St Albans Analyst Half Day Event5 July 2018

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AGENDA FOR TODAY

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Time Activity Who

12:30 Arrivals All

12:45 Lunch Steve Ager, Development chef

13:15 Agenda, introduction & objectives Gavin Darby, Chief Executive Officer

13:30 UK strategy Alex Whitehouse, UK Managing Director

13:45 UK innovation Yilmaz Erceyes, UK Marketing Director

14:00 Consumer insights & trends Paul Chapman, Director of consumer insights

14:15 Customer relationship building Ellie Krupa, UK Grocery Sales Director

14:35 Q&A All

15:00 Group 1 - PRISM (15 mins)- Coffee break (15 mins)

15:00 Group 2 - Coffee break (15 mins)- PRISM (15 mins)

15:30 International strategy Jette Andersen, International Managing Director

15:50 Q&A & Closing remarks Gavin Darby

16:15 Depart

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Gavin DarbyChief Executive Officer

THE BOARD’S STRATEGY: BUILDING BUSINESS, DELEVERAGING AND ACCELERATING VALUE CREATION

£

Drive revenue growth Cost control & efficiency

Cash generation

Net debt/EBITDA below 3.0x by March

2020

Accelerating shareholder value

creation

Keep building business

4

KEY STRATEGIC INITIATIVES DRIVE STRONGEST REVENUE GROWTH IN FY17/18 FOR OVER FIVE YEARS

5

+3.6%

H2 & Q4 Revenue growth

Trading profit Net debt

£123m

+5.1%

+5.3%

+7.0%3.56x

Net debt/EBITDA

FY17/18 Full year results

£496m

↓£27m

FYRevenue growth

6

LEADING EBITDA MARGINS AND STRONG CASH GENERATIONResulting in continued Net debt reduction

17.0%

EBITDA % SalesLeading EBITDA margins for

UK food manufacturers

Net debt reduction (£m)£89m Net debt reduction over last 3 years

585

11 523 27

496

51

534

Net debtFY14/15

DebtreductionFY15/16

Net debtFY15/16

DebtreductionFY16/17

Net debtFY16/17

DebtreductionFY17/18

Net debtFY17/18

Premier Foods debt levels are the lowest since it became a public Company

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Alex WhitehouseUK Managing Director

UK BUSINESS OVERVIEW

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• £758.1m Sales, 92.5% of group sales

• 80.6% branded, 19.4% non branded, includes Knighton Foods

• Operate in 5 key ambient grocery categories including cake

• Strong portfolio of well known & well loved brands

• Present in 95% of UK households

• Market leader in all categories

• 10 manufacturing plants

• 2 distribution & logistics centres – moving to 1 later this year

• 3 dedicated R&D facilities

• Employ approximately 4,000 people

MARKET LEADING BRANDS

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Categories

Flavourings & Seasonings

Position

Quick Meals, Snacks & Soups

Ambient Desserts

Cooking Sauces & Accompaniments

Ambient Cakes

Share Penetration

1

1

1

1

1

43% 74%

31% 46%

36% 58%

16% 54%

22% 63%

Brands

Sources: Category position & market share: IRI 52 w/e 31 March 2018; Penetration: Kantar Worldpanel 52 w/e 25 March 2018

OUR UK STRATEGYSame strategy introduced at the Lifton capital markets day 2016

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Drive sustainable category & brand growth

Supply chain excellence to create P&L space

Optimise promotional investment

Outstanding instore execution

Customer partnerships

People development investment

1

5

3

4

2

6

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Our Brands

Consumers Customers

OUR BRANDS, CONSUMERS & CUSTOMERS

OUR RETAILER PROPOSITION

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2

Big, well known brands, loved by customers

Virtual reality merchandising capabilities for shopper research & to

assist in range reviews

Expertise: In consumers & shoppers in our categories

Flexibility: The flexibility of a small local manufacturer

Scale: The scale of a large manufacturer

A category value generating NPD programme

1

5

3

4

2

6

MAJORITY OF BRANDS NOW IN GROWTH ….. BUT STILL WORK TO DO ON AMBROSIA & SHARWOODS

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FY17/18 H2 Revenue growth% movement year on year

(4.3%)

13.0%

2.2%3.8%

3.0%

(1.6%)

4.0%

(1.9%)

Ambrosia Batchelors Bisto Cadbury LoydGrossman

Mr Kipling Oxo Sharwood's

Majority of brands now in good growth as a result of brand renovation/ innovation strategy

Mr Kipling relaunched April 2018 and now growing strongly

Ambrosia held back last year due to changes in pricing and sizing to recover input cost inflation

Sharwood’s holding share in the very competitive cooking sauces category. Good work on innovation pipeline yet to come to market

SALES FROM INNOVATION

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Innovation as % UK branded salesTargeting 10% of UK branded sales

1.6%

3.0%3.6%

5.1%

6.4%

10.0%

FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 Target

THE BRANDS WE FOCUSED ON FIRST CONTINUE TO GROW….

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+0%

Latest NPD

-1%

+2%

+2%

Source: IRI

Brand Growth

MAT March 2016*

Brand Growth

MAT March 2018

* - Since Capital markets day, July 2016

MOST RECENTLY FOCUS HAS BEEN ON BATCHELORS

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-10% +9%

Key Driver: Launch of Batchelors Pots Range

Launched

Feb 17

Launched

June 17

Launched

Jan 18

Launched

April 18

Source: IRI

Brand Growth

MAT March 2016

Brand Growth

MAT March 2018

……. AND ON MR KIPLING

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Brand Growth

MAT March 2016

-3%

Brand Growth

MAT March 2018

-4%

Key Drivers of growth since brand relaunch in March 2018:

New packaging design

New TV New products Great execution

Brand Growth

Since Relaunch(March 2018)

+7%

Source: IRI

THE FORMULA WORKS ACROSS THE BRANDED PORTFOLIO

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-12% +36%

Key Drivers:

Updated core products, more modern recipes, updated graphics

New format

Ready to eat pots Further extensions into desserts

Source: IRI

Brand Growth

MAT March 2016

Brand Growth

MAT March 2018

….. AND SALT IS NO EXCEPTION (!)

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-16% +5%

Key Drivers:

Modernisation of core range New formats Flavoured salts

Source: IRI

Brand Growth

MAT March 2016

Brand Growth

MAT March 2018

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Yilmaz ErceyesUK Marketing Director

HOW WE GROW OUR BRANDS

Strengthen Core Innovation

ContemporisingBrand’s core ranges

New products that meet unmet

consumer needs

Growth

Market leading growthdriving category value

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STRENGTHENING OUR BRANDS’ CORE

Bring out and celebrate our brands’ strong equities

Evolve with modern consumer needs/trends

Establish an emotional connection with

consumers

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DELIVERING STRONG RESULTSFollowing brand relaunch

-3.0%

6.9%

7.9%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

52we 12we 4we

Mr Kipling Value Sales Growth YoY

Source IRI

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CONSUMER FOCUSED APPROACH TO INNOVATION

Insight Innovation Execution

Building in depth consumer

understanding

Developing new products that make

consumers lives easier

Supporting with outstanding in-store

execution

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BATCHELORS TURNAROUND

Strong heritage

Iconic taste & texture

High loyalty & repeat rates

Icons reimagined to fit with modern consumer

need of ultimate convenience / on the go

snacking

-15%

-10%

-5%

0%

5%

10%

Batchelor’s Value Sales Growth YoY

Source IRI

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STRATEGY WORKS ACROSS OUR PORTFOLIO

Strengthen Core Innovation Growth

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FY17/18Double-digit %

Turnovergrowth

AVERAGE INNOVATION SIZE INCREASING AND ABOVE MARKET AVERAGE SUCCESS RATE

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Av. Size of Premier Foods NPD – Growth Index

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70

0

10

20

30

40

50

60

70

80

Total Market Premier Foods

% of NPD in Market After 2 Years

100

194

224

0

50

100

150

200

250

15/16 16/17 17/18

Source: PF Financial Data Source: Kantar

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Paul ChapmanInsights Director

PREMIER FOODS INSIGHT STRATEGY IS BASED ON A FLEXIBLE MODULAR APPROACH

EvaluationValidationQualificationUnderstandingExploration

Focused Investment

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WE SEEK TO UNDERSTAND THE MACRO TRENDS INFLUENCING UK CONSUMERS

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Household occasions | Number of people present

44.5

34.0

10.5

11.0

1 person 2 people 3 people 4+ people

198033%

201443.9%

201342.8%

MODERN DAY CONVENIENCE IS BECOMING MORE ABOUT EASE OF PREPARATION RATHER THAN SPEED

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Drivers of evening meal food consumption:% change in servings vs 2014

Easy to Prepare +9%Quick to Prepare -2%

Source: Kantar Worldpanel

AS A RESULT CONSUMERS ARE PREPARED TO ENGAGE A LITTLE MORE IN THE COOKING PROCESS THAN THEY WERE PREVIOUSLY

1) Cold (46%)

-1.1% YoY Change

2) Oven Cooked (13%)

+1.3% YoY Change

3) Grilled/Toasted (11%)

-1.1% YoY Change

4) Heated on Hob (10%)

-0.9% YoY Change

5) Microwaved (8%)

-1.4% YoY Change

6) Boiled/Steamed (7%)

-1.6% YoY Change

7) Fried (5%)

+2.1% YoY Change

8) Stir Fry (0.6%)

-1.4% YoY Change

Source: Kantar Worldpanel, In home consumption

9) Barbecued (0.1%)

+8.4% YoY Change

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Health & Nutrition Convenience Snacking/On The Go Indulgence

THIS APPROACH HAS IDENTIFIED 4 PLATFORMS FOR OUR STRATEGIC INNOVATION DEVELOPMENT

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Health & Nutrition Convenience Snacking/On The Go Indulgence

THIS APPROACH HAS IDENTIFIED 4 PLATFORMS FOR OUR STRATEGIC INNOVATION DEVELOPMENT

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KEY DRIVER OF SUCCESS IS A SIGNIFICANT ENGAGEMENT PROGRAM PUTTING CONSUMERS AT THE HEART OF OUR INNOVATION PROCESS

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• c. 52,000 consumers spoken to over the last 3 years on innovation-related topics

• c. 80 focus groups run across our categories

• 12 x Co-creation workshops run with consumers

Online Community

Focus Group

BASES Quant

Consumer Product Tasting

EthnographyAccompanied

Shopping

Virtual Reality & Eye

Tracking

Shopper Insight

Packaging Research

KEY DRIVER OF SUCCESS IS A SIGNIFICANT ENGAGEMENT PROGRAM PUTTING CONSUMERS AT THE HEART OF OUR INNOVATION PROCESS

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• Initial qualitative research into the category showed Batchelors had potential to extend into pots.

• Concept tested through Nielsen bases with n=200+ consumers to assess appeal and likely volumes.

• Product sensory test with n=80 to ensure the Super Noodle taste is delivered in a new format.

• In aisle insight through customer marketing to deliver excellence in on shelf execution.

Online Community

Focus Group

BASES Quant

Consumer Product Tasting

EthnographyAccompanied

Shopping

Virtual Reality &

Eye Tracking

Shopper Insight

Packaging Research

We invest in leading edge insight generation capabilities that helps us be on top of key trends & deliver innovation that delights modern consumers

Portfolio with strong brand equities providing the platform for growth

Strategic & methodical approach to grow our brands

Consumer is at the heart of everything we do

Our strategy works across our brand portfolio regardless of size & category

Our strategy is delivering industry leading results

SUMMARY

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Ellie Krupa

UK Grocery Sales Director

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Our Brands

Consumers Customers

SALES AMBITIONS FOCUS ON A TRIPLE WINMutual gains for Premier Foods, our customers and our consumers

REASONS WHY OUR CUSTOMERS WANT TO WORK WITH US

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2

Big, well known brands, loved by customers

Virtual reality merchandising capabilities for shopper research & to

assist in range reviews

Expertise: In consumers & shoppers in our categories

Flexibility: The flexibility of a small local manufacturer

Scale: The scale of a large manufacturer

A category value generating NPD programme

1

5

3

4

2

6

BUILDING COLLABORATIVE PLANS WITH CUSTOMERS REQUIRES STRONG INSIGHT, EXPERTISE & CROSS FUCTIONAL WORKINGThree teams working together to be successful with our customers

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2

Strategic account management

Category management Customer marketing

CATEGORY MANAGEMENTThrough our category expertise we understand how to grow our categories

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2

Three ways to grow a category

Attract more peopleinto the category

1Encourage shoppers to

buy more often

2 Trading shoppers up to increase value and

driving mix

3

CATEGORY MANAGEMENT: INSIGHT INTO ACTIONIt’s about more than just great products

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2

• Macro store layout• Fixture flow• Multiple formats

• Shopper need states • Sales performance• Profitability

• Off shelf display• Incrementality• Complementary products

Space & store layout Range Promotions

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2

WORKING CROSS FUNCTIONALLY INTERNALLY & EXTERNALLY WE BUILD PLANS FOR GROWTH TOGETHER

Strategic alignment

Building the plan based on insights

Executing the plan

Reviewing the plan

STRATEGIC ALIGNMENT AND FLEXIBILITYAn example of Sharwood’s sauces about to launch instore

• Category value growth through premiumisation

• Grow share of 2 person meal occasions

• Under-trade in ‘Meal for Tonight’ in convenience

Category value growth through premiumisation

Extend into pre-family consumers

Extend brand distribution & market share outside of main store

Customer strategic priority Premier strategic priority

Why is Premier a

great partner?

Manufacturing scale &

capability

Brand, product &insights expertise

Agile &flexible business

concept tostore in 6months

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Observing shopper behaviour

Filming

See through the eyes of our shoppersEyetracking

“What are they doing” vs “What are they saying”

SHOPPER UNDERSTANDING: INDUSTRY LEADING INSIGHTSBlending methodologies to deliver enhanced shopper understanding

- Biggest ever study of its kind undertaken within grocery- Observed shoppers across 14 categories and 3 store

formats- Provided a unique picture as to how and why UK

shoppers act

Outputs have driven our thinking and insights on:- SRP and pack design- Product flow on fixture- Marketing communications - Store and fixture layout

Filmed interviewsFacial recognition

“What are they seeing?” “How are they feeling?”

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21. Staple categories

• Stable volumes regardless of promotional activity

• Promotions don’t bring in new consumers

• E.g. Toilet roll, Bleach

2. Expandable categories

• Consumers more sensitive to promotions

• Getting the right balance is crucial

• Promotions temporarily bring in new consumers

• E.g. cakes, cooking sauces

• We extensively model & analyse promotional activity

• Identify key promotional dynamics and predictive algorithms

• Optimal discount to maximise margin is c.30%

• Can be influenced by type of display

Category expandability Volume uplifts Optimal discount

WE WORK TOGETHER WITH OUR CUSTOMERS USING INSIGHTS TO MAXIMISE JOINT ROI OF PROMOTIONS

- Promoted volume

- Non-promoted volume

Before Cannibalisation

After Cannibalisation

Sales

Cash margin

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2

WORKING CROSS FUNCTIONALLY INTERNALLY & EXTERNALLY WE BUILD PLANS FOR GROWTH TOGETHER

Strategic alignment

Building the plan based on insights

Executing the plan

Reviewing the plan

Consumer Insight: Convenience key

opportunity for growth

Customer Insight:QMS Category &

Batchelor’s brand share strength in this

customer

Shopper Insight: Shoppers more than twice as likely to buy

new products vs rest of major multiples*

52% of shoppers openly

shop on impulse*

Strategic alignment

*IGD Shopper Vista

STRATEGIC ACCOUNT MANAGEMENT, CATEGORY MANAGEMENT AND CUSTOMER MARKETING WORKING EXAMPLE

Building the plan based on insights

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Major customer collaboration - Year 1

First to market launches of Batchelors Supernoodles

and Pasta ‘n’ Sauce Pots

1 million units of Batchelors Supernoodles

sold in first 10 days of launch

Category growth of +11.7%, +£8.2m RSV

PF delivered 65% of this growth*

Customer Award for Best new Grocery launch 2017

Category Insight:Range and fixture vision &

macro space insight to deliver growth on growth

in Year 3

Further category growth opportunity from

innovation

*Kantar Worldpanel 52 we 31 December 2017

Executing the plan Reviewing the plan Strategic alignment

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STRATEGIC ACCOUNT MANAGEMENT, CATEGORY MANAGEMENT AND CUSTOMER MARKETING WORKING EXAMPLE

Major customer collaboration - Year 2

Continued support of year 2 innovation

More ‘First for new’ and customer exclusive innovation

Implementation of range and space plans

Executing the plan

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STRATEGIC ACCOUNT MANAGEMENT, CATEGORY MANAGEMENT AND CUSTOMER MARKETING WORKING EXAMPLE

Major customer collaboration - Year 3

BRINGING THE FIXTURE TO LIFEVirtual merchandising capability helping to visualise category potential

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2

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Jette R. AndersenManaging Director -

International

INTERNATIONAL SENIOR LEADERSHIP TEAMTotal of 48 people; a true international team of 29 non British from 20 countries

5454

Managing DirectorJette R Andersen

Finance DirectorSarah McGlenn

Operations DirectorHannah Dickinson

Marketing DirectorSteven Greaves

Sales DirectorShaf Dinmahomed

Head of HR*Lorraine Craven

Development Director - Cake

Kevin Holmes

Country Manager -Ireland

Alison Healey

* Shared with corporate functions

2 15 9 14

6

INTRODUCTION TO INTERNATIONALInstrumental to the growth of the Group over the last 3 years

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Creation of International SBU end 2014 Moved from an export and trading business based out of UK to be a category led

business with front line in market sales teams Have delivered 3 years of continuous Growth Are steadily increasing our proportion of Group Turnover Are a major contributor to recovery of manufacturing overheads

% DC margins

3238

48

61

FY14/15 FY15/16 FY16/17 FY17/18

+92%

£m

PURPOSE & STRATEGY

5656

A consumer centric business which is an engine for sustainable and profitable growth, delivering incremental value to shareholders and all

stakeholders

GOING DEEPER IN GROCERYTo be the category growth driver and challenger within 2-3 ambient grocery

categories in our high investment markets

EXPAND WITH CAKELaunch Mr Kipling and Cadbury cake across a number of new markets to

become a catalyst for category growth

OUR WORKING PHILOSOPHY

5757

We think Local -Consumers -Shoppers -

Customers with our brands

We are agile and have a can do attitude in an efficient way

Be cash & profit generating

Utilise spare capacity and

enable overhead recovery in our

factories

Be gross margin enhancing to the

Group

INTERNATIONAL BUSINESS BY GEOGRAPHY & BRANDFY17/18

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International revenue by brandInternational revenue by geography

Australia

Ireland

Europe

North America

Others

Cadbury

Sharwood's

Bisto

Mr Kipling

Ambrosia

Batchelors

Oxo

Others

MARKET EXPANSION & SEGMENTATION MODELRigorous & quantification approach to assess target markets

5959

Coca-Cola Index

Big Mac Index Retail

Consolidation

Ease of Doing Business

Quality of life Index

GDP Growth Projections

Purchasing Power & Disposable

Salary

CakeConsumption,

Spend & Market Value

Cost of Media Spend

Choc Confectionery & Cake

Market Growth

Priority Markets, Market Share,

Aided AwarenessKey metrics analysed

across chosen territories

1

Key metrics index scored and weighted

2

Target market chosen

3

MARKET STRATEGY AND PRIORITISATIONSegmentation based on size of prize, efficiency of investment and time horizon of delivery

6060

Ireland, Australia, Middle East (KSA & UAE),

USA and South Africa.

Europe, Hong Kong,Canada, New Zealand

Asia (India & China online), Nigeria, Preferred Trading

houses

China, India Thailand, Middle East GCC,

Singapore, Caribbean Rest of Middle East, Rest of

Asia, Africa Sub-sahara

High investment markets Medium investment markets Trading markets

Strategy

Investment style

Route to market

Current markets

Potential future markets

Category leadership Category role Trading role

Invest for growth Pay as you go Net price

Direct to retail partnerships Direct to retail/Distributors Trading houses

Note: Investment refers to sales, marketing and logistics resources as opposed to capital investment

RESOURCED TO BE LOCAL IN HIGH INVESTMENT MARKETSSales teams in the markets with market expertise supported by International team operating out of the UK

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In market teams in: Ireland, USA, South Africa, UAE, Australia. New Zealand & Canada to come in next months

UK based functions: Operations, Marketing, Category, Finance, Customer Service, Business Development, HR, Sales management & Europe

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33

x7

WIN LOCALLY WITH CONSUMERS, SHOPPERS & RETAILERSBut utilising the same framework and methodology as we do in the UK

6262

Creating brand love with Consumers

Retailers People

Category data / insights Innovation program

Retailers/CustomersConsumer & shopper led category approach

LEVERAGING THE UK MANUFACTURING FOOTPRINTFrom Barnsley to Brisbane and Moreton to Melbourne….

Handballing

Transfer to pallets

Factory

Week 1 PF warehouse/

freezer

Storewarehouse/freezer

In market stock holding warehouse/ freezer

Product on shelfin market

Container yard/freezer

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Sea freight

In market container yard/freezer

Retailer warehouse/freezer

2

3

6-9

7-108-12

8-12

OUR BRANDS & CATEGORIES IN MARKETSWant to be the category growth driver and challenger in 2-4 categories in each market

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Australia

Ireland

USA

Canada

South Africa

Middle East(UAE & KSA)

In market

Launch planned

White space

AUSTRALIA+81% revenue growth driven by a wide mix of initiatives

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Cake market share

100%distribution

29new SKUs launched

Cakedriving growth

6.6mConsumersreached by Mr Kipling campaign

- Sharwood’s, Mr Kipling & Cadbury 100% distributed in Coles & Woolworth

▪ Batchelors SOUPA launched in March 2018 with 12 SKUs

▪ 8 seasonal and 5 AYR SKUs on Cake

▪ 4 on Sharwood’s

▪ Cake growth +81% and reaching 9.6% MAT to 25/3/2018

▪ Penetration of cake +50% at 22.4% MAT to 25/3/2018

▪ Reached 28% of the Australian population

▪ 173k Mr Kipling samples

▪ 250k participated in the campaign

88.1 81.9

7.7 8.2

89.1 84.1

15.9 11.7

T. Ambient Cakes T. Private Label T. Cadbury T. Mr Kipling

Penetration YA Penetration

88.1 81.9

7.7 8.2

89.1 84.1

15.9 11.7

T. Ambient Cakes T. Private Label T. Cadbury T. Mr Kipling

Penetration YA Penetration

Penetration

SUMMARY

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Increased importance to the Group’s growth over recent years in line with the purpose of Business Unit

Utilising spare capacity of Group factories enabling overhead recovery

Strategy of going deeper and increasing penetration in high investment markets, expanding to new territories via cake and strategic partnership with Mondelez International

Rigorous route to market process ensuring winning strategy & implementation when entering new markets

Replicating what good looks like from the UK but with the local consumer, category and customer at heart

Local team in high investment markets supported by a truly and diverse international team in the UK making the difference

Q&A67

CAUTIONARY STATEMENT

Certain statements in this presentation are forward looking statements. By their nature,forward looking statements involve a number of risks, uncertainties or assumptions thatcould cause actual results or events to differ materially from those expressed or impliedby those statements. Forward looking statements regarding past trends or activitiesshould not be taken as representation that such trends or activities will continue in thefuture. Accordingly, undue reliance should not be placed on forward looking statements.

Please note that any disclosures or statements referring to pro forma results provided inthis presentation have not been subject to audit or review by the Company’s auditors.

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