www.harriswilliams.de

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

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

FOOD AND BEVERAGE

0

INDUSTRY UPDATE │ DECEMBER 2016

PAGE |

www.harriswilliams.de

WHAT WE’RE SEEING

1

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

RECENT M&A ACTIVITY

PUBLIC COMPARABLES

EARNINGS CALENDAR

GROUP 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 Directorggurtcheff@harriswilliams.com+1 (612) 359-2702

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

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

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

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

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

MARKET UPDATE

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

As 2016 comes to a close, HW&Co. is pleased to report a record year in food &

beverage M&A with nearly 600 closed transactions in the last twelve months. This

past year, HW&Co.’s food & beverage practice advised on numerous transactions

across a wide range of subsectors. Transactions of note were Mercer Foods, a

provider of better-for-you, freeze-dried snacks and ingredients; Idaho Pacific

Holdings, a provider of dehydrated potato ingredients; and PANOS brands, a

provider of better-for-you specialty foods.

a portfolio company of

has been acquired by

has been acquired by

a portfolio company of

A Private Investor Group

a portfolio company of

has been acquired by

CLOSED HW&CO. TRANSACTIONS

WHAT WE’VE BEEN DOING

a portfolio company of

has been acquired byhas been acquired by

a portfolio company of

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a subsidiary of

has been acquired by

a portfolio company of

has been acquired by

has been acquired by

has been acquired by

a portfolio company of

has been acquired by

and

PAGE |

WHAT WE’RE READING

2

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

VITAL SIGNS

COMMODITY PRICE INDICES1

PROTEIN PRICE INDICES2,3

Beef:

22.0%

Pork

5.8%

Poultry:

1.0%

Soybeans:

(36.6%)

Corn:

(52.6%)

Crude Oil:

(52.3%)

Wheat:

(61.5%)

A recent survey conducted by the Pew Research Center seems to upend many notions related to consumers’changing tastes and preferences. In a surprising twist, consumers indicated that they seem to care less about GMOsthan previously thought.

Access the full article here.

AMERICANS DON’T TRUST SCIENTISTS’ TAKE ON FOOD ISSUES

In a move reflecting consumers’ shift from sugary drinks, two of the largest U.S. soda makers have announcedlandmark acquisitions of start-ups focused on healthier beverages. Dr. Pepper and PepsiCo’s respective acquisitionsof Bai Brands and KeVita come on the heels of Coca-Cola’s continued headway with acquisitions that have includedSuja Life, Honest Tea, and Zico.

Access the full article here.

DR PEPPER, PEPSI SNAP UP ALTERNATIVE BEVERAGE MAKERS

ARE FOOD ALLERGIES ON THE RISE? EXPERTS SAY THEY DON'T KNOW

A new report by the National Academy of Sciences indicates that its nearly impossible to pinpoint the number ofindividuals suffering from food allergies in the U.S. The lack of an optimal diagnostic tool – and the rampant issue ofmisinformed self-diagnosis – is leading many to question the ultimate figure, making it difficult for consumers and foodcompanies to react.

Access the full article here.

20

40

60

80

100

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

Co

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Corn Soybeans Wheat Crude Oil

90

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120

130

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

Pro

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Pri

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Ind

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Beef Pork Poultry

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80

100

120

140

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

Sa

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Ind

ex

Restaurant Grocery

VITAL SIGNS

3

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

RESTAURANT AND GROCERY STORE SALES INDICES4

CONSUMER FOOD PRICE INDEX INFLATION2

PUBLIC EQUITY MARKET OVERVIEW

KEY TRADING STATISTICS5

Net Debt /

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

Protein Processing (7.2%) 16.8% 4.9% 40.7% 11.9x 14.4x 6.7x 2.9x

Fruit and Vegetable 8.9% 37.4% 10.7% (7.6%) 16.6x 21.8x 10.0x 0.6x

Ingredients / Flavors (11.1%) (1.9%) (9.3%) 3.7% 20.6x 24.7x 15.0x 1.3x

Agribusiness 12.8% 14.8% 0.0% 28.9% 19.1x 17.6x 10.7x 2.1x

Branded Processed Foods (4.7%) 7.4% (10.9%) (6.9%) 20.3x 25.8x 13.3x 2.3x

Private Label Foods and Beverages (17.7%) 3.9% 17.4% 0.3% 26.5x 25.2x 10.4x 3.3x

Natural / Organic Foods / BFY 1.5% 8.5% 6.4% (0.6%) 19.1x 30.0x 16.0x 3.5x

Baked Goods 5.9% (7.2%) (17.3%) (23.6%) 20.3x 30.0x 9.3x 2.1x

Dairy (4.2%) 7.7% 8.8% 11.4% 19.7x 23.8x 12.9x 1.7x

Non-Alcoholic Beverages (3.1%) 0.5% (8.3%) 4.4% 20.8x 23.2x 12.7x 1.8x

Alcoholic Beverages (4.5%) (3.7%) (11.5%) (0.3%) 20.6x 24.9x 13.4x 2.6x

Snacks 7.1% 11.0% (2.8%) 8.8% 23.1x 24.7x 15.3x 1.7x

Grocery Distribution 7.6% 10.2% (0.4%) (2.2%) 17.6x 21.0x 8.9x 2.0x

Food Retail 9.6% (6.4%) 0.4% (5.9%) 18.4x 20.1x 7.6x 2.0x

Foodserv ice 27.6% 35.7% 10.3% 19.2% 21.7x 30.6x 11.9x 4.7x

Quick Serv ice Restaurant 11.2% 15.4% (1.0%) (5.0%) 23.0x 22.2x 11.8x 2.8x

Fast Casual 6.5% (11.3%) 15.3% (2.6%) 43.3x 34.6x 14.0x 1.4x

Differentiated Casual 12.3% 8.9% 3.3% (7.5%) 24.3x 28.1x 10.6x 0.9x

Casual Dining Restaurant 12.6% 12.4% 6.2% (8.5%) 15.6x 23.4x 8.4x 2.3x

Fine Dining 27.1% 16.9% 21.2% 12.7% 18.3x 20.6x 10.2x 2.6x

Pizza 8.9% 48.2% 12.9% 5.2% 31.7x 35.2x 18.3x 4.0x

Beverage / Snack Retail 4.8% (11.0%) 0.8% (8.1%) 24.5x 31.2x 16.7x 2.7x

Family Restaurant 18.4% 31.5% 7.8% 12.7% 21.8x 47.3x 11.6x 2.2x

Overall Median 3.9% 6.5% (0.1%) 0.5% 21.0x 24.1x 11.3x 2.1x

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

Inp

uts

Fo

od

an

d B

ev

era

ge

Co

nsu

me

r a

nd

Re

tail

Industry and Segment

0.0

1.0

2.0

3.0

4.0

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

Infl

atio

n (%

)

Restaurant:

21.0%

Grocery:

11.1%

PAGE |

PUBLIC EQUITY MARKET OVERVIEW

4

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

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

RECENT EQUITY OFFERINGS6

Close Date Filing Date Issuer Ticker Transaction Type

Gross Proceeds

($mm) Use of Funds

12/02/16 12/02/16 Diamond Estates Wines DWS Follow-On $6.0 Capital Expenditure

11/30/16 10/17/16 Bojangles' Inc BOJA Follow-On $119.0 Liquidity for Private Owners

11/24/16 11/21/16 Spot Coffee(Canada)Ltd SPP Follow-On $0.4 Capital Expenditure

Working Capital

11/21/16 11/16/16 Hip Cuisine Inc N/A - $0.5 Working Capital

11/16/16 11/11/16 Performance Food Group Co PFGC Follow-On $228.5 Liquidity for Private Owners

11/15/16 10/10/16 Premium Brands Holdings Corp PBH Convertible $74.3 Debt Repayment

Future Acquisitions

11/09/16 10/10/16 Saputo Inc SAP Follow-On $224.3 Liquidity for Private Owners

11/08/16 07/19/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $3.0 Debt Repayment

Working Capital

11/01/16 10/31/16 Wingstop Inc WING Follow-On $179.3 Liquidity for Private Owners

10/26/16 10/27/16 Chanticleer Holdings Inc HOTR Follow-On $13.5 Debt Repayment

Working Capital

10/27/16 10/17/16 Kokos Group Inc - IPO $0.2 Pay Fees & Expenses

10/17/16 06/07/16 Spot Coffee(Canada)Ltd SPP Follow-On $0.4 Capital Expenditure

Working Capital

10/14/16 10/03/16 Naturally Splendid Entrp Ltd RCE.P Follow-On $3.0 Debt Repayment

Working Capital

Fast Casual

Bev erage / Snack Retail

Baked Goods

Food Retail

Alcoholic Bev erages

Ingredients / Flav ors

Non-Alcoholic Bev erages

Priv ate Label

Branded Processed Foods

Dairy

Natural / Organic / BFY

Differentiated Casual

Grocery Distribution

Snacks

S&P

Casual Dining Restaurant

Agribusiness

Quick Serv ice Restaurant

Protein Processing

Fine Dining

Family Restaurant

Foodserv ice

Fruit and Vegetable

Pizza

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

Inputs Food and Beverage Consumer and Retail

PAGE |

PUBLIC COMPARABLES5

5

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 12/14/16 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 $34.44 66.2% $27,243 $27,623 $19,015 $2,171 (3.8%) (2.9%) 8.0% 11.4% 26.2x 1.45x 12.7x 1.58x 13.5x

B&G Foods, Inc. BGS 43.68 82.7% 2,909 4,216 1,319 307 52.8% 24.3% 35.2% 23.3% 25.3x 3.20x 13.7x 3.03x 12.9x

Campbell Soup Company CPB 59.52 87.7% 18,420 21,721 7,960 1,564 (0.9%) 0.3% 38.1% 19.6% 28.3x 2.73x 13.9x 2.72x 12.1x

ConAgra Foods, Inc. CAG 38.23 78.2% 16,815 21,076 11,517 1,733 4.4% (11.1%) 27.3% 15.0% 25.7x 1.83x 12.2x 2.24x 12.5x

General Mills, Inc. GIS 63.67 87.3% 37,695 47,022 16,263 3,378 (7.4%) (3.5%) 37.4% 20.8% 23.2x 2.89x 13.9x 2.89x 13.5x

Hormel Foods Corporation HRL 34.82 76.2% 18,448 18,283 9,523 1,418 2.8% 2.9% 22.8% 14.9% 21.3x 1.92x 12.9x 1.93x 12.5x

Kellogg Company K 74.19 85.1% 25,949 33,506 13,059 1,765 (6.1%) (4.2%) 39.5% 13.5% 37.3x 2.57x 19.0x 2.58x 13.5x

McCormick & Company, Incorporated MKC 93.42 86.6% 11,810 13,311 4,386 761 2.8% 2.3% 41.6% 17.3% 25.9x 3.03x 17.5x 3.00x 17.1x

Nestle S.A. NESN-CH 71.64 85.9% 222,022 244,343 90,925 17,262 (6.3%) (1.7%) 50.8% 19.0% 25.8x 2.69x 14.2x 2.75x 14.3x

Post Holdings, Inc. POST 77.89 87.5% 5,004 8,415 5,027 897 NM 69.4% 26.9% 17.8% NA 1.67x 9.4x 1.67x 9.0x

Hershey Company HSY 101.02 85.8% 15,296 18,234 7,379 1,764 (1.4%) 2.1% 45.2% 23.9% 26.7x 2.47x 10.3x 2.45x 10.2x

J. M. Smucker Company SJM 129.47 82.3% 15,204 20,434 7,511 1,759 8.6% 8.9% 36.7% 23.4% 21.3x 2.72x 11.6x 2.68x 12.0x

Mean 4.1% 7.2% 34.1% 18.3% 26.1x 2.43x 13.4x 2.46x 12.8x

Median (0.9%) 1.2% 37.0% 18.4% 25.8x 2.63x 13.3x 2.63x 12.7x

Private Label Foods and Beverages

Cott Corporation BCB-CA $10.97 63.1% $1,508 $3,682 $3,048 $352 9.4% 12.7% 34.4% 11.6% NA 1.21x 10.4x 1.11x 9.4x

Seneca Foods Corporation SENEA 41.40 98.7% 414 787 1,346 95 5.7% 1.3% 8.5% 7.0% 8.2x 0.59x 8.3x NA NA

TreeHouse Foods, Inc. THS 72.41 69.3% 4,103 6,951 5,274 555 62.5% 33.3% 16.4% 10.5% 42.3x 1.32x 12.5x 1.13x 10.8x

Mean 25.9% 15.8% 19.7% 9.7% 25.2x 1.04x 10.4x 1.12x 10.1x

Median 9.4% 12.7% 16.4% 10.5% 25.2x 1.21x 10.4x 1.12x 10.1x

Natural / Organic Foods / Better-For-You

Amplify Snack Brands Inc BETR $9.22 52.6% $718 $1,291 $229 $81 34.0% NA 45.7% 35.3% 30.2x 5.65x 16.0x 4.79x 15.3x

SunOpta Inc. SOY-CA 7.28 94.7% 632 1,180 1,278 61 8.8% 2.9% 10.8% 4.7% NA 0.92x 19.5x 0.83x 12.1x

Pinnacle Foods, Inc. PF 50.68 96.0% 6,039 9,041 2,992 602 13.4% 6.7% 29.6% 20.1% 29.9x 3.02x 15.0x 2.89x 14.0x

Hain Celestial Group, Inc. HAIN 39.56 69.4% 4,076 4,868 2,888 374 12.2% 21.5% 22.1% 12.9% 19.7x 1.69x 13.0x 1.62x 12.2x

WhiteWave Foods Company WWAV 55.34 97.4% 9,799 11,870 4,171 561 11.2% 19.1% 36.0% 13.4% 49.8x 2.85x 21.2x 2.79x 20.0x

Mean 15.9% 12.6% 28.8% 17.3% 32.4x 2.82x 16.9x 2.58x 14.7x

Median 12.2% 12.9% 29.6% 13.4% 30.0x 2.85x 16.0x 2.79x 14.0x

Baked Goods

Aryzta AG ARYN-CH $45.06 86.5% $4,020 $6,764 $4,305 $677 (4.1%) (9.7%) 32.0% 15.7% 44.6x 1.57x 10.0x 1.64x 10.9x

Flowers Foods, Inc. FLO 19.10 83.9% 4,007 5,004 4,802 538 28.2% 9.5% 44.4% 11.2% 22.4x 1.04x 9.3x 1.27x 11.2x

George Weston Limited WN-CA 86.54 93.5% 11,085 24,433 46,937 3,821 (6.1%) 12.5% 28.5% 8.1% 25.8x 0.52x 6.4x 0.67x 8.1x

Grupo Bimbo SAB de CV BIMBOA-MX 2.37 72.7% 11,087 14,938 13,524 1,613 (2.2%) (0.7%) 54.1% 11.9% 36.7x 1.10x 9.3x 1.22x 11.0x

Lancaster Colony Corporation LANC 138.31 98.0% 3,821 3,675 1,188 218 4.4% 0.8% 27.4% 18.3% 30.0x 3.09x 16.9x 3.05x 17.0x

Mean 4.0% 2.5% 37.3% 13.1% 31.9x 1.47x 10.4x 1.57x 11.7x

Median (2.2%) 0.8% 32.0% 11.9% 30.0x 1.10x 9.3x 1.27x 11.0x

LTM EV / LTM EV / 2016ERevenue Growth LTM Margins

PAGE |

PUBLIC COMPARABLES5

6

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 12/14/16 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy

Danone SA BN-FR $65.60 83.2% $43,153 $52,251 $24,482 $3,839 (7.3%) (3.0%) 51.2% 15.7% 21.8x 2.13x 13.6x 2.22x 12.7x

Dean Foods Company DF 21.46 99.3% 1,947 2,815 7,715 440 (9.2%) (3.9%) 24.6% 5.7% 18.9x 0.36x 6.4x 0.37x 6.0x

Emmi AG EMMN-CH 597.58 84.6% 3,132 3,530 3,311 327 (6.6%) (1.0%) 19.2% 9.9% 23.5x 1.07x 10.8x 1.09x 11.1x

Glanbia Plc GL9-IE 16.31 77.9% 4,996 5,721 3,081 372 (3.4%) 0.4% 9.6% 12.1% 24.1x 1.86x 15.4x 1.89x 15.2x

Lifeway Foods, Inc. LWAY 10.64 57.6% 170 168 123 9 3.4% 10.2% 26.0% 7.2% 51.0x 1.36x 19.0x 1.35x 17.7x

Parmalat S.p.A. PLT-IT 2.68 95.3% 4,971 4,788 7,134 396 (1.6%) 1.1% 2.3% 5.5% 30.3x 0.67x 12.1x 0.70x 9.9x

Saputo Inc. SAP-CA 35.10 96.0% 13,797 14,734 8,383 978 (3.6%) 1.1% 18.4% 11.7% 26.5x 1.76x 15.1x 1.72x 14.9x

Savencia SA SAVE-FR 70.31 93.6% 984 1,502 4,830 262 (11.9%) (2.7%) 4.3% 5.4% 17.2x 0.31x 5.7x 0.32x 4.9x

Mean (5.0%) 0.3% 19.4% 9.1% 26.7x 1.19x 12.3x 1.21x 11.6x

Median (5.1%) (0.3%) 18.8% 8.5% 23.8x 1.21x 12.9x 1.22x 11.9x

Non-Alcoholic Beverages

A.G. BARR p.l.c. BAG-GB $6.16 68.7% $718 $727 $371 $74 (6.7%) (1.0%) 46.3% 20.0% 15.0x 1.96x 9.8x 2.24x 11.1x

Cott Corporation BCB-CA 10.97 63.1% 1,508 3,682 3,048 352 9.4% 12.7% 34.4% 11.6% NA 1.21x 10.4x 1.11x 9.4x

Dr Pepper Snapple Group, Inc. DPS 89.99 91.1% 16,544 19,239 6,408 1,643 2.6% 2.1% 57.8% 25.6% 19.5x 3.00x 11.7x 2.99x 12.0x

Lassonde Industries, Inc. LAS.A 160.43 94.5% 518 757 1,141 127 (0.4%) 3.7% 29.3% 11.2% 22.1x 0.66x 5.9x 0.66x 6.7x

Monster Beverage Corporation MNST 44.37 79.9% 25,694 25,095 2,936 913 9.4% 10.5% 63.8% 31.1% 40.3x 8.55x 27.5x 8.31x 21.2x

National Beverage Corp. FIZZ 49.50 76.5% 2,352 2,201 761 117 13.3% 5.3% 33.3% 15.4% 28.7x 2.89x 18.8x 2.85x 15.7x

PepsiCo, Inc. PEP 106.12 95.7% 151,493 172,435 61,870 12,586 (4.0%) (2.3%) 54.6% 20.3% 23.2x 2.79x 13.7x 2.74x 13.6x

Coca-Cola Company KO 41.79 88.7% 180,109 201,933 41,978 11,206 (6.1%) (3.9%) 60.7% 26.7% 25.3x 4.81x 18.0x 4.85x 17.2xNA

Mean 2.2% 3.4% 47.5% 20.2% 24.9x 3.23x 14.5x 3.22x 13.4x

Median 1.1% 2.9% 50.5% 20.2% 23.2x 2.84x 12.7x 2.80x 12.8x

Alcoholic Beverages

Anheuser-Busch Inbev Sa ABI-BE $104.39 77.8% $178,520 $227,477 $42,551 $15,353 (9.3%) 2.4% 59.8% 36.1% 44.6x 5.35x 14.8x 5.12x 13.7x

Brown-Forman Corporation BF.B 45.30 87.5% 17,877 19,920 2,979 1,101 (1.2%) 0.6% 66.1% 36.9% 17.3x 6.69x 18.1x 6.49x 18.2x

Carlsberg A/S CARL.B-DK 86.24 83.7% 13,192 18,525 9,716 1,869 (15.3%) (5.7%) 45.9% 19.2% NA 1.91x 9.9x 2.04x 10.4x

Constellation Brands, Inc. STZ 157.07 90.5% 31,194 39,037 7,075 2,366 12.9% 25.3% 48.7% 33.4% 28.2x 5.52x 16.5x 5.41x 16.1x

Diageo plc DGE-GB 26.13 89.0% 66,272 80,224 15,532 4,862 (8.7%) (4.3%) 59.8% 31.3% 23.2x 5.17x 16.5x 5.65x 16.9x

Heineken NV HEIA-NL 75.49 76.6% 43,438 57,877 22,745 4,822 (4.7%) (2.5%) 12.2% 21.2% 30.3x 2.54x 12.0x 2.64x 11.0x

Kirin Holdings Company, Limited 2503-JP 16.69 90.5% 15,620 24,414 18,705 2,152 0.4% (8.8%) 44.2% 11.5% NA 1.31x 11.3x 1.35x 11.5x

Pernod Ricard SA RI-FR 107.70 88.3% 28,681 38,629 9,631 2,891 (5.9%) (4.6%) 61.6% 30.0% 21.7x 4.01x 13.4x 4.12x 14.2x

Sapporo Holdings Limited 2501-JP 25.64 82.6% 2,064 4,240 4,770 421 7.6% (5.0%) 36.3% 8.8% 24.9x 0.89x 10.1x 0.89x 10.2x

Mean (2.7%) (0.3%) 48.3% 25.4% 27.2x 3.71x 13.6x 3.74x 13.6x

Median (4.7%) (4.3%) 48.7% 30.0% 24.9x 4.01x 13.4x 4.12x 13.7x

Snacks

Inventure Foods, Inc. SNAK $9.74 96.3% $195 $311 $274 $7 (4.6%) 11.1% 11.9% 2.5% NA 1.13x NM 1.12x NM

J & J Snack Foods Corp. JJSF 131.76 97.6% 2,484 2,332 993 152 1.7% 4.6% 30.4% 15.4% 32.8x 2.35x 15.3x 2.33x 15.1x

John B. Sanfilippo & Son, Inc. JBSS 69.04 94.8% 611 642 949 70 4.5% 8.9% 16.4% 7.4% 24.7x 0.68x 9.1x 0.69x NA

Mondelez International, Inc. MDLZ 43.30 93.3% 66,533 82,021 26,517 4,847 (14.7%) 7.2% 38.6% 18.3% NM 3.09x 16.9x 3.14x 16.8x

PepsiCo, Inc. PEP 106.12 95.7% 151,493 172,435 61,870 12,586 (4.0%) (2.3%) 54.6% 20.3% 23.2x 2.79x 13.7x 2.74x 13.6x

Snyder's-Lance, Inc. LNCE 38.46 98.6% 3,711 5,055 2,067 248 22.3% 5.5% 36.2% 12.0% NM 2.45x 20.3x 2.20x 16.1x

Mean 0.9% 5.8% 31.4% 12.7% 26.9x 2.08x 15.1x 2.04x 15.4x

Median (1.1%) 6.4% 33.3% 13.7% 24.7x 2.40x 15.3x 2.27x 15.6x

LTM EV / LTMRevenue Growth LTM Margins EV / 2016E

PAGE |

PUBLIC COMPARABLES5

7

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 12/14/16 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $40.55 73.2% $1,848 $1,567 $1,539 $245 (15.9%) 4.9% NM 15.9% 14.4x 1.02x 6.4x 1.07x 7.8x

JBS S.A. JBSS3-BR 3.32 82.4% 9,565 24,966 47,562 2,823 (6.4%) 4.6% 13.0% 5.9% NA 0.52x 8.8x 0.46x 6.6x

Sanderson Farms, Inc. SAFM 89.52 90.1% 2,031 1,788 2,705 305 (6.2%) 1.3% 17.8% 11.3% 14.5x 0.66x 5.9x 0.63x 5.0x

Seaboard Corporation SEB 4,165.00 91.6% 4,918 4,286 5,309 318 (11.0%) (7.2%) 10.1% 6.0% 15.7x 0.81x 13.5x NA NA

Tyson Foods, Inc. TSN 63.00 81.8% 18,230 24,172 36,954 3,585 (10.8%) 2.4% 11.9% 9.7% 13.6x 0.65x 6.7x 0.66x 6.8x

Mean (10.1%) 1.2% 13.2% 9.8% 14.6x 0.73x 8.3x 0.70x 6.5x

Median (10.8%) 2.4% 12.4% 9.7% 14.4x 0.66x 6.7x 0.64x 6.7x

Fruit and Vegetable

Calavo Growers, Inc. CVGW $57.35 80.2% $1,004 $1,009 $896 53 5.5% 11.7% 12.4% 5.9% 29.7x 1.13x 19.1x 1.06x 14.6x

Fresh Del Monte Produce Inc. FDP 60.96 91.2% 3,188 3,328 4,099 400 3.1% 4.6% 12.6% 9.7% 22.6x 0.81x 8.3x 0.83x 9.5x

Seneca Foods Corporation SENEA 41.40 98.7% 414 787 1,346 95 5.7% 1.3% 8.5% 7.0% 8.2x 0.59x 8.3x NA NA

Total Produce Plc T7O-IE 2.02 99.1% 653 842 3,366 72 1.4% 0.1% 13.6% 2.1% 21.0x 0.25x 11.7x 0.23x 11.8x

Mean 3.9% 4.4% 11.8% 6.2% 20.4x 0.69x 11.9x 0.71x 12.0x

Median 4.3% 2.9% 12.5% 6.5% 21.8x 0.70x 10.0x 0.83x 11.8x

Ingredients / Flavors

Givaudan SA GIVN-CH $1,788.30 83.0% $16,498 $17,497 $4,637 $1,103 (0.4%) 0.1% 43.7% 23.8% 25.0x 3.77x 15.9x 3.78x 15.4x

Ingredion Incorporated INGR 125.80 89.9% 9,072 10,228 5,709 1,041 2.2% (4.1%) 25.1% 18.2% 18.8x 1.79x 9.8x 1.79x 9.9x

International Flavors & Fragrances Inc. IFF 120.07 83.6% 9,670 10,543 3,069 702 0.2% 1.8% 44.1% 22.9% 24.7x 3.43x 15.0x 3.38x 14.7x

Kerry Group Plc KRZ-IE 69.03 71.6% 12,374 14,195 6,782 994 (3.8%) (3.7%) 9.9% 14.7% 22.8x 2.09x 14.3x 2.19x 15.2x

Sensient Technologies Corporation SXT 80.23 96.2% 3,657 4,252 1,392 268 0.9% (1.9%) 35.1% 19.2% 32.3x 3.05x 15.9x 3.04x 16.9x

Symrise AG SY1-DE 60.57 78.2% 7,892 9,667 3,101 623 4.7% 9.2% 39.8% 20.1% 30.7x 3.12x 15.5x 3.13x 14.7x

Tate & Lyle PLC TATE-GB 8.66 81.8% 4,049 4,501 3,555 488 (0.2%) (10.2%) 10.3% 13.7% 13.9x 1.27x 9.2x 1.36x 10.0x

Mean 0.5% (1.2%) 29.7% 18.9% 24.0x 2.65x 13.7x 2.67x 13.8x

Median 0.2% (1.9%) 35.1% 19.2% 24.7x 3.05x 15.0x 3.04x 14.7x

Agribusiness

Archer-Daniels-Midland Company ADM $46.10 96.3% $26,699 $32,091 $62,354 $2,174 (13.5%) (1.7%) 4.9% 3.5% 17.6x 0.51x 14.8x 0.51x 10.7x

Bunge Limited BG 71.82 97.1% 10,056 12,978 41,985 1,370 (7.9%) (11.3%) 0.7% 3.3% 16.6x 0.31x 9.5x 0.30x 7.8x

CF Industries Holdings, Inc. CF 28.52 63.9% 6,623 13,722 3,934 1,381 (10.8%) (11.3%) 3.4% 35.1% NM 3.49x 9.9x 3.69x 14.4x

Darling Ingredients Inc. DAR 13.57 85.2% 2,264 4,063 3,322 429 (9.0%) 24.5% 13.0% 12.9% 15.5x 1.22x 9.5x 1.21x 9.3x

Monsanto Company MON 104.76 91.7% 45,798 53,113 13,490 3,552 (9.9%) (3.2%) 45.0% 26.3% 35.0x 3.94x 15.0x 3.89x 14.1x

Andersons, Inc. ANDE 41.48 96.6% 1,170 1,512 3,959 118 (7.9%) (11.1%) 14.6% 3.0% NA 0.38x 12.9x 0.38x 12.1x

Mosaic Company MOS 29.89 94.8% 10,338 13,391 7,464 1,246 (18.1%) NA 7.4% 16.7% 23.6x 1.79x 10.7x 1.89x 12.7x

Mean (11.0%) (2.3%) 12.7% 14.4% 21.6x 1.66x 11.7x 1.70x 11.6x

Median (9.9%) (7.1%) 7.4% 12.9% 17.6x 1.22x 10.7x 1.21x 12.1x

Consumer and Retail

Grocery Distribution

AMCON Distributing Company DIT $97.73 96.9% $67 $81 $1,295 $13 1.0% 2.2% 5.4% 1.0% 11.7x 0.06x 6.2x NA NA

Core-Mark Holding Company, Inc. CORE 38.73 77.5% 1,796 2,039 13,508 129 24.3% 12.6% 5.0% 1.0% 34.3x 0.15x 15.8x 0.14x 13.1x

Performance Food Group Company PFGC 23.68 84.2% 2,471 3,729 16,222 316 6.2% 5.8% 12.6% 2.0% 35.7x 0.23x 11.8x 0.23x 10.1x

SpartanNash Company SPTN 36.86 93.1% 1,415 1,883 9,450 230 19.9% 6.1% 14.2% 2.4% 23.5x 0.20x 8.2x 0.24x 8.2x

SUPERVALU INC. SVU 4.87 67.9% 1,275 3,609 17,121 744 (5.1%) 30.8% 12.9% 4.3% 7.7x 0.21x 4.9x 0.21x 5.0x

United Natural Foods, Inc. UNFI 46.19 88.5% 2,334 2,915 8,672 304 4.9% 11.5% 15.3% 3.5% 18.6x 0.34x 9.6x 0.33x 9.3x

Mean 8.5% 11.5% 10.9% 2.4% 21.9x 0.20x 9.4x 0.23x 9.2x

Median 5.6% 8.8% 12.8% 2.2% 21.0x 0.21x 8.9x 0.23x 9.3x

LTM Margins EV / 2016ELTM Revenue Growth EV / LTM

PAGE |

PUBLIC COMPARABLES5

8

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 12/14/16 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food Retail

Costco Wholesale Corporation COST $159.86 94.3% $70,194 $69,428 $119,598 $4,927 2.6% 4.0% 13.6% 4.1% 29.1x 0.58x 14.1x 0.57x 13.7x

Ingles Markets, Incorporated IMKTA 47.90 96.2% 674 1,567 3,785 $193 (0.1%) 0.1% 24.3% 5.1% 17.4x 0.41x 8.1x 0.41x 6.5x

J Sainsbury plc SBRY-GB 3.17 74.2% 6,818 8,625 33,585 $1,284 (7.1%) (3.3%) 5.9% 3.8% 9.8x 0.26x 6.7x 0.27x 5.2x

Royal Ahold N.V. AD-NL 20.69 80.9% 26,150 26,120 7,652 230 (81.7%) NA 26.4% 3.0% 17.5x 3.41x NM 0.41x 6.3x

Natural Grocers by Vitamin Cottage NGVC 12.42 55.4% 278 333 705 46 12.9% 17.9% 28.1% 6.5% 24.3x 0.47x 7.3x 0.46x 7.0x

Sprouts Farmers Markets, Inc. SFM 20.50 68.3% 2,875 3,155 3,991 311 17.5% 20.0% 26.1% 7.8% 22.7x 0.79x 10.2x 0.78x 10.5x

SUPERVALU INC. SVU 4.87 67.9% 1,275 3,609 17,121 744 (5.1%) 30.8% 12.9% 4.3% 7.7x 0.21x 4.9x 0.21x 5.0x

Tesco PLC TSCO-GB 2.61 91.2% 21,240 29,143 78,545 3,432 (18.3%) (7.7%) 5.3% 4.4% NM 0.37x 8.5x 0.41x 9.3x

Kroger Co. KR 35.02 81.9% 32,148 44,567 113,891 5,846 4.6% 4.6% 20.2% 5.1% 16.5x 0.39x 7.6x 0.39x 7.6x

Village Super Market, Inc. VLGEA 31.95 87.7% 312 298 1,635 66 2.6% 3.5% 25.3% 4.0% 20.1x 0.18x 4.5x NA NA

Weis Markets, Inc. WMK 60.16 94.8% 1,610 1,546 2,946 171 3.1% 2.9% 25.0% 5.8% 25.6x 0.52x 9.0x NA NA

Whole Foods Market, Inc. WFM 31.54 88.6% 9,995 10,194 15,724 1,368 2.2% 6.8% 34.1% 8.7% 20.3x 0.65x 7.5x 0.64x 7.6x

Mean (5.6%) 7.2% 20.6% 5.2% 19.2x 0.69x 8.0x 0.46x 7.9x

Median 2.4% 4.0% 24.7% 4.7% 20.1x 0.44x 7.6x 0.41x 7.3x

Foodservice

Colabor Group Inc. GCL-CA $0.98 85.9% $102 $239 $1,111 $22 (10.8%) (8.3%) 1.8% 2.0% NA 0.21x 10.9x 0.20x 9.7x

Sysco Corporation SYY 55.83 99.7% 30,420 37,597 51,773 2,811 6.1% 4.8% 19.3% 5.4% 30.6x 0.73x 13.4x 0.71x 12.9x

Chefs' Warehouse, Inc. CHEF 14.65 70.5% 386 692 1,150 58 16.4% 22.7% 25.0% 5.1% NM 0.60x 11.9x 0.58x 12.2x

Mean 3.9% 6.4% 15.4% 4.2% 30.6x 0.51x 12.1x 0.50x 11.6x

Median 6.1% 4.8% 19.3% 5.1% 30.6x 0.60x 11.9x 0.58x 12.2x

Quick Service Restaurant

Bojangles, Inc. BOJA $18.90 93.8% $691 $874 $521 $80 9.3% NA 19.6% 15.4% 19.7x 1.68x 10.9x 1.64x 10.8x

Jack in the Box Inc. JACK 112.68 99.5% 3,600 4,578 1,599 337 3.8% 2.4% 28.0% 21.0% 30.7x 2.86x 13.6x 2.85x 13.4x

McDonald's Corporation MCD 123.17 93.3% 101,879 125,619 24,934 9,248 (2.8%) (3.8%) 42.8% 37.1% 23.2x 5.04x 13.6x 5.10x 13.3x

Popeyes Louisiana Kitchen, Inc. PLKI 61.62 97.6% 1,277 1,394 267 87 3.9% 9.2% 62.2% 32.5% 31.4x 5.22x 16.1x 5.17x 16.0x

Restaurant Brands International Inc QSR 48.77 97.2% 11,528 20,794 4,279 1,837 30.6% NA 46.9% 42.9% 40.0x 4.86x 11.3x 5.02x 11.2x

Sonic Corp. SONC 27.16 74.7% 1,276 1,788 606 167 0.0% 3.8% 36.2% 27.6% 21.2x 2.95x 10.7x 3.12x 10.8x

Wendy's Company WEN 13.84 98.6% 3,588 5,664 1,590 458 (13.8%) (14.3%) 40.7% 28.8% 20.0x 3.56x 12.4x 3.95x 14.3x

Yum! Brands, Inc. YUM 64.13 69.7% 23,716 29,876 12,894 2,802 (2.0%) (0.4%) 30.1% 21.7% 16.4x 2.32x 10.7x 4.15x 14.0x

Mean 3.6% (0.5%) 38.3% 28.4% 25.3x 3.56x 12.4x 3.88x 13.0x

Median 1.9% 1.0% 38.4% 28.2% 22.2x 3.26x 11.8x 4.05x 13.3x

Fast Casual

Chipotle Mexican Grill, Inc. CMG $381.55 66.0% $10,920 $10,561 $3,867 $277 (15.4%) 8.0% 10.5% 7.2% NM 2.73x 38.2x 2.69x NM

El Pollo Loco Holdings Inc LOCO 13.22 85.6% 505 606 374 60 4.2% NA 20.3% 16.0% 21.9x 1.62x 10.2x 1.60x 9.6x

Fiesta Restaurant Group, Inc. FRGI 28.85 74.9% 785 849 720 93 8.4% 9.9% 19.4% 13.0% 33.9x 1.18x 9.1x 1.19x 9.1x

Habit Restaurants, Inc. HABT 17.10 69.8% 445 432 271 28 23.9% NA 14.7% 10.2% NM 1.60x 15.7x 1.53x 15.2x

Noodles & Co. NDLS 4.95 36.3% 132 214 475 25 6.3% 12.1% 7.6% 5.3% NA 0.45x 8.6x 0.44x 8.8x

Panera Bread Company PNRA 211.94 94.6% 4,647 4,996 2,760 403 3.7% 6.3% 14.3% 14.6% 35.4x 1.81x 12.4x 1.79x 12.2x

Potbelly Corp. PBPB 14.30 95.4% 363 334 400 39 10.3% 10.2% 14.5% 9.8% 49.7x 0.83x 8.5x 0.82x 8.6x

Shake Shack, Inc. SHAK 38.54 87.6% 1,414 1,390 246 47 41.3% NA 22.9% 18.9% NM 5.64x 29.8x 5.23x NM

Wingstop, Inc. WING 31.83 95.2% 917 1,068 87 31 NA NA 68.7% 35.1% NM 12.25x 34.9x 11.66x NM

Zoe's Kitchen, Inc. ZOES 26.00 62.3% 511 530 267 23 24.7% NA 13.5% 8.8% NM 1.99x 22.6x 1.91x 22.2x

Mean 11.9% 9.3% 20.6% 13.9% 35.2x 3.01x 19.0x 2.88x 12.2x

Median 8.4% 9.9% 14.6% 11.6% 34.6x 1.72x 14.0x 1.69x 9.6x

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

PAGE |

PUBLIC COMPARABLES5

9

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

Price at As a % of Market Enterprise P/E

($ in millions, except per share data) Ticker 12/14/16 52-wk High Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Differentiated Casual

BJ's Restaurants, Inc. BJRI $38.60 81.2% $907 $990 $961 $128 6.7% 8.1% 10.7% 13.3% 22.2x 1.03x 7.7x 1.00x 7.8x

Buffalo Wild Wings, Inc. BWLD 169.05 96.5% 3,099 3,163 1,983 308 14.5% 17.3% 13.8% 15.5% 30.7x 1.59x 10.3x 1.57x 10.4x

Chuy's Holdings, Inc. CHUY 34.15 90.4% 578 564 323 41 16.1% 17.2% 15.3% 12.6% 38.6x 1.75x 13.9x 1.69x 13.3x

Dave & Buster's Entertainment, Inc. PLAY 55.35 95.4% 2,364 2,627 969 229 15.4% NA 16.1% 23.7% 28.1x 2.71x 11.5x 2.65x 10.8x

Ignite Restaurant Group, Inc. IRG 0.34 7.6% 9 122 462 20 17.3% 36.0% 7.9% 4.3% NA 0.26x 6.1x 0.27x 5.3x

Cheesecake Factory Incorporated CAKE 63.27 98.2% 3,015 3,048 2,199 279 17.3% 36.0% 15.7% 12.7% 23.5x 1.39x 10.9x 1.34x 10.5x

Mean 14.6% 22.9% 13.2% 13.7% 28.6x 1.46x 10.1x 1.42x 9.7x

Median 15.7% 17.3% 14.5% 13.0% 28.1x 1.49x 10.6x 1.46x 10.5x

Casual Dining Restaurant

Bloomin' Brands, Inc. BLMN $18.68 93.4% $1,980 $3,153 $4,297 $428 (3.1%) 1.8% 10.0% 10.0% 35.5x 0.73x 7.4x 0.74x 7.1x

Brinker International, Inc. EAT 52.57 94.1% 2,611 4,023 3,253 480 6.5% 4.6% 10.6% 14.8% 15.8x 1.24x 8.4x 1.24x 8.6x

Darden Restaurants, Inc. DRI 76.52 96.3% 9,460 9,786 6,961 921 1.5% (7.1%) 17.8% 13.2% 24.7x 1.41x 10.6x 1.39x 10.0x

DineEquity, Inc. DIN 83.54 84.5% 1,533 2,799 651 261 (3.4%) 0.5% 57.2% 40.1% 15.4x 4.30x 10.7x 4.38x 10.6x

Red Robin Gourmet Burgers, Inc. RRGB 54.95 79.7% 660 961 1,291 143 3.0% 8.3% 12.3% 11.1% 22.1x 0.74x 6.7x 0.74x 6.7x

Ruby Tuesday, Inc. RT 3.44 59.8% 206 361 1,068 67 (5.0%) (4.0%) 9.8% 6.3% NA 0.34x 5.4x NA NA

Texas Roadhouse, Inc. TXRH 49.17 97.3% 3,520 3,498 1,960 262 11.5% 13.1% 14.5% 13.4% 30.2x 1.78x 13.4x 1.75x 13.0x

Mean 1.6% 2.4% 18.9% 15.5% 24.0x 1.51x 8.9x 1.70x 9.4x

Median 1.5% 1.8% 12.3% 13.2% 23.4x 1.24x 8.4x 1.31x 9.3x

Fine Dining

Del Frisco's Restaurant Group, Inc. DFRG $18.10 98.1% $428 $427 $347 $44 7.2% 10.7% 13.2% 12.8% 23.0x 1.23x 9.6x 1.22x 9.3x

Fogo de Chao, Inc. FOGO 14.40 80.5% 408 543 285 53 8.4% NA 21.8% 18.7% 14.1x 1.90x 10.2x 1.91x 9.8x

Ruth's Hospitality Group, Inc. RUTH 19.05 96.9% 612 646 383 59 22.7% (2.5%) 19.2% 15.3% 20.6x 1.69x 11.0x 1.67x 10.6x

Mean 12.8% 4.1% 18.1% 15.6% 19.3x 1.61x 10.3x 1.60x 9.9x

Median 8.4% 4.1% 19.2% 15.3% 20.6x 1.69x 10.2x 1.67x 9.8x

Pizza

Domino's Pizza, Inc. DPZ $162.97 94.4% $7,801 $9,878 $2,394 $478 13.0% 10.5% 30.7% 20.0% 40.4x 4.13x 20.7x 4.06x 20.4x

Papa John's International, Inc. PZZA 88.46 98.4% 3,230 3,545 1,691 193 2.7% 6.0% 17.5% 11.4% 35.2x 2.10x 18.3x 2.06x 18.5x

Papa Murphy's Holdings, Inc. FRSH 4.40 34.0% 75 187 125 22 9.2% NA 24.7% 17.3% 19.3x 1.49x 8.6x 1.44x 8.8x

Mean 8.3% 8.3% 24.3% 16.2% 31.6x 2.57x 15.9x 2.52x 15.9x

Median 9.2% 8.3% 24.7% 17.3% 35.2x 2.10x 18.3x 2.06x 18.5x

Beverage / Snack Retail

DAVIDsTEA, Inc. DTEA $7.10 49.7% $179 $153 $159 $18 NA NA 41.3% 11.6% 26.7x 0.97x 8.4x 0.94x 7.9x

Dunkin' Brands Group, Inc. DNKN 53.62 98.0% 4,928 7,027 817 422 2.1% 5.7% 77.6% 51.7% 38.1x 8.60x 16.7x 8.48x 15.4x

Jamba, Inc. JMBA 10.50 75.6% 163 149 82 (5) (56.0%) (28.9%) 39.7% NM NA 1.81x NM 1.88x 26.5x

Starbucks Corporation SBUX 58.83 95.2% 86,320 87,727 21,311 4,917 11.3% 12.7% 26.7% 23.1% 31.2x 4.12x 17.8x 4.03x 16.4x

Mean (9.6%) (1.3%) 40.6% 25.1% 32.0x 3.87x 14.3x 3.83x 16.5x

Median 3.2% 5.5% 39.7% 18.6% 31.2x 2.97x 16.7x 2.95x 15.9x

Family Restaurant

Bob Evans Farms, Inc. BOBE $53.00 96.2% $1,046 $1,401 $1,314 $124 (1.6%) (3.2%) 13.8% 9.4% 47.3x 1.07x 11.3x 1.07x 9.8x

Cracker Barrel Old Country Store, Inc. CBRL 171.13 99.0% 4,125 4,400 2,920 371 2.0% 3.1% 15.5% 12.7% 21.0x 1.51x 11.9x 1.49x 11.8x

Denny's Corporation DENN 12.85 98.5% 940 1,167 501 68 1.1% 2.6% 27.6% 13.6% 58.2x 2.33x 17.1x 2.30x 11.8x

Luby's, Inc. LUB 4.38 85.9% 127 163 403 19 2.2% 1.0% 10.7% 4.8% NA 0.41x 8.4x NA NA

Mean 0.9% 0.9% 16.9% 10.1% 42.2x 1.33x 12.2x 1.62x 11.1x

Median 1.6% 1.8% 14.6% 11.1% 47.3x 1.29x 11.6x 1.49x 11.8x

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

PAGE |

PUBLIC EQUITY MARKET OVERVIEW

10

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

Highlighted Food and Beverage M&A Transactions5

M&A MARKET OVERVIEW

CHAROEN POKPHAND FOODS TO ACQUIRE BELLISIO FOODS INC

Enterprise Value: $1,075 mmRevenue Multiple: 1.6xEBITDA Multiple: 13.1xAnnounced: November 17, 2016

BLUE ROAD CAPITAL TO ACQUIRE DIAMOND OF CALIFORNIA

B&G FOODS, INC TO ACQUIRE VICTORIA FINE FOODS

Snyder’s-Lance has agreed to sell Diamond of California, its culinary nutbusiness, to Blue Road Capital.

Diamond of California produces nuts for ingredient and snackingapplications.

The divestiture by Snyder’s-Lance will allow the Company to focus on corebrands with higher growth profiles and achieve its stated goal of reducingleverage.

Enterprise Value: NDRevenue Multiple: NDEBITDA Multiple: NDAnnounced: November 28, 2016

Charoen Pokphand Foods, a publicly listed Thailand-based food business, hasagreed to acquire Bellisio Foods, a portfolio company of Centre PartnersManagement.

Bellisio Foods is a producer and distributor of single-serve frozen entrees, withbrands such as Boston Market, Chili’s, Atkins, and Michelina’s.

The transaction will allow CPF to leverage Bellisio’s deep strategic relationshipswith U.S. and Canadian retailers to gain access to the North American market.

70

80

90

100

110

120

130

140

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

Restaurant Natural/Organic Beverage

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

17.0%

12.3%

10.3%

5.9%

5.7%

(5.7%)

B&G Foods has agreed to acquire Victoria Fine Foods, a portfolio company ofHuron Capital Partners.

Victoria Fine Foods produces and markets variety of premium pasta, specialtysauces, savory condiments, and gourmet spreads with a focus on high-qualityingredients.

The transaction will allow B&G to expand its portfolio of Italian-style offeringsand will be immediately accretive to the Company’s earnings per share.

Enterprise Value: $70 mmRevenue Multiple: 1.70xEBITDA Multiple: 7.80xAnnounced: December 2, 2016

PAGE |

M&A MARKET OVERVIEW*

11

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

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

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

9.9x

8.8x 8.3x

8.0x

11.3x

9.2x 9.7x

8.8x

9.6x

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

$51.8

0

100

200

300

400

500

600

700

$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 De als

2114

3225 26

3831

65

110

2717

34

18

3643

48

6560

0

20

40

60

80

100

120

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

Announced Target Buyer1/0/1900 0 Cargill, Incorporated

12/10/2016 Sunday Supermarket Darvoza Savdo OOO

12/9/2016 Compañía Alimentaria del Sur Comerándalus SL

12/8/2016 Smooth Ambler Spirits Co Aust in Nichols & Co., Inc.

12/7/2016 J.P.S. Lait SAS J.P.S. Lait SAS

12/7/2016 Degens NV Ardian SA; Holding Solina SA

12/7/2016 Fert in Pharma A/S EQT Partners AB

12/7/2016 Nest le Healthcare Nutrament Business Brynwood Partners

12/7/2016 Main Line Delivery.com LLC Square, Inc.; Caviar, Inc.

12/6/2016 iNTERTAIN Ltd. Stonegate Pub Co. Ltd.

12/6/2016 Dufour Sisteron SAS La coopérative Arterris SCA

PAGE |

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

$0

$2

$4

$6

$8

$10

$12

$14

$16

2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16

Loa

n V

olu

me

by

Qu

art

er

($ in

bill

ion

s)

Inst itutional Pro Rata

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

12/02/16 Advance Pierre Foods Food preparations, nec 695 USD Term Loan B N/A 300 BPS

11/15/16 All Holding Company LLC Sausages and other prepared meats 22 USD Term Loan N/A 700 BPS

11/15/16 All Holding Company LLC Sausages and other prepared meats 8 USD Revolver/Line >= 1 Yr. N/A 700 BPS

11/30/16 Archer Daniels Midland Co Wet corn milling 1,500 USD Revolver/Line >= 1 Yr. N/A

11/30/16 Archer Daniels Midland Co Wet corn milling 1,000 USD 364-Day Facility N/A

11/30/16 Archer Daniels Midland Co Wet corn milling 1,500 USD Revolver/Line >= 1 Yr. N/A

11/15/16 Constellation Brands Inc Malt beverages Term Loan B N/A

11/15/16 Constellation Brands Inc Malt beverages Term Loan B N/A

12/07/16 Continental Foods Food preparations, nec 275 USD Term Loan B N/A 425 BPS

12/07/16 Continental Foods Food preparations, nec 82 USD Term Loan N/A 475 BPS

12/07/16 Continental Foods Food preparations, nec 134 USD Term Loan B N/A 375 BPS

11/17/16 Cranswick Plc Prepared feeds, nec 199 USD Revolver/Line >= 1 Yr. N/A

12/15/16 Dr Pepper Snapple Group Inc Bottled and canned soft drinks 1,700 USD Bridge Loan N/A

12/06/16 Fromageries Bel SA Cheese, natural and processed 322 USD Revolver/Line >= 1 Yr. N/A

12/06/16 Fromageries Bel SA Cheese, natural and processed 100 USD Term Loan N/A

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

DEBT MARKET OVERVIEW

12

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

Food and Beverage Loan Activity7

AVERAGE SECONDARY SPREADS

Recent Debt Offerings8

CREDIT STATISTICS

QUARTERLY LOAN VOLUME

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

2012 2013 2014 2015 2016 YTD

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2009 2010 2011 2012 2013 2014 2015 1H16

Av

era

ge

Sp

rea

d O

ve

r LI

BO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

PAGE |

Enterprise Enterprise Value Private Equity Geographic

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Location

12/10/2016 Sunday Supermarket - Darvoza Savdo OOO - - - - EU

12/9/2016 Compañía Alimentaria del Sur - Comerándalus SL - - - - P EU

12/8/2016 Smooth Ambler Spirits Co - Aust in Nichols & Co., Inc. - - - - N.A.

12/7/2016 J.P.S. Lait SAS - J.P.S. Lait SAS - - - - P EU

12/7/2016 Degens NV ITT Food Ingredients BV Ardian SA; Holding Solina SA - - - - EU

12/7/2016 Fert in Pharma A/S - EQT Partners AB - - - - P EU

12/7/2016 Nest le Healthcare Nutrament Business Nest lé SA Brynwood Partners - - - - P N.A.

12/7/2016 Main Line Delivery.com LLC - Square, Inc.; Caviar, Inc. - - - - N.A.

12/6/2016 iNTERTAIN Ltd. - Stonegate Pub Co. Ltd. $50.2 - - - EU

12/6/2016 Dufour Sisteron SAS IEP Invest NV La coopérative Arterris SCA - - - - EU

12/6/2016 PawPack LLC - The Gift Box, Inc. - - - - N.A.

12/5/2016 The Plough At Cadsden Ltd. - Sinofortone Group Ltd. $2.5 - - - EU

12/2/2016 Chaucer Foods Ltd. - Nagatanien Holdings Co., Ltd. $130.0 - 10.8x - P EU

12/2/2016 Victoria Fine Foods LLC Huron Capital Partners LLC B&G Foods, Inc. $70.0 1.7x 7.8x - P N.A.

12/2/2016 Go Well Promoção de Eventos Catering - Sonae SGPS SA - - - - EU

12/2/2016 Schlumberger AG - Sastre SA $81.0 - - - EU

12/2/2016 Suffield Foods LLC - NightFood Holdings, Inc. - - - - N.A.

12/2/2016 Kaiser's Tengelmann GmbH - EDEKA ZENTRALE AG & Co. KG - - - - EU

12/2/2016 Deep Ellum Brewing Co. - Storied Craft Breweries $14.3 - - - N.A.

12/2/2016 Litt le Extra SA Auchan Holding SA Litt le Extra SA /Tordjman/ - - - - P EU

12/2/2016 Cosi, Inc. - Milfam LLC $16.0 0.2x -1.5x -1.2x N.A.

12/1/2016 West land Dist illery LLC - Rémy Cointreau SA; Orpar SA - - - - Cross Border

12/1/2016 Greene Farm Foods Ltd. - Kepak Group Ltd. - - - - EU

12/1/2016 La Croissanterie SA - CM CIC Invest issement SA - - - - P EU

12/1/2016 Wild Rose Marketing, Inc. - C.A. Fortune & Co. - - - - N.A.

12/1/2016 Cottage Delight Ltd. - Vestey Holdings Ltd. - - - - EU

11/30/2016 Koh Thai Tapas Ltd. - Alcuin Capital Partners LLP - - - - P EU

11/30/2016 Candyking Holding AB - Candyking Holding AB - - - - P EU

11/30/2016 Scotsburn Co-operative Services Ltd. - Agropur cooperative - - - - Cross Border

11/29/2016 La Diperie - MTY Food Group, Inc. $1.1 - - - Cross Border

11/29/2016 Enrico Giott i SpA - McCormick & Co., Inc. $127.0 - 12.0x - Cross Border

11/29/2016 Village Green Restaurants Ltd. - Shepherd Neame Ltd. $14.7 1.8x - - P EU

11/29/2016 The Duke of Wellington /Surrey/ - Peach Pub Co. Ltd. - - - - P EU

11/28/2016 Mustard Catering Ltd. - Kofler & Kompanie GmbH - - - - EU

11/28/2016 Diamond of California Snyder's-Lance, Inc. Blue Road Management LP - - - - P N.A.

11/28/2016 Blue Lake Citrus Products LLC The Seminole Tribe of Florida, Inc. Centre Partners Management LLC - - - - N.A.

11/28/2016 Vilniaus Degtine AB - Marie Brizard Wine & Spirits SA $11.6 - - - EU

11/25/2016 REINS International (USA) Co. Ltd. - Reins International, Inc. $87.0 1.6x - - Cross Border

11/25/2016 Palink SIA Mego SIA ICA Gruppen AB - - - - EU

11/25/2016 Slipper Limpet Processing SAS - Lequert ier Caen SAS - - - - P EU

M&A OVERVIEW*

13

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

QUARTERLY M&A ACTIVITY

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

Recent Food and Beverage M&A5

MEDIAN LTM TRADING MULTIPLES

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

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

No

v-1

5

De

c-1

5

Ja

n-1

6

Fe

b-1

6

Ma

r-16

Ap

r-1

6

Ma

y-1

6

Ju

n-1

6

Ju

l-16

Au

g-1

6

Se

p-1

6

Oc

t-1

6

No

v-1

6

Me

dia

n T

rad

ing

Mu

ltip

le

Food Products, Processing, and Ingredients Retail and Restaurants

3442

53 52 4839

3346 47 52

70

89

58 57

82

141

118

92 94107

139 137

75

4 79

610

13 87

10

6

10 5

20

18

8

19 19

17

46

28

0

20

40

60

80

100

120

140

160

180

200

Q31

1

Q41

1

Q11

2

Q21

2

Q31

2

Q41

2

Q11

3

Q21

3

Q31

3

Q41

3

Q11

4

Q21

4

Q31

4

Q41

4

Q11

5

Q21

5

Q31

5

Q41

5

Q11

6

Q21

6

Q31

6

Q41

6

Num

be

r o

f Tr

an

sac

tio

ns

Strategic Acquirer Private Equity Acquirer

PAGE |

Enterprise Enterprise Value Private Equity European

Announced Target Seller Buyer

Value

($mm) Sales EBITDA EBIT Involvement Transaction

11/25/2016 Vitamin Well AB - Bridgepoint Development Capital Ltd. - - - - P EU

11/25/2016 Alison's Coffee Shops Ltd. - Cooplands Retail Ltd. - - - - P EU

11/25/2016 Sosa Ingredients SL - Savencia SA - - - - P EU

11/25/2016 Pandea Dietet ica SRL - Granarolo SpA; Intesa Sanpaolo Merchant Banking- - - - EU

11/24/2016 H.B. Clark & Co. (Successors) Ltd. - Prudential Investment Management - - - - Cross Border

11/24/2016 Streekbox BV - Ekomenu BV - - - - EU

11/24/2016 Old Manor Trading Ltd. - Redcomb Pubs Ltd. - - - - EU

11/23/2016 Profi Rom Food SRL - Mid Europa Partners LLP $564.4 - - - P EU

11/22/2016 KeVita, Inc. - PepsiCo, Inc. $200.0 - - - P N.A.

11/22/2016 Bai Brands LLC - Dr Pepper Snapple Group, Inc. $1,700.0 14.2x - - N.A.

11/22/2016 Kraft Heinz Bakery - New Mill Capital Holdings LLC - - - - N.A.

11/22/2016 Wyldlifepets.Com - Chew.Club LLC - - - - N.A.

11/21/2016 Döllinghareico GmbH & Co. KG - Döllinghareico Gmbh & Co. - - - - P EU

11/21/2016 Tino's Italian Specialty Foods LLC - Generation Growth Capital, Inc - - - - N.A.

11/18/2016 La Panetière Du Rouergue Sasu - Init iat ive et Finance Invest issement - - - - P EU

11/18/2016 Go Epic Health, Inc. - Leone Asset Management, Inc. - - - - N.A.

11/18/2016 James Fleming & Co. Ltd. Süddeutsche Zeelandia Ltd. - - - - EU

11/18/2016 Molochnaia Kompaniia Zelenaia Dolina - Agrotekhnologii & Servis LLC $2.6 - - - EU

11/18/2016 Valdak Corp. - Petro Serve USA - - - - N.A.

11/17/2016 Bellisio Foods, Inc. Centre Partners Management LLC Charoen Pokphand Foods Public Co. $1,075.0 1.6x 13.1x - P Cross Border

11/16/2016 Elore Enterprises LLC - The Carlyle Group LP $75.0 - - - N.A.

11/16/2016 Orgen Gida Sanayi Ve Ticaret AS Yildiz Holding AS Ajinomoto Co., Inc. $66.9 - - - EU

11/15/2016 Mineralvandsfabrikken Frem A/S - Fuglsang Holding A/S - - - - EU

11/15/2016 Societé Des Domaines De L'Espérance - Hôtel & Food Disrpt Partners SAS $1.5 - - - EU

11/14/2016 Reformhaus Bacher - AUCTUS Capital Partners AG - - - - P EU

11/14/2016 Optima SRL - Charterhouse Capital Partners LLP - - - - P EU

11/12/2016 Rudi Jahnke Süsswaren e.K. - RAGOLDS Invest GmbH - - - - EU

11/11/2016 Mercer Foods LLC - Graham Partners, Inc. - - - - P N.A.

11/10/2016 FZ Foods AG - Production Site KTG Agrar SE Greussener Salami - - - - EU

11/8/2016 Laboratoire Lescuyer SAS - TCR Capital SAS - - - - P EU

11/8/2016 Emily's Inflight Food Services Ltd. - On Air Dining Ltd. - - - - EU

11/8/2016 The Kraft Heinz Co. - Production Site The Kraft Heinz Co. Livia Corporate Development SE - - - - P EU

11/8/2016 Slachthuizen Goossens NV - Debra-Meat BVBA - - - - EU

11/7/2016 SFG Holdings Ltd. - Japan Agricultural Cooperatives Group - - - - P EU

11/7/2016 Cohere SA Fasope SL La Sirena Alimentación Congelada - - - - EU

11/7/2016 Queen City Whiskey - George Remus Queen City Whiskey LLC MGP Ingredients, Inc. - - - - N.A.

11/7/2016 Hillside Candy LLC - Highlander Partners LP - - - - P N.A.

11/7/2016 La Guyennoise SA - Maison Le Star SASU - - - - EU

11/7/2016 Fabryka Pizzy Sp zoo - Sfinks Polska SA - - - - EU

11/7/2016 Espressaroma SpA Comitalia Compagnia Fiduciaria Soimar Srl - - - - P EU

11/4/2016 Slagter Munch ApS - Tulip Food Co. A/S - - - - EU

11/4/2016 Inst itut de Recherche Biologique - 3i Group Plc - - - - P EU

11/3/2016 Angelic Bakehouse, Inc. - T. Marzett i Co., Inc. - - - - P N.A.

11/3/2016 Crediton Confectionery Ltd. - Devon Sweet Factory Ltd. - - - - EU

11/3/2016 Wilde Thyme Ltd. - Ent iér Ltd. - - - - EU

11/2/2016 Mct Dairies, Inc. Allied Dairy Products, Inc. Ornua Co-Operative Ltd. $5.0 - - - Cross Border

11/2/2016 Barrels Unlimited, Inc. - TFF Group - - - - Cross Border

11/2/2016 Flanagan Brothers, Inc. - EDAC Technologies Corp. - - - - N.A.

11/2/2016 Dakri-Dystrybucja Sp zoo - Bake & Co. NV - - - - EU

11/1/2016 Port land Bott ling Co. - Limnes Bott ling Acquisit ion Co. - - - - N.A.

11/1/2016 arko GmbH Waldersee J.J.Darboven GmbH & Co. - - - - EU

11/1/2016 Faribault Foods, Inc. - Beverage Business 0 Harvest Hill Beverage Co. / Brynwood Partners - - - - N.A.

11/1/2016 Two Grocery-Anchored Shopping Centers - Phillips Edison Grocery Center REIT I , Inc. - - - - N.A.

11/1/2016 Albert Darnell Ltd. - New England Seafood International Ltd. - - - - EU

10/29/2016 Spreewaelder Feinbrand - Spreewaelder Feinbrand - - - - EU

10/28/2016 coop eG - REWE Deutscher Supermarkt - - - - EU

10/28/2016 Deoleo SA Deoleo SA De La Cooperativa $7.6 - - - EU

10/27/2016 Domaine Des Hautes Glaces SAS - Rémy Cointreau SA - - - - EU

10/27/2016 Kushtown USA LLC - Finore Mining, Inc. $1.9 - - - N.A.

10/27/2016 Equilibre Restaurat ion SARL - Restauval Sasu - - - - EU

10/26/2016 Pacific Island Restaurants, Inc. - Restaurant Brands New Zealand Ltd. $105.0 - - - P Cross Border

10/26/2016 F3 Innovations LLC - Scepter Holdings, Inc. - - - - N.A.

10/26/2016 STONEFIRE Grill, Inc. - Goode Partners LLC - - - - P N.A.

10/25/2016 Edeka Zentrale Ag & Co. Kg - Gebers Landmarkt GmbH - - - - EU

10/25/2016 Lush Gourmet Foods LLC - Ferris Coffee & Nut Co. - - - - N.A.

M&A OVERVIEW*

14

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

Recent Food and Beverage M&A5

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

PAGE |

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

15

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

Earnings Release Calendar5

December 2016

Date Company

12/13/2016 Colruyt SA (COLR-BE)

12/14/2016 Manutan International SA (MAN-FR)

12/15/2016 Empire Co. Ltd. (EMP.A-CA)

January 2017

Date Company

1/12/2017 Sudzucker AG (SZU-DE)

1/26/2017 John Keells Holdings Plc (JKH.N0000-LK)

1/26/2017 Sligro Food Group NV (SLIGR-NL)

February 2017

Date Company

2/2/2017 Kesko Oyj (KESBV-FI)

2/3/2017 AAK AB (AAK-SE)

2/6/2017 Axfood AB (AXFO-SE)

2/6/2017 Tyson Foods, Inc. (TSN-US)

2/8/2017 B&B Tools AB (BBTO.B-SE)

2/8/2017 ICA Gruppen AB (ICA-SE)

2/8/2017 NattoPharma ASA (NATTO-NO)

2/9/2017 Orkla ASA (ORK-NO)

2/13/2017 Rexel SA (RXL-FR)

2/14/2017 MillerCoors LLC (079SJS-E)

2/14/2017 Vallianz Holdings Ltd. (545-SG)

2/14/2017 Molson Coors Brewing Co. (TAP-US)

2/15/2017 Danone SA (BN-FR)

2/15/2017 Heineken NV (HEIA-NL)

2/15/2017 Heineken Holding NV (HEIO-NL)

2/15/2017 Wal-Mart de Mexico SAB de CV (WALMEX-MX)

2/15/2017 Wessanen NV (WES-NL)

2/15/2017 SalMar ASA (SALM-NO)

2/16/2017 Hellaby Holdings Ltd. (HBY-NZ)

2/16/2017 Nestle SA (NESN-CH)

2/17/2017 Campbell Soup Co. (CPB-US)

2/17/2017 West International AB (WINT-SE)

2/21/2017 Bufab Holding AB (BUFAB-SE)

2/21/2017 Leroy Seafood Group ASA (LSG-NO)

2/21/2017 Wal-Mart Stores, Inc. (WMT-US)

2/22/2017 Gruma SAB de CV (GRUMAB-MX)

2/24/2017 Woolworths Ltd. (WOW-AU)

2/28/2017 ORIOR AG (ORON-CH)

Energy, Power & Infrastructure

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Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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OUR FIRM

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

16

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HARRIS WILLIAMS & CO.

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Factset

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8. Reuters

SOURCES

FOOD AND BEVERAGE

INDUSTRY UPDATE │ DECEMBER 2016

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DISCLOSURES

17