#1Collier Creek Sutz BRANDS SM Investor Presentation June 2020 Golden Flake SWEET HEAT BARBECUE CHICHARRONES FRIED PORK SKINS AYON CUT 1994 ROULDED CANYON R AVOCADO OIL CLASSIC SEA SALT CANYON CUT KETTLE COOKED GLUTEN FREE NET WT. 5.25 0 good health ENJOY BEING GOOD 2% 3% 572 VEGGIE STRAWS Sea Salt UDO NET WT 6.75 OZ (191.40) utz SOURDOUGH- FAMILY SIZE utz Specials Original ORIGINAL PRETZELS BARD POTATO CHIPS Utz Baked Cheddar Cheese Balls HET WT 36 12 6 3 ) (992.20) Zappe POTATO CHIPS New Orleans Kettle Style VOODOO ****** HAWAIIAN. KETTLE STYLE POTATO CHIPS SWEET MAUI ONION Not Wt 5 oz (141.7g) Crispy & Crunchy NET WT 1.5 OZ (42g) FRIDAYS POTATO SKINS CHEDDAR & BACON#2Disclaimer This investor presentation ("Investor Presentation") is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the "Business Combination") between Collier Creek ("CCH") and Utz Quality Foods, LLC ("Utz" or the "Company"). The information contained herein does not purport to be all-inclusive and none of CCH, Utz or their respective affiliates makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Investor Presentation. This Investor Presentation does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security of Utz, CCH, or any of their respective affiliates. You should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this presentation, you confirm that you are not relying upon the information contained herein to make any decision. The distribution of this Investor Presentation may also be restricted by law and persons into whose possession this Investor Presentation comes should inform themselves about and observe any such restrictions. The recipient acknowledges that it is (a) aware that the United States securities laws prohibit any person who has material, non-public information concerning a company from purchasing or selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and (b) familiar with the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "Exchange Act"), and that the recipient will neither use, nor cause any third party to use, this Investor Presentation or any information contained herein in contravention of the Exchange Act, including, without limitation, Rule 10b-5 thereunder. Forward-Looking Statements. Certain statements in this presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or CCH's or the Company's future financial or operating performance. For example, projections of future Adjusted Net Sales, Adjusted EBITDA, Pro Forma Adjusted EBITDA and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by CCH and its management, and Utz and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against CCH, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of CCH, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet the NYSE's listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Utz as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that Utz or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) Utz's estimates of expenses and profitability; and (12) other risks and uncertainties set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in CCH's Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither CCH nor the Company undertakes any duty to update these forward-looking statements. Non-GAAP Financial Information. In this presentation, CCH and the Company may refer to certain non-GAAP financial measures, including Adjusted Net Sales, Adjusted EBITDA and Pro Forma Adjusted EBITDA, among others. Please refer to footnotes where presented on each page of this presentation or to the appendix found at the end of this presentation for a reconciliation of these measures to what the Company believes are the most directly comparable measure evaluated in accordance with generally accepted accounting principles in the U.S. ("GAAP"). This presentation also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included. Use of Projections. This Investor Presentation contains financial forecasts of the Company. Neither the Company's independent auditors, nor the independent registered public accounting firm of CCH, audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this Investor Presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Investor Presentation. These projections should not be relied upon as being necessarily indicative of future results. Industry and Market Data. In this Investor Presentation, CCH relies on and refers to certain information and statistics obtained from third-party sources which it believes to be reliable, including reports by market research firms. Neither CCH nor Utz has independently verified the accuracy or completeness of any such third-party information. This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM, O, or TM symbols, but Collier Creek and Utz will assert, to the fullest extent under applicable law, the right of the applicable owners, if any, to these trademarks, service mark, trade names and copyrights. Additional Information. In connection with the proposed Business Combination, including the domestication of CCH as a Delaware corporation, CCH intends to file with the SEC a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus of CCH, and after the registration statement is declared effective, CCH will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its shareholders. This Investor Presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. CCH's shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Utz, CCH and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to shareholders of CCH as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to: Collier Creek Holdings, 200 Park Avenue, New York, NY 10166. Participants in the Solicitation. CCH and its directors and executive officers may be deemed participants in the solicitation of proxies from CCH's shareholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in CCH is contained in CCH's annual report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC and is available free of charge at the SEC's web site at www.sec.gov, or by directing a request to Collier Creek Holdings, 200 Park Avenue, New York, NY 10166. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed Business Combination when available. The Company and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of CCH in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination will be included in the proxy statement/prospectus for the proposed Business Combination when available. utz BRANDS SM#3Today's Participants Collier Creek Holdings Utz Roger Deromedi Chinh Chu Jason Giordano Dylan Lissette Current Co-Founder Co-Founder Co-Founder Chief Executive Officer New Utz Chairman Special Advisor Director Chief Executive Officer butz BRANDS SM • Former Chairman, Pinnacle Foods • Former CEO, • Kraft Foods Founder and Sr. Managing Director, CC Capital Former Sr. Managing Director, Blackstone Sr. Managing Director, CC Capital • Former Managing Director, Blackstone Cary Devore Chief Financial Officer Chief Financial Officer • CEO of Utz since 2012 • EVP & CFO, with Utz since 2016 • At Utz since 1995; worked in a variety of capacities prior to becoming CEO • • Former Managing Director, Metropoulos & Co. 25 years in private equity, investment banking, and public accounting 1#4Today's Agenda I Introduction & Investment Thesis II Business Overview III Value Creation Strategy IV Financial Overview butz BRANDS SM 2#5I. Introduction & Investment Thesis Golden Flake SWEET HEAT BARBECUE CHICHARRONES FRIED PORK SKINS AYON CUT 1994 ROULDED CANYON R AVOCADO OIL CLASSIC SEA SALT CANYON CUT KETTLE COOKED GLUTEN FREE NET WT. 5.25 0 good health ENJOY BEING GOOD 2% 3% 572 VEGGIE STRAWS Sea Salt UD NET WT 6.75 OZ (191.40) utz SOURDOUGH- FAMILY SIZE utz Specials Original ORIGINAL PRETZELS HARE POTATO CHIPS Utz Baked Cheddar Cheese Balls HET WT 36 12 6 3 ) (992.20) HAWAIIAN. POTATO CHIPS KETTLE STYLE POTATO CHIPS SWEET MAUI ONION New Orleans Kettle Style VOODOO ****** FRIDAYS POTATO SKINS CHEDDAR & BACON Not Wt 5 oz (141.7g) Crispy & Crunchy NET WT 1.5 OZ (42g) ARE#6Utz is a Perfect Business Combination for Collier Creek Collier Creek Outz BRANDS SM Completed $440 million IPO in October 2018 to establish a new CPG "platform" company ■ Over 125 years of CPG and investing experience, including: ― Several former executives of Pinnacle Foods led by Roger Deromedi - Proven operating playbook and track record of shareholder value creation in food industry Objective at IPO to find Pinnacle 2.0: an attractive platform asset well suited for its value creation strategies: - Accelerate topline growth - Improve margins - Make strategic acquisitions ■$35 million co-investment by Sponsors alongside public investors (in addition to receiving promote shares) ■Leading manufacturer, marketer, and distributor of branded snacks in the U.S., including potato chips, pretzels, cheese snacks, pork skins, pub/party mixes, and veggie snacks ■ Strong portfolio of national and regional brands, including Utz, Good Health, Boulder Canyon, Zapp's, and Golden Flake ■ 99-year-old family company with deep heritage and authenticity ■ Over 43 years of consecutive Adjusted Net Sales growth(1) ■ #2 salty snack company in its core geographies; #4 nationally ■ 2020E Net Sales of $910 million and Pro Forma Adj. EBITDA of $124 million 1). Source: Management estimates and internal data. Represents Adjusted Net Sales growth (before changes to independent DSD operator discounts) for 2017-2019 and Net Sales prior to 2017. Please see page 40 for reconciliation of Adjusted Net Sales. butz BRANDS SM 3#7Why CCH is So Excited About This Opportunity Attractive and Growing Salty Snack Category ■ $26 billion in U.S. Retail Sales with 4.3% CAGR Over Last Five Years (1) ■ Resilient to Economic Downturns (4% CAGR from 2007-2010) (2) with Attractive Defensive Characteristics 2 Significant Competitive Moats ■ Iconic Brands with Strong and Growing Positions 3 5 Multiple Ways to Win Significant Shareholder Alignment Attractive Entry Valuation ■Competitively Advantaged Manufacturing and Distribution Network ■ Organic Sales Growth (Strengthened Marketing, Increased Distribution, Geographic Expansion, and Further Sub-Category Penetration) ■Margin Enhancement (Significant Cost Savings, Revenue Management, Mix) ■ Platform for Value-Enhancing Acquisitions ■Commitment by Collier Creek and the Rice/Lissette Family to Long-Term Value Creation ■ Alignment on Utilizing CCH Playbook ■Retention of 90% of Existing Equity by Rice/Lissette Family, Representing 50.2% Initial Economic Ownership ■ 11.6x 2021E Pro Forma Adj. EBITDA Multiple Represents a 1.7x Discount to 1-Year Peer Average (3) ■ 17.8x 2021E Adj. P/E Multiple Represents 2.7x Discount to 1-Year Peer Average (3) 1). IRI MULO+C data (for 5-year period ended 12/29/2019). 2). Euromonitor International data. 3). Peer 1-year averages as of June 1, 2020. Utz 2021E multiples compared to peer NTM+1 multiples. ⚫utz BRANDS SM 4#8Transaction Overview ■ Enterprise Value of $1,561 million (1) ■ Pro forma for the transaction Utz expected to have 2020E Net Debt of $385 million or ~3.1x 2020E Pro Forma Adj. EBITDA ■ Transaction will be structured as an Up-C with the Company entering into a customary tax receivable arrangement with Utz owners as part of the transaction ■ Expected transaction closing in Q3'20 Expected Cash Sources and Uses ($ in mm) Collier Creek Cash in Trust Account (2) Sponsor Co-Investment (3) Total Sources $453 35 $488 Cash Consideration to Existing Owners Repay Existing Debt and Preferred Units Transaction Fees Total Uses $60 376 52 $488 1). Enterprise value calculated based upon $1,151 million equity value and $409 million of Net Debt based on 12/31/19 balance. Equity value includes 115.1 shares outstanding. Excludes shares underlying warrants ($11.50 strike price) and seller and sponsor performance shares (which vest at $12.50 and $15.00 per share). Ascribes no value to net present value of net operating losses or other potential tax attributes. 2). Assumes no redemptions from CCH trust account. 3). Investment pursuant to forward purchase agreement with Collier Creek Partners, LLC ("Sponsor") and independent directors. utz SM LO 5 BRANDS#9CCH Team with Proven Track Record in Food Industry Pinnacle Foods Original Brands Pinnacle Foods: Case Study Duncan Hines Mrs Butter worth's gardein Net Sales ($mm) Doubled $1,514 $3,144 2007 2017 vlasic LOG CABIN. 350 Stock Appreciation CAGR from PF IPO to Sale Pinnacle Foods 24.1% 320 S&P 500 10.3 +233.3% Consumer Staples 6.0 BIRDS EYE Wish 290 Bone udis Gluten Free earth balance® Adj. EBITDA ($mm) (1) Nearly Tripled $231 Share Price Rebased to 100 260 230 200 170 140 $675 110 2007 2017 Source: Company filings, proxies, investor presentations, press releases. 1). During this time period, net income (loss) grew from ($115.4) million to $532.2 million. utz SM BRANDS 80 Mommy +72.4% Mar-13 Nov-13 Jun-14 Feb-15 Sep-15 Apr-16 Dec-16 Jul-17 Mar-18 Oct-18 Pinnacle Foods S&P 500 Consumer Staples +38.1% Met or Exceeded Consensus EPS Estimates 22 Consecutive Quarters from 2013 - 2018 6 CO#10Utz a Perfect Fit for Executing CCH's Operating Playbook Support Top Management • Fully Integrated • Strong Synergies • Multiple Enhancing Pinnacle butz BRANDS 2007 - 2017 2011 - 2019 Acq. Made 5 11 Syn.% 7.6% 8.1% Net Sales Build Platform with Strategic Acquisitions Reinvest to Accelerate • Portfolio Strategy • Marketing/Sales Optimization • New Product Innovations • Distribution Expansion Revenue Growth • Productivity Process Reduce Costs and Expand Margin • Capacity Optimization • High ROI Investments • Lean Overhead Prod. % COGS Pinnacle FOODS INC 2007 2017 butz BRANDS Today Future -2% -4% <1% 3-4% EBITDA 15.3% 21.5% Margin (1) 12.4% Mid- teens Marketing Spend (% Net Sales) Pinnacle butz FOODS INC BRANDS SM 2007 ~2% 2017 Today Future 3-4% ~1% 3-4% Five Consecutive Years of Composite Market Share Gains at Pinnacle Source: Management estimates and company filings 1). Represents Adjusted EBITDA as % of Net Sales for Pinnacle. Represents Pro Forma Adj. EBITDA as % of Pro Forma Net Sales for Utz. utz SM BRANDS 7#11Salty Snacks Among the Best Categories in CPG 2010-2019 U.S. Retail Sales Growth (1) 4.3% 2.2% 3.7% 2.6% 2.3% 2.0% 1.8% 3.8% 3.5% 1.4% (2) Salty Snacks Total Packaged F&B Sweet Biscuits / Snack Bars Non- Alcoholic Drinks (3) Confect. Baked Goods Ice Cream and Alcoholic Drinks Frozen Beauty / Personal Care Home Care Source: Euromonitor International. Desserts Supported by Strong Consumer Trends and Category Dynamics 95% of U.S. Population Snacking At Least Once Per Day Average American Snacks 2.6x Times Per Day ☐ Category leaders compete primarily with marketing and innovation versus price Low penetration by Private Label at 5-6% and flat for the last decade ~50% of U.S Eating Occasions are Snacks ~50% of U.S. Consumers Replacing Meals With Snacks Provides exposure to faster growing distribution channels Source: IRI, the Hartman Group, and The Consumer Goods Forum. 1). Represents CAGR. 2). Defined as Euromonitor U.S. Savory Snacks category with Savory Biscuits removed. 3). Excludes dairy products. utz SM BRANDS 8#12Utz Consistent Sales Growth Even During Economic Downturns 2001-2019(3) CAGR Total 8% Organic (2) 4% Recession $216 $222 $228 Net Sales ($ in millions) (1) Recession $398 $403 $359 $318 $290 $266 $254 $707 $656 $618 $559 $535 $513 $468 $772 COVID-19/ Recession $866 I Q1 2020 YOY 2001 2002 2003 I 2004 2005 2006 2). Based on management estimates for growth excluding acquisitions. (3) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1). Source: Internal financials. Figures for 2001-2019 represent Net Sales. 3). 2019 pro forma for the full year impact of Conagra Snacks and Kitchen Cooked acquisitions. Periods prior to 2019 are actual. 4). Represents growth over the comparable pro forma Q1 2019 net sales, including the impact of the Conagra Snacks and Kitchen Cooked acquisitions. See pages 30 and 40. utz SM BRANDS Growth +12%(4) 9#13Attractive Value Creation Potential Net Sales Adj. EBITDA Long-Term Organic Growth Model In-Line with Category 3-4% (¹) 6-8% Power Brands Focus Productivity / Margin Enhancements Deleveraging Adj. EPS 8-10% Exp. Dividend Yield (2) -2% ~40% Target Payout Ratio Initial Annualized Dividend of $0.20 Per Share for FY 2020 Total Shareholder Return -10-12% Plus Additional Upside From Strategic Acquisitions 1). Based on management estimates. 2). Does not include potential incremental dividends from excess tax distributions. utz BRANDS SM 10#14II. Business Overview Golden Flake SWEET HEAT BARBECUE CHICHARRONES FRIED PORK SKINS AYON CUT 1994 ROULDED CANYON R AVOCADO OIL CLASSIC SEA SALT CANYON CUT KETTLE COOKED GLUTEN FREE NET WT. 5.25 0 good health ENJOY BEING GOOD 2% 3% 572 VEGGIE STRAWS Sea Salt UD NET WT 6.75 OZ (191.40) utz SOURDOUGH- FAMILY SIZE utz Specials Original ORIGINAL PRETZELS HARE POTATO CHIPS Utz Baked Cheddar Cheese Balls HET WT 36 12 6 3 ) (992.20) POTATO CHIPS New Orleans Kettle Style VOODOO ****** HAWAIIAN. KETTLE STYLE POTATO CHIPS SWEET MAUI ONION FRIDAYS POTATO SKINS CHEDDAR & BACON Not Wt 5 oz (141.7g) Crispy & Crunchy NET WT 1.5 OZ (42g) ARE#15Nearly 100-Year Old Family Company with Tremendous Heritage Rich Heritage and Regional Expansion (1921-2011) National Scale Multi-Branded Snack Platform Created (2011-2019) Today 1920 1921 Founding by Bill and Salie Utz in Hanover, PA 1990s-2010 Geographic Expansion Throughout Northeast Estand Enpy UTZ'S HANOVER HomeBrand POTATO CHIPS 25 1940s-1960s - First Dedicated Manufacturing Plant (1947) and Expansion of Production Capabilities 2017 National Warehouse Distribution and DSD Transformation 1920s-1930s - Iconic "Little Utz Girl" Born QUTZ'S 1970s-1980s - Expansion into Other Salty Snack Sub-Categories, Including Pretzels and Cheese 2011-2019 - Rapid Geographic and Brand Portfolio Expansion Driven by Strategic M&A - Zapp in 2011 (South/Southeast) good health Even Golden Flake in 2014 (BFY) in 2016 (Southeast) BOULDER in 2017 (BFY/West) CONAGRA Snacks in 2019 (Pacific Northwest) Source: Management estimates. ⚫utz BRANDS SM 2020 Today - Largest Privately-Held Branded Salty Snack Company in the US - - 5+ million Pounds of Snacks per Week Reaching 75,000+ Retail Stores Across the Country 11#16Scale Player in Salty Snacks and #2 in Core Geographies 2019 U.S. Salty Snack Retail Sales ($ in millions) DSD(4) $16,047 $1,235 $1,094 $972 Core (1) U.S. Rank Share Rank Share Total Salty Snacks #2 7% #4 4% Potato Chips #2 12% #4 6% ~$2,000 Pork Skins #1 23% #3 12% $1,459 Cheese #2 7% #2 4% Pretzels #2 17% #3 10% $569 $492 $400 $260 $196 $195 $187 $171 $170 $145 $116 (2) Y PepsiCo Campbell's Kellogg's Utz General 00 BRANDS (3) Grupo Hershey's Hain Arca Herr's Truco Gruma Conagra Mars Mills Bimbo Celestial Cont. Old Dutch All Other Branded Private Label ✓ × ✓ 2 ✓ 2 × ✓ N Y N Y N Y Y Y N N Y N Y DSD Network Utilizes Partner's DSD Network × No DSD Network Category Diversification(4) Y Source: IRI MULO-C data (52-week period ended 12/29/2019). 1). Core geographies mean legacy Northeast and Mid-Atlantic regions of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington D.C. as well as Alabama, Illinois, Oregon, and Washington where Utz has acquired strong regional brands and distribution capabilities in recent years. See page 25. 2). Adjusted to include the full year impact of the Conagra Snacks and Kitchen Cooked acquisitions. 3). Adjusted to exclude the full year impact of brands acquired by Utz. 4). Based on management estimates and judgement. utz BRANDS SM 12#17Strong Brand Portfolio with Focus on Power Brands Iconic Heritage Power Brands (71% of Sales) Craft Better For You Licensed utz. Zappo POTATO CHIPS Golden Flake Pork Skins HAWAIIAN. BRAND KETTLE STYLE POTATO CHIPS good health ENJOY BEING GOOD" 1994 POTATO EST. BOULDER Foundation Brands (29% of Sales) Regional Golden Flake Chips/Cheese TIM'S CASCADE SNACKS Snyder OF BERLIN Jax Bachman Classic Quality Since 1884 Note: Sales represent invoiced sales, which represent net sales before the impact of certain trade deductions and independent DSD operator discounts. butz SM BRANDS kitchen cooked T.G.I.L FRIDAY'S CON TODA CONFIANZA...ES HERDEZ BRAND Other Partner Brands • Private Label 13#18Broad Distribution Across Channels and Customers... 2019 Utz Sales by Channel (1) Illustrative Customers Mass 14% (2) Other Drug 2% 6% Club 6% C-Store 20% Albertsons BJ's DOLLAR TREE COSTCO WHOLESALE DOLLAR GENERAL 15 FOOD LION GIANT EAGLE FRESH FOR EVERYONE TH Kroger QT QuikTrip sam's club Food 52% ShopRite Stop&Shop TARGET 1). Source: IRI MULO-C data (52-week period ended 12/29/2019). 2). Includes dollar/discount. butz SM BRANDS K FRESH FOOD SHEETZ MADE TO ORDER Wakefern FOOD CORP. Walmart Wawa weis ELEVEN No Customer Represents More than 10% Of Sales 15+ Year Average Relationship with Top Customers 14#19With Excellent Retail Shelf and Display Presence Utz Siz SELTZER ROOT BEER idz Un utz bee ATOS POP BEVERAC tz 12 utz Honey Barbeque POTATO CHIPS utz Navi Haisva Good POTT TO CHIPS butz BRANDS SM viz 我说凭tz Inginal Driginal utz UTZ U utz Iver POTATO CHIPS Bras Chip POTATO CHIPS Barbeque POTATO CHIPS utz Wa BirvaGood! POTATO CHIPS Massic yassics Jassics asics utz utz CHARRONES utz apecial sticks alles gets heel Snack Pack butz BRANDS SM 749 карро UTZS Pretzel Bu PARTY PARTY MX. PARTY MX MIX. UTZS Pretzel Rods UTZS UTZS UTZS UTZS UTZS Pretzel Preb Pretze Pretza Pref Pretzel Rods Rods Rods Rods Rods 2 Price 68 AS4 A12 O Everyday Spoms Drinks A8 AQ Soup Coffee Cookies Crackers Price $598 Low Price DILL PICK 198 ea gall Quiz Cheddar Cheese Balls Cutz FORTIYAP CHIPS alth ESTRA DESTRAW SIX valt ea Salt Salt GESAX Berali SBESTIX Balt vans healt EGGHIPS feefall BUY BENG GOOD ENJOY BEN good health good GIE RECES ea Salt good healt HIPS GIE MAVEGGIE'S a dall Bea Bal good health ENJOY BEING GOOD Buiz Cheddar Cheese Balls Bu BIE CHIPS Sall Quiz Cheddar Cheese Balls Guz Quiz Cheddar Cheese Balls Cutz ESTR GIE STRAV lea Salt ESTIX ESTIX Ball deagalla pall alfh 15#20Flexible, Efficient DSD and Warehouse Distribution System Direct to Warehouse ~17,000 Doors ~350 Retailer Distribution Centers Distributor ~15,000 D Doors ~635 Routes 1). Sourced from management estimates. butz BRANDS SM Direct to Warehouse Distributor Direct to Store (DSD) Network Direct to Store (DSD) 75,000+ Doors ~1,645 Total Routes 3 of the Top 4 Salty Snacking Companies Operate DSD Networks (1) Utz Transition to IOs % of Routes 2016 2019 Company-Owned 67% 23% Independent 33% 77% Operators (IO) Completed Transition Expected in 2021 16#21National Manufacturing Footprint with Broad Capabilities 14 Manufacturing Facilities ■ 400 Million Lbs. Annual Capacity(1) ▪~69% Capacity Utilization (1) Strong Quality and Safety Record utz Original POTATO CHIPS Processes Zappy CHIPS Ingredients ROULDED DCANYON R good health KETTLE CHIPS VOODOO Cheese Balls AVOCADO OIL CLASSIC SEA SALT 100% GLUTEN FREE- PRETZELS utz Ripple POTATO CHIPS Sea Salt Sea Salt Packaging -(4) utz Pub 4 utz BREATHE PACKS ELL utz who Chip Pack Multipacks Avocado Oil Olive Oil Gluten-Free Continuous Chips Bags Barrels Kettle Chips Extruded good Health HALF NAKED w of G 3 utz SUPERIOR DIPPING CHIPS Specials ORIGINAL Cantina Style YAHS! health ORGANIC TORTILLAS Black Bean & Rice good health VEGGIE STRAWS Sea Sall Golden Flake utz LOUISIANA Popped Baked Sheeted Organic Veggie 1). Based on management estimates of available capacity in 2019 over a seven-day work schedule, excluding weekly clean-up time. utz SM BRANDS HOT SAUCE FRIED PORK SKINS Pork Colon Prot Pretzel Stix Seasonals Trays utz Pub Stix Resealables 17#22Track Record of Accretive and Well-Integrated Acquisitions Year 2019 Target HAWAIIAN CONAGRA BRANDS. Snacks TIM'S Snyder Pre-Synergy Post-Synergy Adj. EBITDA Multiple Adj. EBITDA Multiple 11.2x 7.4x Cost Synergy % of Revenue 5.8% 2017 INVENTURE FOODS INC. 2016 OF BERLIN BOULDER NM 10.2x(1) 13.8% FRIDAYS Golden Flake 15.8x 7.6x 9.6% 2013 good health 13.2x 5.7x 8.7% ENJOY BEING GOOD" 2011 Zappo POTATO CHIPS 8.0x 5.6x 7.0% All Acquisitions (2) 7.4x 8.1% Source: Management estimates. Table excludes smaller tuck-in acquisitions details. 1). Purchase price net of NPV of step-up tax amortization benefits expected to be realized from the transaction. 2). All acquisition statistics based on weighted average and includes 6 additional smaller tuck-in acquisitions completed since 2011. ⚫utz SM BRANDS 18#23Highly Experienced Management Team butz BRANDS SM Name Dylan Lissette Cary Devore Title Years at Utz Background Chief Executive Officer 24 Years utz BRANDS SM M Metropoulos & Co. **UBS h|b|k EVP & Chief Financial Officer 4 Years pwc Mark Schreiber EVP, Sales & Marketing 3 Years PEPPERIDGE FARM Tucker Lawrence EVP, Chief Supply Chain Officer 15 Years Ajay Kataria EVP, Finance & Accounting 3 Years Todd Staub EVP & Chief Administrative Officer 23 Years G GLAT FELTER PEPSICO ای Frito Lay Good fun! Chobani GLATFELTER 19#24III. Value Creation Strategy Golden Flake SWEET HEAT BARBECUE CHICHARRONES FRIED PORK SKINS AYON CUT 1994 ROULDED CANYON R AVOCADO OIL CLASSIC SEA SALT CANYON CUT KETTLE COOKED GLUTEN FREE NET WT. 5.25 0 good health ENJOY BEING GOOD 2% 3% 572 VEGGIE STRAWS Sea Salt UD NET WT 6.75 OZ (191.40) utz SOURDOUGH- FAMILY SIZE utz Specials Original ORIGINAL PRETZELS HARE POTATO CHIPS Utz Baked Cheddar Cheese Balls HET WT 36 12 6 3 ) (992.20) POTATO CHIPS New Orleans Kettle Style VOODOO ****** HAWAIIAN. KETTLE STYLE POTATO CHIPS SWEET MAUI ONION FRIDAYS POTATO SKINS CHEDDAR & BACON Not Wt 5 oz (141.7g) Crispy & Crunchy NET WT 1.5 OZ (42g) ARE#25Goal: Be Fastest Growing Pure-Play Branded Snack Platform of Scale in U.S. A. Focus on Branded Snacking in the U.S. B. Deliver Strong Synergies butz BRANDS SM Continue Strategic Acquisitions butz BRANDS SM Value Creation Strategies Reinvest to Accelerate Revenue Growth Reduce Costs and Enhance Margins A. Drive Productivity B. Optimize Revenue and Trade C. Improve Margin Mix A. Accelerate Power Brands Through Enhanced Marketing and Innovation B. Expand Distribution in Underpenetrated Channels and Customers C. Continue National Geographic Expansion D. Increase Presence in Key Salty Snack Sub-Categories and Adjacencies 20 20#26Reduce Costs and Enhance Margins Company Positioned for Significant Ramp-Up in Cost Savings and Margins Business Transformation People, Processes, and Systems in Place ■ Eleven Acquisitions Successfully Integrated - 4 to 14 Manufacturing Facilities - SKU Count Expanded ~50%, Net of Rationalizations ■ DSD Converted to Independent Operators Upgraded Management and Dedicated Continuous Improvement Resources ■ Manufacturing and Trade Management Systems Implemented ■ Single, Upgraded ERP System Underway ■ Constrained by High Leverage as Private Company Utz Adj. EBITDA Margin (2) 12.4% Mid-Teens Capital Available ■ After SPAC Business Combination, Capital Reallocated to High ROI Productivity Initiatives 2019A Pro Forma(1) Target CCH Partnership CCH Proven Productivity and Cost Savings Playbook ■ CCH Team to Actively Partner with Utz Management Margin Target Reflects Planned Increase in Marketing and Brand Support 1). Represents 2019A Pro Forma Adj. EBITDA as % of Pro Forma Net Sales. 2). See page 40 for reconciliation. utz BRANDS SM 21 21#27Reduce Costs and Enhance Margins (Cont'd) Expected Financial Impact Procurement Manufacturing Processes ■ e-Auctions ■ Group Purchasing ■ Product Design ■LEAN/CI Projects ■ Raw Materials Waste/Giveaways ◉ Forecasting and Scheduling Ongoing Annual Productivity Savings of 3-4% of COGS A. Drive Productivity Manufacturing Footprint ■ Plant Optimization ■ Network Optimization Distribution ■ Route-to-Market Efficiencies ■ Final IO Conversion G&A ■ ERP Efficiencies Supply Chain Opportunities Identified with $50 million Potential Over Three-Year Period B. Optimize Revenue and Trade ■ New Trade Management Software in 2020 Leverage Insights from ERP Rollout ■ Price Pack Architecture Initiatives ~25bps per Annum Over 3 Years C. Improve Margin Mix butz BRANDS SM ■ Grow Higher-Margin Power Brands ■ De-emphasize Lower-Margin Private Label/Partner Brands ~30bps per Annum 22 22#28Accelerate Power Brands Through Enhanced Marketing and Innovation Increase Marketing Spend Advertising Expense % of Sales LT Target: ~3-4% Strong Momentum in Key Power Brands Retail Sales ($mm) CAGR: 3% 3.8% Sutz $495 $563 ACV Distribution (%) 61% 47% 2019: ~1% butz BRANDS 2014 2019 2014 2019 CAGR: 15% $46 Peer Average (1) Zappo 44% POTATO CHIPS $23 ☐ Improve Brand Marketing Execution Shift from "push” to “pull” marketing orientation Reallocate existing spend to higher ROI marketing Leverage consumer research and insights Enhance new product innovation capabilities good health ENJOY BEING GOOD Improve sales execution with analytics and technology 18% 2014 2019 2014 2019 CAGR: 29% $48 37% 33% $13 2014 2019 2014 2019 Golden Flake Pork Skins CAGR: 12% $37 $63 14% 9% 2014 2019 2014 2019 Source: Company filings, Management estimates. IRI MULO-C data for 2014 and 2019 calendar years. 1). Represents last reported fiscal year advertising expense as a % of Net Sales per most recent form 10-K reviewed as of April 29, 2020. Peers include Campbell's, Flowers Foods, General Mills, Hain, Hershey, Hostess, J&J Snack Foods, Kellogg, Mondelez, and PepsiCo. utz BRANDS SM 23 23#29Expand Distribution in Underpenetrated Channels and Customers Food C-Store 56.9% Share by Channel 7.3% 4.7% 3.6% 1.9% PEPSICO Campbell's butz Kellogg's HERSHEY'S BRANDS 4.7% 68.1% 4.2% 3.9% 3.5% 3.2% ☐ C-Store and Mass Strategies Expand C-Store presence through strengthened master distributor and redistributor relationships Drive Mass distribution by leveraging new national scale and expanded brand portfolio Develop channel specific packages and display units Mass Club PEPSICO 66.3% 4.7% Kellogg's Campbells Outz ☑BRANDS 4.9% 3.1% 2.4% 2.1% Rapidly Growing E-Commerce PEPSICO Kellogg's Campbell's putz BIMBO BRANDS 2019(1) Q1 2020(1) 57.6% % of Net Sales 1.2% 2.0% 5.3% 4.4% 3.8% 3.6% YoY Growth PEPSICO HERSHEY'S butz Kellogg's BRANDS 4.7% Share in C-Store and Mass Represents $210mm of Incremental Retail Sales Source: IRI MULO-C data (52-week period ended 1/26/2020) for salty snack category by channel. 1). Pro Forma for Conagra Snacks and Kitchen Cooked acquisitions. butz BRANDS SM 83% 106% 24 24#30Continue National Geographic Expansion Geographic Priorities AK CA Core WA MT ME ND OR TVD MN NH ID SD WI NY MA WY MI RI IA PA NE NJ NV OH IL IN UT -DE CO ww MD KS MO VA KY DC NC AZ TN OK NM AR SC GA MS AL HI TX LA Core FL Expansion Emerging ■ Strategies Focus on Large Population Markets -"Expansion" Markets: Florida, Texas, Mid-West -"Emerging" Markets: California, Arizona ■ Expand DSD Route Network ■ Drive Power Brands via National Warehouse Make Tuck-in Acquisitions Significant Opportunity for Growth in Expansion and Emerging Geographies Utz $ % 2019 Utz Rank Market Retail Sales Share 59% #2 7.4% Expansion 31% #4 3.2% Emerging 10% #6 1.2% National 100% #4 3.8% Source: IRI MULO-C data (52-week period ended 12/29/2019). utz SM ☑BRANDS Each One Point Share Gain in Expansion/Emerging Geographies Represents $180mm of Incremental Retail Sales 7.4% Share Nationally Represents $890mm of Incremental Retail Sales 25#31Increase Presence in Key Sub-Categories and Adjacencies 3.8% Share in Tortillas and RTE Popcorn Represents $235mm of Incremental Retail Sales Strategies % of Total Sub- Category Salty Snack Utz Category Share Potato Chips 30% 6.1% Tortilla Cheese 22% 0.3% 3.8% 11% 4.2% Introduce New Brands License Brands TORTIYAHS! TORTIYAHS! FORTIYAHS! SUPERIOR DIPPING CHIPS Cantina Style SUPERIOR DIPPING CHIPS SUPERIOR IPPING CHIPS Braz Lime Restawiant Style HERDEZ Tortilla Chips Authentic Blue Corn Masa COTOBACO HERDEZ Tortilla Chips HERDEZ Tortilla Chips Authentic White Com Masa CORN Line Extend Existing Brands RTE Popcorn 6% 1.4% 3.8% BOULDED CANTON BOULDER BOULDER BEEF JERKY ORIGINAL BEEF JERKY TERIYAKI BEEF JERKY SWEET & HOT Pretzel 5% 10.4% Pork Skins 2% 12.4% Total(1) & MINTYSON) Make Acquisitions good health VEGGIE STRAWS Sea Salt good health 5 72 VEGGIE CHIPS Sea Salt 5) Do ⑤ Other Adjacent Snack Category Opportunities 3.8% BFY/ Healthy Snacks ■ Bagel Cracker Chips Protein Snacks Source: IRI MULO-C data (52-week period ended 12/29/2019). 1). Total market share includes corn and other salty snacks. utz BRANDS SM Baked Snacks Pita Rice Snacks Nuts / Trail Mix Salsa / Dips 26 26#32Continue Strategic Acquisitions Proven Track Record Acquisition-Savvy Management Team and Experienced Board Near-Term Acquisition Criteria A. Focus on Branded Snacking in the U.S. with Concentration on Salty Snacks - Facilitate Geographic Expansion - Increase Presence in Sub-Categories - Enhance Growth Scalable M&A Platform Significant Synergy Opportunities Driven by Highly Leverageable Manufacturing and Distribution System B. Deliver Strong Synergies Robust Pipeline & Favorable Competitive Dynamics Utz is Logical Consolidator in Category with Numerous Opportunities ■ Smaller Tuck-ins Transformative / RMT Vehicle butz BRANDS SM Financial Priorities ☐ Accretive and Multiple Enhancing ☐ Consistent with Target Leverage Policy 27 27#33IV. Financial Overview Golden Flake SWEET HEAT BARBECUE CHICHARRONES FRIED PORK SKINS AYON CUT 1994 ROULDED CANYON R AVOCADO OIL CLASSIC SEA SALT CANYON CUT KETTLE COOKED GLUTEN FREE NET WT. 5.25 0 good health ENJOY BEING GOOD 2% 3% 572 VEGGIE STRAWS Sea Salt UD NET WT 6.75 OZ (191.40) utz SOURDOUGH- FAMILY SIZE utz Specials Original ORIGINAL PRETZELS HARE POTATO CHIPS Utz Baked Cheddar Cheese Balls HET WT 36 12 6 3 ) (992.20) POTATO CHIPS New Orleans Kettle Style VOODOO ****** HAWAIIAN. KETTLE STYLE POTATO CHIPS SWEET MAUI ONION FRIDAYS POTATO SKINS CHEDDAR & BACON Not Wt 5 oz (141.7g) Crispy & Crunchy NET WT 1.5 OZ (42g) ARE#34Utz Growth During COVID Significantly Better than Competitors Owned manufacturing network with available capacity and durable supplier relationships allowed for flexible and efficient production scale-up to meet significantly increased demand DSD distribution system with superior execution facilitated fast shelf replenishment and greater in-stocks ■ Consumers reassured by strong brand recognition in Core geographies Significant growth delivered across key retail channels with less exposure to COVID-impacted channels Utz Brands annual retail sales exceeded $1 billion for first time (52 weeks ended 4/19/20) (1) 2020 YoY Salty Snacks Retail Sales Growth (1) 4-Week Period Ended 2/23/20 5% 4% 3% 5% 6% Pre-COVID-19 Post-COVID-19 Total Salty butz BRANDS Snacks PEPSICO Campbell's Kellogg's butz BRANDS, ร 4% 5% Private Label 1). Retail Sales based on IRI Salty Snacks category for MULO+C unless otherwise noted. SM 14% 14% Snacks 24% 20% 12-Week Period Ended 5/17/20 By Channel 38% ■Total SS 36% 14% 10% 9% PEPSICO Campbella Kellogg's butz Private Label 26% 24% ■ Utz Brands 24% 20% 18% (11%) (10%) MULO+C Food Mass Club Convenience 28#35COVID Favorable Longer-Term for Utz Brands Longer-Term Increase in At-Home Food Consumption Accelerated Utz Sales Growth and Share Gains Longer-Term ■ Stay-at-home orders reintroduced at-home cooking and eating experience ■ Due to safety concerns, people will spend more time at home and avoid offices, restaurants, and public gatherings, with a potential enduring shift to "work-from-home" ■ Recession favors at-home versus away-from-home consumption Salty snack category growth driven by actual consumption given perishability and therefore more resilient than broader CPG to de-stocking issues ■ Mainstream brands like Utz more attractive during a recession ■ Strengthened customer relationships from ability to supply and provide retail coverage during COVID ■ Trial generated during COVID creating satisfied new Utz consumers given excellent product quality, with household penetration already increasing ~12% or ~2.7 million HH(1) ■ Reduced competition from smaller salty snack competitors that are less well-capitalized and more reliant on co-manufacturers and third-party distribution 4-Week Period Ended 3/22/20 2020 YoY Retail Sales Growth 4-Week Period Ended 4/19/20 4-Week Period Ended 5/17/20 31% 33% 29% 27% 22% 21% 21% 21% 16% Total HPC(2) Total Pack. F&B Total SS PEPSICO Campbells Kellogg's Source: IRI MULO-C data. utz BRANDS SM putz BRANDS ม 9% 20% 11% 9% 10% Private Label (5%) 1). Based on IRI panel survey for the 12-week period ended May 17, 2020. 2). Excludes household cleaning products. Total HPC(2) Total Pack. F&B Total SS PEPSICO Campbilla (0%) Kellogg's Autz. 4% 24% 17% 15% 12% 12% (19%) Private Label Total HPC(2) 2% Total 6% Pack. F&B Total SS PEPSICO Campbells Kellogg's Butz BRANDS (10%) 7% Private Label 29 29#36Utz Phenomenal Q1 Performance More than half of Q1 year-over-year EBITDA growth generated pre-COVID Strong performance from recent Conagra Snacks acquisition (Q1 year-over-year Net Sales and Adjusted EBITDA +10% and +28%, respectively) YoY % Growth +12% $228 $204 Net Sales ($mm) (1) +3% $682 $661 Pro Forma Adjusted EBITDA ($mm) (2) (% Net Sales Margin♦) YoY % Growth +5% +15% YoY $ Growth $910 +$16 $866 +9% $124 +$8 $108 $94 $86 Q1 (3) 2019 Q1 2020 (3) Q2-Q4 Q2-Q4 2019 2020 FY FY 2019 2020 +40% +$8 $30 $22 14% 14% 13% 13% 12% 11% Q1 Q1 Q2-Q4 Q2-Q4 FY (3) (3) 2019 2020 2019 2020 2019 FY 2020 1). Pro Forma for the acquisitions of Conagra Snacks and Kitchen Cooked. 2020 numbers exclude the impact of the 53rd week. 2). Pro Forma for the acquisitions of Conagra Snacks and Kitchen Cooked. Includes full run rate synergies and public company costs. 2020 numbers exclude the impact of the 53rd week. 3). See pages 39 and 40 for reconciliation. utz BRANDS SM 30#37Summary Financials ($ in mm) Net Sales $707 $772 $928 $910 $866 (1) (1) 2017 2018 2019 2020 2021 Pro Forma Adj. EBITDA (% Net Sales Margin ♦) $80 $73 $108 $134 $124 12.4% 13.6% 14.4% 10.4% 10.4% (2) (2) (2) 2017 2018 2019 2020 2021 Net Sales Growth (3) 9.2% 12.1% 5.1% 2.0% Pro Forma Adj. EBITDA Growth 9.6% 34.3% 15.1% 8.1% Organic Retail 3.5% Sales Growth (4) 2.6% 5+% 3+% 1). Pro forma for the acquisitions of Conagra Snacks and Kitchen Cooked. Excludes impact of Utz's 53rd week. See pages 39 and 40 for reconciliation. 2). Pro forma for the acquisitions of Conagra Snacks and Kitchen Cooked. Excludes impact of Utz's 53rd week. Includes full run rate synergies. See pages 39 and 40 for reconciliation. 3). Growth rate reflects the impact of final IO conversions, which reduce Net Sales from independent DSD operator discounts and improve Adjusted EBITDA Margins from the elimination of fixed selling and administrative costs. 4). IRI MULO+C data (calendar years ending 2017-2019). Excludes the impact of acquired brands until a full year of Utz ownership is in the baseline. utz SM BRANDS 31#38Significant Profit-Enhancing Capex Opportunities; Strong FCF Conversion Capital Expenditures ($ in mm) New ERP Implementation ■Profit Enhancing Maintenance $28.3 $25.0 $10.0 $18.6 $15.0 $15.2 $4.7 $13.1 $8.4 $3.2 $1.8 $5.4 $13.9 $12.1 $11.3 $9.9 $8.6 -$18.3 $10.0 (3) 2017A 2018A 2019A 2020E 2021 E % of (1) 2.2% 1.7% 1.6% 2.0% 2.7% Net Sales FCF (2) 79% 84% 87% 85% 81% Conversion 1). Calculation excludes ERP Implementation capex and is based on Pro Forma Net Sales. See page 40 for reconciliation. 2). Represents (Pro Forma Adjusted EBITDA - Capex) / Pro Forma Adjusted EBITDA. Calculation excludes ERP Implementation capex. See page 40 for reconciliation. 3). Excludes $6.4 million of non-recurring capex primarily related to the rebuild of the company's fire damaged FL plant that was subsequently sold later in the year. butz SM BRANDS 32#39Capital Focused on Driving Growth 1 Cash Flow Priorities Business Growth (Including M&A) 2 Debt Reduction • . Target Leverage 2020E Net Debt / PF Adj. EBITDA of 3.1x Target Net Leverage of 3 - 4x Higher Net Debt / Adj. EBITDA Possible for Strategic Acquisitions, Returning to Target Range within 1 - 2 Years Expected Deleveraging (1) 3 Dividend Increase 3.1x 4 Share Buyback 1). Represents Net Debt / Pro Forma Adjusted EBITDA. Please see pages 39 and 40 for reconciliation of Pro Forma Adjusted EBITDA to GAAP. butz SM BRANDS 2.6x 2020E 2021E 33 33#40Collier Creek ⚫utz BRANDS SM Golden Flake SWEET HEAT BARBECUE CHICHARRONES FRIED PORK SKINS AYON CUT 1994 ROULDED CANYON R AVOCADO OIL CLASSIC SEA SALT CANYON CUT KETTLE COOKED GLUTEN FREE NET WT. 5.25 0 good health ENJOY BEING GOOD 2% 3% 572 VEGGIE STRAWS Sea Salt UDO NET WT 6.75 OZ (191.40) utz SOURDOUGH- FAMILY SIZE utz Specials Original ORIGINAL PRETZELS BARD POTATO CHIPS Utz Baked Cheddar Cheese Balls HET WT 36 12 6 3 ) (992.20) Zappe POTATO CHIPS New Orleans Kettle Style VOODOO ****** HAWAIIAN. KETTLE STYLE POTATO CHIPS SWEET MAUI ONION Not Wt 5 oz (141.7g) Crispy & Crunchy NET WT 1.5 OZ (42g) FRIDAYS POTATO SKINS CHEDDAR & BACON#41Appendix Golden Flake SWEET HEAT BARBECUE CHICHARRONES FRIED PORK SKINS AYON CUT 1994 ROULDED CANYON R AVOCADO OIL CLASSIC SEA SALT CANYON CUT KETTLE COOKED GLUTEN FREE NET WT. 5.25 0 good health ENJOY BEING GOOD 2% 3% 572 VEGGIE STRAWS Sea Salt UD NET WT 6.75 OZ (191.40) utz SOURDOUGH- FAMILY SIZE utz Specials Original ORIGINAL PRETZELS HARE POTATO CHIPS Utz Baked Cheddar Cheese Balls HET WT 36 12 6 3 ) (992.20) POTATO CHIPS New Orleans Kettle Style VOODOO ****** HAWAIIAN. KETTLE STYLE POTATO CHIPS SWEET MAUI ONION FRIDAYS POTATO SKINS CHEDDAR & BACON Not Wt 5 oz (141.7g) Crispy & Crunchy NET WT 1.5 OZ (42g) ARE#42Transaction Overview ■ Enterprise Value of $1,561 million(1) (11.6x 2021E PF Adj. EBITDA)(2) Pro forma 2020E Net Debt/ PF Adj. EBITDA of 3.1x (all First-Lien) Existing Utz owners to be paid $60 million in cash consideration and issued 57.8 million rollover shares at close (3) ■ Company to enter into tax receivable arrangement with Utz owners as part of transaction ◉ Collier Creek to convert 2 million Founder Shares to Performance Shares vesting at $12.50 and $15.00; rollover Utz owners to receive 3.5 million Performance Units with identical terms Transaction Closing expected in Q3'20 Pro Forma Valuation ($ in mm) Collier Creek Illustrative Share Price $10.00 Expected Cash Sources and Uses ($ in mm) Collier Creek Cash in Trust Account (5) $453 Pro Forma Shares Outstanding (mm) (1) 115.1 Sponsor Co-Investment (6) 35 Total Sources Equity Value $488 $1,151 Net Debt (1) 409 Enterprise Value (1) $1,561 Cash Consideration to Existing Owners Repay Existing Debt and Preferred Units Transaction Fees $60 376 52 Valuation Multiples NTM PF Adj. EBITDA Multiple (4) CY'21E PF Adj. EBITDA Multiple Total Uses 12.1x $488 11.6x Expected Pro Forma Ownership(5) 1). Enterprise value calculated based upon $1,151 million equity value and $409 million of Net Debt based on 12/31/19 balance. Equity value includes 115.1 shares outstanding. Excludes shares underlying warrants ($11.50 strike price) and seller and sponsor performance shares (which vest at $12.50 and $15.00 per share). Ascribes no value to net present value of net operating losses or other potential tax attributes. 2). See page 40 for reconciliation to Pro Forma Adj. EBITDA. 3). Utz owners will retain limited liability company interests in a subsidiary limited liability company to the public company (see proxy for further details on transaction structure). Rollover shares represent public share equivalent upon conversion of limited liability company interests and exclude 3.5 million seller performance shares. 4). NTM EBITDA multiple based on Q2 2020 NTM Pro Forma Adjusted EBITDA. 5). Assumes no redemptions from CCH trust account. 6). Investment pursuant to forward purchase agreement with Sponsor and independent directors. utz BRANDS SM Collier Creek Public Shareholders 41.3% Rice/Lissette Family (Existing Owners) 50.2% 8.6% Collier Creek Founders 34 4#43Operating Benchmarking to Peers CY 2019-2021E Net Sales CAGR belling 12.0% 11.3% 3.5% 2.5% 2.3% 2.1% 1.4% 1.3% 0.7% Simply Good (7) FOODS LEMPUNT butz. BRANDS CY 2019-2021E Adj. EBITDA CAGR 16.3% 14.9% CY 2020E EBITDA Margin 24.8% PEPSICO Flowersfoods Hostess (3) Mondelez. (4) 11.5% 4.9% 4.4% 4.4% 2.8% (6) Simply Good DR. CONA (7) Butz BRANDS (2) FlowersFoods (3) Hostess PEPSICO 21.9% 21.3% 20.7% 20.3% 19.6% HERSHEY'S Kellogg's (5) (0.0%) (0.1%) (1.0%) g Campbells Peer Median: 1.3% (6) (7.0%) Mondelez (2) 2.3% 1.7% 1.6% 1.5% 1.3% HERSHEY'S 18.1% Kellogg's (5) belling Campbells ร Peer Median: 2.5% (15.1%) HERSHEY'S Hostess (3) Source: Company filings, FactSet. Market data as of June 1, 2020. utz SM BRANDS ร Campbells Mondele (4) belling 19.4% PEPSICO 16.6% 13.6% 10.7% (5) Peer Median: 19.5% 10.2% 9.0% 1). Pro Forma for acquisition of Quest. 2). Pro Forma for FY impact of Conagra Snacks and Kitchen Cook acquisitions. 3). Pro Forma for acquisition of Voortman's. 4). Pro Forma for acquisition of Perfect Snacks. 5). Pro Forma for divestiture of Keebler. 6). Pro Forma for divestiture of Tilda. Simply Good (7) BOCOR CONHE Kellogg's butz (2) BRANDS FlowersFoods (6) 35#44Valuation Benchmarking to Peers (1-Year Average Multiples) NTM EBITDA Multiple NTM + 1 EBITDA Multiple NTM + 1 P/E Multiple 31.5x 17.9x 17.7x 16.8x 16.3x 15.8x 14.9x 14.6x 13.5x 13.4x 13.3x 12.8x 12.1x 11.2x Simply Good 16.8x HERSHEY'S Mondelez, PEPSICO 16.3x 15.6x 14.7x 13.7x HERSHEY'S Mondelez ✔ PEPSICO Peer Median: 14.8x belling (1) Kellogg's FlowersFoods 13.4x 13.1x 13.1x 13.1x 12.8x ร Campbells Butz BRANDS (2) Hostess belliing (1) Kellogg's g Flowersfoods 25.9x 23.8x 22.7x 21.2x 20.8x 20.3x 18.9x 17.8x 1). Data as of IPO date, October 16, 2019. Simply Good Source: Company filings, FactSet. Market data as of June 1, 2020. utz SM BRANDS ROCO CELESTIAL HERSHEY'S PEPSICO FlowersFoods 2). Utz NTM EBITDA multiple based on Q2'20 NTM Pro Forma Adjusted EBITDA and NTM+1 multiples based on FY 2021 figures. belling Peer Median: 13.3x 12.7x 11.6x 10.7x Campbells Simply Good ROCOS CON butz BRANDS (2) Hostess (1) Mondelez butz BRANDS (2) Hostess 17.2x 17.0x Campbell's ร Peer Median: 20.5x 15.4x 15.3x Kellogg's 36#45Margin Enhancements Further Reduce Implied Entry Valuation ($ in millions) ⚫utz BRANDS SM Current Financial Profile (2020E) Net Sales $910 Pro Forma Normalized Financial Profile Adj. EBITDA Incremental % of Identified Margin (1) EBITDA Opportunities (2) Implied Multiple 15% $12 25% 11.4x (4) 16% $22 43% 10.7x Adj. EBITDA $124 Adj. EBITDA Margin 13.6% 17% $31 61% 10.1x (1) Normalized Adj. EBITDA Margin Mid- Teens Median Peer NTM EBITDA Multiple (3) — 14.8x 1). Represents potential future margin level based on management and CCH estimates reflecting identified potential margin enhancements and inclusive of expected incremental marketing investments. 2). Incremental EBITDA as a percentage of identified supply chain cost savings initiatives that have the potential to cumulatively deliver approximately $50 million of annual gross cost savings. 3). Represents 1-year average. Peers include BellRing, Campbell's, Flowers Foods, General Mills, Hain Celestial, Hershey's, Hostess, JJ Snack Foods, Kellogg's, Mondelez, PepsiCo, and Simply Good. See page 36 for additional detail. 4). See page 40 for reconciliation. utz BRANDS SM 37#46Expected Board of Directors Collier Creek Director Nominees Name Title Bio Family Director Nominees Name Title Roger Deromedi Former Chairman, Pinnacle Foods, Dylan Chairman • Former CEO, Kraft Foods Lissette Chief Executive Officer Former EVP & Chief Bio CEO, Utz 24 years at Utz Craig Steeneck Director; Chair, Audit Financial Officer, Director; • Pinnacle Foods Committee; Special Advisor • Former CFO, Mike Rice Chairman Emeritus; Special Advisor • Former Chairman & CEO, Utz 40+ years at Utz International Home Foods Former EVP & Chief Tony Fernandez Supply Chain Officer, Pinnacle Foods Director Former Chief Supply Tim Brown Director • Chain Officer, President & CEO, Sageworth 25-year Director at Utz Cadbury Sr. Vice President, Diageo • CFO, Hydrofarm Christina Choi Director • Former Global Brand John Lindeman Director • Former CFO, Vice President, AB InBev Calavo Growers Jason Giordano Director Chair, Compensation Committee Sr. Managing Director, CC Capital Former Managing Director, Blackstone John Altmeyer Director Chair, Nominating & Governance Committee Note: Represents expected director nominees, subject to requisite approvals. utz SM BRANDS Former CEO, Carlisle Syntec 38#47Non-GAAP Reconciliation Non-GAAP Reconciliation Fiscal Year Ended, December December December Fiscal Quarter Ended, March 31, March 29, 31, 2017 30, 2018 29, 2019 2019 2020 Net Sales (Per GAAP) $707 $772 $768 $178 $228 Net Independent DSD Operator Discounts 40 58 77 17 21 Sales Adjusted Net Sales $747 $830 $845 $196 $249 Net Income (Per GAAP) $17 ($28) ($13) ($3) $2 Depreciation and Amortization Interest Expense, net (1) 29 30 29 7 9 43 45 12 Tax Expense (Benefit) (16) 2 3 0 760 9 9 2 EBITDA $39 $48 $64 $16 $21 EBITDA Certain Non-Cash Adjustments (2) 12 17 16 1 1 Acquisition and Integration (3) 6 11 3 1 5 Business Transformation Initiatives (4) 13 3 5 Financing-Related Costs (5) 4 1 5 55 0 2 0 Adjusted EBITDA $73 $80 $93 $18 $29 Note: Dollars in Millions. 1). Includes net interest expense related to third-party obligations and interest income on loans made to independent DSD operators to facilitate their purchase of delivery routes. 2). Accounting policy change, fair value adjustment to long-term incentive program, mark-to-market commodity adjustments, and asset impairment/write-offs. 3). Non-recurring professional fees and expenses, travel, and integration costs related to historical acquisitions. 4). Non-recurring and one-time costs (including consulting and professional fees) of business transformation initiatives related primarily to the RSP-IO conversion, Rice/Lissette family-related items, onboarding/severance for certain administrative employees, and change in vacation policy. 5). Non-recurring financing costs and loss on extinguishment of debt. utz BRANDS SM 39#48Pro Forma Financials Reconciliation Pro Forma Adjusted EBITDA Reconciliation Historicals Projections Historicals 2017A 2018A 2019A 2020E 2021E Q1'19A Q1'20A Net Sales (GAAP) $707 $772 $768 $927 $928 $178 $228 Pre-Acquisition Net Sales (1) 97 26 Net Impact of 53rd Week (17) Sales Pro Forma Net Sales $707 $772 $866 $910 $928 $204 $228 Independent DSD Operator Discounts 40 58 77 82 93 17 21 Pro Forma Adj. Net Sales $747 $830 $943 $992 $1,021 $222 $249 Adjusted EBITDA $73 $80 $93 $124 $133 $18 $29 Pre-Acquisition EBITDA (1) 10 3 Acquisition Synergies (2) 7 5 1 2 2 EBITDA Public Company Costs (3) (2) (1) (1) Impact of Utz 53rd Week I (3) Pro Forma Adjusted EBITDA $73 $80 $108 $124 $134 $22 $30 Note: Dollars in Millions. 1). Includes Conagra Snacks and Kitchen Cooked pre-acquisition contribution. 2). Includes Conagra Snacks synergies in addition to synergies related to the acquisition of Kitchen Cooked. 3). Full year impact of anticipated incremental public company costs. utz BRANDS SM 40 40