TreeHouse Foods (THS) investor relations material

Executive summary

• A special meeting is scheduled for January 29, 2026, for shareholders to vote on a proposed merger in which shareholders will receive $22.50 in cash and one contingent value right (CVR) per share, subject to approval and closing conditions.

• The merger is with Industrial F & B Investments II, Inc. (Parent) and its subsidiary, with TreeHouse Foods becoming a wholly owned subsidiary of Parent.

• The CVR entitles holders to a portion of net proceeds, if any, from ongoing litigation against Keurig Green Mountain, Inc., with 85% of net proceeds to CVR holders and 15% to the surviving company.

• The board unanimously recommends voting FOR the merger, the advisory compensation proposal, and the adjournment proposal if needed.

• The merger consideration represents a 38% premium to the undisturbed share price before transaction speculation.

Voting matters and shareholder proposals

• Shareholders will vote on: (1) adopting the merger agreement, (2) approving, on a non-binding advisory basis, compensation for named executive officers in connection with the merger, and (3) approving adjournment of the meeting if necessary.

• Approval of the merger requires a majority of outstanding shares; failure to vote or abstention counts as a vote against.

• JANA Partners, holding 11.5% of shares, has agreed to vote in favor of the merger.

Board of directors and corporate governance

• The board conducted a thorough review of strategic alternatives, including outreach to multiple potential buyers and consideration of standalone and segment sales.

• The board considered the fairness opinion from Goldman Sachs and determined the merger consideration is fair and in the best interests of shareholders.

• The board and executive officers, holding 12.7% of shares, are expected to vote in favor.