Whole Earth Brands, Inc. (Form: SC 13E3, Received: 03/15/2024 17:35:38)

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13E-3

RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E)

OF THE SECURITIES ACT OF 1934

Amendment No.

WHOLE EARTH BRANDS, INC.

(Name of the Issuer)

Whole Earth Brands, Inc.

Ozark Holdings LLC

Sweet Oak Merger Sub, LLC

Sweet Oak Holdings LP

Sababa Holdings Free LLC

Martin E. Franklin Revocable Trust

Sir Martin E. Franklin

(Names of Persons Filing Statement)

Class A Common Stock, par value $0.00001 per share

(Title of Class of Securities)

96684W100

(CUSIP Number of Class of Securities)

Rajnish Ohri

Jeff Robinson

Co-Chief Executive Officers

Whole Earth Brands, Inc.

125 S. Wacker Drive

Suite 1250

Chicago, IL 60606

(312) 840-6000

Ozark Holdings LLC

Sweet Oak Merger Sub, LLC

Sweet Oak Holdings LP

Sababa Holdings Free LLC

Martin E. Franklin Revocable Trust

Sir Martin E. Franklin

Desiree DeStefano

500 South Pointe Drive, Suite 240

Miami Beach, Florida 33139

(786) 482-6333

(Name, Address, and Telephone Number of Persons Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)

With copies to

Christopher P. Giordano, Esq.

Jon Venick, Esq.

DLA Piper LLP (US)

1251 Avenue of the Americas

New York, NY 10020

(212) 335-4500

Alan Annex, Esq.

Brian J. Gavsie, Esq.

Dmitriy Tartakovskiy, Esq.

Laurie Green, Esq.

Greenberg Traurig, P.A.

401 East Las Olas Boulevard, Suite 2000

Fort Lauderdale, FL 33301

Tel: (954) 765-0500

This statement is filed in connection with (check the appropriate box):

a.	☒	The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.
b.	☐	The filing of a registration statement under the Securities Act of 1933.
c.	☐	A tender offer.
d.	☐	None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction, or passed upon the adequacy or accuracy of the disclosure in this transaction statement on Schedule 13E-3. Any representation to the contrary is a criminal offense.

INTRODUCTION

This Transaction Statement on Schedule 13E-3 (this “Transaction Statement”) is being filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), jointly by the following persons (each, a “Filing Person” and, collectively, the “Filing Persons”): (1) Whole Earth Brands, Inc., a Delaware corporation (“Whole Earth” or the “Company”) and the issuer of the common stock, par value $0.0001 per share (“Company Common Stock”) that is the subject of the Rule 13e-3 transaction; (2) Ozark Holdings LLC, a Delaware limited liability company (“Parent”); (3) Sweet Oak Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (“Merger Sub”); (4) Sweet Oak Holdings LP, a newly formed Delaware limited partnership and an indirect parent entity of Parent (“NewCo”); (5) Sababa Holdings FREE LLC, a Delaware limited liability company (“Sababa”); (6) the Martin E. Franklin Revocable Trust (the “Franklin Trust”); and (7) Sir Martin E. Franklin (“Franklin,” and together with Sababa and the Franklin Trust, the “Franklin Parties”).

This Transaction Statement relates to the Agreement of Merger, dated February 12, 2024 (including all exhibits and documents attached thereto, and as it may be amended from time to time, the “Merger Agreement”), by and among Whole Earth, Parent and Merger Sub. The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into Whole Earth (the “Merger”), with Whole Earth surviving the Merger and becoming a wholly owned subsidiary of Parent.

At the effective time of the Merger, each share of Company Common Stock issued and outstanding at the effective time of the Merger (other than (i) shares of Company Common Stock owned by the Issuer or any of its wholly owned subsidiaries or Parent or any of Parent’s affiliates, including Merger Sub, Newco and the Franklin Parties (collectively, “Company Excluded Shares”), and (ii) dissenting Company Common Stock) will be converted into the right to receive cash consideration equal to $4.875 per share of Company Common Stock, without interest and subject to any applicable withholding taxes. Upon completion of the Merger, the Company Common Stock will cease to be registered under Section 12 of the Exchange Act and will be delisted from the Nasdaq Stock Market, and the Company will become a privately held subsidiary of Parent.

Following the recusal of Mr. Michael Franklin, a member of the board of directors of the Company (the “Whole Earth Board”), the other members of the Whole Earth Board (the “Disinterested Directors”) formed a special committee comprised solely of Disinterested Directors (the “Special Committee”) to review and evaluate the non-binding proposal received from Sababa in June 2023 and any alternative proposals or other strategic alternatives available to the Company, including maintaining the status quo as a standalone public company. The Special Committee, with the advice of outside financial and legal advisors, evaluated the Merger and negotiated the terms and conditions of the Merger Agreement, as more fully described in the Proxy Statement (as defined below). After careful consideration, the Special Committee, pursuant to resolutions adopted at a meeting of the Special Committee held on February 12, 2024, unanimously (1) determined that the Merger Agreement and the transactions contemplated thereby (the “Transactions”), including the Merger, are advisable, fair to, and in the best interests of the Company and the holders of Company Common Stock (other than the holders of Company Excluded Shares) and (2) recommended to the Whole Earth Board that the Whole Earth Board (a) adopt resolutions approving, adopting and declaring advisable the Merger Agreement and the Transactions, including the Merger, and (b) recommend that the Company’s stockholders vote for the adoption of the Merger Agreement and the Merger at a special meeting of the Company’s stockholders to consider the proposed transaction (the “Company Stockholders Meeting”). The Whole Earth Board, acting upon the unanimous recommendation of the Special Committee and following the recusal of Mr. Michael Franklin, has (1) determined that the Merger Agreement and the Transactions, including the Merger, are advisable, fair to, and in the best interests of the Company and its stockholders (other than the holders of Company Excluded Shares); (2) approved and declared advisable the execution, delivery and performance of the Merger Agreement and the Transactions, including the Merger; and (3) resolved to recommend that the holders of Company Common Stock vote for the adoption and approval of the Merger Agreement and the Merger at the Company Stockholders Meeting.

The Merger cannot be completed without the affirmative vote of (a) the holders of a majority in voting power of the outstanding Company Common Stock, voting as a single class, and (b) the holders of sixty-six and two-thirds percent of the outstanding shares of Company Common Stock held by the Unaffiliated Stockholders (together, the “Company Requisite Vote”).

Concurrently with the filing of this Transaction Statement, the Company is filing a proxy statement (the “Proxy Statement”) under Regulation 14A of the Exchange Act with the SEC, pursuant to which the Company is soliciting proxies from the Company’s stockholders in connection with the Merger. The Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A. Terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement.

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

While each of the Filing Persons acknowledges that the Merger is a “going private” transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is “controlled” by any of the Filing Persons and/or their respective affiliates.

The information concerning the Company contained in, or incorporated by reference into, this Schedule 13E-3 and the Proxy Statement was supplied by the Company. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into, this Schedule 13E-3 and the Proxy Statement was supplied by such Filing Person. No Filing Person, including the Company, is responsible for the accuracy of any information supplied by any other Filing Person.

Item 1. Summary Term Sheet

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

Item 2. Subject Company Information

(a) Name and address. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—The Parties to the Merger”

“The Parties to the Merger—Whole Earth Brands”

“Important Information Regarding Whole Earth Brands”

“Questions and Answers”

(b) Securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—The Special Meeting—Record Date; Shares Entitled to Vote; Quorum”

“The Special Meeting—Record Date; Shares Entitled to Vote; Quorum”

“Questions and Answers”

“Important Information Regarding Whole Earth Brands—Security Ownership of Certain Beneficial Owners and Management”

(c) Trading market and price. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Important Information Regarding Whole Earth Brands—Market Price of Company Common Stock”

(d) Dividends. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Important Information Regarding Whole Earth Brands—Dividends”

(e) Prior public offerings. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Important Information Regarding Whole Earth Brands—Prior Public Offerings”

(f) Prior stock purchases. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Important Information Regarding Whole Earth Brands—Prior Public Offerings”

“Important Information Regarding Whole Earth Brands—Transactions in Company Common Stock”

Item 3. Identity and Background of Filing Person

(a) – (c) Name and Address of Each Filing Person; Business and Background of Entities; Business and Background of Natural Persons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—The Parties to the Merger”

“The Parties to the Merger”

“Important Information Regarding Whole Earth Brands”

“Important Information Regarding the Purchaser Filing Parties”

Item 4. Terms of the Transaction

(a)-(1) Material terms. Tender offers. Not applicable

(a)-(2) Mergers or Similar Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Plans for Whole Earth After the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Certain Effects on Whole Earth if the Merger is Not Completed”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“Special Factors—Certain U.S. Federal Income Tax Consequences of the Merger”

“Special Factors—Accounting Treatment”

“The Special Meeting—Votes Required”

“The Merger Agreement—Exchange and Payment Procedures”

“The Merger Agreement—Merger Consideration”

“The Merger Agreement—Conditions to the Closing of the Merger”

Annex A—Agreement of Merger

(c) Different terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Limited Guarantee”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“The Merger Agreement—Merger Consideration”

“The Merger Agreement—Exchange and Payment Procedures”

“The Merger Agreement—Employee Benefits”

“The Merger Agreement—Indemnification and Insurance”

“Proposal 2: The Compensation Proposal”

Annex A—Agreement of Merger

(d) Appraisal rights. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet—Appraisal Rights”

“Questions and Answers”

“The Special Meeting—Appraisal Rights”

“Special Factors—Certain Effects of the Merger”

“Appraisal Rights”

(e) Provisions for unaffiliated security holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Provisions for Unaffiliated Stockholders”

(f) Eligibility for listing or trading. Not applicable.

Item 5. Past Contacts, Transactions, Negotiations and Agreements

(a)(1) – (2) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“Special Factors—Financing of the Merger”

“Special Factors—Limited Guarantee”

“The Merger Agreement”

“Important Information Regarding Whole Earth Brands—Prior Public Offerings”

“Important Information Regarding Whole Earth Brands—Transactions in Company Common Stock”

“Important Information Regarding Whole Earth Brands—Past Contracts, Transactions, Negotiations and Agreements”

“Important Information Regarding the Purchaser Filing Parties”

“Proposal 2: The Compensation Proposal”

Annex A—Agreement of Merger

(b) – (c) Significant corporate events; Negotiations or contacts. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“The Merger Agreement”

Annex A—Agreement of Merger

(e) Agreements involving the subject company’s securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Intent of Whole Earth’s Directors and Executive Officers to Vote in Favor of the Merger”

“Special Factors—Intent of Certain Stockholders to Vote in Favor of the Merger”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“Special Factors—Limited Guarantee”

“Special Factors—Financing of the Merger”

“The Merger Agreement”

“The Special Meeting—Votes Required”

“Proposal 2: The Compensation Proposal”

Annex A—Agreement of Merger

Item 6. Purposes of the Transaction, and Plans or Proposals

(b) Use of securities acquired. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Plans for Whole Earth After the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Certain Effects on Whole Earth if the Merger is Not Completed”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“Special Factors—Delisting and Deregistration of Company Common Stock”

“Special Factors—Financing of the Merger”

“The Merger Agreement—Effects of the Merger”

“The Merger Agreement—Directors and Officers; Certificate of Incorporation; Bylaws”

“The Merger Agreement—Merger Consideration”

“The Merger Agreement—Exchange and Payment Procedures”

Annex A—Agreement of Merger

(c)(1) – (8) Plans. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Opinion of Jefferies LLC”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Plans for Whole Earth After the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Certain Effects on Whole Earth if the Merger is Not Completed”

“Special Factors—Intent of Whole Earth’s Directors and Executive Officers to Vote in Favor of the Merger”

“Special Factors—Intent of Certain Stockholders to Vote in Favor of the Merger”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“Special Factors—Financing of the Merger”

“Special Factors—Limited Guarantee”

“The Merger Agreement—Effects of the Merger”

“The Merger Agreement— Directors and Officers; Certificate of Incorporation; Bylaws”

“The Merger Agreement—Merger Consideration”

“Important Information Regarding Whole Earth Brands”

Annex A—Agreement of Merger

Annex B—Opinion of Jefferies LLC

Item 7. Purposes, Alternatives, Reasons and Effects

(a) Purposes. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Opinion of Jefferies LLC”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Plans for Whole Earth After the Merger”

“Special Factors—Certain Effects of the Merger”

Annex B—Opinion of Jefferies LLC

(b) Alternatives. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Plans for Whole Earth After the Merger”

“Special Factors—Certain Effects on Whole Earth if the Merger is Not Completed”

(c) Reasons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Opinion of Jefferies LLC”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Plans for Whole Earth After the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Certain Effects on Whole Earth if the Merger is Not Completed”

“Special Factors—Unaudited Prospective Financial Information”

Annex B—Opinion of Jefferies LLC

(d) Effects. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Opinion of Jefferies LLC”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Plans for Whole Earth After the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Certain Effects on Whole Earth if the Merger is Not Completed”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“Special Factors—Certain U.S. Federal Income Tax Consequences of the Merger”

“Special Factors—Financing of the Merger”

“Special Factors—Fees and Expenses”

“Special Factors—Delisting and Deregistration of Company Common Stock”

“The Merger Agreement—Effects of the Merger”

“The Merger Agreement— Directors and Officers; Certificate of Incorporation; Bylaws”

“The Merger Agreement—Merger Consideration”

“The Merger Agreement—Indemnification and Insurance”

“The Merger Agreement—Employee Benefits”

“Appraisal Rights”

“Proposal 2: The Compensation Proposal”

Annex A—Agreement of Merger

Annex B—Opinion of Jefferies LLC

Item 8. Fairness of the Transaction

(a) – (b) Fairness; Factors considered in determining fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Opinion of Jefferies LLC”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

Annex B—Opinion of Jefferies LLC

(c) Approval of security holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Reasons for the Merger; Recommendations of the Special Committee and the Disinterested Directors”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“The Special Meeting—Record Date; Shares Entitled to Vote; Quorum”

“The Special Meeting—Votes Required”

“The Special Meeting—Voting of Proxies”

“The Special Meeting—Revocability of Proxies”

“The Merger Agreement—Conditions to the Closing of the Merger”

“Proposal 1: The Merger Proposal”

Annex A—Agreement of Merger

(d) Unaffiliated representative. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Opinion of Jefferies LLC”

Annex B— Opinion of Jefferies LLC

(e) Approval of directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers to Vote in Favor of the Merger”

“Special Factors—Intent of Whole Earth’s Directors and Executive Officers in the Merger”

(f) Other offers.

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

Item 9. Reports, Opinions, Appraisals and Negotiations

(a) – (b) Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Opinion of Jefferies LLC”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Where You Can Find Additional Information”

Annex B—Opinion of Jefferies LLC

(c) Availability of documents. The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested equity holder of Company Common Stock or by a representative who has been so designated in writing.

Item 10. Source and Amounts of Funds or Other Consideration

(a) – (b), (d) Source of funds; Conditions; Borrowed funds. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Financing of the Merger”

“Special Factors—Limited Guarantee”

“The Merger Agreement—Other Covenants”

“The Merger Agreement—Conditions to the Closing of the Merger”

“The Merger Agreement—Conduct of Business Pending the Merger”

Annex A—Agreement of Merger

(c) Expenses. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Certain Effects on Whole Earth if the Merger is Not Completed”

“Special Factors—Fees and Expenses”

“The Special Meeting—Solicitation of Proxies”

“The Merger Agreement—Fees and Expenses”

“The Merger Agreement—Company Termination Fee”

Annex A—Agreement of Merger

Item 11. Interest in Securities of the Subject Company

(a) Securities ownership. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“Important Information Regarding Whole Earth—Security Ownership of Certain Beneficial Owners and Management”

“Important Information Regarding the Purchaser Filing Parties”

(b) Securities transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Background of the Merger”

“Important Information Regarding Whole Earth Brands—Transactions in Company Common Stock”

“Important Information Regarding Whole Earth Brands—Prior Public Offerings”

“The Merger Agreement”

Annex A—Agreement of Merger

Item 12. The Solicitation or Recommendation

(d) Intent to tender or vote in a going-private transaction. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Intent of Whole Earth’s Directors and Executive Officers to Vote in Favor of the Merger”

“Special Factors—Intent of Certain Stockholders to Vote in Favor of the Merger”

“The Special Meeting—Votes Required”

(e) Recommendation of others. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Proposal 1: The Merger Proposal”

Item 13. Financial Information

(a) Financial statements. The audited consolidated financial statements set forth in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 are incorporated herein by reference.

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Certain Effects of the Merger”

“Special Factors—Unaudited Prospective Financial Information”

“Important Information Regarding Whole Earth Brands—Book Value Per Share”

“Where You Can Find Additional Information”

(b) Pro forma information. Not applicable.

Item 14. Persons/Assets, Retained, Employed, Compensated or Used

(a) – (b) Solicitations or recommendations; Employees and corporate assets. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Disinterested Directors”

“Special Factors—Position of the Purchaser Filing Parties as to the Fairness of the Merger”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“Special Factors—Fees and Expenses”

“The Special Meeting—Solicitation of Proxies”

Item 15. Additional Information

(b) Golden Parachute Compensation. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Interests of Whole Earth’s Directors and Executive Officers in the Merger”

“The Merger Agreement—Merger Consideration”

“Proposal 2: The Compensation Proposal”

Annex A—Agreement of Merger

(c) Other material information. The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

Item 16. Exhibits

The following exhibits are filed herewith:

(a)(2)(i)

Proxy Statement of Whole Earth Brands, Inc. (included in Schedule 14A filed on March 15, 2024 and incorporated herein by reference).

(a)(2)(ii)

Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference).

(a)(2)(iii)

Letter to Stockholders (included in the Proxy Statement and incorporated herein by reference).

(a)(2)(iv)

Notice of Special Meeting of Stockholders (included in the Proxy Statement and incorporated herein by reference).

(a)(2)(v)

Current Report on Form 8-K, dated February 13, 2024 (included in Schedule 14A filed on February 13, 2024 and incorporated herein by reference).

(a)(3)(i)

Press Release, dated February 13, 2024 (included in Schedule 14A filed on February 13, 2024 and incorporated herein by reference).

(c)(i)

Opinion of Jefferies LLC, dated February 12, 2024 (included as Annex B to the Proxy Statement and incorporated herein by reference).

(c)(ii)

Discussion Materials of Jefferies LLC for the Special Committee, dated June 30, 2023.

(c)(iii)

Discussion Materials of Jefferies LLC for the Special Committee, dated July 10, 2023.

(c)(iv)

Discussion Materials of Jefferies LLC for the Disinterested Directors, dated July 14, 2023.

(c)(v)

Discussion Materials of Jefferies LLC for the Special Committee, dated August 2, 2023.

(c)(vi)*

Discussion Materials of Jefferies LLC for the Special Committee, dated October 16, 2023.

(c)(vii)*

Discussion Materials of Jefferies LLC for the Special Committee, dated October 24, 2023.

(c)(viii)*

Discussion Materials of Jefferies LLC for the Special Committee, dated November 4, 2023.

(c)(ix)

Discussion Materials of Jefferies LLC for the Special Committee, dated January 17, 2024.

(c)(x)*

Discussion Materials of Jefferies LLC for the Disinterested Directors, dated January 21, 2024.

(c)(xi)

Discussion Materials of Jefferies LLC for the Disinterested Directors, dated February 12, 2024.

(d)(i)

Agreement of Merger, dated as of February 12, 2024, by and among the Company, Parent, and Merger Sub (included as Annex A to the Proxy Statement and incorporated herein by reference).

(d)(ii)

Debt Commitment Letter, dated as of February 12, 2024, by and among Parent, Silver Point Finance, LLC (acting directly or indirectly through its parent or one or more of its direct or indirect affiliates, managed funds or accounts) and Fortress Credit Corp. on behalf of itself and/or as agent on behalf of one or more funds or accounts managed by affiliates of Fortress Credit Corp. (incorporated by reference to Exhibit F to Amendment No. 4 to the Schedule 13D filed by the Franklin Parties on February 13, 2024).

(d)(iii)

Limited Guarantee, dated February 12, 2024, by each of Sababa, Rhône Partners VI L.P., Rhône Offshore Partners VI L.P. and Rhône Partners VI (DE) L.P. in favor of the Company (incorporated by reference to Exhibit G to Amendment No. 4 to the Schedule 13D filed by the Franklin Parties on February 13, 2024).

(d)(iv)

Letter Agreement, dated as of February 12, 2024, by and among Franklin, the Franklin Trust, Sababa and the Company (incorporated by reference to Exhibit H to Amendment No. 4 to the Schedule 13D filed by the Franklin Parties on February 13, 2024).

(f)	Section 262 of the Delaware General Corporation Law.

107	Filing Fee Table.

*	Certain portions of this exhibit have been redacted and separately filed with the Securities and Exchange Commission pursuant to a request for confidential treatment.

SIGNATURES

After due inquiry and to the best of the undersigned’s knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

	WHOLE EARTH BRANDS, INC.

	By:	/s/ Rajnish Ohri
	Name:	Rajnish Ohri
	Title:	Co-Chief Executive Officer

	By:	/s/ Jeff Robinson
	Name:	Jeff Robinson
	Title:	Co-Chief Executive Officer

[Signature Page to SC 13e-3]

After due inquiry and to the best of the undersigned’s knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

	OZARK HOLDINGS LLC

	By: Mariposa Capital, LLC, its sole manager

	By:	/s/ Desiree DeStefano
	Name:	Desiree DeStefano
	Title:	Chief Financial Officer

	SWEET OAK MERGER SUB, LLC

	By: Mariposa Capital, LLC, its sole manager

	By:	/s/ Desiree DeStefano
	Name:	Desiree DeStefano
	Title:	Chief Financial Officer

[Signature Page to SC 13e-3]

After due inquiry and to the best of the undersigned’s knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

	SABABA HOLDINGS FREE LLC

	By:	/s/ Sir Martin E. Franklin
	Name:	Sir Martin E. Franklin
	Title:	Manager

	MARTIN E. REVOCABLE TRUST

	By:	/s/ Sir Martin E. Franklin
	Name:	Sir Martin E. Franklin
	Title:	Settlor and trustee of the Martin E. Franklin Revocable Trust

	SIR MARTIN E. FRANKLIN

	By:	/s/ Sir Martin E. Franklin
	Name:	Sir Martin E. Franklin

[Signature Page to SC 13e-3]

Exhibit (c)(ii)

Exhibit (c)(iii)

Exhibit (c)(iv)

Exhibit (c)(v)

Exhibit (c)(vi)

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Project WORLD Special Committee Discussion Materials October 2023 / Confidential Jefferies LLC Member SIPC The informatiol"I provided in this document including valuation discussions, represents the views of Jefferies Investment Banking There is no assurance that the views expressed herem will beconsistent with the views expressed by Jefferies Research or its Analysts Nothing in this document should be understood as a promise or offer of favorable research coverage Jefferies

Jefferies Jefferies LLC / October 2023 2 Table of Contents Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Situation Overview Public Market Benchmarks Preliminary Review of Strategic Options Preliminary Financial Analyses Appendix 4 6 14 18 30

Jefferies Jefferies LLC / October 2023 2 Disclaimer Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change The following pages contain material provided to the Special Committee (the "Special Committee") of the Board of Directors (the "Board") of WORLD (the "Company") by Jefferies LLC ("Jefferies") in connection with Project WORLD. These materials were prepared on a confidential basis in connection with an oral presentation to the Special Committee and not with a view toward complying with the disclosure standards under state or federal securities laws or otherwise. These materials are solely for use of the Special Committee in its evaluation of the proposed transaction and may not be used for any other purpose or disclosed to any party without Jefferies' prior written consent. The information contained in this presentation was based solely on publicly available information or information furnished to Jefferies by the Company. Jefferies has relied, without independent investigation or verification, on the accuracy, completeness and fair presentation of all such information and the conclusions contained herein are conditioned upon such information (whether written or oral) being accurate, complete and fairly presented in all respects. None of Jefferies, its affiIiates or its or their respective employees, directors, officers, contractors, advisors, members, successors or agents makes any representation or warranty in respect of the accuracy, completeness or fair presentation of any information or any conclusion contained herein. Jefferies, its affiliates and its and their respective employees, directors, officers, contractors, advisors, members, successors and agents shall have no liability with respect to any information or matter contained herein, or any oral information provided herewith or data any of them generates. Jefferies undertakes no obligation to update these materials. Neither Jefferies nor any of its affiliates is an advisor as to legal, tax, accounting or regulatory matters in any jurisdiction. This presentation is a preliminary analysis only and does not constitute a fairness opinion of Jefferies as to the value of the Company, and as such, should not be relied upon by the Company or by any other person as such. The financial data, analyses and assumptions reflected here remain subject to refinement and change based on further discussions and information regarding WORLD's businesses and its financial and operating markets.

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / October 2023 2 Situation Overview

Executive Summary Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change On June 2l5t, 2023, ROSWELL filed an amended 130 jointly with affiliated entities ("Bidder") updating its beneficial ownership to 21.08%Cll in WORLD Subsequently on June 25th, 2023, ROSWELL delivered a non-binding proposal (the "Proposal") to the Board of Directors (the "Board") of WORLD, pursuant to which Bidder proposed to enter into a transaction to acquire WORLD and combine it with Royal Oak Enterprises, LLC ("Royal Oak") for cash consideration of $4.00 per share The Proposal implied a 28.2% premium to WORLD's unaffected stock price of $3.12 on June 23rd, 2023, 44.9% premium to WORLD's 3-month VWAP price of $2.76 and 7.9x WORLD's LTM June 2023A Adjusted EBITDA Since then, Jefferies has engaged in numerous discussions with the Bidder and its advisor, and has had preliminary discussions with approximately 60 additional parties regarding a potential transaction with WORLD 11 parties (including the Bidder) signed an NOA, received a CIM and were offered access to a preliminary data room on September 19th, 2023 On October 9th, 2023, 7 remaining parties (not including the Bidder) were sent a process letter requesting an initial indication of interest by October 23rd, 2023 Jefferies has reviewed the Company's publicly available information and internal financial projections including its long-range plan ("Management LRP") that was finalized as of September 19th, 2023 At the Special Committee's direction, based on the work done to date, the materials included here reflect the following analysis and discussion topics: Public market perspectives Preliminary financial analyses of the Company's stand-alone intrinsic value, based on the Management LRP and an analysis of other publicly traded companies and precedent M&A transactions Supplementary analyses such as an illustrative financial buyer analysis and an M&A Premiums analysis (1) Reflects an ownership ol 8,905,223 shares of WORLD and calculated based on a total basic share count ol 42,245,974 as of May 9, 2023. Jefferies LLC / October 2023 5 Jefferies

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change PubIic Market Benchmarks Jefferies LLC / October 2023 6 Jefferies

LTM Performance June 26, 202311> ROSWELL Offers Volume Price $4.00 I Share to (000's) $6.00 Acquire WORLD 5,000 August 9, 2023 $5.00 November 9, 2022 March 13, 2023 Q2 Earnings 3 Earnings Release Q4 Earnings Release Release 4,000 $4.00 i I i I I m3,00a0 I I $3.00 I I January 1, 2023 Albe1 Manzone steps 2,000 $2.00 down; Michael Franklin becomes interim CEO $1.00 1,000 $0.QQ _.l_.,..........,.._..-"-'-"'-""-'"'-"'-"'-"....._.UU.""-"'UIIU"-"L""-"11"""""'""'"""'"""'...,_.IUIIULllUijl.....,,'-"'-.....,."-'-"''""'-'"'-""--UIIIUIIIUIII."""'"""'-"......._ 0 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Trading Statistics ROSWELL Unaffected'2l Proposa1<2> Current"> (6/23/23) (6/26/23) (10/13/23) Share Price $3.12 $4.00 $3.29 Shares Outstanding (mm) 44.169 44.169 48.435 Market Capitalization $137.8 $176.7 $159.4 PlUS: Total Debt 439.5 439.5 438.6 Less: Cash & Cash Eqv. (26.6) (26.6) (24.1) Enterprise Value $550.7 $589.5 $573.8 CY2023E Consensus Revenue $554.9 $554.9 $552.8 CY2024P Consensus Revenue $579.1 $579.1 $578.1 CY2023E Consensus EBITDA $76.4 $76.4 $76.5 CY2024P Consensus EBITDA $83.4 $83.4 $84.8 Pro Forma Capitalization Table 6/30/23 Net Interest $ % Leverage Rate Maturity Cash and Cash Equivalents $24.1 Term loan, due2028 $366.6 83.6% 4.5x S + 450<•> 2028 Revolving Credit Facility, due 2026 $72.0 16.4% 5.4x S + 375 2026 !Total Debt $438.6 100.0% 5.4x Based on LTM Adj. EBITDA as of 6/30/23: $77 ITerm loan Trading levels Price Yield Unaffected (6/23/23) $73.00 16.82% Current (10/13/23) $89.20 12.77% Valuation Metrics EV/ CY2023EConsensus Revenue EV/ CY2023EConsensus EBITDA EV/ CY2024P Consensus EBITDA 1.0x 1.lx 1.0x 7.2x 7.7x 7.5x 6.6x 7.lx 6.8x Trading Summary Share Price $3.12 $4.00 $3.29 52-Week High $6.74 $6.74 $4.72 52-Week Low $2.09 $2.09 $2.09 Current% of 52-Week High 46.3% 59.3% 69.7% 3-M Avg. Daily Vol. ('OOOs) 463.9 555.5 181.3 WORLD Trading Update ($Millions, except per share data) Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change PubIic Market Perspective Source, Company filings, S&Pcapital IQas of October 13, 2023. Note: Sharesoutstanding basedon fully diluted shares outstanding. (I) (2) (4) Dateof 130 public filing. Balance sheet details are as of 3131/2023. Consensusestimates for revenue and EBITOA areas of 6123/2023 and6126/2023, respectively. Includes 42,245,974 common shares (including 3,000,000 common shares currently held in escrow), 1,162,688 RSUs, 131,470 RSAs, 629,305 PSUs, 19,491,320 public warrants and771,980 private warrants. Each warrant is exercisable for one-half of oneshare at a strike price of $11.50 per whole share. (3) Balance sheet details are as of 6130/2023. Consensusestimates for revenue and EBITOAare asof 10/10/2023. Includes 42,767,109 common shares (including 3,000,000 commonsharescurrently held in escrow), 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs, 19,491,320 public warrants and 771,980 private warrants. Each warrant is exercisable for one-half of one share at a strike price of $11.50 per wtiole share. During the second quarter of 2023, the Company entered into an interest rate swap agreement to manage exposure to interest raterisk related to the variable portion of its term loan facility. The agreement converts the variable interest rate on $188.0 million of the term loan (approximately 50% of the notional amount of the facility) to a rate of 4.265% through February 2026. Jefferies LLC / October 2023 Jeffer 1•es 7

Preliminarv Draft - Confidential - Analvsis and Assumotions Subiect to Chane:e WORLD Trading Performance - Public Market Perspective Jefferies Jefferies LLC / October 2023 10 Stock Price Performance - Since SPAC Closing (June 2020) Price ,_ -_ -_ -_ -_ -_-_-_-_-_-_-_-R-O-SW-E-LL-E-sti-m-ate-d -Av-er-ye-C-os-t-B-as-is-of-$-5.4-7-I S-h-are-<1-J -----------,.. $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 6,000 $0.00 Jun-20 March 14, 2022 Q4'21 and Full Year Earnings Release Current: $3.29 Performance: {67.4%) Median: $7.50 April 18 - May 18, 2022 ROSWELL Begins Purchasing Shares in WORLD June 26, 2023 ROSWELL Offers $4.00 I Share to AcQuire WORLD March 13, 2023 ROSWELL Purchases 1,900,000 Shares. ownership is -18.33% i I March 14, 2023 ROSWELL Purchases 120,000 shares. ownership is -18.62% iI June 21, 2023 ROSWELL Purchases 488,923 Shares. 130 Filing. ownership is I -21.08% March 15, 2023 l ROSWELL Purchases 580,000 Shares. 130 Filing. ownership is -19.99% 5,000 4,000 3,000 2,000 1,000 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 -Volume -Price Source: 130 and Form 4 filings and S&P Capital IQas of October 13, 2023. Note: Represents Sababa Holdings FREE LLC purchases. Ownership percentage calculations include shares held by Sababa Holdings FREE and those held by Marpet, LLC. Roswell is the manager of this entity, and the Trust owns 75% of Marpet. See appendix for further detail. (1) Weighted average price.

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change WORLD Trading Performance - Public Market Perspective Stock Price Performance - Beginning Two Weeks Prior to ROSWELL Offer (June 26, 2023)<11 Price ,---------------: % R dsfu Roswfiioff;,---------------, $5.00 Jefferies Jefferies LLC / October 2023 10 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 June 26, 2023 ROSWELL Offers $4.00 I Share to Acquire WORLD ( -..-.Wh-ile-~-82-% -of , 1 Trading Volume at 1 1 or Below $4.00 , _BQ.S E,!L_O!fe!:.. -------, ( -18% of Trading 1 1 Volume Above the 1 1 $4.00 ROSWELL ' - - 9!f!!-:.:.- Volume (000's) 6,000 5,000 Em 4,000 3,000 2,000 1,000 Jun-23 Jul-23 Sep-23 $0• 00 ............._._............ ._........... .._...LL.--LLLL...._........LLL ..L&JL.L......IUL......_.. ,LLL....._-LII......._. ......_...LL.--LLLL...._--L,LLL--".L&JL.L......IUL.LLl'--JLLL.LL--LII......._. .LLI.....,_ 0 Oct-23 Aug-23 -Volume -Price Source: S&P Capital IQ as of October 13, 2023. (1) Date of 13D public filing.

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Benchmarking WORLD Trading Performance Stock Price Performance - Since SPAC Closing (June 2020) 60.0% 40.0% 20.0% 0.0% (20.0%) (40.0%) (60.0%) (80.0%) Mid-Cap Packaged Jefferies Jefferies LLC / October 2023 10 YTO LTM Since June 2020 (19.6%) (8.1%) (67.4%) (8.6%) 11.1% (1.9%) (7.5%) (2.3%) (8.5%) (100.0%) Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 -WORLD Dec-21 Mar-22 Jun-22 Sep-22 Ingredients -Mid-Cap Packaged Foods Dec-22 Mar-23 Jun-23 Sep-23 Source: S&P Capital IQ as of October 13, 2023. Ingredients Index comprised of TATE, INGR and SZU. Mid-Cap Packaged Focds Index comprised of BRBR, UTZ, SMPL, FLO, THS, HAIN, BGS and POST.

Preliminary Draft - Confidential - Benchmarking WORLD EV/ NTM EBITDA Multiple Over Time Analysis and Assumptions Subject to Change EV/ NTM EBITDA Multiple - Since SPAC Closing (June 2020) 16.0x 14.0x 12.0x IO.Ox 8.0x 6.0x 4.0x 2.0x O.Ox .... Mid-Cap Packaged Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 -WORLD Ingredients -Mid-Cap Packaged Foods Source: S&P Capital IQ as of October 13, 2023. (1) Ingredients Index comprised of TATE, INGR and SZU. (2) Mid-Cap Packaged Foods Index comprised of BRBR, UTZ, SMPL, FLO, THS, HAIN, BGS and POST. Jefferies Jefferies LLC / October 2023 11 1-Year Avg 3-Year Avg Since June 2020 Avg 7.0x 7.8x 7.7x 7.lx 7.7 7.8 12.3x 12.6x 12.Sx

Analyst Estimates Date Firm Recommendation Price Target Valuation Methodology FY2023E FY2024E Revenue I EBITDA Revenue I EBITDA 08/09/23 Canaccord Genuity LLC Buy $5.00 8.3x FY2024E EBITDA $558 $77 $580 $81 08/09/23 Jefferies Buy $7.00 8.5x FY2024E EBITDA $551 $77 $572 $81 08/09/23 Roth Capital Partners Buy $5.00 8.lx FY2023E EBITDA $550 $77 $573 $89 08/09/23 Imperial Capital Outperform $8.50 10.0x FY2023E EBITDA $555 $76 $586 $82 08/09/23 Lake Street Buy $6.00 8.5x FY2024E EBITDA $550 $76 $573 $84 Analyst Consensus $6.13 $553 $77 $578 $85 Management LRP $551(1) $79(1) $578(l) $95(1) One-Year Stock Price Performance (10/13/23) Price $14.00 $12.00 L $10.00 $8.00 '-. $6.00 -- - - $4.00 -- - -- - - -- -.I $2.00 $0.00 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 -Share Price -Research Analysts' Price Target Em -nm Oct-23 Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change WORLD Research Coverage and Estimates Source: Wall Street research and S&P Capital IQ as of October 13, 2023. (1) Management LRP provided by WORLD management. Jefferies LLC / October 2023 12 Jefferies

Market Snapshot LTM Incremental Volume Between Price (%) Current $3.29 Unaffected Stock Pricem $3.12 30-Day VWAP!2l $3.54 31.1% 60-Day VWAP!2l $3.75 26.8% 90-Day VWAP!2l $3.61 ( ;i;e:;o;o d- I I $4.00 Purchase I 180-Day VWAP!2l $3.20 21.2% I"--P-rice---1 LTM VWAPl2l $3.33 52-Week High $4.72 52-Week Low $2.09 9.6% 0.3% 0.0% $2.00 - $2.50 $2.51 - $3.00 $3.01 - $3.50 $3.51 - $4.00 $4.01 - $4.50 $4.51 - $5.00 $5.01 - $5.50 Volume Traded as a% of 0% 36% 106% 194% 295% 329% 329% Float<3>: Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change LTM Trading Activity Public Market Views: WORLD - Source: S&P Capital IQ asof October 13, 2023. Note: Fully diluted shares Includes 42,767,109 common shares (including 3,000,000 common shares currently held in escrow), 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs, 19,491,320 public warrants and 771,980 private warrants. Each warrant is exercisable for one-half of one share at a strike price of $11.50 per whole share. Unaffected stock price asof June 23, 2023. VWAP calculated based on trading days. (3) Float defined as 42,767,109 shares outstanding less 8,905,223 shares held by ROSWELL and 3,856,694 shares owned by company employees and individual insiders. Reflects volume traded below upper end of range. Jefferies LLC / October 2023 13 Jefferies

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / October 2023 16 Preliminary Review of Strategic Options

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / October 2023 16 Preliminary Overview of Potential Strategic Options • • • • 0 proceeds may be limited by current market cap Remain a public Deleverages company to Increase scale, expand Increased scale and Crystallizes potential Crystallizes potential company with access to a more optimal capital Branded CPG and synergies may allow premium valuation premium valuation public equity markets structure allowing Flavors & Ingredients combined company to potentially driven by based on monetizing operational flexibility segments and / or diversify business Synergy potential / accretion (provided better face current challenges and attract higher valuation multiple in market scale benefits / synergies Provides full liquidity event for existing upside potential Opportunity to institute potential changes to the Management can focus on executing current operations improvement plan to restore sales growth and profitability through organic initiatives focused on SKU rationalization, price increases and optimizing G&A and working capital Opportunity for current shareholders to benefit from potential upside acquisition is Current stockholders stockholders with business outside of successful and target have opportunity to limited operational the eye of the public performs) share in potential execution risk markets upside of combined business (e.g., Strategic partners may be able to offer Provides full liquidity event for existing ' increased scale, synergies) assuming some form of stock consideration is offered attractive premium stockholders with Iimited operational execution risk Scale could enable additional investments to drive growth x Potential risk for additional G&A investment to operate multiple brands " Current leverage levels x Dilutive to existing x Not feasible without x lack of actionable x Only one identified x Recent performance limit operational equity shareholders and new equity/ merger counterparties strategic buyer with and publicly disclosed flexibility and ability to may limit their upside deleveraging : x Relative value interest in the offer from existing grow via M&A " Continued x Could act as a considerations / value Company's business shareholder may limit x Negative investor sentiment towards small macroeconomic uncertainty in public distraction for management from at which Company is contributed (current x Current stockholders may not participate in " sponsor interest Current stockholders cap stocks could limit equity markets may current set of core equity value limits potential upside may not participate in " upside lack of scale may not position company to navigate challenging x negatively impact pricing and proceeds for equity raise PIPE investors may x initiatives Number of attractive, actionable targets may be limited, and new x contribution) May cede operational control to merger counterparty potential upside operating environment require structural seniority (preferred), and categories may be more competitive x Would not provide liquidity today x Future monetization based on performance of combined business " Integration risk

Process Summary to Date Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change [ Contacted Strate ics (15) *Participating in ROSWELL Group ,,, Signed NOA/ Received CIM (1 l)m Jefferies Jefferies LLC / October 2023 16 X Declined post-CIM (1)

Buyer Feedback to Date Preliminary Draft - Confidential - Analysis and Assumptions Subject lo Change Attractions Considerations Jefferies LLC I October 2023 Jefferies

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Preliminary Financial Analyses Jefferies LLC / October 2023 18 Jefferies

Branded CPG $410 $423 $428 $446 $467 $489 $511 $533 4.5% Flavors & Ingredients 105 116 123 132 144 150 157 164 6.0% Total Revenue $514 $538 $551 $578 $611 $639 $667 $697 4.8% % Growth 4.7% 2.3% 5.0% 5.7% 4.5% 4.5% 4.5% Adjusted Gross Profit Branded CPG 133 117 112 128 136 144 150 157 7.0% Flavors & Ingredients 41 50 58 61 66 69 72 75 5.2% Total Adjusted Gross Profit $174 $167 $170 $190 $202 $212 $222 $232 6.4% % Margin 33.9% 31.1% 30.9% 32.8% 33.0% 33.3% 33.3% 33.3% Operating Expenses Branded CPG (62) (54) (52) (55) (58) (60) (62) (63) 3.8% Flavors & Ingredients (11) (12) (14) (15) (15) (15) (16) (16) 2.0% Corporate (20) (23) (24) (25) (26) (26) (27) (27) 2.7% Total Operating Expenses ($92) ($88) ($91) ($95) ($99) ($102) ($104) ($107) 3.3% Adjusted EBITDA Branded CPG $72 $64 $60 $73 $78 $84 $89 $94 9.5% Flavors & Ingredients 30 38 44 47 51 53 56 59 6.2% Corporate (20) (23) (24) (25) (26) (26) (27) (27) 2.7% ($Millions) Historical Management Forecast FY2021A FY2022A FY2023E FY2024E FY2025E FY2026E FY2027E FY2028E !Total Adjusted EBITDA $82 $79 $79 $95 $103 $111 $118 $12511 9.6% % Margin 16.0% 14.7% 14.4% 16.4% 16.8% 17.3% 17.7% 18.0% Total D&A 23 25 25 25 25 25 23 21 (3.0%) Total Capital Expenditures $12 $9 $7 $9 $9 $10 $10 $10 8.4% % of Total Revenue 2.4% 1.7% 1.3% 1.5% 1.5% 1.5% 1.5% 1.5% Supply Chain Reinvention 8 23 13 2 NIA Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Historical and Projected WORLD Financial Summary Revenue CAGR '23E - '28E Source: Management LRP provided by WORLD management. Jefferies LLC / October 2023 19 Jefferies

Selected Valuation Methodologies Jefferies Jefferies LLC / October 2023 21 Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Methodology / Consideration General Description Comments Analysis of Selected Publicly Traded Companies Estimates current market value of WORLD based on trading multiples of selected publicly traded companies generally considered relevant for comparative purposes Analysis of Selected Transactions Estimates value of WORLD based on a review of selected merger and acquisition transactions generally considered relevant for comparative purposes Discounted Cash Flow Analysis Estimates the value of WORLD based on the present value of the Company's risk-adjusted cash flow For Reference Only: Financial Buyer (LBO) Analysis Analyzes the projected income statement and cash flows to determine a range of prices a third-party financial buyer might potentially pay to acquire the Company Premiums Paid Analysis A review, as an additional reference point for informational purposes, of premiums paid in selected M&A transactions involving public companies Reviewed 11 publicly traded Ingredients & Sweeteners and Packaged Foods companies Reviewed 15 completed transactions with publicly available information in the Ingredients & Sweeteners and Packaged Foods sectors Terminal Value calculated using perpetuity growth method Reviewed 177 all-cash transactions across all industries with transaction equity values between $100M and $500M closed since January 1, 2018 Applied relevant premiums to WORLD's stock price of $3.12 as of 6/23/23 (1-day prior) and WORLD's stock price of $2.86 as of 5/26/23 (30-days prior) Note: Jefferies did not attribute any particular weight to any analysis, methodology Of factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor; accordingly, Jefferies' analyses must be considered as a whole. Considering any portion of the analyses or the factors considered, without considering all analyses and factors, could create a misleading or incomplete view of the process undertaken by Jefferies.

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Preliminary Financial Analyses Summary - Based on Management LRP c 0 "Ill' "' Methodology Selected Public Companies Analysis (I) 2023E Adj. EBITDA Multiple (I) 2024P Adj. EBITDA Multiple Selected Transactions Analysis 2 2023E Adj. EBITDA Multiple< > Discounted Cash flow Analysis Perpetuity Growth Method (For Reference Only) financial Buyer Analysis Historical Premium Analysis All Industries (1 day) All Industries (30 days) Research Target Range 52-Week Trading Range 2023E EBITDA of $79.3M 2024P EBITDA of $94.7M $6.15 I I 1$4.75 $8.65 I I $4.:iJ5 $7.50 I I fI I $5.00 rI $8.80 1 I I $4 5 $7.60 $l10 I I $5.oo $3.10 $4.70 $5.00 $8.50 $2.10 $4.70 $2.00 $6.00 $8.00 $10.00 Implied Enterprise Value/ 6.4x 7.7x 8.9x 10.lx ll.3x S.4x 6.4x 7.4x 8.Sx 9.Sx Jefferies Jefferies LLC / October 2023 21 Metrics 7.0x - 9.0x 2023E Adj. EBITDA 2023E Mgmt Adj. EBITDA of $79.3M 6.8x - 8.8x 2024P Adj. EBITDA 2024P Mgmt Adj. EBITDA of $94.7M 7.8x-9.8x2023EAdj. EBITDA - 2023E Mgmt Adj. EBITDAof $79.3M Discount rate of 11.0% - 12.5% and perpetuity growth rate of 2.0% - 3.0% 20% - 25% IRR, 8.0x - 10.0x exit multiple, 5.0x leverage 25"' and 75th Percentile premiums to unaffected share price ($3.12), 1-day prior to 6/26/23 25"' and 75th Percentile premiums to unaffected share price ($2.86), 30-days prior to 6/26/23 Range of price targets of research published after offer from Bidder 52-Week intra-day high and low share prices Source: WORLD latest 10-Q filing (Asof June 30, 2023), Management LRPprovided by WORLD management. Note: Share prices are rounded to nearest $0.05. Fully Diluted Share Count includes 42,767,109 common shares, 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs (per lOQ as of 6130/2023). (I) Assumes debt balance of $438.6 million and cash balance of $24.1 million as of Q2 end numbers. (2) Assumes debt balance of $436.7 million and cash balance of $23.8 million as of year end 2023E per Management LRP.

Unaffected Current 6/23/23 10/13/23 Proposal Illustrative Stock Price per Share $3.12 $3.29 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 Fully Diluted Shares Outstanding11> 48.435 48.435 48.435 48.435 48.435 48.435 48.435 48.435 48.435 Fully Diluted Market Capitalization $151 $159 $194 $218 $242 $266 $291 $315 $339 Term Loan (as of 6/30/23) 367 367 367 367 367 367 367 367 367 Revolving Credit Facility (as of 6/30/23) 72 72 72 72 72 72 72 72 72 Less: Cash and Cash Equivalents (as of 6/30/23) (24) (24) (24) (24) (24) (24) (24) (24) (24) Implied Enterprise Value $566 $574 $608 $632 $657 $681 $705 $729 $753 Implied Premiums Premium to Unaffected (06/23) $3.12 5% 28% 44% 60% 76% 92% 108% 124% Premium to 20 day VWAP (06/23)121 $3.05 2% 8% 31% 48% 64% 81% 97% 113% 130% Premium to 90 day VWAP (06/23)121 $2.76 13% 19% 45% 63% 81% 99% 117% 135% 154% Premium to LTM VWAP (06/23)121 $3.58 (13%) (8%) 12% 26% 40% 54% 68% 82% 96% Premium I (Discount) to 52-Week High $4.72 (34%) (30%) (15%) (5%) 6% 17% 27% 38% 48% Management Adjusted EBITDA Multiples EBITDA LTM June 2023A $77 7.4x 7.5x 7.9x 8.3x 8.6x 8.9x 9.2x 9.5x 9.8x FY2023E $79 7.lx 7.2x 7.7x 8.0x 8.3x 8.6x 8.9x 9.2x 9.5x FY2024E $95 6.0x 6.lx 6.4x 6.7x 6.9x 7.2x 7.4x 7.7x 8.0x Consensus Adjusted EBITDA Multiples EBITDA FY2023E $77 7.4x 7.5x 7.9x 8.3x 8.6x 8.9x 9.2x 9.5x 9.8x FY2024E $85 6.7x 6.8x 7.2x 7.5x 7.7x 8.0x 8.3x 8.6x 8.9x Preliminary Draft - Confidential - Illustrative Analysis at Various Prices ($Millions, except price per share data) Analysis and Assumptions Subject to Change Illustrative Analysis at Various Prices Sources: WORLD latest lM filing (Asof June 30, 2023) and Management LRPprovided by WORLD management. Includes 42,767,109 common shares, 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs (per lOQ as of 6/30/2023). VWAP calculated based on calendar days. Jefferies LLC / October 2023 22 Jefferies

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Preliminary Analysis of Selected Public Companies - Trading Multiples EV/ 2023E EBITDA Ingredients & Sweeteners edian: 7.0x Mid-Cap Packaged Foods Median: 10.0x 18.0x 7.7x 8.9x 7.2x 7.0x 4.8x Enterprise Value ($Ml ROSWELL ProposaJCll Market Valuation (Unaffected)l2l $551 $590 TATeO{Lv1.e } lngredion $3,552 $8,329 $6,319 bellf\RD $6,605 Simply $3,581 !utz. $2,611 • Tr,,.-eHouae $5,454 $3,909 $1,698 $2,797 $11,202 EV/ 2024E EBITDA lngreclients & Sweeteners Median: 6.Sx _. Mid-Cap Packaged Foods Median: 9.4x 16.0x 7.lx 8.4x 6.6x 6.8x 5.0x ROSWELL Proposal01 Market Valuation (Unaffected)l2l $551 Enterprise Value ($Ml $59o TATf!O{LVI.C $3,552 $8,329 $6,319 } lngredion bellr1ng $6,605 Simply $3,581 $2,611 $5,454 • l'redlmuie $3,909 $2,797 $1,698 $11,202 Source: S&P Capital IQasof October 13, 2023. Note: Multiples are inclusive of stock-based compensation add backs. As of June 26, 2023. As of June 23, 2023. Proforma for recent announced sale of Lakeville, MN Facility and Snack Bars business for $63M on September 6, 2023. Jefferies LLC I October 2023 23 Jefferies

Preliminary Draft - Confidential - Preliminary Analysis of Selected Public Companies - Leverage Jefferies Jefferies LLC / October 2023 25 Analysis and Assumptions Subject to Change LTM Net Leverage Ratio Ingredients & Sweeteners Median: 2.2x I 6.7x 5.4x 2.4x 2.2x l.9x World Mid-Cap Packaged Foods Median: 4.4x TATEO{LVLE ., lngredion !utz. Tr•edlou&e bellifng· Source: Company transcripts and S&P Capital IQ asof October 13, 2023. Note: Net Leverage defined as(Total Debt-Cash)/ LTM EBITDA.

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Preliminary Analysis of Selected Public Companies - Financial Benchmarking Ingredients & Sweeteners Mid•Cap Packaged foods ($Millions) 2023E Revenue '22E- '23E Revenue Growth 2023E Gross Margin 2023E EBITDA ,--I ----W-orl-d --·I·I----W-o-rld----I · L_! !!s.:.'!! -J l_ .:'!!!:!!'!n -J '22E- '23E 2023E EBITDA Growth EBITDA Margin Jefferies Jefferies LLC / October 2023 25 $10,683 20% TATE(YLYLE 49% $1,313 Tr•edlouse 34% bell11ng 21% $8,421 TATE(YLYLE 19% ..,,. l 'f"ers 48% $7,296 bellnng 19% Simply ,.,?._ 36% SOD- f) lngredion ® J· l yJers $1,295 ® SOD 26% Simply 20% t'> SOD- ® lngredion $1,192 22% TATE(YLYLE 19% - $5,123 SOD- ...> l YJe·rs $516 bellnng t') lngredion 20% ® 18% • $3,734 • TATE(YLYLE $400 19% 15% Tredlouse 'lrccHonse 12% 1.utz. 35% 8% SOD- 32% hO Fooosc, t111c. TATE(YLYLE $2,159 ,,fJ ers 7% bell11ng 32% Median $2,089 Median 6% Median 31% • i---------------1 $385 Simply 2.'.! 10% ; World 14%; ft1.>elloUJ1e ---f-)-----------· M edian $355 Median 9% bell11ng $355 l.utz. 9% 14% lngredion r---------------1 $2,089 hO FootK, htc. - $1,806 belh1ng $1,703 !utz. $1,460 imply '?.'.! $1,260 Simply '?.'.! 6% ; World 31 %; Median 14% ---------------• ') 6% i; -W--or-ld--------1-4-%-·; 27% $316 5% lngredion llO ,INC. llO ,INC. ---------------' i---------------· lutz. 4% ; World 26%; Simply 2.'.! $252 .J- l yvers 3% l.utz. 13% ---------------' r---------------1 - l.utz. i---------------· SOD- ; World 3%; 22% $186 ; World 0%; 12% i------------------------------·1 r------------------------------1' - $164 • S i---------------1 ; World 2%; 22% ; World (3%); T:n.,"t:Hotu.e 10% -----------------· aaoJooos,'"'· } --------------..1 - i---------------, ..,.FJRY'ers ; World $553; (3%) Ingredion 21% ; World $79; TATE(YLYLE (8%) 10% ---- · 17% -I ------------------------------I.' : World $7?I --------------;.a ----------------. - C \,! I I • ; World $5511 (3%) (9%) - 9 Source: S&-P C-a-pit-al-IQ-a-s o-f -Oc-to-be-r 1-3-, 2-02·3. hO .btC. Tree&Ulle

Date Enterprise EV /LTM EBITDA Ac uiror Tar et Announced Value Revenue EBITDA Mar in Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Preliminary Analysis of Selected Packaged Foods and Ingredients & Sweeteners M&A Transactions ($Millions) irca llMC! "" l,ERRY ................ 01/10/23 €500 l.2x 12.2x 10.1% POIO:lllo) a11afi!;:sg 01/09/23 $40 l.0x NA NA . ..Ji 'Orkla 10/03/22 $200 2.0x 13.9x 14.5% -·: Natra g._..,., 06/01/22 $503 l.lx NA NA .>QlefoOdS 05/24/22 $610 2.6x NA NA (H,el0ff&3Udl:lenly381a0) of..i ""ETHOMP5o 0 .i/-,.rr1>·N i'y 04/28/21 $950 NA l l.5x NA kG Foo-.,..c:. PinC'll'Cki Acquisition WORLD w 12/16/20 $18du 0.9x 7.8x 12.0% WORLD 8u,e 11/09/20 $80 2.2x 14.8x 15.0% alb ··@1S£o/·· 10/25/20 $550 2.0x 7.9x 25.9% SOVOS brands ) 1ngredion l lllil!il ._,;, • 08/26/20 04/08/20 $146 $317 2.5x 2.6x NA NA NA NA AR DIAN frulact 01/15/20 €128 l.3x NA NA Act II Global c . WORLD 12/19/19 $516 l.9x 8.2x 23.0% -: ltl\10$:l ,I ♦ Natra 01/02/19 $215 0.5x 5.5x 9.0% s.• 09/20/18 $100 0.7x NA NA t"" Jefferies Jefferies LLC / October 2023 25 l.6x 10.2x :ModOo, l.6x 9.9x Source: Company filings, S&P Capital IQ, Mergermarket and Jefferies IB estimates. (1) Excludes $55M earn out.

Preliminary Draft - Confidential - Preliminary Discounted Cash Flow Analysis ($Millions) Analysis and Assumptions Subject to Change Unlevered Free Cash Flows I --•-- - Jefferies Jefferies LLC / October 2023 25 $578.3 $94.7 16.4% (6.6) $88.1 15.2% (25.1) (2.0) $611.1 $102.5 16.8% (6.2) $96.3 15.8% (24.9) $638.6 $110.7 17.3% (6.7) $104.0 16.3% (24.6) $667.3 $117.9 17.7% (6.8) $111.1 16.6% (23.4) $697.4 $125.4 18.0% (7.1) $118.3 17.0% (21.4) 4.8% 7.3% $697.4 $125.4 18.0% (7.1) $118.3 17.0% (10.5) 7.6% 12.3% $61.0 (37.2) $71.5 (30.0) $79.4 (26.2) $87.7 (23.9) $96.9 (22.7) $107.8 (25.3) 32.9% $23.8 25.1 1.9 $41.4 24.9 (3.5) $53.2 24.6 (6.1) $63.7 23.4 (6.8) $74.2 21.4 (7.1) $82.6 10.5 (7.1) 14.9% $50.7 (8.7) $62.8 (9.2) $71.8 (9.6) $80.3 (10.0) $88.4 (10.5) $85.9 (10.5) 16.7% $75.4 60.1% Revenue EBITDA % Margin Less: Stock-based Compensation<ll EBITDA (net of SBC) % Margin Less: D&A Less: other'21 EBIT Less: Taxes<•> Net Operating Profit After Tax (NOPAT) Plus: D&A14> Less: NWC (Increase) I Decrease Unlevered CFO Less: Capex Unlevered FCF % Conversion Time Until End of FY Discount Period Discount factor $42.1 44.4% 1.0 0.5 94.6% $53.6 52.3% 2.0 1.5 84.7% $62.2 56.1% 3.0 2.5 75.7% $70.3 59.6% 4.0 3.5 67.8% $78.0 62.2% 5.0 4.5 60.7% $39.8 $45.4 $47.1 $47.7 $47.31 !Present Value of Unlevered FCF Tenminal Value at 2.5% Growth Rate $883.4 !Present Value of Terminal Value<•> $506.91 227.2 $734.2 23.8 (436.7) Sum of PV of Unlevered FCF Total Enterprise Value Plus: Cash Less: Debt Equity Value FDso<•> $321.2 48.435 Im lied Price Per Share $6.63 Sensitivity Analysis 2.0% 2.0% 7.6x 7.lx 6.6x 15.0% 2.5% $8.00 $6.65 $5.50 2.5% 8.lx 7.5x 6.9x 16.5% $6.50 $5.30 $4.25 3.0% $8.80 $7.30 $6.00 3.0% 8.6x 7.9x 7.3x 18.0% $8.20 $6.85 $5.70 Source: Management LRP provided by WORLD management. Note: Share prices in sensitivity table are rounded to nearest $0.05. DCF assumes valuation as of December 31, 2023. Stock-based compensation based on management forecast provided by WORLD management. Other reflects expenses related to Supply Chain Reinvention program. WORLD cash tax rate per WORLD management, terminal year effective tax rate of -23% based on 2028 forecast. Depreciation & amortization is equal to Capex in the terminal year. Based on illustrative perpetuity growth rate of 2.5%. Based on illustrative discount rate of 11.75%. Assumes mid-year convention. Includes 42,767,109 common shares, 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs, 19,491,320 (per lOQ asof 6/30/2023). Calculated based on EBITDA net of Stock based Compensation

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Illustrative Financial Buyer Analysis (For Reference Only) ($Millions, except per share data) Illustrative transaction date of 12/31/2023 Assumes Management LRP for 2023E-2028E Adjusted EBITDA includes $4.5 million of annual PubCo savings Management promote of 10% assumed Tax rate assumption per management forecast (-23% by 2028E) FD shares of 48.3 million at transaction, reflective of outstanding warrants, RSUs, RSAs, and PSUs<ll Pro forma leverage of 5.0x 2023E Adj. EBITDA New $395 million First Lien Term Loan, S +CSA+ 500, 98.0 0ID, 0.75% Floor Assumes 3-month SOFR and 15 bps CSA Mandatory amortization of 1.00% Sources of Funds Buyer Equity Contribution Transaction Debt Total Sources $311 $395 $706 Uses of Funds • Jefferies Jefferies LLC / October 2023 25 Purchase of Equity ($5.00 I sh) Repayment of Existing Net Debt Transaction Fees & Expenses 01D I Upfront Fees $242 $413 $19 $8 $24 Gash to Balance Sheet Total Uses $706 Transaction Sources and Uses Pro Forma Financial Summary Assumptions Net Sales $551 $578 $611 $639 $667 $697 YIYGrowth 2.7% 4.6% 4.5% 4.5% 4.5% 4.5% Standalone Adj. EBITDA 79 95 103 111 118 125 PubC-0 Expense Savings Adjusted EBITDA 5 5 5 5 5 $79 $99 $107 $115 $122 $130 % Margin 14.4% 17.2% 17.5% 18.0% 18.3% 18.6% Other12l (2) CapEx (9) (9) (10) (10) (10) Change in Worl<ing Capital 2 (4) (6) (7) (7) Cash Interest Expense (39) (33) (28) (23) (17) Mandatory Amortization (4) (4) (4) (4) (4) (31) (24) (21) (19) (18) 3951 $16 375 $33 338 $46 287 $59 224 $74 146 $395 23.8 $375 23.8 $338 23.8 $287 23.8 $224 23.8 $146 23.8 5.0x 4.7x 3.8x 3.5x 3.2x 2.9x l.8x l.6x l.lx 0.9x Cash Taxes Excess cash Flow New First Lien Term Loan Total Debt Gash Balance Total Leverage Net Leverage Adj. EBITDA / Net Int. Exp. (Adj. EBITDA - CapEx) / Net Int. Exp. 2.5x 2.3x 3.2x 3.0x 2.5x 2.3x 4.lx 3.7x 5.3x 4.8x 7.7x 7.0x Sensitivity Analysis 10.0x $7.60 $6.75 $5.95 I •t • . I' . (£•I I ' 20.0% 22.5% 25.0% 20.0% 22.5% 25.0% 8.0x $5.70 $5.00 $4.35 $6.30 $5.45 $4.70 9.0x $6.65 $5.85 $5.15 $6.65 $5.85 $5.15 $6.25 $5.60 I • 20.0% 22.5% 25.0% 15.0% 16.5% 18.00/4 $4.30 $5.35 $6.35 $3.75 $4.65 $5.60 $3.25 $4.10 $4.90 Source: Management LRP provided by WORLD management. Includes 42,767,109 common shares, 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs (per 100 as of 6/30/2023). Other reflects expenses related to Supply Chain Reinvention program.

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Illustrative Premiums Paid Analysis - Equity Values $100M - $500M U.S. and Canada All Cash M&A Majority Transactions, Announced Since January 2018 One-Day & 4-Week Premiums Selected Statisticsm 75% 60% E 45% .:E, ., ct 30% 60% 64% 37% 40% 19% 22% 15% 0% 25th Percentile Median 4-Week Premium 75th Percentile One-Day Premium One-Day & 4-Week Premiumsm 45% 39.3% 32.2% 30% >. .'c-:,': :, r:::r ., Lt 15% 7.3% 7.3% 0% <0% 15.8%15.2% 6.8% 5.6% 11.3%9.6% 0-10% 13.6o/°l.2.4% 13.0% 10.7% 10-20% 20-30% Premium Intervals 30-40% 40-50% 50%+ One-Day Premium 4-Week Premium Source: Thomson Reuters as of October 6, 2023. (1} 4-week premium based on closing stock price 4 weeks prior to announcement. Jefferies LLC / October 2023 29 Jefferies

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / October 2023 31 Appendix

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Illustrative Theoretical Future Stock Price (For Reference Only) Illustrative Present Value of Theoretical Future Stock Price Summarym $14 NTM Consensus EBITDA Multiple: 6.9x (Current) $13.05 Theoretical Future Price - PV of Theoretical Future Price $12 $10.75 $10 $8.75 $8 $6.80 • • $6 $4.95 • $6.95 • $6.30 $6.65 $3.29 $5.65 $4 .. rt $4.80 $2 $3.29 Today (10/13/2023) 2023P 2024P 2025P 2026P 2027P WORLD NTM Adjusted EBITDA Net Debt $94.7M $102.5M $110.7M $117.9M $125.4M $412.9M $379.0M $339.BM $291.7M $233.0M I $7.25 Jefferies Jefferies LLC / October 2023 31 $18 $16 NTM EBITDA Multiple: 7.8x (3 Year Average) - Theoretical Future Price PV of Theoretical Future Price $15.40 $14 $12.95 $12 $10.80 $10 $8.70 $8 $6 $6.70 • • $7.80 • $8.05 • $8.20 $4 $3 6.50 $2 $3.29 Today {10/13/2023) 2023P Source: Management LRP provided by WORLD management. WORLD current stock price as of 10/13/2023. (1) Present value of future stock price discounted at cost of equity of 16.1%. 2024P 2025P 2026P 2027P

Weighted Average Cost of Capital ($Millions, except per share data) Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change lwoRLD (Illustrative Normalized Oebt)l2l $334 $238 Company Name Equity Value Total Net Debt Total cap. 0/E Ratio Net Debt/ Total Cap. Tax Rate Beta11> Unlevered Beta Adjusted Lev. Beta Mid p Packaged Food BellRing Brands, Inc. $5,712 $893 $6,605 15.6% 13.5% 25.0% 0.81 0.73 1.09 The Hain Celestial Group, Inc. 922 777 1,698 84.3% 45.7% 25.4% 1.00 0.61 0.92 B&G Foods, Inc. 594 2,203 2,797 370.8% 78.8% 32.5% 0.83 0.24 0.34 The Simply Good Foods Company 3,324 256 3,581 7.7% 7.2% 25.4% 0.73 0.69 1.03 Post Holdings, Inc. 5,204 5,989 11,202 115.1% 53.5% 25.0% 0.64 0.34 0.51 TreeHouse Foods, Inc. 2,320 1,526 3,846 65.7% 39.7% 30.5% 0.62 0.42 0.62 Utz Brands, Inc. 986 893 2,611 90.6% 34.2% 30.0% 0.85 0.52 0.75 Flowers Foods, Inc. 4,390 1,064 5,454 24.2% 19.5% 26.8% 0.54 0.46 0.68 Ingredients & Sweetners Sudzucker AG $2,976 $2,332 $6,319 78.3% 36.9% 15.8% 0.38 0.23 0.36 Ingred ion Incorporated 6,113 2,204 8,329 36.1% 26.5% 30.5% 0.63 0.50 0.74 Tate & Lyle pie 3,262 289 3,552 8.9% 8.1% 25.0% 0.49 0.46 0.68 Mean 3,255 1,675 5,090 81.6% 33.0% 26.5% 0.68 0.47 0.70 Median 3,262 1,064 3,846 65.7% 34.2% 25.4% 0.64 0.46 0.68 !WORLD (Current Debt) $159 $413 $572 259.1% 72.2% 30.5% 0.87 0.31 0.871 Selected Companies $572 71.1% 41.6% 30.5% I WACC Assumptions WORLD Selected Pee,s Illustrative Range :i-Riesk-Fvree-R:at: med Net Debt/ Total CapitalC91 ---- 72.2% 41.6% 34.2% ---- 25.0% 40.0%J WACC Calculation 1111•1,l'ected PeersI 1 5.0% 5.0% 5.0% 5.0% 5.0% Unlevered Beta 0.31 0.31 0.46 0.50 0.31 e :(Rft)C:3 ----------------;_;'i---- r;l----;;-;----- ------;_';iJ Adj. Levered Beta 0.87 0.47 0.64 0.62 0.45 Oe.bt/EquityR.tio 259.1% 71.1% 52.0% 33.3% 6-6.7% Multiplied by, Markel Risk Premium (Rm) 7.2% 7.2% 7.2% 7.2% 7.2% Adj. Levered Beta (,4) 0.87 0.47 0.64 0.62 0.45 Adjusted Equity Risk Premium 6.3% 3.3% 4.6% 4.4% 3.3% Market Risk Premium (Rm} > 7.2% 7.2% 7.2% 7.2% 7.2% Plus, Risk-FreeRate (Rf) 5.0% 5.0% 5.0% 5.0% 5.0% Size Premium (Rs}l6) 4.8% 4.8% 4.8% 4.8% 4.8% Plus: Size Premium (Rs) 4.8% 4.8% 4.8% 4.8% 4.8% Tax Ratem 30.5% 30.5% 25.4% 30.5% 30.5% Cost of Equity (Ke) 16.1% 13.1% 14.4% 14.2% 13.1% Pre-Tax Cost of Debt {Kd)W 12.8% 10.0% 10.0% 10.0% 10.0% Multiplied by: E / (D+E) 27.8% 58.4% 65.8% 75.0% 60.0% Assumed Aftef.taxCostof Debt 8.9% 7.0% 7.5% 7.0% 7.0% Cost of Equity Portion 4.5% 7.7% 9.4% 10.7% 7.8% WORLD Illustrative Range After-Tax Cost of Debt Multiplied by: D / (D+ E) 8.9% 72.2% 7.0% 41.6% 7.5% 34.2% 7.0% 25.0% 7.0% 40.0% Cost of Debt Portion 6.4% 2.9% 2.6% 1.7% 2.8% lwAcc 10.9% 10.6% 12.0% 12.4% 10.6%1 Source: Public filings, Wall Street equity research, Kroll, Bloomberg. Note: Market data as of October 13, 2023. (1) 2-year weekly adjusted betas sourced from Bloomberg as of October 13, 2023. (2) Normalized per WORLD management (reflects leverage of 3.0x LTM EBITDA). (3) (4) (5) (6) (7) (8) (9) Spot rate for 20-Year US Treasury Yield as of October 13, 2023. Adjusted for WORLD debt/ capital ratio and median debt/ capital ratio for selected comparable companies. Represents long-horizon expected equity risk premium per Kroll Cost of Capital Navigator. Size premium based on 10th decile for market capitalizations from Kroll Cost of Capital Navigator. WORLD tax rate (calculated as the sum of US Federal and State statutory tax rates). Median marginal taxrate used for selected comparative companies. Based on the current yield of WORLD's existing debt as of October 13, 2023 (-12.8%) and expected incremental debt yield at normalized levels (10.0%). WORLD normalized debt/ capital ratio and median debt I capital ratio for selected comparative companies. Jefferies LLC / October 2023 32 Jefferies

Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Consumer Retail US Sponsor-Led Take-Private Transactions Over $200M<1> Jefferies Jefferies LLC / October 2023 33 Consortium led by Management Group () BDT&MSD Casper DU RAT! ON AL CAPITAl, MANACtMENT .,:•·•.. ■ Morrisons ath•me Hellman&.Friedman The MoineOCCorSuperdore {Vlichaef's ® APOLLO ICATTERTION lllltllli APOLLO DURATIONAL BARNES&NOBLE Smart&Final. t:1191fAL ,\IA AO(M(i,,-1 Announcement ImpliedEnterpriseValue Price Bump121 Premium Premium EV I LTM EBITDA Date ($mil) 1-Day 1-Mo. 03/17/23 $2,534 TBD 32% (0%) 8.2x 12112/22 $3,700 29% 24% 15% 100.lx 11/15/21 $330 (15%) 94% 64% NM<3> 06/19/21 $13,700 25% 61% 59% 12.7x 05/06/21 $4,214 19% 18% 37% 6.6x 03/03/21 $3,222 0% (4) 22% 44% 4.8x 06/24/19 $622 (11%)(5) 19% 15% 18.Bx 06/07/19 $670 0% 9%* 28% 4.8x 04/17/19 $1,119 0% (6) 21%* 27% 13.2x 11/06/18 $736 (8%) 1%* (2%) 11.2x 09/25/18 $2,249 2%(7) 19% 26% 16.0x 02120/18 $560 5%(8) 25% 15% 10.5x 07/09/17 $2,180 10%(9) 31% 25% 10.7x 06/29/17 $337 27% 34% 31% 7.7x 12107/15 $13,900 8% 78% 76% 13.2x ROARK CAl'l fAL GROUP ' . A RHONE FOCO oECHAO lllAZJU\.'\I STf.. liOUSl CLUBCORP. APOLLO 9!:J'2t 1 Y JAB HOLUIMi ('o\lr.,,.,. T , •o ,o 1.....n.,,,. p.,,...,.,,, c.,.,.•>• West Marine· i<EURICi GRHNMOUHTAIH Mean: Median: $3,338 $2,180 6.5% 3.4% 32.5% 23.8% 30.7% 27.2% 17.0x 11.0x Source: Thomson SOC, S&P Capital IQ and Company Filings. Note: Represents transaction wasleaked before announcement. (5) Initial offer price used represents midpoint of initial offer range provided of $9.50 • $10.00. (1) Includes US sponsor-led leveraged buyouts with transaction values greater than $200 million since 1/1/2013.(6) Initial offer price used represents midpoint of initial offer range provided of $7.00 - $8.00. Based on price bump of final offer price to initial offer price. Casper had negative EBITOA at time of transaction. Initial offer price used represents midpoint of initial offer range provided of $14.00 • $15.00. Initial offer price used represents midpoint of initial offer range provided of $37.00- $40.00. Initial offer price used represents midpoint of initial offer range provided of $12.00 • $13.00. Initial offer price used represents midpoint of initial offer range provided of $17.25• $19.00.

Investor Name Shares ($mm) Outstanding Assets ($MM) Style Armistice Capital LLC 2,150,000 $7.1 5.0% $4,070 Hedge Fund The Vanguard Group, Inc. 1,930,800 6.4 4.5% 4,876,609 Index Pacific Ridge Capital Partners LLC 1,706,801 5.6 4.0% 456 Value Clearline Capital LP 1,482,266 4.9 3.5% 809 Hedge Fund Ionic Capital Management LLC 1,266,967 4.2 3.0% 233 Hedge Fund Scoggin Management LP 1,000,000 3.3 2.3% 76 Hedge Fund Millennium Management LLC 916,852 3.0 2.1% 99,905 Hedge Fund Brandywine Global Investment Management LLC 782,740 2.6 1.8% 12,174 Value BlackRock Fund Advisors 646,447 2.1 1.5% 2,918,482 Index Dimensional Fund Advisors LP 505,012 1.7 1.2% 468,957 Index Hudson Bay Capital Management LP 500,000 1.6 1.2% 9,599 Hedge Fund Ancora Advisors LLC 456,219 1.5 1.1% 1,328 Value JPMorgan Investment Management, Inc. 430,247 1.4 1.0% 596,464 Generalist Assenagon Asset Management SA (Germany) 422,460 1.4 1.0% 30,622 Index Russell Investment Management LLC 399,939 1.3 0.9% 57,558 Generalist Fort Baker Capital Management LP 375,536 1.2 0.9% 686 Hedge Fund Steel Partners Holdings LP 1,571,125 5.2 3.7% Irwin Simon 1,262,970 4.2 3.0% Albert Manzone 295,737 1.0 0.7% Ira Lamel 190,405 0.6 0.4% Total of Top 5 Insiders: 12,225,460 $40.2 28.6% Current Stockholder Overview NasdaqCM: FREE Jefferies Jefferies LLC / October 2023 33 Position % Equity Geode Capital Management LLC RBF Capital LLC 374,347 325,000 1.2 1.1 0.9% 0.8% 982,908 1,641 Index Index Invesco Capital Management LLC 151,229 0.5 0.4% 188,171 Generalist Orion Portfolio Solutions LLC 94,578 0.3 0.2% 9,252 Generalist First Trust Advisors LP 92,919 0.3 0.2% 94,021 Generalist Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Shareholder Base Analysis Investor Breakdown Insiders 30% Institutions 43% Retail 27% MA 8% CA 10% Regional Breakdown Mid-West 11% lnt'I 10% Other 10% Ownership Summaryby Fund Type No. of No. of %of Institutions Shares Institutional JPMorgan Alternative Asset Management, Inc. 285,794 0.9 0.7% 614 Hedge Fund Squarepoint OPS LLC 225,590 0.7 0.5% 17,915 Hedge Fund Renaissance Technologies LLC 215,500 0.7 0.5% 68,844 Hedge Fund Institutions Value 7 3,101,252 16.8% SSgA Funds Management, Inc. 129,817 0.4 0.3% 1,955,309 Index Systematic Financial Management LP 112,355 0.4 0.3% 3,197 Value Value 5 3,077,752 16.7% GARP 2 23,500 0.1% GSA Capital Partners LLP 84,623 0.3 0.2% 999 Hedge Fund Growth 2 39,637 0.2% AQR Capital Management LLC 83,502 0.3 0.2% 51,598 Hedge Fund Alden Global Capital LLC 80,178 0.3 0.2% 24 Hedge Fund other 79 15,327,778 83.0% Cubist Systematic Strategies LLC 72,041 Total of Top 30 Institutions: 17,299,759 0.2 $56.9 0.2% 8,965 Hedge Fund 40.5% Hedge Fund Index Fund 28 10 9,149,954 4,447,019 49.5% 24.1% Martin Franklin 8,905,223 $29.3 20.8% Generalist 40 1,692,685 9.2% Specialty 1 Total 88 38,120 0.2% 18,468,667 100.0% Source: FactSet; Bloomberg. Account holdings are based on 13F filings (as of 06/30/23 or most recent available). Insider holdings based on Proxy and Form 4 filings.

($Millions) WORLD Status Quo <1l iiiiMiiiiiMM:iYiiiii $350 $385 $420 $455 $490 $525 Implied Purchase Price Multiple '21 8.0x 8.Bx 9.6x 10.4x 11.2x 12.0x Less: Taxes<3l (35) (42) (50) (57) (65) (72) Net Sale Proceeds $315 $343 $370 $398 $425 $453 Implied Net Purchase Price Multiple 121 7.2x 7.Bx 8.5x 9.lx 9.7x 10.4x Debt Paydown ($315) ($343) ($370) ($398) ($425) ($437) 2023 Pro Forma Net Debt $413 $98 $70 $43 $15 ($13) ($24) % of RemainCo Corporate Costs Restructured 2023 Pro Forma Adj. EBITDA<2>/ Pro Forma Leverage Ratio<4l $79 / 5.21x 0% $36 / 2.76x $36 I 1.98x $36 I 1.20x $36 /0.42x $36 / NA $36 / NA 10% $38 I 2.58x $38 I 1.85x $38 I 1.13x $38 /0.40x $38 / NA $38 / NA 20% $40 I 2.43x $40 I 1.74x $40 I 1.06x $40 /0.37x $40 I NA $40/ NA 30% $43 / 2.29x $43 I 1.65x $43 / 1.00x $43 /0.35x $43 / NA $43 / NA Revenue $551 $428 0% 7.0x 6.2x 5.5x 4.7x 3.9x 3.6x Adjusted EBITDA 79 36 10% 6.6x 5.8x 5.lx 4.4x 3.7x 3.4x % Margin 14.4% 8.3% 20% 6.2x 5.5x 4.8x 4.lx 3.4x 3.2x Free Cash Flowm $72 $29 30% 5.8x 5.2x 4.5x 3.9x 3.2x 3.0x Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Illustrative Impact of Sale of MAFCO WORLD 2023 WORLD 2023 % of RemainCo Corporate Costs Restructured ($Millions) Status Quo Pro Forma15> r A MAFCO divestiture, net of transaction tax leakage, has the potential to alleviate : !._ _ risk with covenant compJiance but creates an even smaller e,ublic come,an _ 1 Jefferies Jefferies LLC / October 2023 33 Required Pro Forma Multiple to Maintain Unaffected Stock Price16> Sources: Management LRP provided by WORLD management. (1) WORLD status quo based of 2023 figures per management forecast. (2) 2023 Adjusted EBITDA inclusive of corporate costs. (3) (4) (5) (6) (7) Corporate tax gains rate of 21% applied to pre-tax sales proceeds in excess of asset taxbasis of $182.7 million. Leverage ratio is calculated as Net Debt / Adjusted EBITDA. Reflects pro forma company after divestiture of MAFCO. Calculated as WORLD equity value as of June 23, 2023, plus 2023 Pro Forma Net Debt (at various illustrative MAFCO Purchase Prices above) over pro forma adjusted EBITDA. Free cash flow calculated as Adjusted EBITDA less CapEx.

Purchase Date Purchasing Entity Number of Shares Weighted Average Price Weighted Value Price Range 4/18/2022 - 5/18/2022 Sababa Holdings FREE 5,766,300 $6.81( 1 $39,268,503 Marpet, LLC 50,000 6.81'1 340,500 3/13/2023 Sababa Holdings FREE 1,900,000 2.97 5,643,000 $2.77 to $3.10 3/14/2023 Sababa Holdings FREE 120,000 2.95 354,000 $2.86 to $3.00 3/15/2023 Sababa Holdings FREE 580,000 2.79 1,618,200 $2.67 to $2.87 6/16/2023 Sababa Holdings FREE 488,923 -- -- - - 3...00_ 1,466,671 $2.97 to $3.00 Total 8,905,223 $5.47 $48,690,874 Jefferies Jefferies LLC / October 2023 36 Preliminary Draft - Confidential - Analysis and Assumptions Subject to Change Average Purchase Price per Share Calculation for ROSWELL Affiliated Entities 1 2 3 4 5 Stock Performance since April 2022 Price per Share $9.00 1 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 Current Price: $3.29 $0.00 +---.---.-----,-----,----,----,,----,.----,---, Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 -WORLD Stock Price Description of Affiliated Entities Entity Relationship with ROSWELL Sababa Holdings FREELLC Sababa Holdings FREE owns 8,855,223 shares of WORLD ROSWELL is the manager of this entity Marpet, LLC Source: 13D Filings, Bloomberg. WORLD stock price data as of 10/1312023. (1) Represents VWAP of WORLD stock for period beginning 4/1/2022 and ending 6130/2022, per Bloomberg. Does not represent VWAP of individual purchases of securities. Marpet owns 50,000 shares of WORLD ROSWELL is the manager of this entity and his Trust owns 75% of Marpet

Exhibit (c)(vii)

Exhibit (c)(viii)

Jefferies LLC Member SIPC The information provided in this document, including valuation discussions, represents the views of Jefferies Investment Banking. There is no assurance that the views expressed herein will be consistent with the views expressed by Jefferies Research or its Analysts. Nothing in this document should be understood as a promise or offer of favorable research coverage. Project WORLD Special Committee Discussion Materials November 4, 2023 / Confidential convert as provided. please add the tag. [1-14] add to submission as: EX-99.(c)(viii) Description: Exhibit (c)(viii) add tag: Exhibit (c)(viii) Jefferies LLC / November 2023

Disclaimer Jefferies LLC / November 2023 2 The following pages contain material provided to the Special Committee (the “Special Committee”) of the Board of Directors (the “Board”) of WORLD (the “Company”) by Jefferies LLC (“Jefferies”) in connection with Project WORLD. These materials were prepared on a confidential basis in connection with an oral presentation to the Special Committee and not with a view toward complying with the disclosure standards under state or federal securities laws or otherwise. These materials are solely for use of the Special Committee in its evaluation of the proposed transaction and may not be used for any other purpose or disclosed to any party without Jefferies’ prior written consent. The information contained in this presentation was based solely on publicly available information or information furnished to Jefferies by the Company. Jefferies has relied, without independent investigation or verification, on the accuracy, completeness and fair presentation of all such information and the conclusions contained herein are conditioned upon such information (whether written or oral) being accurate, complete and fairly presented in all respects. None of Jefferies, its affiliates or its or their respective employees, directors, officers, contractors, advisors, members, successors or agents makes any representation or warranty in respect of the accuracy, completeness or fair presentation of any information or any conclusion contained herein. Jefferies, its affiliates and its and their respective employees, directors, officers, contractors, advisors, members, successors and agents shall have no liability with respect to any information or matter contained herein, or any oral information provided herewith or data any of them generates. Jefferies undertakes no obligation to update these materials. Neither Jefferies nor any of its affiliates is an advisor as to legal, tax, accounting or regulatory matters in any jurisdiction. This presentation is a preliminary analysis only and does not constitute a fairness opinion of Jefferies as to the value of the Company, and as such, should not be relied upon by the Company or by any other person as such. The financial data, analyses and assumptions reflected here remain subject to refinement and change based on further discussions and information regarding WORLD’s businesses and its financial and operating markets.

WORLD Trading Performance - Public Market Perspective Stock Price Performance - Since SPAC Closing (June 2020) $16.00 ---------- 6000 : ROSWELL Estimated: 1Average Cost-Basis of 1 $14.00 I $5.47 I ShareW I Current: $3.53 Performance: (65.0%) Median: $7.46 5000 Jefferies Jefferies LLC / November 2023 3 $12.00 June 26, 2023 ROSWELL Offers $4.00 I Share to Acquire WORLD 4000 $10.00 April 18 - May 18, 2022 ROSWELL Begins Purchasing Shares in WORLD I I I I $8.00 3000 I I I I I I I I I I I June 21, 2023 ROSWELL Purchases 488,923 Shares. 130 Filing. Ownership is -21.08% $6.00 2000 March 14, 2022 Q4'21 andFull Year Earnings Release March 13, 2023 ROSWELL Purchases 1,900,000 Shares. ownership is -18.33% I March 14, 2023 ROSWELL Purchases 120,000 shares. ownership is -18.62% March"15, 2023 ROSWELL Purchases 580,000 Shares. 130 Filing. ownership is -19.99% $4.00 ma 1000 $2.00 $0.00 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 -Volume -Price Source: 130 and Form 4 filings and S&P Capital IQas of November I, 2023. Note: Represents Sababa Holdings FREE LLC purchases. Ownership percentage calculations include shares held by Sababa Holdings FREE and those held by Marpet, LLC. ROSWELL is the manager of this entity, and the Trust owns 75% of Marpet. See appendix for further detail. (I) Weighted average price.

WORLD Trading Performance - Public Market Perspective Stock Price Performance - Beginning Two Weeks Prior to ROSWELL Offer (June 26, 2023)<11 Price ,---------------: % R dsfu Roswfiioff;,---------------, $5.00 Jefferies Jefferies LLC / November 2023 3 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 June 26, 2023 ROSWELL Offers $4.00 I Share to Acquire WORLO ( -..-W. h-ile-~-83-% -of ,I 1 Trading Volume at 1 1 or Below $4.00 1 , Q.SytEJ;L_Off.e!:.. -------, ( -17% of Trading 1 1 Volume Above the 1 1 $4.00 ROSWELL 1 ' - - 9!t!!-:.:.- - Volume (000's) 6,000 5,000 -4,000 3,000 2,000 1,000 $0.50 $0.00 ............... . ....... . .........._._._..._..............._._........ ._.........._............_............................. ._.........._........_._........... ._._........ ._....... . .........._..........._..............._._........ ._.......... ......... 0 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 -Volume -Price Source: S&P Capital IQ asof November 1, 2023. (1) Date of 13D public filing.

$2.90 $4.75 $4.25 $5.00 $4.35 $3.70 $3.50 $5.00 $2.10 $6.15 $8.65 $7.50 $8.80 $7.60 $5.00 $4.70 $8.50 $4.70 $2.00 $4.00 $6.00 $8.00 $10.00 Metrics Methodology Illustrative Valuation Benchmarks Presented to the Special Committee on October 16, 2023 Implied Enterprise Value / For Informational Purposes Only All Industries (1 day) Historical Premium Analysis 2023E EBITDA of $79.3M 2024P EBITDA of $94.7M Source: WORLD latest 10-Q filing (As of June 30, 2023), Management LRP provided by WORLD management. Note: Share prices are rounded to nearest $0.05. Fully Diluted Share Count includes 42,767,109 common shares, 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs (per 10Q as of 6/30/2023). Assumes debt balance of $438.6 million and cash balance of $24.1 million as of Q2 end numbers. Assumes debt balance of $436.7 million and cash balance of $23.8 million as of year end 2023E per Management LRP. Discounted Cash Flow Analysis Perpetuity Growth Method Selected Public Companies Analysis Selected Transactions Analysis 2023E Adj. EBITDA Multiple Discount rate of 11.0% - 12.5% and perpetuity growth rate of 2.0% - 3.0% 7.0x – 9.0x 2023E Adj. EBITDA ─ 2023E Mgmt Adj. EBITDA of $79.3M 7.8x – 9.8x 2023E Adj. EBITDA ─ 2023E Mgmt Adj. EBITDA of $79.3M 25th and 75th Percentile premiums to unaffected share price ($3.12), 1-day prior to 6/26/23 20% - 25% IRR, 8.0x – 10.0x exit multiple, 5.0x leverage 6.8x – 8.8x 2024P Adj. EBITDA ─ 2024P Mgmt Adj. EBITDA of $94.7M 6.4x 5.4x 7.7x 6.4x 8.9x 7.4x 10.1x 8.5x 11.3x 9.5x All Industries (30 days) 25th and 75th Percentile premiums to unaffected share price ($2.86), 30-days prior to 6/26/23 2023E Adj. EBITDA Multiple (1) 2024P Adj. EBITDA Multiple (1) (2) ROSWELL Proposal (6/26/23): $4.00 Unaffected Share Price (6/23/23): $3.12 Research Target Range Jefferies LLC / November 2023 6 52-Week Trading Range Range of price targets of research published after offer from Bidder 52-Week intra-day high and low share prices (For Reference Only) Financial Buyer Analysis

Illustrative Analysis at Various Prices ($Millions, except price per share data) Sources: WORLD latest 10-Q filing (As of June 30, 2023) and Management LRP provided by WORLD management. Includes 42,767,109 common shares, 3,192,834 RSUs, 116,608 RSAs, 2,358,504 PSUs (per 10Q as of 6/30/2023). VWAP calculated based on calendar days. Premiums represent those presented to the committee on October 16, 2023. Please reference pages 11 and 12. Illustrative Analysis at Various Prices Unaffected 6/23/23 Proposal Illustrative Stock Price per Share $3.12 $4.00 $4.25 $4.50 $4.75 $5.00 $5.25 $5.50 $5.75 $6.00 Fully Diluted Shares Outstanding(1) 48.435 48.435 48.435 48.435 48.435 48.435 48.435 48.435 48.435 48.435 Fully Diluted Market Capitalization $151 $194 $206 $218 $230 $242 $254 $266 $278 $291 Term Loan (as of 6/30/23) 367 367 367 367 367 367 367 367 367 367 Revolving Credit Facility (as of 6/30/23) 72 72 72 72 72 72 72 72 72 72 Less: Cash and Cash Equivalents (as of 6/30/23) (24) (24) (24) (24) (24) (24) (24) (24) (24) (24) Implied Enterprise Value $566 $608 $620 $632 $645 $657 $669 $681 $693 $705 Implied Premiums Premium to ROSWELL Proposal $4.00 (22%) - 6% 13% 19% 25% 31% 38% 44% 50% Premium to Unaffected (06/23) $3.12 - 28% 36% 44% 52% 60% 68% 76% 84% 92% Premium to 20 day VWAP (06/23) (2) $3.05 2% 31% 40% 48% 56% 64% 72% 81% 89% 97% Premium to VWAP since ROSWELL Proposal (06/26) (2) $3.62 (14%) 11% 17% 24% 31% 38% 45% 52% 59% 66% Premium / (Discount) to 52-Week High $4.72 (34%) (15%) (10%) (5%) 1% 6% 11% 17% 22% 27% Management Adjusted EBITDA Multiples EBITDA LTM June 2023A $77 7.4x 7.9x 8.1x 8.3x 8.4x 8.6x 8.7x 8.9x 9.1x 9.2x FY2023E $79 7.1x 7.7x 7.8x 8.0x 8.1x 8.3x 8.4x 8.6x 8.7x 8.9x FY2024E $95 6.0x 6.4x 6.6x 6.7x 6.8x 6.9x 7.1x 7.2x 7.3x 7.4x Consensus Adjusted EBITDA Multiples EBITDA FY2023E $77 7.4x 7.9x 8.1x 8.3x 8.4x 8.6x 8.7x 8.9x 9.1x 9.2x FY2024E $85 6.7x 7.2x 7.3x 7.5x 7.6x 7.7x 7.9x 8.0x 8.2x 8.3x Take-Private *Bump* Premium (3) Unaffected Premium (3) Median – Top Quartile 3% - 22% 37% - 60% $4.12 Jefferies LLC / November 2023 6 $4.27 $4.88 $4.99

Illustrative Theoretical Future Stock Price as Presented to the Special Committee on October 16, 2023 Illustrative Present Value of Theoretical Future Stock Price Summarym $14 NTM Consensus EBITDA Multiple: 6.9x (Current) $13.05 Theoretical Future Price - PV of Theoretical Future Price $12 $10.75 $10 $8.75 $8 $6.80 • • $6 $4.95 • $6.95 • $6.30 $6.65 $3.29 $5.65 $4 .. rt $4.80 $2 $3.29 Today (10/13/2023) 2023P 2024P 2025P 2026P 2027P WORLD NTM Adjusted EBITDA Net Debt $94.7M $102.5M $110.7M $117.9M $125.4M $412.9M $379.0M $339.BM $291.7M $233.0M $18 $16 NTM EBITDA Multiple: 7.8x (3 Year Average) - Theoretical Future Price PV of Theoretical Future Price $15.40 $14 $12.95 $12 $10.80 $10 $8.70 $8 $6 $6.70 • $7.25 • $7.80 • $8.05 • $8.20 $4 $2 Today {10/13/2023) 2023P Source: Management LRP provided by WORLD management. WORLD current stock price as of 10/13/2023. (1) Present value of future stock price discounted at cost of equity of 16.1%. 2024P 2025P 2026P 2027P Jefferies LLC / November 2023 7 Jefferies

Jefferies LLC / November 2023 Process Summary to Date Signed NDA / Received CIM (12)(1) Contacted Strategics (15) Financial Sponsors (47) *Participating in ROSWELL Group Still Active (2) Declined Post NDA (10) (1) 8

Project WORLD - Post-NOA Decline Detail Contact Decline Reasons Jefferies LLC I November 2023 Jefferies

Jefferies LLC / November 2023 Buyer Feedback Prior to Bid Date Attractions Considerations 10

Illustrative Premiums Paid Analysis - Equity Values $ lOOM - $500M as Presented to the Special Committee on October 16, 2023 U.S. and Canada All Cash M&A Majority Transactions, Announced Since January 2018 One-Day & 4-Week Premiums Selected Statisticsm 75% 60% E 45% .:E, ., ct 30% 60% 64% 37% 40% 19% 22% 15% 0% 25th Percentile Median 4-Week Premium 75th Percentile One-Day Premium One-Day & 4-Week Premiumsm 45% 39.3% 32.2% 30% >. .'c-:,': :, r:::r ., Lt 15% 7.3% 7.3% 0% <0% 15.8%15.2% 6.8% 5.6% 11.3%9.6% 0-10% 13.6o/°l.2.4% 13.0% 10.7% 10-20% 20-30% Premium Intervals 30-40% 40-50% 50%+ One-Day Premium 4-Week Premium Source: Thomson Reuters as of October 6, 2023. (1} 4-week premium based on closing stock price 4 weeks prior to announcement. Jefferies LLC / November 2023 11 Jefferies

Based on price bump of final offer price to initial offer price. Casper had negative EBITDA at time of transaction. Initial offer price used represents midpoint of initial offer range provided of $14.00 - $15.00. Jefferies LLC / November 2023 Consumer Retail US Sponsor-Led Take-Private Transactions Over $200M as Presented to the Special Committee on October 16, 2023 (1) Source: Thomson SDC, S&P Capital IQ and Company Filings. Note: * Represents transaction was leaked before announcement. (5) (1) Includes US sponsor-led leveraged buyouts with transaction values greater than $200 million since 1/1/2013.(6) Initial offer price used represents midpoint of initial offer range provided of $9.50 - $10.00. Initial offer price used represents midpoint of initial offer range provided of $7.00 - $8.00. Initial offer price used represents midpoint of initial offer range provided of $37.00 - $40.00. Initial offer price used represents midpoint of initial offer range provided of $12.00 - $13.00. Initial offer price used represents midpoint of initial offer range provided of $17.25 - $19.00. 12 Consortium Led by Management Group 21%* 03/17/23 $2,534 0% 32% (0%) 8.2x 12/12/22 $3,700 29% 24% 15% 100.1x 11/15/21 $330 (15%) 94% 64% NM(3) 06/19/21 $13,700 25% 61% 59% 12.7x 05/06/21 $4,214 19% 18% 37% 6.6x 03/03/21 $3,222 0% (4) 22% 44% 4.8x 06/24/19 $622 (11%)(5) 19% 15% 18.8x 06/07/19 $670 0% 9%* 28% 4.8x 1%* 0% (6) 2% (7) 5% (8) 10% (9) Announcement Date Implied Enterprise Value ($mil) Price Bump(2) Premium 1-Day Premium 1-Mo. EV / LTM EBITDA 04/17/19 $1,119 27% 13.2x 11/06/18 $736 (8%) (2%) 11.2x 09/25/18 $2,249 19% 26% 16.0x 02/20/18 $560 25% 15% 10.5x 07/09/17 $2,180 31% 25% 10.7x 06/29/17 $337 27% 34% 31% 7.7x 12/07/15 $13,900 8% 78% 76% 13.2x Mean: $3,338 6.1% 32.5% 30.7% 17.0x Median: $2,180 1.8% 23.8% 27.2% 11.0x

Investor Name Position Shares ($mm) % Outstanding Equity Assets ($MM) Style Shareholder Base Analysis Armistice Capital LLC 2,150,000 $7.1 5.0% $4,070 Hedge Fund Investor Breakdown Regional Breakdown Insiders Mid-West 30% 11% MA lnt'I Retail 8% 10% 27% CA Other 10% 10% Institutions 43% The Vanguard Group, Inc. 1,930,800 6.4 4.5% 4,876,609 Index Pacific Ridge Capital Partners LLC 1,706,801 5.6 4.0% 456 Value Clearline Capital LP 1,482,266 4.9 3.5% 809 Hedge Fund Ionic Capital Management LLC 1,266,967 4.2 3.0% 233 Hedge Fund Scoggin Management LP 1,000,000 3.3 2.3% 76 Hedge Fund Millennium Management LLC 916,852 3.0 2.1% 99,905 Hedge Fund Brandywine Global Investment Management LLC 782,740 2.6 1.8% 12,174 Value BlackRock Fund Advisors 646,447 2.1 1.5% 2,918,482 Index Dimensional Fund Advisors LP 505,012 1.7 1.2% 468,957 Index Hudson Bay Capital Management LP 500,000 1.6 1.2% 9,599 Hedge Fund Ancora Advisors LLC 456,219 1.5 1.1% 1,328 Value JPMorgan Investment Management, Inc. 430,247 1.4 1.0% 596,464 Generalist Assenagon Asset Management SA (Germany) 422,460 1.4 1.0% 30,622 Index Russell Investment Management LLC 399,939 1.3 0.9% 57,558 Generalist Fort Baker Capital Management LP 375,536 1.2 0.9% 686 Hedge Fund Ownership Summaryby Fund Type No. of No. of %of Institutions Shares Institutional Geode Capital Management LLC 374,347 1.2 0.9% 982,908 Index RBF Capital LLC 325,000 1.1 0.8% 1,641 Index JPMorgan Alternative Asset Management, Inc. 285,794 0.9 0.7% 614 Hedge Fund Squarepoint OPS LLC 225,590 0.7 0.5% 17,915 Hedge Fund Renaissance Technologies LLC 215,500 0.7 0.5% 68,844 Hedge Fund Institutions Value Value GARP Growth other Hedge Fund Index Fund Generalist Specialty Total 7 3,101,252 16.8% 5 3,077,752 16.7% 2 23,500 0.1% 2 39,637 0.2% 79 15,327,778 83.0% 28 9,149,954 49.5% 10 4,447,019 24.1% 40 1,692,685 9.2% 1 38,120 0.2% 88 18,468,667 100.0% Invesco Capital Management LLC 151,229 0.5 0.4% 188,171 Generalist SSgA Funds Management, Inc. 129,817 0.4 0.3% 1,955,309 Index Systematic Financial Management LP 112,355 0.4 0.3% 3,197 Value Orion Portfolio Solutions LLC 94,578 0.3 0.2% 9,252 Generalist First Trust Advisors LP 92,919 0.3 0.2% 94,021 Generalist GSA Capital Partners LLP 84,623 0.3 0.2% 999 Hedge Fund AQR Capital Management LLC 83,502 0.3 0.2% 51,598 Hedge Fund Alden Global Capital LLC 80,178 0.3 0.2% 24 Hedge Fund Cubist Systematic Strategies LLC 72,041 0.2 0.2% 8,965 Hedge Fund Total of Top 30 Institutions: 17,299,759 $56.9 40.5% Martin Franklin 8,905,223 $29.3 20.8% Steel Partners Holdings LP 1,571,125 5.2 3.7% Irwin Simon 1,262,970 4.2 3.0% Albert Manzone 295,737 1.0 0.7% Ira Lamel 190,405 0.6 0.4% Jefferies Jefferies LLC / November 2023 14 Current Stockholder Overview as Presented to the Special Committee on October 16, 2023 NasdaqCM: FREE Total of Top 5 Insiders: 12,225,460 $40.2 28.6% Source: FactSet; Bloomberg. Account holdings are based on 13F filings(as of 06/30/23 or most recent available). Insider holdings based on Proxy and Form 4 filings.

Purchase Date Purchasing Entity Number of Shares Weighted Average Price Weighted Value Price Range 4/18/2022 - 5/18/2022 Sababa Holdings FREE 5,766,300 $6.81(1 $39,268,503 Marpet, LLC 50,000 6.81'1 340,500 3/13/2023 Sababa Holdings FREE 1,900,000 2.97 5,643,000 $2.77 to $3.10 3/14/2023 Sababa Holdings FREE 120,000 2.95 354,000 $2.86 to $3.00 3/15/2023 Sababa Holdings FREE 580,000 2.79 1,618,200 $2.67 to $2.87 6/16/2023 Sababa Holdings FREE 488,923 -- -- - - 3...00_ 1,466,671 $2.97 to $3.00 Total 8,905,223 $5.47 $48,690,874 Jefferies Jefferies LLC / November 2023 14 Average Purchase Price per Share Calculation for ROSWELL Affiliated Entities as Presented to the Special Committee on October 16, 2023 1 2 3 4 5 Stock Performance since April 2022 Price per Share $9.00 1 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 Current Price: $3.29 $0.00 +---.---.-----,----,----,----,,----,.----,---, Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 -WORLD Stock Price Description of Affiliated Entities Entity Relationship with ROSWELL Sababa Holdings FREE LLC Sababa Holdings FREE owns 8,855,223 shares of WORLD ROSWELL is the manager of this entity Marpet, LLC Source: 13D Filings, Bloomberg. WORLD stock price data as of 10/1312023. (1) Represents VWAP of WORLD stock for period beginning 4/1/2022 and ending 6130/2022, per Bloomberg. Does not represent VWAP of individual purchases of securities. Marpet owns 50,000 shares of WORLD ROSWELL is the manager of this entity and his Trust owns 75% of Marpet

Exhibit (c)(ix)

Exhibit (c)(x)

Confidential - Analysis and Assumptions Subject to Change Project WORLD Discussion Materials January 21, 2024 / Confidential Jefferies LLC Member SIPC The informatiol"I provided in this document including valuation discussions, represents the views of Jefferies Investment Banking There is no assurance that the views expressed herem will beconsistent with the views expressed by Jefferies Research or its Analysts Nothing in this document should be understood as a promise or offer of favorable research coverage Jefferies add tag: Exhibit (c)(x) convert as provided. please add the tag. [1-39] add to submission as: EX-99.(c)(x) Description: Exhibit (c)(x)

Jefferies Jefferies LLC / January 2024 2 Table of Contents Confidential - Analysis and Assumptions Subject to Change Situation Overview Public Market Benchmarks Preliminary Financial Analyses Appendix 4 12 19 28

Jefferies Jefferies LLC / January 2024 2 Disclaimer Confidential - Analysis and Assumptions Subject to Change The following pages contain material provided to the Board of Directors (the "Board") of WORLD (the "Company") by Jefferies LLC ("Jefferies") in connection with Project WORLD. These materials were prepared on a confidential basis in connection with an oral presentation to the Board and not with a view toward complying with the disclosure standards under state or federal securities laws or otherwise. These materials are solely for use of the Board in its evaluation of the proposed transaction and may not be used for any other purpose or disclosed to any party without Jefferies' prior written consent. The information contained in this presentation was based solely on publicly available information or information furnished to Jefferies by the Company. Jefferies has relied, without independent investigation or verification, on the accuracy, completeness and fair presentation of all such information and the conclusions contained herein are conditioned upon such information (whether written or oral) being accurate, complete and fairly presented in all respects. None of Jefferies, its affiIiates or its or their respective employees, directors, officers, contractors, advisors, members, successors or agents makes any representation or warranty in respect of the accuracy, completeness or fair presentation of any information or any conclusion contained herein. Jefferies, its affiliates and its and their respective employees, directors, officers, contractors, advisors, members, successors and agents shall have no liability with respect to any information or matter contained herein, or any oral information provided herewith or data any of them generates. Jefferies undertakes no obligation to update these materials. Neither Jefferies nor any of its affiliates is an advisor as to legal, tax, accounting or regulatory matters in any jurisdiction. This presentation is a preliminary analysis only and does not constitute a fairness opinion of Jefferies as to the value of the Company, and as such, should not be relied upon by the Company or by any other person as such. The financial data, analyses and assumptions reflected here remain subject to refinement and change based on further discussions and information regarding WORLD's businesses and its financial and operating markets.

Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / January 2024 2 Situation Overview

Executive Summary (1) Reflects an ownership of 8,905,223 shares of WORLD and calculated based on a total basic share count of 42,245,974 as of May 9, 2023. Confidential - Analysis and Assumptions Subject to Change On June 21st, 2023, ROSWELL filed an amended 13D jointly with affiliated entities ("Bidder") updating its beneficial ownership to 21.08%m in WORLD On June 25th, 2023, ROSWELL delivered a non-binding, publicly disclosed proposal (the "Proposal") to the Board of Directors (the "Board") of WORLD, pursuant to which Bidder proposed to enter into a transaction to acquire WORLD and combine it with Royal Oak Enterprises, LLC ("Royal Oak") for cash consideration of $4.00 per share The Proposal implied a 28.2% premium to WORLD's unaffected stock price of $3.12 on June 23rd, 2023, and a 44.9% premium to WORLD's 3-month VWAP price of $2.76 On June 25th, 2023, WORLD formed a special committee of the Board (the "Special Committee") to review and evaluate the proposal, and subsequently retained Jefferies as financial advisor and announced their strategic review Jefferies had discussions with ROSWELL and more than 60 additional parties regarding a potential transaction with WORLD 11 parties (plus ROSWELL), all financial sponsors, signed an NOA and received the CIM and VDR access None of the potential strategic parties progressed to an NOA After these discussions yielded no additional indications of interest, and following further discussions between the Special Committee, advisors and ROSWELL around valuation and process, WORLD entered into a 45-day exclusivity agreement with ROSWELL on November 15th, 2023, predicated upon ROSWELL's verbal indication of an increase to $4.50 per share and an openness to increasing beyond that level, subject to due diligence ROSWELL has been conducting (and has now substantially completed) an intensive due diligence process on various functional areas, including Financial, Sales & Marketing, Human Resources, Environmental, and Legal, and has involved its equity and debt financing sources Source: Company Filings, ROSWELL proposal letter Jefferies LLC / January 2024 5 Jefferies

Executive Summary (cont.) (1) Reflects an ownership of 8,905,223 shares of WORLD and calculated based on a total basic share count of 42,245,974 as of May 9, 2023. Confidential - Analysis and Assumptions Subject to Change On December 12th, 2023, ROSWELL submitted a request to extend the exclusivity period to January 15th, 2024 and re-confirmed their prior verbal indication of $4.50 per share, subject to completing due diligence and regulatory agreements The Special Committee declined to extend exclusivity, considering among other factors the lack of a further increase in the indicated price, but agreed to cooperate with ROSWELL to permit completion of critical due diligence in order to faciliate formulation by ROSWELL of an improved, definitive, and fully-financed proposal On January 3rd, 2024, Notch View Capital Management, WORLD's second largest shareholder at 5.9%, filed a 13D, urging an immediate sale of the Company at the best price available Notch View has reiterated its position live to the Special Committee and also stated its willingness to take more aggressive action if a transaction is not consummated On January 16th, 2024, ROSWELL submitted an updated written indication of interest at $4.50 per share, a draft merger agreement and forms of definitive debt and equity commitments Subsequently, ROSWELL's equity partner, Rhone Group, verbally indicated to Jefferies openness to a price of $4.75 per share On January 19th, 2024, principals of WORLD's Special Committee, ROSWELL, Rhone Group and Jefferies met in-person. At the conclusion of the discussions, ROSWELL and Rhone provided a further increased price of $4.875 per share, conditioned on the Special Committee's agreement to recommend the potential transaction to the Board, and stated that it be deemed as their "best and final" offer ROSWELL has stated that if this best and final proposal is not accepted as a basis for immediately moving to definitive documentation, they intend to withdraw their offer and amend their 13D disclosure accordingly Over the course of the due diligence process, the Company's 2024P EBITDA expectations have declined from $95M (forecast provided to all interested parties in September) to $91M (updated Management LRP provided to ROSWELL in December) and further to $88M (draft budget level provided verbally on January 19th), while street consensus expectations have increased from $76M to $85M - substantially converging Source: Company Filings, ROSWELL proposal letter Jefferies LLC / January 2024 6 Jefferies

Implied Premiums WORLD Stock Price Premium to Current Stock Price (01/19/24) $3.84 27.0% Premium to Publicly Disclosed Offer (6/26/24) $4.00 21.9% Premium to 20-Day unaffected VWAP (06/23l3' $3.05 60.0% Premium to 90-Day unaffected VWAP (06/23l3' $2.76 76.6% Premium to 52-Week High $4.57 6.7% Transaction Overview ($Millions, except per share data) Confidential - Analysis and Assumptions Subject to Change WORLD's Board of Directors is considering the potential sale of the ._!P_ro"""p_o_se_d_P_u_rc_h_as_e_P_ri_ce Company (the "Proposed Transaction") to ROSWELL for a purchase price of $4.875 per share in cash (the "Proposed Purchase Price") Diluted Shares Outstandingc1> - Represents a 60.0% premium to the unaffected share price of $3.05 (20-day VWAP pre-announcement) and a 21.9% increase to the original publicly-disclosed proposal - The Proposed Transaction is subject to negotiation of a definitive merger agreement and completion of remaining confirmatory due diligence, which is expected to be completed over the course of the coming week Jefferies has reviewed the Company's publicly available information and internal financial projections including its long-range plan ("Management LRP") that was finalized as of September 19th, 2023; the Management LRP was subsequently revised on December 4th, 2023, to reflect an updated view of the projection period based on recent YTD performance. A draft of the 2024 budget was received on January 20th, 2024 At the Special Committee's direction, based on the work done to date, the materials included here reflect the following analysis and discussion topics: Public market perspectives Preliminary financial analyses of the Company's stand-alone intrinsic value, based on the Management LRP and an analysis of other publicly traded companies and precedent M&A transactions Supplementary analyses such as an illustrative financial buyer analysis and an M&A Premiums analysis Implied Equity Value Plus: Debt {12/31/2023j<2> Less: Cash (12/31/2023)<2> Proposed Transaction Value Adj. EBITDA WORLD Statistic TEV / EBITDA FY2023E $78.3 8.0x FY2024P - Street Consensus $85.2 7.4x FY2024P - Draft Budget $88.0 7.lx FY2024B - Management LRP $91.1 6.9x $4._875 ! Jefferies Jefferies LLC / January 2024 7 46.903 $228.7 428.7 (30.5) $626.8 Sources: WORLO latest 10-0 filing (Asof September 30, 2023) and Management LRP provided by World management, asapproved by the Special Committee for Jefferies' use. (I) Includes 42,850,915 common shares (per IOQ as of 9130/2023), 2,223,995 RSUs, 214,556 RSAs, 1,613,409 PSUs(per WORLD equity ledger provided by WORLD Management as of 11/13/2023). Based on debt balance of $428.7 million and cash balance of $30.5 million as of year end 2023[ per WORLD Management. VWAP calculated based on calendar days.

Proposed Transaction Terms Confidential - Analysis and Assumptions Subject to Change Proposed Purchase Price Proposed Structure I Financing $4.875 per share in cash Reverse Triangular Merger; ROSWELL will cause a subsidiary of Royal Oak ("Merger Sub") to merge with and into the Company, with the Company surviving as an indirect subsidiary of ROSWELL (the "Merger") Certain Closing Conditions No Solicitation Outside Date Termination Fees Other Senior Secured Incremental Term Loan Facility of up to $375 million led by Silver Point as Lead Arranger Rhone Capital will make a cash equity contribution of between $275 and $325 million Requisite Stockholder Approval (majority of all outstanding shares and per Section 203, a 213rd majority of all outstanding shares not owned by ROSWELL and its affiliates) HSR Approval No financing condition No solicitation, subject to fiduciary out 6 months from date of agreement Company Termination Fee of $20.0 million Parent Termination Fee of $20.0 million ROSWELL will use R&W Insurance Policy Source: Proposed merger agreement and debt commitment letter received on January 16, 2024 Jefferies LLC / January 2024 8 Jefferies

Confidential - Analysis and Assumptions Subject to Change Summary of Strategic Review Process Outreach and Engagement Contacted or Inbounded Engaged with Process Indications of Interest Note: Numbers exclude ROSWELL Jefferies LLC / January 2024 9 Jefferies

Summary of Buyer Feedback Confidential - Analysis and Assumptions Subject lo Change Attractions Considerations Jefferies LLC I January 2024 w Jefferies

Summary of Outreach Confidential - Analysis and Assumptions Subject to Change '\ --- - - - - - - - - - - - : a_rtJ ieaJ n in_.OSW-ELL-G-r-ou-p----- ,,, (1) (2) Jette I January 2024 11 Jefferies

Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / January 2024 14 PubIic Market Benchmarks

WORLD Trading Update Confidential - Analysis and Assumptions Subject to Change PubIic Market Perspective ($Millions, except per share data) Trading Statistics ROSWELL (2) Unaffected (3) Current ROSWELL Proposa1t2> Updated ROSWELL Indication<•> Final Offer(3) (6/23/23) (1/19/24) (6/26/23) (1/16/24) (1/19/24) Share Price $3.12 $3.84 $4.00 $4.50 $4.875 Shares Outstanding (mm) 44.169 46.903 44.169 46.903 46.903 Market capitalization $137.8 $180.1 $176.7 $211.1 $228.7 PIUS: Total Debt 439.5 435.6 439.5 435.6 435.6 Less: Cash & cash Eqv. (26.6) (24.2) (26.6) (24.2) (24.2) Enterprise Value $550.7 $591.5 $589.5 $622.4 $640.0 CY2023E Consensus Revenue $554.9 $546.1 $554.9 $546.1 $546.1 CY2024P Consensus Revenue $579.1 $572.5 $579.1 $572.5 $572.5 CY2023E Consensus EBITDA $76.4 $77.8 $76.4 $77.8 $77.8 CY2024P Consensus EBITDA $83.4 $85.2 $83.4 $85.2 $85.2 Valuation Metrics EV/ CY2023E Consensus Revenue 0.99x l.09x<•> l.06x l.15xt•> 1.19xt•> EV/ CY2023E Consensus EBITDA 7.2x 7.7x<•> 7.7x a.ix'•> a_3,i•> EV/ CY2024P Consensus EBITDA 6.6x 7.ox<•> 7.lx 7.4i4) 7.6it•> Trading Summary Share Price Jefferies Jefferies LLC / January 2024 14 $3.12 $3.84 $4.00 52-Week High $6.74 $4.57 $6.74 52-Week Low $2.09 $2.09 $2.09 Current% of 52-Week High 46.3% 84.0% 59.3% 3-M Avg. Daily Vol. ('OOOs) 484.8 Source, Company filings, S&PC..pital IQ as of January 19, 2024. Note: Sharesoutstanding basedon fully diluted shares outstanding. 150.5 486.8 $4.50 $4.72 $2.09 95.3% 162.5 $4.875 $4.57 $2.09 106.7% 150.1 Pro Forma Capitalization Table 9/30/23 Net Interest $ % Leverage Rate Maturity $24.2 Gash and Cash Equivalents $365.6 83.9% 4.5x s + 45d'> 2028 Term Loan, due 2028 $70.0 16.1% 5.4x S+375 2026 Revolving Credit Facility, due 2026 !Total Debt $435.6 100.0% 5.4x Based on Adj. EBITDA as of 9/30/23: G ITerm Loan Trading Levels Price Yield Unaffected (6/23/23) $73.00 16.82% Current (1/19/24) $87.70 12.89% (II Date of 13D public filiog. Balance sheet details areas of 3/31/2023. Consensusestimates for revenue and EBITDA are as of 6123/2023 and6/26/2023, respectively. Includes 42,245,974 common shares (including 3,000,000 common shares currently held in esaow), 1,162,688 RSUs, 131,470 RSAs, 629,305 PSUs., 19,491,320 public warrants and771,980 private warrants.. Each warrant is exercisable for one.h-alf of oneshare at a strike price of $11.50 per whole share. Includes 42,850,915 common shares (per lOQas of 9/30/2D23), 2,223,995 RSUs, 214,556 RSAs, 1,613,409 PSUs (per WORLD equity ledger provided byWORLDManagement as of 11/13/2023). Calculated based on balance sheet details as of 9/30/2023 per latest publicly filed 10-Q. Consensus estimates for revenue and EBITDA are as of 12/14/2023. Includes 42,850,915 common shares (including3,000,000 common shares currently held in escrow), 2,986,552 RSUs, 257,888 RSAs, 2,355,88D PSUs, 20,193,120 public warrants and70,18Dprivate warrants. Each warrant is exercisable fo, one-llalf of one share at a strike price of $11.50 per whole sh..-e. During the second quarter of 2023, the Company entered into an interest rate swap agreement to manageexposure to interest rate risk related to the variable portion of its term Joan facility. The agreement converts the variable interest rateon $188.0 million of the term loan (approximately 50% of the notional amount of the facility) to a rate of 4.265% through February 2026.

Confidential - Analvsis and Assumotions Subiect to Chane:e WORLD Trading Performance - Public Market Perspective Stock Price Performance - Since SPAC Closing (June 2020) Jefferies Jefferies LLC / January 2024 14 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 : ROSWELL Estimated: 1Average Cost-Basis of I I $5.47 I ShareW I Current: $3.84 Performance: (62.0%) Median: $7.21 April 18 - May 18, 2022 ROSWELL Begins Purchasing Shares in WORLD I jj I March 14, 2022 Q4'21 andFull Year Earnings Release March 13, 2023 ROSWELL Purchases 1,900,000 Shares. ownership is -18.33% I March 14, 2023 ROSWELL Purchases 120,000 shares. ownership is -1.8,.62% March 15, 2023 ROSWELL Purchases 580,000 Shares. 130 Filing. ownership is -19.99% June 26, 2023 ROSWELL Offers $4.00 / Share to Acquire WORLD June 21, 2023 ROSWELL Purchases 488,923 Shares. 130 Filing. ownership is -21.08% January 3, 2024 Notch View Capital Management Files 130. ownership is 5.9% $0.00 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 6000 5000 4000 3000 2000 11111 1000 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 -Volume -Price Source: 130 and Form 4 filings and S&P Capital IQas of January 19, 2024. Note: Represents Sababa Holdings FREE LLC purchases. Ownership percentage calculations include shares held by Sababa Holdings FREE and those held by Marpet, LLC. ROSWELL is the manager of this entity, and the Trust owns 75% of Marpet. See appendix for further detail. (1) Weighted average price.

Confidential - Analysis and Assumptions Subject to Change LTM Trading Activity Public Market Views: WORLD - Market Snapshot Current Unaffected Stock Pricem $3.84 $3.12 30-Day VWAP!2l $3.43 60-Day VWAP!2l $3.32 90-Day VWAP!2l $3.37 180-Day VWAP!2l $3.45 LTM VWAPl2l $3.23 52-Week High $4.57 52-Week Low $2.09 LTM Incremental Volume Between Price (%) 26.3% 26.7% 29.0% 12.7% fJ Offer I----, $4.75 Verbal I 1 I -:.---- (: $4.50 ' - - - ... I Updated I ', lndic o _, _ _ _ _ I I $4.00 Public I 1 Proposal : _, Jefferies Jefferies LLC / January 2024 16 ,-----, I $4.875 Final I Offer : 5.3% 0.0% 0.0% $2.00 - $2.50 $2.51 - $3.00 $3.01 - $3.50 $3.51 - $4.00 $4.01 - $4.50 $4.51 - $5.00 $5.01 - $5.50 Volume Traded as a% of Float<3>: 0% 34% 105% 177% 255% 271% 271% Source: S&P Capital IQas of January 19, 2024. Unaffected stock price as of June 23, 2023. YWAP calculated based on trading days. Float defined as 42,850,915 shares outstanding less 8,905,223 shares held by ROSWELL and 2,313,485 shares owned by company employees and individual insiders. Reflectsvolume traded below upper end of range.

Confidential - Analysis and Assumptions Subject to Change WORLD Trading Performance - Public Market Perspective Stock Price Performance - Beginning Two Weeks Prior to ROSWELL Offer (June 26, 2023)<11 Price -, -------------------------- ':-1a-s,%i-:T-o-a-t-Tr-ad-ed-s;-n'-;e-iio-s--wi-:ii-.o-,,--;,-----------------------------J1 $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 , I1 I "T"I : I I January 16, 2024 January 19, 2024 January 19, 2024 $4.50 ROSWELL $4.75 ROSWELL $4.875 ROSWELL Updated Indication Verbal Offer Final Offer I August 9, 2023 Q2 Earnings Release I--8-7-% -of-Vo-lu-me-h-as-,1 : Traded Below the $4.00 I I Public Offer, and 100% I 1 has Traded Below the I I I I I I I I I I I January 3, 2024 Notch View Capital Management Files 130 June 26, 2023 ROSWELL Offers $4.00 I Share to Acquire WORLD , _ $4.875 Final Offer _ / I November 9, 2023 Q3 Earnings Release; No Material Strategic Review Update Provided Volume (OOO's) 6,000 5,000 nm 4,000 3,000 2,000 1,000 $0.00 ........... ................._._..._......_......_,................. Jun-23 Jul-23 Jefferies Jefferies LLC / January 2024 16 ................ ......._..........._......_......._.._..... ..........._.............................._......_......_......._................_._................. ......._..........._......_........._.._....._........ 0 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 -Volume -Price Source: S&P Capital IQ as of January 19, 2024. (1) Date of 13D public filing.

Confidential - Analysis and Assumptions Subject to Change WORLD's Public Shareholder Register Is Comprised of Relatively Aggressive Investors by Majority I Rank Holder Name Willingness to Challenge Board/ Management ISS I nfluencem Estimated Basis12> Implied Gain (Loss)12> Shareholder Since13 > Current %0/S Change Type / Manager vs.Q2'23 Style 1 Notch View Capital Management LLC a a () () a a a a a () a () a () () .(.) () a () () () () () a a a a a $3.31 6.6% Q4'23 5.9% 5.9% Hedge Fund -H-e-dg-e F-u-nd-. '1-I-nd-ex----· (0.1%) Value Hedge Fund 0.1% Hedge Fund 0.3% Hedge Fund Hedge Fund (0.1%) Hedge Fund Value 0.8% -H-e-dg-e F-u-nd-. '1-I-nd-ex----· 0.3% -H-e-dg-e -Fu-nd- - '1-Q-u-an-t ---· 0.1% -G-e-ne-ral-ist-- ILI.nd-e-x ----I· (0.1%) Generalist Family Office Hedge Fund . 0.1% L oaot - 2 Armistice Capital LLC 9.07 (61.1%) Q3'20 5.0% 3 The Vanguard Group, Inc. 7.43 (52.5%) Q3'20 4.5% 4 Pacific Ridge Capital Partners LLC 8.38 (57.9%) Q2'21 3.9% 5 Steel Partners Holdings LP 3.40 3.8% Q4'22 3.7% 6 Clearline Capital LP 5.02 (29.6%) Q2 '20 3.6% 7 Ionic Capital Management LLC 5.55 (36.4%) Q2 '20 3.3% 8 Scoggin Management LP 3.21 10.0% Q4'22 2.4% 9 Millennium Management LLC 3.34 5.6% Q3'22 2.0% 10 Brandywine Global Investment Management LLC 9.51 (62.9%) Q3'20 1.9% 11 Fort Baker Capital Management LP 3.46 2.0% Q2'23 1.6% 12 BlackRock Fund Advisors 11.90 (70.3%) Q3 '20 1.5% 13 Hudson Bay Capital Management LP 3.25 8.7% Q2 '23 1.4% 14 Dimensional Fund Advisors LP 7.90 (55.3%) Q4 '21 1.1% 15 JPMorgan Investment Management, Inc. 3.18 11.1% Ql '23 1.1% 16 Geode Capital Management LLC 11.81 (70.1%) Ql '21 0.8% 17 Russell Investment Management LLC 3.10 13.8% Ql '23 0.8% 18 RBF Capital LLC 3.10 13.9% Q2'23 0.8% 19 JPMorgan Alternative Asset Management, Inc. 7.13 (50.5%) Q4'20 0.7% 20 Renaissance Technologies LLC 6.50 (45.7%) Q4'21 0.6% Top 20 Institutional Holders $5.9314) (40.4%) 46.5% Total Index & Quant Fund Ownership 8.5% Total Insider Ownership 5.4%15) Index/ Quant funds are free agents and Martin Franklin Ownership 20.8% not "true believers" Total Hedge Fund Ownership 33.2% Institutional shareholders are often quiescent unless and until they are offered a perceived "free option" presented by an activist campaign I Denotes an investor that has been willing to publicly criticize a portfolio company. Source: FactSet as of 1/1212024. Institutional holdings are based on 13F filings as of 9/3012023 or latest 13G / 13D filings as available. Note: WORLD share price of $3.53 and market capitalization of $151.3mm. Based on 42.9mm common shares outstanding per the Company's 10-0 filed on 11/9/2023. (1) Source: ADV filings and personal knowledge of former ISS senior executives at Jefferies. (2} Per FactSet. Assumes the original value of the investor's holdings adjusted for stock splits, dividends. and capital distributions. Based on FactSet data dating back through the company's deSPACtransaction in Q2 •20. Calculated as the average cost basis of the top 20 institutional shareholders, wei,ghted by their respective percentage of shares outstanding. (5} Includes management, directors and non-executive employees. Irwin Simon (executive chairman) owns 3.7%. Jefferies LLC / January 2024 17 Willingness/ Influence: • = Greater Q =Less Jefferies

Confidential - Analysis and Assumptions Subject to Change WORLD's Shareholder Base Has Experienced Meaningful Turnover Since the ROSWELL Bid with Most Buyers Being Hedge Funds :-- - - - Shareholder movement analysis from the end of Q2 2023 -, Type/ ManagerI: %O/S Top Buy -- Style _ -1 . Q2'23 Hedge Fund ownership has increased from -25% to -33% from Q2 to Q3 reporting, and has likely increased further since that time Position Chg. (000} %OS Chg. Current From Q2'23 From Q2'23 %O/S Notch View Capital Management LLC Hedge Fund 2,511 5.9% 5.9% Fort Baker Capital Management LP Hedge Fund 0.9% 325 0.7% 1.6% VR Advisory Services (USA) LLC Hedge Fund 187 0.4% 0.4% Levin Capital Strategies LP Value 157 0.4% 0.4% Gabelli Funds LLC Generalist 140 0.3% 0.3% Ionic Capital Management LLC Hedge Fund 3.0% 138 0.3% 3.3% Gabelli & Co. Investment Advisers, Inc. Hedge Fund 131 0.3% 0.3% Meteora Capital LLC Hedge Fund 0.1% 130 0.3% 0.4% Hudson Bay Capital Management LP Hedge Fund 1.2% 116 0.3% 1.4% Alden Global Capital LLC Hedge Fund 0.2% 98 0.2% 0.4% T Type/ Mana;, T %O/S f Position Chg. (000) T %OS Chg. T Current Top Sellers: Style I Q2'23 From Q2'23 I From Q2'23 I %O/S Jefferies Jefferies LLC / January 2024 18 Assenagon Asset Management SA Index 1.0% (422} (1.0%} Goldman Sachs & Co. LLC Wealth Mgmt. 1.0% (394) (0.9%} 0.1% Ancora Advisors LLC Value 1.1% (225) (0.5%} 0.5% Citadel Securities LLC Broker 0.6% (212} (0.5%) 0.1% Nomura Securities Co., Ltd. Wealth Mgmt. 0.7% (104) (0.3%} 0.5% First Trust Advisors LP Generalist 0.2% (93) (0.2%} Squarepoint OPS LLC Hedge Fund 0.5% (91) (0.2%} 0.3% AQR Capital Management LLC Hedge Fund 0.2% (84) (0.2%} Susquehanna Financial Group LLLP Broker 0.3% (71) (0.2%} 0.1% Rubric Capital Management LP Hedge Fund 0.2% (71) (0.2%} Denotes an investor that has been willing to publicly criticize a portfolio company. Source: FactSet as of 1/12/2024.

Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / January 2024 18 Preliminary Financial Analyses

Selected Valuation Methodologies Jefferies Jefferies LLC / January 2024 18 Confidential - Analysis and Assumptions Subject to Change Methodology / Consideration General Description Comments Analysis of Selected Publicly Traded Companies Estimates current market value of WORLD based on trading multiples of selected publicly traded companies generally considered relevant for comparative purposes Analysis of Selected Transactions Estimates value of WORLD based on a review of selected merger and acquisition transactions generally considered relevant for comparative purposes Discounted Cash Flow Analysis Estimates the value of WORLD based on the present value of the Company's risk-adjusted cash flow For Reference Only: DCF - Margin Sensitivity Analysis Sensitivity on DCF analysis, varying outer year EBITDA margin recovery Financial Buyer (LBO) Analysis Analyzes the projected income statement and cash flows to determine a range of prices a third-party financial buyer might potentially pay to acquire the Company Premiums Paid Analysis A review, as an additional reference point for informational purposes, of premiums paid in selected M&A transactions involving public companies Reviewed 11 publicly traded Ingredients & Sweeteners and Packaged Foods companies Reviewed 16 completed transactions with publicly available information in the Ingredients & Sweeteners and Packaged Foods sectors Terminal Value calculated using perpetuity growth method Sensitizes DCF result if LRP margin recovery from recent -14% is limited to less than the planned -18% Reviewed 184 all-cash transactions across all industries with transaction equity values between $100M and $500M closed since January 1, 2018 Applied relevant premiums to WORLD's unaffected stock price of $3.12 as of 6/23/23 (1-day prior) and WORLD's unaffected stock price of $2.86 as of 5/26/23 (30-days prior) Note: Jefferies did not attribute any particular weight to any analysis, methodology Of factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor; accordingly, Jefferies' analyses must be considered as a whole. Considering any portion of the analyses or the factors considered, without considering all analyses and factors, could create a misleading or incomplete view of the process undertaken by Jefferies.

$2.1 .,...._ I $2.00 $4 00 $8.00 $10.00 Implied Enterprise Value / EBITDA m 6.4x 7.6x 8.8x 10.0x ll.2x S.Sx 6.6x 7.6x 8.6x 9.7x Confidential - Analysis and Assumptions Subject to Change Preliminary Financial Analyses Summary - Based on Management LRP C 0 "QI' "' a:.i. iii C .0... "§' .E C Methodology Selected Public Companies Analysis (1) 2023E Adj. EBITDA Multiple (1) 2024P Adj. EBITDA Multiple (1) 2024 Adj. EBITDA Multiple (Draft Budget) Selected Transactions Analysis 2023E Adj. EBITDA Multiple<2> Discounted Cash Flow Analysis Perpetuity Growth Method (For Reference Only) DCF- Margin Sensitivity Analysis Financial Buyer Analysis Historical Premium Analysis All Industries (1 day) All Industries (30 days) Research Target Range 52-Week Trading Range 2023E EBITDA of $78.3M 2024P EBITDA of $91.lM Metrics 7.6x - 9.2x 2023E Adj. EBITDA 2023E Adj. EBITDA of $78.3M 7.3x - 9.3x 2024P Adj. EBITDA 2024P Mgmt Adj. EBITDA of $91.lM 7.3x - 9.3x 2024P Adj. EBITDA 2024 Budget Adj. EBITDA of $88.0M 7.8x- 9.9x 2023E Adj. EBITDA - 2023E Adj. EBITDA of $78.3M Discount rate of 10.5% - 12.0% and perpetuity growth rate of 2.0% - 3.0% EBITDA margin at 15.0% - 18.0%; Discount rate of 10.5% - 12.0%; Perpetuity growth of 2.5% 20% - 25% IRR, 7.5x- 9.5x exit multiple, 5.0x leverage 25'" and 75th Percentile premiums to unaffected share price ($3.12), 1-day prior to 6/26/23 25'" and 75th Percentile premiums to unaffected share price ($2.86), 30-days prior to 6/26/23 Range of price targets published by research 52-Week intra-day high and low share prices Source: WORLD latest 10-Q filing (As of September 30, 2023), Management LRPprovided by WORLD management asapproved by the Special Committee for Jefferies' use. Note: Share prices are rounded to nearest $0.05. Fully Diluted Share Count includes 42,850,915 common shares (per lOQ asof 9/30/2023), 2,223,995 RSUs, 214,556 RSAs, 1,613,409 PSUs (per WORLD equity ledger provided by WORLD Management asof 11/13/2023). (1) Assumes debt balance of $435.6 million and cash balance of $24.2 million as of Q3 end numbers. (2) Assumes debt balance of $428.7 million and cash balance of $30.5 million as of year end 2023[ per Management LRP. Jefferies LLC / January 2024 21 Jefferies

Confidential - Analysis and Assumptions Subject to Change Preliminary Analysis of Selected Public Companies - Trading Multiples EV/ 2023E EBITDA 8.3x 8.lx ROSWELL ROSWELL Final Updated Offer(ll lndicationC2l $4.875 $4.50 Enterprise $ Value ($Ml 640 $622 7.lx 7.2x ROSWELL Market Proposa1<3l Valuation (Unaffected)<•> $4.00 $3.12 $590 $551 Ingredients & Sweeteners Median: 7.6x 7.8x 7.6x 4.3x<5> TATe.O{LVL.e: ) lngredion $3,520 $9,337 $5,891 22.6x bellr1ng $7,858 Mid-Cap Packaged Foods Median: 11. lx Simply !utz. Tn•.'elfou,se $4,376 $2,931 $1,679 $5,802 $3,854 $2,942 $11,966 EV/ 2024E EBITDA 7.6x 7.4x ROSWELL ROSWELL Final Updated Offer(l) lndicationC2l $4.875 $4.50 Enterprise $640 $622 Value ($Ml 7.lx 6.6x ROSWELL Market Proposa1<•l Valuation (Unaffected)C4> $4.00 $3.12 $590 $551 Ingredients & Sweeteners Median: 7.,.,..3,,_x _, 7.4x 7.3x 4.9x<5> TATe&,t.vL.e ) SU lngreclion $3,520 $9,337 $5,891 Mid-Cap Packaged Foods Median: 10.0x 20.3x bellnng fu•.-el!on,se -I..cD,-, ...... Si.mply,, g !utz. U: ls:?'f'ers @ $7,858 $4,376 $2,931 $5,802 $1,679 $3,854 $2,942 $11,966 Source: S&PCapital IQ as of January 19, 2024. Note: Multiples are inclusive of stock-based compensation add backs. Asof January 19, 2024 Asof January 16, 2024. Asof June 26, 2023. As of June 23, 2023. Proforma for full year for recent announcement of acquisition of remaining stake in CropEnergies AG for €300M on December 19, 2023. Proforma for full year for recent announcement of acquisition of Petfection Pet Foods for $235M on October 10, 2023. Jefferies LLC / January 2024 22 Jefferies

Confidential - Benchmarking WORLD EV/ NTM EBITDA Multiple Over Time Analysis and Assumptions Subject to Change EV/ NTM EBITDA Multiple - Since SPAC Closing (June 2020) 16.0x 14.0x 12.0x IO.Ox 8.0x 6.0x 4.0x 2.0x O.Ox .... Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 -WORLD Ingredients -Mid-Cap Packaged Foods Mid-Cap Packaged Jefferies Jefferies LLC / January 2024 24 1-Year Avg 3-Year Avg Since June 2020 Avg 7.0x 7.8x 7.6x 6. X 7.6 7.6 12.lx 12.6x 12.Sx Source: S&P Capital IQ as of January 19, 2024. Note: Indexes are enterprise value wei,ghted. Ingredients Index comprised of TATE, INGR and SZU. Mid-Cap Packaged Focds Index comprised of BRBR, UTZ, SMPL, FLO, THS, HAIN, BGS and POST.

Confidential - Preliminary Analysis of Selected Public Companies - Leverage Jefferies Jefferies LLC / January 2024 24 Analysis and Assumptions Subject to Change LTM Net Leverage Ratio Ingredients & Sweeteners Median: 2.lx Mid-Cap Packaged Foods Median: 4.2x 6.5x 5.4x 2.5x 2.lx 0 l.6x ' World TATE 0( LYLE ., lngredion !utz. Tr•ediouse bellifng· Source: Company transcripts and S&P Capital IQ asof January 19, 2024. Note: Net Leverage defined as(Total Debt-Cash)/ LTM EBITDA. (1) Proforma for recent announcement of acquisition of remaining stake in CropEnergies AG financed by a €300M bridge loan on December 19, 2023.

) lngredion <--> ♦ PumClrdci 04/08/20 $317 2.6x NA NA ARDIAN frulact 01/15/20 €128 l.3x NA NA Confidential - Analysis and Assumptions Subject to Change Preliminary Analysis of Selected Packaged Foods and Ingredients & Sweeteners M&A Transactions ($Millions) Jefferies Jefferies LLC / January 2024 24 Date Announced Enterprise EV/ LTM Value Revenue EBITDA EBITDA Ma in Orkla Ac uiror Ta et RHO" NE 10/26/23 $1,380 0.9x NA NA (FOOOftgre(lenb 40"JJ.Stake) KERRY 01/10/23 €500 l.2x 12.2x 10.1% -- PCl'lfollO) am1ll111s.i 01/09/23 $40 l.Ox NA NA '":t>rkla PF 10/03/22 $200 2.0x 13.9x 14.5% ·: 06/01/22 $503 l.lx NA NA Natra a; Gt<'li• • "-••9ie'°""' ,111, 05/24/22 $610 2.6x NA NA o,,leloer&&.dk-rlt,S.11,d) ofi \Pc.l'HOMPso 04/28/21 $950 NA ll.5x NA -r 0 ,,,,;,..., ,1 \\I WORLD w 12/16/20 $18d» 0.9x 7.8x 12.0% WORLD 81ee/!i:-;5 11/09/20 $80 2.2x 14.8x 15.0% - -- 10/25/20 $550 2.0x 7.9x 25.9% 8._6Fooo1:,INC:. sovos brands 11al&jsJ-. 08/26/20 $146 2.5x NA NA Act II Global Acquisition corq lllVOSld 11,1♦ 12/19/19 $516 l.9x 8.2x 23.0% WORLD -·: Natra 01/02/19 $215 0.5x 5.5x 9.0% ♦ '-$ 09/20/18 $100 0.7x NA NA 1 "' l.6x 10.2x :- , l.3x 9.9x Source: Company filings, S&P Capital IQ, Mergermarket and Jefferies IB estimates. (1) Excludes $55M earn out.

2.0% $8.65 $7.25 $6.05 2.5% $9.50 $7.90 $6.60 3.0% $10.40 $8.70 $7.25 Discounted Cash Flow Sensitivity Analysis Confidential - Analysis and Assumptions Subject to Change - - - Implied Terminal EBITDA Multiplem II Perpetuity Discount Rate II Growth I 2.0% 2.5% 3.0% lx 8.7x 3x 7.5x 8.0x 8.5x 7.0x 7.4x 7.8x Margin(%) 10.50% 11.25% 12.00% 15.0% $6.00 $4.75 $3.75 16.5% $7.85 $6.45 $5.25 18.0% $9.70 $8.15 $6.80 (1) Calculated based on EBITDA net of Stock based Compensation Jefferies Jefferies LLC / January 2024 26 Source: Management LRP provided by WORLD management as approved by the Special Committee for Jefferies' use. Note: Share prices in sensitivity table are rounded to nearest $0.05. DCF assumes valuation as of Oecember 31, 2023.

Preliminary Discounted Cash Flow Analysis ($Millions) Confidential - Analysis and Assumptions Subject to Change Unlevered Free Cash Flows I --•-- - Revenue EBITDA % Margin Less: Stock-based Compensation<ll EBITDA (net of SBC) % Margin Less: D&A Less: Otherl21 EBIT Less: Taxes<11 Net Operating Profit After Tax (NOPAT) Plus: D&A'41 Less: NWC (Increase) / Decrease Unlevered CFO Less: Capex Unlevered FCF % Conversion Time Until End of FY Discount Period Discount Factor $567.1 $91.1 16.1% (6.6) $84.5 14.9% (25.1) (3.0) $56.4 (34.4) $22.0 25.1 0.0 $47.1 (7.5) $39.6 43.4% 1.0 0.5 94.8% $599.3 $100.7 16.8% (6.2) $94.5 15.8% (24.9) $626.3 $108.8 17.4% (6.7) $102.1 16.3% (24.6) $654.4 $115.8 17.7% (6.8) $109.0 16.7% (23.4) $683.9 $123.2 18.0% (7.1) $116.1 17.0% (21.4) $69.6 (29.2) $40.4 24.9 (3.5) $61.7 (7.9) $53.8 53.4% 2.0 1.5 85.2% $77.5 (25.5) $51.9 24.6 (6.1) $70.4 (8.3) $62.2 57.1% 3.0 2.5 76.6% $85.6 (23.4) $62.2 23.4 (6.8) $78.8 (8.7) $70.1 60.6% 4.0 3.5 68.9% $94.7 (22.2) $72.5 21.4 (7.1) $86.7 (9.0) $77.7 63.1% 5.0 4.5 61.9% !Present Value of Unlevered FCF $37.5 $45.8 $47.6 $48.3 $48.11 Tenninal Value at 2.5% Growth Rate !Present Value of Tenninal Value<si Sum of PV of Unlevered FCF Total Enterprise Value Plus: Cash Less: Debt Equity Value rnso<•1 IImplied Price Per Share 4.8% 7.8% 8.3% $683.9 $123.2 18.0% (7.1) $116.1 17.0% (9.0) 13.8% $107.0 (25.1) 34.7% $81.9 9.0 (7,1) 16.5% $83.8 (9.0) $74.8 60.7% $924.2 $542.31 227.4 $769.7 30.5 (428.7) $371.5 46.903 $7.921 Source: Management LRP provided by WORLD management as approved by the Special Committee for Jefferies' use. Note: Share prices in sensitivity table are rounded to nearest $0.05. OCF assumes valuation as of December 31, 2023. Stock-based compensation based on management forecast provided by WORLD management. Other reflects expenses related to Supply Chain Reinvention program. WORLD cash tax rates per WORLD management, terminal year effective tax rate of -23% based on 2028 forecast. Depreciation & amortization is equal to Capex in the terminal year. Based on illustrative perpetuity growth rate of 2.5%. Based on illustrativediscount rate of 11.25%. Assumes mid-year convention. Includes 42,850,915 common shares (per lOQ as of 9/30/2023), 2,223,995 RSUs, 214,556 RSAs, 1,613,409 PSUs(per WORLD equity ledger provided by WORLD Management as of 11/13/2023). Jefferies LLC / January 2024 27 Jefferies

Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / January 2024 30 Appendix

Confidential - Analysis and Assumptions Subject to Change Illustrative Financial Buyer Analysis (For Reference Only) ($Millions, except per share data) Illustrative transaction date of 12/31/2023 Assumes Management LRP for 2023E-2028E Adjusted EBITDA includes $4.5 million of annual PubCo savings Management promote of 10% assumed Tax rate assumption per management forecast (-23% by 2028E) FD shares of 46.9 million at transaction, reflective of outstanding warrants, RSUs, RSAs, and PSUs<ll Pro forma leverage of 4.5x 2023E Adj. EBITDA New $390 million First Lien Term Loan, S +CSA+ 500, 98.0 0ID, 0.75% Floor Assumes 3-month SOFR and 15 bps CSA Mandatory amortization of 1.00% Sources of Funds Jefferies Jefferies LLC / January 2024 30 Buyer Equity Contribution Transaction Debt $302 $390 Uses of Funds Purchase of Equity ($4.875 / sh) $398 $27 $8 $31 Repayment of Existing Net Debt Transaction Fees& Expenses 01DI Upfront Fees Cash to Balance Sheet Total Uses $692 Transaction Sources and Uses Pro Forma Financial Summary Assumptions Net Sales $551 $567 $599 $626 $654 $684 YIYGrowth 1.5% 4.8% 4.5% 4.5% 4.5% 4.5% Standalone Adj. EBITDA 78 91 101 109 116 123 PubCo Expense Savings 5 5 5 5 5 Total Sources $692 Adjusted EBITDA $78 $96 $105 $113 $120 $128 % Margin 14.2% 16.9% 17.6% 18.1% 18.4% 18.7% Other2l CapEx (3) (8) (8) (8) (9) (9) $229 Change in Working capital (4) (6) (7) (7) Cash Interest Expense (32) (28) (24) (18) (12) (4) (4) (4) (4) (4) (29) (24) (20) (19) (20) 390 I $21 331 $38 289 $51 234 $64 166 $76 86 $390 30.5 $331 30.5 $289 30.5 $234 30.5 $86 30.5 Mandatory Amortization Cash Taxes Excess Cash Flow New First Lien Term Loan Total Debt Cash Balance Total Leverage Net Leverage 5.0x 4.lx 3.5x 3.lx 2.7x 2.5x 2.lx l.8x $166 30.5 1.4x 1.lx 0.7x 0.4x Adj. EBITOA / Net Int. Exp. 3.0x 3.7x 4.8x 6.6x 11.0x (Adj. EBITDA - CapEx) / Net Int. Exp. 2.Bx 3.5x 4.4x 6.lx 10.2x Sensitivity Analysis I •1 • ' . ' 20.0% 22.5% 25.0% 22.5% 25.0% 7.5x $4.90 $4.20 $3.55 4.0x $5.45 $4.65 $3.90 8.5x $5.90 $5.10 $4.35 4.5x $5.90 $5.10 $4.35 9.5x $6.85 $5.95 $5.20 5.0x $6.25 $5.45 $4.80 •• ' . 20.0% 22.5% 25.0% 15.0% $3.60 $3.05 $2.50 16.5% $4.60 $3.95 $3.35 18.0% $5.60 $4.80 $4.15 Source: Management LRP provided by WORLD management as approved by the Special Committee for Jefferies' use. Includes 42,850,915 common shares(per lOQas of 9/30/2023), 2,223,995 RSUs, 214,556 RSAs, 1,613,409 PSUs(per WORLD equity ledger providedby WORLD Management as of 11/13.'2023). Other reflects expenses related to Supply Chain Reinvention program.

One-Day & 4-Week Premiums Selected Statisticsm 75% 60% E 45% .:E:, ., ct 30% 20% 21% 15% 0% -+------ 25th Percentile 38% One-Day Premium 40% Median 4-Week Premium 63% 65% 75th Percentile One-Day & 4-Week Premiumsm 45% >- 30% .C,: (.) ::, Sf .z 15% 7.6% 8.2% 0% 7.6% 5.4% 0-10% 39.7% 33.7% 14.7%14.1% 13.6o/°J. l.4% 10.3%10.3% 12.5o/"10.9% 10-20% 20-30% 30-40% 40-50% 50%+ Premium Intervals One-Day Premium 4-Week Premium Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / January 2024 30 Illustrative Premiums Paid Analysis - Equity Values $ l00M - $500M (For Reference Only) U.S. and Canada All Cash M&A Majority Transactions, Announced Since January 2018 Source: Thomson Reuters as of January 19, 2024. (1} 4-week premium based on closing stock price 4 weeks prior to announcement.

Announcement Date ImpliedEnterpriseValue ($mil) PriceBump<2> Premiu I-Day m Premium 1-Mo. 03/17/23 $2,534 0% 32% (0%) 12/12/22 $3,700 29% 24% 15% 11/15/21 $330 (15%) 94% 64% 06/19/21 $13,700 25% 61% 59% 05/06/21 $4,214 19% 18% 37% Confidential - Analysis and Assumptions Subject to Change Consumer I Retail US Sponsor-Led Take-Private Transactions Over $200M<1> Consortium led by Management Group () BDT&MSD Casper DU RAT! ON AL CAPITAi. MAl'-'ACEMEl\l •.':•.•-. ■ Morrisons ath•me Hellman &Friedman The Honu!DecorSupento Nlu:ha&s ® APOLLO ICATTERITON IIIIWII APOLLO DURAT)ONAL t:.'itllAL MA A(;[M[t-l 03/03/21 $3,222 0%(4) 22% 44% 06/24/19 $622 (11%)(5) 19% 15% BARNES&NOBLE 06/07/19 $670 0% 9%* 28% Smart&Final. 04/17/19 $1,119 0%(6) 21%* 27% 11/06/18 $736 (8%) 1%* (2%) 09/25/18 $2,249 2%(7) 19% 26% 02/20/18 $560 5%(8) 25% 15% 07/09/17 $2,180 10%(9) 31% 25% 06/29/17 $337 27% 34% 31% 12/07/15 $13,900 8% 78% 76% mg ROARK CAl'lTAL GROul' , . FOCO oECHAO A RHONE BUllU\N Slt.--\KHOUSE CLUBCORP. y,.. \IIOotU> 1.,.,.1'<-ot 11<f'ot• .-... C.,y-•11• APOLLO 9t''2 M y JAB UOLUIM, Co..,,...s.,. Mean: $3,338 6.1% 32.5% 30.7% Median: $2,180 1.8% 23.8% 27.2% Source: Thomson SOC, S&P Capital IQ and Company Filings. West Marine· i{EURICi GRf[H MOUMTAIM Note: Represents transaction wasleaked before announcement. (5) (1) Includes US sponsor-led leveraged buyouts with transaction values greater than $200 million since 1/1/2013.(6) Based on price bump of final offer price to initial offer price. Casper had negative EBITOA at time of transaction. Initial offer price used represents midpoint of initial offer range provided of $14.00 • $15.00. Jefferies LLC / January 2024 Initial offer price used represents midpoint of initial offer range provided of $9.50 • $10.00. Initial offer price used represents midpoint of initial offer range provided of $7.00 - $8.00. Initial offer price used represents midpoint of initial offer range provided of $37.00- $40.00. Initial offer price used represents midpoint of initial offer range provided of $12.00 • $13.00. Initial offer price used represents midpoint of initial offer range provided of $17.25 • $19.00. 31 Jefferies

Analyst Estimates Date Firm Recommendation Price Target Valuation Methodology FY2023E FY2024E Revenue I EBITDA Revenue I EBITDA 11/09/23 Canaccord Genuity LLC Buy $5.00 8.3x FY2024E EBITDA $545 $78 $570 $85 11/09/23 Imperial Capital Outperform $9.00 IO.Ox FY2023E EBITDA $548 $78 $579 $81 11/09/23 Lake Street Buy $6.00 8.5x FY2024E EBITDA $540 $77 $563 $86 Analyst Consensus $6.6il) $546 $78 $573 $85 Management LRP $55il2l $7sl2l $56i2l $9il2l Confidential - Analysis and Assumptions Subject to Change WORLD Research Coverage and Estimates (For Reference Only) One-Year Stock Price Performance (01/19/24) Price $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 -Share Price -Research Analysts' Price Target Oct-23 Nov-23 Dec-23 Jan-24 Source: Wall Street research and S&P Capital IQas of January 19, 2024. Mean of price targets from research reports noted above. Management LRP provided by WORLD management asapproved by the Special Committee for Jefferies' use. Jefferies LLC / January 2024 32 Jefferies

Company Name Mid-tap Packaged Food Equity Value Total Net Debt Minority Interest Total cap. D/E Ratio Net Debt/ Total cap. Tax Rate Beta<u Unlevered Beta Adjusted Lev. Beta BellRing Brands, Inc. $7,041 $817 $23 $7,880 11.6% 10.4% 25.0% 0.83 0.76 1.13 The Hain Celestial Group, Inc. 902 777 $11 1,690 86.1% 45.9% 25.4% 0.99 0.60 0.89 B&G Foods, Inc. 796 2,146 $9 2,952 269.5% 72.7% 32.5% 0.86 0.30 0.44 The Simply Good Foods Company 4,223 154 $18 4,394 3.6% 3.5% 25.4% 0.62 0.60 0.89 Post Holdings, Inc. 5,766 6,191 $9 11,966 107.4% 51.7% 25.0% 0.63 0.35 0.52 TreeHouse Foods, Inc. 2,313 1,541 $10 3,864 66.6% 39.9% 30.5% 0.61 0.42 0.60 Utz Brands, Inc. 1,336 865 $16 2,217 64.7% 39.0% 30.0% 0.80 0.55 0.80 Flowers Foods, Inc. 4,779 1,023 $11 5,813 21.4% 17.6% 26.8% 0.54 0.46 0.68 Ingredients & Sweetners Siidzucker AG $2,876 $1,944 $4 $4,824 67.6% 40.3% 15.8% 0.40 0.25 0.39 lngredion Incorporated 7,253 2,071 8 9,332 28.6% 22.2% 30.5% 0.64 0.54 0.78 Tate & Lyle pie 3,217 302 8 3,527 9.4% 8.6% 25.0% 0.52 0.49 0.73 Mean 3,682 1,621 12 5,315 67.0% 32.0% 26.5% 0.68 0.48 0.71 Median 3 217 1023 10 4 394 64.7% 39.0% 25.4% 0.63 0.49 0.73 !WORLD (Current Debt) $186 $398 $8 $592 214.0% 67.3% 30.5% 0.88 0.35 0.881 !woRLD (Illustrative Normalized Debt)Ul $357 $235 $8 $592 65.8% 39.7% 30.5% I WORLD Selected Peers Illustrative Range Risk-freeRate<Rfl'" 4.5% 4.5% 4.5% 4.5% 4.5% Unlevered Beta 0.35 0.35 0.49 0.50 0.35 @:n>everedBela 0.35 0.35 0.49 0.50 0.35] Adj. levered Beta 0.86 0.52 0.72 0.62 0.51 Oebt I Equity Ratio 205.5% 65.8% 64.0% 33.3% 66.7% Multiplied by: Market Risk Premium (Rm) 7.2% 7.2% 7.2% 7.2% 7.2% Adj. Levered Betal4) 0.86 0.52 0.72 0.62 0.51 Adjusted Equity Risk Premium 6.2% 3.7% 5.2% 4.4% 3.7% Market Risk Premium(Rm)t 7.2% 7.2% 7.2% 7.2% 7.2% Plus: Risk-Free Rate (Rf) 4.5% 4.5% 4.5% 4.5% 4.5% Size Premium {Rs>'" 4.8% 4.8% 4.8% 4.8% 4.8% Plus: Size Premium (Rs) 4.8% 4.8% 4.8% 4.8% 4.8% Tax Rate"' 30.5% 30.5% 25.4% 30.5% 30.5% Cost of Equity (Ke) 15.5% 13.0% 14.5% 13.7% 13.0% Pre-TaxCostofOebt(Kdl'8J 12.9% 10.0% 10.0% 10.0% 10.0% Multiplied by: E / (D+E) 32.7% 60.3% 61.0% 75.0% 60.0% AssumedAfter-taxCostofOebt 9.0% 7.0% 7.5% 7.0% 7.0% Cost of Equity Portion 5.1% 7.8% 8.8% 10.3% 7.8% Weighted Average Cost of Capital ($Millions, except per share data) Confidential - Analysis and Assumptions Subject to Change Selected Companies WACC Assumptions iA'ssumedNetOebt/TotalGapital'" :::::: 67.3% :::397% :: 390%:::: 250%:::: 40.0%! WACC Calculation After-TaxCost of Debt Multiplied by: D / (D +E) 9.0% 67.3% 7.0% 39.7% 7.5% 39.0% 7.0% 25.0% 7.0% 40.0% Cost of Debt Portion 6.0% 2.8% 2.9% 1.7% 2.8% IWACC 11.1% 10.6% 11.8% 12.0% 10.6%1 Source: Public filings, Wall Street equity research, Kroll, Bloomberg. Note: Market data as of January 19, 2024. (I) 2-year weekly adjusted betas sourced from Bloomberg as of January 19, 2024. (2) Normalized per WORLD management (reflects leverage of 3.0x LTM EBITDA). (3) (4) (5) (6) (7) (8) (9) Spot rate for 20-Year US Treasury Yield as of January 19, 2024. Adjusted for WORLD debt/ capital ratio and median debt I capital ratio for selected comparable companies. Represents long-horizon expected equity risk premium per Kroll Cost of Capital Navigator. Size premium based on 10th decile for market capitalizations from Kroll Cost of Capital Navigator. WORLD tax rate (calculated as the sum of US Federal and State statutory taxrates). Median marginal taxrate used for selected comparative companies. Based on the current yield of WORLD's existing debt as of January 19, 2024 (-12.9%) and expected incremental debt yield at normalized levels (10.0%). WORLD normalized debt/ capital ratio and median debt I capital ratio for selected comparative companies. Jefferies LLC / January 2024 33 Jefferies

Confidential - Analysis and Assumptions Subject to Change Selected Changes Between Special Committee Presentation on October 16, 2023 and January 12, 2024 Topic Summary Changes Share Count Reduction in diluted share count by 1.532 million units WORLD Management LRP Updated WORLD Management LRP (2023E - 2028E) as of December 4th, 2023 2023E Revenue down to $549.6 million from $550.6 million (2024E-2028E down -$11 - 14 million annually) 2023E Adjusted EBITDA down to $78.0 million from $79.3 million (2024E-2028E down -$2 - 4 million annually) 2023E Change in NWC up to $4.2 million from ($8.7) million, 2024E down to $0.0 million from $1.9 2023E Cash-related addbacks (inclusive of Supply Chain Reinvention) up to $16.4 million from $13.4 million, 2024E up to $3.0 million from $2.0 million Selected Other Changes - 2023E CAPEX down to $6.4 million from $7.0 million, 2024E down to $7.5 million from $8.7 million (2025E-2028E down -$1.0 million annually) Updated Debt Repayment Schedule based on WORLD Management LRP 2023E ending Debt balance down to $428.7 million from $436.7 million 2023E ending Cash balance up to $25.9 million from $23.8 million The following items were updated per current market data: Increase in EV/ 2023E EBITDA selected companies trading multiples range from 7.0x - 9.0x to 7.5x - 9.4x Increase in EV/ 2024E EBITDA selected companies trading multiples range from 6.8x - 8.8x to 7.lx - 9.4x Decreased WACC range from 11.00% - 12.50% to 10.50% - 12.00% - Decrease in 20-year U.S. Treasury Yield from 5.0% to 4.3% Jefferies LLC / January 2024 34 efffiles

Confidential - Analysis and Assumptions Subject to Change Selected Changes Since Special Committee Presentation on January 12, 2024 Summary Changes Trading Multiples Change in EV/ 2023E EBITDA selected companies trading multiples range from 7.5x - 9.4x to 7.6x - 9.2x Change in EV/ 2024E EBITDA selected companies trading multiples range from 7.lx - 9.4x to 7.3x - 9.3x 2023E Financial Update from Jefferies Jefferies LLC / January 2024 35 Management The following items were updated per current market data: 2023E Adjusted EBITDA increased from $78.0M to $78.3M 2023E Cash increased from $25.9M to $30.5M

Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / January 2024 35 Historical and Projected WORLD Financial Summary Historical Management Forecast CAGR ($Millions) FY2021A FY2023E FY2024E FY2025E FY2026E FY2027E FY2028E '23E - '28E Revenue Branded CPG $410 $423 $426 $435 $456 $476 $498 $520 4.1% Flavors & Ingredients 105 116 125 132 144 150 157 164 5.6% Total Revenue $514 $538 $551 $567 $599 $626 $654 $684 4.4% % Growth 4.7% 2.3% 2.9% 5.7% 4.5% 4.5% 4.5% Adjusted Gross Profit Branded CPG 133 117 110 126 134 142 148 155 7.0% Flavors & Ingredients 41 50 57 60 66 69 72 75 5.6% Total Adjusted Gross Profit $174 $167 $167 $186 $200 $210 $220 $230 6.5% % Margin 33.9% 31.1% 30.4% 32.8% 33.4% 33.6% 33.6% 33.6% Operating Expenses Branded CPG (62) (54) (53) (57) (61) (62) (64) (66) 4.5% Flavors & Ingredients (11) (12) (13) (13) (13) (13) (14) (14) 0.8% Corporate (20) (23) (23) (25) (25) (26) (26) (27) 3.2% Total Operating Expenses ($92) ($88) ($89) ($95) ($99) ($102) ($104) ($107) 3.7% Adjusted EBITDA Branded CPG $72 $64 $58 $69 $74 $80 $84 $89 9.1% Flavors & Ingredients 30 38 44 47 52 55 58 61 6.9% Corporate (20) (23) (23) (25) (25) (26) (26) (27) 3.2% jTotal Adjusted EBITDA $82 $79 $78 $91 $101 $109 $116 $12311 9.5% % Margin 16.0% 14.7% 14.2% 16.1% 16.8% 17.4% 17.7% 18.0% Memo: Supply Chain Reinvention Addbacks 8 23 12 3 NIA Total Capital Expenditures $12 $9 $6 $8 $8 $8 $9 $9 7.2% % of Total Revenue 2.4% 1.7% 1.2% 1.3% 1.3% 1.3% 1.3% 1.3% Source: Management LRP provided by WORLO management, as approved by the Special Committee for Jefferies' use on January 20, 2024.

Share tto1dirvs Q3 vsQl E(Jlity lnw:stor Name Q3 2023 Q2 2023 Cha Auets ($MM) style Notch View Capital ManagementU> 2,510,898 2,510,898 NA Hedge Fund ArmisticeC..pital LLC 2,150,000 2,150,000 2,150,000 3,447 Hedge Fund The VanguardGroup, Inc. 1,930,800 1,930,800 2,088,895 (158,095) 4,951,619 lndeo< Pacific Ridge Capital Partners LLC 1,668,343 1,706,801 1,635,057 33,286 449 Value Steel Partners Holdings LP 1,571,125 1,571,125 1,571,125 364 Hedge Fund ClearlineCapital LP 1,527,205 1,482,266 1,099,864 427,341 1,009 Hedge Fund Ionic Capital Management LLC 1,266,967 1,266,967 1,081,569 185,398 217 Hedge Fund Scoggjn Management LP 1,013,338 1,000,000 925,000 88,338 73 Hedge Fund Millemium Management LLC 862,257 916,852 375,000 487,257 107,425 Hedge Fund BrarxtywineGlobal Investment Management LLC 799,340 782,740 786,140 13,200 11,569 Value Fort Baker Capital Management LP 700,951 375,536 700,951 896 Hedge Fund BlackRock FundAdvisors 636,341 646,447 2,355,696 (1,719,355) 2,933,185 lndeo< Hudson BayC..pital Management LP 615,925 500,000 615,925 10,620 Hedge Fund Dimensional FundAdvisorsLP 484,180 505,012 465,039 19,141 467,830 Generalist JPMorgan Investment Management, Ire. 476,543 430,247 31,145 445,398 610,783 Generalist Geode Capital Management LLC 361,468 374,347 750,749 (389,281) 1,019,046 lndeo< Russell Investment Management LLC 338,072 399,939 36,668 301,404 60,104 Generalist RBF Capital LLC 325,000 325,000 325,000 1,555 lndeo< JPMorgan Alternative Asset Management. loc. 285,794 285,794 285,794 601 Hedge Fund Renaissance Technologies LLC Ancora Advisors LLC 247,700 231,539 215,500 456,219 227,252 342,919 20,448 (111,380) 59,911 1,309 Hedge Fund Value Institutional Ownership Summary by Fund Type Squarepoint OPS LLC 225,590 225,590 103,608 121,982 17,744 Hedge Fund VR AdvisoryServices(USA) LLC 186,684 186,684 275 Hedge Fund Institutions No. of Institutions No. of Shares %of InstitutionaI Meteora Capital LLC 179,595 49,388 179,595 540 Hedge Fund AldenGlobal Capital LLC Levin Capital StrategiesLP 178,284 156,938 80,178 178,284 156,938 148 809 Hedge Fund Value Hedge Fund 27 13,884,299 61.5% InvescoCapital Managemert LLC 152,429 151,229 162,676 (10,247) 197,048 Generalist Index 7 3,489,929 15.5% Gabelli FundsLLC Gabelli & Co. Investment Advisers, Inc. SSgA FundsManagement, Inc. 140,395 130,750 129,817 129,817 696,806 140,395 130,750 (566,989) 14,213 541 1,952,015 Generalist Hedge Fund lndeo< Value Generalist 7 40 3,007,947 2,157,118 13.3% 9.6% Total ofTop30 lnstitutioos: 21,484,268 17,957,794 17,171,002 4,313,266 Growth 2 36,775 0.2% Martin Ellis Franklin 8,905,223 8,905,223 8,416,300 488,923 Specialty 1 4,517 <0.1% Irwin David Simon Albert A Manzone 1,262,970 295,737 1,201,545 295,737 1,201,545 214,376 81,361 Total 84 22,580,585 100.0% Ira J Lamel 190,405 174,434 174,434 Jeffrey Robinson 105,610 69,427 69,427 36,183 !Total of Top 5 Insiders: 10,759,945 10,646,366 10,076,082 606,467 Confidential - Analysis and Assumptions Subject to Change Jefferies Jefferies LLC / January 2024 35 Current WORLD Stockholder Overview Top 35 Shareholders as of Q3 2023 Shareholder Base Analysis Investor Breakdown Regional Breakdown Insiders 26% TX 4% Mid-Atlantic 8% Mid-West 10% lnt'I 8% Retail CA 21% 9% Other 12% NY 42% Source: FactSet and Bloomberg. Account holdings are based on 13F filings (as of 9/30/23 or most recent available). Insider holdings based on Proxy and Form 4 filings. (1) 13D filed on January 3, 2024.

Benchmarking WORLD Trading Performance Confidential - Analysis and Assumptions Subject to Change Stock Price Performance - Since SPAC Closing (June 2020) 60.0% 40.0% 20.0% 0.0% (20.0%) (40.0%) (60.0%) (80.0%) Mid-Cap Packaged (2) Mid-Cap Packaged Focds Index comprised of BRBR, UTZ, SMPL, FLO, THS, HAIN, BGS and POST. Jefferies Jefferies LLC / January 2024 38 YTO LTM Since June 2020 11.0% {14.1%) (62.0%) (4.1%) (4.5%) 6.8% (1.6%) 8.5% 4.4% (100.0%) Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 -WORLD Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Ingredients -Mid-Cap Packaged Foods Source: S&P Capital IQ as of January 19, 2024. Note: Indexes are market cap weighted. (1) Ingredients Index comprised of TATE, INGR and SZU.

$5,091 S00- 13% $3,457 ,,fJ Ylers 6% Confidential - Analysis and Assumptions Subject to Change Preliminary Analysis of Selected Public Companies - Financial Benchmarking Ingredients & Sweeteners Mid•Cap Packaged foods ($Millions) 2023E Revenue '22E- '23E Revenue Growth 2023E Gross Margin 2023E EBITDA ,--I ----W-orl-d --··I I----W-o-rld----I· L_! !!s.:.'!! -J l_ .:'!!!:!!'!n -J '22E- '23E 2023E EBITDA Growth EBITDA Margin $11,122 TATEO(LYLE 25% TATEO(LYLE 49% 21% ..,,. l 'f"ers 48% bellnng 20% Simply ,.,?._ 36% $1,359 soo-':w 28% bell11ng 20% 27% Simply 20% 23% TATEO(LVLI: 19% S00-ZUCKER ) $8,299 $1,263 Tr•eello,... ® lngredion ® J· l yJers $7,342 t'> S00-ZUCKER ® lngredion $1,195 1.utz. S00-ZUCKER 35% ...> l YJe·rs $508 t') lngredion 19% ® hO Fooosc, t111c. 17% • 34% TATEO{LYLE $423 bell11ng 17% 15% TreelloW!e TATl:O(LVLI: $2,266 Simply 2.'.! 5% bell11ng 32% Median $2,053 Median 4% Median 30% • $363 !utz. 9% $348 Median 7% 14% ft1...&W!e lngredion Median Median 14% ) r---------------I ; World 30%; bell11ng I ---------------1 7% ; World 14%; $2,053 4% $348 Simply '?.',! hO FootK, htc. lngredion i------------------------------•1 i-------------------· - $1,792 lutz 3% ; World 27%; $317 5% ; World 14%; llO ,INC. llO ,INC. ---------------' belh1ng i---------------1 Simply 2.'.! l.utz. $1,712 ; World 2%; ---------------· 27% $246 .J- l yvers 1% 13% - l.utz. !utz. $1,446 ; World 1% ; 22% $185 ; World (1 %); i---------------· S00- 12% r------------------------------1' • 11% .i.------------,---·' Jefferies Jefferies LLC / January 2024 39 • - $148 Simply '?.',! $1,251 0% 22% TrcclJousc T:n.,"t:Hotu.e ; World (2%); --------------..1 aaoJooos,1111,. i---------------1 - } i---------------, ..,.FJRY'ers ; World $551; (3%) Ingredion 21% ; World $78; TATe&LVLe (7%) 10% ---- · I-------------------------------I.' ---------------- . - C \,! I I • ; World $5461 (5%) 18% : World $781 --------------;J {18%) - 8 Source: S&-P C-a-pit-al-IQ-a-s o-f -Ja-nu-ar-y 1-9,-2-02·4. hO .btC. Tree&W!e

Exhibit (c)(xi)

Exhibit (f)

Section 262 of the General Corporation Law of the State of Delaware

§ 262. Appraisal rights

(a) Any stockholder of a corporation of this State who holds shares of stock on the date of the making of a demand pursuant to subsection (d) of this section with respect to such shares, who continuously holds such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, who has otherwise complied with subsection (d) of this section and who has neither voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance nor consented thereto in writing pursuant to § 228 of this title shall be entitled to an appraisal by the Court of Chancery of the fair value of the stockholder’s shares of stock under the circumstances described in subsections (b) and (c) of this section. As used in this section, the word “stockholder” means a holder of record of stock in a corporation; the words “stock” and “share” mean and include what is ordinarily meant by those words; the words “depository receipt” mean a receipt or other instrument issued by a depository representing an interest in 1 or more shares, or fractions thereof, solely of stock of a corporation, which stock is deposited with the depository; the words “beneficial owner” mean a person who is the beneficial owner of shares of stock held either in voting trust or by a nominee on behalf of such person; and the word “person” means any individual, corporation, partnership, unincorporated association or other entity.

(b) Appraisal rights shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation in a merger, consolidation, conversion, transfer, domestication or continuance to be effected pursuant to § 251 (other than a merger effected pursuant to § 251(g) of this title), § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 390 of this title (other than, in each case and solely with respect to a converted or domesticated corporation, a merger, consolidation, conversion, transfer, domestication or continuance authorized pursuant to and in accordance with the provisions of§ 265 or § 388 of this title):

(1) Provided, however, that no appraisal rights under this section shall be available for the shares of any class or series of stock, which stock, or depository receipts in respect thereof, at the record date fixed to determine the stockholders entitled to receive notice of the meeting of stockholders, or at the record date fixed to determine the stockholders entitled to consent pursuant to § 228 of this title, to act upon the agreement of merger or consolidation or the resolution providing for the conversion, transfer, domestication or continuance (or, in the case of a merger pursuant to § 251(h) of this title, as of immediately prior to the execution of the agreement of merger), were either: (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders; and further provided that no appraisal rights shall be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the stockholders of the surviving corporation as provided in § 251(f) of this title.

(2) Notwithstanding paragraph (b)(1) of this section, appraisal rights under this section shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation if the holders thereof are required by the terms of an agreement of merger or consolidation, or by the terms of a resolution providing for conversion, transfer, domestication or continuance, pursuant to § 251, § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 390 of this title to accept for such stock anything except:

a. Shares of stock of the corporation surviving or resulting from such merger or consolidation, or of the converted entity or the entity resulting from a transfer, domestication or continuance if such entity is a corporation as a result of the conversion, transfer, domestication or continuance, or depository receipts in respect thereof;

b. Shares of stock of any other corporation, or depository receipts in respect thereof, which shares of stock (or depository receipts in respect thereof) or depository receipts at the effective date of the merger, consolidation, conversion, transfer, domestication or continuance will be either listed on a national securities exchange or held of record by more than 2,000 holders;

c. Cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a. and b. of this section; or

d. Any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a., b. and c. of this section.

(3) In the event all of the stock of a subsidiary Delaware corporation party to a merger effected under § 253 or § 267 of this title is not owned by the parent immediately prior to the merger, appraisal rights shall be available for the shares of the subsidiary Delaware corporation.

(4) [Repealed.]

(c) Any corporation may provide in its certificate of incorporation that appraisal rights under this section shall be available for the shares of any class or series of its stock as a result of an amendment to its certificate of incorporation, any merger or consolidation in which the corporation is a constituent corporation, the sale of all or substantially all of the assets of the corporation or a conversion effected pursuant to § 266 of this title or a transfer, domestication or continuance effected pursuant to § 390 of this title. If the certificate of incorporation contains such a provision, the provisions of this section, including those set forth in subsections (d), (e), and (g) of this section, shall apply as nearly as is practicable.

(d) Appraisal rights shall be perfected as follows:

(1) If a proposed merger, consolidation, conversion, transfer, domestication or continuance for which appraisal rights are provided under this section is to be submitted for approval at a meeting of stockholders, the corporation, not less than 20 days prior to the meeting, shall notify each of its stockholders who was such on the record date for notice of such meeting (or such members who received notice in accordance with § 255(c) of this title) with respect to shares for which appraisal rights are available pursuant to subsection (b) or (c) of this section that appraisal rights are available for any or all of the shares of the constituent corporations or the converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting corporation is a nonstock corporation, a copy of § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and, § 114 of this title, if applicable) may be accessed without subscription or cost. Each stockholder electing to demand the appraisal of such stockholder’s shares shall deliver to the corporation, before the taking of the vote on the merger, consolidation, conversion, transfer, domestication or continuance, a written demand for appraisal of such stockholder’s shares; provided that a demand may be delivered to the corporation by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs the corporation of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such stockholder’s shares. A proxy or vote against the merger, consolidation, conversion, transfer, domestication or continuance shall not constitute such a demand. A stockholder electing to take such action must do so by a separate written demand as herein provided. Within 10 days after the effective date of such merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity shall notify each stockholder of each constituent or converting, transferring, domesticating or continuing corporation who has complied with this subsection and has not voted in favor of or consented to the merger, consolidation, conversion, transfer, domestication or continuance, and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section, of the date that the merger, consolidation or conversion has become effective; or

(2) If the merger, consolidation, conversion, transfer, domestication or continuance was approved pursuant to § 228, § 251(h), § 253, or § 267 of this title, then either a constituent, converting, transferring, domesticating or continuing corporation before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, or the surviving, resulting or converted entity within 10 days after such effective date, shall notify each stockholder of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation who is entitled to appraisal rights of the approval of the merger, consolidation, conversion, transfer, domestication or continuance and that appraisal rights are available for any or all shares of such class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting, transferring, domesticating or continuing corporation is a nonstock corporation, a copy of § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and § 114 of this title, if applicable) may be accessed without subscription or cost. Such notice may, and, if given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, shall, also notify such stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance. Any stockholder entitled to appraisal rights may, within 20 days after the date of giving such notice or, in the case of a merger approved pursuant to § 251(h) of this title, within the later of the consummation of the offer contemplated by § 251(h) of this title and 20 days after the date of giving such notice, demand in writing from the surviving, resulting or converted entity the appraisal of such holder’s shares; provided that a demand may be delivered to such entity by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs such entity of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such holder’s shares. If such notice did not notify stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, either (i) each such constituent corporation or the converting, transferring, domesticating or continuing corporation shall send a second notice before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance notifying each of the holders of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation that are entitled to appraisal rights of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance or (ii) the surviving, resulting or converted entity shall send such a second notice to all such holders on or within 10 days after such effective date; provided, however, that if such second notice is sent more than 20 days following the sending of the first notice or, in the case of a merger approved pursuant to § 251(h) of this title, later than the later of the consummation of the offer contemplated by § 251(h) of this title and 20 days following the sending of the first notice, such second notice need only be sent to each stockholder who is entitled to appraisal rights and who has demanded appraisal of such holder’s shares in accordance with this subsection and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section. An affidavit of the secretary or assistant secretary or of the transfer agent of the corporation or entity that is required to give either notice that such notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. For purposes of determining the stockholders entitled to receive either notice, each constituent corporation or the converting, transferring, domesticating or continuing corporation may fix, in advance, a record date that shall be not more than 10 days prior to the date the notice is given, provided, that if the notice is given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the record date shall be such effective date. If no record date is fixed and the notice is given prior to the effective date, the record date shall be the close of business on the day next preceding the day on which the notice is given.

(3) Notwithstanding subsection (a) of this section (but subject to this paragraph (d)(3)), a beneficial owner may, in such person’s name, demand in writing an appraisal of such beneficial owner’s shares in accordance with either paragraph (d)(1) or (2) of this section, as applicable; provided that (i) such beneficial owner continuously owns such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance and otherwise satisfies the requirements applicable to a stockholder under the first sentence of subsection (a) of this section and (ii) the demand made by such beneficial owner reasonably identifies the holder of record of the shares for which the demand is made, is accompanied by documentary evidence of such beneficial owner’s beneficial ownership of stock and a statement that such documentary evidence is a true and correct copy of what it purports to be, and provides an address at which such beneficial owner consents to receive notices given by the surviving, resulting or converted entity hereunder and to be set forth on the verified list required by subsection (f) of this section.

(e) Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity, or any person who has complied with subsections (a) and (d) of this section and who is otherwise entitled to appraisal rights, may commence an appraisal proceeding by filing a petition in the Court of Chancery demanding a determination of the value of the stock of all such stockholders. Notwithstanding the foregoing, at any time within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person entitled to appraisal rights who has not commenced an appraisal proceeding or joined that proceeding as a named party shall have the right to withdraw such person’s demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance. Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person who has complied with the requirements of subsections (a) and (d) of this section, upon request given in writing (or by electronic transmission directed to an information processing system (if any) expressly designated for that purpose in the notice of appraisal), shall be entitled to receive from the surviving, resulting or converted entity a statement setting forth the aggregate number of shares not voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance (or, in the case of a merger approved pursuant to § 251(h) of this title, the aggregate number of shares (other than any excluded stock (as defined in § 251(h)(6)d. of this title)) that were the subject of, and were not tendered into, and accepted for purchase or exchange in, the offer referred to in § 251(h)(2) of this title)), and, in either case, with respect to which demands for appraisal have been received and the aggregate number of stockholders or beneficial owners holding or owning such shares (provided that, where a beneficial owner makes a demand pursuant to paragraph (d)(3) of this section, the record holder of such shares shall not be considered a separate stockholder holding such shares for purposes of such aggregate number). Such statement shall be given to the person within 10 days after such person’s request for such a statement is received by the surviving, resulting or converted entity or within 10 days after expiration of the period for delivery of demands for appraisal under subsection (d) of this section, whichever is later.

(f) Upon the filing of any such petition by any person other than the surviving, resulting or converted entity, service of a copy thereof shall be made upon such entity, which shall within 20 days after such service file in the office of the Register in Chancery in which the petition was filed a duly verified list containing the names and addresses of all persons who have demanded appraisal for their shares and with whom agreements as to the value of their shares have not been reached by such entity. If the petition shall be filed by the surviving, resulting or converted entity, the petition shall be accompanied by such a duly verified list. The Register in Chancery, if so ordered by the Court, shall give notice of the time and place fixed for the hearing of such petition by registered or certified mail to the surviving, resulting or converted entity and to the persons shown on the list at the addresses therein stated. The forms of the notices by mail and by publication shall be approved by the Court, and the costs thereof shall be borne by the surviving, resulting or converted entity.

(g) At the hearing on such petition, the Court shall determine the persons who have complied with this section and who have become entitled to appraisal rights. The Court may require the persons who have demanded an appraisal for their shares and who hold stock represented by certificates to submit their certificates of stock to the Register in Chancery for notation thereon of the pendency of the appraisal proceedings; and if any person fails to comply with such direction, the Court may dismiss the proceedings as to such person. If immediately before the merger, consolidation, conversion, transfer, domestication or continuance the shares of the class or series of stock of the constituent, converting, transferring, domesticating or continuing corporation as to which appraisal rights are available were listed on a national securities exchange, the Court shall dismiss the proceedings as to all holders of such shares who are otherwise entitled to appraisal rights unless (1) the total number of shares entitled to appraisal exceeds 1% of the outstanding shares of the class or series eligible for appraisal, (2) the value of the consideration provided in the merger, consolidation, conversion, transfer, domestication or continuance for such total number of shares exceeds $1 million, or (3) the merger was approved pursuant to § 253 or § 267 of this title.

(h) After the Court determines the persons entitled to an appraisal, the appraisal proceeding shall be conducted in accordance with the rules of the Court of Chancery, including any rules specifically governing appraisal proceedings. Through such proceeding the Court shall determine the fair value of the shares exclusive of any element of value arising from the accomplishment or expectation of the merger, consolidation, conversion, transfer, domestication or continuance, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the Court shall take into account all relevant factors. Unless the Court in its discretion determines otherwise for good cause shown, and except as provided in this subsection, interest from the effective date of the merger, consolidation, conversion, transfer, domestication or continuance through the date of payment of the judgment shall be compounded quarterly and shall accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between the effective date of the merger, consolidation or conversion and the date of payment of the judgment. At any time before the entry of judgment in the proceedings, the surviving, resulting or converted entity may pay to each person entitled to appraisal an amount in cash, in which case interest shall accrue thereafter as provided herein only upon the sum of (1) the difference, if any, between the amount so paid and the fair value of the shares as determined by the Court, and (2) interest theretofore accrued, unless paid at that time. Upon application by the surviving, resulting or converted entity or by any person entitled to participate in the appraisal proceeding, the Court may, in its discretion, proceed to trial upon the appraisal prior to the final determination of the persons entitled to an appraisal. Any person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section may participate fully in all proceedings until it is finally determined that such person is not entitled to appraisal rights under this section.

(i) The Court shall direct the payment of the fair value of the shares, together with interest, if any, by the surviving, resulting or converted entity to the persons entitled thereto. Payment shall be so made to each such person upon such terms and conditions as the Court may order. The Court’s decree may be enforced as other decrees in the Court of Chancery may be enforced, whether such surviving, resulting or converted entity be an entity of this State or of any state.

(j) The costs of the proceeding may be determined by the Court and taxed upon the parties as the Court deems equitable in the circumstances. Upon application of a person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section who participated in the proceeding and incurred expenses in connection therewith, the Court may order all or a portion of such expenses, including, without limitation, reasonable attorney’s fees and the fees and expenses of experts, to be charged pro rata against the value of all the shares entitled to an appraisal not dismissed pursuant to subsection (k) of this section or subject to such an award pursuant to a reservation of jurisdiction under subsection (k) of this section.

(k) Subject to the remainder of this subsection, from and after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, no person who has demanded appraisal rights with respect to some or all of such person’s shares as provided in subsection (d) of this section shall be entitled to vote such shares for any purpose or to receive payment of dividends or other distributions on such shares (except dividends or other distributions payable to stockholders of record at a date which is prior to the effective date of the merger, consolidation, conversion, transfer, domestication or continuance). If a person who has made a demand for an appraisal in accordance with this section shall deliver to the surviving, resulting or converted entity a written withdrawal of such person’s demand for an appraisal in respect of some or all of such person’s shares in accordance with subsection (e) of this section, either within 60 days after such effective date or thereafter with the written approval of the corporation, then the right of such person to an appraisal of the shares subject to the withdrawal shall cease. Notwithstanding the foregoing, an appraisal proceeding in the Court of Chancery shall not be dismissed as to any person without the approval of the Court, and such approval may be conditioned upon such terms as the Court deems just, including without limitation, a reservation of jurisdiction for any application to the Court made under subsection (j) of this section; provided, however that this provision shall not affect the right of any person who has not commenced an appraisal proceeding or joined that proceeding as a named party to withdraw such person’s demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, as set forth in subsection (e) of this section. If a petition for an appraisal is not filed within the time provided in subsection (e) of this section, the right to appraisal with respect to all shares shall cease.

(l) The shares or other equity interests of the surviving, resulting or converted entity to which the shares of stock subject to appraisal under this section would have otherwise converted but for an appraisal demand made in accordance with this section shall have the status of authorized but not outstanding shares of stock or other equity interests of the surviving, resulting or converted entity, unless and until the person that has demanded appraisal is no longer entitled to appraisal pursuant to this section.

Exhibit 107

CALCULATION OF FILING FEE TABLES

Schedule 13E-3

(Form Type)

Whole Earth Brands, Inc.

Ozark Holdings LLC

Sweet Oak Merger Sub, LLC

Sweet Oak Holdings LP

Sababa Holdings FREE LLC

Martin E. Franklin Revocable Trust

Sir Martin E. Franklin

(Exact Name of Registrant and Name of Persons Filing Statement)

Table 1: Transaction Valuation



	Proposed Maximum Aggregate Value of Transaction			Fee Rate		Amount of Filing Fee

Fees to be Paid	$	185,345,250.50	⁽¹⁾⁽²⁾		0.00014760	$	27,356.96	⁽³⁾

Fees Previously Paid	$	0				$	0

Total Transaction Valuation	$	185,345,250.50

Total Fees Due for Filing						$	27,356.96

Total Fees Previously Paid						$	0

Total Fee Offsets						$	27,356.96

Net Fee Due						$	0

Table 2: Fee Offset Claims and Sources


	Registrant or Filer Name	Form or Filing Type	File Number	Initial Filing Date	Filing Date	Fee Offset Claimed	Fee Paid with Fee Offset Source
Fee Offset Claims		PREM14A		March 15, 2024		$27,356.96
Fee Offset Sources	Whole Earth Brands, Inc.	PREM14A			March 15, 2024		$27,356.96

(1)

Aggregate number of securities to which transaction applies: As of March 12, 2024, the maximum number of shares of the Registrant’s common stock to which this transaction applies is estimated to be 47,951,673, which consists of (1) 33,953,426 shares of common stock entitled to receive the per share merger consideration of $4.875; (2) 214,556 shares of common stock reserved for issuance upon vesting of restricted stock awards, which may be entitled to receive the per share merger consideration of $4.875; (3) 2,125,713 shares of common stock reserved for issuance upon vesting of restricted stock units, which may be entitled to receive the per share merger consideration of $4.875; (4) 1,526,328 shares of common stock reserved for issuance upon vesting of performance-based restricted stock units, which may be entitled to receive the per share merger consideration of $4.875; and (5) 10,131,650 shares of common stock underlying outstanding warrants, which may be entitled to receive approximately $0.096 per share.

(2)

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): Estimated solely for the purposes of calculating the filing fee, as of March 12, 2024, the underlying value of the transaction was calculated based on the sum of (1) the product of 33,953,426 shares of common stock and the per share merger consideration of $4.875; (2) the product of 214,556 shares of common stock reserved for issuance upon vesting of restricted stock awards and the per share merger consideration of $4.875; (3) the product of 2,125,713 shares of common stock reserved for issuance upon vesting of restricted stock units and the per share merger consideration of $4.875; (4) the product of 1,526,328 shares of common stock reserved for issuance upon vesting of performance-based restricted stock units and the per share merger consideration of $4.875; and (5) the product of 10,131,650 shares of common stock underlying outstanding warrants and $0.096 (which is the difference between the per share merger consideration of $4.875 and the estimated, as-adjusted exercise price of $4.827, multiplied by two to account for the fact that two (2) warrants are exercisable for one (1) share of common stock and one (1) warrant may not be exercised for a fractional share, for any holder who properly exercises two warrants for one whole share of common stock within 30 days following the public disclosure of the closing of the transaction).

(3)	In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, the filing fee was determined by multiplying the sum calculated in Note 2 above by .00014760.

(4)	Whole Earth Brands, Inc. previously paid $27,356.96 upon the filing of its Preliminary Proxy Statement on Schedule 14A on March 15, 2024 in connection with the transaction reported hereby.