INVESTOR PRESENTATION BB&T CONFERENCE STEVE HUGHES | CHAIRMAN & CEO

FORWARD LOOKING STATEMENTS

This presentation may contain forward-looking statements within the meaning of the safe harbor provisions of the Securities Litigation Reform Act of 1995. Terms such as “expect,” “believe, ”continue,” “going forward,” and “grow,” as well as similar comments, are forward-looking in nature. Actual results may differ from these forward-looking statements and the company can give no assurances that such expectations can be attained.

Factors that could cause actual results to differ materially from the Company’s expectation include: general business and economic conditions, competitive factors, raw materials purchasing, and fluctuations in demand. Please refer to the Company’s Securities and Exchange Commission filings for further information.

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CORPORATE VISION

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Create a health & wellness innovation platform that builds brands targeted at highly motivated consumer need states.

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INVESTMENT HIGHLIGHTS

Health & wellness innovation platform that provides superior-tasting, solution-driven products in every category it enters.

Over the past year the Company has transformed itself into a major player in Natural with the acquisitions of Glutino and Udi’s.

Leveraging the core spreads and grocery margin/profit structure to focus on “premium” segments and drive growth in its natural brands -- Udi’s, Glutino & Earth Balance.

Business model that generates significant free cash flow.

Quality and experienced management team with brand building expertise.

CORPORATE STRATEGIES

Innovate, introduce new products and expand distribution in Natural:

•  Udi’s •  Glutino •  Earth Balance

Maintain strong profitability in Smart Balance segment:

•  Innovate with Smart Balance Spreadable Butter & focus on “Premium” segment of spreads & enhanced butter

•  Improve Smart Balance enhanced milk profitability

Leverage health & wellness by acquiring brands/science with the following:

•  Emanate from the natural channel •  Focus on “consumer need states” •  Have category expansion potential

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HIGHLY TARGETED INVESTMENT PLAN

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Core products’ profitability is the fuel for innovation platform

•  Earth Balance® •  Glutino® •  Udi’s®

INNOVATION: INVESTMENT TO FUEL GROWTH

CORE PRODUCTS: PROFIT FOUNDATION

•  Core spreads •  Grocery •  Smart Balance

Enhanced Milk®

STRATEGY ONE

Grow products & distribution in Natural Segment

TRANSFORMATIONAL ACQUISITIONS

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Udi’s & Glutino transactions have transformed business: •  Increases the Company’s mix

to “Natural” brands •  Accelerates organic growth

DISTRIBUTION POTENTIAL

33.6

15.5

NATURAL – GLUTEN FREE

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Grow products & distribution in Natural Segment

BRAND SUMMARY

Period Ending 9/30/12

TTM Sales $66.5M $78.2M

TTM Consumption Growth 35% 70%

Average Items at Conventional 9.4 6.1

Average Items at Natural 35.7 21.2

Categories/SKUs 70 SKUs in 12 categories 46 SKUs in 4 categories

Manufacturing/Co-Pack 40%/60% 90%/10%

Function Helpful and Trustworthy, Breadth of Offering Delicious, ‘Foodie Quality’

Product Position Great GF knock off of best selling gluten full items

Artisan Quality, Best tasting GF products sold

Category Strength Dry Grocery Frozen/Ambient Bakery

GLUTEN FREE GROWTH

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Gluten-free is one of the fastest growing categories in food & is expected to double in the next five years.

U.S. GLUTEN-FREE CATEGORY SIZE *

$0.6bn

$2.6bn

$5.5bn

2004

2010

2015E

2004–2010 CAGR: +28%

2010–2015E CAGR: +16%

* Source: Packaged Facts Gluten Free Foods and Beverages in the US, third Edition (February 2011). Category size estimate as per Packaged Facts. Other market research sources estimate 2010 gluten-free foods size to be $1.7 billion (G.I.A.), $1.2 billion (Euromonitor) and $1.2 billion (LEK).

Growing base of “core” consumers   3 million diagnosed with Celiac disease

Expanded adoption by health andwellness consumers

  Another estimated 40 million Americans suffer from non-celiac gluten intolerance

  An even broader appeal among other consumers looking to mitigate symptoms of other medical conditions

Increasing penetration of Conventional retail channel

Continued introduction of new gluten-free products

GLUTEN FREE MARKET

GLUTEN FREE PRODUCTS

RENOVATION OF PRODUCTS

Udi’s & Glutino - Packaging upgrades Glutino - Ingredient/health profile improvement

INNOVATION OF PRODUCTS

15 new items in 2012, including snacks & pasta - Glutino

More than 20 new items to be introduced in 2013

GLUTEN FREE PLACEMENT

•  Focus on innovation with natural food channel •  “Greenhouse for new products”

•  Increase # of items/SKUs sold at conventional supermarkets •  Ultimate goal of gluten-free set

2.5

15.8

PLACEMENT OPPORTUNITIES

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Udi’s •  Freezer •  Bakery •  Grocery •  Gluten-free Sets

Glutino •  Freezer •  Grocery •  Gluten-free Sets

Improve margin through supply chain efficiencies & purchasing

GLUTEN-FREE PROFIT

Leverage G&A, selling, marketing & distribution costs

EARTH BALANCE

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Grow products & distribution in Natural Segment

BRAND SUMMARY

Period Ending 9/30/12

TTM Sales $36.3M

TTM Consumption Growth 27%

Average Items at Conventional 1.8

Average Items at Natural 15.3

Categories/SKUs 22 SKUs in 4 categories

Function Plant-based; 100% vegan

Product Position 0 Trans Fats; dairy-free; egg-free; gluten-free

Category Strength Spreads & Nut Butters

BUILDING A PROMISING PLATFORM FOCUSED ON THE PLANT BASED DIET

Soymilk

Nut Butters

Spread

2009

Mayo

2010 2011 2012 2013

Snacks

  Innovation resulted in revenue CAGR > 20% over past two years

  2012 introduced two culinary spreads - “Best of Expo East”

  Coconut Peanut Butter picked as one of “Oprah’s Favorite Things 2012”

  Late-2012 launching into snack category with non-dairy/vegan popcorn & puff

GROWTH THROUGH INNOVATION

STRATEGY TWO

Maintain strong profitability in Smart Balance segment

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HOLD PROFITS STEADY IN SMART BALANCE SEGMENT

In a difficult category, goal is to hold profits steady for core SB Spreads and Grocery & to invest in growth platforms: •  Udi’s •  Glutino •  Earth Balance

Package refresh in core SB Spreads and Grocery Repositioning and reemphasis of brand benefits

Innovation with Better Butter •  Smart Balance® Spreadable Butter •  Better Butter Stick launch

Improve Profitability in Milk •  Grow scale with new test product category •  Cut back to profitable regions & accounts

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SMART BALANCE GROWTH

1996: Smart Balance formed - around a patented blend of natural vegetable oil.

1997: Company launches Smart Balance - heart-healthier margarine with no trans fats.

2007: Boulder Specialty Brands acquires GFA Brands.

2008 – 2010: Company invests approximately $150 million in marketing.

2011: Company leverages marketing spend and grows COI 28%.

2012: Introduces Spreadable Butter to compete in “Enhanced Butter” Category.

SPREADS & BUTTERS

Source: Nielsen through 8.4.12

 Omega-3s

 100mg Plant Sterols

 Excellent Source of Omega 3

 Omega-3s

 Phytosterols

 Vitamin D

 Flax Oil

STRATEGIC THOUGHT LEADERS IN SPREADS

 Patented blend of natural vegetable oils

 Naturally trans fat free

 Naturally cholesterol free

INNOVATION

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INNOVATION WITH SPREADABLE BUTTER

Butter category is $1.6B in size; Spreads category is $1.3B.

Spreadable Butter sub-segment is fastest growing category in Butter category:

•  Growth is driven by LOL (over 75% share of Spreadable Butter)

Elevate Heart-health Leadership in Butter Category:

•  100 mg Plant Sterols to help block cholesterol absorption

•  Excellent source of Omega 3 EPA/DHA to maintain heart health

Abs: +116%

$ Growth: ’07-11 CAGR: +19% Abs: +116%

SMART BALANCE SPREADABLE BUTTER

Smart Balance Spreadable Butter 7.5oz

Smart Balance Light Spreadable Butter 7.5oz

Smart Balance Spreadable Butter w/EVOO 7.5oz

100mg plant sterols and an excellent source of Omega-3 EPA/DHA.

100mg plant sterols and an excellent source of Omega-3 EPA/DHA, and half the fat/half the calories vs. Original and

EVOO.

Extra Virgin Olive Oil with 100mg plant sterols and an excellent source of

Omega-3 EPA/DHA.

Elevate Heart Health Leadership in The Butter Category

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HEALTHY PREMIUM VOLUME GREW 2% Soy

21%

Enhanced 8%

Lactose Free 22%

Organic 37%

Other 12%

Healthy Premium Milk by Segment

Grocery Channel Full Year 2011 versus 2010

Note: All Other includes almond milk, acidophilus, rice milk and goats milk

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EXPANDING CATEGORY REACH DRIVEN BY MILK

Exceptional benefits and great taste Enhanced Milks: •  “Fat free milk that tastes like 2%;” “Low-fat milk that tastes

like whole milk” •  Varieties include lactose free, excellent sources of DHA/

EPA Omega-3s and plant sterols.

Focused on driving profitability through one or both of the following: •  Grow scale with new test product category –Kids Milk. •  Cut back to profitable regions & accounts.

STRATEGY THREE

Leverage health & wellness platform by acquiring brands/science

ACQUISITION STRATEGY

ACQUIRE BRANDS WITH THE FOLLOWING CRITERIA: •  Emanate from the

natural channel,

•  Focus on consumer need states,

•  Are brand elastic – across categories

FINANCIAL PERFORMANCE

STRONG HISTORICAL PERFORMANCE

$ in millions ¹Reconciliation to GAAP is in appendix in the back of the presentation

Historical COI Historical Sales

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FY-2011 vs. FY-2010

$ in millions 2011¹ 2010¹ Change

Net Sales $274.3 $242.0 13.4%

Gross Profit 123.9 116.8 6.1%

Gross Margin 45.2% 48.3% (310 bps)

Adjusted Operating Income 29.7 16.7 78%

Cash Operating Income 42.3 33.0 28%

Adjusted E.P.S. $0.26 $0.11 136%

¹Reconciliation to GAAP is in appendix in the back of the presentation

STRONG HISTORICAL FREE CASH FLOW

¹Reconciliation to GAAP is in appendix in the back of the presentation

2013 PRIORITIES

Hold the Line on Profits for Core (Spreads & Grocery) & Rejuvenate Smart Balance ® Spreads •  Smart Balance® Spreadable Butter •  New packaging

Integrate Glutino and Udi’s acquisitions – “3 P’s” •  Invest in growth (Product & Placement) •  Improve upon hybrid production model/supply chain (Profits)

Broaden the Earth Balance® brand •  Leverage the Greenhouse - Capitalize on Earth Balance success

through more product introductions in the natural channel •  Expand into grocery

2012 Outlook •  Net sales: $360M-$370M •  Cash operating income: $53M - $55M

2013 Outlook •  Net sales: $440M-$450M •  Cash operating income: $70M - $75M

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INVESTMENT HIGHLIGHTS

Health & wellness innovation platform that provides superior-tasting, solution-driven products in every category it enters.

Over the past year the Company has transformed itself into a major player in Natural with the acquisitions of Glutino and Udi’s.

Leveraging the core spreads and grocery margin/profit structure to focus on “premium” segments and drive growth in its natural brands -- Udi’s, Glutino & Earth Balance.

Business model that generates significant free cash flow.

Quality and experienced management team with brand building expertise.

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APPENDIX

NON-GAAP DEFINITIONS & USES

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Non-GAAP Financial Measures The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company uses the terms "EBITDA", "Adjusted EBITDA," "adjusted operating income," “cash operating income” and "earnings per share (EPS) excluding non-cash and one-time charges" as non-GAAP measures. The Company believes that these measures better explain its profitability and performance consistent with the way the investor and securities analysts evaluate our Company in the competitive environment in which we operate. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding certain non-cash and one-time charges. Cash operating income is defined as operating income excluding depreciation, amortization of intangibles, restructuring, stock based compensation expense and other one-time items. The Company believes that the exclusion of both non-cash and one-time charges, provide a better reflection of the operating profitability of the Company, and strongly compliment the Company's planning and forecasting models used in providing investors and securities analysts with important supplemental information regarding the Company's underlying profitability and operating performance. However, non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's results prepared in accordance with GAAP. In addition, the non-GAAP measures the Company uses may differ from non-GAAP measures used by other companies.

SMART BALANCE NON-GAAP RECONCILIATION