#1freshpet Investor Presentation: May 2019 bringing the power of fresh food to pets Freshpet SWEET CORN CUT FLOWERS PEPPERS BROCCOLI ZUCCHINI CUCUMBERS#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 of Pets freshpet Fresh, Wholesome, All-Natural Foods 4#5Until Freshpet, dogs' choices were really limited Dry Kibble freshpet Canned Mystery Meat 5#6A totally different approach to nourishing our pets REAL FOOD FRESH FROM THE FRIDGE. freshpet freshpet SMALL DOG freshpet freshpet freshpet freshpet freshoet freshpet freshpet fredict freshpe freshpet freshoet freshpet freshnet freshpet freshpet _ set fresh kitchen freshpet HOME COOKED CHICKEN RECIPE Freshock freshpet SELECT brand DOG FOOD freshpet SELECT ROASTED MEALS TENDER CHICKEN RECIPE freshpet Dog Joy TREATS FOR DOGS TURKEY BACON freshpet SELECT Moisture Rich TENDER B BITES COMPLETE MEAL SALMON &gan vegtables FRESH freshpet freshpet SELECT freshpet CHICKEN & BEEF All natural, refrigerated meals made with fresh ingredients.#7We Operate Differently Delighting consumers with fresh food & our company ideology PETS • PEOPLE - PLANET pets. The power of fresh natural & simple foods Less processed Acts of kindness people. Our team Our partners Our families planet. Renewable energy Carbon footprint offset Conservation - land fill free Sustainable practices#8A 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 Production Scale Distribution Scale Supply Chain Only refrigerated pet food network in North America Freshpet Fridge Placements petco Walmart > Kroger WHOLE FOODS MARKET TARGET Retailer Partners Delivers benefits in traffic, frequency and retailer margins 8#9In 2017, we launched our Feed the Growth strategic plan Cost Savings Investment in Media freshpet SG&A Leverage Freshpet FEED THE GROWTH Plant Leverage (Incr. Pounds Produced) Velocity Increase (+Revenue) Distribution Increase (+Revenue) 6#10Delivered strong net sales growth and increasing scale benefits Freshpet Financial Performance 2017 2018 2019 Guidance* Net Sales ($ millions) $152.4 $193.2 >$240 IYA (117) (127) (>124) Adj. EBITDA ($ millions) IYA $17.6 (99) $20.3 (115) >$28 (>138) *Excluding incremental investments in Canada/UK and technical capability/capacity building, Adjusted EBITDA would be up 50+% in 2019 freshpet 10 10#11Accelerating consumption growth $30,000,000 $25,000,000 Nielsen Mega-Channel Consumption Growth 23.7% $20,000,000 21.8% 22.7% 22.3% 21.8% 20.4% 20.1% 19.3% 17.4% $15,000,000 15.3% $10,000,000 $5,000,000 in 1/28/2017 2/25/2017 freshpet 3/25/2017 4/22/2017 28.1% 27.0%26.6% 23.3% 23.6% 24.1% 24.8% 25.1% 22.0% 35.0% 31.9% 31.0% 30.3% 0.0% 30.1% 0.1% 29.5% 29.2 30.0% 27.7% 27.4%27.2% 8/11/2018 9/8/2018 10/6/2018 11/3/2018 12/1/2018 12/29/2018 1/26/2019 2/23/2019 3/23/2019 4/20/2019 6/17/2017 8/12/2017 9/9/2017 5/20/2017 7/15/2017 10/7/2017 12/2/2017 1/27/2018 11/4/2017 12/30/2017 Nielsen measured $ consumption for 4 week periods ending 4/20/19 2/24/2018 4/21/2018 3/24/2018 I Dollar Sales % Chg YA Dollar Sales 5/19/2018 6/16/2018 7/14/2018 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 11 114#12Growing 20+ pts. faster than category in all classes of trade L4 Wks % Change vs YA by Class of Trade Dog Food Wet+Dry (wo FRS/FRZ) $ % Change YA L13 Wks Freshpet Total RFG $ % Change YA L52 Wks L4 Wks L13 Wks L52 Wks Total XAOC+Pet+WFM 2.3 1.7 0.6 29.2 28.4 29.2 Total US XAOC 6.2 4.6 2.7 33.0 31.5 31.5 Total US Food 2.7 2.0 1.6 37.1 37.0 36.8 Big Box Pet -7.6 -5.7 -4.6 14.9 17.0 20.5 Kroger SAFEWAYS Walmart O TARGET PETSMART freshpet Nielsen $ Volume through 4/20/19 - Growth vs YA WHOLE FOODS MARKET كاسح COSTCO WHOLESALE PETCO BJ's 12#13Driven by strong velocity gains freshpet 25% 20% 15% 10% 5% 3% 3% 3% 0% 8% Freshpet Distribution and Velocity Growth 16% 16%16% 15% 15% 15% 14% 14% 14% 13% 13% 12% 12% 11% 4 W/E 04/23/16 4 W/E 05/21/16 4 W/E 06/18/16 4 W/E 07/16/16 4 W/E 08/13/16 4 W/E 09/10/16 4 W/E 10/08/16 4 W/E 11/05/16 4 W/E 12/03/16 4 W/E 12/31/16 4 W/E 01/28/17 4 W/E 02/25/17 4 W/E 03/25/17 4 W/E 04/22/17 4 W/E 05/20/17 4 W/E 06/17/17 4 W/E 07/15/17 4 W/E 08/12/17 4 W/E 09/09/17 4 W/E 10/07/17 4 W/E 11/04/17 18% 17% 17% 22% 21%21%21%21%21% 4 W/E 12/02/17 4 W/E 12/30/17 4 W/E 01/27/18 4 W/E 02/24/18 4 W/E 03/24/18 4 W/E 04/21/18 4 W/E 05/19/18 4 W/E 06/16/18 4 W/E 07/14/18 4 W/E 08/18/18 4 W/E 09/08/18 4 W/E 10/06/18 4 W/E 11/03/18 ■%ACV IYA ■$/ $MM ACV IYA Nielsen Mega-Channel for 4 week periods 4/23/16 through 4/20/19 19% 19% 19% 19% 19% 4 W/E 12/01/18 4 W/E 12/29/18 4 W/E 01/26/19 4 W/E 02/23/19 4 W/E 03/23/19 4 W/E 04/20/19 13#14freshpet 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% 14 14 31.5% 19.4% YTD % CHG Strong velocity growth regardless of how long the fridge has been in place 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%#15freshpet 50.0 48.0 46.0 44.0 42.0 40.0 38.0 36.0 34.0 32.0 30.0 Freshpet % ACV Trend Growing distribution (ACV) and depth (TDP) with room to grow 4 W/E 01/30/16 4 W/E 03/26/16 4 W/E 05/21/16 4 W/E 07/16/16 4 W/E 09/10/16 4 W/E 11/05/16 4 W/E 12/31/16 4 W/E 02/25/17 4 W/E 04/22/17 4 W/E 06/17/17 4 W/E 08/12/17 4 W/E 10/07/17 4 W/E 12/02/17 4 W/E 01/27/18 4 W/E 03/24/18 Nielsen Mega-Channel 4 week periods 1/30/16 through 4/20/19 4 W/E 05/19/18 4 W/E 07/14/18 4 W/E 09/08/18 4 W/E 11/03/18 700.0 650.0 600.0 550.0 500.0 450.0 400.0 4 W/E 01/30/16 4 W/E 03/26/16 4 W/E 05/21/16 4 W/E 07/16/16 4 W/E 09/10/16 4 W/E 11/05/16 4 W/E 12/29/18 4 W/E 02/23/19 4 W/E 04/20/19 Freshpet Total Distribution Points (TDP) Nielsen Mega-Channel 4 W/E 12/31/16 4 W/E 02/25/17 4 W/E 04/22/17 4 W/E 06/17/17 4 W/E 08/12/17 4 W/E 10/07/17 4 W/E 12/02/17 4 W/E 01/27/18 4 W/E 03/24/18 4 W/E 05/19/18 4 W/E 07/14/18 4 W/E 09/08/18 4 W/E 11/03/18 4 W/E 12/29/18 4 W/E 02/23/19 4 W/E 04/20/19 15#16With growth potential in fresh e-commerce Strategy: Grow with winning players in fresh e-commerce SHIPT™ Kroger ClickList Order your groceries online. Walmart Pickup-Grocery Order online. Pick up here. instacart Home Delivery Curbside Doubled e-commerce sales vs. YA to 2.2% of brand in Q1 2019 Online Fresh Retail amazonfresh jet freshdirect. Peapod HED Curbside SP from HOME PETSMART >80% of e-commerce sales utilize Freshpet Fridge freshpet 16#17Increased total Freshpet penetration & buying rate Penetration Repeat freshpet Total Freshpet Buying Rate, Penetration and Repeat Rate $113.31 $97.37 $92.14 $83.06 $70.85 2015 2016 2017 2018 2019 Buy Rate 1.46 1.55 1.58 1.83 2.01 65 66 68 69 70 Nielsen HH Panel Data for 52 Week Periods ending March; Buying Rate is internal calculation based on company sales data 17 117#18Gaining SG&A leverage and reinvesting for growth SG&A Leverage Y-o-Y FY 2017 FY 2018 Change Adj. SG&A % Excluding Media 31.0% 28.5% 2.4% Media% 8.9% 11.1% -2.2% Total Adj. SG&A % 39.9% 39.7% 0.2% freshpet 18#19Increased scale/efficiency will deliver $60M Adj. EBITDA in 2020 $28.0 Increased $6.0 Fixed SG&A of 4% $1.5 $60.0 $(1.5) Logistics & $2.0 Brokerage $24.0 Adjusted Gross Reduced int'l Margin Increase Efficiencies (1/2%) from 50% to investment/I OSS 52% on sales $300MM net FY19 Adj. EBITDA Guidance Contribution on $60mm of Additional Net Sales to get to $300MM freshpet FY20 Adj. EBITDA Plan 19#20With growth potential well beyond $300M $1,200.0 $1,000.0 $800.0 $600.0 $400.0 $200.0 $- freshpet 2016 Freshpet Growth Potential 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% $500M Run Rate 2.00% 1.50% 1.00% 0.50% 0.00% 2017 2018 2019 2020 2021 2022 2023 2024 2025 I Media Spending ($ millions) Buying Rate Revenue ($ million) Core Dog HH Penetration 20 20#21Just scratching the surface of HH penetration potential... Prime Prospects 26% Prime Super Premium & Premium Pet Prospects HH's (50MM) With Top 2 Box Purchase Interest in Freshpet Concept PP's with Positive Interest 14% Positive Purchase Intent Super (53%) 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 - freshpet 21 24#22With international growth opportunities beyond 2020 ocado.com The online supermarket Currently testing in: TESCO HOOGVLIET Freshpet Fresh Food for Healthier Pets Al Natural Gently Cooled P freshpet Fresh Food for Healthier Pets D 22 22#23freshpet DIG DEEPER 2019 23#24SG&A Leverage Freshpet 2019 growth priorities 1. Expand the Freshpet consumer franchise Increase HH penetration Expand buying rate 2. Strengthen Freshpet's retail presence Increase ACV and TDP's Upgrade Fridges Install 2nd Fridges 3. Strengthen Gross Margin/Adjusted EBITDA Margin Cost Savings Pricing Product Innovation Investment in Media Velocity Increase (+Revenue) Plant Leverage (Incr. Pounds Produced) Distribution Increase (+Revenue) Efficiency gains and capacity utilization Build more efficient capacity (Kitchens 2.0 start-up in 2020) Deliver SG&A absorption gains 4. Continue Measured Development in Canada and UK Modest investment to establish consumer foundation 5. Build Capability to Support Accelerated Longer-Term Capacity Expansion Invest in technical talent to enable more rapid and reliable capacity expansion and maximize its productivity freshpet 24 24#25Expand the Freshpet consumer franchise Increase US advertising investment to $27 million (11+% of sales) More weeks Higher media weights TV freshpet Mary Ann+ Rudy Powell, OH Digital/Social freshpet MAKE THEM HAPPY& KEEP THEM HEALTHY LEARN MORE Bryce & Tank Leander, TX Freshpet Real pet food comes from the fridge FRESH LEARN MORE 25 25#26Expand the Freshpet consumer franchise Innovation that attracts new users Homestyle Creations - Custom Dog Meals. freshpet HOMESTYLE Creations -CUSTOM DOG MEALS- GRADE NATURAL CHICKEN RECIPE COMPLETE & BALANCED FOOD FOR ADULT FULLY COOKED READY TO SERVE 4 PATTIES 1lb Chicken Patties freshpet freshpet HOMESTYLE Creations -CUSTOM DOG MEALS- NATURAL BEEF RECIPE COMPLETE & BALANCED FOOD FOR ADULT DOGS FULLY COOKED & READY TO SERVE 4 PATTIES WITH COD NET WT 1 LB (454g) 4-PATTES A 1 lb Beef Patties HUMAN GRADE USA freshpet HEALTHY MIXERS CRANBERRIES, CARROTS & GREEN BEANS GRADE freshpet HEALTHY MIXERS BROWN RICE, PUMPKIN CARROTS & GREEN BEANS 4.5oz Cranberries, Carrots & Green Beans 4.5oz Brown Rice, Pumpkin, Green Beans & Carrots Create Unlimited Combinations HUMAN freshpet HEALTHY MIXERS BANANAS, CRANBERRIES & BLUEBERRIES 4.5oz Bananas, Cranberries & Blueberries Multi-Protein Roll MULTI- PROTEIN freshpet SELECT SLICE & SERVE ROLL 26#27Strengthen Freshpet's retail presence Fresh first Strong velocity growth is driving increased retailer interest • Add 1500-1600 net new stores to 21,000+ (1 ACV by 7%) Upgrade another 500 Fridges (beyond 1000 committed in 2018) Install 800 second Fridges Will exceed 21,000 stores in 2019 Upgraded 805 Fridges in 2018 freshpet REAL FOOD FRESH FROM THE FRIDGE REAL FOOD FRESH FROM THE FRIDGE freshpet freshpet REAL FOOD FRESH FROM THE FRIDGE 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 27 27#28With aspirations to change the category forever Good .REAL FOOD FRESH FROM THE FRIDGE freshpet fresher freshpet Better REAL FOOD FRESH FROM THE FRIDGE .REAL FOOD FRESH FROM THE FRIDGE" freshpet BUILD YOUR OWN BOWL fresher 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 28#29Strengthen gross margin/adjusted EBITDA margin Increase Adj. Gross Margin - largely in back half of the year – to 51+% by year-end - FRESH BITE SIZED CHICKEN RECIPE Innovation • Increase appeal of rolls Higher margin bag items Begins shipping end of Q1 MULTI- PROTEIN Pricing • Targeted bag items • +2% pricing impact across total line Effective in mid-Q1 freshpet SELECT SMALL DOG ACTS freshpet SELECT SLICE & SERVE ROLL Manufacturing Efficiency • Increase yield/throughput • 24/7 on 2 lines in Jan. '19 24/3.5 on final line in Q2 ⚫ Break ground on Kitchens 2.0 SG&A Leverage •⚫ Scale benefits in freight • G&A growth significantly < sales growth freshpet 29 29#30Gaining leverage in SG&A 800 700 600 Basis 500 points 400 freshpet 300 200 100 Cumulative SG&A Leverage Progress 260 500 700 0 2016 (Base) 20 20 2017 (Actual) 2018 (Actual) 2019 (Projected) 2020 (Goal) 30#31Continue measured development in Canada & UK Validation Product Pricing Concept Supply Chain Fridge Supply/Service Customer acceptance Consumer Marketing Financials Establishment Distribution Organization Customer Relationship In-store replenishment Innovation Plan Image/Advertising Expansion Marketing Investment Product Innovation Retail Coverage freshpet $2 Million Investment to Drive Establishment 31#32Build capability to support longer-term capacity expansion freshpet Site Design & Development Existing Kitchens fully operational Quality & Process Engineering Process Development & Improvement Up to $1 Million Investment in Technical Capability 7 day operations begin Break ground on Kitchens 2.0 Start-up Kitchens 2.0 Next increment of capacity needed* 2016 2017 2018 2019 2020 2021 2022 2023 Feed the Growth 32#33freshpet DIG DEEPER 2019 Q1 Results 33#34Off to a strong start in 2019: Delivering growth and profitability Freshpet Q1 Financial Results Q1 2018 Q1 2019 Net Sales ($ millions) $43.2 $54.8 IYA (128) (127) Adj. EBITDA ($ millions) $1.8 $2.8 IYA (95) (154) freshpet 34 34#35Significant, accelerating consumption growth across all classes of trade Freshpet Consumption Growth vs YA Q1 2018 Q1 2019 Mega-Channel +25.0% +27.8% ХАОС +27.6% +30.4% Food +32.1% +36.5% Big Box Pet +15.6% +18.3% Nielsen measured $ consumption for 13 weeks ending 3/30/19 and 3/31/18 compared to the same period prior year freshpet 35#3618% growth in Core Dog HH penetration vs YA Penetration Repeat freshpet Core Dog HH Penetration, Repeat and Buying Rate $135.87 $118.75 $120.81 $106.10 $92.07 2015 2016 2017 Buy Rate 2018 2019 0.91 1.01 1.04 1.26 1.49 67 68 70 70 71 Nielsen HH Panel Data for 52 Week Periods ending March; Buying Rate is internal calculation based on company sales data 36#37Driving strongest distribution gains since Q1 2016 Freshpet Distribution Gains Freshpet Natural. No Preservatives. Gently Cooked. Q1 2018 Q1 2019 DOG Joy DoG Joy DoG Joy Store Count IYA 18,277 (107) 20,053 (109) Freshpet foot Freshoes Freshpet Freshpet Freshpet Freshpet Upgraded Fridges (Cum.) 495 1,008 Increase 513 Freshpet Freshpet Freshpet Freshpet Freshpet 2nd Fridges NA 341 Freshpet Freshpet Freshoet % ACV 43.9% 47.4% Each Pound of Freshpet Select Contains: IYA (107) (108) Sastry 18 V& 2 of 1 2 at of Vegetables &1 of Total Dist. Points (IYA) (111) (111) freshpet 37#38On track to deliver adjusted gross margin improvement Q1 Q2 Q3 Q4 • Price increases implemented · Benefit of price increases realized Innovations freshpet launched Start-up 4th line on 24/3.5 Benefit of innovations realized • Benefit of 24/3.5 staffing realized Freshpet Adjusted Gross Margin Progress Adj. Gross Margin Q4 2018 49.4% Q1 2019 50.4% • 51+% Adj. Gross Margin target 38#39Delivering significant leverage from scale in SG&A freshpet SG&A Leverage Q1 2018 Q1 2019 Y-O-Y Change Adj. SG&A % Excluding Media 30.1% 27.0% 3.1% Media % 16.0% 18.3% -2.4% Total Adj. SG&A % 46.0% 45.4% 0.7% 39#40Breaking ground on $100M Kitchens 2.0 soon freshpet freshpet WES T WITH AND END F FRESH PET FOOD FRESH IS freshe 40#41Delighting pet parents, pets, shareholders and employees ... freshpet Melissa & Zooka Canton, MI 41#42Freshpet Appendix PUG OFF, PROPYLENE GLYCOL#43Cost to Feed - Grocery & Mass $8.00 $7.47 $6.86 $7.00 $6.00 $5.00 $4.00 $3.00 Cost to Feed a 30lb Dog Daily S Blue Homestyle Chicken Wet 12.5oz Rachael Ray Nutrish Chicken Wet 8oz $2.00 $1.00 BLUE Beneful Prepared Meals Chicken Wet 10oz RACHAELRAY NUTRISH Blue Life Protection Chicken Formula Dry 5lb Beneful PURINA Freshpet FFTK 1.75lb Pedigree Chopped Chicken Wet 22oz Blue Life Protection Chicken Formula Dry 11lb BLUE freshpet Beyond Simply 9 Chicken Dry 4lb Freshpet Chicken 1.5 lb roll Freshpet Chicken RM 5.5 lb $5.37 $4.00 $3.30 $3.13 $2.72 BLUE Rachael Ray Nutrish Chicken Dry 6lb $2.40 $2.40 $1.95 Beyond freshpet freshpet $1.94 $1.92 RACHAELRAY NUTRISH NATURE'S RECIPE $1.71 $1.62 × PURINA $1.35 Beneful freshpet ONE $0.69 Nature's Recipe Chicken Dry 12lb Beneful Healthy Weight Chicken Dry 3.5lb Freshpet Chicken 6 lb roll Purina ONE SmartBlend Chicken Dry 8lb lams Proactive Health MiniChunk Dry 7lb IAMS Pedigree Complete Nutrition Chicken Dry... $0.67 freshpet 4 HIGHLY CONFIDENTIAL 3#44freshpet Cost to Feed - Pet Pet Specialty $8.00 $7.18 $7.00 $5.97 $6.00 $5.50 $5.00 $4.00 $3.00 $2.00 $1.00 Cost to Feed a 30lb Dog Daily $4.50 $4.37 $4.00 $3.98 $3.77 Natural Balance in Merrick Chicken Wet 12.7oz Blue Freedom GF Wet 12.5oz Merrick Freshpet Vital Freshcuts 1.5lb Freshpet Vital Beef and Bison 2lb Roll BLUE freshpet Merrick Chicken Dry 4lb freshpet Merrick Blue Life Protection Chicken Formula Dry 5lb Natural Balance LID Chicken Dry 4.5lb Freshpet Vital CM Multiprotein 5.5lb BLUE Nutro Wholesome Essentials Dry 5lb freshpet Nutro Hill's Science Diet Chicken Wet 13oz Blue Wilderness Chicken Dry 4.5lb Freshpet Vital Chk BN 2lb Roll Blue Wilderness Chicken Dry 11lb SCIENCE DIET BLUE $3.74 $3.70 $3.56 $2.81 freshpet Hill's Science Diet Chicken Dry 5lb Blue Wilderness Chicken Dry 24lb Freshpet Vital Chk BN 6lb Roll BLUE $2.72 $2.33 $2.21 $2.12 SCIENCE DIET BLUE freshpet 4 HIGHLY CONFIDENTIAL 4#45High Quality Products at Accessible Price Points Approximate daily cost to feed for medium-sized dog $1.94 $4.00 $3.38 $2.40 $9.29 30 lbs. $1.95 $18.99 30 lbs. $9.29 30 lbs. $19.99 30 lbs. $19.99 30 lbs. BLUE Life Protection Formula LifeSource s ADULT Child Breie Mee Baripa freshpet freshpet Beyond SIMPLY9 freshpet ROASTED MEALS TENDER CHICKEN RECIPE RACHAELRAY NUTRISH SUPER PREMIUM FOOD FOR DOGS USA REAL CHICKEN & VEGGIES RECIPE FARM BISED CHICKEN IS THE INGREDIENT TENDER $1.62 $1.35 $10.79 30 lbs. $0.69 $10.99 30 lbs. $12.99 30 lbs. freshpet PURINA ONE SMARTBLEND IAMS: PROACTIVE HEALTH MINICHUNKS SLICE BERVE BOLL CHICKEN & RICE FORMULA Medium-sized dog assumed to be 35 pounds. Price/day based on recommended serving sizes per brand. Source: Prices are as of 4.29.19 on Chewy and Target.com. NATURAL HIGHLY CONFIDENTIAL 45#46How We Service Our Customers Produced in Freshpet Kitchens Delivered to Customer's Warehouse Delivered to Grocery, Mass and Club Stores Freshpet kitchens 176 WAL-MART ART ART RT 540T 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 46 46#47Capturing significant benefits of scale and velocity +900 bps Incremental gains freshpet 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 More impactful media vehicles 47 47#48Freshpet APPENDIX: Consumer Dynamics PRESERVATIVES CAN KISS MY MUTT#49Reasons to Start Buying Freshpet Copyright 2017 The Nielsen Company (US), LLC. Confidential and proprietary. Do not distribute. 39 31 More like real food Wanted to give my dog higher quality nutrition 28 Healthier 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 Looked tastier the freshest a picky ingredients something eater special 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 Dog Dog didn't enjoy his food Dog was excited to eat it food New Freshpet Buyers 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 that apply. freshpet#50Barriers 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 Too Often AVAILABILITY 14% Not Available PRICE/VALUE • 22% Too Expensive • 5% Too Much Trouble • 45% ACV 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 freshpet 50 50#51Freshpet pet parent segments Visitors (Use Occasionally) 40% of FP Buyers 15% of FP $ FP Spend: $37 Mixers Loyal (Use Exclusively or Most Often) 31% of FP Buyers 53% of FP $ FP Spend: $167 (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, 51#52Encouraging franchise longevity Freshpet Number of Dogs in HH 2+ Dogs, 1 Dog, 49% 51% 36% 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 52 62#53Freshpet 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 53#54Freshpet pet parents notice a difference Freshpet Pet Parents are significantly more likely to have experienced a visible difference in their dog(s) Top-Two Box Percentages % Noticed a Visible Difference in Dog Freshpet Dog Food (i.e. Much/Somewhat Better) Freshpet Dog Food Competitive Dog Food Feeders Feeders Feeders Competitive Dog Food 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 70 51 Fewer Upset Stomach Episodes 68 45 Healthier Skin 67 49 Fresher Breath (Less Stinky) 66 44 Improved Muscle Tone 66 43 Healthier Weight Brighter Eyes Less Flatulence Alleviated Allergies Less Tear Staining 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 54#55Freshpet Appendix: Manufacturing PRESERVATIVES CAN KISS MY MUTT#56Freshpet's Human-Quality Pet Food Facility in Bethlehem, PA 4 lines: 2 bag and 2 rolls. Currently operating any 3 lines 7 days/24 hours per day Adding capability to run 4th line 24 hours /3.5 days per week. By early next year, we will staff all 4 lines 7 days per week freshpet 99 56#57Expanding our manufacturing advantage . . . Freshpet kitchens 176 Kitchens Quakertown Kitchens 2.0 freshpet Improving Safety, Quality, Value, Customer Delight 57 557#58By creating Freshpet Kitchens 2.0 ... Use automation to further improve: Quality . Safety • Cost Freshpet Freshpet ВХЭНЭ FRESH Freshpet SELECT 58#59● Kitchens 2.0 plan will deliver... Efficient use of capital: Payback at full capacity in <2 years Strengthened manufacturing expertise advantage: Increased automation delivers improved quality, safety and lower cost - improving gross margins Continued focus on existing gross margin improvement goals: We will not let Kitchens 2.0 work dilute our near term gross margin improvement efforts Freshpet 59#60Creating 2nd Production Facility on Site Total site: 15.3 acres ADST NORTH COMMERCE WAY PAR And th 30.00 0000000 B-481-32″E STORMWATE CASEMENT A Ged HAN SO FT. 300,0 B A-327.85 D50558 -3000€ SITE DATA: OWFERVATPERANT CAUCUSUTOR SPACES EMPLOYEE EXURANCE FRESHPET PLANT #2 146 N. COMMERCIE WAY EXISTING BUILDING 50,000 SQ. FT. DEY STORAGE DOO TREET PARKING L- 11054 - L35 943 CHOL- QL=106.72 LAND W - - (Lther w TRDW CHOL-4249 w LENG 0045 STORM SEWER INTERCEPTOR IMPROVEMENTS: THESE PARKING DEFERRAL NOTE: WILL QULATED A CONSTRUCTION CYTOTHELLOT KECH TO TOWN CALF PUNO THE CRYIN STEW NOT LIMITED TO NORTHALSTON COUNTY CONTION DET DEN TAN ALLANNING COMDA DRAINAGE EASEMENT AND EMERGENCY ACCESS EASEMENT NOTE: PROPOSED BUILDING EXPANSION 89,847 SQ. FT. OTHER THAN CHASE THE SITES FALL RUCH BARBURATE HALL ME THE PESCHEBLITY OF THE OWNER TEASED THAT THE BASEMENT LAND CATLL CONSTRUCTION SCHEDULE: THAT COTTON STAT STATEMENT OF INTENT New 90,000 sq. ft. construction TFOXDUFACTUR CONING NOTE: YOU DIG LOCATION MAP SCALE:11-1000F WAIVERS AND DEFERRALS REQUESTED THE FOLLOW FRONT MANCA TOMOGEN THE TO CONSTRUCT ONLY TO ACC HOM THE ATHENACET THE FOLLOWING AND CO TOWCONCERT ERALL BOMBIC COF THROTTON OF TYTH 811 CUTION INCARCERICTION EASINGL TYLKU BERE RECITE WITH TUBING OFFICE-SPACES PER 10FT OF DUILDING - SPACE PER 1,888 SQ.FT.OF BUILDING TOTAL BUILDITOUARE FOOTAGE ராரா க - Q. FT. SOFT ACQUIRED Existing 50,000 sq. ft. innovation center and warehouse renovated to include production and R&D ACQUIRED PRICES ACQUIRED BG.FT. ACES ROUND PACES REQUIRED SOFT. CES REQUIRED SOFT. LEVICES DES ACQUIRED AKS SIGN SCHEDULE | Loni OFF-STREET LOADING RESUMICINOSHAHEE RELE RECOR CURS TO ACH TOTAL SPACE KOURITAL ROUND BRACKE VEMENTS COMPLETION NOTE DITIONED THE PROJECT, THERE WILL BE CORPOR THE HELLENS NAMES VAN ALLES THE HAVE CATTON COUNTY AND LAT BENCHMARK NE CAP OF FIRE HYDRANT (TAG 461 ELEV.: 389.29 BTMA. DATUM GRAPHIC SCALE: 20 OWNERS CERTIFICATION ACORT THE PUR SURVEYOR CERTIFICATION OMCAT OF MUNCHPTANCE 50 100 SAMENT STORMWATER BMP NOTE REAGE THAT CANNOT BE ALTRES LOVED WITHOUT APROVAL BY PAIGURIFY TO THE DELVAN PROFESSIONAL INS ROOSTRATEN UWC ACT OF WAY STIMUL WAS AMENDED AG ROPRESENTS TIPOS ASSFIVERY METH THAT THE PLAN CONT THE BLECHSCA AND LAND DEVELOPMENT CANCE E-MA HANOVER TWP.PLANNING COMMISSION BY THE HANNONTHAMPTON GETTY GOTH RIDOTTANY KRONER MARROME TALAGA DELERIFERIEN HANOVER TWP. BOARD OF SUPERVISORS BIGZNETARY, BOPPOF DAY OF HELD HARMLESS STATEMENT THE TOWNSHIP OF MPTON DEVITY, P OWNE TATRY THOU THE PRODUCT OWNERS DEDICATION ENSEMPLIFT TIL CREATER ALL BRASS AND WE ARE ACCORDANCE WITH ALL OF THE PUNTO THE MANDATOR HORTHAMPTON COUNTY AND LAND DEVELOPMENT FELTEH WHEN YP OF W NOTARY CERTIFICATION COUNTY OF PLATED BEDEAL HE SEED, WHO MCKNOWLEDGROASELEWELF TO BE THE SONGWERF TORON THENED BY THEME OF THE COATIN SELSKAP OF MATER IN MY NG AF freshpet brand PET FOOD CH NITARY PUBLE 38408048 50 FT FRESHPET PLANT #1 178 P. COMMERCE WAY EX REGENING Ack EXISTING BUILDING 89.825 50. FT. DATE:T www SHOWING BATH OUR TOTH LUTIDUCT THE CUECT WRENTHE SURMOUN RAWA Born FSMA HOT TRUCK DOOK TOTORIOF ROPO TTV R-370.00 L=17035 CH-835425E -168.75 LIBERTY ENGINEERING 1-5TRICTUM-RECALL ON FIECTRICAL WHOA DA., SUITES ALLENTOWN EMAIL: [email protected] WWW.LIBERTYENGA.COM Freshpet Existing 100,000 sq. ft. production facility SITE PLAN 1764 4 OF 20 60#61Continuing Commitment to the Environment 100% landfill free 100% wind energy Rain water will be collected and used for lawn and landscape irrigation GOOD STEWARDS OF THE ENVIRONMENT At Freshpet, we're always looking for ways to minimize our impact on the environment wherever we can. We're devoted to running our operations in a sustainable and efficient manner by utilizing 100% wind energy and minimizing waste and materials to become 100% landfill free at the Freshpet Kitchens. We're also reducing energy consumption with Smart Way Transport and energy-efficient fridges freshpet brand PET FOOD landfill free powered by wind carbon emissions offset 25,000+ trees planted 61#62Freshpet Kitchens 2.0 Investment . Incremental volume will flow through at a 40% contribution rate At full capacity payback is less than two years. freshpet $100mm $200+mm $80mm Capex Spend Annual Sales Contribution Capacity 62#63Freshpet Kitchens 2.0 Adjusted Gross Margin Growth Safety, quality, and productivity enhancements will improve adjusted gross margin by 100 basis points, with an additional 50 basis points due to scale Adjusted Gross Margin 56.0% 54.0% Adjusted Gross Margin 52.0% 50.0% 51.5% 51.1% 50.6% 48.0% 2015 2016 2017 freshpet 50.2% 2018 Actual Adjusted Gross Margin 53.5% 52.0% 2020 projected 2022 projected 663#64Freshpet Kitchens 2.0 Contribution to FCF As we continue to leverage our infrastructure we expect to reap the benefits of scale with our Free Cash Flow increasing by 4%. Original Freshpet Kitchens $300mm ~$44mm 15% Freshpet Kitchens 2.0 $500mm ~$97mm 19% freshpet Capacity Free Cash Flow Free Cash Flow represents contribution of $55mm less ongoing capital expenditures of $11mm Capacity Free Cash Flow Free Cash Flow represents contribution of $114mm less ongoing capital expenditures of $17mm 64#65Freshpet Kitchens 2.0 - Recap • Cost: $100mm plus or minus 5% · • • • Financing: Replace our existing $30mm credit line with a $90mm line in Q2 19 Leverage: Will not exceed 2.5x Adj EBITDA Pay Off: We expect to pay off the credit line by 2022 Capacity: Net Sales capacity increases $200mm+ to $500mm+ Payout: At full capacity payout is less than 15 months freshpet 65#66Timeline Existing Kitchens fully operational 7 day operations begin Break ground on Kitchens 2.0 Start-up Kitchens 2.0 Next increment of capacity needed* 2016 2017 2018 2019 2020 2021 2022 2023 freshpet * brand PET FOOD Feed the Growth Timing for next increment of capacity is dependent on growth rate and product mix 66 99#67freshpet 67 62