May 6, 2015

2014 MESSAGE TO SHAREHOLDERS“The Right Growth”

Corporate office is located in Richmond, BC

State-of-the-art operations across Canada and the US

2014 revenues of $1.2 billion and growing

6% to 8% targeted organic growth rate

Approximately 4,000 employees

Track record of stable and growing cash flow

Track record of successful acquisitions

Dividends with growth

Paid out $217.2 million of dividends since initial declaration in 2005

Compounded annual sales growth rate since 2005 of 22%

Company Profile

Exclusive Dealer

Manufacturing Plant

Distribution Centre

Distribution and Processing

Prince George

VictoriaVancouver

Kelowna

SeattleFerndale

BurnabySurrey

DeltaLangley

Reno

Nanaimo

Edmonton

CalgarySaskatoon

ReginaWinnipeg

Yorkton

Toronto

Laval

Brampton

WaterlooArthur

Columbus

Geographic Reach

Revenues 2014 2013

Canada $974.3m $879.0m

U.S. 267.4m 193.7m

Total $1,241.7m $1,072.7m

COMPANY TRANSFORMATION (millions of dollars)

2001 2014

Revenue 146.2 1,241.7

EBITDA 10.3 76.1

OUR VISION

“To invest in specialty food businesses featuring entrepreneurial cultures; great tasting foods made with

wholesome ingredients; and a passion for both their local communities and what is best for our planet”

CRITERIA FOR SUCCESS

• Focus on delicious and nutritious

• Use of the best ingredients available

• Products must tell a story “from farm to fork”, “from sea to fork”

• Innovation leadership

• Respect for the environment

• Giving back to community

• Corporate humility

Specialty food products

Leading regional brands

State-of-the-art operations

Differentiated (specialty) food distribution

Building entrepreneurial businesses

Focus on emerging trends

Big fish in a small pond

Acquisitions

Key Business Strategies

Diversified Customer BaseSales by Customer Category

Chains & Large Format Stores33.1%

Independent & Specialty Retailers28.5%Other

1.5%

Direct18.0%

Indirect4.5%

Trading2.8%

Chains & Large Format Stores5.0%

Independent & Specialty Retailers

6.6%

RetailFoodservice

Diversified Product PortfolioSales by Product Category

Sandwiches20.4%

Premium processed meats13.5%

Deli Products16.6%

Mainstream Processed Meats

0.9%

Meat snacks7.7%Baked goods

2.1%Pasta0.6%

Other1.3%

Seafood12.6%

Beef11.8%

Pork3.4%

Poultry4.0%

Concession products and equipment

2.6%

Other2.5%

RetailFoodservice

Product Category 2014 Purchases

% of Sales

2013 Purchases

% of Sales

Pork 195.7 15.8% 145.0 13.5%

Beef 161.8 13.0% 122.3 11.4%

Seafood 135.3 10.9% 129.8 12.1%

Cheese 72.7 5.9% 54.7 5.1%

Poultry 35.9 2.9% 35.2 3.3%

Freight costs 34.8 2.8% 32.0 3.0%

Turkey 30.1 2.4% 31.0 2.9%

Energy costs 13.0 1.0% 12.0 1.1%

Lamb 11.5 0.9% 11.4 1.1%

Corrugated Costs 9.3 0.7% 7.0 0.7%

Fuel 4.5 0.4% 4.5 0.4%

Popcorn 2.2 0.2% 2.1 0.2%

Risk Diversification – Suppliers and Raw Materials

Distribution Raw Material / Commodity Purchases (C$ mm)

Branded Sales Breakdown by Manufacturing Channel

Internal65%

3rd Party Manufacture

35%

Manufacturing Breakdown

Company Brand Name

20%

3rd Party Brand Name40%

Unbranded, 40%

3rd Party Manufacturers

Company Brand Name

60%

3rd Party Brand Name

30%

Unbranded10%

Internal

Brands

Premium Processed

Meats

Deli Products and Meat Snacks Sandwiches Bakery and Pasta Foodservice Seafood

Case Study (millions of dollars)

Sandwich Category

BusinessTransaction / Project

Completion / Closing

180,000 sf plant in Columbus, OH Q3-2014

20,000 sf plant in Laval, QC Q2-2012

Deli Chefacquisition Q1-2011

SK Food Group acquisition Q4-2010

27,000 sf plant in Delta, BC Q2-200836.5 37.9 30.7

50.9

154.5

174.8

199.3

253.9

0

50

100

150

200

250

300

2007 2008 2009 2010 2011 2012 2013 2014

Sandwich Revenues

Case Study (millions of dollars)

Seafood Category

BusinessTransaction / Project

Completion / Closing

Ocean Miracle acquisition Q4-2014

8,100 sf seafood processing facility Q1-2013

Acquisition of business of HarbourMarine Q1-2013

Hub City Fisheries acquisition Q4-2010

Maximum Seafood acquisition Q2-2010

B&C Foods acquisition Q3-2008

Centennial Foodservice acquisition Q3-2007

9.3

23.1 29.7

60.0

111.8 118.5

136.4

156.7

0

20

40

60

80

100

120

140

160

180

2007 2008 2009 2010 2011 2012 2013 2014

Seafood Revenues

INGREDIENTS: BEEF, SEA SALT, CANE SUGAR, PINEAPPLE JUICE, APPLE CIDER VINEGAR, SPICES, MOLASSES, ASCORBIC ACID (VITAMIN C), GARLIC, SODIUM NITRITE, SMOKE.

FINANCIAL OVERVIEW

This presentation contains forward looking statements with respect to Premium Brands Holdings Corporation (the “Company”), including its business operations, strategy and financial performance and condition. While management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company’s internal expectations and belief as of the date of this presentation, such statements involve unknown risks and uncertainties beyond the Company’s control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements. Forward looking statements generally can be identified by the use of the words “may”, “could”, “should”, “would”, “will”, “expect”, “intend”, “plan”, “estimate”, “project”, “anticipate”, “believe” or “continue”, or the negative thereof or similar variations.

There are a number of factors that could cause actual results to differ materially from the Company’s expectations as outlined in this presentation.

Unless otherwise indicated, the forward looking information in this presentation is made as of the date of this presentation and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking information in this presentation.

Forward Looking Statements

Revenue (millions of dollars)

Trend Analysis

• Historic CAGR of 23%• Acquisitions are main driver• Historic organic growth of

approximately 7%

• Long-term organic growth objective is 6% to 8%• 4% to 6% net of inflation

• Focus on steady profitable growth

• 2014 growth of 15.8%• $68.6 million in selling price

increases• 5.5% organic growth excluding

inflation and US exchange

• 2.3% acquisitions related

• Organic growth for 2015 expected to exceed targeted range• Inflation• Investments in future earnings

• General growth initiatives

 ‐

 200

 400

 600

 800

 1,000

 1,200

 1,400

2010 2011 2012 2013 2014 Q1‐2015 TTM

 Canada  US

535.2

788.9

960.1

1,072.7

1,241.71,307.4

Adjusted EBITDA (millions of dollars)

Trend Analysis

• Historic CAGR of 19%

• 2014 impacted by temporary factors:

• Record raw material cost increases

• Investments in future earnings

• Expected to show significant improvement in 2015

• Margin normalization

• Maturity / completion of investments in future earnings

• General organic growth

• Targeted adjusted EBITDA margin range of 8% to 8.5%

42.0 

54.9 

68.3 70.9 

76.1 

83.9 

 ‐

 10

 20

 30

 40

 50

 60

 70

 80

 90

 100

2010 2011 2012 2013 2014 Q1‐2015 TTM

TTM 2014 2013 2012 2011 2010

Restructuring 19.9 20.3 12.7 5.7 2.8 -

Net earnings 13.2 11.4 12.7 15.2 12.8 13.9

EPS 0.59 0.52 0.60 0.73 0.68 0.79

Adjusted EPS (1) 1.15 0.92 0.95 0.94 0.88 0.84

Earnings volatility in recent years driven by: Investments in future growth (plant start-up and restructuring costs) Acquisition activities Unusual gains / losses on redundant asset sales Fair market valuation of various assets / liabilities

(1) Excludes on a tax-adjusted basis: (i) acquisition costs; (ii) accretion on provisions; (iii) foreign currency and swap contract gains/losses; (iv) plant start-up restructuring costs; and (v) unusual gain/losses.

Net Earnings (millions of dollars except per share amounts)

Trend Analysis

Q1-2015 Q1-2014 Change PercentChange

Sales 332.6 266.9 65.7 24.6%

Adjusted EBITDA 19.1 11.2 7.9 70.0%

Plant start-up and restructuring 2.9 3.4 0.5 -13.1%

Net earnings 3.6 1.9 1.7 91.0%

EPS 0.16 0.09 0.07 77.7%

Adjusted EPS (1) 0.24 0.01 0.23

(1) Excludes on a tax-adjusted basis: (i) acquisition costs; (ii) accretion on provisions; (iii) foreign currency and swap contract gains/losses; (iv) plant start-up restructuring costs; and (v) unusual gain/losses.

Q1-2015 Results (millions of dollars except per share amounts)

Investment in Future Earnings (millions of dollars)

Investment

ProjectAcquisition /

Capex

Plant Start-Up /

Restructuring TotalDate

CompletedFreybe acquisition and related deli meats production capacity reconfiguration 54.9 12.9 67.8 Q2-2014

Sandwich capacity expansion 29.5 18.2 47.7 Q2-2015

New artisan bakery 17.3 1.5 18.8 Q1-2012

Ocean Miracle acquisition 6.4 - 6.4 Q4-2014

NDSD rationalization - 5.3 5.3 Q2-2014

108.1 37.9 146.0

Completed $69.0 million convertible debenture offering in April 2015

Also in April 2015 announced notice of intention to redeem 5.75% convertible debentures

Q1-2015 Pro-forma financial position (1)

Unused credit capacity $112.7 million

Senior debt to adjusted EBITDA ratio 1.7 : 1.0 Long-term target of 2.5:1 to 3.0:1

Total funded debt to adjusted EBITDA ratio 3.8 : 1.0 Long-term target of 4.0:1 to 4.5:1

Expect leverage ratios to further strengthen with growth in adjusted EBITDA

(1) Reflects $69.0 million debenture offering ($65.7 million net proceeds) and assumes conversion of all outstanding 5.75% debentures ($22.40 conversion price)

Liquidity and Financial Position

Q1-2015 TTM free cash flow of $65.5 million versus TTM dividends of $28.9 million resulting in a 44.2% payout ratio

Long-term targeted payout ratio of 50% Quarterly dividend increased by 10.4% to $0.345 / share effective Q1-2015 New annualized dividend rate is $1.38 / share vs previous $1.25 / share

Dividends

 1.00

 1.20

 1.40

 1.60

 1.80

 2.00

 2.20

 2.40

 2.60

 2.80

 3.00

2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1‐2015TTM

Dividend per share

Free Cash Flow per share

Business diversity Specialty products focus (pricing power) Entrepreneurial culture (able to adapt quickly to change) Modern production assets

Efficiency Food safety

Product diversity Customer diversity Commodity diversity

DividendsRisk Mitigation Strategies

RONATrend Analysis

14.0%13.1% 13.1%

12.4%13.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2010 2011 2012 2013 2014

Long-term target (15.0%)

Long-term WACC (10.0%)