Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 12/2/2016 Victoria Fine Foods LLC B&G Foods, Inc. CPG Foods $ x 7.80x

20 15 10 5-15 9 17 3 3 7 1 6 1 1 Financial 14% Strategic 86% Amount Date Target Buyer(s) Segment Rev EBITDA 12/2/2016 Victoria Fine Foods LLC B&G Foods, Inc. CPG Foods $70.00 1.70x 7.80x 11/29/2016 GNP Co. Pilgrim's Pride Corp. Proteins 350.00 - - 11/22/2016 KeVita, Inc. PepsiCo, Inc. Non-Alcohol 200.00 - - 11/22/2016 Bai Brands LLC Dr Pepper Snapple Group, Inc. Non-Alcohol 1,700.00 14.18x - 11/17/2016 Bellisio Foods, Inc. Charoen Pokphand Foods Public Co. Ltd. CPG Foods 1,075.00 1.60x 13.10x 10/19/2016 UTZ Quality Foods, Inc. C Dean Metropoulos & Co CPG Foods 146.00 - - 10/10/2016 Allied Specialty Foods, Inc. Oaktree Capital Management Private Equity; AdvancePierre Foods Holdings, Proteins 60.00 - - 10/4/2016 High West Distillery & Saloon Constellation Brands, Inc. Alcohol 160.00 - - 10/3/2016 Fleischmann's Vinegar Company, Inc. & SCI Ingredients Holdings Inc. Green Plains, Inc. Ingredients & Flavors 250.00 - -

Strategic Buyer Inv. Date Select Corporate Acquisitions Anheuser-Busch Companies, LLC 11/3/2016 Karbach Brewing Co. LLC 10/13/2016 Northern Brewer LLC 10/10/2016* SABMiller plc 9/9/2016 Boathouse Beverage, LLC 4/12/2016 Devils Backbone Brewing Company LLC 3/31/2016 Breckenridge Brewery, LLC Archer-Daniels-Midland Company (NYSE:ADM) B&G Foods Inc. (NYSE:BGS) ConAgra Foods, Inc. Constellation Brands, Inc. 9/30/2016 Caterina Foods LLC 8/12/2016 Soozie's Doozies, LLC 2/2/2016 Harvest Innovations LLC 10/1/2015 Eatem Foods Co. 10/13/2014 Specialty Commodities Inc. 9/21/2016 ACH Food Companies, Inc., Spices and Seasonings Business 7/13/2015 Spartan Foods Of America, Inc. 4/3/2014 Specialty Brands of America, Inc. 6/10/2013 Pirate Brands, LLC 10/7/2013 Rickland Orchards, LLC 9/26/2016 Frontera Foods, Inc. /Packaged Food Bus/ 9/26/2016 Red Fork LLC 5/12/2015 Blake's All Natural Food 11/27/2012 Ralcorp Holdings Inc. 4/17/2012 Odom's Tennessee Pride Sausage, Inc. 10/17/2016 The Bardstown Bourbon Co. LLC 10/17/2016 Charles Smith Wines LLC (Wines Business) 10/4/2016 High West Distillery & Saloon 11/16/2015 Home Brew Mart, Inc. Financial Buyer Inv. Date Select Corporate Acquisitions Arlon Group LLC 9/6/2016 CICI Enterprises, LP 7/6/2016 Idaho Pacific Holdings, Inc. 5/8/2015 The Coastal Companies 301 Inc. L Catterton Advantage Capital Partners Sunrise Strategic Partners, LLC 9/19/2016 good culture, LLC (2nd Investment) 5/9/2016 Lyrical Foods, Inc. 3/29/2016 Tio Foods, LLC 3/8/2016 good culture, LLC 1/13/2016 Rhythm Superfoods, LLC 9/2/2016 Front Burner Restaurants LP 9/2/2016 Velvet Taco 12/22/2015 The Piada Group, LLC 7/30/2015 Lily's Kitchen Limited 7/14/2015 Snap Kitchen LLC 8/24/2016 Hip Chick Farms, Inc. 7/12/2016 Freed Foods, Inc. 2/18/2016 American Botanicals LLC 8/27/2015 Shenandoah Growers Inc. 7/30/2015 Pacific Ag 7/22/2016 Kodiak Cakes, LLC 3/29/2016 Performance Enhancing Meat Snacks, Inc. 12/15/2015 Teton Waters Ranch LLC

20% 15% 10% 5% 0% -5% -10% -15% -20% Alcohol Non-Alcohol CPG Foods Natural & Organic Foods Dairy Proteins Produce Ingredients & Flavors Co-Packers Restaurants S&P 500 EBITDA Price/ $ -13.8% -12.1% 79.0% 42.0% 34.9% 5.4x 15.0x 44.0x 3.9x 10.0x Anheuser-Busch InBev SA/NV ABI-BE $ 179,577 106.06 Diageo Plc DGE-GB 65,602 26.07-4.5% 13.7% 88.8% 16.4% 30.1% 6.0x 19.3x 19.7x 5.2x 15.3x Constellation Brands, Inc. STZ-US 30,824 153.31-7.9% 7.6% 88.3% 6.7% 33.9% 5.4x 15.9x 28.3x 5.6x 16.2x Molson Coors Brewing Co. TAP-US 19,130 97.31-11.4% 3.6% 86.7% 231.3% 21.9% 6.1x 36.1x 35.9x 1.8x 8.0x Brown-Forman Corp. BF.B-US 17,509 44.92-5.3% -9.5% 86.9% 5.6% 34.7% 6.5x 19.2x 17.1x 6.2x 17.4x Boston Beer Co., Inc. SAM-US 1,561 169.85 9.4% -15.9% 83.0% 1.1% 24.9% 2.3x 11.5x 27.1x 2.3x 11.7x MGP Ingredients, Inc. MGPI-US 833 49.98 23.3% 92.6% 93.9% 2.8% 13.5% 2.8x 17.3x 29.3x 2.7x 15.6x Craft Brew Alliance, Inc. BREW-US 325 16.90-10.2% 101.9% 75.4% 9.0% 6.9% 1.7x 28.1x 338.0x 1.6x NM Castle Brands, Inc. ROX-US 122 0.76-12.8% -38.2% 60.3% 13.6% 2.8% 1.9x 71.1x NM 1.7x 28.7x Willamette Valley Vineyards, Inc. WVVI-US 40 8.01 0.1% 13.1% 89.0% NM 28.0% 2.5x 9.2x 22.3x NM NM Truett-Hurst, Inc. THST-US 8 1.78 10.6% 22.8% 49.7% NM (0.1%) 0.9x 37.2x 64.3x NM NM Segment Average $28,685 (2.1%) 16.3% 80.1% 36.5% 21.0% 3.8x 25.4x 62.6x 3.5x 15.4x Segment Median $1,561 (5.3%) 7.6% 86.7% 9.0% 24.9% 2.8x 19.2x 28.8x 2.7x 15.4x

EBITDA Price/ $ -2.0% -3.5% 88.0% (18.4%) 25.6% 4.8x 17.9x 25.1x 5.9x 17.5x The Coca-Cola Co. KO $ 178,815 41.46 PepsiCo, Inc. PEP 150,059 104.63-3.8% 4.7% 94.3% NM NM 2.8x 13.6x NM 2.7x 12.9x Monster Beverage Corp. MNST 25,317 44.34-9.4% -10.7% 79.9% 14.7% 38.8% 8.4x 27.1x 39.8x 7.5x 18.3x Fomento Economico Mexicano SAB de CV FMX-US 16,470 76.21-17.2% -17.5% 75.8% 0.7% 13.4% 1.7x 12.6x 24.0x 1.6x 12.0x Coca-Cola European Partners Plc CCE 15,168 31.40-21.3% -36.2% 57.6% 27.6% 18.0% 2.5x 16.3x 14.3x 1.9x 10.9x Dr Pepper Snapple Group, Inc. DPS 16,657 90.67-0.7% -2.7% 91.8% 4.4% 25.1% 3.0x 11.8x 19.6x 2.9x 11.5x TreeHouse Foods, Inc. THS 4,095 72.19-17.2% -8.0% 69.1% 22.1% 10.4% 1.3x 12.5x 41.7x 1.1x 9.6x Coca-Cola FEMSA SAB de CV KOF 3,171 63.54-15.3% -10.3% 72.6% 1.0% 19.4% 1.9x 9.2x 23.5x 1.7x 9.0x Hain Celestial Group, Inc. HAIN 4,038 39.03 9.7% -3.4% 68.5% NM NM 1.7x 12.9x NM 1.6x 11.6x National Beverage Corp. FIZZ 2,378 51.08 16.0% 12.4% 78.9% 13.2% 20.5% 2.9x 15.6x 28.9x 2.6x 13.0x Cott Corp. (Canada) BCB-CA 1,568 11.33-18.6% -0.3% 65.1% 25.4% 11.8% 1.2x 10.5x NM 1.0x 7.8x Coca-Cola Bottling Co. Consolidated COKE 1,277 178.85 20.7% -2.0% 97.0% NM 9.5% 0.9x 10.3x 50.6x NM NM SodaStream International Ltd. SODA 838 39.47 48.6% 142.0% 95.5% 9.9% 18.7% 1.7x 13.1x 26.5x 1.6x 12.5x Primo Water Corp. PRMW 321 12.28 1.2% 53.5% 81.9% 8.6% 17.4% 2.5x 16.8x 64.6x 2.7x 14.4x Reed's, Inc. REED 57 4.10 9.6% -23.8% 73.3% 11.3% 3.3% 1.5x NM NM 1.3x 23.5x Coffee Holding Co., Inc. JVA 28 4.65-16.4% 20.8% 75.6% NM NM 0.4x 8.2x NM NM NM Crystal Rock Holdings, Inc. CRVP 17 0.82-9.4% 40.5% 81.5% NM NM 0.5x 4.4x NM NM NM Leading Brands, Inc. LBIX 4 1.53-16.2% -45.0% 45.8% NM NM 0.5x NM NM NM NM EBITDA Price/ $ 1.0% -1.1% 95.5% (1.0%) 19.3% 3.2x 17.4x 81.4x 3.2x 16.3x Mondelez International, Inc. MDLZ $ 68,464 44.33 General Mills, Inc. GIS 35,827 61.77-3.3% 7.1% 84.7% (1.5%) 23.2% 2.9x 13.5x 23.0x 3.0x 13.1x Kellogg Co. K 25,865 73.71-4.9% 2.0% 84.6% (0.7%) 17.4% 2.6x 18.9x 37.0x 2.6x 12.8x Campbell Soup Co. CPB 18,567 60.47 10.5% 15.1% 89.1% 1.0% 24.9% 2.7x 14.0x 28.4x 2.7x 12.0x Hormel Foods Corp. HRL 18,408 34.81-8.2% -12.0% 76.1% (2.4%) 14.8% 1.9x 12.8x 21.2x 2.0x 12.2x Conagra Brands, Inc. CAG 17,314 39.55 7.9% 20.6% 80.9% (20.3%) 12.9% 1.8x 14.3x 27.2x 2.5x 13.1x Mead Johnson Nutrition Co. MJN 13,071 70.76-10.4% -10.4% 75.0% (1.2%) 27.2% 3.7x 14.4x 26.2x 3.8x 13.6x McCormick & Co., Inc. MKC 11,764 93.33-6.6% 9.1% 86.5% NM NM 3.0x 17.4x NM 2.9x 16.0x Pinnacle Foods, Inc. PF 6,306 53.45 6.5% 25.9% 99.3% 7.8% 20.7% 3.1x 15.5x 31.3x 2.9x 13.3x Post Holdings, Inc. POST 5,195 80.39 4.2% 30.3% 90.3% 1.8% 14.6% 1.7x 9.6x NM 1.7x 9.4x Flowers Foods, Inc. FLO 4,146 19.97 32.1% -7.1% 90.4% (17.3%) 10.6% 1.3x 9.6x 18.5x 1.3x 11.2x Lancaster Colony Corp. LANC 3,877 141.39 7.0% 22.5% 98.4% 4.3% 19.5% 3.1x 17.2x 30.4x 3.0x 16.4x B&G Foods, Inc. BGS 2,909 43.80-10.9% 25.1% 82.9% 24.5% 24.9% 3.2x 13.7x 25.3x 2.5x 11.2x J&J Snack Foods Corp. JJSF 2,493 133.43 12.0% 14.4% 98.8% 3.8% 15.6% 2.4x 15.3x 32.9x 2.3x 14.3x Dean Foods Co. DF 1,971 21.78 32.8% 27.0% 98.4% 2.8% 4.9% 0.4x 6.4x 19.1x 0.4x 6.1x Cal-Maine Foods, Inc. CALM 1,932 44.18 14.6% -4.7% 79.7% 5.9% (10.3%) 1.6x 47.3x 232.5x 1.5x 16.5x Amplify Snack Brands, Inc. BETR 676 8.81-45.6% -23.5% 50.3% 76.7% 25.2% 5.5x 15.5x 28.4x 3.0x 10.9x Farmer Brothers Co. FARM 616 36.70 3.2% 13.7% 97.7% 5.9% 7.1% 1.1x 13.8x 6.6x 1.1x 10.0x Inventure Foods, Inc. SNAK 194 9.85 4.8% 38.7% 97.0% 8.7% 1.0% 1.1x 45.1x NM 1.0x 14.9x Lifeway Foods, Inc. LWAY 186 11.51-32.1% 3.7% 62.3% 7.6% 3.0% 1.5x 20.8x 54.8x 1.4x 14.6x Rocky Mountain Chocolate Factory, Inc. RMCF 60 10.19-2.7% -5.2% 90.3% NM NM 1.5x 8.4x NM NM NM

EBITDA Price/ $ 2.1% 42.9% 97.9% 9.3% 14.3% 2.9x 21.3x 50.1x 2.7x 18.1x The WhiteWave Foods Co. WWAV $ 9,854 55.60 Whole Foods Market, Inc. WFM 9,794 30.76 8.5% -8.2% 86.5% 4.6% 8.1% 0.6x 7.3x 19.8x 0.6x 7.7x Pinnacle Foods, Inc. PF 6,306 53.45 6.5% 25.9% 99.3% 7.8% 20.7% 3.1x 15.5x 31.3x 2.9x 13.3x Hain Celestial Group, Inc. HAIN 4,038 39.03 9.7% -3.4% 68.5% NM NM 1.7x 12.9x NM 1.6x 11.6x Sprouts Farmers Markets, Inc. SFM 2,693 18.92-8.4% -28.8% 63.1% 15.7% 6.1% 0.7x 9.6x 21.3x 0.7x 9.5x United Natural Foods, Inc. UNFI 2,414 47.72 19.2% 21.2% 91.5% 11.1% 3.3% 0.3x 9.9x 19.2x 0.3x 9.1x Darling Ingredients, Inc. DAR 2,125 12.91-4.4% 22.7% 81.0% 3.7% 12.2% 1.2x 9.1x 14.5x 1.1x 8.3x Calavo Growers, Inc. CVGW 1,071 61.40-6.2% 25.3% 85.9% 12.8% 7.2% 1.2x 15.4x 28.2x 1.0x 13.7x Amplify Snack Brands, Inc. BETR 676 8.81-45.6% -23.5% 50.3% 76.7% 25.2% 5.5x 15.5x 28.4x 3.0x 10.9x SunOpta, Inc. SOY-CA 611 7.14 3.5% 1.2% 92.9% 16.6% 6.4% 0.9x 19.0x NM 0.8x 9.6x Limoneira Co. LMNR 305 21.51 13.8% 44.0% 98.8% (2.4%) NM 3.6x 39.7x 41.4x 3.7x 21.9x Natural Grocers by Vitamin Cottage, Inc. NGVC 267 11.89 6.5% -41.6% 53.0% 14.7% 5.6% 0.5x 7.0x 23.3x 0.4x 6.1x Inventure Foods, Inc. SNAK 194 9.85 4.8% 38.7% 97.0% 8.7% 1.0% 1.1x 45.1x NM 1.0x 14.9x Lifeway Foods, Inc. LWAY 186 11.51-32.1% 3.7% 62.3% 7.6% 3.0% 1.5x 20.8x 54.8x 1.4x 14.6x AMCON Distributing Co. DIT 80 115.30 26.8% 43.5% 99.5% NM 1.0% 0.1x 7.1x 13.8x NM NM Reed's, Inc. REED 57 4.10 9.6% -23.8% 73.3% 11.3% 3.3% 1.5x NM NM 1.3x 23.5x RiceBran Technologies RIBT 11 1.03-23.7% -45.8% 43.6% 17.8% (15.5%) 0.7x NM NM 0.5x NM Tofutti Brands, Inc. TOF 8 1.64-37.2% -60.7% 39.3% NM 1.1% 0.6x 48.2x 32.8x NM NM EBITDA Price/ $ -8.9% -3.3% 80.5% 12.6% 17.0% 2.1x 13.1x 20.1x 1.8x 10.4x Danone SA BN-FR $ 41,646 63.50 Mead Johnson Nutrition Co. MJN 13,071 70.76-10.4% -10.4% 75.0% (1.2%) 27.2% 3.7x 14.4x 26.2x 3.8x 13.6x The WhiteWave Foods Co. WWAV 9,854 55.60 2.1% 42.9% 97.9% 9.3% 14.3% 2.9x 21.3x 50.1x 2.7x 18.1x Dean Foods Co. DF 1,971 21.78 32.8% 27.0% 98.4% 2.8% 4.9% 0.4x 6.4x 19.1x 0.4x 6.1x Synutra International, Inc. SYUT 303 5.35 25.6% 13.6% 96.2% NM 11.8% 2.1x 16.6x 20.6x NM NM Lifeway Foods, Inc. LWAY 186 11.51-32.1% 3.7% 62.3% 7.6% 3.0% 1.5x 20.8x 54.8x 1.4x 14.6x EBITDA Price/ $ -8.2% -12.0% 76.1% (2.4%) 14.8% 1.9x 12.8x 21.2x 2.0x 12.2x Hormel Foods Corp. HRL $ 18,408 34.81 Tyson Foods, Inc. TSN 17,746 61.68-17.4% 15.7% 80.1% (1.3%) 8.3% 0.7x 7.7x 13.4x 0.8x 8.1x Post Holdings, Inc. POST 5,195 80.39 4.2% 30.3% 90.3% 1.8% 14.6% 1.7x 9.6x NM 1.7x 9.4x Pilgrim's Pride Corp. PPC 4,773 18.99-10.1% -14.0% 68.3% 2.9% 11.2% 0.7x 6.4x 11.1x 0.7x 5.7x Seaboard Corp. SEB 4,628 3,951.99 14.9% 36.5% 87.0% NM 7.0% 0.8x 12.6x 14.8x NM NM Sanderson Farms, Inc. SAFM 2,143 94.24-2.2% 21.6% 94.8% 11.0% 17.4% 0.7x 5.0x 11.3x 0.6x 4.8x Cal-Maine Foods, Inc. CALM 1,932 44.18 14.6% -4.7% 79.7% 5.9% (10.3%) 1.6x 47.3x 232.5x 1.5x 16.5x Nomad Foods Ltd. NOMD 1,708 9.57-19.0% -20.3% 71.4% (6.5%) 19.3% 1.4x 4.0x 148.4x 1.5x 8.2x Premium Brands Holdings Corp. PBH-CA 1,535 51.42 11.6% 80.6% 95.3% 26.6% 9.1% 1.4x 17.0x 32.8x 1.1x 12.8x Pingtan Marine Enterprise Ltd. PME 138 1.74 61.1% 24.3% 74.7% NM (992.5%) 10.3x NM NM NM NM Bridgford Foods Corp. BRID 103 11.37-12.0% 30.7% 71.1% NM NM 0.7x 5.4x NM NM NM Aoxin Tianli Group, Inc. ABAC 29 3.62 86.5% 0.5% 88.9% NM 8.3% (0.6x) NM NM NM NM

EBITDA Price/ $ 2.9% 6.8% 92.1% 1.6% 19.0% 3.8x 13.8x 29.1x 3.7x 13.0x Monsanto Co. MON $ 46,133 105.21 Fresh Del Monte Produce, Inc. FDP 3,141 60.63 1.2% 55.9% 90.7% 2.3% 9.5% 0.8x 8.2x 22.1x 0.8x 9.7x Calavo Growers, Inc. CVGW 1,071 61.40-6.2% 25.3% 85.9% 12.8% 7.2% 1.2x 15.4x 28.2x 1.0x 13.7x Limoneira Co. LMNR 305 21.51 13.8% 44.0% 98.8% (2.4%) NM 3.6x 39.7x 41.4x 3.7x 21.9x S&W Seed Co. SANW 82 4.60-9.8% 9.0% 86.0% 8.6% (9.4%) 1.1x 20.5x NM 0.9x 10.5x Origin Agritech Ltd. SEED 54 2.36-0.4% 65.0% 74.0% NM NM 1.6x NM NM NM NM China Green Agriculture, Inc. CGA 45 1.20-17.8% -21.6% 71.4% NM 26.6% (0.2x) NM 1.8x NM NM Market Stats Operating Stats LTM Multiples NTM Multiples EBITDA Price/ $ -6.6% 9.1% 86.5% NM NM 3.0x 17.4x NM 2.9x 16.0x McCormick & Co., Inc. MKC $ 11,764 93.33 Ingredion, Inc. INGR 9,047 124.96-6.1% 30.4% 89.3% 4.1% 18.5% 1.8x 9.8x 18.6x 1.8x 9.5x Sensient Technologies Corp. SXT 3,500 78.58 3.7% 25.1% 94.2% 3.4% 18.9% 2.9x 15.3x 30.9x 2.9x 15.2x Darling Ingredients, Inc. DAR 2,125 12.91-4.4% 22.7% 81.0% 3.7% 12.2% 1.2x 9.1x 14.5x 1.1x 8.3x SunOpta, Inc. SOY-CA 611 7.14 3.5% 1.2% 92.9% 16.6% 6.4% 0.9x 19.0x NM 0.8x 9.6x TerraVia Holdings, Inc. TVIA 104 1.15-58.2% -53.6% 36.5% (10.4%) (331.0%) 6.6x NM NM 10.6x NM Feronia, Inc. FRN-CA 47 0.13-4.3% 0.0% 34.2% NM (50.3%) 3.1x NM NM NM NM EBITDA Price/ $ -10.1% -14.0% 68.3% 2.9% 11.2% 0.7x 6.4x 11.1x 0.7x 5.7x Pilgrim's Pride Corp. PPC $ 4,773 18.99 John B. Sanfilippo & Son, Inc. JBSS 606 70.39 37.1% 30.3% 96.6% (3.1%) 9.3% 0.9x 11.6x 24.6x 0.9x NM High Liner Foods, Inc. HLF-CA 460 14.88-23.4% 28.3% 71.8% 0.3% 7.1% 0.7x 8.6x 14.0x 0.7x 8.0x Landec Corp. LNDC 376 13.80 2.9% 16.7% 89.0% 10.5% 4.3% 0.8x 16.3x NM 0.7x 11.1x Amira Nature Foods Ltd. ANFI 228 6.15-25.9% -32.5% 43.6% NM 12.5% 0.8x 7.1x NM 0.7x 5.1x Bridgford Foods Corp. BRID 103 11.37-12.0% 30.7% 71.1% NM NM 0.7x 5.4x NM NM NM Coffee Holding Co., Inc. JVA 28 4.65-16.4% 20.8% 75.6% NM NM 0.4x 8.2x NM NM NM RiceBran Technologies RIBT 11 1.03-23.7% -45.8% 43.6% 17.8% (15.5%) 0.7x NM NM 0.5x NM EBITDA Price/ $ 18.6% 14.3% 91.6% 3.5% 10.8% 1.3x 10.0x 21.3x 1.3x 9.3x Darden Restaurants, Inc. DRI-US $ 8,950 72.72 Cracker Barrel Old Country Store, Inc. CBRL-US 4,014 166.98 26.3% 31.7% 95.4% 4.0% 13.6% 1.5x 11.6x 20.4x 1.4x 10.6x Ruth's Hospitality Group, Inc. RUTH-US 584 18.30 29.6% 14.9% 93.1% 8.7% 10.8% 1.6x 10.5x 19.5x 1.5x 9.3x Fogo de Chão, Inc. FOGO-US 404 14.35 35.8% -5.3% 80.2% 11.6% 16.3% 1.9x 10.0x 13.7x 1.7x 8.9x Del Frisco's Restaurant Group, Inc. DFRG-US 400 17.00 26.2% 6.1% 91.9% NM NM 1.2x 9.0x NM 1.0x 8.0x J. Alexander's Holdings, Inc. JAX-US 158 10.75 6.1% -1.6% 96.9% 10.6% 7.0% 0.8x 8.5x 24.0x 0.7x 6.8x Bravo Brio Restaurant Group, Inc. BBRG-US 56 3.80-20.5% -57.8% 39.7% (1.3%) 1.0% 0.3x 4.2x NM 0.3x 3.8x The ONE Group Hospitality, Inc. STKS-US 56 2.22-11.2% -25.3% 64.7% 27.3% (6.6%) 1.0x NM 44.4x 0.8x 5.0x

EBITDA Price/ $ 6.9% 27.6% 94.9% 2.0% 44.2% 5.7x 13.5x 37.9x 8.0x 17.5x Restaurant Brands International, Inc. QSR-US $ 11,164 47.66 Texas Roadhouse, Inc. TXRH-US 3,402 48.24 23.6% 34.9% 95.5% 12.3% 12.6% 1.7x 12.9x 29.1x 1.5x 11.3x Cheesecake Factory, Inc. CAKE-US 2,840 59.88 19.6% 29.9% 93.0% 7.4% 12.8% 1.3x 10.3x 22.2x 1.3x 10.3x Buffalo Wild Wings, Inc. BWLD-US 2,810 154.40 9.7% -3.3% 88.2% 11.8% 14.7% 1.4x 9.3x 27.8x 1.3x 8.5x Brinker International, Inc. EAT-US 2,459 49.53-1.8% 3.3% 88.7% 0.4% 11.4% 1.2x 8.1x 15.0x 1.3x 9.1x Dave & Buster's Entertainment, Inc. PLAY-US 2,368 56.30 43.7% 34.9% 97.1% 17.5% 18.2% 2.7x 11.5x 28.2x 2.4x 9.8x Bloomin' Brands, Inc. BLMN-US 1,900 18.03 4.6% 6.7% 90.2% 1.8% 8.4% 0.7x 7.2x 33.4x 0.7x 7.3x DineEquity, Inc. DIN-US 1,393 77.00-2.8% -9.1% 77.9% 0.6% 38.9% 4.1x 10.2x 14.0x 4.1x 10.0x Bob Evans Farms, Inc. BOBE-US 1,052 53.21 38.9% 37.0% 96.5% 0.1% 11.3% 1.1x 11.4x 47.1x 1.1x 9.8x Denny's Corp. DENN-US 941 12.83 20.0% 30.5% 97.5% 5.4% 18.3% 2.3x 17.1x 64.2x 2.3x 11.6x BJ's Restaurants, Inc. BJRI-US 914 39.30 10.5% -9.6% 82.6% 9.6% 11.2% 1.0x 7.8x 22.3x 1.0x 7.8x Fiesta Restaurant Group, Inc. FRGI-US 804 29.85 24.4% -11.2% 77.5% 6.6% 11.4% 1.2x 9.1x 34.7x 1.1x 8.3x Red Robin Gourmet Burgers, Inc. RRGB-US 725 56.40 25.5% -8.6% 81.8% 6.0% 8.9% 0.8x 7.2x 24.1x 0.8x 7.0x Carrols Restaurant Group, Inc. TAST-US 546 15.25 15.4% 29.9% 99.7% 9.4% 9.1% 0.8x 8.4x 27.7x 0.9x 9.1x Chuy's Holdings, Inc. CHUY-US 546 32.45 16.1% 3.5% 85.9% 21.2% 12.8% 1.6x 13.1x 36.5x 1.4x 11.1x EBITDA Price/ $ 2.5% -7.5% 89.9% 11.2% 24.2% 3.9x 16.7x 29.2x 3.5x 14.1x Starbucks Corp. SBUX-US $ 80,804 55.52 Chipotle Mexican Grill, Inc. CMG-US 10,923 377.32-10.9% -21.4% 69.6% 17.8% 6.1% 2.7x 38.2x 156.6x 2.3x 18.4x Panera Bread Co. PNRA-US 4,478 205.09 5.3% 5.3% 91.5% 8.5% 13.3% 1.9x 12.7x 34.2x 1.7x 11.5x Shake Shack, Inc. SHAK-US 892 35.79 3.2% -9.6% 81.4% 43.1% 17.3% 3.5x 18.6x 68.8x 2.4x 15.3x Bojangles', Inc. BOJA-US 680 18.65 16.9% 17.5% 92.6% 12.1% 15.7% 1.7x 10.7x 19.6x 1.5x 10.1x El Pollo Loco Holdings, Inc. LOCO-US 473 12.30-2.3% -2.6% 79.7% 10.9% 15.9% 1.5x 9.6x 20.5x 1.4x 8.6x Zoe's Kitchen, Inc. ZOES-US 467 23.99 8.1% -14.3% 57.4% 23.6% 8.9% 1.8x 20.7x 96.0x 1.5x 17.9x The Habit Restaurants, Inc. HABT-US 331 17.25 23.2% -25.2% 70.6% 26.1% 8.9% 1.2x 11.5x 75.0x 0.9x 8.7x Potbelly Corp. PBPB-US 325 12.90 3.8% 10.2% 86.1% 16.2% 10.0% 0.7x 7.6x 44.5x 0.7x 6.8x EBITDA Price/ $ 5.5% 3.0% 92.2% (9.3%) 39.5% 5.0x 13.5x 22.9x 5.6x 13.0x McDonald's Corp. MCD-US $ 101,082 121.72 Yum! Brands, Inc. YUM-US 23,242 63.33-3.0% 20.6% 68.8% NM NM 2.3x 10.5x NM 5.5x 15.3x Domino's Pizza, Inc. DPZ-US 7,674 159.24 4.9% 43.1% 92.2% 11.8% 19.4% 4.1x 20.4x 39.9x 3.7x 18.0x Dunkin' Brands Group, Inc. DNKN-US 4,811 52.44 0.7% 23.1% 93.4% 3.9% 54.0% 8.5x 16.4x 36.7x 8.2x 14.5x Jack in the Box, Inc. JACK-US 3,610 111.64 16.4% 45.5% 98.5% 0.4% 21.6% 2.9x 13.6x 30.8x 3.0x 12.6x The Wendy's Co. WEN-US 3,475 13.52 25.2% 25.5% 96.1% (26.5%) 32.6% 3.5x 12.1x 20.6x 4.8x 14.3x Papa John's International, Inc. PZZA 3,157 85.58 8.5% 53.2% 94.6% 7.2% 10.4% 2.1x 17.9x 34.5x 1.9x 17.0x Popeyes Louisiana Kitchen, Inc. PLKI-US 1,254 60.48 13.8% 3.4% 95.8% 2.8% 37.2% 5.1x 15.8x 30.9x 5.1x 14.7x Sonic Corp. SONC-US 1,238 26.51 1.3% -18.0% 72.9% (17.8%) 26.6% 3.0x 10.8x 19.9x 3.7x 11.3x Four Corners Property Trust, Inc. FCPT-US 1,229 20.52-3.8% -15.1% 84.8% NM NM 48.8x NM NM 12.2x 15.5x Wingstop, Inc. WING-US 850 29.59 1.0% 29.7% 88.5% 17.1% 31.3% 11.5x 32.8x 58.0x 9.9x 25.6x Del Taco Restaurants, Inc. TACO-US 553 14.12 18.5% 32.6% 92.2% NM NM 1.6x 11.2x NM 1.5x 9.4x Papa Murphy's Holdings, Inc. FRSH-US 72 4.22-34.6% -62.5% 32.6% 13.2% 14.0% 1.5x 8.4x 18.3x 1.3x 8.8x

Amount Date Target Buyer(s) Segment Rev EBITDA 12/31/2016 Bubbies Homemade Ice Cream & Desserts, Inc. Kenex Holdings LLC Restaurants - - - 12/30/2016 Hill & Valley, Inc. J&J Snack Foods Corp. CPG Foods - - - 12/21/2016 Mason Cellars Trinchero Family Estates Non-Alcohol - - - 12/20/2016 Sweet Harvest Foods Co. Peak Rock Capital LLC; Natural American CPG Foods - - - Foods, Inc. 12/20/2016 Specialty Blending Co. LLC AB Mauri (UK) Ltd. CPG Foods - - - 12/16/2016 Swiss Valley Farms Co. Prairie Farms Dairy, Inc. Dairy - - - 12/14/2016 DuPont Nutrition & Health, Inc. Warburg Pincus LLC; Hygiena LLC Ingredients & Flavors - - - 12/8/2016 Smooth Ambler Spirits Co Austin Nichols & Co., Inc.; NBV Investments, Alcohol - - - Inc. 12/7/2016 Nestle Healthcare Nutrition, Inc. /Nutrament Bus/ Brynwood Partners; Harvest Hill Beverage Non-Alcohol - - - Co. 12/2/2016 Deep Ellum Brewing Co. Storied Craft Breweries Alcohol 14.29 - - 12/2/2016 Suffield Foods LLC NightFood Holdings, Inc. Dairy - - - 12/2/2016 Victoria Fine Foods LLC B&G Foods, Inc. CPG Foods 70.00 1.70x 7.80x 12/1/2016 Westland Distillery LLC Rémy Cointreau SA; Orpar SA Alcohol - - - 11/29/2016 GNP Co. Pilgrim's Pride Corp. Proteins 350.00 - - 11/28/2016 Blue Lake Citrus Products LLC /Products Assets/ Centre Partners Management LLC; Sun Non-Alcohol - - - Orchard, Inc. 11/28/2016 Snyder's-Lance, Inc. (Nut Business) Blue Road Management LP CPG Foods - - - 11/25/2016 Latis LLC Bavaria NV Alcohol - - - 11/22/2016 KeVita, Inc. PepsiCo, Inc. Non-Alcohol 200.00 - - 11/22/2016 Kraft Heinz Bakery New Mill Capital Holdings LLC Ingredients & Flavors - - - 11/22/2016 Bai Brands LLC Dr Pepper Snapple Group, Inc. Non-Alcohol 1,700.00 14.18x - 11/21/2016 Clougherty Packing LLC Smithfield Foods, Inc. Proteins 145.00 - - 11/21/2016 Tino's Italian Specialty Foods LLC Generation Capital, Inc.; Select CPG Foods - - - Food Products LLC 11/18/2016 Go Epic Health, Inc. Leone Asset Management, Inc. CPG Foods - - - 11/17/2016 Bellisio Foods, Inc. Charoen Pokphand Foods Public Co. Ltd. CPG Foods 1,075.00 1.60x 13.10x 11/16/2016 Elore Enterprises LLC The Carlyle Group LP (Corporate Private Proteins 75.00 - - Equity); Grupo Empresarial Palacios Alimentación SA 11/14/2016 General Mills, Inc. (Pillsbury Plant) Tiger Capital Group LLC; New Mill Capital Ingredients & Flavors - - - Holdings LLC; General Mills, Inc. /Pillsbury Plant/ /Private Group/ 11/11/2016 Mercer Foods LLC Graham Partners, Inc. CPG Foods - - - 11/7/2016 Queen City Whiskey LLC (George Remus Whiskey MGP Ingredients, Inc. Alcohol - - - Brand) 11/7/2016 Hillside Candy LLC Highlander Partners LP CPG Foods - - - 11/4/2016 Caito Foods Service, Inc. /Produce Distribution SpartanNash Co. Produce - - - Business/ 11/3/2016 Angelic Bakehouse, Inc. T. Marzetti Co., Inc. Ingredients & Flavors - - - 11/3/2016 Karbach Brewing Co. LLC Anheuser-Busch Cos. LLC Alcohol - - - 11/2/2016 Barrels Unlimited, Inc. TFF Group Alcohol - - - 11/2/2016 MCT Dairies, Inc. (CoreFx Ingredients) Ornua Co-Operative Ltd. Dairy 6.00 - - 11/1/2016 Faribault Foods, Inc. (Beverage Business) Brynwood Partners; Harvest Hill Beverage Co. 10/28/2016 Dean Foods Co. Hangzhou Honsheng Breverage Co., Ltd.; Hangzhou Wahaha Beverage Co. Ltd. Non-Alcohol - - - Dairy 2,377.99 0.31x 5.40x 10/26/2016 F3 Innovations LLC Scepter Holdings, Inc. Non-Alcohol - - - 10/25/2016 RAWkin Bliss LLC Hip Cuisine, Inc. Natural & Organic - - - 10/25/2016 Lush Gourmet Foods LLC Ferris Coffee & Nut Co. CPG Foods - - - 10/20/2016 Supreme Oil Co., Inc. Stratas Foods LLC Ingredients & Flavors - - - 10/19/2016 Save On Seafood Fishing, Inc. US Foods, Inc. Proteins - - - 10/19/2016 UTZ Quality Foods, Inc. C Dean Metropoulos & Co CPG Foods 146.00 - - 10/17/2016 The Bardstown Bourbon Co. LLC Constellation Brands, Inc. Alcohol - - - 10/17/2016 Charles Smith Wines LLC (Wines Business) Constellation Brands, Inc. Alcohol - - - 10/14/2016 T.F. Kinnealey & Co., Inc. Performance Food Group Co. Proteins - - -

Amount Date Target Buyer(s) Segment Rev EBITDA 10/13/2016 Northern Brewer LLC ZX Ventures LLC Alcohol - - - 10/11/2016 Del Real LLC Palladium Equity Partners Advisor LLC CPG Foods - - - 10/11/2016 BrandMark Products, Inc. Mix 1 Life, Inc. CPG Foods 2.00 - - 10/11/2016 Carlsbad Naturals LLC Laguna Blends, Inc. Non-Alcohol 3.00 - - 10/10/2016 Delectus Vineyard & Winery Vintage Wine Estates, Inc. Alcohol - - - 10/10/2016 Savage River, Inc. Tyson Foods, Inc. Natural & Organic - - - 10/10/2016 Allied Specialty Foods, Inc. Oaktree Capital Management Private Equity; Proteins 60.00 - - AdvancePierre Foods Holdings, Inc. 10/7/2016 Game Vodka SNM Global Holdings Alcohol 0.57 - - 10/6/2016 WM. Wrigley Jr. Co. Mars, Inc. CPG Foods - - - 10/6/2016 Action Wholesale Liquor Boardwalk Distribution Co. Alcohol - - - 10/5/2016 Denbra IP Holdings LLC (dba Nothing Bundt Cakes) Levine Leichtman Capital Partners, Inc.; Nothing Bundt Cakes /Private Group/ CPG Foods - - - 10/5/2016 Prime Nutrition Hi-Tech Pharmaceuticals, Inc. Non-Alcohol - - - 10/5/2016 Kellogg Co. /Loma Linda & Worthington Foods Shelf Stable Bus/ AFT Holdings, Inc. Natural & Organic - - - 10/4/2016 Kronos Foods, Inc. Grey Mountain Partners LLC; Kronos Foods, CPG Foods - - - Inc. /Private Group/ 10/4/2016 High West Distillery & Saloon Constellation Brands, Inc. Alcohol 160.00 - - 10/3/2016 Tri-Union Frozen Foods Products LLC Thai Union Group Public Co. Ltd. Proteins 0.26 - - 10/3/2016 MeriCal LLC Linden Manager LLC Co-Packers - - - 10/3/2016 WillaKenzie Estate, Inc. Jackson Family Wines, Inc. Alcohol - - - 10/3/2016 Fleischmann's Vinegar Company, Inc. & SCI Ingredients Holdings Inc. Green Plains, Inc. Ingredients & Flavors 250.00 - -