Exhibit 16(c)(xx)

 

Preliminary Draft | Subject to Review and Revision by Citi’s Fairness Opinion Committee Citi | Investment Banking Project Stellar Special Committee Discussion Materials March 31, 2026 Strictly Private and Confidential

Revision by Citi’s Fairness Opinion Committee Confidential Material Disclaimer The following pages contain material provided to the Special Committee of the Board of Directors (the “Special Committee”) of Utz Brands, Inc. (the “Company”) by Citigroup Global Markets Inc. (“Citi”) in connection with a possible transaction involving the Company. The accompanying material was compiled or prepared on a confidential basis solely for the use of the Special Committee of the Company and not with a view toward public disclosure under any securities laws or otherwise. The information contained in the accompanying material was obtained from the Company and public sources. Any estimates and projections contained herein have been prepared or adopted by management of the Company, obtained from public sources, or are based upon such estimates and projections, and involve numerous and significant subjective determinations, and there is no assurance that such estimates and projections will be realized. Citi does not take responsibility for such estimates and projections, or the basis on which they were prepared. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. In preparing the accompanying material, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the managements of the Company, that they are not aware of any relevant information that has been omitted or that remains undisclosed to Citi. The accompanying material was not prepared for use by readers not as familiar with the Company as the Special Committee of the Company and, accordingly, neither the Company nor Citi nor their respective legal or financial advisors or accountants take any responsibility for the accompanying material if used by persons other than the Special Committee of the Company. The accompanying material is necessarily based upon information available to Citi, and financial, stock market and other conditions and circumstances existing and disclosed to Citi, as of the date of the accompanying material. Citi does not have any obligation to update or otherwise revise the accompanying material. Nothing contained herein shall be construed as legal, tax or accounting advice. 2

1. Transaction Overview

Summary of Ithaca’s Non-Binding Proposal (March 18th, 2026) • Acquire all fully diluted Class A shares of Ulysses for $11.00/share in cash o ~45% premium over last closing price of $7.61 (as of March 17, 2026) – as stated in letter Proposal o ~21% premium over 30-day VWAP of $9.12 (as of March 17, 2026) – as stated in letter • Roll over all existing units of Ulysses Brands Holdings, LLC held by the Rice / Lissette family (the “Family”) • Cancel all existing Class V shares • Reverse subsidiary merger via newly formed U.S. subsidiary of Ithaca Transaction • Ulysses will continue to operate as a holding company and managing member of Ulysses Brands Holdings, LLC Structure • Post-close initial ownership: 50% Ithaca / 50% Family • All cash deal; no financing condition Financing • Funding from cash and existing credit facilities of Ithaca, new external debt, rollover of existing equipment debt • Prepared to complete diligence on an expedited basis (no specific timing shared) Due Diligence & • Customary diligence will include: commercial, supply chain, accounting, tax, legal Advisors • Advisors: BofA Securities (Financial), Skadden (Legal), EY (Accounting & Tax) Management • Management team viewed as critical to ongoing success; continued roles and incentive arrangements with select individuals Dividends & • Ulysses will not make any special or unusual distributions of cash (aside from regularly scheduled dividends) Distributions • Ulysses will not engage in any further share repurchases beyond what is already committed Internal Approvals • Proposal has received all required internal approvals from both the Ithaca Board and the shareholders of Ithaca • Proposal is conditioned on: (1) negotiating terms of the rollover; (2) a shareholder’s agreement with the Family; (3) mutually agreed treatment of the Tax Approvals & Receivable Agreement; (4) approval by Ulysses’ Special Committee; and (5) approval of a majority of disinterested Ulysses stockholders Conditions • Proposal remains subject to confirmatory diligence and customary closing conditions (including regulatory approvals) • Execution of definitive transactions conditioned on obtaining the Family’s consent as per required by the Investor Rights Agreement 4

2. Preliminary Financial Analyses

Preliminary Draft | Subject to Review and Revision by Citi’s Fairness Opinion Committee Ulysses Relative Share Price Performance Last 3 Years Share Price Performance Share Price Performance (March 30, 2023 – March 30, 2026; Rebased to Ulysses) 1-Month YTD 1-Year 2-Year 3-Year Ulysses (15.7%) (23.9%) (44.4%) (57.5%) (51.9%) $45 Mid-Cap Food (12.2) (21.8) (45.5) (51.0) (51.6) S&P 500 (7.8) (7.5) 13.7 20.7 56.6 $35 $25 +56.6% $16.29 $15 (51.6%) $7.83 $5 (51.9%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Ulysses Mid-Cap Food(1) S&P 500 Relative Share Price Performance – Last 52 Weeks Relative Share Price Performance – Last 90 Days (March 30, 2025 – March 30, 2026) (December 30, 2025 – March 30, 2026) Mid-Cap Food Mid-Cap Food 13.7% 13.1% (15.6%) (2.2%) (20.1%) (23.1%) (8.0%) (10.1%) (38.0%) (14.9%) (44.4%) (25.0%) (23.4%) (55.7%) (57.6%) (26.5%) (78.2%) (39.5%) Ulysses S&P 500 Ulysses S&P 500 6 Source: FactSet. Market data as of March 30, 2026. (1) Mid-Cap Food index includes Post Holdings, Marzetti, Flowers Foods, BellRing, B&G Foods, Simply Good Foods, and J&J Snack Foods.

Preliminary Draft | Subject to Review and Revision by Citi’s Fairness Opinion Committee Ulysses Next Twelve Months EBITDA Multiple Over Time Last 3 Years Firm Value / Next Twelve Months EBITDA Median FV / NTM EBITDA (March 30, 2023 – March 30, 2026) Current 1-Month YTD 1-Year 2-Year 3-Year 20x Ulysses 8.1x 8.2x 9.6x 11.7x 12.8x 14.7x Mid-Cap Food 7.8 7.9 8.2 9.3 11.8 12.9 17.8x 15.3x 15x 8.1x 10x (9.7x) 7.8x (7.5x) 5x Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Ulysses Mid-Cap Food(1) Relative Valuation Delta – Last 52 Weeks Relative Valuation Delta – Last 90 Days (March 30, 2025 – March 30, 2026) (December 30, 2025 – March 30, 2026) Mid-Cap Food Mid-Cap Food (0.0x) (1.3x) (1.3x) (0.2x) (0.5x) (0.6x) (0.9x) (4.3x) (4.5x) (5.2x) (7.3x) (2.2x) (2.3x) (2.9x) (2.9x) (14.0x) Ulysses Ulysses 7 Source: FactSet. Market data as of March 30, 2026. (1) Mid-Cap Food index includes Post Holdings, Marzetti, Flowers Foods, BellRing, B&G Foods, Simply Good Foods, and J&J Snack Foods.

Revision by Citi’s Fairness Opinion Committee Ulysses Summary Financial Forecast Historicals Ulysses LRP Wall Street Consensus Net Sales Adj. Gross Profit ($ in millions) (millions) $1,770 $1,803 $637 $650 $1,609 $1,673 $599 $1,513 $1,541 $534 $567 $1,438 $1,405 $1,439 $503 $465 $414 $1,518 $351 $1,496 $511 $493 2023A 2024A 2025A 2026AOP(1) 2027E 2028E 2029E 2030E(1) 2031E 2023A 2024A 2025A 2026AOP(1) 2027E 2028E 2029E 2030E(1) 2031E % Growth Based on 52- Based on 52- Based on 52- Based on 52- % Margin wks: 3.2% wks: 3.8% wks: 3.8% wks: 3.8% 2.1% (2.3%) 2.4% 5.2%/4.0% 1.8%/1.5% 4.4% 4.0% 5.8% 1.8% 24.4% 29.4% 32.3% 33.2%/32.9%34.7%/33.7% 35.2% 35.8% 36.0% 36.1% Adj. EBITDA(2) Adj. EBITDA(2) less Capex ($ in millions) ($ in millions) $310 $325 $267 $232 $283 $251 $246 $263 $225 $216 $232 $193 $205 $187 $200 $242 $151 $132 $107 $91 2023A 2024A 2025A 2026AOP(1) 2027E 2028E 2029E 2030E(1) 2031E 2023A 2024A 2025A 2026AOP(1) 2027E 2028E 2029E 2030E(1) 2031E % Margin % of Adjusted EBITDA 13.0% 14.3% 15.0% 15.3%/15.5%16.0%/15.9%16.3% 16.9% 17.5% 18.1% 70.2% 45.6% 49.6% 65.1% 78.5% 78.2% 79.4% 81.2% 82.1% Source: Financial forecasts and other information and data relating to Ulysses prepared by Ulysses management (“Ulysses Forecasts”), public filings, FactSet. Market data as of March 30, 2026. Note: Consensus estimates excludes brokers who did not update post Q4 2025 earnings. 8 (1) 2026AOP and 2030E reflect 53-week year (vs. 52 weeks in other years). (2) EBITDA is not burdened by share based compensation.

Preliminary Draft | Subject to Review and Revision by Citi’s Fairness Opinion Committee Summary of Preliminary Financial Analysis Current Share Price: Proposal Price Implied Implied FV / 2026AOP EBITDA $7.83 $11.00 Firm Value ($bn) EBITDA of $232mm Implied Equity Value per Share Reference Ranges Assumptions Low High Low High • Valuation date of December 28, 2025 (FYE) • Assumes 8.0%—8.6% WACC Illustrative Discounted $10.20 $14.25 • Assumes 1.5%—2.5% perpetuity growth rate $2.2 $2.8 9.7x 12.2x Cash Flow Analysis • Does not not express ress view ew on on any any payments ay ents under under the the tax tax receivable receivable agreement agreement • Does not include special dividends to Ulysses Class A Common Stock as still assessing • Based on NTM multiple range of 8.1x (current) to 11.7x (1-year median) Illustrative Future Share $8.30 $14.90 • Applied to 2027E—2029E EBITDA of $246mm, $263mm, $283mm, respectively $2.0 $2.9 8.5x 12.6x Price Analysis • Discounted at a midpoint cost of equity of 9.8% Selected Publicly • Based on + /—1.0x median of Selected Mid-Cap Food Public Companies Traded Companies $6.00 $9.35 • Reflects range of 6.6x to 8.6x 2027E EBITDA $1.6 $2.1 7.0x 9.1x Analysis • Reflects 2027E EBITDA of $246mm (FV / 2027E) • Based on + /—1.0x median Selected Mid-Cap Food Precedent Transactions Selected Precedent $10.30 $13.25 • Reflects range of 10.4x to 12.4x LTM EBITDA $2.3 $2.7 9.7x 11.6x Transactions Analysis • Reflects LTM EBITDA (12/28/2025) of $216mm All Cash • Based on median of all-cash premiums paid since 2023 $10.20 $11.75 $2.2 $2.5 9.7x 10.7x Premiums Paid • 30%—50% premium to current Ulysses price of $7.83 Only c e 52-Week Intraday • 52-week intra-day high on July 23, 2025 $7.12 $14.67 $1.8 $2.9 7.7x 12.5x Referen Trading Range • 52-week intra-day low on March 25, 2026 For Selected Research • Low of $10.00 per share (UBS) Analyst Price • High of $17.00 per share (RBC) $10.00 $17.00 $2.2 $3.2 9.5x 14.0x Targets • Median of $13.00 per share (Not Discounted)(1) • Total Price Targets: 9 Source: Ulysses Forecasts, public filings, FactSet. Market data as of March 30, 2026. 9 Note: Ulysses fiscal year ends the last Sunday closest to December 31. Implied share price rounded to the nearest $0.05 (except for 52-week Intraday Trading Range). (1) Excludes brokers who did not update post Q4 2025 earnings.

Revision by Citi’s Fairness Opinion Committee Ulysses at Various Illustrative Prices @ Market Proposal Price Per Share ($ in millions, except per share data) $7.83 $11.00 Share Price—Premium (Discount) to: Metric Last Close (March 30, 2026) $7.83 — 40.5% Non-Binding Proposal (March 17, 2026) 7.61 2.9 44.5 30-Day VWAP 8.27 (5.3) 33.0 90-Day VWAP 9.41 (16.8) 16.9 Intra-day 52-Week High (July 23, 2025) 14.67 (46.6) (25.0) Intra-day 52-Week Low (March 25, 2026) 7.12 10.0 54.6 Research Analyst Price Target Median 13.00 (39.8) (15.4) Firm Value Build Fully Diluted Shares Outstanding (mm)(1) 146.0 146.1 Equity Value $1,143 $1,607 (+) Debt 870 870 ( ) Cash (120) (120) Firm Value $1,893 $2,357 Implied Valuation Metrics Metric FV / 2025A (LTM) EBITDA $216 8.7x 10.9x Ulysses LRP Metric FV / 2026AOP EBITDA 232 8.2 10.2 FV / 2027E EBITDA 246 7.7 9.6 FactSet Consensus (excludes brokers who did not update post Q4 2025 earnings) Metric FV / 2026E EBITDA 232 8.2 10.2 FV / 2027E EBITDA 242 7.8 9.7 Source: Ulysses Forecasts, public filings, Bloomberg, FactSet. Market data as of March 30, 2026. 10 Note: Ulysses fiscal year ends the last Sunday closest to December 31. 30-Day and 90-Day VWAPs and Research Analyst Price Target Median from Bloomberg. (1) FDSO assumes Treasury Stock Method including 143.8mm basic shares, 0.6mm options (weighted average strike price of $6.05), and 2.0mm RSUs / PSUs outstanding. Share count based on public filings, and to be further refined by Ulysses management.

Appendix

Revision by Citi’s Fairness Opinion Committee Ulysses Discounted Cash Flow Analysis For the Fiscal Year Ending Last Sunday Closest to December 31, Terminal ($ in millions) 2026AOP 2027E 2028E 2029E 2030E 2031E Year(1) Net % Growth Sales $1,513 5.2% $1,541 1.8% $1,609 4.4% $1,673 4.0% $1,770 5.8% $1,803 1.8% $1,803 % Growth (based on 52-week year) 3.2% 3.8% 4.4% 4.0% 3.8% 3.8% Adj. % Margin EBITDA $15.3% 232 $16.0% 246 $16.3% 263 $16.9% 283 $17.5% 310 $325 18.1% $325 (-) Depreciation & Amortization (104) (17) (107) (17) (104) (17) (104) (17) (102) (17) (102) (17) (58) (17) (-) Share Based Compensation (+) Proceeds from Asset Sales (45) 25 (25) — (15) — (15) — (15) — (15) -——-Cash (-) Total EBIT Restructuring and Transformation $91 $97 $126 $147 $175 $191 $250 % Margin 6.0% 6.3% 7.9% 8.8% 9.9% 10.6% (-) Taxes 10.0% (9) 27.7% (27) 27.7% (35) 27.7% (41) 27.7% (48) 27.7% (53) 27.7% (69) % Tax Rate NOPAT $ 104 82 $107 70 $ 104 91 $106 104 $126 102 $138 102 $181 58 (+) Depreciation & Amortization (-) PP&E Capex (20) (61) (42) (11) (48) (9) (50) (8) (52) (6) (52) (6) (52) (6) (-) Cloud Capex (-) Change in NWC — (8) (8) (8) (8) (9) (5) (2) Unlevered Free Cash Flow $105 $116 $131 $144 $162 $173 $176 Sensitivity Analysis Firm Value Adjustments ($ in millions) Perpetuity Growth Rate Perpetuity Growth Rate Firm Value $2,486 1.5% 2.0% 2.5% 1.5% 2.0% 2.5% (-) Debt as of 12/28/2025 (870) WACC Firm Value ($ in mm) as of 12/28/25 WACC Implied Terminal EBITDA Multiple (+) Cash as of 12/28/2025 120 8.0% $2,480 $2,643 $2,835 8.0% 8.8x 9.6x 10.6x (3) (+) NPV of NOLs 12 8.3 2,354 2,498 2,666 8.3 8.4 9.1 10.0 Equity Value $1,748 8.6 2,239 2,367 2,517 8.6 8.0 8.7 9.4 (3) Common Shares Outstanding 143.8 WACC Implied Equity Value per Share WACC Implied 2026E EBITDA Multiple Options (TSM) 0.3 8.0% $11.84 $12.95 $14.26 8.0% 10.7x 11.4x 12.2x RSUs / PSUs 2.0 8.3 10.98 11.96 13.11 8.3 10.2 10.8 11.5 Fully Diluted Shares Outstanding 146.1 8.6 10.20 11.07 12.09 8.6 9.7 10.2 10.9 Equity Value Per Share $11.96 Discounted cash flow analysis does not express view on any payments under the tax receivable agreement. Source: Ulysses Forecasts, public filings, FactSet. Market data as of March 30, 2026. (3) NOLs carryforwards of $93mm as of December 28, 2025, assumed utilized against EBIT (for illustrative purposes) and discounted Note: Valuation date as of 12/28/2025. Ulysses fiscal year ends the last Sunday closest to December 31. Mid-year discount method for cashflows. across illustrative WACC range. 12 (1) Terminal change in net working capital assumed to be proportionate to midpoint of PGR of 2.0% based on 3.8% net sales growth in final year. (2) Terminal change in NWC based on midpoint of implied perpetuity growth rate.

Revision by Citi’s Fairness Opinion Committee Illustrative WACC WACC Build-Up Cost of Debt Related Metrics Target Net Debt / Total Capital: 30.0 – 40.0 % Value of Market Value Net Debt / Current Statutory Long-Term Net Debt of Equity Total Capital Marginal Tax Rate Yield Median Capital Structure of Selected Companies: 37.0 % Flowers Foods $1,743 $1,796 49.3% 25.0% 6.5% After-Tax Cost of Debt: 5.6 % B&G Foods 1,771 436 80.3 25.0 9.3 Simply Good Foods 203 1,371 12.9 25.0 5.5 Expected Long-Term Yield: 7.8 % Post Holdings 7,105 4,820 59.6 25.0 6.6 – Current Statutory Marginal Tax Rate: 27.7 %(1) BellRing Brands 1,121 1,906 37.0 25.0 7.0 The Marzetti Company (2) 3,851 (0.0) 25.0 NA Cost of Equity: 5.7% Equity Market Risk Premium 9.2 – 9.5 % J&J Snack Foods (65) 1,542 (4.4) 25.0 NA 6.7% Equity Market Risk Premium 9.9 – 10.3 % Median $1,121 $1,796 37.0% 6.6% Risk-Free Rate (20-Year CMT Bond): 5.0 % Average 1,696 2,246 33.5 7.0 Ulysses $750 $1,143 39.6% (3) 27.7%(1) 7.8% Assumed Equity Market Risk Premium—low: 5.7 % Assumed Equity Market Risk Premium—high: 6.7 % Cost of Equity Related Metrics Relevered Equity Beta: 0.74 – 0.79 (2) Adjusted Beta – Unlevered Asset Beta: 0.63 – Selected “Standard” Beta Measurement Period (Years): 5 Equity Beta Estimation High Debt Unlevering Unlevered (Bloomberg)(4) Period (Yrs) Yield Issuer Beta Tax Rate Asset Beta(5)(6) – Implied Net Debt / Equity Ratio: 42.9 – 66.7 % Flowers Foods 0.50 5.0 0.0 25.0% 0.29 Small Cap Risk Premium: 0.0 % B&G Foods 0.71 5.0 Y 0.3 25.0 0.40 Simply Good Foods 0.68 5.0 Y 0.3 25.0 0.64 High-Yield Issuer? (Y / N) Y Post Holdings 0.59 5.0 Y 0.3 25.0 0.44 Weighted Average Cost of Capital: 8.0 – 8.6 % BellRing Brands 0.80 5.0 Y 0.3 25.0 0.65 The Marzetti Company 0.50 5.0 0.0 25.0 0.50 5.7% Equity Market Risk Premium 8.1 – 8.0 % J&J Snack Foods 0.56 5.0 0.0 25.0 0.57 6.7% Equity Market Risk Premium 8.6 – 8.4 % Median 0.59 0.50 Low-end of WACC is based on low-end of equity market risk premium (5.7%) and high- Average 0.62 0.50 end of net debt / total capital ratio. High-end is based on high-end of equity market risk (1) premium (6.7%) and low-end of capital structure. Ulysses 0.79 5.0 Y 0.3 27.7% 0.63 Source: Public filings, Bloomberg, and FactSet. Market data as of March 30, 2026. (1) Tax rate for Ulysses. (2) Reflects unlevered asset beta for Ulysses. (3) Net debt for Utz includes term debt, notes payable, and cash & cash equivalents. (4) Adjusted Equity Beta based on weekly beta estimates per Bloomberg using MSCI total returns index since March 30, 2021. 13 (5) Adjusted Equity Betas for high-yield issuers are adjusted by adding (0.30 x (1-Statutory Marginal Tax Rate) x (Book Value of Debt / Market Value of Equity)). (6) Represents Post-High-Yield-Adjusted Equity Beta divided by 1 + ((1-Statutory Marginal Tax Rate) x (Book Value of Debt/Market Value of Equity)).

Preliminary Draft | Subject to Review and Revision by Citi’s Fairness Opinion Committee Illustrative Ulysses Future Share Price Analysis Illustrative Future Share Price Analysis Illustrative Discounted Future Share Price Analysis ($ per share) ($ per share, discounted at an illustrative cost of equity of 9.8%) Ulysses 1-Year Median NTM EBITDA @ 11.7x Ulysses NTM EBITDA @ 8.1x (Current Consensus Multiple) $19.25 $16.95 $15.05 $14.90 $14.40 $14.00 $12.20 $10.40 $9.45 $8.90 $8.85 $8.30 $7.83 $7.83 Current YE 2026 YE 2027 YE 2028 Current YE 2026 YE 2027 YE 2028 NTM EBITDA $234 $246 $263 $283 Shown for illustrative and informational reference purposes and not as an indication of actual future trading prices or other results which will be affected by various factors, including financial performance and market conditions. This reflects an arithmetic exercise assuming the Company’s shares trade at an illustrative multiple range. 14 Source: Ulysses Forecasts, public filings, FactSet. Market data as of March 30, 2026. Note: Illustrative future share prices rounded to the nearest $0.05. Assumes impact from dividends; no planned share repurchases. Ulysses fiscal year ends the last Sunday closest to December 31.

Revision by Citi’s Fairness Opinion Committee Selected Mid-Cap Food Publicly Traded Companies Operational Benchmarking Mid-Cap Food Ulysses Ulysses Consensus Forecasts Firm Value* ($ in bn) $1.9 NA $12.5 $3.8 $3.5 $3.0 $2.2 $1.6 $1.5 Revenue CAGR (CY2025A-CY2027E) Median: 1.2% 3.5% 4.4% 2.7% 1.7% (1) 2.5% 1.2% 0.4% 0.4% (0.4%) EBITDA CAGR (CY2025A-CY2027E) Median: 1.5% 5.9% 6.6% (2) 1.5% 3.9% 4.5% 3.4% (1.0%) (3.7%)(1)(2) (5.8%)(2) EBITDA Margin (CY2026E) Median: 16.7% 18.8% 16.7%(2) 17.7% 16.6%(2) 19.0% 15.5% 15.3% 12.0% 9.8%(2) Source: Public filings and FactSet. Market data as of March 30, 2026. Note: “*” denotes sort order. (1) 2025A pro forma for acquisition of Del Monte Foods’ stock & broth businesses and divestitures of Green Giant Canada and Green Giant U.S. frozen vegetables businesses. Assumes incremental net sales of $115 million and incremental EBITDA of $20 million from Del Monte 15 Foods’ stock and broth businesses, and a reduction in net sales in the amount of $240 million from Green Giant asset sales. (2) EBITDA figures include add-back of stock-based compensation expense to align with Ulysses reporting. Assumes LFY % of sales applied to consensus forecast period for each company as applicable.

Revision by Citi’s Fairness Opinion Committee Selected Mid-Cap Food Publicly Traded Companies Valuation Benchmarking Mid-Cap Food Ulysses Consensus Firm Value* ($ in bn) $1.9 $12.5 $3.8 $3.5 $3.0 $2.2 $1.6 $1.5 Firm Value / CY2026E EBITDA Median: 7.7x 11.8x(1) 8.2x 7.9x 7.7x (1) 7.0x (1) 7.0x 7.9x 5.6x Firm Value / CY2027E EBITDA Median: 7.6x 11.5x(1) 7.8x 7.8x 7.8x (1) 7.0x (1) 7.6x 6.6x 5.2x Source: Public filings and FactSet. Market data as of March 30, 2026. 16 Note: “*” denotes sort order. (1) EBITDA figures include add-back of stock-based compensation expense to align with Ulysses reporting. Assumes LFY % of sales applied to consensus forecast period for each company as applicable.

Preliminary Draft | Subject to Review and Revision by Citi’s Fairness Opinion Committee Selected Mid-Cap Food Precedent Transactions Firm Value / LTM EBITDA Median: 11.4x 19.9x(3) 17.8x 15.7x 11.1x (1) 12.5x (4)(5) 10.7x 9.6x (2) 11.4x 8.3x(4) Ann. Date Feb-12 Jan-13 Jan-15 Oct-15 Dec-17 Feb-21 Sep-23 Jul-25 Nov-25 Target Acquirer Firm Value $2.7 $0.7 $1.2 $1.9 $6.3 $3.4 $5.5 $3.1 $2.9 ($bn) Source: Public filings, investor presentations, press releases, and Wall Street research. (1) Reflects multiple estimated by Stephens, Inc. research report published January 4, 2013. Assumes 16% margin on reported $370mm of sales and $6mm in D&A. (2) LTM EBITDA reflects mid-point of company-provided CY2014 guidance issued at time of announcement ($119-$120mm). (3) Reflects multiple based on company CY2017 guidance per investor presentation at time of announcement. 17 (4) LTM EBITDA includes add-back of stock-based compensation expense to align with Ulysses reporting. (5) LTM EBITDA reflects preliminary Q2 2025 Adj. EBITDA figure published at time of announcement.

Revision by Citi’s Fairness Opinion Committee U.S. 1-Day Premiums Paid Summary (All Cash Only Announced Deals) 50% 43% Median: 39% 35% 29% 2023 2024 2025 2026 All Deals (Count) 67 78 91 22 Source: Deal Point Data. 18 Note: All-cash transactions over $500mm involving U.S. public targets announced since January 1, 2023. Premiums are adjusted for pre-announcement rumors within one month or confirmed sale processes/merger talks within six months; only for deals with acquiror seeking to buy 50%+ in a deal; data as of March 2026.

Preliminary Draft | Subject to Review and Revision by Citi’s Fairness Opinion Committee Ulysses Analyst Ratings Last 12 Months Ratings Evolution (March 30, 2025 – March 30, 2026) 100% $20 $17.50 27% 27% 27% 27% 27% 27% 27% 27% 27% 27% 27% 27% 33% $14.09 75% $13.00 50% $10 73% 73% 73% 73% 73% 73% 73% 73% 73% 73% 73% 73% $7.83 67% 25% 0% $0 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Jan 26 Feb 26 Mar 26 Buy Hold Sell Price Target Price Select Broker Price Targets & Valuation Methodologies(1) Premium to Broker Date Rating Target Price Valuation Methodology Current Mizuho 3/30/2026 Buy $14.00 79% Undisclosed TD Cowen 3/30/2026 Hold 11.00 40 9.5x FV / FY27 EBITDA Multiple Stephens 3/26/2026 Buy 14.00 79 FV / EBITDA Multiple(2) RBC 3/26/2026 Buy 17.00 117 Based on 80% DCF (~7% WACC, 1% PGR) and 20% Precedent Transactions (~16x EV / EBITDA(2) ) Barclays 3/24/2026 Buy 12.00 53 10.7x FV / FY26 EBITDA Multiple Piper Sandler 3/22/2026 Buy 13.00 66 ~10.5x FV / FY27 EBITDA Multiple Oppenheimer 2/17/2026 Hold n/a n/a n/a Bank of America 2/12/2026 Buy 12.00 53 11x FV / FY27 EBITDA Multiple UBS 2/12/2026 Hold 10.00 28 P / E and FV / EBITDA Multiple(2) Jefferies 2/12/2026 Buy 14.00 79 ~12x FV / FY27 EBITDA Multiple Broker Median $13.00 66% Source: Wall Street research, FactSet, and Bloomberg. Market data as of March 30, 2026. 19 (1) Excludes brokers who did not update post Q4 2025 earnings. (2) Exact metrics for price target not disclosed.