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Bolthouse Farms

Jeff DunnPresidentBolthouse Farms

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STRENGTHENING OUR CORE

• Drive base business growth

• Innovate base product / packaging

EXPANDING INTO FASTERGROWING SPACES

• Successfully launch into new Packaged Fresh categories

• Increase availability in new channels

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Bolthouse Farms – Continued Strong Growth

New Availability

BaselineCore

BaseInnovation

Breakthrough Innovation

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Bolthouse Farms Business Unit Overview

Retail Carrots

Natural Ingredients

FARMS

Super Premium Beverages

Premium Refrigerated Dressings

CPG

60%BolthouseNet Sales

+3%Carrot

CategoryGrowth

40%BolthouseNet Sales

+15%BeverageCategoryGrowth

+6%DressingCategoryGrowth

Source: Category Growth - Freshlook Database 52 weeks ending May 18, 2014 & IRI Database 52 weeks ending June 15, 2014

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• Continued growth in organic & premium carrot sub-segments

• Capturing opportunities in juicing trends

• Recent contract wins/renewals

• Operational savings & sustainability gains

Bolthouse Farms – Farms FY 14 Update+4%

Farms Net Sales

“2 Year CAGR”

Source: CAGR: July 2011 - June 2014

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Bolthouse Farms – FY15 Focus Areas

• Customer service / Quality as job #1• Lean into carrot trends

– Cello (Juicing)– Organic– Premiums– Fresh Snacking

• Test new “branded” packaging

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KEY GROWTH DRIVERS

FY13

Bolthouse Farms –CPG FY 14 Update (Beverages)

• Strong innovation track record

• Significant new channel availability

• Grocery/mass distribution & merchandising strength

• Packaging innovation

+15%Beverage

3 Year CAGR

FY14

+15%Beverage Net Sales

“2 Year CAGR”

Source: CAGR: July 2011 - June 2014

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ns Brand Dollar Growth Over Time

Bolthouse Farms Beverage - A Growth Story

Source: Nielsen/IRI April 2003 Total U.S. – Current Period Ending 6/20/10 Total US Multi Outlet – Current Period Ending 6/15/14

2003 20142004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Bolthouse Farms

15%

SuperPremium

Juice Category52 week growth

Latest 4 Weeks

36.3% +16%

Dollar Share

DollarGrowth

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Bolthouse Farms-Spring 14 Beverage Innovation

• Veggie forward • Lower calories / sugar • Early velocities are strong

Daily Golden Vedge Daily Roots Multi-V Goodness Stone Fruit Tropical Goodness

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Bolthouse Farms - Bottle Size Innovation• Packaging innovations • Increasing consumer occasions • 11oz driving new availability

GRAB & GO

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Bolthouse Farms - Brand Building

Brand Investment Digital Brand Engagement Product Support

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VIDEO: Bolthouse Farms Sizzle Reel

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Bolthouse Farms –CPG FY 14 Update (Dressing)

CREAMY

BY SEGMENTBY SEGMENT

REFRIGERATED DRESSINGCATEGORY GROWTH

REFRIGERATED DRESSINGBOLTHOUSE FARMS GROWTH+7% +24%

GREEKVINAIGRETTENEW

NEW

+29%Dressing 2 Year Net

“Sales CAGR”

Source: CAGR: July 2011 - June 2014; IRI Total U.S. – Food, Current 4 weeks ending 6/15/14

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New Availability

Core / Baseline

Base Innovation

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3 year growth drivers (FY 15-17)

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Bolthouse Farms – New Availability• Leveraging CSC resources where appropriate• Brand building channel

FY14- +19,000 DOORS

STRONG IN-STORE MERCHANDISING

EARLY VELOCITIES ARE SOLID

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New Availability

Core / Baseline

Base Innovation

Bolthouse Farms – Breakthough InnovationBreakthrough Innovation

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Breakthrough Innovation

PackagedFresh

3 year growth drivers (FY 15-17)

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Snacking is the NEW eating behaviorHealthy Snacking: Next Big Thing…

• Snacking growth outpacing total CPG growth

• Population of self-identified “healthy snackers” grew from 14% in 2004 to 18% in 2013 (41 million)

• 48% are willing to pay a premium for healthier snacks in 2013 (+11% vs. 2012)

…Except Kids Need Healthier Options

32% 23% 22% 20% 20%

0%5%

10%15%20%25%30%35%

Chips /pretzels

Fresh fruit Fruitsnacks

Ice cream Yogurt

• But, nearly half of kids studied WOULD eat healthier snacks, if available

• Kids’ favorite snacks tend to be unhealthful

Source: Mintel (2010), Progressivegrocer.com(2013), foodnavigator-usa.com (2014), IRI Snaxpo (2014)

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Convenience, driving fresh snacking category growth

Source: IRI MULO CY 2009-2013; Freshlook MULO CY 2012-2013

$7,273 $713 $651 $169 $163 $153 $31 $29 $-

$100

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Cut fruit Cut vegetable Cut fruit withdip

Juice /Smoothie

Fruit cup Cut vegetablewith dip

Fruit puree Hummussnack pack

Mill

ions

Notes:(1) Growth rate represents 2012-2013 as only two years of data are available for these segments.

4-Year CAGR +11%1 +14%1 +34%1 +85% -2% +29%1 +177% +57%

Single-serve,on-the-go items*

*Fruit cups are seen as highly processed with added sugar.

Top 8 Segments within Fresh Healthy Snacking Category(CY 2013 Dollar Sales)

$1.0BILLION

FRESH KIDSSNACKINGCATEGORY

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SMOOTHIES FRUIT TUBES VEGGIE SNACKERS

Bolthouse Farms - Kids Launch

An easy way for kids to get their servings of fruit

• Launch August 2014• Millennial mom with kids 4-11 years old• Strong digital marketing effort

A fun fruit snack moms can feel good about

Snacks that make veggies taste great for kids

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BolthouseFarms - Kids In-Store Merchandising

• Mom’s solution for healthier snacking

• Kids Fresh snacking destination

• Early reaction, very strong

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CPG FLEX LINE WAREHOUSE CAPACITY CPG PRODUCTION CAPACITY

Bolthouse Farms – Accelerating Future Growth

• Additional beverage capacity

• Bottle size capability

• Run size FLEXIBLITY

FLEXLINE

• Increase cold storage space by +75%

• DOUBLE existing freezer capacity

• Increase shipping capacity by +40%

CPG EXPANSION

WAREHOUSECAPACITY

Bev 1Fiber

BAKERSFIELDCAMPUS

• Beverage lines 4 & 5

• Expanded HPP capacity

• Packaged fresh

CPGEXPANSION

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Bolthouse Farms - Summary

• Win “Farms” with quality and customer service

• Drive operational excellence and productivity

• Fuel CPG growth through innovation, in-store acceleration, and availability

• Bring Packaged Fresh to market successfully

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