Investment Banking & Securities Offered Through SDR Capital Markets, Inc., Member FINRA & SIPC. ❑ ❑ ❑ ❑ ❑ ❑ ❑ 70 60 60 50 42 40 30 30 17 14 16 15 15 20 7 Financial 2 6 10 45% Strategic - 55% Amo unt TE V/ TE V/ Date Target B uyer(s) Segment ($ in Mil) R ev E B ITDA 6/28/2021 Global Franchise Group FAT Brands CPG Foods 442.50 3.8x 11.1x 6/25/2021 Lily's Sweets Hershey CPG Foods 425.00 3.9x - 6/23/2021 Sierra Produce GrubM arket Produce - - - 6/15/2021 Grubhub Just Eat Takeaway.com Digitally Native 7300.00 3.6x - Kraft Heinz (Planters Peanuts & Snacks 6/7/2021 Hormel Foods CPG Foods 3350.00 3.1x - Business) 5/20/2021 Greco & Sons Sysco CPG Foods - - - 5/17/2021 Olde Thompson Olam International Ingredients & Flavors 950.00 7.4x 34.6x 5/4/2021 Aryzta North America Lindsay Goldberg Restaurants 850.00 - - 4/28/2021 Eire Born Spirits Becle, Proximo Spirits Alcohol 715.49 - - 4/21/2021 Jana Food GrubM arket CPG Foods - - - 4/1/2021 Luxco M GP Ingredients Alcohol 475.00 2.4x - 3/31/2021 BlueTriton Brands M etropoulos & Company Non-Alcohol 4300.00 1.4x - Strategic Buyer Inv. Date Select Corporate Acquisitions GrubMarket, Inc. 6/23/2021 ▪ Dayka & Hackett 5/4/2021 ▪ Country Fresh M oniker 4/22/2021 ▪ Carla's Pasta 3/16/2021 ▪ Irwindale Brew Yard 1/14/2021 ▪ Bengard M arketing Uber 2/2/2021 ▪ Drizly 9/7/2020 ▪ Postmates 7/1/2020 ▪ Cornershop Foodtastic 6/14/2021 ▪ M ilestones Restaurants 5/13/2021 ▪ Copper Branch 4/23/2021 ▪ Second Cup Coffee Company Hormel 6/7/2021 ▪ Kraft Heinz (Planters Peanuts & Snacks Business) 10/31/2017 ▪ Columbus M anufacturing, Inc. Premium Brands 1/25/2021 ▪ Clearwater Seafoods 8/31/2020 ▪ Allseas Fisheries 8/31/2020 ▪ Global Gourmet Foods Utz Brands 5/11/2021 ▪ Festida Foods 2/8/2021 ▪ C.J. Vitner 12/14/2020 ▪ Truco Enterprises E & J Gallo Winery 5/24/2021 ▪ LIQS 5/22/2021 ▪ Votto Vines The Chefs' Warehouse 6/16/2021 ▪ Nicola Imports 4/26/2021 ▪ Foley Fish 10/6/2020 ▪ Harris Seafood Financial Buyer Inv. Date Select Corporate Investments Champlain Financial Corporation 5/17/2021 ▪ Dion Herbes & Épices 4/27/2021 ▪ Foods 2000 4/26/2021 ▪ Les Aliments 2000 3/22/2021 ▪ Naya Waters 2/22/2021 ▪ M aison Isabelle 2/3/2021 ▪ Wong Wing Foods Peak Rock Capital 1/6/2021 ▪ Shipley Do-Nuts 6/3/2020 ▪ Yarnell Ice Cream 3/19/2019 ▪ Turkey Hill Dairy, Inc. 10/9/2018 ▪ Louisiana Fish Fry Products Ltd. 8/9/2018 ▪ Pizza Crust Business of Tyson Foods, Inc. The Riverside Company 6/7/2021 ▪ Vintage Wine Estates 12/15/2020 ▪ Bonnie and Don Flavours 8/25/2020 ▪ Creative Food Ingredients 7/30/2020 ▪ GSB and Associates Audax Group 5/26/2021 ▪ JTM Foods 3/31/2021 ▪ Vermont Coffee Company 3/4/2021 ▪ Urban Accents 2/26/2021 ▪ Ya Ya Foods Arbor Investments 6/30/2021 ▪ Bagel Boy 6/10/2021 ▪ M ichel's Bakery (Philadelphia) 5/19/2020 ▪ Specialty Bakers 120% 100% 80% 60% 40% 20% 0% -20% -40% Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Alcohol Non-Alcohol CPG Foods Natural & Organic Foods Dairy Proteins Produce Ingredients & Flavors Co-Packers Restaurants Digitally Native S&P 500 M arket Stats Operating Stats LTM M ultiples NTM M ultiples % of 52 Est. TEV/ TEV/ M arket Cap Quarter YTD EBITDA TEV/ TEV/ Price/ C o mpany N ame Symbo l Price ($) Week Revenue NTM NTM ($ in M il) Change Change M argin Rev EBITDA EPS High Growth Revenue EBITDA Diageo DGE $ 111,958 $ 47.90 13.7% (6.5%) 91.1% 26.6% 23.2% 7.5x 30.5x 77.0x 6.2x 18.1x Constellation Brands STZ 44,957 233.89 18.7% 15.4% 99.6% 0.4% 27.3% 6.7x 36.4x 36.7x 6.4x 17.5x Brown-Forman BF.B 35,129 74.94 5.2% 17.5% 95.2% 7.1% 35.7% 11.6x 30.3x 39.9x 10.9x 33.5x Boston Beer Co SAM 12,542 1,020.80 13.8% 163.1% 91.0% 30.0% 18.8% 7.7x NM NM 5.2x 26.8x M olson Coors Beverage Company TAP 11,658 53.69 37.9% (16.2%) 73.0% 9.0% 8.2% 1.8x 8.4x NM 1.7x 8.3x M GP Ingredients M GPI 1,485 67.64 16.7% (2.9%) 88.2% 38.0% 18.3% 2.2x 12.3x 25.1x 1.7x 9.5x Willamette Valley Vineyards WVVI 68 13.68 2.5% (8.1%) 90.9% NM 23.0% 2.0x 7.9x 45.6x NM NM Roxas Holdings ROX 47 0.03 8.8% 6.3% 77.7% NM NM 1.6x NM NM NM NM Abcourt M ines ABI 35 0.11 (19.9%) 160.0% 71.1% NM 22.8% 2.1x 10.0x 20.6x NM NM Segment Average 10.8% 36.5% 86.4% 18.5% 22.2% 4.8x 19.4x 40.8x 5.4x 19.0x Segment M edian 13.7% 6.3% 90.9% 17.8% 22.9% 2.2x 12.3x 38.3x 5.7x 17.8x M arket Stats Operating Stats LTM M ultiples NTM M ultiples % of 52 Est. TEV/ TEV/ M arket Cap Quarter YTD EBITDA TEV/ TEV/ Price/ C o mpany N ame Symbo l Price ($) Week Revenue NTM NTM ($ in M il) Change Change M argin Rev EBITDA EPS High Growth Revenue EBITDA Coca-Cola KO $ 233,305 $ 54.11 11.5% (0.9%) 91.2% 16.7% 37.1% 8.0x 22.0x 32.6x 7.1x 21.5x Pepsico PEP 204,716 148.17 5.3% 8.5% 99.7% 10.3% 18.5% 3.5x 19.2x 27.4x 3.1x 16.6x M onster Beverage M NST 48,284 91.35 13.5% 45.5% 99.9% 17.9% 35.6% 10.7x 29.3x 33.6x 8.8x 25.5x National Beverage FIZZ 4,407 47.23 19.1% 66.4% 84.7% 3.8% 24.2% 3.4x 14.6x 25.4x 3.3x NM The Hain Celestial Group HAIN 4,001 40.12 14.2% 54.7% 98.8% (3.9%) 6.9% 2.1x 40.8x NM 2.2x 16.2x Coca Cola Bottling Company COKE 3,769 402.13 11.3% (6.3%) 91.2% NM 10.0% 0.7x 9.9x 17.9x NM NM Primo Water Corporation PRM W 2,695 16.73 10.1% 15.3% 96.6% 5.5% 8.4% 2.0x 26.9x NM 2.0x 10.6x Treehouse Foods THS 2,503 44.52 3.9% (12.4%) 78.7% 4.7% 9.3% 1.0x 15.4x 30.7x 1.0x 8.6x Kaufman & Broad KOF 1,014 47.72 16.7% 8.6% 93.2% 33.9% 6.9% 0.8x 14.0x 23.0x 0.7x 7.3x Reed's REED 95 1.02 (35.8%) (35.1%) 36.0% 16.2% (24.5%) 1.6x NM NM 1.2x NM Cott BCB 51 0.05 (21.7%) 7.5% 75.9% NM NM NM NM NM NM NM Coffee Holding JVA 31 5.37 6.7% (16.5%) 83.2% 48.8% 3.3% 0.4x 16.9x 29.8x 0.3x NM Segment Average 4.6% 11.3% 85.8% 15.4% 12.3% 3.1x 20.9x 27.6x 3.0x 15.2x Segment M edian 10.7% 8.0% 91.2% 13.3% 9.3% 2.0x 18.0x 28.6x 2.1x 16.2x M arket Stats Operating Stats LTM M ultiples NTM M ultiples % of 52 Est. TEV/ TEV/ M arket Cap Quarter YTD EBITDA TEV/ TEV/ Price/ C o mpany N ame Symbo l Price ($) Week Revenue NTM NTM ($ in M il) Change Change M argin Rev EBITDA EPS High Growth Revenue EBITDA M ondelez International M DLZ $ 87,710 $ 62.44 1.0% 6.2% 97.5% 7.6% 19.7% 3.9x 21.1x 23.7x 3.5x 16.8x General M ills GIS 36,997 60.93 (6.0%) 9.8% 88.9% (1.5%) 21.4% 2.6x 12.2x 16.1x 2.7x 13.5x Hormel Foods HRL 25,884 47.75 (5.4%) 3.3% 88.0% 10.1% 13.1% 2.6x 18.9x 29.5x 2.3x 17.9x M cCormick & Company M KC 23,579 88.32 (1.0%) 12.6% 90.6% 8.8% 20.8% 5.3x 24.4x 31.0x 4.7x 22.5x Kellogg's K 21,904 64.33 (3.3%) (10.0%) 85.4% 0.4% 17.1% 2.2x 12.8x 17.4x 2.1x 12.9x Conagra Brands CAG 17,460 36.38 1.1% 5.9% 92.2% (6.2%) 19.4% 2.4x 12.9x 15.0x 2.5x 12.8x Campbell Soup Company CPB 13,816 45.59 (0.4%) (2.2%) 84.0% (4.3%) 18.6% 2.3x 12.7x 17.3x 2.4x 11.7x Post Holdings POST 6,902 108.47 15.8% (7.4%) 89.9% 12.6% 20.9% 2.2x 15.3x NM 2.1x 10.6x Lancaster Colony LANC 5,330 193.51 3.4% 14.8% 99.3% 9.1% 16.3% 3.6x 22.8x 37.9x 3.3x NM Flowers Foods FLO 5,124 24.20 (7.3%) 4.1% 89.9% (1.0%) 10.5% 1.4x 20.8x 22.4x 1.4x 12.6x J&J Snack Foods JJSF 3,320 174.41 17.8% (15.7%) 82.1% 23.9% 2.5% 2.7x 37.0x NM 2.4x 20.0x B&G Foods BGS 2,124 32.80 (0.3%) 54.7% 86.8% 1.9% 17.9% 1.8x 10.1x 16.3x 1.7x 9.6x Cal-M aine Foods CALM 1,769 36.21 (2.2%) (12.2%) 80.5% 0.6% 9.4% 1.2x 14.8x 26.2x 1.2x 16.6x Farmer Brothers FARM 226 12.69 3.5% (69.0%) 30.8% 30.1% 2.1% 0.4x NM NM 0.4x 8.2x Lifeway Foods LWAY 81 5.18 4.0% 171.9% 60.9% NM 9.3% 0.8x 8.3x 18.5x NM NM Rocky M ountain Chocolate Factory RM CF 47 7.63 51.1% (56.1%) 43.2% NM (1.6%) 1.1x NM NM NM NM Segment Average 4.5% 6.9% 80.6% 6.6% 13.6% 2.3x 17.4x 22.6x 2.3x 14.3x Segment M edian 0.3% 3.7% 87.4% 4.7% 16.7% 2.2x 15.1x 20.5x 2.4x 12.9x M arket Stats Operating Stats LTM M ultiples NTM M ultiples % of 52 Est.