1. New Stand-Up Pouch for Cheese July 2012

2. Stand-Up Pouch for Cheese Greatest Innovation since Zippered Shreds Same Amount of Cheese, Smarter Package 2

3. Features Size Flexibility Less Film & Corrugated Box More Pounds of Cheese per Truck Shelf Ready / Peg-Free Merchandising More Retail Facings per Section Consumer Friendly Stand-up Feature with Improved Zipper 3

4. Consumer Features Same Amount, Smarter Package Scored Header – consistent opening Twin Track Zipper – confident reclose Stands Up During Use – less spills Right Size – fits hand and product volume Stands on Fridge Shelf – more visible Less Plastic – positive ancillary benefit 4

5. Retailer Features Smaller Size, More Facings Improved Pack Out –2 more facings every 4 feet –2 more rows every 4 feet Merchandising Flexibility – peg or shelf Euro-style Hole Punch – more efficient Multiple Sizes – right product mix 5

6. Manufacturer Impact 6 Support New Systems or Retrofit Kits Speed No Penalty Size Flexibility Improved on Select New Capital

7. Pack Out Paradigms 1.No Change (current to stand-up pouch peg) –Current set packs out more bags if all pegs filled –More 4 seal pack out vs. new Stand-Up Pouch if all pegs filled to the max –Current package wins 2.Change –Stand-Up Pouch packs out more facings & more inventory vs. 4 seal –Stand-Up Pouch wins 3. Change (SUP shelves create a lot more facings) –Stand-Up Pouch packs out more facings and more inventory –Stand-Up Pouch wins hands down 7

8. Paradigm 1: Current Peg to Stand-Up Pouch Peg Facings Remain the Same, Pack Out Decreases Considerably Summary Limited view of what’s possible Does not account for dimensional benefits of Stand-Up Pouch Assumptions Fancy shreds 15-inch peg bar 7 packages – SUP’s, 2-inch gusset 11 packages – current Continue with 4 rows and 7 pegs per row in 4-foot set Pack out current 4-foot set 28 pegs x 11 packages = 308 4 seal 28 pegs x 7 packages = 196 SUP 8

9. Paradigm 2: Optimize Peg Set for Smaller Stand-Up Pouch Pack Out Facings and Inventory is a Gain for SUP Summary Accounts for some benefits, +1 package/row, + up to 2 more rows Assumptions 15-inch peg bar 7 packages / peg SUP’s 11 packages / peg current 7 pegs x 4 rows = 28 pegs current 8 pegs x 6 rows = 48 pegs reset –20 more SUP facings in new set Pack out: Optimum peg 4-Foot Set 28 x 11 per hook = 308 current 48 x 7 per hook = 336 SUP –28 more stand-up pouch packages of inventory 9 8 facings/row Stand-up Pouch, 7 with current 6 rows Stand- up Pouch vs. 4 rows with current

10. Paradigm 3: Stand-Up Pouch Shelving Pack Out Facings and Inventory Increases Considerably Summary Accounts for all benefits: +2 facings/shelf, + 2 shelves Assumptions Fancy shreds, 2-inch gusset 20.5-inch shelf depth 9 facings / 6 shelves SUP 9 packages deep SUP 54 facings SUP shelf –26 more SUP facings Pack out in 4-inch Set 28 x 11 per hook = 308 current 54 x 9 per facing = 486 SUP –178 more stand-up pouch packages of inventory 10 9 facings/shelf Stand-up Pouch, 7 with current 6 shelves Stand- up Pouch vs. 4 rows with current

11. Merchandising Impact Pack Out Changes are Staggering Optimized Pegs with Stand-Up Pouch –20 more facings per 4-foot peg bar set –28 more packages per 4-foot peg bar set –120 more facings & 168 more packages in a 24-foot peg section Shelving –26 more facings per 4-foot peg bar set –178 more packages per 4-foot peg bar set –156 more facings & 1,068 more packages in a 24-foot peg section Retail Benefits –Easier merchandising, cross merchandising, rotation and filling –Huge potential growth arena for Store Brands –More facings and inventory at shelf level for the largest cheese category in the grocery store. 11

12. Sustainability Pounds per Truck from 21,000 to 36,000 12