CAGNY CONFERENCE

February 21, 2017

Forward-Looking Statements
and Non-GAAP Financial Measures
Forward-looking statements This press release contains statements which may be forward looking within the meaning of applicable securities
laws. The statements include projections regarding future revenues, earnings and other results which are based upon the Companys current
expectations and assumptions, which are subject to a number of risks and uncertainties. Factors that could cause actual results to differ include
general economic conditions or an economic turndown; volatility in the price, quality or availability of inputs, including walnuts and other raw
materials, packaging, energy and labor; price competition and industry consolidation; changes in our top retail customer relationships; inability to
maintain profitability in the face of a consolidating retail environment; failure to successfully integrate acquisitions or execute divestitures; loss of
key personnel; failure to execute and accomplish our strategy; concerns with the safety and quality of certain food products or ingredients;
adulterated, misbranded or mislabeled products or product recalls; disruption of our supply chain; failure to maintain satisfactory labor relations;
risks related to our foreign operations, including foreign currency risks; inadequacies in, or security breaches of, our information technology systems;
improper use of social media; changes in consumer preferences and tastes or inability to innovate or market our products effectively; reliance on
distribution through a significant number of independent business owners; protection of our trademarks and other intellectual property rights;
impairment in the carrying value of goodwill or other intangible assets; new regulations or legislation; interest rate volatility, political and economic
conditions of the countries in which we conduct business, and the interests of a few individuals who control a significant portion of our outstanding
shares of common stock may conflict with those of other stockholders, which have been discussed in greater detail in our most recent Form 10-K and
other reports filed with the Securities and Exchange Commission.

Use and Definition of Non-GAAP Measures Snyders-Lances management uses non-GAAP financial measures to evaluate our operating
performance and to facilitate a comparison of the Companys operating performance on a consistent basis from period to period and to provide
measures that, when viewed in combination with its results prepared in accordance with GAAP, allow for a more complete understanding of factors
and trends affecting the Companys business than GAAP measures alone. The non-GAAP measures and related comparisons should be considered in
addition to, not as a substitute for, our GAAP disclosure, as well as other measures of financial performance reported in accordance with GAAP, and
may not be comparable to similarly titled measures used by other companies. Our management believes these non-GAAP measures are useful for
providing increased transparency and assisting investors in understanding our ongoing operating performance.

2
CARL E. LEE, JR.
President & CEO
4
WE ARE A RETAILER AND CONSUMER DRIVEN SNACK FOOD COMPANY

WHO WE ARE:
Pure-play snack food company

WHAT WE FOCUS ON:

Premium, differentiated categories
where we can build a leadership
position

WHAT SETS US APART:

We provide better snacks built on
ingredients, quality and taste,
fueled by leading-edge distribution

5
BUILDING A PLATFORM FOR GROWTH

Strategic Focus Areas

1
Sustainable Growth
2
Culture of Speed
3
Differentiated Portfolio
4
Breakout Innovation
5
BUILD THE GROW AND SCALE THE FUEL THE Distribution Reach & Depth
FOUNDATION FOCUS THE CORE PLATFORM EXPANSION 6
Advantaged Manufacturing

6
 1
DELIVERING CONSISTENT GROWTH, OPERATING MARGIN EXPANSION,
AND IMPROVED BOTTOM-LINE PERFORMANCE

Adjusted Net Revenue* ($ in millions) Adjusted Operating Margin*

2,109 8.8%

+10% CAGR 1,305 4.5% +430 BPS

(3% organic)

2011 2016 2011 2016

Adjusted Earnings Per Share* Free Cash Flow* ($ in millions)

$1.11 189

+20% CAGR $0.44 58 +27% CAGR

2011 2016 2011 2016

*Note: Historical financial results are adjusted to exclude discontinued operations and special items. Net revenue results are
also adjusted to normalize for the impact of our IBO conversion, primarily an impact to 2011 revenues due to higher revenue
under the previous distribution model. See the appendix for a reconciliation of these non-GAAP measures. 7
 1
SUSTAINED GROWTHWHILE DIVESTING NON-CORE BUSINESSES

2,109

+62.0%
1,305

2011 2016

*Note: Historical net revenue results are adjusted to exclude discontinued operations and are also adjusted to
normalize for the impact of our IBO conversion, primarily an impact to 2011 revenues due to higher revenue under the
previous distribution model. See the appendix for a reconciliation of these non-GAAP measures. 8
2
OUR BUSINESS MODEL AND CULTURE IS BUILT ON SPEED

9
3
ESTABLISHING LEADERSHIP IN DIFFERENTIATED CATEGORIES

CATEGORY BRAND MARKET POSITION MARKET SHARE

Pretzels #1 40%

Sandwich Crackers #1 43%

Kettle Chips #1 41%

Microwave Popcorn #2 27%

Deli #2 28%

Organic/Natural
#3 12%
Tortilla Chips

Snack Nuts #4 3%

*Source: IRI MULO through December 2016. Market share positions exclude private label.
Based on IRIs Snyders-Lance custom definitions. 10
3
ADDRESSING CONSUMERS BFY NEEDS WITH OUR PORTFOLIO

Sandwich
Pretzels Kettle Chips Deli
Crackers

11
3
AND TAKING BFY INTO UNDER-SERVED CATEGORIES

Cheese
Variety Packs Potato Chips Perimeter
Crackers

12
3
PORTFOLIO STRATEGY WILL ACCELERATE OUR BFY SALES MIX

*IRI MULO and Nielsen XAOC

13
4
INNOVATION CAPABILITIES REACH ACROSS OUR ENTIRE PORTFOLIO

14
5
OUR DISTRIBUTION MODEL PROVIDES DEPTH AND REACH TO SERVE OUR
CUSTOMERS NEEDS

DSD SALES

DIRECT SALES

15
5
OUR GO-TO-MARKET STRATEGY IS A COMPETITIVE DIFFERENTIATOR...

% OF GROSS SALES

DIRECT TO WAREHOUSE DIRECT STORE DELIVERY (DSD)

CLUB CHANNEL DOLLAR CHANNEL

DIRECT DSD

3,100 IBO ROUTES 110 FORWARD

WAREHOUSES
G&D
NATURAL CHANNEL DRUG CHANNEL

DIRECT TO CONSUMER GROWTH AND DEVELOPING

E-COMMERCE INTERNATIONAL / EXPORT

16
5
...WITH FULL PENETRATION ACROSS THE STORE (GROCERY EXAMPLE)

17
6
SUPPORTED BY AN ADVANTAGED MANUFACTURING FOOTPRINT

18
19
 Rod Troni
Chief Marketing & Innovation Officer
OUR MARKETING AND INNOVATION PLAYBOOK
UNDERSTAND
CONSUMERS BETTER
THAN YOUR NEIGHBOR

CREATE
GREAT FOOD THAT
CONSUMERS LOVE

RENOVATE
BRANDS INTO
ON-TREND BRANDS

INNOVATE
INTO NEW
CATEGORIES

ACCELERATE
GROWTH OF ON-TREND BRANDS

21
CONSUMER PREFERENCES ARE DRIVING A SNACKING TRANSFORMATION

AMERICA IS LIFESTYLES ARE DIFFERENT FOOD

EVOLVING CHANGING CULTURE

22
 SNACKING IS A PART OF LIFE AN ESSENTIAL PART OF LIFE!

Source: 2016 IRI Snacking Survey

23
 AND GROWTH IS COMING FROM BETTER SNACKS

Note: 3-year growth averages, 2014-2016.

*IRI MULO and Nielsen XAOC 24
ITS A GREAT TIME TO BE IN SNACKS!

25
 Snacks Made
with Character

26
FASTEST-GROWING KETTLE BRAND IN THE UNITED STATES

Fastest-growing kettle brand Brand expansion breadth and depth

+8% +4% +3%

2.5X category
growth

Distribution Items on shelf

Upsizing to larger sizes driving velocity Improved in-store execution
Display
+4.4pts
+3%

Source: IRI MULO through December 2016.

27
INSIGHTFUL INNOVATION THAT LEVERAGES BFY EXPANDABILITY

28
29
 TAKING PRETZELS TO THE FRONT OF THE PANTRY

12-WEEKS ROLLING YEAR-OVER-YEAR

Reinvigoration Innovation RETAIL SALES GROWTH*
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%

Better-For-You Marketing -4.0%

-6.0%
-8.0%
-10.0%

12/27/15

10/30/16
11/27/16
12/25/16
1/24/16
2/21/16
3/20/16
4/17/16
5/15/16
6/12/16
7/10/16

10/2/16
8/7/16
9/4/16
*Source: IRI MULO data through December 25, 2016.
30
SNYDERS OF HANOVER IS LEADING GROWTH IN PRETZELS
Driving Share Growth1 Pretzels, Baby Reinvigorated Category2

#1 market share and growing!

40% market share

+4pts
Pretzels - Salty & Natural Aisle +5pts Usage

Awareness

Increased In-Store Effectiveness More Efficient Assortment

Sources: 1IRI MULO 52 WE 12/24/16; 2NMI Brand Study Q3 2016.

31
LEVERAGING BAKERY CREDENTIALS INTO CRACKER CATEGORY

32
 We do butter better.

33
 MICROWAVE POPCORN CATEGORY FUNDAMENTALS ARE POSITIVE

Microwave Movie Occasions Popcorn Considered

Pounds Steady(1)
Usage Up(2) Remain Popular(3) Better-Choice Snack(4)

80,000,000
+16% 64%
Watch
70,000,000
traditional flat
60,000,000
$ Vol TV
50,000,000

40,000,000

30,000,000

20,000,000 Lb Vol
10,000,000

2015 2016 flat

(1) IRI MULO MWPC $ Sales vs Volume through 12/25/16; (2) Euromonitor Microwave Expected Volume Growth 2016 to
2020 in the US, Feb 2016; (3) eMarketer, "For The First Time, More Than Half of Americans Will Watch Streaming TV", 2 Feb
2016; (4) Happy Zapper ethnographies, April 2016. 34
.BUT THE EXPERIENCE HAS BEEN NEGLECTED

35
EARLY POP SECRET RENOVATION PLAYBOOKWITH MORE TO COME

New Campaign Innovation and Packaging

36
 Great tastenaturally!

37
A NATURAL BRAND ACCELERATING IN MAINSTREAM

Authentic Story Trusted Brand On-trend and Extendable

38
 Nut Snacks for
Snack Nuts

39
 EMERALD IS READY TO ACCELERATE GROWTH

Category Continues to Grow Momentum is Building

+5.3%
1.4X
Salty Snacks
CAGR
Snack Nuts $ Sales
3-Year CAGR

Increasing Distribution Differentiating with Cashews

FASTEST GROWTING
New SEGMENT
accounts in
2017

Source: IRI MULO data through December 25, 2016.

40
DRIVING COMMERCIAL AND FOOD INNOVATION

DSD into
Cashew Innovation
Convenience Stores

41
DRIVEN BY MILLENNIALS

New
Advertising to
Millennials
using their
words

42
SNACK FACTORY AND LATE JULY: ACCELERATING THE GROWTH MOMENTUM

43
A DIFFERENTIED, PREMIUM PORTFOLIO OF GREAT FOOD AND BRANDS!

44
 Alexander W. Pease
EVP & Chief Financial Officer
RELENTLESS FOCUS ON OUR CORE PRINCIPLES FOR
SHAREHOLDER VALUE CREATION
1
Revenue
Profitable growth both organically and
through M&A
EBITDA

Cost
2
Operating efficiency and continuous
improvement
Shareholder
Value
Working 3
Capital Disciplined cash conversion and capital
efficiency
Asset
Capital
productivity
4
Capital
structure
Strong balance sheet and financial flexibility

46
1
DRIVING PROFITABLE GROWTH ORGANICALLY AND THROUGH M&A

TOTAL NET REVENUE*

+3-5% KEY DRIVERS

CAGR OF GROWTH
+62%
2,109 Core Brands
Other

Allied & Partner

Brands

International

1,305 Contract
Manufacturing

2011 2016 2020

*Note: Historical net revenue results are adjusted to exclude discontinued operations and are also adjusted to
normalize for the impact of our IBO conversion, primarily an impact to 2011 revenues due to higher revenue under the
previous distribution model. See the appendix for a reconciliation of these non-GAAP measures. 47
 2
OPERATING MARGIN EXPANSION
DSD FOOD PEER COMPARISON PEER AVERAGE: 14%

2016 ADJUSTED OPERATING PROFIT % OF NET REVENUE* S-L PERFORMANCE

Adj. EBITDA Margin

+2.7

13.5%
10.8%

2013 2016
Operating Profit
+87.4%

8.8%
6.6% 185.7
99.1
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9

2014 2016 2017 Long-term 2013 2016

*Note: Adj. operating profit % of net revenue is a non-GAAP measure and represents latest fiscal year.
Historical financial results are adjusted to exclude discontinued operations and special items. See the appendix for a reconciliation of these non-GAAP measures.
Peer group comparison represents: Campbells, Coke Bottling Consolidated, Dean Foods, Dr. Pepper Snapple, Flowers Foods, Grupo Bimbo, Frito-Lay N.A., Kelloggs and Mondelez.

48
2
WE ARE DEPLOYING A RIGOROUS AND PROVEN ZBB APPROACH

COST STRUCTURE(1)
(in $millions)
Develop visibility &
1 establish governance
SG&A EXPENSE
BREAKDOWN(2)
Build intelligent targets 592 SG&A Expense
2 based on analysis
(28% of net revenue)
Mktg. / Adver.

Selling
Budget from zero,
3 prioritize investment
DSD

Finalize management
4 targets based on
bottom up budget 1,332 Cost of Sales G&A

Service and Distribution

5 Monitor and control

(1) Continuing operations only and excludes special items.

(2) Excludes special items.
For a corresponding reconciliation of data excluding special items to data including special items, see the
2016 reconciliation of non-GAAP measures in the Appendix.

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 2
DELIVERING STRONG FINANCIAL RETURNS

Adjusted Net Revenue* ($ in millions) Adjusted Operating Margin*

2,109 8.8%
+10% CAGR 1,305 +430 bps
(+3% Organic) 4.5%

2011 2016 2011 2016

Adjusted Earnings Per Share* Free Cash Flow* ($ in millions)

$1.11 189

+20% CAGR +27% CAGR

$0.44 58

2011 2016 2011 2016

*Note: Historical financial results are adjusted to exclude discontinued operations and special items. Net revenue results are also adjusted to normalize for the impact of our IBO conversion, primarily an impact
to 2011 revenues due to higher revenue under the previous distribution model. See the appendix for a reconciliation of these non-GAAP measures.

50
 3
DISCIPLINED CAPITAL STEWARDSHIP

CASH FLOWS CAPITAL EXPENDITURES

Operating Cash Flow (net of proceeds from sale of fixed assets)
Free Cash Flow(1) 71 70 72
65
50
261

189
2012 2013 2014 2015 2016

141 140 146

DAYS WORKING CAPITAL(3)

93 96
45
76 70 37 38 39
31

22

2012 2013 2014(2) 2015 2016 2012 2013 2014 2015 2016
1) The company defines free cash flow as cash provided by operating activities less capital expenditures net of proceeds from the sale of fixed assets.
(2) Taxes paid for the gain on the sale of Private Brands of $127.4 million were excluded from our calculation of free cash flow for 2014 as this operating cash outflow was generated by a non-recurring transaction.
Note: See the appendix for a reconciliation of these non-GAAP measures.
(3) Days Working Capital reflects average working capital multiplied by 365 divided by annual revenues. The Days Working Capital calculation includes results from both continuing and discontinued operations.

51
 4
STRONG BALANCE SHEET AND FINANCIAL FLEXIBILITY

CAPITAL ALLOCATION PRIORITIES LEVERAGE RATIO*

Organic investments
Fuel for Growth
M&A

Leverage targets
Debt Reduction
Financial flexibility 4.5x 4.2x
3.8x
~3.0x
~2.5x
Dividend policy
Return to Shareholders
Share repurchases

Feb 29 2016 Dec 31 2016 Jan 3 2017(1) Dec 31 2017 Target

DMND Close Estimate

*Ratio of Total Debt to Debt Covenant EBITDA. Debt Covenant EBITDA is adjusted for acquisition and integration costs, stock-based
compensation, and unusual items that impact the comparability of our financial information, as defined in our Credit Agreement.
(1) Represents unaudited pro forma information giving effect to the use of $119 million of proceeds received from the sale of Diamond of
California on January 3, 2017 to repay debt as if such repayment had taken place on December 31, 2016.

52
 2017 FINANCIAL OUTLOOK*

In millions, expect per share amounts

2016 Actuals 2017 Outlook: Low-end 2017 Outlook: High-end

Total Net Revenue $2,109 $2,250 7% growth $2,290 9% growth

(3% organic) (5% organic)

EPS $1.11 $1.32 19% growth $1.42 28% growth

Adj. EBITDA $284 $330 16% growth $345 21% growth

Additional Assumptions

Capital Expenditures: $90 - $100 Tax Rate: 33.5% - 34.5% Interest Expense: $32 -$35 Weighted Avg. Shares: ~98
Note: 2017 outlook excludes special items. 2016 actual results exclude discontinued operations.
*See press release dated February 13 2017. Full-year 2017 GAAP guidance are not provided in this release due to the likely occurrence of one or more of the following items where the Company is unable to reliably
forecast the timing and magnitude: Continued transaction and integration related costs associated with the divestiture of Diamond of California, other potential transactions and their related costs, settlements of
contingent liabilities, possible gains or losses on the sale of businesses or other assets, restructuring costs, impairment charges, and the income tax effects of these.

53
Appendix
NON-GAAP RECONCILIATION TABLES

Net Revenue 2011 2012 2013 2014 2015 2016

Net revenue from continuing operations 1,361,889 1,362,911 1,504,332 1,620,920 1,656,399 2,109,227
Special items - - 266 - - -
Adjustment for IBO conversion (57,000) (9,375) - - - -
Net revenue, excluding special items and IBO conversion 1,304,889 1,353,536 1,504,598 1,620,920 1,656,399 2,109,227

Operating Margin 2011 2012 2013 2014 2015 2016

GAAP gross profit 521,160 490,595 541,259 578,462 579,289 763,790
GAAP SG&A expense (472,636) (415,610) (447,170) (478,532) (477,911) (660,229)
Operating Income from continuing operations 48,524 74,985 94,089 99,930 101,378 103,561
Special Items included in operating income 9,735 8,928 4,966 7,783 18,294 82,167
Operating income excluding special items 58,259 83,913 99,055 107,713 119,672 185,728

Operating margin %, excluding special items and IBO conversion 4.5% 6.2% 6.6% 6.6% 7.2% 8.8%

Adjusted EBITDA Margin 2013 2014 2015 2016

Income before interest and taxes 102,308 104,850 90,456 104,485
Depreciation and amortization 53,600 62,200 70,379 94,784
EBITDA 155,908 167,050 160,835 199,269
Special items included in EBITDA 6,866 4,277 30,290 84,841
Adjusted EBITDA 162,774 171,327 191,125 284,110

Adjusted EBITDA %, excluding special items 10.8% 10.6% 11.5% 13.5%

Note: All items presented include only continuing operations.

Diluted EPS 2011 2012 2013 2014 2015 2016

Income from continuing operations 20,468 45,064 55,239 59,275 50,685 41,984
Total special items after tax 9,514 3,823 4,187 5,890 21,257 61,536
Income from continuing operations excluding special items 29,982 48,887 59,426 65,165 71,942 103,520

Diluted EPS, excluding special items $ 0.44 $ 0.71 $ 0.85 $ 0.92 $ 1.01 $ 1.11

55
NON-GAAP RECONCILIATION TABLES

Free Cash Flow

2011 2012 2013 2014* 2015 2016

Cash flow provided by operating activities $ 111,528 $ 92,768 $ 140,736 $ 140,425 $ 146,154 $ 261,199
Purchases of fixed assets (57,726) (80,304) (74,579) (72,056) (51,468) (73,261)
Proceeds from the sale of fixed assets 4,351 9,324 9,448 2,122 1,776 1,409
Free cash flow $ 58,153 $ 21,788 $ 75,605 $ 70,491 $ 96,462 $ 189,347

* Taxes paid for the gain on the sale of Private Brands of $127.4 million w ere excluded from our calculation of free cash flow for 2014 as this operating cash outflow
w as generated by a non-recurring transaction.

56