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Forward-looking Statements

Our investor day presentation and webcast may contain “forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.” Forward-looking statements include all statements that do

not relate solely to historical or current facts. They include statements regarding future plans including but not limited to TreeHouse 2020, margin initiatives and SG&A reduction plans and can generally be identified by the

use of words such as “guidance,” “may,” “should,” “could,” “can,” “expects,” “will,” “seeks to,” “anticipates,”

“plans,” “believes,” “estimates,” “approximately,” “nearly,” “intends,” “predicts,” “projects,” “potential”, “promises” or “continue” or the negative of such terms and other comparable terminology. These statements are only predictions. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause the Company or its industry’s actual

results, levels of activity, performance or achievements to be materially different from any future results, levels

of activity, performance or achievement expressed or implied by these forward looking

statements. TreeHouse’s Form 10-K for the period ending December 31, 2016 and other filings with the SEC, discuss some of the risk factors that could contribute to these differences. You are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made, when evaluating the information presented during this conference call. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change

in expectations with regard thereto, or any other change in events, conditions or circumstances on which any

statement is based.

For the purpose of our discussion today, statements such as “Private Brands” or “the former Private Brands business” refer to the recently acquired TreeHouse Private Brands business. “Private label,” on the other hand, refers to the customer and corporate brand industry.

Growing Strong, Standing Tall

Growing Strong, Standing Tall 3
Growing Strong, Standing Tall 3

Introduction

Sam K. Reed

Chairman, President and CEO

Our Strategic Advantage

1
1

Private label is the place to be and we are in the right place.

2
2

Leadership in 20 of 32 categories with Premium, Better-for-You, Natural & Organic offerings in 26 of these.

3
3

TreeHouse 2020 plan is in place and on track to deliver 300 bps of margin.

4
4

Incremental actions around Revenue and Margin Management and a comprehensive review of SG&A are underway.

5
5

Deep and diverse bench executing these initiatives.

6
6

Robust cash flow with share repurchase program in place.

Our Strategic Capability

Our Strategic Capability Title Presenter Introduction Sam K. Reed TreeHouse 2020 & Continuous

Title

Presenter

Introduction

Sam K. Reed

TreeHouse 2020 & Continuous Improvement

Shay Braun

The Power of Simplification

Triona Schmelter

Pricing for Profitable Growth

Matthew Foulston

The Digital Age of Retail Grocery

Moe Alkemade

Organization & Infrastructure

Lori Roberts

Innovation For Growth

Jess Sweley

Capital Allocation & Cash Flow

Lee Wise

Looking Ahead to 2018

Matthew Foulston

Panel Q&A

ALL

Private Label is Increasingly Relevant to Retailers

Private Label is Increasingly Relevant to Retailers 7
Private Label is Increasingly Relevant to Retailers 7

7

Large and Growing Opportunity in Private Label

Private Label Growth 1.5x Brands

Future growth opportunities

are clustered around wholesome goodness, platform innovation and emerging channels.

Source: Nielsen Strategic Planner (2009 data) and Nielsen Answers (2010-2016 data), Total U.S. All Outlets Combined (xAOC) UPC coded, Total All Departments, UPC coded. Note: Non Shelf Stable Edibles includes Dairy, Frozen Foods, Fresh Produce, Deli, Packaged Meat, Fresh Meat and Alcoholic Beverages.

8

TreeHouse Volumes Continue to Outperform the Industry

TreeHouse Volumes Continue to Outperform the Industry 9

9

We Have Unparalleled Leadership in Private Label

Millennial consumer wellness segments.
Millennial consumer
wellness segments.

We can provide Clean Label or Better-for-You offerings in 26 categories:

preferences favor TreeHouse in premium and health and

10

Private Label Has Expanded its Reach to All Demographics

Private Label Has Expanded its Reach to All Demographics Private Label’s traditional value proposition has expanded

Private Label’s traditional value proposition has

expanded to include product authenticity,

environmental sustainability and social relevance.

11

Private Label Organizational Capability

Private Label Organizational Capability In private label, competitive advantage is forged through the interaction of

In private label, competitive advantage is forged through the interaction of Collaboration and Excellence.

The Key to Sustainable Growth

The Key to Sustainable Growth THS 2020 Margin Management Integration of Go-To-Market and Supply Chain functions
THS 2020
THS 2020
Margin Management
Margin
Management

Integration of Go-To-Market and Supply Chain functions

coupled with Simplification and Data Analytics.

Customer and Category Simplification Are The Foundation of TreeHouse 2020 Margin Expansion

Customer and Category Simplification Are The Foundation of TreeHouse 2020 Margin Expansion 14
Regaining Historical Levels of Profitability through Simplification Transformation Growth 15
Regaining Historical Levels of Profitability through Simplification Transformation Growth 15

Regaining Historical Levels of Profitability through

Simplification

Regaining Historical Levels of Profitability through Simplification Transformation Growth 15

Transformation

Regaining Historical Levels of Profitability through Simplification Transformation Growth 15

Growth

15

Growing Strong, Standing Tall

Growing Strong, Standing Tall 16
Growing Strong, Standing Tall 16

TreeHouse 2020 &

Continuous Improvement

Shay Braun

Chief Supply Chain Officer

Supply Chain Capability 2x2

High People TMOS Safety Food Safety & Quality THS 2020 Data Portfolio Analytics Simplification Network
High
People
TMOS
Safety
Food
Safety &
Quality
THS 2020
Data
Portfolio
Analytics
Simplification
Network
Optimization
TeamsCollaborative

Low

Data Portfolio Analytics Simplification Network Optimization TeamsCollaborative Low Functional Excellence High 18

Functional Excellence

High

18

New Strategic Imperatives Can be Implemented in Five Transformative Steps

New Strategic Imperatives Can be Implemented in Five Transformative Steps 19

TreeHouse 2020 Supply Chain Illustration

Brooklyn Park Plant 2 Plant 3

Brooklyn Park

Brooklyn Park Plant 2 Plant 3
Brooklyn Park Plant 2 Plant 3

Plant 2

Brooklyn Park Plant 2 Plant 3
Brooklyn Park Plant 2 Plant 3

Plant 3

Future vs. Current State

SKU Count %

~44% SKU Count %

Net Sales / SKU %

~59% Net Sales / SKU %

AGM / SKU %

~111% AGM / SKU %

Average Utilization / Line %

>20%Average Utilization / Line %

20

Categories Such as Dry Dinners Will be Positively Impacted by THS 2020

Such as Dry Dinners Will be Positively Impacted by THS 2020 Our top 10 affected customers

Our top 10 affected customers represent ~$25 MM in revenue and <$5 MM in AGM

21

Improve Performance and Create Continuous Improvement Culture

Improve Performance and Create Continuous Improvement Culture 22

22

Example: Impact of Continuous Improvement Applied to THS Plant

Current Plant Situation

Several capacity constrained lines resulting in customer service issues

Opportunity to increase revenue and AGM

Lower cost solution for meeting customer requirements

Implement TreeHouse Management Operating Structure (TMOS)

Objective: Understand root cause drivers and opportunities to improve capacity

Key Performance Indicators: Overall

Equipment Efficiency (OEE), Days of Sales (DOS), Service Level

Key Continuous Improvement Elements

1. Planning and scheduling processes

2. Forecast accuracy / inventory management / production rules

3. Facility / warehouse layout

Example: Impact of Continuous Improvement Applied to Griddle Network

Background

̶ Dec 2016 announcement to close Delta griddle plant by Dec 2017

̶ May 2017 Aunt Jemima announced exit of waffle, pancake and french toast business causing a shortage of supply in the marketplace and service

interuptions

̶ Opportunity to expand Gluten Free / Better-for-You products

Solution: Allows for the timely closure of the Delta griddle plant and

rebuilding of inventory days of supply and service levels to broader

market

Actions taken to manage the situation and move fill rates from 92% to

98%

̶ CI SWAT Team deployed: identified quick wins and longer term scheduling

solutions that will allow for a 5% increase in Brantford capacity

̶ Fully staffed underutilized line in another facility

̶ Other capital improvements to add capacity

Plant Impact Improved Sales, AGM and Inventory

Increase system wide waffle capacity 19%

Provide dedicated Gluten Free/ Better For You capability

Reduce Branford finished goods inventory by 20%

Thus, for 2018

Shifting product mix to value added growth segments with above average margins

TreeHouse 2020: Enterprise-Wide Transformation

TreeHouse 2020: Enterprise-Wide Transformation Align Customer Base & Simplify the Product Portfolio • Stratify

Align Customer Base & Simplify the Product Portfolio

Stratify the customer base and focus on large and

growing customers

Simplify our total SKU count by targeting up to a

 

25% reduction

Optimize the Manufacturing Network

Reduce our manufacturing footprint and increase

capacity utilization by up to 20%

Increase Agility in our Delivery Approach

Reduce our warehouse footprint

Transform mixing centers to better serve

 

emerging channels

Transform Operations to Continuous Improvement Culture

Implement a common plant operating system

Implement Continuous Improvement

methodologies and standardize processes

Leverage Systems and Analytics to Drive Performance

SAP manufacturing implementation

Utilize analytics tools to optimize pricing and margin

Improved forecasting and planning

The Power of Simplification

Triona Schmelter

Division President, Condiments

Simplification & Network Optimization in Action

Oatmeal Case Study:

Acquisition of Private Brands in 2016 created opportunity to combine the top private label oatmeal businesses.

Oat

Groats

Oat

Flakes

Cedar Rapids, IA

• Oat Flakes • Tube Oats • Instant Oats
• Oat Flakes
• Tube Oats
• Instant Oats
Cedar Rapids, IA • Oat Flakes • Tube Oats • Instant Oats Oat Flakes Manawa, WI

Oat

Flakes

Manawa, WI

• Tube Oats • Instant Oats
• Tube Oats
• Instant Oats

Focused on Improving Capabilities

Capabilities

TeamsCollaborative
TeamsCollaborative

Functional Excellence

Goals:

Build Integrated & Collaborative Teams

Drive Functional Excellence in Hot Cereal

Improve Margins & Customer Experience

We Started with Simplification

We Started with Simplification Discontinued ~20% SKUs Identified Critical Capabilities Unlock Network Optimization 30

Discontinued ~20% SKUs

We Started with Simplification Discontinued ~20% SKUs Identified Critical Capabilities Unlock Network Optimization 30
We Started with Simplification Discontinued ~20% SKUs Identified Critical Capabilities Unlock Network Optimization 30

Identified Critical Capabilities

We Started with Simplification Discontinued ~20% SKUs Identified Critical Capabilities Unlock Network Optimization 30
We Started with Simplification Discontinued ~20% SKUs Identified Critical Capabilities Unlock Network Optimization 30

Unlock Network Optimization

We Started with Simplification Discontinued ~20% SKUs Identified Critical Capabilities Unlock Network Optimization 30

Manufacturing Network Optimization

Increase Vertical Integration

Network Optimization Increase Vertical Integration Details • Increase oat mill throughput • Form tube

Details

Increase oat mill throughput

Form tube canisters in-house

oat mill throughput • Form tube canisters in-house Create Manufacturing Centers of Excellence Details •

Create Manufacturing Centers of Excellence

in-house Create Manufacturing Centers of Excellence Details • Centralize tube canister production • Create

Details

Centralize tube canister production

Create a specialized ‘long run’ instant oat plant

Create a ‘job shop’ instant oat plant specializing in

quick changeovers

31

Benefits

SKU Simplification

Benefits SKU Simplification Benefits • Reduce changeovers and clean-outs • Reduce waste and scrap • Improve

Benefits

Reduce changeovers and clean-outs

Reduce waste and scrap

Improve service

Inventory reduction

and scrap • Improve service • Inventory reduction Manufacturing Network Optimization Benefits • Increase

Manufacturing Network Optimization

• Inventory reduction Manufacturing Network Optimization Benefits • Increase mill and line utilization •

Benefits

Increase mill and line utilization

Improve service

Improve quality

Enable growth in premium space

Successes to date

Successes to date No customers lost during SKU simplification and transition Improved plant operating efficiency (OEE)

No customers lost during SKU simplification and transition

Improved plant operating efficiency (OEE) and reduced wasteSuccesses to date No customers lost during SKU simplification and transition Inventory Reduction 33

SKU simplification and transition Improved plant operating efficiency (OEE) and reduced waste Inventory Reduction 33

Inventory Reduction

SKU simplification and transition Improved plant operating efficiency (OEE) and reduced waste Inventory Reduction 33

Taking It to the Next Level

More to come…

Ingredient HarmonizationTaking It to the Next Level More to come… Packaging Optimization Use new capabilities to drive

Packaging Optimizationto the Next Level More to come… Ingredient Harmonization Use new capabilities to drive innovation and

Use new capabilities to drive innovation and channel growthTaking It to the Next Level More to come… Ingredient Harmonization Packaging Optimization 34

to come… Ingredient Harmonization Packaging Optimization Use new capabilities to drive innovation and channel growth 34

Pricing for Profitable Growth

Matthew Foulston

Chief Financial Officer

Strengthening Our Pricing Capabilities

Strengthening Our Pricing Capabilities • Historically, pricing was a more decentralized process • Bid Review

Historically, pricing was a more decentralized process

Bid Review Committee

As needed meetings

Cross functional team finance, operations, sales, purchasing

Centralized decision making on:

Bids for business above a dollar threshold

Bids for business where margin is at risk

Drive greater accountability

Improve the thinking and rationale around pricing decisions deep in the organization

Deploying a Tiered Approach to Pricing

Current State After Pricing Actions Bubble Size = Net Sales Sales ($) / lb. Ceiling
Current State
After Pricing Actions
Bubble Size = Net Sales
Sales ($) / lb.
Ceiling ($1.19)
$1.19
Optimal High ($0.98)
$0.98
Optimal Low ($0.80)
$0.80
Floor ($0.66)
$0.66

0.5

1.0

1.5

2.0

10.0

Vol. (lbs. M) 0.5

1.0

1.5

2.0

10.0

Logical Pricing structure

Incorporating cost to serve

We Are Gaining A Better Understanding of Cost to Serve

Which Will Drive Improved Pricing Decisions

High Cost Customer

2 hour average wait time at customers’ DC

20+% FTL Shipments

100% Case pick

~50% pickup versus delivery

25%+ no-shows

30+ days of inventory

Freight

Freight

Warehouse

Warehouse

~50% forecast accuracy

Formula is unique to specific customer

~2 day order lead time

Order below minimum order quantity

Packaging is unique to customer

Manufacturing

Manufacturing

Packaging & Materials

Packaging &

Materials

Low Cost Customer

No wait time at a customers’ DC

~80+% FTL Shipments

100% Pallet Pick

90% pickup versus delivery

<5% no-shows

0-30 days of inventory

90+% forecast accuracy

Formula is consistent

with multiple customers

2+ week order lead time

Order above minimum order quantity

Packaging is similar/ same as other customers

38

2018 Commodity Inflation Requires Pricing across all Categories and Customers

Commodity Inflation Requires Pricing across all Categories and Customers Sources: IRI, Rolling 52 Weeks Ending 9/24/17.
Commodity Inflation Requires Pricing across all Categories and Customers Sources: IRI, Rolling 52 Weeks Ending 9/24/17.

Sources: IRI, Rolling 52 Weeks Ending 9/24/17.

39

The Digital Age of Retail Grocery

Moe Alkemade

Chief Strategy Officer

Our Vision

Our Vision Our Vision is to help our retail customers deliver against their brand promises. Through

Our Vision is to help our retail customers deliver against their

brand promises. Through our

relentless focus on manufacturing, supply chain and customer service we build meaningful partnerships

that offer consistent and competitive

solutions.

Winning Capabilities

Operations Best in class manufacturing capabilities that lead to a sustainable and competitive cost structure
Operations
Best in class manufacturing
capabilities that lead to a
sustainable and competitive cost
structure
Profitable Selling
Go-to-Market agility that aligns
customer needs with
TreeHouse capabilities to
support profitable sales

Understanding Our New Environment

Understanding Our New Environment Consumer Demand: How are consumers changing based on the rapid growth of

Consumer Demand:

How are consumers changing based on the rapid growth of technology

Manufacturing Capabilities: How are manufacturers adapting and addressing changing demands

are manufacturers adapting and addressing changing demands Speed, Convenience, Value, Healthy/Better For You,
are manufacturers adapting and addressing changing demands Speed, Convenience, Value, Healthy/Better For You,

Speed, Convenience, Value, Healthy/Better For You, Innovation

Growth in E-Commerce is Inevitable

Projected Online Share of Grocery Sales (Goldman Sachs Internet Team vs. Grocery Team Models)
Projected Online Share of Grocery Sales
(Goldman Sachs Internet Team vs. Grocery Team Models)

E-Commerce is

projected to represent about 4% of consumable sales today

While growth models vary, this figure is widely expected to reach

double digits on a

short horizon

Good News is That Online Consumption is Incremental

Average Monthly Spend on Edible Groceries

$361 / Month

$87 / Month

$274 / Month

+28%
+28%

$282 / Month

$282 / Month

In-Store Only Shoppers

Online Shoppers

OnlineIn-Store

In-StoreOnline

Major Online Players have Publically Announced that they are Focused on Private Label

Major Online Players have Publically Announced that they are Focused on Private Label 46
Major Online Players have Publically Announced that they are Focused on Private Label 46
Major Online Players have Publically Announced that they are Focused on Private Label 46
Major Online Players have Publically Announced that they are Focused on Private Label 46
Major Online Players have Publically Announced that they are Focused on Private Label 46

Matching Capabilities to Modern Demand

Matching Capabilities to Modern Demand Online Shopper Demands Speed Convenience Value Innovative Products

Online Shopper Demands

Speed

Convenience

Value

Innovative Products

Health/Better-For-You

Requirements for TreeHouse

Agile Distribution

Operational Excellence

R&D, Commercialization, and Category Insight

Requirements for TreeHouse Agile Distribution Operational Excellence R&D, Commercialization, and Category Insight 47

Leveraging our Capabilities to Win

We win by

leveraging our

unique

capabilities

Food Safety and Quality Category Insight Agile Distribution Capabilities Functional Excellence Operational
Food Safety and
Quality
Category Insight
Agile Distribution
Capabilities
Functional
Excellence
Operational
Commercialization
Excellence
R&D
(flavors, claims,
packaging)
Collaborative
Teams
Excellence Operational Commercialization Excellence R&D (flavors, claims, packaging) Collaborative Teams 48

48

Organization & Infrastructure

Lori Roberts

Senior Vice President Human Resources

Margin Improvement Initiatives

Using margin management initiative work to drive

effectiveness through common standards, tools and decision rights.

Margin Management & Pricing

SGA Analysis & Reduction

Finance Transformation

× × Collaboration
×
×
Collaboration

Functional Excellence

Margin Management & Pricing

Proactive Commodity Cost Management

Pricing action to cover FY18 commodity inflation

Proactive commodity cost management process with consistent rules and triggers

Optimal Pricing Structure

Near term pricing action based on pricing-tiers for customer clusters Optimal pricing structure based on cost to serve and category

dynamics

structure based on cost to serve and category dynamics Pricing Linked to Cost to Serve Model

Pricing Linked to Cost to Serve Model

Standardized Terms & Monitored Compliance

to Serve Model Standardized Terms & Monitored Compliance Optimize Product Mix Capability Analysis & Design

Optimize Product Mix

Capability Analysis &

Design

Pricing informed by detailed cost to serve by customer Lower total system cost working with customers to create joint value

Standardized term sheets and policies Rigorous monitoring and tracking of customer compliance to the standardized terms

Drive customer product mix towards higher margin SKUs Optimize the mix and/or pricing for line priced items with different costs

•Future state bid management process and tools •Organizational improvements •Advanced bid analytics
•Future state bid management process and tools
•Organizational improvements
•Advanced bid analytics

51

SGA Analysis & Reduction

Current SG&A structure established to support $7B business focused on traditional retail grocery

Initiating review with consulting partner to install the operating and organizational model necessary to win

Building for the future

while also unlocking value

in the next 12-18 months

while also unlocking value in the next 12-18 months Simplify the business Evolve the operating

Simplify the

business

Evolve the

operating

model

Achieve step change in non- personnel SG&A

Dramatically reduce investment in low value-add categories, customers, or activities

Disproportionately invest where we drive our

performance and profit

Design to deliver on core businessquality, reliability, cost delivery, customer-centricity

Unlock the value of our scale

Implement structural and functional best practices

Drive higher levels of process standardization

Demand management and rate levers

Rethinking ways of working

Finance Transformation - continued

• Step 3 Optimize with • Technology • Step 2 Stabilize & Continuously Improve •
Step 3
Optimize with
Technology
Step 2
Stabilize &
Continuously Improve
Step 1
Pitch & Catch
Organize For Success (Complete)
Shared Services Team, Operations Controller, Project Team

Enable standardized processes with the right technology

Over time, explore automation and robotics

Measure and monitor process performance

Measure customer satisfaction

Identify ways to continuously improve process

Develop our customer service, communication, and

process improvement skills

Prepare the process (Pitch)

Stand up shared services team (Catch)

Reduce headcount

One process at a time. Start with AP

Innovation for Growth

Jess Sweley, Ph.D.

SVP Research, Development, & Commercialization

"You can have any color as long as it is black.” Henry Ford 55

"You can have any color as long as it is black.”

Henry Ford

55

Collaborative Teams

Category & Channel Growth

A Different Approach to Innovation -

Focused on Scalable Technology and On-Trend Development

“Traditional Process” “Undisciplined Process”
“Traditional Process”
“Undisciplined Process”

TreeHouse Innovation

Process” “Undisciplined Process” TreeHouse Innovation Premium BFY Agile Packaging Functional Excellence
Process” “Undisciplined Process” TreeHouse Innovation Premium BFY Agile Packaging Functional Excellence
Premium BFY
Premium
BFY
Agile Packaging
Agile
Packaging
Process” TreeHouse Innovation Premium BFY Agile Packaging Functional Excellence Platform-able Technology 56

Functional Excellence

Platform-able Technology

TreeHouse is Poised for Continued Growth by Capitalizing on Strategic Market Opportunities

01 Making Every Ingredient Count

02 Platform Innovation in Growth Categories

03 Packaging Agility for Channel Customization

1

WHOLESOME GOODNESS… EVERY INGREDIENT MATTERS

1 WHOLESOME GOODNESS… EVERY INGREDIENT MATTERS 58 58
1 WHOLESOME GOODNESS… EVERY INGREDIENT MATTERS 58 58
1 WHOLESOME GOODNESS… EVERY INGREDIENT MATTERS 58 58

TreeHouse is Leading the Development of Clean Label, Better-for-You Products

Premium, better-for-you products increased share of TreeHouse net sales by 20% since 2015

Clean label product offerings in 26 of 32 categories

25% of current development effort on clean label, BFY products

59
59
label product offerings in 26 of 32 categories • 25 % of current development effort on

2

Platform Innovation in Premium, Growth Categories

TreeHouse has built capabilities to accelerate growth in particular product categories

These on-trend categories have grown sales at 8.7% CAGR for the past 2 years

have grown sales at 8.7% CAGR for the past 2 years Cold Brew Coffee Refrigerated Dressings

Cold Brew Coffee

sales at 8.7% CAGR for the past 2 years Cold Brew Coffee Refrigerated Dressings Health &

Refrigerated Dressings

8.7% CAGR for the past 2 years Cold Brew Coffee Refrigerated Dressings Health & Nutrition Bars

Health & Nutrition Bars

8.7% CAGR for the past 2 years Cold Brew Coffee Refrigerated Dressings Health & Nutrition Bars

Bone Broth

8.7% CAGR for the past 2 years Cold Brew Coffee Refrigerated Dressings Health & Nutrition Bars
8.7% CAGR for the past 2 years Cold Brew Coffee Refrigerated Dressings Health & Nutrition Bars

Trail Mix

60

3

Packaging Designed for Emerging Channels

Channel Examples:

Packaging Designed for Emerging Channels Channel Examples: Traditional Retail Club Stores Convenience & Value
Packaging Designed for Emerging Channels Channel Examples: Traditional Retail Club Stores Convenience & Value

Traditional Retail

for Emerging Channels Channel Examples: Traditional Retail Club Stores Convenience & Value E-Commerce Distribution
for Emerging Channels Channel Examples: Traditional Retail Club Stores Convenience & Value E-Commerce Distribution

Club Stores

Channels Channel Examples: Traditional Retail Club Stores Convenience & Value E-Commerce Distribution channels
Channels Channel Examples: Traditional Retail Club Stores Convenience & Value E-Commerce Distribution channels

Convenience & Value

Traditional Retail Club Stores Convenience & Value E-Commerce Distribution channels with differentiated

E-Commerce

Distribution channels with differentiated consumer value propositions:

Opportunity to win with customized solutions

Minimize operational complexity via formulation, run order, agile equipment

Packaging solutions are particularly key

Case Study: Lofthouse Cookies

Packaging technology solution enables expansion to new usage and channel

Same great product that can be consumed on-the-go

solution enables expansion to new usage and channel • Same great product that can be consumed

VIDEO

A link to the video is available on the Company's

website at www.treehousefoods.com, under Investor Relations, Investor Overview.

Customized Packaging Design for E-Commerce and Club Channels

Primary Packaging

Primary Packaging PET Jars of PB-Filled Large Format Nondairy Creamer Small Packs and SURP Pyramid Tea

PET Jars of PB-Filled

Primary Packaging PET Jars of PB-Filled Large Format Nondairy Creamer Small Packs and SURP Pyramid Tea

Large Format

Nondairy Creamer

Primary Packaging PET Jars of PB-Filled Large Format Nondairy Creamer Small Packs and SURP Pyramid Tea

Small Packs and SURP

Primary Packaging PET Jars of PB-Filled Large Format Nondairy Creamer Small Packs and SURP Pyramid Tea

Pyramid Tea Bags

Secondary Packaging

Customized Cartons / Pack Size

Secondary Packaging Customized Cartons / Pack Size Display-Ready Cases

Display-Ready Cases

Customized Cartons / Pack Size Display-Ready Cases Pallets & Displays Full Pallet Displays

Pallets & Displays

Pallets & Displays Full Pallet Displays Shipper-Displays

Full Pallet Displays

Pallets & Displays Full Pallet Displays Shipper-Displays

Shipper-Displays

Pallets & Displays Full Pallet Displays Shipper-Displays

64

Capital Allocation & Cash Flow

Lee Wise

Treasurer

Capital Allocation Aligned with Corporate Strategy

Key Enabling Capabilities and Principles:

1) Disciplined capital investment

Target 15% IRR for all investments

Target ROIC > WACC

2) Maintain balance sheet flexibility to fund growth and productivity initiatives

Strategic alignment on key capital programs

Target minimum available liquidity of $500 million

Maintain target leverage ratio (3.0x to 3.5x) to ensure

access to capital markets

3) Effective working capital management to help drive free cash flow

Continual pursuit of an improved cash conversion

cycle

• Continual pursuit of an improved cash conversion cycle Disciplined Capital Investment Balance Working Sheet
• Continual pursuit of an improved cash conversion cycle Disciplined Capital Investment Balance Working Sheet
Disciplined Capital Investment Balance Working Sheet Capital Flexibility Mgmt.
Disciplined
Capital
Investment
Balance
Working
Sheet
Capital
Flexibility
Mgmt.
Balance Working Sheet Capital Flexibility Mgmt. Functional Excellence:    Finance Supply Chain
Balance Working Sheet Capital Flexibility Mgmt. Functional Excellence:    Finance Supply Chain

Functional Excellence:

Finance

Supply Chain

Corporate Dev.

R&D

Strategy

Engineering

Disciplined Capital Investment will Help Drive Future Earnings

Growth and Shareholder Returns

Disciplined Capital Investment Balance Working Flexibility Sheet Management Capital Functional Excellence
Disciplined Capital
Investment
Balance
Working
Flexibility Sheet
Management Capital
Functional Excellence
Collaborative Teams

Capital Allocation Priorities

Debt Leverage Debt / EBITDA between 3.0x – 3.5x Capex ≤ 3.5 % of Sales
Debt Leverage
Debt / EBITDA between 3.0x – 3.5x
Capex ≤ 3.5 % of Sales
Invest in Growth
Return Capital
Initiatives
to Shareholders
through Share
Repurchases

Maintain the ability to invest in the right growth and productivity initiatives

Capital Expenditures

THS 2020

R&D

M&A (Bolt On)

Return excess cash to

shareholders

$400 million share repurchase authorization with an annual cap of $150 million

$50 million of the annual cap will be via a 10b5-1 plan (effective as of November 6,

2017)

Debt Deleveraging Progressing Along Planned Glidepath

Disciplined Capital Investment Balance Working Flexibility Sheet Management Capital Functional Excellence
Disciplined Capital
Investment
Balance
Working
Flexibility Sheet
Management Capital
Functional Excellence
Collaborative Teams

Capital Structure

$’s in Million

Q3 2017

Maturity

Rate

Cash

$129

Revolving Credit Facility Term Loan A Term Loan A-1 Term Loan A-2

$120

2/1/2021

Libor +175 bps Libor +175 bps Libor +175 bps Libor +175 bps

277

2/1/2021

173

2/1/2021

974

2/1/2021

Total Bank Debt

$1,543

4.875% Senior Unsecured Notes 6.000% Senior Unsecured Notes Other Debt

$400

3/15/2022

4.875%

775

2/15/2024

6.000%

3

Net Debt

$2,592

Leverage Ratio (1)

3.40

Key Facts:

S&P rating of BB (assigned on 11.6.17)

Moody’s rating of Ba2 (assigned on 11.7.17)

Weighted average maturity = ~4.3 years

Fixed-to-floating rate debt percentage = 62%

Unsecured credit facility with ~$729.5 million of capacity available

100% of debt is pari passu

(1) Leverage Ratio is net debt to EBITDAs as defined by our bank covenants.

68

Operating Cash Flow Growth Provides a Strong Foundation for Executing Capital Allocation Priorities

Disciplined Capital Investment Balance Working Flexibility Sheet Management Capital Functional Excellence
Disciplined Capital
Investment
Balance
Working
Flexibility Sheet
Management Capital
Functional Excellence
Collaborative Teams

$600

$500

$400

$300

$200

$100

$-

Historical Operating Cash Flow $479 $447 $291 $230 $217 $205 $156 2011 2012 2013 2014
Historical Operating Cash Flow
$479
$447
$291
$230
$217
$205
$156
2011
2012
2013
2014
2015
2016
TTM

Overview and Focus:

Q4 has historically been the strongest operating cash flow generating quarter ($184 million in

2016)

Continued focus on reducing the cash conversion

cycle will help drive future operating cash flow

growth

Cash conversion cycle has ranged between 55 and 64 days in 2017

Cash flow enhancement activities currently focused on A/R and A/P

Inventory enhancements present additional

opportunity

FY 2017 Cash Flow Forecast

Key Facts: $450 million  Mandatory 2017 term loan payments = $69.8 million (+/- $15
Key Facts:
$450 million
 Mandatory 2017 term loan
payments = $69.8 million
(+/- $15 million)
 Share repurchases will be made
from excess Free Cash Flow (1)
$175 million
(+/- $15 million)
Adjusted Net
Depreciation &
Working Capital
Operating Cash
Net Capital
Debt Retirement
Free Cash Flow
Income
Amortization
and Non-Cash ∆'s
Flow
Expenditures

(1) Free Cash Flow is defined as Adjusted Net Income plus depreciation & amortization plus working capital and non-cash changes (minus) net capital expenditures and (minus) debt repayments.

Summary

Debt Leverage Debt / EBITDA between 3.0x – 3.5x Capex ≤ 3.5 % of Sales
Debt Leverage
Debt / EBITDA between 3.0x – 3.5x
Capex ≤ 3.5 % of Sales
Invest in Growth
Return Capital
Initiatives
to Shareholders
through Share
Repurchases

Executing our capital allocation strategy entails:

1)

Disciplined approach to capital investment

2)

Maintaining a flexible balance sheet with ample liquidity

3)

Effective working capital management

4)

Excess free cash flow to repurchase up to $150 million in shares per year

5)

Executing our 10b5-1 share repurchase program to offset employee share dilution (effective as of November 6, 2017)

Looking Ahead to 2018

Matthew Foulston

Chief Financial Officer

Thinking About 2018

2016: Adjusted EPS = $2.95

+
+

SG&A savings

Bonus reduction

 

Lower taxes

=
=

Manufacturing cost savings, net of inflation

-
-

Pricing, net of commodities and Freight inflation

2017: Adjusted EPS = $2.70-$2.80

2017: Adjusted EPS = $2.70 - $2.80

+
+

THS 2020/other plant closings in excess of manufacturing inflation

SG&A initiative

=
=

Pricing, net of commodities and Freight inflation

-
-

Bonus reset

Normalize tax rate

Net distribution gains/losses

2018

Key Takeaways

1
1

Private label is the place to be and we are in the right place.

2
2

Leadership in 20 of 32 categories with Premium, Better-for-You, Natural & Organic offerings in 26 of these.

3
3

TreeHouse 2020 plan is in place and on track to deliver 300 bps of margin.

4
4

Incremental actions around Revenue and Margin Management and a comprehensive review of SG&A are underway.

5
5

Deep and diverse bench executing these initiatives.

6
6

Robust cash flow with share repurchase program in place.

Growing Strong, Standing Tall

Growing Strong, Standing Tall 75
Growing Strong, Standing Tall 75