A Unique Balance of Businesses

• Stable, predictable core earnings

• Significant synergy opportunities

• Top line growth opportunities

• Substantial increasing free cash flow

• Significant growth potential

• Large growing categories

• Strong national brands

• Value-added margins

8-10% LONG-TERM EARNINGS GROWTH 1

Branded Growth Opportunities

Dairy Group/

Private Label

1 Excludes possible plant closing costs, future acquisitions/divestitures and one-time items

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