Food and Beverage

FOOD AND BEVERAGE

INDUSTRY UPDATE │ APRIL 2017

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with 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.

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. FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

WHAT WE’RE SEEING CONTENTS MARKET UPDATE . INDUSTRY VITAL SIGNS . EQUITY MARKET OVERVIEW . M&A MARKET OVERVIEW The M&A market continues to benefit from strong momentum, with over 200 food . DEBT MARKET OVERVIEW . RECENT M&A ACTIVITY and beverage transactions announced so far in 2017. Recent transactions of note . EARNINGS CALENDAR include: SuperValu’s acquisition of Unified Grocers, Darden Restaurants’ GROUP OVERVIEW Harris Williams & Co. is a leading acquisition of Cheddar’s Scratch Kitchen, and JAB Holdings acquisition of Panera advisor to the food and beverage market. Our significant Bread. The latter transaction adds to JAB’s growing portfolio of brands that experience covers a broad range of end markets, industries, and business models. This particular includes Krispy Kreme, Caribou Coffee, Peet’s Coffee, Keurig Green Mountain, report focuses on trends and metrics in the following areas: and others. . 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 portfolio company of a portfolio company of a portfolio company of . Produce . Restaurant and Retail and . 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 subsidiary of a portfolio company of a portfolio company of Ryan Budlong Managing Director [email protected] has been acquired by has been acquired by has been acquired by has been acquired by +1 (415) 217-3409 Brant Cash Director [email protected] +1 (612) 359-2709 Ryan Freeman Director [email protected] +1 (612) 359-2703

a portfolio company of a portfolio company of Andy Warczak Vice President

has been acquired by [email protected] has been acquired by has been acquired by +1 (612) 359-2714 has been acquired by A Private Investor Group

www.harriswilliams.de

PAGE | 1 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

WHAT WE’VE BEEN DOING (CONTINUED)

HW&CO. ADVISES ON THE SALE OF COUNTRY FRESH

Overview On March 31, 2017 Country Fresh, a portfolio company of Eos Partners, was successfully sold to Kainos Capital. Building on the sale of Ready Pac Foods to Bonduelle, the sale represents the latest in HW&Co.’s growing list of better-for-you fresh produce transactions. Company Description Country Fresh is a leader in fresh-cut fruit and vegetable and snacking solutions, providing blue-chip retailers and select foodservice customers with innovative, fresh, healthy, and convenient products. The Company serves as a critical innovation partner to its customers, with customized merchandising and packaging solutions.

Key Value Drivers for Country Fresh Representative Products . Well positioned to capitalize on consumers’ demand for healthy and convenient foods.

. Blue-chip customer base consisting of well-known grocery a portfolio company of retailers.

. Efficient operations featuring longstanding relationships with a diverse set of growers and best-in-class processing Fresh-Cut Fruit Fresh-Cut Veg. has been acquired by capabilities.

. Strong free cash flow generation and high return on investment for capacity and greenfield expansions.

Sliced Apples Snacks

VITAL SIGNS

COMMODITY PRICE INDICES1

120 Soybeans: 100 (31.7%)

80 Wheat: (44.4%) 60 Corn: 40 (48.6%) Crude Oil:

Commodity PriceIndex Commodity 20 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 (50.4%)

Corn Soybeans Wheat Crude Oil

PROTEIN PRICE INDICES2,3

140

130 Beef: 120 7.8%

110 Pork (0.0%) ProteinPriceIndex 100 Poultry: 90 (4.5%) Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17

Beef Pork Poultry

PAGE | 2 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

VITAL SIGNS

RESTAURANT AND GROCERY STORE SALES INDICES4

140 Restaurant: 21.4% 120 Grocery:

100 8.7% SalesIndex 80 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Restaurant Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

4.0

3.0

2.0

Inflation(%) 1.0

0.0 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17

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 1.8% 16.6% 3.8% 8.4% 12.7x 12.5x 6.9x 3.1x Fruit and Vegetable 0.7% 14.1% (4.9%) 10.8% 15.2x 17.8x 9.7x 0.6x Ingredients / Flavors 11.3% 9.1% 1.7% 0.4% 22.5x 26.4x 16.0x 1.4x

Inputs Agribusiness (0.0%) 20.7% (3.7%) 15.0% 21.0x 23.9x 11.8x 2.9x Branded Processed Foods 0.8% (3.3%) (3.9%) (3.5%) 20.4x 26.9x 12.9x 2.2x Private Label Foods and Beverages 14.2% (0.1%) 3.8% 23.2% 37.8x 12.3x 11.0x 4.2x Natural / Organic Foods / BFY (8.4%) 33.1% 0.2% 1.9% 22.4x 29.0x 16.3x 4.4x Baked Goods 0.3% 1.4% (4.3%) (8.7%) 21.1x 28.0x 9.6x 2.4x Dairy 4.1% 12.9% 1.1% 9.6% 20.4x 25.4x 13.0x 1.3x Non-Alcoholic Beverages 9.4% 5.7% 4.0% 3.4% 21.9x 25.6x 13.5x 1.6x Alcoholic Beverages 8.9% 6.1% 0.4% 2.8% 20.3x 24.0x 13.9x 2.6x Food and BeverageFood and Snacks 3.7% 6.9% 0.2% 5.1% 21.3x 29.2x 15.2x 3.3x Grocery Distribution (16.9%) 9.4% (7.7%) 16.1% 15.7x 19.9x 8.0x 2.1x Food Retail (8.8%) (16.7%) (2.0%) (5.8%) 17.8x 18.9x 7.1x 1.7x Foodservice (13.7%) 11.1% (8.1%) (4.8%) 19.4x 28.3x 12.0x 3.9x Quick Service Restaurant 0.6% 15.5% (1.5%) 5.5% 21.5x 24.1x 12.2x 3.2x Fast Casual (0.1%) (5.4%) (3.7%) 23.8% 45.7x 44.5x 16.3x 1.4x Differentiated Casual 1.3% 0.1% (4.5%) (11.0%) 23.9x 28.1x 9.5x 1.0x Casual Dining Restaurant 7.4% (6.3%) 1.2% (0.8%) 16.5x 21.2x 8.8x 2.4x Fine Dining 8.4% 13.1% 5.5% (4.9%) 18.6x 21.2x 10.4x 1.3x

Consumer and Retail and Consumer Pizza 5.5% 28.3% (0.3%) 19.2% 27.9x 38.4x 19.1x 4.1x Beverage / Snack Retail 2.1% (17.7%) 2.1% (11.6%) 23.4x 28.8x 16.1x 2.5x Family Restaurant (1.8%) 2.1% (6.6%) 4.9% 19.5x 34.4x 10.4x 2.4x Overall Median 2.9% 4.3% (1.8%) 1.9% 21.0x 25.0x 11.8x 2.2x

PAGE | 3 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

PUBLIC EQUITY MARKET OVERVIEW

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

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

(25.0%) (10.0%) 5.0% 20.0% 35.0% 50.0%

Inputs Food and Beverage Consumer and Retail RECENT EQUITY OFFERINGS6

Gross Proceeds Close Date Filing Date Issuer Ticker Transaction Type ($mm) Use of Funds NA 04/11/17 Hostess Brands Inc TWNK Follow-On $306.5 Liquidity for Private Owners

03/14/17 03/13/17 Noodles & Co NDLS Follow-On $31.5 Pay Fees & Expenses 03/07/17 03/07/17 Xylitol Canada Inc XYL Follow-On $1.3 Working Capital

03/17/17 03/03/17 A&W Food Services of Canada - Follow-On $11.0 Liquidity for Private Owners 02/23/17 02/16/17 Performance Food Group Co. PFGC Follow-On $317.3 Liquidity for Private Owners

02/23/17 02/22/17 LeGall Holdings Inc. - IPO $0.1 Liquidity for Private Owners 02/14/17 02/13/17 New Age Bev Corp. NBEV Follow-On $15.0 Pursue Growth Opportunities General Corporate Purposes Working Capital 02/09/17 02/09/17 Noodles & Co. NDLS Convertible - Debt Repayment

01/30/17 01/25/17 Long Island Iced Tea Corp. LTEA Follow-On $17.4 General Corporate Purposes

02/01/17 02/01/17 Eastside Distilling Inc. EURC Follow-On - Working Capital Debt Repayment General Corporate Purposes 01/31/17 01/25/17 Freshii Inc. FRII IPO $110.3 Debt Repayment Pursue Growth Opportunities 01/24/17 01/18/17 AdvancePierre Foods Hldg Inc. APFH Follow-On $388.1 Liquidity for Private Owners

01/10/17 08/12/16 GreenSpace Brands Inc. JTR Follow-On $6.4 Acquisition Financing Working Capital General Corporate Purposes

PAGE | 4 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

PUBLIC COMPARABLES5

Price at As a % of Market Enterprise LTM Revenue Growth LTM Margins P/E EV / LTM EV / 2017E ($ in millions, except per share data) Ticker 4/12/17 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 $32.71 66.0% $25,595 $25,976 $19,015 $2,171 (3.8%) (2.9%) 8.0% 11.4% 25.0x 1.37x 12.0x 1.38x 11.5x B&G Foods, Inc. BGS 39.73 75.2% 2,656 4,353 1,391 317 44.0% 24.3% 24.9% 22.8% 23.1x 3.13x 13.7x 2.64x 11.8x Campbell Soup Company CPB 57.10 84.1% 17,240 20,418 7,930 1,548 (0.8%) 0.4% 38.0% 19.5% 35.4x 2.57x 13.2x 2.56x 11.1x Conagra Brands, Inc. CAG 40.50 82.9% 17,233 19,606 8,793 1,323 (2.6%) (21.1%) 31.6% 15.0% 29.3x 2.23x 14.8x 2.54x 13.1x General Mills, Inc. GIS 57.50 78.8% 33,082 43,115 15,741 3,439 (7.0%) (4.4%) 35.4% 21.8% 21.3x 2.74x 12.5x 2.77x 12.3x Hormel Foods Corporation HRL 34.23 83.0% 18,142 17,785 9,511 1,420 3.8% 2.3% 24.2% 14.9% 20.8x 1.87x 12.5x 1.92x 11.9x Kellogg Company K 72.21 82.8% 25,256 32,759 13,014 2,174 (3.8%) (4.2%) 31.5% 16.7% 36.8x 2.52x 15.1x 2.58x 12.6x McCormick & Company, Incorporated MKC 99.68 92.4% 12,423 14,003 4,425 779 2.5% 1.9% 39.5% 17.6% 26.9x 3.16x 18.0x 3.06x 16.7x Nestle S.A. NESN-CH 76.28 91.5% 234,460 248,976 90,816 17,587 (1.5%) (3.0%) 50.4% 19.4% 27.5x 2.74x 14.2x 2.72x 14.2x Post Holdings, Inc. POST 88.03 98.9% 5,676 9,356 5,028 899 NM 66.2% 27.3% 17.9% NM 1.86x 10.4x 1.82x 9.8x Hershey Company HSY 108.73 92.3% 16,486 19,211 7,440 1,768 0.7% 1.4% 37.7% 23.8% 32.5x 2.58x 10.9x 2.53x 10.4x J. M. Smucker Company SJM 128.01 81.4% 14,876 19,823 7,416 1,742 (0.5%) 9.1% 35.6% 23.5% 22.3x 2.67x 11.4x 2.66x 11.4x Mean 2.8% 5.8% 32.0% 18.7% 27.3x 2.45x 13.2x 2.43x 12.2x Median (0.8%) 0.9% 33.5% 18.6% 26.9x 2.58x 12.9x 2.57x 11.8x Private Label Foods and Beverages Cott Corporation BCB-CA $12.72 73.1% $1,752 $3,840 $3,236 $348 9.9% 15.6% 33.9% 10.8% NA 1.19x 11.0x 1.03x 8.7x Seneca Foods Corporation SENEA 35.05 82.2% 348 720 1,283 78 2.7% (1.0%) 10.1% 6.1% 12.3x 0.56x 9.2x NA NA TreeHouse Foods, Inc. THS 88.02 84.2% 5,022 7,738 6,185 643 92.9% 39.2% 18.0% 10.4% NA 1.25x 12.0x 1.19x 10.2x Mean 35.2% 17.9% 20.7% 9.1% 12.3x 1.00x 10.8x 1.11x 9.5x Median 9.9% 15.6% 18.0% 10.4% 12.3x 1.19x 11.0x 1.11x 9.5x Natural / Organic Foods / Better-For-You Amplify Snack Brands Inc BETR $8.82 50.3% $692 $1,274 $271 $78 47.2% NA 39.4% 28.9% 25.0x 4.70x 16.3x 3.14x 12.2x SunOpta Inc. SOY-CA 6.72 87.4% 579 1,013 1,347 54 17.6% 4.4% 5.0% 4.0% NA 0.75x 18.9x 0.75x 12.0x Pinnacle Foods, Inc. PF 59.20 99.5% 6,983 9,797 3,128 645 17.8% 8.3% 31.0% 20.6% 33.0x 3.13x 15.2x 3.04x 13.8x Hain Celestial Group, Inc. HAIN 36.55 64.1% 3,807 4,599 2,888 374 12.2% 21.5% 22.1% 12.9% 18.4x 1.59x 12.3x 1.52x 11.5x Mean 23.7% 11.4% 24.4% 16.6% 25.5x 2.55x 15.7x 2.11x 12.4x Median 17.7% 8.3% 26.6% 16.8% 25.0x 2.36x 15.7x 2.28x 12.1x Baked Goods Aryzta AG ARYN-CH $32.99 71.1% $2,979 $4,978 $4,225 $596 15.7% (11.2%) 29.7% 14.1% NA 1.18x 8.4x 1.22x 9.7x Flowers Foods, Inc. FLO 19.60 93.4% 4,072 5,040 3,927 438 3.9% 1.5% 45.5% 11.2% 25.0x 1.28x 11.5x 1.27x 11.0x George Weston Limited WN-CA 87.44 95.3% 11,075 24,196 36,228 3,080 (1.2%) 3.6% 29.3% 8.5% 29.2x 0.67x 7.9x 0.66x 7.9x Grupo Bimbo SAB de CV BIMBOA-MX 2.42 74.4% 11,518 15,299 13,488 1,598 (2.3%) (0.7%) 53.9% 11.9% 36.9x 1.13x 9.6x 1.05x 9.3x Lancaster Colony Corporation LANC 128.56 86.1% 3,554 3,435 1,190 225 2.6% 0.6% 28.4% 18.9% 26.9x 2.89x 15.3x 2.82x 15.1x Mean 3.8% (1.2%) 37.4% 12.9% 29.5x 1.43x 10.5x 1.40x 10.6x Median 2.6% 0.6% 29.7% 11.9% 28.0x 1.18x 9.6x 1.22x 9.7x

PAGE | 5 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

PUBLIC COMPARABLES5

Dairy Danone SA BN-FR $68.22 86.5% $44,615 $52,273 $24,274 $3,808 (2.3%) (5.0%) 45.6% 15.7% 22.9x 2.15x 13.7x 1.98x 11.3x Dean Foods Company DF 19.75 88.5% 1,822 2,690 7,710 455 (5.1%) (5.1%) 24.6% 5.9% 15.3x 0.35x 5.9x 0.33x 6.1x Emmi AG EMMN-CH 695.59 98.5% 3,671 3,982 3,308 350 (0.9%) (2.4%) 19.6% 10.6% 26.3x 1.20x 11.4x 1.19x 11.8x Glanbia Plc GL9-IE 19.59 95.5% 5,742 6,214 3,150 393 2.4% (0.1%) 9.0% 12.5% 25.4x 1.97x 15.8x 2.06x 16.0x Lifeway Foods, Inc. LWAY 9.45 51.1% 160 158 124 9 4.5% 8.3% 28.0% 7.3% 45.0x 1.28x 17.4x 1.21x 14.0x Parmalat S.p.A. PLT-IT 3.26 95.0% 6,112 5,698 7,179 463 0.9% 0.4% 19.6% 6.4% NM 0.79x 12.3x 0.80x 10.1x Saputo Inc. SAP-CA 34.86 93.3% 13,373 14,299 8,413 995 0.1% (0.5%) 18.0% 11.8% 25.7x 1.70x 14.4x 1.62x 13.5x Savencia SA SAVE-FR 78.05 89.5% 1,124 1,573 4,888 262 (0.8%) (4.3%) 4.3% 5.4% 10.1x 0.32x 6.0x 0.32x 4.7x Mean (0.2%) (1.1%) 21.1% 9.5% 24.4x 1.22x 12.1x 1.19x 10.9x Median (0.3%) (1.5%) 19.6% 9.0% 25.4x 1.24x 13.0x 1.20x 11.6x

Non-Alcoholic Beverages A.G. BARR p.l.c. BAG-GB $7.71 85.9% $879 $866 $343 $68 (12.9%) (4.9%) 47.0% 19.8% 19.6x 2.53x 12.7x 2.63x 13.1x Cott Corporation BCB-CA 12.72 73.1% 1,752 3,840 3,236 348 9.9% 15.6% 33.9% 10.8% NA 1.19x 11.0x 1.03x 8.7x Dr Pepper Snapple Group, Inc. DPS 97.15 98.3% 17,850 20,522 6,519 1,653 3.8% 2.8% 58.7% 25.4% 21.4x 3.15x 12.4x 3.03x 12.3x Lassonde Industries, Inc. LAS.A 180.89 100.0% 575 797 1,139 129 0.6% 4.1% 29.3% 11.3% 24.3x 0.70x 6.2x 0.69x 5.9x Monster Beverage Corporation MNST 45.24 81.5% 25,702 25,104 3,044 1,205 13.5% 10.7% 66.0% 39.6% 38.1x 8.25x 20.8x 7.45x 18.6x National Beverage Corp. FIZZ 85.67 98.9% 3,991 3,885 794 117 15.0% 7.2% 33.3% 14.8% 42.0x 4.89x 33.2x 4.25x 19.8x PepsiCo, Inc. PEP 113.14 100.0% 159,578 180,502 62,801 12,683 (0.4%) (1.8%) 54.1% 20.2% 25.6x 2.87x 14.2x 2.85x 13.7x Coca-Cola Company KO 42.90 91.7% 183,097 206,763 41,379 11,151 (5.3%) (4.0%) 59.7% 26.9% 28.6xNA 5.00x 18.5x 5.98x 18.6x Mean 3.0% 3.7% 47.7% 21.1% 28.5x 3.57x 16.1x 3.49x 13.8x Median 2.2% 3.5% 50.5% 20.0% 25.6x 3.01x 13.5x 2.94x 13.4x Alcoholic Beverages Anheuser-Busch Inbev Sa ABI-BE $109.97 81.9% $185,905 $303,525 $45,517 $16,399 4.4% 1.8% 61.3% 36.0% NM 6.67x 18.5x 5.35x 14.0x Brown-Forman Corporation BF.B 45.85 88.9% 17,802 19,831 2,985 1,101 (1.4%) 0.3% 65.7% 36.9% 17.4x 6.64x 18.0x 6.35x 17.9x Carlsberg A/S CARL.B-DK 94.47 91.7% 14,194 18,385 9,303 1,842 (4.3%) (6.7%) 50.6% 19.8% 22.3x 1.98x 10.0x 1.97x 9.6x Constellation Brands, Inc. STZ 169.92 96.9% 33,436 42,490 7,332 2,431 12.0% 14.7% 48.4% 33.2% 25.2x 5.80x 17.5x 5.57x 15.6x Diageo plc DGE-GB 28.84 98.2% 72,014 85,461 15,136 4,822 (5.5%) (4.9%) 61.6% 31.9% 24.5x 5.65x 17.7x 5.57x 16.2x Heineken NV HEIA-NL 86.55 87.8% 49,619 63,230 23,000 5,049 1.1% (3.4%) 13.8% 22.0% 30.0x 2.75x 12.5x 2.75x 11.4x Kirin Holdings Company, Limited 2503-JP 19.16 98.5% 17,633 25,468 19,097 2,128 5.2% (6.1%) 44.3% 11.1% 16.3x 1.33x 12.0x 1.36x 11.1x Pernod Ricard SA RI-FR 120.86 99.1% 31,835 41,433 9,714 2,976 (0.5%) (4.0%) 62.4% 30.6% 23.6x 4.27x 13.9x 4.25x 14.3x Sapporo Holdings Limited 2501-JP 27.11 87.4% 2,136 4,506 4,987 428 13.1% (1.5%) 34.6% 8.6% 24.5x 0.90x 10.5x 0.89x 10.3x Mean 2.7% (1.1%) 49.2% 25.6% 23.0x 4.00x 14.5x 3.78x 13.4x Median 1.1% (3.4%) 50.6% 30.6% 24.0x 4.27x 13.9x 4.25x 14.0x Snacks Inventure Foods, Inc. SNAK $3.99 39.3% $82 $196 $269 $5 (4.8%) 7.7% 9.1% 2.0% NA 0.73x NM 0.77x 15.4x J & J Snack Foods Corp. JJSF 133.43 93.2% 2,494 2,329 996 154 0.9% 4.2% 29.2% 15.4% 32.7x 2.34x 15.2x 2.19x 13.9x John B. Sanfilippo & Son, Inc. JBSS 71.85 97.4% 624 667 919 71 (1.8%) 7.3% 17.4% 7.7% 24.6x 0.73x 9.5x 0.77x NA Mondelez International, Inc. MDLZ 44.34 95.6% 67,170 82,682 25,923 4,616 (12.5%) (9.8%) 37.6% 17.8% 42.9x 3.19x 17.9x 3.20x 16.4x PepsiCo, Inc. PEP 113.14 100.0% 159,578 180,502 62,801 12,683 (0.4%) (1.8%) 54.1% 20.2% 25.6x 2.87x 14.2x 2.85x 13.7x Snyder's-Lance, Inc. LNCE 40.74 100.0% 3,930 5,208 2,109 265 27.3% 6.2% 37.8% 12.5% NM 2.47x 19.7x 2.29x 15.4x Mean 1.5% 2.3% 30.9% 12.6% 31.4x 2.05x 15.3x 2.01x 14.9x Median (1.1%) 5.2% 33.4% 14.0% 29.2x 2.40x 15.2x 2.24x 15.4x

PAGE | 6 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

PUBLIC COMPARABLES5

Inputs Protein Processing Cal-Maine Foods, Inc. CALM $38.78 73.1% $1,685 $1,521 $1,103 ($47) (45.1%) (7.5%) 12.8% NM NA 1.38x NM 1.22x 20.5x JBS S.A. JBSS3-BR 3.22 79.6% 9,047 23,810 48,878 3,169 0.2% 4.3% 14.3% 6.5% NM 0.49x 7.5x 0.43x 5.0x Sanderson Farms, Inc. SAFM 107.06 100.0% 2,428 2,203 2,899 398 5.8% 2.8% 11.9% 13.7% 12.1x 0.76x 5.5x 0.70x 5.6x Seaboard Corporation SEB 4,029.85 88.7% 4,730 4,026 5,379 331 (3.8%) (6.9%) 9.9% 6.2% 15.2x 0.75x 12.2x NA NA Tyson Foods, Inc. TSN 63.99 83.0% 18,038 23,711 36,942 3,745 (7.1%) 2.1% 15.7% 10.1% 12.5x 0.64x 6.3x 0.65x 6.4x Mean (10.0%) (1.1%) 12.9% 9.1% 13.2x 0.80x 7.9x 0.75x 9.4x Median (3.8%) 2.1% 12.8% 8.3% 12.5x 0.75x 6.9x 0.67x 6.0x Fruit and Vegetable Calavo Growers, Inc. CVGW $63.35 88.6% $1,088 $1,142 $958 $70 10.5% 10.0% 9.7% 7.3% 29.3x 1.19x 16.4x 1.08x 15.1x Fresh Del Monte Produce Inc. FDP 59.26 88.6% 3,022 3,259 4,004 345 (2.2%) 2.8% 5.9% 8.6% 13.8x 0.81x 9.5x 0.78x 9.4x Seneca Foods Corporation SENEA 35.05 82.2% 348 720 1,283 78 2.7% (1.0%) 10.1% 6.1% 12.3x 0.56x 9.2x NA NA Total Produce Plc T7O-IE 2.11 99.1% 662 790 3,435 80 7.7% (0.6%) 13.7% 2.3% 21.9x 0.23x 9.9x 0.20x 9.0x Mean 4.7% 2.8% 9.9% 6.1% 19.3x 0.70x 11.2x 0.68x 11.2x Median 5.2% 1.1% 9.9% 6.7% 17.8x 0.69x 9.7x 0.78x 9.4x Ingredients / Flavors Givaudan SA GIVN-CH $1,893.72 87.9% $17,336 $18,238 $4,733 $1,098 3.7% 0.1% 42.6% 23.2% 27.0x 3.85x 16.6x 3.70x 16.4x Ingredion Incorporated INGR 120.22 85.9% 8,663 10,133 5,704 1,069 1.5% (3.4%) 24.2% 18.7% 18.5x 1.78x 9.5x 1.69x 9.2x International Flavors & Fragrances Inc. IFF 132.29 92.1% 10,535 11,541 3,116 714 3.1% 1.8% 42.9% 22.9% 26.4x 3.70x 16.2x 3.52x 15.2x Kerry Group Plc KRZ-IE 81.88 85.6% 14,334 15,826 6,782 960 0.2% (4.3%) 40.1% 14.2% 25.3x 2.33x 16.5x 2.29x 15.9x Sensient Technologies Corporation SXT 79.94 95.9% 3,575 4,153 1,383 260 0.5% (2.0%) 34.5% 18.8% 28.6x 3.00x 16.0x 2.95x 15.7x Symrise AG SY1-DE 66.97 86.4% 8,618 10,197 3,211 680 11.3% 9.7% 40.7% 21.2% 32.0x 3.18x 15.0x 3.17x 14.5x Tate & Lyle PLC TATE-GB 9.71 91.8% 4,483 4,935 3,555 488 (0.2%) (10.2%) 10.3% 13.7% 15.7x 1.39x 10.1x 1.42x 10.0x Mean 2.9% (1.2%) 33.6% 19.0% 24.8x 2.75x 14.3x 2.68x 13.9x Median 1.5% (2.0%) 40.1% 18.8% 26.4x 3.00x 16.0x 2.95x 15.2x Agribusiness Archer-Daniels-Midland Company ADM $44.45 92.8% $25,417 $30,841 $62,421 $2,794 (7.7%) (11.4%) 6.1% 4.5% 20.6x 0.49x 11.0x 0.48x 9.0x Bunge Limited BG 77.25 93.5% 10,716 13,288 42,679 1,502 (1.8%) (11.4%) 5.6% 3.5% 16.1x 0.31x 8.8x 0.30x 6.7x CF Industries Holdings, Inc. CF 28.62 77.0% 6,912 14,665 3,685 1,084 (14.5%) (12.4%) 0.3% 29.4% NA 3.98x 13.5x 3.44x 11.1x Darling Ingredients Inc. DAR 14.78 92.7% 2,444 4,184 3,399 434 0.0% 25.4% 13.8% 12.8% 23.9x 1.23x 9.6x 1.21x 9.1x Monsanto Company MON 116.20 99.7% 50,902 57,796 14,461 4,298 5.8% (2.1%) 58.4% 29.7% 26.7x 4.00x 13.4x 3.98x 13.8x Andersons, Inc. ANDE 38.40 85.5% 1,100 1,497 3,925 126 (5.1%) (10.5%) 8.6% 3.2% NM 0.38x 11.8x 0.37x 7.8x Mosaic Company MOS 28.25 82.2% 10,070 13,253 7,163 1,070 (19.5%) NA 11.1% 14.9% 33.8x 1.85x 12.4x 1.79x 10.3x Mean (6.1%) (3.7%) 14.8% 14.0% 24.2x 1.75x 11.5x 1.65x 9.7x Median (5.1%) (10.9%) 8.6% 12.8% 23.9x 1.23x 11.8x 1.21x 9.1x

Consumer and Retail Grocery Distribution AMCON Distributing Company DIT $98.65 80.3% $66 $79 $1,283 $13 (0.4%) 1.8% 5.7% 1.0% 12.1x 0.06x 6.3x NA NA Core-Mark Holding Company, Inc. CORE 31.71 63.4% 1,457 1,763 14,529 133 31.3% 14.2% 5.1% 0.9% 26.9x 0.12x 13.2x 0.11x 10.3x Performance Food Group Company PFGC 23.65 84.1% 2,463 3,804 16,380 316 7.3% 6.2% 12.8% 1.9% 33.1x 0.23x 12.0x 0.22x 9.5x SpartanNash Company SPTN 35.23 87.2% 1,325 1,732 7,735 231 1.1% (0.8%) 14.2% 3.0% 23.4x 0.22x 7.5x 0.21x 6.9x SUPERVALU INC. SVU 3.81 64.6% 1,071 3,574 13,519 508 (24.7%) 53.2% 13.2% 3.8% 10.4x 0.26x 7.0x 0.27x 7.1x United Natural Foods, Inc. UNFI 41.48 79.5% 2,099 2,630 8,910 311 7.3% 11.3% 15.1% 3.5% 16.4x 0.30x 8.5x 0.27x 8.0x Mean 3.6% 14.3% 11.0% 2.3% 20.4x 0.20x 9.1x 0.22x 8.4x Median 4.2% 8.8% 13.0% 2.5% 19.9x 0.23x 8.0x 0.22x 8.0x

PAGE | 7 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

PUBLIC COMPARABLES5

Food Retail Costco Wholesale Corporation COST $170.00 95.1% $74,897 $74,276 $121,194 $4,927 3.3% 4.0% 12.9% 4.1% 31.5x 0.61x 15.1x 0.57x 13.7x Ingles Markets, Incorporated IMKTA 44.30 84.5% 637 1,522 3,827 236 1.6% 0.7% 24.1% 6.2% 16.5x 0.40x 6.4x 0.39x 6.4x J Sainsbury plc SBRY-GB 3.23 75.6% 7,243 9,050 33,585 1,284 (7.1%) (3.3%) 5.9% 3.8% 10.6x 0.27x 7.0x 0.26x 5.3x Royal Ahold Delhaize N.V. AD-NL 20.35 79.6% 25,888 29,248 54,973 4,063 NA 8.3% 29.8% 7.4% 23.8x 0.53x 7.2x 0.42x 6.4x Natural Grocers by Vitamin Cottage NGVC 10.47 50.7% 236 288 721 44 11.6% 16.6% 24.7% 6.2% 23.9x 0.40x 6.5x 0.36x 5.6x Sprouts Farmers Markets, Inc. SFM 22.91 78.6% 3,168 3,540 4,046 294 12.6% 18.4% 26.1% 7.3% 28.0x 0.87x 12.0x 0.78x 11.5x SUPERVALU INC. SVU 3.81 64.6% 1,071 3,574 13,519 508 (24.7%) 53.2% 13.2% 3.8% 10.4x 0.26x 7.0x 0.27x 7.1x Tesco PLC TSCO-GB 2.31 82.5% 19,968 27,871 78,545 3,432 (10.1%) (7.7%) 5.3% 4.4% NM 0.35x 8.1x 0.39x 8.2x Kroger Co. KR 29.78 78.4% 27,034 39,891 115,337 5,775 5.0% 5.4% 20.1% 5.0% 14.5x 0.35x 6.9x 0.33x 6.6x Village Super Market, Inc. VLGEA 26.66 73.2% 265 32 1,627 67 1.5% 3.1% 25.5% 4.1% 17.8x 0.02x 0.5x NA NA Weis Markets, Inc. WMK 60.83 88.3% 1,648 1,625 3,137 66 9.0% 5.2% 24.9% 2.1% 18.9x 0.52x 24.8x NA NA Whole Foods Market, Inc. WFM 34.19 96.1% 10,688 10,890 15,813 1,367 1.7% 5.9% 33.6% 8.6% 24.1x 0.69x 8.0x 0.68x 8.3x Mean 0.4% 9.1% 20.5% 5.2% 20.0x 0.44x 9.1x 0.45x 7.9x Median 1.7% 5.3% 24.4% 4.7% 18.9x 0.40x 7.1x 0.39x 6.8x

Foodservice Colabor Group Inc. GCL-CA $0.86 75.3% $87 $177 $1,056 $23 20.4% (8.9%) 1.3% 2.2% NM 0.17x 7.7x 0.16x 7.3x Sysco Corporation SYY 52.15 91.4% 28,134 35,711 53,077 2,955 8.6% 5.3% 19.1% 5.6% 28.3x 0.67x 12.1x 0.64x 11.0x Chefs' Warehouse, Inc. CHEF 13.73 66.7% 368 668 1,193 56 (5.1%) 21.0% 26.0% 4.7% NM 0.56x 12.0x 0.53x 10.6x Mean 8.0% 5.8% 15.5% 4.1% 28.3x 0.47x 10.6x 0.44x 9.6x Median 8.6% 5.3% 19.1% 4.7% 28.3x 0.56x 12.0x 0.53x 10.6x Quick Service Restaurant Bojangles, Inc. BOJA $20.18 92.3% $748 $924 $532 $83 8.9% NA 20.9% 15.6% 20.5x 1.74x 11.1x 1.63x 11.2x Jack in the Box Inc. JACK 100.11 88.4% 3,236 4,272 1,616 351 4.8% 3.1% 27.4% 21.7% 26.7x 2.64x 12.2x 2.70x 11.6x McDonald's Corporation MCD 131.16 99.4% 107,452 132,184 24,622 9,320 (3.1%) (4.3%) 42.4% 37.9% 24.1x 5.37x 14.2x 6.09x 13.7x Restaurant Brands International Inc QSR 56.32 97.1% 13,224 22,272 4,146 1,834 2.3% NA 48.1% 44.2% 38.1x 5.37x 12.1x 4.96x 10.8x Sonic Corp. SONC 25.29 70.7% 1,089 1,660 557 159 (10.0%) 0.9% 33.1% 28.6% 18.7x 2.98x 10.4x 3.52x 11.0x Wendy's Company WEN 13.59 93.9% 3,390 5,571 1,435 377 (23.3%) (16.7%) 44.7% 26.3% 27.8x 3.88x 14.8x 4.69x 13.9x Yum! Brands, Inc. YUM 64.01 69.6% 22,598 30,832 6,366 1,885 (51.4%) (21.3%) 43.0% 29.6% 15.8x 4.84x 16.4x 5.49x 15.2x Mean (10.2%) (7.7%) 37.1% 29.1% 24.5x 3.83x 13.0x 4.16x 12.5x Median (3.1%) (4.3%) 42.4% 28.6% 24.1x 3.88x 12.2x 4.69x 11.6x

Fast Casual Chipotle Mexican Grill, Inc. CMG $457.95 97.4% $12,993 $12,576 $3,904 $204 (13.3%) 6.7% 9.8% 5.2% NM 3.22x NM 2.74x 23.6x El Pollo Loco Holdings Inc LOCO 12.33 82.3% 471 573 380 59 7.1% NA 18.3% 15.4% 26.1x 1.51x 9.8x 1.39x 8.8x Fiesta Restaurant Group, Inc. FRGI 23.90 66.4% 638 707 712 91 3.5% 8.9% 17.5% 12.8% 38.2x 0.99x 7.8x 0.96x 7.7x Habit Restaurants, Inc. HABT 17.88 89.3% 489 477 284 29 23.1% NA 15.1% 10.3% NM 1.68x 16.3x 1.40x 14.6x Noodles & Co. NDLS 5.80 48.9% 150 233 487 14 7.0% 11.6% 7.3% 2.8% NA 0.48x 17.1x 0.49x 7.5x Panera Bread Company PNRA 313.95 99.3% 6,698 7,023 2,795 403 4.2% 5.4% 16.7% 14.4% 50.8x 2.51x 17.4x 2.37x 15.8x Potbelly Corp. PBPB 13.58 90.6% 346 323 407 40 9.2% 10.7% 14.3% 9.8% 44.5x 0.79x 8.1x 0.71x 7.4x Shake Shack, Inc. SHAK 32.79 76.4% 1,261 1,237 268 42 40.9% 48.2% 22.0% 15.8% NM 4.61x 29.2x 3.48x 22.6x Wingstop, Inc. WING 28.37 84.9% 821 966 91 32 17.2% NA 68.6% 35.3% 53.7x 10.57x 30.0x 9.64x 24.3x Zoe's Kitchen, Inc. ZOES 17.17 42.3% 341 365 276 23 21.8% 33.3% 10.2% 8.3% NM 1.32x 16.0x 1.13x 14.9x

Mean 12.1% 17.8% 20.0% 13.0% 42.7x 2.77x 16.8x 2.43x 14.7x Median 8.1% 10.7% 15.9% 11.6% 44.5x 1.59x 16.3x 1.40x 14.7x

PAGE | 8 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

PUBLIC COMPARABLES5

Differentiated Casual BJ's Restaurants, Inc. BJRI $41.03 86.3% $887 $1,013 $993 $129 8.0% 8.6% 12.6% 13.0% 21.6x 1.02x 7.8x 0.97x 8.3x Buffalo Wild Wings, Inc. BWLD 151.70 86.6% 2,440 2,533 1,987 297 9.6% 16.2% 11.9% 15.0% 29.5x 1.27x 8.5x 1.18x 8.2x Chuy's Holdings, Inc. CHUY 28.58 75.6% 483 470 331 41 15.2% 17.4% 12.2% 12.4% 28.1x 1.42x 11.5x 1.23x 10.1x Dave & Buster's Entertainment, Inc. PLAY 59.78 94.7% 2,513 2,757 1,005 239 15.9% 16.5% 23.7% 23.8% 28.4x 2.74x 11.5x 2.39x 10.1x Ignite Restaurant Group, Inc. IRG 0.07 1.8% 2 121 450 23 17.3% 36.0% NM 5.1% NA 0.27x 5.3x NA NA Cheesecake Factory Incorporated CAKE 62.25 95.6% 3,008 3,054 2,276 289 17.3% 36.0% 15.4% 12.7% 22.3x 1.34x 10.6x 1.30x 10.6x Mean 13.9% 21.8% 15.1% 13.7% 26.0x 1.34x 9.2x 1.41x 9.5x Median 15.6% 17.0% 12.6% 12.9% 28.1x 1.31x 9.5x 1.23x 10.1x Casual Dining Restaurant Bloomin' Brands, Inc. BLMN $19.69 98.2% $2,035 $3,002 $4,252 $420 (2.9%) 1.0% 11.0% 9.9% 53.4x 0.71x 7.1x 0.70x 7.0x Brinker International, Inc. EAT 43.64 78.2% 2,123 3,509 3,236 468 4.4% 4.2% 12.5% 14.5% 13.5x 1.08x 7.5x 1.10x 8.2x Darden Restaurants, Inc. DRI 82.20 97.2% 10,313 10,362 7,026 946 0.1% (7.0%) 19.7% 13.5% 21.2x 1.47x 10.9x 1.39x 10.0x DineEquity, Inc. DIN 55.28 59.0% 993 2,232 634 253 (6.9%) (0.3%) 57.4% 39.9% 10.4x 3.52x 8.8x 3.56x 9.4x Red Robin Gourmet Burgers, Inc. RRGB 58.40 87.1% 740 1,075 1,296 137 3.1% 8.4% 12.4% 10.5% NM 0.83x 7.9x 0.78x 7.3x Ruby Tuesday, Inc. RT 2.61 56.7% 158 339 976 37 (11.9%) (6.1%) 11.6% 3.8% NA 0.35x 9.2x NA NA Texas Roadhouse, Inc. TXRH 44.80 88.7% 3,204 3,152 1,991 262 10.1% 11.9% 13.2% 13.2% 27.7x 1.58x 12.0x 1.44x 11.0x Mean (0.6%) 1.7% 19.7% 15.0% 25.2x 1.36x 9.1x 1.50x 8.8x Median 0.1% 1.0% 12.5% 13.2% 21.2x 1.08x 8.8x 1.25x 8.8x Fine Dining Del Frisco's Restaurant Group, Inc. DFRG $17.98 97.2% $394 $379 $352 $46 6.1% 9.0% 20.8% 13.0% 23.7x 1.08x 8.3x 1.03x 7.9x Fogo de Chao, Inc. FOGO 15.45 86.4% 442 564 288 54 6.1% NA 26.3% 18.9% 18.4x 1.96x 10.4x 1.77x 9.3x Ruth's Hospitality Group, Inc. RUTH 20.05 98.8% 643 664 386 61 3.4% (1.7%) 27.0% 15.8% 21.2x 1.72x 10.9x 1.59x 9.9x Mean 5.2% 3.6% 24.7% 15.9% 21.1x 1.58x 9.9x 1.47x 9.0x Median 6.1% 3.6% 26.3% 15.8% 21.2x 1.72x 10.4x 1.59x 9.3x Pizza Domino's Pizza, Inc. DPZ $175.46 91.4% $8,431 $10,449 $2,473 $492 11.6% 11.1% 31.1% 19.9% 40.8x 4.23x 21.2x 3.82x 18.6x Papa John's International, Inc. PZZA 79.90 88.3% 3,005 3,312 1,714 195 4.7% 6.0% 18.6% 11.4% 29.8x 1.93x 17.0x 1.85x 15.8x Papa Murphy's Holdings, Inc. FRSH 6.51 50.2% 104 (295) 127 22 5.6% NA 30.2% 17.3% 38.4x NM NM NM NM Mean 7.3% 8.6% 26.6% 16.2% 36.3x 3.08x 19.1x 2.84x 17.2x Median 5.6% 8.6% 30.2% 17.3% 38.4x 3.08x 19.1x 2.84x 17.2x Beverage / Snack Retail DAVIDsTEA, Inc. DTEA $7.50 52.4% $193 $167 $159 $18 NA NA 41.3% 11.6% 28.8x 1.05x 9.1x 0.92x 7.9x Dunkin' Brands Group, Inc. DNKN 54.04 92.5% 4,996 6,999 829 433 2.2% 5.1% 79.4% 52.3% 25.7x 8.44x 16.1x 8.27x 14.7x Jamba, Inc. JMBA 8.60 63.1% 133 118 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.44x NM 1.56x 11.3x Starbucks Corporation SBUX 57.66 93.9% 84,354 85,371 21,672 4,992 9.9% 12.2% 24.4% 23.0% 29.7x 3.94x 17.1x 3.63x 14.5x Mean (9.9%) (1.6%) 40.6% 25.3% 28.1x 3.72x 14.1x 3.60x 12.1x Median 3.3% 5.2% 39.7% 18.6% 28.8x 2.69x 16.1x 2.60x 12.9x Family Restaurant Cracker Barrel Old Country Store, Inc. CBRL $156.14 89.2% $3,775 $3,990 $2,928 $385 2.1% 3.2% 15.2% 13.2% 18.8x 1.36x 10.4x 1.33x 9.9x Denny's Corporation DENN 12.39 86.9% 881 1,124 507 96 3.2% 3.1% 27.7% 19.0% 50.0x 2.22x 11.7x 2.13x 10.9x Luby's, Inc. LUB 3.22 63.1% 94 132 396 15 (7.4%) (0.2%) 6.8% 3.7% NA 0.33x 9.0x NA NA Mean (0.7%) 2.1% 16.6% 11.9% 34.4x 1.30x 10.4x 1.73x 10.4x Median 2.1% 3.1% 15.2% 13.2% 34.4x 1.36x 10.4x 1.73x 10.4x

PAGE | 9 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

PUBLIC EQUITY MARKET OVERVIEW

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

130

1 7 .3 % 120 1 1 .8 %

110 1 1 .4 %

100 7 .8 %

4 .9 % 90 1 .2 %

80 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 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

SUPERVALU INC. TO ACQUIRE UNIFIED GROCERS, INC.

. SuperValu has agreed to acquire Unified Grocers. . Unified Grocers is a retailer-owned wholesale grocery distributor that supplies independent supermarkets in the Western United States. Enterprise Value: $375 mm . The acquisition will provide SuperValu with new growth opportunities across Revenue Multiple: 0.1x multiple geographies by expanding Unified Grocers’ Market Centre division EBITDA Multiple: ND and capitalizing on an increased customer base. Announced: April 11, 2017

JAB HOLDINGS B.V. TO ACQUIRE PANERA BREAD COMPANY . JAB Holdings, along with BDT Capital, has agreed to acquire Panera Bread for approximately $315 per share, which represents a 15% premium over PNRA stock the day before the announcement. . Panera Bread is a bakery-café chain with over 2,000 locations across the U.S. Enterprise Value: $7,480 mm and Canada, delivering fresh, artisan baked goods and other food items. Revenue Multiple: 2.6x . The acquisition will allow JAB Holdings to expand its portfolio of breakfast and EBITDA Multiple: 18.8x coffee holdings, which includes Krispy Kreme, Caribou, Keurig Green Announced: April 5, 2017 Mountain, and Peet’s.

DARDEN RESTAURANTS, INC TO ACQUIRE CHEDDAR’S SCRATCH KITCHEN

. Darden Restaurants has agreed to acquire Cheddar’s Scratch Kitchen, a portfolio company of L Catterton and Oak Investment Partners. . Cheddar’s Scratch Kitchen is a casual dining chain offering made-from Enterprise Value: $780 mm scratch items, with 165 locations across 28 states. Revenue Multiple: ND . The acquisition will strengthen Darden Restaurants’ significant scale and EBITDA Multiple: 10.4x complement its existing portfolio of casual restaurant brands. Announced: March 27, 2017

PAGE | 10 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

M&A MARKET OVERVIEW*

Food and Beverage M&A Trends5

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

12.0x 2.00x $280 700 11.3x 10.4x $247.7 10.0x 9.7x $240 600

10.0x ions of Transact Number 8.8x 9.2x 8.8x 1.60x Multiple Sales LTM EV/ 8.3x 8.0x $200 500 8.0x 1.20x $160 400 6.0x $120.7 $120 300 0.80x 4.0x $67.2 $80 $55.7 200

EV / EV LTMMEBI TDA ultiple $52.9 0.40x 2.0x $40 $8.2 100 $24.0 $16.2

Aggregat e e Deal ($Value Aggregat inbillions) $9.3

0.0x 0.00x $0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 4/10/2017 Unified Grocers, Inc. SUPERVALU, Inc. 4/10/2017 Nestle Italiana - Frozen Food Business FRoSTA AG 4/10/2017 The New Pub Co. Ltd The Laine Pub Co. Ltd. 4/10/2017 Columbia Phytotechnology LLC International Flavors & Fragrances, Inc. 4/6/2017 Nobleza Iberica SA Bell AG 4/6/2017 Passport Food Group LLC Swander Pace Capital LLC 4/5/2017 Panera Bread Co. JAB Holdings, BDT Capital Partners 4/5/2017 Brighter Foods Ltd. Real Good Food Plc 4/5/2017 Oscar Mayer Ltd. Deutsche Beteiligungs AG 4/5/2017 Verquin Confiseur SAS Sucralliance SAS

PRIVATE EQUITY INVESTMENTS & EXITS

130 122 110 90 65 65 67 70 48 50 38 43 39 32 34 36 31 25 26 24 30 14 17 18 10 Number ofTransactionsNumber -10 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 2017

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity7

QUARTERLY LOAN VOLUME AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

$16 L + 600

$14 L + 500 $12 L + 400 $10

$8 L + 300

($ in billions) $6 L + 200

$4 Loan Loan Volume byQuarter

$2 Average Spread OverLIBOR L + 100

$0 L + 0 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 2010 2011 2012 2013 2014 2015 2016 Institutional Pro Rata Revolving Credit / Term Loan A Weighted-Average Institutional

CREDIT STATISTICS AVERAGE SECONDARY SPREADS

6.0x L + 1000

L + 800 4.0x L + 600

L + 400

2.0x EBITDA Multiple L + 200

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

2013 2014 2015 2016 1Q17 Recent Debt Offerings8 Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

03/15/17 AG Barr Plc Bottled and canned soft drinks 25 USD Revolver/Line >= 1 Yr. Senior 03/15/17 AG Barr Plc Bottled and canned soft drinks 25 USD Revolver/Line >= 1 Yr. Senior 03/07/17 AG Barr Plc Bottled and canned soft drinks 25 USD Revolver/Line >= 1 Yr. Senior 03/07/17 Arctic Glacier Inc Ice cream and frozen desserts 60 USD Revolver/Line >= 1 Yr. Senior 450 BPS 03/01/17 Arctic Glacier Inc Ice cream and frozen desserts 415 USD Term Loan B Senior 425 BPS 03/01/17 B&G Foods Canned fruits and vegetables 640 USD Term Loan B Senior 225 BPS 03/01/17 Bevolution Group [Ex-Juice Tyme Inc] Frozen fruits and vegetables 12 USD Revolver/Line >= 1 Yr. Senior 02/27/17 Cerelia Prepared flour mixes and doughs 320 USD Undisclosed Senior 02/23/17 China Huiyuan Juice Group Ltd Canned fruits and vegetables 174 USD Term Loan Senior 290 BPS 02/21/17 Chobani Global Holdings Inc Fluid milk 175 USD Term Loan B Senior 425 BPS 02/21/17 Clif Bar Inc Bread, cake and related products 300 USD Revolver/Line >= 1 Yr. Senior 100 BPS 02/21/17 Cosmos Foods Co Ltd Frozen specialties 8 USD 364-Day Facility Senior 02/17/17 Dr Pepper Snapple Group Inc Bottled and canned soft drinks 500 USD Revolver/Line >= 1 Yr. Senior 113 BPS 02/17/17 Hofmann Menu Group Frozen specialties 19 USD Revolver/Line >= 1 Yr. Senior 350 BPS 02/17/17 Hofmann Menu Group Frozen specialties 214 USD Term Loan B Senior 375 BPS

PAGE | 12 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

M&A OVERVIEW*

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

MEDIAN LTM TRADING MULTIPLES QUARTERLY M&A ACTIVITY

16.0x 200

40 180 15.0x 160 46 18 35 14.0x 140

120 8 17 13.0x 100 19 19 6 20 80 166 10 12.0x 141 139 10 126 60 5 118 4 7 7 9 13 8 107 92 94 Number of Transactions of Number 6 89 M edian Trading MMTrading ult edian iple 40 82 11.0x 10 70 53 58 57 52 48 46 47 52 20 39 33 4 16

10.0x 0

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117 Q217 Jul-16 Jun-16 Apr-16 Jan-17 Feb-16 Feb-17 Sep-16 Oct-16 Mar-16 Nov-16 Aug-16 Dec-16 May-16 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 4/10/2017 Unified Grocers, Inc. - SUPERVALU, Inc. $375.0 0.1x - - N.A. 4/10/2017 Nestle Italiana - Frozen Food Business Nestlé Italiana SpA FRoSTA AG - - - - EU 4/10/2017 The New Pub Co. Ltd - The Laine Pub Co. Ltd. $5.0 - - - EU 4/10/2017 Columbia Phytotechnology LLC - International Flavors & Fragrances, Inc. - - - - N.A. 4/6/2017 Nobleza Iberica SA Nobleza Iberica SA Bell AG - - - - EU 4/6/2017 Passport Food Group LLC - Swander Pace Capital LLC - - - - P N.A. 4/5/2017 Panera Bread Co. - JAB Holdings, BDT Capital Partners $7,480.2 2.6x 18.8x - P N.A. 4/5/2017 Brighter Foods Ltd. - Real Good Food Plc $13.3 - - - EU 4/5/2017 Oscar Mayer Ltd. - Deutsche Beteiligungs AG - - - - P EU 4/5/2017 Verquin Confiseur SAS - Sucralliance SAS - - - - EU 4/5/2017 Treasury Wine Estates Ltd. Treasury Wine Estates Ltd. Delicato Family Vineyards LLC - - - - N.A. 4/4/2017 Rene Laurent - Frutarom Industries Ltd. $21.3 1.7x - - EU 4/4/2017 Custom Made Meals LLC - New Water Capital LP - - - - P N.A. 4/4/2017 CLEARLY DRINKS LTD - NorthEdge Capital LLP - - - - P EU 4/4/2017 Wozl 4 BV Wozl 4 BV Limburg Catering BV - - - - EU 4/3/2017 English Bay Batter, Inc. Kilmer Group Cérélia SAS - - - - Cross Border 4/3/2017 Truitt Bros., Inc. - Seneca Foods Corp. - - - - N.A. 4/3/2017 Westbridge Food Group Ltd. - CPF Investment Ltd. $75.0 0.2x - - EU 4/3/2017 PB Bake Off Special Products BV - Standard Investment Management - - - - EU 4/3/2017 Guckenheimer Enterprises, Inc. - ISS A/S $225.0 - - - Cross Border 3/31/2017 Country Fresh, Inc. Eos Partners Kainos Capital - - - - P N.A. 3/31/2017 Halieutis Fish & Co SAS Compagnie Financière et de ParticipationsCite Marine Roullier SAS SA ---- EU 3/31/2017 GFA Chateau Haut-Batailley - Chateau Haut Batailley ---- P EU 3/31/2017 Les Gâteaux de la Cousine SAS - Notus Technologies SAS ---- P EU 3/31/2017 Maverick Brands LLC - New Age Beverages Corp. $11.1 - - - N.A. 3/31/2017 Kar Nut Products Co. - Palladium Equity Partners Advisor LLC ---- N.A. 3/30/2017 Groupe Flo SA - Naxicap Partners SA ---- EU 3/30/2017 Sombra Mezcal - Davos Brand ---- N.A. 3/30/2017 Octane Coffee Company LLC - Revelator Coffee Co. ---- N.A. 3/29/2017 Marley Beverage Co. LLC - New Age Beverages Corp. $13.0 - - - N.A. 3/29/2017 Oliver Conti SL - Grupo Perelada ---- EU 3/29/2017 Más Que Menos 2010 SL Grup Cacheiro 2000 SL Nazca Capital SGECR SA ---- P EU 3/29/2017 Vermont Butter & Cheese Creamery, Inc. - Land O'Lakes, Inc. ---- P N.A. 3/28/2017 Confectionary Gran LLC - KDV Group OOO $17.5 0.7x - - EU 3/28/2017 Strauss Coffee BV - Strauss Group Ltd. $1,114.5 - - - P EU 3/28/2017 Wcrowe Falmouth Ltd. - Iberia Industry Capital Group SARL ---- P EU 3/28/2017 The Head of Steam Ltd. Whitbread Plc Mi Viejo Fruta Ltd. ---- EU 3/27/2017 Potel & Chabot SA - Accor SA ---- P EU 3/27/2017 Cheddar's Scratch Kitchen - Darden Restaurants, Inc. $780.0 - 10.4x - P N.A. 3/27/2017 Supremia Grup SRL - Ardian SA ---- EU

* M&A transactions include European and cross-border deals since 2015. PAGE | 13 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

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

3/25/2017 Reflex Nutrition Ltd. - Associated British Foods Plc - - - - P EU 3/23/2017 Checkers Drive-In Restaurants, Inc. - Oak Hill Capital Management LLC $525.0 - - - P N.A. 3/23/2017 The Rancher's Grill Steakhouse - Star Buffet, Inc. - - - - N.A. 3/23/2017 Fresh Frozen Foods LLC Inventure Foods, Inc. The Pictsweet Co. $23.7 - - - N.A. 3/20/2017 Park Cakes Ltd. Eliot Luxembourg Holdco SARL Park Cakes Ltd. - - - - P EU 3/20/2017 Prosol Gestion SASU - Ardian SA - - - - P EU 3/20/2017 Compound Photonics Ltd. Compound Photonics Ltd. KAIAM Corp. - - - - Cross Border 3/20/2017 Arctic Glacier Group Holdings, Inc. - The Carlyle Group LP $723.0 - - - P N.A. 3/18/2017 M Still Catering Ltd - The Liberation Group Ltd. - - - - EU 3/17/2017 Bioferme Oy - Karl Fazer Oy AB - - - - EU 3/16/2017 Chateau Trianon SARL - Trianon Ltd - - - - EU 3/16/2017 Thanasi Foods LLC - Conagra Brands, Inc. - - - - P N.A. 3/15/2017 Restaurant Simplicissimus - Hotel zum Ritter St Georg - - - - EU 3/14/2017 Pelican Rouge Group BV - Selecta Group BV - - - - P EU 3/13/2017 Euromar Commodities GmbH Transmar Group LLC Ecom Agroindustrial Corp. Ltd. - - - - EU 3/13/2017 Wrawby Street Hostelry Wrawby Street Hostelry Bermondsey Pub Co. Ltd. - - - - EU 3/10/2017 Goodfood Market, Inc. - Mira VII Acquisition Corp. - - - - P Cross Border 3/9/2017 Bird Rock Coffee Roasters, Inc. - Coffee Roasting Co. - - - - N.A. 3/8/2017 Mé Fresh Markets SA - Juan Fornés Fornés SA - - - - EU 3/8/2017 Goethe SL - Damm SA - - - - EU 3/8/2017 Bio-Zentrale Naturprodukte GmbH LINDHORST- Gruppe ZERTUS GmbH - - - - EU 3/7/2017 SRA Foods, Inc. - US Foods Holding Corp. - - - - N.A. 3/7/2017 Groupe Commensal, Inc. Imvescor Restaurant Group, Inc. Food Pasta Romana, Inc. $3.1 - - - Cross Border 3/7/2017 Grenade (UK) Ltd. - Lion Capital LLP $88.2 - - - P EU 3/6/2017 Chris Candies, Inc. - Cemoi Chocolatier SAS - - - - Cross Border 3/5/2017 Laan Heiloo BV - Idun Industri AS - - - - EU 3/3/2017 Dok Dall'Ava Srl - CA Traiteur et Salaisons SAS - - - - EU 3/2/2017 O Olive Oil, Inc. - Landec Corp. $10.0 - - - N.A. 3/2/2017 Westfälische Lebensmittelwerke Lindemann - Bunge Deutschland GmbH - - - - EU 3/2/2017 Hawkshead Brewery Ltd. - Halewood International Ltd. - - - - EU 3/2/2017 Johnson Industries International, Inc. - Tetra Pak International SA - - - - Cross Border 2/27/2017 Berlypan SL - Berlys Corporación Alimentaria SA - - - - EU 2/24/2017 PIZZA-BLITZ Godly AG - Telepizza Group SA - - - - EU 2/24/2017 frostkrone Tiefkühlkost GmbH - EMERAM Capital Partners GmbH - - - - P EU 2/24/2017 Remke Markets, Inc. - Fresh Encounter, Inc. - - - - N.A. 2/24/2017 Intercontinental Coffee Trading, Inc. - Hamburg Coffee Co. Hacofco mbH - - - - Cross Border 2/23/2017 Ready Pac Foods, Inc. - Bonduelle SA $409.0 - - - Cross Border 2/23/2017 Latvijas Piens SIA Latraps Trade SIA EXIMO Agro-Marketing AG - - - - P EU 2/23/2017 Jan Schots NV - Breydel Chimay Group NV - - - - EU 2/22/2017 Rhenser Mineralbrunnen GmbH - Rhenser Mineralbrunnen GmbH - - - - P EU 2/21/2017 Popeyes Louisiana Kitchen, Inc. - Restaurant Brands International, Inc. $1,768.0 6.6x 20.8x 22.5x Cross Border 2/21/2017 Zabka Polska Sp zoo - CVC Capital Partners Ltd. $1,230.8 0.9x - - P EU 2/21/2017 365 Matins SA - Poulaillon SA $1.5 0.8x - - P EU 2/20/2017 La Versa Viticoltori dal 1905 SpA - Cavit Cantina Viticoltori Consorzio $4.5 0.6x - - EU 2/17/2017 Candyking Holding AB - Cloetta AB $62.1 0.4x 7.9x 18.3x P EU 2/17/2017 Walden Farms, Inc. - PANOS Holdings - - - - N.A. 2/16/2017 The Yorkshire Provender Ltd. - Hain Celestial Group, Inc. - - - - Cross Border 2/16/2017 D. Brickman, Inc. - Metropolitan Foods, Inc. - - - - N.A. 2/16/2017 Kombinat Myasnoy Kalacheyevskiy OAO Kamdel OOO Kombinat Myasnoy Kalacheyevskiy OAO $0.0 0.0x - - P EU 2/16/2017 Open Road Snacks, Inc. - Pasta Fresca, Inc. - - - - N.A. 2/16/2017 Gourmand In - Gourmand Inn - - - - P EU 2/15/2017 Maka 2 SAS - Maka 2 SAS - - - - P EU 2/14/2017 All American Foods, Inc. - US Foods Holding Corp. - - - - N.A. 2/13/2017 WELL PLUS TRADE Vertriebs GmbH & Co. KG - HQ Equita GmbH; WELL PLUS TRADE Vertriebs GmbH---- /Private Group/ P EU 2/9/2017 Ruggeri & C. SpA - Rotkäppchen-Mumm Sektkellereien ---- EU 2/9/2017 Diamant Nahrungsmittel GmbH Wilhelm Werhahn KG Puratos NV ---- EU 2/9/2017 02 Breathe LLC - Elev8 Brands, Inc. ---- N.A. 2/9/2017 Grozette BV - Vandersterre Groep Bedrijven BV ---- P EU 2/8/2017 Lyaxovichsky Molochny Zavod COAO - B.S.A. International SA (Belgium) $13.5 - - - EU 2/8/2017 Coca-Cola Southwest Beverages LLC The Coca-Cola Co. AC Bebidas S de RL de CV ---- Cross Border 2/7/2017 Sema E SASU - BNP Paribas Développement SA ---- P EU 2/7/2017 Nestlé Waters Deutschland GmbH Nestlé SA HANSA-HEEMAN AG ---- EU 2/7/2017 PS Bageri AB - Lantmännen Unibake Danmark A/S ---- EU 2/6/2017 Body & Fit Sportsnutrition BV - Glanbia Plc ---- EU 2/6/2017 Grass Advantage LLC - Glanbia Plc ---- Cross Border

* M&A transactions include European and cross-border deals since 2015. PAGE | 14 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5 April 2017 Date Company 4/19/2017 Associated British Foods Plc (ABF-GB) 4/20/2017 AAK AB (AAK-SE) 4/20/2017 Axfood AB (AXFO-SE) 4/25/2017 McDonald'sBrinker International, Corp. (MCD-US) Inc. (EAT-US) 4/27/2017 Kikkoman Corp. (2801-JP) 4/27/2017 Wal-Mart de Mexico SAB de CV (WALMEX-MX) 4/27/2017 Starbucks Corp. (SBUX-US)

May 2017 Date Company 5/1/2017 Coca-Cola West Co., Ltd. (2579-JP) 5/2/2017 ITOCHU Corp. (8001-JP) 5/2/2017 Mondelez International, Inc. (MDLZ-US) 5/3/2017 Loblaw Cos. Ltd. (L-CA) 5/3/2017 Bonduelle SA (BON-FR) 5/3/2017 The Kraft Heinz Co. (KHC-US) 5/4/2017 Kellogg Co. (K-US) 5/4/2017 Cott Corp. (Canada) (BCB-CA) 5/4/2017 Sprouts Farmers Markets, Inc. (SFM-US) 5/4/2017 TreeHouse Foods, Inc. (THS-US) 5/4/2017 Carlsberg A/S (CARL.B-DK) 5/8/2017 Sysco Corp. (SYY-US) 5/8/2017 Tyson Foods, Inc. (TSN-US) 5/9/2017 Sumitomo Corp. (8053-JP) 5/9/2017 US Foods Holding Corp. (USFD-US) 5/10/2017 Royal Ahold Delhaize NV (AD-NL) 5/10/2017 Whole Foods Market, Inc. (WFM-US) 5/10/2017 The Wendy's Co. (WEN-US) 5/11/2017 MEGMILK SNOW BRAND Co., Ltd. (2270-JP) 5/11/2017 Parmalat SpA (PLT-IT) 5/12/2017 Meiji Holdings Co., Ltd. (2269-JP) 5/16/2017 Jack in the Box, Inc. (JACK-US) 5/17/2017 Target Corp. (TGT-US) 5/18/2017 Dairy Crest Group Plc (DCG-GB) 5/18/2017 Wal-Mart Stores, Inc. (WMT-US) 5/19/2017 Campbell Soup Co. (CPB-US) 5/23/2017 Greencore Group Plc (GNC-GB) 5/25/2017 Tate & Lyle Plc (TATE-GB) 5/25/2017 Costco Wholesale Corp. (COST-US) 5/30/2017 Aryzta AG (ARYN-CH)

PAGE | 15 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

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PAGE | 16 FOOD AND BEVERAGE INDUSTRY UPDATE │ APRIL 2017

HARRIS WILLIAMS & CO.

SOURCES

1. IMF 2. U.S. Bureau of Labor Statistics 3. Unweighted Average 4. U.S. Census Bureau 5. Factset 6. Thomson Financial 7. S&P 8. Reuters

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PAGE | 17