CHANGING OF THE GUARD – NEW LEADERSHIP IN FROZEN

ConAgra Frozen Foods

September, 2014

Changing of the Guard in Frozen

1.Out-Performing the Competition

2.Share Leadership

3.Capitalizing on “Hot Hands”

4.Thought Leadership & Tools

5.Innovation for the Future

ConAgra Foods Out-Paces Frozen Department

ConAgra Frozen Trends are from 1.5 to 2.5 points better than the Frozen Department

Total US - MULO Southeast - MULO Mid-South - MULO Northeast - MULO

-2.1%

-0.5%-1.3%

-2.9%-3.6%

-2.5%-2.9%

-5.3%

ConAgra Frozen Dept

Source: IRI Syndicated Data 26 Weeks Ending August 10th, 2014

Unit Volume Chg. Vs. YAConAgra Frozen vs. Department

Taking Leadership in Single Serve Meals

By Playing in all 4 Segments of Single Serve

Meals$ Share of Single Serve Meals

Southeast Region

Source: IRI Syndicated Data 26 Weeks Ending August 10th, 2014

31.5

31.2

9.3

28.0

ConAgra Takes Share Leadership from Nestlé

Super Prem.

Better for You

Premium Reg.

Economy

Outpacing both Nestle and Heinz in the Single Serve Meal Category

Source: IRI Syndicated Data CY 2011 - 26 Weeks Ending August 10th, 2014

Nestlé & Heinz Drop Share in the Southeast since

2011.

ConAgra Out-Performs Category & Competition

-4.0%

-0.3%

-8.8%

-19.1%

SS Meal

s

-3.6 -2.9

While, ConAgra’s share is increasing

34.8 31.2 12.2 9.3

$ Percent Chg. Vs. YASoutheast Region - MULO

0.930.6 31.5

DRIVING SALES IN FROZEN WITH “HOT HANDS”

ConAgra Frozen Foods

September, 2014

Healthy Choice Steamers Growing Dollars, Buyers & Trips in a Declining Segment

7

Southeast - MULO

19%

$39 MMYear over Year

Growth

Business Latest 52 Weeks

• 12 of top 15 Café Steamers growing YoY

• 10 items in Top 50% of SS Meal Sales

• 24 in the top 80%

Southeast

Sources: IRI Syndicated Data CY 2011 to 52 Weeks Ending July 27th, 2014 (Southeast Region - MULO) & IRI Panel Current 52 Weeks Ending August 10th, 2014 (Southeast – All Outlets)

Dollars

$ Velocity

Trips

Better for You

-7% +19% -12% -16%

-9% +9% -9% -12%

-8% +10% -15% -9%

-4% +21% -10% -5%

Buyers

Café Steamers

Marie Callender’s SSM up 8% since 2011

Source: IRI Syndicated Data CY 2011 to 52 Weeks Ending July 27th, 2014 (Southeast Region - MULO)

Continues to Struggle

Southeast

3%$6 MM

19%Dinners

Pot Pies

Added to SS Meals Since 2011 Driven by

Growth in:

$1.5 MM in New Sales

$4 MM in New Sales

8% -$11 MMIn Sales Decline since 2011

Strong Growth in Last 3 Years

Driving Success in Pot Pies & Premium

Regular

2 of the Top 10 SSM items are M.C. Pot Pies

46% of $8.7MM Growth in Pot Pies Driven by Marie Callender’s

$1.5 MM Gain by Marie Callender’s Dinners/Entrées offsetting $6.4 MM loss in Premium Regular since 2011

Banquet Pot Pies Continue to Drive Pot Pie Segment Growth

Source: IRI Syndicated Data CY 2011 to 52 Weeks Ending July 27th, 2014 (Southeast Region - MULO)

Southeast

Strong Growth in Last 3 Years

Driving Pot Pie Segment Sales

With Strong Selling Items in SSM

CY 2011 Current 52 Weeks

21.226.1

Dollar Sales in MillionsSoutheast Region - MULO

$4.9 MM

New Sales since CY 2011

23%

Item $ Rank in SSM

$ Velocity Index

Chicken 1 501Turkey 9 238Beef 11 214

56% of Pot Pies’ $8.7MM in Growth

ConAgra is Driving Growth in SS Desserts

Source: IRI Syndicated Data CY 2011 to 52 Weeks Ending July 27th, 2014 (Southeast Region - MULO)

SS Desserts ConAgra

$2.7

$5.6Dollar Sales Growth since 2011

Southeast Region - MULO

SS Desserts would be in Decline except for ConAgra

+594%Percent Growth since 2011

Southeast

ConAgra Goes from Small Brand to Significant Player

2011 Current 52

$1 MMIn Annual Sales

$5.6 MM

In Annual Sales5%Dollar Share

29%Dollar Share

+14%

Marie Callender’s Pies Up 7% since 2011

Source: IRI Syndicated Data CY 2011 to 52 Weeks Ending July 27th, 2014 (Southeast Region - MULO)

$17.3 MMIn Annual Sales

and Growing…

7%Since 2011

$1.1 MMDollars added to Frozen

Pies since 2011

23%

52%

16%

5%4%

23% of $ Sales in Mid-South$ Share of MS Pies

Southeast Region - MULO

5 of the Top 15 selling pies in Region

Top selling apple pie

#2 Brand in unit sales – better than lower priced Value brands

Southeast

TOOLS TO DRIVE GROWTH IN FROZEN DEPARTMENT

ConAgra Frozen Foods

September, 2014

13

AFFI Initiative

Investment

Real Food / StorytellingProprietary Content Library

Digital / Social Messaging

Public Relations Drive Windows

CAG/Kantar Partnership

“First Moment of Truth”Drive growth through increased retail execution: MAPS

Investment in Communicating with Consumer

Medical Professional Influencers

Healthy Professional Outreach

Proprietary Research & Webinars

14

M.A.P.S. Tool Overview

$250MM Opportunity

Performed Modeled Analysis Using: • Sales data • Retail audit results• POGs• ShopperGenetics card data

To understand the impact that each Merchandising, Assortment, and Shelving tactic has on category performance.

15

Category “411’ DocumentsCategory Insights & M.A.P.S.

411s Decks Currently Available

1. Single Serve Meals2. Multi-Serve Meals3. Frozen Pies4. Prepared Chicken5. Frozen Breakfast

INNOVATION FOR THE FUTUREConAgra Frozen Foods

September, 2014

Restage P.F. Chang’s Brand in 2014Create a High Quality, Affordable Asian Meal for 2

Appetizers - Highest % of add-on sales*

Highest ratio of items shared/person*

Pricing & portions completes the meal

* PF Chang’s Consultant Restaurant Research April 2013

Translate Asian Restaurant Behavior to In-Home Experience

$3.50 - $3.75/serving2 servings/bag (22oz)

$1.50/serving2 servings/box (8-10oz)

$0.75/serving(2) 8oz Micro bags (16oz)

Entrée:Satisfying portion at

the right value

Appetizer:Highest “add on” to

any restaurant menu

Side:Expected as a part of complete Asian meal

Asian in-home experience for ~$6.00 per person

2014 – 2015 Calendar Overview

Aggressive Marketing Plan to Drive Awareness and Sales

JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY

New Integrated Advertising Campaign

Digital Direct to Consumer Coupons

FSI

Print w/ Coupon

10/12 1/11Skillet/ Apps / Rice

Drive Bundling

Skillet Price Reduction Skillet Price Reduction + 3 New Line Extensions – 8/25 First Ship –

Shopper Marketing

PR/Social

New App’s & Rice Sides New Appetizers and New Rice Sides – 8/25 First Ship – Skillet/ Apps / Rice

Direct 2 Consumer Direct 2 Consumer

April On Shelf

Restaurant Quality / Highlighting National Programming

Nov On Shelf

55%

SpendingIncrease

19

FPO

Investment in Messaging & ProductTo Target Key Demographic Group (“Boomers”)

Full Serving of Vegetables

Reduced Fat

High Protein High FiberAll-natural Ingredients

Reduced Calorie

Reduced Sodium Whole Grain

Increased Investment to Deliver “Fresh” TV Message

70%Increase vs. YA

New Products Targeting Consumer Desire for Fresher Options

August

Simply

GlutenFree

January

On-Pack Promo

Protein + Fiber

WIN

60%Of Better for You Segment Volume

27 MM HHs2x the Size of Millennials

and Growing

What they Want in Frozen Meals:

20

Reigniting Marie Callender’s Core to Accelerate Growth

Maximize Productivity on Shelf

Bring Food Story to Life – Reinforcing Quality

Increase Consumer Investment

1 Convert 10 SKUs to Dinners

73

2 Launching 3 New Items

3 Enhancing Product Quality

Made from Scratch GravyMade with Real Cream

Made with Aged Cheddar

2Quality Claims on all SKUs

1 Differentiated On-Pack Claims

2

1

Focus on Core SKUs

• Single Serve Meals• Pot Pies• Whole Desserts

Increase in A & P

+$7 MM

21

Strong New Products & Advertising To Offer Good Value to Economy SSM Shoppers

3 Double Meat Meals

Salisbury Steak Pot Pie

Advertising Campaign to Reach Shopper

15% Growth in Pot Pies since 2011

Banquet Pot Pies have 3 of top 11 items in dollar sales

Salisbury Steak is #1 Flavor in Banquet (#4 item in SSM)

63 MM Banquet Salisbury Steak Meals purchased annually (SSM & MSM)

High Protein items drive $1.9B in growth since 2009

190 MM additional units sold

Consumer say protein is most important component of a meal, but 75% believe they can’t afford

Provide twice the protein as a regular Banquet meal and still a value

1. Food – Improved Taste & Quality

2. Fun – New Packing, Desserts & KC Character Comeback

3. Promotion

22

Refocus on Kids to Revitalize

FY 14We Set the Stage

SpongeBobJanuary-March 2014

Rio 2March-June 2014

FY 15Deliver the Growth

Quarterly Promo to Drive PenetrationQ1: Dream Team Q2: Home

Aug-Sept Nov-Dec

Q3: SpongeBob Q4: B.O.O.

(Tentative) (Tentative)Feb-Mar May-Jun

Kid Cuisine Trends Respond to StrategySales are Starting to Rebound

Source: IRI Syndicated Data 13 Quad Week Periods Ending July 20th, 2014 and 26 Weeks Ending August 3rd, 2014 (Southeast Region – MULO)

• 3 of top 5 Kid Cuisine SKUs up in last 26 Weeks• 4 are out-performing SS Meal Category Trend

4 w/e Aug 11,

2013

4 w/e Sep 8, 2013

4 w/e Oct 6, 2013

4 w/e Nov 3, 2013

4 w/e Dec 1, 2013

4 w/e Dec 29,

2013

4 w/e Jan 26, 2014

4 w/e Feb 23,

2014

4 w/e Mar 23, 2014

4 w/e Apr 20, 2014

4 w/e May 18,

2014

4 w/e Jun 15, 2014

4 w/e Jul 20, 2014

-40.0%

-35.0%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

Kid Cuisine $ % Chg. Vs. YASoutheast Region - MULO

Southeast

Advertising/Promotion Begins – January 2014

Driving Sales in Frozen With…

Thought Leadership

Innovation “Hot Hands”

Pot Pies

SS Desserts

Frozen Pies

Steaming Technology

Asian at Home Concept

BFY Real Food

On Trend Value

AFFI

Kid Friendly