Frozen Forward Strategy

BRINGING JOY TO GLUTENFREE

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SIMPLE, REAL INGREDIENTS

Gluten Free w/out Compromise

Fun, Unique, Alternative

Best Tasting, Makes GF Living Easier , Authenticity, Community, #1 Gluten Free

Brand

Millennial /PGS

WHO

KEY BRAND IDEA

WHY THIS BRAND

WHY THIS PRODUCT

PRIMARY NEEDS

Our Brands are Positioned to Grow the Frozen Category by Bringing in NEW SHOPPERS - Shoppers With Spending Power

Celiac for Self /PGS

Clean, Taste, Unique

GLUTEN FREEPURE & SIMPLE

Gluten Free w/out CompromiseClean, Taste, Unique

Meat-based, Organic

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Brand Truths

Simplicity

Transparency

Fun

Integrity

Product Truths

Real Food

Taste Rules

Balance

We’re Against

Food Science

Long Ingredient Lines

Artificiality

Empty Promises

Breaking The Compromise!

EVOL’s Mission Reflects a Higher Purpose that Aligns with Trending Consumer Values

EVOL is Simple, Real Food

INGREDIENTS: BROWN RICE, GRILLED CHICKEN (CHICKEN, WATER, POTATO STARCH, SEA SALT), BROCCOLI, CARROTS, SNAP PEAS, RED AND GREEN BELL PEPPERS, WATER, GLUTEN-FREE TAMARI SOY SAUCE (WATER, SOYBEANS, SALT, VINEGAR), BROWN SUGAR, HONEY, CORN STARCH, GINGER, GARLIC.

36 words

INGREDIENTS: BLANCHED ENRICHED LONG GRAIN PARBOILED RICE (WATER, RICE, IRON, NIACIN, THIAMIN MONONITRATE, FOLIC ACID), WATER, COOKED WHITE MEAT CHICKEN (WHITE MEAT CHICKEN, WATER, MODIFIED TAPIOCA STARCH, CHICKEN FLAVOR (DRIED CHICKEN BROTH, CHICKEN POWDER, NATURAL FLAVOR), CARRAGEENAN, WHEY PROTEIN CONCENTRATE, SOYBEAN OIL, CORN SYRUP SOLIDS, SODIUM PHOSPHATE, SALT), SNAP PEAS, CARROTS, RED PEPPERS, SOY SAUCE (WATER, WHEAT, SOYBEANS, SALT), 2% OR LESS OF SUGAR, MODIFIED CORNSTARCH, PINEAPPLE JUICE CONCENTRATE, BROWN SUGAR SYRUP, SHERRY WINE, BALSAMIC VINEGAR (GRAPES, INVERT SUGAR), GINGER PUREE (GINGER, WATER, CITRIC ACID), SESAME OIL, POTASSIUM CHLORIDE, GARLIC PUREE, SALT, CARAMEL COLOR, YEAST EXTRACT, LIME JUICE CONCENTRATE, LACTIC ACID, CALCIUM LACTATE.

102 words

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INCLUSIVE

FOOD SCIENCE

REAL FOOD

NICHE

User: Vitality SeekersProduct: Real Food, Multi- EthnicExperience: PermissiblePersonality: Fun, OptimisticPresentation: Interruptive

EVOL is Uniquely Positioned Against Other Frozen Brands with a More Inclusive Proposition

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Compostable Bowl

FLAVORS ETHNICITIES

• ~50% of SKUs inclusive/familiar

• ~50% of SKUs foodie

PACKAGINGFUNCTIONAL BENEFITS

INGREDIENTS

A thoughtful innovation approach allows EVOL to be both strategic/disciplined and diverse

Focus on Innovation Differentiates EVOL from Other Frozen Brands

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$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

Burrito Entrees Quesadilla

110% CAGR

The EVOL Brand is at an Inflection Point and Thriving in Multiple Adjacent Frozen Categories

Burritos Entrees Snacks Breakfast

EVOL Sales Growth XAOC

*Source: 4 wks Nielsen ending 4.12.14

32 Wks Pre EVOL

32 Wks Post EVOL

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$11.7

$6.4 $3.5

$0.8

($1.2) $21.2

Total Pre EVOL

Total Post EVOL

$-

$5.0

$10.0

$15.0

$20.0

$25.0

32 Wks Pre EVOL

EV Amy GFMS 32 Wks Post Evol

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$6.5

$3.7 $0.7 $1.5

($0.3) ($0.8)

$11.3

EVOL demonstrated substantial impact immediately upon entering Retailer X’s burrito and entree categories, adding new users to the category and outperforming other brands

($ in millions)

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The EVOL Thesis Is Playing Out Attracting New Users to the Frozen Category (Retailer X Case Study)

Impact of Individual Brands on Category Growth

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Impact of Individual Brands on Category Growth

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Single-Serve Entree Category Growth

Burrito Category Growth

81% Growth

74% Growth79% of

category growth

67% of category growth

*Source: Nielsen ending 12.21.14

$11.7

$21.2

32 Wks Pre EVOL

32 Wks Post Evol

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$6.5

$11.3 ($ in millions)

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The Frozen Category is Ripe for Gluten Free Innovation

Frozen Meals are the Next Frontier for GFGluten Free Continues to Grow

$10B$15B

HH’s Purchasing GF

5%

11%

Gluten $ Sales

2010 2016 est. 2010 2013

53%

51%

46%

39%

% GF Buyers Types Purchased

25%

24%

PastaBread

CerealCookiesFZN Pizza

FZN Meals23%

21%

12%

11%

BagelsPretzelsStuffing

Beer

No clear #1 GF

brand in frozen today

*Source: NYT “Bet on Gluten Free” Feb 2014 Udi’s Gluten Free A&U

Nielsen’s 52 wk 12/21/13

Legacy Brands Are Not Meeting the Needs of Consumers Today

Conventional Frozen Continues to Decline

Frozen Pizza -1%Frozen Oriental -7%Frozen Dinner A/O -1%

Frozen Italian Meals -8%Frozen Poultry Meals 0%

Frozen Dinners -9%

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Frozen Forward Destination

Product Rank

Launch Timing Category Brand Segment Product Description Pack Size

1 Oct-14 Entrée's Bowls Truffle Parmesan Mac & Cheese 6 227 g2 Oct-14 Entrée's Bowls Butternut Squash & Sage Ravioli 6 230 g3 Oct-14 Entrée's Bowls Teriyaki Chicken 6 255 g

4 Oct-14 Entrée's Bowls Chicken Tikka Masala 6 255 g

5 Oct-14 Entrée's Burrito's Cilantro Lime Chicken 12 170 g6 Oct-14 Entrée's Burrito's Bean & Rice Cheddar 12 170 g7 Oct-14 Entrée's Burrito's Chicken Bean & Rice 12 170 g8 Oct-14 Entrée's Burrito's Shredded Beef 12 170 g

9 Sep-14 Entrée's Lunch/Dinner Penne & Cheese 6 227g10 Sep-14 Entrée's Lunch/Dinner Italian Sausage Lasagna 6 227g11 Sep-14 Entrée's Lunch/Dinner Broccoli & Kale Lasagna 6 227g12 Sep-14 Entrée's Lunch/Dinner Penne & Cheese with Bacon 6 227g

13 Sep-14 Entrée's Burrito's Bean & Green Chile w/Pinto Bean 12 142g14 Sep-14 Entrée's Burrito's Chicken With Rice 12 142g15 Sep-14 Entrée's Burrito's Spicy South-west Veggie 12 142g16 Sep-14 Entrée's Burrito's Steak With Rice 12 142g

Frozen ForwardProduct Assortment Strategy

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Frozen ForwardProduct Assortment ~ EVOL Entrées

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Frozen ForwardProduct Assortment ~ Udi’s Entrées

• Pricing Criteria– In Grocery channel, target current “market leader’s” pricing in Burrito’s & Entrées:

• Regular & Feature retails on EVOL to be at parity to current category offerings• Udi’s to be at slight premium to EVOL (Gluten Free)

• Grocery Pricing Recommendation– EVOL Burritos: East = $2.99 to $3.49 West = $3.49 to $4.49 (parity to

competition)– UDI’s Burritos: East = $3.29 to $3.99 West = $4.99 to $4.99 (premium to

EVOL)

– EVOL Bowls : EAST = $5.99 to $6.29 West = $6.49 to $6.99 (parity to competition)

– UDI’s Entrées: EAST = $6.29 to $6.49 West = $6.99 to $7.29 (premium to EVOL)

Frozen ForwardPricing Strategy

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Frozen ForwardPricing Strategy ~ EVOL Entrées

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Entrée Pricing / Promo Price PointsCase Pack: 12Delivered Unit Cost: $TBDRegular SRP: $5.99 - $6.99Regular Promo SRP: $4.99 or 2 for $10Mega Promo SRP: $3.99 or 2 for $8

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“Classic” Burrito / Promo Price • Case Pack: 12• Delivered Unit Cost: $TBD• Regular SRP: $3.29 - $4.49• Promo Price: $2.99 or 2 for $6 • Max Promo Price: 2/$5

1 2 3 4

5 6 7 8

Entrée Promo Price • Case Pack: 12• Delivered Unit Cost: $TBD• Regular SRP: $6.29 to $7.49• Promo Price: $5.49 • Max Promo Price: $4.99

Lunch Dinner Burrito / Promo Price • Case Pack: 10• Delivered Unit Cost: $TBD• Regular SRP: $3.49 - $4.99• Promo Price: 2 for $7 or 2 for $8 • Max Promo Price: 2/$6

Frozen ForwardPricing Strategy ~ UDI’s Entrées

Frozen FocusPromotion Strategy

• Current competitive promotional support for entrées has been lagging ROM trends in Natural, opportunity to reinvigorate with launch of Frozen Forward in 2014

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• Develop promotional program that is aimed at driving brand awareness on-shelf leading to trial & purchase:

– MCB’s at 10-20%, Flyers, Conditional Buys, Etc…

– Achieve “Regular Feature” Pricing (per Pricing strategy)

– Hot Feature 2-3 times per year (per Pricing strategy)

• Recommend Customer Activation programs to engage retailer partners to support the brand & engage consumer trial & purchase

Frozen FocusTimelines For Launch

• Official Launch Nation Wide Q1 2015– Udi’s Burrito’s & Entrées– EVOL Burrito’s & Bowls

• Pilot Launch Select Customers – Oct 13th 2014 – Udi’s Burrito’s & Entrées

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