Glenn Leitch is the Group Vice President and President of Jennie-O Turkey Store, a division of Hormel Foods. He has over 16 years of experience with Hormel Foods, having served as General Manager and Senior Vice President at Jennie-O Turkey Store prior to his current role. The document outlines Jennie-O Turkey Store's history of consistent long-term growth, its strong competitive position in the industry, and its compelling outlook for continued growth and leadership.

1. Glenn Leitch
Group Vice President;
President, Jennie-O Turkey Store Hormel Foods Career History
2011: Group Vice President; President, Jennie-O Turkey Store
2011: General Manager, Jennie-O Turkey Store
2001: Senior Vice President, Commodity & Supply,
Jennie-O Turkey Store
Favorite Hormel Foods Product
16 Years with
Hormel Foods

2. Jennie-O Turkey Store
Glenn Leitch
Group Vice President,
President, Jennie-O Turkey Store
A Long-Term Growth Story

3. Agenda
• A HISTORY OF
GROWTH
• Positioned To
Compete
• A Compelling
Outlook
3

4. Growth
Consistent Long-Term
A HISTORY OF GROWTH
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Millions
$0
$50
$100
$150
$200
$250
$300
$350
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Millions
780
800
820
840
860
880
900
920
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
MillionPounds
Volume Net Sales Segment Profit
1%
10 YR CAGR
5%
10 YR CAGR
10%
10 YR CAGR
Internal Data

5. First Half of 2017
Business Dynamics in the
A HISTORY OF GROWTH
Turkey Commodity Markets Competitive Markets Increased Expenses
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
Q12011
Q22011
Q32011
Q42011
Q12012
Q22012
Q32012
Q42012
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Breast Price/Pound
Concrete Perimeters
Truck Wash
USDA ERS data

6. Tom Turkey
Poult
Egg
Breeder Hen
Of The Turkey Industry
Cyclical Dynamics
A HISTORY OF GROWTH
Jennie-O Turkey Store
411DAYS
Turkey Lifecycle
Egg
28 Days
210 Days
28 Days
110 Days
35 Days
$136
$129
$107
$78
$87
$144
$205
$238
$222
$272 $276
$329
12.5%
11.6%
9.2%
6.2%
7.1%
11.0%
14.0%
15.4%
13.9%
16.3%
16.9%
18.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
$-
$50
$100
$150
$200
$250
$300
$350
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
Segment ProfitSegment Profit Margin
Internal Data

7. Overview
Jennie-O Turkey Store
A HISTORY OF GROWTH
Average Net Sales
2014 - 2016
Commodity
Meats
~10%
Whole
Turkeys
~10%
Deli
~20%
Foodservice
~30%
Retail
~30%
Internal Data

8. Retail
~30%
Foodservice
~22%
Deli
~13%
Whole
Turkeys
~20%
Commodity
Meats
~15%
Average Volume
2014-2016
Overview
Jennie-O Turkey Store
A HISTORY OF GROWTH
Internal Data

9. A Positive Mix
Results Driven By
A HISTORY OF GROWTH
Net Sales - % Value-Added
Approximately
80%
2011 2016
Approximately
75%
Internal Data

10. Ground Turkey
Strong Growth in
A HISTORY OF GROWTH
JENNIE-O® Ground Turkey Servings
600M servings of
JENNIE-O® ground
turkey were
consumed in 2016 –
Triple the number
in 2007.
-
100
200
300
400
500
600
700
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Millions
Internal Data

11. • A History of Growth
• UNIQUE INDUSTRY
POSITION
• A Compelling
Outlook
Agenda

12. Competitive Advantages
Sustainable
UNIQUE INDUSTRY POSITION
• Midwest location
• Proximity to
production facilities
• Location of DCs
Brand Products Supply Chain
96%
92%
83%
79%
63%
51%
Category Awareness
Among Millennials
Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
2016 Hormel JOTS Custom Tracking Measurement

13. Leadership
Industry
UNIQUE INDUSTRY POSITION
Deli
~20%
Peer 4
Peer 5
29%
13% 11%
7% 7%
Private
Label
Peer 1 Peer 2 Peer 3
IRI L52W 4/9/2017
Turkey Category Dollar Share

14. Lean Ground Turkey
#1 Market Share in
UNIQUE INDUSTRY POSITION
IRI L52W 4/9/2017
Lean Ground Turkey Market Share

15. Numerous Other Categories
Leadership in
UNIQUE INDUSTRY POSITION
#1 Market Share #2 or #3 Market Share
36% Share 69% Share
75% Share 83% Share
16% Share 37% Share
17% Share
Fresh Ground Turkey Breakfast Tray
Fresh Ground Turkey Chub Fresh Ground Turkey Breakfast Chub
IRI L52W 4/9/2017

16. UNIQUE INDUSTRY POSITION
An Industry-Leading
Supply Chain
Distribution Center
Production Facility

17. High-Performing Product
Delivering a
UNIQUE INDUSTRY POSITION

18. Supporting the Brand
With Effective Advertising
UNIQUE INDUSTRY POSITION

19. Awareness and Purchase Intent
Creating Consumer
UNIQUE INDUSTRY POSITION
2016
2009
Credited to ongoing advertising
investment, the Jennie-O® brand
has grown from 77% to over
96% total awareness.
Total JENNIE-O®
Brand Awareness
Purchase Intent Advertising Awards
62%
2015 2016
57%
Best Sampling Campaign
2016 Hormel JOTS Custom Tracking Measurement

20. Agenda
• A History of Growth
• Positioned To
Compete
• A COMPELLING
OUTLOOK

21. On More Plates
Putting More Turkey
JENNIE-O® Turkey Sausage Chub Volume From Holidays… … to Everyday.
A COMPELLING OUTLOOK
2011 2012 2013 2014 2015 2016
Internal Data

22. Skews Toward Millennials
Jennie-O® Turkey
A COMPELLING OUTLOOK
96%
92%
83%
79%
63%
51%
Poultry Peer 1
Poultry Peer 2
Poultry Peer 3
Poultry Peer 4
Poultry Peer 5
2016 Hormel JOTS Custom Tracking Measurement
Household Penetration:
JENNIE-O® Brand
Category Awareness Among
Millennials
Millennials
26%
General Population
22%
Gen X
24%

23. Creates An Opportunity
Declining Beef Consumption A COMPELLING OUTLOOK
Per-Capita Beef Consumption
0
10
20
30
40
50
60
70
80
90
100
USDA ERS data

24. Take Share From Beef
Turkey Continues to A COMPELLING OUTLOOK
Turkey’s Share of Ground Meats
IRI Total US – Multi Outlet 4/9/2017
8.5%
9.1%
9.7%
10.2%
10.6%
11.4%
12.3%
0%
2%
4%
6%
8%
10%
12%
14%
2011 2012 2013 2014 2015 2016 2017YTD

25. Share of Ground Turkey Category
Jennie-O Continues to Gain A COMPELLING OUTLOOK
Jennie-O’s Share of Ground Turkey
32.6%
37.1%
35.8%
38.1% 38.0% 38.1%
39.3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2011 2012 2013 2014 2015 2016 2017YTD
Brand Support
Made Me More Likely To
Purchase (% Yes)
2015 ‘Taco Ride’
2016 ‘Make the Switch’
69%
76%
IRI Total US – Multi Outlet 4/9/2017 2016 Hormel JOTS Custom Tracking Measurement

26. Growing our
East Coast Distribution
A COMPELLING OUTLOOK
42%
63%
73%
39% 31%
10%
48%
12%
Jennie-O® Ground Turkey Market Share – IRI L52W 4/7/2017

27. A Continued Focus
On Innovation
A COMPELLING OUTLOOK
Snacking Turkey Bacon Expansion All-Natural

28. 2013 2014 2015 2016
With Jennie-O® Oven Ready™
High Growth Opportunity
Internal data
Net Sales

29. UNIQUE INDUSTRY POSITION
Supporting the Brand
With Effective Advertising

30. Retail, Foodservice
And Deli Sales Growth
A COMPELLING OUTLOOK
2011 2012 2013 2014 2015 2016
Internal Data
Value-Added Sales Growth

31. Expanding Distribution for
Premium Deli and Prepared Foods
A COMPELLING OUTLOOK
Premium Deli
• Distribution expansion
• Innovation through flavor varieties.
Prepared Foods
• Expand distribution of boneless and bone-in rotisserie turkey
• Launch slow roasted dark turkey rotisserie
• Oven Roasted whole turkey for holiday meal kits
Category Growth CAGR Jennie-O Growth CAGR
5.7% 1.4%*
*Lost 17% of sales during High Path Ai and regained all lost business plus 2% more
Category Growth CAGR Jennie-O Growth CAGR
13.0% 9.9%
5 Year CAGR Dollar Sales. Category: IDDBA What’s In Store. Jennie-0: Internal Shipments

32. The Right
Foodservice Partners
A COMPELLING OUTLOOK
College and
University
National
Accts.
Non-CommercialCommercial K-12

33. Investments in
The Future of Live Production
A COMPELLING OUTLOOK
• Third-party certification
through the Agriculture
Marketing Service
• Production starts
this month
• Intent is to certify all
company production

34. Investing In
Our Future
A COMPELLING OUTLOOK
$130 Million
Investment in Melrose
Whole Bird PlantInternal data
Faribault Plant
Melrose Green Field Plant

35. Consistent Growth
Through Industry Cycles
A COMPELLING OUTLOOK
$1,088
$1,105
$1,162
$1,268
$1,228
$1,310
$1,467
$1,549
$1,602
$1,672
$1,636
$1,741
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
Millions
Internal data
Jennie-O Turkey Store Net Sales

36. Our Goal is to be the
Most Profitable Poultry Company
A COMPELLING OUTLOOK
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Jennie-O Peer 1 Peer 2 Peer 3 Peer 4 Peer 5
%OperatingProfit
Company Reported Data

37. Key
Takeaways
A COMPELLING OUTLOOK
• The industry’s best
supply chain
• A brand that
resonates with
millennials
• A category on the rise
with room to grow

38. Jennie-O Turkey Store
Glenn Leitch
Group Vice President,
President, Jennie-O Turkey Store
A Long-Term Growth Story