LNCE | Black Book Presentation Replay

Long LNCE – 8/19/15 Call Replay and Slides

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Our LONG thesis on LNCE is focused on three key points:

LNCE | Black Book Presentation Replay - chart 1

LNCE has repositioned their portfolio since the merger in 2010. They are now fully focused on branded products.

LNCE | Black Book Presentation Replay - chart 3

One of their biggest advantages is their Direct-Store-Delivery Distribution System (DSD). DSD is a big revenue driver, representing roughly 71% of sales.

LNCE | Black Book Presentation Replay - CHART 3b

LNCE has products for every occasion, from better-for-you to indulgent and everything in between.

LNCE | Black Book Presentation Replay - CHART 4

Snyder’s-Lance has gone through a period of broad based investments in infrastructure; they are now past this and shifting spending towards growing the top line.

LNCE | Black Book Presentation Replay - CHARt 5

LNCE has plenty of dry powder to do a deal, and they are looking.

LNCE | Black Book Presentation Replay - CHART 6

Our projected top line growth yields strong results.

LNCE | Black Book Presentation Replay - CHART 7

Margins are going to expand as LNCE leverages their newly remodeled system.

LNCE | Black Book Presentation Replay - CHART 8

LNCE | Black Book Presentation Replay - CHART 9

We see a solid 25%+ upside to the name without accounting for accretive acquisitions.

LNCE | Black Book Presentation Replay - CHART 10

Please call or e-mail with any questions.

Howard Penney

Managing Director

Shayne Laidlaw

Analyst