Ownership and Valuation of BellRing Brands, LLC as of Nov. 21, 2019 Valuation is anchored to BellRing Brands, Inc. (BRBR) Share Price Public  Public  Investors Investors Post Holdings, Inc. BellRing Brands, Inc. BRBR Share Price: X BRBR Share Price: X Ownership % of LLC: 71.2% Ownership % of LLC: 28.8% Member Units of LLC owned:        97.5 Member Units of LLC owned:        39.4 Value of LLC Ownership: 97.5 * X Value of LLC Ownership: 39.4 * X BellRing Brands, LLC BRBR Share Price: X Member Units Outstanding:      136.9 Total Equity Value: 136.9 * X ‐ Value of one LLC Member Unit is                  Operating Companies  equal to the value of one BRBR Share ‐ Member Units in millions (Premier, Dymatize and PowerBar) POST HOLDINGS