BETR Jan 2016 Investor Presentation

8/20/2019 BETR Jan 2016 Investor Presentation

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Investor PresentationJanuary 2016


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This presentation, prepared by Amplify Snack Brands, Inc., is solely for informational purposes and is strictly confidential. Disclosure of thispresentation, its contents, extracts or abstracts to third parties is not authorized without express written permission from Amplify Snack Brands, Inc.

This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of the federal securities laws, andsuch statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or future financial oroperating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,”“expects,” “plans,” “anticipates,” “could,” “would,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or

“continue” or the negative of these words or other similar terms or expressions that concern opportunities, prospects, future market size,expectations, strategy, plans or intentions. The expectations and beliefs of Amplify Snack Brands, Inc. regarding these matters may not materialize,and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those expressed inthe forward-looking statements, and you should not place undue reliance on our forward-looking statements. The forward-looking statements in thispresentation and the accompanying oral presentation are based on information available to Amplify Snack Brands, Inc. as of the date hereof, and Amplify Snack Brands, Inc. disclaims any obligation to update any forward-looking statements for any reason, whether as a result of new

information, future events or otherwise.

This presentation and accompanying oral presentation also contains estimates and other information concerning our industry that are based onindustry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independentlyverified the accuracy or completeness of the information.

All 2014 financial information is based on the 2014 pro forma financial data as described in, and subject to the limitations in, Amplify Snack BrandInc.’s public filings with the Securities and Exchange Commission.

Amounts and percentages appearing in this presentation have been rounded to the amounts shown for convenience of presentation. Accordingly, thetotal of each column of amounts may not be equal to the total of the relevant individual items. All references to our business and products prior to April2015 refer only to SkinnyPop.

LTM is the pro forma financial data from the 12-months ended September 30, 2015, calculated by adding the financial data for the nine-monthsended September, 30, 2015 to the pro forma financial data for year ended December 31, 2014 and subtracting the pro forma financial data for thenine-months ended September 30, 2014.

Insights on the snacking market from Euromonitor were developed independently as part of their annual multi-client Passport research program.

Disclaimer


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Today’s Presenters and Agenda

Tom Ennis

Chief Executive Officer

Brian Goldberg

Chief Financial Officer

Presenters Agenda

Introduction to Amplify Snack Brands1

Growth Strategy2

Financial Overview3

Q&A4


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Introduction to Amplify Snack Brands

1


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Amplify at the Center of Key F&B Industry Trends:Capitalizing on Major Growth Opportunity in “Better -For-You” Snacking

Focused exclusively on “Better -For- You” Snacks

Millennial SnackingTrends

Consumer Demandfor BFY Product Attributes AND

Great Taste

BFY SegmentDriving SnackCategory Growth

Increasing SnackingFrequency

Convenience

Multi-ChannelDistribution

Opportunity


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~3-4%

10%+

Traditional Brands BFY Brands

Targeting a Large and Growing Category withStrong Market Tailwinds

1. 2009 and 2014 market size based on IRI. 2014-2019 CAGR based on management estimates using historical growth rates.2. Management estimates for traditional brands are based on Total Salty Snack expected growth and for BFY brands based on 2014 $ sales growth.

3. The Nielsen Company, Goldman Sachs Global Investment Research. Indexes an age cohort’s $ share of total food purchases versus its $ share of wholesome snack purchases.

Large and Growing Salty Snack Category1

$ retail sales in billions

[]

[]

[]

[]

[]

[]

[]

$17

$21

2009A 2014A 2019E

CAGR:+4%

+$4

CAGR:+3-4%

~ +$4

~$25

BFY Brands Are Outpacing Growth of Traditional2

~3X

Estimated $ retail sales growth

Large category at over $20 billion in U.S. retail sales

Expected growth of +3-4% through 2019

Increased importance of snacking in consumer diets

Emergence of millennials as heavy snackers

Demand for great-tasting BFY products

Focus on simple, recognizable ingredients

Millennials over-index in their demand for BFY snacks3


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Established Infrastructure to Support BFYSnacking Platform

SalesSystems &

InfrastructureSupply Chain &

DistributionMarketing &Innovation

Established supplierrelationships

“Asset-light” outsourcedmanufacturing

Servicing customersthrough direct anddistributor models

Partnering with Tier 1

Co-Manufacturers

BFY snack focused salesteam

Strong relationships acrosschannels and brokers

Category managementanalytics and insights

Field marketing team

Investment in socialmedia, PR andinfluencers

Innovation team

Grassroots focus

Seasoned managementacross all functions

HQ in Austin, Texas

ERP implementationcomplete


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4.3

2.7

0.6

(2.4)

26.2%

16.4%

5.5%6.0%4.3%4.7%

36.9%

$-

$50

$100

$150

$200

$250

$300

SkinnyPop Smartfood Angie's Popcorn Indiana

Strong Performance of RTE Popcorn Category andour Cornerstone Brand SkinnyPop in 2015

SkinnyPop Fastest Growing Brand inRTE Category at +52% in $ Sales

Strongest $ Share Growth, +4.3pts vs. YA

+52%

+25%

-20%+25%

2% 6%12%

16%

$0.65

$0.79

$0.97$1.08

2012A 2013A 2014A 2015L52

$ retail sales in billions

RTE

Category

Growth

10% 21% 23% 12%

CAGR:18%

RTE Category Continues Double Digit Growth

Solid #2 $ Market Share Position in the RTE Category

RTE category $ market share (%)

All OtherBrands

$ market share (%) change vs. YA

$ retail sales & change vs. YA

Source: IRI U.S. Multi-Outlet + Convenience for latest 52wk ending Dec. 27, 2015

pts

pts

pts

pts

SkinnyPop ShareTotal RTE Popcorn


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$0.74

$0.44

$0.20

$0.11

$0.38

$0.30

$0.22

9/27/156/28/153/29/15

Strong Key Performance Indicators Throughout 2015for SkinnyPop


…and industry-leading on-shelfproductivity

…while maintaining leadingpremium pricing

1. Calculation of retail sales dollars divided by TDP in MULO+C for the 52wk period ending 12-27-2015 as reported by IRI

RTE Popcorn Competitors

52w/12-27-15

$ Per TDP* In Millions

Avg. price per Oz

$0.68

$0.59

$0.47

$0.43

12/27/1513 weeksending

…driven by continued

distribution gains across multiplechannels…

154

175

193

217

103% 107%

89% 89%

-100%-90%-80%-70%

-60%-50%-40%-30%-20%-10%0%10%20%30%40%50%60%

70%80%90%100%110%120%

$100

$120

$140

$160

$180

$200

$220

$240

3/29/2015 9/27/2015 12/27/156/28/15 9/27/153/29/1513 weeksending

TDP & TDP % change vs. YA $ retail sales per TDP in millions1


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1.3%

SkinnyPop Continued to Achieve Strong Growth Ratesin 2015 Across All Measured Channels…

1. Source: IRI U.S. Multi-Outlet + Convenience for latest 52wk ending Dec. 27, 2015

2. Costco is not included in the data set

$86

$55

$18$15

$3

Food Club Drug Mass Convenience

Retail Sales $ IRI Latest 52wk Dec. 27, 20151

2

+45% +28% +55% +856% +105%% Change vs. YA

Total $ Retail Sales: $177M, +52% vs YA

Total $ Retail Sales Market Share: 16.4%

$ in millions

18.5% 58.1% 20.7% 8.1%$ Retail SalesMarket Share


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$0.9

$4.2

$6.0

$0

$1

$2

$3

$4

$5

$6

$7

2013A 2014A 2015A

$13.9

$35.2

$44.4

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2013A 2014A 2015A

$3.3

$10.9

$15.8

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

2013A 2014A 2015A

$3.0

$13.1

$18.3

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18$20

2013A 2014A 2015A

…With Proven Ability to Sustain High Growth Rates

Over Multiple Periods within Existing Customers

Customer A - Grocery Customer B - Club

Customer C - Drug Customer D - Grocery


$ retail sales in millions





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Strong Brand Appeal to Consumers…

Note: $ sales per million ACV is a measure of velocity defined as the sales of a product for every $1 million of All Commodity Volume to which it is exposed at retail.1. IRI Panel Total U.S. – All Outlets latest 52 weeks ending Dec 27, 2015.

2. Research Now Quantitative Survey (2014 N=850, 2015 N=1,615)

41%

26%

6%

-29%

17

17

0

-7

pts

pts

Growing HouseholdAwareness2Highest Loyalty in RTE Popcorn1

Increasing HouseholdPenetration1

62%

59%

47%

41%

Percent point change in household awareness% buyers repeat purchasing % change in household penetration

pts

pts


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…And to Retailers

1. IRI U.S. Multi-Outlet + Convenience, latest 52 weeks ending Dec 27, 2015.

2. IRI Panel Total U.S. – All Outlets, latest 52 weeks ending Dec 27, 2015

GreatestFrequency of Purchase2Premium Price1

Highest Totalin Basket Spend2

Average number of trips per buyer per year Average price per ounce Average in basket dollars per trip

$0.68

$0.59

$0.47$0.43

4.6

3.8

2.6

2.2

$104

$86 $84$80


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Today…. A Top 10 Salty Snack Dollar Manufacturer

$1.0 B

$760.8 MM

$721.9 MM

$503.0 MM

$355.6 MM

$253.3 MM

$196.2 MM

$189.5 MM

$175.3 MM

$281.8MM

$58.9 MM

$37.8 MM

$27.4 MM

$24.0 MM

$22.5 MM

$16.7 MM

$15.6 MM

$13.1 MM

$11.0 MM

$47.5 MM

$44.6 MM

$39.9 MM

$26.0 MM

$21.4 MM

$20.4 MM

$19.8 MM

$16.3 MM

$15.4 MM

$14.9 MM

Dollar Chg - Amplify ranks 2nd Item Productivity - Amplify ranks 2nd

Amplify Snack Brands is driving category growth with highly productive items

Dollar Sales - Amplify ranks 10th

Source: IRI U.S. Multi-Outlet for latest 52wk ending Dec. 27, 2015

1. Item productivity calculated as Total Dollar Sales / Avg # of Items Selling

$10.2 B

1


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With Attractive Financial Profile with Best-in-ClassGrowth, Margins and Free Cash Flow Conversion

Source: Company filings. Selected High Growth Consumer Company Median consists of the median for Monster, Blue Buffalo, Keurig, Boston Beer, WhiteWave, Freshpet and Hain Celestial. Selected Snacking CompanyMedian consists of the median for B&G Foods, Boulder Brands, Pinnacle Foods, Flowers Foods, Snyder’s-Lance and Diamond FoodsNote: Amplify Snack Brands data is pro forma for 2014. All other financial data is for calendar year 2014. Adj. EBITDA is a non-GAAP financial metric. All companies may not calculate Adj. EBITDA in the

same manner and therefore the Adj. EBITDA presented may not be comparable between the companies listed here. Adj. EBITDA capex conversion refers to (Adj. EBITDA - Capex) / Adj. EBITDA.

2014AAdj. EBITDA Margin

2012A-2014ANet Sales CAGR

2014AAdj. EBITDA – Capex Conversion

187.0%

24.8%

10.1%

High-GrowthConsumer CompanyMedian

SelectedSnackingCompanyMedian

44.2%

20.1%

13.5%



99.2%

76.3%80.0%




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GrowthStrategy

2


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Our Growth Drivers

StrongCategoryGrowth

IncreaseDistribution

and Shareof Shelf

NewProduct

InnovationIncrease

HouseholdPenetration

International

Expansion

1 23

4

6

5

NewBrands:Build or

Buy

C C G


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59%

41%40%

39% 37%

35%33%

32%

24%

21%

17%16%

P o t a t o C h i p s

M i c r o w a v e P o p c o r n

O t h e r R T E P o p c o r n

C r a c k e r s

C o o k i e s

T o r t i l l a C h i p s

C a n d y

P r e t z e l s

G r a n o l a B a r s / E n e r g y B a r s

N u t s

V e g e t a b l e s

F r u i t

2%

6%

12%16%

$0.65

$0.79

$0.97

$1.08

2012A 2013A 2014A 2015A

Capitalize on RTE Popcorn Category GrowthThrough Continued Share Gains

1. Source: Latest 52 weeks IRI as of Dec 27,2015

2. SkinnyPop proprietary usage and attitude study conducted September 30, 2015 with 615 consumers.

SkinnyPop Is GainingShare in Fast-Growing RTE Popcorn1…

…And Winning Share fromOther Large Snacking Categories2

Multi-Outlet + Convenience $ retail sales in billions % response to “What do you eat SkinnyPop instead of? Please select all that apply.”

RTE

Category

Growth

10% 21% 23% 12%

SkinnyPop ShareTotal RTE Popcorn

CAGR:18%

1

S f S f


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29 49

136

240292

578641

1,107

2015A

7.9

6.6

4.5

3.0

Increase Distribution and Share of Shelf

Source: U.S. Multi-Outlet + Convenience latest 52 weeks ending Dec 27,2015.

Significant Distribution Headroom Resulting in Ample Growth Runway

Average items per store selling All commodity weighted distribution Total distribution points

Tools for Growing Distribution

94%

72%65%

45%

Avg.Top 25Salty

SnackBrands

Additional Items on Shelf Effective Retail Merchandising Differentiated Packaging

CAGR:101%

2

2012A 2013A 2014A

C it li Ski P ’ L di B d


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Capitalize on SkinnyPop’s Leading Brand

Loyalty Driving Gains in Household Penetration

1. IRI Panel Total U.S. – All Outlets latest 52 weeks ending Dec 27,2015

2. IRI Panel Total U.S. – All Outlets latest 52 weeks ending Dec 27,2015.The top 25 salty snack brands are those brands with the highest dollar retail sales in the 52 week period according to IRI data.

Industry Leading Brand Loyalty1…

% of customers repeat purchasing % households buying

Tools for Growing Awareness

Digital, Social & Influencers Sampling & Field Marketing

…But Opportunity for IncreasedHousehold Penetration2

62%59%

47%

41%

58%

55% 54%51%

43%43% 42%

25.4%

11.7%

7.4%

5.2% 4.4%

Top 25Salty SnackBrand Avg.2

3

G th Th h M i f l d R l t I ti


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Growth Through Meaningful and Relevant Innovation:2016 SkinnyPop New Product Innovation

New Price/PackCombinations

New Form BrandExpansion in Close-

in CategoryAdjacencies

H1 2016 – New Flavors

H2 2016 – Continued Innovation

44

4

Si ifi t O t iti t E t Adj t


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Significant Opportunities to Enter AdjacentCategories via New Brands: Build or Buy

1. 2015 market sizes based on U.S. Multi-Outlet + Convenience.

2. Nielsen Global Snacking Report September 2014.

Attractive Snack Markets in the U.S.1 Key Acquisition Criteria

BFY snacking

Exceptional taste profile

Distinct BFY characteristics

Premium brand

Unique brand, product andpositioning

Some proof of concept at retail

Meaningful revenue and marginopportunities

Leverages existing infrastructure andexpertise

$7.2

$4.8

$2.0

$1.2 $1.1 $1.1

$4.2

PotatoChips

TortillaChips

CheeseSnacks

Pretzels CornSnacks

RTEPopcorn

Other (No Nuts)

2009

-2015

CAGR

3.5% 3.8% 3.6% 1.5% 2.9% 11.7% 4.9%

Global retail snack sales estimated at over $370 billion in 20142

2015 $ retail sales in billions

55

P i I O Fi t Pl tf A i iti


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Paqui Is Our First Platform Acquisition:Launching Nationally February 2016

Attractive Tortilla Chips Market

Large and growing market at $4.7 billion in the U.S. and$11.9 billion globally1

One of the most purchased snacks in the U.S.

No leading BFY brand of scale

1. Euromonitor 2015 Edition.

Paqui’s Fit with Amplify

NO MSG

Fast and Successful IntegrationFully integrated into financial and business processes

Improved profitability

Improved ingredient deck

New price/pack combinations

New signature flavor ‘Nacho Cheese Especial’

Tier I Co-Manufacturing with large national network

Significant customer acceptance

Ready for Q1 2016 national launch

Strong marketing program to gain awareness and trial

Alignment with Amplify’s BFY mission

Small but unique and emerging brand

Sold regionally in Whole Foods and nationally in Kroger

5

21 N SKU L hi N ti ll F b 2016


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6 Flavors!

5.5oz

21 New SKUs Launching Nationally February 2016

20oz

2oz

1oz

22oz

Canadian 155g

5

I t ti l E i


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International Expansion6

Popcorn retail sales at ~$4.6 billion globally in 2014 with an expected CAGR of 4.4% through 20191

Size of Popcorn Category in Markets Outside the U.S.1


Expansion Approach

$476$465

$419

$343

$110 $104$80

Canada& Mexico

WesternEurope

South America

AsiaPacific

Middle East& Africa

EasternEurope

Australasia

Increase distribution in Canada

Prioritize sizeable high-growth markets

Distribution with global retailers

International distribution partners

Asset-light outsourced manufacturingmodel

Opportunity to become aglobal BFY leader

1. Euromonitor 2015 Edition.


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FinancialOverview

3

Track Record of Strong Growth and Compelling


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Track Record of Strong Growth and CompellingFinancial Profile

1. Adjusted for depreciation and inventory acquisition fair value adjustments.2. Includes sales, marketing, general and administrative expenses and is adjusted to exclude founder contingent compensation, amortization of intangible assets, recapitalization expenses, executive recruitment costs,

sponsor acquisition-related expenses and equity-based compensation.

Net Sales Adj. Gross Profit1

Adj. SG&A2 Adj. EBITDA

$7 $25

$59$70

2012A 2013A 2014PF 2015 Q3LTM

$9$33

$75

$96

2012A 2013A 2014PF 2015 Q3LTM

$16$56

$132$171

2012A 2013A 2014PF 2015 Q3LTM

YoYGrowth

247.8% 137.6% 42.9% GrossMargin

56.1% 58.6% 56.5% 56.0%

$2 $8

$16

$26

2012A 2013A 2014PF 2015 Q3LTM

SG&A % of

Net Sales 2 13.6% 14.1% 12.3% 15.3%

Adj. EBITDA

Margin 42.5% 44.5% 44.2% 40.7%

$ in millions

CAGR:147%

$ in millions

$ in millions

$ in millions

CAGR:133%

CAGR:136%

CAGR:136%

2012A 2013A 2014PF 2015 Q3LTM

Strong Year to Date 2015 Financial Performance


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$99

$138

First 9 Mo. 2014 First 9 Mo. 2015

Strong Year-to-Date 2015 Financial PerformanceFirst 9 Months Results

Net Sales Adj. EBITDA

$ in millions $ in millions

Gross

Margin 56.0% 55.8%

Gross Profit

$ in millions

Adj.

EBITDA

Margins

45.5% 40.8%

$45

$56


$56

$77


Continued Strong Momentum in Q4 2015 Scanner Data


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2.7 2.8

0.9

(1.5)

pts

pts

pts

40%35%

27%

Continued Strong Momentum in Q4 2015 Scanner DataLatest IRI 12-week Period Ending December 27, 2015

SP Grew +40% in $ Sales Latest IRI12-Week PeriodContinued Strong Dollar Sales and Unit Sales

$40.1 million dollar sales -> +39.8% YoY growth

10.3 million units sales -> +37.5% YoY growth

13.1% dollar share -> +267 bps YoY growth

$0.70 average price/volume (oz) -> +6 bps YoY growth

Continued Distribution Gains

Continued Strong Velocity Performance

$39.2 Dollars per $MM ACV -> +8.2% YoY growth

72.2 ACV -> +29.6 YoY growth

215.9 TDP -> +90.0% YoY growth

2.8 items selling

1. Source: IRI U.S. Multi-Outlet + Convenience for 12wks ending Dec 27, 2015

1

1

1

SP $ Share Growth Up +2.7pts vs YA

$ retail sales % change vs. YA

$ market share (%) change vs. YA

pts

(12%)

Strong Cash Flow and Liquidity


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Strong Cash Flow and Liquidity

Adjusted EBITDA – Capex Debt as of September 30, 2015

1. Does not include founder contingent compensation of $25mm for SkinnyPop due first half of 2016.2. 2015 Q3 LTM Adj. EBITDA at $69.5mm.

3. 2015 Q3 LTM unfunded Capex only.

$7

$24

$58

$69

2012A 2013A 2014PF 2015 Q3LTM

$ in millions

CAGR:132%

Amount

Leverage(x 2015 Q3LTM Adj.EBITDA)2

Cash $6.9

Revolver ($25mm capacity) 1.5

Paqui Seller Notes Payable 3.7

Term Loan 199.9

Total Net Debt1 $198.2 2.8x

$ in millions

Capex $0.0 $0.5 $0.5 $0.7

3

3

Comparable Company Growth and Operating


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89.6% 80.2% 55.9% 40.7% 99.0%

24.9% 29.5% 36.1% 23.5% 91.2%

22.2% 22.2% 35.0% 15.2% 84.8%

17.9% 7.8% 34.3% 15.0% 76.2%

10.4% 6.8% 30.8% 13.8% 75.2%

6.9% 5.6% 29.9% 13.1% 71.7%

6.1% 3.6% 27.2% 12.6% 66.3%

5.7% (3.2%) 23.5% 12.1% 42.0%

0.1% (9.3%) 14.2% 5.9% 41.0%

Historical Growth Metrics

CY'13A – LTM Q3

2015 RevenueCAGR

CY'13A – LTM Q32015 EBITDA

CAGR

Comparable Company Growth and OperatingPerformance Metrics

1

LTM Operating Metrics1

Free Cash Flow

ConversionEBITDA MarginGross Margin

Sources: Company filings, Wall Street research and S&P Capital IQ as of January 8, 2016.Note: Free cash flow defined as EBITDA less Capex. Free Cash Flow Conversion defined as Free Cash Flow over EBITDA.

1. LTM is the pro forma financial data from the 12-months ended September 30, 2015

Guidance


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Guidance

FY 2015 Guidance*

Net Sales $180.0 - $182.0 million

36.0% - 37.5% increase

Adj. EBITDA $71.7 - $72.5 million

22.5% - 23.8% increase

* As of November 5, 2015; all comparisons made to the prior year.

Drivers

Strong momentum of SkinnyPop brand

Continued strong gross margin performance

Slight increase in Adjusted SG&A from increasedconsumer marketing and public company costs

Summary: Amplify is Well Positioned to Capitalize on


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PEANUT &

TREE NUT

FREE

CHOLESTEROL

& TRANS FAT

FREENO

ARTIFICIAL

INGREDIENTS

DAIRYAND

GLUTEN

FREE

KOSHER

Summary: Amplify is Well-Positioned to Capitalize onthe Opportunity to Be a Leader in BFY Snacks

BFY snacking platform

─ Experienced management

─ Established infrastructure

SkinnyPop: Our cornerstone brand

─ Embodies BFY mission

─ Proven track record with significantgrowth headroom

Paqui is our first acquisition

─ Strong fit with Amplify

─ Large category with no BFY leader

Asset-light business model

─ Minimal capex

─ Best-in-class cash flow conversion

$16

$56

$132

$171

2012A 2013A 2014PF 2015 Q3LTM

CAGR:136%

Net sales $ in millions

$7

$25

$59$70

2012A 2013A 2014PF 2015 Q3LTM

Adj. EBITDA $ in millions

CAGR:133%

1. Not all the claims are applicable to both SkinnyPop and Paqui.

Rapidly GrowingBFY Snack Food CompanyUnique Snacking Platform Premium BFY Brands1

Industry LeadingMargins Are Fueling Growth

NONGMO

NOPRESERVATIVES

Adj.

EBITDA

Margin

42.5% 44.5% 44.2% 40.7%


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Q&A4


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Appendix

Reconciliation of Net Income to Adjusted EBITDA


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Reconciliation of Net Income to Adjusted EBITDA

1. Reflects the elimination of the $0.4 million increase in cost of goods sold related to the Sponsor Acquisition.2. Represents compensation expense assoc iated with the Founder Contingent Compensation of $8.4 million recorded in the period from July 17, 2014 to December 31, 2014, and $18.4 million reflected as acomponent of general & administrative expenses in the Pro Forma Year Ended December 31, 2014 (Unaudited).3. Represents (i) $0.5 of predecessor transaction costs, (ii) $0.8 of transaction bonuses and (iii) $2.2 of sponsor transaction costs.4. Represents the expenses incurred in connection with the December 2014 and May 2015 Special Dividends.5. Represents the recognized expense associated with sign-on and retention bonuses for certain executive hires and certain recruiting fees.6. Includes performance bonuses and related payroll taxes paid to employees upon the completion of the IPO, a financial advisory fee paid to an advisor in connection with the IPO, and legal, accounting, consulting,

printing, filing and listing fees paid in connection with the IPO process.7. Represents transaction costs associated with legal and accounting services.

8. Represents severance expenses related to the acquisition of Paqui. We are permitted to add back expenses of this type in determining Adjusted EBITDA under the credit agreement governing our term loan

$ in millions 2013 2014 Pro Forma Q3 2015 LTM

Net Income $ 24.8 $ 13.6 $ 8.1

Non-GAAP Adjustments:

Interest Expense - 12.9 11.7

Income Tax Expense - 7.3 12.8

Depreciation 0.0 0.2 0.3

Amortization of Intangible Assets - 4.2 4.2

Inventory Fair Value Adjustment1 - 0.4 0.0

Equity-Based Compensation Expenses - 0.2 2.7

Founder Contingent Compensation2 - 18.4 18.4

Sponsor Acquisition-Related Expenses3 - 0.5 0.0

Recapitalization Expenses4 - 0.2 0.3

Executive Recruitment5 - 0.6 1.3

IPO Related Expenses6 - - 9.4

Other Professional Services7 - - 0.3

Severance Expenses8 - - 0.1

Adjusted EBITDA $ 24.8 $ 58.5 $ 69.5

Reconciliation of Gross Profit to Adjusted Gross Profit


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Reconciliation of Gross Profit to Adjusted Gross Profitand SG&A to Adjusted SG&A$ in millions

1. Reflects the elimination of the $0.4 million increase in cost of goods sold related to the Sponsor Acquisition.2. Represents compensation expense associated with the Founder Contingent Compensation of $8.4 million recorded in the period from July 17, 2014 to December 31, 2014, and $18.4 million reflected as acomponent of general & administrative expenses in the Pro Forma Year Ended December 31, 2014 (Unaudited).3. Represents (i) $0.5 of predecessor transaction costs, (ii) $0.8 of transaction bonuses and (iii) $2.2 of sponsor transaction costs.4. Represents the expenses incurred in connection with the December 2014 and May 2015 Special Dividends.5. Represents the recognized expense associated with sign-on and retention bonuses for certain executive hires and certain recruiting fees.6. Includes performance bonuses and related payroll taxes paid to employees upon the completion of the IPO, a financial advisory fee paid to an advisor in connection with the IPO, and legal, accounting,

consulting, printing, filing and listing fees paid in connection with the IPO process.7. Represents transaction costs associated with legal and accounting services.

8. Represents severance expenses related to the acquisition of Paqui. We are permitted to add back expenses of this type in determining Adjusted EBITDA under the credit agreement governing our term loan.

2013 2014 Pro Forma Q3 2015 LTM

Gross Profit $ 32.7 $ 74.2 $ 95.3

Non-GAAP Adjustments:Depreciation (COGs) 0.0 0.2 0.3

Inventory Fair Value Adjustment1 - 0.4 0.0

Adjusted Gross Profit $ 32.7 $ 74.8 $ 95.6

2013 2014 Pro Forma Q3 2015 LTM

SG&A $ 7.9 $ 40.4 $ 62.7

Non-GAAP Adjustments:

Depreciation (SG&A) - (0.0) (0.0)

Amortization of Intangible Assets - (4.2) (4.2)

Equity-Based Compensation Expenses - (0.2) (2.7)

Founder Contingent Compensation2 - (18.4) (18.4)

Sponsor Acquisition-Related Expenses3 - (0.5) 0.0

Recapitalization Expenses4 - (0.2) (0.3)

Executive Recruitment5 - (0.6) (1.3)

IPO Related Expenses6 - - (9.4)

Other Professional Services7 - - (0.3)

Severance Expenses8 - - (0.1)

Adjusted SG&A $ 7.9 16.2 $ 26.1

Reconciliation of Cash from Operating Activities to


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Reconciliation of Cash from Operating Activities to Adjusted EBITDA

1. Represents a non-cash component of income tax expense.2. Represents a non-cash component of interest expense.3. Reflects the elimination of the $0.4 million increase in cost of goods sold related to the Sponsor Acquisition.4. Reflects the prepayment of Founder Contingent Compensation.5. Represents (i) $0.5 of predecessor transaction costs, (ii) $0.8 of transaction bonuses and (iii) $2.2 of sponsor transaction costs.6. Includes performance bonuses and related payroll taxes paid to employees upon the completion of the IPO, a financial advisory fee paid to an advisor in connection with the IPO, and legal, accounting, consulting, printing,

filing and listing fees paid in connection with the IPO process.7. Represents severance expenses related to the acquisition of Paqui. We are permitted to add back expenses of this type in determining Adjusted EBITDA under the credit agreement governing our term loan.8. Represents the expenses incurred in connection with the December 2014 and May 2015 Special Dividends.9. Represents the recognized expense associated with sign-on and retention bonuses for certain executive hires and certain recruiting fees.

10.Represents transaction costs associated with legal and accounting services.

$ in millions

2013

Predecessor

Period (January 1,

2014

to July 16, 2014)

Successor Period

(July 17, 2014 to

December 31,

2014)

YTD

September 30,

2015

Cash from Operating Activities $ 22.5 $ 26.3 $ 12.7 $ 30.9

Reconciling Items:

Interest Expense - - 4.3 9.3

Income Tax Expense - - 3.5 11.1

Deferred Income Taxes1 - - 3.1 (7.0)

Amortization of Deferred Financing Costs2 - - (0.3) (0.6)

Net Change in Operating Assets and Liabilities,

Net of Effects of Acquisition2.3 4.3 (1.6) 1.8

Inventory Fair Value Adjustment3 - - 0.4 0.0

Founder Contingent Compensation4 - - 1.5 0.0

Sponsor Acquisition-Related Expenses5 - 1.3 2.2 0.0

IPO Related Expenses6 - - - 9.4

Severance Expenses7 - - - 0.1

Recapitalization Expenses8 - - 0.2 0.1

Executive Recruitment

9 - - 0.6 0.7

Other Professional Services10 - - - 0.3

Adjusted EBITDA $ 24.8 $ 31.9 $ 26.6 $ 56.1

Experienced Team with Proven Track Record


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Chief ExecutiveOfficer

Chief FinancialOfficer

Executive VicePresident of Sales &

Marketing

Vice Presidentof Innovation

Senior Vice Presidentof Supply Chain

20 years ofexperience





Experienced Team with Proven Track Record

Note: Logos are representative of selected prior professional experience

Tom

Ennis

Brian

Goldberg

Jason

Shiver

Doug

Lyon

Steve

Galinski

Documents

BETR Jan 2016 Investor Presentation