D.A. Davidson Consumer

Consumer
QUARTERLY REVIEW
Current trends in the public and private consumer markets
AUGUST 2019
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENTS
1. Recent Trends and Highlights
2. Consumer Products Market Update
3. Food, Beverage & Agriculture Market Update
4. D.A. Davidson’s Full Service Platform

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2
D.A. Davidson Team
CONSUMER INVESTMENT BANKING TEAM
Jeff Jeff Joe Mike

Cleveland Ng Schimmelpfennig Smith
Managing Director, Managing Director, Managing Director, Managing Director,
Food, Beverage & Ag. Consumer Products Consumer Products Consumer Products
(206) 903-8685 (714) 850-8383 (714) 850-8382 (206) 903-8679
jcleveland@dadco.com jeffng@dadco.com jschim@dadco.com msmith@dadco.com
Eric Brien Danny Geoff

Rindahl Rowe Friedman Loos
Managing Director, Managing Director, Director, Director,
Consumer Products Consumer Products Consumer Products Food, Beverage & Ag.
(714) 850-8384 (714) 850-8335 (714) 850-8385 (801) 994-3162
erindahl@dadco.com browe@dadco.com dfriedman@dadco.com gloos@dadco.com
CONSUMER EQUITY RESEARCH COVERAGE EQUITY CAPITAL MARKETS LEADERSHIP
Linda Tom
Bolton Weiser Forte, CFA Monte Rory
Managing Director, Managing Director, Giese McKinney
Senior Research Analyst Senior Research Analyst President, Managing Director,
(212) 223-5404 (212) 223-5364 Equity Capital Markets Head of Investment
lweiser@dadco.com tforte@dadco.com Banking
(406) 268-3029
mgiese@dadco.com (310) 500-3865
John Brian rmckinney@dadco.com
Morris Holland
Senior Vice President, Senior Vice President, FINANCIAL SPONSOR COVERAGE
Senior Research Analyst Senior Research Analyst
(212) 223-5366 (503) 603-3019 Bryan Ben
jmorris@dadco.com Bholland@dadco.com
Cummings Landau
Michael Managing Director, Associate,
Head of Financial Financial Sponsor Coverage
Kawamoto Sponsor Coverage
(212) 240-9863
Associate Vice President, (714) 850-8339 blandau@dadco.com
Research Analyst blcummings@dadco.com
(503) 603-3045
mkawamoto@dadco.com
3
Trusted Advisor to Consumer Companies
D.A. Davidson has a long track record advising consumer and retail businesses on their most important strategic alternatives
Note: Includes transactions completed by current D.A. Davidson professionals prior to joining the firm.
4
SECTION 1
Recent Trends and Highlights
5
Middle Market Merger & Acquisition Trends
MIDDLE MARKET M&A TRANSACTIONS MIDDLE MARKET M&A BY INDUSTRY
($ in billions) ($ in billions)
Volume ($B) Deal Count Q2 2018 Q2 2019
$70.0 894 1,000 $8.0
820 $6.6
$60.0
800
$6.0
$50.0 $5.0
$4.5
600
$40.0 473 $3.9
454 446 445 449 $3.7
418 394 390 367 384 $4.0 $3.5 $3.4
$30.0 340 367 356 318
316
313 $2.7
400 $2.6
272 263 $2.2 $2.2
$20.0 192 196 $1.7
$2.0
200 $1.3
$0.9
$54.8
$66.4
$44.9
$41.1
$37.0
$35.7
$43.0
$43.0
$35.5
$35.9
$32.3
$37.5
$31.6
$35.5
$37.0
$35.0
$30.4
$26.4
$34.2
$35.4
$19.0
$18.6
$10.0 $0.7
$0.1
$0.0 0 $0.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Consumer Energy & Financials Healthcare Industrials & Other Real Estate Technology
Utilities Materials & Telecom
2014 2015 2016 2017 2018 2019
CONSUMER MIDDLE MARKET M&A DEAL ACTIVITY CONSUMER MIDDLE MARKET EV/EBITDA MULTIPLES
($ in billions)
Volume ($MM) Deal Count

12.0x
$40.0 500 10.9x
10.5x
425 9.9x 9.9x
393 10.0x 9.5x
400
$30.0 335
320 8.0x
287
300
$20.0 6.0x
200
4.0x
101
$10.0
49 100 2.0x
$35.0 $32.6 $28.3 $31.0 $26.5 $6.6 $3.7

$0.0 0 0.0x
2014 2015 2016 2017 2018 Q2 '18 Q2 '19 2014 2015 2016 2017 2018
Note: Middle-market defined as transactions between $10 and $500 million where pricing is disclosed. Deals in this report are for announced transactions in the quarter of interest involving
U.S. based companies. EBITDA multiples greater than 25.0x are not included. 6
Source: S&P Capital IQ.
Private Equity Trends
U.S. PE-BACKED EXITS (#) BY TYPE U.S. PE-BACKED IPO ACTIVITY BY YEAR
($ in billions)
Exit value ($B) Exit count
Corporate acquisition IPO SBO
$100 80
71
68 69
70
62
33%
36%
39%
39%
$80
42%
43%
44%
45%
45%
48%
60
51%
54%
48 49
7%
44 44 50
3%
$60 43
41
4%
6%
38
4%
6%
5%
3%
3%
4%
40
4%
3%
29
$40
30
61%
61%
56%
55%
53%
52%
52%
51%
51%
16
49%
20
45%
43%
$20 10
10
$38
$42
$31
$33
$54
$27
$88
$77
$43
$26
$38
$48
$24
$3
$0 0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*
U.S. PRIVATE EQUITY FUNDRAISING ACTIVITY AVG. TIME (YRS) BETWEEN U.S. PE FUNDS
($ in billions)
Capital raised ($B) Fund count Average time between buyout funds Average time between all PE funds
$250 300
5.5
261
254 249
242
232 250
$200 222 5.0
201
179 200 4.5
168
$150
138 143
150 4.0
$100 3.5
100 3.5
69
$50
50 3.0 3.3
$170
$100
$166
$171
$148
$218
$236
$181
$103
$94
$62
$80
$0 0 2.5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*
Note: PitchBook defines US-based companies acquired through buyout transactions between $25 million and $1 billion
Source: PitchBook. 7
* As of 6/30/2019
SECTION 2
Consumer Products Market Update
8
Merger & Acquisition Selected Transactions
Target Acquirer Target Description Deal Notes

 On July 15, Command Center, Inc. (NASDAQ:CCNI) was acquired by Hire Quest
National provider of on-demand and Holdings, LLC in an all stock merger
temporary staffing solutions
 Command Center issued 9,837,336 shares of its common stock to Hire Quest’s
security holders, representing approximately 68% of the company’s outstanding
stock post-transaction
 Rick Hermanns will serve as CEO of the combined company
Lakewood, CO Goose Creek, SC
 D.A. Davidson acted as exclusive financial advisor to Command Center, Inc.
E-commerce marketplace retailer  On June 3, Spreetail received a minority investment from McCarthy Capital
operating as both a marketplace channel  Spreetail shareholders intend to use minority proceeds from McCarthy Capital to
and inventory and fulfillment partner to grow and recapitalize the Company
innovative consumer brands  D.A. Davidson acted as exclusive financial advisor to Spreetail, Inc.
Lincoln, NE Omaha, NE
 On July 2, Perrigo Company plc (NYSE:PRGO) acquired Ranir, LLC for $750M in
Manufacturer of store brand and value an all cash transaction, advancing its efforts to become a consumer-focused self-
brand oral care products care company
 Perrigo President and CEO, Murray Kessler, said that the combined scale and
product pipeline will accelerate growth and enhance the company's store brand
portfolio
Grand Rapids, MI Dublin, Ireland
 On June 17, KPS Capital Partners acquired the fitness business of Brunswick
Producer and manufacturer of commercial Corporation (NYSE:BC), including the Life Fitness brand for approximately $490M
fitness equipment and game tables, in cash
including the Hammer Strength brand
 “We will work closely with KPS to develop and execute a focused strategic plan
centered on our mission to inspire healthier lives,” said President of Life Fitness,
Jason Worthy
Rosemont, IL New York, NY
 On May 22, Natura Cosméticos S.A. (BOVESPA:NATU3) entered into an

Manufactures and markets beauty and agreement to acquire Avon Products, Inc. (NYSE:AVP) from a group of
related products shareholders for $1.9 billion
 The acquisition will make Natura the fourth-largest beauty group in the world
 The group is expected to have annual gross revenues of over $10 billion, more
London, UK São Paulo, Brazil than 40,000 associates and a presence in 100 countries.
Source: S&P Capital IQ, Press Releases

9
Public Equity Offerings Selected Transactions
Offer Date Deal Type Issuer Gross Proceeds Business Description
Designs, manufactures, and sells foam filled furniture, sectional couches,

and related accessories. The company offers sectionals, such as seats
05-22-19 Secondary Offering $103.5 mm and sides; sacs, including foam beanbag chairs; and accessories
comprising drink holders, foot sac blankets, decorative pillows, fitted seat
tables, and ottomans
(NASDAQ:LOVE)
D.A. Davidson served as a co-manager in this transaction
Stamford, CT
Operates as a warehouse club on the East Coast of the United States. It

offers perishable, edible grocery, general merchandise, and non-edible
06-05-19 Secondary Offering $431.4 mm grocery products. The company also sells electronics, computers, office
supplies and equipment, home products, health and beauty aids, sporting
goods, outdoor living, baby products, toys, and jewelry through Website.
(NYSE:BJ)
As of April 9, it operated 217 clubs and 138 gasoline stations
Westborough, MA
Manufactures and markets natural fresh products, refrigerated meals, and

treats for dogs and cats in the United States, Canada, and the United
06-05-19 Secondary Offering $154.0 mm Kingdom. The company sells its products under the Freshpet brand; and
Dognation and Dog Joy labels through various classes of retail, including
grocery, mass, club, pet specialty, and natural, as well as online
(NASDAQ:FRPT)
Secaucus, NJ
Operates an e-commerce platform for buying and selling used cars in the
United States. Its platform allows customers to research and identify a
05-21-19 Follow-on Equity $273.0 mm vehicle; inspect it using company’s proprietary 360-degree vehicle imaging
Offering technology; obtain financing and warranty coverage; purchase the vehicle;
(NYSE:CVNA) and schedule delivery or pick-up from their desktop or mobile devices
Tempe, AZ
Designs, markets, retails, and distributes products for the outdoor and
recreation market. The company offers hard and soft coolers, as well as
05-08-19 Secondary Offering $270.8 mm storage, transport, outdoor living, and associated accessories. It also
provides drinkware products, including holsters, lowballs, stackable pints,
(NYSE:YETI) mugs, tumblers, bottles, and jugs, as well as accessories comprising bottle
straw caps, tumbler handles, and jug mounts under the Rambler brand
Austin, TX
Source: S&P Capital IQ, Press Releases; gross proceeds include over-allotment
10
Sector Scorecard: Comparable Public Companies
Stock Performance(1)
Apparel & Sporting
Active Fashion Beauty & Infant & Consumer
S&P 500 Accessories Household Equipment Footwear Footwear Goods Tactical
Outdoor Apparel Health Juvenile Retailers
Retailers Retailers
90 Days 0.3% (14.6%) (7.0%) (14.6%) (2.3%) (9.1%) (9.6%) (4.1%) (3.4%) (45.9%) (17.8%) (5.7%) 0.1%
180 Days 9.1% (26.8%) 4.1% (5.3%) 9.9% (7.7%) 6.5% 8.8% 3.0% (55.0%) (13.8%) 7.0% 7.2%
1-Year 5.0% (42.5%) 9.0% (23.3%) 8.9% (16.5%) (5.2%) 3.9% (7.7%) (62.8%) (21.5%) 7.8% 0.4%
3-Year 36.1% (22.1%) 69.5% (19.5%) 21.0% (23.9%) 43.0% 64.1% (5.3%) (53.8%) (14.5%) 54.2% 36.9%
EV / LTM EBITDA Valuation(2)
29.7x
28.3x 28.6x
27.2x
25.2x
23.5x
22.2x 22.1x
20.7x
19.2x
16.2x
14.9x
13.6x 12.3x
13.1x 13.1x 12.7x
11.9x
10.9x
9.3x 9.2x 9.0x 8.9x
7.5x 8.8x 8.2x
7.2x
6.2x 5.6x 6.3x 6.1x 5.8x 6.3x
4.7x 5.3x
4.4x
Source: S&P Capital IQ, data as of 8/1/2019.

(1) Average of company stock returns for the respective period. Detail on public companies on pages 12 – 17. 11
(2) Enterprise Value / LTM EBITDA (median and range) Note: Enterprise value is defined as market capitalization plus net debt.
Public Companies: Valuation Details
VALUATION MULTIPLES ($ IN MILLIONS, EXCEPT PER SHARE VALUES)
Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Company Price Week High Cap. Value (EV) LTM CY 2019 CY 2020 LTM CY 2019 CY 2020 LTM CY 2019 CY 2020
Accessories
EssilorLuxottica Société anonyme $141.29 98.5% $61,459 $67,226 3.94x 3.53x 3.35x 19.2x 16.2x 15.0x NM 28.7x 25.8x
Samsonite International S.A. 1.97 47.1% 2,823 5,101 1.36x 1.35x 1.29x 9.2x 6.6x 6.2x 13.4x 12.3x 10.9x
Fossil Group, Inc. 10.20 34.5% 506 846 0.35x 0.37x 0.38x 4.7x 4.2x 4.5x 10.2x 11.1x 12.6x
ZAGG Inc 6.37 38.1% 185 278 0.55x 0.45x 0.42x 5.8x 3.4x 3.2x 11.7x 4.6x 4.5x
Median 0.96x 0.90x 0.85x 7.5x 5.4x 5.3x 11.7x 11.7x 11.8x
Active Apparel
Kering SA $519.42 87.0% $65,136 $71,966 4.25x 4.11x 3.80x 12.9x 12.0x 11.0x 21.8x 18.5x 16.1x
V.F. Corporation 83.37 85.9% 33,111 35,747 2.56x 2.90x 2.83x 15.3x 17.2x 16.7x 28.5x 24.1x 22.0x
Lululemon Athletica Inc. 185.45 95.5% 24,160 24,248 7.09x 6.38x 5.58x 28.3x 24.9x 21.3x NM NM 33.7x
ANTA Sports Products Limited 7.48 95.7% 20,207 18,971 5.41x 4.31x 3.58x 21.7x 17.2x 14.2x 39.8x 25.4x 21.5x
Under Armour, Inc. 19.12 77.9% 9,171 10,024 1.92x 1.87x 1.77x 25.3x 23.9x 19.2x NM NM 35.4x
Columbia Sportswear Company 103.04 93.9% 6,961 6,843 2.36x 2.25x 2.11x 14.5x 13.9x 12.9x 29.1x 21.6x 19.8x
Youngone Corporation 28.30 79.0% 1,242 1,473 0.79x 0.79x 0.76x 6.2x 6.2x 5.4x 11.8x 10.4x 10.5x
Duluth Holdings Inc. 12.13 34.0% 397 602 1.03x 0.93x 0.83x 14.2x 10.1x 8.5x 28.2x 16.9x 14.1x
Fashion Apparel
Tapestry, Inc. $29.27 53.9% $8,492 $8,757 1.46x 1.42x 1.37x 7.9x 6.8x 6.2x 17.2x 10.7x 9.9x
Gildan Activewear Inc. 39.25 97.2% 7,995 8,896 3.04x 2.90x 2.77x 16.2x 14.3x 13.1x 35.5x 19.9x 17.0x
Ralph Lauren Corporation 98.62 69.6% 7,616 8,370 1.32x 1.31x 1.27x 8.4x 8.1x 7.7x 17.0x 12.8x 11.7x
Levi Strauss & Co. 18.31 74.7% 7,187 7,276 1.27x 1.24x 1.14x 11.1x 9.8x 8.6x 23.8x 16.8x 15.3x
The Gap, Inc. 17.96 54.5% 6,788 13,350 0.81x 0.81x 0.80x 7.2x 7.9x 7.8x 9.0x 8.7x 8.2x
PVH Corp. 82.80 52.5% 6,203 10,651 1.10x 1.07x 1.03x 8.1x 7.9x 7.3x 11.3x 8.1x 7.4x
Hanesbrands Inc. 15.05 77.7% 5,440 9,721 1.40x 1.40x 1.41x 9.0x 8.9x 8.9x 12.1x 8.6x 8.5x
Canada Goose Holdings Inc. 44.60 61.6% 4,920 4,963 7.99x 6.58x 5.50x NM 22.4x 18.5x NM 35.1x 28.6x
G-III Apparel Group, Ltd. 26.09 51.3% 1,277 2,001 0.65x 0.61x 0.58x 7.3x 6.6x 6.2x 11.2x 8.0x 7.6x
Oxford Industries, Inc. 69.07 71.7% 1,176 1,552 1.39x 1.36x 1.31x 11.1x 10.6x 10.1x 19.7x 15.1x 13.9x
Vera Bradley, Inc. 10.96 63.1% 375 402 0.96x 0.93x 0.91x 9.5x 8.6x 8.3x 23.1x 15.5x 14.4x
Lands' End, Inc. 10.46 38.2% 339 719 0.51x 0.49x 0.48x 11.2x 9.8x 9.0x NM 24.3x 18.7x
Xcel Brands, Inc. 2.26 64.6% 43 72 1.96x 1.61x 1.40x 11.1x 6.9x 5.0x 20.8x 5.7x 4.5x
Note: EV / EBITDA multiples above 30x and P/E multiples above 40x have been indicated as Not Meaningful ("NM").
Source: S&P Capital IQ, data as of 8/1/2019. 12
Public Companies: Valuation Details (Cont’d)

Beauty & Health
Johnson & Johnson $130.29 87.4% $343,857 $359,009 4.41x 4.40x 4.22x 12.8x 12.0x 11.1x 26.3x 15.1x 14.3x
The Procter & Gamble Company 116.73 95.9% 291,603 311,408 4.60x 4.49x 4.35x 18.3x 17.4x 16.3x 34.1x 24.5x 23.1x
L'Oréal S.A. 271.30 95.1% 152,158 151,945 4.71x 4.65x 4.39x 20.7x 20.1x 18.8x 38.8x 31.5x 29.2x
Unilever PLC 60.77 97.8% 150,218 177,224 3.07x 3.05x 2.92x 11.1x 13.7x 12.7x 19.5x 21.9x 19.9x
The Estée Lauder Companies Inc. 182.76 93.8% 66,136 66,662 4.58x 4.35x 4.12x 21.4x 20.2x 18.5x NM 32.9x 29.8x
Kimberly-Clark Corporation 135.24 96.2% 46,550 54,701 2.98x 2.95x 2.90x 14.4x 13.0x 12.6x 26.1x 19.8x 18.8x
Henkel AG & Co. KGaA 101.57 80.9% 42,286 44,283 1.97x 1.95x 1.89x 10.2x 10.1x 9.7x NA 16.3x 15.6x
Kao Corporation 71.22 82.1% 34,290 34,946 2.51x 2.38x 2.30x 13.6x 13.0x 12.0x 29.9x 22.8x 21.1x
Shiseido Company, Limited 71.20 86.3% 28,435 28,859 2.89x 2.61x 2.42x 22.2x 17.2x 14.4x NM 37.8x 30.9x
Beiersdorf Aktiengesellschaft 117.06 97.2% 26,828 24,745 2.99x 2.91x 2.77x 17.5x 17.2x 16.2x 36.2x 30.8x 28.7x
Ulta Beauty, Inc. 345.51 93.7% 20,198 21,542 3.11x 2.86x 2.58x 18.5x 16.7x 14.9x 37.2x 26.6x 23.0x
KOSÉ Corporation 157.52 76.5% 8,986 8,302 2.68x 2.57x 2.39x 15.4x 13.8x 12.6x 34.0x 29.7x 23.4x
Coty Inc. 10.88 77.0% 8,175 15,938 1.80x 1.86x 1.87x 12.2x 11.7x 11.1x NM 17.3x 14.6x
Amorepacific Corporation 112.46 47.7% 7,220 7,237 1.57x 1.57x 1.47x NA 12.5x 10.9x NA 29.5x 22.8x
Natura Cosméticos S.A. 16.52 98.9% 7,123 9,289 2.65x 2.50x 2.31x 20.7x 17.0x 14.6x NM NM 32.0x
Helen of Troy Limited 145.55 94.6% 3,654 4,005 2.53x 2.51x 2.43x 17.3x 15.9x 15.3x 31.2x 17.3x 16.2x
L'Occitane International S.A. 2.17 95.3% 3,177 3,740 2.34x 2.13x 1.98x 15.8x 13.3x 12.0x 29.7x 22.0x 19.7x
Inter Parfums, Inc. 69.10 85.3% 2,173 2,157 3.16x 3.02x 2.81x 19.9x 18.0x 16.8x NM 36.6x 31.8x
Nu Skin Enterprises, Inc. 38.99 44.0% 2,163 2,366 0.88x 0.94x 0.92x 5.7x 6.2x 6.1x 11.6x 11.8x 10.9x
Avon Products, Inc. 4.33 97.5% 1,920 3,796 0.73x 0.76x 0.74x 7.8x 10.4x 8.9x 9.1x 22.4x 19.4x
Prestige Consumer Healthcare Inc. 33.63 80.5% 1,690 3,458 3.62x 3.63x 3.60x 10.5x 10.6x 10.5x 14.4x 12.0x 11.5x
Edgewell Personal Care Company 30.54 51.6% 1,653 2,735 1.27x 1.29x 1.27x 6.8x 6.8x 6.7x 10.8x 8.9x 8.9x
Sally Beauty Holdings, Inc. 13.56 57.4% 1,629 3,181 0.82x 0.82x 0.83x 5.6x 5.7x 5.8x 7.3x 6.2x 6.2x
Weight Watchers International, Inc. 21.87 43.7% 1,448 3,133 2.13x 2.23x 2.15x 7.8x 9.5x 8.9x 11.5x NA NA
Medifast, Inc. 111.17 42.6% 1,315 1,214 1.90x 1.63x 1.32x 13.0x 10.8x 8.7x 23.8x 16.2x 13.1x
Revlon, Inc. 18.94 63.9% 978 4,148 1.62x 1.64x 1.63x NM 15.9x 15.7x NM NM NM
e.l.f. Beauty, Inc. 16.00 92.2% 797 911 3.40x 3.59x 3.57x 15.0x 17.8x 17.2x NM NM 35.1x
MAV Beauty Brands Inc. 5.32 49.7% 198 309 3.02x 2.63x 2.15x 12.7x 8.7x 6.4x 24.4x 11.7x 7.2x
Jacques Bogart S.A. 9.52 91.7% 147 166 0.88x 0.50x 0.49x 13.6x 9.1x 7.4x 20.8x 11.0x 12.6x

Household
Newell Brands Inc. $13.43 49.7% $5,682 $13,306 1.58x 1.51x 1.56x 14.6x 11.4x 11.7x 37.7x 8.6x 9.0x
Leggett & Platt, Incorporated 38.87 83.2% 5,108 7,403 1.64x 1.56x 1.50x 12.1x 10.1x 9.6x 21.5x 15.9x 14.7x
Williams-Sonoma, Inc. 64.15 86.7% 5,042 6,601 1.16x 1.14x 1.12x 10.4x 9.7x 9.6x 18.7x 13.7x 13.1x
Tempur Sealy International, Inc. 78.47 95.9% 4,301 6,145 2.18x 2.08x 1.78x 16.7x 12.9x 10.3x 33.6x 22.4x 14.9x
WD-40 Company 179.91 96.0% 2,470 2,530 6.04x 5.94x 5.55x 29.7x 26.3x 25.5x NM NM 35.4x
Spectrum Brands Holdings, Inc. 49.93 53.9% 2,435 4,626 1.48x 1.22x 1.21x 9.6x 8.2x 8.0x NM 15.6x 12.3x
La-Z-Boy Incorporated 32.30 82.5% 1,518 1,382 0.79x 0.76x 0.73x 9.0x 8.4x 7.5x 20.4x 14.9x 13.5x
1-800-FLOWERS.COM, Inc. 19.24 88.4% 1,237 1,127 0.92x 0.88x 0.82x 14.5x 12.5x 11.5x NM 32.9x 27.6x
Overstock.com, Inc. 21.27 44.3% 750 750 0.43x 0.48x 0.46x NM NM NM NM NM NM
Tupperware Brands Corporation 14.95 38.4% 729 1,619 0.83x 0.86x 0.89x 4.8x 5.2x NA 4.6x 4.2x 4.1x
Ethan Allen Interiors Inc. 18.39 77.4% 489 469 0.63x 0.64x 0.62x 6.3x 6.1x 5.9x 14.5x 11.9x 10.8x
NACCO Industries, Inc. 51.93 95.3% 363 291 1.92x NA NA NM NA NA 11.3x NA NA
The Lovesac Company 20.71 44.3% 301 265 1.47x 1.10x 0.84x NM NM NM NM NM NM
Hooker Furniture Corporation 20.57 42.5% 243 292 0.43x 0.44x 0.42x 5.6x NA NA 8.5x 8.2x 6.2x
Dorel Industries Inc. 7.04 34.2% 232 903 0.34x 0.34x 0.33x 6.0x 5.0x 4.9x 7.7x 6.2x 5.3x
Lifetime Brands, Inc. 8.71 70.0% 182 573 0.78x 0.76x 0.73x 9.4x NA NA 18.4x 11.8x 6.4x
Flexsteel Industries, Inc. 17.78 44.9% 140 112 0.24x NA NA 6.6x NA NA 34.8x NA NA
Bassett Furniture Industries, Inc. 12.70 51.2% 132 98 0.21x 0.21x 0.21x 4.4x 4.6x NA 24.7x 20.2x 9.8x
Walker Greenbank PLC 1.07 93.2% 76 76 0.51x 0.57x 0.56x 5.1x 5.7x 5.4x 12.6x 10.7x 10.0x
Crown Crafts, Inc. 4.60 74.8% 47 51 0.67x 0.66x 0.65x 5.8x 5.7x 5.5x 10.9x 9.4x 8.7x
CSS Industries, Inc. 5.04 33.0% 45 124 0.33x 0.35x 0.36x 17.8x 7.8x 6.9x NM NM 20.6x

Equipment
Shimano Inc. $144.31 82.9% $13,378 $11,102 3.37x 3.23x 3.09x 14.4x 13.1x 12.2x 33.0x 27.4x 24.4x
Polaris Inc. 91.85 79.6% 5,614 7,536 1.14x 1.10x 1.06x 10.4x 9.5x 8.8x 21.8x 14.8x 13.6x
Amer Sports Corporation 44.26 90.3% 5,099 5,937 1.94x 1.86x 1.78x 17.5x 15.8x 15.5x 39.6x 24.7x 23.8x
Brunswick Corporation 48.47 69.4% 4,221 4,844 0.92x 1.15x 1.12x 6.7x 7.4x 6.6x 13.9x 11.5x 9.3x
BRP Inc. 33.71 59.6% 3,037 4,068 1.00x 0.92x 0.89x 8.4x 6.8x 6.4x 20.9x 12.0x 10.9x
Fox Factory Holding Corp. 77.30 88.9% 2,970 3,042 4.43x 4.12x 3.73x 25.2x 20.9x 18.5x NM 29.5x 26.3x
Giant Manufacturing Co., Ltd. 7.56 88.0% 2,835 3,101 1.57x 1.51x 1.40x 17.1x 15.7x 13.9x 32.0x 27.0x 23.4x
YETI Holdings, Inc. 32.34 84.9% 2,733 3,000 3.64x 3.38x 3.01x 20.6x 16.8x 14.5x NM 30.6x 25.4x
Acushnet Holdings Corp. 25.22 90.5% 1,907 2,463 1.51x 1.47x 1.44x 12.8x 10.3x 9.9x 22.5x 16.3x 15.2x
Callaway Golf Company 17.97 72.8% 1,690 2,443 1.80x 1.45x 1.38x 16.4x 11.9x 10.8x 23.0x 17.3x 14.9x
Sonos, Inc. 10.58 44.8% 1,109 854 0.72x 0.64x 0.60x 13.4x 8.5x 6.8x NM 20.4x 15.5x
GoPro, Inc. 5.03 65.8% 772 860 0.72x 0.68x 0.67x NM 8.7x 7.5x NM 13.1x 10.9x
Johnson Outdoors Inc. 66.52 62.0% 664 595 1.08x 1.07x 1.04x 8.5x 7.8x NA 17.3x 13.7x NA
Accell Group N.V. 23.62 81.5% 633 884 0.68x 0.69x 0.67x 15.1x 12.3x 9.9x 20.7x 17.7x 11.8x
Malibu Boats, Inc. 28.28 47.5% 590 709 1.13x 0.99x 0.93x 6.3x 5.4x 5.0x 11.2x 7.4x 6.8x
Mizuno Corporation 22.99 66.0% 583 633 0.39x 0.37x 0.36x 6.6x 6.2x 5.8x 13.6x 10.8x 10.1x
Marine Products Corporation 15.21 61.3% 518 505 1.65x 1.59x 1.48x 13.5x 12.7x 11.6x 23.4x 17.1x 15.8x
Vista Outdoor Inc. 7.29 37.6% 421 1,102 0.54x 0.58x 0.59x 11.8x 9.3x 9.4x NM 31.2x 24.4x
Clarus Corporation 13.98 92.5% 418 436 1.98x 1.88x 1.73x 19.9x 17.2x 14.4x NM 17.7x 14.3x
Escalade, Incorporated 11.35 82.5% 164 164 0.94x NA NA 10.1x NA NA 21.5x NA NA
Acme United Corporation 20.41 88.7% 68 112 0.81x 0.79x 0.76x 10.0x 9.6x 8.7x 19.5x 14.0x 12.5x
Nautilus, Inc. 1.39 9.1% 41 78 0.22x 0.23x 0.23x NM NM 6.4x NM NM NM
Footwear
NIKE, Inc. $83.12 92.4% $130,240 $129,056 3.30x 3.20x 2.95x 23.5x 22.7x 19.5x NM 31.7x 26.4x
adidas AG 326.40 99.0% 64,513 62,861 2.52x 2.40x 2.24x 19.4x 16.5x 15.1x 38.0x 29.9x 26.4x
PUMA SE 71.37 97.5% 10,670 11,328 1.99x 1.92x 1.74x 20.8x 15.3x 13.2x NM 37.4x 30.6x
Li Ning Company Limited 2.49 95.0% 5,751 5,217 3.41x 2.82x 2.41x NM 21.6x 16.9x NM NA NA
Skechers U.S.A., Inc. 35.63 88.0% 5,608 6,105 1.27x 1.20x 1.11x 10.3x 9.7x 8.8x 24.3x 15.9x 13.9x
Deckers Outdoor Corporation 149.65 82.8% 4,335 4,118 2.01x 1.95x 1.86x 10.8x 11.1x 10.4x 20.9x 16.7x 15.9x
Steven Madden, Ltd. 31.27 79.6% 2,683 2,637 1.53x 1.49x 1.42x 11.9x 12.2x 11.3x 21.0x 16.9x 15.2x
Wolverine World Wide, Inc. 26.30 66.1% 2,334 3,207 1.44x 1.40x 1.34x 12.0x 10.1x 9.5x 18.0x 11.6x 10.5x
ASICS Corporation 10.58 61.4% 1,996 2,279 0.66x 0.62x 0.60x 12.9x 11.8x 9.1x NM 30.1x 20.9x
Crocs, Inc. 24.44 76.7% 1,701 1,978 1.75x 1.65x 1.57x 15.4x 13.0x 11.2x 29.5x 18.3x 15.9x
Caleres, Inc. 16.63 40.5% 702 1,983 0.69x 0.66x 0.65x 10.0x 9.4x 8.8x 9.1x 6.9x 6.2x
Weyco Group, Inc. 26.22 66.0% 261 271 0.89x NA NA 8.8x NA NA 15.4x NA NA
Rocky Brands, Inc. 31.21 93.3% 231 216 0.83x 0.82x 0.79x 9.0x 8.2x 8.0x 19.6x 15.2x 14.3x
Infant & Juvenile
Hasbro, Inc. $114.83 90.5% $14,492 $15,177 3.25x 3.04x 2.91x 16.6x 15.1x 13.9x 34.6x 24.4x 21.8x
BANDAI NAMCO Holdings Inc. 53.77 93.7% 11,818 9,848 1.49x 1.41x 1.47x 10.3x 9.5x 8.9x 24.0x 23.2x 18.3x
Mattel, Inc. 13.59 78.7% 4,696 7,762 1.72x 1.72x 1.70x 22.1x 19.2x 13.7x NM NM NM
Carter's, Inc. 87.77 78.9% 3,927 5,256 1.51x 1.49x 1.45x 10.9x 10.4x 10.1x 18.3x 13.2x 12.2x
Spin Master Corp. 31.86 73.2% 3,255 3,262 2.05x 1.96x 1.87x 14.5x 10.4x 9.7x NA 20.4x 18.1x
The Children's Place, Inc. 91.16 56.9% 1,445 2,033 1.06x 1.05x 1.01x 12.1x 10.3x 8.8x 25.4x 14.8x 10.8x
TOMY Company, Ltd. 12.87 96.5% 1,227 1,099 0.69x 0.66x 0.63x 5.3x NA NA 15.1x 13.7x 12.9x
Funko, Inc. 24.38 78.3% 729 1,109 1.55x 1.34x 1.21x 10.1x 7.7x 6.7x NM 21.0x 17.7x
Goodbaby International Holdings Limited 0.20 36.7% 330 572 0.52x 0.49x 0.46x 8.8x 6.8x 5.7x 20.5x 10.5x 8.5x
Mothercare plc 0.20 56.2% 68 76 0.11x 0.13x NA NM 5.4x 3.3x NM NM NM
JAKKS Pacific, Inc. 0.87 30.0% 23 183 0.33x 0.31x 0.29x NM 8.7x 5.6x NM NM NM

Apparel & Footwear Retailers
The TJX Companies, Inc. $52.59 92.0% $63,774 $72,738 1.84x 1.76x 1.66x 14.4x 14.0x 13.2x 25.1x 20.0x 18.3x
Ross Stores, Inc. 103.57 95.7% 37,772 39,769 2.62x 2.50x 2.36x 16.8x 15.9x 14.8x 29.9x 22.9x 20.8x
H & M Hennes & Mauritz AB (publ) 17.91 99.3% 29,642 30,871 1.33x 1.29x 1.24x 11.7x 10.9x 10.3x 29.4x 22.5x 21.0x
Burlington Stores, Inc. 177.13 95.8% 11,755 15,115 2.23x 2.08x 1.92x 20.0x 17.7x 16.0x 38.1x 25.3x 22.2x
L Brands, Inc. 24.31 64.0% 6,718 15,098 1.14x 1.14x 1.11x 7.5x 8.0x 7.9x 10.1x 9.9x 9.2x
Foot Locker, Inc. 39.34 57.9% 4,316 6,616 0.83x 0.81x 0.79x 7.3x 7.2x 6.9x 9.7x 7.8x 7.2x
American Eagle Outfitters, Inc. 16.30 54.6% 2,807 4,053 0.99x 0.95x 0.91x 8.0x 7.7x 7.2x 13.2x 10.2x 9.4x
ASOS Plc 32.63 42.8% 2,735 2,781 0.81x 0.84x 0.75x 20.7x 20.1x 12.9x NM NM 40.0x
Urban Outfitters, Inc. 22.01 41.9% 2,156 2,942 0.74x 0.73x 0.71x 6.1x 6.6x 6.0x 10.1x 9.2x 8.2x
Designer Brands Inc. 17.06 49.3% 1,283 2,502 0.75x 0.70x 0.68x 9.7x 8.6x 7.7x 13.1x 9.0x 7.8x
Guess?, Inc. 15.77 58.5% 1,130 2,344 0.89x 0.86x 0.82x 12.8x 11.5x 10.7x 19.9x 12.7x 10.8x
Abercrombie & Fitch Co. 16.81 54.9% 1,104 2,264 0.63x 0.62x 0.61x 7.1x 8.3x 7.1x 13.6x 18.0x 11.8x
Boot Barn Holdings, Inc. 32.76 82.7% 933 1,276 1.59x 1.52x 1.36x 14.2x 13.1x 11.3x 27.9x 20.8x 17.0x
The Buckle, Inc. 19.15 64.6% 930 1,065 1.21x 1.21x 1.22x 7.5x 7.8x 8.0x 12.2x 10.6x 10.8x
Shoe Carnival, Inc. 23.75 52.8% 349 577 0.56x 0.56x 0.55x 8.4x 8.1x 7.6x 11.9x 8.6x 8.2x
Tailored Brands, Inc. 4.53 15.7% 229 2,346 0.73x 0.75x 0.74x 7.0x 8.2x 8.0x 2.4x 2.7x 2.4x
Express, Inc. 2.27 19.4% 153 1,279 0.61x 0.63x 0.63x 12.7x 16.4x 15.6x 16.6x NM NM
J.Jill, Inc. 2.13 23.9% 94 569 0.81x 0.81x 0.80x 6.5x 8.0x 6.8x 4.8x 10.9x 6.0x
Sporting Goods Retailers
DICK'S Sporting Goods, Inc. $34.86 84.6% $3,208 $6,536 0.77x 0.76x 0.75x 9.4x 9.7x 9.7x 12.4x 10.5x 10.1x
Zumiez Inc. 22.90 70.0% 589 769 0.78x 0.76x 0.74x 8.4x 8.5x 8.1x 13.7x 12.1x 11.5x
Camping World Holdings, Inc. 11.09 47.0% 413 3,292 0.69x 0.67x 0.65x 12.3x 11.4x 10.0x 11.6x 10.6x 6.7x
Hibbett Sports, Inc. 17.50 59.1% 313 480 0.45x 0.41x 0.42x 5.8x 6.1x 6.1x 9.4x 8.3x 7.8x
Tilly's, Inc. 7.83 30.8% 231 396 0.65x 0.64x 0.60x 7.7x 8.4x 7.4x 12.3x 10.7x 9.3x
Sportsman's Warehouse Holdings, Inc. 4.09 61.1% 176 585 0.69x 0.68x 0.65x 9.7x 9.5x 8.9x 9.2x 7.8x 7.1x
Consumer Retailers
Amazon.com, Inc. $1,855.32 90.5% $917,745 $947,896 3.76x 3.40x 2.86x 28.6x 22.7x 18.0x NM NM NM
Walmart Inc. 109.38 94.7% 312,250 385,620 0.75x 0.74x 0.71x 11.8x 11.8x 11.6x 26.9x 22.6x 21.6x
Industria de Diseño Textil, S.A. 30.49 95.5% 94,948 94,836 3.20x 3.04x 2.86x 14.9x 10.9x 10.2x 30.1x 22.5x 21.1x
Target Corporation 82.62 91.4% 42,329 55,801 0.73x 0.71x 0.69x 8.2x 8.3x 8.0x 18.1x 13.9x 13.0x
eBay Inc. 41.10 97.9% 34,473 39,994 3.68x 3.69x 3.52x 12.7x 10.7x 10.1x 26.6x 15.0x 13.2x
Wayfair Inc. 129.60 74.6% 11,967 12,769 1.59x 1.38x 1.07x NM NM NM NM NM NM
Farfetch Limited 20.01 61.8% 6,000 5,301 8.14x 6.42x 4.83x NM NM NM NM NM NM
BJ's Wholesale Club Holdings, Inc. 23.15 70.3% 3,223 7,096 0.54x 0.53x 0.51x 13.6x 12.6x 11.9x 20.3x 15.7x 14.0x
Winmark Corporation 169.68 87.1% 642 685 9.52x NA NA 16.4x NA NA 28.5x NA NA
Genesco Inc. 36.66 70.7% 606 1,353 0.62x 0.61x 0.60x 9.6x 10.5x 9.8x 12.8x 10.0x 9.2x

Tactical
The Boeing Company $334.29 75.0% $188,108 $199,214 2.16x 2.33x 1.63x 27.2x NM 10.2x NM NM 14.8x
Honeywell International Inc. 169.55 95.0% 121,993 129,111 3.34x 3.49x 3.33x 14.9x 14.7x 13.7x 26.9x 20.9x 19.0x
Lockheed Martin Corporation 363.09 97.2% 102,536 116,052 2.02x 1.96x 1.87x 12.8x 12.0x 10.1x 25.0x 17.1x 14.6x
General Dynamics Corporation 183.43 88.3% 52,857 67,442 1.76x 1.72x 1.65x 12.5x 12.4x 11.7x 21.3x 15.4x 14.0x
BAE Systems plc 6.77 86.6% 21,682 25,878 1.17x 1.06x 1.02x 10.1x 8.7x 8.4x 17.8x 12.1x 11.5x
Oshkosh Corporation 76.10 88.0% 5,321 5,987 0.73x 0.72x 0.73x 6.8x 7.0x 7.2x 12.1x 9.7x 9.7x
Cobham plc 2.01 97.0% 4,801 4,983 1.99x 2.04x 2.02x 14.1x 13.3x 12.1x NM 25.0x 21.6x
MSA Safety Incorporated 104.90 92.8% 4,062 4,337 3.17x 3.08x 2.95x 15.0x 14.8x 13.7x 29.8x 21.5x 19.9x
Axon Enterprise, Inc. 68.44 91.3% 4,047 3,731 8.58x 7.58x 6.47x NM NM NM NM NM NM
Sturm, Ruger & Company, Inc. 45.55 65.1% 796 667 1.49x NA NA 7.9x NA NA 22.9x NA NA
American Outdoor Brands Corporation 8.81 55.2% 483 644 1.01x 1.02x 0.98x 6.3x 5.7x 5.1x 19.9x 11.9x 9.4x
Agg. Median* 1.42x 1.35x 1.27x 11.8x 10.4x 9.8x 20.3x 15.6x 14.3x
SECTION 3
Food, Beverage & Agriculture Market Update
18
Merger & Acquisition Selected Transactions
Target Acquirer Target Description Deal Notes

 On July 1, Performance Food Group Company (NYSE:PFGC) agreed to purchase
Operates as a foodservice distributor, Reinhart Foodservice, LLC. in a transaction valued at $2B
providing frozen food, canned food, ready-
to-serve food ready-to-bake food  The acquisition positions PFG as one of the largest distributors in the U.S. with
approximately $30B in net sales
La Crosse, WI Richmond, VA
 Price reflects a 2018 adjusted EBITDA multiple of 8.1x, including $50M of synergies
 On June 20, an entity controlled by Apollo Funds and managed by Apollo Global
Operates as a food retailer with two main
Management, LLC (NYSE:APO) announced the successful acquisition of all of the
segments – Smart & Final and Smart
outstanding common stock of Smart & Final
Foodservice
 The cash transaction is valued at $1.1B and was completed through a cash tender
Commerce, CA New York, NY offer
 On June 9, Creation Gardens, Inc., a foodservice distributor also known by its

Engages in distribution of fruits and trade name, What Chefs Want, acquired FreshPack Produce, Inc.
vegetables and offers re-packing services,
washing and sorting services, freight,  The acquisition of Colorado-based FreshPack allows Creation Gardens to expand
backhaul logistics, and consolidation their offerings with a substantial customer base and new customers that seek
services superior quality products and improved and flexible services
Denver, CO Louisville, KY  FreshPack Produce, Inc. was bought by Tonka Bay Equity Partners in 2010
 On June 3, Nagase Holdings America and Prinova Group, LLC announced that
Leading manufacturer and distributor of they entered into a definitive agreement under which Nagase & Co., Ltd. will
premium nutrition ingredients for the acquire Prinova
global food and wellness industries
 Nagase Group reinforces its dedication to expand its global footprint in the
nutritional ingredients industry
 Nagase plans to leverage the new expertise to broaden its product portfolio and
Carol Stream, IL New York, NY offerings to the market
 On May 9, The Boston Beer Company, Inc. (NYSE:SAM) and Dogfish Head Brewery
Producer of high-end craft beer signed a definitive merger agreement in a cash and stock transaction valued at
approximately $300M
 Boston Beer and Dogfish Head aim to create a powerful American-owned platform
Milton, DE Boston, MA for craft beer with a leading position in the high end of the U.S. beer market
 On April 12, Butterfly Equity purchased Bolthouse Farms from Campbell Soup
Produces fresh produce and beverages, Company (NYSE:CPB) for $510M in cash
including juice, smoothies, protein plus,
and café drinks  The deal will return control of Bolthouse to Jeff Dunn, an operating partner at
Butterfly who will again assume the chief executive role at Bolthouse, where he
previously served as president and CEO of the brand from 2008 until 2012
Bakersfield, CA Beverly Hills, CA
Source: S&P Capital IQ, Press Releases

19
Sector Scorecard: Comparable Public Companies
Natural /
Private Label
Wine, Beer & Organic Foods
S&P 500 Foods & Beverages Branded Foods Baked Goods Dairy Snacks Nutrition
Spirits / Better-For-
Beverages
You
90 Days 0.3% 4.6% (8.1%) 3.9% (7.7%) 1.4% (1.9%) 7.8% 0.2% (13.3%)
180 Days 9.1% (2.7%) (8.9%) 13.7% 5.7% 8.1% (5.9%) 21.3% 15.3% (15.7%)
1-Year 5.0% 6.8% (15.9%) 8.4% (17.0%) (2.3%) (19.1%) 21.4% 3.9% (28.5%)
3-Year 36.1% (24.7%) 1.8% 11.6% (15.0%) 21.5% (7.0%) 52.3% 33.1% 89.0%
EV / LTM EBITDA Valuation(2) 29.8x

28.4x
24.9x
24.0x
23.0x
19.9x
19.5x 19.8x
16.6x
15.6x 16.4x
12.0x 14.3x 15.6x
13.6x 13.5x 13.0x
11.7x 13.8x
12.8x
11.4x 9.5x
9.5x 9.3x 9.5x
5.6x 5.0x

Sector Scorecard: Comparable Public Companies (Cont’d)
Food &
Protein Fruit & Ingredients / Grocery Food Direct-to-
S&P 500 Agribusiness Specialty Foodservice Restaurants
Processing Vegetable Flavors Distribution Ecommerce Consumer
Retail
90 Days 0.3% (0.2%) 2.2% (1.8%) (8.0%) (8.6%) (10.4%) (6.6%) 16.2% (22.7%) (4.7%)
180 Days 9.1% (2.6%) 20.7% (7.4%) (1.0%) (2.8%) (1.7%) (7.8%) 29.3% (30.7%) 2.7%
1-Year 5.0% (7.4%) 51.8% (17.0%) (6.5%) (7.6%) (26.8%) (11.5%) 41.0% (32.4%) (1.4%)
3-Year 36.1% 30.9% 38.9% (5.3%) 11.1% (21.4%) 182.7% (13.8%) 56.4% (21.4%) 19.1%
EV / LTM EBITDA Valuation(2)
29.4x
28.4x
27.5x
26.2x
22.9x
21.5x
20.6x
20.0x
15.1x
15.8x
14.6x
13.2x
11.7x 9.6x
10.6x
9.6x NM
10.1x 7.8x 9.4x 7.6x
7.2x 7.9x 7.4x 7.2x
6.9x
5.7x
4.9x

Public Companies: Valuation Details

Food and Beverage
Private Label Foods & Beverages
TreeHouse Foods, Inc. $56.80 83.7% $3,192 $5,681 1.05x 1.26x 1.24x 12.0x 11.5x 10.7x 48.9x 23.2x 20.2x
Cott Corporation 12.84 79.5% 1,728 3,125 1.31x 1.29x 1.24x 11.4x 9.5x 9.0x NM 32.8x 24.2x
Seneca Foods Corporation 31.61 88.1% 302 595 0.50x NA NA NM NA NA NM NA NA
Beverages
The Coca-Cola Company $52.03 94.9% $222,482 $257,691 7.85x 6.96x 6.64x 24.0x 22.1x 20.3x 34.2x 24.7x 22.8x
PepsiCo, Inc. 127.14 94.0% 177,763 206,920 3.17x 3.11x 2.99x 16.1x 15.8x 14.9x 30.9x 23.0x 21.3x
Monster Beverage Corporation 63.46 95.6% 34,495 33,635 8.62x 7.97x 7.28x 24.0x 22.2x 20.2x 41.8x 30.4x 27.3x
National Beverage Corp. 43.04 33.8% 2,008 1,846 1.82x 1.88x 1.84x 9.5x 10.8x 10.1x 17.6x 17.0x 15.4x
Lassonde Industries Inc. 143.13 70.4% 992 1,291 1.05x 1.00x 1.00x 10.7x 9.9x 9.4x 24.7x 18.5x 16.1x
A.G. BARR p.l.c. 8.29 69.7% 935 908 2.47x 2.78x 2.67x 13.0x 14.6x 14.3x 25.3x 23.7x 22.6x
Primo Water Corporation 14.48 69.9% 559 758 2.54x 2.39x 2.25x 15.6x 12.7x 11.3x NM 28.8x 19.6x
Farmer Bros. Co. 15.49 51.3% 264 375 0.62x 0.64x NA 11.4x 11.0x NA NM NM NA
Branded Foods
Nestlé S.A. $106.38 99.6% $307,176 $346,431 3.62x 3.61x 3.54x 17.9x 16.8x 15.9x 31.8x 23.6x 21.7x
General Mills, Inc. 54.01 98.7% 32,512 47,417 2.81x 2.80x 2.71x 13.1x 13.5x 12.9x 21.0x 16.3x 15.6x
The Hershey Company 151.69 98.6% 31,791 35,785 4.56x 4.50x 4.42x 17.8x 17.9x 17.2x 32.3x 26.4x 24.7x
Associated British Foods plc 29.93 92.7% 23,572 23,208 1.12x 1.21x 1.16x 9.3x 9.5x 8.8x 22.1x 18.2x 16.2x
Hormel Foods Corporation 41.23 89.1% 22,010 21,619 2.25x 2.26x 2.18x 16.1x 16.4x 15.7x 29.5x 24.0x 22.6x
McCormick & Company, Incorporated 157.45 96.2% 20,876 25,415 4.68x 4.69x 4.55x 23.0x 22.2x 21.1x 40.3x 29.8x 27.8x
Kellogg Company 63.63 84.9% 21,666 31,650 2.30x 2.35x 2.38x 13.6x 13.7x 13.4x 26.9x 16.5x 15.7x
Conagra Brands, Inc. 29.14 75.8% 14,166 24,686 2.59x 2.32x 2.26x 12.6x 12.3x 11.1x 15.6x 15.5x 13.1x
The J. M. Smucker Company 111.73 87.0% 12,742 18,600 2.37x 2.37x 2.33x 11.6x 10.9x 10.7x 21.6x 13.3x 12.7x
Campbell Soup Company 42.11 95.7% 12,681 21,768 2.16x 2.34x 2.38x 11.1x 11.8x 11.5x 18.3x 16.7x 15.4x
Post Holdings, Inc. 106.76 93.9% 7,826 13,807 2.35x 2.38x 2.29x 12.1x 11.1x 10.5x NM 21.4x 18.0x
Nomad Foods Limited 22.18 96.2% 4,313 6,052 2.40x 2.34x 2.28x 14.6x 12.8x 12.0x 21.0x 16.2x 15.5x
Lancaster Colony Corporation 153.59 79.0% 4,224 4,037 3.12x 2.99x 2.90x 19.1x 18.4x 17.3x 36.3x 28.2x 25.9x
Premium Brands Holdings Corporation 73.02 89.7% 2,733 3,848 1.60x 1.40x 1.31x 20.3x 15.5x 13.8x 43.7x 25.1x 20.9x
B&G Foods, Inc. 17.90 54.2% 1,170 2,998 1.80x 1.79x 1.77x 10.3x 9.8x 9.6x 13.2x 9.9x 9.5x
Baked Goods
George Weston Limited $80.56 99.4% $12,365 $31,825 0.86x 0.84x 0.81x 9.5x 7.9x 7.5x 32.3x 14.9x 13.8x
Grupo Bimbo, S.A.B. de C.V. 1.86 81.6% 8,661 14,447 0.96x 0.94x 0.89x 7.9x 8.4x 7.7x 18.0x 25.6x 17.1x
Flowers Foods, Inc. 23.84 99.0% 5,041 6,389 1.59x 1.56x 1.54x 15.6x 14.5x 14.0x 30.5x 24.2x 22.9x
Hostess Brands, Inc. 14.09 94.8% 1,427 2,610 3.02x 2.92x 2.83x 14.9x 12.7x 11.7x 34.5x 23.0x 19.3x
ARYZTA AG 0.83 5.9% 826 1,756 0.46x 0.46x 0.45x 5.6x 5.0x 4.5x NM 7.2x 5.8x

Wine, Beer & Spirits
Anheuser-Busch InBev SA/NV $102.58 100.0% $200,989 $310,254 5.74x 5.60x 5.40x 13.8x 13.4x 12.9x 31.2x 20.8x 21.0x
Diageo plc 42.80 99.8% 101,327 117,764 7.20x 7.28x 6.86x 20.6x 20.7x 19.2x 33.8x 25.6x 24.0x
Heineken N.V. 108.59 94.4% 61,914 80,897 3.08x 3.04x 2.92x 14.1x 13.2x 12.3x 31.2x 21.9x 20.2x
Pernod Ricard SA 179.52 98.1% 47,420 55,607 5.26x 5.29x 4.98x 18.3x 17.0x 15.7x 31.7x 24.3x 21.8x
Constellation Brands, Inc. 193.60 84.6% 37,028 51,243 6.28x 6.38x 6.55x 17.0x 16.7x 17.1x 20.2x 22.6x 21.4x
Brown-Forman Corporation 55.00 94.9% 26,136 28,269 8.50x 8.20x 7.75x 24.0x 23.3x 21.6x 40.7x 31.2x 28.8x
Carlsberg A/S 136.77 99.2% 20,293 23,402 2.44x 2.39x 2.31x 11.6x 11.0x 10.5x 30.0x 23.4x 21.3x
Kirin Holdings Company, Limited 22.20 80.6% 19,489 25,084 1.44x 1.36x 1.37x 15.8x 10.4x 10.3x 37.9x 26.9x 14.6x
Molson Coors Brewing Company 52.49 75.0% 11,391 20,958 1.98x 1.98x 1.98x 9.5x 9.1x 9.1x 16.7x 11.8x 11.7x
The Boston Beer Company, Inc. 383.04 95.0% 4,589 4,667 4.23x 3.83x 3.33x 23.9x 22.3x 18.3x 49.5x 42.0x 34.3x
Sapporo Holdings Limited 22.76 90.9% 1,772 4,088 0.87x 0.82x 0.83x 11.2x 10.4x 9.8x 27.0x 24.4x 20.9x
Craft Brew Alliance, Inc. 15.08 75.6% 293 362 1.76x 1.65x 1.52x NM 20.7x 15.7x NM NM NM
Castle Brands Inc. 0.57 45.5% 96 149 1.68x 1.51x 1.41x 28.4x 16.8x 15.5x NM 42.1x NA
Dairy
Danone S.A. $87.56 99.6% $56,723 $72,594 2.57x 2.58x 2.48x 13.5x 13.6x 12.5x 24.6x 20.5x 18.6x
Saputo Inc. 30.32 86.3% 11,853 13,583 1.34x 1.24x 1.16x 15.2x 12.5x 10.3x 30.8x 24.4x 19.6x
Emmi AG 836.86 85.5% 4,477 4,691 1.33x 1.30x 1.26x 13.4x 12.6x 12.1x 25.2x 24.3x 23.0x
Savencia SA 73.03 84.6% 1,018 1,770 0.32x 0.32x 0.31x 5.0x 4.9x 4.6x 10.1x 8.4x 7.6x
Dean Foods Company 1.53 15.4% 140 1,471 0.19x 0.20x 0.20x NM 11.0x 7.9x NM NM NM
Lifeway Foods, Inc. 3.34 70.3% 53 56 0.56x NA NA 29.8x NA NA NM NA NA
Snacks
Mondelez International, Inc. $53.63 96.0% $77,343 $96,537 3.76x 3.73x 3.62x 19.9x 18.5x 17.5x 31.5x 21.7x 20.0x
J & J Snack Foods Corp. 181.29 94.7% 3,414 3,218 2.74x 2.70x 2.62x 19.5x 19.4x 18.1x 44.1x 34.6x 33.4x
John B. Sanfilippo & Son, Inc. 86.12 97.1% 981 1,046 1.20x 1.18x 1.14x 15.6x NA NA 34.0x 27.0x 26.9x
Natural / Organic Foods / Better-For-You

Koninklijke DSM N.V. $127.41 98.8% $22,053 $22,759 2.21x 2.21x 2.10x 13.8x 11.9x 11.3x NA 22.9x 20.1x
Vitasoy International Holdings Limited 4.67 77.4% 4,966 4,882 5.09x 4.55x 3.94x NM 27.3x 23.0x NM 48.1x 39.9x
The Hain Celestial Group, Inc. 22.05 72.5% 2,296 3,021 1.28x 1.32x 1.34x 17.8x 15.1x 13.6x NM 30.7x 23.2x
The Simply Good Foods Company 26.70 94.8% 2,183 2,126 4.32x 4.04x 3.82x 24.9x 21.5x 19.7x NM 39.2x 35.7x
SunOpta Inc. 2.82 33.2% 248 863 0.69x 0.71x 0.68x 21.8x 17.2x 13.3x NM NM NM
Median 2.21x 2.21x 2.10x 19.8x 17.2x 13.6x NM 35.0x 29.5x
Nutrition
Glanbia plc $11.98 55.9% $3,537 $4,400 1.45x 1.09x 1.04x 12.8x 12.1x 10.5x 19.9x 12.2x 10.6x
Medifast, Inc. 111.17 42.6% 1,315 1,214 1.90x 1.63x 1.32x 13.0x 10.8x 8.7x 23.8x 16.2x 13.1x
Jamieson Wellness Inc. 15.92 75.8% 610 738 3.03x 2.85x 2.65x 16.6x 13.2x 12.3x 33.6x 22.9x 19.9x
Food and Beverage Median 2.25x 2.34x 2.27x 14.6x 13.2x 12.3x 30.6x 23.4x 20.2x

Inputs
Agribusiness
Nutrien Ltd. $53.90 93.4% $30,877 $41,806 2.16x 2.11x 1.99x 10.1x 9.2x 8.4x 27.1x 19.0x 15.8x
Archer-Daniels-Midland Company 41.15 79.0% 22,919 32,458 0.51x 0.49x 0.48x 12.8x 9.8x 8.9x 21.3x 14.3x 11.3x
Yara International ASA 47.24 98.6% 12,868 16,944 1.28x 1.30x 1.21x 11.2x 8.1x 7.0x 27.8x 15.3x 12.1x
CF Industries Holdings, Inc. 52.35 92.6% 11,429 18,310 3.92x 3.85x 3.71x 10.2x 10.4x 9.7x NM 22.9x 18.0x
FMC Corporation 85.06 91.7% 11,095 14,519 2.99x 3.19x 3.02x 11.0x 12.1x 11.0x 18.0x 14.7x 12.7x
The Mosaic Company 25.08 67.1% 9,676 14,486 1.52x 1.49x 1.43x 6.9x 7.4x 6.3x 18.1x 16.0x 11.0x
Bunge Limited 57.92 80.1% 8,199 16,085 0.37x 0.36x 0.35x 9.7x 10.3x 9.5x 14.2x 19.3x 15.1x
Sociedad Química y Minera de Chile S.A. 27.82 56.5% 7,322 7,872 3.50x 3.71x 3.23x 9.4x 10.1x 8.9x 20.5x 19.6x 15.6x
Israel Chemicals Ltd. 5.41 79.3% 6,932 9,642 1.72x 1.73x 1.66x 21.5x 7.4x 7.3x NM 13.1x 11.8x
Olam International Limited 1.41 86.2% 4,481 11,282 0.48x NA NA 12.2x NA NA 27.4x 13.0x 12.3x
Darling Ingredients Inc. 20.23 89.4% 3,333 5,120 1.53x 1.49x 1.40x 12.1x 11.3x 10.5x NM 26.4x 20.0x
The Andersons, Inc. 26.35 63.2% 851 2,438 0.56x 0.27x 0.26x 16.3x 10.2x 8.6x 36.6x 16.1x 11.1x
Intrepid Potash, Inc. 3.68 83.4% 474 495 3.05x 2.46x 2.32x 9.0x 7.7x 6.8x NM 19.5x 15.3x
CVR Partners, LP 3.87 89.0% 454 1,028 2.52x 2.37x 2.49x 7.8x 7.0x 7.9x NM NM NM
Limoneira Company 19.73 59.0% 351 457 3.30x 2.45x 2.01x NM 20.9x 11.9x NM 35.3x 20.9x
Protein Processing
Tyson Foods, Inc. $80.39 95.4% $29,327 $41,474 1.02x 0.96x 0.92x 10.1x 9.6x 8.7x 17.2x 13.3x 11.4x
JBS S.A. 6.83 96.1% 18,199 32,974 0.69x 0.66x 0.62x 10.4x 7.3x 6.7x NM 12.4x 11.5x
Seaboard Corporation 3,990.47 84.1% 4,650 4,566 0.68x NA NA 19.9x NA NA NM NA NA
Sanderson Farms, Inc. 134.28 86.7% 2,975 2,978 0.92x 0.81x 0.77x 27.5x 8.7x 6.9x NM 17.9x 13.6x
Cal-Maine Foods, Inc. 39.81 77.2% 1,939 1,625 1.19x 1.29x 1.14x 15.8x NM 10.3x NM NM 30.4x
Fruit & Vegetable
Lamb Weston Holdings, Inc. $66.55 79.4% $9,721 $12,035 3.20x 3.11x 2.94x 14.6x 12.7x 11.9x 26.0x 19.9x 18.2x
Calavo Growers, Inc. 88.40 81.9% 1,556 1,580 1.41x 1.33x NA 20.4x 17.5x NA NM 27.8x NA
Fresh Del Monte Produce Inc. 29.80 75.7% 1,441 2,328 0.52x 0.49x 0.47x 12.0x 10.0x 9.1x NM 23.1x 12.7x
Total Produce plc 1.55 63.9% 602 929 0.22x 0.22x 0.22x 7.2x 8.8x 8.8x 15.7x 9.8x 9.3x
Landec Corporation 10.92 70.1% 318 470 0.84x 0.81x 0.76x 29.4x 18.4x 10.2x NM NM 26.9x
Ingredients / Flavors
Givaudan SA $2,663.07 93.3% $24,548 $28,292 4.64x 4.50x 4.30x 24.2x 21.4x 19.7x NM 29.8x 27.3x
Kerry Group plc 117.17 97.5% 20,678 22,587 2.99x 2.83x 2.71x 21.6x 19.3x 17.9x NM 27.1x 24.9x
International Flavors & Fragrances Inc. 143.10 93.6% 15,268 19,719 4.54x 3.77x 3.61x 20.8x 17.2x 15.8x 38.9x 22.4x 20.4x
Symrise AG 93.23 93.8% 12,626 14,206 3.93x 3.72x 3.41x 20.0x 17.9x 16.0x NM 34.6x 29.8x
Chr. Hansen Holding A/S 88.41 78.7% 11,639 12,458 9.70x 9.45x 8.71x 28.4x 26.7x 24.2x NM NM 36.1x
Ingredion Incorporated 80.86 75.2% 5,392 7,271 1.27x 1.26x 1.24x 7.9x 7.6x 7.4x 14.6x 12.1x 11.3x
Tate & Lyle plc 9.17 93.3% 4,273 4,646 1.29x 1.35x 1.33x 8.0x 8.2x 8.0x 17.7x 14.2x 14.1x
Balchem Corporation 90.71 77.0% 2,933 3,120 4.90x 4.75x 4.46x 20.6x 19.6x 17.6x NM 29.7x 27.0x
Sensient Technologies Corporation 66.79 85.2% 2,826 3,474 2.57x 2.56x 2.47x 14.0x 13.9x 12.9x 26.4x 20.9x 19.2x
MGP Ingredients, Inc. 54.66 54.7% 931 977 2.57x 2.48x 2.28x 16.5x 14.4x 12.2x 31.7x 21.0x 17.7x
Innophos Holdings, Inc. 26.71 57.3% 521 884 1.12x 1.12x 1.09x 8.2x 6.9x 6.5x 16.8x 11.4x 10.4x
Inputs Median 1.52x 1.61x 1.66x 12.2x 10.2x 9.1x 20.9x 19.3x 15.3x

Retail and Distribution
Grocery Distribution
Performance Food Group Company $43.39 97.8% $4,564 $5,741 0.31x 0.26x 0.23x 13.6x 11.6x 10.4x 34.1x 25.6x 21.9x
Core-Mark Holding Company, Inc. 35.48 86.6% 1,628 2,087 0.16x 0.12x 0.12x 15.1x 11.5x 10.7x 39.3x 22.3x 20.2x
United Natural Foods, Inc. 9.34 26.2% 492 3,684 0.21x 0.15x 0.15x 9.6x 6.0x 5.8x 11.1x 5.0x 5.0x
SpartanNash Company 11.57 47.6% 420 1,491 0.18x 0.17x 0.17x 8.2x 7.5x 7.2x 10.4x 9.0x 8.0x
AMCON Distributing Company 97.49 92.8% 58 94 0.09x NA NA 7.4x NA NA 11.2x NA NA
Food Ecommerce
Ocado Group plc $15.17 86.8% $10,591 $10,570 4.97x 4.93x 4.33x NM NM NM NM NM NM
Delivery Hero SE 50.18 90.7% 9,468 9,066 11.90x 6.37x 4.27x NM NM NM NM NM NM
Just Eat plc 9.20 88.1% 6,250 6,340 5.63x 5.01x 4.14x NM 27.7x 21.2x NM NM 39.3x
HelloFresh SE 9.80 59.2% 1,608 1,391 0.88x 0.76x 0.64x NM NM 18.6x NA NM NM
Blue Apron Holdings, Inc. 8.63 24.4% 113 168 0.27x 0.32x 0.31x NM 11.8x 5.9x NM NM NM
Median 4.97x 4.93x 4.14x NM 19.7x 18.6x NM NM 39.3x
Food & Specialty Retail
Costco Wholesale Corporation $274.57 96.6% $120,753 $119,418 0.80x 0.77x 0.71x 19.4x 18.4x 16.9x NM 33.6x 31.4x
Starbucks Corporation 95.38 95.6% 114,170 120,495 4.62x 4.48x 4.15x 22.9x 20.1x 18.3x NM 33.4x 29.9x
Tesco PLC 2.72 84.0% 26,468 32,519 0.39x 0.42x 0.41x 7.6x 5.8x 5.4x 17.7x 14.4x 12.8x
Koninklijke Ahold Delhaize N.V. 22.62 85.2% 24,854 37,513 0.52x 0.51x 0.50x 8.0x 6.2x 6.0x 16.2x 12.6x 11.8x
The Kroger Co. 21.52 65.7% 17,190 37,303 0.31x 0.30x 0.30x 7.2x 6.9x 6.8x 13.8x 9.9x 9.3x
Dunkin' Brands Group, Inc. 78.96 94.9% 6,526 9,521 7.06x 6.94x 6.70x 20.7x 19.5x 18.8x 33.8x 25.9x 24.3x
J Sainsbury plc 2.38 57.3% 5,237 7,210 0.19x 0.18x 0.20x 5.5x 2.9x 2.7x 29.3x 9.4x 9.5x
Sprouts Farmers Market, Inc. 18.17 61.2% 2,143 3,772 0.69x 0.67x 0.61x 11.1x 12.0x 11.3x 18.2x 16.5x 15.6x
Weis Markets, Inc. 36.32 68.1% 977 1,089 0.31x NA NA 6.3x NA NA 19.3x NA NA
Ingles Markets, Incorporated 31.12 82.7% 630 1,471 0.35x 0.35x 0.34x 6.0x 6.0x 5.9x 11.6x 9.1x 8.8x
Village Super Market, Inc. 24.93 77.4% 359 304 0.19x NA NA 4.9x NA NA 15.7x NA NA
Natural Grocers by Vitamin Cottage, Inc. 9.18 37.5% 206 255 0.28x 0.28x NA 5.4x 5.5x NA 25.3x 22.1x 21.3x
GNC Holdings, Inc. 2.03 43.7% 172 1,638 0.74x 0.79x 0.83x 8.0x 8.6x 8.9x 2.6x 8.6x 5.9x
Vitamin Shoppe, Inc. 4.31 30.9% 101 644 0.58x 0.60x 0.62x 10.3x 10.5x 10.6x 10.2x 8.1x 7.0x
DAVIDsTEA Inc. 1.51 28.2% 39 87 0.55x NA NA NM NA NA NM NA NA
Foodservice
Sysco Corporation $68.93 90.7% $35,428 $43,642 0.73x 0.71x 0.69x 12.8x 12.1x 11.3x 26.0x 18.9x 17.4x
US Foods Holding Corp. 34.87 89.4% 7,619 11,187 0.46x 0.44x 0.42x 10.7x 9.5x 8.7x 22.7x 15.8x 14.1x
The Chefs' Warehouse, Inc. 37.18 94.7% 1,126 1,522 1.00x 0.96x 0.90x 20.6x 16.8x 15.1x NM 36.1x 30.9x
Colabor Group Inc. 0.75 91.7% 76 150 0.17x 0.18x 0.18x 9.4x 8.2x 6.3x NM 19.8x 8.3x

Direct-to-Consumer
Herbalife Nutrition Ltd. $40.76 66.0% $5,757 $7,166 1.48x 1.46x 1.39x 9.6x 10.1x 8.8x 19.1x 15.1x 12.3x
Nu Skin Enterprises, Inc. 38.99 44.0% 2,163 2,366 0.88x 0.94x 0.92x 5.7x 6.2x 6.1x 11.6x 11.8x 10.9x
USANA Health Sciences, Inc. 68.53 50.9% 1,599 1,365 1.21x 1.30x 1.21x 7.8x 8.7x 7.0x 16.2x 17.8x 13.5x
Nature's Sunshine Products, Inc. 9.23 86.0% 178 157 0.43x NA NA 7.4x NA NA 31.7x NA NA
Natural Health Trends Corp. 7.27 26.7% 81 (33) NM NA NA NM NA NA 6.0x NA NA
Retail and Distribution Median 0.52x 0.64x 0.62x 8.2x 9.5x 8.8x 16.9x 15.8x 13.1x

Restaurants
Quick Service Restaurant
McDonald's Corporation $211.25 96.5% $161,301 $204,306 9.81x 9.68x 9.42x 19.9x 18.9x 17.9x 33.4x 26.3x 24.1x
YUM! Brands, Inc. 116.94 97.7% 35,781 45,723 8.29x 8.24x 7.93x 23.3x 22.0x 20.7x NM 30.3x 27.6x
Restaurant Brands International Inc. 72.78 96.2% 18,478 33,031 6.09x 5.88x 5.59x 15.4x 14.3x 13.3x NM 26.9x 24.4x
Dunkin' Brands Group, Inc. 78.96 94.9% 6,526 9,521 7.06x 6.94x 6.70x 20.7x 19.5x 18.8x 33.8x 25.9x 24.3x
The Wendy's Company 18.12 90.0% 4,181 7,561 5.86x 4.44x 4.24x 19.1x 17.5x 16.1x 11.4x 28.8x 23.7x
Jack in the Box Inc. 72.70 77.4% 1,877 2,932 3.36x 3.08x 3.02x 11.2x 10.9x 10.7x 20.9x 16.7x 15.0x
Fast Casual
Chipotle Mexican Grill, Inc. $790.43 97.3% $21,913 $23,891 4.60x 4.36x 3.90x NM NM 27.3x NM NM NM
Shake Shack Inc. 75.05 97.7% 2,229 2,495 5.06x 4.22x 3.37x NM NM 26.1x NM NM NM
El Pollo Loco Holdings, Inc. 9.79 53.0% 376 659 1.49x 1.51x 1.47x 10.2x 10.8x 10.5x 14.1x 13.9x 13.2x
Noodles & Company 7.40 54.8% 325 630 1.38x 1.35x 1.28x 23.9x 17.8x 14.9x NM NM 33.0x
Fiesta Restaurant Group, Inc. 9.67 31.7% 261 629 0.92x 0.93x 0.90x 10.3x 9.5x 8.5x 22.3x 17.2x 13.0x
The Habit Restaurants, Inc. 9.71 53.1% 202 380 0.88x 0.82x 0.75x 11.3x 10.4x 9.5x NM NM NM
Potbelly Corporation 4.15 29.3% 99 332 0.79x 0.81x 0.80x 13.1x 14.1x 14.7x NM NM 34.6x
Differentiated Casual
Wingstop Inc. $88.62 88.8% $2,605 $2,900 16.54x 14.70x 13.12x NM NM NM NM NM NM
The Cheesecake Factory Incorporated 44.24 79.5% 2,000 3,037 1.29x 1.26x 1.20x 13.4x 13.9x 13.2x 25.1x 16.9x 15.9x
Dave & Buster's Entertainment, Inc. 40.10 59.8% 1,458 2,990 2.31x 2.18x 2.00x 10.7x 10.4x 9.7x 17.7x 13.3x 12.2x
BJ's Restaurants, Inc. 39.75 52.0% 824 1,373 1.20x 1.18x 1.11x 10.8x 11.4x 10.9x 26.1x 19.8x 17.9x
Chuy's Holdings, Inc. 23.82 75.3% 399 614 1.51x 1.44x 1.35x 17.2x 16.3x 15.2x NM 25.9x 24.4x
Casual Dining Restaurant
Darden Restaurants, Inc. $120.88 95.4% $14,878 $15,524 1.82x 1.79x 1.68x 13.3x 12.8x 11.7x 30.3x 20.2x 18.0x
Texas Roadhouse, Inc. 55.64 74.0% 3,997 4,388 1.70x 1.60x 1.49x 15.0x 14.0x 13.1x 36.2x 24.3x 22.2x
Brinker International, Inc. 40.21 75.0% 1,508 2,723 0.85x 0.84x 0.83x 7.2x 7.4x 7.4x 14.7x 10.1x 10.0x
Bloomin' Brands, Inc. 17.15 77.2% 1,469 3,914 0.95x 0.94x 0.93x 10.1x 9.6x 9.3x 17.9x 10.9x 10.0x
Dine Brands Global, Inc. 84.04 80.8% 1,443 3,186 3.65x 3.40x 3.57x 12.9x 12.0x 11.7x 16.0x 12.2x 10.9x
Red Robin Gourmet Burgers, Inc. 32.17 75.7% 417 1,133 0.85x 0.86x 0.87x 10.1x 10.3x 10.4x NM 26.9x 29.9x

Fine Dining
Ruth's Hospitality Group, Inc. $22.26 65.6% $654 $883 1.94x 1.87x 1.74x 12.1x 11.2x 10.6x 20.7x 16.4x 14.9x
Del Frisco's Restaurant Group, Inc. 7.97 77.4% 266 822 1.93x 1.57x 1.46x NM 15.9x 13.2x NM NM NM
J. Alexander's Holdings, Inc. 10.75 80.2% 158 249 1.02x 0.98x 0.94x 11.2x 9.1x 8.3x 25.3x 15.4x 14.1x
Pizza
Domino's Pizza, Inc. $245.83 80.5% $10,136 $13,697 3.90x 3.78x 3.47x 21.6x 20.0x 18.0x 37.2x 25.9x 22.6x
Papa John's International, Inc. 43.98 72.6% 1,398 2,170 1.43x 1.38x 1.33x 18.7x 17.4x 14.9x NM 38.8x 27.2x
Family Restaurant
Cracker Barrel Old Country Store, Inc. $171.55 92.7% $4,125 $4,359 1.41x 1.40x 1.33x 11.2x 11.0x 10.9x 24.5x 18.5x 18.6x
Denny's Corporation 22.46 95.4% 1,335 1,783 2.87x 3.34x 4.22x 18.0x 18.9x 17.9x NM 32.2x 28.1x
Luby's, Inc. 1.15 45.6% 35 74 0.22x NA NA 26.2x NA NA NM NA NA
Restaurants Median 1.76x 1.60x 1.49x 13.2x 13.3x 13.1x 23.4x 20.0x 20.4x
Aggregate Median 1.52x 1.59x 1.52x 13.0x 12.0x 11.1x 24.9x 20.9x 18.2x
SECTION 4
D.A. Davidson’s Full Service Platform
29
D.A. Davidson Is A Large, Growing Firm
1935 100% TRANSATLANTIC

FOUNDED OVER
EMPLOYEE OWNED OFFICES IN 25
80 YEARS AGO
STATES & 4
EUROPEAN
COUNTRIES
$51B+ 1,400
IN CLIENT ASSETS EMPLOYEES
UNDER MANAGEMENT NATIONWIDE
AND ADMINISTRATION
NET REVENUE SHAREHOLDERS’ EQUITY

($ in millions) ($ in millions)
$485.4 $253.0
$207.8
$348.6 $370.6 $178.8
$145.6 $156.0
$249.4 $254.3 $135.4
$230.2
2008 2010 2012 2014 2016 2018 2008 2010 2012 2014 2016 2018
30
Expanding Presence Throughout The United States
31
Diversified Financial Services Firm
EQUITY CAPITAL
MARKETS HIGHLIGHTS
D.A. DAVIDSON COMPANIES

150+
Our full-service platform offers significant depth and expertise for INVESTMENT
middle market companies operating in select industries BANKING
PROFESSIONALS
IN U.S. & EUROPE
D.A. DAVIDSON & CO.
40+
INSTITUTIONAL
EQUITY RESEARCH
PROFESSIONALS
EQUITY WEALTH FIXED INCOME
CAPITAL MARKETS MANAGEMENT CAPITAL MARKETS
25+
SALES & TRADING
PROFESSIONALS
Investment Banking Personal Wealth Management Public Finance
Equity Research Financial Planning Institutional Sales & Trading
Institutional Sales & Trading Investment Advisory Fixed Income Strategy Group 355+
Corporate Services Significant Distribution Capabilities Structured Investments COMPANIES
UNDER RESEARCH
COVERAGE
INVESTMENT ADVISORS
TRUST COMPANY
90+
UNDERWRITTEN
CAPITAL
OFFERINGS IN THE
FIXED INCOME MANAGEMENT LAST 5 YEARS
32
Institutional Equity Sales & Trading Platform
Powerful institutional equity sales and trading platform ensures balanced distribution, stability and liquidity
INSTITUTIONAL SALES TRADING & MARKET MAKING
13 0
15 7 15+ 700+ PROFESSIONALS
IN TRADING &
NO PROPRIETARY
TRADING OR PRIME
MARKET MAKING BROKERAGE
YEARS AVERAGE INSTITUTIONAL
INSTITUTIONAL TEAMS IN 5 LOCATIONS
EXPERIENCE TRADING DESKS
EXPERTS ACROSS THE U.S.
(COVERAGE)
875+ 600+
Strong relationships with niche, small and mid-cap investors STOCKS IN SMALL / MID-CAP STOCKS
MARKET MAKING INCLUDED
Geographic expertise across major financial hubs
Commitment to corporate access
• Approximately 200 companies taken on non-deal roadshows over the last twelve months
Unique access through industry conferences and proprietary events

• Aerospace & Industrials Conference, Boston • Technology Forum, New York Access to all Focused expertise
• E&C Conference, San Francisco • Proprietary Events (Mid-Atlantic Financial exchanges, in providing
Institutions Seminar, PNW Bank Tour, ECNs and liquidity liquidity and best-
• Financial Services Conference, Denver
Industrials Tour, Aerospace Tour, etc.) pools in-class execution
• Consumer Growth Conference, Chicago
INSTITUTIONAL SALES & TRADING OFFICES – FROM COAST-TO-COAST
Portland Denver New York City Boston

Oregon Colorado New York Massachusetts
33
USA
INVESTMENT BANK
OF THE YEAR
2018
——————————————————————————————————————————————————————————————————————————————
87 26
COMPLETED
TRANSACTIONS
OFFERINGS OF
EQUITY & DEBT 3x
GLOBAL DEAL
OF THE YEAR
45 16
MERGERS & ADVISORY 2019
ACQUISITIONS ASSIGNMENTS
3x
M&A DEAL
OF THE YEAR
2018
4x
GLOBAL DEAL
OF THE YEAR
2018
M&A Deal of the Year Awards were presented by The M&A Advisor and Global Markets’ M&A Atlas Awards in 2018 and 2019.
34
The D.A. Davidson Advantage
D.A. Davidson continually refines its expertise in offering differentiated solutions and advice for its clients
BULGE BRACKET CAPABILITIES BOUTIQUE FOCUS
Like a Bulge Bracket, we offer expansive Like a Boutique, each client transaction
capabilities, delivered by experienced advisors, meaningfully impacts our firm results and
supported by advanced analysis receives the attention it deserves
FULL SERVICE LEADING EQUITY COMPREHENSIVE SENIOR LEVEL MIDDLE MARKET UNIQUE
CAPABILITIES RESEARCH ACCESS ATTENTION EXPERTISE PERSPECTIVES
M&A advisory, public and Award winning institutional Broad access to strategic Senior bankers will maintain M&A and capital markets Knowing challenges
private capital raising, and equity research and financial buyers presence throughout the knowledge for mid-sized and opportunities for
corporate services process companies mid-sized companies
INTERNATIONAL REACH INDUSTRY EXPERTISE PUBLIC MARKET INDEPENDENT RELATIONSHIP DRIVEN

Wide scale and strategic INSIGHTS Employee-owned firm Highly customized
Significant experience
partnership with MCF within core verticals Provided through focused exclusively on client solutions supporting long-
Corporate Finance institutional sales, trading objectives term client success
and syndicate
35
Broad Investment Banking Capabilities
Comprehensive capabilities allow us to provide tailored advice and a spectrum of services to each client
SERVICES PROVIDED SIGNIFICANT DEAL ACTIVITY AND EXPERTISE
Total Deal Value

($ in Billions)
MERGERS &
AC QU I S IT I O N S
450+ Total
Transactions
COMPLETED M&A
TRANSACTIONS OVER
PAST 10 YEARS
PUBLIC
OFFERIN G S
PRIV AT E
PL AC EME NT S
79 $7.5B
$20B+ CLOSED TRANSACTIONS
OVER PAST 12 MONTHS
TRANSACTION VALUE
OVER PAST 12 MONTHS
RAISED FOR PUBLIC
COMPANY CLIENTS
OVER PAST 10 YEARS
ADV I S O R Y
36
A Partnership That Bridges The Atlantic
In an increasingly interconnected world, our clients require a global approach
BALTIMORE, MARYLAND HAMBURG, GERMANY
CHICAGO, ILLINOIS
950+ 43 150+ 13 HELSINKI, FINLAND
DENVER, COLORADO SENIOR INVESTMENT BANKING INVESTMENT BANKING LONDON, ENGLAND

M&A TRANSACTIONS
PARTNERS PROFESSIONALS OFFICES
GREAT FALLS, MONTANA STOCKHOLM, SWEDEN
NEW YORK, NEW YORK
ORANGE COUNTY, CALIFORNIA
PORTLAND, OREGON
SALT LAKE CITY, UTAH
SEATTLE, WASHINGTON
Founded in 1987, MCF is a The collaboration between the two The D.A. Davidson MCF
leading independent and firms brings together 150+ International brand, established in
international corporate finance investment banking professionals, 2018, is a true strategic
advisory firm with offices in working across 13 global offices partnership between the two firms
Hamburg, Helsinki, Stockholm and offering:
London
• Expanded geographic footprint
• Transatlantic M&A execution
capabilities and expertise
• Unparalleled corporate access
• Enhanced industry coverage
37
Deep Relationships With Financial Sponsors
D.A. Davidson provides in-depth coverage of financial investors across multiple industries
DEDICATED FINANCIAL SPONSORS COVERAGE TEAM
In-depth coverage of the private Real relationships with A consistent, long term partner to
capital community, from institutional decision makers give our clients real private equity, consistently selling
funds to family offices access to capital, across the deals to and for our private equity
spectrum from equity to debt and clients
from control to growth and minority
38
Experienced Advisor & Thought Leader In Five Industries
D.A. Davidson has investment banking professionals consistently advising leading companies across all covered industries
CONSUMER CONSUMER PRODUCTS

FOOD, BEVERAGE &
AGRICULTURE
CONSUMER SERVICES
ECOMMERCE, RETAIL &
RESTAURANTS
DIVERSIFIED INDUSTRIALS AEROSPACE & DEFENSE

BUILDING PRODUCTS &
MATERIALS
ENERGY & POWER
GENERAL INDUSTRIALS
INFRASTRUCTURE SERVICES
FINANCI AL INSTITUTIONS BANKS

THRIFTS
SPECIALTY FINANCE
ASSET MANAGEMENT
REAL ESTATE OFFICE / INDUSTRIAL

RETAIL / MULTIFAMILY
HOTEL / HEALTHCARE
STORAGE / SPECIALTY
TECHNOLOGY SOFTWARE
IT SERVICES
CLOUD INFRASTRUCTURE
INDUSTRIAL TECHNOLOGY
39
SECTION 5
D.A. Davidson Consumer Equity Research
40
Selected Equity Research Professionals
D.A. Davidson MCF possesses deep institutional expertise and access to leading public and private companies across the consumer landscape
Tom COVERAGE
Forte, CFA
Managing Director,
Senior Research Analyst
• Focuses on e-commerce
• Over 20 years of experience in
equity research
• Joined D.A. Davidson in 2017
Linda COVERAGE
Bolton Weiser
Managing Director,
• Focuses on consumer products
companies
equity research
John COVERAGE
Morris
Senior Vice President,
• Focuses on apparel and

footwear brands and retailers
equity research
41
Selected Equity Research Professionals
D.A. Davidson MCF possesses deep institutional expertise and access to leading public and private companies across the consumer landscape
Michael COVERAGE
Kawamoto, CFA
Associate Vice President,
Research Analyst
• Focuses on Active Lifestyle,
footwear, apparel, equipment,
and wellness experience
companies
Brian COVERAGE
Holland
Senior Vice President,
• Focuses on Food & Beverage
• Achieved Top Earnings
Estimator in the food products
sector from Thomson Reuters
42
We are D.A. Davidson
Developing relationships. Driving superior outcomes.
43
D.A. DAVIDSON MCF INTERNATIONAL OFFICE LOCATIONS
BALTIMORE HAMBURG* ORANGE COUNTY

111 S. Calvert St. Emporio Tower, 611 Anton Blvd.
Ste. 2830 Valentinskamp 70 Ste. 600
Baltimore, MD 21202 D-20355 Hamburg Costa Mesa, CA 92626
(410) 369-1170 +49 40 39803 0 (714) 327-8800
CHICAGO HELSINKI* PORTLAND

st
227 W. Monroe St. 1 Floor, Etelaesplanadi 20 222 SW Columbia St.
Ste. 5250 00130 Helsinki Ste. 1400
Chicago, IL 60606 +358 9 6227 1890 Portland, OR 97201
(312) 525-2777 (800) 249-2610
DENVER LONDON* SALT LAKE CITY

1550 Market St. 14 Waterloo Place 110 S. Regent St.
Ste. 300 London SW1Y 4AR Ste. 410
Denver, CO 80202 +44 20 7968 2760 Salt Lake City, UT 84111
(303) 571-6100 (801) 333-3123
GREAT FALLS NEW YORK CITY SEATTLE

8 Third St. N. 757 Third Ave. 701 5th Ave.
Great Falls, MT 59401 Ste. 1902 Ste. 4050
(800) 332-5915 New York, NY 10017 Seattle, WA 98104
(800) 450-3942 (888) 389-8001
STOCKHOLM*
Vastra Tradgardsgatan 15
111 53 Stockholm
+46 8 545 680 80
*MCF Corporate Finance Office Locations 44

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D.A. Davidson Consumer

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Consumer

1. Recent Trends and Highlights

2. Consumer Products Market Update

3. Food, Beverage & Agriculture Market Update

4. D.A. Davidson’s Full Service Platform

The analyses contained herein rely upon information

This material is protected under applicable copyright laws

CONSUMER INVESTMENT BANKING TEAM

Jeff Jeff Joe Mike

Eric Brien Danny Geoff

CONSUMER EQUITY RESEARCH COVERAGE EQUITY CAPITAL MARKETS LEADERSHIP

Recent Trends and Highlights

Volume ($MM) Deal Count

$35.0 $32.6 $28.3 $31.0 $26.5 $6.6 $3.7

Consumer Products Market Update

Target Acquirer Target Description Deal Notes

 On May 22, Natura Cosméticos S.A. (BOVESPA:NATU3) entered into an

Source: S&P Capital IQ, Press Releases

Offer Date Deal Type Issuer Gross Proceeds Business Description

Designs, manufactures, and sells foam filled furniture, sectional couches,

Operates as a warehouse club on the East Coast of the United States. It

Manufactures and markets natural fresh products, refrigerated meals, and

EV / LTM EBITDA Valuation(2)

Source: S&P Capital IQ, data as of 8/1/2019.

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Food, Beverage & Agriculture Market Update

Target Acquirer Target Description Deal Notes

 On June 9, Creation Gardens, Inc., a foodservice distributor also known by its

Source: S&P Capital IQ, Press Releases

EV / LTM EBITDA Valuation(2) 29.8x

Source: S&P Capital IQ, data as of 8/1/2019.

EV / LTM EBITDA Valuation(2)

Source: S&P Capital IQ, data as of 8/1/2019.

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Natural / Organic Foods / Better-For-You

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

Share % of 52 Market Enterprise EV / Revenue EV / EBITDA P/E

D.A. Davidson’s Full Service Platform

1935 100% TRANSATLANTIC

NET REVENUE SHAREHOLDERS’ EQUITY

D.A. DAVIDSON COMPANIES

D.A. DAVIDSON & CO.

Equity Research Financial Planning Institutional Sales & Trading

INSTITUTIONAL SALES TRADING & MARKET MAKING

Unique access through industry conferences and proprietary events

INSTITUTIONAL SALES & TRADING OFFICES – FROM COAST-TO-COAST

Portland Denver New York City Boston

BULGE BRACKET CAPABILITIES BOUTIQUE FOCUS

INTERNATIONAL REACH INDUSTRY EXPERTISE PUBLIC MARKET INDEPENDENT RELATIONSHIP DRIVEN

SERVICES PROVIDED SIGNIFICANT DEAL ACTIVITY AND EXPERTISE

Total Deal Value

BALTIMORE, MARYLAND HAMBURG, GERMANY

DENVER, COLORADO SENIOR INVESTMENT BANKING INVESTMENT BANKING LONDON, ENGLAND

GREAT FALLS, MONTANA STOCKHOLM, SWEDEN