FOOD & BEVERAGE REPORT OCTOBER 2019

Bridgepoint Investment Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member FINRA/SIPC. This entity is not affiliated or associated with, authorized or sponsored by Bridgepoint Advisers Limited

Food & Beverage Industry Report October 2019 bridgepointib.com BRIDGEPOINT INSIGHTS

KEY FOOD & BEVERAGE TRENDS BIG PICTURE

Macro trends are rapidly pushing sustainability, wellness & convenience Food & beverage company deal flow and to the forefront valuations have seen consistent growth over the past 5 years as many private Expanding world population is driving food and beverage companies demand and innovation pushing manufacturers to maximize potential contemplate exit & growth / acquisition strategies Plant-based food markets are seeing an increase in demand as consumers Deal flow in both the food and beverage seek healthy alternatives sectors are expected to remain robust Increased attention to plastic waste through the end of 2019 – middle market has shifted focus to making food & beverage companies continue to packaging more sustainable be targeted by private equity groups due to strong industry tailwinds Growing concern over sugar consumption has led to an increase in artificial sweetener market Bridgepoint Investment Banking advises food & beverage company owners Functional foods are one of the fastest seeking near-term liquidity or growth growing growth segments of the global food industry financing that it is imperative to consider exploring monetization, financing and Consumer preference for simple, other strategic options while valuation personalized food experiences should and credit markets remain competitive spur growth for the meal-kit market

Food & Beverage Valuation Cycle Food TEV / LTM EBITDA Beverage TEV / LTM EBITDA Current Median 12.1x 14.6x Historical Median 11.9x 17.5x Peak Median 13.4x 19.7x 20.0x Trough Median 10.7x 13.8x

18.0x

16.0x

14.0x

TEV / LTM EBITDA 12.0x

10.0x

Beverage TEV / EBITDA Historical TEV / EBITDA Food TEV / EBITDA Historical TEV / EBITDA

Note: Composite composed of selected public comparables as listed on page 2. Source: Bridgepoint Investment Banking, Capital IQ Bridgepoint Investment Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member FINRA/SIPC 1 Food & Beverage Industry Report October 2019 bridgepointib.com BRIDGEPOINT INSIGHTS

Selected Food Public Comparables ($ in millions, except per share data) 10/1/2019 Equity Enterprise P / E TEV / Revenue TEV / EBITDA TEV / EBIT Company Name Country Share Price Value Value LTM LTM LTM LTM Alimentation Couche-Tard Inc. Canada $30.35 $34,221.8 $42,905.5 18.4x 0.75x 12.1x 17.0x Archer-Daniels-Midland Company United States $40.33 $22,123.0 $31,662.0 14.0x 0.50x 10.6x 18.5x Associated British Foods plc United Kingdom $28.22 $20,935.9 $20,566.7 16.0x 1.07x 8.6x 11.9x Conagra Brands, Inc. United States $29.48 $13,777.2 $24,584.2 13.5x 2.44x 11.4x 14.2x General Mills, Inc. United States $54.39 $31,978.5 $47,063.4 15.8x 2.81x 12.6x 16.0x George Weston Limited Canada $83.55 $12,786.4 $32,117.6 15.2x 0.86x 9.5x 12.0x The Hershey Company United States $154.89 $32,180.8 $36,175.1 26.7x 4.61x 18.0x 21.3x Hormel Foods Corporation United States $43.62 $22,821.9 $22,501.9 24.6x 2.36x 16.3x 19.2x Kellogg Company United States $63.10 $21,115.8 $31,113.8 16.1x 2.26x 13.2x 17.4x Kerry Group plc Ireland $115.94 $20,146.3 $22,455.0 26.9x 2.95x 21.1x 24.4x Koninklijke Ahold Delhaize N.V. Netherlands $25.19 $26,970.2 $39,978.2 13.9x 0.57x 8.8x 13.4x The Kraft Heinz Company United States $27.34 $32,390.8 $62,838.8 10.2x 2.45x 9.8x 12.8x The Kroger Co. United States $25.59 $20,065.1 $39,999.1 11.5x 0.33x 7.8x 14.1x Lamb Weston Holdings, Inc. United States $73.57 $10,713.7 $12,941.3 21.2x 3.38x 14.4x 18.3x Mondelez International, Inc. United States $54.64 $77,847.3 $97,041.3 21.8x 3.78x 18.3x 22.5x Nestlé S.A. Switzerland $106.90 $304,676.5 $343,775.5 23.8x 3.68x 17.3x 20.8x Pilgrim's Pride Corporation United States $30.87 $7,636.3 $9,740.7 15.5x 0.89x 12.1x 12.5x Post Holdings, Inc. United States $105.21 $7,525.9 $13,827.7 21.8x 2.36x 12.0x 17.2x Sysco Corporation United States $79.36 $40,259.1 $47,941.7 20.7x 0.80x 14.3x 16.5x TreeHouse Foods, Inc. United States $54.62 $2,989.9 $5,478.3 21.6x 1.01x 11.4x 19.3x Tyson Foods, Inc. United States $83.32 $30,039.2 $42,431.2 14.8x 1.02x 10.3x 14.0x

Food Public Comparables High 27.4x 4.64x 21.4x 24.8x Mean 18.8x 2.01x 13.2x 17.5x Median 18.4x 2.38x 12.1x 17.5x Low 10.5x 0.33x 7.8x 12.0x

Selected Beverage Public Comparables

($ in millions, except per share data) 10/1/2019 Equity Enterprise P / E TEV / Revenue TEV / EBITDA TEV / EBIT

Company Name Country Share Price Value Value LTM LTM LTM LTM Ambev S.A. Brazil $4.67 $71,580.8 $69,649.0 - 5.57x 13.9x - Anheuser-Busch InBev SA/NV Belgium $93.34 $178,381.0 $286,556.5 - 5.50x 13.1x - The Boston Beer Company, Inc. United States $370.03 $4,412.7 $4,491.6 40.4x 4.08x 23.0x 30.3x Brown-Forman Corporation United States $63.06 $29,147.8 $31,377.8 34.5x 9.44x 26.9x 27.1x The Coca-Cola Company United States $54.65 $226,971.5 $262,180.5 25.2x 7.99x 22.3x 25.3x Constellation Brands, Inc. United States $209.41 $39,391.8 $53,606.9 24.2x 6.53x 31.3x 20.8x Cott Corporation Canada $12.36 $1,668.3 $3,102.9 - 1.32x 11.4x - Keurig Dr Pepper Inc. United States $27.04 $37,855.6 $53,359.6 22.0x 4.91x 16.9x 18.4x MGP Ingredients, Inc. United States $49.56 $823.0 $869.5 18.6x 2.29x 14.7x 15.4x Molson Coors Brewing Company United States $58.11 $12,284.7 $21,851.9 12.8x 2.06x 9.9x 15.0x Monster Beverage Corporation United States $56.42 $30,033.7 $28,810.6 27.0x 7.22x 20.2x 20.3x National Beverage Corp. United States $46.06 $2,152.2 $1,997.1 18.6x 2.03x 11.3x 13.5x PepsiCo, Inc. United States $137.37 $187,270.8 $216,427.8 24.3x 3.31x 16.9x 20.4x The Unilever Group Netherlands $60.23 $156,233.4 $183,451.1 - 3.30x 11.8x - Willamette Valley Vineyards, Inc. United States $7.07 $35.0 $58.5 - 2.49x 11.0x -

Beverage Public Comparables High 40.0x 9.54x 27.2x 30.0x Mean 25.1x 4.32x 16.2x 20.9x Median 24.6x 3.38x 14.6x 20.8x Low 13.0x 1.26x 9.9x 13.0x

Source: Bridgepoint Investment Banking, Capital IQ 2 3 Food & Beverage Industry Report October 2019 bridgepointib.com BRIDGEPOINT INSIGHTS Selected Recent Industry Transactions Announced Transaction Value Date Industry Target Buyer Buyer Type ($mm) 9/18/19 Beverage Cameron's Coffee and Distribution Company Grupo Nuestra S.A. (BVC:NUTRESA) Strategic $397.0 9/9/19 Beverage Red Ace LLC Bhang Corporation Strategic $2.1 8/27/19 Food ONE Brands, LLC The Hershey Company (NYSE:HSY) Strategic $397.0 8/12/19 Beverage Berkshire Mountain Spring Water Dist. Co, Inc. Berkshire Springs Holding Co, LLC Strategic $2.1 8/1/19 Food Superior Cake Products, Inc. Sara Lee Frozen Bakers Strategic $65.0 5/23/19 Food CJ Foods America Corp. Bain Capital Private Equity, LP Financial $320.0 5/15/19 Food Clabber Girl Corporation B&G Foods North America, Inc. Strategic $80.0 5/9/19 Food Hain Pure Protein Corporation Aterian Investment Partners, LLC Financial $80.0 The Boston Beer Company, Inc. 5/9/19 Beverage Off-Centered Way LLC Strategic $307.0 (NYSE:SAM) 4/25/19 Food Three Limes, Inc. Oisix ra daichi Inc. (TSE:3182) Strategic $30.0

Food & Beverage Transactions Snapshot YTD September 2019

20% 20% 20% 40% 55% 60%

78% 93% 80% 60%

Private Public Distribution Products Retail Strategic Financial

Selected Food Transaction Selected Beverage Transaction

8/27/2019: 5/9/2109: The Hershey Company (NYSE:HSY) Boston Beer Co. acquires Dogfish Head acquires ONE Brands, LLC for $397mm Craft Brewery for $307mm

Deal Rationale: Deal Rationale: Hershey is looking to strengthen its Move to bring in millennial and foothold in the health foods / snacks Generation Z drinkers to offset older space customer demographics

Acquisition Impact: Acquisition Impact: Bolsters the growth of the declining ONE Brands breadth of snacking bars beer portfolio with an incremental is a strong fit for Hershey’s strategic line-up of IPAs; valuation appears vision as a snacking powerhouse reasonable and financially accretive

Source: Bridgepoint Investment Banking, Capital IQ, Hershey’s Press Release 3 Food & Beverage Industry Report October 2019 BRIDGEPOINT INSIGHTS

EXECUTIVE SUMMARY Market-leading boutique investment bank providing M&A and capital raising advisory solutions 197+ years cumulative investment banking experience spanning 124 transactions $102+ billion of M&A, capital raising, corporate finance and transaction advisory service experience 45 completed M&A assignments spanning more than $30 billion 79 completed corporate finance transactions, raising more than $73 billion in capital

SELECTED BRIDGEPOINT TRANSACTION EXPERIENCE

Has been acquired by Has been acquired by Has been acquired by USD60 million Global financing

Sole Financial Advisor Sole Financial Advisor Sole Financing Arranger

Sole Financial Advisor

Has been acquired by Unitranche financing Has been acquired by Has been acquired by for dividend recapitalization

Sole Financial Advisor SECTORS OF FOCUS Sole Financial Advisor Sole Financing Arranger Sole Financial Advisor

CONSUMER & SOFTWARE & INDUSTRIALS & HEALTHCARE RETAIL TECHNOLOGY TRANSPORTATION

SENIOR LEADERSHIP

Matt Plooster Mike Anderson Wm. Lee Merritt Gary Grote Managing Managing Managing Managing Director Director Director Director

Adam Claypool Joe Liss Natasha Subhash Managing Managing Plooster Marineni Director Director COO Vice President

OMAHA OFFICE LINCOLN OFFICE DES MOINES OFFICE DENVER OFFICE 450 Regency Parkway, Suite 300 816 P Street, Suite 200 666 Walnut Street, Suite 1720 140 Hurd Lane Omaha, NE 68114 Lincoln, NE 68508 Des Moines, IA 50309 Avon, CO 81620 402.817.7900 402.817.7900 515.325.7615 877.315.2931 bridgepointib.com In order to offer securities-related Investment Banking Services discussed herein, to include M&A and institutional capital raising, certain representatives of Bridgepoint Investment Banking are registered representatives of M&A Securities Group, Inc., an unaffiliated broker-dealer and member FINRA/SIPC. This entity is not affiliated or associated with, authorized or sponsored by Bridgepoint Advisers Limited. 4