HW&Co. Industry Reader Template

FOOD AND BEVERAGE

INDUSTRY UPDATE │ APRIL 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 │ APRIL 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 recent momentum . M&A MARKET OVERVIEW . DEBT MARKET OVERVIEW through March and into April. HW&Co. has observed strong new deal activity, . RECENT M&A ACTIVITY signaling that these trends are likely to continue. Within the last month, Fyffes . PUBLIC COMPARABLES . EARNINGS CALENDAR bolstered its North American portfolio with the acquisition of Highline Produce and UNFI acquired Nor-Cal Produce to enhance its national presence in produce. GROUP OVERVIEW Harris Williams & Co. is a leading Strong interest in consumer staples from both strategic and financial buyers, along advisor to the food and with stabilizing financing markets, are expected to continue driving M&A activity in beverage market. Our significant experience covers a broad range the food and beverage sector for the remainder of the year. of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas: . 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 │ APRIL 2016

WHAT WE’VE BEEN READING

HOW LITTLE VERMONT GOT BIG FOOD COMPANIES TO LABEL GMOS

Soon, consumers across the country will know whether many of their packaged foods contain ingredients derived from genetically modified organisms. While many large companies such as General Mills and Kellogg have come forward with plans to do so, the true catalyst lies in recent legislation passed by one of the nation’s smallest states: Vermont.

Access the full article here.

WHEN ICONIC BRANDS GO ORGANIC

As large food companies continue to reformulate their iconic brands in order to capitalize on the broad trend towards organic foods, the road has not always been a smooth one. Recent years have born witness to numerous failed attempts at offering newer, “cleaner” products, leaving many to wonder whether going organic is appropriate for every brand.

Access the full article here.

ORGANIC FOODS STILL AREN’T AS MASS MARKET AS YOU MIGHT THINK

Within the food industry, no trend seems to be more pervasive than the move towards organic foods, leaving many to believe that they are a mainstream staple of American households. However, recent research suggests that organic foods remain largely inaccessible for large swaths of the American public even despite growing demand that transcends socioeconomic class.

Access the full article here.

VITAL SIGNS

COMMODITY PRICE INDICES1

160 Soybeans: 140 (34.1%) 120 Wheat: 100 (42.2%) 80 Corn: 60 (42.3%) 40 Crude Oil: (68.3%) Commodity PriceIndex Commodity 20 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-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 │ APRIL 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 18.8% 17.0% 9.8% (7.0%) 14.6x 12.7x 6.1x 2.7x Fruit and Vegetable 15.8% 11.1% 9.3% 5.7% 16.1x 26.3x 9.9x 0.8x Ingredients / Flavors 9.6% 5.2% 8.4% 8.6% 21.0x 27.4x 14.5x 1.5x

Inputs Agribusiness 0.4% (27.5%) 12.6% (13.1%) 15.5x 11.9x 8.9x 2.1x Branded Processed Foods 8.3% 14.2% 5.1% 14.5% 21.1x 30.8x 14.4x 2.3x Private Label Foods and Beverages 26.4% 9.7% 2.3% (41.1%) 34.5x 20.6x 9.7x 3.2x Natural / Organic Foods / BFY 6.7% (26.6%) (3.0%) (16.0%) 21.2x 24.7x 18.7x 4.1x Baked Goods (4.6%) (1.8%) (4.0%) (4.2%) 18.5x 29.6x 11.7x 2.9x Dairy 6.6% 5.3% (2.2%) (10.6%) 21.3x 28.5x 11.9x 1.7x Non-Alcoholic Beverages 7.5% 14.9% 4.0% 0.4% 21.9x 27.8x 13.6x 1.9x Alcoholic Beverages 4.0% 8.2% 6.9% 4.0% 22.0x 28.2x 14.4x 2.6x Food and BeverageFood and Snacks 3.7% 8.8% 10.4% 9.6% 22.9x 25.8x 14.3x 1.8x Grocery Distribution 5.8% (14.4%) 0.2% (28.0%) 16.6x 16.8x 7.2x 1.8x Food Retail (1.9%) (22.7%) (2.3%) (20.9%) 17.1x 19.9x 7.6x 0.6x Foodservice 24.0% (7.0%) 4.1% 9.2% 22.6x 34.2x 12.7x 4.6x Quick Service Restaurant 11.2% 2.8% 2.1% (8.1%) 23.7x 25.9x 13.0x 2.7x Fast Casual 7.6% (34.0%) 9.7% (37.9%) 59.0x 27.0x 12.0x 0.7x Differentiated Casual 1.0% (5.8%) (5.9%) (19.1%) 22.8x 27.9x 10.1x 1.1x Casual Dining Restaurant 10.8% (23.1%) (3.1%) (25.7%) 17.6x 18.1x 7.8x 2.3x Fine Dining 12.8% (3.3%) 3.1% (11.0%) 19.4x 21.2x 10.5x 2.9x

Consumer and Retail and Consumer Pizza 18.4% (8.5%) 4.9% (21.6%) 29.8x 38.0x 13.3x 4.1x Beverage / Snack Retail 8.5% (10.2%) 8.9% (4.0%) 30.1x 34.6x 18.3x 5.4x Family Restaurant 19.8% (4.5%) 5.7% (27.8%) 20.7x 24.7x 10.3x 2.0x Overall Median 7.9% 0.1% 3.8% (8.3%) 21.4x 26.0x 12.3x 2.2x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2016

PUBLIC EQUITY MARKET OVERVIEW

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

Protein Processing Non-Alcoholic Bev erages Branded Processed Foods Fruit and Vegetable Priv ate Label Snacks Alcoholic Bev erages Dairy Ingredients / Flav ors Quick Serv ice Restaurant Baked Goods S&P Fine Dining Family Restaurant Differentiated Casual Foodserv ice Pizza Bev erage / Snack Retail Grocery Distribution Food Retail Casual Dining Restaurant Natural / Organic / BFY 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 │ APRIL 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 4/11/16 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 $47.77 93.5% $37,657 $332 $1,382 $1,083 $38,288 $19,744 $2,271 (6.0%) (0.3%) 23.7% 11.5% 49.7x 1.94x 16.9x 2.06x 17.6x B&G Foods Inc. BGS 32.71 80.8% 2,049 0 1,760 5 3,803 966 216 14.0% 15.1% 30.6% 22.3% 28.5x 3.94x 17.6x 2.70x 12.7x Campbell Soup Company CPB 63.94 98.7% 19,850 (2) 3,870 306 23,412 7,997 1,626 (3.8%) 3.2% 35.5% 20.3% 29.3x 2.93x 14.4x 2.90x 12.9x ConAgra Foods, Inc. CAG 45.85 100.0% 20,136 110 7,905 96 28,055 15,820 2,275 14.6% 4.5% 22.3% 14.4% NM 1.77x 12.3x 2.40x 14.2x General Mills, Inc. GIS 62.81 98.6% 37,626 1,202 8,768 783 46,813 16,934 3,447 (3.9%) (1.0%) 36.0% 20.4% 25.9x 2.76x 13.6x 2.85x 13.8x Hormel Foods Corporation HRL 41.44 90.6% 22,161 3 250 375 22,039 9,161 1,290 (3.2%) 3.3% 21.0% 14.1% 31.3x 2.41x 17.1x 2.28x 15.3x Kellogg Company K 77.09 100.0% 27,210 10 7,759 251 34,728 13,525 2,020 (7.2%) (1.6%) 36.5% 14.9% 44.5x 2.57x 17.2x 2.60x 13.7x McCormick & Company, Incorporated MKC 98.95 98.4% 12,684 17 1,447 116 14,031 4,316 715 1.3% 2.2% 40.7% 16.6% 30.2x 3.25x 19.6x 3.15x 17.8x Nestlé S.A. NESN 73.52 91.7% 226,773 1,646 22,018 5,877 244,560 88,975 16,875 (3.8%) (3.2%) 49.8% 19.0% 24.6x 2.75x 14.5x 2.58x 13.7x Post Holdings, Inc. POST 69.39 95.5% 4,474 0 4,671 802 8,343 4,823 693 NM 70.3% 26.7% 14.4% NM 1.73x 12.0x 1.64x 10.1x The Hershey Company HSY 91.90 89.6% 19,879 49 2,421 347 22,002 7,387 1,705 (0.5%) 3.6% 46.0% 23.1% 39.7x 2.98x 12.9x 2.94x 12.7x The J. M. Smucker Company SJM 128.32 98.2% 15,307 0 5,284 141 20,451 7,451 1,543 36.0% 8.0% 37.2% 20.7% 37.3x 2.74x 13.3x 2.67x 11.9x Mean 3.4% 8.7% 33.8% 17.6% 34.1x 2.65x 15.1x 2.56x 13.9x Median (3.2%) 3.3% 35.8% 17.8% 30.8x 2.75x 14.4x 2.63x 13.7x Private Label Foods and Beverages Cott Corporation TSX:BCB $14.17 100.0% $1,758 $7 $1,651 $77 $3,338 $2,944 $344 40.0% 9.4% 30.4% 11.7% NM 1.13x 9.7x 1.15x 9.0x Seneca Foods Corp. SENE.A 32.80 91.7% 336 0 349 19 666 1,250 103 (4.0%) (0.6%) 10.1% 8.2% 8.2x 0.53x 6.5x NA NA Treehouse Foods, Inc. THS 87.69 97.1% 4,991 0 1,237 43 6,184 3,206 378 8.8% 13.7% 20.2% 11.8% 33.0x 1.93x 16.4x 0.97x 9.4x Mean 14.9% 7.5% 20.2% 10.6% 20.6x 1.20x 10.9x 1.06x 9.2x Median 8.8% 9.4% 20.2% 11.7% 20.6x 1.13x 9.7x 1.06x 9.2x Natural / Organic Foods / Better-For-You Amplify Snack Brands, Inc. BETR $14.02 81.5% $1,007 $0 $201 $19 $1,189 $184 $61 39.0% NA 56.0% 33.3% NM 6.46x 19.4x 5.07x 13.3x SunOpta Inc. TSX:SOY 4.91 43.0% 386 5 483 2 871 1,145 47 3.8% 3.1% 10.2% 4.1% NM 0.76x 18.7x 0.60x 9.0x Pinnacle Foods Inc. NYSE:PF 44.33 92.1% 5,226 0 2,309 181 7,354 2,656 521 2.5% 2.3% 28.3% 19.6% 24.7x 2.77x 14.1x 2.32x 11.5x The Hain Celestial Group, Inc. HAIN 41.34 58.5% 4,266 0 982 177 5,071 2,801 358 13.4% 22.0% 23.4% 12.8% 22.1x 1.81x 14.2x 1.66x 12.2x The WhiteWave Foods Company WWAV 38.96 74.2% 6,887 0 2,134 39 8,982 3,866 458 12.5% 19.1% 34.2% 11.8% 43.5x 2.32x 19.6x 2.10x 15.5x Mean 14.2% 11.6% 30.4% 16.3% 30.1x 2.83x 17.2x 2.35x 12.3x Median 12.5% 11.1% 28.3% 12.8% 24.7x 2.32x 18.7x 2.10x 12.2x Baked Goods ARYZTA AG SWX:ARYN $39.99 57.6% $3,549 $16 $2,569 $590 $5,544 $4,244 $408 3.6% (8.6%) 18.9% 9.6% NM 1.31x 13.6x 1.23x 7.4x Flowers Foods, Inc. FLO 18.42 67.4% 3,955 0 1,027 14 4,967 3,779 437 0.8% 7.6% 48.0% 11.6% 20.7x 1.31x 11.4x 1.24x 10.3x George Weston Limited WN 86.46 94.1% 10,982 5,212 9,733 1,859 24,068 33,798 2,528 (10.9%) 1.0% 28.3% 7.5% 31.1x 0.71x 9.5x 0.65x 7.9x Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.78 88.3% 13,014 191 4,148 222 17,131 12,722 1,467 0.4% (1.6%) 53.3% 11.5% 46.4x 1.35x 11.7x 1.23x 11.4x Lancaster Colony Corporation LANC 108.73 90.8% 3,010 0 - 87 2,923 1,160 188 9.0% 2.8% 23.6% 16.2% 28.1x 2.52x 15.6x 2.41x 14.6x Mean 0.6% 0.3% 34.4% 11.3% 31.6x 1.44x 12.3x 1.35x 10.3x Median 0.8% 1.0% 28.3% 11.5% 29.6x 1.31x 11.7x 1.23x 10.3x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2016 PUBLIC COMPARABLES5

Dairy Danone BN $69.61 90.4% $42,492 $68 $12,031 $3,294 $51,298 $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 17.11 80.8% 1,580 0 842 61 2,361 8,122 400 (14.5%) (4.3%) 24.3% 4.9% NM 0.29x 5.9x 0.31x 5.6x Emmi AG SWX:EMMN 576.20 100.0% 3,083 186 567 391 3,445 3,210 307 (6.3%) (0.5%) 34.8% 9.6% 23.6x 1.07x 11.2x 1.01x 10.5x Glanbia plc GL9 20.16 90.5% 5,953 9 864 229 6,597 3,014 329 (1.3%) 1.0% 35.7% 10.9% 28.5x 2.19x 20.1x 1.98x 16.7x Lifeway Foods Inc. LWAY 9.57 43.9% 157 0 8 8 157 119 8 (0.3%) 13.4% 28.7% 6.4% NM 1.32x 20.8x 1.23x 12.7x Parmalat SpA BIT:PLT 2.76 96.9% 5,077 21 433 754 4,777 6,997 499 3.8% 0.4% 18.5% 7.1% 31.0x 0.68x 9.6x 0.60x 8.4x Saputo Inc. TSX:SAP 31.16 95.8% 12,232 49 1,390 221 13,451 7,763 788 (15.4%) 3.7% 10.1% 10.1% 26.9x 1.73x 17.1x 1.54x 13.8x Savencia SA ENXTPA:SAVE 66.49 90.2% 932 0 - 0 932 4,824 237 (13.5%) (3.6%) 100.0% 4.9% NA 0.19x 3.9x 0.18x 2.7x 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 1.20x 11.9x 1.12x 11.2x

Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $7.54 80.2% $871 $0 $26 $10 $887 $366 $72 (6.5%) (0.8%) 46.8% 19.5% 17.8x 2.42x 12.4x 2.43x 12.6x Cott Corporation BCB 14.17 100.0% 1,758 7 1,651 77 3,338 2,944 344 40.0% 9.4% 30.4% 11.7% NM 1.13x 9.7x 1.15x 9.0x Dr Pepper Snapple Group, Inc. DPS 91.09 95.0% 17,131 0 3,384 920 19,595 6,282 1,519 2.6% 1.6% 59.3% 24.2% 22.5x 3.12x 12.9x 3.08x 12.3x Lassonde Industries Inc. LAS.A 127.22 99.0% 889 30 264 0 1,183 1,045 111 2.4% 0.6% 28.3% 10.6% 19.4x 1.13x 10.7x 1.03x 9.5x Monster Beverage Corporation MNST 131.20 81.7% 26,903 0 - 2,920 23,983 2,723 1,003 10.5% 9.7% 60.0% 36.8% 47.0x 8.81x 23.9x 7.98x 19.4x National Beverage Corp. FIZZ 45.24 94.2% 2,105 0 - 86 2,019 690 97 6.9% 1.5% 33.5% 14.0% 35.6x 2.92x 20.8x NA NA Pepsico, Inc. PEP 104.62 100.0% 153,552 107 33,284 12,009 174,934 63,056 12,246 (5.4%) (1.3%) 55.0% 19.4% 27.9x 2.77x 14.3x 2.80x 14.0x The Coca-Cola Company KO 46.65 99.5% 202,888 210 44,445 19,920 227,623 44,294 12,210 (3.7%) (2.7%) 60.5% 27.6% 27.8x 5.14x 18.6x 5.34x 18.8x Mean 5.8% 2.3% 46.7% 20.5% 28.3x 3.43x 15.4x 3.40x 13.7x Median 2.5% 1.1% 50.9% 19.5% 27.8x 2.85x 13.6x 2.80x 12.6x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $121.15 85.8% $194,797 $3,582 $49,466 $6,978 $240,867 $43,604 $16,756 (7.3%) 3.1% 60.7% 38.4% 23.9x 5.52x 14.4x 5.58x 14.4x Brown-Forman Corporation BF.B 95.50 86.0% 19,904 0 1,738 317 21,325 3,099 1,121 0.5% 3.5% 69.6% 36.2% 29.7x 6.88x 19.0x 5.39x 19.2x Carlsberg A/S CPSE:CARL B 94.31 94.7% 14,454 545 5,243 456 19,786 9,511 1,844 (9.3%) (6.8%) 49.0% 19.4% NM 2.08x 10.7x 2.04x 10.3x Constellation Brands Inc. STZ 158.35 100.0% 31,688 132 7,417 494 38,743 6,361 2,014 6.7% 32.6% 45.5% 31.7% 29.9x 6.09x 19.2x 5.51x 16.6x Diageo plc DGE 27.05 96.4% 68,082 2,268 14,548 798 84,100 15,512 4,765 (2.7%) (4.0%) 57.6% 30.7% 19.2x 5.42x 17.7x 5.45x 16.7x Heineken NV ENXTAM:HEIA 89.59 91.8% 51,036 1,667 13,681 912 65,472 22,276 4,883 (4.4%) 2.2% 38.4% 21.9% 23.9x 2.94x 13.4x 2.72x 11.4x Kirin Holdings Company, Limited TSE:2503 14.34 84.0% 13,084 2,278 6,299 553 21,107 18,277 2,198 (0.3%) 3.1% 44.1% 12.0% NM 1.15x 9.6x 1.11x 9.9x Pernod-Ricard SA RI 110.39 82.5% 29,136 177 10,703 569 39,447 9,661 2,747 (0.2%) (3.5%) 61.7% 28.4% 26.6x 4.08x 14.4x 3.88x 13.4x SABMiller plc LSE:SAB 60.09 99.4% 96,901 1,169 12,010 629 109,451 15,555 4,676 10.6% (7.9%) 70.4% 30.1% 35.1x 7.04x 23.4x 7.28x 18.7x Sapporo Holdings Ltd. TSE:2501 5.18 98.7% 2,017 49 2,022 87 4,001 4,440 377 2.6% 0.4% 33.9% 8.5% 34.6x 0.90x 10.6x 0.82x 9.7x Mean (0.4%) 2.3% 53.1% 25.7% 27.9x 4.21x 15.2x 3.98x 14.0x Median (0.2%) 1.3% 53.3% 29.2% 28.2x 4.75x 14.4x 4.63x 13.9x Snacks Golden Enterprises Inc. GLDC $5.25 100.0% $58 $0 $7 $3 $63 $131 $8 (1.6%) (1.6%) 50.4% 6.3% 23.7x 0.48x 7.5x NA NA Inventure Foods, Inc. SNAK 6.04 49.1% 111 0 116 2 225 283 10 (1.1%) 15.1% 13.3% 3.5% NM 0.80x 22.8x 0.73x 12.6x J&J Snack Foods Corp. JJSF 103.71 82.6% 1,955 0 1 112 1,844 986 151 6.2% 5.1% 30.8% 15.3% 28.6x 1.87x 12.3x 1.81x 11.6x John B Sanfilippo & Son Inc. JBSS 67.49 92.7% 775 0 49 3 821 936 74 12.3% 9.4% 15.2% 7.9% 22.3x 0.88x 11.1x 0.95x NA Mondelez International, Inc. MDLZ 42.52 87.5% 65,898 88 15,483 1,925 79,544 29,636 4,664 (13.5%) (5.4%) 38.8% 15.7% 9.0x 2.68x 17.1x 3.04x 16.4x Pepsico, Inc. PEP 104.62 100.0% 153,552 107 33,284 12,009 174,934 63,056 12,246 (5.4%) (1.3%) 55.0% 19.4% 27.9x 2.77x 14.3x 2.80x 14.0x Snyder's-Lance, Inc. LNCE 31.38 80.2% 3,002 19 389 39 3,372 1,656 185 2.2% 6.7% 35.0% 11.2% 44.3x 2.04x 18.2x 1.40x 10.1x Mean (0.1%) 4.0% 34.1% 11.3% 26.0x 1.64x 14.8x 1.79x 12.9x Median (1.1%) 5.1% 35.0% 11.2% 25.8x 1.87x 14.3x 1.60x 12.6x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2016 PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $51.33 81.2% $2,482 $2 $27 $387 $2,124 $2,009 $583 30.0% 17.5% 35.7% 29.0% 6.9x 1.06x 3.6x 1.29x 7.3x JBS S.A. BOVESPA:JBSS3 2.66 53.9% 7,410 402 16,632 4,757 19,686 41,127 3,222 (9.3%) 3.6% 13.9% 7.8% 6.8x 0.48x 6.1x 0.34x 4.3x Sanderson Farms, Inc. SAFM 92.47 98.4% 2,113 0 10 155 1,968 2,741 331 (4.1%) 3.6% 14.6% 12.1% 12.7x 0.72x 5.9x 0.68x 4.8x Seaboard Corp. SEB 3,000.00 70.9% 3,510 6 669 1,304 2,881 5,594 217 (13.6%) (3.3%) 7.1% 3.9% 20.6x 0.52x 13.3x NA NA Tyson Foods, Inc. TSN 67.81 99.5% 26,600 15 6,705 1,189 32,131 39,708 3,350 0.2% 6.3% 11.0% 8.4% 19.9x 0.81x 9.6x 0.86x 9.7x Mean 0.7% 5.5% 16.5% 12.2% 13.4x 0.72x 7.7x 0.79x 6.5x Median (4.1%) 3.6% 13.9% 8.4% 12.7x 0.72x 6.1x 0.77x 6.1x Fruit and Vegetable Calavo Growers Inc. CVGW $56.88 91.5% $994 $1 $46 $8 $1,033 $867 $54 7.1% 14.8% 10.2% 6.3% 35.0x 1.19x 19.1x 1.06x 16.0x Fresh Del Monte Produce Inc. FDP 42.22 88.9% 2,161 43 254 25 2,433 4,057 232 3.3% 5.8% 8.4% 5.7% 36.0x 0.60x 10.5x 0.59x 9.4x Seneca Foods Corp. SENE.A 32.80 91.7% 336 0 349 19 666 1,250 103 (4.0%) (0.6%) 10.1% 8.2% 8.2x 0.53x 6.5x NA NA Total Produce plc ISE:T7O 1.83 99.3% 530 81 163 144 631 3,123 69 (3.3%) (0.9%) 13.8% 2.2% 17.5x 0.20x 9.2x 0.18x 8.2x Mean 0.8% 4.8% 10.6% 5.6% 24.2x 0.63x 11.3x 0.61x 11.2x Median 0.0% 2.6% 10.1% 6.0% 26.3x 0.57x 9.9x 0.59x 9.4x Ingredients / Flavors Givaudan SA SWX:GIVN $1,977.35 97.6% $18,172 $0 $1,154 $479 $18,847 $4,391 $925 (1.0%) (1.9%) 46.2% 21.1% 27.6x 4.29x 20.4x 3.94x 16.2x Ingredion Incorporated INGR 109.63 100.0% 7,898 36 1,838 440 9,332 5,621 903 (0.8%) (4.9%) 22.3% 16.1% 19.4x 1.66x 10.3x 1.67x 9.7x International Flavors & Fragrances Inc. IFF 117.49 95.8% 9,379 5 1,070 183 10,271 3,023 690 (2.1%) 2.3% 45.0% 22.8% 22.0x 3.40x 14.9x 3.34x 14.4x Kerry Group plc ISE:KRZ 94.56 100.0% 16,640 0 2,233 264 18,609 6,630 907 (4.8%) (4.9%) 46.2% 13.7% 27.2x 2.81x 20.5x 2.57x 18.3x Sensient Technologies Corporation SXT 64.72 91.8% 2,898 0 635 12 3,520 1,376 258 (5.0%) (1.8%) 33.5% 18.7% 27.4x 2.56x 13.7x 2.52x 13.1x Sym rise AG XTRA:SY1 67.26 91.8% 8,732 22 305 304 8,754 2,826 604 10.1% 7.3% 42.7% 21.4% 30.8x 3.10x 14.5x 2.61x 12.2x Tate & Lyle plc TATE 8.33 88.9% 3,862 2 1,179 363 4,679 3,529 452 (20.5%) (10.6%) 38.0% 12.8% 59.5x 1.33x 10.3x 1.37x 10.3x Mean (3.4%) (2.1%) 39.1% 18.1% 30.6x 2.73x 14.9x 2.58x 13.5x Median (2.1%) (1.9%) 42.7% 18.7% 27.4x 2.81x 14.5x 2.57x 13.1x Agribusiness Archer-Daniels-Midland Company ADM $36.48 68.4% $21,190 $16 $5,877 $1,348 $25,735 $67,702 $2,892 (16.6%) (9.2%) 5.9% 4.3% 12.2x 0.38x 8.9x 0.38x 8.3x Bunge Limited BG 56.76 61.0% 8,556 248 4,776 970 12,610 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 30.62 43.5% 6,939 352 5,593 286 12,598 4,308 1,800 (9.2%) (11.0%) 35.9% 41.8% 10.6x 2.92x 7.0x 2.98x 6.9x Darling Ingredients Inc. DAR 13.34 82.2% 2,167 104 1,960 157 4,074 3,397 421 (14.1%) 24.2% 21.9% 12.4% 27.7x 1.20x 9.7x 1.19x 8.3x Monsanto Company MON 87.07 70.3% 37,844 (1) 9,732 2,297 45,278 14,350 4,358 (7.9%) 0.8% 54.5% 30.4% 23.1x 3.16x 10.4x 3.20x 10.7x The Andersons, Inc. ANDE 31.43 66.1% 863 19 484 77 1,290 4,198 115 (7.5%) (7.3%) 9.0% 2.7% NM 0.31x 11.3x 0.30x 8.4x The Mosaic Company MOS 25.01 52.5% 8,799 33 3,860 1,276 11,415 8,895 2,062 (1.8%) (5.5%) 22.1% 23.2% 9.7x 1.28x 5.5x 1.47x 7.4x Mean (11.6%) (2.7%) 22.2% 17.0% 15.8x 1.36x 8.5x 1.40x 8.1x Median (9.2%) (7.3%) 21.9% 12.4% 11.9x 1.20x 8.9x 1.19x 8.3x

Consumer and Retail Grocery Distribution AMCON Distributing Co. DIT $81.60 92.6% $50 $0 $15 $0 $64 $897 $14 4.4% 3.3% 8.5% 1.5% 9.8x 0.07x 4.7x NA NA Core-Mark Holding Company, Inc. CORE 78.51 85.6% 1,864 0 90 13 1,941 8,858 126 8.4% 8.7% 7.2% 1.4% 36.9x 0.22x 15.4x 0.14x 12.8x Performance Food Group Company PFGC 23.62 92.8% 2,458 0 1,263 9 3,712 15,603 295 14.0% NA 12.2% 1.9% 31.7x 0.24x 12.6x 0.22x 10.2x SpartanNash Company SPTN 27.42 80.9% 1,037 0 495 23 1,510 7,652 225 (3.3%) 42.8% 14.6% 2.9% 18.1x 0.20x 6.7x 0.20x 6.5x SUPERVALU Inc. SVU 5.33 44.4% 1,436 8 2,714 134 4,024 17,873 799 2.2% 87.6% 15.2% 4.5% 9.9x 0.23x 5.0x 0.23x 5.2x United Natural Foods, Inc. UNFI 35.00 45.4% 1,863 0 456 12 2,307 8,300 303 9.9% 14.1% 15.1% 3.6% 15.5x 0.28x 7.6x 0.26x 7.9x Mean 5.9% 31.3% 12.1% 2.6% 20.3x 0.20x 8.7x 0.21x 8.5x Median 6.4% 14.1% 13.4% 2.4% 16.8x 0.22x 7.2x 0.22x 7.9x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2016 PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $150.14 88.5% $66,580 $234 $4,975 $4,855 $66,934 $117,269 $4,769 1.4% 4.4% 13.1% 4.1% 30.2x 0.57x 14.0x 0.53x 13.0x Establishments Delhaize Freres DELB 106.53 95.4% 10,988 3 2,807 1,966 11,832 26,495 1,644 2.5% (0.7%) 24.3% 6.2% 25.7x 0.45x 7.2x 0.41x 6.4x Fairway Group Holdings Corp. FWM 0.36 4.6% 15 0 258 35 237 764 17 (4.3%) 6.5% 31.4% 2.2% NM 0.31x 14.3x 0.31x 7.1x Ingles Markets, Incorporated IMKT.A 34.02 59.0% 697 0 925 9 1,613 3,765 235 (2.3%) 0.3% 23.8% 6.2% 13.3x 0.43x 6.9x 0.43x 6.7x J Sainsbury plc LSE:SBRY 4.15 100.0% 7,957 0 3,906 1,920 9,944 35,674 2,870 (8.3%) (0.9%) 7.5% 8.0% 12.2x 0.28x 3.5x 0.30x 5.7x Koninklijke Ahold N.V. ENXTAM:AH 22.95 95.3% 18,785 (1) 3,804 2,546 20,041 41,500 2,489 4.0% (1.3%) 27.1% 6.0% 19.4x 0.48x 8.1x 0.45x 7.0x Natural Grocers by Vitamin Cottage NGVC 19.90 64.9% 456 0 28 2 482 647 51 18.4% 21.9% 29.1% 7.9% 29.2x 0.75x 9.4x 0.62x 8.0x Sprouts Farmers Market, Inc. SFM 27.86 77.2% 4,345 0 290 136 4,500 3,593 300 21.1% 26.0% 29.3% 8.3% 35.0x 1.25x 15.0x 1.07x 13.3x SUPERVALU Inc. SVU 5.33 44.4% 1,436 8 2,714 134 4,024 17,873 799 2.2% 87.6% 15.2% 4.5% 9.9x 0.23x 5.0x 0.23x 5.2x Tesco PLC LSE:TSCO 2.76 77.1% 22,295 (8) 19,374 2,973 38,689 93,911 1,027 (3.5%) (2.2%) 2.3% 1.1% NM 0.41x 37.7x 0.49x 11.3x The Kroger Co. KR 37.41 87.5% 36,565 (22) 12,106 277 48,372 109,830 5,762 1.3% 4.4% 22.8% 5.2% 18.6x 0.44x 8.4x 0.42x 7.9x Village Super Market Inc. VLGE.A 23.56 68.1% 339 0 45 80 305 1,603 66 2.7% 3.2% 27.3% 4.1% 11.1x 0.19x 4.6x NA NA Weis Markets, Inc. WMK 44.35 88.5% 1,189 0 - 109 1,080 2,877 161 3.6% 2.1% 27.3% 5.6% 20.4x 0.38x 6.7x NA NA Whole Foods Market, Inc. WFM 29.78 56.8% 9,826 0 1,055 809 10,072 15,547 1,399 6.3% 8.5% 34.9% 9.0% 21.1x 0.65x 7.2x 0.62x 7.4x Mean 3.2% 11.4% 22.5% 5.6% 20.5x 0.49x 10.6x 0.49x 8.2x Median 2.4% 3.8% 25.7% 5.8% 19.9x 0.43x 7.6x 0.44x 7.2x

Foodservice Colabor Group Inc. TSX:GCL $0.74 50.4% $19 $0 $135 $0 $154 $1,091 $18 (11.5%) (9.5%) 1.7% 1.7% NM 0.14x 8.5x 0.13x 6.6x Sysco Corporation SYY 46.86 99.9% 26,502 45 4,363 596 30,315 48,865 2,390 1.6% 4.0% 17.7% 4.9% 36.1x 0.62x 12.7x 0.59x 11.6x The Chefs' Warehouse, Inc. CHEF 20.07 87.9% 522 0 275 2 794 1,059 60 26.6% 30.2% 25.5% 5.6% 32.4x 0.75x 13.3x 0.67x 10.9x Mean 5.6% 8.2% 15.0% 4.1% 34.2x 0.50x 11.5x 0.46x 9.7x Median 1.6% 4.0% 17.7% 4.9% 34.2x 0.62x 12.7x 0.59x 10.9x Quick Service Restaurant Bojangles', Inc. BOJA $17.36 61.0% $619 $0 $230 $14 $835 $488 $68 13.4% NA 22.6% 13.8% 24.0x 1.71x 12.3x 1.54x 10.1x Jack in the Box Inc. JACK 68.15 69.4% 2,360 0 786 7 3,139 1,543 299 2.7% 0.8% 28.2% 19.4% 21.8x 2.03x 10.5x 1.94x 9.5x McDonald's Corp. MCD 128.12 100.0% 115,370 0 24,126 7,686 131,810 25,413 8,911 (7.4%) (2.7%) 38.5% 35.1% 26.2x 5.19x 14.8x 5.46x 14.3x Popeyes Louisiana Kitchen, Inc. PLKI 52.53 83.4% 1,176 0 113 9 1,279 259 84 9.9% 13.1% 65.0% 32.4% 27.3x 4.94x 15.2x 4.56x 14.2x Restaurant Brands International Inc. QSR 39.31 88.1% 17,481 0 8,763 758 25,486 4,052 1,563 238.0% 27.2% 42.9% 38.6% NM 6.29x 16.3x 6.20x 14.5x Sonic Corp. SONC 35.71 100.0% 1,730 0 504 36 2,198 619 171 6.3% 4.8% 55.3% 27.7% 25.9x 3.55x 12.8x 3.45x 12.2x The Wendy's Company WEN 11.18 95.5% 2,959 0 2,426 327 5,058 1,870 383 (6.4%) (9.3%) 36.7% 20.5% 25.3x 2.70x 13.2x 3.86x 13.1x Yum! Brands, Inc. YUM 82.24 85.8% 33,653 64 3,977 737 36,957 13,105 2,902 (1.3%) (1.3%) 27.3% 22.1% 28.0x 2.82x 12.7x 2.75x 12.5x Mean 31.9% 4.7% 39.6% 26.2% 25.5x 3.65x 13.5x 3.72x 12.5x Median 4.5% 0.8% 37.6% 24.9% 25.9x 3.19x 13.0x 3.66x 12.8x

Fast Casual Chipotle Mexican Grill, Inc. CMG $450.55 59.4% $13,339 $0 $0 $663 $12,676 $4,501 $907 9.6% 18.1% 37.5% 20.2% 31.2x 2.82x 14.0x 2.92x 29.0x El Pollo Loco Holdings, Inc. LOCO 13.28 45.5% 495 0 124 6 613 355 63 3.0% 14.4% 25.8% 17.8% 21.5x 1.73x 9.7x 1.55x 9.0x Fiesta Restaurant Group, Inc. FRGI 34.63 55.2% 894 0 74 5 963 687 96 12.5% 10.5% 25.5% 13.9% 22.8x 1.40x 10.1x 1.29x 8.7x The Habit Restaurants, Inc. HABT 17.47 43.1% 467 0 2 47 422 231 25 32.1% NA 21.9% 10.8% NM 1.83x 16.9x 1.46x 13.4x Noodles & Company NDLS 11.05 51.6% 300 0 68 2 366 455 36 12.8% 14.9% 17.1% 8.0% NM 0.80x 10.1x 0.72x 10.1x Panera Bread Company PNRA 209.47 95.0% 5,184 4 406 242 5,352 2,682 381 6.0% 8.0% 32.8% 14.2% 35.4x 2.00x 14.1x 1.91x 13.3x Potbelly Corporation PBPB 13.70 86.5% 349 1 0 32 318 373 34 14.0% 10.7% 30.5% 9.3% NM 0.85x 9.2x 0.76x 8.0x Shake Shack Inc. SHAK 37.01 38.3% 1,387 0 0 71 1,316 191 18 60.8% NA 40.2% 9.3% NM 6.90x NM 5.43x NM Zoe's Kitchen, Inc. ZOES 37.50 80.5% 744 0 29 19 754 227 20 31.9% 91.4% 21.2% 8.7% NM 3.33x 38.2x 2.69x NM Mean 20.3% 24.0% 28.1% 12.5% 27.7x 2.41x 15.3x 2.08x 13.0x Median 12.8% 14.4% 25.8% 10.8% 27.0x 1.83x 12.0x 1.55x 10.1x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2016 PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $42.26 78.4% $1,014 $0 $101 $35 $1,080 $920 $122 8.8% 9.1% 19.9% 13.3% 24.0x 1.17x 8.8x 1.05x 7.9x Buffalo Wild Wings Inc. BWLD 143.32 69.6% 2,719 0 73 20 2,772 1,813 273 19.6% 20.3% 23.0% 15.1% 29.8x 1.53x 10.1x 1.29x 8.4x Chuy's Holdings, Inc. CHUY 29.60 79.3% 485 0 0 9 477 287 36 17.1% 18.5% 20.5% 12.5% 40.4x 1.66x 13.3x 1.42x 10.7x Dave & Buster's Entertainment, Inc. PLAY 39.89 92.0% 1,625 0 338 25 1,938 867 189 16.1% 14.6% 29.3% 21.8% 27.9x 2.24x 10.3x 1.97x 8.6x Ignite Restaurant Group, Inc. IRG 3.10 51.8% 79 0 127 8 198 492 28 17.3% 36.0% 31.4% 5.7% NM 0.40x 7.1x 0.40x 7.3x The Cheesecake Factory Incorporated CAKE 51.75 87.9% 2,305 0 88 44 2,349 2,101 257 17.3% 36.0% 43.4% 12.2% 23.1x 1.12x 9.1x 1.02x 8.3x Wingstop Inc. WING 24.07 66.9% 693 0 96 11 778 78 26 15.6% NA 71.5% 33.0% NM 9.98x 30.3x 8.70x 23.7x Mean 16.0% 22.4% 34.1% 16.2% 29.0x 2.59x 12.7x 2.27x 10.7x Median 17.1% 19.4% 29.3% 13.3% 27.9x 1.53x 10.1x 1.29x 8.4x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $17.78 73.4% $2,000 $37 $1,317 $132 $3,221 $4,378 $461 (1.5%) 3.2% 17.1% 10.5% 16.7x 0.74x 7.0x 0.73x 6.8x Brinker International, Inc. EAT 46.89 75.9% 2,611 0 1,160 71 3,700 3,100 472 4.3% 2.9% 19.5% 15.2% 14.0x 1.19x 7.8x 1.10x 7.3x Darden Restaurants, Inc. DRI 65.50 86.6% 8,211 0 1,199 858 8,552 6,905 873 7.5% (5.6%) 22.0% 12.6% 24.0x 1.24x 9.8x 1.20x 9.0x DineEquity, Inc. DIN 93.25 87.1% 1,695 0 1,421 145 2,971 681 272 4.0% (7.1%) 58.6% 40.0% 16.9x 4.36x 10.9x 4.52x 10.8x Red Robin Gourmet Burgers Inc. RRGB 64.60 68.0% 888 0 210 23 1,075 1,258 145 9.7% 8.8% 23.5% 11.6% 19.2x 0.86x 7.4x 0.79x 6.8x Ruby Tuesday, Inc. RT 4.49 58.7% 273 0 232 45 459 1,123 82 (2.1%) (4.9%) 17.2% 7.3% NM 0.41x 5.6x 0.41x 5.1x Texas Roadhouse, Inc. TXRH 44.09 99.9% 3,075 8 26 59 3,049 1,807 215 14.2% 12.7% 18.7% 11.9% 31.8x 1.69x 14.2x 1.51x 11.8x Mean 5.2% 1.4% 25.2% 15.6% 20.4x 1.50x 9.0x 1.47x 8.2x Median 4.3% 2.9% 19.5% 11.9% 18.1x 1.19x 7.8x 1.10x 7.3x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $15.77 70.2% $372 $0 $5 $5 $371 $332 $43 9.9% 12.6% 23.9% 13.0% 24.4x 1.12x 8.6x 1.05x 7.8x Fogo de Chao, Inc. FOGO 16.70 61.4% 451 2 165 25 593 272 49 3.6% NA 31.4% 18.0% 14.7x 2.18x 12.1x 2.00x 9.5x Ruth's Hospitality Group Inc. RUTH 17.88 95.2% 606 0 0 3 603 373 57 7.9% 6.4% 26.6% 15.3% 21.2x 1.62x 10.5x 1.53x 9.7x Mean 7.1% 9.5% 27.3% 15.4% 20.1x 1.64x 10.4x 1.52x 9.0x Median 7.9% 9.5% 26.6% 15.3% 21.2x 1.62x 10.5x 1.53x 9.5x Pizza Domino's Pizza, Inc. DPZ $137.90 100.0% $6,832 $0 $2,241 $133 $8,940 $2,217 $430 11.2% 9.7% 30.8% 19.4% 38.0x 4.03x 20.8x 3.77x 18.4x Papa John's International Inc. PZZA 55.89 70.4% 2,085 21 256 21 2,341 1,637 177 2.5% 6.8% 24.5% 10.8% 28.7x 1.43x 13.3x 1.36x 12.5x Papa Murphy's Holdings, Inc. FRSH 12.15 53.5% 198 0 111 7 302 120 25 23.4% NA 44.6% 21.2% 41.2x 2.51x 11.9x 2.14x 11.2x Mean 12.3% 8.3% 33.3% 17.1% 36.0x 2.66x 15.3x 2.42x 14.0x Median 11.2% 8.3% 30.8% 19.4% 38.0x 2.51x 13.3x 2.14x 12.5x Beverage / Snack Retail DAVIDsTEA Inc. DTEA $11.93 39.8% $289 $0 $0 $37 $252 $127 $11 12.7% NA 52.8% 8.9% NM 1.98x 22.2x 1.66x 12.7x Dunkin' Brands Group, Inc. DNKN 49.17 86.6% 4,441 0 2,454 260 6,635 811 407 8.3% 7.2% 80.1% 50.2% 43.7x 8.18x 16.3x 7.79x 14.7x Jamba, Inc. JMBA 12.49 74.1% 187 0 0 20 167 162 2 (25.9%) (10.9%) 39.7% 1.0% 21.3x 1.03x NM 2.43x 17.1x Krispy Kreme Doughnuts, Inc. KKD 15.85 77.5% 1,008 0 12 51 969 519 73 5.8% 6.0% 20.1% 14.1% 32.5x 1.87x 13.3x 1.75x 12.1x Starbucks Corporation SBUX 61.44 96.0% 90,223 2 2,348 2,380 90,193 19,733 4,459 16.0% 13.1% 31.2% 22.6% 36.6x 4.57x 20.2x 4.08x 16.5x Mean 3.4% 3.8% 44.8% 19.4% 33.5x 3.53x 18.0x 3.55x 14.6x Median 8.3% 6.6% 39.7% 14.1% 34.6x 1.98x 18.3x 2.43x 14.7x Family Restaurant Bob Evans Farms, Inc. BOBE $46.64 89.7% $916 $0 $496 $8 $1,405 $1,326 $154 (1.3%) (2.0%) 36.6% 11.6% 35.5x 1.06x 9.1x 1.05x 9.4x Cracker Barrel Old Country Store, Inc. CBRL 152.95 94.2% 3,678 0 416 172 3,922 2,870 340 3.4% 2.8% 33.0% 11.8% 21.4x 1.37x 11.5x 1.32x 10.7x Denny's Corporation DENN 10.08 78.8% 780 0 217 2 996 491 87 4.0% 0.2% 39.7% 17.7% 24.7x 2.03x 11.4x 1.97x 10.5x Luby's, Inc. LUB 4.80 86.5% 138 0 35 2 172 428 22 8.2% 6.9% 31.3% 5.1% NM 0.40x 7.9x NA NA Mean 3.6% 2.0% 35.2% 11.6% 27.2x 1.21x 10.0x 1.45x 10.2x Median 3.7% 1.5% 34.8% 11.7% 24.7x 1.21x 10.3x 1.32x 10.5x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2016

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

140 19.2% 130 120 12.8% 110 7.6% 100

90 (2.3%) 80

70 (9.2%)

60 (33.6%) 50 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-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

EVANS FOOD GROUP ACQUIRED BY WIND POINT PARTNERS

. Wind Point Partners announced that it has acquired Evans Food Group for an undisclosed amount. . Evans Food Group produces branded and private label pork rinds for the Enterprise Value: ND retail and industrial channels. Revenue Multiple: ND EBITDA Multiple: ND . Jose Luis Prado, formerly President of Quaker Oats North America, will join Announced: April 11, 2016 Evans Food Group as Chairman and CEO in connection with the transaction.

FYFFES ACQUIRES HIGHLINE PRODUCE

. Fyffes announced that it has acquired Highline Produce for $111 million in cash. . Highline Produce grows and distributes fresh, organic, dried, stuffed, and Enterprise Value: $111mm exotic mushrooms to the retail and foodservice channels. Revenue Multiple: ND EBITDA Multiple: 8.1x . The transaction supplements Fyffes’ North American portfolio, with Announced: April 1, 2016 mushrooms joining its existing offerings of melons, bananas, and pineapples.

UNFI ACQUIRES NOR-CAL PRODUCE

. UNFI announced that it has acquired Nor-Cal Produce for approximately $69 million in cash. . Nor-Cal Produce distributes conventional and organic produce in Northern Enterprise Value: $69mm California. Revenue Multiple: 0.5x EBITDA Multiple: ND . The transaction will expand UNFI’s distribution network and fresh produce Announced: March 31, 2016 presence nationwide.

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 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 $8.2 $7.6 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 4/11/2016 Crown Chicken Ltd Cranswick plc (LSE:CWK) 4/11/2016 Evans Food Group Ltd. Wind Point Partners 4/11/2016 Pink Taco LLC Z Capital Management LLC 4/6/2016 Huneeus Vintners, Certain Brands Constellation Brands Inc. (NYSE:STZ) 4/6/2016 Isbjorn Is AS Food Union 4/6/2016 Kiennast GmbH Julius Kiennast GmbH & Co. KG 4/5/2016 Royal Biscuit Nordic A/S Bisca A/S 4/4/2016 DE.AL. s.r.l. MARR SpA (BIT:MARR) 4/4/2016 FAR Jamon Serrano, s.a. Coopecarn Girona, S.L.U. 4/3/2016 Barries Ices Ltd Brymor Limited

PRIVATE EQUITY INVESTMENTS & EXITS

70 65 65 60 48 50 43 38 34 36 40 32 31 27 25 26 30 21 17 18 18 14 20 11 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 │ APRIL 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

04/12/16 Ecom Agroindustrial Corp Frozen specialties, nec USD 470 364-Day Facility N/A 145 04/04/16 Frutarom Ltd Flavoring extracts/syrups, nec USD 90 Undisclosed N/A 135 03/31/16 Cosmos Foods Co Ltd Frozen specialties, nec JPY 905 364-Day Facility N/A N/A 03/31/16 Evans Food Group Ltd Frozen specialties, nec USD 9 Revolver/Line >= 1 Yr. N/A N/A 03/31/16 Evans Food Group Ltd Frozen specialties, nec USD 41 Term Loan N/A N/A 03/31/16 FrieslandCampina NV Fluid milk EUR 75 Schuldschein N/A N/A 03/31/16 FrieslandCampina NV Fluid milk EUR 75 Schuldschein N/A N/A 03/31/16 FrieslandCampina NV Fluid milk EUR 75 Schuldschein N/A N/A 03/31/16 FrieslandCampina NV Fluid milk EUR 75 Schuldschein N/A N/A 03/31/16 Nissin Sugar Manufacturing Cane sugar refining JPY 2,000 Revolver/Line >= 1 Yr. N/A N/A 03/31/16 Rokko Butter Co Ltd Cheese, natural and processed JPY 1,500 364-Day Facility N/A N/A 03/31/16 Tine SA Dry/condensed products EUR 50 Undisclosed N/A N/A 03/31/16 Tingyi Holding Corp Food preparations, nec USD 200 Term Loan N/A N/A 03/30/16 Chongqing Red Dragonfly Oil Food preparations, nec USD 126 Term Loan N/A 200 03/30/16 Kikkoman Corp Pickles/sauces/salad dressings JPY 20,000 Revolver/Line >= 1 Yr. N/A N/A

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 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

18 13.0x 100 19 6 20 80 10 12.0x 141 10 60 5 118 M edian Trading MMTrading edian ult iple 4 7 7 7 9 13 8 92 94

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

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

May-15

Q11 1

Q21 1

Q31 1

Q41 1

Q11 2

Q21 2

Q31 2

Q41 2

Q11 3

Q21 3

Q31 3

Q41 3

Q11 4

Q21 4

Q31 4

Q41 4

Q11 5

Q21 5

Q31 5

Q41 5 Q11 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 4/11/2016 Crown Chicken Ltd - Cranswick plc (LSE:CWK) $57.0 0.5x 6.1x - P 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 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.

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

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 2/16/2016 Bejaco NV - Sligro Food Group NV ---- EU 2/16/2016 Southern Tier Brewing Company, LLC Ulysses Management LLC Craft Revolution LLC ---- N.A. 2/16/2016 Victory Brewing Company - Craft Revolution LLC ---- N.A. 2/15/2016 Day Six Pet Nutrition, LLC - C. J. Foods, Inc. ---- N.A. 2/12/2016 Liguria Foods, Inc. BBH Capital Partners CTI Foods, Inc. ---- P N.A. 2/12/2016 RUNGIS express AG CCG Cool Chain Group Holding AG METRO AG (DB:MEO) ---- EU 2/12/2016 Provincial Beverages of Canada Inc. - Colio Estate Wines Inc. ---- N.A. 2/12/2016 Landhandel GmbH Gransee GETREIDE AG ATR Beteiligungsgesellschaft mbH ---- EU 2/12/2016 Ole Smoky Whiskey - Ole Smoky Distillery, LLC ---- N.A. 2/11/2016 Holton Food Products Co., Inc. - Mantrose-Haeuser Co., Inc. ---- N.A. 2/11/2016 Pointer Pet Products Ltd. - Fold Hill Foods Limited ---- EU 2/11/2016 Les Domaines C.G.R - Hongkong Funshare Life Group ---- Cross Border 2/10/2016 Chantilly Patisserie - Haydens Bakery Ltd. $2.5 0.7x 3.5x - EU 2/10/2016 Amazon Preservation Partners, Inc. - KarpReilly LLC ---- P N.A. 2/10/2016 L.B. Maple Treat, Inc. Bedford Capital Management Inc. Champlain Financial Corporation ---- P N.A. 2/10/2016 Harris + Hoole Ltd. Taylor St Baristas Limited Tesco PLC (LSE:TSCO) ---- EU 2/10/2016 Eisberg Schweiz AG - Gastro Star Ag ---- EU 2/10/2016 Tatte Bakery & Cafe - Panera Bread Company ---- N.A. 2/9/2016 The Fresh Diet, Inc. Innovative Food Holdings, Inc. New Fresh Co., LLC $9.7 - - - N.A. 2/9/2016 Lunchbox, Inc. - Bradford Catered Events, LLC ---- N.A. 2/8/2016 Piramide Thee Organic Flavour Company B.V. Koninklijke Wessanen ---- EU 2/6/2016 Prime Pork - Taylor Corporation ---- N.A. 2/4/2016 Ultracongelados de la Ribera S.L. Bonduelle SA (ENXTPA:BON) Ardo NV ---- EU 2/4/2016 L.O. Smith AB Constellation Brands Inc. Cefour Wine & Beverage $1.8 - - - EU 2/4/2016 National Deli, Inc. River Associates Investments, LLC K2d, Inc. ---- P N.A. 2/3/2016 D'Orazio Foods, Inc. - Seviroli Foods Inc. ---- N.A. 2/2/2016 Harvest Innovations LLC - Archer-Daniels-Midland Company ---- N.A. 2/1/2016 TFC Holland B.V. - BayWa AG (DB:BYW) $45.7 - - - EU 2/1/2016 Flat Top Grill Inc. Flat Out Crazy, LLC BD’s Mongolian Grill ---- N.A. 2/1/2016 Progressive Produce Corporation - Total Produce plc (ISE:T7O) ---- Cross Border 2/1/2016 HuHot Mongolian Grills, LLC - Sun Capital Partners, Inc. ---- P N.A. 2/1/2016 Mulligans Beach House Bar & Grill - JPB Capital Partners ---- P N.A. 1/29/2016 PANOS brands High Road Capital Partners Hammond, Kennedy, Whitney ---- P N.A. 1/27/2016 Seven Hills Winery LLC - Double Canyon Vineyards, LLC $5.8 - - - N.A. 1/26/2016 La Place B.V. V&D B.V. Jumbo Groep Holding B.V. ---- EU

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

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5 April 2016 Date Company 4/18/2016 Pepsico, Inc. (NYSE:PEP) 4/18/2016 Associated British Foods plc (LSE:ABF) 4/20/2016 The Coca-Cola Company (NYSE:KO) 4/20/2016 Cloetta AB (publ) (OM:CLA B) 4/21/2016 Yum! Brands, Inc. (NYSE:YUM) 4/21/2016 Starbucks Corporation (NasdaqGS:SBUX) 4/21/2016 The Boston Beer Company, Inc. (NYSE:SAM) 4/21/2016 Arca Continental, S.A.B. de C.V. (BMV:AC *) 4/21/2016 McDonald's Corp. (NYSE:MCD) 4/26/2016 The Hershey Company (NYSE:HSY) 4/26/2016 Bloomin' Brands, Inc. (NasdaqGS:BLMN) 4/26/2016 J&J Snack Foods Corp. (NasdaqGS:JJSF) 4/26/2016 Buffalo Wild Wings Inc. (NasdaqGS:BWLD) 4/26/2016 Chipotle Mexican Grill, Inc. (NYSE:CMG) 4/26/2016 Panera Bread Company (NasdaqGS:PNRA) 4/26/2016 Kikkoman Corp. (TSE:2801) 4/26/2016 Royal Unibrew A/S (CPSE:RBREW) 4/27/2016 Mondelez International, Inc. (NasdaqGS:MDLZ) 4/27/2016 Dr Pepper Snapple Group, Inc. (NYSE:DPS) 4/27/2016 The Cheesecake Factory Incorporated (NasdaqGS:CAKE) 4/27/2016 Ingredion Incorporated (NYSE:INGR) 4/28/2016 Pilgrim's Pride Corporation (NasdaqGS:PPC) 4/28/2016 Domino's Pizza, Inc. (NYSE:DPZ)

May 2016 Date Company 5/2/2016 Sysco Corporation (NYSE:SYY) 5/2/2016 Texas Roadhouse, Inc. (NasdaqGS:TXRH) 5/2/2016 Archer-Daniels-Midland Company (NYSE:ADM) 5/3/2016 Molson Coors Brewing Company (NYSE:TAP) 5/3/2016 Anheuser-Busch InBev SA/NV (ENXTBR:ABI) 5/4/2016 Maple Leaf Foods Inc. (TSX:MFI) 5/4/2016 Whole Foods Market, Inc. (NasdaqGS:WFM) 5/5/2016 Cott Corporation (TSX:BCB) 5/5/2016 Treehouse Foods, Inc. (NYSE:THS) 5/5/2016 Bojangles', Inc. (NasdaqGS:BOJA) 5/9/2016 Tyson Foods, Inc. (NYSE:TSN) 5/9/2016 Fiesta Restaurant Group, Inc. (NasdaqGS:FRGI) 5/9/2016 Ajinomoto Co., Inc. (TSE:2802) 5/9/2016 Naturex Société Anonyme (ENXTPA:NRX)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2016

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2016

HARRIS WILLIAMS & CO.

SOURCES

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