Lamb Weston Holdings, Inc. · NYSE:LW

Lamb Weston — Merger or Acquisition (October 2022)

12 slides from Lamb Weston's merger presentation, Oct 20, 2022

  1. Slide 1: Acquisition of Remaining Interest in Lamb-Weston/Meijer

    1 | © 2022 Lamb Weston, Inc. All Rights Reserved Acquisition of Remaining Interest in Lamb - Weston/Meijer October 20, 2022

  2. Slide 2: Forward-Looking Statements

    2 | © 2022 Lamb Weston, Inc. All Rights Reserved Forward - Looking Statements This presentation contains forward - looking statements within the meaning of the federal securities laws. Words such as “strength en,” “enhance,” “enable,” “provide,” “grow,” “drive,” “expect,” “leverage,” “support,” “pla

  3. Slide 3: 3 | © 2022 Lamb Weston, Inc. All Rights Reserved

    3 | © 2022 Lamb Weston, Inc. All Rights Reserved

  4. Slide 4: Lamb-Weston/Meijer Strategic Benefits

    4 | © 2022 Lamb Weston, Inc. All Rights Reserved Lamb - Weston/Meijer Strategic Benefits Strengthens Global Manufacturing Footprint Ability to fully leverage low - cost structure in Europe Aligned culture supports collaboration and best - in - class manufacturing practices Enhances Customer Centric

  5. Slide 5: Lamb-Weston/Meijer Snapshot

    5 | © 2022 Lamb Weston, Inc. All Rights Reserved Lamb - Weston/Meijer Snapshot 6 Processing Facilities 2.0B pounds of capacity #2 in EMEA by pounds of capacity $955M net sales (a) in FY22 Manufacturing Footprint Restaurants & Foodservice 85% Retail 10% Industry Flakes 5% LWM Channel Mix (a) Reflects

  6. Slide 6: Combined Company FY22 Highlights

    6 | © 2022 Lamb Weston, Inc. All Rights Reserved Combined Company FY22 Highlights Lamb Weston Lamb - Weston/ Meijer Combined Capacity 6.0B Pounds 2.0B Pounds 8.0B Pounds Production Facilities 19 6 25 Net sales $4,099M (a) $955M (b) $5,054M Adjusted EBITDA (c) $657M $46M $703 Employees 7,800 1,500 9,

  7. Slide 7: Transaction Summary

    7 | © 2022 Lamb Weston, Inc. All Rights Reserved Transaction Summary Lamb Weston (LW) to acquire Meijer Frozen Foods'50% interest in Lamb-Weston/Meijer(LWM)for 700M Upon completion of transaction, LW will own 100% of LWM LW to consolidate LWM financials upon transaction closing (currently records 50

  8. Slide 8: Key Takeaways

    8 | © 2022 Lamb Weston, Inc. All Rights Reserved Key Takeaways Strengthens Global Manufacturing Footprint Customer Centric Operating Model Enhance Position in EMEA Fully Control Global Growth Opportunities and Operating Strategies

  9. Slide 9: 9 | © 2022 Lamb Weston, Inc. All Rights Reserved

    9 | © 2022 Lamb Weston, Inc. All Rights Reserved

  10. Slide 10: Reconciliation of Net Income to Adjusted EBITDA

    10 | © 2022 Lamb Weston, Inc. All Rights Reserved The following table reconciles net income to Adjusted EBITDA including unconsolidated joint ventures Fiscal year ended May 29, 2022 (unaudited) (in millions) Lamb Weston LWM Combined Net income $ 201 $ (39) Equity method investment (earnings) loss 11

  11. Slide 11: FY22 GAAP to Non-GAAP Reconciliation

    11 | © 2022 Lamb Weston, Inc. All Rights Reserved Fiscal year ended May 29, 2022 (unaudited) (in millions) LWM € LWM $ Net sales € 954 $ 1,085 Less: Sales associated with Russian joint venture (a) (114) (130) Net sales excluding Russia € 840 $ 955 The following table reconciles net sales to net sale

  12. Slide 12: GAAP to Non-GAAP Reconciliation: Total Debt to Net Debt

    12 | © 2022 Lamb Weston, Inc. All Rights Reserved The following table reconciles total debt to net debt GAAP to non - GAAP Reconciliation As of August 28, 2022 (unaudited) Transaction Combined with (in millions) Lamb Weston (a) LWM Combined Adjustments (b) Transaction Adjustments Short - term borrow

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