II BARNES & 10 THORNBURG ap

PM P's ITC Staff Conference Presentation

Sodium Gluconate, Gluconic Acid, and Derivate Products ("GNA Products")

Inv. No. 701-TA-590 and 731-TA-1397-1398

December 21, 2017

CONFIDENTIAL CO 2017 Barnes & Thornburg L LP All Rights Reserved This page, and all information fin it, is confidential, proprietary and the property of Barnes & Thornburg LLP, which may not be disseminated or disclosed to any person or entity other than the ..BTLawNews intended recipient(s), and may not be reproduced, in any form, without the express written consent of the author or presenter The information on this page is intended for informational purposes only and shall not be construed as legal advice or a legal opinion of Barnes & Thornburg LLP.

PMP

• Founded in 1985

• Located in Peoria, Illinois.

• The sole manufacturer of GNA

Products in the United States.

• The facility was previously

owned by Pabst, and served as

the source of knowledge for the

development of efficient

processes for fermenting

gluconate.

O BARNES & I THORNBURG LLP

CONFIDENTIAL 2017 Barnes 8. Thornburg LLB All Rights Reserved, Tins page, and all information on ii, is confidential. proprietary and the property of Barnes 8, Thornburg LLP, which may not he disseminated or disclosed to any person or entity other than the Intended recipient(st and may not be reproduced, in any Arm, without the express written consent of the author or presenter The information on this page is @BTLawNlews intended for informational purposes only and shall not be construed as legal advice ore legal opinion of Barnes 8. Thornburg L LP

2

Sodium Gluconate (GNA) C6 07

Glucono Delta Lactone (GDL)

C6

GNA Products Interchangeability

\.

• Liquid Gluconate (Blend of GA and

GNA)

BARNES & THORNBURG LLP

CONFIDENTIAL© 2017 Barnes & Thornburg LLP. All Rights Reserved This page, and all Infornmtlon on it, is confidential, proprietary and the property of Barnes & Thornbrog LLP, which roan not be disseminated or disclosed to any person or entity other than the intended reciplent(s). and may not be reproduced. in any form, without the express written consent of the author or presenter The mformation on this page is intended for Informational purposes only and shall not be construed as legal advice or a legal opinion of Barnes 8 Thornburg LLB

.9TLawNews

3

1411 Cleaning

Industry

Persona Care'

Household

Food/Beverages '

Health-Care Related Products

End uses for GNA Products GNA PRODUCTS — END USES

Sodium Gluconate Liquid Gluconate Gluconic Acid Glucono Delta

("GNA") ("LG") ("GA") Lactone ("GDL")

V V V V

V V .7 .7

• II BARNES & • II THORNBURG LLP

CONFIDENTIAL© 2017 Barnes & Thornburg LLP. All Rights Reserved This page, and all information on it, Is confidential, proprietary and the property of Bmrnes & Thornburg LLP, which may not be disseminated or disclosed to any person or entity other than the intended recIplehltst, end may not be leproduced, in any form, without the express written consent of the author or presenter The information nil this page is @El TLawNlews intended for informational purposes only and shall not be construed as legal advice era legal opinion of Barnes & Thornburg LLP 4

• Import AUVs are far lower than PM P's prices.

• Import AUVs have squeezed PM P's operating margins, and

have led to substantial lost sales as well as the threat of lost

sales.

• Despite China's increasing presence in the market, and

dumped and subsidized prices, no Chinese stakeholder is here

today.

III BARNES & THORNBURG Ll,P

CONFIDENTIAL@ 2017 Barnes & Thornburg LLP All Rights Reserved This page, and all information on it, is confidential, proprietary and the property of Barnes 5 Thornburg LLP, which may not he disseminated or disclosed to any person or entity other than the intended recip enl(s), and !nay not be reproduced, in any form, without the express written consent of the author or presenter The information on this page is @BTLawNews intended for informational purposes only and shall not be construed as legal advice nra legal opinion of Barnes & Thornburg LLP

5