Pinnacle Foods Inc. Presentation to CAGNY

1. 1 1
PINNACLE FOODS INC.
Presentation to CAGNY
March 11, 2015

2. 2 2
Bob Gamgort
Chief Executive Officer
Craig Steeneck
EVP & CFO
Maria Sceppaguercio
SVP IR & Communications
Pinnacle Management
Mark Schiller
EVP & President North America Retail

3. 3 3
Forward-Looking Statements & Non-GAAP Financial Measures
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 achieved 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 EBITDA, 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.

4. 4 4
Agenda
 Overview
 Creating Value in a Challenging Environment
 Driving Margin Expansion and Cash Flow
 Outlook

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

6. 6 6
Business Model to Drive Value Creation
Net Sales
Operating Income
EPS
Dividend Yield
In Line with
Categories
10 – 12%
4 – 5%
7 – 8%
3 – 4%
LT Organic
Growth Algorithm
Future Accretive Acquisitions Would Accelerate Growth
Note: Excludes items affecting comparability. See reconciliation to GAAP financial measures in Appendix.

7. 7 7
Portfolio Management Strategy
66% 72%69%
76%
Net Sales
2013 2014 2013 2014
34%
28%31%
24%
2013 2014 2013 2014
 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)

8. 8 8
Creating Value in a Challenging Environment
Industry
Topline
Input Costs
Pricing Power/
Promotion
Efficiency

9. 9 9
Value Creation Through 2014
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
17%
14%
2014 Actual
Outpaced
Categories
3%
Future Accretive Acquisitions Would Accelerate Growth
Note: Excludes items affecting comparability. See reconciliation to GAAP financial measures in Appendix.
13%

10. 10 10
Agenda
 Overview
 Creating Value in a Challenging Environment
 Driving Margin Expansion and Cash Flow
 Outlook

11. 11 11
Creating Value in a Challenging Environment
Industry
Topline
Input Costs
Pricing Power/
Promotion
Efficiency
Market Share
Growth
Industry-
Leading
Productivity
Innovation
& Mix

12. 12 12
2014 Market Share Performance
Source: IRI US Multi-Outlet data, 52 wks ending 12/28/14; based on IRI’s Pinnacle custom definitions; market position ranks are among branded players.
Frozen Segment Grocery Segment
Major Brands
Market
Position $ Share %
Growing/
Holding
Share
Frozen Vegetables #1 26.2 √
Frozen Complete Bagged Meals #2 33.9 √
Frozen Prepared Seafood #2 26.5 √
Frozen/Refrigerated Meat Substitutes #4 6.3 √
Shelf-Stable Pickles #1 35.0 √
Table Syrups #1 21.1 √
Cake/Brownie Mixes and Frostings #2 25.3 √
Shelf-Stable Salad Dressing #3 11.9
Frozen and Refrigerated Bagels #1 62.3 √
Frozen Pancakes/Waffles/French Toast #2 5.1
Full-Calorie Single Serve Frozen Dinners #3 8.0 √
Frozen Pizza-for-One (ex. French Bread) #4 6.5
Pie/Pastry Fruit Filling #1 37.4
Canned Meat #2 21.5 √
FoundationBrandsLeadershipBrandsGrew or held share in 10 of 14 categories

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Birds Eye is a $1 Billion Health & Wellness Brand Poised to
Capitalize on America’s Need to Eat More Vegetables

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“A diet higher in plant-based foods…is more health
promoting and is associated with less environmental
impact than is the current U.S. diet.”
Advisory Committee Report on Dietary Guidelines
 Vegetables and fruit are consistently identified across all healthy diets
 U.S. population has a shortfall of nutrients, driven by low intake of
vegetables, fruit, whole grains and dairy
Source: Scientific Report of the 2015 Dietary Guidelines Advisory Committee, First Print February 2015.
Scientific Report of the
2015 Dietary Guidelines Advisory Committee

15. 15 15
Driving Birds Eye Growth in 2015
Innovation
Consumer
Marketing

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

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New Birds Eye Platform: Protein Blends
Delivering plant-based protein benefit through the power of
nutrient-rich vegetables, beans and whole grains…
…with additional platforms planned for the 2nd half.

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Birds Eye Voila!
A winning combination of vegetable-rich complete meals at a
great value
Family Size Expansion

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Birds Eye Voila!
15.7%
17.2%
21.1%
23.7%
28.0%
33.9%
2009 2010 2011 2012 2013 2014
Doubled market share and drove consumption growth of 71% since
Birds Eye acquisition…with significant growth potential ahead
$ Market Share
Source: IRI US Multi-Outlet data; based on IRI’s Pinnacle custom definitions.
Consumption
$149m
$255m
12%
27%
48%
Voila! Complete Bagged
Meals Cat'y
BE
Household Penetration
Vegetables

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Birds Eye Advertising
New campaign with dedicated advertising for Voila! for the first time

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New Health & Wellness Platform
Rapidly-growing innovator in the plant-based protein segment
“The art and science of transforming plants into meat wasn't there 30 years ago.
Potvin's efforts at Gardein, however, are nothing short of a miracle.” LA Magazine, Mar 2015

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Gardein
Opportunity to leverage complementary capabilities with Birds Eye to
accelerate growth through expanded distribution, marketing and innovation
 25-item portfolio of award-winning plant-based
alternatives to animal-based protein formats
 Exceptional velocity trends across both traditional
and non-traditional channels
 Opportunity to increase number of items per store
from approximately six currently
 #1 Frozen Meat Alternative in Jan ‘15 #2 Frozen Meat Alternative in Jan ‘15
Natural ChannelTraditional Channels
Source: IRI US Multi-Outlet data, period ending 1/25/2015; SPINS data, period ending 1/25/2015.

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Gardein New Products

24. 24 24
2014 Market Share Performance
Source: IRI US Multi-Outlet data, 52 wks ending 12/28/14; based on IRI’s Pinnacle custom definitions; market position ranks are among branded players.
Frozen Segment Grocery Segment
Major Brands
Market
Position $ Share %
Growing/
Holding
Share
Frozen Vegetables #1 26.2 √
Frozen Complete Bagged Meals #2 33.9 √
Frozen Prepared Seafood #2 26.5 √
Frozen/Refrigerated Meat Substitutes #4 6.3 √
Shelf-Stable Pickles #1 35.0 √
Table Syrups #1 21.1 √
Cake/Brownie Mixes and Frostings #2 25.3 √
Shelf-Stable Salad Dressing #3 11.9
Frozen and Refrigerated Bagels #1 62.3 √
Frozen Pancakes/Waffles/French Toast #2 5.1
Full-Calorie Single Serve Frozen Dinners #3 8.0 √
Frozen Pizza-for-One (ex. French Bread) #4 6.5
Pie/Pastry Fruit Filling #1 37.4
Canned Meat #2 21.5 √
FoundationBrandsLeadershipBrandsGrew or held share in 10 of 14 categories

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Hungry-Man
Satisfying, protein-packed comfort food
Selects Premium Price TierRegular On-trend Flavors
2014 consumption +2.4% driven by innovation and Selects expansion
41g
PROTEIN

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Duncan Hines
Tiered pricing and benefits structure drives growth and mix
SignatureClassic Decadent
+3.5%
2014 $ Consumption Growth vs. YAG
 Grew market share 1.5 points in 2014
 Pricing exceeded category by 70 basis points
+3.8% +5.9%
Source: IRI US Multi-Outlet data; 52 wks ending 12/28/14; based on IRI’s Pinnacle custom definitions.

27. 27 27
Vlasic
Leveraging innovation to drive consumption growth in an
expanding category
Premium offering incremental to the
category and Pinnacle
Bold & SpicyFarmer’s Garden
Three new varieties tap into Intense
Flavor trend

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Agenda
 Overview
 Creating Value in a Challenging Environment
 Driving Margin Expansion and Cash Flow
 Outlook

29. 29 29
Gross Margin Improvement Translates to Operating Margin Expansion
25.1%
27.0% 27.5%
2012 2013 2014
Gross Profit % Net Sales
14.0% 15.2% 16.3%
2012 2013 2014
Operating Income % Net Sales
Note: Gross Profit and Operating Income are on an adjusted basis. See reconciliation to GAAP financial measures in Appendix.
Key Drivers:
 Portfolio Management Strategy
 Margin Accretive Innovation
 Sustainable Productivity Program
 Lean Overhead Structure

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Margin-Enhancing Innovation
All innovation is targeted to be margin accretive to the portfolio

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4.0% 4.1%
3.7%
3%-4%
Productivity
Maximizing Value through Productivity
2012 2013 2014 2015E
Sustainable ongoing program targets 3-4% annual savings in COGS

32. 32 32
Productivity and Inflation
4.0% 4.1% 3.7% 3-4%
7.4%
2.3% 2.7%
3-3.5%
2012 2013 2014 2015E
Productivity Inflation
% of COGS
 Productivity exceeded inflation in the past two years, enabling offset to
weak industry growth
 In 2015, productivity is skewed to the 2nd half, consistent with prior years,
while inflation is expected to be higher in the 1st half
Business model calls for productivity to offset inflation over time

33. 33 33
Input Cost Breakdown
Conversion
Logistics
Proteins
Grains & Oils
Packaging
Vegetables
& Fruit
All Other
Note: Excludes Gardein and co-packer costs
…with Logistics, Conversion, some Vegetables and Proteins above
the average inflation in 2015.
Diversity of $1.8 billion Cost of Goods Sold portfolio serves as a
natural hedge…

34. 34 34
Source: Pinnacle analysis.
Defined as selling, general and administrative expenses excluding marketing investment, intangible amortization and one-time items.
(1) Peers: BGS, CAG, CPB, GIS, KRFT, MKC, SJM.
Lean Overhead
Industry-leading efficient organization structure with SG&A overhead
consistently below 9% of net sales
(2014 Fiscal Year)
SG&A % of Net Sales
~12%
8.4%
Peer Average(1) Pinnacle

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$345 $325
$452
81%
72%
90%
0%
25%
50%
75%
100%
$0
$100
$200
$300
$400
$500
$600
$700
2012 2013 2014
(1) See reconciliation to GAAP financial measures in Appendix.
(2) Based on industry analysts’ valuation analysis using prices as of 2/27/2015; peers include CAG, CPB, GIS, MKC, KRFT and SJM.
Unleveraged Free Cash Flow (1)
Superior Free Cash Flow Generation
Adjusted EBITDA
Conversion(1)
Free Cash Flow Yield (2)
~5%
~8%
Peer
Average
Pinnacle
Estimate
(in millions)

36. 36 36
Capital Allocation Strategy
Acquisition
CAPEX
Significant cash of $628 million deployed to drive shareholder value
through multiple actions
Debt
Reduction
Share Repurchase
Strategic
Acquisitions
Dividends
Base
CAPEX
Note: $628m of cash deployed represents Net Cash Used in Investing Activities ($270m) plus Net Cash Used in Financing Activities ($358m)

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A Disciplined Approach to M&A
North America focus
Existing or adjacent categories
Market leadership or line of sight to leadership
Synergy-rich transaction
Speed of integration

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Acquisition Integration
 State-of-the-art internal capacity on track for Q2 2015 start-up
 Full synergy run-rate beginning in H2
 Enabler to innovation
 2014-2015 Acquisition CAPEX: ~$50 million
Wish-Bone Manufacturing

39. 39 39
Acquisition Integration
Duncan Hines Manufacturing
 Largest Duncan Hines co-manufacturing operation acquired in 2014
 Internal capability expected to enhance innovation and enable productivity
 2014-2015 Acquisition CAPEX: ~$5 million

40. 40 40
Cash Flow Enabled by NOLs
NOLs expected to significantly reduce cash taxes in 2015, with
more modest benefit expected over the 2016-2027 period
Net Operating Losses (NOLs)
2015 Gross NOL Value:
~$675m
Expected Usage: ~$435m
2015 Expected Usage: ~50%
2016-2027 Expected Usage:
~$17m annually

41. 41 41
Tax-Related Cash Benefits Beyond 2015
Tax
Shield
Cash
Benefit
NOL tax benefit $17 $6
Wish-Bone & Gardein amortization 45 17
Effective Tax Rate Reduction* 4
Total Cash Tax Benefit $27
Future Cash Tax Benefits $m
Tax benefits continue beyond 2015 driven by residual NOLs,
acquisition-related tax amortization and a lower effective tax rate
Duration of
Benefit
12 years
13-14 years
Indefinite
*Reflects benefit of Domestic Manufacturing Deduction that is available upon becoming a full cash taxpayer, which Pinnacle will migrate to during 2015.

42. 42 42
Capital Structure
Leverage ratio improvement and ownership change drive rating upgrades
Note: Total leverage ratio defined as net debt (total debt less cash) divided by Adjusted EBITDA. See reconciliation to GAAP financial measures in Appendix.
 Recent upgrades from S&P (BB-) and Moody’s (Ba3)
 Both agencies allow for leverage to 5.5X for strategic acquisitions
 Pinnacle ratings currently three steps from investment grade
67.9%
51.2%
36.6%
16.5%
4.3%
Mar '13
IPO
Dec '13 Sep '14 Nov '14 Mar '15
Blackstone Ownership
7.3X
5.9X
4.7X
4.2X
YE '09 YE '12 YE '13 YE '14
Total Leverage Ratio

43. 43 43
Dividends
$0.72 $0.72
$0.84 $0.84 $0.84
$0.94 $0.94
Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Annualized Dividend Per Share
Dividends payout ratio targeted at 50% of net earnings

44. 44 44
2014 Financial Results
($m, except EPS) 2014 Vs. PY
Net Sales – Consolidated
Net Sales – NA Retail
$2,591
$2,247
+5.2%
+6.9%
Gross Margin 27.5% +50
Operating Income (EBIT) $423 +13%
Diluted EPS $1.74 +14%
Net Cash Provided by Op. Activities
- Excluding Termination Fee
$551
$402
+110%
+53%
bps
Note: Gross Margin, Operating Income (EBIT) and Diluted EPS are on an adjusted, pro forma basis, assuming the IPO and the 2013 refinancing occurred on the first day
of Fiscal 2013. See reconciliation to GAAP financial measures in Appendix.

45. 45 45
Agenda
 Overview
 Creating Value in a Challenging Environment
 Driving Margin Expansion and Cash Flow
 Outlook

46. 46 46
2015 Full Year Outlook
Net Sales Growth in line
with categories
Inflation 3 - 3.5% of COGS
Nm
Productivity 3 - 4% of COGS
nm
Diluted EPS +7% - +10%
$1.86 - $1.91
CAPEX $100m - $110m
Note: Diluted EPS adjusted for items affecting comparability.
Outlook Cadence
H1 weighted
H2 weighted
H2 weighted

47. 47 47
Attractive Value Creation Potential
Long-Term
Organic Growth Algorithm
Net Sales
Operating Income
EPS
Dividend Yield
Note: Excludes items affecting comparability.
In Line with
Categories
10 – 12%
4 – 5%
7 – 8%
3 – 4%
Accretive acquisitions would
accelerate growth further
 Realistic organic growth targets
 Sustainable productivity program
 Strong FCF providing optionality
 Disciplined M&A approach with
demonstrated value creation

48. 48 48
PINNACLE FOODS INC.
Appendix

49. 49 49
Reconciliation to GAAP Financial Measures
(1)
Primarily includes: Hillshire agreement termination fee (net of costs), restructuring charges including integration costs, employee severance and non-recurring merger costs.
(2)
Primarily includes: Equity-based compensation expense resulting from liquidity event, mark-to-market losses and incentive/retention charges related to Hillshire agreement termination.
(3)
Primarily includes: Restructuring charges including integration costs, non-recurring merger costs and employee severance.
(4)
Primarily includes: Fair value write-up of acquired inventories.
(5) Primarily includes: Bond redemption costs and management fee paid to sponsor.
(6) Pro forma data reflects Adjusted Statement of Operations amounts assuming IPO and 2013 Refinancing occurred on the first day of Fiscal 2013.
Year (52 Weeks) Ended December 29, 2013
Diluted
In millions, except per share Diluted Earnings
Net Sales EBIT Net Earnings Shares Per Share
Reported $2,591 $512 $248 116.9 $2.13
Acquisition, merger and other restructuring charges (1) (130) (79)
Other non-cash items (2) 41 34
Adjusted 2,591 423 203 116.9 $1.74
Diluted
In millions, except per share Diluted Earnings
Net Sales EBIT Net Earnings Shares Per Share
Reported $2,464 $293 $89 108.6 $0.82
Acquisition, merger and other restructuring charges (3) 22 14
Other non-cash items (4) 6 3
Other adjustments (5) 53 55
Adjusted 2,464 374 161 108.6 $1.49
IPO and Refinancing (6) 16 8.0
Pro Forma $2,464 $374 $177 116.6 $1.52
Stock-based Compensation 8 6 0.05
Pro Forma Excluding Stock-based Compensation $382 $183 116.6 $1.57
Year (52 Weeks) Ended December 28, 2014

50. 50 50
Reconciliation to GAAP Financial Measures
(1)
Primarily includes: Accelerated depreciation from plant consolidations, restructuring charges including integration costs and employee severance.
(2)
Primarily includes: Mark-to-market gains / losses.
(3)
Primarily includes: Bond redemption costs.
(4)
Pro forma data reflects Adjusted Statement of Operations amounts assuming IPO occurred on the first day of Fiscal 2012.
Diluted
In millions, except per share Diluted Earnings
Net Sales EBIT Net Earnings Shares Per Share
Reported $2,479 $284 $53 86.5 $0.61
Acquisition, merger and other restructuring charges (1) 45 28
Other non-cash items (2) 0 0
Other adjustments (3) 21 23
Adjusted 2,479 350 104 86.5 $1.20
IPO (4) 30 30.9
Public company costs (4) (3) (2)
Pro Forma $2,479 $347 $132 117.4 $1.13
Year (53 Weeks) Ended December 30, 2012

51. 51 51
Reconciliation to GAAP Financial Measures
(1)
Primarily includes: Accelerated depreciation from plant consolidations, restructuring charges including integration costs and employee severance.
(2)
Primarily includes: Mark-to-market gains / losses, fair value write up of acquired inventories, equity-based compensation resulting from liquidity
event and incentive/retention charges related to Hillshire agreement termination.
(3)
Represents miscellaneous other expenses.
Reconciliation of Adjusted Gross Profit to
Reported Gross Profit- $m
2012 2013 2014
Reported Gross Profit $584 $654 $681
Acquisition, merger and
other restructuring charges 38 4 12
Other non-cash items (1) 6 18
Other adjustments 2
Adjusted Gross Profit $623 $664 $711
(1)
(2)
(3)

52. 52 52
Reconciliation to GAAP Financial Measures
(1) Primarily includes: Restructuring charges from plant consolidations, integration costs, other non-recurring merger costs and employee severance.
2012 2013 2014
Reported Cash Flows from Operating Activities $203 $262 $551
Capital expenditures (78) (84) (103)
Hillshire termination fee (net of costs and cash taxes) (150)
Acquisition, merger and other restructuring charges 48 39 64
Free Cash Flow $173 $217 $362
Cash interest expense 172 108 90
Unleveraged Free Cash Flow $345 $325 $452
(1)
Reconciliation of Unleveraged Free Cash Flow to
Reported Cash Flows from Operating Activities - $m

53. 53 53
Reconciliation to GAAP Financial Measures
(1)
Primarily includes: Restructuring charges including integration costs, non-recurring merger costs and employee severance.
(2)
Primarily includes: Equity-based compensation resulting from liquidity event, mark-to-market gains / losses and fair value write-up of acquired inventories.
(3)
Primarily includes: Bond redemption costs and management fee paid to sponsor.
2012 2013 2014
Net earnings (loss) $53 $89 $248
Interest expense, net 198 132 96
Provision for income taxes 33 72 168
Depreciation and amortization 98 78 81
EBITDA 382 371 593
Acquisition, merger and
other restructuring charges 23 22 23
Hillshire termination fee (net of costs) (153)
Other non-cash items 0 6 41
Other adjustments 21 53 0
Adjusted EBITDA $426 $452 $504
Reconciliation of Adjusted EBITDA to
Net Earnings - $m
(3)
(1)
(2)