Financial Results and Outlook

Ingredients Platform Formation Adjacency Identification External Experts Study 2017 M&A Lead Adjacency Hired Identification FruitSmart Acquisition 2018 2019 Capital Allocation Strategy Announced Process and Pipeline Buildout Ingredients Lead Hired Silva Acquisition 2020 Shank's Acquisition 2021 ULT Capabilities ULT Value Chain End Market Trends Conclusion Market Screening Criteria Decision: Dual Market Approach Inputs Strengths Internal Decision Trends Growing Process Challenges Processing Target fragmented plant-based ingredients markets Distribution/ Wholesale Implications Implications Retail Scalable Optionality Support farmer base Close to processing core Growth Fragmentation Barriers to entry Fruit and vegetable processing Food additives (i.e. flavors and extracts) 52

View entire presentation