INDUSTRY UPDATE JULY 2015 - Harris Williams...+1 (612) 359-2702 Tim Alexander Managing Director [email protected] +1 (612) 359-2716 Ryan Budlong Director [email protected]

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 JULY 2015

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

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

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

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

MARKET UPDATE

FOOD AND BEVERAGE


CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING

has divested selected assets to

and

a portfolio company of

has been acquired by



and






has acquired








A Private

Investor Group


M&A activity in the food and beverage sector continued to carry momentum

through June into July. 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 remains strong, as illustrated

by McCormick’s acquisition of Stubb’s barbeque sauces and Ingredion’s

acquisition of Kerr Concentrates. Transaction multiples remain robust, as

acquirers pay for the growth potential of high-quality food and beverage

businesses.

http://www.harriswilliams.com/

mailto:[email protected]






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WHAT WE’RE READING

2

FOOD AND BEVERAGE


VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

40

60

80

100

120

140

Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15

Co

mm

od

ity P

ric

e In

de

x

Corn Soybeans Wheat Crude Oil

90

100

110

120

130

140

150


Pro

tein

Pri

ce

Ind

ex

Beef Pork Poultry

Beef:

36.4%

Poultry:

5.2%

Pork:

4.6%

Soybeans:

(29.0%)

Wheat:

(35.7%)

Crude Oil:

(42.1%)

Corn:

(46.3%)

According to USDA's Economic Research Service, the Middle East and North Africa are the fastest-growing sectors forfood and feed imports. Despite the violence and political uncertainty in these regions, their growing populations andrising incomes are driving higher demand for major food and feed grains, soybeans, cotton, and meats. Although theU.S. historically played an important role in transporting food to the area, new exporters in Europe, South America,and Asia have emerged to compete for the region's market share.

Access to the full article here.

THE U.S. IS FACING INCREASED COMPETITION IN FOOD EXPORTS TO THE MIDDLE EAST AND NORTH AFRICA

The Safe and Accurate Food Labeling Act, introduced to the house this past March, is designed to prevent individualstates from passing legislation requiring the labeling of food and beverage products containing bioengineeredingredients. The current patchwork system is inconsistent across the country and interferes with the free flow of goodscausing unnecessary expenses for food manufacturers.


HOUSE COMMITTEE PASSES FOOD LABELING LAW

Looking ahead to 2015, the Department of Agriculture predicts that supermarket (food-at-home) prices will see slightlylower-than-average food price inflation, increasing 1.75 to 2.75 percent. Beef and veal prices will likely continue toexperience the effects of the Texas/Oklahoma drought. Additionally, the effects of the Porcine Epidemic Diarrheavirus (PEDv) on the hog industry are subsiding, and the hog industry has started to expand in 2015.


DESPITE EFFECTS OF THE 2014 DROUGHT, RETAIL FOOD PRICE INFLATION APPROACHED 20-YEAR HISTORICAL AVERAGE

http://www.ers.usda.gov/media/1869606/aes88.pdf

http://www.foodbusinessnews.net/articles/news_home/Regulatory_News/2015/07/House_committee_passes_food_la.aspx?ID=EE6BA35B-ABED-466C-9132-E5CD824454F4

http://www.ers.usda.gov/data-products/food-price-outlook/summary-findings.aspx

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Net Debt /

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

Protein Processing (1.1%) 23.6% (2.7%) (24.9%) 13.0x 14.2x 7.9x 1.9x

Fruit and Vegetable 1.3% 20.0% 0.1% 13.2% 16.7x 14.8x 12.2x 1.0x

Ingredients / Flavors (4.6%) 12.0% 0.2% 14.0% 21.7x 27.3x 14.2x 2.0x

Agribusiness (0.1%) (3.4%) 1.4% (18.6%) 13.5x 17.2x 8.8x 1.4x

Branded Processed Foods 2.9% 7.2% 8.0% 11.8% 21.4x 29.4x 15.7x 3.1x

Private Label Foods (3.5%) (0.5%) (8.9%) 15.1% 22.7x 31.3x 14.2x 5.5x

Natural / Organic Foods (0.4%) 23.3% 3.9% 4.1% 36.2x 56.0x 21.1x 3.2x

Baked Goods / Snack Foods (1.7%) 2.7% (3.6%) (1.3%) 25.5x 28.7x 11.8x 2.5x

Dairy (5.3%) (2.8%) (14.0%) (5.1%) 19.5x 23.4x 8.8x 2.1x

Non-Alcoholic Beverages 0.9% 20.6% (0.2%) 12.0% 20.4x 22.6x 13.9x 1.8x

Alcoholic Beverages (2.4%) 14.3% (1.0%) 15.9% 22.7x 27.1x 12.7x 3.1x

Food Retail (11.3%) 9.5% (6.2%) 12.1% 17.9x 20.6x 7.6x 2.1x

Grocery Distribution (3.2%) 0.3% (2.7%) (0.5%) 18.5x 20.9x 7.9x 2.4x

Foodserv ice (7.5%) (1.8%) (4.7%) 0.2% 23.8x 29.9x 10.0x 3.6x

Quick Serv ice Restaurant 1.2% 30.2% (2.8%) 11.5% 29.1x 33.5x 13.5x 2.1x

Fast Casual (3.0%) 15.8% (16.5%) (6.8%) 36.4x 32.8x 15.0x 0.8x

Differentiated Casual 12.1% 9.0% 4.7% (5.0%) 31.0x 34.5x 12.8x 0.2x

Casual Dining Restaurant 3.3% 29.0% (0.2%) 11.0% 23.1x 28.7x 10.8x 2.1x

Fine Dining (3.0%) 3.8% (7.9%) (12.1%) 18.7x 22.5x 10.0x NM

Pizza 18.6% 86.1% 12.7% 28.6% 35.7x 38.0x 20.4x 3.8x

Beverage / Snack Retail 5.6% 32.9% 17.8% 18.0% 32.0x 31.4x 20.0x 2.9x

Family Restaurant 8.4% 42.9% (2.4%) 28.5% 26.8x 22.4x 12.8x 2.4x

Overall Median (1.9%) 10.6% (1.6%) 9.8% 22.7x 25.6x 12.7x 2.3x

Co

nsu

me

r a

nd

Re

tail

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

Fo

od

an

d B

ev

era

ge

Inp

uts

80

100

120

140

May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15

Sa

les

Ind

ex

Restaurant Grocery

VITAL SIGNS

3

FOOD AND BEVERAGE


RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Restaurant:

28.8%

Grocery:

11.7%

(0.5)

1.0

2.5

4.0

5.5


Infla

tio

n (

%)

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Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

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 Construction

Working Capital

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

09/30/15 06/26/15 Amplify Snack Brands Inc BETR IPO $200.0 Secondary

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.

04/13/15 04/13/15 Diamond Estate Wines DWS Follow-On $1.9 General Corp. Purp.

04/02/15 04/02/15 Scor International Foods Inc - IPO $5.0 Working Capital

Oper Fund / Cash Res

03/25/15 03/25/15 Premium Brands Holding Corp PBH Convertible $48.0 Reduce Indebtedness

Future Acquisitions

03/16/15 03/16/15 Wayne Farms Inc - IPO $100.0 Reduce Indebtedness

Working Capital

03/09/15 09/08/14 Pinnacle Foods Inc PF Follow-On $532.1 Secondary

Pay Fees & Expenses

02/25/15 11/27/14 Naturally Splendid Entrp Ltd NSP Follow-On $1.5 Working Capital

Property Development


4

FOOD AND BEVERAGE


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

RECENT EQUITY OFFERINGS6

Agribusiness

Dairy

Foodserv ice

Priv ate Label Foods

Grocery Distribution

Baked Goods / Snack Foods

Fine Dining

Branded Processed Foods

Differentiated Casual

Food Retail

Ingredients / Flav ors

S&P

Alcoholic Bev erages

Fast Casual

Fruit and Vegetable

Non-Alcoholic Bev erages

Natural / Organic Foods

Protein Processing

Casual Dining Restaurant

Quick Serv ice Restaurant

Bev erage / Snack Retail

Family Restaurant

Pizza

(17.5%) (5.0%) 7.5% 20.0% 32.5% 45.0% 57.5% 70.0% 82.5% 95.0%

Inputs Food and Beverage Consumer and Retail

PAGE |

Price at As a % of Market Cash & Enterprise P/E

($ in millions, except per share data) Ticker 7/14/15 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF $31.33 59.9% $24,647 $1,675 $437 $25,884 $12,985 $1,553 (1.5%) 3.8% 24.0% 12.0% 42.1x 1.99x 16.7x 1.20x 10.4x

B&G Foods Inc. BGS 29.22 85.6% 1,706 1,032 24 2,715 867 183 15.3% 15.0% 29.4% 21.1% 37.5x 3.13x 14.8x 3.10x 13.5x

Campbell Soup Company CPB 48.20 99.6% 14,852 3,795 230 18,417 8,241 1,508 1.3% 2.3% 34.3% 18.3% 19.8x 2.23x 12.2x 2.26x 11.9x

ConAgra Foods, Inc. CAG 44.56 100.0% 19,098 8,370 137 27,331 15,832 429 (10.6%) 5.9% 19.8% 2.7% NM 1.73x 63.8x 1.72x 12.7x

General Mills, Inc. GIS 57.29 99.2% 34,439 10,291 784 43,946 17,630 3,245 (1.6%) 1.9% 33.8% 18.4% 23.8x 2.49x 13.5x 2.44x 12.3x

Hormel Foods Corporation HRL 58.27 98.2% 15,383 250 624 15,009 9,503 1,155 5.9% 5.6% 18.0% 12.1% 23.4x 1.58x 13.0x 1.56x 12.7x

Kellogg Company K 64.14 91.8% 22,649 7,731 349 30,031 14,394 1,669 (1.9%) 3.1% 34.7% 11.6% 49.7x 2.09x 18.0x 2.18x 12.0x

McCormick & Company, Incorporated MKC 80.78 100.0% 10,304 1,323 87 11,541 4,251 691 0.9% 2.7% 40.6% 16.2% 23.9x 2.71x 16.7x 2.67x 15.7x

Mondelez International, Inc. MDLZ 41.93 100.0% 67,668 18,811 1,902 84,577 33,365 5,087 (5.2%) 1.5% 37.0% 15.2% 29.4x 2.53x 16.6x 2.79x 15.6x

Nestlé S.A. NESN 71.80 85.6% 228,927 21,838 9,027 241,738 91,865 17,430 (0.5%) 3.1% 48.2% 19.0% 15.3x 2.63x 13.9x 2.46x 12.9x

Post Holdings, Inc. POST 53.48 100.0% 2,905 3,965 579 6,291 3,803 473 NM 58.5% 24.5% 12.4% NM 1.65x 13.3x 1.23x 9.4x

The Hain Celestial Group, Inc. HAIN 68.25 100.0% 6,992 879 100 7,771 2,574 296 26.6% 25.6% 23.5% 11.5% 50.8x 3.02x 26.3x 2.67x 19.0x

The Hershey Company HSY 92.53 83.1% 20,181 2,460 405 22,236 7,488 1,666 4.1% 6.2% 45.0% 22.3% 24.6x 2.97x 13.3x 2.83x 12.3x

The J. M. Smucker Company SJM 108.39 89.8% 13,008 6,171 126 19,053 5,693 1,150 1.5% 1.0% 34.7% 20.2% 33.9x 3.35x 16.6x 2.40x 11.7x

Mean 2.6% 9.7% 32.0% 15.2% 31.2x 2.44x 19.2x 2.25x 13.0x

Median 0.9% 3.4% 34.1% 15.7% 27.0x 2.51x 15.7x 2.42x 12.5x

Private Label Foods

Seneca Foods Corp. SENE.A $29.26 92.0% $296 $284 $11 $569 $1,286 $37 (4.0%) 0.8% 6.5% 2.9% 30.6x 0.44x 15.3x NA NA

Treehouse Foods, Inc. THS 81.45 87.7% 3,479 1,399 63 4,815 3,110 368 31.1% 14.3% 20.6% 11.8% 32.1x 1.55x 13.1x 1.39x 11.4x

Mean 13.5% 7.5% 13.5% 7.4% 31.3x 1.00x 14.2x 1.39x 11.4x

Median 13.5% 7.5% 13.5% 7.4% 31.3x 1.00x 14.2x 1.39x 11.4x

Natural / Organic Foods

Boulder Brands, Inc. BDBD $7.05 45.6% $426 $299 $21 $704 $523 $59 9.5% 21.2% 37.2% 11.3% NM 1.35x 12.0x 1.35x 9.9x

SunOpta Inc. TSX:SOY 13.45 100.0% 886 145 3 1,028 1,224 63 3.7% 5.8% 11.4% 5.1% NM 0.84x 16.4x 0.79x 12.9x

The Hain Celestial Group, Inc. HAIN 68.25 100.0% 6,992 879 100 7,771 2,574 296 26.6% 25.6% 23.5% 11.5% 50.8x 3.02x 26.3x 2.67x 19.0x

The WhiteWave Foods Company WWAV 50.20 100.0% 8,829 1,559 31 10,357 3,518 401 27.3% 18.9% 33.8% 11.4% 61.2x 2.94x 25.9x 2.65x 20.3x

Mean 16.8% 17.9% 26.5% 9.8% 56.0x 2.04x 20.1x 1.86x 15.5x

Median 18.0% 20.1% 28.6% 11.3% 56.0x 2.15x 21.1x 2.00x 15.9x

Baked Goods / Snack Foods

ARYZTA AG SWX:ARYN $46.12 47.8% $4,067 $3,279 $985 $6,360 $5,096 $743 12.3% 9.4% 27.9% 14.6% 34.6x 1.25x 8.6x 1.39x 8.4x

Diamond Foods, Inc. DMND 32.03 95.0% 1,011 648 32 1,626 881 94 4.2% (3.9%) 25.3% 10.6% 44.0x 1.84x 17.4x 1.83x 12.9x

Flowers Foods, Inc. FLO 21.26 90.0% 4,460 706 8 5,158 3,741 427 (0.4%) 9.2% 48.1% 11.4% 26.3x 1.38x 12.1x 1.36x 11.2x

George Weston Limited WN 102.09 100.0% 12,954 11,086 1,943 22,097 46,715 2,856 38.6% 12.9% 26.2% 6.1% NM 0.47x 7.7x 0.57x 6.7x

Golden Enterprises Inc. GLDC 4.21 86.8% 48 10 1 57 133 7 (2.8%) (0.5%) 49.3% 5.2% 26.1x 0.43x 8.2x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 42.07 100.0% 198,005 4,390 148 202,246 195,337 22,471 10.9% 10.4% 53.0% 11.5% 47.8x 1.04x 9.0x 14.49x 132.0x

Inventure Foods, Inc. SNAK 10.99 77.9% 213 85 1 297 296 24 26.1% 19.7% 12.8% 8.0% NM 1.01x NM 1.00x NA

J&J Snack Foods Corp. JJSF 113.26 98.0% 2,120 2 89 2,033 948 146 7.3% 6.4% 31.1% 15.4% 28.7x 2.14x 14.0x 2.06x 13.0x

John B Sanfilippo & Son Inc. JBSS 55.51 100.0% 610 117 2 725 868 63 15.2% 7.4% 15.1% 7.2% 21.2x 0.83x 11.6x 0.80x NA

Lancaster Colony Corporation LANC 92.40 94.5% 2,523 0 161 2,362 1,086 168 5.7% (0.8%) 23.1% 15.5% 25.5x 2.18x 14.0x 2.04x 12.8x

Snyder's-Lance, Inc. LNCE 33.00 100.0% 2,312 447 12 2,746 1,650 171 8.7% 0.2% 35.5% 10.4% 37.0x 1.66x 16.0x 1.59x 13.4x

Mean 11.4% 6.4% 31.6% 10.5% 32.3x 1.29x 11.9x 2.71x 26.3x

Median 8.7% 7.4% 27.9% 10.6% 28.7x 1.25x 11.8x 1.49x 12.8x

EV / LTM EV / 2015ERevenue Growth LTM MarginsLast Twelve Months (LTM)

PUBLIC COMPARABLES5

5

FOOD AND BEVERAGE

INDUSTRY UPDATE JUNE 2015

PAGE |



Dairy

Danone BN $62.15 91.7% $38,100 $11,142 $3,197 $46,045 $21,144 $3,317 (0.7%) 3.1% 47.7% 15.7% 33.4x 2.18x 13.9x 2.03x 12.2x

Dean Foods Company DF 17.37 88.0% 1,639 853 30 2,462 9,213 243 1.6% (5.6%) 18.8% 2.6% NM 0.27x 10.1x 0.30x 6.8x

Emmi AG SWX:EMMN 300.50 77.1% 1,608 620 316 1,912 3,404 286 3.2% 7.7% 33.2% 8.4% 20.2x 0.56x 6.7x 0.58x 7.0x

Glanbia plc GL9 18.30 93.6% 5,413 621 110 5,923 2,538 232 6.6% (0.4%) 30.2% 9.1% 39.6x 2.33x NM 2.08x 19.6x

Lifeway Foods Inc. LWAY 16.65 74.4% 272 9 6 275 119 8 22.0% 19.4% 26.4% 6.5% NM 2.31x NM 1.95x 18.0x

Parmalat SpA BIT:PLT 2.35 91.8% 4,309 176 1,105 3,380 5,731 432 7.5% 7.9% 19.4% 7.5% 25.5x 0.59x 7.8x 0.53x 6.7x

Saputo Inc. TSX:SAP 29.44 78.3% 11,566 1,748 73 13,241 10,658 1,062 15.4% 15.4% 10.0% 10.0% 19.5x 1.24x 12.5x 1.21x 11.9x

Savencia SA ENXTPA:SAVE 58.76 90.6% 824 965 490 1,299 4,607 231 9.6% 5.0% 31.7% 5.0% 21.6x 0.28x 5.6x 0.28x 4.7x

Mean 8.1% 6.6% 27.2% 8.1% 26.6x 1.22x 9.4x 1.12x 10.9x

Median 7.0% 6.4% 28.3% 8.0% 23.5x 0.92x 9.0x 0.90x 9.5x

Non-Alcoholic Beverages

A.G.Barr p.l.c. LSE:BAG $6.13 55.1% $707 $23 $38 $691 $261 $48 2.7% 5.4% 47.3% 18.6% 23.6x 2.65x 14.3x 1.59x 8.2x

Cott Corporation BCB 13.51 100.0% 1,435 1,778 35 3,178 2,338 209 13.3% 0.2% 18.0% 9.0% NM 1.36x 15.2x 1.04x NA

Dr Pepper Snapple Group, Inc. DPS 78.67 96.6% 15,014 2,632 101 17,545 6,174 1,402 2.6% 1.3% 58.9% 22.7% 20.6x 2.84x 12.5x 2.81x 11.6x

Keurig Green Mountain, Inc. GMCR 69.96 44.0% 10,833 536 98 11,272 4,731 1,184 5.1% 10.9% 38.4% 25.0% 23.3x 2.38x 9.5x 2.23x 9.3x

Lassonde Industries Inc. LAS.A 135.00 100.0% 947 327 0 1,274 1,264 134 21.1% 13.7% 27.7% 10.6% 21.0x 1.01x 9.5x NA NA

Monster Beverage Corporation MNST 140.40 97.0% 28,471 0 1,010 27,461 2,556 835 11.2% 12.4% 55.6% 32.7% NM 10.75x 32.9x 9.18x 26.5x

National Beverage Corp. FIZZ 24.25 88.8% 1,125 15 40 1,099 646 84 0.1% 1.6% 33.9% 12.9% 21.5x 1.70x 13.2x NA NA

Pepsico, Inc. PEP 97.14 96.4% 142,815 30,365 8,495 164,685 65,306 12,194 (1.9%) (0.7%) 53.9% 18.7% 21.9x 2.52x 13.5x 2.57x 13.1x

Starbucks Corporation SBUX 55.85 100.0% 83,528 2,092 1,850 83,770 17,701 3,891 13.2% 12.0% 30.8% 22.0% 31.4x 4.73x 21.5x 4.14x 17.5x

The Coca-Cola Company KO 41.15 91.4% 177,225 42,681 20,057 199,849 46,133 12,868 (0.6%) (0.7%) 61.2% 27.9% 25.3x 4.33x 15.5x 4.44x 16.0x

Mean 6.7% 5.6% 42.6% 20.0% 23.6x 3.43x 15.8x 3.50x 14.6x

Median 3.9% 3.5% 42.8% 20.3% 22.6x 2.59x 13.9x 2.69x 13.1x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $115.30 85.0% $184,890 $51,122 $8,658 $227,354 $46,911 $18,111 5.1% 6.0% 60.2% 38.6% 18.2x 4.85x 12.6x 4.83x 12.0x

Brown-Forman Corporation BF.B 102.18 100.0% 21,934 1,188 370 22,752 3,134 1,104 4.8% 4.8% 69.7% 35.2% 31.1x 7.26x 20.6x 5.39x 19.9x

Carlsberg A/S CPSE:CARL B 619.50 100.0% 95,306 6,350 332 101,324 65,081 13,005 0.8% 0.7% 49.3% 20.0% 21.3x 1.56x 7.8x 9.99x 48.4x

Constellation Brands Inc. STZ 117.47 96.2% 22,847 7,353 113 30,086 6,133 1,840 7.2% 32.2% 43.8% 30.0% 28.6x 4.91x 16.4x 4.72x 15.1x

Diageo plc DGE 19.42 59.5% 48,648 17,709 1,250 65,107 10,226 3,187 (9.2%) 1.0% 58.5% 31.2% 24.5x 6.37x 20.4x 3.73x 11.2x

Heineken NV ENXTAM:HEIA 72.46 83.4% 45,903 13,430 824 58,508 21,216 4,554 (19.8%) 4.0% 38.9% 21.5% 25.7x 2.76x 12.8x 2.52x 10.8x

Kirin Holdings Company, Limited TSE:2503 1,733.50 100.0% 12,822 7,004 465 19,362 17,690 2,101 (19.5%) 7.5% 43.1% 11.9% 46.0x 1.09x 9.2x 1.07x 8.9x

Pernod-Ricard SA RI 109.60 81.5% 28,934 11,719 703 39,950 7,996 2,244 (2.9%) 0.8% 62.1% 28.1% 28.7x 5.00x 17.8x 3.94x 13.4x

SABMiller plc LSE:SAB 34.84 56.8% 56,026 12,544 965 67,605 16,534 5,435 (1.0%) (0.2%) 29.7% 32.9% 24.6x 4.09x 12.4x 3.89x 10.6x

Sapporo Holdings Ltd. TSE:2501 459.00 100.0% 1,450 2,029 75 3,403 4,175 326 (17.6%) 2.5% 34.6% 7.8% 35.4x 0.82x 10.5x 0.78x 9.9x

Mean (5.2%) 5.9% 49.0% 25.7% 28.4x 3.87x 14.0x 4.09x 16.0x

Median (2.0%) 3.2% 46.5% 29.0% 27.1x 4.47x 12.7x 3.91x 11.6x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $53.93 88.8% $2,613 $53 $238 $2,429 $1,545 $261 10.7% 12.7% 24.4% 16.9% 18.2x 1.57x 9.3x 1.15x 3.4x

JBS S.A. BOVESPA:JBSS3 15.82 100.0% 46,136 14,797 4,413 56,519 127,870 11,354 28.1% 26.5% 15.7% 8.9% 14.2x 0.44x 5.0x 1.03x 12.3x

Sanderson Farms, Inc. SAFM 72.11 69.4% 1,596 10 154 1,452 2,913 540 7.4% 10.1% 21.4% 18.5% 5.8x 0.50x 2.7x 0.49x 3.2x

Seaboard Corp. SEB 3,616.00 77.9% 4,303 133 646 3,790 6,446 479 (1.9%) 3.9% 10.0% 7.4% 11.2x 0.59x 7.9x NA NA

Tyson Foods, Inc. TSN 44.09 100.0% 17,740 7,674 225 25,189 40,583 2,501 14.6% 7.0% 8.3% 6.2% 16.4x 0.62x 10.1x 0.61x 7.6x

Mean 11.8% 12.0% 16.0% 11.6% 13.2x 0.74x 7.0x 0.82x 6.6x

Median 10.7% 10.1% 15.7% 8.9% 14.2x 0.59x 7.9x 0.82x 5.5x

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

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Fruit and Vegetable

Calavo Growers Inc. CVGW $52.50 91.2% $903 $51 $9 $944 $836 $51 11.6% 13.7% 9.7% 6.1% NM 1.13x 18.6x 0.96x 15.4x

Fresh Del Monte Produce Inc. FDP 38.89 94.5% 2,035 342 29 2,348 3,954 258 5.5% 4.0% 9.1% 6.5% 16.7x 0.59x 9.1x 0.59x 9.1x

Seneca Foods Corp. SENE.A 29.26 92.0% 296 284 11 569 1,286 37 (4.0%) 0.8% 6.5% 2.9% NM 0.44x 15.3x NA NA

Total Produce plc ISE:T7O 1.25 93.5% 413 161 140 434 2,667 62 1.1% 5.3% 13.7% 2.3% 13.0x 0.16x 7.0x 0.14x 6.2x

Mean 3.6% 5.9% 9.7% 4.5% 14.8x 0.58x 12.5x 0.56x 10.2x

Median 3.3% 4.7% 9.4% 4.5% 14.8x 0.52x 12.2x 0.59x 9.1x

Ingredients / Flavors

Givaudan SA SWX:GIVN $1,656.00 78.1% $15,212 $1,215 $479 $15,947 $4,404 $903 0.8% 4.0% 46.0% 20.5% 27.3x 3.62x 17.7x 3.43x 14.5x

Ingredion Incorporated INGR $81.94 94.0% 5,808 2,230 609 7,429 5,641 828 (7.5%) (3.8%) 20.4% 14.7% 16.6x 1.32x 9.0x 1.24x 8.4x

International Flavors & Fragrances Inc. IFF 113.33 92.1% 9,112 944 446 9,609 3,093 676 3.3% 3.6% 44.4% 21.8% 20.9x 3.11x 14.2x 3.08x 13.5x

Kerry Group plc ISE:KRZ 68.25 86.3% 12,004 1,917 352 13,568 5,757 724 (1.4%) 2.8% 44.5% 12.6% 24.3x 2.36x 18.7x 2.00x 14.7x

Sensient Technologies Corporation SXT 69.74 99.5% 3,222 504 18 3,708 1,427 270 (2.5%) (0.5%) 33.9% 19.0% 30.0x 2.60x 13.7x 2.64x 13.3x

Symrise AG XTRA:SY1 57.91 82.3% 7,517 1,479 221 8,776 2,318 491 25.8% 13.2% 42.6% 21.2% 36.3x 3.79x 17.9x 2.92x 13.2x

Tate & Lyle plc TATE 5.05 42.7% 2,355 1,141 316 3,180 2,356 276 (25.0%) (6.8%) 100.0% 11.7% 85.0x 1.35x 11.5x 0.77x 6.0x

Mean (0.9%) 1.8% 47.4% 17.3% 34.4x 2.59x 14.7x 2.30x 11.9x

Median (1.4%) 2.8% 44.4% 19.0% 27.3x 2.60x 14.2x 2.64x 13.3x

Agribusiness

Archer-Daniels-Midland Company ADM $47.82 88.7% $29,468 $6,441 $1,296 $34,613 $78,011 $4,074 (12.1%) (4.4%) 6.7% 5.2% 13.4x 0.44x 8.5x 0.43x 8.8x

Bunge Limited BG 87.21 93.6% 12,408 4,220 870 15,758 54,506 1,997 (9.2%) (1.4%) 5.6% 3.7% 19.4x 0.29x 7.9x 0.30x 7.2x

CF Industries Holdings, Inc. CF 62.87 97.0% 14,615 4,593 1,779 17,429 4,564 1,967 (13.4%) (10.9%) 38.4% 43.1% 17.2x 3.82x 8.9x 3.89x 7.6x

Darling Ingredients Inc. DAR 14.24 66.5% 2,316 2,091 112 4,295 3,885 486 68.7% 30.6% 22.1% 12.5% 21.8x 1.11x 8.8x 1.16x 8.9x

Monsanto Company MON 108.07 83.9% 50,844 8,311 2,716 56,439 15,276 4,694 (1.0%) 3.8% 53.8% 30.7% 24.3x 3.69x 12.0x 3.50x 10.9x

The Andersons, Inc. ANDE 37.91 54.2% 1,062 654 54 1,662 4,487 146 (15.9%) (1.6%) 9.0% 3.2% 13.2x 0.37x 11.4x 0.37x 8.4x

The Mosaic Company MOS 45.97 85.4% 16,562 3,827 2,517 17,871 9,209 2,319 17.4% (6.2%) 21.5% 25.2% 15.3x 1.94x 7.7x 1.81x 7.2x

Mean 4.9% 1.4% 22.4% 17.7% 17.8x 1.67x 9.3x 1.64x 8.4x

Median (9.2%) (1.6%) 21.5% 12.5% 17.2x 1.11x 8.8x 1.16x 8.4x

Consumer and Retail

Food Retail

Costco Wholesale Corporation COST $143.93 91.8% $63,313 $6,026 $6,805 $62,534 $115,944 $4,656 5.8% 6.8% 12.9% 4.0% 26.6x 0.54x 13.4x 0.51x 12.7x

Establishments Delhaize Freres DELB 78.32 76.6% 8,038 2,862 1,529 9,371 22,156 1,248 8.0% 1.6% 24.1% 5.6% NM 0.42x 7.5x 0.34x 5.3x

Fairway Group Holdings Corp. FWM 3.41 43.7% 158 257 36 378 798 14 2.8% 18.0% 31.3% 1.8% NM 0.47x NM 0.47x 10.0x

Ingles Markets, Incorporated IMKT.A 49.84 91.3% 1,019 929 9 1,939 3,823 240 1.2% 1.9% 23.0% 6.3% 17.2x 0.51x 8.1x 0.50x 7.8x

J Sainsbury plc LSE:SBRY 2.68 50.7% 5,131 4,246 1,956 7,421 23,775 1,242 (0.7%) 2.2% 6.4% 5.2% NM 0.31x 6.0x 0.20x 3.9x

Koninklijke Ahold N.V. ENXTAM:AH 17.58 77.4% 14,668 3,738 2,357 16,050 34,242 2,098 5.8% 3.7% 26.7% 6.1% 20.1x 0.47x 7.6x 0.37x 5.9x

Natural Grocers by Vitamin Cottage NGVC 24.86 71.0% 556 25 7 574 573 47 19.6% 24.5% 29.0% 8.2% 33.2x 1.00x 12.3x 0.83x 11.0x

Roundy's, Inc. RNDY 3.26 53.3% 159 658 43 773 3,974 119 18.7% 0.9% 26.3% 3.0% NM 0.19x 6.5x 0.19x 6.4x

Sprouts Farmers Market, Inc. SFM 26.92 70.0% 4,140 380 178 4,342 3,102 265 19.9% 81.7% 29.6% 8.5% 38.7x 1.40x 16.4x 1.16x 13.3x

SUPERVALU Inc. SVU 8.01 66.8% 2,179 2,728 114 4,793 17,820 777 3.9% 0.8% 14.9% 4.4% 18.7x 0.27x 6.2x 0.27x 6.0x

Tesco PLC LSE:TSCO 2.16 46.1% 17,484 19,558 3,309 33,733 61,747 1,116 (2.1%) (1.1%) 2.9% 1.8% NM 0.55x NM 0.34x 7.5x

The Kroger Co. KR 38.28 49.2% 37,376 11,307 252 48,431 108,555 5,374 7.1% 5.7% 22.1% 5.0% 19.7x 0.45x 9.0x 0.43x 8.7x

Village Super Market Inc. VLGE.A 31.86 92.1% 454 46 59 441 1,575 66 5.1% 4.1% 27.3% 4.2% 14.7x 0.28x 6.7x NA NA

Weis Markets, Inc. WMK 43.11 83.0% 1,157 0 98 1,059 2,802 148 3.9% 0.6% 27.2% 5.3% 21.1x 0.38x 7.2x NA NA

Whole Foods Market, Inc. WFM 40.82 70.9% 14,600 63 776 13,887 14,952 1,392 10.0% 11.4% 35.5% 9.3% 24.6x 0.93x 10.0x 0.84x 9.2x

Mean 7.3% 10.8% 22.6% 5.2% 23.5x 0.54x 9.0x 0.50x 8.3x

Median 5.8% 3.7% 26.3% 5.2% 20.6x 0.47x 7.6x 0.43x 7.8x

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

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Grocery Distribution

AMCON Distributing Co. DIT $80.35 90.9% $49 $36 $0 $84 $872 $12 5.4% 4.1% 8.8% 1.4% 10.9x 0.10x 6.8x NA NA

Core-Mark Holding Company, Inc. CORE 62.12 86.9% 1,444 39 17 1,466 8,310 109 5.9% 8.6% 7.1% 1.3% 29.2x 0.18x 13.5x 0.13x 11.2x

SpartanNash Company SPTN 33.00 98.0% 1,237 535 8 1,763 7,895 222 57.4% 44.2% 14.5% 2.8% 20.9x 0.22x 7.9x 0.22x 7.3x

SUPERVALU Inc. SVU 8.01 66.8% 2,179 2,728 114 4,793 17,820 777 3.9% 0.8% 14.9% 4.4% 18.7x 0.27x 6.2x 0.27x 6.0x

United Natural Foods, Inc. UNFI 64.17 76.5% 3,223 549 24 3,748 7,888 290 18.2% 16.0% 15.6% 3.7% 23.0x 0.48x 12.9x 0.43x 10.9x

Mean 18.2% 14.7% 12.2% 2.7% 20.5x 0.25x 9.5x 0.26x 8.8x

Median 5.9% 8.6% 14.5% 2.8% 20.9x 0.22x 7.9x 0.24x 9.1x

Foodservice

Colabor Group Inc. TSX:GCL $1.16 34.1% $32 $151 $0 $184 $1,457 $29 2.2% 2.0% 2.1% 2.0% NM 0.13x 6.2x 0.15x 7.2x

Sysco Corporation SYY 36.19 87.3% 21,447 7,669 5,085 24,031 48,566 2,395 6.0% 5.2% 17.5% 4.9% 25.6x 0.49x 10.0x 0.48x 9.8x

The Chefs' Warehouse, Inc. CHEF 20.04 83.2% 531 144 2 674 848 40 17.6% 26.9% 24.8% 4.7% 34.2x 0.79x 17.0x 0.63x 9.6x

Mean 8.6% 11.4% 14.8% 3.9% 29.9x 0.47x 11.1x 0.42x 8.9x

Median 6.0% 5.2% 17.5% 4.7% 29.9x 0.49x 10.0x 0.48x 9.6x

Quick Service Restaurant

Jack in the Box Inc. JACK $92.40 92.4% $3,443 $604 $10 $4,036 $1,520 $282 2.7% 5.4% 27.0% 18.5% 33.3x 2.66x 14.3x 2.56x 13.5x

McDonald's Corp. MCD 98.66 96.4% 94,347 14,292 1,635 107,004 26,700 9,311 (5.3%) (0.9%) 38.0% 34.9% 21.4x 4.01x 11.5x 4.30x 11.9x

Popeyes Louisiana Kitchen, Inc. PLKI 60.40 90.8% 1,427 110 6 1,531 245 79 13.6% 15.3% 65.0% 32.4% 33.7x 6.25x 19.3x 5.53x 17.3x

Restaurant Brands International Inc. QSR 40.26 88.1% 18,951 9,281 1,022 27,209 1,888 605 78.2% (7.1%) 55.8% 32.1% NM NM NM 6.47x 16.5x

Sonic Corp. SONC 29.47 80.2% 1,533 507 27 2,013 595 158 8.6% 3.0% 54.1% 26.6% 32.8x 3.38x 12.7x 3.27x 11.9x

The Wendy's Company WEN 10.50 89.7% 3,243 1,457 203 4,497 2,004 394 (16.7%) (6.4%) 33.6% 19.6% 42.5x 2.24x 11.4x 2.74x 11.6x

Yum! Brands, Inc. YUM 91.44 95.3% 39,396 3,387 675 42,108 13,177 2,709 (0.7%) 0.6% 25.7% 20.6% 40.5x 3.20x 15.5x 2.95x 13.7x

Mean 11.5% 1.4% 42.7% 26.4% 34.0x 3.62x 14.1x 3.97x 13.8x

Median 2.7% 0.6% 38.0% 26.6% 33.5x 3.29x 13.5x 3.27x 13.5x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $655.32 90.0% $20,429 $0 $891 $19,538 $4,293 $898 26.6% 21.4% 38.1% 20.9% 39.5x 4.55x 21.8x 3.98x 18.6x

El Pollo Loco Holdings, Inc. LOCO 20.05 48.1% 780 151 9 922 354 61 10.9% NA 26.0% 17.4% 17.4x 2.61x 15.0x 2.42x 13.6x

Fiesta Restaurant Group, Inc. FRGI 49.70 72.0% 1,324 73 4 1,393 630 87 17.3% 36.0% 25.6% 13.8% 36.5x 2.21x 16.1x 1.94x 13.1x

The Habit Restaurants, Inc. HABT 31.31 70.8% 437 2 54 385 191 20 17.3% 36.0% 21.5% 10.2% NM 2.01x 19.8x 1.60x 15.5x

Noodles & Company NDLS 14.91 41.6% 475 22 2 496 420 46 17.3% 36.0% 19.6% 10.9% NM 1.18x 10.9x 1.02x 9.8x

Panera Bread Company PNRA 180.48 95.9% 4,883 100 202 4,781 2,572 393 17.3% 36.0% 33.5% 15.3% 29.0x 1.86x 12.2x 1.76x 11.7x

Potbelly Corporation PBPB 13.92 82.3% 414 1 62 353 339 32 17.3% 36.0% 30.4% 9.5% NM 1.04x 11.0x 0.92x 9.6x

Zoe's Kitchen, Inc. ZOES 41.87 97.6% 804 25 26 803 188 15 43.6% NA 20.6% 8.0% NM 4.26x NM 3.38x 40.6x

Mean 21.0% 33.6% 26.9% 13.2% 30.6x 2.47x 15.2x 2.13x 16.6x

Median 17.3% 36.0% 25.8% 12.3% 32.8x 2.11x 15.0x 1.85x 13.4x

Differentiated Casual

BJ's Restaurants, Inc. BJRI $49.60 89.5% $1,304 $39 $26 $1,316 $865 $102 9.1% 10.3% 18.4% 11.8% 40.2x 1.52x 12.9x 1.38x 11.1x

Buffalo Wild Wings Inc. BWLD 170.59 87.1% 3,239 0 114 3,126 1,589 244 19.5% 23.0% 23.7% 15.3% 32.0x 1.97x 12.8x 1.66x 10.5x

Chuy's Holdings, Inc. CHUY 28.47 77.6% 472 9 7 474 256 28 19.8% 22.6% 18.3% 10.8% 37.1x 1.85x 17.1x 1.60x 14.3x

Ignite Restaurant Group, Inc. IRG 5.11 34.4% 135 162 32 265 836 26 17.3% 36.0% 29.7% 3.2% NM 0.32x 10.0x 0.52x 8.3x

The Cheesecake Factory Incorporated CAKE 54.70 99.2% 2,580 102 39 2,643 2,013 237 6.2% 4.3% 42.6% 11.8% 26.2x 1.31x 11.2x 1.22x 10.2x

Mean 14.4% 19.3% 26.6% 10.6% 33.9x 1.39x 12.8x 1.28x 10.9x

Median 17.3% 22.6% 23.7% 11.8% 34.5x 1.52x 12.8x 1.38x 10.5x

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

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PUBLIC COMPARABLES5

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Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $23.70 90.3% $2,916 $1,322 $136 $4,102 $4,487 $449 7.0% 4.8% 16.6% 10.0% 28.7x 0.91x 9.1x 0.91x 8.5x

Brinker International, Inc. EAT 58.58 92.4% 3,608 936 64 4,481 2,994 450 4.0% 2.1% 19.6% 15.0% 22.6x 1.50x 10.0x NA 9.2x

Darden Restaurants, Inc. DRI 72.21 100.0% 9,104 1,527 436 10,194 6,764 749 7.6% 8.3% 20.3% 11.1% NM 1.51x 13.6x 1.47x 11.6x

DineEquity, Inc. DIN 99.18 86.8% 1,896 1,452 133 3,214 664 255 3.0% (13.4%) 57.0% 38.4% 43.2x 4.84x 12.6x 4.72x 11.4x

Red Robin Gourmet Burgers Inc. RRGB 91.68 100.0% 1,290 144 21 1,413 1,201 131 14.2% 9.0% 22.8% 10.9% 33.6x 1.18x 10.8x 1.07x 9.4x

Ruby Tuesday, Inc. RT 6.47 75.5% 413 251 61 604 1,137 85 (3.4%) (4.5%) 17.2% 7.5% NM 0.53x 7.1x 0.53x 8.6x

Texas Roadhouse, Inc. TXRH 38.30 99.7% 2,687 52 99 2,641 1,645 201 12.7% 12.7% 32.7% 12.2% 27.8x 1.60x 13.1x 1.44x 11.3x

Mean 6.4% 2.7% 26.6% 15.0% 31.2x 1.72x 10.9x 1.69x 10.0x

Median 7.0% 4.8% 20.3% 11.1% 28.7x 1.50x 10.8x 1.25x 9.4x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $17.97 63.7% $417 $0 $7 $410 $310 $43 11.4% 14.2% 24.4% 14.0% 25.4x 1.32x 9.5x 1.15x 8.0x

Ruth's Hospitality Group Inc. RUTH 16.58 100.0% 576 3 3 576 353 55 15.1% (1.7%) 25.3% 15.6% 19.6x 1.63x 10.5x 1.51x 10.1x

Mean 13.2% 6.2% 24.8% 14.8% 22.5x 1.48x 10.0x 1.33x 9.0x

Median 13.2% 6.2% 24.8% 14.8% 22.5x 1.48x 10.0x 1.33x 9.0x

Pizza

Domino's Pizza, Inc. DPZ $118.80 100.0% $6,592 $1,527 $75 $8,044 $2,042 $387 11.1% 7.4% 30.1% 19.0% 37.5x 3.94x 20.8x 3.66x 18.1x

Papa John's International Inc. PZZA 78.11 100.0% 3,136 231 24 3,344 1,629 164 9.7% 9.6% 24.5% 10.1% 38.6x 2.05x 20.4x 1.97x 18.1x

Papa Murphy's Holdings, Inc. FRSH 20.45 90.0% 338 115 1 452 101 25 17.9% NA 52.0% 24.5% NM 4.46x 18.2x 3.66x 15.2x

Mean 12.9% 8.5% 35.5% 17.8% 38.0x 3.48x 19.8x 3.10x 17.2x

Median 11.1% 8.5% 30.1% 19.0% 38.0x 3.94x 20.4x 3.66x 18.1x

Beverage / Snack Retail

Dunkin' Brands Group, Inc. DNKN $55.92 100.0% $5,445 $2,509 $340 $7,614 $763 $380 5.4% 5.9% 79.8% 49.8% 31.4x 9.98x 20.0x 9.45x 18.4x

Jamba, Inc. JMBA 15.91 94.2% 254 0 8 246 219 3 (2.8%) 0.9% 34.2% 1.4% NM 1.12x NM 1.79x 16.4x

Krispy Kreme Doughnuts, Inc. KKD 19.41 87.0% 1,245 11 59 1,196 501 64 8.7% 7.2% 18.9% 12.8% 43.5x 2.39x 18.6x 2.18x 14.6x

Starbucks Corporation SBUX 55.85 100.0% 83,528 2,092 1,850 83,770 17,701 3,891 13.2% 12.0% 30.8% 22.0% 31.4x 4.73x 21.5x 4.14x 17.5x

Mean 6.1% 6.5% 40.9% 21.5% 35.5x 4.56x 20.0x 4.39x 16.7x

Median 7.0% 6.6% 32.5% 17.4% 31.4x 3.56x 20.0x 3.16x 17.0x

Family Restaurant

Bob Evans Farms, Inc. BOBE $51.11 85.0% $1,146 $451 $6 $1,591 $1,349 $121 1.6% 1.6% 34.7% 8.9% NM 1.18x 13.2x 1.17x 10.0x

Cracker Barrel Old Country Store, Inc. CBRL 160.48 100.0% 3,851 410 202 4,059 2,816 318 5.7% 4.1% 66.4% 11.3% 22.4x 1.44x 12.8x 1.39x 12.1x

Denny's Corporation DENN 12.03 99.4% 1,020 156 2 1,174 481 85 4.5% (3.2%) 39.1% 17.6% 28.5x 2.44x 13.9x 2.40x 12.6x

Frisch's Restaurants, Inc. FRS 33.73 96.0% 173 2 5 171 215 24 5.3% 18.8% 11.7% 10.9% 15.8x 0.79x 7.2x NA NA

Luby's, Inc. LUB 5.09 84.7% 145 48 2 191 396 16 0.8% 3.5% 30.8% 4.0% NM 0.48x 12.1x NA NA

Mean 3.6% 5.0% 36.6% 10.6% 22.2x 1.27x 11.8x 1.65x 11.6x

Median 4.5% 3.5% 34.7% 10.9% 22.4x 1.18x 12.8x 1.39x 12.1x

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

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25.2%

16.7%

6.7%

6.6%

3.2%70

80

90

100

110

120

130

140

150

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

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


10

FOOD AND BEVERAGE


FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

MCCORMICK ACQUIRES ONE WORLD FOODS

McCormick & Company agreed to acquire One World Foods for $100mm.

One World Foods is a seller of Stubb’s barbecue sauces based in Austin, TX. Stubb’s products also include marinades, rubs and skillet sauces.

The acquisition is expected to add annual EBITDA of at least $10m by 2017 through expanded distribution and increased household penetration.

Enterprise Value: $100mmRevenue Multiple: N/AEBITDA Multiple: N/AAnnounced: June 24, 2015

INGREDION ACQUIRES KERR CONCENTRATES

Ingredion agreed to acquire Kerr Concentrates for $100mm.

Kerr Concentrates is a producer of natural fruit and vegetable concentrates, purees, and essences.

A broad shift in consumer tastes towards natural, healthy ingredients and Ingredion’s existing portfolio of wholesome, clean-label solutions make this an attractive transaction.

Enterprise Value: $100mmRevenue Multiple: N/AEBITDA Multiple: 10.0XAnnounced: July 6, 2015

JBS USA PORK ACQUIRES CARGILL MEAT SOLUTIONS’ PORK BUSINESS

JBS’ U.S-based subsidiary Swift Pork Co. agreed to acquire Cargill Meat Solutions’ U.S. pork business for $1,450mm.

The transaction includes two meat processing plants, five feed mills and four hog farms and comes at a time of pinched margins for hog farmers.

The purchase, along with JBS’ acquisition of a European poultry unit for $1.5B in June, enhances the company’s position as the world’s largest meatpacker.

Enterprise Value: $1,450mmRevenue Multiple: 0.6xEBITDA Multiple: 6.8xAnnounced: July 1, 2015

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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

7/14/2015 Irca S.r.l. Ardian

7/14/2015 Cote Restaurants Ltd. BC Partners

7/13/2015 LGI Wines IDIA Capital Invest issement

7/13/2015 Spartan Foods Of America, Inc. B&G Foods Inc. (NYSE:BGS)

7/10/2015 Encanto Vineyards, LLC Medican Enterprises, Inc. (OTCPK:MDCN)

7/10/2015 County Choice Organic Nature's Path Foods, Inc.

7/9/2015 PV Industries B.V. Devro plc (LSE:DVO)

7/8/2015 Hulley's (Frozen Confectionery) Kitwave Limited

7/8/2015 Produs AS and Produs Aqua AS Alltech, Inc.

7/8/2015 Leblon Holdings LLC Bacardi Limited

9.9x

8.8x 8.3x

8.0x

11.3x

9.2x 9.7x

8.8x

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 YTD

2015

EV

/ LTM

Sa

les M

ultip

leEV

/ L

TM E

BIT

DA

Mu

ltip

le

EV / LTM EBITDA EV / LTM Sales

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7

$120.7

$89.1

0

50

100

150

200

250

300

350

$0

$20

$40

$60

$80

$100

$120

$140

2008 2009 2010 2011 2012 2013 2014 YTD

2015

Nu

mb

er o

f Tran

sa

ctio

ns

Ag

gre

ga

te

D

ea

l V

alu

e (

$ in

billio

ns)

Aggregate Deal Value # of deals

27

46

21

14

32

25 26

38

31

46

27 26 27

17

34

18

36

4348

34

0

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Nu

mb

er

of

Tra

nsa

cti

on

s

Number of Investments Number of Exits

PAGE |

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

07/09/15 China Huiyuan Juice Group Canned fruits and vegetables USD 180,000,000 Term Loan N/A 385

07/07/15 Constellation Brands Inc Malt beverages USD 1,150,000,000 Revolver/Line >= 1 Yr. N/A 150

07/07/15 Constellation Brands Inc Malt beverages USD 1,270,000,000 Term Loan A N/A 150

07/07/15 Constellation Brands Inc Malt beverages USD 1,430,000,000 Term Loan A N/A 150

07/07/15 Constellation Brands Inc Malt beverages USD 241,900,000 Term Loan A N/A 175

07/06/15 Kraft Heinz Co Canned specialties USD 4,000,000,000 Revolver/Line >= 1 Yr. N/A 125

07/06/15 Kraft Heinz Co Canned specialties USD 600,000,000 Term Loan N/A 125

06/30/15 Bridor Inc Frozen bakery product/not bread CAD 100,000,000 Revolver/Line >= 1 Yr. N/A N/A

06/30/15 Bridor Inc Frozen bakery product/not bread CAD 100,000,000 Term Loan N/A N/A

06/30/15 Fuji Oil Co Ltd Vegetable oil mills, nec JPY 8,920,000,000 Term Loan N/A N/A

06/30/15 Fuji Oil Co Ltd Vegetable oil mills, nec USD 111,500,000 Term Loan N/A N/A

06/30/15 Keurig Green Mountain Inc Roasted coffee USD 2,000,000,000 Revolver/Line >= 1 Yr. N/A 112.5

06/29/15 Apetit Plc Frozen specialties, nec EUR 40,000,000 Undisclosed N/A N/A

06/29/15 Apetit Plc Frozen specialties, nec EUR 5,000,000 Other Loan N/A N/A

06/27/15 Toyo Suisan Kaisha Ltd Fresh or frozen prepared fish JPY 10,000,000,000 Revolver/Line >= 1 Yr. N/A N/A

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

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

$0

$2

$4

$6

$8

$10

$12

$14

$16

1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15

Loa

n V

olu

me

by

Qu

art

er

($ in

bill

ion

s)

Institutional Pro Rata

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2008 2009 2010 2011 2012 2013 2014

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

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

2010 2011 2012 2013 2014

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

7/15/2015 Susser Holdings Corporation 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 - - - - P EU

7/14/2015 Cote Restaurants Ltd. CBPE Capital LLP BC Partners - - - - P EU

7/13/2015 LGI Wines - IDIA Capital Invest issement - - - - P Cross Border

7/13/2015 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 (OTCPK:DKGR)Medican Enterprises, Inc. (OTCPK:MDCN) - - - - 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 - - - EU

7/9/2015 Provence Huiles SA Compagnie Mediterraneenne (Vrac) ITOCHU Corporation (TSE:8001) - - - - Cross Border

7/8/2015 Hulley's (Frozen Confectionery) - Kitwave Limited - - - - EU

7/8/2015 Produs AS and Produs Aqua AS - Alltech, Inc. - - - - Cross Border

7/8/2015 Leblon Holdings LLC Verlinvest S.A. Bacardi Limited - - - - Cross Border

7/7/2015 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. - - - - P N.A.

7/7/2015 Las Iguanas Limited Bowmark Capital LLP Casual Dining Group Ltd. $131.1 - - - P EU

7/7/2015 Cavoda Spirits, LLC - International Spirit & Beverage Group, Inc. (OTCPK:ISBG)- - - - N.A.

7/7/2015 Mikawaya, Inc. - Century Park Capital Partners, LLC - - - - P N.A.

7/7/2015 Morillon Marée - Sobomar Atlant ique SAS - - - - EU

7/6/2015 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 Border

7/4/2015 Dalloyau SA - Perceva Capital - - - - P EU

7/3/2015 Thain's Bakery Limited - Murdoch Allan & Son Ltd. - - - - EU

7/2/2015 People's Choice AB - Func Food Finland Oy - - - - EU

7/2/2015 Sprout Foods, Inc. - North Cast le Partners, LLC - - - - P N.A.

7/2/2015 Paimion Teurastamo Oy Kaivonliha Kaunismaa Oy HKScan Finland Oy - - - - EU

7/2/2015 Italiensk Bakeri AS - Idun Industri AS - - - - EU

7/2/2015 Biscotteria Tonon S.p.A. - MONVISO SPA - - - - EU

7/1/2015 Lantmännen Doggy AB Svenska Lantmännen ekonomisk föreningUAB NDX Energija - - - - EU

7/1/2015 New Breed UK Ltd. - NWF Group plc (AIM:NWF) - - - - EU

7/1/2015 Copper Cane Wines & Provisions Copper Cane LLC Constellat ion Brands Inc. (NYSE:STZ) $315.0 - - - N.A.

7/1/2015 Roland Monterrat Unigrains; MBO Partenaires Les Traiteurs Lyonnais Groupes $49.1 0.7x - - P EU

7/1/2015 Inlet Fish Producers, Inc. - North Pacific Seafoods, Inc. - - - - N.A.

7/1/2015 Cargill Meat Solut ions Corporation, Pork Business Cargill Meat Solut ions Corporation Swift Pork Co. $1,450.0 0.6x 6.8x - N.A.

7/1/2015 Spearhead International Ltd - Paine & Partners, LLC - - - - P Cross Border

7/1/2015 Sarl Roland Reaute - Brioches Buton - - - - EU

6/30/2015 Nutrit ional Feed Addit ives, Inc. - Pestell Minerals & Ingredients Inc. - - - - N.A.

6/30/2015 Agrial S.A. - Eurial GIE - - - - EU

6/30/2015 JCM Atlanta DD, LLC - JCM Franchise Development, LLC - - - - P N.A.

6/30/2015 Olmix Société Anonyme (ENXTPA:MLOLM) - Melspring SAS $26.3 - - - EU

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

Ju

n-1

4

Ju

l-14

Au

g-1

4

Se

p-1

4

Oc

t-1

4

No

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4

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Ja

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5

Fe

b-1

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Ma

r-15

Ap

r-1

5

Ma

y-1

5

Ju

n-1

5

Me

dia

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Mu

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le

Food Products, Processing, and Ingredients Retail and Restaurants

25

36

22

34 3646 47

2533

49

3442

53 52 4839

33

46 4752

70

89

58 57

82

5

2

3

47

5 7

136

7

7

5

4 79

610

13 87

10

6

105

20

0

20

40

60

80

100

120

Q1

09

Q2

09

Q3

09

Q4

09

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

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

Nu

mb

er

of

Tra

nsa

ctio

ns

St rategic 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

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

6/30/2015 Tamma Industrie Alimentari di Capitanata S.r.l. - Satel s.r.l. - - - - EU

6/30/2015 24 Fast Food Restaurants in KS, MO and FL D-Carr Investments Inc. KBP Foods, LLC - - - - P N.A.

6/29/2015 Agrisemen B.V. - Bejo Seeds, Inc. - - - - Cross Border

6/29/2015 Manor Farm Sausage Company Limited - Underwood Meat Company Ltd. - - - - EU

6/29/2015 United Suppliers, Inc. - WinField Solut ions, LLC - - - - N.A.

6/29/2015 gourmetta Gruppe - API Gruppe - - - - EU

6/26/2015 Russell Breweries Inc. (TSXV:RB) - Premier Diversified Holdings $6.2 1.0x 7.7x 12.8x N.A.

6/26/2015 Icicle Seafoods, Inc Paine & Partners, LLC Dominion Catchers, LLC; Convergence Holdings, Inc.- - - - P Cross Border

6/26/2015 STC GreenFood AB STC Interfinans AB Fidelio Capital - - - - P EU

6/26/2015 Woody's Feed and Grain Co. - Scranton Equity Exchange - - - - N.A.

6/26/2015 Greendale Group, Shellfish Trading Business FWS Carter & Sons Limited Macduff Shellfish (Scotland) Limited - - - - EU

6/25/2015 Pepper Dining, Inc. Olympus Partners Brinker International, Inc. (NYSE:EAT) $106.5 - - - P N.A.

6/25/2015 Servest Group Limited - Kagiso Tiso Holdings Proprietary Limited $162.3 - - - P Cross Border

6/25/2015 The Seedhouse Inc. - Wilbur-Ellis Company Inc. - - - - N.A.

6/25/2015 Käserei Mosigen AG - Biosphäre Bergkäserei AG - - - - EU

6/25/2015 Spezialitätenkäserei Doppleschwand AG - Biosphäre Bergkäserei AG - - - - EU

6/24/2015 Etablissements Delhaize Frères et Cie "Le Lion" Silchester International Investors LLP Koninklijke Ahold N.V. (ENXTAM:AH) $11,731.9 0.5x 8.4x 14.4x P EU

6/24/2015 One World Foods, Inc. - McCormick & Company, Incorporated (NYSE:MKC)$100.0 - - - N.A.

6/24/2015 Taste Guru, LLC - EdgiLife Media Inc. - - - - N.A.

6/23/2015 Imperial - Produtos Alimentares, S.A. RAR - Sociedade de Controle Vallis Capital Partners, SGPS, S.A. - - - - P EU

6/23/2015 Panima - Servair SA - - - - EU

6/22/2015 Thorntons PLC (LSE:THT) SG Hambros Bank Limited Ferrero International S.A. $206.9 0.6x 8.8x 13.1x EU

6/22/2015 Baresso Coffee A/S - JAB Holding Company SARL - - - - P EU

6/22/2015 La Maison Cannelle Inc. - Trussbridge Advisory - - - - P Cross Border

6/22/2015 Panrico, S.A.U Oaktree Capital Management, L.P. Grupo Bimbo, S.A.B. de C.V. (BMV:BIMBO A) $216.5 0.7x 0.1x - P Cross Border

6/19/2015 State Fish Company Inc. and Calpack Foods State Fish Company Inc QSR International Holdings LLC $12.0 - - - N.A.

6/19/2015 Moy Park Ltd. Marfrig Holdings (Europe) BV JBS S.A. (BOVESPA:JBSS3) $1,500.0 3.4x 7.9x - Cross Border

6/16/2015 Stateline Producers Cooperative - Western Cooperative Company Inc. - - - - N.A.

6/15/2015 Lagerbergs Kyckling AB - Scandi Standard AB (publ) (OM:SCST) $12.8 0.4x - - EU

6/15/2015 One Stop Inc. - CrossAmerica Partners LP (NYSE:CAPL) $42.0 - - - N.A.

6/15/2015 Bäckerei Bofinger GmbH - Bäckerei Hofmann GmbH - - - - EU

6/15/2015 The Cornish Crisp Company Ltd - Simply Cornish - - - - EU

6/12/2015 Lamb's Markets - Bales For Food Inc. - - - - N.A.

6/12/2015 Merrild Kaffe ApS D.E Master Blenders 1753 N.V. Luigi Lavazza S.p.A. - - - - EU

6/11/2015 Blanc Burgers and Bott les Circle Restaurant Group, LLC Dempsey's Lincoln, Inc. - - - - N.A.

6/11/2015 Barbero 1891 S.p.A. Davide Campari - Milano SpA Krause Holdings, Inc. $6.9 - - - Cross Border

6/10/2015 Margarine Golden Gate Michca Inc. - Richardson International Limited - - - - N.A.

6/9/2015 Garden Fresh Salsa Company, Inc. - Wm. Bolthouse Farms, Inc. $231.0 1.9x 12.5x - N.A.

6/9/2015 The Coastal Companies - Arlon Group LLC - - - - P N.A.

6/9/2015 Medora Snacks, LLC and Ideal Snacks - Permira Advisers Ltd. - - - - P Cross Border

6/9/2015 Sequel Natural Ltd. VMG Partners The WhiteWave Foods Company $550.0 5.5x 22.0x - P N.A.

6/8/2015 American Almond Products Company - Barry Callebaut AG - - - - Cross Border

6/8/2015 Clicca e Mangia and JEB srl - JUST EAT plc - - - - EU

6/8/2015 Mr. Gatt i's, L.P. Blue Sage Capital Sovrano, LLC - - - - N.A.

6/8/2015 Fresh Hemp Foods Ltd. Avrio Capital Inc. Compass Diversified Holdings $106.5 3.0x 20.7x - P N.A.

6/5/2015 Flavor Infusion, LLC - Symrise AG - - - - Cross Border

6/5/2015 R J Foods Ltd - Thomas Tucker Ltd - - - - EU

6/4/2015 Urtekram A/S - Midsona AB (publ) (OM:MSON B) $32.7 - - - EU

6/3/2015 Bioquelle GmbH - Felix Austria GmbH - - - - EU

6/3/2015 LXR Biotech, LLC - Business Continuity Solut ions, Inc. - - - - N.A.

6/3/2015 Cabinet Bocquier SAS - Soregor - - - - Cross Border

6/2/2015 The New Bakery Company, LLC The Wendy's Company East Balt , Inc. $80.0 - - - N.A.

6/2/2015 Slane Cast le Irish Whiskey Limited - Brown-Forman Corporation - - - - Cross Border

6/2/2015 Tast i D-Lite, LLC Steelpoint Capital Partners, LP Kahala Corp. (OTCPK:KAHL) - - - - P N.A.

6/2/2015 Espresso House Holding AB Herkules Capital AS JAB Holdings B.V. - - - - P EU

6/2/2015 J E Wilson & Sons Limited - Creative Confectionery Company - - - - EU

6/1/2015 Sama Srl - MARR SpA (BIT:MARR) $1.9 - - - EU

6/1/2015 Droga Chocolates - BBX Sweet Holdings, LLC - - - - N.A.

6/1/2015 Douglas Holding AG Advent International Corporation CVC Capital Partners Limited - - - - P EU

6/1/2015 CH&Co Catering Limited - MML Capital Partners - - - - P EU

6/1/2015 Ocealliance Societe Financiere - Mariteam - - - - EU

5/30/2015 Twin County Dairy, Inc., Facility in Kalona, Iowa Twin County Dairy Inc. Kalona SuperNatural - - - - N.A.

5/29/2015 HAMLET PROTEIN A/S Polaris Management A/S The Goldman Sachs Group, Inc. - - - - P Cross Border

5/28/2015 H. Bögel GmbH & Co. KG - fentus 48. GmbH - - - - EU

5/28/2015 Alisuper - ExploraÇÃo De Supermercados Alisuper - ExploraÇÃo Intermarché SAS $5.5 - - - EU

M&A OVERVIEW

14

FOOD AND BEVERAGE


Recent Food and Beverage M&A5

Last Updated 7/15/2015

PAGE |

July 2015

Date Company

7/21/2015 Chipotle Mexican Grill, Inc. (NYSE:CMG)

7/22/2015 The Cheesecake Factory Incorporated (NasdaqGS:CAKE)

7/23/2015 McDonald's Corp. (NYSE:MCD)

7/23/2015 Nutreco N.V. (ENXTAM:NUO)

7/23/2015 Ruby Tuesday, Inc. (NYSE:RT)

7/23/2015 Unilever plc (LSE:ULVR)

7/23/2015 Starbucks Corporation (NasdaqGS:SBUX)

7/24/2015 Danone (ENXTPA:BN)

7/24/2015 Koninklijke Wessanen N.V. (ENXTAM:WES)

7/30/2015 Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

7/30/2015 Diageo plc (LSE:DGE)

7/31/2015 Frosta AG (DB:NLM)

August 2015

Date Company

8/3/2015 Tyson Foods, Inc. (NYSE:TSN)

8/4/2015 Archer-Daniels-Midland Company (NYSE:ADM)

8/4/2015 Kellogg Company (NYSE:K)

8/4/2015 Papa John's International Inc. (NasdaqGS:PZZA)

8/6/2015 Molson Coors Brewing Company (NYSE:TAP)

8/6/2015 Brinker International, Inc. (NYSE:EAT)

8/6/2015 Treehouse Foods, Inc. (NYSE:THS)

8/13/2015 Flowers Foods, Inc. (NYSE:FLO)

8/18/2015 Wal-Mart Stores Inc. (NYSE:WMT)

8/19/2015 Strauss Group Ltd. (TASE:STRS)

8/19/2015 Hügli Holding AG (SWX:HUE)

8/27/2015 The J. M. Smucker Company (NYSE:SJM)

September 2015

Date Company

9/3/2015 Campbell Soup Company (NYSE:CPB)

9/8/2015 Hilton Food Group (LSE:HFG)

9/11/2015 J D Wetherspoon plc (LSE:JDW)

9/22/2015 ConAgra Foods, Inc. (NYSE:CAG)

9/22/2015 Darden Restaurants, Inc. (NYSE:DRI)

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE


Earnings Release Calendar5

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Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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HARRIS WILLIAMS & CO.

1. IMF

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3. Unweighted Average

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FOOD AND BEVERAGE


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INDUSTRY UPDATE JULY 2015 - Harris Williams...+1 (612) 359-2702 Tim Alexander Managing Director [email protected] +1 (612) 359-2716 Ryan Budlong Director [email protected]