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 industrys 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. TreeHouses 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.
2
Growing Strong, Standing Tall

3
 Introduction
Sam K. Reed
Chairman, President and CEO
Our Strategic Advantage
1 Private label is the place to be and we are in the right place.

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

2
offerings in 26 of these.

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

Incremental actions around Revenue and Margin Management and a

4 comprehensive review of SG&A are underway.

5 Deep and diverse bench executing these initiatives.

6 Robust cash flow with share repurchase program in place.

5
Our Strategic Capability
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
6
Private Label is Increasingly Relevant to Retailers

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

9
 We Have Unparalleled Leadership in Private Label
We can provide Clean Label or Better-for-You offerings in 26 categories:

Millennial consumer
preferences favor TreeHouse
in premium and health and
wellness segments.

10
Private Label Has Expanded its Reach to All Demographics

Private Labels traditional value proposition has

expanded to include product authenticity,
environmental sustainability and social relevance. 11
Private Label Organizational Capability

In private label, competitive advantage is forged

through the interaction of Collaboration and Excellence.
12
The Key to Sustainable Growth

THS 2020

Margin
Management

Integration of Go-To-Market and Supply Chain functions

coupled with Simplification and Data Analytics.
13
Customer and Category Simplification Are The
Foundation of TreeHouse 2020 Margin Expansion

14
Regaining Historical Levels of Profitability through
Simplification Transformation Growth 15
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
Collaborative Teams

THS 2020
Data
Portfolio Analytics
Simplification

Network
Optimization

Low
Functional Excellence High 18
New Strategic Imperatives Can be Implemented in Five Transformative Steps

19
TreeHouse 2020 Supply Chain Illustration

Future vs. Current State

SKU Count % ~44%

Brooklyn Park Net Sales / SKU % ~59%

AGM / SKU % ~111%

Average Utilization /
>20%
Line %

Plant 2 Plant 3

20
 Categories Such as Dry Dinners Will be Positively Impacted by THS 2020

Our top 10 affected customers represent ~$25 MM in revenue and <$5 MM in AGM 21
Improve Performance and Create Continuous Improvement Culture

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
23
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
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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
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TreeHouse 2020: Enterprise-Wide Transformation

Stratify the customer base and focus on large and

Align Customer Base &
Simplify the Product growing customers
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

26
The Power of Simplification
Triona Schmelter
Division President, Condiments

27
Simplification & Network Optimization in Action
Oatmeal Case Study:
Acquisition of Private Brands in 2016 created opportunity to
combine the top private label oatmeal businesses.

Manawa, WI
Oat Tube Oats
Flakes Instant Oats

Cedar Rapids, IA
Oat
Oat Flakes
Groats

Oat Tube Oats

Flakes Instant Oats

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Focused on Improving Capabilities

Capabilities

Goals:
Collaborative Teams

Build Integrated & Collaborative Teams

Drive Functional Excellence in Hot Cereal
Improve Margins & Customer Experience

Functional Excellence
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We Started with Simplification

Discontinued ~20% SKUs Identified Critical Unlock Network Optimization

Capabilities

30
Manufacturing Network Optimization
Increase Vertical Integration
Details

Increase oat mill throughput

Form tube canisters in-house

Create Manufacturing Centers of Excellence

Details

Centralize tube canister production

Create a specialized long run instant oat plant
Create a job shop instant oat plant specializing in
quick changeovers
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Benefits
SKU Simplification
Benefits
Reduce changeovers and clean-outs
Reduce waste and scrap
Improve service
Inventory reduction

Manufacturing Network Optimization

Benefits
Increase mill and line utilization
Improve service
Improve quality
Enable growth in premium space
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Successes to date

No customers lost during 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 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
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

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Deploying a Tiered Approach to Pricing
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
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We Are Gaining A Better Understanding of Cost to Serve
Which Will Drive Improved Pricing Decisions
High Cost Customer Low Cost Customer
2 hour average wait time No wait time at a
at customers DC customers DC

20+% FTL Shipments ~80+% FTL Shipments

Freight
100% Case pick 100% Pallet Pick
~50% pickup versus 90% pickup versus
delivery delivery
25%+ no-shows <5% no-shows
Warehouse
30+ days of inventory 0-30 days of inventory
~50% forecast accuracy 90+% forecast accuracy
Formula is unique to Formula is consistent
specific customer with multiple customers
Manufacturing
~2 day order lead time 2+ week order lead time
Order below minimum Order above minimum
order quantity order quantity
Packaging &
Packaging is unique to Packaging is similar/
Materials
customer same as other customers 38
2018 Commodity Inflation Requires Pricing across
all Categories and Customers

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 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.

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Winning Capabilities

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

42
Understanding Our New Environment

Consumer Demand: Manufacturing

How are consumers Capabilities: How are
changing based on manufacturers adapting
the rapid growth of and addressing
technology changing demands

Speed, Convenience, Value,

Healthy/Better For You, Innovation
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Growth in E-Commerce is Inevitable

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

44
 Good News is That Online Consumption is Incremental

Online
Average Monthly Spend on Edible Groceries
In-Store
$361 / Month

$282 / Month $87 / Month +28%

$282 / Month $274 / Month

In-Store Only Shoppers Online Shoppers

Source: NPDs The Virtual Grocery Store, December 2016 45

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

46
Matching Capabilities to Modern Demand
Online Shopper Demands Requirements for TreeHouse

Speed
Agile Distribution
Convenience

Value Operational Excellence

Innovative Products
R&D,
Commercialization,
and Category Insight
Health/Better-For-You

47
 Leveraging our Capabilities to Win
Food Safety and
Quality

Category Insight Agile Distribution

Capabilities
We win by

Collaborative
leveraging our

Teams
unique
capabilities Functional
Excellence Operational
Commercialization
Excellence

R&D
(flavors, claims,
packaging)
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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

Collaboration

SGA Analysis & Reduction
Finance Transformation
Functional Excellence

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 Margin Management & Pricing
Pricing action to cover FY18 commodity inflation
Proactive Commodity Proactive commodity cost management process with consistent rules
Cost Management and triggers

Near term pricing action based on pricing-tiers for customer clusters

Optimal Pricing Optimal pricing structure based on cost to serve and category
Structure dynamics

Pricing Linked to Cost to Pricing informed by detailed cost to serve by customer

Serve Model Lower total system cost working with customers to create joint value

Standardized term sheets and policies

Standardized Terms & Rigorous monitoring and tracking of customer compliance to the
Monitored Compliance standardized terms

Drive customer product mix towards higher margin SKUs

Optimize Product Mix Optimize the mix and/or pricing for line priced items with different costs

Future state bid management process and tools

Capability Analysis & Organizational improvements
Design Advanced bid analytics
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SGA Analysis & Reduction

Current SG&A structure Dramatically reduce investment in low value-add

established to support Simplify the categories, customers, or activities
$7B business focused on business Disproportionately invest where we drive our
traditional retail grocery performance and profit

Initiating review with Design to deliver on core businessquality,

consulting partner to Evolve the reliability, cost delivery, customer-centricity
install the operating and operating Unlock the value of our scale
organizational model model Implement structural and functional best practices
necessary to win Drive higher levels of process standardization

Building for the future Achieve step

while also unlocking value change in non- Demand management and rate levers
in the next 12-18 months personnel Rethinking ways of working
SG&A

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Finance Transformation - continued

Step 3 Enable standardized processes with the right technology

Optimize with Over time, explore automation and robotics
Technology

Measure and monitor process performance

Step 2 Measure customer satisfaction
Stabilize &
Identify ways to continuously improve process
Continuously Improve
Develop our customer service, communication, and
process improvement skills

Step 1
Prepare the process (Pitch)
Pitch & Catch
Stand up shared services team (Catch)
Organize For Success (Complete) Reduce headcount
Shared Services Team, Operations Controller, Project Team One process at a time. Start with AP

53
 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
A Different Approach to Innovation -
Focused on Scalable Technology and On-Trend Development

Traditional Process TreeHouse Innovation

Collaborative Teams
Category & Channel Growth
Premium
BFY

Agile
Packaging

Undisciplined Process

Functional Excellence
Platform-able Technology

56
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

57
1 WHOLESOME GOODNESS
EVERY INGREDIENT MATTERS

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
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

Refrigerated Dressings
Trail Mix

Cold Brew Coffee

Health & Nutrition Bars Bone Broth 60

3 Packaging Designed for Emerging Channels
Channel Examples:

Traditional Retail Club Stores Convenience & Value 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

61
Case Study: Lofthouse Cookies

Packaging technology solution enables expansion to new usage and channel

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

62
VIDEO

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

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

63
Customized Packaging Design for E-Commerce and Club Channels

Primary Packaging Secondary Packaging Pallets & Displays

Customized Cartons / Pack Size

Large Format Full Pallet Displays Shipper-Displays

PET Jars of PB-Filled Nondairy Creamer

Pyramid Tea Bags

Small Packs and SURP Display-Ready Cases
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Capital Allocation & Cash Flow
Lee Wise
Treasurer
 Capital Allocation Aligned with Corporate Strategy

Key Enabling Capabilities and Principles:

Disciplined
1) Disciplined capital investment Capital
Investment

Target 15% IRR for all investments

Collaborative Teams:
Balance Working
Target ROIC > WACC S heet Capital

Business Units
Flexibility Mgmt.

THS 2020
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 Functional Excellence:
Supply Chain Strategy
drive free cash flow Corporate Dev. Engineering
Continual pursuit of an improved cash conversion Finance R&D
cycle
66
 Disciplined

Disciplined Capital Investment will Help Drive Future Earnings

Capital
Investment

Balance Working

Collaborative Teams
Sheet Capital
Flexibility Management

Growth and Shareholder Returns Functional Excellence

Capital Allocation Priorities

Maintain the ability to invest Return excess cash to

in the right growth and Debt Leverage shareholders
Debt / EBITDA between 3.0x 3.5x
productivity initiatives Capex 3.5% of Sales $400 million share repurchase
Capital Expenditures authorization with an annual
cap of $150 million
THS 2020
Invest in Growth Return Capital $50 million of the annual cap
R&D
Initiatives to Shareholders will be via a 10b5-1 plan
M&A (Bolt On) through Share (effective as of November 6,
Repurchases
2017)

67
 Disciplined
Capital
Investment

Balance Working

Collaborative Teams
Sheet Capital
Flexibility Management

Debt Deleveraging Progressing Along Planned Glidepath Functional Excellence

Capital Structure Key Facts:

$s in Million Q3 2017 Maturity Rate
S&P rating of BB (assigned on 11.6.17)
Cash $129
Moodys rating of Ba2 (assigned on 11.7.17)
Revolving Credit Facility $120 2/1/2021 Libor +175 bps
Term Loan A 277 2/1/2021 Libor +175 bps Weighted average maturity = ~4.3 years
Term Loan A-1 173 2/1/2021 Libor +175 bps
Fixed-to-floating rate debt percentage = 62%
Term Loan A-2 974 2/1/2021 Libor +175 bps
Unsecured credit facility with ~$729.5 million
Total Bank Debt $1,543
of capacity available
4.875% Senior Unsecured Notes $400 3/15/2022 4.875%
6.000% Senior Unsecured Notes 775 2/15/2024 6.000% 100% of debt is pari passu
Other Debt 3

Net Debt $2,592

Leverage Ratio (1) 3.40

(1) Leverage Ratio is net debt to EBITDAs as defined by our bank covenants.
68
 Operating Cash Flow Growth Provides a Strong Foundation for
Disciplined
Capital
Investment

Balance Working

Collaborative Teams
Sheet Capital
Flexibility Management

Executing Capital Allocation Priorities Functional Excellence

Historical Operating Cash Flow Overview and Focus:

$600 Q4 has historically been the strongest operating
cash flow generating quarter ($184 million in
$500 $479
$447 2016)
$400 Continued focus on reducing the cash conversion
cycle will help drive future operating cash flow
$291 growth
$300
$217 $230
$205 Cash conversion cycle has ranged between 55 and
$200 $156 64 days in 2017
Cash flow enhancement activities currently focused
$100
on A/R and A/P
$- Inventory enhancements present additional
2011 2012 2013 2014 2015 2016 TTM opportunity

69
 FY 2017 Cash Flow Forecast

Key Facts:
Mandatory 2017 term loan
$450 million 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.

70
 Summary

Executing our capital allocation strategy entails:

1) Disciplined approach to capital investment Debt Leverage
Debt / EBITDA between 3.0x 3.5x
Capex 3.5% of Sales
2) Maintaining a flexible balance sheet with ample
liquidity
Invest in Growth Return Capital
3) Effective working capital management Initiatives to Shareholders
through Share
4) Excess free cash flow to repurchase up to $150 Repurchases
million in shares per year

5) Executing our 10b5-1 share repurchase program to

offset employee share dilution (effective as of
November 6, 2017)

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Looking Ahead to 2018
Matthew Foulston
Chief Financial Officer
 Thinking About 2018
2016: Adjusted EPS = $2.95 2017: Adjusted EPS = $2.70 - $2.80

SG&A savings THS 2020/other plant closings in

+ +
Bonus reduction excess of manufacturing inflation
Lower taxes SG&A initiative

= Manufacturing cost = Pricing, net of commodities and

savings, net of inflation Freight inflation

Pricing, net of Bonus reset

- -
commodities and Normalize tax rate
Freight inflation Net distribution gains/losses
2017: Adjusted EPS = $2.70-$2.80 2018

73
Key Takeaways
1 Private label is the place to be and we are in the right place.

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

2
offerings in 26 of these.

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

Incremental actions around Revenue and Margin Management and a

4 comprehensive review of SG&A are underway.

5 Deep and diverse bench executing these initiatives.

6 Robust cash flow with share repurchase program in place.

74
Growing Strong, Standing Tall

75