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4th Quarter & Full Year 2016 Supplemental Presentation

Strategic Operational and Financial UpdateMarch 9, 2017

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Forward Looking Statements

This presentation contains “forward-looking” statements that involve risks, uncertainties andassumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, theCompany’s results may differ materially from those expressed or implied by such forward-lookingstatements. 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 underlyingany of the foregoing. These statements are based on estimates and information available to us at thetime of this presentation and are not guarantees of future performance.

These forward-looking statements are based on certain assumptions and are subject to risks anduncertainties, including those described in the “Risk Factors” section and elsewhere in the preliminaryprospectus for this offering. You should read the prospectus, including the Risk Factors set forth thereinand the documents that the Company has filed as exhibits to the registration statement, of which theprospectus is a part, completely and with the understanding that if any such risks or uncertaintiesmaterialize or if any of the relevant assumptions prove incorrect, the Company’s actual results coulddiffer materially from the results expressed or implied by these forward-looking statements. Except asrequired by law we assume no obligation to update these forward-looking statements publicly, or toupdate 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.

Safe Harbor

100 Day Review Conclusion: Significant Potential to Grow . . . but we have underinvested in marketing

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• Expansion complete

• New lines running at parity

• Major investment in technical

capability

• Strong focus on quality

• Significant capacity to support

growth

• High repeat & brand passion

• Low awareness

• Low Penetration

• Strong marketing model

• Outstanding message

• Extensive network & scale

• Established & broad product portfolio

• Highly motivating retailer metrics

• Established sales & marketing team

• Significant white space

Longer Term Potential = $300 Million in Net Sales as soon as 2020

Consumer

Appeal &

Marketing Model

Customer

Support for

Distribution

Operations

Capabilities &

Opportunities

4

Freshpet Lives at the Intersection of

Two Very Powerful Macro-Trends in CPG

Humanization

of

Pets

Fresh,

Wholesome,

All-Natural

Foods

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Freshpet Proprietary Position

Only Chilled Pet Food

Distribution System

Only Fresh Pet Food

Manufacturing

Capability in the U.S.

16,600+ Freshpet FridgesProven Marketing

Message

Demonstrable Product

Preference

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We Operate DifferentlyDelighting consumers with fresh food & our company ideology

Environmentally

Focused

Employee

Engagement

Community &

Consumer

Engagement

Freshpet Has Seen Significant Growth Over the Past Four Years,

Driven by Both Distribution and Same Store Sales

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Distribution & Sales Growth

May 2012 – Dec 2016Total US Multi Outlet IRI (4 wk.)

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

55.00

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

Ma

y 2

0, 2

01

2

Ju

l 15

, 20

12

Se

p 9

, 20

12

No

v 4

, 2

01

2

De

c 3

0,

20

12

Feb

24,

201

3

Ap

r 2

1, 2

01

3

Ju

n 1

6,

20

13

Au

g 1

1, 2

013

Oct 6

, 20

13

De

c 1

, 2

01

3

Ja

n 2

6,

20

14

Ma

r 2

3,

201

4

Ma

y 1

8, 2

01

4

Ju

l 13

, 20

14

Se

p 7

, 20

14

No

v 2

, 2

01

4

De

c 2

8,

20

14

Feb

22,

201

5

Ap

r 1

9, 2

01

5

Ju

n 1

4,

20

15

Au

g 9

, 20

15

Oct 4

, 20

15

No

v 2

9,

20

15

Ja

n 2

4,

20

16

Ma

r 2

0,

201

6

Ma

y 1

5, 2

01

6

Ju

l 10

, 20

16

Se

p 4

, 20

16

Oct 3

0, 2

01

6

De

c 2

5,

20

16

ACV Wtd Dist Dollar Sales

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Recent Financial Performance 2013-2016

$63

$88

$111

$128

39%

27%

15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

$160,000,000

$180,000,000

$200,000,000

2013 2014 2015 2016

Gro

wth

Sa

les (

$ in

mill

ion

s)

Fresh Growth vs YAG

Fresh Pet Food Sales and Growth Rates

Increasing Repeat Rate & Strong Consumer Affinity

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58% 60% 62%

71%

2013 2014 2015 2016

Freshpet ConsumerRepeat Rates

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Our Biggest Opportunity

Freshpet Rachel RayBlue

BuffaloPurina ONE Cesar

Awareness

(Aided)35% 52% 86% 82% 70%

Penetration1.4% 3.6%

(dry)

~8%

(est)

5.2%

(dry)

3.4%

(wet)Source: 2016 Brand Tracker, IRI 2016 HH Panel

35%

52%

86%82%

70%

1.4% 3.6%8.0%

5.2% 3.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%Awareness

Penetration

Freshpet Awareness & Penetration are a Key Focus

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Key Learning: Time to Shift to Rapid Scaling

• On trend product

• Reasonable margins

• Low awareness / high repurchase rate

• Ample plant capacity

• Financial flexibility

• Established business model

• Proven marketing program

• Installed Freshpet Fridge base

Opportunity

Capacity

Capability

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Organization

Capability and

Focus

DISTRIBUTION

FOOD PET

MASS

OPERATIONS

SCALE &

EFFICIENCY

EDUCATION

AWARENESS

RESEARCH &

DEVELOPMENT

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Sharpen Focus & Drive the Core

UK

Baked

Refrigerated Pet Specialty

~19%

Refrigerated Food/Mass/Club

~77%

Focus on US Refrigerated: 96% of Current Net Sales

% net sales breakdown by class of trade/product line as of 12/31/16

Freshpet Net Sales by

Class of Trade/Product

Line

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Strategy Tactics Result

Drive HH

Awareness &

Penetration

• TV & Digital Advertising• Accelerates

Penetration Growth

Accelerate Fridge

Placements

• Change Selling Approach

• Make Freshpet Essential

• New Fridge

Placements Growth

Accelerates in 2018

Strengthen Gross

Margin

• Convert From Building to

Optimization/Efficiency

• Drive Yield, Throughput,

Reliability

• Adjusted Gross Margin

Grows Several

Percentage Pts. by

2020

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Investment in Media

Velocity Increase

(+Revenue)

Distribution Increase

(+Revenue)

Plant Leverage

(Incr. Pounds Produced)

SG&A Leverage

Cost

Savings

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Growing Into Our Scale

27.0%

25.2%

23.4%

21.6%

19.8%

18.0%

17.0%

19.0%

21.0%

23.0%

25.0%

27.0%

29.0%

$150 $189 $210 $240 $270 $300

Infrastructure as Percentage of Sales*

*- Leverage adjusted for projected inflationary growth of infrastructure

Sales ($ in millions)

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1Q17 Strategic Tests Implemented

Advertising and Communications

• Strong and consistent returns driving POS records

New Selling Approach

• Developed new plans for several top customers

Cost Savings Opportunities

• Identified several points of cost savings opportunities

0

20

40

60

80

100

120

140

160

$1,3 00,00 0

$1,4 00,00 0

$1,5 00,00 0

$1,6 00,00 0

$1,7 00,00 0

$1,8 00,00 0

$1,9 00,00 0

$2,0 00,00 0

$2,1 00,00 0

$2,2 00,00 0

Same Store Sales Growth & Advertising TRP’s

2017 TRPs

Advertising Model

• Advertising has driven significant and

consistent growth over the past 4 years

• Q1 testing supports model and provides us

with investment return metrics to build out

Same Store Sales

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Over the Past Six Months Growth Has Started to Return to the

Business Primarily Driven by Advertising

$2,300,000

$2,400,000

$2,500,000

$2,600,000

$2,700,000

$2,800,000

$2,900,000

$3,000,000

$3,100,000

IRI Multi OutletWeekly Dollar Sales

Rolling 4wks

Adv. flight Adv. flight

Q1 Has Provided Us with

Insight Around Additional

Testing

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Growth is Accelerating Behind AdvertisingLatest 4 Week Period IRI Consumption +23.3% vs. YA in MULO

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

55.00

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

May 2

0, 2

01

2

Ju

l 15

, 20

12

Se

p 9

, 20

12

No

v 4

, 2

01

2

De

c 3

0,

20

12

Feb

24,

201

3

Ap

r 2

1, 2

01

3

Ju

n 1

6,

20

13

Au

g 1

1, 2

013

Oct 6

, 20

13

De

c 1

, 2

01

3

Ja

n 2

6,

20

14

Ma

r 2

3,

201

4

May 1

8, 2

01

4

Ju

l 13

, 20

14

Se

p 7

, 20

14

No

v 2

, 2

01

4

De

c 2

8,

20

14

Feb

22,

201

5

Ap

r 1

9, 2

01

5

Ju

n 1

4,

20

15

Au

g 9

, 20

15

Oct 4

, 20

15

No

v 2

9,

20

15

Ja

n 2

4,

20

16

Ma

r 2

0,

201

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May 1

5, 2

01

6

Ju

l 10

, 20

16

Se

p 4

, 20

16

Oct 3

0, 2

01

6

De

c 2

5,

20

16

Feb

19,

201

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ACV Wtd Dist

Dollar Sales

Latest 4 Weeks

Ending Feb 19, 2017

Latest 12 Weeks

Ending Feb 19, 2017

Latest 52 Weeks

Ending Feb 19, 2017

Dollar Sales% Change

YoYDollar Sales

% Change

YoYDollar Sales

%

Change

YoY

Total US - Food $6,611,633 25.0% $19,105,230 23.6% $76,773,072 19.2%

Total US - Multi Outlet $11,884,581 23.3% $34,626,176 21.1% $139,945,312 17.0%

MULO + Petco $13,297,545 20.5% $38,762,540 18.5% $157,836,080 14.8%

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1. Better align with key retailers on their strategies using their data to make Freshpet more strategic for the category and store

• Help retailers achieve their broader objectives

• Create unique and flexible assets to drive business at each customer

• Freshpet Fridge as a beacon of quality

2. Leverage increased media investment to drive velocity and support new fridge placements

• Increased penetration from media justifies expanded distribution

• Demonstrate that Freshpet sells well against a broad range of demos

3. Deliver exceptional service via remodeled Acosta relationship and fridge maintenance program

• Reduce out-of-stocks and improve in-store appearance

Revamped Selling Approach is Gaining Traction

Freshpet becomes a strategic necessity, not an opportunistic

luxury, in the pet food aisle

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• Increase:

− Yield

− Reliability

− Throughput

• Drive simplification and standardization

Drive Cost Savings and Adjusted Gross Margin

Improvements

Adj. Gross Margin is a non-GAAP measure. See the Company’s March 9, 2017 Press Release or 10-K for more info and reconciliation from GAAP to non-GAAP measures.

Goal: Over time, increase adjusted gross margin to pay for

increased marketing investment by converting technical talent

from building capacity to optimizing efficiency

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Strong innovation at Freshpet Kitchens provides revolutionary offerings and a broad product platform

Freshpet R&D - meeting consumer needs and driving production optimization

Rolls

Single Serve Treats

Roasted

MealsShredded

• Optimization

• Improvement

• Efficiencies

• Scale

RESEARCH &

DEVELOPMENT

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0

5

10

15

20

25

30

0

20

40

60

80

100

120

140

160

180

200

Gro

wth

Rate

TR

Ps

TRPs Growth Rate

Q4 2017Q3 2017Q2 2017Q1 2017Q4 2016

Digital Support Plan

TV Plan TV Plan

Accelerating Growth Rate

Investments in advertising, distribution gains and new

products will accelerate growth rate throughout 2017

2017 Advertising Plans

and Growth Rate by Quarter

13%Change vs YAG

20 %Change vs YAG

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Future Economic Model: Profitable in 2018

FY 2016 FY 2020Growth Rate 15% 15-20%

Stores 16,609 23,000+

Adj. Gross Margin (1) 49.6% ~52%

Adj. SG&A (2) 43.1% ~33%

Adj. EBITDA Margin 13% 20+%

Media Investment ~6% of sales ~9% of sales

Advertising Payback 1.5 yrs. --

Free Cash Flow $(13.9)M ~15% of sales

(1) Gross Margin adjusted for Depreciation and plant start up expense

(2) SG&A adjusted for option expense, CEO transition expense, and warrant expense

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1. Accelerates growth rate from 13% in Q4 2016 to 20% in Q4 2017

• Proven advertising campaign investment drives the growth

• Strengthens the company’s barriers to entry/competitive advantages

2. Improves the structural economics of the business

• More quickly absorb the fixed infrastructure costs

• Increase the adjusted gross margin run rate by 1.5 points by end of 2017

3. Sets the company up for significantly higher revenue and adjusted EBITDA in 2018 and beyond

• Year end run rate adjusted EBITDA will be 50% higher

Summary

The Feed the Growth Plan more rapidly scales the business – creating a

stronger and more attractive company in 2018 and beyond

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Rapid Scaling Delivering Sustainable Competitive Advantage

Established

& Broad

Product

Portfolio

Impeccable

Consumer

Fundamentals

First

MoverOn Trend

Brand &

Company

Manufacturing

& Distribution

Scale

Installed

Distribution

Network

Free Cash

Flow

Marketing

Model

Operating

Expertise

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