and easier. Food manufacturers are processes to realize greater feeling the effects of this trend as well, efficiencies, augment decision- seeing an increase in orders for snacks making, efficiently allocate • Food & Beverages that can present similar health and resources, and are even employing nutritional benefits of a complete AI to generate product and service • Products & Durables meal, while offering portability. innovations. • Restaurant & Food Transparency4 Self-expression5 Services The modern US consumer Many of today’s consumers are • Specialty Retail increasingly wants more and more aligning with companies that insight into how their food is made, represent similar values to their Who we are where it comes from, and exactly own. For “Gen Zers” in particular, what the ingredients are, food is more than sustenance, it challenging food producers to is a symbol of personal values and Deloitte Corporate Finance a form of self-expression. With 44 improve transparency of their LLC is a leading global operations and production process. percent of consumers stating that With 75 percent of shoppers saying social and cultural factors have middle market M&A that they are more likely to switch gained importance to them over advisor. The firm’s to a brand that provides more in- previous years, many companies professionals have are listening more to what depth information beyond what is extensive knowledge of provided on the label, being consumers are saying and beginning transparent about what is going into to integrate this increased and transaction experience a product is becoming essential for awareness and monitoring in the Consumer Products many food and beverage brands. of expression into their core and Retail space. marketing processes. In the news

October 31, 20186 – In October, PepsiCo, Inc. (NASDAQ: PEP) (Pepsi) purchased Health Warrior, Inc. (Health Warrior) for Contacts an undisclosed amount. Health Warrior, a brand of plant-based protein-dense bars, mixes, and snacks will be the first brand to Lorin DeMordaunt be a part of Pepsi’s new innovation program labeled The Hive, Managing Director which was designed to focus on small, emerging brands. Management of The Hive plans to continue building the Health Warrior brand at [email protected] a deliberate and sustainable pace, looking to leverage its entrepreneurial +1 (704) 333-0591 expertise and talents to benefit the broader portfolio. Matt Preece Managing Director November 29, 20187 – The Kraft Heinz Company (NASDAQ: KHC) (Kraft Heinz) announced the acquisition of Primal Nutrition, LLC [email protected] (Primal Nutrition) for approximately $200 million. The young, +1 (704) 731-7186 better-for-you brand that focuses on condiments, sauces, and dressings is expected to generate approximately $50 million in net sales this year, Garett Poston representing a four times forward looking revenue multiple which Kraft Heinz paid for the business. Primal Nutrition will join Kraft Heinz under Managing Director Springboard, Kraft Heinz’s platform which they created to partner with [email protected] founders and brands to disrupt the food industry. +1 (213) 593-4544

www.investmentbanking.deloitte.com | Page 2 Quarterly update | Q4 2018 | Consumer Products and Retail

MacroeconomicMacroeconomic andand ConsumerConsumer ProductsProducts andand RetailRetail Sectorsector Outlookoutlook

US gross domestic product1 US Treasury yield curve2 $20.0 5.0% 3.5% (nominal vs. real)

3.0% 4.0% $15.0 2.5%

3.0% 2.0% $10.0 r ate 1.5% 2.0% Interest $ in trillions $ in 1.0% $5.0 1.0%

YoY percent change percent YoY 0.5%

$0.0 0.0% 0.0%

GDP ($ in trillions) YoY % growth (Adj. for inflation) Real yield (%) Nominal yield (%)

US unemployment rate3 ISM non-manufacturing index and consumer confidence index4 10.0% 600 64.0 145.0

9.0% 550 62.0 135.0 500 8.0% 60.0 125.0

450 58.0 115.0 7.0% 400 56.0 105.0 6.0% housands) c onfidence ( t u nemployed 350 54.0 95.0 % 5.0%

300 c laims 52.0 85.0 Non- m anufacturing

4.0% 250 50.0 75.0 Consumer ISM Jobless 3.0% 200 48.0 65.0

Initial jobless claims Unemployment rate (%) ISM Non-manufacturing Consumer confidence

US per capita disposable income5 Monthly total US retail sales6

$50.0 $48.5 $420.0 $48.0 $410.0 $46.0 $400.0 $43.8 $44.0 $390.0

$42.0 $380.0 t housands

in $370.0 $40.0 b illions $

in $360.0 $38.0 $ $350.0 $36.0 $340.0 $34.0 $330.0

$32.0 $320.0

www.investmentbanking.deloitte.com | Page 3 Quarterly update | Q4 2018 | Consumer Products and Retail

Consumer Products and Retail sector breakdown and trading statistics1

Last twelve months NTM

Median Median LTM Median Median Number of % of 52 EV/ EV/ EV/ Sector revenue CAGR EBITDA EBITDA enterprise companies Week high Revenue EBITDA EBITDA (3 Yr) ($M) margin value ($M)

Beauty & cosmetics 12 82.6 % 2.9 % $836.8 14.9 % $8,782.8 1.6 x 12.3 x 11.2 x

Food & beverage 10 90.6 (1.1) 2,547.9 19.4 31,570.9 2.5 13.7 12.2

Home & garden 10 76.0 3.7 739.2 15.7 8,118.9 1.9 11.0 11.8

Restaurant & food services 18 82.1 3.7 374.4 12.4 4,450.0 1.6 12.4 10.6

Apparel & specialty retail 10 67.6 4.6 414.2 13.6 4,790.5 1.2 9.1 8.2

Consumer products index 60 79.2 % 3.2 % $557.6 14.5 % $6,928.4 1.8 x 11.7 x 10.5 x

Public comparables three-year stock market performance2

S&P 500 index 19.22% NASDAQ Composite index 28.68% Consumer index* 10.48%

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

(10.0%)

(20.0%)

S&P 500 index NASDAQ Composite index Consumer index

*Consumer Index companies listed on pages 6 and 7 in the Appendix.

www.investmentbanking.deloitte.com | Page 4 Quarterly update | Q4 2018 | Consumer Products and Retail

Select recent Consumer Products and Retail M&A transactions1

Enterprise EV/ Announce date Target/acquiror Target Business Description value EBITDA (EV)

Hat World, Inc. owns and operates a chain of retail Hat World, Inc. and Certain assets of GCO Canada and Flagg Bros. Pending stores for sports hats, apparels, and accessories in the $100.0 N/A Ames Watson Capital LLC United States and Canada.

The Schwan Food Company, Inc. The Schwan Food Company, Inc., through its Pending 2,300.0 N/A CJ Foods America Corp. subsidiaries, produces and sells frozen food products.

Bojangles', Inc. Bojangles', Inc. develops, operates, and franchises Pending The Jordan Company; Durational Capital Management; The Resolute 756.1 11.1 limited service restaurants in the United States. Fund IV.

TOYS''R''US, SARL TOYS''R''US, SARL owns and operates 30 stores across Pending 186.1 N/A Cyrus Capital Partners, L.P. France and sells toys and games for children.

JACK WOLFSKIN Ausrüstung für Draussen GmbH & Co. JACK WOLFSKIN Ausrüstung für Draussen GmbH & Co. KGaA Jan-19 KGaA manufactures functional outdoor clothing, 473.3 11.9 Callaway Golf Company footwear, and equipment.

Primal Nutrition, LLC Primal Nutrition, LLC manufactures and markets food Jan-19 200.0 N/A The Kraft Heinz Company seasonings, such as condiments, sauces, and dressings.

Diageo plc produces, markets, and sells acoholic Nineteen brands of Diageo plc beverages worldwide. Diageo divested 19 brands Dec-18 550.0 N/A Sazerac Company, Inc. including Seagram’s VO, Seagram’s 83, Myers’s, Parrot Bay, Romana Sambuca, and Goldschlager.

Jostens, Inc. Jostens, Inc. provides products, programs, and services Dec-18 1,300.0 N/A Platinum Equity, LLC for high schools and universities.

SlimFast/Health and Nutrition Systems SlimFast and Health and Nutrition Systems offer weight Nov-18 350.0 N/A Glanbia plc management, and health and wellness products.

Health Warrior, Inc. Health Warrior, Inc. produces and markets chia bar Oct-18 N/A N/A PepsiCo, Inc. snacks and seeds.

Annual Consumer Products and Retail M&A transaction volume2

3,500 3,213 3,199 3,041 2,874 3,000 2,772 2,603 2,479 2,500 2,369 2,212

d eals 1,983 2,000

1,500

Number of Number 1,000

500

0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Undisclosed <$100M $100-$250M $250M-$500M $500M-$1,000M >$1,000M

www.investmentbanking.deloitte.com | Page 5 Quarterly update | Q4 2018 | Consumer Products and Retail

Appendix

Consumer Products and Retail trading multiples1

Historical Last twelve months NTM

% of 52 Revenue LTM EBITDA Enterprise EV/ EV/ EV/ Company (ticker) Week high LTM revenue CAGR (3 Yr) EBITDA margin value (EV) Revenue EBITDA EBITDA

($ in millions) Beauty & cosmetics (12) Avon Products, Inc. (NYSE:AVP) 62.9 % $5,738.4 0.3 % $573.7 10.0 % $2,026.1 0.4 x 3.5 x 5.6 x Coty Inc. (NYSE:COTY) 33.6 9,191.0 28.6 1,331.7 14.5 13,046.7 1.4 9.8 9.4 L'Occitane International S.A. (SEHK:973) 86.7 1,587.7 3.3 222.2 14.0 2,376.9 1.5 10.7 9.3 L'Oréal S.A. (ENXTPA:OR) 91.6 30,337.8 2.5 6,733.9 22.2 125,135.1 4.1 18.6 17.2 Nu Skin Enterprises, Inc. (NYSE:NUS) 70.0 2,661.9 5.2 403.4 15.2 3,494.2 1.3 8.7 8.4 Oriflame Holding AG (OM:ORI) 51.1 1,509.8 2.0 222.0 14.7 1,534.3 1.0 6.9 6.3 Revlon, Inc. (NYSE:REV) 89.9 2,609.5 11.3 102.5 3.9 4,518.9 1.7 44.1 15.0 Sally Beauty Holdings, Inc. (NYSE:SBH) 74.1 3,932.6 0.8 567.5 14.4 3,801.5 1.0 6.7 6.8 The Estée Lauder Companies Inc. (NYSE:EL) 78.8 13,933.0 8.2 2,850.0 20.5 46,936.6 3.4 16.5 15.3 The Procter & Gamble Company (NYSE:PG) 95.0 66,869.0 (0.8) 17,608.0 26.3 249,268.5 3.7 14.2 14.3 Ulta Beauty, Inc. (NasdaqGS:ULTA) 86.4 6,529.5 20.8 1,099.9 16.8 16,220.9 2.5 14.7 13.0 Unilever PLC (LSE:ULVR) 90.6 61,068.7 0.7 11,918.1 19.5 164,939.1 2.7 13.8 13.0

Median 82.6 % 2.9 % $836.8 14.9 % $8,782.8 1.6 x 12.3 x 11.2 x

Mean 75.9 % 6.9 % $3,636.1 16.0 % $52,774.9 2.1 x 14.0 x 11.1 x

Food & beverage (10) Conagra Brands, Inc. (NYSE:CAG) 53.6 % $8,178.8 (7.8) % $1,562.1 19.1 % $21,378.0 2.6 x 13.7 x 10.3 x General Mills, Inc. (NYSE:GIS) 69.0 16,277.7 (2.0) 3,447.2 21.2 39,726.6 2.4 11.5 11.2 Hormel Foods Corporation (NYSE:HRL) 94.0 9,545.7 1.0 1,319.1 13.8 23,415.3 2.5 17.8 16.2 Mondelez International, Inc. (NasdaqGS:MDLZ) 92.3 26,131.0 (5.6) 4,662.0 17.8 81,418.7 3.1 17.5 15.7 Nestlé S.A. (SWX:NESN) 96.7 91,697.3 (0.2) 18,092.1 19.7 288,155.7 3.1 15.9 14.4 PepsiCo, Inc. (NasdaqGS:PEP) 89.0 64,663.0 0.1 12,714.0 19.7 175,065.8 2.7 13.8 13.2 The Coca-Cola Company (NYSE:KO) 93.6 32,310.0 (10.6) 11,236.0 34.8 228,540.4 7.1 20.3 19.8 The Hain Celestial Group, Inc. (NasdaqGS:HAIN) 45.0 2,429.4 (2.8) 198.6 8.2 2,557.9 1.1 12.9 9.5 The J. M. Smucker Company (NYSE:SJM) 77.4 7,608.6 3.2 1,648.5 21.7 17,840.3 2.3 10.8 10.8 TreeHouse Foods, Inc. (NYSE:THS) 99.8 6,030.9 23.0 507.3 8.4 5,551.5 0.9 10.9 10.5

Median 90.6 % (1.1) % $2,547.9 19.4 % $31,570.9 2.5 x 13.7 x 12.2 x

Mean 81.0 % (0.2) % $5,538.7 18.4 % $88,365.0 2.8 x 14.5 x 13.2 x

Home & garden (10) Central Garden & Pet Company (NasdaqGS:CENT) 83.8 % $2,215.4 10.3 % $214.5 9.7 % $2,391.3 1.1 x 11.1 x 10.5 x Helen of Troy Limited (NasdaqGS:HELE) 79.0 1,577.8 0.9 235.4 14.9 3,259.3 2.1 13.8 13.3 iRobot Corporation (NasdaqGS:IRBT) 71.5 1,034.8 22.0 135.7 13.1 2,216.3 2.1 16.3 14.7 Newell Brands Inc. (NasdaqGS:NWL) 63.8 13,969.7 33.4 2,029.5 14.5 17,874.3 1.3 8.8 15.1 Snap-on Incorporated (NYSE:SNA) 85.3 4,089.7 4.4 1,044.1 25.5 9,987.1 2.4 9.6 9.1 Stanley Black & Decker, Inc. (NYSE:SWK) 73.0 13,592.5 6.3 2,227.7 16.4 24,358.3 1.8 10.9 9.9 The Clorox Company (NYSE:CLX) 91.0 6,187.0 2.8 1,280.0 20.7 21,885.3 3.5 17.1 16.2 The Toro Company (NYSE:TTC) 86.8 2,618.7 3.1 434.4 16.6 6,250.7 2.4 14.4 13.2 Tupperware Brands Corporation (NYSE:TUP) 57.1 2,152.4 (3.2) 390.3 18.1 2,656.8 1.2 6.8 6.8 Whirlpool Corporation (NYSE:WHR) 66.1 21,079.0 (0.4) 1,915.0 9.1 14,051.7 0.7 7.3 7.1

Median 76.0 % 3.7 % $739.2 15.7 % $8,118.9 1.9 x 11.0 x 11.8 x

Mean 75.7 % 8.0 % $990.7 15.9 % $10,493.1 1.9 x 11.6 x 11.6 x

www.investmentbanking.deloitte.com | Page 6 Quarterly update | Q4 2018 | Consumer Products and Retail

Consumer Products and Retail trading multiples (cont.)1

Historical Last twelve months NTM % of 52 Revenue LTM EBITDA Enterprise EV/ EV/ EV/ Company (ticker) Week high LTM revenue CAGR (3 Yr) EBITDA margin value (EV) Revenue EBITDA EBITDA ($ in millions) Restaurant & food services (18) Aramark (NYSE:ARMK) 67.6 % $15,789.6 3.3 % $1,416.0 9.0 % $14,736.0 0.9 x 10.4 x 8.8 x Bloomin' Brands, Inc. (NasdaqGS:BLMN) 78.1 4,179.9 (2.0) 367.5 8.8 2,864.9 0.7 7.8 7.1 Brinker International, Inc. (NYSE:EAT) 88.1 3,149.8 1.0 403.1 12.8 2,989.8 0.9 7.4 8.0 Chipotle Mexican Grill, Inc. (NYSE:CMG) 96.9 4,750.0 1.3 547.8 11.5 13,625.5 2.9 24.9 22.5 Core-Mark Holding Company, Inc. (NasdaqGS:CORE) 68.9 12,853.8 13.9 116.8 0.9 1,636.8 0.1 14.0 9.7 Cracker Barrel Old Country Store, Inc. (NasdaqGS:CBRL) 91.6 3,053.6 2.2 381.3 12.5 4,370.3 1.4 11.5 11.0 Darden Restaurants, Inc. (NYSE:DRI) 86.5 8,297.3 6.3 1,126.6 13.6 14,080.0 1.7 12.5 11.5 Dine Brands Global, Inc. (NYSE:DIN) 79.5 616.5 (2.9) 195.5 31.7 2,639.7 4.3 13.5 10.3 Domino's Pizza, Inc. (NYSE:DPZ) 81.2 3,242.2 15.2 598.6 18.5 13,698.6 4.2 22.9 20.0 Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) 87.0 901.9 4.1 492.7 54.6 8,168.7 9.1 16.6 17.2 Jack in the Box Inc. (NasdaqGS:JACK) 81.7 869.7 (17.3) 260.5 30.0 3,090.9 3.6 11.9 11.8 Recipe Unlimited Corporation (TSX:RECP) 87.3 810.5 50.2 159.8 19.7 1,662.5 2.1 10.4 9.7 SpartanNash Company (NasdaqGS:SPTN) 77.5 8,217.5 1.6 196.4 2.4 1,434.2 0.2 7.3 6.6 Sysco Corporation (NYSE:SYY) 82.5 59,292.2 6.7 3,294.6 5.6 40,569.8 0.7 12.3 11.4 Texas Roadhouse, Inc. (NasdaqGS:TXRH) 88.0 2,396.6 10.9 294.1 12.3 4,586.0 1.9 15.6 14.3 The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 75.8 2,336.6 4.1 231.4 9.9 2,139.4 0.9 9.2 8.7 United Natural Foods, Inc. (NYSE:UNFI) 24.1 10,637.3 8.8 333.1 3.1 4,529.7 0.4 13.6 6.2 YUM! Brands, Inc. (NYSE:YUM) 96.0 5,707.0 (24.3) 1,854.0 32.5 37,712.0 6.6 20.3 18.8

Median 82.1 % 3.7 % $374.4 12.4 % $4,450.0 1.6 x 12.4 x 10.6 x

Mean 79.9 % 4.6 % $681.7 16.1 % $9,696.4 2.4 x 13.4 x 11.9 x

Apparel & specialty retail (10) Carter's, Inc. (NYSE:CRI) 61.6 % 3,403.7 4.1 % 464.9 13.7 % 4,315.4 1.3 x 9.3 x 8.8 x Columbia Sportswear Company (NasdaqGS:COLM) 86.4 2,660.8 4.9 % 363.5 13.7 5,265.6 2.0 14.5 13.0 G-III Apparel Group, Ltd. (NasdaqGS:GIII) 63.4 3,024.3 9.1 % 255.8 8.5 2,229.3 0.7 8.7 7.7 Guess?, Inc. (NYSE:GES) 80.3 2,564.7 4.6 % 183.3 7.1 1,653.7 0.6 9.0 7.9 Hanesbrands Inc. (NYSE:HBI) 59.1 6,680.8 4.6 % 1,078.1 16.1 8,956.2 1.3 8.3 8.3 Iconix Brand Group, Inc. (NasdaqGS:ICON) 5.8 197.3 (19.7) % 84.3 42.8 634.2 3.2 7.5 7.8 Oxford Industries, Inc. (NYSE:OXM) 77.3 1,102.1 4.8 % 135.0 12.3 1,299.1 1.2 9.6 9.1 PVH Corp. (NYSE:PVH) 61.7 9,671.7 6.6 % 1,153.6 11.9 10,662.9 1.1 9.2 8.1 Ralph Lauren Corporation (NYSE:RL) 71.8 6,252.5 (5.9) % 962.3 15.4 7,606.1 1.2 7.9 7.5 V.F. Corporation (NYSE:VFC) 74.3 13,215.8 NA % 1,790.6 13.5 31,968.1 2.4 17.9 13.9

Median 67.6 % 4.6 % $414.2 13.6 % $4,790.5 1.2 x 9.1 x 8.2 x

Mean 64.2 % 1.4 % $647.1 15.5 % $7,459.1 1.5 x 10.2 x 9.2 x

www.investmentbanking.deloitte.com | Page 7 Quarterly update | Q4 2018 | Consumer Products and Retail

Recent Consumer Products and Retail M&A transactions1

Last twelve months

LTM LTM EBITDA Enterprise EV/ EV/ Target/acquiror Close date revenue EBITDA margin value (EV) Revenue EBITDA ($ in millions)

Hat World, Inc. and Certain assets of GCO Canada and Flagg Bros. Pending N/A N/A N/A % $100.0 N/A x N/A x Ames Watson Capital LLC

Blommer Chocolate Company Pending 907.0 56.0 6.2 750.0 0.8 13.4 ARC Group

The Schwan Food Company, Inc. Pending N/A N/A N/A 2,300.0 N/A N/A CJ Foods America Corp.

Bojangles', Inc. Pending 557.3 68.0 12.2 756.1 1.4 11.1 The Jordan Company; Durational Capital Management; The Resolute Fund IV.

Canadian Natural Cheese Business of Kraft Canada Inc. Pending 426.5 N/A N/A 1,233.8 2.9 N/A Parmalat Canada, Inc.

Heinz India Private Limited Pending 161.8 N/A N/A 625.2 3.9 N/A Cadila Healthcare Limited; Zydus Wellness Limited

TOYS''R''US, SARL Pending N/A N/A N/A 186.1 N/A N/A Cyrus Capital Partners, L.P.

JACK WOLFSKIN Ausrüstung für Draussen GmbH & Co. KGaA Pending 377.9 39.8 10.5 473.3 1.3 11.9 Callaway Golf Company

Primal Nutrition, LLC Pending N/A N/A N/A 200.0 N/A N/A The Kraft Heinz Company

Nineteen brands of Diageo plc Dec-18 N/A N/A N/A 550.0 N/A N/A Sazerac Company, Inc.

Pure Fishing, Inc. Dec-18 556.0 N/A N/A 1,300.0 2.3 N/A Sycamore Partners

Jostens, Inc. Dec-18 768.0 N/A N/A 1,300.0 1.7 N/A Platinum Equity, LLC

Canyon Bakehouse LLC Dec-18 N/A N/A N/A 205.0 N/A N/A Flowers Foods, Inc.

Quirch Foods Co. Dec-18 N/A N/A N/A N/A N/A N/A Palladium Equity Partners

Pet Supplies Plus/U.S.A., Inc. Dec-18 916.0 N/A N/A N/A N/A N/A Sentinel Capital Partners, L.L.C.

Fresh Direct Produce LLC Dec-18 N/A N/A N/A N/A N/A N/A Hammond, Kennedy, Whitney & Company Inc.

Campollo S.A. Nov-18 N/A N/A N/A 105.2 N/A N/A Cargill, Incorporated

AATCO Food Industries/Fleischmann's Vinegar Company Nov-18 170.6 N/A N/A 402.5 2.4 N/A Kerry Group plc

Greencore Us Holdings, LLC Nov-18 N/A N/A N/A 1,075.0 N/A N/A Hearthside Food Solutions LLC

SlimFast/Health and Nutrition Systems Nov-18 N/A N/A N/A 350.0 N/A N/A Glanbia plc

Health Warrior, Inc. Oct-18 N/A N/A N/A N/A N/A N/A PepsiCo, Inc.

Morley Brands, LLC Oct-18 N/A N/A N/A N/A N/A N/A Kar Nut Products Company

SFERRA Fine Linens, LLC Oct-18 N/A N/A N/A N/A N/A N/A Highlander Partners, L.P.

Median 10.5 % 2.0 x 11.9 x Mean 9.6 % 2.1 x 12.1 x

www.investmentbanking.deloitte.com | Page 8 Quarterly update | Q4 2018 | Consumer Products and Retail

Select Deloitte Corporate Finance Consumer transactions

Kar Nut Products Company Butterball, LLC Spice World, Inc. has been acquired by has completed a has been acquired recapitalization

Seaboard Corporation

The undersigned acted as The undersigned acted as exclusive financial advisor to exclusive financial advisor to The undersigned acted as exclusive Kar Nut Products Company. Butterball, LLC. financial advisor to Spice World, Inc.

Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC

American Importing Company, Inc. has completed a recapitalization with

Gryphon Investors

The undersigned acted as financial advisor to American Importing Company, Inc.

Deloitte Corporate Finance LLC

www.investmentbanking.deloitte.com | Page 9 Quarterly update | Q4 2018 | Consumer Products and Retail

Sources cited

Page 2: 1. “Capitalizing on the shifting consumer food value equation.” Deloitte. 2. “The Power of Snacking.” Nielson, 7 Dec. 2018. 3. “The adoption of disruptive technologies in the consumer products industry.” Deloitte, 7 Jan. 2019. 4. “Food Retail Study Determines Transparency Yields Greater Brand Loyalty.” FMI, 18 Sep. 2018. 5. “2017 Top Trends in Fresh Foods.” IRI, Sep. 2018. 6. “PepsiCo fights for protein with Health Warrior acquisition.” FoodDive, 31, Oct. 2018. 7. “Kraft Heinz Signs Definitive Agreement to Acquire Primal Kitchen.” BusinessWire, 16 Jan. 2019. Page 3: 1. U.S. Bureau of Economic Analysis, https://data.oecd.org, accessed January 16, 2019. Data as of December 31, 2019. 2. U.S. Department of the Treasury, https://www.treasury.gov, accessed January 16, 2019. Data as of December 31, 2019. 3. Bureau of Labor Statistics, https://data.bls.gov, accessed January 16, 2019. Data as of January 16, 2019. 4. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019. 5. IBISWorld, https://www.ibisworld.com, accessed January 16, 2019. Data as of January 16, 2019. 6. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019. Page 4: 1. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019 2. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019 Page 5: 1. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019 2. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019 Page 6: 1. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019 Page 7: 1. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019 Page 8: 1. S&P Capital IQ, https://www.capitaliq.com, accessed January 16, 2019. Data as of January 16, 2019

www.investmentbanking.deloitte.com | Page 10 Quarterly update | Q4 2018 | Consumer Products and Retail

Deloitte Corporate Finance LLC (DCF)

DCF provides deal execution and lead financial advisory services to large corporate, middle market, private equity and venture capital firms. DCF and its affiliates maintain a presence in key US financial centers. For additional information or to find out more about how DCF can assist the deal initiation and execution process, please contact one of our DCF Managing Directors:

Phil Colaco Nick Cirignano Jamie Lewin Ron Rivera CEO [email protected] [email protected] [email protected] [email protected] +1 212 436 3273 +1 214 840 7057 +1 404 631 3710 +1 704 333 0533

Jonathan Adams John Deering James Miller Matt Preece [email protected] [email protected] [email protected] [email protected] +1 214 840 1779 +1 704 333 0574 +1 704 731 8230 +1 704 731 7186

Keith Adams Lorin DeMordaunt Byron Nelson Justin Silber [email protected] [email protected] [email protected] [email protected] +1 404 631 3455 +1 704 333 0591 +1 469 417 2462 +1 404 942 6960

Eric Andreozzi Will Frame Jonathan Ohm Tom Spivey [email protected] [email protected] [email protected] [email protected] +1 704 333 0518 +1 312 486 4458 +1 212 436 2287 +1 214 840 7014

Tony Blanchard Mike Garcia Lou Paone Vijay Balasubramanian [email protected] [email protected] [email protected] [email protected] +1 313 396 3738 +1 213 996 4901 +1 704 731 7202 +1 212 313 1723

Doug Bolt Simon Gisby Jason Porter Charlie Welch [email protected] [email protected] [email protected] [email protected] +1 704 731 7219 +1 212 436 2495 +1 704 333 0136 +1 704 731 7201

Hector Calzada Bill Kerkam Garett Poston [email protected] [email protected] [email protected] +1 404 631 3015 +1 980 312 3613 +1 213 593 4544

Deloitte Corporate Finance Business Development Group:

Brad Heston John Lindsey Bill Pucci Senior Vice President Senior Vice President Senior Vice President [email protected] [email protected] [email protected] +1 404 631 3839 +1 469 417 2147 +1 973 602 4542

www.investmentbanking.deloitte.com Quarterly update | Q4 2018 | Consumer Products and Retail

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