Packaged Food and Beverage Distribution February 2018 SECTORWATCH

SECTORWATCH: Packaged Food and Beverage Distribution February 2018 SECTORWATCH:

Packaged Food and 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or Beverage Distribution representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please February 2018 notify 7 Mile Advisors if it was distributed in error.

. Sector Dashboard

. Public Basket Performance

. Operational Metrics

. Valuation Comparison

. Recent Deals

. Appendix OVERVIEW

Dashboard

summary metrics on the sector, with commentary on About Us market momentum by comparing the most recent 12- 7MA provides Investment Banking & Advisory Services to the month performance against the last 3-year averages Business Services and Technology Industries globally.

We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we Public Basket Performance help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. summary valuation and operating metrics for a basket of comparable public companies

Sectorwatch We publish sectorwatch, a review of M&A and operational trends in the industries we focus. Valuation Comparison

a more graphical, detailed comparison of valuation multiples for the public basket Let us know if we can help Contact us if there are ways we can assist your M&A or financing strategy.

Recent Deals the most recently announced sector deals

Revenue Growth Momentum Median LTM GP Margin % 38.0% 1 - year revenue growth compared to revenue growth -7.5% average for last 3 years Current revenue growth rate is less than the average of the last 3 years, indicating that the market may be flattening or declining Median LTM EBITDA Margin % 11.0% Pricing / Gross Margin Momentum 1 - year gross profit % compared to gross profit % 0.9% average for last 3 years Median LTM Rev. Growth % 2.1% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power 0% 8% 16% 24% 32% 40%

Profitability Momentum Valuation 0.6% 1 - year EBITDA % compared to EBITDA % average for last 3 years Median TEV / LTM EBIT Current EBITDA margin exceeds the average of the last 3 years EBITDA margin 15.6x by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 11.5x PUBLIC BASKET CONSTITUENTS NasdaqGS:FARM NYSE:SJM Median Price / LTM Earnings 9.4x NYSE:DF NYSE:DPS TSX:BCB NasdaqGS:KHC NYSE:THS Median TEV / LTM Revenue 1.1x

Rev LTM Rev Growth TEV / Rev TEV / Rev / FTE Company TEV $m $m YoY GP % EBITDA % X EBITDA X # FTEs $k

Farmer Bros. Co. 606 571 6% 39% 7% 1.1 14.2 1,610 355

Dean Foods Company 1,806 7,878 2% 24% 4% 0.2 5.3 17,000 463

Cott Corporation 3,612 3,832 113% 35% 11% 1.0 8.7 14,210 270

Treehouse Foods, Inc. 4,679 6,307 2% 18% 9% 0.7 7.9 - NA

The J. M. Smucker Company 18,828 7,360 -1% 38% 22% 2.6 11.5 7,140 1,031

Dr Pepper Snapple Group, Inc. 25,287 6,690 4% 60% 24% 3.8 16.0 21,000 319

The Kraft Heinz Company 113,840 26,232 -1% 38% 32% 4.3 13.7 39,000 673

Average 24,094 8,410 18% 36% 16% 2.0 11.0 14,280 518

Median 4,679 6,690 2% 38% 11% 1.1 11.5 14,210 409 share price as of 22Feb18

PUBLIC BASKET VALUATION TRENDS 14x

12x 14x 10x

8x 12x 6x

4x 10x 11.4x 2x 0x

Feb-14 Feb-15 Feb-16 Feb-17 Feb-18

Aug-13 Aug-14 Aug-15 Aug-16 Aug-17

Nov-13 Nov-14 Nov-15 Nov-16 Nov-17

May-13 May-14 May-15 May-16 May-17

TEV/EBITDA - Median TEV/EBITDA - Average 6x Public Revenue Multiples Over Time 2.5x 4x

2.0x

2x 1.3x 1.5x

1.0x 0x

0.5x

Feb-14 Feb-15 Feb-16 Feb-17 Feb-18

Aug-14 Aug-13 Aug-15 Aug-16 Aug-17

Nov-13 Nov-14 Nov-15 Nov-16 Nov-17

May-14 May-15 May-16 May-17 May-13 0.0x

TEV/EBITDA - Median TEV/Revenue - Median

Feb-14 Feb-15 Feb-16 Feb-17 Feb-18

Aug-13 Aug-14 Aug-15 Aug-16 Aug-17

Nov-13 Nov-14 Nov-15 Nov-16 Nov-17

May-14 May-15 May-16 May-17 TEV/EBITDA - Average TEV/Revenue - Average May-13

TEV/Revenue - Median TEV/Revenue - Average

LTM Revenue Growth % LTM Gross Profit Margin %

Cott Corporation Dr Pepper Snapple Group, Inc.

Farmer Bros. Co. Farmer Bros. Co.

Dr Pepper Snapple Group, Inc. The Kraft Heinz Company

Treehouse Foods, Inc. The J. M. Smucker Company

Dean Foods Company Cott Corporation

The J. M. Smucker Company Dean Foods Company

The Kraft Heinz Company Treehouse Foods, Inc.

Median Median

(5.0%) 36.7% 78.3% 120.0% - 15.0% 30.0% 45.0% 60.0%

Accounts Receivable Turnover Average Days Sales Outstanding

The Kraft Heinz Company Cott Corporation

The J. M. Smucker Company Dr Pepper Snapple Group, Inc.

Treehouse Foods, Inc. Farmer Bros. Co.

Dean Foods Company Dean Foods Company

Farmer Bros. Co. Treehouse Foods, Inc.

Dr Pepper Snapple Group, Inc. The J. M. Smucker Company

Cott Corporation The Kraft Heinz Company

Median Median

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x - 8 16 24 32 40

LTM Revenue per Full Time Employee x 000's LTM EBITDA %

The Kraft Heinz Company The J. M. Smucker Company

Dr Pepper Snapple Group, Inc. The Kraft Heinz Company

The J. M. Smucker Company Dean Foods Company

Cott Corporation

Farmer Bros. Co. Treehouse Foods, Inc.

Dr Pepper Snapple Group, Inc. Farmer Bros. Co.

Cott Corporation Dean Foods Company

Median Median

$- $220 $440 $660 $880 $1,100 - 8.0% 16.0% 24.0% 32.0%

TEV / LTM Revenue TEV / LTM EBITDA

The Kraft Heinz Company Dr Pepper Snapple Group, Inc.

Dr Pepper Snapple Group, Inc. Farmer Bros. Co.

The J. M. Smucker Company The Kraft Heinz Company

Farmer Bros. Co. The J. M. Smucker Company

Cott Corporation Cott Corporation

Treehouse Foods, Inc. Treehouse Foods, Inc.

Dean Foods Company Dean Foods Company

Median Median

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 0x 4x 8x 12x 16x

TEV / LTM EBIT Price / LTM Earnings

Farmer Bros. Co. Dean Foods Company

Cott Corporation

Dr Pepper Snapple Group, Inc. Dr Pepper Snapple Group, Inc.

The Kraft Heinz Company

The J. M. Smucker Company

Treehouse Foods, Inc. The Kraft Heinz Company

Dean Foods Company

Median Median

0x 9x 18x 27x 36x 45x 0x 8x 16x 24x 32x

Historical Valuation Multiples versus Gross Profit Historical Valuation Multiples versus Revenue Growth Rate

18x 70% 18x 112.8% 120% 59.7% 16x 16x 60% 100% 14x 14x 50% 80% 12x 12x 38.0% 38.2% 10x 34.7% 40% 10x 60% 38.9% (0.8%) 8x 30% 8x 40% 23.8% 6x 6x 20% 20% 6.1% 4x 17.9% 4x 2.1% (1.0%) 10% 0% 2x 2x 2.1% 3.9%

5x 8x 9x 12x 14x 14x 16x 5x 8x 9x 12x 14x 14x 16x

EBITDA(x)

LTM GP% LTM EBITDA(x) 0x 0% 0x -20% RGR% LTM

Series1 Series2 Series1 Series2

Total Transaction Target TEV / TEV / Date Target Buyer Value Revenue Revenue EBITDA

21Feb18 Kretam Holdings Berhad Hap Seng Plantations Holdings Berhad 333.11 - 3.9x 24.9x 21Feb18 Kretam Holdings Berhad Hap Seng Plantations Holdings Berhad 162.98 - 3.9x 24.9x 15Feb18 Future Consumer Limited - 31.29 - - - 14Feb18 Astral Foods Limited - - 1,051.50 - - 14Feb18 Friesland Huishan Dairy Koninklijke FrieslandCampina N.V. - - - - 9Feb18 Crystal Rock Holdings, Inc. Cott Corporation 35.35 59.07 0.6x 6.7x 12Feb18 Greater Good Foods, LLC - 0.50 - - - 1Feb18 Cakovecki mlinovi d.d Allianz ZB d.o.o. - - - - 2Feb18 Wandering Bear LLC AccelFoods, LLC; M3 Ventures 8.00 - - - 1Feb18 Harmless Harvest, Inc. Mousse Partners, Ltd.; AccelFoods, LLC; Danone Manifesto Ventures 30.00 - - - 30Jan18 California Natural Products Inc. Gehl Foods, LLC - - - - 30Jan18 Dhampure Speciality Sugars Limited - 0.08 - - - 29Jan18 Dr Pepper Snapple Group, Inc. Keurig Green Mountain, Inc. - 6,690.00 - - 25Jan18 Astral Foods Limited - - 1,043.84 - - 22Jan18 AVT Natural Products Limited - - 49.28 - - 22Jan18 Mode Cold Brew AB Paulig Oy - - - - 21Jan18 China Huiyuan Juice Group Limited SDF III Holdings Limited 127.93 926.77 - - 18Jan18 MONVISO SPA Altabread S.r.l. - 45.32 - - 17Jan18 Indus Coffee Private Limited EPIQ Food Services Pte. Ltd. 11.25 - - - 16Jan18 Astral Foods Limited - - 1,006.00 - - 15Jan18 Warren Tea Limited - - 17.40 - - 12Jan18 JSC Zhytomyr Dairy Factory - 0.51 - - - 11Jan18 Black Rifle Coffee Company, LLC Sterling Partners - - - - 10Jan18 Smari Organics Inc. - - - - - 8Jan18 P/F Bakkafrost NN Group N.V. - 597.58 - - 9Jan18 Elite Products International, Inc. Profile Solutions, Inc. - - - - 2Jan18 Hung Viet Green Agriculture Joint Stock - - - - - Company 26Dec17 Hung Viet Green Agriculture Joint Stock - - - - - Company 3Jan18 Producam S.A. Milost Global Inc.; Mesa Fund 1 500.00 - - - 31Dec17 Pinto Barn, Inc. - 5.29 - - -

Total Transaction Target TEV / TEV / Date Target Buyer Value Revenue Revenue EBITDA

31Dec17 Shared-X Grassroots Business Fund - - - - 28Dec17 Estate Management Services (Private) Limited Sunshine Holdings PLC 18.73 - - - 27Dec17 TWB Co., Limited - 0.00 - - - 22Dec17 teaRIOT, LLC - - - - - 21Dec17 LukPasz Sp. z o.o SuperDrob Zaklady Drobiarsko-Miesne S.A. - - - - 21Dec17 Natural Flavors Inc. Firmenich SA - - - - 21Dec17 Long Blockchain Corp. Court Cavendish Limited 2.00 5.05 - - 21Dec17 White Lion Ltd - - - - - 21Dec17 TS BrandCo Holdings Inc. (nka:Hiku Brands Aphria Inc.; Uji Capital LLC 9.82 - - - Company Ltd.) 20Dec17 Tsingtao Brewery Company Limited Fidelidade - Companhia de Seguros, S.A.; Star Insurance Company; Tsingtao Brewery Group 1,081.47 4,021.73 0.8x 6.7x Company Limited; Hong Kong Xinhaisheng Investment Limited; Peak Reinsurance Company Limited; Fosun Industrial Holdings Limited 20Dec17 ERS Holdings, LLC Pivot Pharmaceuticals Inc. 6.25 - - - 20Dec17 Ipsento Coffee Co. - 0.50 - - - 18Dec17 Positive Beverages PVT Ltd Food Empire Holdings Limited - - - - 18Dec17 Fruitapeel Ltd. Puratos Ltd - - - - 15Dec17 Sweet Leaf Tea and Tradewinds Businesses Dunn's River Brands, LLC - - - - of Nestlé Waters North America Inc. 15Dec17 Millie's Ice Cream Truck, LLC - 0.05 - - - 15Dec17 Seoul Food Industrial.Co.,Ltd KB Securities Co.,Ltd; NH Investment & Securities Co., Ltd.; Industrial Bank of Korea; Shinhan 4.61 - - - Capital Co., Ltd.; Hanyang Securities Co. Ltd. 11Dec17 Ueshima Coffee Foods Co., Ltd. UCC Holdings Co., Ltd. - 67.13 - - 14Dec17 Indus Coffee Private Limited EPIQ Food Services Pte. Ltd. 1.81 - - - 12Dec17 Astral Foods Limited - - 902.37 - - 11Dec17 OldTown Berhad Jacobs Douwe Egberts B.V. 363.66 109.56 2.9x 12.8x 11Dec17 Vahdam Teas Private Limited Singapore Angel Network Pte. Ltd; Fireside Ventures 1.40 - - - 8Dec17 Astral Foods Limited - - 903.90 - - 7Dec17 Cafe Agave, Inc. - 2.50 - - - 6Dec17 Black Momma Tea and Cafe, Inc. - 1.07 - - - 5Dec17 VinaCafé Bien Hoa Joint Stock Company Masan Beverage Company Limited 71.04 143.14 1.0x 7.2x 5Dec17 Indulge Beverages Pvt. Ltd. CoCreate Ventures - - - - 4Dec17 Radient Technologies Inc. Aurora Cannabis Inc. 4.83 0.36 - - 1Dec17 Tingyi-Asahi Beverages Holding Co., Ltd. Tingyi (Cayman Islands) Holding Corp. 611.88 - - -

Appendix: Public Basket Constituents Revenue Multiples - Farmer Bros. Co. PUBLIC BASKET CONSTITUENTS 1.5x Farmer Bros. Co. 1.0x 0.5x Farmer Bros. Co. engages in the manufacture, wholesale, and distribution of coffee, tea, and culinary products in the United States. 0.0x The company offers roast and ground coffee; frozen liquid coffee; flavored and unflavored iced and hot teas; culinary products, including gelatins and puddings, soup bases, dressings, gravy and sauce mixes, pancake and biscuit mixes, jellies and preserves, and coffee-related TEV/Revenue Average products, such as coffee filters, sugar, and creamers; spices; and other beverages comprising cappuccino, cocoa, granitas, and ready-to-drink EBITDA Multiples - Farmer Bros. Co. iced coffee. It sells its products under the Farmer Brothers, Artisan 24x Collection by Farmer Brothers, Superior, Metropolitan, China Mist, Direct Trade, Fair Trade Certified, Rainforest Alliance Certified, Un 18x Momento, Collaborative Coffee, Cain's, and McGarvey brand names, 12x as well as under various private labels. The company serves small independent restaurants, foodservice operators, restaurant and 6x convenience store chains, hotels, casinos, healthcare facilities, gourmet coffee houses, and grocery chains. It distributes its products through 0x direct-store-delivery network, and common carriers or third-party distributors, as well as Website. Farmer Bros. Co. was founded in 1912 and is headquartered in Northlake, Texas. TEV/EBITDA Average

Date Key Development Headline P/E Multiples - Farmer Bros. Co. 10/1/17 Farmer Bros. Co. (NasdaqGS:FARM) acquired 180x substantially all the assets of Boyd Coffee Company, Inc. from David D. Boyd, Richard D. Boyd, Brenda O. Boyd and 120x Julia S. Boyd family. 60x

Dean Foods Company 0.4x

Dean Foods Company, a food and beverage company, processes and 0.2x distributes milk, and other dairy and dairy case products in the United 0.0x States. The company manufactures, markets, and distributes various branded and private label dairy case products, such as fluid milk, ice creams, cultured dairy products, creamers, ice cream mixes, and other dairy products; and juices, teas, bottled water, and other products. It sell TEV/Revenue Average its products under approximately 50 national, regional, and local proprietary or licensed brands, and private labels, including DairyPure, EBITDA Multiples - Dean Foods Company TruMoo, Alta Dena, Berkeley Farms, Country Fresh, Dean’s, Friendly's, 15 Garelick Farms, LAND O LAKES, Lehigh Valley Dairy Farms, Mayfield, 12 McArthur, Meadow Gold, Oak Farms, PET, T.G. Lee, Tuscan, and others. The company sells its products to retailers, distributors, 9 foodservice outlets, educational institutions, and governmental entities 6 through its sales forces. Dean Foods Company was founded in 1925 3 and is headquartered in Dallas, Texas. 0

Date Key Development Headline 8/8/17 Dean Foods Seeks Acquisitions TEV/EBITDA Average 6/21/17 Dean Foods Company (NYSE:DF) acquired Uncle Matt's Organic Inc. P/E Multiples - Dean Foods Company 50 40 30 20 10 0

Cott Corporation 1.0x

Cott Corporation, together with its subsidiaries, produces and sells 0.5x beverages on behalf of retailers, brand owners, and distributors 0.0x worldwide. The company operates through four segments: Water & Coffee Solutions, Cott North America, Cott United Kingdom, and All Other. Its product lines include carbonated soft drinks, juice and juice- based products, energy drinks and shots, sports drinks, new age TEV/Revenue Average beverages, ready-to-drink teas, liquid enhancers, freezables, ready-to- drink alcoholic beverages, hot chocolate, malt drinks, EBITDA Multiples - Cott Corporation creamers/whiteners, cereals, and beverage concentrates, as well as 24 clear, still, and sparkling flavored waters. It also provides bottled water, coffee, brewed and iced tea, water dispensers, coffee and tea brewers, 18 and filtration equipment to customers in North America, Europe, and 12 Israel. In addition, the company offers contract manufacturing services for beverages. It serves grocery, mass-merchandise, drugstore, 6 wholesale, and convenience store chains, as well as residences, businesses, restaurant chains, hotels and motels, small and large 0 retailers, and healthcare facilities. Cott Corporation was founded in 1955 and is based in Tampa, Florida. TEV/EBITDA Average

Date Key Development Headline 2/11/18 Cott Corporation (TSX:BCB) entered into a draft agreement P/E Multiples - Cott Corporation 150 to acquire Crystal Rock Holdings, Inc. (AMEX:CRVP) from John B. Baker, Peter K. Baker, Ross S. Rapaport, Bruce S. 120 MacDonald and other shareholders for $20.7 million. 90 1/29/18 Refresco Group N.V. (ENXTAM:RFRG) (‘Refresco’) and 60 Refresco US Holding Inc. completed the acquisition of 30 traditional carbonated soft drinks and juice business in the United States, Canada, Mexico and the United Kingdom 0 from Cott Retail Brands Limited, Cott Holdings Inc., 804340 Ontario Limited and 2011438 Ontario Limited. P/E Average 18 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Treehouse Foods, Inc. PUBLIC BASKET CONSTITUENTS 3.0 2.4 Treehouse Foods, Inc. 1.8 1.2 TreeHouse Foods, Inc. operates as a food and beverage manufacturer 0.6 in the United States, Canada, and Italy. The company operates through 0.0 Baked Goods, Beverages, Condiments, Meals, and Snacks segments. The Baked Goods segment offers candies, cookies, crackers, in-store bakery products, pita chips, pretzels, refrigerated dough, retail griddle waffles, pancakes, and French toasts. The Beverages segment offers TEV/Revenue Average broths, liquid non-dairy creamers, non-dairy powdered creamers, powdered drinks, single serve hot beverages, specialty teas, and EBITDA Multiples - Treehouse Foods, Inc. sweeteners. The Condiments segment offers cheese and pudding 28 products; jams, preserves, and jellies; mayonnaise; Mexican, barbeque, and other sauces; pickles and related products; refrigerated and shelf 21 stable dressings and sauces; and table and flavored syrups. The Meals 14 segment offers baking and mix powders; powdered soups and gravies; macaroni and cheese; pasta; ready-to-eat and hot cereals; skillet 7 dinners; and condensed and ready to serve soup and infant feeding products. The Snacks segment offers bars, dried fruits, snack nuts, trail 0 mixes, and other wholesome snacks. The company sells its products through various distribution channels comprising grocery retailers and foodservice distributors, as well as food manufacturers and repackagers TEV/EBITDA Average of foodservice products. TreeHouse Foods, Inc. was founded in 1862 and is based in Oak Brook, Illinois. P/E Multiples - Treehouse Foods, Inc. 75 Date Key Development Headline 5/21/17 Riverbend Foods LLC completed the acquisition of Soup 50 and Infant Feeding business from Treehouse Foods, Inc. (NYSE:THS). 25 5/2/17 Treehouse Foods Seeks Acquisitions 4/24/17 Riverbend Foods LLC entered into a definitive agreement 0 to sell its Soup and Infant Feeding business from Treehouse Foods, Inc. (NYSE:THS). P/E Average 19 All Rights Reserved to 7 Mile Advisors Revenue Multiples - The J. M. Smucker Company PUBLIC BASKET CONSTITUENTS 5.0 4.0 The J. M. Smucker Company 3.0 2.0 The J. M. Smucker Company manufactures and markets branded food 1.0 and beverage products worldwide. It operates through U.S. Retail 0.0 Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International and Foodservice segments. The company primarily offers coffee, pet food products, pet snacks, peanut butter, fruit spreads, shortening and oils, baking mixes and ready-to-spread frostings, frozen TEV/Revenue Average sandwiches, flour and baking ingredients, juices and beverages, and portion control products. It also provides pet premium products, dog EBITDA Multiples - The J. M. Smucker Company snacks, ice cream toppings, pickles, and canned milk. The company 20 offers its products primarily under the Folgers, Dunkin’ Donuts, Café Bustelo, Folgers Gourmet Selections, Jif, Smucker’s, Crisco, Pillsbury, 15 Meow Mix, Milk-Bone, Natural Balance, Kibbles ‘n Bits, 9Lives, Pup- 10 Peroni, Nature’s Recipe, Robin Hood, Five Roses, and Douwe Egberts brands. It sells its products through direct sales and brokers to food 5 retailers, food wholesalers, drug stores, club stores, mass merchandisers, discount and dollar stores, military commissaries, 0 natural foods stores and distributors, pet specialty stores, and online retailers; and through retail channels, and foodservice distributors and operators. The company was founded in 1897 and is headquartered in TEV/EBITDA Average Orrville, Ohio. P/E Multiples - The J. M. Smucker Company Date Key Development Headline 45 12/4/17 Smucker Seeks Acquisitions 36 9/28/17 The J. M. Smucker Company Seeks Acquisition 27 6/8/17 J. M. Smucker Seeks Acquisitions 18 5/29/17 The J. M. Smucker Company (NYSE:SJM) entered into a 9 definitive agreement to acquire Wesson Oils brand from Conagra Brands, Inc. (NYSE:CAG) for approximately $290 0 million. 2/22/17 The J. M. Smucker Company Seeks Acquisitions P/E Average 20 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Dr Pepper Snapple Group, Inc. PUBLIC BASKET CONSTITUENTS 4.5 Dr Pepper Snapple Group, Inc. 3.0 1.5 Dr Pepper Snapple Group, Inc. manufactures and distributes non- alcoholic beverages in the United States, Mexico and the Caribbean, 0.0 and Canada. The company operates through three segments: Beverage Concentrates, Packaged Beverages, and Latin America Beverages. It offers flavored carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs), including ready-to-drink teas, juices, juice drinks, TEV/Revenue Average mineral and coconut water, and mixers, as well as manufactures and sells Mott's apple sauces. The company sells its flavored CSD products EBITDA Multiples - Dr Pepper Snapple Group, Inc. primarily under the Dr Pepper, Canada Dry, Peñafiel, Squirt, 7UP, 20 Crush, A&W, Sunkist soda, Schweppes, RC Cola, Big Red, Vernors, Venom, IBC, Diet Rite, and Sun Drop; and NCB products primarily 15 under the Snapple, Hawaiian Punch, Mott's, FIJI, Clamato, Bai, Yoo- 10 Hoo, Deja Blue, ReaLemon, AriZona tea, Vita Coco, BODYARMOR, Mr & Mrs T mixers, Nantucket Nectars, Garden Cocktail, Mistic, and 5 Rose's brand names. It serves bottlers and distributors, and retailers. Dr Pepper Snapple Group, Inc. was incorporated in 2007 and is 0 headquartered in Plano, Texas.

TEV/EBITDA Average Date Key Development Headline 1/29/18 Dr Pepper Snapple Group, Inc., Keurig Green Mountain, Inc. - M&A Call P/E Multiples - Dr Pepper Snapple Group, Inc. 35 1/28/18 Keurig Green Mountain, Inc. entered into a definitive merger agreement to acquire Dr Pepper Snapple Group, 28 Inc. (NYSE:DPS) in a reverse merger transaction. 21 6/5/17 Dr Pepper Snapple Mulls Acquisitions 14 7 0

P/E Average 21 All Rights Reserved to 7 Mile Advisors Revenue Multiples - The Kraft Heinz Company PUBLIC BASKET CONSTITUENTS 15.0 12.0 The Kraft Heinz Company 9.0 6.0 The Kraft Heinz Company manufactures and markets food and 3.0 beverage products in the United States, Canada, Europe, and 0.0 internationally. Its products include condiments and sauces, cheese and dairy products, meals, meats, refreshment beverages, coffee, and other grocery products. The company offers its products under the Kraft, TEV/Revenue Average Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Planters, Maxwell House, Capri Sun, Ore-Ida, Kool-Aid, Jell-O, Cracker Barrel, P’Tit Cheese, Tassimo, Classico, Plasmon, Pudliszki, Honig, HP, EBITDA Multiples - The Kraft Heinz Company Benedicta, ABC, Master, Quero, Golden Circle, Wattie's, Glucon D, and 50 Complan names. It sells its products through independent brokers, 40 agents, and distributors to chain, wholesale, cooperative and independent grocery accounts, convenience stores, drug stores, value 30 stores, bakeries, pharmacies, mass merchants, and club stores; and to 20 foodservice distributors and institutions, including hotels, restaurants, 10 hospitals, health care facilities, and certain government agencies, as 0 well as through its sales organizations. The Kraft Heinz Company was founded in 1869 and is headquartered in Pittsburgh, Pennsylvania.

TEV/EBITDA Average Date Key Development Headline 10/18/17 The Kraft Heinz Company (NasdaqGS:KHC) entered into an agreement to acquire Cerebos (Australia) Limited, P/E Multiples - The Kraft Heinz Company Cerebos Gregg's Limited and Asian Home Gourmet (CPL) 200 Pte Ltd from Cerebos Pacific Limited for ¥26 billion. 150 10/17/17 Reich Brothers Holdings, LLC agreed to acquire Oscar Mayer Facility from The Kraft Heinz Company 100 (NasdaqGS:KHC). 50 9/9/17 Kraft Heinz Seeks Acquisitions 6/29/17 Upstate Niagara Cooperative, Inc. signed a definitive 0 agreement to acquire a Cheese plant located in Campbell from The Kraft Heinz Company (NasdaqGS:KHC). 5/24/17 Kraft Heinz Seeks To Sell Facility In Campbell P/E Average

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC. Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Tom Dinnegan, Managing Director 310. 426.2410 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312-373-3737 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 704.899.5960 x 121 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Casey Augustine, Business Development - Manager 704.973.3999 [email protected] Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected] Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected] Rory Julyan, Associate 704.899.5960 [email protected] Chevonese Dacres, Analyst 360.499.1502 [email protected] Charlotte | Los Angeles | Tampa | Houston | Chicago