Market Overview

Sara Lee® Frozen Bakery Commences Operations with a Lineup of Iconic Premier Frozen Bakery Brands, Led by a Dynamic Team of Food Industry Veterans

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Kohlberg & Company completes purchase of Sara Lee® Frozen
Bakery, Van's®, Chef Pierre® and Bistro Collection®
from Tyson Foods

Today, Sara Lee® Frozen Bakery is commencing operations with the
closing of the sale of Tyson Foods' Frozen Bakery business to private
equity firm Kohlberg & Company. Drawing on its heritage as a leading
bakery and dessert maker, the new Sara Lee® Frozen Bakery will
focus on its iconic Sara Lee®, Van's®, Chef Pierre®
and Bistro Collection® brands, especially in the fast-growing
premium dessert food service market.

Sara Lee® Frozen Bakery will establish its headquarters in the
Chicago suburb of Oakbrook Terrace, and continue operations at two
manufacturing facilities in Traverse City, Michigan, and Tarboro, North
Carolina, just outside of Raleigh-Durham. The new management team, led
by Chief Executive Officer Craig Bahner, President and Head of Sales Don
Davis, and Chief Financial Officer Jeff Gronbeck, will be recruiting
60-80 new senior-level professionals in the areas of sales and
marketing, research and development, finance, human resources, and
supply chain, bolstering the resources and team needed to accelerate
innovation in these competitive categories. The new company will employ
approximately 1,300 people at the headquarters and plant locations.

Bahner, who has a long history of building iconic brands at Procter &
Gamble, Wendy's and Kellogg Company, said, "Tyson Foods did a great job
with this portfolio of businesses, but their primary focus was on
protein. Moving the frozen bakery products into a standalone company
concentrated in the frozen bakery business will enable us to continue
delivering quality products while accelerating growth, increasing
innovation and achieving operational excellence."

"We are thrilled to have the opportunity to breathe new life into this
outstanding portfolio of brands," said Chairman CJ Fraleigh, who worked
for Sara Lee from 2005 to 2011, including a stint as its North American
CEO. "We have assembled an exceptional management team, and our partners
at Kohlberg have a long track record of success in carve outs and
reemerging businesses. Together we will accelerate Sara Lee®
Frozen Bakery's growth."

In addition to hiring new employees, Sara Lee® Frozen Bakery will
invest in its research and development efforts, and will soon begin
building a new R&D facility and test kitchen, including a pilot plant.
This facility will be co-located with the corporate headquarters to
facilitate collaboration and accelerate innovation.

"We are very excited to create a great growth-oriented company that
allows our employees' careers and families to thrive, with a culture
that respects and values all," added Bahner.

About Sara Lee® Frozen Bakery

Sara Lee® Frozen Bakery is a leading maker of frozen bakery and
dessert products headquartered in the Chicago suburb of Oakbrook,
Illinois, with production facilities in Michigan and North Carolina. The
company's product lines include Sara Lee® Frozen Bakery, Van's,
Chef Pierre
and Bistro Collection. Each day, the company's
employees delight consumers and deliver outstanding products, service
and value to customers. For more information, visit www.saraleefrozenbakery.com.

About Kohlberg & Company

Kohlberg & Company, L.L.C. ("Kohlberg") is a leading private equity firm
headquartered in Mount Kisco, New York. Since its inception in 1987,
Kohlberg has organized eight private equity funds, through which it has
raised $7.5 billion of committed equity capital. Over its 31-year
history, Kohlberg has completed 76 platform investments and
approximately 170 add-on acquisitions, with an aggregate transaction
value of approximately $18 billion. For more information, please visit WWW.KOHLBERG.COM.

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