Barclays Back to School

Consumer Conference
September 6, 2017
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 Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements and other information are based on our beliefs as well as assumptions made by us
using information currently available. The words anticipate, believe, estimate, project, expect, intend, plan,
should, and similar expressions, as they relate to us, are intended to identify forward-looking statements. Such statements
reflect our current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should
one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may
vary materially from those described herein as anticipated, believed, estimated, expected, or intended. We do not intend to
update these forward-looking statements following the date of this presentation.

Such forward-looking statements, because they relate to future events, are by their very nature subject to many important
factors that could cause actual results to differ materially from those contemplated by the forward-looking statements
contained in this presentation and other public statements we make. Such factors include, but are not limited to: our level of
indebtedness and related obligations; disruptions in the financial markets; interest rates; changes in foreign currency
exchange rates; customer consolidation; raw material and commodity costs; competition; integration of the Private Brands
acquisition and our ability to continue to make acquisitions in accordance with our business strategy or effectively manage
the growth from acquisitions; changes and developments affecting our industry, including customer preferences; the outcome
of litigation and regulatory proceedings to which we may be a party; product recalls; changes in laws and regulations; and
other risks that are set forth in the Risk Factors section, the Legal Proceedings section, the Managements Discussion and
Analysis of Financial Condition and Results of Operations section, and other sections of our Annual Report on Form 10-K for
the year ended December 31, 2016, and from time to time in our filings with the Securities and Exchange Commission. 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 in this presentation. TreeHouse expressly disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statement contained herein, to reflect any change in its expectations with regard
thereto, or any other change in events, conditions or circumstances on which any statement is based.

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Todays Speakers

Name Experience Joined THS Leadership Role

Chairman of the Board,

Sam K. Reed 36 Years Founder
Chief Executive Officer

President &
Bob Aiken 28 Years July 2017
Chief Operating Officer

December Executive Vice President &

Matthew Foulston 31 Years
2016 Chief Financial Officer

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Sam K. Reed
Chairman & CEO

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 Building Out the TreeHouse Team:
Proven Leaders with Deep Experience
Yrs of
Joined THS Leadership Title Prior Experience
Experience

Chief Financial Ford, Mazda, Navistar,

Dec 2016 Matthew Foulston Officer
31
Compass Minerals

Chief Customer PepsiCo, Quaker Oats,

Jan 2017 Chris Finck Officer
28
Sara Lee, Bimbo

Textron, Kraft Foods,

Chief Strategy
Mar 2017 Moe Alkemade Officer
24 Walgreens Boots
Alliance
Metz Baking, US Foods,
Jul 2017 Bob Aiken President & COO 28 Feeding America,
Essendant

E&Y, Brunswick, Mead

Jul 2017 Lee Wise Treasurer 16
Johnson

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 TreeHouse Strategic Growth

Net Sales ($ in millions)

$6,200-
$6,175 $6,300

$3,206
$2,946

$2,294
$2,050 $2,182
$1,817
$1,501 $1,512
$1,158
$939
$708

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E

3 6 12 12 12 17 17 18 20 24 24 34 32
Number of Categories 6
 We Have Unparalleled Leadership in Private Label

We are the private label leader in over 20 of 32 categories:

Baked
#1 Beverages #1 Condiments #1 Meals #1 Snacks #1
Goods
Rfgd Dough Creamers Pickles Pasta Snack Nuts

Powdered Pourable
Griddle Dry Dinners Trail Mix
Bevg Dressings

In-Store
SS Bevg Preserves Bouillon Bars
Bakery

Tomato
Pita Liquid Bevg Hot Cereal
Sauces

Spoonable
Pretzels Other Blends RTE Cereal
Dressings

Cookies Broth Salsa

Crackers Tea Syrups

Cheese /
Other
Pudding

Sauces

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 Private Label is Increasingly Relevant to Retailers

Having a private brand from a margin mix

has always been important but it's even
more important now and the sourcing
capability is even more important now.
Doug McMillin
President & CEO, Walmart
April 2017

We continue to be thrilled with Simple

Truth. It continues to grow as a brand. More
and more households continue to enter into
the category and stay in the category.
Mike Schlotman
EVP & CFO, Kroger
Sept 2016

We're focused on enhancing our exclusive

brand assortment in Food and Beverage
while ensuring we are priced-right daily on
key opening price point items.
Mark J. Tritton
EVP & Chief Merchandising Officer, Target
August 2017

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 The Digital Age Marketplace

Consumers

Customers

Categories

Competitors

Capabilities
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 TreeHouse 2020

Strategically, transform TreeHouse to serve the

private label marketplace of the Digital Age.

Operationally, simplify Go-To-Market and supply

chain to unlock operating margin expansion.

Organizationally, unite all of TreeHouse as one

entity dedicated to strategic category and customer
growth.

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 Returning TreeHouse to
Historical Levels of Profitability
Adjusted EBITDA Margin Trends

+300
BPS*

TreeHouse Ralcorp TreeHouse Private TreeHouse TreeHouse TreeHouse

FY 2010 FY 2012 FY 2015 Brands FY 2016 FY 2017(F) 2020
LTM 2015

Simplification Transformation Growth

*Based upon current price, volume & mix. 11
1 We have built out an experienced senior management team.

The digital age marketplace is evolving rapidly, and private

2
label is the place to be.

We are uniquely positioned to meet our customers private

3
label aspirations.

TreeHouse 2020 is a strategic vehicle to transform our

4
business to succeed in this digital age of private label.

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 Bob Aiken
President & COO

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 What is Required to Win in Private Label?

Right Right
Category Cost & Service
Portfolio

Right Price

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5

The TreeHouse Promise

Broad
Cost
Portfolio Strong Private Consumer
Competitive
Featuring Quality & Label Focus Insights &
& Solutions-
Clean Label, Food Safety & Category Shopper
Oriented
BFY, Leadership Leadership Marketing
Supply Chain
Innovation
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 We Offer Customers a Comprehensive Portfolio

Expanding Beyond the Center of the Store into Key Perimeter Categories

In-Store Bakery
Refrigerated
Snacks

Beverages
Condiments

Baked Goods Deli

Produce Meals

Frozen

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 We Have Significant Premium, Better for You,
Natural & Organic Offerings

PBFYNO % of Sales
25% # of PBFYNO
Categories
20% 19.5% Baked Goods 6 of 8

Beverages 7 of 7
15%

Condiments 6 of 9
10% <10%
Meals 4 of 5
5%
Snacks 3 of 3

0% Total 26 of 32
YE 2014 (Legacy) 1H 2017

Excludes single serve beverages and Flagstone.

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 We are Re-Shaping Our Product Portfolio to
Meet Consumer Demand
YTD
Q217 YTD Revenue Growth Rate

Premium / Better For You /

Natural / Organic
20% 4.3%

National Brand
Equivalent
68% -3.4%

Opening Price Point /

Value 12% -1.5%

Excludes single serve beverages and Flagstone. 18

 TreeHouse 2020: Enterprise-Wide Transformation

Stratify the customer base and focus on large and

Align Customer Base &
growing customers
Simplify the Product
Portfolio Simplify our total SKU count by targeting up to a
25% reduction

Optimize the Reduce our manufacturing footprint and increase

Manufacturing Network capacity utilization by up to 20%

Increase Agility in our Reduce our warehouse footprint

Delivery Approach Transform mixing centers to better serve
emerging channels

Transform Operations to Implement a common plant operating system

Continuous Improvement Implement Continuous Improvement
Culture methodologies and standardize processes

Leverage Systems and SAP manufacturing implementation

Analytics to Drive Utilize analytics tools to optimize pricing and margin
Performance Improved forecasting and planning

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 Customer and Category Simplification

Focus on Customers that 25% SKU Reduction

Drive Market Share and Focused on Low
Through-put Revenue / Profit SKUs

Customers Categories

Profitability
Value Add

Collaboration Growth
1,000 + Customers Sales / SKU
10% of Revenue <$30,000
Increased Complexity
Numerous Changeovers
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 Our scale and capabilities are unparalleled in the industry at a
1 time when retailers are placing greater emphasis on private
label.

We offer customers a comprehensive portfolio of premium,

2
better for you, natural and organic products.

TreeHouse 2020 is a well defined comprehensive plan to

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unlock value through competitive differentiation at scale.

4 The simplification opportunity remains enormous.

Simplification through SKU reduction will drive margin

5
expansion and working capital improvement.

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Matthew Foulston
EVP & CFO

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 TreeHouse 2020
Action Target Action Timeframe
Operational restructuring ~ 300 bps operating margin expansion* YE 2020

Realign production Facility closures YE 2019

Cease production permanently on a number
of additional lines
Deploy SAP across all manufacturing
locations
Improve capacity utilization by up to 20%
Phase 1 Close 3 facilities Brooklyn Park, Plymouth, Mid-Year
Dothan (partial) YE 2018
Cease production permanently on an
additional ~20 lines
Phase 2 Further details on restructuring actions Feb. 2018
through end 2018 Earnings Call

Phase 1 Plant Closing Charges (in $millions)

Cash $29.7
Non-cash 14.8
Total $44.5
*Based upon current price, volume & mix.
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 TreeHouse 2020 Supply Chain Illustration

Future vs. Current State

SKU Count % ~25%

Dothan AL
Net Sales / SKU % ~35%

AGM / SKU % ~50%

Average Utilization /
~10%
Line %

Plant 2 Plant 3

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 Effective Margin Management

TreeHouse
Improved Promise Customers
Revenue
Private Label
Management
Growth Plans
Capability

Leadership
Position in Best-in-Class
Over 20 of 32 Food Safety
Categories

Protecting Global Supply

Category
Chain
Breadth the Baseline Capability

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 We Generate Strong Free Cash Flow and Now
Have Greater Capital Allocation Optionality
In $000s
Net Debt
We have paid down $470 $3,000

million of debt since we closed

the Private Brands transaction. $2,750

Our leverage ratio1 is now

~3.4x and reduces our $2,500

variable interest rate by 25

bps in 2H.
$2,250
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

We will continue to focus on Delivering on Our Deleveraging Commitment

working capital optimization 3.75
in 2H. Below 3.5x by
mid-year

Greater capital allocation 3.50

optionality going forward.

3.25
1 Leverage ratio is net debt / EBITDAS as defined by our Q4 16 Q1 17 Q2 17 Q3 17 Q4 17
bank covenants.
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 Investment Considerations

The digital age marketplace is evolving rapidly. We have

1
unparalleled capabilities within food and beverage and we are
uniquely positioned to meet our customers private label
growth aspirations.

TreeHouse 2020 is a strategic vehicle to transform our

2
business to succeed in this digital age of private label.

Simplification of our portfolio where it doesnt add value is

3
critical to our success.

4 We will continue to generate substantial free cash flow and

have greater capital allocation optionality.

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Growing Strong, Standing Tall

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