Beverage Industry Market Update

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Beverage Industry Market UpdateFall 2021

Team LeadershipFood, Beverage and Agribusiness Leadership TeamErik EinwalterBryan JaffeGeorge SentScott PorterManaging DirectorFood, Beverage andAgribusinessManaging DirectorFood, Beverage andAgribusinessManaging DirectorFood, Beverage andAgribusinessManaging DirectorFood, Beverage andAgribusinessIndustry Focus:Branded Food &Beverage,Food & BeverageManufacturingIndustry Focus:ContractManufacturing,Branded Food, PetIndustry Focus:Branded Food &Beverage, Ingredients,Agribusiness Inputsand ProductionIndustry Focus:Agribusiness Inputsand Production, FoodProcessing &Manufacturing,IngredientsRecent Transactions:Recent Transactions:Recent Transactions:Recent Transactions:1

Market Overview2

Premium Coffee is Driving PurchasingBehavior in Younger ConsumersIncreasing consumer demand for premium / gourmet coffee is leading to robust demand for third wave coffeeroasters, in small-batch formats, added functional benefits and in ready-to-drink offerings In the post-COVID environment, consumers have become accustomed tothe DtC channel as a vital component of purchasing behavior – the onlinechannel is well-positioned to drive category growth going forwardGlobal Specialty Coffee Market (2)( in billions)Premiumization in coffee consumption is spurred by millennials, 50% ofwhom reported drinking gourmet coffee daily during a recent survey – up9% from last year(1)Major beverage alcohol strategics are entering the RTD hard coffeecategory to combine consumers’ demand for alcohol-adjacent productsthat offer the functional benefit of caffeine La Colombe and MillerCoors partnered to create a hard cold brewwith 4.2% ABV, while Newground Hard Dutch Lattes introduced anRTD hard latte with 5% ABVCascadia Capital Advises on the Sale of Campos CoffeeCampos Coffee has been acquired by JDE Peet’s Campos Coffee is a specialty coffee leader in Australia,available in over 600 cafés and in multiple channelsincluding DTC, grocery, and its own flagship cafés Cascadia was engaged based on its experience in inthe sector, most notably on the sale of Boyd’s Coffeeto Farmer Brothers and Cascade Coffee to WestwardPartners Campos complements JDE Peet’s Australian coffeedivision in the out-of-home and retail segments andjoins JDE Peet’s platform of specialty coffee brandsSources: (1) National Coffee Association, (2) Adroit Market Research. 50 58 67 75 84 92 101 109 1182020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028ENotable 2021 Coffee Transaction ActivitySuper Coffee receives funding from Durable Capital Partners(August 2021)ꟷ Super Coffee has become the fastest growing privatecompany in food and beverage, according to 2020 IRI data(2)ꟷ From Q4 2020 to Q2 2021, Super Coffee’s revenue grew106% from 200M to 400MMUD\WTR receives funding from Silas Capital (May 2021)ꟷ MUD\WTR contains a blend of chaga, reishi, lion’s mane,and cordyceps mushrooms, believed to exhibit healthbenefits and includes vitamins, minerals and bioactivecompounds as functional ingredientsTA Associates acquires Death Wish Coffee (2021)ꟷ Death Wish Coffee is marketed as one of the world’sstrongest coffee brands, primarily sold through DtC and thegrocery channelsꟷ Currently the #1 selling coffee on Amazon and in 11,000 grocery storesKey MetricsEV: 500MEV / Revenue: 1.3xEV / EBITDA: N/AKey MetricsEV: 146MEV / Revenue: 9.1xEV / EBITDA: N/AKey MetricsEV:N/AEV / Revenue: N/AEV / EBITDA: N/A3

The Wine Industry is IncreasinglyConsolidating as Consumer Trends ShiftIn the post-Covid environment, the wine industry has continued to expand with new consumer trends and capitalizedon the rise in at-home consumption, while large strategics increase focus on growth through acquisition The overall wine industry experienced growth in LTM September 2021, with LTM U.S. wine sales increasing 10% to 51.8 billion – DtC shipmentsalso grew 13% with LTM DtC shipment sales through September 2021 reaching 4.0 billion, due to a rise in at-home consumption(1)ꟷ Wine could see a boost from online shopping, with IWSR forecasting U.S. online alcohol sales to rise from 3 billion in 2019 to 13.4 billionby 2024 – sales have so far been driven by wine, which has fewer state-level restrictions than other alcoholic beverages(2)Oregon has emerged in the post-Covid environment as a region of growth, due to distinct climate advantages vis-à-vis its larger Californiacounterparts, which are increasingly exposed to damaging fire and drought conditionsꟷPrior to the Covid-19 pandemic, Oregon experienced significant wine growth, with revenues from wine-related tourism reaching 894M in2019, representing a 20% CAGR from 2013(3) Demand for natural wines, along with organic and biodynamic wines, is steadily increasing and showing signs of high-impact growth The Duckhorn IPO, Vintage Wine Estates SPAC merger and the Sycamore / Chateau Ste. Michelle transactions specifically position those assets inopportunities with ample amounts of available capital and future growth strategies that will be largely predicated on M&ATotal U.S. Wine Sales (1)Notable 2021 Wine Transaction Activity( in billions) 5.0 4.9 3.6 3.5 3.8 3.9 3.9 4.2 4.3Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21Sources: (1) Wines Vines Analytics, (2) IWSR, (3) Oregon Wine Board.Key MetricsSycamore Partners acquires Ste. Michelle (July 2021)ꟷ Ste. Michelle Wine Estates is the largest winery in thePacific Northwest and third-largest premium winery inthe country – highlighting the recent focus in Oregon /Washington AVAsEV: 1.2BEV / Revenue: N/AEV / EBITDA: N/ABespoke merges with Vintage Wine Estates (June 2021)ꟷ The merger between the two companies was financedthrough Bespoke’s SPAC, and supports VWE’s runway asone of the fastest growing U.S. wine producers with anindustry leading direct-to-consumer platformEV: 690MEV / Revenue: 3.5xEV / EBITDA: 17.3xDelicato acquires Francis Ford Coppola (June 2021)ꟷ The acquisition creates the #5 supplier of all wine above 11 in the U.S. market, as well as the #5 supplier byvolume across all price segments and become the #3exporter of California winesEV: 500MEV / Revenue: N/AEV / EBITDA: N/AKey MetricsKey Metrics4

Non-Alc Beverage Highlights FunctionalBenefits and On-Premise ExpansionIncreasing health awareness among the young drinking population drives a move from fruit juices and carbonateddrinks to functional beverages with added benefits, cognitive health properties and premium ingredients In the post-COVID environment, health & wellness trendshave continued to drive industry growth, as youngerdrinkers have been consuming less alcoholꟷ Non-alcoholic beverages are entering the on-premisecategory through a premium approach – restaurant dinershave increasingly demanded health-infused, craft mocktails,with uniqueness and flair that standard cocktails provideꟷ The functional soda category has grown 465%year-over-year based on recent SPINS data endingJune 13, 2021(1), driven by consumers yearning forthe nostalgic days of soda, but without the highsugar contentEnroot Sparkling Cold Brew Tea, crafted inpartnership with chefs from the James BeardFoundation and backed by Brad Pitt, has found aseat at the table in the on-premise category –created to pair well with elegant dishes and menusfound in fine dining establishmentsNon-alcoholic beverage companies have experienced recentpublic market success, with several brands filing IPOs in2021, including Zevia, Oatly and Vita CocoꟷThe 13 billion U.S. natural beverage segment isgrowing at twice the pace of conventional brands,and Zevia, Oatly and Vita Coco represent some ofthe prominent brands in the natural category(3)Sources: (1) TechCrunch, (2) Forbes, (3) Fast Company, (4) Fior Markets.Global Functional Beverages Market (4)( in billions) 125 134 1442020A2021E2022E 154 165 177 1892023E2024E2025E2026E 2022027E 2172028ENotable 2021 Non-Alcoholic Transaction ActivityKey MetricsPoppi receives funding from CAVU Ventures (August 2021)ꟷ Poppi includes apple cider vinegar, sparkling water, realfruit and plant-based sweeteners mixed into a formulathat provides gut-friendly prebiotics known to aid indigestion, immunity and glowing skinRaise Amount: 13.5MEV / Revenue: N/AEV / EBITDA: N/AFirst Bev / Manna Tree acquire Health-Ade (August 2021)ꟷ Health-Ade quickly evolved into one of the top-sellingkombucha beverage brands with retail sales over 200Mannually and expanded to sell nationwide in over 45,000storesEV:N/AEV / Revenue: N/AEV / EBITDA: N/ANestle Health Science acquires Nuun (May 2021)ꟷ The acquisition complements Nestlé Health Science'sexisting broad portfolio of active lifestyle nutritionbrands with Nuun's range of clean, low-sugar,effervescent tablets and powderEV:N/AEV / Revenue: N/AEV / EBITDA: N/AKey MetricsKey Metrics5

Alcoholic RTD Market is ExperiencingRapid Growth due to ConvenienceHard seltzer-adjacent products are in-trend and dominating purchasing behavior, with a shift towards spirits-basedcocktails, real ingredients, fresh fruit and natural flavors Premiumization has driven demand in the RTD category,as consumers desire trusted, classic recipes from wellestablished brands that highlight their reputable products( in millions)Experimentation has lessened from the beverageconsumer audience, and industry-leading brands areenhancing the category by providing drinkers with aquality cocktail experience in a convenient formatꟷ U.S. RTD Cocktail Market (1)The belief that canned cocktails are lower-qualityhas completely shifted away, as long-standingliquor brands introduce new products to marketand begin the premiumization of the RTD spaceHard seltzer-adjacent beverages are also experiencingrobust growth, such as hard teas, hard kombucha andnon-carbonated RTD productsꟷꟷꟷYounger beverage alcohol consumers have gotten“seltzered-out” but are still looking for productsthat are light, easy-drinking and flavorfulBetter-for-you trends have continued to driveindustry growth, and hard kombucha providesfunctional benefits and health propertiesNon-carbonated RTD beverages are seeing rapidadoption, not only due to the increasedsessionability, but also because many consumersdislike the bloated feeling that comes withcarbonated beveragesSources: (1) Grandviewresearch.com. 7152020A 8472021E 9802022E 1,1122023E 1,2452024E 1,3772025E 1,5102026E 1,6432027E 1,7752028ENotable 2021 RTD Transaction ActivityKey MetricsSleeman / Sapporo acquires SoCIAL LITE (May 2021)ꟷ SoCIAL LITE, based in Ontario, Canada, launched thefirst-ever unsweetened pre-mixed vodka soda in themarket, now holding the 5th spot in the spiked watercategory by volume growthEV: 27MEV / Revenue: 1.8xEV / EBITDA: N/AABI enters partnership with Canteen Spirits (May 2021)ꟷ Canteen Spirits produces RTD cocktails made with vodkaand tequila bases, and are low-carb, low-ABV andcontain natural flavors and zero sugarꟷ Canteen sold more than 517k LTM casesEV: 31MEV / Revenue: 2.1xEV / EBITDA: N/ADiageo acquires Lone River Ranch Water (March 2021)ꟷ Lone River Ranch Water is a hard seltzer that takesinspiration from the popular classic Texan “RanchWater” cocktailꟷ Lone River is currently for sale in AL, AZ, FL, TN and TXEV:N/AEV / Revenue: N/AEV / EBITDA: N/AKey MetricsKey Metrics6

State of the Beverage M&A MarketIn the post-Covid environment, beverage transactions have picked up steam in the first three quarters of 2021, withlarge strategics shoring up gaps in portfolios and expanding into emerging categories through acquisitions Leading beverage companies in all sectors utilized 2021 as an opportunity to deploy unused capital from the pandemic and acquire high-growth,emerging brands, supporting public market appetite for platform expansion, while private and growth equity have remained engaged throughoutthis period and are actively looking to pursue new acquisitions and investments across the beverage industry Beverage acquisitions have centered around increased convenience, a rise in premiumization and health & wellness benefitsꟷDanone Manifesto Ventures recently acquired a majority stake in Harmless Harvest, Paine Schwartz Partners acquired Suja Life and FullSail Partners acquired Odwalla – investments in better-for-you beverages continues to drive category growthꟷZevia, Oatly and Vita Coco recently went public, capitalizing on consumer demand for healthier offerings, a trend that has only gainedmomentum during the pandemic as people keep a closer watch on what they consume Within beverage alcohol, transaction activity has aligned towards hard seltzer-adjacent products, as consumers demand innovative / healthieralternatives to the traditional carbonated offeringꟷFlying Embers has continued to receive funding for its hard kombucha and Diageo acquired Lone River Ranch Water to provideconsumers with a new non-seltzer product, while AB InBev’s partnership with Canteen Spirits represents the push into beyond beerTrailing Four-Quarters Beverage Transactions by Category(as of 10/19/21)Beer Total: 5Spirits Total: 15Wine Total: 1687-32BeerSources: Capital IQ, Pitchbook, publicly available information.-146361SpiritsQ4 '20Non-Alc Total: 233WineQ1 '21Q2 '21Q3 '21762Non-Alc7

Notable Recent nvestmentAmount ( M)EnterpriseValue ( M)Revenue ( M)Enterprise Value /Revenue9/29/2021VinesseVintage Wine EstatesWineNA 17 200.8x9/15/2021Odwalla (Coca-Cola)Full SailNon-AlcoholNANA 89NA8/30/2021PoppiCAVU VenturesNon-Alcohol 14NANANA8/16/2021Health-AdeFirst Beverage Group / Manna TreeNon-AlcoholNANA 200NA8/10/2021Kitu Life (Super Coffee)Durable Capital PartnersNon-Alcohol 106 500 4001.3x8/4/2021WX BrandsTeroldWineNANANANA8/3/2021Tropicana, Naked Juice (Pepsico)PAI PartnersNon-AlcoholNA 4,500 3,0001.5x7/13/2021Suja LifePaine Schwartz PartnersNon-AlcoholNANANANA7/9/2021Chateau Ste. MichelleSycamore PartnersWineNA 1,200NANA7/1/2021Harmless HarvestDanoneNon-AlcoholNANA 100NA6/24/2021Francis Ford Coppola WineryDelicato Family VineyardsWineNA 500NANA6/18/2021Bad HombresConstellation Brands, Inc.SpiritsNANANANA6/3/2021Aware BeveragesSleeman / SapporoRTD BeverageNA 27 151.8x5/27/2021Athletic BrewingAlliance Consumer GrowthNon-Alcohol 50NANANA5/25/2021LIQSE&J GalloRTD BeverageNANANANA5/25/2021MUD\WTRSilas CapitalNon-Alcohol 21 146 169.1x5/13/2021La Fête du RoséConstellation NANANASources: Capital IQ, Pitchbook, publicly available information and Cascadia estimates.8

Notable Recent Transactions mentAmount ( M)EnterpriseValue ( M)Revenue ( M)Enterprise Value /Revenue5/4/2021Lyre'sMorgan Creek CapitalNon-AlcoholNA 139 492.9x4/28/2021Proper No. TwelveProximo SpiritsSpiritsNA 600NANA4/23/2021Canteen SpiritsAnheuser-Busch InBevRTD BeverageNA 31 152.1x4/15/2021Cali-Squeeze (SLO Brewing)Firestone WalkerBeerNANANANA4/15/2021Loyal 9 CocktailsDiageo plcRTD BeverageNANANANA4/7/2021Ponzi VineyardsChampagne BollingerWineNANANANA3/17/2021City BrewingCharlesbank / Oaktree / Blue RibbonContract ManufacturingNANANANA3/17/2021Reserve BarSouthern Glazer's Wine and SpiritsSpiritsNANANANA3/9/2021Far West Spirits (Lone River)Diageo plcRTD A 680 1903.6x3/4/2021Tea RiotPearlRock PartnersNon-Alcohol 5NANANA2/22/2021Armand de Brignac (50% stake)Moet HennessyWineNANANANA2/19/2021BodyArmorCoca-Cola Co.Non-AlcoholNANANANA2/4/2021Vintage Wine EstatesBespoke Capital AcquisitionWineNA 690 2003.5x1/25/2021Oliver Winery & VineyardsNexPhase CapitalWineNANANANA1/14/2021ZicoPowerPlant VenturesNon-AlcoholNANANANA1/4/2021BiraKirinBeer 30 300NANA1/4/2021Rabble WinesO'Neill Vinters & DistillersWineNANA 51NASources: Capital IQ, Pitchbook, publicly available information and Cascadia estimates.9

Public Comparables10

Beer Public eEBITDAAnheuser-Busch InBev 63.61 125,939 221,205 44,156 15,46157.9%35.0%5.0x4.0x14.3x11.2xHeineken x19.1x13.7xConstellation 7x15.4x15.0xCarlsberg .8x2.6x22.0x16.5xKirin Holdings .2x10.5x9.3xMolson Coors Brewing x9.4x7.1xHITEJINRO Co., 0xSapporo Holdings 1x11.6xAnadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi 4.3x11.4x11.6x .7x11.8x11.6x( in millions, except per share data)CompanyLTMLTM MarginsGrossEBITDAEV / RevenueLTMNTMEV / EBITDALTMNTMBeerAsahi Group HoldingsTsingtao Brewery Company LimitedRoyal Unibrew A/SCompañía Cervecerías Unidas S.A.Craft BeerThe Boston Beer Company, Inc. 496.61 6,055 6,032 859All BeerSources: Capital IQ, Pitchbook, Publicly available information.11

Wine Public CompsPrice10/29/2021MarketCapEnterpriseValue 216.77 40,3488.736,392Duckhorn Portfolio, Inc.19.84Distell Group Holdings( in millions, except per share data)CompanyLTMLTM MarginsGrossEBITDAEV / RevenueLTMNTMEV / EBITDALTMNTMRevenueEBITDA 51,150 7,700 .7x6.9x10.5x9.4xViña Concha y Toro Delegat Group 15.4xLarge / Mid Cap Wine ProducersConstellation Brands, Inc.Treasury Wine Estates LimitedLaurent-Perrier xVintage Wine Estates, anken-Pommery Monopole - Société 8.3x15.4x15.0x15.0x9.6x9.9xSmall Cap Wine ProducersAndrew Peller Limited 6.87 317 477 276 5039.0%17.9%1.7x1.5xCrimson Wine Group, Ltd.8.7519717864(0.4)34.3%(0.6%)2.8x0.0xSociedad Anónima Viña Santa Rita0.181852822062637.0%12.6%1.4x0.0xAustralian Vintage x7.2x6.9xAdVini amette Valley Vineyards, .0x15.8x14.4x11.3x13.1xAll WineSources: Capital IQ, Pitchbook, Publicly available information.12

Spirits Public eEBITDADiageo plc 50.17 116,161 135,379 17,130 5,87460.4%34.3%7.9x7.1x23.0x20.8xPernod Ricard 2.1x18.9xConstellation Brands, 2x9.0x32.7x27.1x( in millions, except per share data)CompanyLTMLTM MarginsGrossEBITDAEV / RevenueLTMNTMEV / EBITDALTMNTMSpiritsBrown-Forman CorporationDavide Campari-Milano S.p.A.Rémy Cointreau SAStock Spirits Group PLCSources: Capital IQ, Pitchbook, Publicly available 7.1x6.3x6.6x25.3x23.0x21.1x20.8x13

Non-Alcoholic Public eEBITDAThe Coca-Cola Company 56.04 242,037 273,053 34,057 xKeurig Dr. 0x16.7x15.6xMonster 7.6x28.6x21.5xNational 6.3x19.4xLassonde The Vita Coco 1618125NM45.7%NM4.9xNMNew Age Beverages Corporation1.51207194166NM66.7%NM1.2x0.4xNMReed's, .7%23.9%21.8%4.2x3.3x3.5x3.2x( in millions, except per share data)CompanyLTMLTM MarginsGrossEBITDAEV / RevenueLTMNTMEV / EBITDALTMNTMNon-Alcoholic BeveragesA.G. BARRSources: Capital IQ, Pitchbook, Publicly available 4

Cascadia Contact InformationBeverage Leadership Contact InformationNamePhone NumberEmailErik Einwalter, Managing Director(206) [email protected] Sent, Managing Director(206) [email protected]

Food, Beverage and Agribusiness Industry Focus: Branded Food & Beverage, Food & Beverage Manufacturing Recent Transactions: 1. Market Overview 2. Premium Coffee is Driving Purchasing Behavior in Younger Consumers Sources: (1) National Coffee Association, (2) Adroit Market Research. 3

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