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WH Group’s 2015 Interim Results InnovationIntegrationGrowth August 2015

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Agenda

1H 2015 Financial Results Highlights

Outlook

1H 2015 Business Review

1

1H 2015 Financial Results Highlights

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Consolidated Financials Overview

Key Operating Metrics

1H 2015 1H 2014

% Change vs. 1H

2014

Hog Production Volume (‘000 heads) 9,338 8,990 3.87%

Slaughtering Volume (‘000 heads） 23,856 23,779 0.32%

Fresh Pork External Sales Volume (‘000 metric tons) 1,914 1,825 4.88%

Packaged Meat Sales Volume (‘000 metric tons） 1,494 1,522 -1.84%

US$ MM 1H 2015 1H 2014

% Change vs. 1H

2014

Revenue 10,205 10,540 -3.18%

EBITDA1 968 1,064 -9.02%

Operating Profit1 729 815 -10.55%

Net Profit Attributable to Parent Company (Report)1 367 366 0.27%

Net Profit Attributable to Parent Company (Core)1 405 455 -10.99%

Earnings Per Share (US Cent)1 2.57 3.23 -20.43%

___________________________ 1. Excluding biological value adjustment.

Key Financial Metrics

2

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WH Group’s Revenue and Operating Profit Breakdown

100.0% 8.0%

6.0% (14.0%)

100.0%

PackagedMeats

Fresh Pork HogProduction

Other TotalOpereating

Profit

%

1H 2015 Sales by Product (1)

___________________________ 1. External sales. 2. Excluding adjustments to biological fair value .

1H 2015 Operating Profit by Product(2)

1H 2015 Sales by Region(1) 1H 2015 Operating Profit by Region (2)

Packaged Meats 52.0%

Fresh Pork 40.9%

Hog Production

5.3%

Others 1.8%

U.S. 61.6%

China 32.0%

Europe 6.5% 6.4%

U.S. 44.9%

China 51.4%

Europe 3.7%

3

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Financial Highlights – China

US$ MM US$ MM US$ MM

Revenue and Operating Profit

Margin Packaged Meats Fresh Pork

1,331 1,407

1H 2014 1H 2015

3,402 3,261

1H 2014 1H 2015

1,989

1,771

1H 2014 1H 2015

10.56% 10.34%

17.75%

20.50%

5.14% 3.13%

Operating

Profit Margin

___________________________ 1. External Revenue 2. Segment Operating Profit Margin = Segmental Operating Profit/ Internal Revenue + External Revenue

4

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1H 2014 1H 2015

Financial Highlights – U.S.

US$ MM US$ MM US$ MM US$ MM

___________________________ 1. External Revenue 2. Segment Operating Profit Margin = Segmental Operating Profit/ Internal Revenue + External Revenue

1H 2014 1H 2015

215

1H 2014 1H 2015

3.98% 3.91%

1.96% 0.43%

7.91%

1.76%

Operating

Profit Margin

6,358 6,283

2,866 2,510

Revenue and Operating

Profit Margin Packaged Meats Fresh Pork Hog Production

1H 2014 1H 2015

3,277

3,255

6.44%

10.51%

5

518

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3,692

3,534

FY2014 End of June

Due 2015 12%

Due 2016 14%

Due 2017-20

46%

Due 2021-22

28%

Cash Flow and Debt Profile

Capex

2013, 2014, 1H2014, 1H2015 2013, 2014, 1H2014, 1H2015

Total Debt： US$ 4.38 Billion

Operating Cash Flow

US$ MM US$ MM

Net Debt / Total Equity Net Debt

Capital Structure

US$ MM

Debt Maturity Profile

70

306

1H 2014 1H 2015

61.0% 55.7%

FY2014 End of June

150

91

86

124

13 21

1H 2014 1H 2015

China U.S. Europe

249 236

6

1H 2015 Business Review

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1H 2015 Business Review

Profitability continues to improve despite growth slowdown in China

Continued synergies realization through close collaboration between the

China and the U.S. management teams and execution of integration

initiatives

U.S. Packaged Meats displaying significant growth and momentum; risk

management activities helping to mitigate downturn in U.S. pork prices

1

2

3

Satisfactory results despite macroeconomic and industry challenges

7

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Despite Macroeconomic Challenges, Overall Profitability Improved Due To Ongoing Initiatives to Adjust and Innovate

Consumer demands were impacted as a result of

macroeconomic slowdown

Evolving consumption patterns

Rising pork price

Innovate and adjust product portfolio to adapt to changing consumer demands

Strengthen brand building efforts to increase profitability

Expand existing distribution network with a focus on the fast-growing channel

Stabilize costs through synergies realization

Ongoing improvement to enhance operating efficiency and reduce cost

Challenges Solutions

151.0 182.0

0

50

100

150

200

Q1 2015 Q2 2015

Net Margin Improvement in China

-16.9%

-0.7%

YoY Growth

QoQ Growth

-5.4%

20.9%

USD (MM)

___________________________ Source: Company report.

8

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Consistent Increase in Market Share and Profitability of Packaged Meats Segment

Historical Packaged Meats Operating Margin in China Steady Growth in Packaged Meats Market Share (1)

___________________________ Source：Company report, CICC 1. Industry data based on 5,500 supermarkets.

18.0%

19.4%

21.4%

Operating Margin

Q4 2014 Q1 2015 Q2 2015

405

470

492

Unit Operating Profit(USD / MT)

Accumulative Market Share,

ended June 30 2014

Accumulative Market Share,

ended June 30 2015

9

By end of June 2015, Shuanghui has uplifted the

monthly market share to 39.9%.

WH 35.9%

Company A 7.4%

Company B

12.2%

Company C 2.5%

Other 42.1%

WH 36.9%

Company A 6.5%

Companay B 10.5%

Company C 2.1%

Other 44.0%

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New Product Initiatives

Enhance efficiency during the

production of Chinese style

products

• E.g. Chinese Meatball and

Barbeque Pork

Introduce western style

products

• E.g. Hot Dog with Corn and

Smoked BBQ Sausages

Transition from snacks to table

food

• E.g. Hawaiian Series, Bacon

and Sausages

Focus on New Product

Launches

Launched 15 mid to high end

Packaged Meats products in

February

Launched 18 mid to high end

Packaged Meats products since

May

New Product Launch in February New Product Launch from May to August

Focus on Product Mix Optimization and New Product Launches in Packaged Meats

Chinese Series

High Temp. Products

Virginia Series Low Temp. Products

Hawaiian Series

Shixiangjia

High Temp. Products Virginia Series

Low Temp. Products

High Temp. Products

Chinese Series

10

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Strengthen Brand Image and Expand Into High Growth Distribution Channels

Consolidation of Market and Industry Leading Position

Ranked #25 among the top 100

most valuable Chinese

“BRANDZ”; ranked #3 in the food

& beverage category; the only

Chinese food brand that was

ranked top 25

Marketing Strategy Involving Sponsorships and TV Ads

Launched TV Advertisement for

Shuanghui’s New Product in

2015

Sponsored Wang Xiaoya’s TV show

“Dinning At Home”, which was

broadcasted nation-wide on CCTV during

Chinese New Year golden week

Expansion Into High Growth and High Return Channels

Hotels and restaurants

Supermarkets and convenience store

Schools and group-purchase

Meat snack stands built by Smithfield

Opportunistic entrance into fresh food e-commerce

Distribution Network Expansion

Packaged Meat Sales Network Fresh Pork Sales Network

25,770

37,023 39,563

0

10,000

20,000

30,000

40,000

2013 YearEnd

2014 YearEnd

1H 2015

651,400

689,361

758,752

400,000

500,000

600,000

700,000

800,000

2013 YearEnd

2014 YearEnd

1H 2015

Ranked #35 among Fortune’s

Top 500 Chinese Companies,

#1 among all the FMCG

companies

11

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Satisfactory Result Despite Volatile and Competitive Industry Landscape

Mature and highly competitive market in the U.S.

Significant increase in pork supplies

Pork price decline

Previously decentralized organizational structure

Continue transformation into Consumer Packaged

Goods company through ongoing investments in

brand portfolio

Control and manage risks from pork price volatility

through hedging

Implement “One Smithfield” initiative

Challenges Solutions

Continued Improvement in U.S. Packaged Meats Operating Profit

Operating Profit

(US$/Pound)

$0.13

$0.14 $0.16

$0.25

FY2012 FY2013 FY2014 FY2015 YTD

1. Fiscal Year (FY) ending April 30.

2. Fiscal Year (FY) ending December 31.

(1) (1) (2) (2)

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-10%

-5%

0%

5%

10%

15%

20%

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EIN

Z

Dollar Sales % Change YOY

Source: Information Resources, Inc. (IRI) 52 week volume

share; 2015 YTD week ending 05/10/15

Source: Information Resources, Inc. (IRI) premium beef hot

dogs 12 week volume share Source: Third party sales volume based on internal shipment

data

Retail Sales Growth

U.S. Dollar

Sales Growth

Volume at 16%

Smithfield is the Fastest Growing Packaged Consumer Goods Company in the U.S.

#1

Source: Information Resources, Inc. (IRI) 52 weeks ending May 17, 2015.

Brand strengthening

Enhanced production process and

increased production efficiency

Product innovation and brand portfolio

optimization

Strategic expansion in targeted

geographies

Focused marketing and sales teams

Efforts to Accelerate Transition Into

Packaged Consumer Goods Company

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39

.8%

41

.2%

Beg of 2015 Mid 2015(End of 1H

Review)

Sales and Market Share Growth

10

.6%

11

.7%

11

.3%

12

.4%

13

.2%

14

.6%

2010 2011 2012 2013 2014 2015 YTD

27.2 32.8 39.4 40.9 56.2

2010 2011 2012 2013 2014

Smithfield bacon sales volume is +29 mm lbs since 2010

+37% YOY

Bacon Smoked Sausage Hot Dogs

Market Share Market Share Mm lbs

Product Innovation Strategy

Source: Information Resources, Inc. (IRI) 52 weeks ending May 10, 2015.

Licensing Snacking Brand Extension Line Extension Health

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Brand Building and Marketing Activities in the U.S.

Note: TTM performance of SKUs introduced during the past 24 months; includes retail, deli, foodservice – branded and private label

Brand Activation

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191

191 5.41

-3.72

22.90

3.60

1.46

1.34

1.64

1.14

1.0

1.2

1.4

1.6

1.8

2.0

-5

0

5

10

15

20

25

FY2012 FY2013 FY2014 FY2015 YTD

Unit Operating Profit Monthly Average Hog Price

Successfully Managed Hog Price Decline

U.S. hog price has experienced a sharp decline during 1H 2015. Smithfield successfully

managed price volatility, outperformed peers and achieved profitability through

hedging

Operating Profit

(US$/Head) Hog Price

(US$/kg)

1. Fiscal Year (FY) ending April 30.

2. Fiscal Year (FY) ending December 31.

1 1 2 2

16

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Further Realize Synergies Through Integration

Exchange of technical and marketing

know-how

Realize synergies through “One

Smithfield” initiative

Capitalize on pork price differential in

China and the U.S. to increase

exports

Smithfield’s packaged meat

factory to officially commence

operations in China in Q3

Unlock growth potential through integration

One

Smithfield

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“One Smithfield”

Before Realignment Benefits to WH Group

Optimize management structure, reduce costs and

improve profitability

Optimize distribution efficiency through

restructuring of logistics network

Significantly improve “front end’ customer

interface; Improve distribution with “total

portfolio” sales strategy

Optimize plant manufacturing platform;

Improve production planning process, plant

capacity and utilization

Independently Managed

Operating Companies

Brands managed

independently

Independent

production facilities

and planning

process

Independent sales

and marketing teams

Established Four Key

Business Units

Cohesive and

complimentary

strategy for entire

brand portfolio

Centralized planning

of production

capacity and

distribution

Combined sales and

marketing functions

After Realignment

Stand-alone

logistics operations

Consolidated

logistics platform

Strengthen brand management and promote

product development

18

Outlook

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Outlook

Maintain strong

momentum in

China in 2H 2015

Packaged Meats

performance

expected to

maintain an

upward trend for

2H 2015; while

Hog Production

and Fresh Pork

remain

challenged

1

2

3

1

2

3

4

Continue to promote product innovation Continue to launch new product, adjust product mix and upgrade product portfolio

Smithfield-branded products to launch in China

Benefitting from product, distribution channel, logistic network, terminal sales

platform improvement efforts in 1H 2015, sales volume for 2H 2015 is expected to

improve, driven in particular by mid to high end products, new products, American

style products and food services channel

Stabilize procurement costs by capitalizing on WH Group’s unique positioning

in China and the U.S. Control costs

Reduce expenses

Increase sales volume

Enhance competitive positioning

Expand distribution network, particularly in the fast-growing and high-value

channels

Continue momentum in Packaged Meats: Strengthen marketing and brand building

Ongoing investment to improve efficiency

Product innovation

Manage pork price volatility through hedging

Implement “One Smithfield” initiative

Focus on operational improvements in Fresh Pork: Enhance manufacturing efficiency

Logistics savings

Improve product mix and sales

4

Improve efficiency by transforming processes, reducing expenditure and

lowering production cost

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Q&A

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Appendix

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Notes：

1. External Sales

2. Segment operating profit margin = Segmental operating profit / Internal & External Sales

8

RMB MM Packaged Meat Fresh Pork Others Total

1H 2015 Change

(%) 1H 2015

Change

(%) 1H 2015

Change

(%) 1H 2015

Change

(%)

Sales(1) 11,141 -9.13% 8,821 5.06% 392 1.56% 20,354 -3.27%

Operating Profit 2,247 4.68% 322 -38.13% -129 24.56% 2,440 -5.57%

Operating Profit(2) (%) 19.98% 264

bps 3.05%

-216

bps -18.44%

-223

bps 11.99%

-29

bps

22

Shuanghui Performance Overview（China GAAP）

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Smithfield Performance Overview（US GAAP）

Notes：

1. External Sales

2. Segment operating profit margin = Segmental operating profit / Internal & External Sales

8

US$ MM Packaged Meat Fresh Pork Hog Production Int’l Corporate Total

1H 2015 Change

(%) 1H 2015

Change

(%) 1H 2015

Change

(%) 1H 2015

Change

(%) 1H 2015

Change

(%) 1H 2015

Change

(%)

Sales(1) 3,255 -0.66% 2,670 -9.92% 518 140.83% 660 -15.49% 0 N/A 7,103 -1.84%

Operating

Profit 349 59.41% 18 -79.57% 32 -76.39% 31 -56.64% -56 -6.82% 374 -18.02%

Operating

Margin(2)

(%)

10.72% 404

bps 0.67%

-229

bps 2.06%

-606

bps 4.50%

-434

bps N/A N/A 4.55%

-65

bps

22