Hostess SPAC Presentation Deck

PAGE 12 STRONG MOMENTUM CONTINUES IN Q3 2016 Net Revenue ($ in millions) $498 24 474 YTD '15 Adj. EBITDA ($ in millions) $139 3 13% 136 18% YTD '15 $563 14 549 YTD '16 $164 2 162 YTD '16 I $166 8 158 Q3 '15 $42 1 41 Q3 '15 18% 34% $196 196 Q3 '16 $56 56 Q3 '16 Hostess (2) Gross Profit(1) ($ in millions) $209 5 204 YTD '15 16% 27.9% YTD '15 Superior (3) $243 4 Adj. EBITDA Margin 239 YTD '16 29.2% YTD '16 $64 2 62 Q3 '15 25.1% Q3 '15 29% $83 83 Q3 '16 28.4% Q3 '16 Q3 2016 Highlights: Hostess continues significant growth with 24% on a GAAP basis and 18% pro forma for Superior pre-acquisition results, driven by new product launches and continued development in small format Hostess drove gross margin increase of 3.7% and $19 million of total gross profit dollars, a 29% increase Hostess increased Adjusted EBITDA by 34% Hostess Adjusted EBITDA margin increased 330 bps for Q3 and 130 bps YTD Notes: 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 costs associated with Recall. (2) Hostess YTD'16 financials include the performance of Superior from 5/10/2016 through 9/30/2016 (correspondingly excluded from YTD'16 Superior results). Superior YTD 16 financials include the performance of Superior from 1/1/2016 through 5/9/2016. (3) Hostess

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