#1freshpet Investor Presentation: January 2019 bringing the power of fresh food to pets Freshpet SWEET CORN CUT FLOWERS PEPPERS BROCCOLI ZUCCHINI CUCUMBERS 1#2Safe Harbor Forward Looking Statements This presentation contains "forward-looking" statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the Company's results may differ materially from those expressed or implied by such forward- looking statements. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate and any statements of assumptions underlying any of the foregoing. These statements are based on estimates and information available to us at the time of this presentation and are not guarantees of future performance. These forward-looking statements are based on certain assumptions and are subject to risks and uncertainties, including those described in the "Risk Factors" section and elsewhere in the preliminary prospectus for this offering. You should read the prospectus, including the Risk Factors set forth therein and the documents that the Company has filed as exhibits to the registration statement, of which the prospectus is a part, completely and with the understanding that if any such risks or uncertainties materialize or if any of the relevant assumptions prove incorrect, the Company's actual results could differ materially from the results expressed or implied by these forward-looking statements. Except as required by law we assume no obligation to update these forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Non-GAAP Disclosure This presentation contains certain non-GAAP financial measures such as EBITDA and adjusted EBITDA among others. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to the Company's earnings press releases for a reconciliation of non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP. freshpet 2#3reshpet SELECT SLICE & SERVE ROLL NET WIT 15 13 (680) FRESH freshpet SELECT CE & SERVE ROLL freshpet WE FUNDAMENTALLY BELIEVE THAT FRESHPET HAS THE POTENTIAL TO CHANGE THE WAY PEOPLE FEED THEIR PETS . . . FOREVER 3#4Freshpet Lives at the Intersection of Two Very Powerful Macro-Trends in CPG Humanization Fresh, Wholesome, of freshpet Pets All-Natural Foods 4#5We start with FRESH ingredients & finish with FRESH food. Freshpet SELECT Gouly canked to lock in t CHUNKY CHICKEN & TURKEY RECIPE MADE IN THE USA MADE DE WITH FRESH INCR No preservatives, no additives...only the WHOLE NURISHMENT pets need. 5#6A difficult business to replicate Differentiated Innovative forms, technologies, and appearance Manufacturing Proprietary technology, processes, and infrastructure High Brand Loyalty Alignment with deep pet parent emotional motivations Product Performance Freshpet Fridge Branded, company-owned real estate freshpet Brand Equity Freshpet Technical Knowledge Freshpet Franchise Supply Chain Production Scale Only national refrigerated pet food network in North America Distribution Scale Freshpet Fridge Placements Walmart > Kroger petco WHOLE FOODS MARKET TARGET Retailer Partners Delivers benefits in traffic, frequency and retailer margins 6#7We Operate Differently Delighting consumers with fresh food & our company ideology PETS. PEOPLE PLANET Environmentally Focused Community & Consumer Engagement Employee Engagement#8In 2017, we launched our new strategy freshpet Cost Savings Investment in Media SG&A Leverage Freshpet FEED THE GROWTH Velocity Increase (+Revenue) Plant Leverage (Incr. Pounds Produced) Distribution Increase (+Revenue) 8#9Growth Goal: $300 million net sales as soon as 2020 Future Economic Model Projected Growth Rate FY 2016 15% 2020 15-20% Stores 16,609 23,000 ACV % 40.4 > 50 Adj. Gross Margin 50.9% 52% Adj. EBITDA Margin 13% 20% Media Investment ~6% of sales ~9% of sales Advertising Payback Free Cash Flow 1.5 yrs <1 yr -$13.9M ~15% of sales* *Before capacity expansion for sales beyond $300 million $ in millions freshpet 6#1035.0 30.0 25.0 20.0 Accelerated growth in mega-channel 15.0 14.8 12.0 10.0 5.0 0.0 Nielsen Mega-Channel: XAOC + Pet + WFM Sales Growth 2018 fresh consumption +28% 17.8 25.0 23.0 21.8 21.6 27.7 30.8 8.2 8.0 7.4 7.3 7.4 6.3 6.5 6.7 6.8 6.5 5.9 JFM 16 W/E AMJ 16 - W/E JAS 16 - W/E OND 16 - W/E JFM 17 - W/E 04/02/16 07/02/16 10/01/16 AMJ 17 - W/E JAS 17 - W/E OND 17 - W/E JFM 18 - W/E AMJ 18 - W/E 07/01/17 09/30/17 03/31/18 06/30/18 12/31/16 04/01/17 $ % Chg YA ACV % Chg YA 12/30/17 ....Linear ($ % Chg YA) JAS 18 - W/E OND 18 - W/E 09/29/18 12/29/18 freshpet 10#11Steady distribution growth & accelerating velocity 25% 20% 15% 15% 15% 14% 10% 5% 4% 2% 0% Freshpet Distribution and Velocity Progress (Growth vs. YA) 15% 12% 11% 16% 15% 22% 21% 9% 8% 8% 7% 7% 7% 7% 6% 6% 6% 6% 6% 6% 6% 3% 3% 19% 0% 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 4 W/E 01/02/16 01/30/16 02/27/16 03/26/16 06/18/16 10/08/16 12/31/16 03/25/17 07/15/17 10/07/17 12/30/17 03/24/18 07/14/18 10/06/18 12/29/18 freshpet brand PET FOOD ■%ACV IYA $ / $MM ACV IYA Nielsen Mega-Channel ACV and $M/$M ACV for 4 week periods 1/2/16 to 12/29/18 11#12freshpet 2018 Key Developments 12#13Expect to deliver our 2018 guidance 2017 Actuals 2018 Guidance Change vs. YA Net Sales ($ millions) $152.4 >$190 >25% Adjusted EBITDA ($ millions) $17.6 >$20.0 >14% freshpet 13#14freshpet Advertising drove penetration gains which drove growth 1.5 1.45 1.4 1.35 1.3 1.25 1.2 1.15 1.1 1.05 1 Cumulative Media Spending vs. 52 Week Core Dog Penetration $40,000,000 Jan-17 Feb-17 Mar-17 Apr-17 HH Penetration May-17 Jun-17 Jul-17 Aug-17 Sep-17 Cumulative Spend Oct-17 Nov-17 Dec-17 Jan-18 Linear (HH Penetration) Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $- Linear (Cumulative Spend) Nielsen HH Panel date for Freshpet Core Dog (Rolls, Roasted Meals and Fresh from the Kitchen) - Rolling 52 week penetration data 14 14#150 JFM 14 W/E 04/05/14 2,000,000 AMJ 14 W/E 07/05/14 4,000,000 JAS 14 W/E 10/04/14 OND 14 W/E 01/03/15 Ж 6,000,000 JFM 15 W/E 04/04/15 AMJ 15 W/E 07/04/15 8,000,000 JAS 15 W/E 10/03/15 OND 15 W/E 01/02/16 10,000,000 JFM 16 W/E 04/02/16 AMJ 16 W/E 07/02/16 Highly successful innovation drove 14,000,000 12,000,000 Successful bag innovations $ freshpet Since 2016, mix has hurt core gross margin by >120 bps. Will be addressed in 2019. JAS 16 W/E 10/01/16 OND 16 W/E 12/31/16 JFM 17 W/E 04/01/17 Small Dog Rolls Large Dog Rolls Dog Roasted Meals FFTK Treats Stews 16,000,000 AMJ 17 W/E 07/01/17 JAS 17 W/E 09/30/17 OND 17 W/E 12/30/17 JFM 18W/E 03/31/18 AMJ 18 - W/E 06/30/18 15 JAS 18 W/E 09/29/18 OND 18 W/E 12/29/18 revenue but margin % mix#16Growing pains: Increased staffing ahead of demand increased production costs $53,000,000 $51,000,000 $49,000,000 $47,000,000 $45,000,000 $43,000,000 $41,000,000 $39,000,000 $37,000,000 $35,000,000 Q1 Labor Productivity $220,000 $210,000 $200,000 $190,000 $180,000 Began 24/7 Production $170,000 Q2 Q3 Revenue Produced $Revenue Per FTE $160,000 $150,000 freshpet Increased staffing +37% vs. June '18 to convert lines to 24/7 production in Sept. '18 and Jan. '19 16#17Encouraging progress in Canada and the UK On-track to become a meaningful contributor post-2020 UK Advertising Test Results Advertising Test WeekWeekWeek Week Week Week Week Week Week WeekWeek Week Week Week Week Week Week WeekWeek Week Week WeekWeek 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 freshpet brand FP Merch & TV Stores -TV Only -All Other Tesco 17#18E-commerce strategy showing significant upside potential E-commerce Strategy: Grow with winning fresh players Kroger Walmart Pickup-Grocery Order online. Pick up SHIPT" ClickList instacart Home Delivery Curbside freshpet Online Fresh Retail amazon fresh et freshdirect. Peapod Curbside from HOмe PETSMART Freshpet E-Com Sales 2016 2017 2018 2019P 2020P Doubled e-commerce sales to 1.5% of net sales in FY18 Q3 vs. FY17 Q3 >70% of e-commerce sales utilize Freshpet Fridges 18#19freshpet DIG DEEPER 2019 1999#20Freshpet 2019 growth priorities Expand the Freshpet consumer franchise Increase HH penetration Cost Savings Investment in Media Expand buying rate Strengthen Freshpet's retail presence Increase ACV and TDP's Upgrade Fridges Install 2nd Fridges SG&A Leverage Freshpet FEED THE GROWTH Velocity Increase (+Revenue) Plant Leverage Distribution Increase (+Revenue) (Incr. Pounds Produced) Strengthen Gross Margin/Adjusted EBITDA Margin Pricing Product Innovation Efficiency gains and capacity utilization. Build more efficient capacity (Kitchens 2.0 start-up in 2020) Deliver SG&A absorption gains Continue Measured Development in Canada and UK Modest investment to establish consumer foundation freshpet 20#21Expand the Freshpet consumer franchise Increase advertising $$ investment vs. 2018 (same % of sales as 2018) More weeks Higher media weights TV freshpet Mary Ann+ Powell, OH Rudy Digital/Social freshpet MAKE THEM & KEEP THEM HAPPY HEALTHY LEARN MORE Bryce & Tank Leander, TX Freshpet Real pet food comes from the fridge FRESH LEARN MORE 21#22Expand Freshpet's retail presence Strong velocity growth is driving increased retailer interest >20% velocity growth at many top retailers (avg. 17% in XAOC) Fastest growing pet food brand in many top retailers High productivity per square/linear foot vs. category average Double digit market shares at some leading retailers Freshpet supports retailers' "fresh" strategies /less likely "showroomed" Will exceed 20,000 stores in 2019 Upgraded 805 Fridges in 2018 freshpet REAL FOOD FRESH FROM THE FRIDGE REAL FOOD FRESHFROM THE FRIDGE REAL FOOD FRESH FROM THE FRIDGE freshpet freshpet freshpet TIER 3 1 Medium/Small Chiller Limited Selection 10-17 Items TIER 2 1 Large Chiller Mainline Selection 20-25 Items TIER 1 2 Large Chillers Latest Innovation, Multi Brand 30-35 Items New Cooler Technology 22#23With aspirations to change the category forever Good .REAL FOOD FRESH FROM THE FRIDGE freshpet freshpet fresher Better REAL FOOD FRESH FROM THE FRIDGE .REAL FOOD FRESH FROM THE FRIDGE™ freshpet BUILD YOUR OWN BOWL freshred freshpet FRESH, REAL FOOD STRAIGHT FROM THE FRIDGE freshpet Best FRESH FOOD No Peneration ALL NATURAL POULTRY, BEY & FISH IT'S ALL ABOUT FRESH FOOD! FRUITS & VEGETABLES 23#24Strengthen gross margin/adjusted EBITDA margin Pricing • Targeted bag items • Increase margins on lower margin items Improve mix freshpet -SELECT- SMALL DOG BITE SIZED CHICKEN RECIPE Innovation • Increase appeal of rolls Higher margin bag items Improve mix MULTI- PROTEIN SALMON & EGG freshpet SELECT FRESH SLICE & SERVE ROLL COGS • Increase yield/throughput . Grow into staffing Break ground on Kitchens 2.0 SG&A • Scale benefits in freight • G&A growth significantly < sales growth freshpet 24#25Continue measured development in Canada & UK Validation Establishment Expansion Product Distribution Marketing Investment Pricing Concept Supply Chain Fridge Supply/Service Customer acceptance ✓ Consumer Marketing Financials Organization Customer Relationship In-store replenishment Innovation Plan Image/Advertising Product Innovation Retail Coverage freshpet 25#26Driving net sales towards $500+ million and beyond freshpet $1,200.0 $1,000.0 $800.0 $600.0 $400.0 $200.0 $- 2016 Freshpet Growth Potential + 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 2017 2018 2019 2020 2021 2022 2023 2024 2025 I Media Spending ($ millions) Buying Rate Revenue ($ million) Core Dog HH Penetration 26#27Delighting pet parents, pets, shareholders and employees ... freshpet Melissa & Zooka Canton, MI 27 22#28Freshpet Appendix PUG OFF, PROPYLENE GLYCOL#29Freshpet Consumption, Distribution and Penetration Data PRESERVATIVES CAN KISS MY MUTT#30Growing 25 pts. faster than the category in all classes of trade % Change vs YA by Class of Trade JFM 18 AMJ 18 JAS 18 OND 18 Total XAOC+Pet+WFM 25.0 27.7 30.8 29.3 Total US XAOC 27.6 29.0 32.7 31.9 $ % Chg YA Total US Food 32.1 32.6 37.5 38.8 TTL Pet Specialty (Petco + Petmsart) 15.6 23.6 23.1 19.7 Kroger SAFEWAYS Walmart WHOLE FOODS COSTCO WHOLESALE O TARGET MARKET freshpet brand PET FOOD PETSMART Nielsen: Freshpet RFG $ Latest 4 Week Data as of 10.6.18 كاسح PETCO BJ's 30#31Growing distribution reach (ACV) and depth (TDP) with significant room to grow Freshpet % ACV Trend 50.0 45.0 40.0 35.0 30.0 25.0 20.0 JFM 14 W/E 04/05/14 AMJ 14 - W/E 07/05/14 AMJ 15 - W/E 07/04/15 JFM 17 - W/E 04/01/17 JAS 14 W/E 10/04/14 OND 14 - W/E 01/03/15 JFM 15 - W/E 04/04/15 JAS 15 W/E 10/03/15 JFM 16 - W/E 04/02/16 OND 15 - W/E 01/02/16 AMJ 16 - W/E 07/02/16 JAS 16 W/E 10/01/16 OND 16 - W/E 12/31/16 Nielsen Mega-Channel % ACV for 13 week periods 4/5/14 through 12/29/18 JAS 17 - W/E 09/30/17 AMJ 18 W/E 06/30/18 AMJ 17 - W/E 07/01/17 OND 17 W/E 12/30/17 JFM 18 W/E 03/31/18 JAS 18 W/E 09/29/18 OND 18 - W/E 12/29/18 700.0 650.0 600.0 550.0 500.0 450.0 400.0 350.0 freshpet Nielsen Mega-Channel TDP for 13 week periods 4/5/14 through 12/29/18 300.0 JFM 16 - W/E 04/02/16 JFM 14 W/E 04/05/14 AMJ 14 - W/E 07/05/14 JAS 14 W/E 10/04/14 OND 14 - W/E 01/03/15 JFM 15 - W/E 04/04/15 AMJ 15 - W/E 07/04/15 JAS 15 W/E 10/03/15 OND 15 - W/E 01/02/16 Freshpet Total Distribution Points (TDP) Nielsen Mega-Channel JFM 18 - W/E 03/31/18 AMJ 16 - W/E 07/02/16 JAS 16 - W/E 10/01/16 OND 16 - W/E 12/31/16 JFM 17 - W/E 04/01/17 AMJ 17 - W/E 07/01/17 JAS 17 - W/E 09/30/17 OND 17 - W/E 12/30/17 AMJ 18 - W/E 06/30/18 JAS 18 W/E 09/29/18 OND 18 W/E 12/29/18 31#32freshpet 18.0% YTD % CHG 17.8% Customer A 2018 Same Store Sales Growth by Vintage Representative Customer ■Original 2013 2014 2015 ■ 2016 20.1% 28.2% 31.5% 32 Strong velocity growth regardless of how long the fridge has been in place 19.4% YTD % CHG 21.5% Customer B 2018 Same Store Sales Growth by Vintage Representative Customer ■Original 2011 2012 2013 ■2014 2015 2016 21.6% 22.4% 24.1% 23.9% 30.8%#33Increased penetration & buying rate Total Freshpet Buying Rate, Penetration and Repeat Rate TTL FP RFG $101.36 $88.78 $91.39 $81.73 $62.86 52 W/E 10/11/14 52 W/E 10/10/15 52 W/E 10/08/16 Buy Rate 52 W/E 10/07/17 52 W/E 10/06/18 Penetration Repeat 1.40 64 freshpet brand PET FOOD 1.47 67 1.54 1.77 2.02 68 69 70 Source: TTL FP RFG, 52 weeks ending 10/6/18, Nielsen HH Panel, Internal Buy Rate Calculation, Repeat NBD-Adj Nielsen HH Panel 33#34Adding new buyers who behave like previous buyers $29.13 $86.33 New User Buying Rate: Freshpet Core Dog $28.20 $74.48 $31.75 $76.64 New in 2015 Retained into 2016 New in 2016 Retained into 2017 New in MY 2017 Retained into MY 2018 MY= 52 weeks ending June freshpet Nielsen HH Panel date for Freshpet Core Dog - 52 week buying rate data for new users by year 34#35Freshpet Consumer Insights RESCUE ME FROM PROPYLENE GLYCOL#36Reasons to Start Buying Freshpet Copyright 2017 The Nielsen Company (US), LLC. Confidential and proprietary. Do not distribute. 39 31 28 More like real food Wanted to give my dog Healthier higher quality nutrition 43 25 27 25 22 22 80% Health 70% Dog Eating Woes 50% Add Variety to Meal 22 22 22 21 21 21 27 21 Made with Dog was Wanted to give dog the freshest a picky something ingredients special eater New Freshpet Buyers Looked tastier Looking for variety improve to add to dog's dog's meal health time To Wanted something getting to add to older dog's dry food Dog Dog didn't enjoy his food Dog was excited to eat it Source: Nielsen NLR Survey 2017, n=67 Why have you INSERT Q9 RESPONSE: started purchasing, purchased more of Freshpet in the past 12 months compared to the previous 12 months? Please select Note: Top 13 responses shown all that apply. freshpet#37Barriers to purchasing Freshpet (among prime prospects) III AWARENESS 43% Aided Awareness FP PROPOSITION Making the Strange, Familiar • It's freshER • Roll looks like a Sausage/"Gross Factor" • COMPLACENCY • ~40% Content w/ Brand It's Fine, Works Shopping on Auto- Pilot/By-Pass Fridge INCONVIENENT • 10% Purchase AVAILABILITY 14% Not Available PRICE/VALUE • 22% Too Expensive Too Often • 5% Too Much Trouble • 45% ACV freshpet freshpet Source: 2016 FP Brand Tracker, 2016 FP A&U, TTL Aware Non Users/Prime Prospects Main Reason Not Purchasing, Shop-A-longs, n=202 37#38Freshpet pet parent segments Visitors (Use Occasionally) 40% of FP Buyers 15% of FP $ FP Spend: $37 Loyal (Use Exclusively or Most Often) 31% of FP Buyers 53% of FP $ FP Spend: $167 Mixers (Use FP Regularly, but Use Others Brand More) 29% of FP Buyers 32% of FP $ FP Spend: $107 freshpet Source: Nielsen 2017 NLR Custom Survey, 2016 A&U, Nielsen Demos 2017, 2018 Mini A&U, 38#39Encouraging franchise longevity Freshpet Number of Dogs in HH 36% 2+ Dogs, 49% 1 Dog, 51% 5-10 yrs old Dog Age 10% 5% 11+ yrs 6 mos old under 14% 6-11 mos 62% 1-4 yrs old freshpet Source: Visible Difference Survey, September 2018; 2016 FP A&U, green highlight notes statistical difference at least at 80% confidence level 39#40Freshpet feeding behavior by size of dog Freshpet: Meal vs Mixer (1 Dog HHs) FreshPet Loyalty 29% 21% 39% 33% 64% 63% 69% 88% 79% 61% 67% 71% 38% 36% 31% Less than 10 10-24 pounds 25-50 pounds pounds Over 50 pounds As the Meal As a Mixer Less than 10 10-24 pounds Exclusive pounds freshpet Source: FP Panel, FP088, n=123 Single Dog HHS, FP Regular Users 12% 25-50 pounds Over 50 pounds Regular | 40#41Freshpet pet parents notice a difference Freshpet Pet Parents are significantly more likely to have experienced a visible difference in their dog(s) % Noticed a Visible Difference in Dog Freshpet Dog Food Competitive Dog Food Top-Two Box Percentages (i.e. Much/Somewhat Better) Freshpet Dog Food Feeders Competitive Dog Food Feeders % % Feeders Feeders More Enthusiastic for Eating 74 50 % % Improved Appetite (Less of a Picky Eater) 73 48 Increased Energy Level 72 54 Yes 83 62 Shinier Coat 71 53 No 17 38 Happier 70 53 Better Stools Fewer Upset Stomach Episodes Healthier Skin Fresher Breath (Less Stinky) Improved Muscle Tone Healthier Weight Brighter Eyes Less Flatulence Alleviated Allergies Less Tear Staining 70 51 68 45 67 49 66 44 66 43 64 45 64 43 64 41 59 33 54 34 freshpet Source: Visible Difference Study, Sept 2018. green highlight notes statistical difference at 95% confidence level 41#42Freshpet Growth Potential TOCOPHEROLS MAKE MY HAIR STAND ON END#43Just scratching the surface of HH penetration potential Prime Prospects 26% Prime With Top 2 Box Purchase Interest in Freshpet Concept Prospects PP's with Positive Interest (53%) 14% Positive Purchase Intent Super Premium & Premium Pet HH's (50MM) Super Premium & Premium Pet HH's (50MM) By 2025, there will be 7.5 million HH's who have expressed top 2 box purchase interest in the Freshpet idea - and we have reached <2 million so far n=359, n=140 freshpet 43 33#44Freshpet Pricing Data SET FIRE TO PRESERVATIVES#45Grocery and Mass Select is middle of the pack on cost to feed BLUES Cost to Feed a 30lb Dog Daily $8.00 $7.00 $7.47 NUTRISH $7.05 $6.00 $5.31 $5.00 $4.00 $3.00 $2.00 $1.00 in Blue Homestyle Chicken Wet 12.5oz Rachael Ray Nutrish Chicken Wet 8oz Beneful Prepared Meals Chicken Wet 10oz $3.80 $3.30 Beneful dign CHOPPED IAMS": Freshpet FFTK 1.75lb Beyond Simply 9 Chicken Dry 4lb Freshpet Chicken 1.5 lb roll Freshpet Chicken RM 5 lb Nature's Recipe Chicken Dry 12lb Rachael Ray Nutrish Chicken Dry 6lb Blue Life Protection Chicken Formula Dry 11lb $2.40 $2.40 Freshpet Chicken 6 lb roll $2.14 NEW'R Treshoct ADULT $1.92 $1.77 $1.73 $1.62 $1.55 Purina ONE SmartBlend Chicken Dry 8lb ILL $1.28 $0.61 Beneful Healthy Weight Chicken Dry 3.5lb Pedigree Complete Nutrition Chicken Dry 20lb Pedigree Chopped Chicken Wet 22oz lams Proactive Health MiniChunk Dry 7lb $0.61 $0.49 Blue Life Protection Chicken Formula Dry 5lb 45 15#465. Blue Freedom GF Wet 12.5oz Merrick Chicken Wet 12.7oz $1.00 Freshpet Vital Freshcuts 1.5lb Freshpet Vital Beef and Bison 2lb Roll $2.00 Blue Wilderness Chicken Dry 4.5lb Merrick Chicken Dry 4lb Natural Balance LID Chicken Dry 4.5lb $3.00 Blue Life Protection Chicken Formula Dry 5lb Freshpet Vital CM Multiprotein 5.5lb $4.00 $5.00 $6.00 $7.00 $8.00 $7.47 vital $6.48 $5.50 vital 96% FREEDOM Pet Specialty Vital is an economical choice in Pet Cost to Feed a 30lb Dog Daily Title Natural CHINA WEIT POTATO ESSENTIALS Nutro) $4.50 $4.44 $4.37 $4.00 $3.80 $3.77 $3.75 $3.26 $3.09 Vital $2.81 $2.50 $2.42 $2.12 Nutro Wholesome Essentials Dry 5lb Hill's Science Diet Chicken Wet 13oz Blue Wilderness Chicken Dry 11lb Freshpet Vital Chk BN 2lb Roll Hill's Science Diet Chicken Dry 5lb Blue Wilderness Chicken Dry 24lb Freshpet Vital Chk BN 6lb Roll 40 46#47Freshpet Business Model RESCUE ME FROM PROPYLENE GLYCOL#48How We Service Our Customers Produced in Freshpet Kitchens Freshpet kitchens 176 Delivered to Customer's Warehouse Delivered to Grocery, Mass and Club Stores WAL-MART ART 540T ART RT ART WAL MART Shipped to Third Party Warehouse Transported via Third Party Carrier Freshpet freshpet Delivered to Pet Channel Distributor D Delivering Quality Pet Food & Supplies To Your Neighborhood Store www.localeYouR STORE petstore.com PHILLIPS DSD Delivery to Pet Specialty Store PETSMART 4 48 8#49Capturing significant benefits of scale and velocity +900 bps Incremental gains Fixed Cost Pick-Up Manuf. overhead absorption G&A overhead absorption Logistics More cases per pallet More pallets per order/full trucks More straight pallets Ultimately, fewer miles per order Retail Presence Lower % sales to service fridges Higher frequency retail coverage Higher visibility/more sophisticated fridges Fresher product Lower fridge capex per incremental $ of sales Advertising More continuous media freshpet More impactful media vehicles 49