TreeHouse Foods (THS) investor relations material

Executive summary

• A special meeting will be held for shareholders to vote on a proposed merger, executive compensation related to the merger, and potential adjournment if more votes are needed.

• The merger involves TreeHouse Foods being acquired by Industrial F & B Investments II, Inc., with shareholders receiving $22.50 per share in cash and a contingent value right (CVR) tied to ongoing litigation proceeds.

• The board unanimously recommends voting in favor of all proposals, citing compelling value, certainty, and a thorough review of alternatives.

• The transaction is expected to close in the first quarter of 2026, pending regulatory and shareholder approval.

Voting matters and shareholder proposals

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

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

• A voting agreement with JANA Partners ensures a significant block of shares will be voted in favor.

Board of directors and corporate governance

• The board conducted a comprehensive review of strategic alternatives, including outreach to multiple potential buyers.

• The board considered market conditions, company performance, and received a fairness opinion from Goldman Sachs.

• The board and executive officers are expected to vote their shares in favor of the merger.