Introduction to March 2021 Introduction and strategy

2 WE ARE ONE OF THE UK’s LEADING AMBIENT GROCERY SUPPLIERS

5.6 5.4

4.4

% Share 3.3 3.2 3.2 2.9 2.9 2.5 2.3 2.1 1.8 1.5

Mondelez Nestle Coca-Cola Mars PepsiCo Premier Pladis (UB) Kellogg's ABF Princes Foods

Source: Kantar Worldpanel, 52 weeks ending 6 September 2020, excludes Foodservice and out of home 3 STRONG BRAND EQUITY Strong market shares and high household penetration

Categories

Brands Position Share Penetration

Flavourings & Seasonings 1 44% 73%

Quick Meals, Snacks & Soups 1 33% 47%

Ambient Desserts 1 36% 59%

Cooking Sauces & Accompaniments 1 16% 54%

Ambient Cakes 1 24% 65%

Sources: Category position & market share: IRI 52 w/e 26 September 2020; Penetration: Kantar Worldpanel 52 w/e 4 October 2020 4 CONSISTENT & DEMONSTRABLE PROGRESS OVER LAST 3 YEARS

Trading profit (£m) Adjusted PBT (£m)

133 93 129 88 123 79 74 117

FY16/17 FY17/18 FY18/19 FY19/20 FY16/17 FY17/18 FY18/19 FY19/20

Net debt (£m) Net debt/EBITDA

523 3.93 496 3.56 470 3.23 2.72 408 383 2.33

FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 H1 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 H1 5 NET DEBT PROGRESSION SINCE FY16/17 Demonstrable track record of accelerating debt reduction

Net debt 3.93x 2.72x 2.33x /EBITDA 3.56x 3.23x

523 27 £m 496 26 470 62

408 25 383

Net debt FCF Net debt FCF Net debt FCF Net debt FCF Net debt FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 H1

▪ Significant acceleration in Net debt reduction over last 18 months ▪ Cash interest declining as average debt levels fall ▪ Bank covenant Net debt/EBITDA includes add back of £30m invoice discounting factoring scheme ▪ Net debt/EBITDA target approximately 1.5x in medium term FY19/20 H1 and FY20/21 H1 Net debt stated on pre-IFRS 16 basis 6 CAPITAL STRUCTURE BEING TRANSFORMED £190m of Floating Rate Notes redemptions announced in FY20/21 and credit ratings upgrades

12 months ago Today1

£m £m 350 RCF Fixed notes Floating notes 350 RCF Fixed notes Floating notes 300 300 300 300 250 250 210 200 177 200 177 150 150 100 100 50 50 20 0 0 2020 2021 July 2022 Dec 2022 Oct 2023 2020 2021 July 2022 Dec 2022 Oct 2023

RCF % Margin 3.50% + 3M L RCF % Margin 2.75% + 3M L

Annualised interest c.£40m Annualised interest c.£30m

S&P and Moody’s B/Stable and B2/Negative S&P and Moody’s B+/Positive and B1/Stable

1 – Pro forma for 31 March 2021 7 PREMIER FOODS IS A VERY DIFFERENT BUSINESS TO 5 YEARS AGO A successful branded growth model with reduced leverage and de-risked pensions

2016 2021

Flat to marginally positive 14 consecutive quarters Trading sales growth UK sales growth

Leverage 3.63x <2.0x

Pensions NPV: £400-420m NPV: £175-185m1

New management team taking a fresh look at everything with renewed energy and impetus to deliver value

1 – Assuming a buyout surplus and refers to projected high-case assumption RHM investment strategy returns of Gilts +3.25% 8 OUR BRANDED GROWTH MODEL STRATEGY IS DELIVERING A combination of agility, pace and scale

£

Sustainable Cost control Cash & profitable & efficiency generation revenue growth

• Leading brand positions • Disciplined working capital • Lean SG&A cost base • Insight driven innovation management • Operational Excellence • Sustained marketing investment • Tight focus on Capex • Capital projects • Collaborative retail partnerships • Options for cash deployment in • Agility, pace & energy • International markets expansion short and medium term

9 THE BRANDED GROWTH MODEL Underpins business growth and cash generation

1 Leading brand positions 2 Insight driven new products

• Our brands are leaders in their categories • Launch new product development linked to key • High household penetration consumer trends • Major focus on health & nutrition

3 Sustained marketing investment 4 Partnerships focused on driving category growth

• Marketing and advertising to build brands, • Based on sharing deep category insights to foster maintain awareness and keep them contemporary strategic relationships • Create emotional connections through media • Deliver outstanding instore execution

10 UK REVENUE PERFORMANCE Established track record of delivering sustainable, profitable revenue growth

Quarterly UK revenue growth % movement year on year

23.0%

7.8% 7.3% 7.4% 4.8% +5.5% 4.4% 4.4% 4.0% 3.4% 3.6% 2.6% 1.2% 1.6%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY17/18 FY18/19 FY19/20 FY20/21 11 DELIVERED HIGHEST EVER ANNUAL SALES IN FY19/20 Revenues 17% higher than 2 years ago following brand relaunch

Revenue growth since relaunch New Product Development & Brand Investment

Mr Kipling ‘Minis’ Mr Kipling ‘Signature’ TV advertising range range FY18/19 +12%

FY19/20 +4%

FY19/20 vs 2 years +17% ago

12 THE NEXT STAGE IN OUR GROWTH AMBITIONS Capturing category and overseas opportunities based on established foundations

£ Phase 1 Sustainable Cost Branded growth Branded growth & profitable control & Cash model delivered model & revenue growth efficiency generation leverage below 2.0x deleveraging

1 UK category expansion • Applying the branded growth model across additional categories Applying brand Phase 2 2 building & Overseas expansion Business growth • Build overseas businesses with existing UK brands expansion capabilities 3 Bolt-on acquisitions • UK: expand category presence • Overseas: to build critical mass 13 ESG

14 OUR ESG STRATEGY Five pillars which stretch across our business

• Extend our range of healthier foods Encourage • Enhance nutrition profile of existing range healthier • Educate consumers & colleagues on healthier choices choices

Realise • Attract talent & developing skills people’s • Diversity and inclusion potential • Caring for our people

• Corporate charity partner, Together for short lives Support our • Supporting our industry, Grocery Aid communities • Support local charities ↓ • Sustainable raw materials Drive ethical • Drive high ethical and compliance standards sourcing across supply chain

Reduce our • Climate action environmental • Food waste reduction footprint • Packaging recyclability

15 ESG

Healthier choices Realise people’s potential Drive ethical sourcing

1. Attracting talent and developing Drive high ethical and compliance skills standards across↓ supply chain: - Support and develop graduates • Since 2015, we have sourced - Provide extensive training 100% certified sustainable palm opportunities oil 2. Diversity and inclusion • Enhancing nutritional profile of - Deliver training to all leaders by • Target of 100% of soya purchased existing ranges March 2020 and all colleagues meets RTRS standards by 2025 • Offer alternative healthier by end 2021 • 89% of the small amount of direct options, e.g. lower % sugar 3. Caring for our people soya we buy meets these • Clear on pack labelling - Mental health training by 2021 standards

16 ESG

Supporting our communities Reducing our environmental footprint

1 • Reduced CO emissions by 5.1% last year 440,000 meals1 donated to 2 and by 40% since 20082 those in need via Fareshare Climate 440,000 • Maintain zero waste to landfill record during Covid pandemic action • Met and exceeded 25% water reduction target by 2020

2 • Zero food waste to landfill 196,000 products donated to Food • Partnership with Company Shop – in 28 NHS hospitals during Covid waste 2020, 1.5 million units redistributed in 196,000 pandemic this way 3 • 93% of packaging by weight is recyclable • Only 13% of our packaging is plastics • 63% of our plastics is recyclable Raised £200,000 for our Packaging • Founding member of UK Plastics Pact previous corporate charity, Mind UK • Removed 500 tonnes of black plastic £200,000 packaging

1 – Equivalent meals based on tonnes donated; 2 - Like for like basis, re-stated for site disposals 17 Pensions

18 COMBINED PENSION SCHEMES Accounting combined surplus £517m; Triennial value £202m lower

Accounting Valuation trend (£m) Actuarial Triennial Valuation (£m)

2,000

RHM Premier Foods Surplus/(Deficit) 2019 2016 2013 1,500 RHM 338 135 (504) 1,000 922 Premier Foods (552) (551) (538) 500 Ireland 0 0 (20) 0 Total schemes (214) (416) (1,062) (500) (405)

(1,000) Dec Sept 2013 2020

▪ Valuation of liabilities £670m higher due to 95bps fall in discount ▪ Strong performance in RHM portfolio benefitting from a rate and 20bps increase in inflation rate successful hedging strategy and investment performance ▪ Over the medium term on an IAS19 basis, RHM schemes surplus ▪ All valuations above except 2019 RHM valuation are based has continued to increase while Premier Foods schemes deficit on liabilities assumption of Gilts +1.0% broadly stable until reduction in March 2020 ▪ RHM 2019 valuation based on Gilts +0.5%

19 LANDMARK PENSIONS AGREEMENT NOW IN PLACE Set to deliver value for many stakeholders

How do the benefits work through?

1 2 3 4 On buyout, Creates greater Utilises strength RHM scheme in prospective funding of RHM scheme healthy surplus1 RHM surplus2 certainty for & successful and moving would transfer Premier Foods investment closer to buyout to fund deficits scheme strategy in PF schemes members

5 Expected significant reduction in future pension deficit contributions

1 – Surplus on the current ongoing actuarial valuation basis 2 – Currently any surplus returned to the Company would be net of 35% tax 20 Recent results

21 HEADLINE HALF YEAR & Q2 RESULTS Exceptionally strong trading driving operational leverage and accelerated debt reduction

+15.0% +18.6% £66m ↓£88m 2.33x +8.1% +11.0% +28.7%

H1 & Q2 H1 & Q2 branded Net debt1 H1 Trading profit Net debt/EBITDA Revenue growth Revenue growth reduction

Business resilience during pandemic; continued focus on branded growth model

1 – On pre IFRS 16 basis, compared to prior year H1 22 STRONGLY POSITIONED WITH OUR BRANDED GROWTH MODEL Market share and household penetration gains, exceptional online growth

+260bps share gain H1 +75bps +335bps

Desserts Cooking Flavourings QMS Sweet Q2 +95bps Sauces & & Treats Accomps Seasonings PF Market

1 Outgrowing market in 2 3 4 H1 Household Market share1 H1 Online growth all categories penetration2

1 – IRI, 26 September 2020; 2 – Kantar Worldpanel, PF Grocery categories, H1 vs prior year 23 GROWING AHEAD OF THE MARKET IN ALL CATEGORIES Share gains in all categories reflects leading market positions, NPD and investment

Category growth & market share gains

Share +193bps +266bps +38bps +73bps +154bps +75bps gains

32% 29% 29% 26% 26% 26% 23% 22% 18% Category PF growth growth 13% Market growth

3% (3)%

Flavourings & QMS&S Cooking Sauces & Desserts Cake Total Seasonings Accomps

• Mr Kipling, and Bisto benefitted from advertising investment in H1 • Wide range of new product development and core range availability supported share gains 24 EXCEPTIONALLY HIGH GROWTH ONLINE And we have grown at a faster rate (still)

Online growth Online growth x category

140% 140%

120% 120%

100% 100%

80% 80%

60% 60%

40% 40%

20% 20%

0% 0% Cake Desserts Flavourings Cooking QMS Total & Sauces & Seasonings Accomps PF Growth Total Market PF growth Market growth

• Online growth +112% in H1, taking 260bps of share • eCommerce/online strategy a focus for the last 3 years, increasing resource in this growth channel • Brands are promoted and displayed using techniques pertinent to online

Source: Major retailers, 24 w/e 26 September 2020, year on year growth 25 COVID-19 DYNAMICS & RESILIENCE Why our business has proved to be resilient over the last six months

1 2 3 Brand equity Consumers Repertoire expansion

Leading category Consumers turn to brands To conquer monotony of positions they can trust the same meals at home

4 5 6 Household penetration Robust supply chain Retailer partnerships

More households buying Delivering market leading Benefits of strategic our brands product availability alignment 26 PLANS FOR THE SECOND HALF 6 major brands planned to benefit from increased advertising in FY20/21

Further significant increase in advertising investment Six major brands which account for 58% of Group sales

6th brand

?

‘Little Thief’ ‘Tasty Donkey’ ‘Best Gravy’ ‘Dad’s night in’ ‘Devon Knows’ New for 2020

27 NEW PRODUCTS FOR H2 The branded growth model continues to drive the innovation agenda

Cape Herb & Spice Batchelors and Nissin

Mr Kipling Ambrosia, Bird’s and Angel Delight

28 MAKING PROGRESS AGAINST OUR REVISED INTERNATIONAL STRATEGY H1 revenue growth 14%; equally phased across Q1 & Q2

• Revised International strategy to deliver sustainable profitable revenue growth: - Disappointing performance in FY19/20 - Opportunity evidenced by pockets of success and local ‘in market’ research - Require a different approach to unlock and build sustainable profitable growth as in the UK

1 • New proven Head of International appointed New leadership • New market heads have replaced functional structure heads, e.g. Australia & NZ, N. America, Europe

2 • Shift of resource from UK to ‘in market’ • Market heads based in market, with small local Market focus execution teams • Initial focus on selected markets

3 • Focus on optimising execution by market Product Price - Right product Execution obsession - In right stores 4 Ps - Right price Promotion Place - Right promotional plan

4 • Optimised to local market retail structure Optimised route • Diligence in selection of local partner with right to market capabilities 29 PROGRESS IN DEPLOYMENT OF INTERNATIONAL STRATEGY Replicating the successful sustainable UK branded growth model in Ireland

1 2 3 Ireland Australia North America

1. Head of market in place 1. Head of market • Mr Kipling market 2. Replicating UK branded growth model appointed cake test in Canada A first example is on cake, others to follow: 2. Locally based team across 300 stores appointed with strong - Mr Kipling advertising in H1 • Plan to appoint new sector background - Innovation through Signature & Minis ranges US distribution partner 3. Continuing to build - Integrated promotional campaign category leadership in - Resulted in +21% revenue growth cake - 390bps market share gain in Q2 4. Cooking sauces extension 3. New category launch: into Oriental sauces - Cadbury & Mr Kipling baking mixes in all major retailers 5. 3rd category launch under 4. QMS category: Rollout of Nissin in all major retailers evaluation

30 COST SAVINGS PROGRAMME ON TRACK TO BEAT TARGET Target of £5m additional cost savings by FY21/22 for brand re-investment

Savings by type Savings by year

10% 10% 26%

20% £5m £5m Cost Cost savings savings 70% 64%

Supply chain International SG&A Corporate restructuring FY19/20 FY20/21 FY21/22

Supply Chain Excellence

Logistics Planning Engineering 31 Q3 HEADLINE RESULTS Another exceptional quarter & now expecting FY Trading profit of £145-£150m

Q3 Q3 Year to date Sales % change Grocery Sweet Treats Group Grocery Sweet Treats Group

Branded 14.6% 5.0% 12.1% 20.8% 3.7% 16.0%

Non-branded 2.4% (7.5%) (2.7%) (2.0%) (7.2%) (3.9%)

Total 12.7% 0.6% 9.0% 17.1% 1.3% 12.5%

+80% +43% <2.0x

Volume & value Household Online International Net debt/EBITDA Share gains penetration sales growth sales growth by year end

32 Appendix

33 CAUTIONARY STATEMENT

This presentation may contain "forward-looking statements" that are based on estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements are all statements other than statements of historical fact or statements in the present tense, and can be identified by words such as "targets", "aims", "aspires", "assumes", "believes", "estimates", "anticipates", "expects", "intends", "hopes", "may", "would", "should", "could", "will", "plans", "predicts" and "potential", as well as the negatives of these terms and other words of similar meaning. Any forward- looking statements in this presentation are made based upon Premier Foods' estimates, expectations and beliefs concerning future events affecting the Group and subject to a number of known and unknown risks and uncertainties. Such forward-looking statements are based on numerous assumptions regarding the Premier Foods Group's present and future business strategies and the environment in which it will operate, which may prove not to be accurate. Premier Foods cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in these forward-looking statements. Undue reliance should, therefore, not be placed on such forward-looking statements. Any forward-looking statements contained in this presentation apply only as at the date of this presentation and are not intended to give any assurance as to future results. Premier Foods will update this presentation as required by applicable law, including the Prospectus Rules, the Listing Rules, the Disclosure and Transparency Rules, Stock Exchange and any other applicable law or regulations, but otherwise expressly disclaims any obligation or undertaking to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

34 DEFINITIONS

▪ The period ‘FY20/21 H1’ refers to the 26 weeks ended 26 September 2020. The period ‘FY19/20 H1’ refers to the 26 weeks ended 28 September 2019.

▪ The period ‘Q2’ refers to the thirteen weeks ended 26 September 2020 and the comparative period the thirteen weeks ended 28 September 2019.

▪ The period ‘Q3’ refers to the thirteen weeks ended 26 December 2020 and the comparative period the thirteen weeks ended 28 December 2019. ‘Q3 Year to date’ refers to the 39 weeks ended 26 December 2020 and the comparative period the 39 weeks ended 28 December 2019.

▪ Trading profit is defined as Profit/(loss) before tax before net finance costs, amortisation of intangible assets, non-trading items (items requiring separate disclosure by virtue of their nature in order that users of the financial statements obtain a clear and consistent view of the Group's underlying trading performance), fair value movements on foreign exchange and other derivative contracts and net interest on pensions and administration expenses and past service costs.

▪ Adjusted profit before tax is defined as Trading profit less net regular interest. Net regular interest is defined as net finance cost after excluding write-off of financing costs, other finance income and other interest payable. Adjusted earnings per share is defined as Adjusted profit before tax less a notional tax charge of 19.0% divided by the weighted average of the number of shares of 849.6 million (26 weeks ended 28 September 2019: 846.1 million).

35 A BRIEF HISTORY

2002- 2008- Pre-1999 2014- 2007 2013 Present

Origins Acquisitions Restructurings Rebuild & grow • Origins traced • Renamed Premier • Restructuring • Management back to Foods in 2002 phase team with deep ownership by • Sets out on characterised by industry Hillsdown branded number of non- experience Holdings Plc acquisition phase core disposals • Strategy based on • Taken private by • Listed on LSE in • Series of re- brand innovation Hicks Muse, Tate July 2004 financings and investment & Furst GROUP OVERVIEW

Grocery (67% of sales) • Listed on the since 2004

• One of the UK’s largest food manufacturers

• Manufactures, distributes, sells and markets a wide range of predominantly branded products in the ambient grocery sector

• Market leading product portfolio including cakes, gravies, stocks, cooking sauces & accompaniments, Sweet Treats (28% of sales) desserts, soups and pot snacks

• Operates from 16 sites in the UK

International (5% of sales)

Sales £847m EBITDA £153m

37 UK GROCERY MARKET Ambient grocery shows lowest prevalence of retailer brand in UK grocery

17% 34% Chilled 45% Ambient Frozen & Fresh 55% 66% 83%

Branded Non-branded Branded Non-branded Branded Non-branded

Market size £35bn £41bn £7bn

Flavourings & Ambient Ambient QMS Cooking Sauces Seasonings Desserts Cake Market size £455m £427m £996m £349m £997m

PF share 44.1% 32.7% 15.6% 36.3% 24.1%

Own label share 12.6% 5.8% 26.1% 19.5% 49.5%

Sources: Kantar Worldpanel, 52 weeks ended 4 October 2020, IRI 52 weeks ended 26 September 2020 38 OUR INNOVATION STRATEGY Core to the delivery of organic growth

1 Consumer trends Insight Consumer at the heart of the innovation process

1 Building in depth Health & Nutrition consumer understanding

2 2 Convenience Innovation

3 Developing new Snacking and On the go products that make consumers lives easier

4 3 Indulgence Execution

Collaborative retail 5 partnerships with Packaging sustainability outstanding in-store execution 39 INNOVATION ALIGNED TO HEALTH & NUTRITION TRENDS The branded growth model continues to drive the innovation agenda

Sharwood’s Batchelors Bisto

Mr Kipling Plantastic

40 NON-BRANDED PLAYS AN IMPORTANT AND SUPPORTIVE ROLE IN OUR BUSINESS

Non-branded revenue by type Key principles & criteria

• Application of a Capex light approach Knighton B2B & flour • To play an important & incremental role • Assists in supporting Manufacturing overhead recoveries • Strict financial hurdles apply for new business 27% 25%

FY20/21 H1 commentary

• FY20/21 H1 Non-branded revenue

19% Grocery declined (4.9%): 29% other • Sweet Treats (5.8%) decrease due to contract exits and delay in seasonal volume sell-in Cake all year • Grocery (4.7%) due to B2B volumes round and lower at Knighton Foods and seasonal ranges Charnwood, partly offset by increased retailer own label volumes 41