Hostess SPAC Presentation Deck

SIGNIFICANT GROWTH SINCE RE-LAUNCH WITH MEANINGFUL UPSIDE POTENTIAL PAGE 11 Net Revenue ($ in millions) % Margin: $582 27 555 2014A Adj. EBITDA ($ in millions) $147 2 145 2014A 25% $654 33 621 2015A $182 4 178 2015A 28% $718 39 679 LTM 9/30/16A $208 6 202 LTM 9/30/16A 29% Gross Profit(1) ($ in millions) % Margin: Hostess Standalone $239 5 234 2014A 41% Capital Expenditures ($ in millions) $55 2014A Superior Standalone $272 7 265 2015A 42% $28 2015A $306 10 296 LTM 9/30/16A 43% $29 LTM 9/30/16A Notes: Superior Cake Products, Inc. figures are unaudited based upon actual/estimated results and do not contain any adjustments as a result of applying purchase accounting. Some figures may not add up exactly due to rounding. See Appendix for an explanation of all non-GAAP measures and a reconciliation to the most comparable GAAP measures. (1) Gross profit figures exclude special employee incentive compensation as well as costs associated with Recall. Hostess

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