Hostess SPAC Presentation Deck

PAGE 14 ATTRACTIVE MARGIN PROFILE RELATIVE TO PEERS LTM 9/30/16 Adj. EBITDA Margins High growth food & beverage ~29% Hostess 85.8% (2) (1) (2) Median = 13.5% Hostess 13.6% LTM 9/30/16 FCF Conversion (1) WhiteWave 13.3% 84.5% THE HAIN CELESTIAL GROUP High growth food & beverage Median = 65.1% THE HAIN CELESTIAL GROUP 45.7% WhiteWave 32.2% Amplify 99.6% Amplify Snacking & baking Median = 18.7% 23.7% HERSHEY THE HERSHEY COMPANY 13.7% Snacking & baking 84.3% Snyder's Lance Snacking is our passion Median = 81.3% HERSHEY THE HERSHEY COMPANY 78.4% Flowers Foods 11.6% Flowers Foods 75.6% Snyder's Lance 23.1% B&G 92.0% (3) Lancaster Colony 22.6% 90.5% B&G 20.5% Median = 18.1% Source: Company and public filings; WallStreet Research; FactSet. Notes: LTM as of 9/30/2016. FCF conversion defined as (Adj. EBITDA-Capex) / Adj. EBITDA. Represents LTM 9/30/2016 Hostess FCF Conversion; Adj. EBITDA - $207.4 million, Capex $29.4 million; Hostess LTM 9/30/16 FCF Conversion of 85.8% Mid-cap food Pinnacle 86.9% 18.1% Post รสหวกฟร Mid-cap food Median = 84.8% 1 84.8% 17.5% Post સા Fall McCormick 81.0% Pinnacle 17.5% 80.8% Fall Lancaster Colony McCormick 10.5% 69.3% TreeHouse TreeHouse Hostess' competitively advantaged business model contributes to its best in class margins Hostess

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