food & beverage industry update - june 2016

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

FOOD AND BEVERAGE

INDUSTRY UPDATE │ JUNE 2016

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www.harriswilliams.com

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 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

Baked and Prepared Goods

Beverages

Branded and Private Label

Dairy

Distribution

Ingredients

Meat and Protein

Natural and Organic

Processing

Produce

Restaurant and Retail

Snacks

CONTACTS

Glenn GurtcheffManaging [email protected]+1 (612) 359-2702

Tim AlexanderManaging [email protected]+1 (612) 359-2716

Ryan BudlongManaging [email protected]+1 (415) 217-3409

Brant [email protected]+1 (612) 359-2709

Ryan [email protected]+1 (612) 359-2703

Andy WarczakVice [email protected]+1 (612) 359-2714

MARKET UPDATE

FOOD AND BEVERAGE


May was another strong month of M&A activity in the food and beverage

sector. HW&Co. anticipates an active marketplace for the second half of the year

as strategic and private equity buyers look to take advantage of current market

conditions and aggressively pursue well-positioned food and beverage

companies. Strategic interest has remained strong, as illustrated by Givaudan’s

acquisition of Spicetec Flavors and Seasonings and Cargill’s acquisition of

Five Star Custom Foods. Meanwhile, sponsors remain active as well, including

Platinum Equity’s acquisition of J.M. Swank and Geneva Glen’s purchase of

Dianne’s Fine Desserts.

has been acquired by


a portfolio company of

A Private

Investor Group





a subsidiary of





CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING

has divested selected assets to

and

has acquired


has been acquired byhas been acquired by




http://www.harriswilliams.com/

mailto:[email protected]






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WHAT WE’VE BEEN READING

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

20

40

60

80

100

120

140

160

May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16

Co

mm

od

ity P

ric

e In

de

x

Corn Soybeans Wheat Crude Oil

90

100

110

120

130

140

150

Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16

Pro

tein

Pri

ce

Ind

ex

Beef Pork Poultry

Beef:

22.2%

Pork:

6.1%

Poultry:

(5.8%)

Soybeans:

(25.4%)

Corn:

(37.2%)

Wheat:

(40.4%)

Crude Oil:

(55.9%)

In a move to respond to a perceived pay gap between tipped and untipped employees, a number of restaurantshave implemented a no-tip model. For some, however, the experiment has been short-lived as rising minimum wageshave forced many to hike menu prices – sometimes by as much as 40% in order to keep pace.

Access the full article here.

WHY RESTAURANTS ARE DITCHING THE SWITCH TO NO TIPPING

The Food and Drug Administration has come under criticism following a recent government report that claims slowresponse times have allowed potentially contaminated products to remain in food supply chains for months. Thereport comes on the heels of widespread food recalls ranging from listeria to nut contamination, which have leftconsumers uneasy.


FDA IS SLOW TO ACT ON FOOD RECALLS, WATCHDOG SAYS

AN “ADDED SUGAR” LABEL IS ON THE WAY FOR PACKAGED FOOD

As concerns mount over Americans’ skyrocketing sugar intake, the Food and Drug Administration has announced aredesigned “Nutrition Facts” label. Beginning in July 2018, consumers will encounter a separate line disclosing addedsugars and contend with the fact that, for the typical 20-oz. bottle of Coke, 65 grams of added sugar will comprise130% of their daily recommended intake.


http://www.npr.org/sections/thesalt/2016/05/15/478096516/why-restaurants-are-ditching-the-switch-to-no-tipping

http://www.wsj.com/articles/fda-is-slow-to-act-on-food-recalls-watchdog-says-1465508919

http://www.npr.org/sections/thesalt/2016/05/20/478837157/the-added-sugar-label-is-coming-to-a-packaged-food-near-you

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VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

0.0

1.0

2.0

3.0

4.0

5.0

Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16

Infl

ati

on

(%

)

Restaurant:

36.0%

Grocery:

16.3%

80

100

120

140

May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16

Sale

s In

de

x

Restaurant Grocery

Net Debt /

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

Protein Processing (9.4%) (16.9%) (5.7%) (1.8%) 13.0x 15.0x 6.5x 2.6x

Fruit and Vegetable 10.7% 27.1% 4.5% 2.4% 15.8x 22.1x 9.4x 0.7x

Ingredients / Flavors 9.0% 5.6% 3.1% 9.7% 22.1x 25.7x 15.9x 1.5x

Agribusiness 10.8% (17.6%) 12.4% (6.3%) 20.6x 14.9x 10.6x 1.8x

Branded Processed Foods 4.4% 21.7% (1.4%) 9.1% 21.6x 28.4x 13.9x 2.5x

Private Label Foods and Beverages 13.0% 33.7% 15.8% (32.5%) 32.7x 25.6x 9.9x 3.3x

Natural / Organic Foods / BFY 1.9% (16.4%) 7.6% (6.1%) 19.6x 26.4x 16.7x 3.8x

Baked Goods (1.1%) 5.1% (3.7%) (18.2%) 17.2x 34.0x 10.7x 2.5x

Dairy (5.5%) (2.8%) (0.2%) (2.3%) 19.9x 25.8x 11.7x 1.6x

Non-Alcoholic Beverages 8.0% 19.4% (0.2%) (0.6%) 21.1x 27.0x 12.9x 1.8x

Alcoholic Beverages 0.6% 7.5% (2.6%) 4.2% 20.5x 25.2x 14.6x 2.7x

Snacks 2.1% 0.9% 0.4% 12.3% 22.5x 26.8x 13.2x 1.8x

Grocery Distribution 7.3% (8.6%) 5.9% (33.9%) 16.9x 17.8x 8.0x 1.9x

Food Retail (7.4%) (19.8%) (14.7%) (29.5%) 15.7x 20.0x 7.0x 1.5x

Foodserv ice (0.3%) (21.4%) (6.0%) 0.5% 18.0x 30.5x 11.2x 4.5x

Quick Serv ice Restaurant 5.0% (7.4%) (0.8%) (9.3%) 21.3x 25.1x 11.8x 2.4x

Fast Casual (9.4%) (38.4%) (3.8%) (22.1%) 47.1x 35.0x 10.6x 0.7x

Differentiated Casual 6.7% (3.9%) (2.4%) (23.4%) 22.8x 27.7x 9.4x 1.5x

Casual Dining Restaurant (3.4%) (17.3%) (0.5%) (20.9%) 14.3x 19.4x 7.7x 2.0x

Fine Dining (9.5%) (6.4%) (8.5%) (9.8%) 17.0x 18.8x 9.8x 2.8x

Pizza (3.0%) (10.1%) 3.9% (8.5%) 25.9x 35.9x 15.2x 4.3x

Beverage / Snack Retail (2.0%) (16.3%) 8.3% (4.8%) 24.8x 34.8x 16.3x 2.7x

Family Restaurant 0.2% (8.0%) (3.5%) (27.5%) 19.9x 23.6x 9.6x 1.3x

Overall Median (0.5%) (3.5%) (1.0%) (10.1%) 20.9x 25.2x 11.2x 2.0x

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

Inp

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Fo

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an

d B

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Co

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Re

tail

Industry and Segment

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Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

06/03/16 06/03/16 Constellation Brands Inc STZ Follow-On - Gen. Corp. Purp.

06/02/16 05/26/16 Reed's Inc REED Follow-On $2.4 Gen. Corp. Purp.

Working Capital

05/19/16 05/04/16 Amplify Snack Brands Inc BETR Follow-On $112.5 Secondary

Pay Fees & Expenses

05/18/16 05/06/16 Performance Food Group Co - Follow-On $291.0 Secondary

04/06/16 04/06/16 Cara Operations LTD CAO Follow-On $175.7 Future Acquisitions

03/23/16 03/23/16 Premium Brands Holding Corp PBH Convertible $56.8 Acquisition Fin.

General Corp. Purp.

03/09/16 03/09/16 Cott Corp COTT Follow-On $170.3 Future Acquisitions

General Corp. Purp.

03/09/16 03/09/16 B&G Foods Inc BGF Follow-On $133.4 General Corp. Purp.

Reduce Indebtedness

03/08/16 02/25/16 Wingstop Inc WING Follow-On $138.0 General Corp. Purp.

Secondary

02/25/16 12/16/15 GreenSpace Brands Inc JTR Follow-On $6.2 Acquisition Fin.

Working Capital

01/28/16 01/26/16 Molson Coors Brewing Co TAP Follow-On $2,585.0 General Corp. Purp.

Reduce Indebtedness

01/21/16 11/20/13 TreeHouse Foods Inc THS Follow-On $862.5 Investment / Loan

01/15/16 01/15/16 Feronia Inc FRN Follow-On $15.0 Working Capital


4

FOOD AND BEVERAGE


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

RECENT EQUITY OFFERINGS6

Fast Casual

Agribusiness

Foodservice

Natural / Organic / BFY

Casual Dining Restaurant

Grocery Distribution

Food Retail

Pizza

Beverage / Snack Retail

Fine Dining

Differentiated Casual

S&P

Quick Service Restaurant

Family Restaurant

Dairy

Baked Goods

Ingredients / Flavors

Alcoholic Beverages

Snacks

Non-Alcoholic Beverages

Protein Processing

Branded Processed Foods

Fruit and Vegetable

Private Label

(45.0%) (30.0%) (15.0%) 0.0% 15.0% 30.0%

Inputs Food and Beverage Consumer and Retail

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Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 6/17/16 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 $39.67 72.9% $31,405 $32,114 $19,074 $2,230 (9.9%) (2.1%) 7.4% 11.7% 29.5x 1.68x 14.4x 1.69x 14.1x

B&G Foods, Inc. BGS 45.37 98.4% 2,842 4,323 1,102 246 27.0% 19.4% 32.2% 22.3% 32.0x 3.92x 17.6x 3.08x 13.7x

Campbell Soup Company CPB 62.44 93.5% 19,272 22,572 7,967 1,574 (3.3%) 0.5% 34.5% 19.8% 27.4x 2.83x 14.3x 2.81x 12.5x

ConAgra Foods, Inc. CAG 46.87 99.3% 20,455 25,531 12,920 2,092 (20.1%) (3.4%) 28.8% 16.2% NA 1.98x 12.2x 2.17x 12.8x

General Mills, Inc. GIS 65.81 100.0% 39,118 48,305 16,934 3,521 (3.9%) (1.0%) 34.8% 20.8% 26.9x 2.85x 13.7x 2.92x 14.1x

Hormel Foods Corporation HRL 34.88 76.3% 18,482 18,355 9,182 1,329 (3.4%) 2.8% 22.9% 14.5% 24.1x 2.00x 13.8x 1.93x 12.7x

Kellogg Company K 76.77 98.1% 26,873 34,811 13,366 1,990 (7.2%) (2.9%) 37.2% 14.9% 48.6x 2.60x 17.5x 2.62x 13.8x

McCormick & Company, Incorporated MKC 100.06 99.2% 12,705 14,056 4,316 725 1.3% 2.2% 39.2% 16.8% 30.3x 3.26x 19.4x 3.18x 18.1x

Nestle S.A. NESN-CH 72.55 91.6% 225,800 242,520 92,208 17,214 (7.9%) (1.2%) 49.7% 18.7% 24.1x 2.63x 14.1x 2.57x 13.4x

Post Holdings, Inc. POST 73.91 94.8% 4,753 8,390 5,042 851 NM 73.0% 29.3% 16.9% NA 1.66x 9.9x 1.63x 9.2x

Hershey Company HSY 97.11 99.7% 14,834 17,188 7,278 1,657 (2.8%) 2.6% 46.3% 22.8% 42.7x 2.36x 10.4x 2.31x 9.9x

J. M. Smucker Company SJM 144.72 99.2% 17,321 22,641 7,811 1,691 37.2% 9.8% 35.5% 21.7% 25.1x 2.90x 13.4x 2.91x 13.0x

Mean 0.6% 8.3% 33.1% 18.1% 31.0x 2.56x 14.2x 2.48x 13.1x

Median (3.4%) 1.4% 34.7% 17.8% 28.4x 2.62x 13.9x 2.60x 13.2x

Private Label Foods and Beverages

Cott Corporation BCB-CA $15.80 94.7% 1,938 $3,479 $2,933 $350 25.5% 9.5% 30.4% 11.9% NA 1.19x 9.9x 1.16x 9.3x

Seneca Foods Corporation SENEA 35.79 99.6% 355 667 1,275 96 (0.9%) (0.0%) 14.8% 7.5% 6.6x 0.52x 7.0x NA NA

TreeHouse Foods, Inc. THS 96.27 97.3% 5,433 8,346 3,693 424 18.7% 18.9% 16.5% 11.5% 44.6x 2.26x 19.7x 1.32x 12.8x

Mean 14.5% 9.5% 20.6% 10.3% 25.6x 1.32x 12.2x 1.24x 11.0x

Median 18.7% 9.5% 16.5% 11.5% 25.6x 1.19x 9.9x 1.24x 11.0x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands Inc BETR $13.21 76.8% 988 $1,177 $194 $58 28.5% NA 50.3% 29.8% NM 6.07x 20.4x 4.92x 12.9x

SunOpta Inc. SOY-CA 4.68 41.3% 400 918 1,194 55 (1.5%) 2.8% 10.4% 4.6% NA 0.77x 16.7x 0.64x 8.9x

Pinnacle Foods, Inc. PF 43.79 91.0% 5,116 8,192 2,745 557 5.1% 3.5% 25.7% 20.3% 26.4x 2.98x 14.7x 2.60x 12.7x

Hain Celestial Group, Inc. HAIN 50.15 71.0% 5,188 5,980 2,888 374 12.2% 21.5% 22.1% 12.9% 25.1x 2.07x 16.0x 1.94x 14.3x

WhiteWave Foods Company WWAV 45.67 86.9% 8,080 10,176 3,995 504 13.6% NA 34.0% 12.6% 46.1x 2.55x 20.2x 2.36x 17.3x

Mean 11.6% 9.3% 28.5% 16.1% 32.5x 2.89x 17.6x 2.49x 13.2x

Median 12.2% 3.5% 25.7% 12.9% 26.4x 2.55x 16.7x 2.36x 12.9x

Baked Goods

Aryzta AG ARYN-CH $38.35 69.2% 3,521 $5,505 $3,651 $705 (23.4%) (13.0%) 31.2% 19.3% NA 1.51x 7.8x 1.24x 7.6x

Flowers Foods, Inc. FLO 17.91 65.6% 3,704 4,770 3,837 446 2.7% 5.4% 45.0% 11.6% 20.4x 1.24x 10.7x 1.20x 9.9x

George Weston Limited WN-CA 86.19 93.2% 11,027 24,814 36,128 2,878 (12.4%) 3.1% 29.3% 8.0% 39.1x 0.69x 8.6x 0.66x 8.2x

Grupo Bimbo SAB de CV BIMBOA-MX 2.95 94.2% 13,855 17,676 13,607 1,579 (4.3%) 0.8% 53.5% 11.6% 46.3x 1.30x 11.2x 1.38x 12.5x

Lancaster Colony Corporation LANC 122.68 97.8% 3,363 3,268 1,184 201 9.1% 0.4% 25.1% 16.9% 28.9x 2.76x 16.3x 2.67x 15.8x

Mean (5.7%) (0.7%) 36.8% 13.5% 33.7x 1.50x 10.9x 1.43x 10.8x

Median (4.3%) 0.8% 31.2% 11.6% 34.0x 1.30x 10.7x 1.24x 9.9x

LTM EV / LTM EV / 2016ERevenue Growth LTM Margins

PUBLIC COMPARABLES5

5

FOOD AND BEVERAGE


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PUBLIC COMPARABLES5

6

FOOD AND BEVERAGE




Dairy

Danone SA BN-FR $67.38 91.2% 44,193 $52,597 $24,853 $4,358 (11.4%) (2.5%) 50.6% 17.5% 28.5x 2.12x 12.1x 2.10x 12.1x

Dean Foods Company DF 17.58 83.0% 1,613 2,364 7,950 434 (13.7%) (10.6%) 26.5% 5.5% 15.7x 0.30x 5.5x 0.31x 5.2x

Emmi AG EMMN-CH 602.80 95.2% 3,225 3,587 3,338 321 (10.2%) 1.7% 19.2% 9.6% 25.8x 1.07x 11.2x 1.05x 10.9x

Glanbia Plc GL9-IE 18.67 86.4% 5,528 6,171 3,077 347 (8.6%) 2.7% 8.7% 11.3% 26.7x 2.01x 17.8x 1.92x 15.9x

Lifeway Foods, Inc. LWAY 9.02 45.1% 146 147 122 7 1.7% 12.1% 25.8% 6.0% NM 1.21x 20.2x 1.04x 14.8x

Parmalat S.p.A. PLT-IT 2.60 92.3% 4,824 4,461 7,134 396 (1.6%) 1.1% 2.3% 5.5% 30.5x 0.63x 11.3x 0.59x 8.4x

Saputo Inc. SAP-CA 29.67 90.3% 11,656 12,843 8,378 892 (10.5%) 4.8% 9.4% 10.7% 25.0x 1.53x 14.4x 1.48x 13.2x

Savencia SA SAVE-FR 62.32 90.5% 874 1,402 4,926 296 (19.4%) (2.1%) 3.0% 6.0% 13.6x 0.28x 4.7x 0.29x 4.5x

Mean (9.2%) 0.9% 18.2% 9.0% 23.7x 1.14x 12.1x 1.10x 10.6x

Median (10.4%) 1.4% 14.3% 7.8% 25.8x 1.14x 11.7x 1.04x 11.5x

Non-Alcoholic Beverages

A.G. BARR p.l.c. BAG-GB $7.28 72.7% 850 $864 $393 $78 (7.8%) 1.4% 46.1% 19.9% 17.2x 2.20x 11.1x 2.28x 11.4x

Cott Corporation BCB-CA 15.80 94.7% 1,938 3,479 2,933 350 25.5% 9.5% 30.4% 11.9% NA 1.19x 9.9x 1.16x 9.3x

Dr Pepper Snapple Group, Inc. DPS 91.37 95.3% 16,978 19,612 6,315 1,604 2.6% 1.6% 57.0% 25.4% 22.2x 3.11x 12.2x 3.06x 12.3x

Lassonde Industries, Inc. LAS.A 143.51 99.9% 464 745 1,150 126 3.4% 3.8% 27.7% 11.0% 20.8x 0.65x 5.9x 0.64x 5.9x

Monster Beverage Corporation MNST 155.98 97.2% 31,671 28,634 2,776 1,034 8.6% 9.9% 62.2% 37.3% 43.8x 10.32x 27.7x 9.39x 22.8x

National Beverage Corp. FIZZ 54.74 95.2% 2,548 2,462 690 103 6.9% 1.5% 33.8% 14.9% 45.6x 3.57x 23.9x NA NA

PepsiCo, Inc. PEP 103.41 96.7% 149,367 172,429 62,698 12,640 (5.4%) (1.5%) 56.1% 20.2% 29.5x 2.75x 13.6x 2.75x 13.7x

Coca-Cola Company KO 44.79 95.0% 193,770 218,608 43,234 11,535 (5.9%) (3.4%) 59.6% 26.7% 27.0x 5.06x 19.0x 5.16x 18.3xNA

Mean 3.5% 2.9% 46.6% 20.9% 29.4x 3.60x 15.4x 3.49x 13.4x

Median 3.0% 1.6% 51.1% 20.0% 27.0x 2.93x 12.9x 2.75x 12.3x

Alcoholic Beverages

Anheuser-Busch Inbev Sa ABI-BE $123.73 92.1% 198,993 $241,795 $42,551 $15,353 (9.3%) 2.4% 59.8% 36.1% 34.7x 5.68x 15.7x 5.56x 14.5x

Brown-Forman Corporation BF.B 96.67 87.0% 19,628 20,866 3,028 1,027 (1.3%) 2.1% 70.4% 33.9% 18.5x 6.89x 20.3x 6.76x 18.9x

Carlsberg A/S CARL.B-DK 90.47 90.9% 13,863 19,196 9,716 1,869 (15.3%) (5.7%) 45.9% 19.2% NA 1.98x 10.3x 1.98x 10.0x

Constellation Brands, Inc. STZ 154.05 92.9% 30,903 39,034 6,546 2,126 8.6% 32.8% 45.1% 32.5% 33.2x 5.96x 18.4x 5.44x 16.2x

Diageo plc DGE-GB 25.30 82.4% 63,689 79,372 16,016 4,969 (5.0%) (2.7%) 59.1% 31.0% 18.0x 4.96x 16.0x 5.14x 15.8x

Heineken NV HEIA-NL 88.12 89.4% 50,758 65,197 22,745 4,822 (11.0%) (1.2%) 12.8% 21.2% 23.7x 2.87x 13.5x 2.73x 11.5x

Kirin Holdings Company, Limited 2503-JP 16.12 92.4% 14,737 23,742 18,024 1,998 (9.5%) (12.4%) 44.9% 11.1% NA 1.32x 11.9x 1.16x 10.1x

Pernod Ricard SA RI-FR 103.01 84.3% 27,342 37,458 9,763 3,528 (7.8%) (3.8%) 62.1% 36.1% 25.2x 3.84x 10.6x 3.74x 13.0x

SABMiller plc SAB-GB 60.83 91.6% 98,667 109,892 19,833 4,549 (10.4%) (5.1%) 16.5% 22.9% 38.2x 5.54x 24.2x 4.62x 17.8x

Sapporo Holdings Limited 2501-JP 5.13 88.7% 2,021 4,095 4,466 372 (5.4%) (9.5%) 33.6% 8.3% NM 0.92x 11.0x 0.79x 9.3x

Mean (6.6%) (0.3%) 45.0% 25.2% 27.3x 3.99x 15.2x 3.79x 13.7x

Median (8.5%) (3.3%) 45.5% 27.0% 25.2x 4.40x 14.6x 4.18x 13.7x

Snacks

Golden Enterprises, Inc. GLDC $6.71 100.0% 76 $84 $135 $9 1.6% (0.5%) 50.0% 6.5% 26.8x 0.62x 9.5x NA NA

Inventure Foods, Inc. SNAK 7.80 69.4% 153 264 275 4 (7.1%) 13.8% 12.6% 1.3% NA 0.96x NM 0.89x 14.0x

J & J Snack Foods Corp. JJSF 109.52 87.2% 2,039 1,952 991 152 4.5% 4.8% 29.9% 15.4% 28.5x 1.97x 12.8x 1.92x 12.5x

John B. Sanfilippo & Son, Inc. JBSS 44.61 61.2% 384 469 942 69 8.5% 9.2% 11.9% 7.4% 15.9x 0.50x 6.8x 0.52x NA

Mondelez International, Inc. MDLZ 44.04 90.7% 68,353 84,506 28,329 5,036 (15.1%) (2.6%) 39.7% 17.8% 9.6x 2.98x 16.8x 3.18x 17.3x

PepsiCo, Inc. PEP 103.41 96.7% 149,367 172,429 62,698 12,640 (5.4%) (1.5%) 56.1% 20.2% 29.5x 2.75x 13.6x 2.75x 13.7x

Snyder's-Lance, Inc. LNCE 31.80 81.3% 3,047 4,430 1,717 189 8.2% 0.9% 30.7% 11.0% NM 2.58x 23.5x 1.92x 14.2x

Mean (0.7%) 3.4% 33.0% 11.4% 22.1x 1.77x 13.8x 1.86x 14.3x

Median 1.6% 0.9% 30.7% 11.0% 26.8x 1.97x 13.2x 1.92x 14.0x

LTM EV / LTMRevenue Growth LTM Margins EV / 2016E

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PUBLIC COMPARABLES5

7

FOOD AND BEVERAGE




Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $40.81 64.5% 1,783 $1,426 $2,009 $582 30.0% 17.5% 29.5% 29.0% 5.4x 0.71x 2.4x 0.84x 4.4x

JBS S.A. JBSS3-BR 2.80 50.6% 8,012 22,199 48,241 3,397 (6.8%) 6.9% 10.8% 7.0% NM 0.46x 6.5x 0.38x 4.9x

Sanderson Farms, Inc. SAFM 81.30 84.7% 1,836 1,612 2,717 298 (6.7%) 2.9% 16.4% 11.0% 13.4x 0.59x 5.4x 0.56x 5.0x

Seaboard Corporation SEB 2,816.94 76.7% 3,299 2,691 5,461 259 (15.3%) (4.7%) 8.5% 4.7% 17.2x 0.49x 10.4x NA NA

Tyson Foods, Inc. TSN 61.22 86.9% 18,399 24,507 38,960 3,402 (3.9%) 5.4% 13.0% 8.7% 16.5x 0.63x 7.2x 0.66x 6.9x

Mean (0.6%) 5.6% 15.7% 12.1% 13.1x 0.58x 6.4x 0.61x 5.3x

Median (6.7%) 5.4% 13.0% 8.7% 15.0x 0.59x 6.5x 0.61x 5.0x

Fruit and Vegetable

Calavo Growers, Inc. CVGW $64.70 95.3% 1,128 $1,155 $865 $56 3.5% 12.9% 12.2% 6.5% 37.8x 1.33x 20.6x 1.24x 17.4x

Fresh Del Monte Produce Inc. FDP 54.62 99.5% 2,776 3,064 4,112 316 4.4% 6.2% 13.7% 7.7% 28.3x 0.75x 9.7x 0.75x 10.0x

Seneca Foods Corporation SENEA 35.79 99.6% 355 667 1,275 96 (0.9%) (0.0%) 14.8% 7.5% 6.6x 0.52x 7.0x NA NA

Total Produce Plc T7O-IE 1.63 85.3% 521 622 3,189 68 (9.9%) 0.7% 13.5% 2.1% 16.0x 0.20x 9.2x 0.16x 8.2x

Mean (0.7%) 4.9% 13.5% 5.9% 22.2x 0.70x 11.6x 0.72x 11.9x

Median 1.3% 3.4% 13.6% 7.0% 22.1x 0.63x 9.4x 0.75x 10.0x

Ingredients / Flavors

Givaudan SA GIVN-CH $1,893.17 93.4% 17,481 $18,132 $4,565 $1,075 (5.1%) 0.2% 42.6% 23.5% 26.4x 3.97x 16.9x 3.80x 15.8x

Ingredion Incorporated INGR 122.28 99.2% 8,803 10,229 5,651 980 0.2% (4.8%) 25.7% 17.3% 20.0x 1.81x 10.4x 1.82x 10.3x

International Flavors & Fragrances Inc. IFF 125.50 95.6% 10,004 10,984 3,032 692 (2.0%) 2.2% 45.0% 22.8% 25.2x 3.62x 15.9x 3.53x 15.0x

Kerry Group Plc KRZ-IE 86.28 89.5% 15,183 17,136 6,770 962 (11.3%) (3.4%) 12.4% 14.2% 25.7x 2.53x 17.8x 2.43x 17.1x

Sensient Technologies Corporation SXT 70.50 98.7% 3,160 3,787 1,372 255 (3.8%) (2.0%) 34.0% 18.6% 30.0x 2.76x 14.9x 2.72x 14.4x

Symrise AG SY1-DE 62.05 88.5% 8,054 9,763 2,941 603 0.7% 9.1% 41.2% 20.5% 29.2x 3.32x 16.2x 3.00x 14.0x

Tate & Lyle PLC TATE-GB 8.79 91.8% 4,101 4,665 3,547 364 (6.5%) (11.7%) NA 10.3% 17.5x 1.32x 12.8x 1.35x 10.2x

Mean (4.0%) (1.5%) 33.5% 18.2% 24.9x 2.76x 15.0x 2.66x 13.8x

Median (3.8%) (2.0%) 37.6% 18.6% 25.7x 2.76x 15.9x 2.72x 14.4x

Agribusiness

Archer-Daniels-Midland Company ADM $42.31 80.7% 24,861 $29,419 $64,588 $2,100 (17.2%) (10.1%) 5.0% 3.3% 16.2x 0.46x 14.0x 0.46x 9.8x

Bunge Limited BG 61.57 66.2% 8,617 11,009 41,565 1,571 (23.7%) (12.6%) 6.9% 3.8% 13.0x 0.26x 7.0x 0.27x 5.8x

CF Industries Holdings, Inc. CF 28.35 40.3% 6,608 12,598 4,359 1,887 (4.5%) (9.7%) 29.3% 43.3% 13.5x 2.89x 6.7x 2.95x 8.4x

Darling Ingredients Inc. DAR 15.03 94.4% 2,473 4,400 3,302 416 (15.3%) 23.3% 13.7% 12.6% 30.7x 1.33x 10.6x 1.28x 9.4x

Monsanto Company MON 109.35 95.3% 47,769 55,734 13,668 4,028 (8.4%) (2.5%) 58.3% 29.5% 34.4x 4.08x 13.8x 4.00x 13.7x

Andersons, Inc. ANDE 34.41 79.6% 970 1,622 4,142 65 (3.6%) (8.0%) 8.6% 1.6% NA 0.39x 24.8x 0.38x 12.9x

Mosaic Company MOS 26.74 56.7% 9,354 12,188 8,430 1,831 (8.5%) (5.9%) 11.0% 21.7% 9.9x 1.45x 6.7x 1.65x 9.3x

Mean (11.6%) (3.6%) 19.0% 16.5% 19.6x 1.55x 11.9x 1.57x 9.9x

Median (8.5%) (8.0%) 11.0% 12.6% 14.9x 1.33x 10.6x 1.28x 9.4x

Consumer and Retail

Grocery Distribution

AMCON Distributing Company DIT $86.25 97.9% 52 $73 $1,297 $14 2.8% 2.9% 5.7% 1.1% 9.7x 0.06x 5.2x NA NA

Core-Mark Holding Company, Inc. CORE 90.44 97.8% 2,092 2,100 11,628 126 11.5% 9.2% 5.0% 1.1% 40.9x 0.18x 16.7x 0.15x 13.2x

Performance Food Group Company PFGC 25.22 89.7% 2,891 4,094 15,270 281 NA NA 12.3% 1.8% 44.5x 0.27x 14.5x 0.25x 11.0x

SpartanNash Company SPTN 29.28 86.4% 1,097 1,584 7,618 227 (3.5%) NA 14.7% 3.0% 17.7x 0.21x 7.0x 0.21x 6.8x

SUPERVALU INC. SVU 4.64 49.5% 1,233 3,708 17,529 774 (1.6%) 0.8% 15.0% 4.4% 7.0x 0.21x 4.8x 0.21x 4.9x

United Natural Foods, Inc. UNFI 45.09 69.5% 2,272 2,697 8,318 301 5.4% 13.0% 15.1% 3.6% 17.8x 0.32x 9.0x 0.30x 8.8x

Mean 2.9% 6.5% 11.3% 2.5% 23.0x 0.21x 9.5x 0.22x 8.9x

Median 2.8% 6.0% 13.5% 2.4% 17.8x 0.21x 8.0x 0.21x 8.8x

LTM Margins EV / 2016ELTM Revenue Growth EV / LTM

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PUBLIC COMPARABLES5

8

FOOD AND BEVERAGE




Food Retail

Costco Wholesale Corporation COST $155.89 91.8% 68,290 $67,626 $144,038 $5,918 24.6% 11.8% 13.5% 4.1% 29.4x 0.47x 11.4x 0.55x 13.2x

Establishments Delhaize Freres DELB-BE 100.76 90.9% 10,538 11,594 27,293 1,642 (2.0%) 0.9% 24.5% 6.0% 20.6x 0.42x 7.1x 0.41x 6.3x

Fairway Group Holdings Corp. FWM 0.03 0.6% 1 223 764 15 (4.3%) 6.5% 27.3% 1.9% NA 0.29x 15.3x NA NA

Ingles Markets, Incorporated IMKTA 36.70 63.6% 512 1,410 3,774 235 (1.3%) 0.1% 24.7% 6.2% 13.0x 0.37x 6.0x 0.37x 5.9x

J Sainsbury plc SBRY-GB 3.31 74.7% 6,375 9,242 35,387 1,889 (7.5%) (1.3%) 6.1% 5.3% 9.7x 0.26x 4.9x 0.27x 5.2x

Royal Ahold N.V. AH-NL 21.35 91.0% 17,814 16,760 43,131 2,842 1.9% 0.6% 27.7% 6.6% 17.7x 0.39x 5.9x 0.38x 6.0x

Natural Grocers by Vitamin Cottage NGVC 13.22 46.1% 298 331 666 52 16.2% 20.7% 25.7% 7.8% 20.3x 0.50x 6.4x 0.45x 6.6x

Sprouts Farmers Markets, Inc. SFM 22.60 75.3% 3,407 3,542 3,729 314 20.2% 23.2% 29.0% 8.4% 25.4x 0.95x 11.3x 0.85x 10.6x

SUPERVALU INC. SVU 4.64 49.5% 1,233 3,708 17,529 774 (1.6%) 0.8% 15.0% 4.4% 7.0x 0.21x 4.8x 0.21x 4.9x

Tesco PLC TSCO-GB 2.21 61.7% 18,036 27,441 82,336 3,296 (18.6%) (6.4%) 5.1% 4.0% 40.9x 0.33x 8.3x 0.35x 7.8x

Kroger Co. KR 35.18 82.3% 33,554 44,657 111,383 5,909 2.6% 4.5% 20.9% 5.3% 16.4x 0.40x 7.6x 0.39x 7.3x

Village Super Market, Inc. VLGEA 28.05 85.1% 275 240 1,603 66 1.8% 2.9% 26.0% 4.1% 17.8x 0.15x 3.6x NA NA

Weis Markets, Inc. WMK 49.14 91.7% 1,322 1,203 2,903 173 3.6% 2.2% 25.6% 6.0% 20.0x 0.41x 7.0x NA NA

Whole Foods Market, Inc. WFM 30.57 72.8% 9,814 9,893 15,594 1,394 4.3% 7.6% 34.9% 8.9% 20.5x 0.63x 7.1x 0.62x 7.3x

Mean 2.8% 5.3% 21.9% 5.7% 19.9x 0.41x 7.6x 0.44x 7.4x

Median 1.8% 2.5% 25.2% 5.6% 20.0x 0.39x 7.0x 0.39x 6.6x

Foodservice

Colabor Group Inc. GCL-CA $0.68 60.7% 19 $165 $1,155 $21 (10.3%) (7.5%) NM 1.8% NA 0.14x 8.0x 0.13x 6.8x

Sysco Corporation SYY 49.80 98.3% 28,063 31,891 49,121 2,634 1.1% 3.9% 17.9% 5.4% 35.8x 0.65x 12.1x 0.62x 11.9x

Chefs' Warehouse, Inc. CHEF 15.57 71.4% 411 676 1,123 60 32.3% 29.1% 25.1% 5.4% 25.1x 0.60x 11.2x 0.58x 9.7x

Mean 7.7% 8.5% 21.5% 4.2% 30.5x 0.46x 10.4x 0.44x 9.4x

Median 1.1% 3.9% 21.5% 5.4% 30.5x 0.60x 11.2x 0.58x 9.7x

Quick Service Restaurant

Bojangles, Inc. BOJA $17.58 68.8% 635 $839 $501 $77 11.6% NA 18.5% 15.4% 21.2x 1.67x 10.9x 1.55x 10.6x

Jack in the Box Inc. JACK 82.69 84.2% 2,691 3,618 1,546 308 1.7% 8.6% 28.3% 19.9% 26.7x 2.34x 11.7x 2.27x 11.0x

McDonald's Corporation MCD 122.27 92.7% 107,336 127,378 25,358 8,987 (5.0%) (2.8%) 46.2% 35.4% 23.5x 5.02x 14.2x 5.18x 13.6x

Popeyes Louisiana Kitchen, Inc. PLKI 54.90 87.1% 1,202 1,287 262 83 6.8% 12.0% 82.0% 31.7% 28.9x 4.92x 15.5x 4.66x 14.4x

Restaurant Brands International Inc QSR 42.92 96.2% 10,031 19,678 4,039 1,649 113.9% NA 45.5% 40.8% 55.7x 4.87x 11.9x 4.72x 10.9x

Sonic Corp. SONC 30.27 83.3% 1,470 1,943 619 167 6.3% 4.8% 30.4% 27.0% 22.6x 3.14x 11.6x 3.07x 10.9x

Wendy's Company WEN 10.07 87.1% 2,684 4,744 1,783 427 (11.0%) (10.8%) 34.8% 24.0% 19.8x 2.66x 11.1x 3.44x 12.0x

Yum! Brands, Inc. YUM 83.55 89.5% 34,042 37,878 13,102 2,789 (0.6%) (0.8%) 49.6% 21.3% 27.5x 2.89x 13.6x 2.83x 12.6x

Mean 15.5% 1.8% 41.9% 26.9% 28.2x 3.44x 12.6x 3.47x 12.0x

Median 4.0% 2.0% 40.1% 25.5% 25.1x 3.01x 11.8x 3.26x 11.5x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $397.27 52.4% 11,601 $11,350 $4,247 $666 (1.1%) 14.7% 60.6% 15.7% 38.5x 2.67x 17.1x 2.70x NM

El Pollo Loco Holdings Inc LOCO 11.85 54.7% 454 566 359 60 1.4% NA 20.7% 16.8% 20.4x 1.58x 9.4x 1.47x 8.6x

Fiesta Restaurant Group, Inc. FRGI 23.50 37.6% 632 703 700 97 11.2% 10.6% 39.2% 13.9% 16.5x 1.00x 7.2x 0.96x 6.7x

Habit Restaurants, Inc. HABT 16.15 44.4% 256 265 243 25 26.9% NA 64.9% 10.2% NM 1.09x 10.6x 0.92x 8.4x

Noodles & Co. NDLS 10.06 59.9% 264 336 464 33 10.4% 14.1% 34.6% 7.1% NA 0.73x 10.3x 0.67x 9.4x

Panera Bread Company PNRA 211.87 95.7% 4,769 5,016 2,718 394 5.7% 7.4% 15.8% 14.5% 35.0x 1.85x 12.7x 1.78x 12.4x

Potbelly Corp. PBPB 12.51 83.5% 325 292 383 36 13.0% NA 66.7% 9.3% 56.9x 0.76x 8.2x 0.70x 7.4x

Shake Shack, Inc. SHAK 36.48 48.1% 814 802 207 41 56.6% NA 66.5% 19.6% NM 3.87x 19.8x 3.19x 18.5x

Zoe's Kitchen, Inc. ZOES 38.31 82.2% 744 751 244 21 29.4% 39.2% 64.6% 8.5% NM 3.08x 36.1x 2.67x NM

Mean 17.1% 17.2% 48.2% 12.8% 33.5x 1.85x 14.6x 1.67x 10.2x

Median 11.2% 14.1% 60.6% 13.9% 35.0x 1.58x 10.6x 1.47x 8.6x

LTM Revenue Growth LTM Margins EV / LTM EV / 2016E

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PUBLIC COMPARABLES5

9

FOOD AND BEVERAGE




Differentiated Casual

BJ's Restaurants, Inc. BJRI $45.98 87.8% 1,109 $1,178 $938 $128 8.5% 8.7% 33.8% 13.6% 24.9x 1.26x 9.2x 1.16x 8.6x

Buffalo Wild Wings, Inc. BWLD 143.04 69.5% 2,693 2,697 1,880 287 18.3% 19.8% 64.3% 15.2% 27.7x 1.43x 9.4x 1.31x 8.7x

Chuy's Holdings, Inc. CHUY 35.21 94.3% 584 579 298 38 16.5% 17.9% 16.7% 12.8% 41.9x 1.94x 15.1x 1.71x 13.4x

Dave & Buster's Entertainment, Inc. PLAY 47.20 96.7% 1,971 2,242 906 206 17.0% 13.9% 74.4% 22.8% 28.6x 2.47x 10.9x 2.28x 9.6x

Ignite Restaurant Group, Inc. IRG 1.65 27.6% 43 160 488 28 17.3% 36.0% 32.9% 5.7% NA 0.33x 5.7x 0.32x 5.3x

Cheesecake Factory Incorporated CAKE 49.19 83.6% 2,386 2,421 2,136 265 17.3% 36.0% 39.0% 12.4% 20.2x 1.13x 9.1x 1.06x 8.6x

Wingstop, Inc. WING 27.52 76.5% 788 861 81 25 16.1% NA 69.2% 31.0% NM 10.63x 34.3x 9.56x 26.2x

Mean 15.9% 22.1% 47.2% 16.2% 28.7x 2.74x 13.4x 2.49x 11.5x

Median 17.0% 18.9% 39.0% 13.6% 27.7x 1.43x 9.4x 1.31x 8.7x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $18.63 78.2% 2,145 $3,373 $4,340 $442 (3.3%) 2.5% 63.7% 10.2% 22.7x 0.78x 7.6x 0.77x 7.2x

Brinker International, Inc. EAT 45.21 74.9% 2,519 3,628 3,140 470 4.8% 3.4% 69.1% 15.0% 13.9x 1.16x 7.7x 1.11x 7.6x

Darden Restaurants, Inc. DRI 67.47 89.2% 8,550 8,782 7,022 902 48.5% (5.5%) 19.7% 12.8% 25.6x 1.25x 9.7x 1.23x 9.1x

DineEquity, Inc. DIN 82.26 77.5% 1,514 2,755 669 268 0.8% (4.5%) 59.3% 40.0% 15.2x 4.12x 10.3x 4.21x 10.1x

Red Robin Gourmet Burgers, Inc. RRGB 52.07 54.8% 711 947 1,265 147 5.4% 8.7% 71.1% 11.6% 16.1x 0.75x 6.4x 0.71x 6.3x

Ruby Tuesday, Inc. RT 3.83 50.8% 231 407 1,109 79 (2.5%) (5.1%) 33.2% 7.1% NA 0.37x 5.1x 0.38x 5.1x

Texas Roadhouse, Inc. TXRH 45.30 96.8% 3,186 3,148 1,863 228 13.2% 12.8% 17.0% 12.2% 32.1x 1.69x 13.8x 1.56x 11.9x

Mean 9.5% 1.8% 47.6% 15.6% 20.9x 1.44x 8.7x 1.42x 8.2x

Median 4.8% 2.5% 59.3% 12.2% 19.4x 1.16x 7.7x 1.11x 7.6x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $15.03 78.4% 353 $351 $338 $43 8.8% 12.3% 18.6% 12.6% 21.8x 1.04x 8.2x 0.99x 7.2x

Fogo de Chao, Inc. FOGO 12.24 45.0% 344 484 276 49 NA NA 66.7% 17.9% 11.9x 1.76x 9.8x 1.66x 8.0x

Ruth's Hospitality Group, Inc. RUTH 16.99 90.5% 573 579 378 58 13.3% (2.3%) 25.9% 15.3% 18.8x 1.53x 10.0x 1.48x 9.5x

Mean 11.1% 5.0% 37.1% 15.3% 17.5x 1.44x 9.4x 1.38x 8.2x

Median 11.1% 5.0% 25.9% 15.3% 18.8x 1.53x 9.8x 1.48x 8.0x

Pizza

Domino's Pizza, Inc. DPZ $127.29 90.4% 6,384 $8,267 $2,254 $443 10.4% 9.6% 31.0% 19.7% 35.9x 3.67x 18.6x 3.51x 17.4x

Papa John's International, Inc. PZZA 65.27 82.2% 2,431 2,752 1,634 182 0.3% 6.1% 19.4% 11.1% 32.2x 1.68x 15.2x 1.62x 14.8x

Papa Murphy's Holdings, Inc. FRSH 7.18 32.4% 122 230 124 23 22.3% NA 69.7% 18.4% 39.9x 1.85x 10.1x 1.63x 9.1x

Mean 11.0% 7.9% 40.0% 16.4% 36.0x 2.40x 14.6x 2.25x 13.8x

Median 10.4% 7.9% 31.0% 18.4% 35.9x 1.85x 15.2x 1.63x 14.8x

Beverage / Snack Retail

DAVIDsTEA, Inc. DTEA $12.75 55.4% 312 $257 $144 $20 NA NA 47.7% 14.1% NA 1.79x 12.6x 1.54x 11.8x

Dunkin' Brands Group, Inc. DNKN 44.98 79.2% 4,122 6,280 815 405 6.8% 6.9% 74.8% 49.7% 36.9x 7.71x 15.5x 7.35x 13.8x

Jamba, Inc. JMBA 10.25 62.4% 155 142 128 (5) (41.6%) (17.9%) 49.8% NM 22.8x 1.11x NM 1.77x 15.5x

Krispy Kreme Doughnuts, Inc. KKD 20.95 96.3% 1,278 1,261 523 73 4.3% 5.3% 17.9% 14.1% 44.6x 2.41x 17.2x 2.32x 15.7x

Starbucks Corporation SBUX 55.31 86.4% 81,024 82,604 20,149 4,565 13.9% 12.8% 22.5% 22.7% 32.7x 4.10x 18.1x 3.77x 15.2x

Mean (4.1%) 1.8% 42.5% 25.1% 34.2x 3.42x 15.8x 3.35x 14.4x

Median 5.6% 6.1% 47.7% 18.4% 34.8x 2.41x 16.3x 2.32x 15.2x

Family Restaurant

Bob Evans Farms, Inc. BOBE $40.24 77.4% 795 $1,121 $1,339 $346 (0.8%) (5.9%) 30.9% 25.9% 35.6x 0.84x 3.2x 0.85x 8.0x

Cracker Barrel Old Country Store, Inc. CBRL 167.01 96.9% 3,999 4,222 2,886 356 2.5% 2.6% 69.7% 12.3% 21.6x 1.46x 11.9x 1.42x 11.4x

Denny's Corporation DENN 10.84 84.7% 833 1,050 496 90 3.2% 1.4% 28.1% 18.1% 23.6x 2.12x 11.7x 2.08x 10.9x

Luby's, Inc. LUB 4.66 89.4% 135 170 429 23 8.4% 6.2% 30.9% 5.4% NA 0.40x 7.4x NA NA

Mean 3.3% 1.1% 39.9% 15.4% 26.9x 1.20x 8.6x 1.45x 10.1x

Median 2.8% 2.0% 30.9% 15.2% 23.6x 1.15x 9.6x 1.42x 10.9x

LTM Revenue Growth LTM Margins EV / LTM EV / 2016E

PAGE |


10

FOOD AND BEVERAGE


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

CONAGRA DIVESTS J.M. SWANK TO PLATINUM EQUITY

Cargill announced it will acquire Five Star Custom Foods for an undisclosed amount in cash.

Five Star Custom Foods produces cooked protein products, including IQF meat, diced and shredded meat, and kettle-cooked products.

The transaction will bolster Cargill’s meat processing capabilities and is expected to deliver cost savings from supply chain efficiencies.

Enterprise Value: NDRevenue Multiple: NDEBITDA Multiple: NDAnnounced: June 1, 2016

CONAGRA DIVESTS SPICETEC TO GIVAUDAN

CARGILL TO ACQUIRE FIVE STAR CUSTOM FOODS

ConAgra announced plans to divest its Spicetec Flavors & Seasonings business to Givaudan for approximately $340 million in cash.

Spicetec produces flavors, spices, and seasonings for meat and poultry, sauce and gravy, soup, snack, and dairy applications.

The transaction provides Givaudan with an expanded product offering, particularly within processed meats, retail, and foodservice.

Enterprise Value: $340mmRevenue Multiple: NDEBITDA Multiple: NDAnnounced: May 23, 2016

ConAgra Foods announced the divestiture of its J.M. Swank division to Platinum Equity for an undisclosed amount in cash.

J.M. Swank produces flavoring ingredients for the dairy, beverage, poultry, seafood, bakery, snack / confectionery, and prepared foods categories.

The transaction is consistent with ConAgra’s previously-announced plans to divest non-core business units.

Enterprise Value: NDRevenue Multiple: NDEBITDA Multiple: NDAnnounced: June 8, 2016

50

60

70

80

90

100

110

120

130

140

Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16

Restaurant Natural/Organic

Beverage Private Label Food Manufacturing

Protein Processing/Dairy S&P 500

6.9%

6.9%

(18.2%)

16.5%

5.3%

2.0%

PAGE |

M&A MARKET OVERVIEW*

11

FOOD AND BEVERAGE


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 Buyer1/0/1900 0 Cargill, Incorporated

6/14/2016 Dianne's Fine Desserts Geneva Glen Capital

6/13/2016 Superior Cake Products Inc. Hostess Brands LLC

6/9/2016 Orin Swift Cellars LLC E. & J. Gallo Winery, Inc.

6/8/2016 Retail Relay, Inc. Door to Door Organics, Inc.

6/8/2016 J.M. Swank Co., Inc. Plat inum Equity LLC

6/8/2016 Five Valleys Cordials Ltd. Frobishers Juices Ltd.

6/8/2016 Giraffe Concepts Ltd. Boparan Restaurant Holdings Ltd.

6/7/2016 Lauriga SCEA D Paul Mas SARL

6/7/2016 Food Distribution & Export Trade Co. Halydean Corp.

6/7/2016 La Fernandière, Inc. Olymel LP

9.9x

8.8x 8.3x

8.0x

11.3x

9.2x 9.7x

8.8x

7.4x

0.00x

0.40x

0.80x

1.20x

1.60x

2.00x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2008 2009 2010 2011 2012 2013 2014 2015 2016

YTD

EV

/ LTM

Sa

les M

ultip

leEV

/ L

TM E

BIT

DA

Mu

ltip

le

EV / L TM EBITDA EV / L TM Sale s

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7

$120.7

$247.7

$14.1

0

100

200

300

400

500

600

$0

$40

$80

$120

$160

$200

$240

$280

2008 2009 2010 2011 2012 2013 2014 2015 2016

YTD

Nu

mb

er o

f Tran

sa

ctio

ns

Ag

gre

ga

te

D

ea

l V

alu

e (

$ in

billio

ns)

Aggre gate Deal Value # of deals

2114

3225 26

3831

65

3227

17

34

18

3643

48

65

20

0

10

20

30

40

50

60

70

2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Number of Investments Number of Exits

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

PAGE |

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA - Capex/

Cash Interest

EB

ITD

A M

ult

iple

2011 2012 2013 2014 2015

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2009 2010 2011 2012 2013 2014 2015

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

$0

$2

$4

$6

$8

$10

$12

$14

$16

4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

Loa

n V

olu

me

by

Qu

art

er

($ in

bill

ion

s)

Institutional Pro Rata

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

06/09/16 Ferrara Candy Co Candy USD 535 Term Loan N/A 450

06/09/16 Ferrara Candy Co Candy USD 150 Term Loan N/A N/A

06/08/16 Granol Industria Comercio Food preparations USD 150 Term Loan N/A 500

06/08/16 Schwan Food Co Ice cream and frozen desserts USD 150 Revolver/Line >= 1 Yr. N/A N/A

05/31/16 Intersnack Knabber Potato chips and similar snacks EUR 375 Revolver/Line >= 1 Yr. N/A N/A

05/31/16 Intersnack Knabber Potato chips and similar snacks GBP 203 Term Loan N/A N/A

05/27/16 Advance Pierre Foods Food preparations USD 1,300 Term Loan B N/A 375

05/21/16 Kodama Co Ltd Sausages and other meats JPY 620 Revolver/Line >= 1 Yr. N/A N/A

05/20/16 Allgau Milch Kase eG Fluid milk USD 10 Revolver/Line >= 1 Yr. N/A N/A

05/20/16 Allgau Milch Kase eG Fluid milk USD 5 Term Loan N/A N/A

05/19/16 Marie Brizard & Roger International Distilled and blended liquors USD 63 Revolver/Line >= 1 Yr. N/A N/A

05/18/16 General Mills Inc Cereal breakfast foods USD 2,700 Revolver/Line >= 1 Yr. N/A 100

05/10/16 TBG Food Acquisition Corp Bread, cake and related products USD 43 Term Loan N/A 300

05/10/16 TBG Food Acquisition Corp Bread, cake and related products USD 5 Revolver/Line >= 1 Yr. N/A 300

05/03/16 Coca-Cola European Partners Bottled and canned soft drinks EUR 2,300 Bridge Loan N/A N/A

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE


Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

6/14/2016 Dianne's Fine Desserts Superior Capital Partners Geneva Glen Capital - - - - P N.A.

6/13/2016 Superior Cake Products Inc. - Hostess Brands LLC - - - - N.A.

6/9/2016 Orin Swift Cellars LLC - E. & J. Gallo Winery, Inc. - - - - N.A.

6/8/2016 Retail Relay, Inc. - Door to Door Organics, Inc. - - - - N.A.

6/8/2016 J.M. Swank Co., Inc. ConAgra Foods, Inc. Plat inum Equity LLC - - - - P N.A.

6/8/2016 Five Valleys Cordials Ltd. - Frobishers Juices Ltd. - - - - EU

6/8/2016 Giraffe Concepts Ltd. Tesco Plc Boparan Restaurant Holdings Ltd. - - - - EU

6/7/2016 Lauriga SCEA - D Paul Mas SARL - - - - EU

6/7/2016 Food Distribut ion & Export Trade Co. - Halydean Corp. - - - - N.A.

6/7/2016 La Fernandière, Inc. - Olymel LP - - - - N.A.

6/7/2016 Société Herreng SARL - API Restaurat ion SA - - - - EU

6/7/2016 HaandBryggeriet AS - Norbrew AS - - - - EU

6/6/2016 Shave Ice Norge AS - Diplom-Is AS - - - - EU

6/6/2016 Bakkersland Groep BV - Borgesius Holding BV - - - - EU

6/6/2016 TNTGamble, Inc. - Probi AB $105.0 - - - Cross Border

6/6/2016 Fromagerie E. Graindorge SAS - Groupe Lactalis SA - - - - EU

6/3/2016 United Food's Cool Salad Business United Food Family BV Smilde Foods BV - - - - EU

6/2/2016 Norway Seafoods Group AS - Lerøy Seafood Group ASA $64.7 - - - EU

6/2/2016 Müller & Dietrich Fruchthof AG Rivella AG BRF Holding AG - - - - EU

6/2/2016 Gigi's Cupcakes, Inc. - Fundcorp, Inc. - - - - P N.A.

6/2/2016 Ridgefields's Sherbet Business The Ridgefields Brand Corp. Country Pure Foods LLC $13.7 - - - N.A.

6/1/2016 Five Star Custom Foods Ltd. - Cargill, Inc. - - - - N.A.

5/31/2016 Romain Aires EURL - Romain Aires EURL - - - - P EU

5/30/2016 Conservas Portomar SL - Armadora Pereira SA $11.1 - - - EU

5/27/2016 Preferred Meal Systems, Inc. - Elior North America - - - - N.A.

5/26/2016 Black River Cheese Co. - Gay Lea Foods Co-operative Ltd. - - - - N.A.

5/26/2016 Vandemoortele NV - Safinco NV - - - - EU

5/25/2016 Kahala Brands Ltd. - MTY Food Group, Inc. $300.0 - - - N.A.

5/24/2016 Scitec Holding BV - Ascendis Health Ltd. $190.4 - - - Cross Border

5/24/2016 Knighton Foods Ltd. - Premier Foods Plc - - - - EU

5/24/2016 Driftwood Dairy Holding Corp. - Vietnam Dairy Products Corp. $10.0 - - - Cross Border

5/23/2016 New Age Beverages LLC - American Brewing Co., Inc. $20.0 - - - Cross Border

5/23/2016 Spicetec Flavors & Seasonings Business ConAgra Foods, Inc. Givaudan SA $340.0 - - - Cross Border

5/20/2016 Continentale Nutrit ion SA - ABP Food Group - - - - EU

5/19/2016 Project Service LLC Carlyle Infrastructure John Laing Capital Mgmt. $105.3 - - - P Cross Border

5/19/2016 Restaurant Group Plc - Rumored Bidder - - - - P EU

5/19/2016 Autogrill Restaurat ion Services SAS Edizione SRL Elior Group SA - - - - EU

5/18/2016 Just in's LLC - Hormel Foods Corp. $286.0 - - - N.A.

5/18/2016 Menken Orlando BV - Intersnack International BV - - - - EU

5/17/2016 Far Niente Winery, Inc. - GI Manager LP - - - - P N.A.

49

3442

53 52 4839

33

46 47 52

70

89

58 57

82

141

118

92 9485

7

7

5

4 79

610

138

7

10

6

105

20

18

8

19 18

14

0

20

40

60

80

100

120

140

160

180

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

Q4

12

Q1

13

Q2

13

Q3

13

Q4

13

Q1

14

Q2

14

Q3

14

Q4

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Nu

mb

er

of

Tra

nsa

cti

on

sStrategic Acquirer Private Equity Acquirer

M&A OVERVIEW*

13

FOOD AND BEVERAGE


QUARTERLY M&A ACTIVITY

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

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES


10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

Ma

y-1

5

Ju

n-1

5

Jul-1

5

Au

g-1

5

Se

p-1

5

Oc

t-1

5

No

v-1

5

De

c-1

5

Ja

n-1

6

Fe

b-1

6

Ma

r-16

Ap

r-16

Ma

y-1

6

Me

dia

n T

rad

ing

Mu

ltip

le

Food Products, Processing, and Ingredients Retail and Restaurants

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

5/16/2016 Frebaco Kvarn AB - Karl Fazer Oy AB - - - - EU

5/16/2016 Copain Wines - Jackson Family Wines, Inc. - - - - N.A.

5/16/2016 Cowgirl Creamery Corp. - Emmi AG - - - - Cross Border

5/16/2016 Indian SRL GI.CREM SpA DeA Capital SpA (Venture Capital) $34.7 1.1x - - P EU

5/15/2016 Aroma Snacks GmbH & Co. KG - Tyrrells Potato Crisps Ltd. - - - - EU

5/13/2016 Sandhi Wines LLC - Sandhi Wines LLC /Private Group/ - - - - N.A.

5/11/2016 Nature's Variety, Inc. - Agrolimen SA - - - - Cross Border

5/11/2016 PALM Breweries NV - Bavaria NV - - - - EU

5/11/2016 Ineobio - Wessanen NV - - - - EU

5/11/2016 Den Deugniet BV - Alken-Maes SA - - - - EU

5/10/2016 Bernard Roland SAS - Bernard Roland SAS /Lhotelier/ - - - - P EU

5/10/2016 PALM Belgian Craft Brewers NV - Bavaria N.V. - - - - EU

5/9/2016 Icicle Seafoods, Inc. Paine & Partners, LLC Cooke Seafood USA Inc. - - - - P N.A.

5/9/2016 Friendly's Ice Cream Sun Capital Partners, Inc. Dean Foods Company (NYSE:DF) $155.0 0.9x - - P N.A.

5/9/2016 Krispy Kreme Doughnuts (NYSE:KKD) - JAB Holding $1,297.5 2.5x 17.8x 22.8x N.A.

5/6/2016 L.O. Smith AB Cefour Wine & Beverage The Absolut Company AB $1.1 - - - EU

5/5/2016 Matt 's Cookie Company - City Capital Ventures, LLC - - - - P N.A.

5/4/2016 Davidson Specialty Foods, Inc. - C&S Wholesale Grocers, Inc. - - - - N.A.

5/2/2016 Cargill Dressing, Sauces & Oils N.A. Cargill, Incorporated Ventura Foods, LLC - - - - N.A.

4/30/2016 Bibendum PLB Group Limited - Conviviality Brands Limited $87.2 - - - EU

4/29/2016 Boundless Nutrit ion, LLC - Amplify Snack Brands, Inc. (NYSE:BETR) $30.8 - - - N.A.

4/29/2016 Kalle GmbH Silverfleet Capital Partners Clayton, Dubilier & Rice, Inc. - - - - P Cross Border

4/29/2016 Give and Go Prepared Foods Corp. OMERS Private Equity Thomas H. Lee Partners, L.P. - - - - P N.A.

4/29/2016 Unipeg Soc. Coop. Agricola - Inalca S.p.A. $98.5 0.2x - - EU

4/28/2016 Red Hot World Buffet Limited Risk Capital Partners Limited Framemill Limited - - - - P EU

4/28/2016 Elizabeth Shaw Limited Imagine Capital AS Colian Holdings SA (WSE:COL) $3.4 - - - P EU

4/28/2016 Ohio Pet Foods, Inc. - BrightPet Nutrit ion Group, LLC - - - - N.A.

4/27/2016 The BenRiach Dist illery Company Limited - Brown-Forman Corporation $414.5 - - - Cross Border

4/27/2016 CONBIO s.r.l. - Granarolo S.p.A. - - - - EU

4/26/2016 The Great Oregon Wine Co. - Integrated Beverage Group LLC - - - - N.A.

4/26/2016 Diamond Crystal Brands, Inc. Hormel Foods Corporation Peak Rock Capital - - - - P N.A.

4/26/2016 Continental Bakeries B.V. NPM Capital N.V. Goldman Sachs Group - - - - P Cross Border

4/25/2016 barkTHINS Alliance Consumer Growth The Hershey Company (NYSE:HSY) - - - - P N.A.

4/25/2016 Panrico, S.A.U Grupo Bimbo, S.A.B. de C.V. Adam Foods, S.L. - - - - EU

4/22/2016 Stührk Delikatessen Import GmbH & Co. KG - Gottfried Friedrichs KG - - - - EU

4/21/2016 Walter Rau Neusser Öl und Fett AG Peter Cremer Holding Bunge Deutschland GmbH - - - - EU

4/20/2016 Pinnacle Restaurant Group, Inc. - Growler USA - - - - N.A.

4/20/2016 Stryker Sonoma - Foley Family Wines, Inc. - - - - N.A.

4/19/2016 SABMiller plc, European Business SABMiller plc (LSE:SAB) Asahi Group Holdings, Ltd. $2,901.2 - - - Cross Border

4/19/2016 Louis Dreyfus Citrus Inc., Frozen Juice Louis Dreyfus Citrus Inc. Peace River Citrus Products, Inc. - - - - N.A.

4/18/2016 Ackermanns Haus Flüssiges Obst - Lausitzer Früchteverarbeitung Gmbh - - - - EU

4/18/2016 Penner-Ash Wine Cellars, LLC - Jackson Family Wines, Inc. - - - - N.A.

4/15/2016 Corner Creek Dist illery Co. - Espiritus LLC - - - - N.A.

4/14/2016 Bonds Confectionery Ltd - Innovative Bites Ltd. - - - - EU

4/12/2016 Devils Backbone Brewing Company LLC - Anheuser-Busch Companies, LLC - - - - N.A.

4/12/2016 Progressive Gourmet, Inc. - Monogram Food Solut ions, LLC. - - - - N.A.

4/11/2016 Crown Chicken Ltd - Cranswick plc (LSE:CWK) $57.0 0.5x 6.1x - EU

4/11/2016 Evans Food Group Ltd. - Wind Point Partners - - - - P N.A.

4/11/2016 Pink Taco LLC - Z Capital Management LLC - - - - P N.A.

4/6/2016 Huneeus Vintners, Certain Brands Huneeus Vintners LLC Constellat ion Brands Inc. (NYSE:STZ) $285.0 - - - N.A.

4/6/2016 Isbjorn Is AS - Food Union - - - - EU

4/6/2016 Kiennast GmbH - Julius Kiennast GmbH & Co. KG - - - - EU

4/5/2016 Royal Biscuit Nordic A/S - Bisca A/S - - - - EU

4/4/2016 DE.AL. s.r.l. - MARR SpA (BIT:MARR) $41.0 0.6x - - EU

4/4/2016 FAR Jamon Serrano, s.a. - Coopecarn Girona, S.L.U. - - - - EU

4/3/2016 Barries Ices Ltd - Brymor Limited - - - - EU

4/1/2016 La Donatella SRL - Forno d'Asolo S.p.A - - - - EU

4/1/2016 The Kobos Company - Groundwork Coffee Company, Inc. - - - - N.A.

4/1/2016 Highline Produce Limited - Fyffes plc (ISE:FQ3) $110.9 - 8.1x - Cross Border

3/31/2016 Groupe St-Hubert Inc. - Cara Operations Limited (TSX:CAO) $414.1 0.9x 12.0x - N.A.

3/31/2016 Nor-Cal Produce - United Natural Foods, Inc. $68.6 0.5x - - N.A.

3/30/2016 Sterling Foods, LLC - Cotton Creek Capital - - - - P N.A.

3/29/2016 DIS B.V. Sligro Food Group Nederland B.V. Refresco Gerber N.V. $80.6 0.8x 7.5x - EU

3/29/2016 Bowood Farms Limited - Yorkshire Halal Meat Supplies Ltd. $2.9 - - - EU

3/29/2016 Noga Dairy Inc. - Raymundo's Food Group, LLC. - - - - N.A.

M&A OVERVIEW*

14

FOOD AND BEVERAGE


Recent Food and Beverage M&A5


PAGE |

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

June 2016

Date Company

6/7/2016 Greenyard Foods NV (ENXTBR:GRYFO)

6/9/2016 The J. M. Smucker Company (NYSE:SJM)

6/16/2016 The Kroger Co. (NYSE:KR)

6/22/2016 ConAgra Foods, Inc. (NYSE:CAG)

6/22/2016 Tesco PLC (LSE:TSCO)

July 2016

Date Company

7/6/2016 Suedzucker AG (DB:SZU)

7/14/2016 Cloetta AB (publ) (OM:CLA B)

7/16/2016 Hilton Food Group plc (LSE:HFG)

7/20/2016 Dunkin' Brands Group, Inc. (NasdaqGS:DNKN)

7/20/2016 Ruby Tuesday, Inc. (NYSE:RT)

7/21/2016 Domino's Pizza, Inc. (NYSE:DPZ)

7/21/2016 Starbucks Corporation (NasdaqGS:SBUX)

7/21/2016 Chocoladefabriken Lindt & Sprüngli AG (SWX:LISN)

7/25/2016 Panera Bread Company (NasdaqGS:PNRA)

7/26/2016 Koninklijke Wessanen N.V. (ENXTAM:WES)

7/26/2016 Buffalo Wild Wings Inc. (NasdaqGS:BWLD)

7/26/2016 The Cheesecake Factory Incorporated (NasdaqGS:CAKE)

7/27/2016 Danone (ENXTPA:BN)

7/27/2016 Diageo plc (LSE:DGE)

7/28/2016 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

7/28/2016 Frosta AG (DB:NLM)

7/28/2016 Parmalat SpA (BIT:PLT)

7/28/2016 Tokyo Ichiban Foods Co., Ltd. (TSE:3067)

7/31/2016 Heineken Holding NV (ENXTAM:HEIO)

August 2016

Date Company

8/1/2016 Archer-Daniels-Midland Company (NYSE:ADM)

8/1/2016 Molson Coors Brewing Company (NYSE:TAP)

8/2/2016 Papa John's International Inc. (NasdaqGS:PZZA)

8/2/2016 Jack in the Box Inc. (NasdaqGS:JACK)

8/2/2016 Sapporo Holdings Ltd. (TSE:2501)

8/2/2016 Molson Coors Brewing Co. (NYSE:TAP)

8/4/2016 TreeHouse Foods, Inc. (NYSE:THS)

8/8/2016 Tyson Foods, Inc. (NYSE:TSN)

8/11/2016 Flowers Foods, Inc. (NYSE:FLO)

8/15/2016 Sysco Corp. (NYSE:SYY)

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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16

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PAGE |

HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Factset

6. Thomson Financial

7. S&P

8. Reuters

SOURCES

FOOD AND BEVERAGE


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DISCLOSURES

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