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FOOD AND BEVERAGE

0

INDUSTRY UPDATE JANUARY 2018

PAGE |

WHAT WE’RE SEEING

1

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

RECENT M&A ACTIVITY

EARNINGS CALENDAR

GROUP OVERVIEW

Harris Williams & Co. 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

Bakery

Beverages

Branded and Private Label

Dairy

Distribution

Ingredients

Meat and Protein

Natural and Organic

Processing

Produce

Restaurant and Retail

Snacks

CONTACTS

Tim AlexanderManaging Directortalexander@harriswilliams.com+1 (612) 359-2716

Ryan BudlongManaging Directorrbudlong@harriswilliams.com+1 (415) 217-3409

Brant CashDirectorbcash@harriswilliams.com+1 (612) 359-2709

Ryan FreemanDirectorrfreeman@harriswilliams.com+1 (612) 359-2703

Andy WarczakVice Presidentawarczak@harriswilliams.com+1 (612) 359-2714

Brant WilczekVice Presidentbwilczek@harriswilliams.com+1 (612) 359-2732

MARKET UPDATE

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING

The food & beverage M&A market remains active through January, with several

notable transactions. Ferrero entered into an agreement to acquire Nestlé's U.S.

confectionary business, which includes more than 20 brands, for $2.8 billion.

Campbell Soup Company also entered into an agreement to acquire Snyder’s

Lance for $4.9 billion in cash. The acquisition will expand Campbell’s business in the

faster-growing snacking category.

a portfolio company of

has been acquired by

a subsidiary of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

and

a portfolio company of

has been acquired by

a portfolio company of

has been acquired byhas been acquired by

The Soup & Infant

Feeding Business of

has been acquired by

PizzaRev

Founders

a partnership of

&

has been acquired by

a division of

a portfolio company ofa has been acquired by

has been acquired by

Established the Burger King UK Mater Franchise

PAGE |

WHAT WE’VE BEEN READING

2

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES1,2

Soybeans:

(38.3%)

Crude Oil:

(41.9%)

Wheat:

(46.5%)

Corn:

(54.8%)

PREPARED FOODS ARE THE HOT NEW ITEM

Recent new product introductions highlight the range of protein-based ingredients being utilized by foodmanufacturers. As consumers shift to plant-based products, food manufacturers see additional opportunities tomarket alternative products that are traditionally formulated with animal-sourced proteins.

Access the full article here.

PROTEIN TO REMAIN ON TREND IN 2018

FOOD MADE FROM 'UGLY' PRODUCE COULD BE A BEAUTIFUL BUSINESS OPPORTUNITY

Prepared foods are making a comeback. As grocery store operators consider ways to drive traffic and differentiatethemselves, hot bars and stations have become a critical section of the store. Consumers are constantly searchingfor convenient solutions during mealtime, and made-to-order offerings represent a time-saving alternative to diningat home.

Access the full article here.

Rather than throwing produce out, grocery stores have begun selling "ugly" over-ripe bananas, bruised apples andweirdly-shaped carrots at reduced prices. The majority of consumers reject fruits and vegetables that are irregular,contributing to the world's $1 trillion food waste crisis — last year, 6.7 billion pounds of fruits and vegetables wentunharvested or unsold by growers. Still, consumers are growing more comfortable with the concept of ugly produce.According to a survey by the Harris Poll, 62% of Americans said they would be "somewhat comfortable" eating less-than-perfect fruits and vegetables.

Access the full article here.

80

90

100

110

120

130

Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

Pro

tein

Pric

e In

de

x

Beef Pork Poultry

Beef:

12.7%

Pork

(3.5%)

Poultry:

(8.0%)

20

40

60

80

100

120

Jan-13 Aug-13 Mar-14 Sep-14 Apr-15 Oct-15 May-16 Nov-16 Jun-17 Jan-18

Co

mm

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ity P

ric

e In

de

x

Crude Oil Soybeans Wheat Corn

PAGE |

VITAL SIGNS

3

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

RESTAURANT AND GROCERY STORE SALES INDICES3

CONSUMER FOOD PRICE INDEX INFLATION4

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS1

(1.0)

-

1.0

2.0

3.0

4.0

Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

Infa

tio

n (

%)

80

90

100

110

120

130

Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

Sa

les

Ind

ex

Restaurant Grocery

Restaurant:

26.6%

Grocery:

15.0%

Net Debt /

3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing 1.8% 13.6% 0.5% 0.6% 13.0x 15.3x 7.5x 3.2x

Fruit and Vegetable 5.3% 18.4% 9.8% 42.8% 17.4x 21.2x 15.0x 0.7x

Ingredients / Flavors 9.7% 29.8% 12.4% 25.7% 23.9x 29.3x 18.5x 1.4x

Agribusiness 11.7% 11.6% 5.4% 14.1% 20.3x 26.1x 13.1x 2.9x

Branded Processed Foods 3.2% (3.6%) 2.1% (2.5%) 19.2x 24.1x 12.5x 2.1x

Private Label and Foodserv ice 16.1% 59.0% (16.3%) (13.6%) 21.8x 27.9x 9.2x 4.1x

Natural / Organic Foods / BFY 13.5% 9.8% 1.0% (0.1%) 34.2x 52.6x 19.0x 7.2x

Baked Goods 5.1% (1.7%) 8.1% 0.5% 20.2x 40.3x 12.6x 2.4x

Dairy 2.6% 10.3% 4.0% 11.9% 19.0x 23.1x 14.7x 1.3x

Non-Alcoholic Beverages 9.4% 37.0% 4.0% 15.9% 22.5x 25.1x 15.3x 1.7x

Alcoholic Beverages 6.7% 42.8% 15.5% 17.2% 22.2x 26.4x 16.5x 2.6x

Snacks 8.8% 16.8% 5.3% 8.6% 21.3x 27.9x 16.4x 2.4x

Grocery Distribution 3.3% (27.0%) 2.6% (8.6%) 16.9x 19.1x 9.6x 2.5x

Food Retail 19.7% (11.6%) 17.9% (11.0%) 14.2x 19.7x 7.1x 1.7x

Foodserv ice Distribution 9.9% 24.4% 8.8% 10.9% 19.8x 28.9x 12.6x 4.5x

Quick Serv ice Restaurant 4.2% 23.7% (6.4%) 7.4% 22.8x 23.4x 13.9x 3.6x

Fast Casual 15.0% (19.1%) 10.4% (18.7%) 44.6x 42.6x 14.6x 1.8x

Differentiated Casual 17.9% (8.6%) 15.3% (3.4%) 23.2x 25.3x 8.8x 0.6x

Casual Dining Restaurant 18.2% 15.7% 10.2% 2.1% 17.4x 28.2x 9.0x 2.6x

Fine Dining 23.8% 0.9% 15.7% 20.3% 20.1x 24.4x 10.4x 1.2x

Pizza 1.3% 29.2% (2.3%) 14.7% 23.3x 32.3x 13.8x 3.7x

Beverage / Snack Retail 12.2% 2.3% 11.9% 6.7% 23.9x 29.7x 17.1x 2.3x

Family Restaurant 17.8% 9.5% 11.9% (11.9%) 21.5x 25.4x 11.0x 2.1x

Overall Median 8.9% 8.1% 6.5% 5.5% 21.0x 25.4x 12.6x 2.3x

Co

nsu

me

r a

nd

Re

tail

Industry and Segment

Stock Price % Change EV/EBITDA % Change Current Valuation Stats

Inp

uts

Fo

od

an

d B

ev

era

ge

PAGE |

PUBLIC EQUITY MARKET OVERVIEW

4

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

PUBLIC COMPANY SECTOR PERFORMANCE (MEDIAN ONE YEAR CHANGE IN STOCK PRICE)1

RECENT EQUITY OFFERINGS5

Close Date Filing Date Issuer Ticker Transaction TypeGross Proceeds

($mm)Use of Funds

1/19/18 09/25/17 Feronia Inc FRN Follow-On $19.8General Corp. Purp.

Working Capital

1/17/18 01/17/18 Tal Consolidated Inc TCL IPO -General Corp. Purp.

Reduce Indebtedness

1/3/18 01/03/18 Success Entertainment Group International IncSEGN Follow-On $59.2Secondary

Pay Fees & Expenses

12/18/17 12/14/17 The Chefs Warehouse Inc CHEF Follow-On $34.2General Corp. Purp.

Working Capital

Pay Fees & Expenses12/13/17 12/13/17 Ipic Entertainment Inc IPIC IPO $40.1 General Corp. Purp.

12/6/17 10/20/17 Reed's Inc REED Follow-On $14.0General Corp. Purp.

Reduce Indebtedness

Marketing & Sales12/4/17 12/04/17 Performance Food Group Co PFGC Follow-On $188.2

Secondary

Pay Fees & Expenses

11/23/17 11/16/17 Naturally Splendid Entrps Ltd RCE.P Follow-On $1.2General Corp. Purp.

Working Capital

11/22/17 11/22/17 Long Island Iced Tea Corp LTEA Follow-On - General Corp. Purp.

11/20/17 11/20/17 Captiva Verde Industries Ltd VEG Follow-On $0.3General Corp. Purp.

Marketing & Sales

Future Acquisitions11/20/17 11/20/17 Performance Food Group Co. PFGC Follow-On $141.3

Secondary

Pay Fees & Expenses

11/1/17 11/01/17 Naturally Splendid Entrps LTD NSP Follow-On $0.6 General Working Capital Purposes

Grocery Distribution

Fast Casual

Food Retail

Differentiated Casual

Branded Processed Foods

Baked Goods

Fine Dining

Bev erage / Snack Retail

Family Restaurant

Natural / Organic / BFY

Dairy

Agribusiness

Protein Processing

Casual Dining Restaurant

Snacks

Fruit and Vegetable

S&P

Quick Serv ice Restaurant

Foodserv ice Distribution

Pizza

Ingredients / Flav ors

Non-Alcoholic Bev erages

Alcoholic Bev erages

Priv ate Label

(40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

Inputs Food and Beverage Consumer and Retail

PAGE |

PUBLIC COMPARABLES1

5

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 1/23/18 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 $38.38 85.6% $30,285 $29,374 $19,453 $2,345 2.3% (3.2%) 8.2% 12.1% 18.1x 1.51x 12.5x 1.43x 11.6x

B&G Foods, Inc. BGS 33.10 69.3% 2,201 4,031 1,608 323 21.8% 25.1% 29.1% 20.1% 21.9x 2.51x 12.5x 2.40x 11.1x

Campbell Soup Company CPB 47.65 74.2% 14,324 17,793 7,849 1,966 (1.4%) (2.1%) 36.3% 25.0% 16.7x 2.27x 9.1x 2.26x 10.0x

Conagra Brands, Inc. CAG 37.77 90.6% 15,133 18,665 7,821 1,402 15.7% (19.1%) 30.3% 17.9% 22.5x 2.39x 13.3x 2.38x 12.5x

General Mills, Inc. GIS 59.77 93.8% 34,012 43,929 15,568 3,214 (2.4%) (4.1%) 34.5% 20.6% 21.9x 2.82x 13.7x 2.81x 12.9x

Hormel Foods Corp. HRL 34.88 91.8% 18,472 18,282 9,168 1,366 (3.7%) (0.5%) 20.4% 14.9% 22.2x 1.99x 13.4x 1.97x 12.8x

Kellogg Company K 67.17 87.6% 23,205 31,152 12,817 3,633 (1.9%) (4.2%) 37.8% 28.3% 30.0x 2.43x 8.6x 2.44x 11.8x

McCormick & Company, Inc. MKC 99.13 93.1% 12,988 18,210 4,570 820 4.2% 2.5% 41.3% 17.9% 27.4x 3.98x 22.2x 3.73x 19.4x

Nestle S.A. NESN-CH 86.64 96.6% 267,465 289,252 90,161 17,410 (0.8%) (3.2%) 50.2% 19.3% 27.4x 3.21x 16.6x 3.13x 16.4x

Pinnacle Foods, Inc. PF 60.80 91.2% 7,223 10,065 3,119 672 4.2% 6.3% 29.5% 21.5% 41.1x 3.23x 15.0x 3.19x 14.7x

Post Holdings, Inc. POST 79.62 89.4% 5,273 10,923 5,226 944 NM 29.4% 27.3% 18.1% NM 2.09x 11.6x 2.01x 10.4x

Hershey Company HSY 109.96 94.4% 16,502 19,413 7,546 1,768 2.3% 0.8% 46.4% 23.4% 32.7x 2.57x 11.0x 2.58x 10.6x

J. M. Smucker Company SJM 127.38 88.7% 14,468 19,546 7,335 1,643 (2.3%) 10.0% 37.1% 22.4% 25.7x 2.66x 11.9x 2.65x 11.6x

Mean 3.2% 2.9% 33.0% 20.1% 25.6x 2.59x 13.2x 2.54x 12.8x

Median 0.7% (0.5%) 34.5% 20.1% 24.1x 2.51x 12.5x 2.44x 11.8x

Private Label and Foodservice

Cott Corp. BCB-CA $17.22 97.1% $2,400 $3,863 $3,851 $421 116.0% 23.5% 50.4% 10.9% NA 1.00x 9.2x 1.71x 10.1x

Lamb Weston Holdings, Inc. LW-US 60.30 99.1% 8,814 11,280 3,243 696 5.5% 4.8% 25.5% 21.5% 27.9x 3.48x 16.2x 3.45x 14.9x

TreeHouse Foods, Inc. THS 49.86 55.1% 2,853 5,400 6,384 660 21.1% 33.2% 15.8% 10.3% NA 0.85x 8.2x 0.86x 8.7x

Mean 47.5% 20.5% 30.5% 14.2% 27.9x 1.78x 11.2x 2.01x 11.2x

Median 21.1% 23.5% 25.5% 10.9% 27.9x 1.00x 9.2x 1.71x 10.1x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands Inc. BETR $12.07 98.0% $926 $1,508 $372 $81 62.6% 88.3% 35.9% 21.9% NM 4.06x 18.5x 4.01x 18.1x

Hain Celestial Group, Inc. HAIN 39.59 86.8% 4,109 4,747 2,880 243 (0.7%) 7.7% 17.9% 8.5% 52.6x 1.65x 19.5x 1.63x 15.2x

The Simply Good Foods Company SMPL 14.13 88.3% 997 1,257 345 72 NA NA NA 20.8% NA 3.64x 17.5x 3.11x 18.9x

SunOpta Inc. SOY-CA 8.08 79.2% 702 1,191 1,285 56 0.5% 0.4% 10.9% 4.4% NA 0.93x 21.2x 0.93x 16.4x

Mean 20.8% 32.1% 21.6% 13.9% 52.6x 2.57x 19.2x 2.42x 17.1x

Median 0.5% 7.7% 17.9% 14.6% 52.6x 2.65x 19.0x 2.37x 17.3x

Baked Goods

Aryzta AG ARYN-CH $39.47 86.3% $3,614 $6,502 $4,152 $460 (3.6%) (3.5%) 27.1% 11.1% NA 1.57x 14.1x 1.46x 13.2x

Flowers Foods, Inc. FLO 19.50 92.9% 4,087 4,946 3,916 394 (18.5%) 1.6% 45.5% 10.0% 48.8x 1.26x 12.6x 1.27x 11.1x

George Weston Limited WN-CA 88.43 94.6% 11,336 25,393 36,899 3,627 (21.4%) (0.0%) 29.5% 9.8% 18.3x 0.69x 7.0x 0.66x 7.8x

Grupo Bimbo SAB de CV BIMBOA-MX 2.44 90.5% 11,480 15,495 13,732 1,554 1.1% (0.7%) 53.0% 11.3% 50.1x 1.13x 10.0x 1.12x 10.6x

Lancaster Colony Corp. LANC 129.48 86.7% 3,553 3,396 1,209 212 1.8% 6.0% 24.9% 17.5% 31.9x 2.81x 16.0x 2.79x 15.5x

Mean (8.1%) 0.7% 36.0% 12.0% 37.3x 1.49x 11.9x 1.46x 11.7x

Median (3.6%) (0.0%) 29.5% 11.1% 40.3x 1.26x 12.6x 1.27x 11.1x

EV / LTM EV / 2018ERevenue Growth LTM MarginsLTM

PAGE |

PUBLIC COMPARABLES1

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

6

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 1/23/18 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy

Danone SA BN-FR $86.86 100.0% $58,005 $78,893 $25,080 $4,399 2.4% (3.7%) 49.6% 17.5% 24.0x 3.15x 17.9x 2.65x 14.9x

Dean Foods Company DF 11.36 54.5% 1,035 1,957 7,878 344 2.1% (5.7%) 22.5% 4.4% 24.5x 0.25x 5.7x 0.25x 5.6x

Emmi AG EMMN-CH 759.89 95.1% 4,060 4,466 3,295 354 (0.5%) (3.9%) 18.1% 10.8% 26.8x 1.36x 12.6x 1.31x 13.0x

Glanbia PLC GL9-IE 17.35 82.2% 5,078 5,971 3,232 401 20.5% (0.8%) 26.3% 12.4% 19.0x 1.85x 14.9x 2.07x 15.1x

Lifeway Foods, Inc. LWAY 8.14 67.3% 130 130 123 7 (0.3%) 2.2% 26.6% 5.6% NM 1.06x 18.8x 1.07x NA

Parmalat S.p.A. PLT-IT 3.83 99.4% 7,114 7,063 7,388 466 3.8% 1.3% 18.1% 6.3% NM 0.96x 15.2x 0.84x 12.7x

Saputo Inc. SAP-CA 34.32 91.8% 13,312 14,448 8,728 994 4.1% (2.4%) 18.3% 11.4% 22.2x 1.66x 14.5x 1.61x 13.6x

Savencia SA SAVE-FR 99.17 95.9% 1,386 1,919 5,106 262 5.7% (5.6%) 4.3% 5.1% 8.3x 0.38x 7.3x 0.33x 5.3x

Mean 4.7% (2.3%) 23.0% 9.2% 20.8x 1.33x 13.4x 1.27x 11.5x

Median 3.1% (3.0%) 20.4% 8.5% 23.1x 1.21x 14.7x 1.19x 13.0x

Non-Alcoholic Beverages

A.G. BARR PLC BAG-GB $9.07 94.8% $1,077 $1,066 $339 $68 (8.7%) (7.6%) 45.6% 20.1% 22.3x 3.15x 15.7x 2.94x 14.9x

Cott Corp. BCB-CA 17.22 97.1% 2,400 3,863 3,851 421 116.0% 23.5% 50.4% 10.9% NA 1.00x 9.2x 1.71x 10.1x

Dr Pepper Snapple Group, Inc. DPS 96.76 97.3% 17,469 21,774 6,704 1,577 4.6% 3.3% 57.0% 23.5% 24.3x 3.25x 13.8x 3.24x 13.6x

Lassonde Industries, Inc. LAS.A 204.47 98.7% 663 846 1,150 131 0.8% 3.7% 27.9% 11.4% 23.9x 0.74x 6.4x 0.71x 6.1x

Monster Beverage Corp. MNST 67.77 100.0% 38,220 37,125 3,323 1,322 14.7% 11.5% 62.6% 39.8% 49.1x 11.17x 28.1x 10.92x 27.8x

National Beverage Corp. FIZZ 105.54 81.3% 4,918 4,789 911 117 19.7% 12.5% 33.3% 12.9% 39.4x 5.26x NM 5.14x 23.1x

PepsiCo, Inc. PEP 121.51 99.7% 172,805 193,812 63,514 12,692 2.7% (1.7%) 54.6% 20.0% 25.1x 3.05x 15.3x 3.06x 14.7x

Coca-Cola Company KO 47.38 99.7% 201,870 223,646 36,886 10,554 (12.1%) (7.2%) 62.3% 28.6% 45.1x 6.06x 21.2x 6.34x 20.7x

Mean 17.2% 4.8% 49.2% 20.9% 32.7x 4.21x 15.7x 4.26x 16.4x

Median 3.6% 3.5% 52.5% 20.0% 25.1x 3.20x 15.3x 3.15x 14.8x

Alcoholic Beverages

Anheuser-Busch Inbev Sa ABI-BE $114.30 90.4% $195,291 $315,059 $52,415 $19,107 23.9% 6.7% 60.6% 36.5% 50.4x 6.01x 16.5x 5.56x 14.4x

Brown-Forman Corp. BF.B 67.64 97.8% 25,704 27,696 3,115 1,047 4.6% 0.8% 66.5% 33.6% 35.2x 8.89x 26.5x 8.77x 24.6x

Carlsberg A/S CARL.B-DK 126.16 100.0% 18,884 22,807 9,251 1,966 (4.8%) (6.9%) 50.8% 21.3% 23.5x 2.47x 11.6x 2.27x 10.6x

Constellation Brands, Inc. STZ 219.32 95.6% 42,693 51,904 7,447 2,763 2.8% 7.7% 50.5% 37.1% 26.4x 6.97x 18.8x 6.88x 19.1x

Diageo PLC DGE-GB 36.54 98.4% 89,903 102,461 15,278 4,970 (1.6%) (2.9%) 60.7% 32.5% 24.5x 6.71x 20.6x 6.32x 18.8x

Heineken NV HEIA-NL 109.94 100.0% 62,750 78,628 23,084 5,170 0.5% (3.8%) 15.8% 22.4% 27.8x 3.41x 15.2x 2.99x 12.5x

Kirin Holdings Company, Limited 2503-JP 25.67 98.6% 22,946 28,681 18,011 2,121 (3.7%) (5.2%) 46.1% 11.8% 15.8x 1.59x 13.5x 1.66x 12.7x

Pernod Ricard SA RI-FR 160.56 99.6% 42,306 51,458 9,822 2,929 2.0% (3.0%) 61.9% 29.8% 24.7x 5.24x 17.6x 4.78x 16.4x

Sapporo Holdings Limited 2501-JP 30.40 93.9% 2,368 4,417 4,981 411 4.4% (0.4%) 35.9% 8.2% 27.0x 0.89x 10.8x 0.90x 10.8x

Mean 3.1% (0.8%) 49.9% 25.9% 28.4x 4.69x 16.8x 4.46x 15.5x

Median 2.0% (2.9%) 50.8% 29.8% 26.4x 5.24x 16.5x 4.78x 14.4x

Snacks

J & J Snack Foods Corp. JJSF $149.75 95.2% $2,795 $2,647 $1,084 $161 9.2% 5.6% 30.8% 14.9% 35.6x 2.44x 16.4x 2.42x 16.4x

John B. Sanfilippo & Son, Inc. JBSS 66.37 88.9% 577 642 839 74 (11.5%) 1.3% 16.2% 8.8% 20.9x 0.77x 8.7x 0.75x NA

Mondelez International, Inc. MDLZ 44.28 93.8% 66,172 84,029 25,700 5,022 (3.1%) (9.7%) 39.0% 19.5% 30.8x 3.27x 16.7x 3.26x 16.6x

PepsiCo, Inc. PEP 121.51 99.7% 172,805 193,812 63,514 12,692 2.7% (1.7%) 54.6% 20.0% 25.1x 3.05x 15.3x 3.06x 14.7x

Snyder's-Lance, Inc. LNCE 50.13 98.9% 4,875 5,990 2,231 252 13.9% 11.0% 36.5% 11.3% NA 2.68x 23.8x 2.68x 19.3x

Mean 2.2% 1.3% 35.4% 14.9% 28.1x 2.44x 16.2x 2.43x 16.7x

Median 2.7% 1.3% 36.5% 14.9% 27.9x 2.68x 16.4x 2.68x 16.5x

EV / 2018ELTM EV / LTMRevenue Growth LTM Margins

PAGE |

PUBLIC COMPARABLES1

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

7

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 1/23/18 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $43.20 85.7% $1,891 $1,692 $1,205 $30 (3.3%) (7.1%) 22.8% 2.5% NA 1.40x NM 1.35x 24.8x

JBS S.A. JBSS3-BR 3.02 74.6% 8,312 23,237 50,660 3,575 6.5% 0.8% 16.7% 7.1% 15.1x 0.46x 6.5x 0.48x 5.9x

Sanderson Farms, Inc. SAFM 136.29 77.2% 3,111 2,692 3,342 530 18.7% 6.4% 18.9% 15.9% 11.1x 0.81x 5.1x 0.80x 5.1x

Seaboard Corp. SEB 4,320.00 92.1% 5,059 4,290 5,596 382 5.4% (5.1%) 10.8% 6.8% 15.5x 0.77x 11.2x NA NA

Tyson Foods, Inc. TSN 80.89 95.6% 24,073 33,973 38,149 4,018 3.2% 0.6% 14.1% 10.5% 16.6x 0.89x 8.5x 0.87x 8.2x

Mean 6.1% (0.9%) 16.7% 8.6% 14.6x 0.87x 7.8x 0.87x 11.0x

Median 5.4% 0.6% 16.7% 7.1% 15.3x 0.81x 7.5x 0.84x 7.1x

Fruit and Vegetable

Calavo Growers, Inc. CVGW $87.95 96.8% $1,542 $1,557 $1,076 $69 15.0% 11.2% 11.4% 6.4% 41.3x 1.45x 22.6x 1.40x 21.6x

Fresh Del Monte Produce Inc. FDP 49.43 78.7% 2,458 2,733 4,083 236 (0.4%) 1.7% 6.3% 5.8% 18.2x 0.67x 11.6x 0.66x 10.5x

Seneca Foods Corp. SENEA 31.95 77.0% 313 740 1,292 46 (4.0%) (0.8%) 5.4% 3.6% NM 0.57x 16.1x NA NA

Total Produce PLC T7O-IE 2.94 95.6% 935 1,194 3,638 86 8.1% 1.2% 13.1% 2.4% 21.2x 0.33x 13.9x 0.25x 11.4x

Mean 4.7% 3.3% 9.0% 4.5% 26.9x 0.75x 16.1x 0.77x 14.5x

Median 3.8% 1.4% 8.8% 4.7% 21.2x 0.62x 15.0x 0.66x 11.4x

Ingredients / Flavors

Givaudan SA GIVN-CH $2,363.28 98.7% $21,934 $23,399 $4,855 $1,099 4.7% 0.4% 43.9% 22.6% 31.8x 4.82x 21.3x 4.56x 20.2x

Ingredion Inc. INGR 140.86 98.8% 10,123 11,529 5,795 1,079 1.5% (0.0%) 26.2% 18.6% 20.2x 1.99x 10.7x 1.98x 10.5x

International Flavors & Fragrances Inc. IFF 153.06 97.2% 12,088 13,451 3,307 729 7.7% 2.6% 43.2% 22.0% 29.3x 4.07x 18.5x 3.99x 17.6x

Kerry Group PLC KRZ-IE 108.47 94.9% 19,038 20,494 6,840 968 0.9% (4.5%) 9.9% 14.1% 29.0x 3.00x 21.2x 2.68x 18.6x

Sensient Technologies Corp. SXT 73.51 86.5% 3,196 3,799 1,364 254 (2.0%) (2.2%) 35.6% 18.6% 30.4x 2.79x 15.0x 2.77x 15.0x

Symrise AG SY1-DE 84.45 95.6% 10,974 12,553 3,211 680 11.3% 9.7% 40.7% 21.2% 35.4x 3.91x 18.5x 3.47x 16.4x

Tate & Lyle PLC TATE-GB 9.38 90.7% 4,371 4,805 3,586 575 0.9% (3.9%) 11.9% 16.0% 12.4x 1.34x 8.4x 1.29x 8.3x

Mean 3.6% 0.3% 30.2% 19.0% 26.9x 3.13x 16.2x 2.96x 15.2x

Median 1.5% (0.0%) 35.6% 18.6% 29.3x 3.00x 18.5x 2.77x 16.4x

Agribusiness

Andersons, Inc. ANDE $34.75 83.8% $985 $1,394 $3,795 $139 (4.1%) (6.9%) 8.4% 3.7% NA 0.37x 10.0x 0.36x 10.0x

Archer-Daniels-Midland Company ADM 42.75 90.1% 23,908 30,082 61,300 2,300 (1.7%) (10.2%) 5.1% 3.8% 20.0x 0.49x 13.1x 0.49x 10.4x

Bunge Limited BG 82.11 98.0% 11,544 15,658 45,988 614 9.5% (8.6%) 2.6% 1.3% 26.1x 0.34x 25.5x 0.34x 12.3x

CF Industries Holdings, Inc. CF 40.84 92.9% 9,526 16,393 3,898 1,032 (0.9%) (7.0%) 0.2% 26.5% NA 4.21x 15.9x 4.08x 16.2x

Darling Ingredients Inc. DAR 19.31 99.1% 3,181 4,905 3,601 436 8.4% 2.7% 12.2% 12.1% 50.0x 1.36x 11.2x 1.36x 11.3x

Monsanto Company MON 120.99 98.5% 53,333 58,361 14,647 4,092 5.2% (2.0%) 49.9% 27.9% 22.3x 3.98x 14.3x 3.93x 13.8x

Mosaic Company MOS 26.66 77.6% 10,270 13,541 7,180 1,070 (3.8%) (7.4%) 12.1% 14.9% 27.8x 1.89x 12.7x 1.89x 11.9x

Mean 1.8% (5.6%) 12.9% 12.9% 29.2x 1.81x 14.7x 1.78x 12.3x

Median (0.9%) (7.0%) 8.4% 12.1% 26.1x 1.36x 13.1x 1.36x 11.9x

Consumer and Retail

Grocery Distribution

AMCON Distributing Company DIT $88.50 77.0% $61 $76 $1,280 $7 (0.2%) 0.9% 5.6% 0.6% 18.1x 0.06x 10.1x NA NA

Core-Mark Holding Company, Inc. CORE 23.79 58.3% 1,099 1,543 15,452 124 14.4% 15.0% 5.1% 0.8% 26.5x 0.10x 12.4x 0.10x 11.0x

Performance Food Group Company PFGC 34.75 99.8% 3,854 5,211 17,081 361 11.9% 7.7% 12.7% 2.1% 33.7x 0.31x 14.4x 0.30x 12.7x

SpartanNash Company SPTN 24.68 62.2% 912 1,570 8,032 231 (15.0%) 0.5% 13.7% 2.9% NA 0.20x 6.8x 0.19x 6.6x

SUPERVALU Inc. SVU 16.33 52.2% 626 2,489 14,649 455 64.7% (5.6%) 9.2% 3.1% 18.6x 0.17x 5.5x 0.16x 5.2x

United Natural Foods, Inc. UNFI 49.27 93.5% 2,483 2,909 9,454 321 9.0% 9.6% 14.9% 3.4% 19.1x 0.31x 9.1x 0.30x 8.8x

Mean 14.1% 4.7% 10.2% 2.1% 23.2x 0.19x 9.7x 0.21x 8.9x

Median 10.4% 4.3% 10.9% 2.5% 19.1x 0.18x 9.6x 0.19x 8.8x

EV / 2018ELTM Revenue Growth EV / LTMLTM Margins

PAGE |

PUBLIC COMPARABLES1

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

8

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 1/23/18 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food Retail

Costco Wholesale Corp. COST $194.38 99.5% $85,353 $85,224 $132,735 $5,430 11.0% 5.1% 13.2% 4.1% 30.9x 0.64x 15.7x 0.64x 15.2x

Ingles Markets, Inc. IMKTA 35.35 73.1% 499 1,353 4,003 237 5.5% 1.4% 24.0% 5.9% 13.3x 0.34x 5.7x 0.34x 5.7x

J Sainsbury PLC SBRY-GB 3.60 78.3% 7,862 9,402 35,808 1,316 6.6% (3.4%) 6.6% 3.7% 23.8x 0.26x 7.1x 0.25x 5.1x

Kroger Co. KR 29.63 85.3% 26,115 39,423 119,242 5,536 4.7% 3.9% 20.3% 4.6% 17.6x 0.33x 7.1x 0.32x 6.7x

Natural Grocers by Vitamin Cottage NGVC 8.51 61.7% 190 245 769 44 9.0% 13.9% 23.2% 5.7% 27.5x 0.32x 5.6x 0.31x 5.6x

Royal Ahold Delhaize N.V. AD-NL 23.02 99.1% 28,947 32,306 54,973 4,063 NM NM 29.8% 7.4% 19.7x 0.59x 8.0x 0.43x 6.4x

Sprouts Farmers Markets, Inc. SFM 27.06 99.5% 3,601 4,067 4,506 312 12.9% 16.6% 26.7% 6.9% 27.9x 0.90x 13.0x 0.87x 12.7x

SUPERVALU Inc. SVU 16.33 52.2% 626 2,489 14,649 455 64.7% (5.6%) 9.2% 3.1% 18.6x 0.17x 5.5x 0.16x 5.2x

Tesco PLC TSCO-GB 2.93 98.8% 23,683 29,430 71,985 3,446 (7.5%) (9.8%) 5.6% 4.8% 38.0x 0.41x 8.5x 0.39x 7.8x

Village Super Market, Inc. VLGEA 23.78 75.9% 240 7 1,601 63 (2.1%) 1.3% 25.3% 4.0% 16.3x 0.00x 0.1x NA NA

Weis Markets, Inc. WMK 40.93 61.8% 1,101 1,078 3,508 166 19.1% 8.5% 23.6% 4.7% 14.5x 0.31x 6.5x NA NA

Mean 12.4% 3.2% 18.9% 5.0% 22.5x 0.39x 7.5x 0.41x 7.8x

Median 7.8% 2.7% 23.2% 4.7% 19.7x 0.33x 7.1x 0.34x 6.4x

Foodservice Distribution

Chefs' Warehouse, Inc. CHEF $20.25 92.5% $576 $892 $1,287 $60 13.2% 17.1% 24.9% 4.6% 38.2x 0.69x 14.9x 0.69x 13.6x

Colabor Group Inc. GCL-CA 0.59 52.5% 61 157 1,023 15 5.4% (8.3%) 1.6% 1.5% NA 0.15x 10.2x 0.15x 7.9x

Sysco Corp. SYY 63.59 99.9% 33,134 41,272 56,053 3,100 8.3% 5.9% 19.1% 5.5% 28.9x 0.74x 13.3x 0.73x 12.7x

US Foods Holdings Corp. USFD-US 33.50 99.9% 7,524 11,080 23,829 928 2.8% NA 17.7% 3.9% 28.6x 0.46x 11.9x 0.46x 10.6x

Mean 8.9% 4.9% 15.2% 3.9% 31.9x 0.51x 12.60x 0.51x 11.21x

Median 8.3% 5.9% 19.1% 4.6% 28.9x 0.58x 12.63x 0.57x 11.67x

Quick Service Restaurant

Bojangles, Inc. BOJA $12.10 54.1% $448 $602 $539 $73 3.4% NA 15.4% 13.6% 14.1x 1.12x 8.2x 1.10x 8.9x

Jack in the Box Inc. JACK 93.99 83.2% 2,766 3,904 1,554 342 (2.8%) 1.5% 26.3% 22.0% 21.5x 2.51x 11.4x 2.84x 12.2x

McDonald's Corp. MCD 176.21 99.6% 140,472 166,419 23,509 9,672 (5.7%) (5.6%) 49.0% 41.1% 25.4x 7.08x 17.2x 7.33x 16.1x

Restaurant Brands International Inc. QSR 61.22 88.9% 14,548 28,309 4,551 2,032 6.4% 58.3% 49.0% 44.6% 41.2x 6.22x 13.9x 6.16x 13.4x

Sonic Corp. SONC 26.38 87.8% 1,015 1,661 453 146 (23.2%) (7.1%) 39.8% 32.2% 17.8x 3.67x 11.4x 3.55x 11.1x

Wendy's Company WEN 16.80 95.1% 4,069 6,516 1,224 346 (23.0%) (17.1%) 39.1% 28.3% NM 5.32x 18.8x 5.31x 16.1x

Yum! Brands, Inc. YUM 84.91 100.0% 28,614 37,250 6,197 1,939 252.9% NM 45.8% 31.3% 26.2x 6.01x 19.2x 6.31x 18.6x

Mean 29.7% 6.0% 37.8% 30.4% 24.4x 4.56x 14.3x 4.66x 13.8x

Median (2.8%) (5.6%) 39.8% 31.3% 23.4x 5.32x 13.9x 5.31x 13.4x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $330.00 66.1% $9,317 $8,769 $4,401 $442 13.8% 4.3% 12.4% 10.0% NM 1.99x 19.8x 1.96x 18.7x

El Pollo Loco Holdings Inc. LOCO 10.20 68.7% 394 473 399 58 6.7% 8.2% 17.9% 14.4% 46.4x 1.18x 8.2x 1.18x 7.9x

Fiesta Restaurant Group, Inc. FRGI 19.55 67.8% 529 587 678 76 (5.8%) 4.7% 14.1% 11.2% NA 0.87x 7.7x 0.89x 8.1x

Habit Restaurants, Inc. HABT 8.95 45.3% 182 178 320 30 18.4% 25.6% 11.4% 9.5% 38.9x 0.56x 5.9x 0.54x 6.3x

Noodles & Co. NDLS 5.75 95.8% 228 289 473 16 (0.4%) 7.0% 11.1% 3.3% NA 0.61x 18.4x 0.64x 10.8x

Potbelly Corp. PBPB 12.80 89.6% 317 296 418 35 4.6% 9.7% 12.6% 8.4% NM 0.71x 8.4x 0.69x 7.8x

Shake Shack, Inc. SHAK 43.00 90.7% 1,665 1,643 336 53 36.4% 46.6% 24.0% 15.8% NM 4.89x 30.9x 4.62x NM

Wingstop, Inc. WING 46.07 99.9% 1,340 1,471 102 38 17.0% NA 66.6% 37.6% NM 14.42x 38.4x 14.06x NM

Zoe's Kitchen, Inc. ZOES 15.32 64.8% 298 336 305 23 14.3% 23.8% 12.6% 7.5% NM 1.10x 14.6x 1.07x 15.9x

Mean 11.7% 16.2% 20.3% 13.1% 42.6x 2.93x 16.9x 2.85x 10.8x

Median 13.8% 9.0% 12.6% 10.0% 42.6x 1.10x 14.6x 1.07x 8.1x

LTM Revenue Growth LTM Margins EV / LTM EV / 2018E

PAGE |

PUBLIC COMPARABLES1

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

9

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 1/23/18 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Differentiated Casual

BJ's Restaurants, Inc. BJRI $38.40 80.8% $792 $958 $1,036 $117 7.9% 7.6% 7.1% 11.3% 25.3x 0.92x 8.2x 0.93x 8.8x

Buffalo Wild Wings, Inc. BWLD 156.80 94.6% 2,436 2,806 2,026 259 2.2% 11.8% 13.0% 12.8% 40.8x 1.39x 10.8x 1.35x 10.2x

Chuy's Holdings, Inc. CHUY 26.65 83.0% 451 433 353 39 9.3% 14.6% 11.9% 11.0% 29.3x 1.23x 11.1x 1.17x 10.4x

Dave & Buster's Entertainment, Inc. PLAY 48.48 66.0% 1,973 2,273 1,105 266 14.0% 15.8% 15.6% 24.0% 18.6x 2.06x 8.6x 2.01x 8.6x

Cheesecake Factory Inc. CAKE 48.90 72.8% 2,239 2,363 2,292 268 17.3% 36.0% 13.2% 11.7% 18.0x 1.03x 8.8x 1.04x 9.3x

Mean 10.1% 17.2% 12.1% 14.2% 26.4x 1.33x 9.5x 1.30x 9.4x

Median 9.3% 14.6% 13.0% 11.7% 25.3x 1.23x 8.8x 1.17x 9.3x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $21.70 94.5% $1,981 $3,149 $4,130 $392 (3.9%) (2.0%) 9.3% 9.5% 28.2x 0.76x 8.0x 0.75x 7.7x

Brinker International, Inc. EAT 38.39 81.3% 1,777 3,131 3,132 429 (3.7%) 2.2% 10.0% 13.7% 13.9x 1.00x 7.3x 0.99x 7.4x

Darden Restaurants, Inc. DRI 98.06 98.0% 12,114 13,088 7,631 995 9.1% 13.4% 15.2% 13.0% 25.1x 1.72x 13.2x 1.70x 12.4x

DineEquity, Inc. DIN 53.72 73.2% 966 2,233 610 223 (6.3%) (2.0%) 53.6% 36.5% NA 3.66x 10.0x 3.69x 10.7x

Red Robin Gourmet Burgers, Inc. RRGB 52.85 71.3% 684 956 1,330 131 3.0% 6.3% 11.3% 9.8% 55.6x 0.72x 7.3x 0.70x 7.0x

Texas Roadhouse, Inc. TXRH 58.09 98.7% 4,131 4,080 2,159 287 10.1% 11.6% 14.1% 13.3% 33.6x 1.89x 14.2x 1.84x 13.8x

Mean 1.4% 4.9% 18.9% 16.0% 31.3x 1.62x 10.0x 1.61x 9.8x

Median (0.4%) 4.3% 12.7% 13.2% 28.2x 1.36x 9.0x 1.35x 9.2x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $17.45 92.8% $370 $410 $359 $39 3.5% 6.9% 9.7% 11.0% 38.8x 1.14x 10.4x 1.13x 9.0x

Fogo de Chao, Inc. FOGO 13.80 80.9% 390 500 307 56 7.9% 11.9% 18.1% 18.2% 19.2x 1.63x 8.9x 1.60x 9.2x

Ruth's Hospitality Group, Inc. RUTH 23.20 99.1% 726 751 398 60 4.0% (1.1%) 15.7% 15.2% 24.4x 1.88x 12.4x 1.83x 11.5x

Mean 5.1% 5.9% 14.5% 14.8% 27.5x 1.55x 10.6x 1.52x 9.9x

Median 4.0% 6.9% 15.7% 15.2% 24.4x 1.63x 10.4x 1.60x 9.2x

Pizza

Domino's Pizza, Inc. DPZ $216.29 97.6% $9,459 $12,366 $2,716 $539 13.4% 12.3% 30.8% 19.9% 41.3x 4.55x 22.9x 4.41x 21.9x

Papa John's International, Inc. PZZA 67.60 77.7% 2,369 2,748 1,755 198 3.8% 4.0% 16.4% 11.3% 23.3x 1.57x 13.8x 1.54x 13.8x

Papa Murphy's Holdings, Inc. FRSH 5.57 81.9% 94 194 123 14 (1.4%) NA 29.2% 11.4% NA 1.57x 13.8x 1.64x 10.1x

Mean 5.3% 8.2% 25.5% 14.2% 32.3x 2.56x 16.8x 2.53x 15.3x

Median 3.8% 8.2% 29.2% 11.4% 32.3x 1.57x 13.8x 1.64x 13.8x

Beverage / Snack Retail

DAVIDsTEA, Inc. DTEA $3.85 48.4% $100 $70 $175 $5 10.3% 18.9% 36.6% 3.0% NA 0.40x 13.5x 0.40x 8.6x

Dunkin' Brands Group, Inc. DNKN 64.76 97.5% 5,849 7,927 849 464 3.9% 4.8% 79.9% 54.7% 28.3x 9.34x 17.1x 9.28x 16.3x

Jamba, Inc. JMBA 9.14 87.5% 140 126 82 (7) (56.0%) (28.9%) 39.7% NM NA 1.54x NM NA NA

Starbucks Corp. SBUX 61.41 94.7% 87,374 88,682 22,384 5,018 5.0% 10.8% 23.1% 22.4% 31.2x 3.96x 17.7x 3.87x 16.0x

Mean (6.5%) 2.2% 39.5% 23.6% 29.7x 3.81x 16.1x 4.51x 13.7x

Median 4.3% 5.3% 36.6% 18.3% 29.7x 2.75x 17.1x 3.87x 16.0x

Family Restaurant

Cracker Barrel Old Country Store, Inc. CBRL $172.67 98.1% $4,143 $4,423 $2,927 $396 0.2% 2.5% 15.2% 13.5% 20.8x 1.51x 11.2x 1.49x 10.9x

Denny's Corp. DENN 15.33 98.5% 1,001 1,291 523 117 4.4% 4.6% 26.9% 22.4% 30.1x 2.47x 11.0x 2.44x 12.8x

Luby's, Inc. LUB 2.95 71.4% 86 116 376 12 (6.6%) (1.6%) 7.3% 3.3% NA 0.31x 9.5x NA NA

Mean (0.7%) 1.8% 16.5% 13.0% 25.4x 1.43x 10.6x 1.96x 11.8x

Median 0.2% 2.5% 15.2% 13.5% 25.4x 1.51x 11.0x 1.96x 11.8x

LTM Revenue Growth LTM Margins EV / LTM EV / 2018E

PAGE |

Campbell to acquire Snyder’s-Lance for $50 per share, a premium of ~27%.

Snyder’s Lance is a leader in the snacking category with brands includingSnyder’s of Hanover, Lance, Kettle Brand, Kettle Chips, Cape Cod, and PopSecret.

The acquisition will broaden Campbell’s portfolio of snacking brands in thefaster-growing snacking category.

Ferrero entered into an agreement to acquire Nestle’s US. Confectionarybusiness for $2.8 billion.

The business to be acquired, which generated sales of approximately US$900million in 2016, includes more than 20 American brands including Butterfinger,BabyRuth, and Nerds.

Hershey to acquire Amplify Snack Brands for $12 per share, a premium of~71%.

Amplify develops and markets popcorn and other snack foods products underthe SkinnyPop, Paqui, Oatmega, and Tyrrell’s brands.

The acquisition enhances Hershey’s portfolio of savory snack brands.

PUBLIC EQUITY MARKET OVERVIEW

10

INDUSTRY UPDATE JANUARY 2018

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE INDEX1

Highlighted Food and Beverage M&A Transactions1

M&A MARKET OVERVIEW

HERSHEY TO ACQUIRE AMPLIFY SNACK BRANDS

Enterprise Value: $1,488 mmRevenue Multiple: 4.0xEBITDA Multiple: 18.3xAnnounced: December 17, 2017

CAMPBELL’S TO ACQUIRE SNYDER’S LANCE

FERRERO TO ACQUIRE NESTLÉ'S U.S. CONFECTIONARY BUSINESS

Enterprise Value: $5,989 mmRevenue Multiple: 2.8xEBITDA Multiple: 23.8xAnnounced: December 18, 2017

Enterprise Value: $2,800 mmRevenue Multiple: NAEBITDA Multiple: NAAnnounced: January 16, 2018

FOOD AND BEVERAGE

70

80

90

100

110

120

130

140

Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18

Restaurant Natural/Organic Beverage

Private Label Food Manufacturing Protein Processing/Dairy S&P 500

26.9%

25.5%

20.3%

13.4%

6.1%

(2.7%)

PAGE |

M&A MARKET OVERVIEW*

11

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

Food and Beverage M&A Trends1

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

PRIVATE EQUITY INVESTMENTS & EXITS1

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED6

ANNOUNCED FOOD & BEV. TRANSACTIONS

* M&A transactions include European and cross-border deals since 2015.

Announced Target Buyer1/0/1900 0 Cargill, Incorporated1/0/1900 1/0/1900 1/0/1900

1/22/2018 Reallygoods LLC EVOLVE Brands LLC

1/18/2018 The Wendy's Co. /5 Restaurants/ Meritage Hospitality Group, Inc.

1/17/2018 Avión Spirits LLC Pernod Ricard USA LLC

1/16/2018 Nest le SA - US Confectionery Bus Ferrero SpA

1/16/2018 Chicago Custom Foods LLC Highlander Partners LP

1/15/2018 Tamarack Cellars Vintage Wine Estates, Inc.

1/13/2018 Zvolenska Mliekaren AS Nexo Trade s.r.o.

1/10/2018 Pennant Foods LLC W.K.S Restaurant Corp.

1/10/2018 Salsi SA Angst Ro SRL

$9.3

$67.2

$8.2$24.0

$55.7

$120.7

$247.7

$52.9

$71.6

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122

139

17

3418

3643 48

65 67

94

0

20

40

60

80

100

120

140

160

2009 2010 2011 2012 2013 2014 2015 2016 2017

Nu

mb

er o

f Tr

an

sac

tio

ns

Number of Investments Number of Exits

PAGE |

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA -

Capex/

Cash Interest

EBIT

DA

Mult

iple

2013 2014 2015 2016 2017

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

$0

$2

$4

$6

$8

$10

$12

$14

$16

4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17

Loa

n V

olu

me

by

Qu

art

er

($ in

bill

ion

s)

Institutional Pro Rata

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

Food and Beverage Loan Activity6

AVERAGE SECONDARY SPREADS

Recent Debt Offerings6

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2012 2013 2014 2015 2016 2017

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

Effective Date Borrower Name Description Tranche Amount Type Senority Type Spread

1/23/18 Hershey Co Chocolate and cocoa products $1,500 USD 364-Day Facility Senior 75 BPS

1/22/18 Froneri Ltd Ice cream and frozen desserts $1,423 USD Term Loan B Senior 300 BPS

1/22/18 Froneri Ltd Ice cream and frozen desserts $261 USD Revolver/Line >= 1 Yr. Senior 250 BPS

1/22/18 Froneri Ltd Ice cream and frozen desserts $303 USD Term Loan B Senior 375 BPS

1/18/18 TTC Foods Co Ltd Food preparations, nec $12 USD Term Loan Senior

1/13/18 Tachibana & Co Ltd Flavoring extracts/syrups, nec $2 USD Revolver/Line < 1 Yr. Senior

1/13/18 Tachibana & Co Ltd Flavoring extracts/syrups, nec $6 USD Revolver/Line < 1 Yr. Senior

1/11/18 LVMH Moet Hennessy Louis Vuitton SA Wines, brandy, and spirits $3,008 USD Revolver/Line >= 1 Yr. Senior 20 BPS

1/1/18 Winona Foods Inc Cheese, natural and processed $43 USD Revolver/Line >= 1 Yr. Senior

1/1/18 Winona Foods Inc Cheese, natural and processed $5 USD Term Loan Senior

12/29/17 Ain Foods Co Ltd Food preparations, nec $4 USD 364-Day Facility Senior

12/29/17 Ain Foods Co Ltd Food preparations, nec $7 USD Term Loan Senior

12/29/17 Campbell Soup Canned specialties $1,200 USD Delay Draw Term Loan Senior 100 BPS

12/29/17 Campbell Soup Canned specialties $6,200 USD Bridge Loan Senior 113 BPS

12/26/17 Mitsutomo Ltd Dry/condensed/evaporated products $8 USD Revolver/Line < 1 Yr. Senior

12/26/17 Mitsutomo Ltd Dry/condensed/evaporated products $10 USD Term Loan Senior

PAGE |

M&A OVERVIEW*

13

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

QUARTERLY M&A ACTIVITY

Median LTM Trading Multiples & Quarterly Food & Beverage M&A1

Recent Food and Beverage M&A1

MEDIAN LTM TRADING MULTIPLES

* M&A transactions include European and cross-border deals since 2015.

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

17.0x

Ja

n-1

7

Fe

b-1

7

Ma

r-17

Ap

r-1

7

Ma

y-1

7

Ju

n-1

7

Ju

l-17

Au

g-1

7

Se

p-1

7

Oc

t-1

7

No

v-1

7

De

c-1

7

Ja

n-1

8

Me

dia

n T

rad

ing

Mu

ltip

le

Food Products, Processing, and Ingredients Retail and Restaurants

39 3346 47 52

70

89

58 57

82

141

118

92 94107

139

166

126 119 125 132

13

610

13 87

10

6

10 5

20

18

8

19 19

17

46

40

3534

33

37

2

0

40

80

120

160

200

240

Q41

2

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

Q31

5

Q41

5

Q11

6

Q21

6

Q31

6

Q41

6

Q11

7

Q21

7

Q31

7

Q41

7

Q11

8

Nu

mb

er

of

Tra

nsa

cti

on

sStrategic Acquirer Pr ivate Equity Acquirer

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

1/22/2018 Reallygoods LLC Nature's Path Foods, Inc. EVOLVE Brands LLC - - - - N.A.

1/18/2018 The Wendy's Co. /5 Restaurants/ The Wendy's Co. Meritage Hospitality Group, Inc. - - - - N.A.

1/17/2018 Avión Spirits LLC - Pernod Ricard USA LLC - - - - N.A.

1/16/2018 Nest le SA - US Confectionery Bus Nest lé SA Ferrero SpA $2,800.0 - - - Cross Border

1/16/2018 Chicago Custom Foods LLC - Highlander Partners LP - - - - P N.A.

1/15/2018 Tamarack Cellars - Vintage Wine Estates, Inc. - - - - N.A.

1/13/2018 Zvolenska Mliekaren AS Schreiber Foods, Inc. Nexo Trade s.r.o. - - - - EU

1/10/2018 Pennant Foods LLC - W.K.S Restaurant Corp. - - - - P N.A.

1/10/2018 Salsi SA - Angst Ro SRL - - - - EU

1/9/2018 Atlanta Cheesecake Co. Panarama, Inc. Gryphon Investors - - - - P N.A.

1/9/2018 Maverick Enterprises, Inc. Private Capital Management, Inc. Sparflex SA - - - - Cross Border

1/9/2018 S.C. Rommac Trade S.R.L. - Amylon SA Sibiu - - - - EU

1/8/2018 Pepees SA - Pepees SA /Private Group/ $52.6 0.9x 5.9x 7.8x P EU

1/5/2018 The Icelandic Milk & Skyr Corp. - Groupe Lactalis SA - - - - Cross Border

12/28/2017 Village Market of Waterbury MAC Corner Market LLC Associated Grocers of New England - - - - N.A.

12/28/2017 Shelburne Grocery LLC MAC Corner Market LLC Associated Grocers of New England - - - - N.A.

12/28/2017 Richmond Market & Beverage MAC Corner Market LLC Associated Grocers of New England - - - - N.A.

12/22/2017 OPM France SAS - SodaStream International Ltd. $19.7 0.3x 2.7x - Cross Border

12/22/2017 Lily's Ltd. - Colian Holding SA $47.4 1.3x - - P EU

12/21/2017 Kangaroo Brands, Inc. Kangaroo Brands, Inc. Conagra Brands, Inc. - - - - Cross Border

12/21/2017 TS BrandCo Holdings, Inc. - DOJA Cannabis Co., Ltd. $63.0 - - - P Cross Border

12/21/2017 Natural Flavors, Inc. - Firmenich SA - - - - Cross Border

12/21/2017 Le Crobag GmbH & Co. KG Etablissements J. Soufflet SA Autogrill Deutschland GmbH - - - - Cross Border

12/21/2017 Établissements Dugas SAS - Equistone Partners Europe Ltd. - - - - P EU

12/20/2017 Galaxy Nutrit ional Foods, Inc. - GreenSpace Brands, Inc. $16.9 - - - P Cross Border

12/20/2017 Krasnogorskiy Maslosyrzavod OOO - UK Kontrast OOO $0.1 1.5x - - Cross Border

12/20/2017 Bisquit Dubouché et Cie SAS Distell Group Ltd. Davide Campari-Milano SpA $62.0 - - - Cross Border

12/19/2017 Qdoba Restaurant Corp. Jack in the Box, Inc. Apollo Global Management LLC $305.0 - - - P N.A.

12/19/2017 Gyor Biscuit Factory Mondelez International, Inc. Pionir d.o.o - - - - EU

12/19/2017 Vitamin World, Inc. - Feihe International, Inc. - - - - P N.A.

12/18/2017 Snyder's-Lance, Inc. - Campbell Soup Co. $5,989.3 2.8x 23.8x 38.2x N.A.

12/18/2017 Kluman & Balter Ltd Hain Celest ial Group, Inc. Brenntag AG - - - - EU

12/18/2017 Captain D's Enterprises LLC - Sentinel Capital Partners LLC - - - - P N.A.

12/17/2017 Amplify Snack Brands, Inc. - The Hershey Co. $1,487.8 4.0x 18.3x 22.2x N.A.

12/17/2017 Fruitapeel Ltd. - Puratos Group NV - - - - EU

12/12/2017 Imvescor Restaurant Group, - MTY Food Group, Inc. $204.9 - - - Cross Border

12/11/2017 albi GmbH + Co. KG - EDEKA ZENTRALE AG & Co. KG - - - - EU

12/11/2017 Diversi Foods NV Unimar NV Dr. August Oetker KG - - - - EU

12/6/2017 OK Supermarket - Auchan Romania - - - - P N.A.

PAGE |

M&A OVERVIEW*

14

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

Recent Food and Beverage M&A1

* M&A transactions include European and cross-border deals since 2015.

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

12/6/2017 Pacifica Foods LLC - Wind Point Advisors LLC - - - - P N.A.

12/5/2017 At rium Innovat ions, Inc - Nest lé SA $2,300.0 3.3x - - EU

12/5/2017 La Rousse Foods Ltd. Aryzta AG Musgrave Group Plc $35.5 - - - EU

12/4/2017 Clarks UK Ltd. - The Hain Daniels Group Ltd. - - - - EU

12/4/2017 Craft Brew Alliance - Woodinville Facility Craft Brew Alliance, Inc. Sound Commercial Investment $24.5 - - - Cross Border

12/4/2017 Moy Park Ltd. - Poppint ree Facility JBS SA Kepak Group Ltd. - - - - Cross Border

12/1/2017 Xanthic Biopharma Ltd. - Aurquest Resources, Inc. - - - - Cross Border

11/30/2017 KAPS LLC - Brookwood Financial Partners LP - - - - Cross Border

11/30/2017 Field Roast Grain Meat Co. - Maple Leaf Foods, Inc. $120.0 3.2x - - Cross Border

11/30/2017 Squirrel Brand LP - John B. Sanfilippo & Son, Inc. - 0.9x - - EU

11/30/2017 Day After Day Oy - Kot ipizza Group Oyj - - - - EU

11/28/2017 Buffalo Wild Wings, Inc. - Arby's Restaurant Group - 1.4x 10.9x 26.6x EU

11/28/2017 Belgian Ice Cream Group NV - Sweet Products Logist ics - - - - EU

11/28/2017 Laughing Stock Vineyards - Baronie-de Heer - - - - Cross Border

11/28/2017 Glacio NV - Baronie-de Heer BV - - - - Cross Border

11/27/2017 Modecor I taliana SRL Angelikos Consultadoria Economica Charterhouse Capital Partners LLP - - - - Cross Border

11/27/2017 Pasta Romana Foods, Inc. - Romana Food Brands Corp. - - - - Cross Border

11/24/2017 Couleurs d'ici SAS - Couleurs d'ici SAS - - - - EU

11/23/2017 Les Chardons SARL - Les Chardons SARL - - - - EU

11/22/2017 Yumm-Pizza OOO - Yumm-Pizza OOO - - - - Cross Border

11/22/2017 Buddy's Kitchen, Inc. - Premium Brands Holdings Corp. - - - - Cross Border

11/22/2017 Raybern Foods LLC - Premium Brands Holdings Corp. - - - - P Cross Border

11/22/2017 C. Hahne Mühlenwerke GmbH & Co. KG - Karlchen's Backstube GmbH - - - - EU

11/21/2017 Colgin Cellars - LVMH Moët Hennessy Louis Vuitton SE - - - - Cross Border

11/21/2017 La Pataterie Développement SAS - Verdoso Investment s SA - - - - P EU

11/21/2017 Boulangerie Des Colonnes SARL - Boulangerie Des Colonnes SARL /Burgat/ - - - - P EU

11/20/2017 Bento, Inc. - YO! Sushi Ltd. $88.2 - - - P Cross Border

11/20/2017 Decacer, Inc. - L.B. Maple Treat Corp.; Lantic, Inc. $31.2 - - - P Cross Border

11/20/2017 Italian Rose Gourmet Products, Inc. - Blue Point Capital Partners LLC - - - - P N.A.

11/20/2017 Veresk LLC - Veresk LLC - - - - N.A.

11/20/2017 Lodkhik OOO - Lodkhik OOO - - - - N.A.

11/20/2017 Podporozhskiy Khlebokombinat OAO - Podporozhskiy Khlebokombinat OAO - - - - N.A.

11/20/2017 T&T Supermarket , Inc Loblaw Cos. Ltd. Micron Waste Technologies, Inc. - - - - N.A.

11/17/2017 Bolle S De - Bierderij Waterland BV - - - - EU

11/17/2017 Brasa y Leña España SL - Nazca Capital SGECR SA - - - - P EU

11/17/2017 At lant ic Aqua Farms, Inc - Ontario Teachers' Pension Plan - - - - N.A.

11/17/2017 Elephant & Cast le Ltd. - Press Up Ltd. $14.2 - - - EU

11/16/2017 Supralon International AG - Viscofán SA $14.2 - - - EU

11/16/2017 Caspian UK Group Ltd. - Bridgepoint Advisers Ltd. - - - - P EU

11/16/2017 Turkent Gida ve Turizm Sanayi ve Ticaret AS Yum! Brands, Inc. Abraaj Capital Ltd. - - - - P EU

11/16/2017 Hälsa för Alla Sverige AB Life Europe AB Holland & Barret t Retail Ltd - - - - EU

11/16/2017 Bezgluten Sp zoo - Coast2Coast Investments (Pty) Ltd.; Bounty Brands Pty Ltd.- - - - EU

11/15/2017 Centerplate, Inc. - Sodexo SA $675.0 0.7x - - P Cross Border

11/15/2017 Carnosa AG - MALU Holding AG - - - - EU

11/15/2017 Hurricane AMT LLC - FAT Brands, Inc. - - - - Cross Border

11/15/2017 GIM Factory, Inc. - Taokaenoi Food & Marketing Public Co. Ltd. - - - - Cross Border

11/14/2017 Nonni's Foods LLC - Vestar Capital Partners, Inc. - - - - P N.A.

11/14/2017 CB Franchise Systems LLC - MTY Food Group, Inc. - - - - N.A.

11/14/2017 Radish, Inc. - Maest ro Food Co. - - - - P N.A.

11/13/2017 Mendocino Farms LLC - TPG Growth LLC - - - - P N.A.

11/13/2017 Original Philly Holdings, Inc. - Tyson Foods, Inc. - - - - N.A.

11/13/2017 Kii Naturals, Inc. - Riverside Partners LLC (New York); Nustef Foods Ltd.- - - - N.A.

11/12/2017 Another Broken Egg of America LLC - The Beekman Group LLC - - - - P N.A.

11/10/2017 Berlys Corporación Alimentaria SA - Ardian SA $581.3 2.2x - - P EU

11/10/2017 Bakkerij Pat isserie Van Heuckelom NV - Unimar NV - - - - EU

11/9/2017 Cambrooke Therapeutics, Inc. - Ajinomoto North America, Inc. $65.0 5.1x - - P N.A.

11/8/2017 Sa Brain & Co. Ltd. /8 Pubs/ S.A. Brain & Co. Ltd. Butcombe Brewery Ltd. - - - - EU

11/8/2017 ABP Corp. - Panera Bread Co. - - - - P N.A.

11/7/2017 Dansk Supermarked A/S - Købmand Herman Sallings Fond $4,531.1 - - - EU

11/7/2017 Flavourin SAS - Capa-City SAS - - - - P EU

11/7/2017 Love You Foods LLC - Disruptive Enterprises LLC - - - - N.A.

11/6/2017 Redefine International - Leopard Redefine International Plc PATRIZIA Immobilien AG $238.2 - - - EU

11/6/2017 Carnicas Saenz SL - Guzmán Gastronomía SL - - - - EU

11/6/2017 Froosh AB - Karl Fazer Ab Oy - - - - P EU

11/6/2017 Gaytan Foods Co. - Evans Food Group Ltd. - - - - N.A.

11/3/2017 Nutragenesis LLC - Innophos Holdings, Inc. $28.0 - - - N.A.

11/3/2017 Jean-Pierre Tallec L'Héritage du Goût - Société Cooperative Agricole - - - - EU

11/2/2017 Hortex Holding SA - Mid Europa Partners LLP - - - - P EU

11/2/2017 Richelieu Foods, Inc. - Süddeutsche Zuckerrübenverwertungs - - - - P N.A.

11/2/2017 Tazo Tea Co. Starbucks Corp. Unilever Plc $384.0 3.4x - - Cross Border

11/2/2017 Bäckerei Schwyter AG - Obermühle Boswil AG - - - - EU

11/2/2017 Magicgoal Ltd. - Delaware North Cos., Inc. - - - - Cross Border

11/2/2017 3k Oil Services Ltd. - Tervita Corp. - - - - Cross Border

PAGE |

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

Earnings Release Calendar1

January 2018

Date Company

1/25/2018 McCormick & Co., Inc. (MKC-US)

1/25/2018 Lancaster Colony Corp. (LANC-US)

1/29/2018 J&J Snack Foods Corp. (JJSF-US)

1/30/2018 Metro, Inc. (MRU-CA)

1/31/2018 Mondelez International, Inc. (MDLZ-US)

February 2018

Date Company

2/1/2018 Saputo, Inc. (SAP-CA)

2/1/2018 The Hershey Co. (HSY-US)

2/1/2018 Natural Grocers by Vitamin Cottage, Inc. (NGVC-US)

2/1/2018 Post Holdings, Inc. (POST-US)

2/5/2018 Sysco Corp. (SYY-US)

2/8/2018 Tyson Foods, Inc. (TSN-US)

2/8/2018 Kellogg Co. (K-US)

2/13/2018 PepsiCo, Inc. (PEP-US)

2/14/2018 Dr. Pepper Snapple Group, Inc. (DPS-US)

2/14/2018 Molson Coors Brewing Co. (TAP-US)

2/15/2018 TreeHouse Foods, Inc. (THS-US)

2/15/2018 US Foods Holding Corp. (USFD-US)

2/16/2018 Campbell Soup Co. (CPB-US)

2/16/2018 The Kraft Heinz Co. (KHC-US)

2/16/2018 The Coca-Cola Co. (KO-US)

2/16/2018 The J. M. Smucker Co. (SJM-US)

2/22/2018 Hormel Foods Corp. (HRL-US)

2/22/2018 Loblaw Cos. Ltd. (L-CA)

2/27/2018 Blue Buffalo Pet Products, Inc. (BUFF-US)

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

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Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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OUR FIRM

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

16

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

PAGE |

HARRIS WILLIAMS & CO.

1. FactSet

2. U.S. Bureau of Labor Statistics

3. United States Census Bureau

4. Federal Reserve Bank of St. Louis

5. Thomson One

6. Internal Resources

SOURCES

FOOD AND BEVERAGE

INDUSTRY UPDATE JANUARY 2018

DISCLOSURES

17

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

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