HW&Co. Industry Reader Template

FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW M&A activity within the food & beverage industry continued its momentum into . M&A MARKET OVERVIEW the fourth quarter. With over 220 transactions reported year to date in North . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY America, the industry continues on pace with levels seen in 2014. HW&Co. . PUBLIC COMPARABLES expects this level of activity to continue through the end of the year and into . EARNINGS CALENDAR 2016 fueled in part by the desire of strategic buyers to reposition their business, accelerate growth, add new product categories, and realize cost synergies. GROUP OVERVIEW Recently announced transactions that reflected this trend include AB inBev’s Harris Williams & Co. is a leading advisor to the food and $117.4 billion acquisition of SABMiller, Treehouse Foods’ purchase of ConAgra’s beverage market. Our significant experience covers a broad range private label business for $2.7 billion, and Snyder’s-Lance’s acquisition of of end markets, industries, and Diamond Foods for $1.9 billion. business models. This particular report focuses on trends and metrics in the following areas: . Agribusiness WHAT WE’VE BEEN DOING . Baked and Prepared Goods . Beverages . Branded and Private Label CLOSED HW&CO. TRANSACTIONS . Dairy . Distribution . Ingredients . Meat and Protein . Natural and Organic a portfolio company of a portfolio company of . Processing . Produce has been acquired by has been acquired by . has been acquired by Restaurant and Retail has been acquired by . Snacks A Private Investor Group CONTACTS Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702 Tim Alexander Managing Director a portfolio company of a portfolio company of has divested selected assets [email protected] to +1 (612) 359-2716 has acquired Ryan Budlong and has been acquired by Director has been acquired by [email protected] +1 (415) 217-3409 Brant Cash Director [email protected] +1 (612) 359-2709 Ryan Freeman Vice President [email protected] a portfolio company of a portfolio company of a portfolio company of +1 (612) 359-2703 Andy Warczak has been acquired by Vice President has been acquired by has been acquired by has been acquired by [email protected] +1 (612) 359-2714 and

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PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015

WHAT WE’RE READING

U.S. MILLENNIALS TWICE AS LIKELY AS NON- MILLENNIALS TO DISTRUST LARGE FOOD MANUFACTURERS

According to a report from Mintel, 43% of U.S. Millennials stated that they do not trust large food companies, as compared to only 18% of non-Millennials. Both Millennials and non-Millennials, at 74% and 69%, respectively, would like further insight into the manufacturing process. The data confirms a shift toward transparency and sustainability, with 59% of Millennials saying that they would stop purchasing a brand’s products if they are viewed as unethical.

Access to the full article here.

WORLD FOOD PRICES RISE FOR FIRST TIME IN 18 MONTHS

Data published by the United Nations’ Food and Agriculture Organization (“FAO”) shows that world food prices rose in September for the first time in nearly 18 months. Though the increase was less than 1.0%, it is a notable change from the 5.2% decrease seen in August, which represented the largest monthly decline in seven years. Largely-stagnant commodity prices, combined with overproduction and reduced demand, had driven the FAO index to a six-year low.

Access to the full article here.

KRAFT HEINZ TO CLOSE SEVEN PLANTS, CUT 2,600 JOBS

Kraft Heinz recently announced that pursuant to its cost synergy initiatives, it will close seven manufacturing facilities and lay off 2,600 North American employees, representing nearly 6% of its workforce. Production will be shifted into other existing North American facilities over the next two years. Expense trimming at Kraft Heinz and Anheuser Busch InBev, driven by private equity firm 3G Capital, is putting pressure on publicly-traded food companies to increase profitability through cost cutting. Access to the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES1

140 Soybeans: 120 (27.5%) 100 Corn: (39.6%) 80 Wheat: (43.3%) 60 Crude Oil: Commodity Price Index 40 (53.7%) Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Corn So ybeans Wheat Crude Oil

PROTEIN PRICE INDICES2,3

150 Beef: 140 32.4% 130 Pork: 5.8% 120 Poultry: 110 0.4% 100 Protein Price Index 90 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140

Restaurant: 120 23.7% Grocery: 100 Sales Index 9.0%

80 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15

Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

5.5

4.0

2.5

Inflation (%) 1.0

(0.5) Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-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 (1.3%) (11.4%) 1.2% (28.7%) 11.5x 13.0x 5.4x 2.6x Fruit and Vegetable 2.3% 18.3% 4.2% (1.6%) 16.2x 20.5x 11.1x 1.0x Ingredients / Flav ors (1.8%) 12.7% (1.7%) 14.1% 20.2x 26.5x 14.8x 1.8x Inputs Agribusiness (10.6%) (19.3%) (10.8%) (19.5%) 12.5x 14.2x 8.1x 1.8x Branded Processed Foods 0.1% 10.2% 2.5% 14.0% 21.3x 30.9x 14.5x 2.6x Private Label Foods and Beverages (9.6%) 5.7% (3.9%) (7.6%) 33.0x 35.2x 12.3x 5.5x Natural / Organic Foods / BFY (20.4%) (4.5%) (16.8%) (12.1%) 25.7x 54.8x 18.1x 3.7x Baked Goods 3.1% 3.1% 11.2% 21.6% 24.8x 32.6x 14.2x 3.1x Dairy (0.4%) (1.6%) (3.9%) (3.3%) 20.1x 24.7x 10.5x 1.9x Non-Alcoholic Beverages (0.2%) 5.3% 1.0% 8.4% 20.5x 23.7x 13.1x 1.8x Alcoholic Beverages (0.5%) 8.3% (2.2%) 7.6% 21.7x 24.2x 14.1x 2.8x Food Beverage and Snacks 5.7% 13.9% 0.7% 6.2% 25.2x 30.9x 13.6x 2.2x Grocery Distribution (2.7%) (4.3%) (3.0%) (18.1%) 18.9x 18.6x 8.5x 2.0x Food Retail (1.6%) (4.3%) (2.7%) 3.7% 18.4x 20.3x 7.5x 2.0x Foodservice 9.6% 6.1% 6.8% (1.1%) 20.8x 31.2x 10.7x 6.5x Quick Service Restaurant (13.9%) 10.1% (12.6%) (7.1%) 21.9x 28.4x 12.5x 2.5x Fast Casual (18.3%) (17.8%) (13.2%) (34.6%) 38.7x 37.3x 10.8x 0.7x Differentiated Casual (16.8%) (3.2%) (12.1%) (6.4%) 29.4x 39.1x 11.0x 2.0x Casual Dining Restaurant (20.3%) (11.5%) (12.9%) (20.7%) 19.9x 29.1x 7.8x 2.1x Fine Dining (10.5%) (4.1%) (11.8%) (19.9%) 16.4x 19.1x 9.9x 2.8x

Consumer and Retail Pizza (20.3%) 14.6% (13.5%) (1.8%) 27.4x 39.7x 14.6x 3.7x Beverage / Snack Retail (2.6%) 1.4% (8.9%) (12.6%) 33.3x 31.3x 18.8x 2.9x Family Restaurant (11.0%) 5.2% (14.6%) (7.9%) 24.1x 23.6x 10.8x 2.4x Overall Median (4.2%) 3.1% (4.5%) 0.8% 21.3x 26.9x 11.7x 2.3x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015

PUBLIC EQUITY MARKET OVERVIEW

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

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

(30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0% 60.0% 75.0% 90.0% Inputs Food and Beverage Consumer and Retail

RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds 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 08/07/15 06/26/15 Captiva Verde Industries Ltd VEG Follow-On $2.5 General Corp. Purp.

08/04/15 06/26/15 Amplify Snack Brands Inc BETR IPO $270.0 Liquidity for Private Owners

07/09/15 07/09/15 The JM Smucker Co SJM Follow-On $533.8 Secondary

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 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 11/9/15 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 $51.55 97.5% $40,737 $1,675 $437 $41,975 $20,062 $2,399 (9.2%) 2.9% 24.0% 12.0% 46.8x 2.09x 17.5x 2.05x 17.8x B&G Foods Inc. BGS 36.17 95.7% 2,097 984 99 2,983 858 184 8.0% 13.4% 29.6% 21.5% 44.6x 3.48x 16.2x 2.54x 11.7x Campbell Soup Company CPB 48.67 92.9% 15,071 4,103 253 18,921 8,082 1,528 (2.2%) 4.0% 34.7% 18.9% 23.2x 2.34x 12.4x 2.33x 11.9x ConAgra Foods, Inc. CAG 41.32 90.8% 17,888 7,870 114 25,644 15,863 2,205 6.5% 5.4% 21.8% 13.9% NM 1.62x 11.6x 2.15x 13.3x General Mills, Inc. GIS 56.43 94.3% 33,728 9,434 451 42,711 17,570 3,446 (1.3%) 1.4% 35.1% 19.6% 26.8x 2.43x 12.4x 2.50x 12.5x Hormel Foods Corporation HRL 66.59 100.0% 17,614 600 349 17,865 9,407 1,177 3.4% 4.8% 18.6% 12.5% 26.4x 1.90x 15.2x 1.85x 14.2x Kellogg Company K 67.47 96.4% 23,911 7,507 294 31,124 14,207 1,641 (3.0%) 2.4% 34.2% 11.6% 65.9x 2.19x 19.0x 2.27x 12.3x McCormick & Company, Incorporated MKC 83.55 97.9% 10,696 1,492 112 12,077 4,268 687 0.7% 2.4% 40.4% 16.1% 26.9x 2.83x 17.6x 2.73x 15.8x Nestlé S.A. NESN 74.72 93.3% 238,286 24,371 5,052 257,604 97,991 18,659 (3.6%) 2.7% 49.0% 19.0% 16.5x 2.63x 13.8x 2.67x 14.1x Post Holdings, Inc. POST 61.98 87.0% 3,762 4,610 274 8,098 4,382 599 NM 66.5% 25.0% 13.7% NM 1.85x 13.5x 1.54x 10.4x The Hershey Company HSY 85.12 76.4% 18,453 2,414 402 20,465 7,488 1,664 3.1% 5.7% 45.2% 22.2% 37.6x 2.73x 12.3x 2.67x 11.5x The J. M. Smucker Company SJM 114.91 95.2% 13,751 5,997 134 19,614 6,321 1,288 13.2% 3.5% 36.0% 20.4% 35.0x 3.10x 15.2x 2.46x 11.5x Mean 1.4% 9.6% 32.8% 16.8% 35.0x 2.43x 14.7x 2.31x 13.1x Median 0.7% 3.8% 34.4% 17.5% 30.9x 2.39x 14.5x 2.39x 12.4x Private Label Foods and Beverages Cott Corporation TSX:BCB $9.58 79.3% $1,050 $1,752 $79 $2,723 $2,568 $264 25.3% 3.6% 22.7% 10.3% 64.4x 1.06x 10.3x 0.90x 7.4x Seneca Foods Corp. SENE.A 27.56 87.1% 281 238 8 511 1,273 41 (5.6%) 1.1% 6.8% 3.3% 23.1x 0.40x 12.3x NA NA Treehouse Foods, Inc. THS 84.70 91.2% 3,650 1,346 54 4,942 3,242 369 31.0% 15.3% 20.1% 11.4% 35.2x 1.52x 13.4x 1.49x 12.4x Mean 16.9% 6.7% 16.6% 8.3% 40.9x 1.00x 12.0x 1.20x 9.9x Median 25.3% 3.6% 20.1% 10.3% 35.2x 1.06x 12.3x 1.20x 9.9x Natural / Organic Foods / Better-For-You Amplify Snack Brands, Inc. BETR $12.89 74.9% $967 $216 $13 $1,170 $163 $53 NA NA 56.0% 32.7% NM 7.19x 22.0x 5.70x 15.4x Boulder Brands, Inc. BDBD 9.13 70.9% 564 299 31 831 509 46 2.2% 17.9% 36.5% 9.0% NM 1.63x 18.1x 1.58x 11.4x SunOpta Inc. TSX:SOY 5.79 46.2% 494 158 4 648 1,203 56 0.6% 4.9% 10.9% 4.6% 104.8x 0.54x 11.6x 0.47x 7.4x The Hain Celestial Group, Inc. HAIN 46.76 66.2% 4,860 844 167 5,537 2,689 314 24.8% 24.9% 23.0% 11.7% 33.4x 2.06x 17.6x 1.83x 13.0x The WhiteWave Foods Company WWAV 43.38 82.9% 7,644 1,582 27 9,198 3,603 415 20.7% 18.6% 34.1% 11.5% 54.8x 2.55x 22.1x 2.25x 16.8x Mean 12.1% 16.6% 32.1% 13.9% 64.3x 2.79x 18.3x 2.37x 12.8x Median 11.4% 18.3% 34.1% 11.5% 54.8x 2.06x 18.1x 1.83x 13.0x Baked Goods ARYZTA AG SWX:ARYN $46.30 53.9% $4,110 $2,266 $350 $6,026 $4,221 $385 (34.9%) (7.7%) 18.4% 9.1% NM 1.43x 15.7x 1.33x 8.0x Flowers Foods, Inc. FLO 26.57 100.0% 5,585 693 47 6,231 3,757 440 0.7% 8.9% 48.4% 11.7% 29.9x 1.66x 14.2x 1.59x 12.7x George Weston Limited WN 81.78 92.6% 10,469 11,088 2,206 19,351 38,228 2,513 13.8% 6.3% 26.6% 6.6% 35.4x 0.51x 7.7x 0.53x 6.1x Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.78 100.0% 13,061 4,244 209 17,096 12,972 1,480 (5.4%) 3.3% 53.0% 11.4% 50.4x 1.32x 11.6x 1.27x 11.5x Lancaster Colony Corporation LANC 110.29 100.0% 3,018 0 182 2,836 1,105 176 6.1% 3.8% 23.3% 15.9% 27.3x 2.57x 16.1x 2.41x 14.9x Mean (3.9%) 2.9% 33.9% 10.9% 35.7x 1.50x 13.0x 1.42x 10.6x Median 0.7% 3.8% 26.6% 11.4% 32.6x 1.43x 14.2x 1.33x 11.5x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015 PUBLIC COMPARABLES5

Dairy Danone BN $68.37 88.8% $41,910 $13,529 $4,179 $51,260 $24,583 $3,969 (13.3%) (1.1%) 49.0% 16.1% 37.6x 2.09x 12.9x 1.97x 11.8x Dean Foods Company DF 19.25 97.5% 1,818 839 106 2,551 8,834 314 (4.3%) (3.6%) 20.7% 3.6% NM 0.29x 8.1x 0.31x 6.7x Emmi AG SWX:EMMN 435.29 93.5% 2,329 609 308 2,630 3,569 317 (5.7%) 7.1% 33.8% 8.9% 20.6x 0.74x 8.3x 0.77x 8.4x Glanbia plc GL9 18.69 83.9% 5,520 745 105 6,160 2,970 295 (10.4%) 7.2% 29.6% 9.9% 30.1x 2.07x 20.9x 1.87x 16.6x Lifeway Foods Inc. LWAY 11.23 50.2% 183 8 9 182 120 7 10.1% 17.2% 27.1% 5.5% NM 1.52x 27.7x 1.21x 8.3x Parmalat SpA BIT:PLT 2.56 88.8% 4,706 386 1,200 3,892 6,588 466 (10.8%) 3.9% 18.5% 7.1% 28.7x 0.59x 8.3x 0.53x 7.1x Saputo Inc. TSX:SAP 23.66 97.0% 9,280 1,498 141 10,637 8,497 843 (6.4%) 7.4% 9.9% 9.9% 20.7x 1.25x 12.6x 1.25x 12.0x Savencia SA ENXTPA:SAVE 62.16 84.3% 872 980 507 1,345 5,072 299 (17.2%) (0.6%) 33.4% 5.9% 15.5x 0.27x 4.5x 0.26x 4.1x Mean (7.3%) 4.7% 27.7% 8.4% 25.5x 1.10x 12.9x 1.02x 9.4x Median (8.4%) 5.5% 28.3% 8.0% 24.7x 0.99x 10.5x 0.99x 8.4x Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $8.01 74.8% $925 $47 $16 $956 $397 $75 (10.5%) 4.6% 48.2% 18.9% 19.8x 2.41x 12.8x 2.39x 12.4x Cott Corporation BCB 9.58 79.3% 1,050 1,752 79 2,723 2,568 264 25.3% 3.6% 22.7% 10.3% NM 1.06x 10.3x 0.90x 7.4x Dr Pepper Snapple Group, Inc. DPS 85.90 100.0% 16,226 2,607 150 18,683 6,198 1,422 2.7% 1.2% 58.9% 22.9% 22.8x 3.01x 13.1x 2.97x 12.1x Keurig Green Mountain, Inc. GMCR 52.38 33.0% 8,070 415 80 8,404 4,679 1,115 2.6% 8.9% 36.8% 23.8% 17.0x 1.80x 7.5x 1.84x 8.1x Lassonde Industries Inc. LAS.A 118.14 96.1% 826 301 0 1,126 1,091 117 10.1% 4.7% 28.1% 10.7% 22.6x 1.03x 9.7x NA NA Monster Beverage Corporation MNST 149.05 95.6% 30,216 0 2,931 27,285 2,562 852 8.8% 9.9% 56.1% 33.3% 50.5x 10.65x 32.0x 9.10x 25.6x National Beverage Corp. FIZZ 37.29 100.0% 1,731 5 66 1,669 657 89 2.0% 0.7% 33.8% 13.6% 31.2x 2.54x 18.7x NA NA Pepsico, Inc. PEP 98.88 98.1% 144,053 32,191 10,679 165,565 64,419 12,097 (3.6%) (0.7%) 54.4% 18.8% 29.5x 2.57x 13.7x 2.63x 12.9x The Coca-Cola Company KO 41.54 92.3% 180,657 44,553 20,953 204,257 45,715 12,700 (1.1%) (1.3%) 61.0% 27.8% 24.6x 4.47x 16.1x 4.54x 16.3x Mean 4.0% 3.5% 44.5% 20.0% 27.3x 3.28x 14.9x 3.48x 13.5x Median 2.6% 3.6% 48.2% 18.9% 23.7x 2.54x 13.1x 2.63x 12.4x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $119.53 87.9% $191,935 $51,504 $6,784 $236,655 $45,762 $17,597 (1.0%) 5.2% 60.2% 38.5% 18.9x 5.17x 13.4x 5.18x 13.2x Brown-Forman Corporation BF.B 103.84 93.5% 22,336 1,492 494 23,334 3,128 1,097 3.9% 4.4% 69.7% 35.1% 32.4x 7.46x 21.3x 5.53x 20.2x Carlsberg A/S CPSE:CARL B 79.57 80.0% 12,244 6,106 422 17,928 9,684 1,871 (18.4%) (4.1%) 49.1% 19.3% 21.6x 1.85x 9.6x 1.78x 8.6x Constellation Brands Inc. STZ 132.27 96.1% 25,990 7,441 333 33,099 6,263 1,953 6.8% 33.0% 44.9% 31.2% 28.3x 5.29x 16.9x 4.96x 15.3x Diageo plc DGE 28.21 89.7% 70,958 15,883 742 86,099 17,004 5,284 (3.1%) 1.7% 57.6% 31.1% 19.4x 5.06x 16.3x 5.24x 15.9x Heineken NV ENXTAM:HEIA 88.52 100.0% 50,865 13,029 946 62,948 22,599 4,797 (13.7%) 4.3% 38.8% 21.2% 20.8x 2.79x 13.1x 2.69x 11.4x Kirin Holdings Company, Limited TSE:2503 13.63 85.6% 12,437 6,429 227 18,639 18,370 2,163 (16.0%) 7.3% 43.3% 11.8% 29.3x 1.01x 8.6x 1.01x 8.5x Pernod-Ricard SA RI 114.30 85.4% 30,207 10,593 607 40,193 9,533 2,710 (12.4%) (4.0%) 61.9% 28.4% 29.9x 4.22x 14.8x 4.01x 13.8x SABMiller plc LSE:SAB 59.96 100.0% 96,554 12,550 1,027 108,077 16,534 5,435 (1.0%) (0.2%) 70.3% 32.9% 26.8x 6.54x 19.9x 7.13x 18.1x Sapporo Holdings Ltd. TSE:2501 4.07 88.7% 1,586 2,023 88 3,522 4,362 337 (14.8%) 2.8% 34.2% 7.7% 14.8x 0.81x 10.4x 0.78x 9.8x Mean (7.0%) 5.0% 53.0% 25.7% 24.2x 4.02x 14.4x 3.83x 13.5x Median (7.7%) 3.5% 53.3% 29.8% 24.2x 4.64x 14.1x 4.49x 13.5x Snacks Diamond Foods, Inc. DMND $40.78 100.0% $1,286 $650 $13 $1,924 $864 $108 (0.1%) (4.2%) 26.4% 12.5% 30.9x 2.23x 17.9x 2.20x 14.3x Golden Enterprises Inc. GLDC 4.75 100.0% 54 8 1 60 131 7 (2.6%) (1.5%) 50.0% 5.7% 24.5x 0.46x 8.1x NA NA Inventure Foods, Inc. SNAK 6.70 47.5% 131 92 1 223 290 19 14.9% 17.9% 16.8% 6.6% NM 0.77x 11.6x 0.72x 10.1x J&J Snack Foods Corp. JJSF 113.83 93.4% 2,126 2 127 2,001 970 149 7.3% 6.3% 31.0% 15.3% 31.3x 2.06x 13.4x 1.97x 12.6x John B Sanfilippo & Son Inc. JBSS 61.21 100.0% 682 98 2 778 887 65 14.0% 8.2% 14.9% 7.3% 19.8x 0.88x 11.9x 0.83x NA Mondelez International, Inc. MDLZ 44.39 91.4% 70,543 19,378 2,028 87,893 32,590 5,070 (7.0%) 7.1% 37.7% 15.6% 35.5x 2.70x 17.3x 3.05x 16.7x Pepsico, Inc. PEP 98.88 98.1% 144,053 32,191 10,679 165,565 64,419 12,097 (3.6%) (0.7%) 54.4% 18.8% 29.5x 2.57x 13.7x 2.63x 12.9x Snyder's-Lance, Inc. LNCE 36.75 100.0% 2,603 443 43 3,004 1,682 186 9.2% 1.1% 35.2% 11.0% 37.3x 1.79x 16.2x 1.72x 14.0x Mean 4.0% 4.3% 33.3% 11.6% 29.8x 1.68x 13.8x 1.88x 13.4x Median 3.6% 3.7% 33.1% 11.7% 30.9x 1.92x 13.6x 1.97x 13.4x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015 PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $57.26 94.3% $2,777 $43 $356 $2,464 $1,829 $457 23.7% 17.0% 31.6% 25.0% 9.8x 1.35x 5.4x 1.06x 2.9x JBS S.A. BOVESPA:JBSS3 3.67 78.3% 10,493 15,670 4,472 21,690 44,312 4,013 (8.5%) 10.3% 15.7% 9.1% 13.6x 0.49x 5.4x 0.41x 4.7x Sanderson Farms, Inc. SAFM 70.35 73.5% 1,577 10 181 1,406 2,885 507 5.2% 7.9% 20.4% 17.6% 5.6x 0.49x 2.8x 0.48x 4.1x Seaboard Corp. SEB 3,230.00 69.6% 3,782 109 708 3,183 6,179 376 (6.1%) 1.8% 8.9% 6.1% 13.0x 0.52x 8.5x NA NA Tyson Foods, Inc. TSN 45.05 96.3% 18,296 7,234 473 25,057 40,972 2,769 12.7% 7.3% 9.1% 6.8% 17.3x 0.61x 9.0x 0.62x 7.8x Mean 5.4% 8.9% 17.1% 12.9% 11.8x 0.69x 6.2x 0.64x 4.9x Median 5.2% 7.9% 15.7% 9.1% 13.0x 0.52x 5.4x 0.55x 4.4x Fruit and Vegetable Calavo Growers Inc. CVGW $52.61 84.7% $915 $40 $6 $949 $850 $54 10.0% 15.1% 10.1% 6.4% 38.8x 1.12x 17.5x 1.01x 15.2x Fresh Del Monte Produce Inc. FDP 44.29 100.0% 2,314 209 34 2,489 3,956 252 2.6% 4.9% 8.9% 6.4% 18.0x 0.63x 9.9x 0.62x 9.7x Seneca Foods Corp. SENE.A 27.56 87.1% 281 238 8 511 1,273 41 (5.6%) 1.1% 6.8% 3.3% 23.1x 0.40x 12.3x NA NA Total Produce plc ISE:T7O 1.54 100.0% 466 204 110 560 3,091 68 (12.7%) 2.2% 13.9% 2.2% 14.9x 0.18x 8.2x 0.17x 7.7x Mean (1.4%) 5.8% 9.9% 4.6% 23.7x 0.58x 12.0x 0.60x 10.9x Median (1.5%) 3.5% 9.5% 4.8% 20.5x 0.52x 11.1x 0.62x 9.7x Ingredients / Flavors Givaudan SA SWX:GIVN $1,792.12 88.4% $16,509 $1,352 $307 $17,554 $4,696 $980 (3.9%) 3.3% 46.0% 20.9% 26.5x 3.74x 17.9x 3.81x 15.8x Ingredion Incorporated INGR $96.69 100.0% 6,918 2,212 677 8,453 5,607 849 (5.8%) (4.2%) 21.0% 15.1% 17.9x 1.51x 10.0x 1.44x 9.3x International Flavors & Fragrances Inc. IFF 114.11 92.7% 9,196 998 379 9,814 3,072 664 1.5% 3.3% 44.4% 21.6% 20.7x 3.19x 14.8x 3.12x 13.5x Kerry Group plc ISE:KRZ 76.88 94.1% 13,521 1,786 198 15,109 6,562 839 (17.1%) (2.4%) 45.8% 12.8% 22.5x 2.30x 18.0x 2.19x 15.9x Sensient Technologies Corporation SXT 64.73 91.8% 2,927 574 22 3,479 1,400 264 (4.2%) (0.9%) 33.8% 18.8% 28.7x 2.49x 13.2x 2.49x 12.6x Sym rise AG XTRA:SY1 64.71 88.3% 8,401 1,655 216 9,840 2,795 590 11.1% 10.3% 42.4% 21.1% 34.0x 3.52x 16.7x 3.22x 14.4x Tate & Lyle plc TATE 9.32 89.1% 4,345 1,141 400 5,086 3,500 410 (31.2%) (8.4%) 38.6% 11.7% 89.4x 1.45x 12.4x 1.31x 10.2x Mean (7.1%) 0.1% 38.8% 17.4% 34.3x 2.60x 14.7x 2.51x 13.1x Median (4.2%) (0.9%) 42.4% 18.8% 26.5x 2.49x 14.8x 2.49x 13.5x Agribusiness Archer-Daniels-Midland Company ADM $41.52 77.0% $24,777 $6,923 $1,176 $30,524 $73,703 $3,785 (16.0%) (6.1%) 6.8% 5.1% 12.5x 0.41x 8.1x 0.40x 8.2x Bunge Limited BG 71.61 76.9% 10,201 4,846 792 14,255 48,495 1,770 (20.9%) (5.1%) 5.7% 3.6% 22.1x 0.29x 8.1x 0.29x 6.7x CF Industries Holdings, Inc. CF 48.17 68.5% 11,227 4,593 810 15,010 4,403 2,053 (12.4%) (11.7%) 42.0% 46.6% 13.0x 3.41x 7.3x 3.13x 6.3x Darling Ingredients Inc. DAR 10.17 52.4% 1,680 2,045 126 3,599 3,713 441 27.6% 29.5% 21.6% 11.9% 21.7x 0.97x 8.2x 1.04x 7.8x Monsanto Company MON 94.27 74.8% 41,463 9,044 3,636 46,871 15,001 4,732 (5.4%) 3.6% 55.2% 31.5% 18.9x 3.12x 9.9x 3.22x 10.7x The Andersons, Inc. ANDE 36.05 56.1% 1,000 586 41 1,545 4,383 129 (13.7%) (2.2%) 8.9% 3.0% 14.2x 0.35x 11.9x 0.35x 7.4x The Mosaic Company MOS 32.64 60.6% 11,506 3,846 2,210 13,142 9,256 2,404 20.7% (6.0%) 22.0% 26.0% 10.0x 1.42x 5.5x 1.38x 5.6x Mean (2.9%) 0.3% 23.2% 18.2% 16.1x 1.43x 8.4x 1.40x 7.5x Median (12.4%) (5.1%) 21.6% 11.9% 14.2x 0.97x 8.1x 1.04x 7.4x

Consumer and Retail Grocery Distribution AMCON Distributing Co. DIT $82.31 93.2% $52 $18 $0 $70 $883 $14 5.8% 3.0% 8.7% 1.5% 9.7x 0.08x 5.2x NA NA Core-Mark Holding Company, Inc. CORE 80.70 100.0% 1,860 149 15 1,995 8,483 112 6.8% 8.0% 7.1% 1.3% 38.4x 0.24x 17.8x 0.17x 13.9x Performance Food Group Company PFGC 21.69 96.1% 2,225 1,450 9 3,666 15,270 281 32.7% NA 12.1% 1.8% 33.9x 0.24x 13.0x 0.22x 11.5x SpartanNash Company SPTN 28.77 84.9% 1,079 538 13 1,604 7,881 223 27.6% 44.1% 14.5% 2.8% 17.2x 0.20x 7.2x 0.21x 6.6x SUPERVALU Inc. SVU 6.40 53.3% 1,702 2,712 137 4,277 17,963 793 4.6% 16.1% 15.0% 4.4% 15.1x 0.24x 5.4x 0.24x 5.3x United Natural Foods, Inc. UNFI 49.54 59.0% 2,487 549 17 3,019 8,185 307 20.5% 16.1% 15.4% 3.7% 20.1x 0.37x 9.8x 0.35x 9.2x Mean 16.3% 17.5% 12.1% 2.6% 22.4x 0.23x 9.7x 0.24x 9.3x Median 13.6% 16.1% 13.3% 2.3% 18.6x 0.24x 8.5x 0.22x 9.2x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015 PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $155.16 98.9% $67,868 $6,147 $6,419 $67,596 $116,199 $4,659 3.2% 5.4% 13.0% 4.0% 28.7x 0.58x 14.5x 0.55x 13.3x Establishments Delhaize Freres DELB 95.11 93.0% 9,792 2,827 1,679 10,940 25,724 1,483 (8.1%) (1.5%) 24.2% 5.8% 30.2x 0.43x 7.4x 0.39x 6.1x Fairway Group Holdings Corp. FWM 1.15 14.7% 51 257 32 276 793 11 0.7% 12.6% 31.4% 1.3% NM 0.35x 25.9x 0.35x 6.8x Ingles Markets, Incorporated IMKT.A 51.60 92.2% 1,045 918 9 1,955 3,791 240 (0.8%) 1.5% 23.4% 6.3% 16.6x 0.52x 8.2x 0.51x 7.9x J Sainsbury plc LSE:SBRY 4.13 93.6% 7,926 4,246 1,956 10,216 35,064 1,832 (11.9%) (0.2%) 6.4% 5.2% NM 0.29x 5.6x 0.28x 5.5x Koninklijke Ahold N.V. ENXTAM:AH 20.53 90.8% 16,797 3,744 2,187 18,354 39,568 2,422 (9.2%) 0.8% 26.8% 6.1% 19.2x 0.46x 7.6x 0.42x 6.7x Natural Grocers by Vitamin Cottage NGVC 22.27 63.6% 501 28 3 525 598 49 19.6% 23.6% 29.1% 8.2% 34.1x 0.88x 10.8x 0.73x 9.3x Roundy's, Inc. RNDY 2.24 36.6% 111 647 40 718 4,030 121 15.3% 1.3% 26.3% 3.0% NM 0.18x 5.9x 0.18x 6.0x Sprouts Farmers Market, Inc. SFM 22.98 59.8% 3,530 289 97 3,721 3,261 273 20.4% 43.4% 29.4% 8.4% 32.7x 1.14x 13.6x 0.96x 11.6x SUPERVALU Inc. SVU 6.40 53.3% 1,702 2,712 137 4,277 17,963 793 4.6% 16.1% 15.0% 4.4% 15.1x 0.24x 5.4x 0.24x 5.3x Tesco PLC LSE:TSCO 2.70 69.8% 21,824 19,374 2,973 38,225 93,911 1,027 (3.5%) (2.2%) 2.3% 1.1% NM 0.41x NM 0.45x 10.0x The Kroger Co. KR 37.20 94.3% 36,212 11,270 268 47,214 108,784 5,537 4.6% 5.4% 22.3% 5.1% 19.6x 0.43x 8.5x 0.42x 8.2x Village Super Market Inc. VLGE.A 25.91 74.9% 367 45 59 353 1,584 67 4.3% 3.7% 27.3% 4.2% 11.7x 0.22x 5.3x NA NA Weis Markets, Inc. WMK 42.11 81.1% 1,133 0 104 1,029 2,828 155 3.7% 0.9% 27.3% 5.5% 20.3x 0.36x 6.6x NA NA Whole Foods Market, Inc. WFM 30.48 52.9% 10,634 63 691 10,006 15,207 1,414 9.3% 10.9% 35.4% 9.3% 20.5x 0.66x 7.1x 0.61x 6.8x Mean 3.5% 8.1% 22.6% 5.2% 22.6x 0.48x 9.5x 0.47x 8.0x Median 3.7% 3.7% 26.3% 5.2% 20.3x 0.43x 7.5x 0.42x 6.8x

Foodservice Colabor Group Inc. TSX:GCL $0.84 27.7% $23 $145 $0 $168 $1,128 $20 (14.0%) (8.4%) 1.8% 1.8% NM 0.15x 8.5x 0.14x 7.2x Sysco Corporation SYY 40.47 96.7% 22,846 7,322 5,130 25,038 48,681 2,345 4.7% 4.7% 17.6% 4.8% 35.6x 0.51x 10.7x 0.49x 10.0x The Chefs' Warehouse, Inc. CHEF 18.28 75.9% 481 313 2 791 918 47 20.1% 28.7% 25.0% 5.2% 26.9x 0.86x 16.7x 0.71x 11.5x Mean 3.6% 8.3% 14.8% 3.9% 31.2x 0.51x 11.9x 0.45x 9.6x Median 4.7% 4.7% 17.6% 4.8% 31.2x 0.51x 10.7x 0.49x 10.0x Quick Service Restaurant Bojangles', Inc. BOJA $17.45 61.3% $627 $244 $13 $859 $463 $64 23.4% NA 22.3% 13.8% 25.0x 1.86x 13.5x 1.68x 11.4x Jack in the Box Inc. JACK 72.93 72.9% 2,668 659 18 3,308 1,531 286 3.6% 10.5% 27.7% 18.7% 28.4x 2.16x 11.6x 2.08x 10.5x McDonald's Corp. MCD 112.93 100.0% 103,696 17,902 3,999 117,599 26,016 9,032 (8.1%) (1.8%) 37.8% 34.7% 23.9x 4.52x 13.0x 4.79x 13.3x Popeyes Louisiana Kitchen, Inc. PLKI 52.48 78.9% 1,202 110 10 1,302 251 81 13.2% 15.2% 64.9% 32.5% 31.5x 5.19x 16.0x 4.64x 14.4x Restaurant Brands International Inc. QSR 35.67 78.0% 7,220 8,860 689 15,391 2,669 827 156.0% 5.1% 48.0% 31.0% NM NM 18.6x 3.76x 9.1x Sonic Corp. SONC 27.83 75.8% 1,385 466 23 1,829 595 158 8.6% 3.0% 54.4% 26.6% 24.3x 3.08x 11.6x 2.94x 10.7x The Wendy's Company WEN 9.41 80.4% 2,573 2,397 1,198 3,773 1,988 374 (11.6%) (6.9%) 33.5% 18.8% 37.2x 1.90x 10.1x 2.56x 9.7x Yum! Brands, Inc. YUM 69.00 71.9% 29,756 3,217 861 32,112 13,151 2,665 (2.3%) (1.1%) 26.2% 20.3% 33.6x 2.44x 12.0x 2.35x 10.7x Mean 22.9% 3.4% 39.4% 24.5% 29.1x 3.02x 13.3x 3.10x 11.2x Median 6.1% 3.0% 35.7% 23.4% 28.4x 2.44x 12.5x 2.75x 10.7x

Fast Casual Chipotle Mexican Grill, Inc. CMG $609.29 80.3% $19,002 $0 $879 $18,123 $4,441 $951 22.5% 20.8% 38.3% 21.4% 44.9x 4.08x 19.1x 3.57x 16.3x El Pollo Loco Holdings, Inc. LOCO 11.73 30.3% 449 136 6 578 356 62 9.9% 20.0% 25.8% 17.4% 11.2x 1.62x 9.3x 1.48x 8.5x Fiesta Restaurant Group, Inc. FRGI 34.98 50.7% 929 74 6 998 647 93 17.3% 36.0% 25.9% 14.3% 29.1x 1.54x 10.8x 1.34x 8.9x The Habit Restaurants, Inc. HABT 24.88 56.3% 342 2 52 292 207 22 17.3% 36.0% 22.0% 10.6% 130.7x 1.41x 13.3x 1.13x 10.3x Noodles & Company NDLS 11.22 40.0% 311 30 2 339 436 46 17.3% 36.0% 19.2% 10.5% NM 0.78x 7.4x 0.69x 7.4x Panera Bread Company PNRA 175.24 84.3% 4,684 100 125 4,659 2,618 390 17.3% 36.0% 33.0% 14.9% 29.8x 1.78x 11.9x 1.72x 11.5x Potbelly Corporation PBPB 11.66 70.1% 353 0 54 299 351 34 17.3% 36.0% 30.4% 9.6% 68.9x 0.85x 8.9x 0.75x 8.1x Shake Shack Inc. SHAK 48.55 50.2% 739 0 65 674 153 16 17.3% 36.0% 38.5% 10.4% NM 4.41x NM 3.27x 20.9x Zoe's Kitchen, Inc. ZOES 34.62 74.3% 671 27 24 674 201 16 37.7% NA 20.7% 8.1% NM 3.35x NM 2.71x 33.5x Mean 19.3% 32.1% 28.2% 13.0% 52.4x 2.20x 11.5x 1.85x 13.9x Median 17.3% 36.0% 25.9% 10.6% 37.3x 1.62x 10.8x 1.48x 10.3x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015 PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $43.23 78.0% $1,090 $75 $25 $1,139 $877 $109 7.9% 9.3% 19.0% 12.4% 31.2x 1.30x 10.5x 1.17x 9.1x Buffalo Wild Wings Inc. BWLD 153.26 74.5% 2,919 0 92 2,827 1,649 247 18.6% 22.0% 23.3% 15.0% 40.3x 1.71x 11.4x 1.38x 8.8x Chuy's Holdings, Inc. CHUY 29.78 83.3% 491 0 8 483 268 31 20.0% 21.5% 19.1% 11.6% 39.0x 1.80x 15.5x 1.56x 13.4x Dave & Buster's Entertainment, Inc. PLAY 39.90 92.0% 1,654 361 24 1,991 811 166 17.5% 14.4% 28.0% 20.5% 39.2x 2.46x 12.0x 2.21x 9.1x Ignite Restaurant Group, Inc. IRG 3.29 39.5% 86 162 48 200 836 29 17.3% 36.0% 29.9% 3.4% NM 0.24x 7.0x 0.40x 6.6x The Cheesecake Factory Incorporated CAKE 47.04 79.9% 2,319 104 62 2,361 2,046 244 17.3% 36.0% 42.9% 11.9% 24.8x 1.15x 9.7x 1.07x 8.8x Wingstop Inc. WING 22.18 62.3% 634 101 5 730 73 25 41.0% NA 70.5% 34.1% 114.7x 10.03x NM 9.10x 26.5x Mean 19.9% 23.2% 33.2% 15.6% 48.2x 2.67x 11.0x 2.41x 11.8x Median 17.5% 21.8% 28.0% 12.4% 39.1x 1.71x 11.0x 1.38x 9.1x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $16.25 61.9% $1,947 $1,324 $133 $3,138 $4,476 $449 4.4% 4.5% 16.7% 10.0% 22.8x 0.70x 7.0x 0.70x 6.5x Brinker International, Inc. EAT 44.83 70.7% 2,670 974 55 3,589 3,002 461 3.2% 2.1% 19.8% 15.4% 16.9x 1.20x 7.8x 1.05x 7.0x Darden Restaurants, Inc. DRI 61.36 81.2% 7,863 1,453 690 8,625 6,855 834 8.0% (5.4%) 21.7% 12.2% 29.1x 1.26x 10.3x 1.23x 8.9x DineEquity, Inc. DIN 82.03 71.8% 1,529 1,449 104 2,873 675 257 4.3% (11.8%) 56.4% 38.1% 33.9x 4.26x 11.2x 4.26x 10.2x Red Robin Gourmet Burgers Inc. RRGB 66.20 69.7% 922 145 23 1,044 1,237 136 15.7% 9.8% 22.9% 11.0% 29.2x 0.84x 7.6x 0.78x 6.8x Ruby Tuesday, Inc. RT 5.24 61.1% 325 232 57 500 1,125 78 (3.1%) (4.9%) 16.7% 6.9% NM 0.44x 6.4x 0.44x 5.7x Texas Roadhouse, Inc. TXRH 33.50 82.1% 2,350 51 71 2,330 1,705 201 13.4% 12.7% 32.1% 11.8% 29.5x 1.37x 11.6x 1.22x 9.9x Mean 6.6% 1.0% 26.6% 15.1% 26.9x 1.44x 8.9x 1.38x 7.8x Median 4.4% 2.1% 21.7% 11.8% 29.1x 1.20x 7.8x 1.05x 7.0x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $13.60 52.4% $317 $0 $2 $315 $317 $43 10.9% 13.5% 24.3% 13.4% 20.3x 0.99x 7.4x 0.88x 6.5x Fogo de Chao, Inc. FOGO 14.81 54.5% 415 165 25 555 266 50 21.1% NA 32.0% 19.0% 1.0x 2.09x 11.0x 1.93x 9.3x Ruth's Hospitality Group Inc. RUTH 16.58 93.0% 562 0 5 556 361 56 24.2% (1.4%) 25.9% 15.6% 19.1x 1.54x 9.9x 1.44x 9.5x Mean 18.7% 6.0% 27.4% 16.0% 13.5x 1.54x 9.4x 1.41x 8.4x Median 21.1% 6.0% 25.9% 15.6% 19.1x 1.54x 9.9x 1.44x 9.3x Pizza Domino's Pizza, Inc. DPZ $103.04 86.1% $5,631 $1,528 $33 $7,126 $2,118 $407 10.5% 8.9% 30.3% 19.2% 33.4x 3.36x 17.5x 3.11x 15.3x Papa John's International Inc. PZZA 57.38 72.3% 2,239 234 22 2,450 1,647 168 8.6% 9.3% 24.9% 10.2% 39.7x 1.49x 14.6x 1.43x 12.9x Papa Murphy's Holdings, Inc. FRSH 12.08 53.2% 205 113 1 316 109 27 22.5% NA 49.9% 24.8% 40.2x 2.91x 11.7x 2.41x 10.3x Mean 13.9% 9.1% 35.0% 18.1% 37.8x 2.59x 14.6x 2.32x 12.9x Median 10.5% 9.1% 30.3% 19.2% 39.7x 2.91x 14.6x 2.41x 12.9x Beverage / Snack Retail DAVIDsTEA Inc. DTEA $14.87 49.6% $356 $0 $48 $308 $121 $11 24.2% NA 53.5% 9.0% NM 2.54x 28.4x 2.09x 15.6x Dunkin' Brands Group, Inc. DNKN 41.40 72.9% 3,835 2,503 329 6,010 783 390 6.9% 6.0% 79.9% 49.8% 24.5x 7.67x 15.4x 7.31x 14.3x Jamba, Inc. JMBA 14.44 85.5% 233 0 14 219 209 (2) (5.7%) (1.8%) 33.1% NM NM 1.05x NM 2.32x 17.9x Krispy Kreme Doughnuts, Inc. KKD 13.83 62.0% 870 12 44 838 508 66 8.3% 7.3% 18.9% 13.1% 31.3x 1.65x 12.6x 1.54x 10.4x Starbucks Corporation SBUX 61.34 100.0% 91,096 2,937 2,175 91,858 18,429 4,133 14.8% 12.4% 31.0% 22.4% 33.8x 4.98x 22.2x 4.40x 18.5x Mean 9.7% 6.0% 43.3% 23.6% 29.9x 3.58x 19.7x 3.53x 15.3x Median 8.3% 6.7% 33.1% 17.7% 31.3x 2.54x 18.8x 2.32x 15.6x Family Restaurant Bob Evans Farms, Inc. BOBE $42.38 70.5% $948 $491 $6 $1,433 $1,345 $137 1.4% (5.1%) 35.8% 10.2% 45.6x 1.07x 10.5x 1.05x 9.2x Cracker Barrel Old Country Store, Inc. CBRL 135.52 83.5% 3,256 410 265 3,400 2,842 331 5.9% 3.3% 32.6% 11.7% 19.9x 1.20x 10.3x 1.16x 9.6x Denny's Corporation DENN 10.14 79.2% 817 161 5 972 489 87 6.8% (1.9%) 39.6% 17.9% 23.6x 1.99x 11.1x 1.95x 10.1x Luby's, Inc. LUB 4.87 82.1% 139 48 2 185 396 16 0.8% 3.5% 30.8% 4.0% NM 0.47x 11.6x NA NA Mean 3.7% (0.0%) 34.7% 10.9% 29.7x 1.18x 10.9x 1.39x 9.6x Median 3.7% 0.7% 34.2% 10.9% 23.6x 1.13x 10.8x 1.16x 9.6x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

150

140 15.5%

130 14.2%

120 0.2% 110

100 (1.6%)

90 (4.7%)

80 (15.6%) 70 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-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

ANHEUSER-BUSCH INBEV TO ACQUIRE SABMILLER . AB InBev finalized terms to acquire SABMiller for $117.4 billion, with shareholders having the option of receiving cash or a cash/stock mix. . To mitigate antitrust concerns, SABMiller will sell its 58% stake in the MillerCoors Enterprise Value: $117.4bn joint venture to Molson Coors in a separate $12.0 billion transaction. Revenue Multiple: 7.1x . AB InBev expects to realize $1.4 billion of cost synergies from the transaction EBITDA Multiple: 18.0x and be able to leverage SABMiller’s strength in Africa, Asia, and the Middle Announced: November 11, 2015 East. TREEHOUSE FOODS TO ACQUIRE CONAGRA’S PRIVATE BRANDS BUSINESS

. Treehouse Foods announced that it would acquire ConAgra’s Private Brands business for $2.7 billion in cash. . The Private Brands business produces private label cereals, snack mixes, chips, Enterprise Value: $2.7bn crackers, peanut butter, pasta, and refrigerated foods. Revenue Multiple: 0.9x EBITDA Multiple: 9.1x . The transaction will nearly double Treehouse’s sales and allows it to bolster its Announced: November 1, 2015 strength in private label by adding 10 new categories to its portfolio.

SNYDER’S-LANCE TO ACQUIRE DIAMOND FOODS

. Snyder’s-Lance announced that it would acquire Diamond Foods for $1.9 billion in cash and stock. . Diamonds Foods produces better-for-you salty snacks, the most popular of Enterprise Value: $1.9bn which are sold under the Emerald, Kettle Brand, and Pop Secret brands. Revenue Multiple: 2.1x EBITDA Multiple: 16.5x . The transaction gives Snyder’s-Lance an improved international presence and Announced: October 27, 2015 expands its better-for-you product offerings.

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

$140 500 12.0x 11. 3x 2. 00x s) $120. 7 n 450 9. 9x $120 9. 7x 1. 75x lio $110. 2 10.0x 9. 2x il 400 N 8. 8x 8. 3x EV SalesLTM / Multiple b $101. 0 u 8. 4x 1. 50x in m $ $100 350 b 8. 0x ( e 8. 0x e r 1. 25x lu 300 o a $80 $67. 2 f V rT l a 6. 0x 1. 00x a 250 n e $55. 7 as D $60 c 200 t 0. 75x te oi

EV EV / LTM EBI M TDA ultiple4. 0x a n g $40 150 s re 0. 50x g $24. 0 g 100 2. 0x A $20 $9. 3 0. 25x $8. 2 50

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 E BITDA E V / LT M S al e s Aggregate Deal Value # o f de a l s

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

Announced Target Buyer 11/9/2015 Houlihan's Restaurants, Inc. York Capital Management 11/5/2015 C+C Pfeiffer GmbH Transgourmet Holding AG 11/4/2015 Epicéa SA La Bovida SA 11/3/2015 J. M. Smucker, Canned Milk Brands Eagle Family Foods Group LLC 11/2/2015 Findus Sverige AB Nomad Foods Limited 11/2/2015 Tropics Mixology Bevolution Group 11/2/2015 Tican A/S Tönnies Lebensmittel GmbH & Co. KG 10/31/2015 Valdycomer S.A. Promociones Cullar S.L. 10/31/2015 Hijos De Julio De La Vega S.L. La Compañía 10/31/2015 Kornicis Group Limited Isfield Investments LLP

PRIVATE EQUITY INVESTMENTS & EXITS

60 53 57 46 48 50 43 38 40 34 36 32 31 30 27 27 26 27 25 26 21 17 18 20 14 10

Number of Transactions 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Number of Invest ments Number of Exi ts

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

LoanVolume Quarterby L + 100

$2 Average Spread Over LIBOR

$0 L + 0 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2009 2010 2011 2012 2013 2014 1H15 Insti tut ional Pro Rata Revolvin g Credit / Term L oan 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 EBITDA 2.0x

L + 200 Average Spread Average Spread Over LIBOR

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

11/09/15 PT Charoen Pokphand Prepared feeds, nec USD 100 Term Loan N/A 150 11/09/15 PT Charoen Pokphand Prepared feeds, nec IDR 3,000 Term Loan N/A 250 11/03/15 Nagatanien Holdings Co Dehydrated fruit/vegetables/soups JPY 6,000 Revolver/Line >= 1 Yr. N/A N/A 10/30/15 Anheuser-Busch InBev Malt beverages USD 70,000 Undisclosed N/A N/A 10/30/15 Mitsutomo Ltd Bread, cake and related products JPY 850 Revolver/Line < 1 Yr. N/A N/A 10/30/15 Mitsutomo Ltd Bread, cake and related products JPY 1,400 Term Loan N/A N/A 10/29/15 Shearer's Foods Inc Potato chips and similar snacks USD 225 Term Loan N/A N/A 10/22/15 Nestle SA Malt beverages USD 4,927 Revolver/Line >= 1 Yr. N/A N/A 10/22/15 Nestle SA Malt beverages EUR 2,178 Revolver/Line < 1 Yr. N/A N/A 10/19/15 AGV Products Corp Food preparations, nec TWD 1,000 Term Loan N/A 145 10/19/15 AGV Products Corp Food preparations, nec TWD 500 Revolver/Line >= 1 Yr. N/A 145 10/19/15 El Enebro SA Wines, brandy, and spirits EUR 30 Term Loan N/A N/A 10/14/15 Remgro Limited Poultry slaughtering/processing GBP 600 Other Loan N/A N/A 10/13/15 Ecom Agroindustrial Corp Ltd Food preparations, nec USD 635 364-Day Facility N/A N/A 10/09/15 Khmer Brewery Ltd Malt beverages USD 80 Term Loan N/A 550

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 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 80 10 12.0x 141 10 Numberof Transactions 60 5 118 M edian Trading M ultiple Trading M edian 7 7 7 4 13 5 7 9 8 11.0x 5 89 6 40 6 82 6 7 10 70 13 58 53 52 52 57 46 47 49 48 46 47 20 42 39 42 33 34 33 10.0x 25 0 Jul-15 Jun-1 5 Apr -1 5 Jan-15 Feb -1 5 Sep -1 5 Oct-1 4 Oct-1 5 Mar-15 Nov-14 Aug-15 Dec-14 May-15 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q315 Q415 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215

Food Products, Processing, and Ingredients Retail and Restaurants S tra teg ic Acq uir er Private Equity Ac quire r

Recent Food and Beverage M&A5

Enterprise Enterprise Value Private Equity Geographic Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement Location

11/11/2015 SABMiller plc - Anheuser-Busch InBev SA/NV $117,400.0 7.1x 18.0x 0.0x EU 11/9/2015 Houlihan's Restaurants, Inc. Goldner Hawn York Capital Management - - - -  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 - - - -  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 -  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 - - - -  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 - - - -  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 - - - -  Cross Border 10/14/2015 Voortman Cookies Limited - Swander Pace Capital - - - -  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 -  Cross Border 10/9/2015 Mill Street Brewery XDL Capital Group; HMW Capital Labatt Brewing Company Limited - - - -  N.A. 10/8/2015 Grupo Ibérica de Congelados, S.A. - Portobello Capital Gestión - - - -  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. - - - -  N.A.

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

M&A OVERVIEW*

Recent Food and Beverage M&A5

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

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 - - - -  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 - - - -  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 - - - -  EU 9/30/2015 Marlow Foods Limited Intermediate Capital Group plc Monde Nissin Corporation $832.3 - - -  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. - - - -  EU 9/23/2015 Avanta Serviced Office Group plc - Regus plc (LSE:RGU) - - - - EU 9/22/2015 Cargill Inc., Schweigert Meat Cargill, Incorporated Bakalars Sausage Company, Inc. - - - - N.A. 9/22/2015 Willamette Egg Farms, L.L.C. WEF, INC. Post Holdings, Inc. (NYSE:POST) $90.0 1.1x 6.0x - N.A. 9/21/2015 Dorset County Foods Ltd. - Eversfield Organic Limited - - - - EU 9/21/2015 Bioderij B.V. - Cérélia SA - - - - EU 9/21/2015 Harrogate Cake Company Limited - Sugar Therapy Limited - - - - EU 9/15/2015 Cargill, Small Pack Specialty Business Cargill, Incorporated Brenntag AG (XTRA:BNR) - - - - EU 9/15/2015 Love Child (Brands) Inc. - GreenSpace Brands Inc. $5.7 1.5x - - N.A. 9/11/2015 CoPak Solutions, Inc. - Star Snax, LLC - - - - N.A. 9/10/2015 Saint Archer Brewing Company - Tenth and Blake Beer Company - - - - N.A. 9/9/2015 Alpine Valley Bread Company - Flowers Bakeries, LLC $120.0 - - - N.A. 9/8/2015 Expresco Foods Inc. - Premium Brands Holdings - - - - N.A. 9/8/2015 Lagunitas Brewing Company - Heineken NV (ENXTAM:HEIA) - - - - Cross Border 9/8/2015 Natural Food Holdings, Inc. LNK Partners Perdue Farms Inc. - - - -  N.A. 9/8/2015 Bright Blue Foods Ltd. NBGI Private Equity Limited Endless LLP - - - -  EU 9/4/2015 State Fish - HPP Business & Calpack State Fish Company Inc ICPK Corporation $12.7 - - - N.A. 9/4/2015 Elgorriaga Brands, S.A. - Energy Shot Iberica S.L. - - - - EU 9/4/2015 Virtue Cider Company - Fulton Street Brewery, LLC - - - - N.A. 9/3/2015 Nutrafur S.A. - Frutarom Industries Ltd. (TASE:FRUT) $14.5 1.1x - - Cross Border 9/2/2015 Green Giant, Le Sueur Stable & Frozen General Mills, Inc. (NYSE:GIS) B&G Foods North America, Inc. $765.0 1.1x 6.4x - N.A. 8/31/2015 New York Fries Ltd. 122164 Canada Ltd. Cara Operations Limited (TSX:CAO) - - - - N.A. 8/31/2015 Canon Potato Company, LLC - H.C. Schmieding Produce Company, Inc - - - - N.A. 8/31/2015 QiZiNi Group B.V. - Natsu Foods GmbH & Co. KG - - - - EU 8/27/2015 Twin Rivers Technologies Felda Global Ventures Viterra Inc. $143.7 0.5x - - N.A. 8/26/2015 Dicot Partners, S.L Gestion Ganuza S.L. Yantai Changyu Pioneer $39.3 1.0x - - Cross Border 8/26/2015 Talbott Vineyards - E. & J. Gallo Winery, Inc. - - - - N.A. 8/26/2015 Proviand BV - Like Meat GmbH - - - - EU 8/25/2015 DOUX SA Développement et Partenariat SA Sofiprotéol; Terrena SARL - - - - EU 8/25/2015 McNeil Nutritionals, LLC., Splenda McNeil Nutritionals, LLC TC Heartland LLC - - - - N.A. 8/21/2015 Caesar's Pasta, LLC. - Consolidated Investment Group, LLC - - - - N.A. 8/21/2015 B.V. Vurense Snack Industrie NPM Capital N.V.; SHV Holdings Hearthside Group Holdings, LLC - - - - Cross Border 8/21/2015 Norbest, LLC - J. D. Heiskell & Company, Inc. - - - - N.A. 8/20/2015 Deep Eddy Vodka & Spirits DE Spirits LLC HeavenHill Distilleries,Inc. - - - - N.A. 8/20/2015 The Mediterranean Snack Food - American Halal Company, Inc. - - - - N.A. 8/19/2015 Hudson Baking Company, LLC - Le Petit Pain Holdings, LLC - - - - N.A. 8/19/2015 Ovation Brands, Inc. Buffets Holdings, Inc. Food Management Partners, Inc. - - - - N.A. 8/18/2015 Big Smoke Burger Inc. - MTY Tiki Ming Enterprises Inc. $3.8 - - - N.A. 8/16/2015 EWOS Group AS Albain Fund III, Bain Capital Cargill, Incorporated $1,495.1 - - -  Cross Border 8/12/2015 Dave's Killer Bread company Goode Partners LLC Flowers Bakeries, LLC $275.0 - - -  N.A. 8/11/2015 Niagara Natural Fruit Snack Co., Inc. - SunOpta Inc. (TSX:SOY) $6.7 - - - N.A. 8/11/2015 Aqua Farming Technology Inc. Xl Biofuels, Inc New Global Energy, Inc. - - - - N.A. 8/7/2015 Pleasant Kids, Inc. (OTCPK:PLKD) - NEXT Group Holdings, Inc. - - - - N.A. 8/7/2015 Wallaby Yogurt Company, Inc. - The WhiteWave Foods Company $125.0 2.8x - - N.A. 8/7/2015 Irish Pride Bakeries Ltd. - Pat The Baker Ltd - - - - EU 8/7/2015 Twin Beans DoubleShot - Twin Beans Coffee - - - - N.A. 8/7/2015 Bobby & Fritz GmbH - Autobahn Tank & Rast Holding - - - - EU 8/6/2015 Classic Fine Foods UK Ltd EQT Partners AB METRO AG (DB:MEO) $328.0 1.6x - -  EU 8/5/2015 Boyer's Coffee Company, Inc. - Luna Gourmet Coffee & Tea - - - - N.A. 8/5/2015 Gold Pure Food Products Co., Inc. - LaSalle Capital - - - -  N.A. 8/4/2015 GRUPO CUTTING'S, S.L. - Guzman Gastronomia S.L. - - - - EU 8/4/2015 Starr Restaurants Catering Group GP, LLC - TrustHouse Services Group, Inc. - - - - N.A. 8/4/2015 Buona Compagnia Gourmet s.r.l. Assietta Private Equity SGR SpA Gradiente SGR S.p.A. - - - -  EU 8/3/2015 The Kerfoot Group Ltd - Avril SCA - - - - EU

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

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5

November 2015 Date Company 11/17/2015 Jack in the Box Inc. (NasdaqGS:JACK) 11/17/2015 Wal-Mart Stores Inc. (NYSE:WMT) 11/18/2015 Aramark (NYSE:ARMK) 11/18/2015 Keurig Green Mountain, Inc. (NasdaqGS:GMCR) 11/19/2015 The J. M. Smucker Company (NYSE:SJM) 11/19/2015 Zoe's Kitchen, Inc. (NYSE:ZOES) 11/23/2015 Tyson Foods, Inc. (NYSE:TSN) 11/24/2015 Greencore Group plc (LSE:GNC) 11/24/2015 Strauss Group Ltd. (TASE:STRS) 11/24/2015 Campbell Soup Company (NYSE:CPB) 11/24/2015 Hormel Foods Corporation (NYSE:HRL) 11/25/2015 Britvic Plc (LSE:BVIC) 11/25/2015 Royal Unibrew A/S (CPSE:RBREW) 11/30/2015 Grupo Nutresa SA (BVC:NUTRESA)

December 2015 Date Company 12/1/2015 Ito En, Ltd. (TSE:2593) 12/2/2015 Tokyo Ichiban Foods Co., Ltd. (TSE:3067) 12/3/2015 The Kroger Co. (NYSE:KR) 12/9/2015 Costco Wholesale Corporation (NasdaqGS:COST) 12/18/2015 Darden Restaurants, Inc. (NYSE:DRI) 12/22/2015 ConAgra Foods, Inc. (NYSE:CAG) 12/31/2015 Bongrain SA (ENXTPA:BH)

January Date Company 1/13/2016 Suedzucker AG (DB:SZU) 1/21/2016 Starbucks Corporation (NasdaqGS:SBUX)

February Date Company 2/1/2016 Sysco Corporation (NYSE:SYY) 2/2/2016 Archer-Daniels-Midland Company (NYSE:ADM) 2/3/2016 Yum! Brands, Inc. (NYSE:YUM) 2/5/2016 Tyson Foods, Inc. (NYSE:TSN) 2/10/2016 Heineken Holding NV (ENXTAM:HEIO) 2/11/2016 Molson Coors Brewing Company (NYSE:TAP) 2/11/2016 Pernod-Ricard SA (ENXTPA:RI) 2/18/2016 Cloetta AB (publ) (OM:CLA B)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ NOVEMBER 2015

HARRIS WILLIAMS & CO.

SOURCES

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