Food and Beverage Industry Update │ February 2015

FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

www.harriswilliams.de

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

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW M&A deal activity in the food and beverage sector has remained robust to start . M&A MARKET OVERVIEW 2015. Year-to-date there has been over $8.5 billion of announced transaction . DEBT MARKET OVERVIEW value. The “better-for-you” segment continues to garner interest from strategic . RECENT M&A ACTIVITY acquirers, with Mondelez International announcing the acquisition of Enjoy Life . PUBLIC COMPARABLES Foods. There were also two notable large, strategic deals highlighting continued . EARNINGS CALENDAR interest from strategic acquirers in pursuing transactions that are either GROUP OVERVIEW transformative in nature or help to consolidate more mature markets, such as Harris Williams & Co. is a leading cereal. J.M. Smucker agreed to acquire Big Heart Pet Brands from KKR, Vestar, advisor to the food and and Centerview for $5.8 billion. Post announced its intention to acquire MOM beverage market. Our significant Brands for $1.2 billion. HW&Co. anticipates an active marketplace for the experience covers a broad range of end markets, industries, and remainder of the year as both strategic and private equity buyers continue to business models. This particular pursue attractive assets. report focuses on trends and metrics in the following areas: . Agribusiness WHAT WE’VE BEEN DOING . Baked and Prepared Goods . Beverages SALE OF ENJOY LIFE FOODS TO MONDELEZ INTERNATIONAL . Branded and Private Label . Dairy Overview . Distribution On February 13, Enjoy Life Foods completed its sale to Mondelez International, . Ingredients Inc. The acquisition will provide Mondelez with a fast-growing, better-for-you . Meat and Protein snack platform supported by a strong, well-recognized brand. Mondelez plans . Natural and Organic to operate Enjoy Life as an independent, wholly-owned subsidiary. . Processing . Produce . Restaurant and Retail Company Description . Snacks Enjoy Life Foods produces a variety of gluten-free snacks, free from the eight most common allergens - wheat, dairy, peanuts, tree nuts, egg, soy, fish and CONTACTS shellfish. The Company’s products include cookies, cereals, snack bars, fruit mixes, plentils and grab-and-go packs. Enjoy Life pioneered the Free-From Glenn Gurtcheff Managing Director market, which is estimated to be about $2 billion. [email protected] +1 (612) 359-2702 Key Value Drivers for Enjoy Life Tim Alexander Managing Director . Leading, extendable pure-play brand that is [email protected] viewed as the “trustmark” in the industry. +1 (612) 359-2716

. Growing market fueled by increased awareness for Ryan Budlong Director food allergies and intolerances. [email protected] . Passionate, growing consumer base. +1 (415) 217-3409 has been acquired by Brant Cash . Superior product offering that is free from gluten Director and the common allergens, is verified non-GMO, [email protected] and does not sacrifice taste. +1 (612) 359-2709

. Appeals to consumers with food allergies as well as Ryan Freeman Vice President those looking for healthy-lifestyle options. [email protected] +1 (612) 359-2703 . Proven track record of successful product introductions. Matt Whebbe Vice President . Compelling growth platform fueled by a rapidly [email protected] growing customer base and ability to deliver great +1 (612) 359-2727 products, with revenue growth of 40% YOY since Andy Warczak 2011. Vice President [email protected] +1 (612) 359-2714

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

WHAT WE’VE BEEN DOING CONT.

CLOSED HW&CO. TRANSACTIONS

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has acquired has been acquired by has been acquired by and has been acquired by

a portfolio company of a portfolio company of a portfolio company of a portfolio company of

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and

WHAT WE’RE READING

MONDELEZ ACQUIRES ENJOY LIFE BRANDS

On February 16th Mondelez International announced it’s acquisition of Enjoy Life Brands, a private snacking company in the growing “free from” segment. Enjoy Life gives Mondelez a boost to their portfolio by giving them a brand on trend with healthy-lifestyle options as well as a growing incidence and awareness of food allergies and intolerances. Enjoy Life’s products are free from wheat, dairy, peanuts, tree nuts, egg, soy, fish and shellfish – which account for about 90% of all food allergies. Access to the full article here.

NESTLÉ USA TO REMOVE ARTIFICIAL FLAVORS AND COLORS FROM CHOCOLATE CANDY

Nestlé announced on February 17th that they would be removing artificial flavoring and colors from it’s chocolate candy products. The move comes as a response to a shift in consumer preferences, with customers desiring food with simpler ingredients. Recent surveys from Nielsen show more than 60% of Americans say no artificial colors or flavors is important to their decisions in purchasing food products. Access to the full article here.

REGULATORS MAY DELAY APPROVAL FOR SYSCO-U.S. FOODS DEAL

After the Performance Food Group agreed to buy assets from both Sysco and U.S. Foods in order to assist the two companies get approval to merge the FTC has sent subpoena to a third party, signaling that they are not done reviewing the proposed merger. At this point it is unclear whether or not the FTC is preparing to clear the merger, or is seeking more information that can be used to block the deal. Access to the full article here.

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

KEY CONSUMER TRENDS FOR 2015

. Better-For-You – The Free-From food categories are expected to continue exhibiting strong growth, as consumers become increasingly health conscious and more aware of food-related allergies. With this broad trend for healthier food alternatives, restaurant menus are expected to serve-up more small plate menu options than ever before.

. Clean Label – Clean and clear label claims are expected to increase in 2015 as companies look to differentiate their products with labels such as non- GMO, organic, additive-free, etc.

. Going Local – Consumers are demanding more transparency when it comes to proteins and produce. To cater to a more discerning palate, foodservice operators are responding with offerings featuring locally sourced meat, seafood, and vegetables as a point of differentiation.

. Private Label Trends – The private label market in the U.S. has yet to fully mature, with saturation levels below those in Europe. Packaged Facts projects retail sales of private label food and beverages to grow at a 4% CAGR, reaching $122 billion by 2018.(1)

. Specialty Food Trends – The $120 billion U.S. snack industry is seeing increased demand for protein-packed snacks. This trend is driving sales in categories such as jerky, which experienced 13% year-over-year sales growth in 2014; up 46% since 2009.(2)

. Frozen Foods Segment to Heat Up – After several years of declining sales, the frozen foods segment is expected to climb from $22 billion in 2014 to $23 billion in 2019. Natural and organic initiatives are adding appeal to the category previously plagued by negative perceptions of quality, taste, and healthfulness.(3)

. Foodservice Trends – The premium fast casual segment is poised for growth heading into 2015. In 2013, the segment grew at a rate of 11%, significantly outpacing a flat QSR segment. Foodservice products are being influenced by trendy grocery items. For instance, fast food giant Taco Bell began testing Greek yogurt parfaits as a breakfast offering, while Fazoli’s appeased restaurant –goers with a seasonal Nutella cheesecake.(4)

. M&A Trends – 2014 activity was robust, with deal volume and aggregate deal values at or near record levels. This momentum is expected to translate into a strong 2015, as strategic and financial buyers continue to put capital to work in high-quality food and beverage assets. KEY MARKET SIZE PROJECTIONS

GLOBAL GLUTEN-FREE PRODUCTS MARKET SIZE(5) U.S. PRIVATE LABEL MARKET SIZE(1)

($ in millions) ($ in billions)

$6,500 $6,200 $125 $122 $6,000 $120 $5,500 $115 $5,000 $110 $4,500 $4,204 $105 $104 $4,000

$3,500 $100

$3,000 $95 2014E 2018P 2014E 2018P

(1) Packaged Facts (2) Specialty Food Association (3) Food Business News (4) Foodservice Equity & Supplies PAGE | 3 (5) Food Product Design FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

VITAL SIGNS

COMMODITY PRICE INDICES1

200 W he at : ( 23. 9%) 150 S o y be ans : ( 28. 1%) C o r n: 100 ( 34. 1%) C r ude O il:

Commodity PriceIndex Commodity ( 48. 8%) 50 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Corn Soybeans Wheat Crude Oil

PROTEIN PRICE INDICES2,3

150 Beef: 140 43.6% 130 Pork: 17.6% 120 Poultry: 110 8.2%

100 ProteinPriceIndex 90 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Beef Pork Poultry

RESTAURANT AND GROCERY STORE SALES INDICES4

140 Restaurant: 26.5% 120 Grocery: 14.8%

100 SalesIndex

80 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14

Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

5.5

4.0

2.5

Inflation(%) 1.0

-0.5 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

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 (3.2%) 25.0% (7.4%) (14.1%) 12.9x 14.2x 6.8x 3.0x Fruit and Vegetable (0.0%) 9.7% (12.2%) 4.8% 15.5x 29.0x 12.4x 1.0x Ingredients / Flavors 7.8% 23.5% 2.6% 13.1% 21.2x 29.6x 14.6x 1.4x

Inputs Agribusiness (6.3%) 11.7% 0.3% 5.2% 15.0x 19.5x 9.9x 1.2x Branded Processed Foods 1.9% 8.1% 4.8% 13.6% 20.9x 28.1x 14.1x 2.7x Private Label Foods (3.0%) 1.3% (2.3%) 45.5% 20.6x 41.8x 16.1x 6.7x Natural / Organic Foods 7.3% 34.0% 1.8% 9.2% 32.3x 46.6x 17.3x 3.1x Baked Goods / Snack Foods (3.0%) 6.6% (3.8%) 1.1% 22.4x 26.5x 11.9x 2.5x Dairy (2.4%) 7.4% (4.7%) 15.7% 20.4x 24.2x 12.4x 2.2x Non-Alcoholic Beverages 4.7% 7.9% 6.0% 14.9% 21.8x 24.3x 13.9x 1.6x

Food and BeverageFood and Alcoholic Beverages (2.7%) 9.2% 4.8% 10.6% 22.1x 25.4x 14.6x 2.9x Food Retail 23.2% 7.7% 9.2% 9.8% 20.8x 22.9x 7.3x 2.3x Grocery Distribution 10.0% 18.0% 6.5% 1.3% 26.5x 33.8x 11.5x 2.0x Foodservice 2.1% (2.0%) 0.6% 9.7% 23.5x 34.1x 11.0x 3.5x Quick Service Restaurant 17.7% 17.0% 13.5% 33.5% 30.1x 34.2x 14.3x 2.3x Fast Casual 0.6% (12.9%) (6.6%) (10.6%) 41.6x 31.1x 18.5x 0.8x Differentiated Casual 0.7% 6.0% 1.2% 5.6% 30.4x 31.9x 14.1x 0.3x Casual Dining Restaurant 9.6% 17.6% 6.2% 3.6% 21.9x 26.2x 10.4x 2.4x Fine Dining 4.8% 3.0% 0.1% (3.7%) 19.4x 25.0x 11.0x 0.3x

Consumer and Retail and Consumer Pizza 23.8% 33.9% 20.8% 13.4% 30.7x 36.7x 17.9x 4.1x Beverage / Snack Retail 9.5% 14.5% 9.5% 10.9% 31.0x 28.3x 20.3x 0.0x Family Restaurant 6.4% 12.0% 10.6% 38.5% 24.9x 22.6x 12.5x 2.2x

Overall Median 2.8% 12.0% 4.6% 10.2% 21.6x 26.2x 13.1x 2.2x

PUBLIC COMPANY SECTOR PERFORMANCE5 (ONE YEAR CHANGE IN STOCK PRICE)

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

-40.0% -27.5% -15.0% -2.5% 10.0% 22.5% 35.0% 47.5% Inputs Food and Beverage Consumer and Retail

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

TRADING STATISTICS DETAIL5

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2014E ($ in millions, except per share data) Ticker 2/13/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage Branded Processed Foods Associated British Foods plc ABF $44.72 88.3% $35,178 $1,566 $842 $35,902 $21,010 $2,555 (0.6%) 6.3% 24.3% 12.2% 30.3x 1.71x 14.1x 1.74x 14.9x B&G Foods Inc. BGS 29.60 85.5% $1,588 $1,045 $6 $2,628 $822 $188 19.6% 15.3% 31.4% 22.8% 32.9x 3.20x 14.0x 2.96x 12.4x Campbell Soup Company CPB 46.88 97.0% 14,690 4,072 242 18,520 8,358 1,571 4.3% 2.7% 34.8% 18.8% 18.8x 2.22x 11.8x 2.28x 12.0x ConAgra Foods, Inc. CAG 34.83 93.0% 14,835 8,479 132 23,182 17,617 2,336 7.9% 11.0% 20.2% 13.3% NM 1.32x 9.9x 1.44x 10.5x General Mills, Inc. GIS 52.48 94.3% 31,685 10,535 895 41,325 17,642 3,229 (2.5%) 3.8% 34.4% 18.3% 21.9x 2.34x 12.8x 2.27x 11.5x Hormel Foods Corporation HRL 55.73 100.0% 14,693 250 334 14,608 9,316 1,049 6.5% 5.7% 16.8% 11.3% 25.0x 1.57x 13.9x 1.46x 12.5x Kellogg Company K 63.20 90.4% 22,438 7,370 443 29,365 14,580 1,865 (1.4%) 3.4% 35.9% 12.8% 36.1x 2.01x 15.7x 2.11x 11.5x Kraft Foods Group, Inc. KRFT 64.42 95.1% 37,929 10,032 1,293 46,668 18,205 2,374 (0.1%) (0.7%) 26.9% 13.0% 37.0x 2.56x 19.7x 2.55x 12.4x McCormick & Company, Incorporated MKC 74.64 96.8% 9,566 1,285 85 10,766 4,243 691 2.9% 4.7% 40.8% 16.3% 22.3x 2.54x 15.6x 2.52x 14.7x Mondelez International, Inc. MDLZ 36.78 93.0% 61,788 16,700 1,631 76,857 34,244 5,096 (3.0%) (1.5%) 36.8% 14.9% 28.7x 2.24x 15.1x 2.46x 14.2x Nestlé S.A. NESN 75.53 94.2% 241,008 26,355 4,244 263,118 101,648 18,950 4.3% 2.3% 47.8% 18.6% 23.7x 2.59x 13.9x 2.68x 14.2x Post Holdings, Inc. POST 48.62 80.2% 2,545 3,945 177 6,313 3,188 388 191.4% 49.0% 24.9% 12.2% NM 1.98x 16.3x 1.38x 10.3x The Hain Celestial Group, Inc. HAIN 59.48 98.4% 6,050 875 135 6,790 2,469 295 27.8% 26.8% 24.3% 11.9% 44.3x 2.75x 23.0x 2.43x 17.7x The Hershey Company HSY 106.02 95.2% 23,417 2,184 472 25,129 7,422 1,656 3.9% 6.9% 45.0% 22.3% 28.1x 3.39x 15.2x 3.19x 14.1x The J. M. Smucker Company SJM 113.89 99.1% 11,590 2,180 112 13,658 5,480 1,167 (4.1%) 0.8% 36.2% 21.3% 20.9x 2.49x 11.7x 2.27x 10.6x Mean 17.1% 9.1% 32.0% 16.0% 28.5x 2.33x 14.8x 2.25x 12.9x Median 3.9% 4.7% 34.4% 14.9% 28.1x 2.34x 14.1x 2.28x 12.4x Private Label Foods Seneca Foods Corp. SENE.A 26.58 81.4% 297 303 23 577 1,302 31 (1.5%) 1.6% 6.0% 2.4% 47.8x 0.44x 18.8x NA NA Treehouse Foods, Inc. THS 80.00 86.1% 3,386 1,563 31 4,918 2,946 366 28.4% 12.8% 21.1% 12.4% 35.9x 1.67x 13.5x 1.37x 11.1x Mean 13.5% 7.2% 13.5% 7.4% 41.8x 1.06x 16.1x 1.37x 11.1x Median 13.5% 7.2% 13.5% 7.4% 41.8x 1.06x 16.1x 1.37x 11.1x Natural / Organic Foods Boulder Brands, Inc. BDBD 10.47 56.7% 640 308 19 929 514 68 14.4% 26.6% 38.1% 13.3% NM 1.81x 13.6x 1.65x 12.0x SunOpta Inc. TSX:SOY 11.55 88.8% 775 151 7 919 1,276 70 9.3% 8.2% 11.6% 5.5% NM 0.72x 13.2x 0.70x 10.1x The Hain Celestial Group, Inc. HAIN 59.48 98.4% 6,050 875 135 6,790 2,469 295 27.8% 26.8% 24.3% 11.9% 44.3x 2.75x 23.0x 2.43x 17.7x The WhiteWave Foods Company WWAV 38.65 99.1% 6,739 1,517 50 8,206 3,437 392 35.2% 19.3% 33.6% 11.4% 48.9x 2.39x 20.9x 2.17x 16.9x Mean 21.7% 20.2% 26.9% 10.5% 46.6x 1.9x 17.7x 1.7x 14.2x Median 21.1% 22.9% 28.9% 11.7% 46.6x 2.1x 17.3x 1.9x 14.5x Baked Goods / Snack Foods ARYZTA AG SWX:ARYN $72.73 76.3% $6,413 $3,150 $930 $8,633 $6,436 $888 7.7% 4.9% 27.8% 13.8% 47.0x 1.34x 9.7x 1.40x 9.8x Diamond Foods, Inc. DMND 26.78 75.3% 841 659 11 1,489 877 85 4.4% (4.3%) 23.9% 9.7% NM 1.70x 17.4x 1.58x NA Flowers Foods, Inc. FLO 21.68 99.6% 4,551 763 8 5,307 3,749 430 (0.1%) 10.6% 48.0% 11.5% 26.4x 1.42x 12.3x 1.40x 11.6x George Weston Limited WN 82.31 98.7% 10,528 12,698 2,061 21,165 35,619 2,526 9.9% 4.6% 26.4% 7.1% NM 0.59x 8.4x 0.57x 6.7x Golden Enterprises Inc. GLDC 3.98 81.3% 47 8 2 52 133 6 (3.4%) (0.3%) 49.0% 4.8% 49.2x 0.39x 8.1x NA NA Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.73 94.2% 12,851 4,499 268 17,082 13,730 1,498 3.3% 15.7% 53.2% 10.9% 35.6x 1.24x 11.4x 1.24x 11.5x Inventure Foods, Inc. SNAK 10.29 71.0% 201 89 1 289 271 23 35.2% 21.4% 18.0% 8.4% 22.4x 1.07x 12.8x 0.95x 10.1x J&J Snack Foods Corp. JJSF 100.08 86.6% 1,870 0 98 1,773 929 143 5.6% 6.9% 31.1% 15.4% 26.6x 1.91x 12.4x 1.83x 11.2x John B Sanfilippo & Son Inc. JBSS 37.24 76.5% 414 71 4 481 833 57 12.1% 6.8% 14.9% 6.9% 16.9x 0.58x 8.4x 0.55x NA Lancaster Colony Corporation LANC 89.48 89.7% 2,447 0 256 2,191 1,064 165 3.0% (0.9%) 23.1% 15.5% 25.6x 2.06x 13.2x 1.97x 12.1x Penford Corporation PENX 18.87 98.8% 241 79 0 320 438 31 (4.4%) 2.3% 14.1% 7.0% 26.2x 0.73x 10.4x 0.73x 7.2x Snyder's-Lance, Inc. LNCE 30.72 98.3% 2,163 447 35 2,574 1,621 165 (8.0%) (0.3%) 35.7% 10.2% 36.6x 1.59x 15.6x 1.50x 12.7x Mean 5.5% 5.6% 30.4% 10.1% 31.3x 1.2x 11.7x 1.2x 10.3x Median 3.8% 4.7% 27.1% 10.0% 26.5x 1.3x 11.9x 1.4x 11.2x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

TRADING STATISTICS DETAIL5 CONT.

Dairy Bongrain SA ENXTPA:BH $64.31 86.8% $901 $1,698 $782 $1,818 $6,406 $351 21.2% 5.2% 32.6% 5.5% 18.1x 0.28x 5.2x 0.34x 6.7x Danone BN 66.11 95.9% $39,623 $16,239 $4,208 $51,654 $28,348 $4,304 1.7% 2.0% 47.2% 15.2% 31.7x 1.82x 12.0x 2.09x 12.9x Dean Foods Company DF 16.19 82.0% 1,519 917 16 2,420 9,503 189 5.4% (0.7%) 17.6% 2.0% NM 0.25x 12.8x 0.29x 7.1x Emmi AG SWX:EMMN 341.91 81.6% 1,829 689 290 2,228 3,784 315 11.6% 5.4% 33.1% 8.3% 23.6x 0.59x 7.1x 0.61x 7.4x Glanbia plc GL9 17.14 99.9% 5,067 762 121 5,708 3,317 288 8.6% 0.3% 29.0% 8.7% 28.7x 1.72x 19.8x 1.87x 19.2x Lifeway Foods Inc. LWAY 19.83 93.4% 324 9 6 328 115 7 25.0% 19.2% 25.4% 6.2% NM 2.85x 46.2x 2.42x 22.7x Parmalat SpA BIT:PLT 2.86 97.4% 5,237 148 1,354 4,031 6,888 547 (6.6%) 4.7% 19.4% 7.9% 22.5x 0.59x 7.4x 0.62x 7.5x Saputo Inc. TSX:SAP 28.66 95.1% 11,207 1,719 41 12,885 9,179 956 10.8% 11.6% 10.4% 10.4% 24.8x 1.40x 13.5x 1.46x 13.4x Mean 9.7% 6.0% 26.8% 8.0% 24.9x 1.19x 15.5x 1.21x 12.1x Median 9.7% 5.0% 27.2% 8.1% 24.2x 1.00x 12.4x 1.04x 10.2x Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $9.95 95.2% $1,149 $25 $19 $1,155 $443 $81 17.9% 5.8% 46.2% 18.3% 24.3x 2.61x 14.3x 2.83x 14.7x Cott Corporation BCB 7.95 99.3% 739 609 47 1,300 2,043 176 (4.1%) (4.1%) 11.8% 8.6% NM 0.64x 7.4x 0.49x 4.2x Dr Pepper Snapple Group, Inc. DPS 76.95 94.5% 14,960 2,591 237 17,314 6,121 1,413 2.1% 1.2% 59.3% 23.1% 21.6x 2.83x 12.3x 2.79x 11.6x Keurig Green Mountain, Inc. GMCR 118.53 74.6% 19,163 277 606 18,834 4,707 1,204 6.8% 13.3% 38.6% 25.6% 32.5x 4.00x 15.6x 3.59x 14.1x Lassonde Industries Inc. LAS.A 110.07 96.2% 769 374 0 1,143 1,000 105 (0.3%) 18.1% 27.3% 10.5% 21.0x 1.14x 10.9x NA NA Monster Beverage Corporation MNST 117.74 96.3% 19,737 0 996 18,740 2,400 721 10.2% 14.2% 53.5% 30.0% 47.1x 7.81x 26.0x 6.84x 21.0x National Beverage Corp. FIZZ 21.88 80.1% 1,014 20 42 992 639 81 (2.0%) 1.5% 34.0% 12.6% 21.9x 1.55x 12.3x 1.52x NA Pepsico, Inc. PEP 99.13 98.4% 146,947 28,897 8,726 167,118 66,683 12,416 0.4% 0.1% 53.7% 18.6% 23.2x 2.51x 13.5x 2.56x 13.0x Starbucks Corporation SBUX 91.58 99.6% 68,667 2,085 1,953 68,798 17,011 3,709 11.1% 11.8% 30.4% 21.8% 27.8x 4.04x 18.6x 3.49x 15.1x The Coca-Cola Company KO 41.99 93.3% 183,921 41,745 21,675 203,991 45,998 12,500 (1.8%) (0.4%) 61.1% 27.2% 26.2x 4.43x 16.3x 4.49x 16.3x Mean 4.0% 6.2% 41.6% 19.6% 27.3x 3.16x 14.7x 3.18x 13.8x Median 1.2% 3.7% 42.4% 20.2% 24.3x 2.72x 13.9x 2.83x 14.4x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $121.45 97.0% $195,158 $55,511 $8,845 $241,824 $46,756 $18,010 11.9% 6.6% 60.2% 38.5% 24.2x 5.17x 13.4x 5.08x 12.6x Brown-Forman Corporation BF.B 90.72 92.6% 19,175 1,122 235 20,062 3,053 1,015 4.3% 3.7% 69.7% 33.2% 29.2x 6.57x 19.8x 4.76x 17.9x Carlsberg A/S CPSE:CARL B 80.67 88.7% 12,496 6,651 569 18,578 11,453 2,294 (2.8%) 0.7% 49.6% 20.0% 15.0x 1.62x 8.1x 1.91x 9.5x Constellation Brands Inc. STZ 113.03 98.8% 21,858 7,346 71 29,132 5,963 1,746 39.6% 29.6% 43.5% 29.3% 29.0x 4.89x 16.7x NA 15.0x Diageo plc DGE 28.28 89.5% 70,912 17,709 1,250 87,371 15,937 4,967 (14.6%) (0.0%) 58.5% 31.2% 23.7x 5.48x 17.6x 5.07x 15.2x Heineken NV ENXTAM:HEIA 75.02 97.7% 43,052 13,404 824 55,631 21,939 4,698 (17.0%) 4.0% 38.9% 21.4% 24.7x 2.54x 11.8x 2.43x 10.5x Kirin Holdings Company, Limited TSE:2503 12.98 92.8% 11,873 6,786 413 18,246 18,534 2,221 (13.6%) 7.9% 43.0% 12.0% 43.7x 0.98x 8.2x 0.97x 7.9x Pernod-Ricard SA RI 118.37 95.5% 31,231 11,998 755 42,473 9,679 2,707 (14.7%) (2.7%) 62.1% 28.0% 27.9x 4.39x 15.7x 4.33x 14.6x SABMiller plc LSE:SAB 53.22 89.7% 85,931 16,581 3,015 99,497 16,967 5,839 (0.9%) 2.1% 70.8% 34.4% 25.4x 5.86x 17.0x 5.67x 15.0x Sapporo Holdings Ltd. TSE:2501 3.92 84.1% 1,530 2,167 83 3,614 4,378 363 (9.7%) 4.9% 35.2% 8.3% NM 0.83x 10.0x 0.79x 10.4x Mean (1.7%) 5.7% 53.2% 25.6% 27.0x 3.83x 13.8x 3.44x 12.9x Median (6.3%) 3.9% 54.0% 28.6% 25.4x 4.64x 14.6x 4.33x 13.6x Inputs Protein Processing Cal-Maine Foods, Inc. CALM $35.73 74.0% $1,729 $56 $201 $1,583 $1,503 $234 10.5% 12.6% 23.8% 15.6% 12.5x 1.05x 6.8x 1.01x 5.9x JBS S.A. BOVESPA:JBSS3 4.11 93.7% 11,889 15,659 5,126 22,423 46,208 3,813 17.4% 13.1% 15.0% 8.3% 21.4x 0.49x 5.9x 0.47x 5.5x Sanderson Farms, Inc. SAFM 78.56 75.6% 1,819 20 166 1,673 2,775 446 3.4% 11.9% 18.8% 16.1% 7.3x 0.60x 3.7x 0.57x 3.4x Seaboard Corp. SEB 3,876.00 91.3% 4,539 35 465 4,108 6,553 442 (1.3%) 5.7% 9.3% 6.7% 14.2x 0.63x 9.3x 0.62x NA Tyson Foods, Inc. TSN 40.70 92.0% 16,538 7,527 383 23,682 39,636 2,237 14.0% 6.3% 7.7% 5.6% 16.9x 0.60x 10.6x 0.56x 7.4x Mean 8.8% 9.9% 14.9% 10.5% 14.4x 0.67x 7.3x 0.64x 5.5x Median 10.5% 11.9% 15.0% 8.3% 14.2x 0.60x 6.8x 0.57x 5.7x

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Fruit and Vegetable Calavo Growers Inc. CVGW $41.64 84.2% $720 $44 $7 $757 $783 $44 13.2% 14.4% 9.3% 5.6% NM 0.97x 17.2x 0.84x 13.3x Fresh Del Monte Produce Inc. FDP 34.10 97.4% 1,918 140 37 2,021 3,878 233 8.3% 2.3% 8.7% 6.0% NM 0.52x 8.7x 0.51x 8.2x Seneca Foods Corp. SENE.A 26.58 81.4% 297 303 23 577 1,302 31 (1.5%) 1.6% 6.0% 2.4% 47.8x 0.44x 18.8x NA NA Total Produce plc ISE:T7O 1.19 89.4% 393 228 133 488 3,542 87 5.1% 1.2% 14.0% 2.5% 10.1x 0.14x 5.6x 0.17x 7.3x Mean 6.3% 4.9% 9.5% 4.1% 29.0x 0.52x 12.6x 0.51x 9.6x Median 6.7% 2.0% 9.0% 4.0% 29.0x 0.48x 12.9x 0.51x 8.2x Ingredients / Flavors Givaudan SA SWX:GIVN $1,910.16 91.2% $17,546 $1,215 $479 $18,282 $4,433 $909 (9.6%) 1.9% 46.0% 20.5% 29.6x 4.12x 20.1x 4.03x 16.9x International Flavors & Fragrances Inc. IFF 116.96 98.6% 9,470 942 479 9,934 3,089 691 4.6% 3.5% 44.4% 22.4% 23.1x 3.22x 14.4x 3.22x 13.7x Kerry Group plc ISE:KRZ 71.75 95.5% 12,615 1,861 317 14,159 7,914 952 3.5% 1.7% 43.2% 12.0% NM 1.79x 14.9x 2.08x 15.6x Sensient Technologies Corporation SXT 61.31 95.8% 2,922 451 20 3,353 1,448 273 (1.3%) 0.4% 33.9% 18.8% 36.7x 2.32x 12.3x 2.36x 12.0x Symrise AG XTRA:SY1 63.03 93.3% 8,182 1,818 266 9,734 2,473 527 0.6% 5.4% 43.5% 21.3% 34.6x 3.94x 18.5x 3.43x 16.1x Tate & Lyle plc TATE 8.59 75.0% 3,985 1,291 527 4,749 4,592 608 (5.5%) 0.5% 26.2% 13.2% 14.7x 1.03x 7.8x 1.15x 8.3x Mean (1.3%) 2.2% 39.5% 18.1% 27.8x 2.74x 14.7x 2.71x 13.8x Median (0.4%) 1.8% 43.3% 19.7% 29.6x 2.77x 14.6x 2.79x 14.7x Agribusiness Archer-Daniels-Midland Company ADM $48.10 89.2% $30,625 $5,690 $1,614 $34,701 $81,201 $3,755 (9.6%) (2.7%) 5.9% 4.6% 14.0x 0.43x 9.2x 0.42x 8.4x Bunge Limited BG 82.22 88.3% 11,926 5,200 1,705 15,421 57,828 1,782 (5.7%) 1.0% 4.7% 3.1% 20.9x 0.27x 8.7x 0.27x 7.2x CF Industries Holdings, Inc. CF 301.40 97.0% 14,990 4,592 2,651 16,931 4,853 2,151 (13.8%) (4.8%) 39.7% 44.3% 10.9x 3.49x 7.9x 3.79x 7.7x Darling Ingredients Inc. DAR 17.29 80.8% 2,847 2,283 193 4,937 3,323 462 93.2% 27.8% 25.2% 13.9% NM 1.49x 10.7x 1.32x 8.5x Monsanto Company MON 124.77 96.9% 60,339 8,179 3,152 65,366 15,582 4,686 3.4% 7.8% 54.2% 30.1% 24.7x 4.19x 13.9x 3.96x 12.8x Nutreco N.V. ENXTAM:NUO 51.50 96.3% 3,457 667 167 3,958 6,358 374 (11.8%) 1.2% 19.7% 5.9% 20.5x 0.62x 10.6x 0.64x 10.5x The Andersons, Inc. ANDE 45.11 64.5% 1,295 377 115 1,558 4,540 137 (19.0%) (0.3%) 8.7% 3.0% 11.7x 0.34x 11.3x 0.35x 7.4x The Mosaic Company MOS 52.33 99.5% 19,233 3,833 2,375 20,691 9,056 2,243 10.8% (5.8%) 21.3% 24.8% 19.5x 2.28x 9.2x 2.03x 8.0x Mean 5.9% 3.0% 22.4% 16.2% 17.5x 1.64x 10.2x 1.60x 8.8x Median (7.7%) 0.4% 20.5% 9.9% 19.5x 1.05x 9.9x 0.98x 8.2x Consumer and Retail Food Retail Costco Wholesale Corporation COST $147.10 93.8% 64,798 5,034 7,619 62,213 114,489 4,374 7.5% 7.8% 12.6% 3.8% 30.6x 0.54x 14.2x 0.52x 13.1x Establishments Delhaize Freres DELB 88.01 99.5% 8,944 3,434 1,769 10,609 26,898 1,491 (5.3%) (1.2%) 24.0% 5.5% 32.9x 0.39x 7.1x 0.41x 6.4x Fairway Group Holdings Corp. FWM 5.55 60.1% 242 258 40 460 799 (4) 5.9% 25.8% 31.4% NM NM 0.58x NM 0.57x 11.3x Ingles Markets, Incorporated IMKT.A 42.26 87.5% 856 970 6 1,820 3,855 233 2.8% 2.3% 22.5% 6.0% 16.3x 0.47x 7.8x 0.47x 7.5x J. Sainsbury plc LSE:SBRY 4.11 75.4% 7,854 4,981 2,304 10,531 38,904 2,256 1.2% 4.5% 6.2% 5.8% NM 0.27x 4.7x 0.29x 5.5x Koninklijke Ahold N.V. ENXTAM:AH 18.68 99.0% 15,391 3,993 2,219 17,166 40,299 2,676 (9.7%) (0.1%) 26.5% 6.6% 18.9x 0.43x 6.4x 0.43x 6.7x Natural Grocers by Vitamin Cottage NGVC 30.28 67.9% 681 28 2 707 546 44 19.9% 25.5% 29.0% 8.0% 48.2x 1.30x 16.3x 1.08x 14.2x Roundy's, Inc. RNDY 4.25 57.9% 205 657 47 815 4,229 142 21.5% 3.4% 26.8% 3.3% NM 0.19x 5.8x 0.20x 6.7x Sprouts Farmers Market, Inc. SFM 38.38 96.0% 5,806 385 118 6,072 2,841 244 23.1% NA 29.9% 8.6% NM 2.14x 24.9x 1.79x 20.1x SUPERVALU Inc. SVU 10.21 97.9% 2,668 3,223 418 5,473 17,411 759 1.8% (21.9%) 14.8% 4.4% 21.4x 0.31x 7.2x 0.30x 7.0x Tesco PLC LSE:TSCO 3.72 70.8% 30,209 23,001 7,006 46,203 102,935 5,666 3.3% 0.3% 6.1% 5.5% 23.0x 0.45x 8.2x 0.49x 9.7x The Kroger Co. KR 72.86 99.9% 35,798 11,536 264 47,070 106,480 4,883 7.4% 6.2% 21.3% 4.6% 22.6x 0.44x 9.6x 0.42x 8.9x The Pantry, Inc. PTRY 36.72 98.5% 863 930 123 1,670 6,635 261 (4.0%) (3.7%) 13.0% 3.9% 22.8x 0.25x 6.4x 0.25x 7.2x Village Super Market Inc. VLGE.A 28.17 93.9% 396 47 69 373 1,541 55 4.5% 4.9% 27.1% 3.5% 25.2x 0.24x 6.8x 0.24x NA Weis Markets, Inc. WMK 46.64 88.4% 1,255 0 94 1,160 2,749 160 1.8% 0.9% 27.0% 5.8% 22.0x 0.42x 7.3x NA NA Whole Foods Market, Inc. WFM 56.15 98.9% 20,229 64 738 19,555 14,626 1,351 10.0% 11.7% 35.5% 9.2% 35.1x 1.34x 14.5x 1.20x 13.3x Mean 5.7% 4.4% 22.1% 5.6% 26.6x 0.61x 9.8x 0.58x 9.8x Median 3.9% 3.4% 25.2% 5.5% 22.9x 0.43x 7.3x 0.43x 8.2x

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Grocery Distribution AMCON Distributing Co. DIT $82.50 88.8% $51 $25 $0 $75 $859 $12 3.7% 5.6% 8.9% 1.4% 11.6x 0.09x 6.3x NA NA Core-Mark Holding Company, Inc. CORE 67.61 96.0% 1,563 65 24 1,603 8,056 104 8.0% 10.8% 7.0% 1.3% 36.5x 0.20x 15.5x 0.15x 12.1x SpartanNash Company SPTN 25.99 94.8% 975 557 8 1,523 7,355 201 178.1% 41.9% 14.8% 2.7% 37.1x 0.21x 7.6x 0.19x 6.7x United Natural Foods, Inc. UNFI 81.10 99.4% 4,055 547 18 4,585 7,185 275 14.8% 15.2% 16.4% 3.8% 31.0x 0.64x 16.7x 0.54x 13.8x Mean 51.2% 18.4% 11.8% 2.3% 29.1x 0.28x 11.5x 0.29x 10.9x Median 11.4% 13.0% 11.8% 2.1% 33.8x 0.20x 11.5x 0.19x 12.1x Foodservice Colabor Group Inc. TSX:GCL $2.68 69.6% $74 $170 $0 $244 $1,312 $28 (5.9%) 2.1% 2.2% 2.1% NM 0.19x 8.7x 0.20x 7.3x Sysco Corporation SYY 39.54 95.4% 23,421 7,637 4,908 26,150 48,097 2,383 5.8% 5.4% 17.5% 5.0% 26.9x 0.54x 11.0x 0.52x 10.5x The Chefs' Warehouse, Inc. CHEF 22.76 94.1% 570 145 5 710 802 40 28.7% 28.7% 24.7% 5.0% 41.4x 0.89x 17.7x 0.72x 11.9x Mean 9.5% 12.1% 14.8% 4.0% 34.1x 0.54x 12.4x 0.48x 9.9x Median 5.8% 5.4% 17.5% 5.0% 34.1x 0.54x 11.0x 0.52x 10.5x Quick Service Restaurant Brickworks Limited BKW 10.11 87.0% 1,500 306 20 1,786 623 73 14.7% (3.7%) 30.7% 11.6% 18.8x 2.86x 24.6x 3.18x 13.9x Jack in the Box Inc. JACK 87.12 98.4% 3,366 508 11 3,863 1,484 269 (0.4%) (3.1%) 26.1% 18.1% 38.5x 2.60x 14.3x 2.53x 13.6x McDonald's Corp. MCD 95.65 92.2% 93,087 15,130 3,233 104,984 27,441 9,617 (2.4%) 0.5% 38.1% 35.0% 19.8x 3.83x 10.9x 4.06x 11.4x Popeyes Louisiana Kitchen, Inc. PLKI 61.07 97.4% 1,425 110 10 1,525 227 70 10.7% 14.4% 65.7% 31.0% 40.2x 6.71x 21.7x 5.74x 17.9x Restaurant Brands International Inc. QSR 38.74 90.1% 18,094 3,017 1,037 20,074 1,046 708 (18.6%) (23.5%) 79.1% 67.6% NM 19.19x 28.4x 18.12x 26.3x Sonic Corp. SONC 31.59 98.3% 1,691 461 45 2,106 566 147 4.1% 1.2% 53.9% 26.0% 35.4x 3.72x 14.3x 3.54x 13.0x The Wendy's Company WEN 10.95 95.2% 4,000 1,447 342 5,104 2,061 369 (17.1%) (5.4%) 32.0% 17.9% 34.2x 2.48x 13.8x 2.78x 12.7x Yum! Brands, Inc. YUM 74.69 89.4% 32,676 3,344 578 35,442 13,279 2,795 1.5% 1.7% 25.9% 21.0% 32.2x 2.67x 12.7x 2.50x 11.9x Mean (0.9%) (2.2%) 43.9% 28.6% 31.3x 5.51x 17.6x 5.31x 15.1x Median 0.6% (1.3%) 35.1% 23.5% 34.2x 3.29x 14.3x 3.36x 13.3x Fast Casual Chipotle Mexican Grill, Inc. CMG $674.89 92.7% 20,936 0 758 20,178 4,108 828 27.8% 21.9% 37.8% 20.2% 47.8x 4.91x 24.4x 4.18x 20.1x El Pollo Loco Holdings, Inc. LOCO 24.20 58.0% 902 189 42 1,048 331 56 12.8% NA 25.4% 17.0% 38.8x 3.17x 18.7x 2.87x 16.4x Fiesta Restaurant Group, Inc. FRGI 61.80 93.3% 1,629 69 2 1,696 591 79 17.3% 36.0% 25.2% 13.4% NM 2.87x 21.5x 2.55x 18.1x The Habit Restaurants, Inc. HABT 30.87 69.8% 255 14 2 266 162 17 17.3% 36.0% 21.9% 10.7% 1.1x 1.64x 15.4x 1.31x 15.4x Noodles & Company NDLS 25.96 62.5% 773 22 2 793 387 43 17.3% 36.0% 20.2% 11.2% NM 2.05x 18.4x 1.72x 14.5x Panera Bread Company PNRA 155.02 80.2% 4,181 100 146 4,135 2,529 397 17.3% 36.0% 34.1% 15.7% 23.3x 1.63x 10.4x 1.51x 10.2x Potbelly Corporation PBPB 13.92 60.4% 403 1 69 335 317 32 17.3% 36.0% 30.3% 10.0% NM 1.06x 10.5x 0.95x 10.2x Zoe's Kitchen, Inc. ZOES 31.34 81.6% 604 22 41 585 160 4 47.9% NA 20.3% 2.8% NM 3.65x 130.8x 2.83x 35.4x Mean 21.9% 33.7% 26.9% 12.6% 27.8x 2.62x 31.3x 2.24x 17.5x Median 17.3% 36.0% 25.3% 12.3% 31.1x 2.46x 18.5x 2.14x 15.9x Differentiated Casual BJ's Restaurants, Inc. BJRI $45.62 88.9% $1,190 $32 $24 $1,198 $831 $84 9.4% 12.6% 17.1% 10.1% NM 1.44x 14.2x 1.32x 11.6x Buffalo Wild Wings Inc. BWLD 187.27 95.6% 3,521 0 113 3,409 1,516 238 19.7% 24.6% 24.4% 15.7% 37.8x 2.25x 14.3x 1.87x 11.9x Chuy's Holdings, Inc. CHUY 22.04 50.8% 362 9 3 368 234 26 16.9% 23.6% 18.5% 11.1% 31.9x 1.57x 14.1x 1.33x 12.1x Ignite Restaurant Group, Inc. IRG 6.95 42.7% 182 163 33 312 847 24 17.3% 36.0% 29.9% 2.8% NM 0.37x 13.1x 0.37x 7.9x The Cheesecake Factory Incorporated CAKE 48.22 87.5% 2,301 102 22 2,381 1,977 228 5.3% 4.0% 42.5% 11.5% 24.6x 1.20x 10.5x 1.12x 9.6x Mean 13.7% 20.2% 26.5% 10.3% 31.5x 1.37x 13.2x 1.20x 10.6x Median 16.9% 23.6% 24.4% 11.1% 31.9x 1.44x 14.1x 1.32x 11.6x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

TRADING STATISTICS DETAIL5 CONT.

Casual Dining Restaurant Bloomin' Brands, Inc. BLMN 24.45 92.4% 3,072 1,414 145 4,342 4,385 426 7.5% 6.5% 16.3% 9.7% 24.2x 0.99x 10.2x 0.95x 9.2x Brinker International, Inc. EAT 59.16 94.3% 3,734 929 78 4,585 2,969 443 3.7% 2.2% 19.5% 14.9% 24.7x 1.54x 10.4x 1.49x 9.5x Darden Restaurants, Inc. DRI 61.72 99.0% 7,656 1,554 158 9,053 6,423 643 29.9% (6.0%) 20.1% 10.0% NM 1.41x 14.1x 1.32x 11.3x DineEquity, Inc. DIN 104.49 94.9% 1,981 1,365 133 3,213 648 272 1.1% (17.0%) 60.2% 41.9% 26.2x 4.95x 11.8x 4.84x 11.7x Red Robin Gourmet Burgers Inc. RRGB 77.77 92.7% 1,090 147 22 1,215 1,146 118 12.7% 7.8% 22.6% 10.3% 34.6x 1.06x 10.3x 0.94x 8.6x Ruby Tuesday, Inc. RT 6.40 74.7% 396 252 48 601 1,147 80 (3.6%) (4.2%) 17.0% 7.0% NM 0.52x 7.5x 0.53x 10.1x Texas Roadhouse, Inc. TXRH 34.59 97.0% 2,402 53 59 2,395 1,554 186 14.6% 13.0% 33.0% 12.0% 28.6x 1.54x 12.9x 1.40x 11.4x Mean 9.4% 0.3% 26.9% 15.1% 27.7x 1.72x 11.0x 1.64x 10.3x Median 7.5% 2.2% 20.1% 10.3% 26.2x 1.41x 10.4x 1.32x 10.1x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG 19.14 64.6% 448 6 1 453 293 41 15.0% 16.8% 24.4% 14.0% 29.0x 1.54x 11.0x 1.33x 9.3x Ruth's Hospitality Group Inc. RUTH 15.73 98.4% 556 30 3 583 346 53 (14.9%) (2.0%) 25.0% 15.3% 21.0x 1.68x 11.0x 1.54x 10.5x Mean 0.0% 7.4% 24.7% 14.6% 25.0x 1.6x 11.0x 1.4x 9.9x Median 0.0% 7.4% 24.7% 14.6% 25.0x 1.6x 11.0x 1.4x 9.9x Pizza Domino's Pizza, Inc. DPZ 100.00 96.2% 5,501 1,524 31 6,994 1,917 364 8.0% 5.6% 30.1% 19.0% 35.8x 3.65x 19.2x 3.45x 17.4x Papa John's International Inc. PZZA 62.11 95.9% 2,494 225 17 2,702 1,561 151 10.0% 9.2% 33.5% 9.7% 37.6x 1.73x 17.9x 1.65x 15.6x Papa Murphy's Holdings, Inc. FRSH 13.25 92.5% 224 115 1 339 92 22 19.8% NA 55.1% 23.4% NM 3.69x 15.7x 3.36x 11.8x Mean 12.6% 7.4% 39.6% 17.4% 36.7x 3.02x 17.6x 2.82x 14.9x Median 10.0% 7.4% 33.5% 19.0% 36.7x 3.65x 17.9x 3.36x 15.6x Beverage / Snack Retail Dunkin' Brands Group, Inc. DNKN $46.70 88.0% $4,884 $1,811 $208 $6,487 $749 $371 4.9% 6.0% 78.9% 49.6% 28.3x 8.66x 17.5x 8.17x 15.9x Jamba, Inc. JMBA 14.50 85.8% 252 0 30 222 218 6 (4.9%) (0.9%) 36.2% 3.0% NM 1.02x 34.3x 1.13x 12.3x Krispy Kreme Doughnuts, Inc. KKD 21.06 98.0% 1,364 9 44 1,328 478 60 2.6% 6.7% 18.3% 12.6% 38.1x 2.78x 22.0x 2.47x 17.1x Starbucks Corporation SBUX 91.58 99.6% 68,667 2,085 1,953 68,798 17,011 3,709 11.1% 11.8% 30.4% 21.8% 27.8x 4.04x 18.6x 3.49x 15.1x Think Media NV THI 0.33 72.6% 2 5 1 6 25 (3) (14.2%) (12.1%) 18.2% NM NM 0.26x NM NA NA Mean (0.1%) 2.3% 36.4% 21.7% 31.4x 3.35x 23.1x 3.82x 15.1x Median 2.6% 6.0% 30.4% 17.2% 28.3x 2.78x 20.3x 2.98x 15.5x Family Restaurant Bob Evans Farms, Inc. BOBE $56.41 95.9% $1,331 $469 $4 $1,796 $1,326 $112 (1.0%) (7.2%) 35.0% 8.5% NM 1.35x 16.0x 1.29x 10.7x Cracker Barrel Old Country Store, Inc. CBRL $130.79 91.8% $3,128 $402 $106 $3,424 $2,718 $289 1.9% 3.7% 67.3% 10.6% 22.6x 1.26x 11.8x 1.21x 11.3x Denny's Corporation DENN 10.68 92.2% 905 172 1 1,075 458 77 (1.4%) (5.6%) 37.6% 16.9% 35.8x 2.35x 13.9x 2.26x 12.3x Frisch's Restaurants, Inc. FRS 27.79 89.9% 142 6 3 145 211 21 3.0% 7.4% 10.5% 10.2% 14.0x 0.69x 6.8x NA NA Luby's, Inc. LUB 5.03 72.8% 144 48 2 190 395 15 1.2% 3.9% 30.9% 3.9% NM 0.48x 12.5x 0.47x NA Mean 0.8% 0.4% 36.2% 10.0% 24.1x 1.23x 12.2x 1.31x 11.5x Median 1.2% 3.7% 35.0% 10.2% 22.6x 1.26x 12.5x 1.25x 11.3x

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

PUBLIC EQUITY MARKET OVERVIEW CONT.

RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 02/10/15 12/04/14 Captiva Verde Industries Ltd VEG.H Follow-On $0.1 General Corp. Purp.

01/28/15 03/10/14 Post Holdings Inc POST Follow-On $355.1 Acquisition Fin.

01/28/15 01/28/15 Atlantica Seafoods Co Inc N/A IPO $3.8 Prod Dev / R&D, General Corp. Purp., Working Capital 01/23/15 01/16/15 Avidus Management Group Inc AVD Follow-On $0.5 General Corp. Purp. & Working Capital 01/22/15 01/22/15 Feronia Inc FRN Convertible $7.2 Working Capital

12/30/14 12/30/14 ZRHO Beverages Inc N/A IPO $0.1 Marketing & Sales Working Capital 12/11/14 12/11/14 Sweets & Treats Inc N/A IPO $0.0 Secondary

12/04/14 12/04/14 Captiva Verde Industries Ltd VEG.H Follow-On $2.2 General Corp. Purp.

11/27/14 11/27/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.3 Working Capital Property Development 11/18/14 09/08/14 Pinnacle Foods Inc PF Follow-On $775.6 Secondary

10/31/14 10/31/14 Calavo Growers Inc CVGW Follow-On $64.0 Secondary

10/28/14 10/28/14 RiceBran Technologies RBIT Follow-On $10.8 General Corp. Purp.

10/23/14 10/23/14 Innovative Food Holdings Inc IVFH Follow-On $13.0 Secondary

EARNING RELEASE CALENDAR5

February 2015 Date Company 2/25/2015 Campbell Soup Company (NYSE:CPB) 2/25/2015 Sprouts Farmers Market, Inc. (NasdaqGS:SFM) 2/25/2015 Koninklijke Ahold N.V. (ENXTAM:AH) 2/26/2015 Anheuser-Busch InBev SA/NV (ENXTBR:ABI) 2/26/2015 Boulder Brands, Inc. (NasdaqGS:BDBD) 2/26/2015 Maple Leaf Foods Inc. (TSX:MFI) 2/27/2015 Koninklijke Wessanen N.V. (ENXTAM:WES)

March 2015 Date Company 3/4/2015 Darling Ingredients Inc. (NYSE:DAR) 3/5/2015 Costco Wholesale Corporation (NasdaqGS:COST) 3/5/2015 The Chefs' Warehouse, Inc. (NasdaqGS:CHEF) 3/5/2015 The Kroger Co. (NYSE:KR) 3/6/2015 Parmalat SpA (BIT:PLT) 3/6/2015 Unilever plc (LSE:ULVR) 3/10/2015 Royal Unibrew A/S (CPSE:RBREW) 3/16/2015 ARYZTA AG (SWX:ARYN) 3/18/2015 General Mills, Inc. (NYSE:GIS)

PAGE | 11 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

PUBLIC EQUITY MARKET OVERVIEW CONT.

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

135

125 21.3% 20.4% 115 14.8% 105 14.6% 95 9.2%

85 (8.7%)

75 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Restaurant Protein Processing/Dairy Natural/Organic Beverage Private Label Food Manufacturing S&P 500

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

J.M. SMUCKER TO ACQUIRE BIG HEART PET BRANDS

. J.M. Smucker agreed to acquire Big Heart Pet Brands from a selling group comprised of KKR, Vestar Capital Partners and Centerview Capital. . The acquisition represents a diversification of J.M. Smucker’s business into the Enterprise Value: $5.8 bn growing $21 billion pet food industry. Revenue Multiple: 2.6x EBITDA Multiple: 9.8x . Big Heart Pet Brands FY2015 estimated sales and EBITDA are $2.3 billion and Announced: February 3, 2015 $450 million, respectively.

HERSHEY TO ACQUIRE KRAVE PURE FOODS

. The Hershey Company agreed to acquire KRAVE Pure Foods from the Alliance Growth Consumer Fund and company management. Enterprise Value: N/A . KRAVE represents a growth opportunity for Hershey, allowing them to tap into Revenue Multiple: N/A a meat snacks category, which is growing at a 10% annual rate. EBITDA Multiple: N/A . Hershey plans to operate KRAVE as standalone business with founder Announced: January 29, 2015 Jonathan Sebastiani continuing to lead the company.

POST TO ACQUIRE MOM BRANDS COMPANY

. Post agreed to acquire MOM Brands Company, the producer of Malt-O-Meal, for nearly $1.2 billion in cash and stock. Enterprise Value: $1.2 bn . The deal combines the third and fourth largest cereal makers in the U.S. and is Revenue Multiple: 1.5x currently subject to regulatory approval as a condition to close. EBITDA Multiple: 6.8x . Post seeks to recognize synergies by reducing production capacity and Announced: January 26, 2015 effectively lowering costs in response to shrinking cereal market.

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

RECENT FOOD AND BEVERAGE M&A ACTIVITY

North American Food and Beverage M&A Trends5

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

$140 350 16x 2.00x $120.7 14x 1.75x $120 $110.2 300

ubro rnations Transact of Number EV / LTM Sales Multiple Sales LTM EV/ 12x 11.3x 1.50x $100 250 9.9x 9.7x 10x 9.2x 1.25x $80 $67.2 200 8.8x 8.3x 8x 8.0x 1.00x $55.7 $60 150 6x 0.75x EV / EV LTMM EBI TDA ultiple $40 100

4x 0.50x $24.0 Aggregat e e Deal Aggregat Value (inbillions) $ $20 $9.3 50 2x 0.25x $8.2

0x 0.00x $0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014 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 2/16/2015 Enjoy Life Foods, LLC Mondelez International, Inc. 2/13/2015 Better Bakery, Manufacturing Assets AdvancePierre Foods, Inc. 2/13/2015 Cotton Patch Cafe, Inc. Altamont Capital Partners 2/13/2015 Ashbury Chocolates Limited N.V. Baronie Chocolates Belgium 2/12/2015 World's Finest Chocolate Barry Callebaut AG (SWX:BARN) 2/11/2015 U.S. Roasterie, Inc. Ronnoco Coffee (Huron Capital) 2/10/2015 Dulcette Technologies LLC Viachem, LLC 2/10/2015 MRRM Inc. (TSXV:MRR) Marbour SAS 2/10/2015 Lakeview Farms LLC. Falcon Investment Advisors 2/4/2015 Oilseed Works Inc. Mettrum Health Corp. (TSXV:MT)

PRIVATE EQUITY INVESTMENTS & EXITS

s 60 n o 48 it 50 46 c 43 a 38 s 40 34 36 n 32 31 a 27 27 27 rT 30 26 25 26 f 21 o 18 r 17 e 20 14 b 8 m 10 4 u N 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Number of Investments Number of Exits

PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

RECENT FOOD AND BEVERAGE M&A ACTIVITY CONT.

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

16.0x 100

15.0x 90 6

80 14.0x 10 70 10 60 5 13.0x 4 7 7 13 7 7 9 8 50 5 5 89 6 12.0x 40 7 7 10 2 4 6 70 M edian Trading MMTrading edian ult iple 30 13 8 Number Number ofTransact ions 58 57 5 53 52 52 11.0x 3 46 47 49 48 46 47 20 42 39 36 34 36 33 34 33 25 25 27 10 22 10.0x

Jul-14

Jun-14

Apr-14

Jan-14

Jan-15

Feb-14

Sep-14

Oct-14

Mar-14

Nov-14

Aug-14

Dec-14

May-14

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314 Q414 Food Products, Processing, and Ingredients Retail and Restaurants Q115 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 2/16/2015 Enjoy Life Foods, LLC - Mondelez International, Inc. - - - - N.A. 2/13/2015 Better Bakery, Manufacturing Assets - AdvancePierre Foods, Inc. - - - - N.A. 2/13/2015 Cotton Patch Cafe, Inc. - Altamont Capital Partners - - - - P N.A. 2/13/2015 Ashbury Chocolates Limited - N.V. Baronie Chocolates Belgium - - - - EU 2/12/2015 World's Finest Chocolate Inc., Manufact. World's Finest Chocolate Inc. Barry Callebaut AG (SWX:BARN) - - - - Cross Border 2/11/2015 U.S. Roasterie, Inc. - Ronnoco Coffee (Huron Capital) - - - - P N.A. 2/10/2015 Dulcette Technologies LLC Camlin Fine Sciences Viachem, LLC - - - - N.A. 2/10/2015 MRRM Inc. (TSXV:MRR) Trebuchet, Inc. Marbour SAS $10.6 0.2x 8.1x - Cross Border 2/10/2015 Lakeview Farms LLC. - Falcon Investment Advisors - - - - P N.A. 2/4/2015 Oilseed Works Inc. - Mettrum Health Corp. (TSXV:MT) $0.2 - - - N.A. 2/4/2015 Yellow Chips B.V. - Diamond Foods, Inc. - - - - Cross Border 2/4/2015 Orion Seafood International, Inc. - Chicken of the Sea Frozen Foods - - - - N.A. 2/3/2015 Hawthorne Plaza - CalPERS - - - - N.A. 2/3/2015 Big Heart Pet Brands KKR; Vestar; Centerview The J.M. Smucker Company $5,800.0 2.6x 9.8x - P N.A. 2/2/2015 11 Distribution Centers US Foods, Inc. Performance Food Group Company $850.0 0.2x - - N.A. 2/2/2015 funkin Limited - A.G.Barr p.l.c. (LSE:BAG) $31.5 2.3x - - EU 2/2/2015 Sweet Frog Enterprises, LLC - Boxwood Capital Partners - - - - N.A. 2/2/2015 Danube Foods Group B.V. Salford Capital Partners Inc. Mid Europa Partners LLP $651.6 - - - P EU 1/29/2015 Krave Pure Foods, Inc. Alliance Consumer Growth The Hershey Company (NYSE:HSY) - - - - N.A. 1/29/2015 Novy Family Wines and Siduri Wines, LLC - Jackson Family Wines, Inc. - - - - N.A. 1/26/2015 Muscle Maker Franchising, LLC - American Restaurant Holdings Inc. - - - - N.A. 1/25/2015 MOM Brands Company - Post Holdings, Inc. (NYSE:POST) $1,151.5 1.5x 6.8x - N.A. 1/23/2015 Ocean Gold Seafoods, Inc. - Pacific Sea Food Company, Inc. - - - - N.A. 1/20/2015 Salix LLC - United Pet Group, Inc. - - - - N.A. 1/20/2015 Road Runner Food Delivery - Delivered Dish - - - - N.A. 1/20/2015 Van Law Food Products, Inc. - Encore Consumer Capital - - - - P N.A. 1/20/2015 Landshire, Inc., Wholesale and Manufact. Landshire, Inc. AdvancePierre Foods, Inc. - - - - N.A. 1/19/2015 Manna Pro Products, LLC Advantage Capital Partners Broad Sky Partners - - - - N.A. 1/19/2015 Creative Occasions, Inc. - Maplehurst Bakeries, LLC. - - - - N.A. 1/16/2015 Schratter Foods, Inc. Bongrain SA (ENXTPA:BH) ECB-USA; Voss Enterprises, Inc. - - - - N.A. 1/14/2015 XS Energy LLC - Amway Corporation - - - - N.A. 1/13/2015 Mauna Loa Macadamia Nut Corporation The Hershey Company (NYSE:HSY) Hawaiin Host, Inc. - - - - N.A. 1/12/2015 Clover Mountain Foods, LLC Behrhorst & Crawford, Ltd. Lipari Foods, LLC $16.0 - - - N.A. 1/12/2015 J.L. Freeman S.E.C., Cheese Business J.L. Freeman S.E.C. Emmi International AG - - - - Cross Border 1/12/2015 Del Monte Capitol Meat Co. Inc. - The Chefs' Warehouse, Inc. $191.2 - - - N.A. 1/12/2015 B. Roberts Foods, LLC SCP Management, LLC Bakkavör Group Ltd - - - - P Cross Border 1/8/2015 Halpern’s Steak & Seafood Company - Gordon Food Service - - - - N.A. 1/7/2015 Saratoga Sweets, Ltd. - The Candy Co. of Saratoga Springs - - - - N.A. 1/5/2015 Sun Orchard, Inc. - Centre Partners Management LLC - - - - P N.A. 1/5/2015 Lucini Italia Company LLC Molinos USA, Corp. California Olive Ranch Inc - - - - N.A.

PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

RECENT FOOD AND BEVERAGE M&A ACTIVITY CONT.

Recent Food and Beverage M&A5 cont.

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

1/5/2015 Daystar Desserts LLC - Dianne's Fine Desserts Inc. - - - - P N.A. 1/5/2015 Sauce Pizza & Wine Fox Restaurant Concepts LLC PNC Mezzanine Capital - - - - P N.A. 1/5/2015 KB Wines, LLC Vincraft Group J.W. Childs Associates, L.P. - - - - P N.A. 12/26/2014 Roy's Restaurants Bloomin' Brands, Inc. United Ohana, LLC $20.0 - 4.0x - N.A. 12/25/2014 Distant Lands Trading Co. Centre Partners Management LLC ITO EN (North America) Inc. $83.2 0.1x - 15.0x P N.A. 12/24/2014 Country Pure Foods, Inc. Mistral Equity Partners Silver Springs Citrus Inc. $100.0 0.6x - - P N.A. 12/24/2014 Maxfield Candy Company - Mrs. Fields Confections - - - - N.A. 1/23/2014 Dori Foods - Good Source Solutions - - - - P N.A. 12/22/2014 Blue Buddha Beverages LLC - Wholesome Tea Company, LLC - - - - N.A. 12/19/2014 Bumble Bee Seafoods - Thai Union Frozen Products PCL $1,510.0 1.5x 8.6x - Cross Border 12/18/2014 The Pantry, Inc. (NasdaqGS:PTRY) - Alimentation Couche-Tard (TSX:ATD.B) $1,744.1 0.2x 7.9x 15.8x N.A. 12/18/2014 Saputo Bakery Group, Inc. Saputo Inc. (TSX:SAP) Grupo Bimbo SAB de CV $103.4 0.8x 8.4x - N.A. 12/17/2014 Freedom Seed and Feed, LLC - IMD Companies, Inc. (OTCPK:ICBU) $1.9 - - - N.A. 12/17/2014 Mattingly Foods of Louisville, LLC Mattingly Foods, Inc. Creation Gardens, Inc. - - - - N.A. 12/15/2014 ADM's Global Cocoa Business Archer-Daniels-Midland (NYSE:ADM) Olam International Limited (SGX:O32) $1,300.0 - 7.6x - Cross Border 12/14/2014 PetSmart, Inc. (NasdaqGS:PETM) - BC Partners, Apollo Global Mgmt. $8,706.5 1.2x 9.1x - P N.A. 12/4/2014 Laughing Man Coffee and Tea Brand Laughing Man Worldwide, LLC Keurig Green Mountain, Inc. - - - - N.A. 12/4/2014 Bread & Company - First Watch Restaurants, Inc. - - - - N.A. 12/3/2014 Varied Industries Corporation - Church & Dwight Co. Inc. (NYSE:CHD) - - - - N.A. 12/2/2014 734 Citrus Holdings, LLC 734 Agriculture, LLC Alico Inc. (NasdaqGS:ALCO) $72.0 - - - N.A. 12/2/2014 Talenti Gelato e Sorbetto - Unilever plc (LSE:ULVR) - - - - Cross Border 12/2/2014 Limestone Branch Distillery, Inc. - Luxco, Inc. - - - - N.A. 12/2/2014 Legend Distributing, LLC - Lipman Produce, Inc. - - - - N.A. 12/1/2014 Orange-Co LP., Certain Assets and Liabilities Orange-Co, LP Alico Inc. (NasdaqGS:ALCO) $274.0 - - - N.A. 11/24/2014 Multibar, Inc. Bank of Montreal; Novacap Nellson Nutraceutical, LLC - - - - P N.A. 11/21/2014 Noosa Yoghurt, LLC - Advent International Corporation - - - - P N.A. 11/20/2014 Primo Smallgoods Group Affinity Equity Partners JBS S.A. $1,250.0 0.9x 8.1x - P Cross Border 11/19/2014 Chief Super Market, Inc. - Fresh Encounter, Inc. - - - - N.A. 11/17/2014 Pro View Foods, LLC - John Soules Foods, Inc. - - - - N.A. 11/16/2014 Mitchell's Restaurants Ruth's Hospitality Group Landry's, Inc. $10.0 - - - N.A. 11/14/2014 Garden Protein International, Inc. TSG Consumer Partners Pinnacle Foods Inc. $154.8 - - - P N.A. 11/12/2014 Poppy's Teas LLC - Lexaria Corp. $0.1 - - - N.A. 11/12/2014 Puget Technologies,Inc Allanwater Enterprises Corp. Qest Acquisition Corporation - - - - N.A. 11/10/2014 De Sousa Wine Cellars Corporation Diamond Estates Wines & Spirits Inc. Oakwest Corporation Limited $1.6 - - - N.A. 11/10/2014 Dahl's Foods Inc. - Associated Wholesale Grocers, Inc. - - - - N.A. 11/10/2014 The Alpine Beer Company - Green Flash Brewing Co. - - - - N.A. 11/7/2014 Nature's Pantry, Inc. - Natural Grocers by Vitamin Cottage - - - - N.A. 11/7/2014 Van Houtte Café Franchise Network Keurig Canada Inc. MTY Food Group Inc. - - - - N.A. 11/7/2014 Henry's Foods, Inc. - Crosby's Markets, Inc. - - - - N.A. 11/6/2014 DSS Group, Inc. Crestview Partners, L.P. Cott Corporation $1,246.5 - - - P N.A. 11/6/2014 McAlister's Deli of Georgetown - The Saxton Group, Inc. - - - - N.A. 11/5/2014 10 Barrel Brewing Company - Anheuser-Busch Companies, LLC - - - - N.A. 11/3/2014 Best Maid Cookie Co., Inc. - Arbor Private Investment Company - - - - P N.A. 11/3/2014 Howard and Associates, Inc. - Acosta, Inc. - - - - N.A. 10/31/2014 McArthur's Bakery & Cafe - Live to Venture Holdings, LLC $3.5 - - - N.A. 10/31/2014 Harrell Nut Company - Golden Peanut and Tree Nuts - - - - N.A. 10/31/2014 Maui Beverages, Inc. Thirsty Ventures, Inc. Lyons-Magnus, Inc. - - - - N.A. 10/28/2014 Teasdale Foods Inc. Palladium Equity Partners Snow Phipps Group, LLC - - - - P N.A. 10/28/2014 Crunchies Food Company, LLC - Chaucer Foods, Ltd. - - - - N.A. 10/26/2014 High Country Shrimp Company - Alkame Holdings, Inc. $0.0 - - - N.A. 10/24/2014 Gloria Jean's Gourmet Coffees Corp. - Retail Food Group Limited $158.4 - - - Cross Border 10/23/2014 Café de Coral Holdings Limited, North America Café de Coral Holdings Limited MTY Food Group Inc. $7.0 - - - N.A. 10/21/2014 The Filling Station - Messenger Coffee Co. - - - - N.A. 10/16/2014 Peter Piper, Inc. Acon Investments, L.L.C. CEC Entertainment Inc. - - - - P N.A. 10/15/2014 Hewitt's Dairy Limited - Gay Lea Foods Co-operative Ltd. - - - - N.A. 10/14/2014 Penford Corporation Equity Group Investments Ingredion Incorporated $339.1 0.8x 16.2x 42.1x P N.A. 10/14/2014 Masada Bakery, Inc. - Nashville Bun Company, LLC - - - - N.A. 10/14/2014 Savor Coffee Inc. - American Diversified Holdings Corp. - - - - N.A. 10/13/2014 The Chocolate Gecko - Uncle Sam's All American Chocolate - - - - N.A. 10/10/2014 Crunchies Food Company, LLC - Chaucer Foods, Ltd. $3.8 - - - Cross Border 10/8/2014 The Toffee Box, LLC - BBX Sweet Holdings - - - - N.A. 10/8/2014 Heinold Feed Company and Farmers Pellet Mill - Belstra Milling Co., Inc. - - - - N.A. 10/3/2014 Merisant Company, Inc. MSD Capital, L.P. Flavors Holdings Inc. - - - - P N.A. 10/2/2014 Anastasia Confections, Inc. - BBX Sweet Holdings - - - - N.A. 10/1/2014 SALOV S.p.A. - ShangHai YiMin NO.1 Foods Co.,Ltd. - - - - Cross Border

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity7

QUARTERLY LOAN VOLUME AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

$16 L + 600 $14 L + 500 $12

$10 L + 400

$8 L + 300

$6 ($ in ($in billions) L + 200 $4

Loan Loan Volume byQuarter L + 100

$2 Average Spread OverLIBOR

$0 L + 0 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 2008 2009 2010 2011 2012 2013 2014 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

6.0x L + 1000 2010 2011 2012 2013 2014

L + 800

4.0x L + 600

L + 400

EBITDA Multiple 2.0x

L + 200 Average Spread OverLIBOR

0.0x L + 0 Debt/ Senior Debt/ EBITDA/ EBITDA - Capex/ EBITDA EBITDA Cash Interest Cash Interest

Recent Debt Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread

02/09/15 Post Holdings Cereal breakfast foods USD 700,000,000 Term Loan N/A / B2 N/A 02/06/15 Nellson Nutraceutical Candy & other products USD 240,000,000 Term Loan N/A / B2 450 02/06/15 Nellson Nutraceutical Candy & other products USD 65,000,000 Revolver/Line >= 1 Yr. N/A / B2 N/A 02/06/15 PT Royal Industries Indonesia Edible fats and oils USD 215,000,000 Term Loan N/A / NR N/A 02/06/15 PT Royal Industries Indonesia Edible fats and oils USD 25,000,000 Term Loan N/A / NR N/A 02/06/15 PT Royal Industries Indonesia Edible fats and oils USD 60,000,000 Term Loan N/A / NR N/A 01/26/15 Hokkaido Sugar Co Ltd Beet sugar JPY 2,000,000,000 Term Loan N/A / NR N/A 01/21/15 Lucas Bols BV Distilled and blended liquors USD 56,000,000 Revolver/Line >= 1 Yr. N/A / NR 260 01/21/15 Lucas Bols BV Distilled and blended liquors USD 24,000,000 Term Loan N/A / NR 260 01/21/15 US Sugar Corp Raw cane sugar USD 100,000,000 Term Loan A N/A / NR 125 01/21/15 US Sugar Corp Raw cane sugar USD 175,000,000 Revolver/Line >= 1 Yr. N/A / NR 125 12/26/14 Imuraya Group Co Ltd Candy & other confectionery JPY 3,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A 12/22/14 Ito Ham Foods Inc Sausages and other prepared meats JPY 5,000,000,000 Term Loan N/A / NR N/A 12/23/14 Quality Sausage Co Sausages and other prepared meats USD 60,000,000 Revolver/Line >= 1 Yr. N/A / NR 200 12/23/14 Rosendo Mila SL Bread, cake, and related products EUR 2,000,000 Term Loan N/A / NR N/A

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OUR FIRM

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PAGE | 17 FOOD AND BEVERAGE INDUSTRY UPDATE │ FEBRUARY 2015

HARRIS WILLIAMS & CO.

SOURCES

1. IMF 2. U.S. Bureau of Labor Statistics 3. Unweighted Average 4. U.S. Census Bureau 5. Capital IQ 6. Thomson Financial 7. S&P 8. Reuters

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Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

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