SLE Sara Lee Sep 2009 Presentation Part 3

North America
Retail and Foodservice

CJ Fraleigh
CEO NA Retail and Foodservice
Philippe Schaillee
SVP and Chief Marketing Officer
1
Agenda
1. Formula for sustained growth
2. Marketing effectively & efficiently
2
Formula for sustained growth
TRACK RECORD of Success
2 3
OPPORTUNITY ADVANTAGE
• Large, profitable, SUSTAINED • Brands
fragmented • Selling
GROWTH
categories
• Cost
A Clear ALGORITHM for Growth
3
2 3
GROWTH
categories
• Cost
4
Supported by a track record of success:
Adjusted operating segment income growth
NA Retail ($ in millions) NA Foodservice ($ in millions)
+38%
260
+21%
189
160
132
FY08 FY09 FY08 FY09
Note: “Adjusted” numbers are non-GAAP financial measures. See table at the end of this presentation deck for a
5 reconciliation to reported numbers.
Supported by a track record of success:
Adjusted sales growth
NA Retail ($ in millions) NA Foodservice ($ in millions)
+6%
2,767
2,613 +1%
2,092
2,073
FY08 FY09 FY08 FY09
Our brands are leading their categories
Brand Category Share Chg vs. 2005
Protein breakfast +9.8
Breakfast sausage +3.3
Lunch meat +2.0
Smoked sausage +3.7
Cocktail sausage +8.2
Hot dogs +4.5
Source: IRI, FDMx + Wal-Mart, 52 wk ending 6/28/09; Chg vs 52 Wks Ending 9/18/2005
7 *Change vs Nielsen ScanTrack data ending 2/25/2006
We outpaced the food industry in Retail
% Change vs. YA
Dollar Sales Change

4.6
3.9 Unit Sales Change
3.0 3.1
2.6
2.2 2.0 2.0
0.8 0.2
-0.8 -0.5 -0.7 -1.2
-2.1
-2.8
-3.1
-4.2
-5.0
-5.4
-6.4
-7.3
Total Store General Sara Lee HJ Heinz Hormel Kellogg Nestle ConAgra PepsiCo Campbell's Kraft
Mills
8 Source: IRI, Infoscan Review, 52 wk ending 6/28/09

And in Foodservice
Company Sales Growth Company Income Growth

ConAgra 14% Sara Lee 21%*
Kellogg’s 6% ConAgra 14%
Hormel 3% Hormel 4%
Kraft 2% General Mills 3%
Tyson 2% Kraft 2%
General Mills 1% Kellogg’s 6%
Sara Lee 1%* Heinz -16%
Heinz -3% Tyson -17%
Source: public company earnings releases. Uses closest reporting segment to Sara Lee’s North American Foodservice.
*For Sara Lee, change is adjusted sales and adjusted operating segment income. “Adjusted” numbers are non-GAAP financial
9 measures. See table at the end of this presentation deck for a reconciliation to reported numbers.
Our margins are approaching our peer group
Trailing 4 Quarters
Adj. Operating Margin
Peer range -0.6 to 16.4%
Peer average 10.5%
KFT Convenient Meals 10.3%
CAG Consumer Foods 11.2%
Sara Lee NA Retail 9.4%
And are showing more consistency
Adjusted Operating Margin

Q1 Q2 Q3 Q4
FY09 FY09 FY09 FY09 FY09 B/(W) FY08
Retail 8.1% 10.1% 10.2% 9.1% 9.4% +220 bps
Foodservice 5.1% 10.3% 6.3% 8.7% 7.7% +130 bps
2 3
GROWTH
categories
• Cost
12
Packaged meat is a large category
FDMx $ Sales Million
1. Beer & Wine $15,293

2. Carbonated Beverages $13,741
3. Milk $11,736
4. Packaged Meat $10,627
5. Fresh Bakery $10,221
6. Salty Snacks $8,983
7. Cheese $7,781
8. Cereal $6,631
9. Frozen Dinners & Entrees $6,428
10. Bottled Water $5,078
13 Source: IRI InfoScan Reviews; 52 Weeks Ending 7/26/2009

And very profitable for the retailer
Retailer gross profits ($ in billions)
4.9
3.8
3.5
3.0
2.7
0.9
Bread Cereal Salty Packaged Beer Carb Bev

Snacks Meat
33% 65% 67% 37% 69% 69%

Top 2 manufacturer combined dollar share
14 Source: Willard Bishop Grocery SuperStudy 2009 & IRI InfoScan Reviews
We play in the growing
segments of large categories
LUNCHMEAT: $3.9B PREMIUM LUNCHMEAT: $1.1B
Mainstream
Premium
$ Share = 28%
Value Sara Lee

$ Shr = 33%
+3% +15%
Price/Lb = $4.40 Price/Lb = $6.90
15 Source: IRI FDMx 52 Weeks Ending 6/28/2009

We play in the growing
segments of large categories
HOT DOGS: $1.7B PREMIUM HOT DOGS: $0.6B
Mainstream
Premium
$ Share = 31%
Value Sara Lee

$ Shr = 43%
+6% +10%
Price/Lb = $2.30 Price/Lb = $3.40
16 Source: IRI FDMx 52 Weeks Ending 6/28/2009

Foodservice contains strong businesses
in large segments
Category Size Sara Lee Share Source of Competitive Advantage
Bakery #1 share in foodservice

10% frozen bakery
$5 billion
Meat Value of our retail equities

9% in foodservice
$7 billion
#1 liquid coffee and

Beverage exclusive rights to
12%
$5 billion Dunkin’ brand
Refrigerated
#1 private label
Dough 20% refrigerated dough
$1.7 billion
17 Source: J. Smiley Bakery Landscape, Wyoming Research Associates, Westport Data. Refrigerated Dough: IRI
2 3
GROWTH
categories
• Cost
18
Our brands are strong
Sara Lee $ sales $0.8B $0.7B $0.4B
3-year sales growth +27% +45% +39%
3-year share growth +1.1 pts +9.4 pts +2.2 pts
Price gap to key

+$0.23 +$0.37 +$0.13
competitor
19 Source: IRI FDMx; 52 Weeks Ending June 28, 2009

Our brands are leading their categories
Brand Category Dollar Share Position
Protein breakfast 51% #1
Breakfast sausage 27% #1

Fully cooked
sausage
33% #1
Lunch meat 12% #2
Smoked sausage 29% #1
Cocktail sausage 69% #1
Hot dogs 22% #1
Source: IRI, FDMx + Wal-Mart, 52 wk ending 6/28/09; Chg vs 52 Wks Ending 9/18/2005
20 *Change vs Nielsen ScanTrack data ending 2/25/2006
Our selling organization is an advantage
Retail
Sara Lee growth is outpacing total food in
8 of our top 10 Customers
Dollar % Chg vs YA
10.8%
Total Food Sara Lee 10.9% 10.6%
8.1% 8.4% 8.4%

8.1%
7.3%
6.5%
5.2%
3.6%
3.2% 3.0%
2.4%
2.0%
0.1%
-1.2%
-1.9% -1.8%
-3.0%
Customer Customer Customer Customer Customer Customer Customer Customer Customer Customer
A B C D E F G H I J
21 Source: IRI FDMx; 52 Weeks Ending 8/9/2009;

Category management drives
Sara Lee and customers’ results
Retailer X category shelf reset

$ sales % change vs. LY
23%
25%
20%
14%
15%
10%
5%
0%
Frozen protein
Frozen protein Jimmy Dean
Jimmy Dean
breakfast category
breakfast category
22 Source: IRI, 24wks ending 7/26/09

Our selling organization is an advantage
Foodservice
Top 5 Elite Manufacturer as ranked by foodservice operators
1 Tyson
2 PepsiCo
3 General Mills
4 Coca-Cola
5 Sara Lee • 2008 Gold Award Supplier

to Sysco
6 Kraft
• 2009 Convenience Store
7 ConAgra Decisions Magazine Reader’s
Choice Award Winner
8 Schwan’s
9 Nestle
10 Kellogg’s
23 Source: Foodservice Elite Study, Cannondale/Cognitio, 9/2008

We have driven significant operational
efficiencies
FY09
Metric
Performance
Distressed products -31%
Fill rates 98.7%
Inventory -5%
Improvement vs.
Sales forecast accuracy
last year
Behind last year
Safety & environmental
Food safety & quality
People & organization
Schedule adherence
24
And are developing an industry
leading cost position
Lunch meat industry conversion cost overview
Competitor B Competitor C
Competitor A
Plants
Sara Lee
Kansas City
Plant Sara Lee
25
2 3
GROWTH
categories
• Cost
26
We have an algorithm for growth
Retail FY05-FY09
FY09
25%
Innovation
40%
Core growth
FY05
15% (3)%
Managing
inflation and Consumer
23% commodities investment
Getting the
basics right
27
Retail FY09-FY12
FY12
70%
Innovation
FY09
30%
25% (25)%
Consumer Core volume
Managing investment growth
inflation and
commodities
28
Foodservice FY09-FY12
FY12
40%
Innovation
FY09
20%
50% (10)% Core volume
growth
Managing
inflation and Operator
commodities investment
29
Our approach
G
O Drive sustainable shareholder value;
A top quartile NA food company performance
L
1. Operating profit
2. Sales
3. Cash flow
4. Market share
30
Our approach
Drive sustainable competitive advantage through the

consolidation of fragmented categories by:
• Creating greater demand through superior brand building
and strategic selling
• Creating lowest cost position in strategic categories
Focus and prioritize within:
• Categories • Capital
• Brands • Capabilities
31
And we have a lot of room to grow
Protein Protein
Lunch Meat Hot Dogs Bkfst Frozen Bkfst Fresh
83.3
79.4
59.1
31.5 32.1
27.7 25.2
18.9
Category HH Penetration Branded HH Penetration
32
Agenda
1. Formula for sustained growth
2. Marketing effectively & efficiently
33
Marketing effectively and efficiently
The Sara Lee way

The World is changing
of building brands
We are
Wewinning with the
are winning consumer
with the & And we still have
customer
consumer & customer a lot of room to grow
34
The Sara Lee way

of building brands
We are
Wewinning with the
customer
35
The world is changing
1. Consumers continue to • Value proposition is more

adjust to the economy important than ever
“Two thirds seek out new
meal ideas that help them
save money”
• Selective trading up &

trading down
“Over half seek out new
meals that provide specific
benefits beyond cost
savings…”
36
The world is changing
2. Consumer is • Media fragmentation

increasingly difficult
to reach
• In-store more important
than ever
Then… …Now!
37
The Sara Lee way

of building brands
We are
Wewinning with the
customer
38
The Sara Lee way of building brands
Consumer Insights
• Focused portfolio
• Targeted marketing
• Strategic pricing
• Robust innovation performance
39
Portfolio prioritization drives focus and growth
3 Year CAGR
Op Segment Consumer
% of Sales Revenue Investment
Income
100%
Strategic Investment +15% +35% +15%
32.3%
80%
Support & Grow +8% +4% -

60%
31.6%
40%
+3% +29% -28%
Sustain
33.5%
20%
Manage for Cash +2% - -13%

0% 2.6%
40
Consumer targeting changes
our marketing mix
Retail Total Consumer Spending +3%
Shopper
+100%
Marketing
Coupons
-10% MAP
-20% Agency fees
FY06 FY09
41
Marketing spending efficiencies
allowing more for less
Number of GRP’s and Spending
3.8
2.7
1.9
1.7 1.7
1.0 0.9
0.6
0.3
Jimmy Dean Hillshire Farm Ball Park

FY07 FY08 FY09 JD Cost per GRP HF Cost per GRP BP Cost per GRP
42 Source: Starcom Media Group

VIDEO IN PROGRESS
Walmart Shopper Marketing
Ball Park brand
360° activation targeting teens
Gaming
Extension
On-line
Events on-line
NEW: Adds strong multi-

cultural tie-in
AA & Hispanic initiative
On-line/print event
Online events
Brand
ambassador
44
Making it the #1 hot dog in America
Market share
#2 competitor 20.9
19.0 19.2
18.4 18.3 18.0
FY07 FY08 FY09
45 Source: IRI FDMx: 52wks ending 6/28/09, value share.

FSI
Print Television
In-store
On-line
PR
Website
46
Continuing to drive Jimmy Dean growth
Jimmy Dean dollar share

33.4%
33.0%
30.3%
FY07 FY08 FY09
47 Source: IRI FDMx; 52 Weeks Ending 6/28/2009;

Strategic pricing allows us to drive efficiency
Value based 6C’s Brand spend

pricing analysis mix
Pricing
Architecture
Promotion Trade terms

effectiveness architecture
48
Improved margins and brand reinvestment
Reinvestment
Incremental
margin
Pricing to value
Commodity price recovery
49
Example: Optimizing Jimmy Dean breakfast
sandwiches
ROS Household penetration SKU reduction

+2.5x +13% -27%
50
Our innovation track record is strong
Sara Lee has focused on larger innovations that drive
category growth
8%
17%
30%
67%
61%
16%
Food & Beverage Industry Sara Lee NA Retail

<$20MM $20 - $50MM $50 - $100MM $100MM+
Size of Innovation
51 Source: IRI Pacesetters, New Food/Bev 2006 & 2007: 916 Launches
In Retail…
Brand sales +66% since FY05
$663
$608
$526
$457
$399
FY05 FY06 FY07 FY08 FY09
52
And Foodservice
Foodservice frozen bakery innovation
9% 11% 18%
91% 89%
82%
FY07 FY08 FY09
Base revenue Innovation revenue

53
The Sara Lee way

of building brands
We are
Wewinning with the
customer
54
The result is we are winning
Smoked Protein Fresh

Lunchmeat Sausage Hot Dogs Breakfast Breakfast
$ share change
+0.3 +1.7 +1.8 +0.6 0.0
vs YA
Penetration
+1.9 +0.4 +2.5 +1.3 +1.1
change vs YA
Likelihood to
38% 52% 45% 35% 45%
recommend
Pricing power 7% 26% 15% 3% 14%
55 Source: IRI FDMx 52 weeks ending 7/26/09; IRI All Outlet Panel; MaPS Brand Health Tracking, July 2009
The Sara Lee Way

The World is Changing
of Building Brands
We are
Wewinning with the
customer
56
Which we will do in three ways
1 Trade consumers up:
2 Unaddressed consumer needs:
3 Unaddressed operator needs:
57
Hillshire Farm is our next $1 billion brand
We bring our passion for meat to every meal.
Win on quality and freshness
Drive consumer migration

Lunchmeat from mainstream & deli
to premium lunch meat
Increase Introduce
Sausage frequency of value added
consumption meal solutions
58
Consumers are migrating to premium
lunchmeat, where we are winning
$3.3B $3.9B
8%
HF = 1/3 of
28% segment
92%
72%
2004 2009
Mainstream Lunchmeat Premium Lunchmeat
59 Source: IRI FDMx; 52 Weeks Ending 7/26/2009,

Because we are creating value in the segment
Price/unit
Sara Lee
Pre-sliced deli
Hillshire Farm
Deli Select tub
Hillshire Farm
Deli Select peg
Contribution
margin
60
VIDEO IN PROGRESS
Hillshire Farm “Go Meat – Auctioneer”
Consumer insights drive incremental
innovation
Initial results
• Drove 50% of
Hillshire Farm
links growth
• Share growth
of +2.1pts
62
We’re driving Jimmy Dean’s growth of a
compelling consumer insight
“Jimmy Dean provides a lasting breakfast for a productive morning.”
COMMUNICATION INNOVATION SELLING PLATFORM
63
And we trade consumers up through wellness
and convenience
Price/unit
Jimmy Dean D-Lights

Breakfast Sandwiches
Jimmy Dean Fully

Cooked
Jimmy Dean
Breakfast Sausage
Contribution
margin
64
VIDEO IN PROGRESS
Jimmy Dean “Blue Rainbow”
“Student Driver” and “Meeting”
Ball Park continues to migrate consumers
to higher quality hot dogs
Price/unit
Ball Park Angus
Ball Park Beef
Ball Park Meat
Contribution
margin
66
We trade foodservice operators up through
convenience and quality superiority
Price/unit
Premium quality
liquid coffee
High volume
liquid coffee
Premium roast
& ground coffee
Contribution
margin
67
The Sara Lee way of building brands
Consumer Insights
• Focused portfolio
• Targeted marketing
• Strategic pricing
• Robust innovation performance
68
2 3
GROWTH
categories
• Cost
69
Reconciliations of Non-GAAP
Measures to Reported Numbers
70
Fiscal 2009 vs. Fiscal 2008 Results
North American Retail
Dollar Percent Dollar Percent

(in $ millions) Fourth Quarter Change Change Full Year Change Change
2009 2008 2009 2008
Net sales $ 695 $ 683 $ 12 1.7% $ 2,767 $ 2,613 $ 154 5.9%
Adjusted net sales* $ 695 $ 683 $ 12 1.7% $ 2,767 $ 2,613 $ 154 5.9%
Operating segment income $ 63 $ 44 $ 19 44.6% $ 260 $ 155 $ 105 67.9%
Operating margin % 9.1% 6.4% 2.7% 9.4% 5.9% 3.5%
Increase/(decrease) in operating
segment income from:
Exit activities, asset and business dispositions $ (1) $ (14) $ 13 $ - $ (13) $ 13
Transformation/Accelerate charges - 1 (1) - (1) 1
Impairment charge - (20) 20 - (20) 20
Adjusted operating segment income* $ 64 $ 77 $ (13) (17.2)% $ 260 $ 189 $ 71 37.7%
Adjusted operating margin %* 9.1% 11.2% (2.1)% 9.4% 7.2% 2.2%
71 71
Fiscal 2009 vs. Fiscal 2008 Results
North American Foodservice
(in $ millions) Dollar Percent Dollar Percent

Fourth Quarter Change Change Full Year Change Change
North American Foodservice 2009 2008 2009 2008
Net sales $ 454 $ 537 $ (83) (15.5)% $ 2,092 $ 2,186 $ (94) (4.3)%
Increase/(decrease) in net sales from:
Changes in foreign currency exchange rates $ - $ 1 $ (1) $ - $ 5 $ (5)
Disposition - 67 (67) - 108 (108)
Adjusted net sales* $ 454 $ 469 $ (15) (3.3)% $ 2,092 $ 2,073 $ 19 0.9%
Operating segment income (loss) $ 38 $ (408) $ 446 NM $ 54 $ (302) $ 356 NM
Operating margin % 8.4% (75.9)% 84.3% 2.6% (13.8)% 16.4%
segment income (loss) from:
Exit activities, asset and business dispositions $ (1) $ (6) $ 5 $ 1 $ (5) $ 6
Impairment charge - (431) 431 (107) (431) 324
Disposition - - - - 2 (2)
Adjusted operating segment income* $ 39 $ 29 $ 10 30.8% $ 160 $ 132 $ 28 21.2%
Adjusted operating margin %* 8.7% 6.4% 2.3% 7.7% 6.4% 1.3%
72
Fiscal 2009 Q1 vs. Fiscal 2008 Q1 Results
Dollar Percent
(in $ millions) First Quarter Change Change
2009 2008
Net sales $ 680 $ 615 $ 65 10.6%
Adjusted net sales* $ 680 $ 615 $ 65 10.6%
Operating segment income $ 57 $ 19 $ 38 NM
Operating margin % 8.3% 3.1% 5.2%
Exit activities, asset and business dispositions $ 1 $ - $ 1
Transformation charges - (2) 2
Adjusted operating segment income* $ 56 $ 21 $ 35 NM
Adjusted operating margin %* 8.1% 3.2% 4.9%
73 73

(in $ millions) Second Quarter Change Change First Six Months Change Change
2009 2008 2009 2008
Net sales $ 746 $ 688 $ 58 8.4% $ 1,426 $ 1,303 $ 123 9.5%
Operating segment income $ 74 $ 46 $ 28 61.5% $ 131 $ 65 $ 66 NM
Exit activities, asset and business dispositions $ - $ - $ - $ 1 $ - $ 1
Transformation/Accelerate charges - - - - (2) 2
74 74

(in $ millions) Third Quarter Change Change First Nine Months Change Change
2009 2008 2009 2008
Net sales $ 646 $ 627 $ 19 3.1% $ 2,072 $ 1,930 $ 142 7.4%
Exit activities, asset and business dispositions $ - $ 1 $ (1) $ 1 $ 1 $ -
Transformation/Accelerate charges - - - - (2) 2
75 75

2009 2008 2009 2008
Net sales $ 695 $ 683 $ 12 1.7% $ 2,767 $ 2,613 $ 154 5.9%
Exit activities, asset and business dispositions $ (1) $ (14) $ 13 $ - $ (13) $ 13
Transformation/Accelerate charges - 1 (1) - (1) 1
Impairment charge - (20) 20 - (20) 20
Adjusted operating segment income* $ 64 $ 77 $ (13) (17.2)% $ 260 $ 189 $ 71 37.7%
Adjusted operating margin %* 9.1% 11.2% (2.1)% 9.4% 7.2% 2.2%
76 76
(in $ millions) Dollar Percent

First Quarter Change Change
North American Foodservice 2009 2008
Net sales $ 537 $ 516 $ 21 4.1%

Disposition $ - $ 4 $ (4)
Adjusted net sales* $ 537 $ 512 $ 25 4.9%
Operating segment income $ 30 $ 21 $ 9 37.6%
Operating margin % 5.6% 4.2% 1.4%
Exit activities, asset and business dispositions $ 3 $ - $ 3
Transformation charges - - -
Adjusted operating segment income* $ 27 $ 21 $ 6 26.4%
Adjusted operating margin %* 5.1% 4.2% 0.9%
77 77

Second Quarter Change Change First Six Months Change Change
(in $ millions) 2009 2008 2009 2008

Net sales $ 614 $ 611 $ 3 0.5% $ 1,151 $ 1,127 $ 24 2.1%

Disposition - 13 (13) - 17 (17)
Operating segment income (loss) $ (43) $ 53 $ (96) NM $ (13) $ 74 $ (87) NM
Operating margin % (7.0)% 8.6% (15.6)% (1.2)% 6.6% (7.8)%
Exit activities, asset and business dispositions $ 1 $ - $ 1 $ 4 $ - $ 4
Impairment charge (107) - (107) (107) - (107)
Disposition - 1 (1) - 1 (1)
78 78

Third Quarter Change Change First Nine Months Change Change
Net sales $ 487 $ 522 $ (35) (6.7)% $ 1,638 $ 1,649 $ (11) (0.7)%
Disposition - 24 (24) - 41 (41)
Adjusted net sales $ 487 $ 496 $ (9) (1.8)% $ 1,638 $ 1,604 $ 34 2.1%
Operating segment income $ 29 $ 32 $ (3) (7.7)% $ 16 $ 106 $ (90) (85.1)%
Operating margin % 6.0% 6.1% (0.1)% 1.0% 6.4% (5.4)%
Exit activities, asset and business dispositions $ (2) $ 1 $ (3) $ 2 $ 1 $ 1
Impairment charge - - - (107) - (107)
Disposition - 1 (1) - 2 (2)
Adjusted operating segment income $ 31 $ 30 $ 1 5.4% $ 121 $ 103 $ 18 18.3%
Adjusted operating margin % 6.3% 5.9% 0.4% 7.4% 6.4% 1.0%
79 79

Net sales $ 454 $ 537 $ (83) (15.5)% $ 2,092 $ 2,186 $ (94) (4.3)%
Disposition - 67 (67) - 108 (108)
Adjusted net sales* $ 454 $ 469 $ (15) (3.3)% $ 2,092 $ 2,073 $ 19 0.9%
Operating segment income (loss) $ 38 $ (408) $ 446 NM $ 54 $ (302) $ 356 NM
Operating margin % 8.4% (75.9)% 84.3% 2.6% (13.8)% 16.4%
segment income (loss) from:
Exit activities, asset and business dispositions $ (1) $ (6) $ 5 $ 1 $ (5) $ 6
Impairment charge - (431) 431 (107) (431) 324
Disposition - - - - 2 (2)
80 80
Please visit the Investor Relations
section on www.saralee.com for
additional investor information.
81

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North America

Retail and Foodservice

1. Formula for sustained growth

2. Marketing effectively & efficiently

TRACK RECORD of Success

A Clear ALGORITHM for Growth

TRACK RECORD of Success

A Clear ALGORITHM for Growth

NA Retail ($ in millions) NA Foodservice ($ in millions)

FY08 FY09 FY08 FY09

NA Retail ($ in millions) NA Foodservice ($ in millions)

FY08 FY09 FY08 FY09

Brand Category Share Chg vs. 2005

Protein breakfast +9.8

Breakfast sausage +3.3

Lunch meat +2.0

Smoked sausage +3.7

Cocktail sausage +8.2

Hot dogs +4.5

Dollar Sales Change

8 Source: IRI, Infoscan Review, 52 wk ending 6/28/09

Company Sales Growth Company Income Growth

Peer range -0.6 to 16.4%

Peer average 10.5%

KFT Convenient Meals 10.3%

CAG Consumer Foods 11.2%

Sara Lee NA Retail 9.4%

Adjusted Operating Margin

Retail 8.1% 10.1% 10.2% 9.1% 9.4% +220 bps

Foodservice 5.1% 10.3% 6.3% 8.7% 7.7% +130 bps

TRACK RECORD of Success

A Clear ALGORITHM for Growth

1. Beer & Wine $15,293

13 Source: IRI InfoScan Reviews; 52 Weeks Ending 7/26/2009

Retailer gross profits ($ in billions)

Bread Cereal Salty Packaged Beer Carb Bev

33% 65% 67% 37% 69% 69%

LUNCHMEAT: $3.9B PREMIUM LUNCHMEAT: $1.1B

Value Sara Lee

15 Source: IRI FDMx 52 Weeks Ending 6/28/2009

HOT DOGS: $1.7B PREMIUM HOT DOGS: $0.6B

Value Sara Lee

16 Source: IRI FDMx 52 Weeks Ending 6/28/2009

Category Size Sara Lee Share Source of Competitive Advantage

Bakery #1 share in foodservice

Meat Value of our retail equities

#1 liquid coffee and

TRACK RECORD of Success

A Clear ALGORITHM for Growth

Sara Lee $ sales $0.8B $0.7B $0.4B

3-year sales growth +27% +45% +39%

3-year share growth +1.1 pts +9.4 pts +2.2 pts

Price gap to key

19 Source: IRI FDMx; 52 Weeks Ending June 28, 2009

Brand Category Dollar Share Position

Protein breakfast 51% #1

Breakfast sausage 27% #1

Lunch meat 12% #2

Smoked sausage 29% #1

Cocktail sausage 69% #1

Hot dogs 22% #1

8.1% 8.4% 8.4%

21 Source: IRI FDMx; 52 Weeks Ending 8/9/2009;