Hostess SPAC Presentation Deck

PAGE 5 BRAND STRENGTH DRIVING GROWTH AND CATEGORY (1) (2) Special emotional relationship with consumers U.S. consumers share a special emotional relationship with the 96 year old Hostess, a brand that defines the rapidly growing "Indulgent Snacking" trend (3) (4) (5) 96 year history 90%+ Brand awareness Leading category growth Hostess has contributed over 70% of the SBG category's growth during recent 52 weeks Category growth Hostess hiatus(2) Category growth (3) since relaunch (9%) Notes: Hostess data does not include Superior. 11% TWINKIE THE KID I SAVED THE O TWINKIE Hostess contribution to category growth (4) Hostess All Other 84% 16% Recent 52 weeks Nielsen U.S. total universe, 52 weeks ending 9/10/2016. Nielsen U.S. total universe, 12 weeks ending 11/3/2012 compared to 12 weeks ending 1/26/2013. Premium price point(¹) Hostess products sell at a premium to the competition and the gap continues to widen ($/lb.) $2.68 Little Debbie 10.6% 82% premium 2H13 $3.03 $4.40 Private Entenmann's TASTYKAKE label 13.2% 2014 Strong growth momentum (5) Despite two years of rapid gains, Hostess still has room to grow $4.44 14.9% 2015 16.0% 2016 Market Share (Nielsen Total Universe) $4.86 Nielsen U.S. total universe, 52 weeks ending 9/10/2016. Nielsen U.S. 52 weeks ending 8/13/2016. Hostess market share, Total Nielsen Universe. Nielsen U.S. 12 weeks ending 10/6/2012, 24 weeks ending 1/4/2014, 52 weeks ending 12/27/2014, 1/3/2015, and year-to date ending 9/10/2016. Market share based on retail sales dollars. Hostess 22.3% SBG Avg. $3.66 Old Co Hostess

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