C

A

G

N

Y

2

0

1

4

Exhibit 99

Forward Looking Statements

This presentation contains forward-looking statements regarding HSH’s business prospects and future financial

results

and

metrics.

These

statements

are

typically

preceded

by

terms

such

as

“will,”

“anticipates,”

“intends,”

“expects,”

“likely”

or “believes”

and other similar terms. These forward-looking statements are based on currently

available competitive, financial and economic data and management’s views and assumptions regarding future

events and are inherently uncertain.  Investors must recognize that actual results may differ from those expressed or

implied

in

the

forward-looking

statements,

and

the

company

wishes

to

caution

you

not

to

place

undue

reliance

on

any

forward-looking

statements.

We

have

provided

cautionary

language

in

our

most

recent

Annual

Report

on

Form

10-K and other filings with the SEC identifying factors that could cause actual results to differ materially from those

expressed or implied by our forward-looking statements. All forward-looking statements included in this

presentation are qualified in their entirety by such cautionary statements. HSH undertakes no obligation to publicly

update any forward-looking statements, whether as a result of new information, future events or otherwise, except

as required by applicable law.

This presentation includes certain non-GAAP financial measures intended to supplement, not substitute for,

comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are

provided in the Appendix at the end of the presentation. Investors are urged to consider carefully the comparable

GAAP

measures

and

the

reconciliations

to

those

measures

provided

in

the

Appendix,

or

on

our

website

at

www.hillshirebrands.com.

1

What We Want You To Take Away From Today

Terrific portfolio of leading, iconic brands

Delivering on our plan to drive profitable growth

Significantly improved capabilities

Well-positioned to generate sustainable shareholder returns

2

Background on Hillshire Brands

Progress report on our core strategies

What’s next

What We Will Cover Today

3

Evolution Of Hillshire Brands

$20B Global Conglomerate

$4B N.A. Food Company

4

$4B food company

Focused on convenient meals and snacks

Compete in breakfast, lunch, dinner and snacking

New company through and through

Who We Are

5

Branded Portfolio; Primarily Retail Channel

Source: FY13 Company financial statement information; based on net sales

6

89%

11%

Branded

Unbranded

74%

26%

Retail

Foodservice

Focused Portfolio; Two $1B Brands

7

Leading Share Positions In Core Categories

Source: Symphony IRI Group, Total US Multi-Outlet, 52 weeks ending 1/5/14

8

Brand

Category

HSH Share

Position

Relative Market

Share

Breakfast Sausage

#1

2.8x

Frozen Protein Breakfast

#1

8.6x

Smoked Sausage

#1

2.8x

Lunchmeat

#3

0.3x

Hot Dogs

#1

1.1x

Corn Dogs

#1

1.3x

Super Premium Sausage

#1

1.8x

Multiple Areas For Growth In Large Categories

Size of

Category

$6.2B

$2.5B

$1.8B

$1.8B

$1.5B

Dollar

Growth

(1.5)%

+1.1%

+4.3%

+6.0%

+9.6%

Lunchmeat

Hot Dogs

Smoked Sausage

Breakfast Sausage

Frozen Protein

Breakfast

9

86%

78%

60%

61%

39%

32%

29%

28%

27%

23%

Category HH Penetration

Brand HH Penetration

Source: Symphony IRI National Consumer Panel for 52 weeks ending 12/29/13 and Total Multi-Outlet for 52 weeks ending 1/5/14;

growth rates are 3-year CAGRs

Source: Symphony IRI Group, Total US Multi-Outlet, 52 Weeks Ending 1/5/2014

Core Categories Have Limited Private Label Penetration

10

Category

Private Label Share

Frozen Protein Breakfast

6%

Hot Dogs

4%

Corn Dogs

4%

Smoked Sausage

5%

Cocktail Links

5%

Fresh Breakfast Sausage

6%

Mainstream Lunchmeat

17%

Total Industry

12%

Vision

Become the most innovative

branded food company in the U.S.

11

Four Strategies To Deliver Long-Term Value Creation

12

Strengthen The Core

Extend Into Adjacencies

Acquire On-Trend Brands

Fuel Growth Through Efficiency

Our Mid-Term Targets Remain Unchanged

Net Sales Growth

MAP % Of Total Sales

Operating Margin

4-5%

5%

10%

13

Drive growth through brand building and innovation

Partner effectively with customers

Reduce costs

Improve capabilities

Reinvigorate culture

Utilize balance sheet to enhance shareholder return

Significant Progress In Executing Our Plan

14

Brand Building And Innovation Keys To Our Growth

Brand positioning

World-class advertising

Pricing execution

New line extensions

Adjacent category brand

introductions

Contemporized packaging

Brand Building

Innovation

15

Strong Brand Positioning

“Farm House

Quality Meats”

“Hearty

Comfort Food”

“Better Guy Food For

Better Guy Times”

“Smart & Sensible

Family Choices”

“Authentic Ingredients,

Exceptional Tastes”

“Artisanal

Italian Meats”

16

Note: Percent of annual Retail segment sales from innovations launched in the past three years, rolling

Significant Progress Against Innovation Imperative

17

9%

11%

13-15%

Historical

FY13

FY15E

% Sales From New Innovations

Over $300MM Annual Sales From New Products

18

Note: Spin effective at beginning of FY13

Investing Behind Our Brands

MAP Spending As % Of Sales

3.5%

4.1%

5%

Historical

Average Since Spin

FY15E

19

Source: Gross Rating Points (GRPs) provided by Nielsen People Meter Panel

Improving Return On MAP Investment

GRPs Per MAP Dollar

+33%

20

H1 FY13

H1 FY14

Partnering Effectively With Customers

21

2012

2013

2014

Category Captaincies

20

23

31

Driving Distribution Gains

Fiscal YTD Growth In Total Distribution Points

Source: Symphony IRI Group, Total US Multi-Outlet, data ending 12/8/13 for Frozen Breakfast, Breakfast Sausage, Hot Dogs, Corn Dogs,

Cocktail Links, Smoked Sausage, Lunchmeat, Frozen Burgers, and Sweet Goods categories

22

2.4%

4.4%

Other Brands

HSH Brands

Company Embracing Efficiency Mindset

Reduced costs by $90MM pre-spin

On track for $145MM of additional efficiencies

Achieved $40MM cost savings goal in FY13

Plans in place to execute remaining $105MM

Efficiency programs also strengthening core capabilities for

sustainable growth and profitability

23

Note: “Adjusted”

terms are non-GAAP financial measures. See our reconciliation to the most directly comparable GAAP measure at

the end of this presentation. Core SG&A excludes Distribution and MAP and includes Corporate.

Committed To A Lean SG&A Structure

24

12.2%

10.3%

9.9%

8.9%

FY10PF

FY12

FY13

1H FY14

Adjusted Core SG&A % Of Sales

Key Capabilities Identified And Improved

25

Consumer

Marketing

Advanced

Analytics

Innovation

Customer

Partnering

M&A

LEAN

Culture Reinvigorated

Moved headquarters to Chicago

Revamped values and operating principles

Upgraded skills

–

Over half of management new to role or position since spin

Strengthened incentive programs to align results and rewards

26

Shareholder Returns Enhanced Through Capital Deployment

Share Buy Back

Dividends

$200MM Program

Increased Dividend

M&A

Acquired Golden Island

27

Continued Progress Against FY12 Baseline

Sales Growth vs FY12

+3.9%

28

H1 FY12

H1 FY14

Note: “Adjusted”

terms are non-GAAP financial measures. See our reconciliation to the most directly comparable GAAP measure at

the end of this presentation.

Continued Progress Against FY12 Baseline

Adjusted Operating Income Growth vs FY12

+35.8%

29

H1 FY12

H1 FY14

Continued Progress Against FY12 Baseline

Note: “Adjusted”

terms are non-GAAP financial measures. See our reconciliation to the most directly comparable GAAP measure at

the end of this presentation.

Adjusted EPS Growth vs FY12

+36.5%

30

H1 FY12

H1 FY14

Margins Have Improved

Note: Spin effective at beginning of FY13;  “Adjusted”

terms are non-GAAP financial measures. See our reconciliation to the most directly

comparable GAAP measure at the end of this presentation.

Adjusted Gross Margin vs FY12

Adjusted Operating Margin vs FY12

31

28.5%

29.6%

8.3%

9.7%

FY12

Average Since Spin

FY12

Average Since Spin

What’s Next

Continue brand building

Continue innovation

Continue cost efficiency

Continue acquisitions

32

Multiple Approaches To Brand Building

33

34

What’s Next –

Strengthening The Core

35

Expanding Healthier Options In Fully Cooked Sausage

36

Launch: Q3 FY14

Adding On-Trend Flavors To Roll Sausage

37

Launch: H1 FY15

Bringing Angus Beef To Ball Park Lean

Launch: Q3 FY14

38

Launching New Hillshire Farm American Craft Links

Launch: Q3 FY14

39

Launching New Hillshire Farm American Craft Links

Launch: Q1 FY15

40

Extending Hillshire Farm Into Natural Lunchmeat Segment

41

Launch: Q1 FY15

Launch: Q1 FY15

Extending Hillshire Farm Into Value Lunchmeat Segment

42

Aidells Adding New Exciting Flavors

Launch: CY 2014

43

Launching New State Fair Varieties

Launch: H2 FY14 –

H2 FY15

44

New Distribution On Premium Foodservice Desserts

45

Bistro Brownie

Luxe Layer Pie

What’s Next –

Extending Into Adjacencies

46

Jimmy Dean Extending Beyond Breakfast –

Sandwiches

Launch: Q1 FY15

47

Jimmy

Dean

Extending

Beyond

Breakfast

–

Entrees

Launch: Q1 FY15

48

JD Delights Extending Beyond Breakfast –

Sandwiches

Launch: Q1 FY15

49

JD Delights Extending Beyond Breakfast –

Entrees

Launch: Q1 FY15

50

Hillshire Snacking –

A New, Convenient Option

51

Launch: Q4 FY14

Hillshire Snacking –

A New, Convenient Option

52

Launch: Q4 FY14

Introducing Park’s Finest Premium Hot Dogs

Launch: Q3 FY14

53

Expanding Ball Park Burgers

Launch: Q3 FY14

54

Aidells Bringing Flavor Adventure To Deli Lunchmeat

55

Launch: Q3 FY14

Contemporizing Golden Island Jerky

56

Multiple Approaches For Cost Efficiencies To Fuel Growth

Formal Cost Savings Programs

Base Productivity

Culture Of Overhead Management

57

Compete in attractive and profitable categories

Key to success is disciplined investment in brand building and

innovation

Cost efficiencies help fund growth agenda

Potential to deliver significant shareholder return

We Have Validated Our Core Investment Thesis

58

58

Strong Shareholder Returns

Note: August 10, 2012 was the first trading day after Q4 FY12 earnings results, when the company provided guidance for FY13

+45%

59

Aug 10, 2012

Price Appreciation

Dividends

Feb 13, 2014

Note: “Adjusted”

terms are non-GAAP financial measures. See our reconciliation to the most directly comparable GAAP measure

at the end of this presentation.

Healthy Financial Position

Great Underlying Cash Flow

Adjusted EBITDA

(Last 4 Quarters)

$   488

Adjusted Free Cash Flow

(Last 4 Quarters)

$   287

($ in millions)

Strong Balance Sheet

Cash & Short-term

Investments

$   397

Debt

$   948

Net Debt

$   551

Net Debt / Adj. EBITDA

(Last 4 Quarters)

1.1x

60

Capital Allocation Priorities

Top priority

Competitive with CPG food peers

Expect to be acquisitive

$200MM through FY15

Not a near-term priority

61

Invest In Business

Dividends

Acquisitions

Share Repurchases

Debt Reduction

Disciplined Acquisition Approach

Attractive

Top-Line

Margin Accretive

Strong Financial Return

Strong Brands

Leverage Hillshire

Capabilities

Provide New

Capabilities

Increase Scale With

Customers And Suppliers

Strategic Fit

Financial Fit

62

FY13

Original FY14

Guidance

Updated FY14

Guidance

Net Sales

$3,920

Increase

slightly

Increase

slightly

Adjusted Diluted EPS

$1.72

Flat to down

mid-single digits

High end

of range

% growth

+18.6%

Note: “Adjusted”

terms are non-GAAP financial measures. See our reconciliation to the most directly comparable GAAP measure at

the end of this presentation.

Full Year Guidance

($ in millions, except EPS)

63

Our Mid-Term Targets Remain Unchanged

Net Sales Growth

MAP % Of Total Sales

Operating Margin

4-5%

5%

10%

64

Key Takeaways

Terrific portfolio of leading, iconic brands

Delivering on our plan to drive profitable growth

Significantly improved capabilities

Well-positioned to generate sustainable shareholder returns

65

Q&A

Appendix

68

(1)

“Adjusted”

terms

are

non-GAAP

financial

measures.

See

our

press

release

dated

January

30,

2014

for

definitions.

Income Statement Reconciliation –

H1 FY14

As Reported

Impact of

Significant

Items

Dispositions

As Adjusted

(1)

Net Sales

$

$                         

$                       

$             

Cost of Sales

1,476

9

-

1,467

Gross Profit

590

(9)

-

599

MAP Expense

73

-

73

Distribution Expense

126

-

126

SG&A (Excluding MAP & Distribution)

210

25

-

185

Net Charges for Exit Activities, Asset and Business

Dispositions

10

10

-

Operating Income

$                   

$                      (44)

$                           

$                    

Diluted EPS

$               

$                     0.14

$                         

$                 

2,066

-

-

2,066

171

1.15

-

-

215

1.01

-

-

-

69

(1)

“Adjusted”

terms

are

non-GAAP

financial

measures.

See

our

press

release

dated

January

30,

2014

for

definitions.

Income Statement Reconciliation –

FY13

As Reported

Impact of

Significant

Items

Dispositions

As Adjusted

(1)

Net Sales

3,920

-

-

3,920

Cost of Sales

2,758

11

-

2,747

Gross Profit

1,162

(11)

-

1,173

MAP Expense

174

-

-

174

Distribution Expense

249

-

-

249

SG&A (Excluding MAP & Distribution)

432

45

-

387

Net Charges for Exit Activities, Asset and Business

Dispositions

9

9

-

-

Impairment Charges

1

1

-

-

Operating Income

297

(66)

-

363

Diluted EPS

1.49

(0.23)

-

1.72

$

$

$

$

$

$

$

$

$

$

$

$

70

Income

Statement

Reconciliation

–

FY12

As Reported

Impact of

Significant

Items

Dispositions

As Adjusted

(1)

Net Sales

$

$                          -

$

$

Cost of Sales

2,857

28

40

2,789

Gross Profit

1,101

(28)

15

1,114

MAP Expense

135

-

-

135

Distribution Expense

258

-

5

253

SG&A (Excluding MAP & Distribution)

537

132

2

403

Net Charges for Exit Activities, Asset and Business

Dispositions

81

81

-

-

Impairment Charges

14

14

-

-

Operating Income

$

$

$

$

Diluted EPS

$

$

$                           -

$

(1) “Adjusted” terms are non-GAAP financial measures. See our press release dated January 30, 2014 for definitions.

3,958

55

3,903

76

(255)

8

323

(0.16)

(1.61)

1.45

71

(1)

“Adjusted”

terms

are

non-GAAP

financial

measures.

See

our

press

release

dated

January

30,

2014

for

definitions.

Income Statement Reconciliation –

H1 FY12

As Reported

Impact of

Significant

Items

Dispositions

As Adjusted

(1)

Net Sales

2,040

-

52

1,988

Cost of Sales

1,469

11

37

1,421

Gross Profit

571

(11)

15

567

MAP Expense

77

-

1

76

Distribution Expense

131

-

5

126

SG&A (Excluding MAP & Distribution)

236                           

27

2                       

207                      

Net Charges for Exit Activities, Asset and Business

Dispositions

66

66

-

-

Impairment Charges

14

14

-

-

Operating Income

47

(118)

7

158

Diluted EPS

0.13

(0.61)

-

0.74

$

$

$

$

$

$

$

$

$

$

$

$

72

(1)

“Adjusted”

terms

are

non-GAAP

financial

measures.

See

our

press

release

dated

January

30,

2014

for

definitions.

Note:  Last Four Quarters Ended Q2FY14 calculated by adding H1FY14 to FY13 and then subtracting H1 FY13.

Free Cash Flow Reconciliation

H1 FY14

FY13

H1 FY13

Last Four

Quarters Ended

Q2 FY14

Net Cash from Operating Activities

174

253

129

298

CapEx

(65)

(140)

(82)

(123)

Free Cash Flow

109

113

47

175

Restructuring

43

102

48

97

Other

(3)

14

(4)

15

Adjusted Free Cash Flow (1)

149

229

91

287

73

(1)

“Adjusted”

terms

are

non-GAAP

financial

measures.

See

our

press

release

dated

January

30,

2014

for

definitions.

Note:  Last Four Quarters Ended Q2FY14 calculated by adding H1FY14 to FY13 and then subtracting H1 FY13.

EBITDA Reconciliation

H1 FY14

FY13

H1 FY13

Last Four

Quarters Ended

Q2 FY14

Reported Net Income

144

252

118

278

Income Tax Expense –

Continuing Operations

8

72

57

23

Income Tax Expense (Benefit) –

Discontinued

Operations

1

(8)

(2)

(5)

Income Tax Expense –

Gain on Sale of Discontinued

Operations

-

15

1

14

Interest (Net)

20

41

19

42

Depreciation & Amortization

78

166

86

158

Amortization of Investment Premiums and Financing

Fees

(3)

-

-

(3)

EBITDA

248

538

279

507

Significant

Items,

Excluding

Accelerated

Depreciation

(Pre-Tax)

32

(29)

22

(19)

Adjusted EBITDA (1)

280

509

301

488

74

Net Sales and SG&A Reconciliation –

FY10 Pro Forma

Net Sales

As Reported

3,842

Less: Impact of 53

rd

Week

(71)

Less: Dispositions

(195)

Plus: Pro Forma Adjustments

80

3,656

$

$

SG&A (Excluding MAP & Distribution)

As Reported –

Segments

388

Less: Impact of Significant Items

5

Less: Impact of 53

rd

Week

(11)

Less: Dispositions

(5)

Plus: Pro Forma Corporate Expenses

70

Plus: Other Pro Forma Adjustments

(2)

445

$

$