food and beverage · with a combined company capable of acquiring a soft drink bottler as large as...

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered withthe Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze,authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main,Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative(Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

FOOD AND BEVERAGEINDUSTRY UPDATE │ SEPTEMBER 2015

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www.harriswilliams.de

WHAT WE’RE SEEING

1

CONTENTS INDUSTRY VITAL SIGNS EQUITY MARKET OVERVIEW M&A MARKET OVERVIEW DEBT MARKET OVERVIEW RECENT M&A ACTIVITY PUBLIC COMPARABLES EARNINGS CALENDAR

GROUP OVERVIEWHarris 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 Baked and Prepared Goods Beverages Branded and Private Label Dairy Distribution Ingredients Meat and Protein Natural and Organic Processing Produce Restaurant and Retail Snacks

CONTACTSGlenn GurtcheffManaging [email protected]+1 (612) 359-2702Tim AlexanderManaging [email protected]+1 (612) 359-2716Ryan [email protected]+1 (415) 217-3409Brant [email protected]+1 (612) 359-2709Ryan FreemanVice [email protected]+1 (612) 359-2703Andy WarczakVice [email protected]+1 (612) 359-2714

MARKET UPDATE

FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2015

CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING

a portfolio company of

has been acquired by



and




has divested selected assets to

and

has acquired


has been acquired byhas been acquired by





A Private Investor Group


M&A activity in the food and beverage sector maintained its strong momentum as strategic acquirers continued to pursue assets that provide access to on-trend and specialty food and beverage segments. The month of September built upon themes seen in prior months with better-for-you and organic products garnering interest from financial and strategic buyers alike. Over the past month, the market saw Flowers Foods bolster its natural and organic product offering with the acquisition of Alpine Valley Bread (following its acquisition of Dave’s Killer Bread in August), while Post acquired Willamette Egg Farms, a egg producer focused on sustainability and the humane treatment of animals, themes that are on trend and resonating with consumers.



http://www.harriswilliams.com/

mailto:[email protected]






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WHAT WE’RE READING

2


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

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Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15

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Corn Soybeans Wheat Crude Oil

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Beef Pork Poultry

Beef:34.6%

Pork:7.6%

Poultry:4.0%

Soybeans:(30.8%)

Wheat:(45.0%)

Corn:(47.6%)

Crude Oil:(54.5%)

Rumors continue to swirl that Anheuser-Busch InBev is preparing a takeover bid for SABMiller PLC, in a deal that couldbe valued at $100 billion+. The potential transaction could have major implications outside of alcoholic beverages,with a combined company capable of acquiring a soft drink bottler as large as Pepsi or Coca-Cola. Such a movecould catalyze further consolidation within the beverage industry, with the thesis of consolidating distribution,particularly in international markets.

Access to the full article here.

BIG BEER MERGER COULD MAKE WAVES ACROSS WIDER BEVERAGE SECTOR

In a study conducted by the U.S. National Center for Health Statistics, data shows that apples and apple juice, thelargest and third largest source of pediatric fruit intake, accounted for 19% and 10% of consumption, respectively.Citrus juice took the second spot at 14% of fruit intake. The study also found that whole fruits made up 53% ofconsumption, 100% fruit juices made up 34%, with the remainder comprised of mixed fruit products that are not 100%fruit.

Access to the full article here.

APPLES ARE AMERICAN KIDS' FAVORITE FRUIT

According to a study by The NPD Group, seasonal beverage offerings have proven successful in driving additionaltraffic and higher checks. NPD’s analysis of pumpkin spice latte purchases showed that of the sample size, 72% ofpurchasers bought the beverage only once, while 20% of purchasers bought the beverage twice. Average checkamong these purchasers was 17% higher at $7.81, as compared to $6.67 for non-purchasers. Pairing the specialtybeverage with food items is the most likely driver of the check increase.Access to the full article here.

LIMITED TIME BEVERAGES SPICE THINGS UP FOR FOODSERVICE OPERATORS

http://www.reuters.com/article/2015/09/18/us-sabmiller-m-a-beverages-idUSKCN0RI2HM20150918

http://consumer.healthday.com/vitamins-and-nutrition-information-27/food-and-nutrition-news-316/apples-are-america-s-kids-favorite-fruit-703403.html

https://www.npd.com/wps/portal/npd/us/news/press-releases/2015/limited-time-offer-pumpkin-beverages-spice-up-business-for-foodservice-operators/

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VITAL SIGNS

3


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

(0.5)

1.0

2.5

4.0

5.5


Infla

tion

(%)

Net Debt /

Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Protein Processing (3.7%) 10.8% (10.8%) (15.7%) 11.1x 15.0x 8.3x 2.6xFruit and Vegetable (0.3%) 9.6% (10.3%) (4.1%) 15.8x 20.0x 10.8x 1.0xIngredients / Flavors (5.1%) 5.5% (5.2%) 9.0% 19.7x 25.6x 13.8x 1.8xAgribusiness (18.7%) (21.5%) (8.7%) (22.2%) 11.3x 13.2x 8.5x 1.8xBranded Processed Foods 4.6% 18.2% 6.2% 18.6% 21.3x 30.8x 14.1x 2.6xPrivate Label Foods and Beverages 8.2% 3.0% (16.1%) (4.6%) 34.1x 34.2x 12.6x 5.5xNatural / Organic Foods / BFY (10.1%) (13.1%) (14.2%) 0.2% 26.4x 57.8x 21.0x 3.7xBaked Goods 0.6% 0.1% (0.2%) (13.8%) 23.7x 36.3x 10.8x 2.7xDairy (4.5%) (8.7%) (9.5%) (11.0%) 19.3x 24.2x 10.2x 1.6xNon-Alcoholic Beverages (1.2%) (0.1%) (1.2%) 2.9% 19.3x 21.5x 13.1x 1.8xAlcoholic Beverages (3.1%) (4.3%) (1.5%) 6.1% 21.1x 23.5x 14.2x 2.8xSnacks (0.8%) 17.7% (2.0%) 6.4% 25.4x 30.6x 13.8x 2.2xGrocery Distribution (7.2%) (4.3%) (11.7%) (12.4%) 15.6x 17.4x 7.0x 1.7xFood Retail (7.2%) 4.5% (6.6%) 3.3% 17.8x 19.2x 7.4x 2.0xFoodserv ice (6.4%) (12.1%) (0.6%) 2.3% 21.4x 31.3x 11.0x 6.5xQuick Serv ice Restaurant (13.8%) 11.8% (14.0%) 8.7% 24.3x 31.0x 11.8x 2.5xFast Casual (15.0%) (4.4%) (14.2%) (21.1%) 38.1x 31.9x 12.6x 0.7xDifferentiated Casual (0.6%) 18.2% (2.2%) (15.6%) 30.6x 38.0x 11.7x 2.0xCasual Dining Restaurant (6.8%) 13.9% (6.3%) (3.2%) 18.8x 29.1x 9.1x 2.0xFine Dining (27.4%) 1.4% (13.8%) (12.6%) 18.4x 19.4x 10.2x 2.8xPizza (5.1%) 68.8% (10.2%) 16.7% 29.9x 38.0x 17.5x 3.7xBeverage / Snack Retail (9.8%) 5.4% (17.2%) (0.6%) 29.4x 32.4x 19.1x 2.9xFamily Restaurant (1.3%) 5.7% (5.4%) 22.4% 24.9x 21.8x 11.2x 2.4x

Overall Median (4.0%) 5.6% (6.0%) 2.5% 21.3x 26.1x 11.8x 2.3x

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

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Restaurant Grocery

Restaurant:25.9%

Grocery:9.8%

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Close Date Filing Date Issuer Ticker Transaction TypeGross Proceeds

($mm) Use of Funds09/21/15 09/21/15 The JM Smucker Co SJM Follow-On $964.9 Secondary

08/17/15 08/17/15 Aramark ARMK Follow-On $729.1 SecondaryPay Fees & Expenses

08/12/15 03/10/14 Post Holdings Inc POST Follow-On $351.0 Reduce Indebtedness

08/12/15 07/20/15 Shake Shack Inc SHAK Follow-On $240.0 SecondaryPay Fees & Expenses

08/07/15 06/26/15 Captiva Verde Industries Ltd VEG Follow-On $2.5 General Corp. Purp.

08/04/15 06/26/15 Amplify Snack Brands Inc BETR IPO $270.0 Liquidity for Private Owners

07/09/15 07/09/15 The JM Smucker Co SJM Follow-On $533.8 Secondary

07/06/15 07/06/15 Ten Peaks Coffee Co Inc TPK Follow-On $13.9 ConstructionWorking Capital

07/02/15 07/02/15 Del Taco Restaurants Inc TACO Follow-On $548.5 Secondary

07/01/15 06/26/15 Captiva Verde Industries Ltd VEG Follow-On $0.1 General Corp. Purp.

05/26/15 05/26/15 Cott Corp COTT Follow-On $150.0 Redeem A Class Shares, Pay Fees & Expenses

05/05/15 09/08/14 Pinnacle Foods Inc PF Follow-On $204.8 Secondary

04/29/15 04/28/15 B&G Foods Inc BGS Follow-On $128.5 General Corp. Purp.


4


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

RECENT EQUITY OFFERINGS6

AgribusinessNatural / Organic Foods / BFY

Foodserv iceDairy

Fast CasualAlcoholic Bev eragesGrocery Distribution

Non-Alcoholic Bev eragesBaked Goods

Fine DiningPriv ate Label Foods and Beverages

Food RetailBev erage / Snack RetailIngredients / Flav orsFamily Restaurant

Fruit and VegetableProtein ProcessingQuick Serv ice RestaurantS&P

Casual Dining RestaurantSnacksDifferentiated CasualBranded Processed Foods

Pizza

(30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0% 60.0% 75.0% 90.0%Inputs Food and Beverage Consumer and Retail

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Price at As a % of Market Cash & Enterprise P/E($ in millions, except per share data) Ticker 9/21/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and BeverageBranded Processed FoodsAssociated British Foods plc ABF $49.23 96.4% $38,727 $1,675 $437 $39,965 $20,062 $2,399 (9.2%) 2.9% 24.0% 12.0% 44.5x 1.99x 16.7x 1.92x 16.7xB&G Foods Inc. BGS 37.23 99.2% 2,158 984 99 3,044 858 184 8.0% 13.4% 29.6% 21.5% 45.0x 3.55x 16.5x 2.56x 12.0xCampbell Soup Company CPB 51.47 98.5% 15,983 4,095 253 19,825 8,082 1,522 (2.2%) 4.0% 34.7% 18.8% 23.3x 2.45x 13.0x 2.44x 12.5xConAgra Foods, Inc. CAG 42.40 93.2% 18,306 7,870 114 26,061 15,863 2,200 (10.3%) 5.4% 21.8% 13.9% NM 1.64x 11.8x 1.66x 11.8xGeneral Mills, Inc. GIS 56.79 94.9% 34,057 9,434 451 43,040 17,570 3,411 (1.3%) 1.4% 34.9% 19.4% 26.9x 2.45x 12.6x 2.47x 12.4xHormel Foods Corporation HRL 61.22 95.5% 16,194 600 349 16,445 9,407 1,177 3.4% 4.8% 18.6% 12.5% 24.7x 1.75x 14.0x 1.71x 13.1xKellogg Company K 67.66 96.8% 23,923 7,507 294 31,136 14,207 1,641 (3.0%) 2.4% 34.2% 11.6% 64.2x 2.19x 19.0x 2.27x 12.3xMcCormick & Company, Incorporated MKC 83.18 97.5% 10,619 1,431 95 11,954 4,251 691 0.9% 2.7% 40.5% 16.2% 25.4x 2.81x 17.3x 2.72x 15.9xNestlé S.A. NESN 76.22 96.1% 243,040 24,371 5,052 262,358 97,991 18,659 (3.6%) 2.7% 49.0% 19.0% 16.4x 2.68x 14.1x 2.75x 14.5xPost Holdings, Inc. POST 68.61 96.3% 4,165 4,610 274 8,500 4,382 599 NM 66.5% 25.0% 13.7% NM 1.94x 14.2x 1.61x 10.9xThe Hershey Company HSY 92.78 83.3% 20,355 2,414 402 22,366 7,488 1,664 3.1% 5.7% 45.2% 22.2% 36.2x 2.99x 13.4x 2.92x 12.6xThe J. M. Smucker Company SJM 117.05 97.0% 14,007 5,997 134 19,870 6,321 1,288 13.2% 3.5% 36.0% 20.4% 34.7x 3.14x 15.4x 2.49x 11.7x

Mean (0.1%) 9.6% 32.8% 16.8% 34.1x 2.47x 14.8x 2.29x 13.0xMedian (1.3%) 3.8% 34.4% 17.5% 30.8x 2.45x 14.1x 2.46x 12.4x

Private Label Foods and BeveragesCott Corporation TSX:BCB $11.57 98.1% $1,268 $1,752 $79 $2,942 $2,568 $264 25.3% 3.6% 22.7% 10.3% 71.3x 1.15x 11.2x 0.97x 8.0xSeneca Foods Corp. SENE.A 27.36 86.5% 290 238 8 521 1,273 41 (5.6%) 1.1% 6.8% 3.3% 22.6x 0.41x 12.6x NA NATreehouse Foods, Inc. THS 81.73 88.0% 3,520 1,346 54 4,812 3,242 369 31.0% 15.3% 20.1% 11.4% 34.2x 1.48x 13.0x 1.45x 12.0x

Mean 16.9% 6.7% 16.6% 8.3% 42.7x 1.01x 12.2x 1.21x 10.0xMedian 25.3% 3.6% 20.1% 10.3% 34.2x 1.15x 12.6x 1.21x 10.0x

Natural / Organic Foods / Better-For-YouAmplify Snack Brands, Inc. BETR $12.49 72.6% $937 $216 $13 $1,140 $163 $53 NA NA 56.0% 32.7% NM 7.00x 21.4x 5.56x 15.0xBoulder Brands, Inc. BDBD 8.87 63.8% 545 299 31 813 509 46 2.2% 17.9% 36.5% 9.0% NM 1.60x 17.7x 1.54x 11.1xSunOpta Inc. TSX:SOY 7.29 59.6% 501 158 4 654 1,203 56 0.6% 4.9% 10.9% 4.6% 148.6x 0.54x 11.7x 0.47x 6.7xThe Hain Celestial Group, Inc. HAIN 57.76 81.8% 5,927 844 167 6,604 2,689 314 24.8% 24.9% 23.0% 11.7% 35.7x 2.46x 21.0x 2.18x 15.5xThe WhiteWave Foods Company WWAV 46.20 88.3% 8,120 1,582 27 9,674 3,603 415 20.7% 18.6% 34.1% 11.5% 57.8x 2.68x 23.3x 2.36x 17.7x


Baked GoodsARYZTA AG SWX:ARYN $53.87 61.5% $4,750 $3,279 $985 $7,043 $5,753 $839 (6.1%) 4.1% 27.9% 14.6% 36.8x 1.22x 8.4x 1.56x 9.6xFlowers Foods, Inc. FLO 24.36 98.4% 5,120 693 47 5,767 3,757 440 0.7% 8.9% 48.4% 11.7% 28.0x 1.53x 13.1x 1.49x 12.1xGeorge Weston Limited WN 82.47 95.6% 10,551 11,088 2,206 19,433 38,228 2,513 13.8% 6.3% 26.6% 6.6% 36.3x 0.51x 7.7x 0.54x 6.2xGrupo Bimbo, S.A.B. de C.V. BIMBO A 2.55 95.2% 12,002 4,244 209 16,037 12,972 1,480 (5.4%) 3.3% 53.0% 11.4% 48.5x 1.24x 10.8x 1.21x 10.9xLancaster Colony Corporation LANC 100.01 98.4% 2,736 0 182 2,554 1,105 176 6.1% 3.8% 23.3% 15.9% 26.9x 2.31x 14.5x 2.17x 13.4x


Last Twelve Months (LTM) EV / LTM EV / 2015ERevenue Growth LTM Margins

PUBLIC COMPARABLES5

5


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DairyDanone BN $62.76 82.8% $38,473 $13,529 $4,179 $47,823 $24,583 $3,969 (13.3%) (1.1%) 49.0% 16.1% 36.4x 1.95x 12.0x 1.85x 11.0xDean Foods Company DF 17.70 89.7% 1,671 839 106 2,405 8,834 314 (4.3%) (3.6%) 20.7% 3.6% NM 0.27x 7.7x 0.29x 6.4xEmmi AG SWX:EMMN 417.67 96.5% 2,234 609 308 2,536 3,569 317 (5.7%) 7.1% 33.8% 8.9% 18.8x 0.71x 8.0x 0.75x 8.3xGlanbia plc GL9 19.02 86.7% 5,633 745 105 6,274 2,970 295 (10.4%) 7.2% 29.6% 9.9% 31.3x 2.11x 21.3x 1.94x 17.2xLifeway Foods Inc. LWAY 13.13 58.7% 215 9 6 217 119 7 22.0% 19.4% 26.4% 6.3% NM 1.83x 29.0x 1.54x 10.4xParmalat SpA BIT:PLT 2.58 90.9% 4,738 386 1,200 3,924 6,588 466 (10.8%) 3.9% 18.5% 7.1% 28.1x 0.60x 8.4x 0.55x 7.3xSaputo Inc. TSX:SAP 23.01 100.0% 9,024 1,498 141 10,381 8,497 843 (6.4%) 7.4% 9.9% 9.9% 20.2x 1.22x 12.3x 1.25x 11.9xSavencia SA ENXTPA:SAVE 65.34 90.1% 916 980 507 1,389 5,072 299 (17.2%) (0.6%) 33.4% 5.9% 16.2x 0.27x 4.6x 0.27x 4.3x


Non-Alcoholic BeveragesA.G.Barr p.l.c. LSE:BAG $8.71 80.4% $1,005 $47 $16 $1,035 $397 $77 (8.4%) 3.3% 49.1% 19.4% 21.3x 2.61x 13.5x 2.53x 12.8xCott Corporation BCB 11.57 98.1% 1,268 1,752 79 2,942 2,568 264 25.3% 3.6% 22.7% 10.3% NM 1.15x 11.2x 0.97x 8.0xDr Pepper Snapple Group, Inc. DPS 78.06 93.4% 14,901 2,607 150 17,358 6,198 1,422 2.7% 1.2% 58.9% 22.9% 21.3x 2.80x 12.2x 2.77x 11.4xKeurig Green Mountain, Inc. GMCR 57.00 35.9% 8,781 415 80 9,116 4,679 1,115 2.6% 8.9% 36.8% 23.8% 16.8x 1.95x 8.2x 2.00x 8.7xLassonde Industries Inc. LAS.A 107.96 98.6% 754 301 0 1,055 1,091 117 10.1% 4.7% 28.1% 10.7% 20.4x 0.97x 9.1x NA NAMonster Beverage Corporation MNST 135.24 86.8% 27,792 0 2,931 24,860 2,562 852 8.8% 9.9% 56.1% 33.3% 49.7x 9.70x 29.2x 8.19x 23.0xNational Beverage Corp. FIZZ 28.40 95.7% 1,318 5 66 1,257 657 89 2.0% 0.7% 33.8% 13.6% 26.1x 1.91x 14.1x NA NAPepsico, Inc. PEP 93.71 93.0% 137,659 31,458 9,579 159,538 65,306 12,194 (1.9%) (0.7%) 54.1% 18.7% 21.7x 2.44x 13.1x 2.48x 12.5xThe Coca-Cola Company KO 39.19 87.1% 170,477 44,553 20,953 194,077 45,715 12,700 (1.1%) (1.3%) 61.0% 27.8% 22.9x 4.25x 15.3x 4.28x 15.2x


Alcoholic BeveragesAnheuser-Busch InBev SA/NV ENXTBR:ABI $110.33 82.4% $176,449 $51,504 $6,784 $221,169 $45,762 $17,597 (1.0%) 5.2% 60.2% 38.5% 19.0x 4.83x 12.6x 4.80x 12.2xBrown-Forman Corporation BF.B 99.88 89.9% 21,627 1,492 494 22,625 3,128 1,097 3.9% 4.4% 69.7% 35.1% 30.6x 7.23x 20.6x 5.36x 19.5xCarlsberg A/S CPSE:CARL B 76.78 78.5% 11,851 6,106 422 17,535 9,684 1,871 (18.4%) (4.1%) 49.1% 19.3% 20.8x 1.81x 9.4x 1.77x 8.6xConstellation Brands Inc. STZ 128.22 97.0% 25,064 7,339 134 32,269 6,133 1,840 7.2% 32.2% 44.1% 30.0% 29.7x 5.26x 17.5x 4.93x 15.4xDiageo plc DGE 27.42 86.1% 68,713 15,883 742 83,854 17,004 5,284 (3.1%) 1.7% 57.6% 31.1% 18.7x 4.93x 15.9x 5.01x 15.2xHeineken NV ENXTAM:HEIA 82.44 95.0% 47,180 12,823 946 59,058 22,242 4,722 (15.0%) 4.3% 38.8% 21.2% 20.9x 2.66x 12.5x 2.56x 10.8xKirin Holdings Company, Limited TSE:2503 13.38 84.3% 12,278 6,413 227 18,464 18,322 2,158 (16.2%) 7.3% 43.3% 11.8% 28.6x 1.01x 8.6x 1.00x 8.4xPernod-Ricard SA RI 103.68 78.7% 27,370 10,892 663 37,599 9,533 1,996 (12.4%) (4.0%) 61.9% 20.9% 28.7x 3.94x 18.8x 3.81x 13.1xSABMiller plc LSE:SAB 55.44 94.4% 89,217 12,550 1,027 100,740 16,534 5,435 (1.0%) (0.2%) 70.3% 32.9% 26.1x 6.09x 18.5x 6.54x 16.8xSapporo Holdings Ltd. TSE:2501 3.73 81.5% 1,462 2,018 87 3,392 4,351 336 (15.0%) 2.8% 34.2% 7.7% 14.1x 0.78x 10.1x 0.75x 9.4x


SnacksDiamond Foods, Inc. DMND $31.34 92.9% $986 $648 $32 $1,602 $881 $94 4.2% (3.9%) 25.3% 10.6% 42.9x 1.82x 17.1x 1.80x 13.0xGolden Enterprises Inc. GLDC 4.15 87.6% 47 10 1 56 131 7 (2.6%) (1.5%) 49.6% 5.5% 25.6x 0.42x 7.7x NA NAInventure Foods, Inc. SNAK 8.80 62.4% 172 92 1 264 290 19 14.9% 17.9% 16.8% 6.6% NM 0.91x 13.7x 0.86x 11.9xJ&J Snack Foods Corp. JJSF 118.06 98.4% 2,208 2 127 2,083 970 149 7.3% 6.3% 31.0% 15.3% 30.6x 2.15x 14.0x 2.05x 13.1xJohn B Sanfilippo & Son Inc. JBSS 54.77 95.7% 610 98 2 706 887 65 14.0% 8.2% 14.9% 7.3% 21.0x 0.80x 10.8x 0.74x NAMondelez International, Inc. MDLZ 42.85 88.2% 69,045 19,378 2,028 86,395 32,590 5,070 (7.0%) 7.1% 37.7% 15.6% 33.8x 2.65x 17.0x 3.08x 16.8xPepsico, Inc. PEP 93.71 93.0% 137,659 31,458 9,579 159,538 65,306 12,194 (1.9%) (0.7%) 54.1% 18.7% 21.7x 2.44x 13.1x 2.48x 12.5xSnyder's-Lance, Inc. LNCE 35.16 99.3% 2,485 443 43 2,885 1,682 186 9.2% 1.1% 35.2% 11.0% 36.3x 1.72x 15.5x 1.66x 13.4x


EV / 2015ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth

PUBLIC COMPARABLES5

6


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InputsProtein ProcessingCal-Maine Foods, Inc. CALM $55.94 92.1% $2,713 $51 $259 $2,505 $1,576 $276 9.4% 12.3% 25.1% 17.5% 16.8x 1.59x 9.1x 1.05x 2.8xJBS S.A. BOVESPA:JBSS3 4.14 93.9% 11,939 15,670 4,472 23,136 44,312 4,013 (8.5%) 10.3% 15.7% 9.1% 15.0x 0.52x 5.8x 0.49x 5.5xSanderson Farms, Inc. SAFM 70.25 73.4% 1,575 10 181 1,404 2,885 507 5.2% 7.9% 20.4% 17.6% 5.7x 0.49x 2.8x 0.48x 4.0xSeaboard Corp. SEB 3,175.00 68.4% 3,716 109 708 3,117 6,179 376 (6.1%) 1.8% 8.9% 6.1% 12.9x 0.50x 8.3x NA NATyson Foods, Inc. TSN 42.66 94.6% 17,325 7,234 473 24,086 40,972 2,769 12.7% 7.3% 9.1% 6.8% 15.9x 0.59x 8.7x 0.59x 7.6x


Fruit and VegetableCalavo Growers Inc. CVGW $46.89 75.5% $815 $40 $6 $849 $850 $54 10.0% 15.1% 10.1% 6.4% 38.3x 1.00x 15.6x 0.90x 13.6xFresh Del Monte Produce Inc. FDP 40.49 98.4% 2,124 209 34 2,299 3,956 252 2.6% 4.9% 8.9% 6.4% 17.5x 0.58x 9.1x 0.57x 8.9xSeneca Foods Corp. SENE.A 27.36 86.5% 290 238 8 521 1,273 41 (5.6%) 1.1% 6.8% 3.3% 22.6x 0.41x 12.6x NA NATotal Produce plc ISE:T7O 1.40 94.1% 464 204 110 558 3,091 68 (12.7%) 2.2% 13.9% 2.2% 14.3x 0.18x 8.2x 0.18x 6.8x


Ingredients / FlavorsGivaudan SA SWX:GIVN $1,686.12 84.0% $15,532 $1,352 $307 $16,578 $4,696 $971 (3.9%) 3.3% 46.0% 20.7% 25.6x 3.53x 17.1x 3.65x 15.1xIngredion Incorporated INGR $88.67 94.5% 6,328 2,212 677 7,863 5,607 849 (5.8%) (4.2%) 21.0% 15.1% 17.6x 1.40x 9.3x 1.34x 8.7xInternational Flavors & Fragrances Inc. IFF 106.06 86.2% 8,547 998 379 9,165 3,072 664 1.5% 3.3% 44.4% 21.6% 20.1x 2.98x 13.8x 2.93x 12.7xKerry Group plc ISE:KRZ 74.07 92.1% 13,027 1,786 198 14,615 6,562 839 (17.1%) (2.4%) 45.8% 12.8% 22.3x 2.23x 17.4x 2.14x 15.6xSensient Technologies Corporation SXT 63.97 90.7% 2,932 574 22 3,483 1,400 264 (4.2%) (0.9%) 33.8% 18.8% 27.9x 2.49x 13.2x 2.48x 12.8xSymrise AG XTRA:SY1 59.51 82.5% 7,726 1,655 216 9,165 2,795 590 11.1% 10.3% 42.4% 21.1% 31.8x 3.28x 15.5x 3.07x 13.7xTate & Lyle plc TATE 8.67 81.9% 4,043 1,141 400 4,784 3,500 410 (31.2%) (8.4%) 38.6% 11.7% 86.5x 1.37x 11.7x 1.20x 9.2x

Mean (7.1%) 0.1% 38.8% 17.4% 33.1x 2.47x 14.0x 2.40x 12.5xMedian (4.2%) (0.9%) 42.4% 18.8% 25.6x 2.49x 13.8x 2.48x 12.8x

AgribusinessArcher-Daniels-Midland Company ADM $43.38 80.5% $26,416 $6,923 $1,176 $32,163 $73,703 $3,785 (16.0%) (6.1%) 6.8% 5.1% 12.0x 0.44x 8.5x 0.42x 8.5xBunge Limited BG 71.05 76.3% 10,220 4,846 792 14,274 48,495 1,770 (20.9%) (5.1%) 5.7% 3.6% 20.4x 0.29x 8.1x 0.30x 6.8xCF Industries Holdings, Inc. CF 51.72 73.5% 12,053 4,593 810 15,836 4,403 2,053 (12.4%) (11.7%) 42.0% 46.6% 13.2x 3.60x 7.7x 3.30x 6.5xDarling Ingredients Inc. DAR 11.60 59.7% 1,916 2,045 126 3,836 3,713 441 27.6% 29.5% 21.6% 11.9% 22.0x 1.03x 8.7x 1.11x 8.3xMonsanto Company MON 87.67 69.6% 41,015 8,983 1,101 48,897 15,276 4,694 (1.0%) 3.8% 55.3% 30.7% 16.4x 3.20x 10.4x 3.06x 9.6xThe Andersons, Inc. ANDE 34.42 53.5% 957 586 41 1,502 4,383 129 (13.7%) (2.2%) 8.9% 3.0% 12.7x 0.34x 11.6x 0.34x 7.2xThe Mosaic Company MOS 36.44 67.7% 12,912 3,846 2,210 14,548 9,256 2,404 20.7% (6.0%) 22.0% 26.0% 10.8x 1.57x 6.1x 1.49x 6.1x

Mean (2.3%) 0.3% 23.2% 18.1% 15.3x 1.50x 8.7x 1.43x 7.6xMedian (12.4%) (5.1%) 21.6% 11.9% 13.2x 1.03x 8.5x 1.11x 7.2x

Consumer and RetailGrocery DistributionAMCON Distributing Co. DIT $81.33 92.1% $50 $18 $0 $68 $883 $14 5.8% 3.0% 8.7% 1.5% 9.7x 0.08x 5.0x NA NACore-Mark Holding Company, Inc. CORE 62.83 87.9% 1,448 149 15 1,582 8,483 112 6.8% 8.0% 7.1% 1.3% 31.1x 0.19x 14.1x 0.14x 11.0xSpartanNash Company SPTN 27.64 81.6% 1,037 538 13 1,562 7,881 223 27.6% 44.1% 14.5% 2.8% 17.4x 0.20x 7.0x 0.20x 6.4xSUPERVALU Inc. SVU 7.88 65.7% 2,087 2,712 137 4,662 17,963 793 4.6% 16.1% 15.0% 4.4% 15.7x 0.26x 5.9x 0.26x 5.8xUnited Natural Foods, Inc. UNFI 51.52 61.4% 2,581 549 17 3,113 8,185 307 20.5% 16.1% 15.4% 3.7% 18.7x 0.38x 10.1x 0.36x 9.5x


EV / 2015ELast Twelve Months (LTM) Revenue Growth EV / LTMLTM Margins

PUBLIC COMPARABLES5

7


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Food RetailCostco Wholesale Corporation COST $143.21 91.3% $62,939 $6,026 $6,805 $62,160 $115,944 $4,656 5.8% 6.8% 12.9% 4.0% 27.4x 0.54x 13.4x 0.51x 12.7xEstablishments Delhaize Freres DELB 90.29 89.7% 9,295 2,827 1,679 10,444 25,724 1,483 (8.1%) (1.5%) 24.2% 5.8% 29.6x 0.41x 7.0x 0.38x 5.9xFairway Group Holdings Corp. FWM 1.48 19.0% 65 257 32 290 793 11 0.7% 12.6% 31.4% 1.3% NM 0.37x NM 0.37x 7.1xIngles Markets, Incorporated IMKT.A 47.81 85.5% 969 918 9 1,878 3,791 240 (0.8%) 1.5% 23.4% 6.3% 16.3x 0.50x 7.8x 0.49x 7.6xJ Sainsbury plc LSE:SBRY 3.59 80.3% 6,886 4,246 1,956 9,176 35,064 1,832 (11.9%) (0.2%) 6.4% 5.2% NM 0.26x 5.0x 0.25x 5.0xKoninklijke Ahold N.V. ENXTAM:AH 19.87 89.2% 16,251 3,744 2,187 17,808 39,568 2,422 (9.2%) 0.8% 26.8% 6.1% 18.7x 0.45x 7.4x 0.42x 6.6xNatural Grocers by Vitamin Cottage NGVC 23.90 68.3% 538 28 3 562 598 49 19.6% 23.6% 29.1% 8.2% 32.7x 0.94x 11.5x 0.78x 9.9xRoundy's, Inc. RNDY 2.67 43.7% 132 647 40 739 4,030 121 15.3% 1.3% 26.3% 3.0% NM 0.18x 6.1x 0.18x 6.1xSprouts Farmers Market, Inc. SFM 22.68 59.0% 3,483 289 97 3,675 3,261 273 20.4% 43.4% 29.4% 8.4% 31.5x 1.13x 13.5x 0.95x 11.5xSUPERVALU Inc. SVU 7.88 65.7% 2,087 2,712 137 4,662 17,963 793 4.6% 16.1% 15.0% 4.4% 15.7x 0.26x 5.9x 0.26x 5.8xTesco PLC LSE:TSCO 2.74 69.9% 22,268 19,558 3,309 38,517 95,399 1,724 (9.1%) (2.0%) 2.9% 1.8% NM 0.40x NM 0.41x 9.2xThe Kroger Co. KR 36.66 93.0% 35,377 11,270 268 46,379 108,784 5,537 4.6% 5.4% 22.3% 5.1% 18.9x 0.43x 8.4x 0.41x 8.2xVillage Super Market Inc. VLGE.A 25.51 73.8% 361 46 59 348 1,575 66 5.1% 4.1% 27.3% 4.2% 12.2x 0.22x 5.3x NA NAWeis Markets, Inc. WMK 42.89 82.6% 1,154 0 104 1,050 2,828 155 3.7% 0.9% 27.3% 5.5% 20.2x 0.37x 6.8x NA NAWhole Foods Market, Inc. WFM 31.98 55.5% 11,416 63 691 10,788 15,207 1,414 9.3% 10.9% 35.4% 9.3% 19.2x 0.71x 7.6x 0.66x 7.3x


FoodserviceColabor Group Inc. TSX:GCL $0.84 27.2% $23 $151 $0 $174 $1,159 $23 (8.9%) (5.5%) 2.1% 2.0% NM 0.15x 7.4x 0.15x 7.1xSysco Corporation SYY 39.85 95.2% 23,707 7,322 5,130 25,899 48,681 2,345 4.7% 4.7% 17.6% 4.8% 34.7x 0.53x 11.0x 0.51x 10.3xThe Chefs' Warehouse, Inc. CHEF 15.30 63.5% 402 313 2 712 918 47 20.1% 28.7% 25.0% 5.2% 27.9x 0.78x 15.0x 0.64x 10.3x


Quick Service RestaurantBojangles', Inc. BOJA $20.42 71.8% $734 $244 $13 $966 $463 $64 23.4% NA 22.3% 13.8% 31.0x 2.09x 15.1x 1.89x 12.8xJack in the Box Inc. JACK 75.01 75.0% 2,744 659 18 3,385 1,531 286 3.6% 10.5% 27.7% 18.7% 27.5x 2.21x 11.8x 2.13x 11.0xMcDonald's Corp. MCD 97.90 96.1% 92,203 17,902 3,999 106,106 26,016 9,032 (8.1%) (1.8%) 37.8% 34.7% 22.8x 4.08x 11.7x 4.31x 11.8xPopeyes Louisiana Kitchen, Inc. PLKI 56.52 85.0% 1,294 110 10 1,395 251 81 13.2% 15.2% 64.9% 32.5% 31.3x 5.56x 17.1x 4.98x 15.5xRestaurant Brands International Inc. QSR 37.97 83.1% 7,686 8,860 689 15,856 2,669 827 156.0% 5.1% 48.0% 31.0% NM NM NM 3.88x 9.4xSonic Corp. SONC 24.76 67.4% 1,286 466 23 1,729 595 158 8.6% 3.0% 54.4% 26.6% 23.7x 2.91x 10.9x 2.77x 10.1xThe Wendy's Company WEN 9.05 77.3% 2,627 2,397 1,198 3,827 1,988 374 (11.6%) (6.9%) 33.5% 18.8% 36.3x 1.93x 10.2x 2.60x 9.8xYum! Brands, Inc. YUM 80.43 83.9% 34,682 3,399 636 37,445 13,078 2,696 (3.6%) (0.5%) 25.7% 20.6% 39.4x 2.86x 13.9x 2.63x 11.8x


Fast CasualChipotle Mexican Grill, Inc. CMG $731.19 96.4% $22,771 $0 $879 $21,891 $4,441 $951 22.5% 20.8% 38.3% 21.4% 44.8x 4.93x 23.0x 4.32x 19.9xEl Pollo Loco Holdings, Inc. LOCO 12.28 31.7% 470 136 6 599 356 62 9.9% 20.0% 25.8% 17.4% 10.6x 1.68x 9.7x 1.53x 8.8xFiesta Restaurant Group, Inc. FRGI 49.23 71.3% 1,306 74 6 1,375 647 93 17.3% 36.0% 25.9% 14.3% 33.1x 2.12x 14.8x 1.85x 12.2xThe Habit Restaurants, Inc. HABT 23.77 53.8% 327 2 52 277 207 22 17.3% 36.0% 22.0% 10.6% NM 1.34x 12.6x 1.07x 9.8xNoodles & Company NDLS 13.25 47.3% 376 30 2 404 436 46 17.3% 36.0% 19.2% 10.5% NM 0.93x 8.8x 0.82x 8.9xPanera Bread Company PNRA 186.04 89.4% 5,056 100 125 5,031 2,618 390 17.3% 36.0% 33.0% 14.9% 30.6x 1.92x 12.9x 1.86x 12.4xPotbelly Corporation PBPB 11.37 68.3% 344 0 54 289 351 34 17.3% 36.0% 30.4% 9.6% NM 0.82x 8.6x 0.73x 7.9xShake Shack Inc. SHAK 52.60 54.4% 800 0 65 736 153 16 17.3% 36.0% 38.5% 10.4% NM 4.81x NM 3.57x 22.9xZoe's Kitchen, Inc. ZOES 35.27 75.7% 683 27 24 687 201 16 37.7% NA 20.7% 8.1% NM 3.42x NM 2.74x 34.1x


Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E

PUBLIC COMPARABLES5

8


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Differentiated CasualBJ's Restaurants, Inc. BJRI $44.77 80.8% $1,146 $75 $25 $1,195 $877 $109 7.9% 9.3% 19.0% 12.4% 33.0x 1.36x 11.0x 1.23x 9.5xBuffalo Wild Wings Inc. BWLD 203.90 99.2% 3,877 0 92 3,785 1,649 247 18.6% 22.0% 23.3% 15.0% 41.9x 2.29x 15.3x 1.82x 11.8xChuy's Holdings, Inc. CHUY 29.82 83.4% 491 0 8 484 268 31 20.0% 21.5% 19.1% 11.6% 35.1x 1.80x 15.5x 1.56x 13.3xDave & Buster's Entertainment, Inc. PLAY 41.48 95.7% 1,706 361 24 2,044 811 166 17.5% 14.4% 28.0% 20.5% 40.8x 2.52x 12.3x 2.27x 9.3xIgnite Restaurant Group, Inc. IRG 5.12 61.5% 134 162 48 247 836 29 17.3% 36.0% 29.9% 3.4% NM 0.30x 8.6x 0.49x 8.1xThe Cheesecake Factory Incorporated CAKE 54.24 92.2% 2,563 104 62 2,606 2,046 244 17.3% 36.0% 42.9% 11.9% 24.7x 1.27x 10.7x 1.18x 9.7xWingstop Inc. WING 25.65 72.0% 733 101 5 829 73 25 41.0% NA 70.5% 34.1% 102.5x 11.39x NM 10.33x 30.3x


Casual Dining RestaurantBloomin' Brands, Inc. BLMN $20.17 76.8% $2,474 $1,324 $133 $3,665 $4,476 $449 4.4% 4.5% 16.7% 10.0% 25.0x 0.82x 8.2x 0.82x 7.5xBrinker International, Inc. EAT 52.66 83.1% 3,165 974 55 4,084 3,002 461 3.2% 2.1% 19.8% 15.4% 17.3x 1.36x 8.9x 1.20x 8.0xDarden Restaurants, Inc. DRI 70.27 92.9% 8,972 1,453 690 9,735 6,855 834 8.0% (5.4%) 21.7% 12.2% 30.6x 1.42x 11.7x 1.39x 10.7xDineEquity, Inc. DIN 92.67 81.1% 1,749 1,449 104 3,094 675 257 4.3% (11.8%) 56.4% 38.1% 34.2x 4.59x 12.0x 4.54x 10.9xRed Robin Gourmet Burgers Inc. RRGB 78.71 82.9% 1,115 145 23 1,237 1,237 136 15.7% 9.8% 22.9% 11.0% 29.0x 1.00x 9.1x 0.92x 8.0xRuby Tuesday, Inc. RT 6.54 76.3% 405 245 75 575 1,127 82 (3.6%) (4.9%) 17.2% 7.3% NM 0.51x 7.0x 0.51x 7.4xTexas Roadhouse, Inc. TXRH 37.66 92.3% 2,639 51 71 2,619 1,705 201 13.4% 12.7% 32.1% 11.8% 29.2x 1.54x 13.1x 1.37x 11.0x


Fine DiningDel Frisco's Restaurant Group, Inc. DFRG $13.60 52.4% $319 $0 $2 $317 $317 $43 10.9% 13.5% 24.3% 13.4% 19.4x 1.00x 7.5x 0.88x 6.4xFogo de Chao, Inc. FOGO 18.05 66.4% 504 165 25 644 266 50 21.1% NA 32.0% 19.0% 1.1x 2.42x 12.8x 2.22x 10.6xRuth's Hospitality Group Inc. RUTH 16.46 92.4% 580 0 5 574 361 56 24.2% (1.4%) 25.9% 15.6% 19.7x 1.59x 10.2x 1.48x 9.8x


PizzaDomino's Pizza, Inc. DPZ $111.03 92.7% $6,097 $1,527 $26 $7,599 $2,080 $401 10.9% 8.3% 30.4% 19.3% 35.8x 3.65x 19.0x 3.38x 16.7xPapa John's International Inc. PZZA 69.11 87.0% 2,727 234 22 2,938 1,647 168 8.6% 9.3% 24.9% 10.2% 40.1x 1.78x 17.5x 1.72x 15.5xPapa Murphy's Holdings, Inc. FRSH 17.55 77.2% 297 113 1 409 109 27 22.5% NA 49.9% 24.8% NM 3.76x 15.1x 3.11x 13.3x


Beverage / Snack RetailDAVIDsTEA Inc. DTEA $15.28 51.0% $366 $0 $48 $318 $121 $11 24.2% NA 53.5% 9.0% NM 2.62x 29.3x 2.21x 16.5xDunkin' Brands Group, Inc. DNKN 48.25 85.0% 4,595 2,503 329 6,770 783 390 6.9% 6.0% 79.9% 49.8% 28.2x 8.64x 17.4x 8.18x 16.0xJamba, Inc. JMBA 14.99 88.8% 242 0 14 228 209 (2) (5.7%) (1.8%) 33.1% NM NM 1.09x NM 2.07x 17.8xKrispy Kreme Doughnuts, Inc. KKD 15.56 69.7% 979 12 44 946 508 66 8.3% 7.3% 18.9% 13.1% 33.8x 1.86x 14.3x 1.74x 11.7xStarbucks Corporation SBUX 57.54 97.0% 85,401 2,937 2,175 86,163 18,429 4,133 14.8% 12.4% 31.0% 22.4% 32.4x 4.68x 20.8x 4.16x 17.3x


Family RestaurantBob Evans Farms, Inc. BOBE $45.86 76.2% $1,026 $491 $6 $1,511 $1,345 $137 1.4% (5.1%) 35.8% 10.2% NM 1.12x 11.0x 1.11x 9.7xCracker Barrel Old Country Store, Inc. CBRL 148.39 91.4% 3,558 409 265 3,701 2,842 331 5.9% 3.3% 32.6% 11.7% 21.8x 1.30x 11.2x 1.26x 10.5xDenny's Corporation DENN 11.54 90.2% 961 161 5 1,117 489 87 6.8% (1.9%) 39.6% 17.9% 27.4x 2.28x 12.8x 2.24x 11.6xFORIS AG FRS 3.69 86.8% 18 0 7 12 22 1 (27.6%) 5.1% 17.1% 6.3% 12.2x 0.54x 8.5x NA NALuby's, Inc. LUB 4.96 83.6% 142 48 2 188 396 16 0.8% 3.5% 30.8% 4.0% NM 0.48x 11.9x NA NA

Mean (2.5%) 1.0% 31.2% 10.0% 20.5x 1.14x 11.1x 1.53x 10.6xMedian 1.4% 3.3% 32.6% 10.2% 21.8x 1.12x 11.2x 1.26x 10.5x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2015E

PUBLIC COMPARABLES5

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70

80

90

100

110

120

130

140

150

Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15

Restaurant Natural/Organic Beverage Private Label Food Manufacturing Protein Processing/Dairy S&P 500


10


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

B&G TO ACQUIRE GREEN GIANT FROM GENERAL MILLS

B&G Foods has entered into an agreement to acquire the Green Giant brandfrom General Mills for $765 million in cash.

Green Giant produces frozen and canned vegetables for the retail channel.

The transaction allows General Mills to focus on core brands and provides B&Gwith access to the freezer case and a platform for future frozen acquisitions.

Enterprise Value: $765mmRevenue Multiple: 1.1xEBITDA Multiple: 6.4x *Announced: September 3, 2015

POST TO ACQUIRE WILLAMETTE EGG FARMS

Post has entered into an agreement to acquire Willamette Egg Farms from theSatrum and Cunningham families for $90 million in cash.

Willamette, based in Canby, OR, produces shell eggs, specialty shell eggs, and value-added egg products.

The transaction is an add-on to Post’s Michael Foods division and bolsters thedivision’s status as the largest provider of cage-free egg products.

Enterprise Value: $90mmRevenue Multiple: 1.1xEBITDA Multiple: 6.0xAnnounced: September 23, 2015

FLOWERS FOODS TO ACQUIRE ALPINE VALLEY BREAD

Flowers Foods has entered into an agreement to acquire Alpine Valley Breadfrom the Wood family for $120 million in cash and stock.

Alpine Valley, based in Mesa, AZ, produces certified organic and all-naturalbreads in the United States.

The transaction adds to Flowers’ organic and natural product offerings,building on its recently completed acquisition of Dave’s Killer Bread.

Enterprise Value: $120mmRevenue Multiple: N/AEBITDA Multiple: N/AAnnounced: September 9, 2015

21.5%

19.7%

10.1%

0.3%

(2.0%)

(3.0%)

* Net of expected tax benefits.

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M&A MARKET OVERVIEW*

11


Food and Beverage M&A Trends5

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

PRIVATE EQUITY INVESTMENTS & EXITS

Latest Deals and Announced Private Equity Activity5

LAST 10 DEALS ANNOUNCED

ANNOUNCED FOOD & BEV. TRANSACTIONS

Announced Target Buyerg p9/22/2015 Willamette Egg Farms, L.L.C. Post Holdings, Inc. (NYSE:POST)9/15/2015 Cargill, Small Pack Specialty Business Brenntag AG (XTRA:BNR)9/15/2015 Love Child (Brands) Inc. GreenSpace Brands Inc.9/11/2015 CoPak Solut ions, Inc. Star Snax, LLC9/10/2015 Saint Archer Brewing Company Tenth and Blake Beer Company9/9/2015 Alpine Valley Bread Company Flowers Bakeries, LLC9/8/2015 Expresco Foods Inc. Premium Brands Holdings9/8/2015 Natural Food Holdings, Inc. Perdue Farms Inc.9/8/2015 Bright Blue Foods Ltd. Endless LLP9/4/2015 State Fish - HPP Business & Calpack ICPK Corporat ion

9.9x

8.8x 8.3x 8.0x

11.3x

9.2x 9.7x

8.6x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

2.00x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

2008 2009 2010 2011 2012 2013 2014 YTD2015

EV / LTM Sales M

ultipleEV /

LTM

EBI

TDA

Mul

tiple

EV / L TM EBITDA EV / L TM Sale s

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7

$120.7

$94.0

0

50

100

150

200

250

300

350

400

$0

$20

$40

$60

$80

$100

$120

$140

2008 2009 2010 2011 2012 2013 2014 YTD2015

Num

ber of Transactions

Aggr

egat

e D

eal V

alue

($

inbi

llion

s)

Aggre gate Deal Value # of deals

27

46

2114

3225 26

3831

46

27 26 27

17

34

18

3643

4843

0

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Num

ber o

f Tra

nsac

tions

Number of Investments Number of Exits

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

PAGE |

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

09/15/15 Marufuku Shoten Co Ltd Roasted coffee JPY 150 Revolver/Line >= 1 Yr. N/A N/A09/15/15 Marufuku Shoten Co Ltd Roasted coffee JPY 156 Term Loan N/A N/A09/12/15 Morinaga & Co Ltd Confectionery products JPY 5,000 Revolver/Line >= 1 Yr. N/A N/A09/08/15 China Huiyuan Juice Group Canned fruits and vegetables USD 197 Term Loan N/A 38509/04/15 Weetabix Ltd Cereal breakfast foods USD 350 Other Loan N/A 40009/04/15 Weetabix Ltd Cereal breakfast foods EUR 650 Term Loan B N/A 40008/28/15 Anheuser-Busch InBev Malt beverages EUR 9,000 Revolver/Line >= 1 Yr. N/A N/A08/28/15 Charoen Pokphand Group Poultry slaughtering/processing EUR 15,000 Revolver/Line >= 1 Yr. N/A N/A08/27/15 Ecom Agroindustrial Corp Food preparations, nec EUR 450 364-Day Facility N/A N/A08/25/15 Ajinomoto Co Inc Food preparations, nec EUR 3,000 Term Loan N/A N/A08/21/15 Kettle Cuisine LLC Canned fruits and vegetables JPY 54 Term Loan A N/A 10008/21/15 Kettle Cuisine LLC Canned fruits and vegetables USD 41 Term Loan B N/A 10008/21/15 Kettle Cuisine LLC Canned fruits and vegetables USD 10 Revolver/Line >= 1 Yr. N/A 10008/20/15 Heaven Hill Distilleries Distilled and blended liquors USD 250 Revolver/Line >= 1 Yr. N/A 15008/20/15 Heaven Hill Distilleries Distilled and blended liquors USD 200 Term Loan A N/A 112.5

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Ave

rage

Spre

ad O

ver L

IBO

R

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12


Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

$0

$2

$4

$6

$8

$10

$12

$14

$16

2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15

Loan

Vol

ume

by Q

uart

er

($ in

billi

ons)

Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2009 2010 2011 2012 2013 2014 1H15

Ave

rage

Spre

ad O

ver L

IBO

R

Revolving Credit / Term Loan A Weighted-Average Inst itutional

0.0x

2.0x

4.0x

6.0x

Debt/EBITDA

Senior Debt/EBITDA

EBITDA/Cash Interest

EBITDA - Capex/Cash Interest

EBITD

A M

ultip

le

2011 2012 2013 2014 LTM 1H15

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer ($mm) Sales EBITDA EBIT Involvement Location

9/22/2015 Willamette Egg Farms, L.L.C. WEF, INC. Post Holdings, Inc. (NYSE:POST) $90.0 1.1x 6.0x - N.A.9/15/2015 Cargill, Small Pack Specialty Business Cargill, Incorporated Brenntag AG (XTRA:BNR) - - - - EU9/15/2015 Love Child (Brands) Inc. - GreenSpace Brands Inc. $5.7 1.5x - - N.A.9/11/2015 CoPak Solut ions, Inc. - Star Snax, LLC - - - - N.A.9/10/2015 Saint Archer Brewing Company - Tenth and Blake Beer Company - - - - N.A.9/9/2015 Alpine Valley Bread Company - Flowers Bakeries, LLC $120.0 - - - N.A.9/8/2015 Expresco Foods Inc. - Premium Brands Holdings - - - - N.A.9/8/2015 Lagunitas Brewing Company - Heineken NV (ENXTAM:HEIA) - - - - Cross Border9/8/2015 Natural Food Holdings, Inc. LNK Partners Perdue Farms Inc. - - - - N.A.9/8/2015 Bright Blue Foods Ltd. NBGI Private Equity Limited Endless LLP - - - - EU9/4/2015 State Fish - HPP Business & Calpack State Fish Company Inc ICPK Corporat ion $12.7 - - - N.A.9/4/2015 Elgorriaga Brands, S.A. - Energy Shot Iberica S.L. - - - - EU9/4/2015 Virtue Cider Company - Fulton Street Brewery, LLC - - - - N.A.9/3/2015 Nutrafur S.A. - Frutarom Industries Ltd. (TASE:FRUT) $14.5 1.1x - - Cross Border9/2/2015 Green Giant, Le Sueur Stable & Frozen General Mills, Inc. (NYSE:GIS) B&G Foods North America, Inc. $765.0 1.1x 6.4x - N.A.8/31/2015 New York Fries Ltd. 122164 Canada Ltd. Cara Operations Limited (TSX:CAO) - - - - N.A.8/31/2015 Canon Potato Company, LLC - H.C. Schmieding Produce Company, Inc - - - - N.A.8/31/2015 QiZiNi Group B.V. - Natsu Foods GmbH & Co. KG - - - - EU8/27/2015 Twin Rivers Technologies Felda Global Ventures Viterra Inc. $143.7 0.5x - - N.A.8/26/2015 Dicot Partners, S.L Gest ion Ganuza S.L. Yantai Changyu Pioneer $39.3 1.0x - - Cross Border8/26/2015 Talbott Vineyards - E. & J. Gallo Winery, Inc. - - - - N.A.8/26/2015 Proviand BV - Like Meat GmbH - - - - EU8/25/2015 DOUX SA Développement et Partenariat SA Sofiprotéol; Terrena SARL - - - - Cross Border8/25/2015 McNeil Nutrit ionals, LLC., Splenda McNeil Nutrit ionals, LLC TC Heart land LLC - - - - N.A.8/21/2015 Caesar's Pasta, LLC. - Consolidated Investment Group, LLC - - - - N.A.8/21/2015 B.V. Vurense Snack Industrie NPM Capital N.V.; SHV Holdings Hearthside Group Holdings, LLC - - - - Cross Border8/21/2015 Norbest, LLC - J. D. Heiskell & Company, Inc. - - - - Cross Border8/20/2015 Deep Eddy Vodka & Spirits DE Spirits LLC HeavenHill Dist illeries,Inc. - - - - N.A.8/20/2015 The Mediterranean Snack Food - American Halal Company, Inc. - - - - N.A.8/19/2015 Hudson Baking Company, LLC - Le Petit Pain Holdings, LLC - - - - N.A.8/19/2015 Ovation Brands, Inc. Buffets Holdings, Inc. Food Management Partners, Inc. - - - - N.A.8/18/2015 Big Smoke Burger Inc. - MTY Tiki Ming Enterprises Inc. $3.8 - - - N.A.8/16/2015 EWOS Group AS Albain Fund I I I , Bain Capital Cargill, Incorporated $1,495.1 - - - Cross Border8/12/2015 Dave's Killer Bread company Goode Partners LLC Flowers Bakeries, LLC $275.0 - - - N.A.8/11/2015 Niagara Natural Fruit Snack Co., Inc. - SunOpta Inc. (TSX:SOY) $6.7 - - - N.A.8/11/2015 Aqua Farming Technology Inc. Xl Biofuels, Inc New Global Energy, Inc. - - - - N.A.8/7/2015 Pleasant Kids, Inc. (OTCPK:PLKD) - NEXT Group Holdings, Inc. - - - - N.A.8/7/2015 Wallaby Yogurt Company, Inc. - The WhiteWave Foods Company $125.0 2.8x - - N.A.8/7/2015 Irish Pride Bakeries Ltd. - Pat The Baker Ltd - - - - EU8/7/2015 Twin Beans DoubleShot - Twin Beans Coffee - - - - N.A.

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

Aug

-14

Sep

-14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb

-15

Ma

r-15

Apr

-15

Ma

y-15

Jun-

15

Jul-1

5

Aug

-15

Med

ian

Tradi

ng M

ultip

le

Food Products, Processing, and Ingredients Retail and Restaurants

2536

2234 36

46 47

2533

4934

4253 52 48

39 3346 47 52

70

89

58 57

82

141

110

52

3

4 75 7

136

7

75

4 7 9

610

13 87

10

6

10 5

20

18

8

0

20

40

60

80

100

120

140

160

180

Q10

9Q

209

Q30

9Q

409

Q11

0Q

210

Q31

0Q

410

Q11

1Q

211

Q31

1Q

411

Q11

2Q

212

Q31

2Q

412

Q11

3Q

213

Q31

3Q

413

Q11

4Q

214

Q31

4Q

414

Q11

5Q

215

Q31

5

Num

be

r o

f Tra

nsa

ctio

nsS trateg ic Ac quirer Pr ivate Equity Acqu irer

M&A OVERVIEW*

13


QUARTERLY M&A ACTIVITY

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

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES


PAGE |

Enterprise Enterprise Value Private Equity EuropeanAnnounced Target Seller Buyer ($mm) Sales EBITDA EBIT Involvement Transaction

8/7/2015 Bobby & Fritz GmbH - Autobahn Tank & Rast Holding - - - - EU8/6/2015 Classic Fine Foods UK Ltd EQT Partners AB METRO AG (DB:MEO) $328.0 1.6x - - EU8/5/2015 Boyer's Coffee Company, Inc. - Luna Gourmet Coffee & Tea - - - - N.A.8/5/2015 Gold Pure Food Products Co., Inc. - LaSalle Capital - - - - N.A.8/4/2015 GRUPO CUTTING'S, S.L. - Guzman Gastronomia S.L. - - - - EU8/4/2015 Starr Restaurants Catering Group GP, LLC - TrustHouse Services Group, Inc. - - - - N.A.8/4/2015 Buona Compagnia Gourmet s.r.l. Assietta Private Equity SGR SpA Gradiente SGR S.p.A. - - - - EU8/3/2015 The Kerfoot Group Ltd - Avril SCA - - - - EU8/2/2015 Just Baked LLC - Tubby's Sub Shops Inc. - - - - N.A.8/1/2015 Meatsnacks Group Ltd - Cruga Biltong Ltd. - - - - EU7/31/2015 Ab A.Kastén Oy Helmet Business Mentors Oy Ab Chipsters Food Oy - - - - EU7/31/2015 Litt le Big Burger LLC - American Roadside Burgers, Inc. $6.1 1.0x - - N.A.7/30/2015 Sunrise Growers, Inc. Paine & Partners, LLC; SGF Produce SunOpta Inc. (TSX:SOY) $450.0 1.5x 11.5x - N.A.7/30/2015 Paisley Farm, Inc. - The Fremont Company - - - - N.A.7/30/2015 Thompson Bros. Salmon Limited - Cooke Aquaculture Scotland Ltd. - - - - EU7/30/2015 Direct Ocean SA - Freshpack SA - - - - EU7/29/2015 Sharrocks Fresh Produce Ltd. E.H.Booth & Co Ltd Gilbert Thompson (Leeds) Ltd - - - - EU7/27/2015 Spring Genetics Inc - Benchmark Holdings plc (AIM:BMK) $5.4 - - - Cross Border7/27/2015 The I lkley Brewery Company Limited Glentrool Capital Partners LLP Half Full Beer Co Limited - - - - EU7/25/2015 Acetum S.r.l. - Clessidra SGR S.p.A. - - - - EU7/24/2015 Boojum Ltd. - Renatus Capital Partners $3.3 6.7x - - EU7/24/2015 Taboada Grupo Alimentacio S.L. - Industrias Alimentarias de Navarra - - - - EU7/23/2015 The Feel Good Drinks Company Ltd. MBG International Premium Brands Nichols plc (AIM:NICL) - - - - EU7/23/2015 Louis Royer SAS Suntory France S.A.S. SASU Terroirs Dist illers $109.8 - - - EU7/23/2015 Euro Cakes S.p.A. - Biscuits Bouvard S.A.S - - - - EU7/23/2015 World Feeds Limited - Finance Yorkshire $0.7 - - - EU7/22/2015 Carte Noire, European Business Jacobs Douwe Egberts Trading Luigi Lavazza S.p.A. $871.8 - - - EU7/22/2015 La Rousse Foods Ltd. - ARYZTA Food Solut ions Ireland - - - - EU7/22/2015 Fabrelac bvba - FrieslandCampina Cheese & Butter - - - - EU7/22/2015 B.R. Cohn Winery - Vintage Wine Estates, Inc. - - - - N.A.7/21/2015 The 3D Pub Company Limited Downing ONE VCT plc Brunning & Price Limited - - - - EU7/21/2015 Merrick Pet Care, Inc. Highland Capital; Monitor Clipper Nest lé Purina PetCare Company - - - - N.A.7/21/2015 Cumberland Breweries Ltd. - Alltech, Inc. - - - - Cross Border7/19/2015 Societe Chiron A.C.V.F. (SAS) - Liffey Meats Ltd. - - - - EU7/17/2015 Italian Home Bakery Ltd. - Grupo Bimbo, S.A.B. - - - - Cross Border7/17/2015 Seabrook Crisps Ltd. - LDC (Managers) Limited $54.6 1.3x - - EU7/17/2015 SCEA Des Domaines Roche - SAS Vins Et Compagnie - - - - EU7/17/2015 Salés Sucrés SAS - Labeyrie Fine Foods PLC - - - - EU7/16/2015 Locawo B.V. - Cloetta AB (publ) (OM:CLA B) $34.1 1.0x - - EU7/16/2015 Interbrau GmbH Ameropa AG S.C.A. VIVESCIA - - - - EU7/15/2015 Sersia España, S.L. - Evolut ion; Union Regionale Des Coopera - - - - EU7/15/2015 Italpizza S.r.l. Bakkavör Group Ltd Dreamfood S.r.l - - - - EU7/15/2015 Susser Holdings Corporat ion Energy Transfer Partners Sunoco LP (NYSE:SUN) $1,927.7 - - - N.A.7/14/2015 Irca S.r.l. Essenze Italiane s.a.s. Ardian - - - - EU7/14/2015 Cote Restaurants Ltd. CBPE Capital LLP BC Partners - - - - EU7/13/2015 LGI Wines - IDIA Capital Invest issement - - - - EU7/13/2015 Spartan Foods Of America, Inc. Linsalata Capital Partners; PNC B&G Foods Inc. (NYSE:BGS) $50.0 - - - N.A.7/10/2015 Encanto Vineyards, LLC Universal Apparel & Text ile Company Medican Enterprises, Inc. (OTCPK:MDC - - - - N.A.7/10/2015 County Choice Organic New Century Holdings, Inc. Nature's Path Foods, Inc. - - - - N.A.7/9/2015 PV Industries B.V. - Devro plc (LSE:DVO) $15.0 - - - EU7/9/2015 Provence Huiles SA Compagnie Mediterraneenne (Vrac) ITOCHU Corporat ion (TSE:8001) - - - - Cross Border7/8/2015 Hulley's (Frozen Confectionery) - Kitwave Limited - - - - EU7/8/2015 Produs AS and Produs Aqua AS - Alltech, Inc. - - - - Cross Border7/8/2015 Leblon Holdings LLC Verlinvest S.A. Bacardi Limited - - - - Cross Border7/7/2015 Isernio's Inc. - Hempler Foods Group LLC $12.0 0.9x - - N.A.7/7/2015 Fazoli's System Management, LLC Sun Capital Partners, Inc. Sentinel Capital Partners, L.L.C. - - - - N.A.7/7/2015 Las Iguanas Limited Bowmark Capital LLP Casual Dining Group Ltd. $131.1 - - - EU7/7/2015 Cavoda Spirits, LLC - International Spirit & Beverage Group - - - - N.A.7/7/2015 Mikawaya, Inc. - Century Park Capital Partners, LLC - - - - N.A.7/7/2015 Morillon Marée - Sobomar At lant ique SAS - - - - EU7/6/2015 Kerr Concentrates, Inc. - Ingredion Incorporated (NYSE:INGR) $100.0 - 10.0x - N.A.7/6/2015 Teasy Teas, LLC - Royal Cup, Inc. - - - - N.A.7/6/2015 Napa Chiles Valley Winery - Qinghai Huzhu Barley Wine - - - - Cross Border7/4/2015 Dalloyau SA - Perceva Capital - - - - EU7/3/2015 Thain's Bakery Limited - Murdoch Allan & Son Ltd. - - - - EU

M&A OVERVIEW*

14


Recent Food and Beverage M&A5


PAGE |

September 2015Date Company

9/29/2015 Bonduelle SA (ENXTPA:BON)9/29/2015 Diamond Foods, Inc. (NasdaqGS:DMND)9/29/2015 Landec Corp. (NasdaqGS:LNDC)9/29/2015 Costco Wholesale Corporation (NasdaqGS:COST)

October 2015Date Company

10/1/2105 McCormick & Company, Incorporated (NYSE:MKC)10/5/2015 ARYZTA AG (SWX:ARYN)10/5/2015 Frosta AG (DB:NLM)10/6/2015 Yum! Brands, Inc. (NYSE:YUM)10/6/2015 Pepsico, Inc. (NYSE:PEP)10/8/2015 Suedzucker AG (DB:SZU)10/8/2015 Domino's Pizza, Inc. (NYSE:DPZ)10/8/2015 Ruby Tuesday, Inc. (NYSE:RT)10/19/2015 Sonic Corp. (NasdaqGS:SONC)10/20/2015 Chipotle Mexican Grill, Inc. (NYSE:CMG)10/20/2015 Brinker International, Inc. (NYSE:EAT)10/21/2015 The Coca-Cola Company (NYSE:KO)10/22/2015 McDonald's Corp. (NYSE:MCD)10/22/2015 Pernod-Ricard SA (ENXTPA:RI)10/22/2015 Koninklijke Wessanen N.V. (ENXTAM:WES)10/26/2015 The Cheesecake Factory Incorporated (NasdaqGS:CAKE)10/28/2015 Panera Bread Company (NasdaqGS:PNRA)10/29/2015 Starbucks Corporation (NasdaqGS:SBUX)10/30/2015 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

November 2015Date Company

11/2/2015 Sysco Corporation (NYSE:SYY)11/3/2015 Archer-Daniels-Midland Company (NYSE:ADM)11/3/2015 Associated British Foods plc (LSE:ABF)11/3/2015 Kellogg Company (NYSE:K)11/3/2015 Papa John's International Inc. (NasdaqGS:PZZA)11/4/2015 The Wendy's Company (NasdaqGS:WEN)11/5/2015 Kikkoman Corp. (TSE:2801)11/5/2015 Molson Coors Brewing Company (NYSE:TAP)11/5/2015 Tate & Lyle plc (LSE:TATE)11/5/2015 Treehouse Foods, Inc. (NYSE:THS)11/6/2015 Sapporo Holdings Ltd. (TSE:2501)

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15


Earnings Release Calendar5

Energy, Power & Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

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OUR FIRM

FOOD AND BEVERAGE INDUSTRY UPDATE │ SEPTEMBER 2015

16

PAGE |

HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Capital IQ

6. Thomson Financial

7. S&P

8. Reuters

SOURCES


Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) 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.

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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DISCLOSURES

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