Food and Beverage Industry Update │ March 2019

FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019

www.harriswilliams.com FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 WHAT WE’RE SEEING

Contents MARKET UPDATE 4 . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW The food & beverage M&A market remains active through March, with several notable . M&A MARKET OVERVIEW transactions. Saputo purchased Dairy Crest for $1.6 billion, accelerating Saputo’s growth . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY in the U.K. Tilray’s acquired Fresh Hemp Foods for $316.5 million, and PepsiCo acquired . EARNINGS CALENDAR CytoSport for $465.0 million. Group Overview . Harris Williams is a leading advisor to the food and beverage market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas: . Agribusiness WHAT WE’VE BEEN DOING . Bakery . Beverages CLOSED HARRIS WILLIAMS TRANSACTIONS . Branded and Private Label . Dairy . Distribution . Ingredients . Meat and Protein . Natural and Organic a portfolio company of a portfolio company of A portfolio company of . Processing has been acquired by . Produce

has been acquired by . Restaurant and Retail has been acquired by has been acquired by . Snacks

Contacts . Tim Alexander Managing Director [email protected] +1 (612) 359-2716 . Ryan Budlong a portfolio company of A portfolio company of Managing Director a portfolio company of a portfolio company of [email protected] +1 (415) 217-3409

has been acquired by . Brant Cash has been acquired by has been acquired by Managing Director has been acquired by [email protected] +1 (612) 359-2709 . Ryan Freeman Director [email protected] +1 (612) 359-2703 . Andy Warczak a division of Vice President a portfolio company of a portfolio company [email protected] of +1 (612) 359-2714 a portfolio company of has been acquired by and . Brant Wilczek has been acquired by Vice President has been acquired by has been acquired by [email protected] +1 (612) 359-2732

www.harriswilliams.com

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 HARRIS WILLIAMS ADVISES GRAZE ON ITS SALE TO UNILEVER

BUSINESS OVERVIEW KEY VALUE DRIVERS

. graze is the #1 healthy snack brand in the UK with growing awareness in  Strong brand crossing a number of healthy snacking the U.S. categories

. graze offers a wide range of better-for-you, low-calorie snacking products  Direct-to-consumer expertise that are without trans fats, GMOs, high-fructose corn syrup, and have low sugar levels.  Strong market presence being the #1 healthy snacking brand in the UK by value . The Company is the first truly multi-channel consumer packaged goods brand in the healthy snacking segment as it provides products through  Innovation machine with an ability to localize product the retail, online, and subscription channels. to new markets quickly

. The Company serves a blue-chip customer base in the UK and U.S.  Unrivaled customer engagement and brand loyalty including Sainsbury’s, Tesco, Whole Foods, Costco, and others.

a portfolio company of

has been acquired by

VITAL SIGNS

COMMODITY PRICE INDICES 4

140 Corn: (21.8%) 120 Wheat: 100 (26.1%) 80 Crude Oil: 60 (39.1%) 40 Soybeans: (39.4%)

Commodity Price Index Price Commodity 20 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Aug-17 Feb-18 Aug-18 Feb-19 Crude Oil Soybeans Wheat Corn PROTEIN PRICE INDICES 1 , 2

130 120 Poultry: (3.8%) 110 Beef: 100 (7.6%) 90 Pork: Protein Price Price Protein Index 80 (10.7%) Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES 3

Res taurant: 140 130 2 9 . 4 % 120 G rocery: 110 100 1 5 . 3 %

90 Sales Sales Index 80 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION 1

4.0 3.0 2.0 1.0

Infation(%) - (1.0) Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19

VITAL SIGNS

KEY TRADING STATISTICS 4

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 4.7% (3.8%) 8.1% 1.0% 24.8x 11.3x 9.2x 3.2x Fruit and Vegetable (12.8%) (14.0%) (11.2%) (0.9%) 13.8x 29.4x 11.3x 0.8x

Inputs Ingredients / Flavors (0.4%) 3.1% 0.6% 6.4% 20.0x 30.7x 18.8x 2.4x Agribusiness (4.2%) 3.9% (9.7%) (21.6%) 16.3x 28.9x 10.3x 2.7x Branded Processed Foods (3.4%) (11.1%) (3.8%) 1.3% 15.8x 19.3x 12.9x 3.2x Private Label Foods and Beverages (3.8%) 15.6% (4.0%) 5.6% 23.2x 13.9x 11.7x 3.6x Natural / Organic Foods / BFY (5.3%) (43.4%) (11.8%) 9.7% 28.5x 20.4x 21.3x 4.7x Baked Goods 1.2% (7.2%) 2.7% 1.0% 20.3x 27.8x 11.8x 3.3x Dairy 2.7% (8.0%) 2.4% 11.9% 20.0x 20.9x 13.6x 2.1x Non-Alcoholic Beverages (4.0%) 1.9% 1.4% (2.1%) 21.1x 21.8x 20.9x 3.4x

Food and Beverage and Food Alcoholic Beverages 3.0% (11.4%) (1.6%) (3.8%) 20.8x 24.5x 14.6x 2.3x Snacks 2.8% 11.5% 1.5% 2.6% 21.8x 25.8x 16.0x 1.7x Grocery Distribution 8.9% 13.2% (6.5%) (18.5%) 15.3x 19.8x 12.7x 3.2x Food Retail (1.0%) 11.3% (11.1%) (0.7%) 13.5x 17.3x 7.4x 1.1x Foodservice 4.4% 9.4% (5.4%) 1.8% 17.1x 24.1x 12.4x 3.4x Quick Service Restaurant (2.1%) 8.7% 0.6% 0.7% 22.5x 20.3x 16.1x 4.9x Fast Casual (8.1%) 35.9% 19.4% 71.1% 51.0x 47.6x 15.7x 2.0x Differentiated Casual (7.8%) 5.9% (15.1%) (1.6%) 19.4x 21.2x 8.0x 0.8x Casual Dining Restaurant (3.3%) 18.1% (1.0%) 8.3% 15.9x 20.8x 10.4x 2.7x Fine Dining 9.2% (22.8%) (1.5%) 67.7% 17.8x 18.9x 14.0x 0.5x

Consumer and Retail and Consumer Pizza (8.3%) 12.8% 12.5% 9.3% 31.3x 18.1x 21.9x 5.3x Beverage / Snack Retail (2.1%) 19.3% 10.3% 11.2% 24.5x 29.2x 18.4x 2.8x Family Restaurant 1.3% 3.8% 4.0% (0.7%) 21.0x 22.0x 12.1x 0.7x Overall Median (0.9%) 3.0% (1.7%) 1.3% 20.8x 21.9x 13.1x 2.6x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 PUBLIC EQUITY MARKET OVERVIEW

PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STO CK PRICE) 4 Fast Casual Beverage / Snack Retail Casual Dining Restaurant Private Label Grocery Distribution Pizza Snacks Food Retail Foodservice Quick Service Restaurant Differentiated Casual S&P Agribusiness Family Restaurant Ingredients / Flavors Non-Alcoholic Beverages Protein Processing Baked Goods Dairy Branded Processed Foods Alcoholic Beverages Fruit and Vegetable Fine Dining Natural / Organic / BFY

(80.0%) (65.0%) (50.0%) (35.0%) (20.0%) (5.0%) 10.0% 25.0% 40.0% 55.0% 70.0% Inputs Food and Beverage Consumer and Retail

RECENT EQUITY OFFERINGS 5

Close Date Filing Date Issuer Ticker Transaction Type Gross Proceeds ($M) Use of Funds

Marketing & Sales 2/27/19 2/27/19 Naturally Splendid Enterprises Ltd NSP Follow-On $2.7 Working Capital General Corp. Purp. 2/22/19 2/6/19 Goodfood Market Corp FOOD Follow-On $20.0 Capital Expenditures General Corp. Purp. 2/20/19 - Liquid Media Group Ltd YVR Convertible $2.7

General Corp. Purp. 2/15/19 2/14/19 Reeds Inc REED Follow-On $14.1 Working Capital General Corp. Purp. 1/29/19 1/29/19 ARC Group Inc ANPZ Follow-On $7.0 General Corp. Purp. 1/21/19 1/21/19 Gabriellas Kitchen Inc GABY Convertible $0.8

General Corp. Purp. 11/20/18 11/20/18 Eastside Distilling Inc ESDI Follow-On $9.2 Future Acquisitions General Corp. Purp. 11/16/18 - Savage River Inc BYND IPO - Prod Dev / R&D General Corp. Purp. 11/9/18 11/9/18 New Age Beverages Corp NBEV Follow-On $51.9 Working Capital General Corp. Purp. 11/6/18 - Sweet Natural Trading Co Ltd NTRL Follow-On $1.1 Working Capital General Corp. Purp. 10/29/18 10/29/18 Organto Foods Inc OGO Follow-On $0.8 Working Capital General Corp. Purp. 10/23/18 - Noodles & Co NDLS Follow-On $110.2 Secondary

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 PUBLIC COMPARABLES4

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2019E ($ in millions, except per share data) Ticker 2/28/19 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage Branded Processed Foods Associated British Foods PLC ABF-GB $29.83 77.0% $23,569 $22,707 $20,767 $2,358 6.8% 1.7% 7.0% 11.4% 17.6x 1.09x 9.6x 1.07x 8.5x B&G Foods, Inc. BGS 24.62 73.5% 1,640 3,265 1,701 287 3.3% 20.7% 9.9% 16.9% 9.6x 1.92x 11.4x 1.99x 10.6x Campbell Soup Company CPB 36.02 80.7% 10,942 20,399 9,751 1,417 24.1% 6.8% 26.3% 14.5% NM 2.09x 14.4x 2.07x 11.2x Conagra Brands, Inc. CAG 23.37 59.3% 11,296 22,496 8,179 1,436 4.6% (6.4%) 28.3% 17.6% 12.6x 2.75x 15.7x 2.15x 11.1x General Mills, Inc. GIS 47.13 89.1% 28,178 43,776 16,278 3,385 4.6% (2.0%) 34.6% 20.8% 13.7x 2.69x 12.9x 2.56x 12.5x Hershey Company HSY 110.68 98.6% 16,599 20,478 7,791 1,897 3.7% 1.8% 43.7% 24.3% 20.1x 2.63x 10.8x 2.58x 10.5x Hormel Foods Corp. HRL 43.36 93.7% 23,196 23,308 9,575 1,335 3.9% 1.5% 20.7% 13.9% 24.8x 2.43x 17.5x 2.39x 16.2x J. M. Smucker Company SJM 105.91 79.4% 11,991 17,874 7,717 1,695 4.9% 1.2% 36.8% 22.0% 19.1x 2.32x 10.5x 2.28x 10.6x Kellogg Company K 56.26 75.0% 19,547 28,677 13,547 2,392 5.4% 0.0% 34.0% 17.7% 14.8x 2.12x 12.0x 2.07x 11.9x McCormick & Company, Inc. MKC 135.98 87.2% 18,063 22,674 5,409 1,096 11.9% 8.0% 45.4% 20.3% 19.5x 4.19x 20.7x 4.10x 19.1x Nestle S.A. NESN-CH 90.70 98.8% 278,664 310,245 93,433 19,847 2.6% 0.4% 49.9% 21.2% 27.0x 3.32x 15.6x 3.26x 15.3x Post Holdings, Inc. POST 101.88 97.6% 6,829 12,946 6,235 1,192 NM 8.9% 28.1% 19.1% 26.3x 2.08x 10.9x 2.22x 10.4x Premium Brands Holdings Corp. PBH-CA 56.17 57.5% 1,933 2,779 2,157 184 31.9% 23.0% 17.9% 8.5% 24.9x 1.29x 15.1x 1.01x 11.4x Mean 9.0% 5.1% 29.4% 17.6% 19.2x 2.38x 13.6x 2.29x 12.3x Median 4.7% 1.7% 28.3% 17.7% 19.3x 2.32x 12.9x 2.22x 11.2x Private Label Foods and Beverages Cott Corp. BCB-CA $15.01 87.9% $2,077 $3,249 $2,373 $278 4.5% (6.9%) 48.4% 11.7% 5.6x 1.37x 11.7x 1.34x 9.8x Lamb Weston Holdings, Inc. LW-US 69.31 82.6% 10,394 12,646 3,608 779 11.2% NA 27.3% 21.6% 22.1x 3.51x 16.2x 3.33x 14.1x Seneca Foods Corp. SENEA 29.52 82.2% 292 640 1,328 (8) 10.3% 2.0% NM NM NM 0.48x NM NA NA TreeHouse Foods, Inc. THS 60.58 98.5% 3,415 5,549 5,812 496 (7.8%) 21.9% 16.4% 8.5% NM 0.95x 11.2x 0.99x 10.1x Mean 4.6% 5.7% 30.7% 13.9% 13.9x 1.58x 13.0x 1.89x 11.3x Median 7.4% 2.0% 27.3% 11.7% 13.9x 1.16x 11.7x 1.34x 10.1x Natural / Organic Foods / Better-For-You Hain Celestial Group, Inc. HAIN $19.67 54.4% $2,004 $2,660 $2,397 $131 12.7% (3.8%) 18.9% 5.4% NM 1.11x 20.4x 1.15x 13.1x SunOpta Inc. SOY-CA 2.58 28.2% 256 763 1,261 36 (1.5%) 3.3% 5.7% 2.8% NM 0.61x 21.3x 0.63x 15.4x The Simply Good Foods Company SMPL 20.46 95.8% 1,657 1,917 345 72 NA NA NA 20.8% 20.4x 5.56x 26.8x 3.95x 21.1x Mean 5.6% (0.3%) 12.3% 9.7% 20.4x 2.42x 22.8x 1.91x 16.6x Median 5.6% (0.3%) 12.3% 5.4% 20.4x 1.11x 21.3x 1.15x 15.4x Baked Goods Aryzta AG ARYN-CH $1.14 20.4% $1,168 $3,776 $4,101 $360 (1.2%) (3.0%) 22.5% 8.8% NM 0.92x 10.5x 0.97x 10.4x Flowers Foods, Inc. FLO 20.47 89.7% 4,349 5,335 3,952 406 0.8% 1.5% 43.4% 10.3% 27.8x 1.35x 13.1x 1.31x 12.2x George Weston Limited WN-CA 71.22 84.1% 10,781 26,388 37,471 3,334 0.7% 0.7% 31.7% 8.9% 23.1x 0.70x 7.9x 0.70x 7.6x Grupo Bimbo SAB de CV BIMBOA-MX 1.98 81.5% 9,291 13,711 14,985 1,813 5.9% 2.8% 52.4% 12.1% 30.9x 0.91x 7.6x 0.86x 8.0x Hostess Brands, Inc. TWNK-US 12.14 81.0% 1,231 2,423 850 167 9.6% 11.1% 28.9% 19.6% 20.2x 2.85x 14.5x 2.76x 12.0x Lancaster Colony Corp. LANC 156.77 80.7% 4,317 4,123 1,271 198 5.7% 3.1% 25.8% 15.6% 29.4x 3.24x 20.8x 3.08x 18.0x Mean 3.6% 2.7% 34.1% 12.5% 26.3x 1.66x 12.4x 1.61x 11.4x Median 3.2% 2.1% 30.3% 11.2% 27.8x 1.14x 11.8x 1.14x 11.2x

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Dairy Danone SA BN-FR $75.53 89.0% $51,393 $66,053 $29,082 NA 4.5% 5.4% NA NA 18.1x 2.27x NA 2.27x 11.9x Dean Foods Company DF 4.01 36.0% 359 1,255 7,755 110 (0.5%) (1.5%) 19.6% 1.4% NM 0.16x 11.4x 0.16x 7.4x Emmi AG EMMN-CH 818.61 93.3% 4,436 4,786 3,539 365 7.4% (0.1%) 18.2% 10.3% 19.7x 1.35x 13.1x 1.37x 13.3x Glanbia PLC GL9-IE 20.30 97.5% 6,099 6,756 2,815 387 4.6% (2.9%) NA 13.7% 22.8x 2.40x 17.5x 1.76x 16.1x Lifeway Foods, Inc. LWAY 2.35 34.5% 38 41 107 0 (13.2%) (3.7%) 23.2% 0.1% NM 0.38x NM NA NA Parmalat S.p.A. PLT-IT 3.25 86.3% 6,021 6,044 7,674 429 3.9% 1.4% 18.4% 5.6% 47.0x 0.79x 14.1x NA NA Saputo Inc. SAP-CA 32.57 92.8% 12,742 14,472 10,064 936 13.6% 6.2% 18.5% 9.3% 22.1x 1.44x 15.5x 1.31x 13.2x Savencia SA SAVE-FR 72.65 66.2% 1,020 1,796 5,760 262 12.8% 1.7% 4.3% 4.6% 14.1x 0.31x 6.8x 0.32x 5.0x Mean 4.1% 0.8% 17.0% 6.4% 24.0x 1.14x 13.1x 1.20x 11.1x Median 4.5% 0.7% 18.4% 5.6% 20.9x 1.07x 13.6x 1.34x 12.6x Non-Alcoholic Beverages A.G. BARR PLC BAG-GB $10.18 96.4% $1,173 $1,167 $383 $69 15.9% (1.3%) 42.3% 18.1% 24.6x 3.05x 16.8x 3.06x 15.4x Coca-Cola Company KO 45.34 89.2% 194,015 223,683 31,697 10,718 (9.4%) (10.2%) 61.8% 33.8% 30.3x 7.06x 20.9x 6.42x 19.3x Cott Corp. BCB-CA 15.01 87.9% 2,077 3,249 2,373 278 4.5% (6.9%) 48.4% 11.7% 5.6x 1.37x 11.7x 1.34x 9.8x Dr Pepper Snapple Group, Inc. DPS 25.15 20.2% 36,552 52,413 7,442 1,709 11.2% 5.8% 54.9% 23.0% 49.1x 7.04x 30.7x 4.66x 15.7x Lassonde Industries, Inc. LAS.A 130.98 57.1% 424 NA NA NA NA NA NA NA 18.4x NA NA NA NA Monster Beverage Corp. MNST 63.83 96.2% 35,163 34,217 3,807 1,284 13.0% 12.4% 58.2% 33.7% 36.8x 8.99x 26.7x 8.15x 22.4x National Beverage Corp. FIZZ 68.59 53.9% 3,155 2,905 1,025 117 12.6% 15.1% 33.3% 11.4% 18.9x 2.83x 24.8x 2.64x 11.7x PepsiCo, Inc. PEP 115.64 94.8% 163,196 184,611 64,660 12,799 1.8% 0.8% 54.2% 19.8% 13.2x 2.86x 14.4x 2.79x 14.1x Mean 7.1% 2.3% 50.4% 21.6% 24.6x 4.74x 20.9x 4.15x 15.5x Median 11.2% 0.8% 54.2% 19.8% 21.8x 3.05x 20.9x 3.06x 15.4x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $78.06 66.6% $140,371 NA $54,619 $21,172 (3.2%) 7.8% 63.0% 38.8% 38.8x NA NA NA NA Brown-Forman Corp. BF.B 49.49 83.1% 23,725 26,078 3,294 1,106 5.4% 3.0% 64.7% 33.6% 32.1x 7.92x 23.6x 7.53x 21.5x Carlsberg A/S CARL.B-DK 121.27 97.1% 18,582 21,796 9,893 2,066 7.6% 0.6% 49.4% 20.9% 23.1x 2.20x 10.5x 2.22x 10.2x Constellation Brands, Inc. STZ 169.16 71.5% 32,601 46,303 8,087 2,892 8.6% 8.3% 50.2% 35.8% 12.0x 5.73x 16.0x 5.51x 14.7x Diageo PLC DGE-GB 38.75 97.3% 94,028 109,538 16,707 5,907 6.5% 1.4% 61.0% 35.4% 24.5x 6.56x 18.5x 6.34x 17.6x Heineken NV HEIA-NL 100.89 90.2% 58,954 74,118 26,510 5,610 7.4% 5.2% 13.9% 21.2% 26.9x 2.80x 13.2x 2.75x 11.3x Kirin Holdings Company, Limited 2503-JP 22.36 75.0% 20,277 25,668 16,621 2,476 NA (2.9%) 47.1% 14.9% 13.5x 1.54x 1.48x 1.48x 11.1x Pernod Ricard SA RI-FR 172.40 98.3% 46,289 54,712 10,883 3,307 8.0% 3.7% 62.5% 30.4% 27.8x 5.03x 16.5x 5.08x 16.5x Sapporo Holdings Limited 2501-JP 21.82 72.0% 1,740 4,044 4,725 389 (3.9%) 2.3% 30.3% 8.2% 22.6x 0.86x 10.4x 0.86x 11.3x Mean 4.5% 3.3% 49.1% 26.6% 24.6x 4.08x 13.8x 3.97x 14.3x Median 6.9% 3.0% 50.2% 30.4% 24.5x 3.91x 14.6x 3.92x 13.0x Snacks J & J Snack Foods Corp. JJSF $155.28 95.4% $2,923 $2,787 $1,145 $158 1.9% 5.1% 28.3% 13.8% 34.5x 2.43x 17.7x 2.36x 16.1x John B. Sanfilippo & Son, Inc. JBSS 69.48 87.5% 604 661 872 68 2.6% (2.3%) 16.6% 7.8% 24.6x 0.76x 9.7x 0.75x 9.1x Mondelez International, Inc. MDLZ 47.16 97.3% 68,208 85,556 25,938 4,687 0.2% (4.3%) 36.3% 18.1% 27.0x 3.30x 18.3x 3.29x 16.2x PepsiCo, Inc. PEP 115.64 94.8% 163,196 184,611 64,660 12,799 1.8% 0.8% 54.2% 19.8% 13.2x 2.86x 14.4x 2.79x 14.1x Mean 1.6% (0.2%) 33.8% 14.9% 24.8x 2.34x 15.0x 2.30x 13.9x Median 1.8% (0.7%) 32.3% 15.9% 25.8x 2.65x 16.0x 2.57x 15.1x

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Inputs Protein Processing Cal-Maine Foods, Inc. CALM $44.10 84.3% $1,941 $1,650 $1,576 $263 30.7% (7.6%) 19.8% 16.7% 10.6x 1.05x NM 1.16x 14.1x JBS S.A. JBSS3-BR 3.58 82.7% 10,169 23,181 50,948 3,358 0.6% 0.1% 15.4% 6.6% NA 0.45x 6.9x 0.46x 5.5x Sanderson Farms, Inc. SAFM 115.20 89.4% 2,563 2,549 3,207 125 (6.4%) 5.4% 4.7% 3.9% NA 0.79x 20.4x 0.75x 13.8x Seaboard Corp. SEB 3,899.26 90.7% 4,555 3,917 6,583 354 13.3% 5.6% 6.3% 5.4% NA 0.60x 11.1x NA NA Tyson Foods, Inc. TSN 61.66 80.5% 18,362 30,085 40,006 4,103 2.0% 0.2% 13.4% 10.3% 12.1x 0.75x 7.3x 0.70x 7.1x Mean 8.0% 0.7% 11.9% 8.6% 11.3x 0.73x 11.4x 0.77x 10.1x Median 2.0% 0.2% 13.4% 6.6% 11.3x 0.75x 9.2x 0.73x 10.4x Fruit and Vegetable Calavo Growers, Inc. CVGW $85.13 78.8% $1,503 $1,519 $1,089 $70 1.2% 8.3% 8.0% 6.5% 46.6x 1.40x 21.6x 1.25x 17.1x Fresh Del Monte Produce Inc. FDP 27.68 52.8% 1,305 2,024 4,489 179 9.9% 3.1% 3.8% 4.0% NA 0.45x 11.3x 0.42x 8.7x Seneca Foods Corp. SENEA 29.52 82.2% 292 640 1,328 (8) 10.3% 2.0% NM NM NA 0.48x NM NA NA Total Produce PLC T7O-IE 2.12 68.3% 810 932 4,415 101 21.4% 10.0% 13.2% 2.3% 12.2x 0.21x 9.2x 0.20x 9.3x Mean 10.7% 5.9% 8.3% 4.2% 29.4x 0.63x 14.0x 0.62x 11.7x Median 10.1% 5.7% 8.0% 4.0% 29.4x 0.47x 11.3x 0.42x 9.3x Ingredients / Flavors Givaudan SA GIVN-CH $2,506.52 99.3% $23,101 $25,987 $5,648 $1,139 10.0% 7.3% 37.9% 20.2% 34.7x 4.60x 22.8x 4.24x 19.5x Ingredion Inc. INGR 92.45 68.3% 6,141 7,927 5,840 1,014 0.2% 1.3% 22.5% 17.4% 14.9x 1.36x 7.8x 1.36x 7.9x International Flavors & Fragrances Inc. IFF 127.50 84.7% 13,635 17,632 3,978 874 17.0% 9.6% 37.5% 22.0% 33.5x 4.43x 20.2x 3.35x 15.3x Kerry Group PLC KRZ-IE 103.05 88.9% 18,852 20,806 7,795 1,109 7.9% 4.8% 13.0% 14.2% 30.7x 2.67x 18.8x 2.54x 17.5x Sensient Technologies Corp. SXT 64.70 82.5% 2,769 3,447 1,387 257 1.8% 0.3% 32.7% 18.5% 17.7x 2.49x 13.4x 2.47x 13.4x Symrise AG SY1-DE 88.23 92.7% 12,047 13,875 3,649 713 13.4% 9.0% 40.0% 19.5% 37.4x 3.80x 19.5x 3.57x 17.3x Tate & Lyle PLC TATE-GB 9.24 95.9% 4,323 4,687 3,622 525 1.0% 0.6% NA 14.5% 14.5x 1.29x 8.9x 1.26x 7.8x Mean 7.3% 4.7% 30.6% 18.0% 26.2x 2.95x 15.9x 2.68x 14.1x Median 7.9% 4.8% 35.1% 18.5% 30.7x 2.67x 18.8x 2.54x 15.3x Agribusiness Andersons, Inc. ANDE $36.96 88.6% $1,209 $1,955 $3,045 $137 (17.4%) (10.2%) 7.3% 4.5% 25.5x 0.64x 14.3x 0.22x 9.5x Archer-Daniels-Midland Company ADM 42.50 81.6% 23,765 29,578 64,300 2,910 5.7% (1.7%) 5.7% 4.5% 13.3x 0.46x 10.2x 0.44x 8.1x Bunge Limited BG 53.08 67.1% 7,479 11,854 45,745 1,282 (0.1%) 1.7% 1.9% 2.8% 32.2x 0.26x 9.2x 0.25x 7.7x CF Industries Holdings, Inc. CF 42.20 74.7% 9,424 16,213 4,429 1,566 7.2% 0.9% 20.8% 35.4% 34.1x 3.66x 10.4x 3.33x 9.1x Darling Ingredients Inc. DAR 21.98 97.2% 3,634 5,264 3,388 431 (7.5%) (0.1%) 11.7% 12.7% 36.8x 1.55x 12.2x 1.46x 11.1x Mosaic Company MOS 31.27 83.7% 11,950 15,838 9,587 2,000 29.4% 1.9% 18.5% 20.9% 25.4x 1.65x 7.9x 1.58x 7.0x Mean 2.9% (1.2%) 11.0% 13.5% 27.9x 1.37x 10.7x 1.21x 8.8x Median 2.8% 0.4% 9.5% 8.6% 28.9x 1.10x 10.3x 0.95x 8.6x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $92.75 88.3% $57 $84 $1,352 $11 5.6% 1.6% 5.8% 0.8% 17.5x 0.06x 7.7x NA NA Core-Mark Holding Company, Inc. CORE 31.51 78.5% 1,642 1,979 16,378 115 6.0% 14.7% 5.4% 0.7% 37.7x 0.12x 17.2x 0.12x 11.2x Performance Food Group Company PFGC 38.53 97.1% 4,079 5,369 18,099 420 18.5% 9.8% 13.3% 2.3% 24.1x 0.30x 12.8x 0.28x 11.0x SpartanNash Company SPTN 18.98 70.3% 663 1,342 8,065 209 (0.8%) 0.6% 12.9% 2.6% 19.8x 0.17x 6.4x 0.16x 6.2x United Natural Foods, Inc. UNFI 15.01 30.4% 779 4,128 10,637 326 12.5% 8.8% 14.4% 3.1% 6.7x 0.39x 12.7x 0.18x 6.2x Mean 8.4% 7.1% 10.4% 1.9% 21.2x 0.21x 11.3x 0.18x 8.7x Median 6.0% 8.8% 12.9% 2.3% 19.8x 0.17x 12.7x 0.17x 8.6x

Insert Footnote here PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 PUBLIC COMPARABLES4

Food Retail Costco Wholesale Corp. COST $218.74 89.2% $96,661 $95,500 $144,836 $5,952 9.1% 7.5% 12.7% 4.1% 29.7x 0.66x 16.0x 0.61x 14.9x Ingles Markets, Inc. IMKTA 31.12 82.7% 444 1,310 4,141 237 2.7% 3.2% 24.3% 5.7% 8.5x 0.32x 5.5x 0.31x 5.4x J Sainsbury PLC SBRY-GB 3.05 67.6% 6,762 7,122 38,888 1,394 8.6% 2.5% 6.3% 3.6% 18.8x 0.18x 5.1x 0.18x 3.7x Kroger Co. KR 29.33 89.6% 22,353 35,802 124,102 4,899 4.1% 4.5% 19.5% 3.9% 6.5x 0.29x 7.3x 0.29x 6.6x Natural Grocers by Vitamin Cottage NGVC 14.20 58.0% 320 373 868 49 10.2% 10.3% 23.5% 5.7% 33.2x 0.43x 7.6x 0.40x 8.0x Royal Ahold Delhaize N.V. AD-NL 25.82 96.3% 30,747 34,106 54,973 4,305 NM NM 29.8% 7.8% 15.0x 0.62x 7.9x 0.46x 6.7x Sprouts Farmers Markets, Inc. SFM 23.32 78.6% 2,880 3,457 5,207 347 11.6% 13.2% 44.8% 6.7% 19.0x 0.66x 10.0x 0.60x 9.9x Tesco PLC TSCO-GB 3.01 86.3% 29,740 34,519 81,847 4,399 13.7% (2.2%) 6.1% 5.4% 20.3x 0.42x 7.8x 0.40x 6.9x Village Super Market, Inc. VLGEA 30.65 95.5% 317 85 1,626 62 1.5% 0.7% 26.2% 3.8% 15.8x 0.05x 1.4x NA NA Weis Markets, Inc. WMK 50.31 87.0% 1,325 1,302 3,500 180 (0.2%) 7.0% 24.0% 5.1% 11.7x 0.37x 7.2x NA NA Mean 6.8% 5.2% 21.7% 5.2% 17.8x 0.40x 7.6x 0.41x 7.8x Median 8.6% 4.5% 23.8% 5.3% 17.3x 0.40x 7.4x 0.40x 6.8x

Foodservice Chefs' Warehouse, Inc. CHEF $32.01 81.5% $955 $1,190 $1,445 $71 11.0% 11.3% 26.0% 4.9% 45.5x 0.82x 16.8x 0.76x 13.8x Colabor Group Inc. GCL-CA 0.39 76.5% 39 118 928 15 (8.7%) 1.9% 0.5% 1.6% NA 0.13x 7.8x 0.13x 6.6x Sysco Corp. SYY 67.55 88.9% 34,700 42,802 59,646 3,128 4.6% 6.9% 18.8% 5.2% 24.1x 0.72x 13.7x 0.69x 11.8x US Foods Holdings Corp. USFD-US 35.24 86.1% 7,621 11,131 24,175 999 0.1% 1.5% 18.1% 4.1% 18.7x 0.46x 11.1x 0.44x 9.5x Mean 2.3% 6.7% 15.1% 3.9% 29.5x 0.53x 12.3x 0.51x 10.4x Median 4.6% 6.9% 18.8% 4.9% 24.1x 0.59x 12.4x 0.57x 10.7x Quick Service Restaurant Jack in the Box Inc. JACK 80.54 85.7% 2,043 3,095 866 259 (16.6%) (17.5%) 30.9% 29.9% 19.3x 3.57x 11.9x 3.26x 11.6x McDonald's Corp. MCD 183.84 96.3% 141,622 171,831 21,025 10,068 (7.9%) (6.1%) 52.2% 47.9% 24.5x 8.17x 17.1x 8.21x 15.9x Restaurant Brands International Inc. QSR 63.21 96.4% 15,938 30,085 5,357 2,139 17.1% 9.8% 58.1% 39.9% 25.7x 5.62x 14.1x 5.40x 12.9x Wendy's Company WEN 17.33 92.7% 3,978 6,225 1,590 386 30.0% (5.3%) 30.2% 24.3% 9.2x 3.92x 16.1x 3.74x 14.5x Yum! Brands, Inc. YUM 94.50 98.7% 29,223 38,852 5,688 1,954 (3.2%) NM 47.9% 34.4% 20.3x 6.83x 19.9x 7.11x 18.6x Mean 3.9% (4.8%) 43.9% 35.3% 19.8x 5.62x 15.8x 5.54x 14.7x Median (3.2%) (5.7%) 47.9% 34.4% 20.3x 5.62x 16.1x 5.40x 14.5x

Fast Casual Chipotle Mexican Grill, Inc. CMG $607.53 99.0% $16,917 $16,240 $4,865 $592 8.7% 2.6% 12.7% 12.2% NM 3.34x 27.4x 3.07x 24.1x El Pollo Loco Holdings Inc. LOCO 15.13 81.9% 595 658 425 42 6.5% 5.8% 17.5% 9.9% 41.9x 1.55x 15.7x 1.45x 10.3x Fiesta Restaurant Group, Inc. FRGI 15.07 48.8% 413 488 689 67 2.9% 0.1% 14.7% 9.7% 53.2x 0.71x 7.3x 0.72x 7.1x Habit Restaurants, Inc. HABT 11.27 61.6% 274 NA 402 36 21.2% 20.4% 12.2% 8.9% NM NA NA NA NA Noodles & Co. NDLS 7.84 58.1% 341 387 457 28 (3.3%) 0.8% 12.3% 6.1% NA 0.85x 13.9x 0.83x 10.8x Potbelly Corp. PBPB 8.42 59.5% 213 NA 423 27 (1.3%) 4.3% 10.8% 6.3% NA NA NA NA NA Shake Shack, Inc. SHAK 55.14 78.6% 2,290 2,272 459 74 28.0% 34.1% 18.2% 16.1% NM 4.95x 30.7x 3.93x NM Wingstop, Inc. WING 66.61 88.1% 1,901 2,191 153 45 14.9% 25.2% 75.2% 29.5% NM 14.30x NM 11.63x NM

Mean 9.7% 11.7% 21.7% 12.3% 47.6x 4.28x 19.0x 3.61x 13.1x Median 7.6% 5.0% 13.7% 9.8% 47.6x 2.44x 15.7x 2.26x 10.6x

Insert Footnote here PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 PUBLIC COMPARABLES4

Differentiated Casual BJ's Restaurants, Inc. BJRI $47.84 62.5% $1,013 $1,079 $1,117 $134 8.3% 6.7% 10.9% 12.0% 20.4x 0.97x 8.0x 1.05x 9.8x Cheesecake Factory Inc. CAKE 47.30 78.6% 2,124 NA 2,332 244 17.3% 36.0% 13.0% 10.4% 21.9x NA NA NA NA Chuy's Holdings, Inc. CHUY 22.37 65.6% 392 381 397 48 12.7% 12.7% 10.0% 12.0% 21.9x 0.96x 8.0x 1.03x 9.2x Dave & Buster's Entertainment, Inc. PLAY 51.33 76.6% 2,001 2,365 1,238 303 12.1% 13.8% 11.5% 24.5% 17.1x 1.91x 7.8x 2.10x 8.9x Mean 12.6% 17.3% 11.3% 14.7% 20.3x 1.28x 7.9x 1.39x 9.3x Median 12.4% 13.2% 11.2% 12.0% 21.2x 0.97x 8.0x 1.05x 9.2x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $20.68 82.7% $1,894 $2,926 $4,126 $385 (2.3%) (2.0%) 11.1% 9.3% 18.2x 0.71x 7.6x 0.69x 7.1x Brinker International, Inc. EAT 45.77 84.5% 1,705 2,961 3,174 389 1.5% 0.8% 11.0% 12.3% 13.0x 0.93x 7.6x 0.94x 7.0x Darden Restaurants, Inc. DRI 112.11 90.4% 13,790 14,622 8,297 1,114 8.7% 6.3% 15.4% 13.4% 20.8x 1.76x 13.1x 1.90x 13.9x DineEquity, Inc. DIN 99.20 98.0% 1,736 2,990 781 210 6.7% 4.7% 44.7% 26.8% 22.7x 3.83x 14.3x 4.94x 14.4x Red Robin Gourmet Burgers, Inc. RRGB 30.41 45.3% 406 591 1,339 126 (3.5%) 2.1% 13.8% 9.4% NA 0.44x 4.7x 0.43x 4.2x Texas Roadhouse, Inc. TXRH 63.31 84.1% 4,522 4,329 2,457 310 10.7% 10.8% 12.4% 12.6% 28.7x 1.76x 14.0x 1.95x 14.7x Mean 3.6% 3.8% 18.1% 14.0% 20.7x 1.57x 10.2x 1.81x 10.2x Median 4.1% 3.4% 13.1% 12.4% 20.8x 1.35x 10.4x 1.42x 10.5x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $8.47 44.9% $282 $590 $422 $42 35.1% 9.3% 13.4% 10.0% NA 1.40x 14.00x 1.63x 12.4x Ruth's Hospitality Group, Inc. RUTH 25.42 74.9% 803 NA 452 72 9.0% 6.6% 26.9% 15.9% 18.9x NA NA NA NA Mean 22.1% 8.0% 20.2% 13.0% 18.9x 1.40x 14.0x 1.63x 12.4x Median 22.1% 8.0% 20.2% 13.0% 18.9x 1.40x 14.0x 1.63x 12.4x Pizza Domino's Pizza, Inc. DPZ $250.94 82.2% $10,290 $13,584 $3,433 $619 23.1% 15.7% 38.3% 18.0% 30.0x 3.96x 21.9x 4.87x 23.8x Papa John's International, Inc. PZZA 43.71 68.1% 1,373 1,980 1,573 77 (11.8%) (1.3%) 13.0% 4.9% NM 1.26x 25.7x 1.11x 10.0x Papa Murphy's Holdings, Inc. FRSH 5.57 96.9% 96 189 103 25 (29.1%) (3.5%) 51.1% 24.5% 6.2x 1.84x 7.5x 1.59x 9.5x Mean (5.9%) 3.6% 34.1% 15.8% 18.1x 2.35x 18.4x 2.53x 14.5x Median (11.8%) (1.3%) 38.3% 18.0% 18.1x 1.84x 21.9x 1.59x 10.0x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $1.35 25.2% $37 $22 $163 ($9) (6.8%) NA 37.2% NM NA 0.14x NM 0.13x 2.5x Dunkin' Brands Group, Inc. DNKN 71.45 92.6% 6,021 8,474 1,322 445 3.6% 17.7% 49.5% 33.7% 26.9x 6.41x 19.0x 9.85x 19.6x Starbucks Corp. SBUX 70.26 97.5% 88,109 92,254 25,277 5,169 11.2% 8.6% 21.9% 20.4% 31.5x 3.65x 17.8x 4.02x 17.0x Mean 3.1% 10.5% 31.6% 22.8% 29.2x 3.40x 18.4x 4.66x 13.0x Median 4.0% 8.6% 29.5% 20.4% 29.2x 3.65x 18.4x 4.02x 17.0x Family Restaurant Cracker Barrel Old Country Store, Inc. CBRL $161.99 87.6% $3,883 $4,113 $3,078 $385 4.6% 2.4% 13.9% 12.5% 17.8x 1.34x 10.7x 1.38x 10.4x Denny's Corp. DENN 17.46 92.2% 1,075 1,385 630 103 19.1% 8.7% 22.8% 16.4% 26.2x 2.20x 13.4x 2.62x 13.6x Luby's, Inc. LUB 1.55 50.7% 45 81 355 (2) (5.5%) (6.1%) 6.8% NM NA 0.23x NM NA NA Mean 6.1% 1.6% 14.5% 14.4% 22.0x 1.25x 12.1x 2.00x 12.0x Median 4.6% 2.4% 13.9% 14.4% 22.0x 1.34x 12.1x 2.00x 12.0x

Insert Footnote here PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE INDEX 4

140 130 19. 5% 120 14. 1% 110 100 11. 6% 90 9. 8%

80 ( 3. 5% ) 70 ( 47. 8% ) 60 50 40 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Restaurant Natural/Organic Beverage Private Label Food Manufacturing Protein Processing/Dairy S&P 500 M&A MARKET OVERVIEW Highlighted Food and Beverage M&A Transactions4

S A P U T O TO ACQUIRE DAIRY CREST

. Saputo has agreed to acquire Dairy Crest for $1.3 billion. . Dairy Crest is located in Esher, Surrey, United Kingdom and manufactures and distributes milk and dairy products. Enterprise Value: $1,561.3M . Both Saputo and Dairy Crest have dominant market share in their respective home markets Revenue Multiple: 2.5x in cheese, and Saputo aims to accelerate Dairy Crest’s growth and business development. EBITDA Multiple: 14.2x Announced: February 22, 2019

TILRAY ACQUIRES FRESH HEMP FOODS

. Tilray has acquired Fresh Hemp Foods for $316.5M. . Based in British Columbia, Canada, Fresh Hemp Foods manufactures hemp-based food products. Enterprise Value: $316.5M Revenue Multiple: NA . The acquisition will accelerate Tilray’s expansion into the U.S. and Canadian markets for EBITDA Multiple: NA cannabidiol (CBD) products. Announced: February 20, 2019

PEPSICO TO ACQUIRE CYTOSPORT

. PepsiCo agreed to acquire CytoSport for $465.0M. . Based in Benicia, CA, CytoSport manufactures nutritional supplements and functional beverages, including protein-based powders, sports nutrition bars and ready-to-drink Enterprise Value: $465.0M beverages. Revenue Multiple: NA . The acquisition will accelerate PepsiCo’s expansion into the sports and wellness products EBITDA Multiple: NA market. Announced: February 19, 2019

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 M&A MARKET OVERVIEW*

Food and Beverage M&A Trends4 MEDIAN FOOD & BEV. TRANSACTION ANNOUNCED FOOD & BEV. MULTIPLES TRANSACTIONS

$280 700 16.0x 2.00x $247.7

14.0x 13.8x $240 600 NumberTransactionsof 10.9x

11.3x 1.60x LTM EV/ Sales Multiple 12.0x 10.5x $200 500 8.8x 10.0x 9.7x 10.0x 8.3x 9.2x 1.20x $160 400 8.0x $120.7 8.0x $110.6 $120 300 0.80x 6.0x $77.6 $80 $67.2 200

EV EBITDA / EV Multiple LTM 4.0x $55.7 $52.9 Aggregate Deal Value ($ inbillions) Value Deal Aggregate $24.0 0.40x $40 $8.2 100 2.0x $8.8

0.0x 0.00x $0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD YTD Aggregate Deal Value # of Deals EV / LTM EBITDA EV / LTM Sales Latest Deals and Announced Private Equity Activity4

LAST 10 DEALS ANNOUNCED

1/0/19001/0/19001/0/1900Announced Target 01/0/1900 Cargill, Incorporated Buyer 2/27/2019BD Foods Ltd. (GB) AAK AB 2/27/2019Standex International Corp The Middleby Corp. 2/26/2019Garden Fresh Gourmet Fountain of Health USA 2/26/2019Wiener Restaurant Potsdam REDO Gastronomie 2/26/2019Boulangerie Convention Pléiade Investissement 2/26/2019FP International SARL Pléiade Investissement 2/26/2019Animal Supply Co. LLC Summit Partners 2/25/2019Sunopta, Inc Pipeline Foods LLC 2/25/2019Bassian Farms, Inc. The Chefs' Warehouse

PRIVATE EQUITY INVESTMENTS & EXITS

160 139 150 140 122 120 94 100 86 80 65 65 67 60 43 48 32 34 36 38 32 40 25 26 31 18 16 Number Transactions Number of 20 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 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 │ MARCH 2019 DEBT MARKET OVERVIEW

Food and Beverage Loan Activity6 AVERAGE SPREAD ON FOOD & QUARTERLY LOAN VOLUME BEVERAGE LOANS

$18 L + 600 $16 L + 500 $14

$12 L + 400 $10 L + 300 ($ in in ($ billions) $8

Loan Loan Volume by Quarter $6 L + 200 Average Average Spread Over LIBOR $4 L + 100 $2

$0 L + 0 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 2012 2013 2014 2015 2016 2017 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS CREDIT STATISTICS

L + 1000 6.0x

L + 800

4.0x L + 600

L + 400

EBITDA Multiple 2.0x

Average Average Spread Over LIBOR L + 200

0.0x L + 0 Debt/ Senior Debt/ EBITDA/ EBITDA - Capex/ EBITDA EBITDA Cash Interest Cash Interest

2013 2014 2015 2016 2017 Recent Debt Offerings7

Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

2/27/19 Mondelez International Inc Snack food and beverage products $4,500 USD Revolver/Line >= 1 Yr. Senior 112.5 BPS 2/27/19 Mondelez International Inc Snack food and beverage products $1,500 USD 364-Day Facility Senior 112.5 BPS 2/25/19 Takasago International Corp Flavors, fragrances, ingredients $5,000 USD Revolver/Line >= 1 Yr. Senior 2/22/19 Alvean Sugar SL Sugar $450 USD 364-Day Facility Senior 2/22/19 Covelli Family LP Panera Bread restaurants $61 USD Term Loan A Senior 200 BPS 2/22/19 Covelli Family LP Panera Bread restaurants $35 USD Revolver/Line >= 1 Yr. Senior 200 BPS 2/22/19 Dean Foods Co Dairy products $265 USD Revolver/Line >= 1 Yr. Senior 2/20/19 Italcanditi SpA Candied fruits $35 USD Revolver/Line >= 1 Yr. Senior 2/20/19 Italcanditi SpA Candied fruits $25 USD Term Loan Senior 2/20/19 Italcanditi SpA Candied fruits $90 USD Term Loan Senior 2/20/19 Ye Cherng Industry Products Corp Ltd Prepared feeds $3,900 USD Term Loan Senior 140 BPS 2/20/19 Ye Cherng Industry Products Corp Ltd Prepared feeds $900 USD Term Loan Senior 140 BPS 2/20/19 Ye Cherng Industry Products Corp Ltd Prepared feeds $6,135 USD Revolver/Line >= 1 Yr. Senior 140 BPS 2/13/19 Barry Callebaut AG Chocolate products $152 USD Schuldschein Senior 125 BPS 2/13/19 Barry Callebaut AG Chocolate products $467 USD Schuldschein Senior 153 BPS 2/11/19 Land O'Lakes Inc Dairy products $575 USD Revolver/Line >= 1 Yr. Senior 130 BPS 2/11/19 US Salt LLC Salt products $25 USD Revolver/Line >= 1 Yr. Senior 475 BPS 2/11/19 US Salt LLC Salt products $285 USD Term Loan B Senior 475 BPS 2/11/19 US Salt LLC Salt products $128 USD Term Loan Senior 875 BPS 2/8/19 Dr Pepper Snapple Group Inc Beverage products $2,000 USD Term Loan A Senior 95 BPS

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 M&A OVERVIEW*

Median LTM Trading Multiples & Quarterly Food & Beverage M&A4

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

240 17.0x

200 16.0x 39 41

32 15.0x 160 46 36 19 38 35 33 48 14.0x 34 120 8 17 13.0x 18 20 6 19 80 167 167 Number of Transactions Number 10 25 153 140 139 12.0x 131 137

Median Trading Multiple Median Trading 9 126 6 118 119 125 7 111 13 8 107 93 93 40 89 83 11.0x 70 66 59 56 46 47 52

10.0x 0 Jul-18 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Jan-19 Jun-18 Oct-18 Apr-18 Feb-18 Sep-18 Feb-19 Dec-18 Aug-18 Nov-18 Mar-18 May-18

Food Products, Processing, and Ingredients Retail and Restaurants Strategic Acquirer Private Equity Acquirer Recent Food and Beverage M&A4

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

2/27/2019 BD Foods Ltd. (GB) - AAK AB ---- EU 2/27/2019 Standex International Corp Standex International Corp. The Middleby Corp. $105.0 - - - N.A. 2/26/2019 Garden Fresh Gourmet Campbell Soup Co. Fountain of Health USA ---- N.A. 2/26/2019 Wiener Restaurant Potsdam - REDO Gastronomie ---- EU 2/26/2019 Boulangerie Convention - Pléiade Investissement ---- EU 2/26/2019 FP International SARL - Pléiade Investissement ---- EU 2/26/2019 Animal Supply Co. LLC Animal Supply Acquisition LLC Summit Partners ---- P N.A. 2/25/2019 Sunopta, Inc SunOpta, Inc. Pipeline Foods LLC $50.4 - - - N.A. 2/25/2019 Bassian Farms, Inc. - The Chefs' Warehouse ---- N.A. 2/25/2019 Glaxi Pane Srl - Indigo Capital ---- EU 2/25/2019 Rufus Foods - Pets Choice Ltd. ---- EU 2/22/2019 Dairy Crest Group Plc - Saputo, Inc. $1,561.3 2.5x 14.2x 18.0x Cross Border 2/22/2019 BV Aqua A/S - Brita GmbH ---- EU 2/22/2019 Meredith Vineyard Estate - Champagne Louis Roederer ---- Cross Border 2/22/2019 Ingapan SL - Europastry SA ---- EU 2/21/2019 NEO Superwater Corp. - Betta4U Brands ---- N.A. 2/21/2019 Cutwater Spirits LLC - Anheuser-Busch Inbev Worldwide ---- N.A. 2/21/2019 Gastro Profi GmbH - Transgourmet Holding ---- EU 2/21/2019 Hampshire Pet Products - Arbor Investments Management ---- P N.A. 2/21/2019 Naratly OOO - Severnaya Niva Tatarstan ---- EU 2/20/2019 Godiva Chocolatier /Asia Ops/ Yildiz Holding AS MBK Partners, Ltd. $994.6 - - - P EU 2/20/2019 Watson, Inc. (Connecticut) - Glanbia Plc $89.0 - - - Cross Border 2/20/2019 Troyer Cheese, Inc. - H.I.G. Capital LLC ---- N.A. 2/20/2019 MaasRefinery BV - AAK AB ---- EU 2/20/2019 Fresh Hemp Foods Ltd. - Tilray, Inc. $316.5 - - - P N.A. 2/20/2019 Cambridge Franchise Holdings Cambridge Franchise Holdings Carrols Restaurant Group, Inc. $168.8 - - - N.A. 2/20/2019 White Energy, Inc. White Energy Holding Co. LLC Strategic Value Partners LLC ---- N.A. 2/20/2019 Lemonade Restaurant Group LLC - Modern Market LLC ---- P N.A. 2/19/2019 Jpj Group Plc JPJ Group Plc Bridgend Ltd. $23.3 - - - EU 2/19/2019 CytoSport, Inc. Hormel Foods Corp. PepsiCo, Inc. $465.0 - - - N.A. 2/19/2019 SSE Water Ltd. SSE Plc Leep Utilities Ltd. ---- EU 2/19/2019 Dad & Dudes Breweria - Cannabiniers ---- N.A. 2/19/2019 Sonko Sp zoo Bounty Brands (Pty) Ltd Innova Capital ---- EU 2/19/2019 Northcote Hotel Ltd. Matlyn Investments Ltd. Britannia Hospitality Ltd. ---- EU 2/18/2019 Bambi AD Danube Foods Group BV Coca-Cola HBC AG $292.9 - - - P EU 2/18/2019 BIA SpA - Alto Partners SGR SpA ---- P EU 2/18/2019 Multi Restauration Services SAS - Dupont Restauration ---- P EU 2/18/2019 Chateau Capendu SAS - D. Paul Mas SARL ---- EU 2/15/2019 Rite Stuff Foods, Inc. - frostkrone Tiefkühlkost ---- Cross Border

* M&A transactions include European and cross-border deals since 2015. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 M&A OVERVIEW*

Recent Food and Beverage M&A4

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

2/15/2019 Bar Marley - Knoxvilles Community Development $0.2 - - - N.A. 2/15/2019 Spice Bakery Ltd. Patisserie Holdings Plc Eat Sleep Juice Repeat Ltd. $3.2 - - - EU 2/15/2019 Morava, mlékarské odbytové družstvo - VIAMILK CZ družstvo - - - - EU 2/14/2019 Restauration Collective Casino Casino, Guichard-Perrachon Compass Group Plc - - - - EU 2/14/2019 Patisserie Valerie Ltd. Patisserie Holdings Plc Causeway Capital - - - - P EU 2/14/2019 Carlsbad Naturals LLC - Isodiol International, Inc. $10.6 - - - N.A. 2/14/2019 Philpotts Ltd. Patisserie Holdings Plc A.F. Blakemore & Son Ltd. - - - - EU 2/14/2019 Lacticinios Halos SA - Lacticinios Halos - - - - EU 2/14/2019 Staple Dairy Products Ltd. - Staple Dairy Products - - - - P EU 2/14/2019 Müller Diary Ro SRL Unternehmensgruppe Theo Müller Central Bottling Co. Ltd. - - - - EU 2/13/2019 Salud e Imaginación SL - Biocifus SL - - - - EU 2/13/2019 La Buissonnière SARL - La Buissonnière SARL - - - - P EU 2/13/2019 Cafés Nandi SA - Massimo Zanetti Beverage - - - - EU 2/12/2019 Capart Catherine EURL - Capart Catherine - - - - P EU 2/12/2019 Phoenix Imports, Inc. - Chrysalis Acquisition Partners - - - - P N.A. 2/12/2019 Rainbow Sales & Marketing, Inc. - J.W. Childs Associates - - - - N.A. 2/11/2019 CELLI S.p.A. - Ardian SA - - - - P EU 2/11/2019 Frías Nutrición SA - Alantra Capital Privado SGEIC SA - - - - P EU 2/11/2019 Bite UK - Tayto Group Ltd. - - - - EU 2/11/2019 Isidore Restauration SAS - Ardian SA; Naxicap Partners - - - - EU 2/10/2019 C&D Foods Ltd. - Abp Food Group Ltd. - - - - EU 2/10/2019 Himmels-Bijou GmbH - Bäckerei Konditorei Frei AG - - - - EU 2/8/2019 Redberry Investments Group, Inc. - City Capital Ventures, LLC - - - - P N.A. 2/8/2019 HFR Food Solutions Ltd. - Hilton Foods Ltd. $4.3 - - - EU 2/8/2019 Glaces De Lyon SASU - Antilles Glaces SAS - - - - P EU 2/8/2019 Cott Beverages LLC Cott Corp. (Canada) Refresco Group NV $50.0 - - - Cross Border 2/8/2019 Refresco Group NV Refresco Group NV RC Global Beverages, Inc. - - - - N.A. 2/8/2019 Fisk i dag i Göteborg AB Fish Today Holding AB Valedo Partner - - - - EU 2/8/2019 Atlantic Shores Distributors - Coastal Beverage Co., Inc. - - - - N.A. 2/8/2019 Eddy Packing Co., Inc. - Insight Equity Holdings LLC - - - - P N.A. 2/8/2019 Sam Kane Beef Processors, Inc. - JDH Capital Co. - - - - P N.A. 2/7/2019 Invisible Sentinel, Inc. - bioMérieux SA $75.0 8.3x - - Cross Border 2/7/2019 Plattsburgh Distributing - Saratoga Eagle Sales & Service - - - - N.A. 2/7/2019 Mindfull - EnerSpar Corp. - - - - N.A. 2/6/2019 Dorset Village Bakery Ltd. - Burton's Foods - - - - P EU 2/6/2019 Tonnellerie Vincent Darnajou SAS - TFF Group - - - - EU 2/5/2019 Distribuidora Internacional de Alimentación - Letterone Investment Holdings $2,091.4 0.2x 17.3x -13.3x P EU 2/5/2019 Marine Harvest SAS Mowi ASA Top Atlantique SARL - - - - EU 2/5/2019 Nature Delivered Ltd. - Unilever Plc $390.5 5.7x - 214.3x P EU 2/5/2019 Tretap Beverage Co. - Ceres Natural Remedies LLC - - - - N.A. 2/5/2019 Maier Com SRL - Smithfield Foods - - - - Cross Border 2/4/2019 Jurajska Sp zoo Grupa Bot Gornictwo i Energetyka Mid Europa Partners - - - - EU 2/4/2019 California Sun Dry Foods, Inc. - Benford Capital Partners - - - - N.A. 2/4/2019 Eddies Sombrero LLC - Renaldo's Apizza & Catering - - - - N.A. 2/4/2019 Hoop Polska Sp zoo - Ustronianka Sp zoo $14.9 - - - EU 2/4/2019 Sufferfest Brewing Co., Inc. - Sierra Nevada Brewing Co. - - - - P N.A. 2/4/2019 RateBeer LLC - ZX Ventures LLC - - - - P N.A. 2/4/2019 Famous Dave's Ribs - Famous Dave's Ribs, Inc. $4.1 - - - N.A. 2/4/2019 Power of 3 Nutrition - Tierra Farm, Inc. - - - - N.A. 2/3/2019 Société Starek et Fils SARL - Natural Drinks SARL - - - - EU 2/3/2019 Attis SAS - BBA Emballage SAS - - - - EU 2/2/2019 Eden River Brew Co. Ltd. - St. Andrews Brewers Ltd. - - - - EU 2/1/2019 Emmi Frisch-Service AG Emmi AG Transgourmet Holding AG - - - - EU 2/1/2019 Alvorada Kaffehandelsgesellschaft IMRE Privatstiftung Minges Kaffeerösterei GmbH - - - - EU 2/1/2019 RGF Patisserie Ltd. Real Good Food Plc RGF Patisserie $0.3 - - - P EU 2/1/2019 Brouwerij De Molen BV - Bavaria NV - - - - EU 2/1/2019 Seajoy Seafood Corp. - Cooke, Inc. - - - - N.A. 2/1/2019 Kriton Artos SA - Switzgroup Europe Ltd. $7.5 1.1x 13.5x 38.7x EU 2/1/2019 Catalina Cafe - RedEye Coffee Roasting LLC - - - - N.A. 2/1/2019 Maytag Dairy Farms, Inc. - Midwest Growth Advisors LLC - - - - P N.A. 2/1/2019 Garny & Cie SASU - NOK Holding - - - - EU 2/1/2019 Cave Cooperative du Vins de Ledenon - Vignoble de la Voie d'Heracles - - - - EU 1/31/2019 Distillerie Franciacorta SpA UBI Banca SpA Stock Spirits Group Plc $30.3 - - - EU 1/31/2019 ADF/IDF - Symrise AG $900.0 4.1x - - Cross Border 1/31/2019 Reisten sro Templarske Sklepy J&T Wine Holding SE - - - - EU 1/30/2019 Coffee #1 Ltd. S.A. Brain & Co. Ltd. Italian Coffee Holdings - - - - EU 1/30/2019 Biovation Labs LLC - Adaptive Health LLC - - - - N.A. 1/30/2019 Soc de Distribution & de Production - Syrah Finance SAS - - - - EU 1/29/2019 Gold Coast Garden, Inc. - Nutritional High International $3.0 - - - N.A. 1/29/2019 Bio Sala UAB - BaltCap AS - - - - P EU 1/28/2019 AOF Service Alimentaire, Inc. 2857-2311 Québec, Inc. Alimplus, Inc. - - - - N.A. 1/28/2019 Waugh Foods, Inc. - Sysco Corp. - - - - N.A. 1/28/2019 Highgate Meats Ltd. - Caterite Food & Wineservice - - - - EU 1/25/2019 The Fuller's Beer Co. Ltd. Fuller, Smith & Turner Plc Asahi Europe Ltd. $326.1 - 23.6x 36.8x EU 1/25/2019 Sleegers Quality Meat Products Van Loon Son BV Meat Insiders BV - - - - EU 1/25/2019 Classic Drinks Ltd Tesco Plc Pallas Foods Ltd. - - - - EU 1/24/2019 Blessed Bean Coffee LLC - Elev8 Brands, Inc. $0.1 - - - N.A.

* M&A transactions include European and cross-border deals since 2015. PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar4

February 2019 Date Company

2/27/2019 Hostess Brands, Inc. 2/28/2019 Keurig Dr Pepper, Inc. 2/28/2019 The Habit Restaurants, Inc. March 2019 Date Company 3/5/2019 Calavo Growers, Inc. 3/6/2019 Celsius Holdings, Inc. 3/6/2019 Reliv' International, Inc. 3/6/2019 Village Super Market, Inc. 3/6/2019 Weis Markets, Inc. 3/7/2019 National Beverage Corp. 3/7/2019 iPic Entertainment, Inc. 3/8/2019 Coffee Holding Co., Inc. 3/12/2019 Mannatech, Inc. 3/14/2019 JBS USA LLC 3/21/2019 Conagra Brands, Inc. 3/26/2019 FAT Brands, Inc. 3/26/2019 McCormick & Co., Inc.

* M&A transactions include European and cross-border deals since 2015. PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ MARCH 2019 HARRIS WILLIAMS

SOURCES

1. U.S. Bureau of Labor Statistics 2. Unweighted Average 3. US Census Bureau 4. Factset 5. Thomson Financial 6. S&P 7. Reuters

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