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Pinnacle Foods: Barclays Investor Conference Slides

The following excerpt is from the company's SEC filing.

barclays2015finalprint94

2 This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs, projections and targets, many of which, by their nature, are inherently uncertain. Such expectations, beliefs, projections and targets are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs, projections and targets will be ac hieved and actual results may differ materially from what is expressed in or indicated by the forward- looking statements. Forward-looking statements are subject to significant business, economic, regulatory and competitive risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including risks detailed in Pinnacle Foods Inc.’s (“Pinnacle Foods,” “Pinnacle” or the “Company”) filings with the U.S. Securities and Exchange Commission (the “SEC”). Nothing in this presentation should be regarded as a representation by any person that these forward-looking statements will be achieved. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information except to the extent required by applicable securities laws. This presentation includes certain financial measures, including Adjusted Gross Profit and Unleveraged Free Cash Flow, which differ from results using U.S. Generally Accepted Accounting Principles (GAAP). Non-GAAP financial measures typically exclude certain charges, which are not expected to occur routinely in future periods. The Company uses non-GAAP financial measures internally to focus management on performance excluding these special charges to gauge our business operating performance. Management believes this information is helpful to investors in understanding trends in the business. The most directly comparable GAAP financial measures and reconciliations to non-GAAP financial measures are set forth in the slides in this presentation and included in the Company’s filings with the SEC. Forward-Looking Statements & Non-GAAP Financial Measures

3 Agenda  Overview  Executing Our Strategy  Financial Update  Outlook

4 Pinnacle Value Creation Model Net Sales Operating Income EPS Dividend Yield In Line with Categories 10 – 12% 4 – 5% 7 – 8% 3 – 4% LT Organic Growth Algorithm Accretive Acquisitions Accelerate Growth Note: Excludes items affecting comparability.

5 Birds Eye Frozen Specialty Duncan Hines Grocery Other 2014 Net Sales: $2.6 billion* Diversified Portfolio With Critical Scale in Frozen • Includes Gardein 2014 run-rate sales of $57 million. Birds Eye Frozen and Duncan Hines Grocery combined represent NA Retail. Canada Snacks Food Service Private Label Other

6 70% 77% 73% 80% Net Sales 2014 2015 2014 2015 30% 23% 27% 20% 2014 2015 2014 2015  Invest in marketing to drive growth and share expansion  Focus on breakthrough innovation Gross Profit Net Sales Gross Profit  Maintain stable sales/market position and cash flow  Focus on brand renovation Leadership Brands Foundation Brands (% of NA Retail) (% of NA Retail) 1st Half: 1st Half: Portfolio Management Strategy

7 Net Sales Operating Income EPS Dividend Yield In Line with Categories 10 – 12% 4 – 5% 7 – 8% 3 – 4% LT Organic Growth Algorithm 10% 39% 3% Outpaced Categories 42% 2013 Actual Accretive Acquisitions Accelerate Growth Beyond Algorithm Note: Excludes items affecting comparability. See reconciliation to GAAP financial measures in Appendix. 17% 14% 2014 Actual Outpaced Categories 3% 13% Attractive Value Creation Results

8 Agenda  Overview  Executing Our Strategy  Financial Update  Outlook

9 3. Generate exceptional cash flow to provide value creation optionality 1. Drive Leadership Brands through innovation and marketing 2. Deliver industry-leading efficiency  Productivity  SG&A overheads Executing Our Strategy

10 Leadership Brands Category Pinnacle Market Position Growing/ Holding Share Frozen Vegetables #1 Frozen Complete Bagged Meals #1 Frozen Prepared Seafood #2 Frozen/Refrig. Meat Substitutes #4 Shelf-Stable Pickles #1 Table Syrups #1 Cake/Brownie Mixes and Frostings #2 Shelf-Stable Salad Dressings #3 Source: IRI US Multi-Outlet data, YTD ending 8/2/15; based on IRI’s Pinnacle custom definitions; market position ranks are among branded players. Growth driven by strong performance of Leadership Brands 2012 2013 2014 2015 YTD $ Market Share +0.1 pts. +0.3 pts. +0.2 pts. +0.5 pts. (Change vs. PY) Pinnacle Foods Composite Market Share

11 Innovation Q2 Introductions  Flavor Full  Protein Blends Q3 Introductions  Disney-themed sides  Voila! premium offerings Marketing New campaign supporting base business and new platforms  Television  Digital  Social Birds Eye - $1 Billion Health & Wellness Brand Driving growth through innovation and marketing

12 Birds Eye Flavor Full Pairing of popular vegetables with on-trend flavors creates a perfect combination of taste and nutrition

13 Birds Eye Protein Blends Delivering plant-based protein benefit through the power of nutrient-rich vegetables, beans and whole grains

14 Both platforms off to a strong start  Highly incremental to the category and Birds Eye  Attracting new users and skewing younger  Strong velocities, trending at or above the category average  Dedicated marketing campaigns Flavor Full & Protein Blends Performance to Date Digital Television Social

15 Marketing Vegetables...


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