Jim Splinter Group Vice President, Corporate Strategy

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1 Jim Splinter Group Vice President, Corporate Strategy 33 Years with Hormel Foods Hormel Foods Career History 2016: Group Vice President, Corporate Strategy 2010: Group Vice President, Grocery Products 2003: Vice President of Marketing for Consumer Products, Refrigerated Foods 1999: Senior Vice President, Retail Sales and Marketing. Jennie-O Turkey Store 1997: Group Product Manager, Recipe Ingredient Group, Grocery Products Favorite Hormel Foods Product

2 Hormel Foods Unlocking Growth Jim Splinter Group Vice President Corporate Strategy

Hormel Foods Our 5% Growth Challenge Total Foodservice

Retail Food & Beverage % Dollar Sales Change 2.3% 1.

2% 2015 2016 2017F 2015 2016 2017F Source: Technomic

3 Hormel Foods Our 5% Growth Challenge Total Foodservice Food & Beverage % Real Dollar Sales Change Total Retail Food & Beverage % Dollar Sales Change 2.3% 1.7% 1.7% +3.1% +1.4% 0.2% F F Source: Technomic Act/Forecast Jan 2017 (no liquor) Source: Total US MULO (no liquor, no RW), 52 Wk Ending 02/19/17

5 Our Strategy Framework A CLEAR STRATEGY FOR LONG-TERM GROWTH Occupy attractive growth spaces Deliver ideas that improve the lives of consumers/patrons Protect and grow our core businesses

6 Laser Focused on A CLEAR STRATEGY FOR LONG-TERM GROWTH Four Strategic Growth Areas Global Multicultural Healthy/ Holistic On-The-Go

7 A CLEAR STRATEGY FOR LONG-TERM GROWTH Unlocking Growth Occupy Attractive Growth Spaces Retail Strategic Growth Opportunity Areas Foodservice as a Growth Channel Expand our International Presence

8 A CLEAR STRATEGY FOR LONG-TERM GROWTH Unlocking Growth Occupy Attractive Growth Spaces Ground Turkey Protein Beverages, Bars, and Powders Nut Butters Meat Snacks Mexican Salsas, Sauces, Sauces Salsas & Condiments and Dips Natural & Organic Meats IRI consulting analysis ending 11/20/16

9 A CLEAR STRATEGY FOR LONG-TERM GROWTH Unlocking Growth 2020 Growth Pocket Analysis Ground Turkey Protein Beverages, Bars, and Powders Nut Butters Meat Snacks Salsas, Sauces & Condiments Natural & Organic Meats Healthier Lifestyles Convenience & Portability N e e d S t a t e s Controlled Indulgences Eating Mini - Occasions Flavor Enhancers Protein Nutrition

10 Unlocking Growth A CLEAR STRATEGY FOR LONG-TERM GROWTH Millennials: Key Growth Contributors $290B 26% 29% 37% 32% IRI Consumer Panel Past CY 2015 All Outlets Total Store Dollar Sales % of CPG Dollar Volume

128 143 121 130 125 130 139 124 Total Edibles Nut Butters Meat Snacks Mexican Sauces, Salsas and

11 Unlocking Growth A CLEAR STRATEGY FOR LONG-TERM GROWTH Millennials: Key Growth Contributors 43% 36% 36% 40% 26% 43% 36% 36% 36% 40% 28% 26% Protein Beverages, Bars, and Powder Total Edibles Nut Butters Meat Snacks Mexican Sauces, Salsas and Dips Index % of $ Spent from Millennials IRI CSIA, Total US, All Outlet, 52 Wks. Ending 1/22/2017

12 A CLEAR STRATEGY FOR LONG-TERM GROWTH Unlocking Growth Occupy Attractive Growth Spaces FOODS Fully Ground Cooked Turkey Bacon Premium Protein Beverages, Prepared Bars, and Proteins Powder Mexican Nut Meat Sliced Meats Sauces, Salsas Butters Raw Snacks Bacon Pizza Toppings Turkey and Dips

13 Unlocking Growth A CLEAR STRATEGY FOR LONG-TERM GROWTH Expand Our International Presence = Fiscal 2016 Data, 2= Hami Kharas, Brookings Institute Feb = WHO Report

14 Unlocking Growth A CLEAR STRATEGY FOR LONG-TERM GROWTH Improving Lives Through Innovation Eating Mini Occasions Healthier Lifestyles Protein Nutrition Foodservice Flavor Enhancers Controlled Indulgences

15 Market Growth IRI Growth Summit March

16 Unlocking Growth A CLEAR STRATEGY FOR LONG-TERM GROWTH Building our Digital Capabilities US Online Edible Grocery Market Sales Personalized Relationships at Scale $23B $10B IBIS, Mintel, Kantar Retail, Javelin Group benchmarks & analysis

17 Unlocking Growth A CLEAR STRATEGY FOR LONG-TERM GROWTH Acquisition Opportunity Spaces Eating Mini Occasions Healthier Lifestyles Protein Nutrition Foodservice Flavor Enhancers International IRI 52W ending 4/16/17 MULO + C and Technomic data

18 Unlocking Growth A CLEAR STRATEGY FOR LONG-TERM GROWTH Portfolio Management Reinvigorate Improve marketing leverage Renovate Fix barriers to growth Accelerate Brands as growth platforms Protect & Grow Enhance consumer relevancy TM

19 Unlocking Growth 2020 Sales Goal A CLEAR STRATEGY FOR LONG-TERM GROWTH 5% Organic Sales $11.6B Strategic Acquisitions Divestitures Innovation $9.5B Internal data 2016 Actual 2020 Goal

20 Hormel Foods Unlocking Growth Jim Splinter Group Vice President Corporate Strategy

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Nestlé in the USA & Frozen Meals Performance February 23, 2017 Jeff Hamilton President Nestlé Food Division Nestlé USA Disclaimer This presentation contains forward looking statements which reflect Management