Food and Beverage

FOOD AND BEVERAGE

INDUSTRY UPDATE │ MAY 2016

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 │ MAY 2016

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW M&A activity in the food and beverage sector continued its momentum through . M&A MARKET OVERVIEW . DEBT MARKET OVERVIEW Q1 and April 2016. HW&Co. expects this momentum to carry throughout the year . RECENT M&A ACTIVITY as strategic and private equity buyers alike will look to take advantage of the . PUBLIC COMPARABLES . EARNINGS CALENDAR diverse and attractive set of companies currently in the market. Within the last month, Keurig owner JAB Holdings has announced the acquisition of Krispy Kreme, GROUP OVERVIEW Harris Williams & Co. is a leading adding to JAB’s quick-serve American breakfast staples and Dean Foods has advisor to the food and acquired Friendly’s Ice Cream, bolstering the company’s portfolio of dairy brands. beverage market. Our significant experience covers a broad range HW&Co. continues to be actively working on multiple sell-side engagements and of end markets, industries, and business models. This particular expects the M&A activity in the food and beverage sector to remain active for the report focuses on trends and metrics in the following areas: remainder of the year. . Agribusiness . Baked and Prepared Goods HAT E VE EEN OING . Beverages W W ’ B D . Branded and Private Label . Dairy CLOSED HW&CO. TRANSACTIONS . Distribution . Ingredients . Meat and Protein . Natural and Organic . Processing a portfolio company of a subsidiary of a portfolio company of a portfolio company of . Produce . Restaurant and Retail . Snacks has been acquired by has been acquired by has been acquired by has been acquired by CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander Managing Director [email protected] +1 (612) 359-2716 a portfolio company of a portfolio company of Ryan Budlong Managing Director has been acquired by has been acquired by has been acquired by [email protected] has been acquired by +1 (415) 217-3409 A Private Brant Cash Investor Group Director [email protected] +1 (612) 359-2709 Ryan Freeman Director [email protected] +1 (612) 359-2703

a portfolio company of a portfolio company of has divested selected assets Andy Warczak to Vice President has acquired [email protected] and +1 (612) 359-2714 has been acquired by has been acquired by

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

WHAT WE’VE BEEN READING

FDA SEEKS TO REDEFINE HEALTHY

In a bid to respond to evolving nutritional research – and, partly, in reaction to a petition recently filed by KIND – the FDA is seeking to review its official definition of the term “healthy.” The claim, which was originally defined in 1994, is applicable only to foods that meet five equally distinct and obsolete criteria that would consider Pop-Tarts “healthier” than KIND bars. Now, the public is having its say.

Access the full article here.

WHAT’S FOR DINNER? THE OPTIONS FOR A FAST ANSWER MULTIPLY

In an increasingly fast-paced society where 80% of Americans do not know what they are having for dinner by 4 p.m., consumers are gradually turning toward convenient, prepared foods as alternatives to traditional, home-cooked meals. Grocery stores have taken note as prepared foods capture a growing share of their sales – and as they rush to offer fast-casual restaurant experiences, becoming what some have termed “groceraunts.”

Access the full article here.

STRONG CONSUMER INTEREST IN HEALTHIER SALTY SNACKING OPTIONS

As the prevalence of snacking continues to increase, consumers are continuing to rely on healthier salty snacking options. Three quarters of consumers are interested in healthier salty snacking options, according to Mintel. Another three in five agree that salty snacks have too many artificial ingredients, while four in five find it important to be able to recognize the ingredients in salty snacks. However, three in five agree that taste is more important than a salty snack's health.

Access the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES1

160 Soybeans: 140 (33.2%) 120 Wheat: 100 (38.7%) 80 Corn: 60 (40.0%) 40 Crude Oil: (64.2%) Commodity PriceIndex Commodity 20 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Corn Soybeans Wheat Crude Oil PROTEIN PRICE INDICES2,3

150 Beef: 140 23.0% 130 Pork: 120 5.9% 110 Poultry:

100 (7.2%) ProteinPriceIndex 90 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140

R e s t aur ant : 120 20. 6% G r o c e r y : 100 SalesIndex 9. 4%

80 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16

Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

5.0

4.0

3.0

2.0 Inflation(%) 1.0

0.0 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16

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 6.8% 14.3% 13.5% (0.0%) 14.6x 12.7x 6.0x 2.7x Fruit and Vegetable 15.6% 23.0% 19.3% 12.4% 16.1x 26.3x 10.8x 0.8x Ingredients / Flavors 3.9% 2.4% 5.3% 11.2% 21.0x 27.4x 14.2x 1.5x

Inputs Agribusiness 4.8% (31.9%) 23.4% 2.1% 15.5x 11.9x 9.3x 2.1x Branded Processed Foods 7.9% 19.2% 5.7% 14.5% 21.1x 30.8x 14.4x 2.3x Private Label Foods and Beverages 22.4% 27.0% 7.2% (39.8%) 34.5x 20.6x 9.7x 3.2x Natural / Organic Foods / BFY 6.2% (15.0%) 1.2% (13.0%) 21.2x 24.7x 18.9x 4.1x Baked Goods 5.4% 1.1% (1.4%) 4.5% 18.5x 29.6x 12.4x 2.9x Dairy 0.6% 0.3% (3.3%) (9.4%) 21.3x 28.5x 12.2x 1.7x Non-Alcoholic Beverages 10.3% 14.0% 8.6% 4.5% 21.9x 27.8x 13.6x 1.9x Alcoholic Beverages 5.1% 9.9% 10.2% 9.8% 22.0x 28.2x 14.5x 2.6x Food and BeverageFood and Snacks 12.4% 12.7% 12.8% 7.4% 22.9x 25.8x 14.1x 1.8x Grocery Distribution 12.5% (14.6%) 8.1% (23.6%) 16.6x 16.8x 6.9x 1.8x Food Retail 2.3% (12.4%) 0.2% (11.7%) 17.1x 19.9x 7.1x 0.6x Foodservice 18.4% (16.2%) 5.0% 13.7% 22.6x 34.2x 11.7x 4.6x Quick Service Restaurant 10.1% (2.1%) 4.5% (17.5%) 23.7x 25.9x 13.0x 2.7x Fast Casual (7.9%) (33.7%) 2.9% (27.2%) 59.0x 27.0x 11.7x 0.7x Differentiated Casual 4.0% (4.2%) 3.2% (13.2%) 22.8x 27.9x 9.4x 1.1x Casual Dining Restaurant 1.6% (14.6%) 2.0% (16.7%) 17.6x 18.1x 7.7x 2.3x Fine Dining 4.4% (5.4%) 0.6% (9.3%) 19.4x 21.2x 9.4x 2.9x

Consumer and Retail and Consumer Pizza 4.7% (9.5%) 1.8% (17.4%) 29.8x 38.0x 14.0x 4.1x Beverage / Snack Retail 6.3% (6.5%) 10.2% (11.5%) 30.1x 34.6x 17.1x 5.4x Family Restaurant 13.7% 0.2% 13.5% (18.9%) 20.7x 24.7x 10.1x 2.0x Overall Median 6.4% 0.7% 5.3% (5.7%) 21.4x 26.0x 12.4x 2.2x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

PUBLIC EQUITY MARKET OVERVIEW

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

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

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

RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 04/06/16 04/06/16 Cara Operations LTD CAO Follow-On $175.7 Future Acquisitions

03/23/16 03/23/16 Premium Brands Holding Corp PBH Convertible $56.8 Acquisition Fin. General Corp. Purp. 03/09/16 03/09/16 Cott Corp COTT Follow-On $170.3 Future Acquisitions General Corp. Purp. 03/09/16 03/09/16 B&G Foods Inc BGF Follow-On $133.4 General Corp. Purp. Reduce Indebtedness 03/08/16 02/25/16 Wingstop Inc WING Follow-On $138.0 General Corp. Purp. Secondary 02/25/16 12/16/15 GreenSpace Brands Inc JTR Follow-On $6.2 Acquisition Fin. Working Capital 01/28/16 01/26/16 Molson Coors Brewing Co TAP Follow-On $2,585.0 General Corp. Purp. Reduce Indebtedness 01/21/16 11/20/13 TreeHouse Foods Inc THS Follow-On $862.5 Investment / Loan

01/15/16 01/15/16 Feronia Inc FRN Follow-On $15.0 Working Capital

12/29/15 12/29/15 Avidus Management Group Inc AVD Follow-On $0.9 General Corp. Purp. & Working Capital 12/15/15 10/06/15 Spot Coffee (Canada) Ltd SPP Follow-On $1.1 General Corp. Purp. Reduce Indebtedness 12/09/15 12/09/15 Rest Brands Intl Inc QSR Follow-On $601.7 Secondary Pay Fees & Expenses 12/04/15 12/04/15 Vitamin Shoppe Inc VSI Convertible $143.8 Stock Repurchase

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES5

Price at As a % of Market Minority Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2016E ($ in millions, except per share data) Ticker 5/6/16 52-wk High Cap Interest 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 $44.75 87.5% $35,968 $268 $1,382 $1,083 $36,535 $19,744 $2,271 (6.0%) (0.3%) 23.7% 11.5% 49.7x 1.85x 16.1x 1.97x 16.8x B&G Foods Inc. BGS 43.09 100.0% 2,699 - 1,760 5 4,454 966 216 14.0% 15.1% 30.6% 22.3% 28.5x 4.61x 20.6x 3.16x 14.9x Campbell Soup Company CPB 63.92 98.6% 19,761 (2) 3,870 306 23,323 7,997 1,626 (3.8%) 3.2% 35.5% 20.3% 29.3x 2.92x 14.3x 2.89x 12.9x ConAgra Foods, Inc. CAG 44.99 98.9% 19,634 110 7,905 96 27,553 15,820 2,275 14.6% 4.5% 22.3% 14.4% NM 1.74x 12.1x 2.35x 14.0x General Mills, Inc. GIS 62.11 97.5% 36,918 1,202 8,768 783 46,105 16,934 3,447 (3.9%) (1.0%) 36.0% 20.4% 25.9x 2.72x 13.4x 2.81x 13.6x Hormel Foods Corporation HRL 38.55 84.3% 20,428 3 250 375 20,306 9,161 1,290 (3.2%) 3.3% 21.0% 14.1% 31.3x 2.22x 15.7x 2.10x 14.1x Kellogg Company K 75.02 97.4% 26,425 10 7,759 251 33,943 13,525 2,020 (7.2%) (1.6%) 36.5% 14.9% 44.5x 2.51x 16.8x 2.54x 13.4x McCormick & Company, Incorporated MKC 95.50 95.0% 12,121 17 1,447 116 13,468 4,316 715 1.3% 2.2% 40.7% 16.6% 30.2x 3.12x 18.8x 3.03x 17.1x Nestlé S.A. NESN 73.20 91.3% 227,264 1,646 22,018 5,877 245,052 88,975 16,875 (3.8%) (3.2%) 49.8% 19.0% 24.6x 2.75x 14.5x 2.59x 13.7x Post Holdings, Inc. POST 74.50 100.0% 4,791 - 4,671 802 8,660 4,823 693 NM 70.3% 26.7% 14.4% NM 1.80x 12.5x 1.71x 10.5x The Hershey Company HSY 91.61 89.3% 19,547 48 2,421 347 21,669 7,387 1,705 (0.5%) 3.6% 46.0% 23.1% 39.7x 2.93x 12.7x 2.90x 12.5x The J. M. Smucker Company SJM 129.27 99.0% 15,471 - 5,284 141 20,615 7,451 1,543 36.0% 8.0% 37.2% 20.7% 37.3x 2.77x 13.4x 2.69x 12.0x Mean 3.4% 8.7% 33.8% 17.6% 34.1x 2.66x 15.1x 2.56x 13.8x Median (3.2%) 3.3% 35.8% 17.8% 30.8x 2.74x 14.4x 2.64x 13.7x Private Label Foods and Beverages Cott Corporation TSX:BCB $14.37 100.0% $1,762 $6 $1,651 $77 $3,342 $2,944 $344 40.0% 9.4% 30.4% 11.7% NM 1.14x 9.7x 1.15x 9.0x Seneca Foods Corp. SENE.A 33.12 92.6% 328 - 349 19 658 1,250 103 (4.0%) (0.6%) 10.1% 8.2% 8.2x 0.53x 6.4x NA NA Treehouse Foods, Inc. THS 92.53 100.0% 5,222 - 1,237 43 6,415 3,206 378 8.8% 13.7% 20.2% 11.8% 33.0x 2.00x 17.0x 1.01x 9.8x Mean 14.9% 7.5% 20.2% 10.6% 20.6x 1.22x 11.0x 1.08x 9.4x Median 8.8% 9.4% 20.2% 11.7% 20.6x 1.14x 9.7x 1.08x 9.4x Natural / Organic Foods / Better-For-You Amplify Snack Brands, Inc. BETR $13.16 76.5% $984 - $201 $19 $1,167 $184 $61 39.0% NA 56.0% 33.3% NM 6.34x 19.1x 4.97x 13.0x SunOpta Inc. TSX:SOY 4.63 40.6% 396 $5 483 2 881 1,145 47 3.8% 3.1% 10.2% 4.1% NM 0.77x 18.9x 0.61x 9.1x Pinnacle Foods Inc. NYSE:PF 42.14 87.6% 4,923 1 2,309 181 7,052 2,656 521 2.5% 2.3% 28.3% 19.6% 24.7x 2.66x 13.5x 2.22x 11.0x The Hain Celestial Group, Inc. HAIN 46.50 65.8% 4,794 - 982 177 5,599 2,801 358 13.4% 22.0% 23.4% 12.8% 22.1x 2.00x 15.6x 1.83x 13.5x The WhiteWave Foods Company WWAV 41.00 78.1% 7,251 - 2,134 39 9,346 3,866 458 12.5% 19.1% 34.2% 11.8% 43.5x 2.42x 20.4x 2.19x 16.2x Mean 14.2% 11.6% 30.4% 16.3% 30.1x 2.84x 17.5x 2.37x 12.6x Median 12.5% 11.1% 28.3% 12.8% 24.7x 2.42x 18.9x 2.19x 13.0x Baked Goods ARYZTA AG SWX:ARYN $38.47 55.4% $3,387 $16 $2,569 $590 $5,381 $4,244 $408 3.6% (8.6%) 18.9% 9.6% NM 1.27x 13.2x 1.19x 7.2x Flowers Foods, Inc. FLO 19.32 70.7% 3,996 - 1,027 14 5,008 3,779 437 0.8% 7.6% 48.0% 11.6% 20.7x 1.33x 11.5x 1.25x 10.4x George Weston Limited WN 84.31 91.7% 10,787 5,212 9,733 1,859 23,873 33,798 2,528 (10.9%) 1.0% 28.3% 7.5% 31.1x 0.71x 9.4x 0.65x 7.9x Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.98 94.5% 14,015 183 4,148 222 18,124 12,722 1,467 0.4% (1.6%) 53.3% 11.5% 46.4x 1.42x 12.4x 1.30x 12.0x Lancaster Colony Corporation LANC 122.90 100.0% 3,369 - - 87 3,281 1,160 188 9.0% 2.8% 23.6% 16.2% 28.1x 2.83x 17.5x 2.71x 16.4x Mean 0.6% 0.3% 34.4% 11.3% 31.6x 1.51x 12.8x 1.42x 10.8x Median 0.8% 1.0% 28.3% 11.5% 29.6x 1.33x 12.4x 1.25x 10.4x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES5

Dairy Danone BN $68.29 88.7% $42,498 $68 $12,031 $3,294 $51,304 $24,341 $4,054 (4.9%) (4.0%) 50.0% 16.7% 29.2x 2.11x 12.7x 2.02x 11.8x Dean Foods Company DF 18.07 85.4% 1,658 - 842 61 2,439 8,122 400 (14.5%) (4.3%) 24.3% 4.9% NM 0.30x 6.1x 0.32x 5.8x Emmi AG SWX:EMMN 602.58 100.0% 3,263 186 567 391 3,625 3,210 307 (6.3%) (0.5%) 34.8% 9.6% 23.6x 1.13x 11.8x 1.06x 11.0x Glanbia plc GL9 19.13 85.9% 5,683 9 864 229 6,327 3,014 329 (1.3%) 1.0% 35.7% 10.9% 28.5x 2.10x 19.2x 1.90x 16.0x Lifeway Foods Inc. LWAY 9.60 44.0% 155 - 8 8 155 119 8 (0.3%) 13.4% 28.7% 6.4% NM 1.30x 20.5x 1.21x 12.5x Parmalat SpA BIT:PLT 2.72 95.5% 5,037 21 433 754 4,737 6,997 499 3.8% 0.4% 18.5% 7.1% 31.0x 0.68x 9.5x 0.60x 8.3x Saputo Inc. TSX:SAP 31.41 96.6% 12,338 49 1,390 221 13,557 7,763 788 (15.4%) 3.7% 10.1% 10.1% 26.9x 1.75x 17.2x 1.55x 13.9x Savencia SA ENXTPA:SAVE 66.46 90.2% 927 108 - - 1,036 4,824 237 (13.5%) (3.6%) 100.0% 4.9% NA 0.21x 4.4x 0.20x 3.0x Mean (6.6%) 0.8% 37.8% 8.8% 27.8x 1.20x 12.7x 1.11x 10.3x Median (5.6%) (0.1%) 31.7% 8.3% 28.5x 1.22x 12.2x 1.14x 11.4x

Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $7.73 82.1% $903 - $26 $10 $920 $366 $72 (6.5%) (0.8%) 46.8% 19.5% 17.8x 2.51x 12.8x 2.52x 13.1x Cott Corporation BCB 14.37 100.0% 1,762 $6 1,651 77 3,342 2,944 344 40.0% 9.4% 30.4% 11.7% NM 1.14x 9.7x 1.15x 9.0x Dr Pepper Snapple Group, Inc. DPS 93.95 98.0% 17,457 - 3,384 920 19,921 6,282 1,519 2.6% 1.6% 59.3% 24.2% 22.5x 3.17x 13.1x 3.13x 12.5x Lassonde Industries Inc. LAS.A 131.84 100.0% 926 30 264 0 1,219 1,045 111 2.4% 0.6% 28.3% 10.6% 19.4x 1.17x 11.0x 1.06x 9.8x Monster Beverage Corporation MNST 148.13 92.3% 30,077 - - 2,920 27,157 2,723 1,003 10.5% 9.7% 60.0% 36.8% 47.0x 9.97x 27.1x 9.04x 22.0x National Beverage Corp. FIZZ 49.38 100.0% 2,299 - - 86 2,212 690 97 6.9% 1.5% 33.5% 14.0% 35.6x 3.20x 22.8x NA NA Pepsico, Inc. PEP 104.96 100.0% 151,606 120 33,284 12,009 173,001 63,056 12,246 (5.4%) (1.3%) 55.0% 19.4% 27.9x 2.74x 14.1x 2.77x 13.8x The Coca-Cola Company KO 45.32 96.7% 196,063 215 44,445 19,920 220,803 44,294 12,210 (3.7%) (2.7%) 60.5% 27.6% 27.8x 4.98x 18.1x 5.18x 18.2x Mean 5.8% 2.3% 46.7% 20.5% 28.3x 3.61x 16.1x 3.55x 14.1x Median 2.5% 1.1% 50.9% 19.5% 27.8x 2.96x 13.6x 2.77x 13.1x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $124.76 88.4% $203,188 - $49,466 $6,978 $245,676 $43,604 $16,756 (7.3%) 3.1% 60.7% 38.4% 23.9x 5.63x 14.7x 5.69x 14.7x Brown-Forman Corporation BF.B 97.27 87.6% 20,026 - 1,738 317 21,447 3,099 1,121 0.5% 3.5% 69.6% 36.2% 29.7x 6.92x 19.1x 5.42x 19.3x Carlsberg A/S CPSE:CARL B 95.56 96.0% 14,934 $545 5,243 456 20,266 9,511 1,844 (9.3%) (6.8%) 49.0% 19.4% NM 2.13x 11.0x 2.09x 10.6x Constellation Brands Inc. STZ 159.59 100.0% 31,820 132 7,417 494 38,875 6,361 2,014 6.7% 32.6% 45.5% 31.7% 29.9x 6.11x 19.3x 5.53x 16.7x Diageo plc DGE 27.03 96.3% 68,446 2,268 14,548 798 84,464 15,512 4,765 (2.7%) (4.0%) 57.6% 30.7% 19.2x 5.44x 17.7x 5.48x 16.7x Heineken NV ENXTAM:HEIA 93.55 95.8% 53,834 1,667 13,681 912 68,270 22,276 4,883 (4.4%) 2.2% 38.4% 21.9% 23.9x 3.06x 14.0x 2.84x 11.9x Kirin Holdings Company, Limited TSE:2503 16.02 93.9% 14,925 2,393 6,299 553 23,064 18,277 2,198 (0.3%) 3.1% 44.1% 12.0% NM 1.26x 10.5x 1.21x 10.8x Pernod-Ricard SA RI 108.84 81.3% 29,073 177 10,703 569 39,385 9,661 2,747 (0.2%) (3.5%) 61.7% 28.4% 26.6x 4.08x 14.3x 3.87x 13.4x SABMiller plc LSE:SAB 60.70 100.0% 98,151 1,169 12,010 629 110,701 15,555 4,676 10.6% (7.9%) 70.4% 30.1% 35.1x 7.12x 23.7x 7.37x 18.9x Sapporo Holdings Ltd. TSE:2501 5.54 100.0% 2,136 49 2,022 87 4,120 4,440 377 2.6% 0.4% 33.9% 8.5% 34.6x 0.93x 10.9x 0.85x 10.0x Mean (0.4%) 2.3% 53.1% 25.7% 27.9x 4.27x 15.5x 4.03x 14.3x Median (0.2%) 1.3% 53.3% 29.2% 28.2x 4.76x 14.5x 4.65x 14.0x Snacks Golden Enterprises Inc. GLDC $5.55 100.0% $63 - $7 $3 $67 $131 $8 (1.6%) (1.6%) 50.4% 6.3% 23.7x 0.51x 8.0x NA NA Inventure Foods, Inc. SNAK 7.08 57.5% 139 - 116 2 253 283 10 (1.1%) 15.1% 13.3% 3.5% NM 0.90x 25.7x 0.82x 14.2x J&J Snack Foods Corp. JJSF 105.25 83.8% 1,960 - 1 112 1,849 986 151 6.2% 5.1% 30.8% 15.3% 28.6x 1.87x 12.3x 1.81x 11.6x John B Sanfilippo & Son Inc. JBSS 56.63 77.7% 635 - 49 3 681 936 74 12.3% 9.4% 15.2% 7.9% 22.3x 0.73x 9.2x 0.79x NA Mondelez International, Inc. MDLZ 43.93 90.4% 68,182 $92 15,483 1,925 81,832 29,636 4,664 (13.5%) (5.4%) 38.8% 15.7% 9.0x 2.76x 17.5x 3.13x 16.9x Pepsico, Inc. PEP 104.96 100.0% 151,606 120 33,284 12,009 173,001 63,056 12,246 (5.4%) (1.3%) 55.0% 19.4% 27.9x 2.74x 14.1x 2.77x 13.8x Snyder's-Lance, Inc. LNCE 33.51 85.7% 3,204 19 389 39 3,573 1,656 185 2.2% 6.7% 35.0% 11.2% 44.3x 2.16x 19.3x 1.48x 10.7x Mean (0.1%) 4.0% 34.1% 11.3% 26.0x 1.67x 15.2x 1.80x 13.5x Median (1.1%) 5.1% 35.0% 11.2% 25.8x 1.87x 14.1x 1.65x 13.8x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $51.65 81.7% $2,507 $2 $27 $387 $2,149 $2,009 $583 30.0% 17.5% 35.7% 29.0% 6.9x 1.07x 3.7x 1.30x 7.4x JBS S.A. BOVESPA:JBSS3 2.51 50.8% 7,005 402 16,632 4,757 19,281 41,127 3,222 (9.3%) 3.6% 13.9% 7.8% 6.8x 0.47x 6.0x 0.33x 4.2x Sanderson Farms, Inc. SAFM 92.58 98.5% 2,090 - 10 155 1,945 2,741 331 (4.1%) 3.6% 14.6% 12.1% 12.7x 0.71x 5.9x 0.68x 4.8x Seaboard Corp. SEB 2,973.89 70.3% 3,481 8 669 1,304 2,854 5,594 217 (13.6%) (3.3%) 7.1% 3.9% 20.6x 0.51x 13.2x NA NA Tyson Foods, Inc. TSN 67.25 98.7% 26,265 15 6,705 1,189 31,796 39,708 3,350 0.2% 6.3% 11.0% 8.4% 19.9x 0.80x 9.5x 0.85x 9.6x Mean 0.7% 5.5% 16.5% 12.2% 13.4x 0.71x 7.6x 0.79x 6.5x Median (4.1%) 3.6% 13.9% 8.4% 12.7x 0.71x 6.0x 0.76x 6.1x Fruit and Vegetable Calavo Growers Inc. CVGW $56.41 90.8% $984 $1 $46 $8 $1,023 $867 $54 7.1% 14.8% 10.2% 6.3% 35.0x 1.18x 18.9x 1.05x 15.9x Fresh Del Monte Produce Inc. FDP 48.20 100.0% 2,450 43 254 25 2,722 4,057 232 3.3% 5.8% 8.4% 5.7% 36.0x 0.67x 11.8x 0.65x 10.6x Seneca Foods Corp. SENE.A 33.12 92.6% 328 - 349 19 658 1,250 103 (4.0%) (0.6%) 10.1% 8.2% 8.2x 0.53x 6.4x NA NA Total Produce plc ISE:T7O 1.83 99.3% 581 81 163 144 682 3,123 69 (3.3%) (0.9%) 13.8% 2.2% 17.5x 0.22x 9.9x 0.20x 8.9x Mean 0.8% 4.8% 10.6% 5.6% 24.2x 0.65x 11.7x 0.64x 11.8x Median 0.0% 2.6% 10.1% 6.0% 26.3x 0.60x 10.8x 0.65x 10.6x Ingredients / Flavors Givaudan SA SWX:GIVN $1,959.81 96.8% $18,187 - $1,154 $479 $18,861 $4,391 $925 (1.0%) (1.9%) 46.2% 21.1% 27.6x 4.30x 20.4x 3.94x 16.3x Ingredion Incorporated INGR 117.54 100.0% 8,461 $36 1,838 440 9,895 5,621 903 (0.8%) (4.9%) 22.3% 16.1% 19.4x 1.76x 11.0x 1.77x 10.3x International Flavors & Fragrances Inc. IFF 118.59 96.7% 9,450 5 1,070 183 10,342 3,023 690 (2.1%) 2.3% 45.0% 22.8% 22.0x 3.42x 15.0x 3.36x 14.5x Kerry Group plc ISE:KRZ 90.68 96.4% 16,054 - 2,233 264 18,023 6,630 907 (4.8%) (4.9%) 46.2% 13.7% 27.2x 2.72x 19.9x 2.49x 17.7x Sensient Technologies Corporation SXT 66.47 94.2% 2,980 - 635 12 3,602 1,376 258 (5.0%) (1.8%) 33.5% 18.7% 27.4x 2.62x 14.0x 2.58x 13.4x Symrise AG XTRA:SY1 64.87 88.5% 8,556 22 305 304 8,578 2,826 604 10.1% 7.3% 42.7% 21.4% 30.8x 3.04x 14.2x 2.56x 12.0x Tate & Lyle plc TATE 8.58 91.5% 4,082 2 1,179 363 4,899 3,529 452 (20.5%) (10.6%) 38.0% 12.8% 59.5x 1.39x 10.8x 1.43x 10.8x Mean (3.4%) (2.1%) 39.1% 18.1% 30.6x 2.75x 15.0x 2.59x 13.6x Median (2.1%) (1.9%) 42.7% 18.7% 27.4x 2.72x 14.2x 2.56x 13.4x Agribusiness Archer-Daniels-Midland Company ADM $38.20 71.7% $22,446 $14 $5,877 $1,348 $26,989 $67,702 $2,892 (16.6%) (9.2%) 5.9% 4.3% 12.2x 0.40x 9.3x 0.40x 8.7x Bunge Limited BG 60.95 65.5% 8,531 232 4,776 970 12,569 43,455 1,823 (24.0%) (10.7%) 6.2% 4.2% 11.7x 0.29x 6.9x 0.29x 7.0x CF Industries Holdings, Inc. CF 31.00 44.1% 7,226 3,152 5,593 286 15,685 4,308 1,800 (9.2%) (11.0%) 35.9% 41.8% 10.6x 3.64x 8.7x 3.71x 8.6x Darling Ingredients Inc. DAR 14.21 87.6% 2,338 104 1,960 157 4,246 3,397 421 (14.1%) 24.2% 21.9% 12.4% 27.7x 1.25x 10.1x 1.24x 8.6x Monsanto Company MON 89.75 72.5% 39,207 (1) 9,732 2,297 46,641 14,350 4,358 (7.9%) 0.8% 54.5% 30.4% 23.1x 3.25x 10.7x 3.30x 11.1x The Andersons, Inc. ANDE 29.35 61.7% 820 - 484 77 1,228 4,198 115 (7.5%) (7.3%) 9.0% 2.7% NM 0.29x 10.7x 0.29x 8.0x The Mosaic Company MOS 25.99 54.5% 9,092 34 3,860 1,276 11,709 8,895 2,062 (1.8%) (5.5%) 22.1% 23.2% 9.7x 1.32x 5.7x 1.51x 7.6x Mean (11.6%) (2.7%) 22.2% 17.0% 15.8x 1.49x 8.9x 1.53x 8.5x Median (9.2%) (7.3%) 21.9% 12.4% 11.9x 1.25x 9.3x 1.24x 8.6x

Consumer and Retail Grocery Distribution AMCON Distributing Co. DIT $86.07 97.7% $52 - $15 $0 $66 $897 $14 4.4% 3.3% 8.5% 1.5% 9.8x 0.07x 4.9x NA NA Core-Mark Holding Company, Inc. CORE 85.39 93.0% 1,977 - 90 13 2,054 8,858 126 8.4% 8.7% 7.2% 1.4% 36.9x 0.23x 16.3x 0.15x 13.5x Performance Food Group Company PFGC 27.40 100.0% 2,812 - 1,263 9 4,066 15,603 295 14.0% NA 12.2% 1.9% 31.7x 0.26x 13.8x 0.24x 11.2x SpartanNash Company SPTN 27.12 80.0% 1,017 - 495 23 1,489 7,652 225 (3.3%) 42.8% 14.6% 2.9% 18.1x 0.19x 6.6x 0.19x 6.4x SUPERVALU Inc. SVU 4.67 38.9% 1,241 $8 2,714 134 3,829 17,873 799 2.2% 87.6% 15.2% 4.5% 9.9x 0.21x 4.8x 0.22x 4.9x United Natural Foods, Inc. UNFI 34.85 45.2% 1,754 - 456 12 2,198 8,300 303 9.9% 14.1% 15.1% 3.6% 15.5x 0.26x 7.3x 0.25x 7.5x Mean 5.9% 31.3% 12.1% 2.6% 20.3x 0.21x 8.9x 0.21x 8.7x Median 6.4% 14.1% 13.4% 2.4% 16.8x 0.22x 6.9x 0.22x 7.5x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $146.44 86.3% $64,292 $234 $4,975 $4,855 $64,646 $117,269 $4,769 1.4% 4.4% 13.1% 4.1% 30.2x 0.55x 13.6x 0.52x 12.5x Establishments Delhaize Freres DELB 103.66 92.9% 10,943 - 2,807 1,966 11,785 26,495 1,644 2.5% (0.7%) 24.3% 6.2% 25.7x 0.44x 7.2x 0.41x 6.3x Fairway Group Holdings Corp. FWM 0.17 2.2% 8 - 258 35 230 764 17 (4.3%) 6.5% 31.4% 2.2% NM 0.30x 13.8x 0.30x 6.8x Ingles Markets, Incorporated IMKT.A 37.12 64.4% 752 - 925 9 1,668 3,765 235 (2.3%) 0.3% 23.8% 6.2% 13.3x 0.44x 7.1x 0.44x 7.0x J Sainsbury plc LSE:SBRY 3.85 94.1% 7,304 - 3,906 1,920 9,290 35,674 2,870 (8.3%) (0.9%) 7.5% 8.0% 12.2x 0.26x 3.2x 0.28x 5.3x Koninklijke Ahold N.V. ENXTAM:AH 21.66 89.9% 17,971 (1) 3,804 2,546 19,228 41,500 2,489 4.0% (1.3%) 27.1% 6.0% 19.4x 0.46x 7.7x 0.43x 6.7x Natural Grocers by Vitamin Cottage NGVC 13.43 43.8% 302 - 28 2 328 647 51 18.4% 21.9% 29.1% 7.9% 29.2x 0.51x 6.4x 0.42x 5.4x Sprouts Farmers Market, Inc. SFM 26.21 72.6% 3,946 - 290 136 4,101 3,593 300 21.1% 26.0% 29.3% 8.3% 35.0x 1.14x 13.7x 0.98x 12.2x SUPERVALU Inc. SVU 4.67 38.9% 1,241 8 2,714 134 3,829 17,873 799 2.2% 87.6% 15.2% 4.5% 9.9x 0.21x 4.8x 0.22x 4.9x Tesco PLC LSE:TSCO 2.30 64.2% 18,253 (14) 19,374 2,973 34,641 93,911 1,027 (3.5%) (2.2%) 2.3% 1.1% NM 0.37x 33.7x 0.44x 10.1x The Kroger Co. KR 34.55 80.8% 33,254 (22) 12,106 277 45,061 109,830 5,762 1.3% 4.4% 22.8% 5.2% 18.6x 0.41x 7.8x 0.39x 7.3x Village Super Market Inc. VLGE.A 24.68 71.4% 349 - 45 80 314 1,603 66 2.7% 3.2% 27.3% 4.1% 11.1x 0.20x 4.8x NA NA Weis Markets, Inc. WMK 46.01 91.9% 1,238 - - 109 1,128 2,877 161 3.6% 2.1% 27.3% 5.6% 20.4x 0.39x 7.0x NA NA Whole Foods Market, Inc. WFM 29.90 57.0% 9,712 - 1,055 809 9,958 15,547 1,399 6.3% 8.5% 34.9% 9.0% 21.1x 0.64x 7.1x 0.61x 7.3x Mean 3.2% 11.4% 22.5% 5.6% 20.5x 0.45x 9.9x 0.45x 7.7x Median 2.4% 3.8% 25.7% 5.8% 19.9x 0.43x 7.1x 0.43x 6.9x

Foodservice Colabor Group Inc. TSX:GCL $0.76 51.9% $21 - $135 - $156 $1,091 $18 (11.5%) (9.5%) 1.7% 1.7% NM 0.14x 8.6x 0.13x 6.7x Sysco Corporation SYY 49.37 100.0% 27,821 $77 4,363 $596 31,665 48,865 2,390 1.6% 4.0% 17.7% 4.9% 36.1x 0.65x 13.3x 0.61x 12.2x The Chefs' Warehouse, Inc. CHEF 16.21 71.0% 425 - 275 2 697 1,059 60 26.6% 30.2% 25.5% 5.6% 32.4x 0.66x 11.7x 0.59x 9.5x Mean 5.6% 8.2% 15.0% 4.1% 34.2x 0.48x 11.2x 0.44x 9.5x Median 1.6% 4.0% 17.7% 4.9% 34.2x 0.65x 11.7x 0.59x 9.5x Quick Service Restaurant Bojangles', Inc. BOJA $17.92 63.0% $647 - $230 $14 $862 $488 $68 13.4% NA 22.6% 13.8% 24.0x 1.77x 12.8x 1.59x 10.4x Jack in the Box Inc. JACK 68.48 69.7% 2,375 - 786 7 3,154 1,543 299 2.7% 0.8% 28.2% 19.4% 21.8x 2.04x 10.5x 1.95x 9.6x McDonald's Corp. MCD 130.58 100.0% 114,631 - 24,126 7,686 131,071 25,413 8,911 (7.4%) (2.7%) 38.5% 35.1% 26.2x 5.16x 14.7x 5.43x 14.3x Popeyes Louisiana Kitchen, Inc. PLKI 53.13 84.3% 1,185 - 113 9 1,288 259 84 9.9% 13.1% 65.0% 32.4% 27.3x 4.97x 15.3x 4.59x 14.3x Restaurant Brands International Inc. QSR 42.51 95.3% 19,575 - 8,763 758 27,580 4,052 1,563 238.0% 27.2% 42.9% 38.6% NM 6.81x 17.6x 6.71x 15.7x Sonic Corp. SONC 33.59 95.2% 1,631 - 504 36 2,099 619 171 6.3% 4.8% 55.3% 27.7% 25.9x 3.39x 12.3x 3.30x 11.6x The Wendy's Company WEN 10.97 93.7% 2,948 - 2,426 327 5,047 1,870 383 (6.4%) (9.3%) 36.7% 20.5% 25.3x 2.70x 13.2x 3.85x 13.0x Yum! Brands, Inc. YUM 80.96 84.4% 32,986 $61 3,977 737 36,287 13,105 2,902 (1.3%) (1.3%) 27.3% 22.1% 28.0x 2.77x 12.5x 2.70x 12.3x Mean 31.9% 4.7% 39.6% 26.2% 25.5x 3.70x 13.6x 3.76x 12.6x Median 4.5% 0.8% 37.6% 24.9% 25.9x 3.08x 13.0x 3.57x 12.7x

Fast Casual Chipotle Mexican Grill, Inc. CMG $433.81 57.2% $12,667 - - $663 $12,004 $4,501 $907 9.6% 18.1% 37.5% 20.2% 31.2x 2.67x 13.2x 2.77x 27.4x El Pollo Loco Holdings, Inc. LOCO 11.15 38.2% 427 - $124 6 545 355 63 3.0% 14.4% 25.8% 17.8% 21.5x 1.53x 8.6x 1.38x 8.0x Fiesta Restaurant Group, Inc. FRGI 32.18 51.3% 836 - 74 5 905 687 96 12.5% 10.5% 25.5% 13.9% 22.8x 1.32x 9.5x 1.22x 8.1x The Habit Restaurants, Inc. HABT 17.57 43.4% 672 - 2 47 627 231 25 32.1% NA 21.9% 10.8% NM 2.72x 25.2x 2.17x 19.9x Noodles & Company NDLS 10.89 50.9% 303 - 68 2 368 455 36 12.8% 14.9% 17.1% 8.0% NM 0.81x 10.1x 0.72x 10.1x Panera Bread Company PNRA 210.63 95.5% 5,093 $4 406 242 5,262 2,682 381 6.0% 8.0% 32.8% 14.2% 35.4x 1.96x 13.8x 1.87x 13.0x Potbelly Corporation PBPB 13.36 84.3% 347 1 - 32 316 373 34 14.0% 10.7% 30.5% 9.3% NM 0.85x 9.2x 0.75x 7.9x Shake Shack Inc. SHAK 34.33 35.5% 1,293 - 0 71 1,222 191 18 60.8% NA 40.2% 9.3% NM 6.41x NM 5.04x 29.0x Zoe's Kitchen, Inc. ZOES 37.97 81.5% 737 - 29 19 747 227 20 31.9% 91.4% 21.2% 8.7% NM 3.30x 37.9x 2.67x NM Mean 20.3% 24.0% 28.1% 12.5% 27.7x 2.40x 15.9x 2.07x 15.4x Median 12.8% 14.4% 25.8% 10.8% 27.0x 1.96x 11.7x 1.87x 11.6x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $44.49 82.5% $1,073 - $101 $35 $1,139 $920 $122 8.8% 9.1% 19.9% 13.3% 24.0x 1.24x 9.3x 1.11x 8.3x Buffalo Wild Wings Inc. BWLD 133.30 64.8% 2,510 $0 73 20 2,563 1,813 273 19.6% 20.3% 23.0% 15.1% 29.8x 1.41x 9.4x 1.19x 7.8x Chuy's Holdings, Inc. CHUY 32.29 86.5% 534 - - 9 526 287 36 17.1% 18.5% 20.5% 12.5% 40.4x 1.83x 14.6x 1.56x 11.8x Dave & Buster's Entertainment, Inc. PLAY 39.05 90.1% 1,630 - 338 25 1,943 867 189 16.1% 14.6% 29.3% 21.8% 27.9x 2.24x 10.3x 1.98x 8.6x Ignite Restaurant Group, Inc. IRG 3.04 50.8% 80 - 127 8 199 492 28 17.3% 36.0% 31.4% 5.7% NM 0.40x 7.1x 0.40x 7.3x The Cheesecake Factory Incorporated CAKE 50.77 86.3% 2,368 - 88 44 2,412 2,101 257 17.3% 36.0% 43.4% 12.2% 23.1x 1.15x 9.4x 1.05x 8.5x Wingstop Inc. WING 26.01 72.3% 745 - 96 11 830 78 26 15.6% NA 71.5% 33.0% NM 10.64x 32.3x 9.27x 25.2x Mean 16.0% 22.4% 34.1% 16.2% 29.0x 2.70x 13.2x 2.37x 11.1x Median 17.1% 19.4% 29.3% 13.3% 27.9x 1.41x 9.4x 1.19x 8.5x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $19.07 78.7% $2,196 $34 $1,317 $132 $3,415 $4,378 $461 (1.5%) 3.2% 17.1% 10.5% 16.7x 0.78x 7.4x 0.77x 7.2x Brinker International, Inc. EAT 45.48 73.7% 2,534 - 1,160 71 3,623 3,100 472 4.3% 2.9% 19.5% 15.2% 14.0x 1.17x 7.7x 1.08x 7.1x Darden Restaurants, Inc. DRI 62.49 82.7% 7,919 - 1,199 858 8,260 6,905 873 7.5% (5.6%) 22.0% 12.6% 24.0x 1.20x 9.5x 1.16x 8.6x DineEquity, Inc. DIN 83.11 77.6% 1,530 - 1,421 145 2,806 681 272 4.0% (7.1%) 58.6% 40.0% 16.9x 4.12x 10.3x 4.27x 10.2x Red Robin Gourmet Burgers Inc. RRGB 63.21 66.5% 862 - 210 23 1,050 1,258 145 9.7% 8.8% 23.5% 11.6% 19.2x 0.83x 7.2x 0.78x 6.7x Ruby Tuesday, Inc. RT 4.48 58.6% 265 - 232 45 452 1,123 82 (2.1%) (4.9%) 17.2% 7.3% NM 0.40x 5.5x 0.40x 5.0x Texas Roadhouse, Inc. TXRH 43.46 98.5% 3,056 8 26 59 3,030 1,807 215 14.2% 12.7% 18.7% 11.9% 31.8x 1.68x 14.1x 1.50x 11.8x Mean 5.2% 1.4% 25.2% 15.6% 20.4x 1.45x 8.8x 1.42x 8.1x Median 4.3% 2.9% 19.5% 11.9% 18.1x 1.17x 7.7x 1.08x 7.2x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $15.78 70.2% $371 - $5 $5 $370 $332 $43 9.9% 12.6% 23.9% 13.0% 24.4x 1.12x 8.6x 1.04x 7.8x Fogo de Chao, Inc. FOGO 16.84 61.9% 473 $2 165 25 615 272 49 3.6% NA 31.4% 18.0% 14.7x 2.26x 12.6x 2.07x 9.9x Ruth's Hospitality Group Inc. RUTH 16.64 88.6% 542 - - 3 539 373 57 7.9% 6.4% 26.6% 15.3% 21.2x 1.44x 9.4x 1.37x 8.7x Mean 7.1% 9.5% 27.3% 15.4% 20.1x 1.61x 10.2x 1.49x 8.8x Median 7.9% 9.5% 26.6% 15.3% 21.2x 1.44x 9.4x 1.37x 8.7x Pizza Domino's Pizza, Inc. DPZ $119.31 87.5% $5,984 - $2,241 $133 $8,091 $2,217 $430 11.2% 9.7% 30.8% 19.4% 38.0x 3.65x 18.8x 3.42x 16.6x Papa John's International Inc. PZZA 59.49 74.9% 2,216 $22 256 21 2,473 1,637 177 2.5% 6.8% 24.5% 10.8% 28.7x 1.51x 14.0x 1.44x 13.3x Papa Murphy's Holdings, Inc. FRSH 9.07 39.9% 154 - 111 7 258 120 25 23.4% NA 44.6% 21.2% 41.2x 2.14x 10.1x 1.82x 9.5x Mean 12.3% 8.3% 33.3% 17.1% 36.0x 2.44x 14.3x 2.23x 13.1x Median 11.2% 8.3% 30.8% 19.4% 38.0x 2.14x 14.0x 1.82x 13.3x Beverage / Snack Retail DAVIDsTEA Inc. DTEA $11.94 39.8% $288 - - $37 $251 $127 $11 12.7% NA 52.8% 8.9% NM 1.97x 22.1x 1.65x 12.6x Dunkin' Brands Group, Inc. DNKN 46.10 81.2% 4,225 - $2,454 260 6,418 811 407 8.3% 7.2% 80.1% 50.2% 43.7x 7.91x 15.8x 7.54x 14.3x Jamba, Inc. JMBA 12.82 76.1% 193 - - 20 174 162 2 (25.9%) (10.9%) 39.7% 1.0% 21.3x 1.07x NM 2.53x 17.7x Krispy Kreme Doughnuts, Inc. KKD 16.86 82.4% 1,048 - 12 51 1,009 519 73 5.8% 6.0% 20.1% 14.1% 32.5x 1.95x 13.8x 1.83x 12.6x Starbucks Corporation SBUX 56.31 88.0% 82,489 $2 2,348 2,380 82,458 19,733 4,459 16.0% 13.1% 31.2% 22.6% 36.6x 4.18x 18.5x 3.73x 15.1x Mean 3.4% 3.8% 44.8% 19.4% 33.5x 3.42x 17.6x 3.46x 14.5x Median 8.3% 6.6% 39.7% 14.1% 34.6x 1.97x 17.1x 2.53x 14.3x Family Restaurant Bob Evans Farms, Inc. BOBE $45.99 88.4% $911 - $496 $8 $1,399 $1,326 $154 (1.3%) (2.0%) 36.6% 11.6% 35.5x 1.06x 9.1x 1.05x 9.3x Cracker Barrel Old Country Store, Inc. CBRL 148.81 91.7% 3,563 - 416 172 3,807 2,870 340 3.4% 2.8% 33.0% 11.8% 21.4x 1.33x 11.2x 1.28x 10.4x Denny's Corporation DENN 10.72 83.8% 823 - 217 2 1,039 491 87 4.0% 0.2% 39.7% 17.7% 24.7x 2.12x 11.9x 2.06x 11.0x Luby's, Inc. LUB 5.00 90.1% 145 - 35 2 178 428 22 8.2% 6.9% 31.3% 5.1% NM 0.42x 8.2x NA NA Mean 3.6% 2.0% 35.2% 11.6% 27.2x 1.23x 10.1x 1.46x 10.2x Median 3.7% 1.5% 34.8% 11.7% 24.7x 1.19x 10.1x 1.28x 10.4x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

140 1 4 .0 % 130

120 9 .1 %

110 7 .8 % 100

90 1 .6 % 80

70 (2 .7 % )

60 (2 3 .3 % ) 50 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 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 HOLDINGS TO TAKE KRISPY KREME PRIVATE

. Krispy Kreme announced it would be taken private by JAB Holdings for $21 per share in cash. . Krispy Kreme retails and wholesales doughnuts, coffee, and similar items. Enterprise Value: $1.3bn Revenue Multiple: 2.5x . The transaction marks JAB’s sixth breakfast-related investment, with prior EBITDA Multiple: 17.8x deals including Peet’s Coffee & Tea, Caribou Coffee, Einstein Noah, DE Announced: May 9, 2016 Master Blenders 1753, and Keurig Green Mountain.

DEAN FOODS TO ACQUIRE FRIENDLY’S ICE CREAM MANUFACTURING BUSINESS

. Dean Foods announced it would acquire Friendly’s ice cream manufacturing business for $155 million in cash from Sun Capital Partners. . The ice cream manufacturing business produces packaged ice cream and Enterprise Value: $155mm other frozen dessert products for over 8,000 retail outlets. Revenue Multiple: 0.9x EBITDA Multiple: ND . The transaction will add another strong brand to Dean’s portfolio and bolster Announced: May 9, 2016 its presence in the northeastern U.S.

HERSHEY TO ACQUIRE MAKER OF BARKTHINS

. Hershey announced it has acquired Ripple Brand Collective for an undisclosed amount. . Ripple Brand Collective produces chocolate-based snack products under Enterprise Value: ND the barkTHINS brand. Revenue Multiple: ND EBITDA Multiple: ND . Launched in 2013, barkTHINS quickly became a favorite snack brand due to Announced: April 26, 2016 its use of premium, high-quality ingredients.

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

$280 600 12.0x 11.3x 2.00x $247.7 9.9x $240 9.7x 500

10.0x 9.2x ions Transact of Number 8.8x 8.3x 8.8x 1.60x Multiple Sales LTM EV/ $200 8.0x 8.0x 7.4x 400 1.20x $160 6.0x 300 $110.2 $120.7 $120 0.80x $67.2 200

EV / EV LTMM EBI TDA ultiple 4.0x $80 $55.7 0.40x

Aggregat e e Deal ($Value Aggregat inbillions) 100 2.0x $40 $24.0 $9.3 $12.6 $8.2 0.0x 0.00x $0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD YTD 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 5/10/2016 PALM Belgian Craft Brewers NV Bavaria N.V. 5/9/2016 Icicle Seafoods, Inc. Cooke Seafood USA Inc. 5/9/2016 Friendly's Ice Cream Dean Foods Company (NYSE:DF) 5/9/2016 Krispy Kreme Doughnuts (NYSE:KKD) JAB Holding 5/6/2016 L.O. Smith AB The Absolut Company AB 5/5/2016 Matt's Cookie Company City Capital Ventures, LLC 5/4/2016 Davidson Specialty Foods, Inc. C&S Wholesale Grocers, Inc. 5/2/2016 Cargill Dressing, Sauces & Oils N.A. Ventura Foods, LLC 4/30/2016 Bibendum PLB Group Limited Conviviality Brands Limited 4/29/2016 Boundless Nutrition, LLC Amplify Snack Brands, Inc. (NYSE:BETR)

PRIVATE EQUITY INVESTMENTS & EXITS

70 65 65 60 48 50 43 38 34 36 40 32 31 27 25 26 30 21 23 17 18 19 20 14 10

Number ofTransactionsNumber 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Number of Investments Number of Exits

* M&A transactions include European and cross-border deals since 2015. PAGE | 11 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

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 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 2009 2010 2011 2012 2013 2014 2015 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

6.0x L + 1000 2011 2012 2013 2014 2015

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

05/03/16 Coca-Cola European Partners Bottled and canned soft drinks EUR 2,300 Bridge Loan N/A N/A 05/03/16 Coca-Cola European Partners Bottled and canned soft drinks EUR 600 Term Loan N/A N/A 05/03/16 Coca-Cola European Partners Bottled and canned soft drinks EUR 1,500 Revolver/Line >= 1 Yr. N/A N/A 05/03/16 Coca-Cola European Partners Bottled and canned soft drinks EUR 400 Term Loan N/A N/A 05/03/16 Continental Bakeries International BV Bakery products EUR 200 Undisclosed N/A N/A 05/03/16 Agrawest Investments Limited Food preparations, nec EUR 39 Revolver/Line >= 1 Yr. N/A N/A 05/02/16 Fishin Company (The) Fresh or frozen prepared fish JPY 100 Revolver/Line >= 1 Yr. N/A 275 04/29/16 Kalle Nalo GmbH Sausages and prepared meats USD 250 Undisclosed N/A N/A 04/27/16 Riken Vitamin Co Ltd Food preparations, nec USD 28,200 Bridge Loan N/A N/A 04/25/16 PT Dua Putra Utama Makmur Fresh or frozen prepared fish USD 31 Term Loan N/A N/A 04/25/16 PT Dua Putra Utama Makmur Fresh or frozen prepared fish USD 14 Revolver/Line >= 1 Yr. N/A N/A 04/21/16 JD Heiskell Holdings Ltd Prepared feeds, nec USD 180 Revolver/Line >= 1 Yr. N/A N/A 04/19/16 Alltech Inc Prepared feeds, nec USD 300 Revolver/Line >= 1 Yr. N/A N/A 04/19/16 Alltech Inc Prepared feeds, nec USD 220 Term Loan A N/A N/A 04/19/16 Alltech Inc Prepared feeds, nec USD 380 Term Loan A N/A N/A

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

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 19 18 6 20 80 10 12.0x 141 10 60 5 118 M edian Trading MMTrading edian ult iple 7 4 7 7 9 13 8 92 94 5

Number of Transactions of Number 5 89 11.0x 6 82 40 10 7 70 58 53 52 52 57 49 48 46 47 20 42 39 43 10.0x 34 33

0 Jul-15 Jun-15 Apr-15 Apr-16 Jan-16 Feb-16 Sep-15 Oct-15 Mar-16 Nov-15 Aug-15 Dec-15

May-15

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

Q41 5

Q11 6 Q21 6 Food Products, Processing, and Ingredients Retail and Restaurants 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 5/10/2016 PALM Belgian Craft Brewers NV - Bavaria N.V. ---- P EU 5/9/2016 Icicle Seafoods, Inc. Paine & Partners, LLC Cooke Seafood USA Inc. ---- P N.A. 5/9/2016 Friendly's Ice Cream Sun Capital Partners, Inc. Dean Foods Company (NYSE:DF) $155.0 0.9x - - P N.A. 5/9/2016 Krispy Kreme Doughnuts (NYSE:KKD) - JAB Holding $1,297.5 2.5x 17.8x 22.8x N.A. 5/6/2016 L.O. Smith AB Cefour Wine & Beverage The Absolut Company AB $1.1 - - - EU 5/5/2016 Matt's Cookie Company - City Capital Ventures, LLC ---- P N.A. 5/4/2016 Davidson Specialty Foods, Inc. - C&S Wholesale Grocers, Inc. ---- N.A. 5/2/2016 Cargill Dressing, Sauces & Oils N.A. Cargill, Incorporated Ventura Foods, LLC ---- N.A. 4/30/2016 Bibendum PLB Group Limited - Conviviality Brands Limited $87.2 - - - EU 4/29/2016 Boundless Nutrition, LLC - Amplify Snack Brands, Inc. (NYSE:BETR) $30.8 - - - N.A. 4/29/2016 Kalle GmbH Silverfleet Capital Partners Clayton, Dubilier & Rice, Inc. ---- P Cross Border 4/29/2016 Give and Go Prepared Foods Corp. OMERS Private Equity Thomas H. Lee Partners, L.P. ---- P N.A. 4/29/2016 Unipeg Soc. Coop. Agricola - Inalca S.p.A. $98.5 0.2x - - EU 4/28/2016 Red Hot World Buffet Limited Risk Capital Partners Limited Framemill Limited ---- P EU 4/28/2016 Elizabeth Shaw Limited Imagine Capital AS Colian Holdings SA (WSE:COL) $3.4 - - - P EU 4/28/2016 Ohio Pet Foods, Inc. - BrightPet Nutrition Group, LLC ---- N.A. 4/27/2016 The BenRiach Distillery Company Limited - Brown-Forman Corporation $414.5 - - - Cross Border 4/27/2016 CONBIO s.r.l. - Granarolo S.p.A. ---- EU 4/26/2016 The Great Oregon Wine Co. - Integrated Beverage Group LLC ---- N.A. 4/26/2016 Diamond Crystal Brands, Inc. Hormel Foods Corporation Peak Rock Capital ---- P N.A. 4/26/2016 Continental Bakeries B.V. NPM Capital N.V. Goldman Sachs Group ---- P Cross Border 4/25/2016 barkTHINS Alliance Consumer Growth The Hershey Company (NYSE:HSY) ---- P N.A. 4/25/2016 Panrico, S.A.U Grupo Bimbo, S.A.B. de C.V. Adam Foods, S.L. ---- EU 4/22/2016 Stührk Delikatessen Import GmbH & Co. KG - Gottfried Friedrichs KG ---- EU 4/21/2016 Walter Rau Neusser Öl und Fett AG Peter Cremer Holding Bunge Deutschland GmbH ---- EU 4/20/2016 Pinnacle Restaurant Group, Inc. - Growler USA ---- N.A. 4/20/2016 Stryker Sonoma - Foley Family Wines, Inc. ---- N.A. 4/19/2016 SABMiller plc, European Business SABMiller plc (LSE:SAB) Asahi Group Holdings, Ltd. $2,901.2 - - - Cross Border 4/19/2016 Louis Dreyfus Citrus Inc., Frozen Juice Louis Dreyfus Citrus Inc. Peace River Citrus Products, Inc. ---- N.A. 4/18/2016 Ackermanns Haus Flüssiges Obst - Lausitzer Früchteverarbeitung Gmbh ---- EU 4/18/2016 Penner-Ash Wine Cellars, LLC - Jackson Family Wines, Inc. ---- N.A. 4/15/2016 Corner Creek Distillery Co. - Espiritus LLC ---- N.A. 4/14/2016 Bonds Confectionery Ltd - Innovative Bites Ltd. ---- EU 4/12/2016 Devils Backbone Brewing Company LLC - Anheuser-Busch Companies, LLC ---- N.A. 4/12/2016 Progressive Gourmet, Inc. - Monogram Food Solutions, LLC. ---- N.A. 4/11/2016 Crown Chicken Ltd - Cranswick plc (LSE:CWK) $57.0 0.5x 6.1x - EU 4/11/2016 Evans Food Group Ltd. - Wind Point Partners ---- P N.A. 4/11/2016 Pink Taco LLC - Z Capital Management LLC ---- P N.A. 4/6/2016 Huneeus Vintners, Certain Brands Huneeus Vintners LLC Constellation Brands Inc. (NYSE:STZ) $285.0 - - - N.A. 4/6/2016 Isbjorn Is AS - Food Union ---- EU

* M&A transactions include European and cross-border deals since 2015. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

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

4/6/2016 Kiennast GmbH - Julius Kiennast GmbH & Co. KG ---- EU 4/5/2016 Royal Biscuit Nordic A/S - Bisca A/S ---- EU 4/4/2016 DE.AL. s.r.l. - MARR SpA (BIT:MARR) $41.0 0.6x - - EU 4/4/2016 FAR Jamon Serrano, s.a. - Coopecarn Girona, S.L.U. ---- EU 4/3/2016 Barries Ices Ltd - Brymor Limited ---- EU 4/1/2016 La Donatella SRL - Forno d'Asolo S.p.A ---- EU 4/1/2016 The Kobos Company - Groundwork Coffee Company, Inc. ---- N.A. 4/1/2016 Highline Produce Limited - Fyffes plc (ISE:FQ3) $110.9 - 8.1x - Cross Border 3/31/2016 Groupe St-Hubert Inc. - Cara Operations Limited (TSX:CAO) $414.1 0.9x 12.0x - N.A. 3/31/2016 Nor-Cal Produce - United Natural Foods, Inc. $68.6 0.5x - - N.A. 3/30/2016 Sterling Foods, LLC - Cotton Creek Capital ---- P N.A. 3/29/2016 DIS B.V. Sligro Food Group Nederland B.V. Refresco Gerber N.V. $80.6 0.8x 7.5x - EU 3/29/2016 Bowood Farms Limited - Yorkshire Halal Meat Supplies Ltd. $2.9 - - - EU 3/29/2016 Noga Dairy Inc. - Raymundo's Food Group, LLC. ---- N.A. 3/28/2016 Greenfruit Avocados, LLC - Frutival S.A. de C.V. ---- Cross Border 3/24/2016 Edsung, Inc. - Hawaiian Housewares, Ltd. ---- N.A. 3/23/2016 Papillon Agricultural Company, Inc. - MIN-AD Inc $5.6 - - - N.A. 3/22/2016 Bellacino's Pizza & Grinders - Healthy & Tasty Brands Corporation ---- N.A. 3/22/2016 VEEV Spirits, L.L.C. - Luxco, Inc. ---- N.A. 3/22/2016 Emballages C & C Packing Inc. - Premium Brands Holdings $113.9 0.6x - - N.A. 3/22/2016 Littletown Farm Limited - Central Supplies (Brierley Hill) Ltd ---- EU 3/21/2016 That's How We Roll LLC - Better For You Holdings ---- N.A. 3/21/2016 Smith & Wollensky Restaurant Group Bunker Hill Capital Danu Investment Partners Limited ---- P Cross Border 3/21/2016 Nature's Choice Produce, Inc. - H.C. Schmieding Produce ---- N.A. 3/18/2016 MPM Products Limited - ECI Partners LLP ---- P EU 3/17/2016 Gelmer SAS Asarmona Holdings Limited Greenland Seafood Wilhelmshaven ---- EU 3/16/2016 SpoonRocket, Inc. Foundation Capital iFood.com Agência de Restaurantes ---- P Cross Border 3/14/2016 Cigar City Brewing, LLC - Fireman Capital Partners ---- P N.A. 3/14/2016 The Fresh Market, Inc. - Apollo Global Management, LLC $1,335.0 0.7x 6.9x - P N.A. 3/10/2016 Grass Run Farm, Meat Snacks Division Grass Run Farm, Inc. Link Snacks, Inc. ---- N.A. 3/9/2016 NOVA FOODS s.r.l. - Affinity Petcare S.A. ---- EU 3/7/2016 Distribuciones Juan Luna, S.L. - Nazca Capital, SGEIC, S.A. ---- P EU 3/7/2016 Chocolate Pizazz, LLC - Michael's Cookie Jar, LLC ---- N.A. 3/4/2016 Stokes and Moncrieff - Karma Group ---- Cross Border 3/4/2016 CulinArt Inc. - Compass Group USA, Inc. ---- N.A. 3/4/2016 Caterfood Holdings Limited - Bidvest Foodservice ---- EU 3/3/2016 Fat Frog Sauces - Sauceworks Ltd. ---- EU 3/2/2016 South Coast Baking, LLC - Le Petit Pain Holdings, LLC ---- N.A. 3/1/2016 Comfort Foods, Inc. - DTS8 Coffee Company, Ltd. $4.7 - - - Cross Border 3/1/2016 Jim Peet (Agriculture) Ltd. - NWF Group plc (AIM:NWF) ---- EU 3/1/2016 Liberty USA Inc - Eby-Brown Company, LLC ---- N.A. 3/1/2016 The Waverley Bakery Limited - Idun Industri AS $7.3 0.9x 7.4x - EU 3/1/2016 Simpson Ready Foods, Certain Brands Simpson Ready Foods Malton Foods Limited ---- EU 2/29/2016 Nordic Service Partners Holding AB European Digital Partners LGT Capital Partners AG $54.6 0.5x 7.4x 26.5x P EU 2/29/2016 Haddon House Food Products, Inc. - United Natural Foods, Inc. $218.0 0.4x - - N.A. 2/26/2016 Cara Donna Provision Co., Inc. - US Foods, Inc. ---- N.A. 2/26/2016 PERE OLIVE SA/NV and King Cuisine B.V. Maison Menissez SAS Labeyrie Fine Foods SAS ---- EU 2/25/2016 North Star Seafood, LLC Trivest Partners, L.P. Sysco Corporation (NYSE:SYY) ---- P N.A. 2/25/2016 Vegafish AB - Wallenius Water AB ---- EU 2/25/2016 Grandma Lu's Spice Cabinet, LLC - Snack It Forward, LLC ---- N.A. 2/23/2016 Chef Creations, Inc. - Kettle Cuisine, Inc. ---- N.A. 2/23/2016 American Fruits And Flavors - Monster Beverage Corp. $690.0 - - 7.5x N.A. 2/23/2016 HZPC Sadokas Oy - HZPC Holland B.V. ---- EU 2/22/2016 Sugar Americane Refining LLC - Michigan Sugar Company, Inc. ---- N.A. 2/22/2016 Premier Fish Limited - Owner Venture Managers Ltd. ---- P EU 2/19/2016 Brake Bros Limited Bain Capital Private Equity Sysco Corporation (NYSE:SYY) $3,100.0 - - - P Cross Border 2/19/2016 Fuerst Day Lawson Holdings Limited - Highlander Partners, L.P. ---- P Cross Border 2/19/2016 Van Heinde 's-Hertogenbosch B.V. - Sligro Food Group NV ---- EU 2/19/2016 Goose Island Brewpub - Fulton Street Brewery, LLC ---- N.A. 2/19/2016 Apetito France SA apetito AG Newrest Group International S.A.S ---- EU 2/18/2016 Monterrey Provision Co., Inc. - KeHE Distributors, LLC ---- N.A. 2/17/2016 Europa Sports Products, Inc. - Lone Star Distribution, Inc. ---- N.A. 2/17/2016 Diana Fruit Co., Inc. - Gray & Company, Inc. ---- N.A. 2/17/2016 Tivoli Malz GmbH HEMERA Anglia Maltings (Holdings) Ltd. ---- EU 2/16/2016 Pacific Paradise Foods, Inc. - Asrapport Dining Co., Ltd. $5.0 - - - Cross Border

* M&A transactions include European and cross-border deals since 2015. PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5 May 2016 Date Company 5/20/2016 Campbell Soup Company (NYSE:CPB) 5/22/2016 Strauss Group Ltd. (TASE:STRS) 5/23/2016 Tata Global Beverages Limited (BSE:500800) 5/25/2016 Tate & Lyle plc (LSE:TATE) 5/25/2016 Costco Wholesale Corporation (NasdaqGS:COST) 5/31/2016 Koninklijke Ahold N.V. (ENXTAM:AH)

June 2016 Date Company 6/7/2016 Greenyard Foods NV (ENXTBR:GRYFO) 6/9/2016 The J. M. Smucker Company (NYSE:SJM) 6/16/2016 The Kroger Co. (NYSE:KR) 6/22/2016 ConAgra Foods, Inc. (NYSE:CAG) 6/22/2016 Tesco PLC (LSE:TSCO)

July 2016 Date Company 7/6/2016 Suedzucker AG (DB:SZU) 7/14/2016 Cloetta AB (publ) (OM:CLA B) 7/16/2016 Hilton Food Group plc (LSE:HFG) 7/20/2016 Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) 7/20/2016 Ruby Tuesday, Inc. (NYSE:RT) 7/21/2016 Domino's Pizza, Inc. (NYSE:DPZ) 7/21/2016 Starbucks Corporation (NasdaqGS:SBUX) 7/21/2016 Chocoladefabriken Lindt & Sprüngli AG (SWX:LISN) 7/25/2016 Panera Bread Company (NasdaqGS:PNRA) 7/26/2016 Koninklijke Wessanen N.V. (ENXTAM:WES) 7/26/2016 Buffalo Wild Wings Inc. (NasdaqGS:BWLD) 7/26/2016 The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 7/27/2016 Danone (ENXTPA:BN) 7/27/2016 Diageo plc (LSE:DGE) 7/28/2016 Anheuser-Busch InBev SA/NV (ENXTBR:ABI) 7/28/2016 Frosta AG (DB:NLM) 7/28/2016 Parmalat SpA (BIT:PLT) 7/28/2016 Tokyo Ichiban Foods Co., Ltd. (TSE:3067) 7/31/2016 Heineken Holding NV (ENXTAM:HEIO)

August 2016 Date Company 8/1/2016 Archer-Daniels-Midland Company (NYSE:ADM)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ MAY 2016

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HARRIS WILLIAMS & CO.

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