Food and Beverage

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 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. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, 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.

0 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

HARRIS WILLIAMS & CO. FOOD AND BEVERAGE SPOTLIGHT CONTENTS 2015 FOOD AND BEVERAGE YEAR IN REVIEW . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW HW&Co. capitalized on strong activity in the food and beverage sector in 2015, . M&A MARKET OVERVIEW completing seven transactions over the course of the year. We continue to deepen our . DEBT MARKET OVERVIEW expertise across the full spectrum of food, from seed to plate. In 2015, our food and . RECENT M&A ACTIVITY beverage practice delivered successful outcomes for clients in the better-for-you foods, . PUBLIC COMPARABLES ingredients, restaurant, food processing, and food distribution segments. This month we . EARNINGS CALENDAR review highlights from our transactions along with broader M&A trends in food and beverage over the last twelve months. GROUP OVERVIEW An Active Year for HW&Co.’s Food & Beverage Practice Harris Williams & Co. is a leading advisor to the food and HW&Co.’s 2015 food and beverage transactions garnered significant interest from beverage market. Our significant strategic buyers, financial sponsors, and family offices. Throughout the year, a strong experience covers a broad range financing market enabled private equity firms to aggressively value quality middle of end markets, industries, and business models. This particular market assets, driving competitive tension in processes and favorable outcomes for report focuses on trends and sellers. Strategic acquirers were also active in our processes as they continue to pursue metrics in the following areas: assets that enhance growth or deliver significant synergies. Assets with (i) strong brands, . Agribusiness (ii) diversified or loyal customer bases, (iii) category leadership, (iv) strong acquisition . Baked and Prepared Goods platforms, and/or (v) substantial white space for growth / expansion required investors . Beverages to ascribe premium valuations and transact with speed and certainty. Deal flow . Branded and Private Label remained robust and consistent throughout all of 2015 and we expect the same in . Dairy 2016. . Distribution . Ingredients . Meat and Protein . Natural and Organic . Processing a subsidiary of a portfolio company of a portfolio company of . Produce . Restaurant and Retail has been acquired by has been acquired by has been acquired by . Snacks has been acquired by CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702

a portfolio company of a portfolio company of Tim Alexander Managing Director [email protected] has been acquired by has been acquired by +1 (612) 359-2716 has been acquired by Ryan Budlong A Private Director Investor Group [email protected] +1 (415) 217-3409

A Year of Consolidation, Acquisitions of High Growth, On-trend Brands, and Divestitures Brant Cash Director In 2015, the market saw a series of notable and “game-changing” food and beverage [email protected] acquisitions. Whether the deals were large and transformational, or small and highly +1 (612) 359-2709 strategic, the year will be remembered for numerous high profile consolidation plays; Ryan Freeman acquisitions of high growth, on-trend brands; and corporate divestitures of non-core Vice President assets. [email protected] +1 (612) 359-2703 Over the last 12 months, some of the nation’s largest household names grew even Andy Warczak stronger through highly synergistic consolidation. In 2015, the market saw combinations Vice President from Heinz and Kraft Foods, AB InBev and SABMiller, Synder’s-Lance and Diamond [email protected] Foods, and Pinnacle Foods and Boulder Brands. While the integration of these +1 (612) 359-2714 businesses may slow acquisition activity from this cohort, we expect additional blockbuster deals over the next year as the economy continues to strengthen and food and beverage kingpins continue to seek shareholder value creation.

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

HARRIS WILLIAMS & CO. FOOD AND BEVERAGE SPOTLIGHT

2015 FOOD AND BEVERAGE YEAR IN REVIEW (CONTINUED)

Large deals weren’t the only transactions to make headlines in 2015. Major food and beverage companies also acquired high growth, better-for-you brands. Although smaller in size, suitors expect these acquisitions to drive accelerated growth as they cater toward consumer preferences for differentiated, healthful food and healthier lifestyles. Mondelez International’s acquisition of Enjoy Life exemplified this trend, adding a renowned brand and a full portfolio of free-from snack foods to the Deerfield-based company’s product offering. HW&Co. advised the shareholders of Enjoy Life on the transaction, which closed in early 2015, and saw deals with similar themes throughout the year. While investing was a key priority for the food and beverage sector, the market also saw several corporate divestitures. In an effort to allocate resources and investment to growing segments and divisions, several companies shed non-core assets. Among this cohort included Ornua Co-Operative Limited’s sale of DPI Specialty Foods to Chicago-based private equity firm, Arbor Investments, General Mills’ sale of Green Giant International to B&G Foods, and Cargill’s sale of its pork business to JBS.

Select 2015 Consolidation, High Growth, On-trend Brands, and Non-Core Divestiture Transactions

CONSOLIDATION HIGH GROWTH, ON-TREND BRANDS NON-CORE DIVESTITURES

Acquirer Target Acquirer Target Acquirer Target

a subsidiary of

Pork Business

Canned Milk Business

Represents HW&Co. Transactions

Looking Ahead to 2016 While no one can predict the longevity of the favorable M&A market conditions of 2014 and 2015, HW&Co. expects a strong first quarter in 2016 as economic fundamentals continue to improve and buyers continue to seek high quality assets. Corporate cash reserves and private equity dry powder remain strong and financing markets are solid, further underpinning a favorable start to 2016. At HW&Co., deal flow and pitch activity remained robust through the fourth quarter, and we have a strong pipeline of opportunities that will enter the market in the first quarter of 2016.

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

WHAT WE’VE BEEN DOING

SALE OF DPI SPECIALTY FOODS TO ARBOR INVESTMENTS

Overview On December 14, Ireland-based Ornua Co-operative Limited completed its sale of a majority stake in subsidiary DPI Specialty Foods to Arbor Investments. The sale of DPI is consistent with Ornua’s strategy of re-allocating capital to support continuing investment in enhanced routes to market for Irish dairy produce through its businesses across global markets. Harris Williams & Co. served as the exclusive advisor to Ornua and DPI.

Company Description DPI is one of the largest specialty food distributors in the United States with a leading position in perishable foods. The company offers a unique and a differentiated service offering that simplifies the category for retailers and fosters long-term customer partnerships. DPI provides sales and services to national retailers, regional retailers, independent operators, and foodservice providers through eight distribution centers strategically located across the country.

Key Value Drivers for DPI Specialty Foods

• Leading position in the specialty foods distribution industry, serving over 1,700 customers across the United States. a subsidiary of • Comprehensive portfolio of over 40,000 SKUs gives DPI the ability to supply the most sought-after specialty food products.

• Broad service offerings allows DPI to tailor its solutions to meet the unique needs and requirements from each customer, substantially differentiating itself has been acquired by from competitors with standard “drop-and-run” service models.

• Critical link between suppliers and retailers.

SALE OF TACO BUENO TO TPG GROWTH

Overview On December 1, Taco Bueno, a portfolio company of Palladium Equity Partners, completed its sale to TPG Growth. Palladium and the management team have built a strong foundation from which TPG will grow Taco Bueno’s footprint in new and existing markets. Harris Williams & Co. served as the lead advisor to Taco Bueno.

Company Description Taco Bueno is a quick service restaurant plus (QSR+) chain committed to creating an authentic, fresher Tex-Mex experience. Taco Bueno is passionate about providing better tasting Tex-Mex, prepared daily with fresh, hand- selected ingredients. Founded in 1967 in Abilene, Texas, Taco Bueno operates 177 restaurants in Texas, Oklahoma, Missouri, Kansas, Arkansas, Louisiana, and Colorado.

Key Value Drivers for Taco Bueno

• Exceptional unit economics, with strong cash-on-cash returns for new units.

• Significant white space for growth with recent success in the Colorado Springs a portfolio company of market.

• Unique concept differentiated from others in the category based on fresh preparation, authenticity, and higher food quality. has been acquired by • Iconic brand in its markets with a loyal customer base.

• Re-positioned brand message is attracting new customers and generating strong traffic growth.

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

WHAT WE’RE READING

HOW BIG FOOD IS USING NATURAL FLAVORS TO WIN CONSUMER FAVOR

With consumers’ increasing disfavor for artificial flavors, dyes, and preservatives, large players in the food industry are revisiting their test kitchens and reconstructing traditional recipes. In a bid to incorporate natural ingredients and appeal to a growing set of consumers, food makers such as General Mills are contending with the unintended consequences of altered flavors, unfamiliar textures, strange colors, and higher costs.

Access to the full article here.

PRIVATE LABEL PROFITING AT THE PERIMETER

As over 50% of consumers purchase more private label products today versus five years ago, manufacturers are poised to broaden private label offerings. With the lack of dominant national brands at the perimeter, namely in the deli, dairy, and bakery departments, store brands are keen to target these areas with an eye on consumers’ key purchasing criterion: convenience, freshness, and health.

Access to the full article here.

THERE’S A CRISIS AT CHIPOTLE

Chipotle, known for its widespread appeal driven by affordably priced, high quality, and sustainably sourced Mexican cuisine, has come under fire. In recent weeks, the company has struggled to manage a widespread E. coli outbreak that has shuttered locations in several states including Washington, Illinois, and Maryland. The bout, which has affected hundreds across the country, has elicited widespread concerns related to food safety and supply chain oversight.

Access to the full article here. VITAL SIGNS

COMMODITY PRICE INDICES1

160 Soybeans: 140 (25.6%) 120 Corn: 100 (39.5%) 80 Wheat: (43.9%) 60 Crude Oil:

Commodity PriceIndex Commodity 40 (59.1%) Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 Corn Soybeans Wheat Crude Oil

PROTEIN PRICE INDICES2,3

150 Beef: 140 33.5% 130 Pork: 9.7% 120 Poultry: 110 4.3%

100 ProteinPriceIndex 90 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Beef Pork Poultry

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140

R e s t aur ant : 120 18. 5% G r o c e r y : 100 SalesIndex 9. 6%

80 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15

Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

5.5

4.0

2.5

Inflation(%) 1.0

(0.5) Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15

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 (9.5%) 8.7% (0.7%) (24.4%) 11.5x 8.0x 6.1x 2.6x Fruit and Vegetable 4.9% 19.9% (0.3%) (3.1%) 14.6x 16.5x 10.5x 1.0x Ingredients / Flavors 10.4% 16.2% 8.0% 9.9% 21.2x 25.4x 15.2x 1.8x

Inputs Agribusiness (20.2%) (31.4%) (8.3%) (24.2%) 11.2x 15.1x 7.8x 1.9x Branded Processed Foods 3.5% 14.4% 2.5% 13.7% 20.3x 27.9x 14.1x 2.6x Private Label Foods and Beverages (4.5%) 4.2% (4.8%) (12.7%) 32.1x 31.3x 11.8x 5.3x Natural / Organic Foods / BFY (12.4%) (9.9%) (2.9%) (4.0%) 22.1x 32.6x 19.8x 5.0x Baked Goods (3.2%) 15.7% 2.4% 10.7% 21.2x 27.9x 12.5x 3.1x Dairy 3.5% 2.4% 1.6% (4.5%) 20.2x 23.8x 11.5x 1.6x Non-Alcoholic Beverages 12.7% 23.1% 5.4% 17.0% 21.7x 28.4x 13.6x 1.8x Alcoholic Beverages 12.4% 16.4% 4.8% 8.4% 24.1x 24.6x 14.2x 2.7x Food and BeverageFood and Snacks 5.0% 15.6% 1.2% 5.5% 26.3x 29.1x 14.6x 2.0x Grocery Distribution (17.7%) (13.3%) (12.0%) (17.7%) 13.7x 14.3x 7.1x 2.1x Food Retail 1.5% (12.6%) 2.0% (0.5%) 19.3x 20.5x 7.5x 1.9x Foodservice 3.2% (6.7%) 1.0% (6.5%) 21.3x 33.6x 11.1x 5.5x Quick Service Restaurant (1.4%) 4.2% (4.0%) 3.4% 22.9x 26.2x 12.5x 2.5x Fast Casual (12.0%) (29.5%) (13.7%) (46.4%) 36.7x 28.6x 12.1x 0.8x Differentiated Casual (15.5%) (5.7%) (17.9%) (10.5%) 25.6x 33.5x 11.2x 1.1x Casual Dining Restaurant (18.4%) (15.5%) (11.8%) (26.8%) 17.6x 23.9x 8.0x 2.3x Fine Dining (1.3%) (8.7%) (1.6%) (19.3%) 15.7x 19.0x 10.1x 0.3x

Consumer and Retail and Consumer Pizza (17.0%) 5.8% (17.2%) (10.3%) 25.1x 34.7x 14.5x 3.7x Beverage / Snack Retail (11.3%) (8.0%) (7.6%) (13.3%) 29.3x 28.9x 18.1x 2.8x Family Restaurant (16.0%) (9.8%) (18.4%) (20.9%) 20.4x 22.0x 9.5x 2.0x

Overall Median (1.4%) 4.2% (2.6%) (1.3%) 21.3x 25.4x 11.9x 2.1x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

PUBLIC EQUITY MARKET OVERVIEW

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

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

(45.0%) (30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0% Inputs Food and Beverage Consumer and Retail

RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 12/04/15 12/04/15 Vitamin Shoppe Inc VSI Convertible $143.8 Stock Repurchase

11/23/15 11/23/15 The JM Smucker Co SJM Follow-On $468.3 Secondary

11/06/15 11/06/15 The Habit Restaurants HABT Follow-On $119.8 Secondary

10/26/15 07/02/15 Del Taco Restaurants Inc TACO Follow-On $46.5 Secondary

10/19/15 09/15/15 GreenSpace Brands Inc JTR Follow-On $1.1 Acquisition Fin. Working Capital 10/19/15 10/19/15 Ballast Point Brewing PINT IPO $172.5 General Corp. Purp.

10/06/15 10/06/15 Spot Coffee (Canada) Ltd SPP Follow-On $1.6 General Corp. Purp. Reduce Indebtedness 10/01/15 09/09/15 Performance Food Group Co PFGC IPO $275.5 General Corp. Purp.

09/24/15 09/15/15 SunOpta Inc STKL Follow-On $100.0 Acquisition Fin. Reduce Indebtedness 09/21/15 09/21/15 The JM Smucker Co SJM Follow-On $964.9 Secondary

08/17/15 08/17/15 Aramark ARMK Follow-On $729.1 Secondary Pay Fees & Expenses 08/12/15 03/10/14 Post Holdings Inc POST Follow-On $351.0 Reduce Indebtedness

08/12/15 07/20/15 Shake Shack Inc SHAK Follow-On $240.0 Secondary Pay Fees & Expenses

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

PUBLIC COMPARABLES5

Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2015E ($ in millions, except per share data) Ticker 12/14/15 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 $50.39 92.8% $39,721 $1,349 $1,057 $40,013 $19,266 $2,216 (1.1%) 1.5% 23.7% 11.5% 50.5x 2.08x 18.1x 2.00x 17.5x B&G Foods Inc. BGS 34.67 90.6% 2,010 979 46 2,943 862 190 4.9% 12.2% 30.5% 22.0% 27.9x 3.41x 15.5x 2.21x 10.3x Campbell Soup Company CPB 53.25 96.7% 16,509 4,112 263 20,358 8,030 1,480 (3.9%) 3.6% 34.4% 18.4% 26.0x 2.54x 13.8x 2.52x 12.0x ConAgra Foods, Inc. CAG 39.29 86.4% 17,009 7,870 114 24,765 15,863 2,205 6.5% 5.4% 21.8% 13.9% NM 1.56x 11.2x 2.10x 12.3x General Mills, Inc. GIS 58.43 97.6% 34,923 9,434 451 43,906 17,570 3,446 (1.3%) 1.4% 35.1% 19.6% 27.7x 2.50x 12.7x 2.57x 12.8x Hormel Foods Corporation HRL 77.98 99.1% 20,605 435 347 20,692 9,264 1,198 (0.6%) 4.0% 19.5% 12.9% 30.7x 2.23x 17.3x 2.15x 15.2x Kellogg Company K 71.08 98.3% 25,191 7,949 299 32,841 13,897 1,619 (4.6%) 0.6% 34.7% 11.6% NM 2.36x 20.3x 2.44x 13.3x McCormick & Company, Incorporated MKC 84.59 96.7% 10,830 1,492 112 12,210 4,268 687 0.7% 2.4% 40.4% 16.1% 27.4x 2.86x 17.8x 2.76x 15.9x Nestlé S.A. NESN 72.25 92.9% 230,390 23,042 4,777 248,655 92,648 17,642 1.8% 2.3% 49.0% 19.0% 16.2x 2.68x 14.1x 2.68x 14.2x Post Holdings, Inc. POST 62.67 87.8% 3,891 4,664 841 7,713 4,648 595 NM 69.2% 25.3% 12.8% NM 1.66x 13.0x 1.46x 9.5x The Hershey Company HSY 89.91 80.7% 19,492 2,769 344 21,917 7,487 1,702 1.6% 5.0% 45.8% 22.7% 39.7x 2.93x 12.9x 2.90x 12.4x The J. M. Smucker Company SJM 120.17 96.3% 14,381 5,865 139 20,107 6,917 1,422 25.6% 5.9% 36.6% 20.6% 35.3x 2.91x 14.1x 2.56x 11.8x Mean 2.7% 9.5% 33.1% 16.8% 31.3x 2.48x 15.1x 2.36x 13.1x Median 0.7% 3.8% 34.6% 17.3% 27.9x 2.52x 14.1x 2.48x 12.6x Private Label Foods and Beverages Cott Corporation TSX:BCB $10.33 90.8% $1,132 $1,704 $64 $2,772 $2,789 $312 36.6% 6.9% 26.8% 11.2% 54.2x 0.99x 8.9x 0.94x 7.6x Seneca Foods Corp. SENE.A 27.03 85.5% 277 344 9 612 1,274 52 (3.8%) 0.2% 7.8% 4.1% 14.1x 0.48x 11.8x NA NA Treehouse Foods, Inc. THS 80.07 86.2% 3,451 1,324 31 4,744 3,245 368 20.0% 15.1% 19.8% 11.3% 31.3x 1.46x 12.9x 1.17x 9.7x Mean 17.6% 7.4% 18.1% 8.9% 33.2x 0.98x 11.2x 1.05x 8.6x Median 20.0% 6.9% 19.8% 11.2% 31.3x 0.99x 11.8x 1.05x 8.6x Natural / Organic Foods / Better-For-You Amplify Snack Brands, Inc. BETR $11.35 66.0% $786 $205 $7 $984 $171 $38 206.2% NA 56.1% 22.1% NM 5.77x 26.1x 4.51x 11.9x Boulder Brands, Inc. BDBD 10.97 92.5% 677 290 24 943 508 44 (1.0%) 14.3% 36.5% 8.6% NM 1.86x 21.5x 1.78x 12.2x SunOpta Inc. TSX:SOY 6.77 61.7% 577 149 99 627 1,201 51 0.0% 4.2% 10.4% 4.2% NM 0.52x 12.3x 0.40x 5.6x The Hain Celestial Group, Inc. HAIN 38.42 54.4% 3,956 889 148 4,697 2,744 347 18.9% 23.7% 23.5% 12.6% 22.1x 1.71x 13.6x 1.55x 11.1x The WhiteWave Foods Company WWAV 36.56 69.6% 6,442 2,233 29 8,645 3,750 437 17.0% 19.0% 34.3% 11.6% 43.0x 2.31x 19.8x 2.04x 15.0x Mean 48.2% 15.3% 32.2% 11.9% 32.6x 2.43x 18.7x 2.06x 11.2x Median 17.0% 16.7% 34.3% 11.6% 32.6x 1.86x 19.8x 1.78x 11.9x Baked Goods ARYZTA AG SWX:ARYN $46.81 58.3% $4,155 $2,241 $346 $6,050 $4,174 $381 (18.3%) (1.9%) 18.4% 9.1% NM 1.45x 15.9x 1.38x 8.4x Flowers Foods, Inc. FLO 21.90 80.2% 4,646 897 9 5,535 3,797 444 2.7% 8.8% 48.4% 11.7% 25.2x 1.46x 12.5x 1.38x 11.3x George Weston Limited WN 76.48 91.4% 9,781 9,992 1,959 17,814 34,510 2,363 18.1% 13.2% 26.6% 6.8% 27.3x 0.52x 7.5x 0.51x 6.0x Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.66 92.6% 12,506 4,195 234 16,467 12,271 1,410 15.4% 7.5% 53.3% 11.5% 46.2x 1.34x 11.7x 1.24x 11.5x Lancaster Colony Corporation LANC 110.69 93.2% 3,029 0 199 2,830 1,139 185 8.1% (0.3%) 23.6% 16.2% 28.4x 2.49x 15.3x 2.33x 14.3x Mean 5.2% 5.5% 34.0% 11.1% 31.8x 1.45x 12.6x 1.37x 10.3x Median 8.1% 7.5% 26.6% 11.5% 27.9x 1.45x 12.5x 1.38x 11.3x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

PUBLIC COMPARABLES5

Dairy Danone BN $66.60 90.0% $40,829 $13,272 $4,100 $50,001 $24,115 $3,893 6.6% 3.2% 49.0% 16.1% 40.4x 2.07x 12.8x 2.01x 12.0x Dean Foods Company DF 17.04 86.3% 1,557 841 64 2,334 8,494 362 (9.7%) (0.8%) 22.5% 4.3% NM 0.27x 6.4x 0.29x 5.8x Emmi AG SWX:EMMN 419.04 91.9% 2,242 576 291 2,526 3,375 300 (0.4%) 6.7% 33.8% 8.9% 19.6x 0.75x 8.4x 0.76x 8.4x Glanbia plc GL9 18.20 85.0% 5,374 734 103 6,005 2,924 290 9.7% 13.9% 29.6% 9.9% 31.4x 2.05x 20.7x 1.91x 16.7x Lifeway Foods Inc. LWAY 11.55 51.6% 188 8 8 188 119 6 3.6% 15.5% 28.2% 5.4% NM 1.58x 29.2x 1.49x 15.1x Parmalat SpA BIT:PLT 2.61 94.2% 4,800 407 513 4,695 6,937 462 16.3% 8.6% 18.8% 6.7% 26.3x 0.68x 10.2x 0.62x 8.3x Saputo Inc. TSX:SAP 23.24 96.1% 9,127 1,374 160 10,342 7,788 766 5.3% 15.5% 9.8% 9.8% 21.3x 1.33x 13.5x 1.26x 12.0x Savencia SA ENXTPA:SAVE 62.94 88.8% 883 961 497 1,347 4,976 293 1.7% 3.7% 33.4% 5.9% 16.0x 0.27x 4.6x 0.27x 4.4x Mean 4.1% 8.3% 28.1% 8.4% 25.8x 1.13x 13.2x 1.08x 10.3x Median 4.5% 7.6% 28.9% 7.8% 23.8x 1.04x 11.5x 1.01x 10.2x

Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $7.89 75.0% $912 $46 $16 $942 $384 $73 (2.2%) 5.0% 48.2% 18.9% 19.8x 2.45x 13.0x 2.40x 12.5x Cott Corporation BCB 10.33 90.8% 1,132 1,704 64 2,772 2,789 312 36.6% 6.9% 26.8% 11.2% 54.2x 0.99x 8.9x 0.94x 7.6x Dr Pepper Snapple Group, Inc. DPS 91.83 98.9% 17,346 2,648 216 19,778 6,245 1,442 2.8% 1.5% 59.0% 23.1% 24.4x 3.17x 13.7x 3.11x 12.7x Keurig Green Mountain, Inc. GMCR 89.27 63.5% 13,301 452 59 13,693 4,520 1,066 (4.0%) 5.4% 35.9% 23.6% 28.4x 3.03x 12.9x 3.04x 13.3x Lassonde Industries Inc. LAS.A 116.54 95.2% 814 272 0 1,086 1,018 113 25.3% 11.3% 28.5% 11.1% 21.1x 1.07x 9.6x NA NA Monster Beverage Corporation MNST 151.91 94.6% 30,795 0 2,785 28,010 2,683 958 11.8% 10.3% 58.2% 35.7% 52.7x 10.44x 29.2x 9.08x 23.3x National Beverage Corp. FIZZ 43.33 90.8% 2,012 0 76 1,936 672 93 5.1% 1.0% 33.5% 13.9% 38.0x 2.88x 20.8x NA NA Pepsico, Inc. PEP 97.95 94.7% 142,699 32,191 10,679 164,211 64,419 12,097 (3.6%) (0.7%) 54.4% 18.8% 29.1x 2.55x 13.6x 2.61x 13.0x The Coca-Cola Company KO 42.45 96.8% 184,614 46,465 22,798 208,281 45,166 12,369 (2.2%) (1.7%) 60.6% 27.4% 27.1x 4.61x 16.8x 4.68x 16.8x Mean 7.7% 4.3% 45.0% 20.4% 32.8x 3.47x 15.4x 3.69x 14.2x Median 2.8% 5.0% 48.2% 18.9% 28.4x 2.88x 13.6x 3.04x 13.0x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $120.64 88.9% $193,851 $51,504 $6,784 $238,571 $44,899 $17,276 (4.0%) 4.5% 60.5% 38.5% 24.6x 5.31x 13.8x 5.27x 13.4x Brown-Forman Corporation BF.B 101.01 91.0% 21,116 1,782 195 22,703 3,103 1,102 1.6% 4.1% 69.4% 35.5% 31.0x 7.32x 20.6x 5.46x 19.8x Carlsberg A/S CPSE:CARL B 83.03 86.9% 12,754 5,514 443 17,825 9,522 1,869 (0.5%) (0.3%) 49.4% 19.6% NM 1.87x 9.5x 1.85x 9.2x Constellation Brands Inc. STZ 137.69 95.1% 27,138 7,441 333 34,247 6,263 1,953 6.8% 33.0% 44.9% 31.2% 28.5x 5.47x 17.5x 5.10x 15.7x Diageo plc DGE 27.03 87.4% 67,996 15,202 710 82,487 16,275 5,057 5.4% 1.4% 57.6% 31.1% 19.2x 5.07x 16.3x 5.15x 15.7x Heineken NV ENXTAM:HEIA 84.65 90.2% 48,642 12,524 946 60,220 21,722 4,611 4.0% 4.3% 38.8% 21.2% 22.4x 2.77x 13.1x 2.64x 11.2x Kirin Holdings Company, Limited TSE:2503 14.26 90.6% 13,011 6,778 1,486 18,303 18,237 2,337 1.5% 7.1% 44.1% 12.8% 23.7x 1.00x 7.8x 1.01x 8.5x Pernod-Ricard SA RI 109.76 85.3% 29,008 10,392 596 38,804 9,351 2,659 7.7% 1.9% 61.9% 28.4% 31.6x 4.15x 14.6x 4.00x 13.8x SABMiller plc LSE:SAB 60.28 97.9% 97,108 12,010 629 108,489 15,555 4,676 10.6% (7.9%) 70.4% 30.1% 33.3x 6.97x 23.2x 7.07x 17.7x Sapporo Holdings Ltd. TSE:2501 4.47 97.3% 1,742 1,912 84 3,570 4,336 329 1.5% 2.9% 34.0% 7.6% 23.4x 0.82x 10.8x 0.80x 10.0x Mean 3.5% 5.1% 53.1% 25.6% 26.4x 4.08x 14.7x 3.84x 13.5x Median 2.8% 3.5% 53.5% 29.2% 24.6x 4.61x 14.2x 4.55x 13.6x Snacks Diamond Foods, Inc. DMND $39.33 93.4% $1,240 $652 $7 $1,885 $842 $109 (4.0%) (4.0%) 27.2% 13.0% 37.9x 2.24x 17.2x 2.13x 13.6x Golden Enterprises Inc. GLDC 4.42 89.3% 50 8 1 56 131 7 (2.6%) (1.5%) 50.0% 5.7% 27.3x 0.43x 7.6x NA NA Inventure Foods, Inc. SNAK 7.19 54.9% 141 108 1 248 288 13 6.2% 15.6% 14.2% 4.5% NM 0.86x 19.3x 0.79x 12.3x J&J Snack Foods Corp. JJSF 114.70 91.3% 2,143 1 134 2,011 976 149 6.2% 5.5% 30.8% 15.2% 30.8x 2.06x 13.5x 2.00x 12.4x John B Sanfilippo & Son Inc. JBSS 54.83 82.7% 611 64 2 674 908 68 12.5% 8.0% 14.8% 7.5% 19.7x 0.74x 9.9x 0.72x NA Mondelez International, Inc. MDLZ 43.32 89.2% 68,843 16,457 2,105 83,195 31,102 4,835 (10.9%) 12.8% 38.0% 15.5% 8.4x 2.67x 17.2x 2.97x 16.1x Pepsico, Inc. PEP 97.95 94.7% 142,699 32,191 10,679 164,211 64,419 12,097 (3.6%) (0.7%) 54.4% 18.8% 29.1x 2.55x 13.6x 2.61x 13.0x Snyder's-Lance, Inc. LNCE 35.25 90.2% 2,496 443 64 2,874 1,690 185 8.0% 1.6% 35.0% 10.9% 35.7x 1.70x 15.5x 1.47x 11.2x Mean 1.5% 4.7% 33.1% 11.4% 27.0x 1.66x 14.2x 1.81x 13.1x Median 1.8% 3.6% 32.9% 12.0% 29.1x 1.88x 14.6x 2.00x 12.7x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $45.76 72.3% $2,219 $43 $356 $1,906 $1,829 $457 23.7% 17.0% 31.6% 25.0% 8.0x 1.04x 4.2x 0.89x 3.0x JBS S.A. BOVESPA:JBSS3 3.27 72.6% 9,336 16,857 6,158 20,034 38,491 3,297 32.3% 28.5% 14.9% 8.6% 6.4x 0.52x 6.1x 0.39x 4.6x Sanderson Farms, Inc. SAFM 73.42 80.2% 1,646 10 181 1,475 2,885 507 5.2% 7.9% 20.4% 17.6% 6.0x 0.51x 2.9x 0.51x 5.6x Seaboard Corp. SEB 3,018.00 65.0% 3,534 113 739 2,909 5,967 302 (8.9%) 0.6% 8.0% 5.1% 19.1x 0.49x 9.6x NA NA Tyson Foods, Inc. TSN 52.71 97.6% 21,105 6,725 690 27,140 41,373 3,098 10.1% 7.8% 10.0% 7.5% 17.9x 0.66x 8.8x 0.68x 8.5x Mean 12.5% 12.3% 17.0% 12.7% 11.5x 0.64x 6.3x 0.62x 5.4x Median 10.1% 7.9% 14.9% 8.6% 8.0x 0.52x 6.1x 0.60x 5.1x Fruit and Vegetable Calavo Growers Inc. CVGW $50.28 80.9% $874 $40 $6 $908 $850 $54 10.0% 15.1% 10.1% 6.4% 41.1x 1.07x 16.7x 0.98x 14.4x Fresh Del Monte Produce Inc. FDP 41.83 88.1% 2,186 212 43 2,355 4,008 258 3.3% 5.4% 9.0% 6.4% 16.7x 0.59x 9.1x 0.58x 9.3x Seneca Foods Corp. SENE.A 27.03 85.5% 277 344 9 612 1,274 52 (3.8%) 0.2% 7.8% 4.1% 14.1x 0.48x 11.8x NA NA Total Produce plc ISE:T7O 1.56 95.4% 462 200 108 554 3,032 67 7.3% 6.7% 13.9% 2.2% 16.2x 0.18x 8.3x 0.18x 8.0x Mean 4.2% 6.8% 10.2% 4.8% 22.0x 0.58x 11.5x 0.58x 10.6x Median 5.3% 6.0% 9.5% 5.2% 16.5x 0.53x 10.5x 0.58x 9.3x Ingredients / Flavors Givaudan SA SWX:GIVN $1,793.27 91.2% $16,519 $1,278 $290 $17,508 $4,440 $927 1.4% 2.9% 46.0% 20.9% 28.5x 3.94x 18.9x 3.89x 16.0x Ingredion Incorporated INGR $95.25 95.7% 6,815 2,267 731 8,351 5,584 874 (3.7%) (4.6%) 21.5% 15.6% 19.3x 1.50x 9.6x 1.46x 8.8x International Flavors & Fragrances Inc. IFF 116.32 94.5% 9,335 1,196 277 10,254 3,064 674 0.2% 3.2% 44.8% 22.0% 22.0x 3.35x 15.2x 3.26x 13.9x Kerry Group plc ISE:KRZ 82.72 97.7% 14,549 1,752 194 16,106 6,437 823 1.9% 1.9% 45.8% 12.8% 25.2x 2.50x 19.6x 2.39x 17.5x Sensient Technologies Corporation SXT 62.17 88.1% 2,811 630 24 3,417 1,380 263 (5.2%) (1.5%) 33.7% 19.1% 25.6x 2.48x 13.0x 2.43x 12.1x Symrise AG XTRA:SY1 64.91 92.1% 8,426 1,547 245 9,728 2,805 595 31.0% 14.8% 42.3% 21.2% 35.4x 3.47x 16.4x 3.16x 13.9x Tate & Lyle plc TATE 8.84 86.0% 4,121 1,172 361 4,932 3,510 450 (10.2%) (8.9%) 38.0% 12.8% NM 1.41x 11.0x 1.36x 10.2x Mean 2.2% 1.1% 38.9% 17.8% 26.0x 2.66x 14.8x 2.57x 13.2x Median 0.2% 1.9% 42.3% 19.1% 25.4x 2.50x 15.2x 2.43x 13.9x Agribusiness Archer-Daniels-Midland Company ADM $34.18 63.7% $20,397 $6,782 $1,137 $26,042 $72,151 $3,347 (14.6%) (6.7%) 6.4% 4.6% 11.8x 0.36x 7.8x 0.36x 7.7x Bunge Limited BG 61.81 66.4% 8,805 4,230 731 12,304 45,581 1,815 (24.4%) (7.6%) 6.2% 4.0% 19.7x 0.27x 6.8x 0.27x 6.1x CF Industries Holdings, Inc. CF 40.07 57.0% 9,339 5,593 943 13,989 4,409 1,901 (9.1%) (11.4%) 38.8% 43.1% 10.5x 3.17x 7.4x 2.73x 6.0x Darling Ingredients Inc. DAR 9.56 51.2% 1,575 2,024 149 3,450 3,588 429 3.6% 28.1% 21.4% 12.0% 25.2x 0.96x 8.0x 1.00x 7.5x Monsanto Company MON 93.75 74.4% 41,275 9,044 3,638 46,681 15,001 4,732 (5.4%) 3.6% 55.2% 31.5% 19.7x 3.11x 9.9x 3.19x 11.0x The Andersons, Inc. ANDE 31.48 56.2% 873 523 41 1,356 4,366 125 (10.0%) (3.7%) 8.9% 2.9% 15.1x 0.31x 10.9x 0.30x 6.7x The Mosaic Company MOS 28.70 53.3% 10,117 3,798 1,285 12,631 9,111 2,268 13.8% (6.4%) 22.2% 24.9% 8.7x 1.39x 5.6x 1.43x 6.1x Mean (6.6%) (0.6%) 22.7% 17.6% 15.8x 1.37x 8.0x 1.33x 7.3x Median (9.1%) (6.4%) 21.4% 12.0% 15.1x 0.96x 7.8x 1.00x 6.7x

Consumer and Retail Grocery Distribution AMCON Distributing Co. DIT $81.27 92.2% $52 $25 $0 $76 $891 $14 5.0% 3.5% 8.6% 1.5% 9.5x 0.09x 5.5x NA NA Core-Mark Holding Company, Inc. CORE 87.25 97.8% 2,011 47 9 2,049 8,688 119 7.8% 8.3% 7.2% 1.4% 42.2x 0.24x 17.3x 0.16x 13.6x Performance Food Group Company PFGC 22.87 95.5% 2,346 1,506 12 3,841 15,501 291 20.9% NA 12.1% 1.9% 32.7x 0.25x 13.2x 0.23x 10.4x SpartanNash Company SPTN 21.65 63.9% 814 548 9 1,353 7,847 223 6.7% 43.8% 14.5% 2.8% 14.1x 0.17x 6.1x 0.18x 5.6x SUPERVALU Inc. SVU 6.45 53.8% 1,715 2,713 247 4,181 17,984 802 4.1% 37.1% 15.1% 4.5% 13.1x 0.23x 5.2x 0.23x 5.3x United Natural Foods, Inc. UNFI 39.27 46.8% 1,976 500 12 2,463 8,269 306 15.1% 15.1% 15.2% 3.7% 14.5x 0.30x 8.1x 0.29x 7.6x Mean 9.9% 21.6% 12.1% 2.6% 21.0x 0.21x 9.2x 0.22x 8.5x Median 7.3% 15.1% 13.3% 2.4% 14.3x 0.23x 7.1x 0.23x 7.6x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $161.84 95.4% $71,174 $6,126 $6,283 $71,017 $116,553 $4,776 1.8% 4.8% 13.1% 4.1% 30.3x 0.61x 14.9x 0.57x 13.9x Establishments Delhaize Freres DELB 94.47 90.1% 9,725 2,793 1,592 10,926 26,083 1,506 16.4% 3.9% 24.3% 5.8% 32.8x 0.42x 7.3x 0.40x 6.3x Fairway Group Holdings Corp. FWM 0.64 8.2% 28 257 30 256 779 15 (2.4%) 9.9% 31.5% 2.0% NM 0.33x 16.5x 0.33x 6.6x Ingles Markets, Incorporated IMKT.A 43.93 76.2% 890 895 8 1,778 3,779 240 (1.5%) 0.5% 23.6% 6.3% 15.0x 0.47x 7.4x 0.46x 7.1x J Sainsbury plc LSE:SBRY 3.57 82.1% 6,838 3,877 1,905 8,810 35,411 2,849 (1.7%) 1.1% 7.5% 8.0% 11.0x 0.25x 3.1x 0.25x 4.5x Koninklijke Ahold N.V. ENXTAM:AH 20.56 89.9% 16,827 3,619 2,357 18,089 39,860 2,416 13.3% 4.1% 27.0% 6.1% 20.2x 0.45x 7.5x 0.42x 6.6x Natural Grocers by Vitamin Cottage NGVC 20.08 57.4% 452 28 3 476 625 50 20.0% 22.9% 29.2% 8.0% 27.9x 0.76x 9.5x 0.64x 8.1x Roundy's, Inc. RNDY 3.60 58.9% 178 647 33 792 4,028 115 10.9% 1.3% 26.3% 2.9% NM 0.20x 6.9x 0.19x 6.5x Sprouts Farmers Market, Inc. SFM 25.41 66.1% 3,903 291 132 4,062 3,397 282 19.6% 39.2% 29.3% 8.3% 33.0x 1.20x 14.4x 1.01x 12.2x SUPERVALU Inc. SVU 6.45 53.8% 1,715 2,713 247 4,181 17,984 802 4.1% 37.1% 15.1% 4.5% 13.1x 0.23x 5.2x 0.23x 5.3x Tesco PLC LSE:TSCO 2.15 56.6% 17,401 18,970 2,911 33,461 91,954 1,005 4.0% (1.2%) 2.3% 1.1% NM 0.36x 33.3x 0.40x 9.1x The Kroger Co. KR 41.86 100.0% 40,437 11,259 274 51,422 108,872 5,686 2.2% 5.0% 22.7% 5.2% 20.7x 0.47x 9.0x 0.45x 8.7x Village Super Market Inc. VLGE.A 25.29 73.1% 358 46 56 347 1,594 67 3.4% 3.5% 27.3% 4.2% 11.5x 0.22x 5.2x NA NA Weis Markets, Inc. WMK 39.48 76.1% 1,062 0 104 958 2,828 155 3.7% 0.9% 27.3% 5.5% 18.6x 0.34x 6.2x NA NA Whole Foods Market, Inc. WFM 33.34 57.9% 11,378 65 392 11,051 15,389 1,397 8.4% 9.6% 35.2% 9.1% 22.5x 0.72x 7.9x 0.69x 8.4x Mean 6.8% 9.5% 22.8% 5.4% 21.4x 0.47x 10.3x 0.46x 7.9x Median 4.0% 4.1% 26.3% 5.5% 20.5x 0.42x 7.5x 0.42x 7.1x

Foodservice Colabor Group Inc. TSX:GCL $0.67 25.2% $18 $140 $0 $159 $1,091 $19 4.9% 1.5% 1.8% 1.8% NM 0.15x 8.3x 0.14x 7.3x Sysco Corporation SYY 41.21 98.0% 23,264 3,088 388 25,964 48,798 2,344 3.3% 4.4% 17.6% 4.8% 37.7x 0.53x 11.1x 0.51x 10.4x The Chefs' Warehouse, Inc. CHEF 17.11 71.0% 450 292 1 740 988 53 23.2% 29.5% 25.3% 5.4% 29.5x 0.75x 13.9x 0.64x 10.0x Mean 10.5% 11.8% 14.9% 4.0% 33.6x 0.48x 11.1x 0.43x 9.2x Median 4.9% 4.4% 17.6% 4.8% 33.6x 0.53x 11.1x 0.51x 10.0x Quick Service Restaurant Bojangles', Inc. BOJA $15.41 54.2% $554 $243 $15 $782 $477 $65 15.9% NA 22.5% 13.7% 21.7x 1.64x 11.9x 1.48x 9.5x Jack in the Box Inc. JACK 77.19 77.2% 2,763 742 18 3,487 1,540 299 3.8% 0.7% 28.1% 19.4% 26.2x 2.26x 11.7x 2.14x 10.7x McDonald's Corp. MCD 116.26 98.9% 106,753 17,991 2,453 122,291 25,644 8,909 (8.3%) (2.2%) 38.0% 34.7% 25.2x 4.77x 13.7x 5.00x 13.4x Popeyes Louisiana Kitchen, Inc. PLKI 57.43 86.4% 1,291 110 8 1,392 257 83 13.1% 15.3% 64.9% 32.2% 30.9x 5.42x 16.8x 4.93x 15.1x Restaurant Brands International Inc. QSR 35.04 76.7% 7,097 8,788 976 14,910 3,412 1,054 226.1% 16.7% 44.8% 30.9% NM 4.37x 14.2x 3.59x 8.7x Sonic Corp. SONC 30.45 82.9% 1,516 462 27 1,951 606 164 9.7% 3.7% 54.9% 27.0% 25.4x 3.22x 11.9x 3.12x 11.1x The Wendy's Company WEN 10.54 90.0% 2,882 2,403 176 5,110 1,956 390 (7.0%) (7.7%) 34.5% 19.9% 47.7x 2.61x 13.1x 3.50x 13.0x Yum! Brands, Inc. YUM 71.65 74.7% 30,898 3,217 861 33,254 13,151 2,790 (2.3%) (1.1%) 26.2% 21.2% 34.2x 2.53x 11.9x 2.47x 11.4x Mean 31.4% 3.6% 39.2% 24.9% 30.2x 3.35x 13.2x 3.28x 11.6x Median 6.8% 0.7% 36.3% 24.1% 26.2x 2.92x 12.5x 3.31x 11.3x

Fast Casual Chipotle Mexican Grill, Inc. CMG $558.16 73.6% $17,408 $0 $960 $16,448 $4,574 $984 17.8% 20.3% 38.4% 21.5% 33.3x 3.60x 16.7x 3.41x 18.1x El Pollo Loco Holdings, Inc. LOCO 12.32 42.2% 472 126 8 589 359 64 8.3% 17.9% 26.0% 17.9% 20.7x 1.64x 9.2x 1.53x 8.6x Fiesta Restaurant Group, Inc. FRGI 35.30 51.2% 938 70 1 1,007 664 91 17.3% 36.0% 25.7% 13.7% 24.5x 1.52x 11.0x 1.35x 8.8x The Habit Restaurants, Inc. HABT 23.43 57.9% 322 2 52 273 218 23 17.3% 36.0% 21.8% 10.4% NM 1.25x 12.1x 0.99x 8.4x Noodles & Company NDLS 10.14 36.2% 281 60 2 339 447 42 17.3% 36.0% 18.4% 9.5% NM 0.76x 8.0x 0.69x 9.9x Panera Bread Company PNRA 191.94 92.3% 5,130 411 275 5,266 2,662 387 17.3% 36.0% 32.6% 14.5% 32.6x 1.98x 13.6x 1.93x 13.3x Potbelly Corporation PBPB 11.67 70.1% 354 0 43 311 363 33 17.3% 36.0% 30.2% 9.1% NM 0.86x 9.4x 0.76x 8.3x Shake Shack Inc. SHAK 40.16 41.5% 611 0 70 541 174 24 17.3% 36.0% 39.4% 13.8% NM 3.11x 22.5x 2.44x 14.7x Zoe's Kitchen, Inc. ZOES 32.61 70.0% 632 27 20 638 214 18 33.3% NA 21.1% 8.6% NM 2.98x 34.9x 2.43x 29.7x Mean 18.2% 31.8% 28.2% 13.2% 27.8x 1.97x 15.3x 1.73x 13.3x Median 17.3% 36.0% 26.0% 13.7% 28.6x 1.64x 12.1x 1.53x 9.9x

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $43.51 78.5% $1,097 $68 $27 $1,138 $900 $116 8.3% 9.0% 19.5% 12.9% 27.2x 1.26x 9.8x 1.15x 8.7x Buffalo Wild Wings Inc. BWLD 159.60 77.5% 3,040 108 20 3,128 1,731 255 19.5% 21.8% 23.0% 14.7% 33.9x 1.81x 12.3x 1.47x 9.6x Chuy's Holdings, Inc. CHUY 30.80 86.1% 508 0 11 497 278 34 18.7% 20.4% 19.9% 12.3% 34.2x 1.79x 14.6x 1.55x 12.6x Dave & Buster's Entertainment, Inc. PLAY 39.41 90.9% 1,636 355 19 1,972 840 177 18.1% 14.7% 28.4% 21.0% 33.5x 2.35x 11.2x 2.09x 9.1x Ignite Restaurant Group, Inc. IRG 4.04 48.5% 106 162 52 216 830 32 17.3% 36.0% 29.9% 3.9% NM 0.26x 6.7x 0.43x 6.8x The Cheesecake Factory Incorporated CAKE 45.90 78.0% 2,171 85 30 2,227 2,073 252 17.3% 36.0% 43.1% 12.2% 20.5x 1.07x 8.8x 1.00x 8.3x Wingstop Inc. WING 21.88 60.8% 625 96 6 715 75 26 27.9% NA 71.0% 33.9% NM 9.48x 28.0x 8.65x 24.6x Mean 18.2% 23.0% 33.5% 15.8% 29.8x 2.57x 13.0x 2.34x 11.4x Median 18.1% 21.1% 28.4% 12.9% 33.5x 1.79x 11.2x 1.47x 9.1x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $16.21 61.8% $1,942 $1,407 $136 $3,214 $4,437 $456 1.2% 4.0% 16.9% 10.3% 15.6x 0.72x 7.0x 0.73x 6.7x Brinker International, Inc. EAT 44.75 70.6% 2,665 1,129 66 3,728 3,054 465 4.0% 2.5% 19.7% 15.2% 14.3x 1.22x 8.0x 1.11x 7.3x Darden Restaurants, Inc. DRI 58.59 77.5% 7,508 1,453 690 8,270 6,855 834 8.0% (5.4%) 21.7% 12.2% 25.5x 1.21x 9.9x 1.18x 9.0x DineEquity, Inc. DIN 84.30 73.8% 1,571 1,446 106 2,911 674 255 4.0% (10.3%) 57.2% 37.8% 28.1x 4.32x 11.4x 4.37x 10.3x Red Robin Gourmet Burgers Inc. RRGB 62.05 65.3% 864 172 22 1,015 1,253 144 13.3% 10.0% 23.3% 11.5% 22.2x 0.81x 7.1x 0.75x 6.3x Ruby Tuesday, Inc. RT 5.22 62.8% 323 232 57 499 1,125 78 (3.1%) (4.9%) 16.7% 6.9% NM 0.44x 6.4x 0.44x 5.6x Texas Roadhouse, Inc. TXRH 34.72 85.1% 2,435 71 73 2,434 1,757 205 13.1% 12.6% 18.4% 11.7% 26.5x 1.38x 11.9x 1.24x 10.1x Mean 5.8% 1.2% 24.9% 15.1% 22.1x 1.44x 8.8x 1.40x 7.9x Median 4.0% 2.5% 19.7% 11.7% 23.9x 1.21x 8.0x 1.11x 7.3x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $13.28 51.2% $310 $15 $1 $323 $323 $42 10.2% 13.1% 24.0% 13.0% 23.3x 1.00x 7.7x 0.90x 6.7x Fogo de Chao, Inc. FOGO 14.99 55.1% 420 165 22 564 263 49 3.3% NA 31.3% 18.6% 17.3x 2.14x 11.5x 1.91x 9.3x Ruth's Hospitality Group Inc. RUTH 16.15 90.6% 565 5 3 568 368 56 32.3% (1.2%) 26.2% 15.3% 19.0x 1.54x 10.1x 1.45x 9.3x Mean 15.3% 5.9% 27.2% 15.6% 19.8x 1.56x 9.8x 1.42x 8.5x Median 10.2% 5.9% 26.2% 15.3% 19.0x 1.54x 10.1x 1.45x 9.3x Pizza Domino's Pizza, Inc. DPZ $109.38 91.4% $5,977 $1,528 $33 $7,473 $2,118 $407 10.5% 8.9% 30.3% 19.2% 34.7x 3.53x 18.4x 3.27x 16.1x Papa John's International Inc. PZZA 57.85 72.9% 2,257 239 24 2,472 1,646 170 5.5% 8.7% 24.6% 10.3% 32.3x 1.50x 14.5x 1.44x 13.1x Papa Murphy's Holdings, Inc. FRSH 11.18 49.2% 190 112 5 296 115 26 25.0% NA 47.6% 22.3% 37.2x 2.58x 11.6x 2.23x 10.5x Mean 13.6% 8.8% 34.2% 17.3% 34.7x 2.54x 14.8x 2.31x 13.2x Median 10.5% 8.8% 30.3% 19.2% 34.7x 2.58x 14.5x 2.23x 13.1x Beverage / Snack Retail DAVIDsTEA Inc. DTEA $11.80 39.4% $283 $0 $35 $248 $121 $11 31.5% NA 52.8% 8.9% NM 2.04x 22.9x 1.71x 13.0x Dunkin' Brands Group, Inc. DNKN 42.15 74.2% 3,905 2,496 325 6,077 800 399 8.3% 6.4% 80.0% 49.8% 25.4x 7.59x 15.2x 7.25x 14.1x Jamba, Inc. JMBA 12.79 75.7% 192 0 25 167 186 (2) (14.7%) (6.7%) 35.0% NM 21.6x 0.90x NM 2.29x 14.9x Krispy Kreme Doughnuts, Inc. KKD 14.90 66.8% 939 12 37 914 514 69 7.5% 7.0% 19.5% 13.4% 32.4x 1.78x 13.3x 1.67x 11.3x Starbucks Corporation SBUX 59.92 93.6% 88,969 2,383 1,611 89,741 19,163 4,297 16.5% 13.0% 31.1% 22.4% 32.9x 4.68x 20.9x 4.15x 17.1x Mean 9.8% 4.9% 43.7% 23.6% 28.1x 3.40x 18.1x 3.41x 14.1x Median 8.3% 6.7% 35.0% 17.9% 28.9x 2.04x 18.1x 2.29x 14.1x Family Restaurant Bob Evans Farms, Inc. BOBE $40.27 66.9% $840 $475 $5 $1,310 $1,336 $141 0.8% (3.7%) 36.5% 10.6% 41.9x 0.98x 9.3x 0.99x 8.7x Cracker Barrel Old Country Store, Inc. CBRL 127.39 78.5% 3,049 412 128 3,334 2,861 342 5.3% 3.1% 32.9% 12.0% 17.9x 1.17x 9.7x 1.13x 9.3x Denny's Corporation DENN 9.45 73.8% 761 172 9 925 496 89 8.3% (0.4%) 39.8% 17.9% 22.0x 1.86x 10.4x 1.83x 10.1x Luby's, Inc. LUB 4.36 73.5% 125 38 2 161 394 17 (0.1%) 4.0% 30.9% 4.4% NM 0.41x 9.2x NA NA Mean 3.6% 0.8% 35.1% 11.2% 27.3x 1.10x 9.7x 1.31x 9.4x Median 3.0% 1.3% 34.7% 11.3% 22.0x 1.07x 9.5x 1.13x 9.3x

PAGE | 11 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

140 1 9 .5 % 130

120 1 4 .2 %

110 1 2 .1 %

100 1 1 .1 %

90 2 .8 %

80 (2 2 .8 % ) 70 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15

Restaurant Natural/Organic Beverage Private Label Food Manufacturing Protein Processing/Dairy S&P 500

M&A MARKET OVERVIEW Highlighted Food and Beverage M&A Transactions5

JAB HOLDING CO. TO ACQUIRE KEURIG GREEN MOUNTAIN

. JAB Holding Co., through its subsidiary Acorn Holdings, announced that it would acquire Keurig Green Mountain for $14.1 billion. . Keurig Green Mountain produces and sells coffeemakers and specialty coffee Enterprise Value: $14.1bn worldwide, though namely in the United States and Canada. Revenue Multiple: 3.1x EBITDA Multiple: 13.2x . The transaction will allow JAB to continue to expand its global coffee offering, Announced: December 7, 2015 which includes Gevalia and Pilão.

PINNACLE FOODS TO ACQUIRE BOULDER BRANDS

. Pinnacle Foods announced that it will acquire Boulder Brands for $967 million. . Boulder Brands produces better-for-you snacks, baked goods, spreads, and Enterprise Value: $967mm dressings sold under Udi’s, Glutino, EVOL, and other brands. Revenue Multiple: 1.8x . The acquisition is intended to significantly expand Pinnacle’s health & wellness EBITDA Multiple: 17.8x portfolio, which is currently anchored by the Birds Eye and Gardein brands. Announced: November 24, 2015

CONSTELLATION BRANDS TO ACQUIRE BALLAST POINT BREWING & SPIRITS

. Constellation Brands announced that it will acquire Ballast Point. . Ballast Point is a craft brewer headquartered in San Diego, CA best known for Enterprise Value: $1.0bn its beers, ales, and spirits. Revenue Multiple: NA EBITDA Multiple: NA . The transaction will enable Constellation to better leverage its growing beer Announced: November 16, 2015 distribution business with an additional brand that boasts an avid following.

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

$260 $247.6 600 12.0x 11.3x 2.00x $240 9.9x 9.7x 1.75x $220 500

10.0x 9.2x ions Transact of Number 8.8x 8.3x 8.8x Multiple Sales LTM EV/ $200 1.50x 8.0x $180 8.0x 400 1.25x $160 $140 $120.7 300 6.0x 1.00x $120 $110.2 $100 0.75x $67.2 200 EV / EV LTMM EBI TDA ultiple 4.0x $80 $55.7 0.50x $60

2.0x e Deal ($Value Aggregat inbillions) $40 $24.0 100 0.25x $9.3 $20 $8.2 0.0x 0.00x $0 0 2008 2009 2010 2011 2012 2013 2014 YTD 2008 2009 2010 2011 2012 2013 2014 YTD 2015 2015 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 12/17/2015 Urban Fresh Foods Limited Lotus Bakeries NV (ENXTBR:LOTB) 12/16/2015 Elburn Cooperative Company, Inc. CHS, Inc. 12/16/2015 Central Roast Inc. GreenSpace Brands Inc. (TSXV:JTR) 12/15/2015 Togo's Franchised Eateries, LLC Nimes Capital, LLC 12/15/2015 Hemp Oil Canada Inc. Fresh Hemp Foods Ltd. 12/15/2015 Ensaladas Verdes S.A. Primaflor SL 12/14/2015 Pinkberry, Inc. Kahala Brands, Ltd. 12/14/2015 DPI Specialty Foods Arbor Private Investment Company 12/10/2015 Salad Signature NV IK Investment Partners 12/10/2015 Lunch Garden SNC Bregal Freshstream LLP

PRIVATE EQUITY INVESTMENTS & EXITS

70 63 65 60 46 48 50 43 38 34 36 40 32 31 27 27 26 27 25 26 30 21 17 18 20 14 10

Number ofTransactionsNumber 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Number of Investments Number of Exits

* 2015 M&A transactions include European and cross-border transactions. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 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 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2009 2010 2011 2012 2013 2014 1H15 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

6.0x L + 1000 2011 2012 2013 2014 LTM 1H15

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

12/22/15 Shearer's Foods Inc Potato chips and similar snacks USD 125 Revolver/Line >= 1 Yr. N/A N/A 12/08/15 Pinnacle Foods Finance LLC Food preparations, nec USD 265 Other Loan N/A N/A 12/02/15 Shearer's Foods Inc Potato chips and similar snacks USD 225 Term Loan N/A 425 11/30/15 Maruha Nichiro Corp Canned/cured fish and seafoods JPY 5,000 Term Loan N/A N/A 11/28/15 Nippon Flour Mills Co Ltd Flour/other grain mill products JPY 5,000 Revolver/Line >= 1 Yr. N/A N/A 11/26/15 IIF2 Co Ltd Food preparations, nec JPY 1,300 Term Loan N/A N/A 11/26/15 IIF2 Co Ltd Food preparations, nec JPY 1,600 Term Loan N/A N/A 11/26/15 IIF2 Co Ltd Food preparations, nec JPY 300 Revolver/Line < 1 Yr. N/A N/A 11/26/15 Molson Coors Brewing Co Malt beverages USD 1,500 Term Loan N/A N/A 11/26/15 Molson Coors Brewing Co Malt beverages USD 1,500 Term Loan N/A N/A 11/26/15 Molson Coors Brewing Co Malt beverages USD 9,300 Bridge Loan N/A N/A 11/26/15 Nichiwa Sangyo Co Ltd Prepared feeds, nec JPY 2,630 Revolver/Line >= 1 Yr. N/A N/A 11/26/15 Nichiwa Sangyo Co Ltd Prepared feeds, nec JPY 2,600 Revolver/Line >= 1 Yr. N/A N/A 11/24/15 Symrise GmbH & Co KG Flavoring extracts/syrups, nec EUR 167 Schuldschein N/A N/A 11/24/15 Symrise GmbH & Co KG Flavoring extracts/syrups, nec EUR 167 Schuldschein N/A N/A

PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

M&A OVERVIEW*

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

16.0x 180

15.0x 160 18 140 14.0x 120 8

13.0x 100 6 20 17 80 10 12.0x 141 10

Number of Transactions 60 5 118 M edian Trading MMTrading edian ult iple 4 7 7 7 13 8 5 7 9 11.0x 5 89 40 6 82 84 6 7 10 70 13 58 53 52 52 57 46 47 49 48 46 47 20 42 39 33 34 33 10.0x 25

0 Jul-15 Jun-15 Apr-15 Jan-15 Feb-15 Sep-15 Oct-15 Mar-15 Nov-14 Nov-15 Aug-15 Dec-14

May-15

Q21 0

Q31 0

Q41 0

Q11 1

Q21 1

Q31 1

Q41 1

Q11 2

Q21 2

Q31 2

Q41 2

Q11 3

Q21 3

Q31 3

Q41 3

Q11 4

Q21 4

Q31 4

Q41 4

Q11 5

Q21 5 Q31 5 Food Products, Processing, and Ingredients Retail and Restaurants Q41 5 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 12/17/2015 Urban Fresh Foods Limited - Lotus Bakeries NV (ENXTBR:LOTB) $104.2 - - - EU 12/16/2015 Elburn Cooperative Company, Inc. - CHS, Inc. ---- N.A. 12/16/2015 Central Roast Inc. - GreenSpace Brands Inc. (TSXV:JTR) $12.4 1.5x - - N.A. 12/15/2015 Togo's Franchised Eateries, LLC Mainsail Partners Nimes Capital, LLC ---- P N.A. 12/15/2015 Hemp Oil Canada Inc. - Fresh Hemp Foods Ltd. $30.6 2.3x 8.4x - N.A. 12/15/2015 Ensaladas Verdes S.A. - Primaflor SL ---- EU 12/14/2015 Pinkberry, Inc. Highland Capital Partners Kahala Brands, Ltd. ---- P N.A. 12/14/2015 DPI Specialty Foods Ornua Co-Operative Ltd. Arbor Private Investment Company ---- P N.A. 12/10/2015 Salad Signature NV AAC Capital Partners IK Investment Partners ---- P EU 12/10/2015 Lunch Garden SNC H2 Equity Partners B.V. Bregal Freshstream LLP ---- P EU 12/9/2015 Hopen Fisk AS - Brødrene Sperre AS ---- EU 12/8/2015 Stone Wolf Vineyards Inc. - Integrated Beverage Group LLC ---- N.A. 12/8/2015 Aquaterra Corporation Ltd. Birch Hill Equity Partners Cott Corporation (TSX:BCB) $45.9 - - - P N.A. 12/6/2015 Keurig Green Mountain, Inc. - JAB Holdings; BDT Capital Partners $14,097.9 3.1x 13.2x 17.6x P Cross Border 12/3/2015 Striped Pig Distillery, LLC - South Beach Spirits, Inc. $0.3 - - - N.A. 12/3/2015 Slaney Foods International Ltd - ABP Food Group ---- EU 12/3/2015 Le Grand Lejon SAS - Gendreau SAS ---- EU 12/2/2015 European United Bakeries S.A. - Moulins de Kleinbettingen SA ---- EU 12/2/2015 Taco Bueno Restaurants, L.P. Palladium Equity Partners TPG Growth ---- P N.A. 12/1/2015 Universal Meats (UK) Ltd - BRF Invicta Limited $50.8 - - - EU 12/1/2015 Redwood Hill Farm, LLC - Emmi AG (SWX:EMMN) ---- Cross Border 12/1/2015 Sørwi A/S FoodService Danmark A/S Delika Food Group A/S ---- EU 11/30/2015 Daloon A/S - Izico Bocholt N.V. ---- EU 11/30/2015 Beam Suntory Inc., Brandy and Sherry Business Beam Suntory Inc. Emperador Inc. (PSE:EMP) $290.5 - - - Cross Border 11/30/2015 neat foods, LLC. - Atlantic Natural Foods, LLC ---- N.A. 11/30/2015 Kalmar Lantmän Ek.För - Swedish Agro AB ---- EU 11/30/2015 The Original Cakerie, Ltd. - Gryphon Investors ---- P N.A. 11/30/2015 EARL Tour Trencavel - Les Grands Chais De France SA ---- EU 11/25/2015 Berner Food and Beverage Inc. - Peak Rock Capital ---- P N.A. 11/25/2015 French Creek Seafood Ltd. - ShangHai Kaichuang Marine $8.3 - - - Cross Border 11/25/2015 Chateau Mirefleurs Castel Chateau Co Yantai Changyu Pioneer Wine $3.9 - - - Cross Border 11/24/2015 Boulder Brands, Inc. (NasdaqGS:BDBD) - Pinnacle Foods Inc. (NYSE:PF) $967.5 1.8x 17.8x 40.5x N.A. 11/23/2015 TruSweets, LLC - Wholesome Sweeteners, Inc. ---- N.A. 11/23/2015 ABL Management, Inc. - TrustHouse Services Group, Inc. ---- N.A. 11/23/2015 Stauber Performance Ingredients, Inc. ICV Partners, LLC Hawkins Inc. (NasdaqGS:HWKN) $157.0 1.3x - - P N.A. 11/23/2015 Castro Baroña, S.L. - Terra de Asorei, A.I.E. ---- EU 11/23/2015 Conservas Martinez S.A. Marcove Alimentación S.L. Compre y Compare S.A. ---- EU 11/21/2015 Chapel Foods Limited Abbeydale Food Group Limited Genius Foods Ltd $5.3 - - - EU 11/19/2015 Suntree, LLC - Satori Capital, LLC $20.0 - - - P N.A. 11/18/2015 DairiConcepts, L.P. Fonterra Co-Operative Group Ltd. Dairy Farmers of America, Inc. $126.1 - - - N.A.

* 2015 M&A transactions include European and cross-border transactions. PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

M&A OVERVIEW*

Recent Food and Beverage M&A5

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

11/18/2015 Small Batch Coffee Company Limited - Risk Capital Partners Limited ---- P EU 11/18/2015 McKinley Vintners Ltd - New Generation Wines Limited ---- EU 11/17/2015 Ko-Ed Candies, Inc. - Platter's Chocolates Inc. ---- N.A. 11/17/2015 Sobraques Distribution S.A.S. - Groupe Even SCA ---- EU 11/17/2015 Spice It Up LLC - Ignyte Lab LLC ---- N.A. 11/16/2015 Farmer Brothers Co., Spice Products Division Farmer Brothers Co. Harris Spice Company Inc. $11.0 - - - N.A. 11/16/2015 Organic Meadow Inc. Organic Meadow Co-Operative Meadowfresh Dairy Corporation ---- N.A. 11/16/2015 thinkThin LLC TSG Consumer Partners Glanbia plc (ISE:GL9) $217.0 2.6x - - P Cross Border 11/16/2015 Ballast Point Brewing & Spirits, Inc. - Constellation Brands Inc. (NYSE:STZ) $1,000.0 - - - N.A. 11/16/2015 Sparkletts - DS Services of America, Inc. ---- N.A. 11/12/2015 Cigierre Compagnia Generale Ristorazione Spa L Capital Management SAS BC Partners ---- P EU 11/11/2015 MillerCoors LLC Miller Brewing Company, Inc. Molson Coors Brewing Company $12,000.0 1.6x 7.3x 8.8x N.A. 11/11/2015 SABMiller plc - Anheuser-Busch InBev SA/NV $117,400.0 7.1x 18.0x - EU 11/9/2015 Houlihan's Restaurants, Inc. Goldner Hawn York Capital Management ---- P N.A. 11/5/2015 C+C Pfeiffer GmbH Pfeiffer HandelsgmbH Transgourmet Holding AG ---- EU 11/4/2015 Epicéa SA - La Bovida SA ---- EU 11/3/2015 J. M. Smucker, Canned Milk Brands The J. M. Smucker Company Eagle Family Foods Group LLC ---- N.A. 11/2/2015 Findus Sverige AB LionGem Sweden 1 AB Nomad Foods Limited $739.5 1.0x - - Cross Border 11/2/2015 Tropics Mixology Beverage Innovations, Inc. Bevolution Group ---- N.A. 11/2/2015 Tican A/S Tican Fresh Meat A/S Tönnies Lebensmittel ---- EU 11/1/2015 Ralcorp Holdings Inc. ConAgra Foods, Inc. Treehouse Foods, Inc. $2,700.0 0.9x 9.1x - N.A. 10/31/2015 Valdycomer S.A. - Promociones Cullar S.L. ---- EU 10/31/2015 Hijos De Julio De La Vega S.L. - La Compañía ---- EU 10/31/2015 Kornicis Group Limited NBGI Private Equity Limited Isfield Investments LLP ---- P EU 10/30/2015 Intelligentsia Coffee & Tea, Inc. - Peet's Coffee & Tea, Inc. ---- N.A. 10/29/2015 Viotros S.A. Elgeka S.A. Arista S.A. ---- EU 10/27/2015 Diamond Foods, Inc. Oaktree Capital Management Snyder's-Lance, Inc. $1,929.6 2.1x 16.5x - P N.A. 10/27/2015 Izarra - Distillerie de la Côte Basque SA Rémy Cointreau SA Spirited Brands Limited ---- EU 10/27/2015 FineFrance UK Limited - Vestey Group Limited ---- EU 10/26/2015 Coolen International B.V. - Hendrix Genetics BV ---- EU 10/24/2015 Bodegas Valdivia de Cádiz S.L. Nueva Rumasa S.A. José Y Miguel Martín S.L. ---- EU 10/22/2015 Amador Distillery, LLC - ROK Drinks Ltd. ---- Cross Border 10/22/2015 Wonderfully Raw Gourmet Delights, LLC - Fresca Foods, Inc. ---- N.A. 10/21/2015 The Greene Turtle Franchising Corporation JPB Capital Partners Stone-Goff Partners ---- P N.A. 10/21/2015 SIBELL SA - Europe Snacks S.A. ---- EU 10/20/2015 Wirtz Beverage Group, LLC Wirtz Corporation The Charmer Sunbelt Group ---- N.A. 10/20/2015 Tropical Blossom Honey Co., Inc. - North Dallas Honey Company, LP ---- N.A. 10/19/2015 The SeaWolf Group LLC - The Grilled Cheese Truck, Inc. ---- N.A. 10/19/2015 Quality Meat Gothenburg AB - Gourmet Food AB ---- EU 10/16/2015 MOJO Colors Corporation - Tekweld Solutions Inc. ---- N.A. 10/16/2015 Premier Is - Mejerigaarden A/S Erhvervsinvest Management A/S Food Union ---- P EU 10/15/2015 Red Arrow Products Company LLC - Kerry Group plc ---- Cross Border 10/15/2015 Island Oasis, Inc. TSG Consumer Partners Kerry Group plc ---- P Cross Border 10/14/2015 Voortman Cookies Limited - Swander Pace Capital ---- P N.A. 10/14/2015 La Terra Fina USA, Inc. Claridge, Inc. HP Hood LLC ---- N.A. 10/13/2015 US And UK Wine Operations Diageo plc (LSE:DGE) Treasury Wine Estates Limited $600.0 - 7.9x - Cross Border 10/9/2015 Macduff Shellfish Group Change Capital Partners Clearwater Seafoods $144.5 1.8x 8.2x - P Cross Border 10/9/2015 Mill Street Brewery XDL Capital Group; HMW Capital Labatt Brewing Company Limited ---- P N.A. 10/8/2015 Grupo Ibérica de Congelados, S.A. - Portobello Capital Gestión ---- P EU 10/7/2015 Biocentury, S.L.U. Agrolimen SA Nutrition & Santé SAS ---- EU 10/7/2015 Comptoir du Caviar SAS - Gardinier & Fils SAS ---- EU 10/6/2015 Stumptown Coffee Roasters, Inc. TSG Consumer Partners Peet's Coffee & Tea, Inc. ---- P N.A. 10/6/2015 Barrel O' Fun Snack Foods Co., Inc. - Shearer's Foods, Inc. ---- N.A. 10/5/2015 Woolwich Dairy Inc. Nova Cheese Inc. Saputo Inc. (TSX:SAP) $61.1 - - - N.A. 10/5/2015 Bite Group Ltd. - Adelie Foods Group Ltd ---- EU 10/5/2015 Whole Harvest Foods, LLC - Bunge North America, Inc. ---- N.A. 10/1/2015 Solina Group SAS IK Investment Partners Ardian ---- P EU 10/1/2015 GROMART S.p.A. - Unilever plc (LSE:ULVR) ---- EU 10/1/2015 Eatem Foods Co. Linsalata Capital Partners Archer-Daniels-Midland ---- P N.A. 10/1/2015 Agrial S.A., Poultry Processing Assets Agrial S.A. L.D.C. S.A. (ENXTPA:LOUP) ---- EU 10/1/2015 Pastificio di Chiavenna S.r.l. - Alto Partners SGR Spa ---- P EU 9/30/2015 Marlow Foods Limited Intermediate Capital Group plc Monde Nissin Corporation $832.3 - - - P Cross Border 9/28/2015 VitaminFizz, L.P. Big Red and Power Brands Athena Brands, Inc. ---- N.A. 9/23/2015 R2 Group A/S Maj Invest Equity Caldic B.V. ---- P EU 9/23/2015 Avanta Serviced Office Group plc - Regus plc (LSE:RGU) ---- EU

* 2015 M&A transactions include European and cross-border transactions. PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ DECEMBER 2015

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5

January 2016 Date Company 1/7/2016 Walgreens Boots Alliance, Inc. (NasdaqGS:WBA) 1/12/2016 Suedzucker AG (DB:SZU) 1/21/2016 Starbucks Corporation (NasdaqGS:SBUX)

February 2016 Date Company 2/1/2016 Sysco Corporation (NYSE:SYY) 2/1/2016 Archer-Daniels-Midland Company (NYSE:ADM) 2/2/2016 Yum! Brands, Inc. (NYSE:YUM) 2/5/2016 Tyson Foods, Inc. (NYSE:TSN) 2/9/2016 Carlsberg A/S (CPSE:CARL B) 2/9/2016 Heineken Holding NV (ENXTAM:HEIO) 2/10/2016 Molson Coors Brewing Company (NYSE:TAP) 2/10/2016 Pernod-Ricard SA (ENXTPA:RI) 2/16/2016 High Liner Foods Inc. (TSX:HLF) 2/17/2016 Cloetta AB (publ) (OM:CLA B) 2/17/2016 Wal-Mart Stores Inc. (NYSE:WMT) 2/18/2016 Nestlé S.A. (SWX:NESN) 2/18/2016 Koninklijke Wessanen N.V. (ENXTAM:WES) 2/22/2016 Danone (ENXTPA:BN) 2/23/2016 Papa John's International Inc. (NasdaqGS:PZZA) 2/24/2016 Domino's Pizza, Inc. (NYSE:DPZ) 2/25/2016 Campbell Soup Company (NYSE:CPB) 2/29/2016 Ito En, Ltd. (TSE:2593) 2/29/2016 Royal Unibrew A/S (CPSE:RBREW)

March 2016 Date Company 3/1/2016 Bonduelle SA (ENXTPA:BON) 3/2/2016 The Kroger Co. (NYSE:KR) 3/2/2016 Costco Wholesale Corporation (NasdaqGS:COST) 3/7/2016 Chocoladefabriken Lindt & Sprüngli AG (SWX:LISN) 3/13/2016 ARYZTA AG (SWX:ARYN) 3/30/2016 Naturex Société Anonyme (ENXTPA:NRX)

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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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