Bob Evans Farms (BOBE) 8-K Other Events

Investor Presentation

July 2014 (revised 7.14.14)

Steve Davis, Chairman and Chief Executive Officer

Mark Hood, Chief Financial Officer

Scott Taggart, VP, Investor Relations

1

Exhibit 99.1

Safe Harbor Statement

2

Under the Private Securities Litigation Reform Act of 1995

Certain statements in this presentation that are not historical facts are forward-looking statements.  Forward-looking statements involve various

important

assumptions,

risks

and

uncertainties.

Actual

results

may

differ

materially

from

those

predicted

by

the

forward-looking

statements because of

various factors and possible events, including, without limitation:

Negative publicity or litigation regarding allegations of food-related illness,

Failure to achieve and maintain positive same-store sales,

Changing business conditions, including energy costs,

Overall macroeconomic conditions that may affect consumer spending, either nationwide or in one or more of the Company’s major markets

Competition in the restaurant and food products industries,

Ability to control restaurant operating costs, which are impacted by market changes in the cost or availability of labor and food, minimum wage and

other employment laws, health care costs, fuel and utility costs,

Changes in the cost or availability of acceptable new restaurant

sites,

Adverse weather conditions in locations where we operate our restaurants,

Consumer acceptance of changes in menu offerings, price, atmosphere and/or service procedures,

Consumer

acceptance

of

our

restaurant

concepts

in

new

geographic

areas,

and

Changes in hog and other commodity costs.

We also bear the risk of incorrectly analyzing these risks or developing strategies to address them that prove to be unsuccessful.

Certain risks, uncertainties and assumptions are discussed under

the heading “Risk Factors”

in Item 1A of our Annual Report on Form 10-K for the fiscal

year ended April 25, 2014.  We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995.  It is impossible to

predict or identify all such risk factors.  Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. 

Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement

to reflect circumstances or events that occur after the date on which the statement is made to reflect unanticipated events.  Any further disclosures in our

filings with the Securities and Exchange Commission should also be consulted.  All subsequent written and oral forward-looking statements attributable to

us or any person acting on behalf of the company are qualified by the cautionary statements in this section.

IMPORTANT ADDITIONAL

INFORMATION

3

Important Additional Information

Bob Evans Farms Inc. (the “Company”), its directors and certain of its executive officers are participants

in the solicitation of proxies in connection with the Company’s 2014 Annual Meeting of Stockholders.

The Company has filed a definitive proxy statement  and form of WHITE proxy card with the U.S.

Securities and Exchange Commission (the “SEC”) in connection with such solicitation of proxies from the

Company’s stockholders. WE URGE INVESTORS TO READ THE DEFINITIVE PROXY STATEMENT

(INCLUDING ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY

CARD CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL

CONTAIN IMPORTANT INFORMATION.

Information regarding the names of the Company’s directors and executive officers and their respective

interests in the Company by security holdings or otherwise, is set forth in the Company’s proxy

statement for its 2014 Annual Meeting of Stockholders, filed with the SEC on July 11, 2014. Stockholders

will be able to obtain, free of charge, copies of these documents, including the definitive proxy

statement (and amendments or supplements thereto) and accompanying WHITE proxy card, and other

documents

filed

with

the

SEC

at

the

SEC’s

website

at www.sec.gov. In addition, copies will also be

available at no charge at the Investors section of the Company’s website at

http://investors.bobevans.com/sec.cfm.

This document contains quotes and excerpts from certain previously published material. Consent of the

author and publication has not been sought or obtained to use the material as proxy soliciting material.

Non-GAAP Financial Measures

4

The Company uses non-GAAP financial measures within this presentation. 

These financial measures are used by management to monitor and evaluate the

ongoing performance of the Company.  The Company believes that the

additional measures are useful to investors for financial analysis.  However,

non-GAAP measures are not in accordance with, nor are they a substitute for,

GAAP measures.  Reconciliations of non-GAAP financial measures to the most

directly comparable GAAP financial measures are provided in the Appendix to

this presentation.

GROWING OUR REGIONAL BRANDS  INTO POWERFUL

NATIONAL BRANDS

COMPANY FACT SHEET

FISCAL 2014 Q4

NASDAQ: BOBE

NEW RESTAURANTS

FY’14          4

FY’15E        up to 8

561 Restaurants

19 States

as of 4/25/14

191

60

16

21

3

51

31

39

8

2

7

28

23

3

17

7

4

48

AVERAGE UNIT VOLUME

$1.71  million (FY’

14)

2

Bob

Evans

Farms,

Inc.

is

comprised

of

two

key

business

segments:

Bob

Evans

Restaurants

and

BEF

Foods.

Bob Evans

Restaurants operates 561 full-service restaurants located in 19 states with a heavy concentration in the Midwest.  BEF

Foods produces and distributes refrigerated side dishes, pork sausage and a variety of refrigerated and frozen

convenience food items through retail and food service channels.

.

FOUR KEY LINES OF BUSINESS

Sausage, Refrigerated Sides, Frozen and Food Service

Sold at 30,000+ retail locations in 50 states and Mexico

Bob Evans/Owens

Bob Evans Growth Markets

Bob Evans

5

Bob

Evans

Farms

Investor

Relations

www.bobevans.com 

8111

Smith’s

Mill

Road

New

Albany,

Ohio

43054

6

VISION

BOB EVANS RESTAURANTS

BEF FOODS, INC.

Powerful  NATIONAL BRANDS

Make Our REGIONAL BRANDS

Business Segments (FY 2014)

7

28%

72%

Source: IFMA Forecast & Outlook ‘82-’11

Bob Evans is Well-Positioned to Capture

Both Grocery and Restaurant Consumption

Percent Dollars Spent Over Time

8

$13

Billion+

(The value of a

single share

point)

Restaurant

Grocery

35%

40%

45%

50%

55%

60%

65%

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Technomic ’12-‘13

9

Our Shareholder Value Creation Goal:

10 to 12 Percent Annual Diluted EPS Growth

TRANSFORM

TRANSFORM

OUR CORE

OUR CORE

BUSINESSES

BUSINESSES

TO ENABLE

TO ENABLE

EXPANSION

EXPANSION

DRIVE

DRIVE

SHAREHOLDER

SHAREHOLDER

VALUE WITH

VALUE WITH

DISCIPLINED

DISCIPLINED

CAPITAL

CAPITAL

ALLOCATION

ALLOCATION

SELECTIVELY

SELECTIVELY

INVEST IN

INVEST IN

HIGH R.O.I.C.

HIGH R.O.I.C.

GROWTH

GROWTH

OPPORTUNITIES

OPPORTUNITIES

(Internal & External)

(Internal & External)

Strategic Business Transformations

10

ERP

Up to 8 New Restaurants in FY 15

10-12 Annually Thereafter

Farm Fresh Refresh Completed

10-20 Bob Evans Express Units

Annually

Bob Evans Restaurants

BEF Foods

Side Dish Vertical Integration

Sausage Optimization

Transportation Consolidation

Enterprise Resource Planning

Margin Improvement

Portfolio Management Mimi’s

Divestiture

Corporate

Key Components of 10-12% Long-Term

Diluted EPS Growth Guidance

11

3.0% to 3.5%

sales forecasting/labor management

food cost optimization

menu management

back-of-the-house optimization

side dish vertical integration

implement lean manufacturing

w/side dish production

transformational systems upgrades

6.0% to 7.0%

Avg. Annual Net Sales

Growth:

Margin Innovation:

(300-350 basis point

improvement)

refrigerated side dish and food

service products to drive growth

expand points of distribution and

average SKU count per point of

distribution

up to 10 new restaurants annually

same-store sales and new

restaurants expected to contribute

equally to net sales growth

(~1.50% to 1.75% each)

Refinancing/interest reduction

ERP implementation

12

BOBE’S Strategic and Balanced Approach to Capital Allocation Drives

Significant Shareholder Value

INTERNAL FACTORS

Potential future investment opportunities

Lifecycle stage of firm

Projected operating performance

Regularity and certainty of income

Structure of assets

Financial covenants

Desire to return capital

Period and purpose of financing

EXTERNAL FACTORS

Macroeconomic environment

Economic fluctuations

Seasonal variations

Nature of industry competition

Capital market conditions

Bank market conditions

Nature/orientation of investors

Statutory requirements

Taxation policy

Maximize

flexibility

Minimize

financial risk

Minimize

cost of capital

Maximize return

to shareholders

Minimize

complexity

Between Fiscal Year 2007 and 2014, BOBE returned over $800 million

to shareholders through dividends and share repurchases

Between Fiscal Year 2007 and 2014, BOBE returned over $800 million

to shareholders through dividends and share repurchases

DRIVE

OPTIMAL CAPITAL

STRUCTURE

A Track Record of Balanced Capital Allocation

13

Fiscal 2013

Dividends

Share

Repurchases

Acquisition

CapEx

Dividends

Share

Repurchases

Debt

Repayment

CapEx

Fiscal 2008-2012

Fiscal 2014

Dividends

Share

Repurchases

CapEx

FY 2015 CapEx

expected to be $85 to

$90 million, in-line with

historical average.

$52M

$30M

$118M

$63M

$270M

$401M

$163M

$110M

$191M

$225M

14

Weighted Average Diluted Shares Outstanding (000’s)

Ongoing Share Repurchase Programs have Reduced

Diluted Shares Outstanding by 27%

Since Fiscal 2007

36,484

33,315

30,744

30,890

30,422

29,925

28,488

26,704

23,000

25,000

27,000

29,000

31,000

33,000

35,000

37,000

FY 2007

FY 2008

FY 2009

FY 2010

FY 2011

FY 2012

FY 2013

FY 2014

Annual Dividend has Doubled Over the Last Five Years

15

Trailing 12-month

yield

(7/3/14):

BOBE –

2.4%

S&P 500 –

1.9%

$0.54

$0.56

$0.60

$0.68

$0.78

$0.95

$1.075

$1.205

FY 2007

FY 2008

FY 2009

FY 2010

FY 2011

FY 2012

FY 2013

FY 2014

16

($

millions)

Capital

Expenditures ²

Transforming our Company and

Rewarding

Shareholders

1

For additional details concerning FY 2015 guidance, see the Company’s 4Q Fiscal 2014 earnings release dated July 8, 2014.

2

Note: excludes Mimi’s Café.

Share Repurchases

1

$69

$155

$5

$21

$19

$70

$63

$225

up to

$100

$45

$64

$65

$41

$39

$81

$118

$191

$85 -

$90

$0

$50

$100

$150

$200

$250

2007

2008

2009

2010

2011

2012

2013

2014

2015E

Since FY’07, annual capital

expenditures have averaged

approximately $80 million.

2

Restructuring/Rebuilding

Transforming for Growth

17

($ millions)

Investing Efficiently with Prudent Debt Management

Capital

Expenditures

1

1

Note: excludes Mimi’s Café.

Net Debt

$0

$100

$200

$300

$400

$500

2007

2008

2009

2010

2011

2012

2013

2014

$276

$177

$238

$173

$92

$100

$193

$452

$45

$64

$65

$41

$39

$81

$118

$191

Restructuring/Rebuilding

Transforming for Growth

Target Leverage Ratio In-line with Other

Restaurant Companies

18

Adjusted net debt peer average (ex-BOBE):

3.3x

Target

Adjusted Leverage Benchmarking Analysis

Note:

Rent expense is capitalized at 8.0x; LTM EBITDAR represents LTM EBITDA plus annualized rent expense for the most recent filing; balance sheet data

based on latest publicly available information as of 4/30/14.

(a)

Defined

as

number

of

franchised

locations

as

a

percentage

of

total

systemwide

units

based

on

most

recent

quarterly

filings

as

of

4/30/14.

(b)

Owned

property

applies

to

both

land

or

building

and

accounts

for

only

company-operated

restaurants.

Franchise Mix

(a)

11%

99%

11%

90%

2%

45%

26%

0%

0%

0%

0%

56%

18%

Real Estate

Ownership

(b)

81%

37%

21%

20%

87%

83%

9%

86%

0%

66%

3%

26%

36%

BOBE’s 4-25-14 leverage ratio: 3.27x

6.4x

5.3x

4.4x

4.3x

3.6x

3.0x

3.0x

3.0x

2.8x

2.6x

2.1x

1.4x

1.1x

19

Focused on Low-Cost, Flexible Financing

Revolving

Credit Facility

Incremental

Term Debt

Secured

Financing

Unsecured

Bonds

Sale

Leaseback

Minimally

restrictive

Highly

restrictive

Low

cost

High

cost

1

See reconciliation of Adjusted Operating Income (non-GAAP) to Reported Operating Income (GAAP) in the Appendix of this presentation.

Mimi’s Café

Divestiture Improves Adjusted

Operating Margin

1

Profile

FY 2013

BER

BEF

Consol

Mimi’s

7.8%

8.8%

6.4%

-2.3%

20

FY 2015E

4.8-5.2%

6.2-8.2%

5.3-6.1%

FY 2014

4.4%

3.5%

4.2%

Significant FY ‘14 Costs:

($ millions)

BER: Severe winter weather -

$13

BER: FFR remodel costs -

$7                

BER: Workforce management -

$2.5

BEF: Supplier dispute -

$4

BEF: Plant startup inefficiencies -

$6

Corp: Activist stockholder costs -

$3

Corp: Strengthening internal controls -

$3

BER

BER

BEF

BEF

Consol

Consol

1

For additional details concerning FY 2015 guidance, see the Company’s 4Q Fiscal 2014 earnings release dated July 8, 2014.

21

Key Drivers of FY’14 to FY’15 Margin Expansion

FY 2014

4.4%

3.5%

4.2%

4.8-5.2%

6.2-8.2%

5.3-6.1%

FY 2015E

1

SSS: 1.5% to 2.5%

up to 8 new restaurants

10 to 12% net sales growth on

2014 base of $372M (excludes

~$22M interco sales)

Efficiencies from plant network

consolidation/optimization and

supply integration $4.5M+

Activist stockholder costs $5.5M

Strengthening internal controls 

$2M

BER

BEF

Consol

BER

BEF

Consol

Key FY ’15 Drivers

1

Bob

Bob

Evans

Evans

Restaurants

Restaurants

•

•

BEF Foods

BEF Foods

•

•

Corporate

•

•

$10M of Mimi’s Café

Carryover Costs Eliminated,

Further Savings Opportunities Remain

22

Bob

Evans

G&A

Reconciliation

-

FY14

Full

Year

($ 000's)

Non-GAAP SG&A

(1)

% of Sales

Total BOBE SG&A

$                             144,587

10.9%

BER

79,804

BEF

64,783

BEF Foods Adjustments

(2)

BEF Transportation

17,109

BEF Advertising & Marketing

6,372

BEF (Adjusted)

41,302

Total BOBE G&A (ex-BEF adjustments)

121,106

9.1%

-

costs related to:

activist shareholder response

(2,884)

strengthening internal processes

and controls

(2,988)

Total BOBE G&A (Adjusted)

$                             115,234

8.7%

total adjustments

29,353

_____________

1

For additional information, see the Company's 4Q Fiscal 2014 earnings release dated July 8, 2014

2

Included in BEF reported SG&A

* 40% sales flow-through assumed

Farm Fresh Refresh Financial Impact

Improves Free Cash Flow in FY2015

-$3.1

23

# of remodels

195

0

87

229

Impact

to P&L

($ millions)

$0.0

4/25/14 -

4/24/15

-$7.2

-$6.8

-$1.1

-$2.5

-$2.4

-$2.0

-$4.3

-$4.8

FY2012

FY2013

FY2014E

FY2015E

Est. Closed Day Sales Impact*

Expenses

1

See reconciliation of Adjusted Operating Income (non-GAAP) to Reported Operating Income (GAAP) in the Appendix of this presentation.

Strategic Plant Network Optimization Leading to

a

New

Adjusted

Operating

Margin

1

Trajectory

at

BEF

Foods

24

8.8%

3.5%

11.8-12.3%

6.2-8.2%

FY13

FY14

FY15E

FY18E

2Q’14:

Richardson,

Texas,

fresh

sausage

plant

closure

3Q’14:

Completion

of

Bidwell

and

Springfield,

Ohio

plant

consolidations

to

state-of-the-art

Sulphur

Springs,

Texas

plant

FY’14:

Vertical

integration

and

expansion

of

Kettle

Creations’

Lima,

Ohio,

plant

1

See reconciliation of Adjusted Operating Income (non-GAAP) to Reported Operating Income (GAAP) in the Appendix of this presentation.

25

Transformations Drive Estimated Five-Year 300-350

Adjusted Operating Margin

1

Basis Point Improvement

BER

BEF

Consol

Mimi’s

7.8%

8.8%

6.4%

-2.3%

FY 2013

FY 2015E

4.8-5.2%

6.2-8.2%

5.3-6.1%

FY 2018E

11.5-12.0%

11.8-12.3%

11.2-11.7%

BER

BEF

Consol

BER

BEF

Consol

26

“Get in on something good”

561 restaurants in 19 states

as of 4/25/14

Full-service family restaurants featuring a

wide variety of menu items for both on-and-off premise dining

TM

Net Sales (FY 2014)  $957 million

Average Annual Unit Sales (FY 2014)  $1.71 million

Overview:  Bob Evans Restaurants

Breakfast

Lunch

Dinner

27

32%

38%

30%

Avg. Dine-In Guest Check/Per Guest (4Q FY 2014)  $18.24/$9.38

Average Carryout Check (4Q FY 2014)  $15.34

ALL THREE DAYPARTS SERVED (4Q FY 2014)

Accelerated Farm Fresh Refresh Program:

-

Completed April 2014 -

28

(32 units)

(87 units)

(195 units)

(229 units)

Dining Room

& Lobby

Restrooms

Bakery,

Catering &

Carryout

Exterior,

Signage,

& Landscaping

CapEx Summary

(24% growth

capital, 76% maintenance capital)

FY11

FY12

FY13

FY14

5%

20%

100%

56%

44%

10%

24%

22%

Approximate % of Chain Remodeled by Fiscal Year

Average capital investment per remodeled restaurant: ~$225k

Aspirational Concepts Reimage their Brands to

Remain Relevant

29

Before

After

Farm Fresh Refresh Transformation

Old Exterior

Old Interior

New Interior

New Exterior

30

Farm Fresh Refresh: Designed to Drive

Dine-in and Off-Premise Sales

31

New Carryout

New Bakery

New Counter

Expanded Dining Room

Dinner is Our Challenge….and Opportunity

32

Fiscal 2014 SSS% Daypart Performance

Daypart

On-Premise

Off-Premise

Total

Breakfast

-1.8%

7.7%

-1.2%

Lunch

-2.0%

3.7%

-1.6%

Dinner

-4.5%

1.0%

-4.0%

Total

-2.5%

2.4%

-2.1%

Less: Estimated weather impact

-1.6%

Adjusted SSS%

-0.5%

New Broasted Chicken Platform

33

Quickly rose to top-selling item in the Cincinnati test market,

replacing the long-time best seller Rise & Shine Breakfast

Spring and Summer:

Family Meals to Go

Spring:

3-Course meal starting

at  $9.99

Summer:

2-Piece meal $7.99

Positioning Broasted Chicken Will  Immediately

Impact 68% of the Business, and Ultimately 100%

34

Lunch

38%

Dinner

30%

Breakfast

32%

Off-Premise

12%

Dine-In

68%

(lunch & dinner)

Spring:

3-Course meal

starting at $9.99

Summer:

2-Piece meal $7.99

Spring and Summer:

Family Meals to Go

Dine-In Value Sales Layers

35

BREAKFAST

Rise & Shine Breakfast

~ $65 million / 7%

of annual revenue.

LUNCH

$7.99 Knife & Fork and

Lunch Combos

~ $40 million / 4%

of annual revenue.

DINNER

3-Course Dinners

~ $72 million / 8%

of annual revenue.

Bob Evans’

Off-Premise Opportunity

36

Annual Consumption of Restaurant Meals (per capita)

Dine-In

39%

Off-Premise

61%

QSR

74%

FULL

SERVICE

16%

Source: NPD Group

-

12 months ending 4/30/14

FAMILY

SEGMENT

10%

Bold Goal: Drive Off-Premise to 25% of Sales Mix

Off-Premise Sales Mix and Growth % by Year

Off-Premise Sales Mix and Growth % by Year

Sales Mix

Growth %

37

+8.6%

+8.6%

+5.3%

+5.3%

+8.5%

+8.5%

+3.9%

+3.9%

+0.6%

+0.6%

+15.4%

+15.4%

+12.9%

+12.9%

+7.9%

+7.9%

+2.4%

+2.4%

2014

8.0%

7.5%

6.5%

7.0%

8.5%

9.0%

9.5%

12.0%

11.5%

11.0%

10.5%

10.0%

2006

2007

2008

2009

2010

2011

2012

2013

12.5%

Catering/Carryout

Bakery

Family Meals to Go

Off-Premise Sales Layers

38

CARRYOUT

BAKERY

CATERING

FY 2014 Growth / Mix

1.8% / 11.7%

FY 2014 Growth / Mix

18.5% / 1.7%

FY 2014 Growth / Mix

13.1% / 0.6%

New Restaurant Opening Strategy

39

NEW CONTIGUOUS MARKETS

FILL-IN EXISTING MARKETS

4 new restaurants opened FY 2014.

Open up to 8 new restaurants during FY 2015.

Harrison, OH

Altoona, PA

New Restaurant Prototype:

Brand relevant/lower investment

Reduced building cost by

approximately 13%

through efficient design in

Finneytown, OH and

Altoona, PA

Objectives:

•

•

•

40

Accentuate Farm heritage

Leverage Farm Fresh

Refresh program insights

Test new “back-of-the-

house”

technologies and

layouts

Bob Evans Express Licensing Opportunity

•

Popular favorites covering all

dayparts

•

High quality menu to ensure

serving guests in a quick manner

•

License up to 10 new locations by

the end of FY 2015

•

Potential to independently

develop locations

Bob Evans Express produces four

revenue streams:

1.

A one-time licensing fee of up to $15k;

2.

A royalty fee of up to 6% of gross

sales;

3.

An ad fund of up to 4% of gross sales;

and

4.

Product insourced from Bob Evans

Farms Foods.

41

•

First location, BMW USA manufacturing plant

in Spartanburg, SC, opened August 2013

•

Second location, Bob Evans Farms, Inc.

corporate headquarters,  opened October 2013

•

Finalizing details for 2 airport and 2 mall

locations to open late summer/ early fall

Revolutionary People Development/Culture

Drive profitable guest counts –

on and

off-premise by being relevant and reliable

Improve controllable expenses: Cost of Sales,

Cost of Labor, Direct Operating Expenses

Deliver the brand promise through a “Best for

my Guest”

experience both on and off-premise

Successfully open up to 8 new Bob Evans

Restaurants and license up to 10 BE Express

locations

FY’15 Vital Few Priorities

42

“Discover farm-fresh goodness ”

TWO BRANDS

distinct geographic strengths

43

TM

Overview:  BEF Foods

44

FOUR KEY LINES OF BUSINESS

Sausage, Refrigerated Side Dishes, Frozen and Food Service

Sold at 30,000+ retail locations in 50 states and Mexico

Side

Dishes

Other 4%

Frozen 5%

Food

Service

(4% insourced*)

Retail Sausage

26%

24%

41%

FY 2014 Sales Mix (pounds)

sausage mix (% of total sales):  42%

sausage mix (% of total sales):  33%

Net Sales (FY’14) $387 million

28% of total

*Note:  Insourced sales data reflects sales to Bob Evans Restaurants.

Side

Dishes

Other

Frozen

Retail

Sausage

11%

35%

36%

FY 2010 Sales Mix (pounds)

9%

9%

Food Service

(2% insourced*)

Source: IRI

BEF Foods:  Store/SKU Count

45

11.6

11.5

11.3

17.0

28,407

31,711

31,687

40,000

2010

2013

2014

2018

#

of

stores

2010

2013

2014

2018

average SKUs per store

CORE MARKETS

NON CORE MARKETS

SKUs/Store      ACV

BEF Foods:  SKU Count and ACV Distribution

Core vs. Non-Core

46

SOURCE: IRI, FY14 ending 4/20/14

Core Market: Chicago, Cincinnati, Cleveland, Columbus, Toledo, Detroit, Grand Rapids, Indianapolis, Peoria/Springfield, Pittsburgh, Philadelphia, Baltimore/Washington,

Buffalo/Rochester

SKUs/Store      ACV

SKUs/Store      ACV

SKUs/Store      ACV

FY ‘10

FY14

FY ‘10

FY14

Opportunity

in Non-Core

Markets

23.5

21.4

7.5

8.5

75.6

81.0

65.8

68.1

1

For

additional

detail

concerning

risks

associated

with

sow

costs,

please

refer

to

Item

1A,

“Risk

Factors”

in

the

Company’s

FY

2014

10K

filing.

Sow

Costs:

Enterprise

Risk

(1)

1)

BEF Foods’

Retail cost of goods sold

~73%

2)

BEF Foods’

Food Service cost of goods sold 

~17%

3)

Bob Evans Restaurants’

cost of goods sold

~10%

4)

BEF Foods’

Retail

Sales Volume impact

A $1 change in average annual sow costs impacts cost of goods

sold by approximately $1.1 million.

47

Most mitigation activities trail sow cost increases by 30 to

120 days and do not typically achieve 100% price realization.

1)

BEF Retail:  Pricing, Trade Spending, Lean Manufacturing, Mix

2)

BEF Food Service:  Indexed Pricing

3)

Restaurants:  Pricing, Portion Size, Menu Optimization

4)

BEF Foods’

Retail Sales Volume:  Mix

BOBE Mitigation

Activities

Market Structure

and Competitor

Actions

~$66 Million Cumulative Sow Cost Impact on BEF’s P&L: 

Versus Fiscal 2009 Average Sow Cost of $44.93/cwt

48

~$66 million

cumulative annual

cost impact relative to

2009

sow price levels.

$ avg

cost/cwt

($ 000’s)

$73.23

$53.87

$42.18

$61.58

$57.17

NOTE:  daily sow cost information available at:  http://www.ams.usda.gov/mnreports/lm_hg230.txt

$65-$70/cwt

(issued 8/19/13)

The Continued Impact of the PED Virus Drove

Higher Sow Cost Guidance throughout FY’14

$60-$65/cwt

(issued 6/4/13)

$72-$77/cwt

(issued 1/21/14)

BOBE

Guidance

49

USDA

Bob Evans

Note:  USDA data reflects top of trading range

Trim Costs Impacted BEF in FY 2014

50

Profit impact of $1.5 million in fiscal 2014. 

Expected to moderate in fiscal 2015.

Publicly Available Sow Cost Pricing and

Livestock Commentary

(1)

51

daily sow cost report:

http://www.ams.usda.gov/mnreports/lm_hg230.txt

daily livestock commentary: 

http://www.dailylivestockreport.com/

1

Information provided by external entities.  Bob Evans Farms Inc. disclaims any and all responsibility for the information provided at these sites.

BEF Foods Inc. Network Optimization

52

Hillsdale, MI

Hillsdale, MI

2014 and beyond

Asset Actions:

FY2011:

Bidwell and Galva fresh sausage

operations closed

FY2012:

Bidwell and Galva transportation

centers closed; Springfield

distribution center sold

FY2013:

Bidwell and Springfield prepared

foods operations closed; Kettle

Creations (Lima) acquired

FY2014:

Richardson plant, office, and

transportation center closed; SWH

sold; Sulfur Springs and Lima

expanded

4 Facilities,

Limited co-packing relationships

Xenia, OH

Xenia, OH

Sulphur Springs, TX

Sulphur Springs, TX

Lima, OH

Lima, OH

2007

Galva, IL

Galva, IL

Bidwell, OH

Bidwell, OH

Richardson, TX

Richardson, TX

Xenia, OH

Xenia, OH

Sulphur Springs, TX

Sulphur Springs, TX

SWH Fullerton, CA

SWH Fullerton, CA

Hillsdale, MI

Hillsdale, MI

Lima, OH

Lima, OH

9 Facilities, 2 co-packers

50% Vertical Integration

Springfield, OH –

Plant and distribution center

1

See reconciliation of Adjusted Operating Income (non-GAAP) to Reported Operating Income (GAAP) in the Appendix of this presentation.

BEF Foods’

Transformation Expected to Offset

~$44MM Sow Cost Impact in Fiscal 2015

53

Adjusted

Operating

Income

($

millions)

1

FY 12

No Mitigation

Launched lean mfg. program

Transitioned from DSD

to warehouse

Expanded side dish products

(Kettle Creations acquisition)

Optimized sausage plant

network

Enhanced pricing and trade

spending capabilities

Avg

Sow

Cost

$44.93

$61.58

$53.87

$73.23

Est. Sow

cost

impact vs

2009

($ millions)

$17

$9

$28

NOTE:  daily sow cost information available at:  http://www.ams.usda.gov/mnreports/lm_hg230.txt

$85

$44

~$25-$35

$16.0

$1.8

$18.8

$30.7

$12.9

FY 09

FY 12

FY 13

FY 14

FY 15E

BER and BEF: Synergies Drive Value Across

Multiple Dimensions

54

Brand and Advertising Synergies

Product Innovation

Supply Chain Savings

Food Service Credibility/Expansion

Margin Expansion at BER and BEF

Restaurant Operational Efficiencies

G&A Leverage

FY 2014: Vital Few Priorities

55

Expand “in-source”

supplier relationships for the

restaurant segments and the food service industry

Drive sales through new authorizations

and geographic expansion

Drive margin expansion through cost reductions

and Lean manufacturing efficiencies

Optimize our plant and distribution network

Drive best-in-class ROIC

56

Appendix

Board Composition and Governance Track Record

57

•

Board Composition, Skills and Tenure

•

Governance Ranking

•

Peer Group Comparisons

Bob Evans Farms, Inc. Board of Directors

Pre -

FY2007

FY2007 -

Present

Paul S. Williams

Cheryl L. Krueger

Michael J. Gasser

E.W. (Bill) Ingram III

Mary Kay Haben

Eileen A. Mallesch

Steven A. Davis

Bob Evans Farms, Inc. recognized by 2020 Women on Boards as a Winning “W”

Company for its board diversity and 20%+ female board membership

for the past three years, and by Forbes magazine in 2012 as one of the top 100 most trusted companies in America.

Larry C. Corbin

Retiring:  2014 Annual  Meeting

G. Robert Lucas

58

Kevin M. Sheehan

Larry S. McWilliams

Kathy S. Lane

Retiring:  2014 Annual  Meeting

•

Elected

1981.

Retired

Chief

Executive

Officer,

Bob

Evans

Farms,

Inc.

•

Skillset:  real estate, restaurant retail and food products operations.

•

Elected 1997.  Chairman of the Board, Greif, Inc. (revenue:  $4.4B)

•

Previously CEO, Greif, Inc.

•

Skillset:  global experience  and perspective in auditing, finance,

manufacturing, enterprise risk management, strategic planning,

tax, and mergers and acquisitions.

•

Elected 1998.  Chief Executive Officer, White Castle System, Inc.

(revenue:  $600M+)

•

Skillset:  restaurant operations, real estate, food service

and production, as well as auditing and finance.

•

Elected 1993.  Chief Executive Officer, Krueger & Co., LLC.

•

Previously President and CEO, Cheryl & Co., (acquired by 1-800-Flowers)

•

Skillset:  marketing  and branding, retail sales, business operations, on-line

marketing and sales, manufacturing, as well as auditing and finance.

•

Elected 2006.  CEO and Chairman of the Board, Bob Evans Farms, Inc.

•

Previously President, Long John Silver’s and A&W All-American Food Restaurants, Yum! Brands

(revenue: $13.3B)

•

Skillset:  restaurant operations, marketing and branding, packaged foods, strategic planning, mergers

and acquisitions, real estate, auditing, and finance.

•

Elected 2012.  Former President-North America, Wm. Wrigley Jr. Company, a subsidiary of Mars, Inc. (revenue:

~$33B).

•

Previously held leadership positions of the Cheese, Meals and Enhancers divisions of Kraft Foods (revenue:

$18.1B)

•

Skillset:  marketing, social media, and brand positioning.

•

Appointed 2014.  Former Executive Vice President, Chief Information Officer,

The TJX Companies, Inc. (revenue: $27.4B)

•

Previously  CIO at National Grid , Gillette, GE Oil & Gas, and GE Vendor Financial Services

•

Skillset:  IT, consumer products, finance, and retail.

•

Elected 2008.  Former Senior Vice President, Chief Financial Officer, Nationwide Property &

Casualty Insurance (revenue: $23.9B).

•

Appointed 2014.  Co-Chief Executive Office of Compass Marketing.

•

Previously President and CEO, Keystone Foods (revenue:  $7B); and Campbell Soup USA and

Campbell International, Campbell Soup Co.  (revenue:  $8.1B)

•

Skillset:  consumer marketing and brand building in protein and consumer packaged goods

segments of  the food industry.

•

Appointed 2014.  President and Chief Executive Officer of Norwegian Cruise Line.

•

Previously Chairman and CEO of Cendant Corporation's Vehicle Services Division and as

Chief Financial Officer of Cendant Corporation

•

Skillset:  consumer experience enhancements, accounting, and finance.

•

Elected 2007.  Managing Director, Major Lindsey & Africa.

•

Previously Chief Legal Officer and EVP, Cardinal Health, Inc. (revenue:  $93.6B)

•

Skillset:  legal and regulatory matters, healthcare, human resources, leadership development and

executive compensation policy matters.

•

Skillset:  auditing, finance, enterprise risk management, taxation, and mergers and acquisitions.

•

Elected 1986.  Trustee, The Jeffrey Trusts.

•

Previously General Counsel, The Scotts Miracle-Gro Company

(revenue:  $2.9B)

•

Skillset:  legal, regulatory and government affairs, restaurant operations,

real estate, mergers and acquisitions, consumer products, auditing,

finance and executive compensation.

Strong Corporate Governance is a Priority at

Bob Evans Farms

(1) Source: Yahoo Finance –

per Yahoo Finance, ISS

QuickScore data is presented as of July 1, 2014. 

ISS Overall Governance Quickscore versus Selected Peers¹

1

2

3

4

5

6

7

8

9

10

Mean ex. BOBE: 5.2

59

•

Institutional

Shareholder

Services

(“ISS”)

has

awarded

Bob

Evans’

overall

corporate

governance

the

highest

possible

score per QuickScore rankings.

•

Bob Evans’

Board has:

•

•

Annual director elections –

no classified board;

•

Majority vote election standard with a director resignation policy;

•

Entirely independent nominating, audit and compensation committees;

•

A lead independent director empowered with robust responsibilities;

•

Strong stock ownership guidelines for directors;

•

Board and committee-level self-evaluations for board effectiveness;

•

No authorization to issue blank check preferred stock without shareholder approval.

An overwhelming majority of independent directors (all but the CEO);

BOBE’s Strong Balance Sheet Enables Above-

Average Returns of Capital

Return of Capital by Casual Dining Companies

Payout Ratios

Dividends

Net Share

Repurchases

(c)

Source: FactSet and company filings.

(a)

Payout ratio calculated as a percentage of cash flow from operations for the last 30 fiscal quarters.

(b)

Indicative annual dividend yield defined as most recent quarterly dividend multiplied by 4, divided by stock price as of 4/30/14.

(c)

Share repurchases are net of any equity issuance.

Return of Capital

(a)

Dividend Yield

(b)

Median of Dividend

Paying Companies: 2.7%

60

Median: 26%

BOBE’s

Valuation

Relative

to

Other

Restaurant

and

Branded Protein Companies

EV/CY 2014E EBITDA

Differentiated Casual

Family Dining

Other Mature

Casual

Branded Protein

61

Source:        Company filings and FactSet as of 4/30/14.

Over $125 Million of Strategic Asset Dispositions

62

•

Consolidation of Three Home Office

Locations into One State-of-the-Art Facility

•

Business Dispositions

•

Restaurant Closures

•

Plant Closures/Consolidations

•

Real Estate Sales and Disposals

•

Business Transformations

•

DSD to warehouse conversion

•

Distribution center sale

63

New Corporate Campus Consolidates Three

Former Locations Into One

Mimi’s Café

Divisional HQ:

Irvine, California

(acquired 2004)

Owens Sausage

Divisional HQ:

Richardson,

Texas

(acquired 1987)

New Corporate HQ

New Albany, Ohio

(constructed 2013)

Previous Corporate HQ:

Previous Corporate HQ:

Columbus, Ohio

(constructed

1968)

Consolidation

Project

Summary*

($ millions)

$48.2

Land/Building Cost

($12.1)

Sale

of

Columbus

HQ

/Richardson

HQ

(est.)

($4.7)

Tax

Savings/Incentives

(realized

over

10

to

15

years)

$31.4

Net

Cost

*$1.3M

of

annual

operating

expenses

of

Owens’

and

Mimi’s

HQ

offices  

eliminated in consolidation. 

Significant Asset Closures/Dispositions:

Every

business segment subject to review every

quarter.

64

continued on following page…

Fiscal

Year

Announced

Business Unit

Action(s) Announced

Strategic Rationale

2006

Bob Evans Restaurants

16 underperforming restaurants closed

margin/ROIC improvement

Corporate

8 underperforming restaurants closed

margin/ROIC improvement

     (Owens restaurant chain closed)

2007

Bob Evans Restaurants

18 underperforming restaurants closed

margin/ROIC improvement

BEF Foods

Initiates transition from direct-store-delivery to direct-ship-

upgrade to the distribution model required by most large retailers

  warehouse distribution model (multi-year evolution of fleet 

  and other transportation assets including the 2012

  transportation center consolidation)

2008

Bob Evans Restaurants

10 underperforming restaurants closed

margin/ROIC improvement

2009

Bob Evans Restaurants

2 underperforming restaurants closed

margin/ROIC improvement

2010

Bob Evans Restaurants

1 underperforming restaurant closed

margin/ROIC improvement

2011

Bob Evans Restaurants

8 underperforming restaurants closed

margin/ROIC improvement

Corporate

1 underperforming Mimi's Café restaurant closed

margin/ROIC improvement

BEF Foods

Bidwell, Ohio (fresh sausage) production line closed

plant network optimization (reduce fresh sausage over-capacity)

BEF Foods

Galva, Illinois (fresh sausage) plant closure

plant network optimization (reduce fresh sausage over-capacity)

over $125M since FY 2006

65

Significant Asset Closures/Dispositions: $125M+ since FY 2006

Every

business segment subject to review every

quarter.

Fiscal

Year

Announced

Business Unit

Action(s) Announced

Strategic Rationale

2012

Bob Evans Restaurants

2 underperforming restaurants closed

margin/ROIC improvement

BEF Foods

Bidwell/Hillsdale Transportation Center closures

transportation hubs consolidated in Springfield, Ohio

BEF Foods

Springfield Distribution Center sold

sold facility to best-in-class distribution co.; retained access to facility

2013

Bob Evans Restaurants

7 underperforming restaurants closed

margin/ROIC improvement

Corporate

Divestiture of Mimi's Café

and HQ consolidation

focus on driving profitable growth of the Bob Evans brand

BEF Foods

Bidwell, Ohio and Springfield, Ohio plant closures

plant network optimization: consolidate pre-cooked/ready-to-eat

estimated $7 million to $8 million annual pre-tax benefit (FY '15->)

production at state-of-the-art Sulphur Springs, Texas plant

YTD 2014

Bob Evans Restaurants

3 underperforming restaurants closed; 31 closed/excess

margin/ROIC improvement

restaurant properties sold

Corporate

Closure and sale of Columbus home office

focus on driving profitable growth of the Bob Evans brand

BEF Foods

Richardson, Texas (fresh sausage) plant and hq closure

plant network optimization (reduce fresh sausage over-capacity)

estimated $2 million to $2.5 million annual pre-tax benefit (FY '16->)

BEF Foods

Sale of Fullerton, California prep kitchen facility

plant network optimization: consolidate pre-cooked/ready-to-eat

production at state-of-the-art Sulphur Springs, Texas plant

Bob Evans Restaurants

Close underperforming locations to improve local market performance and reinvest in higher potential locations

BEF Foods: 

Reinvest proceeds from sale of non-core/low-growth assets in high-growth refrigerated side dish and prepared foods assets

Corporate: 

Disposals/divestitures to improve margins and focus on growth

Additional Information

66

•

ERP

Implementation Schedule

•

Reconciliation of Adjusted Operating Income

(Non-GAAP) to Reported Operating Income

(GAAP)

67

Updated 7/2014

Fiscal Yr.

Key Actions

$ Millions

Capex

Expense

Benefits

2013

-

RFP Completed & Software Purchased.

-

Team Formulation.

(3.8)

(1.0)

0.0

-

Project Planning and Scoping Defined.

2014

Corporate: Financials Design

(7.6)

(1.9)

0.0

Foods: Manufacturing and Supply Chain Design

2015

Corporate: Financials, HR & Payroll

(13.9)

(4.6)

0.0

Foods: Manufacturing, Procurement, ASCP

Restaurants: Employee Self-Service

2016

Corporate: Order to Cash

(7.1)

(8.1)

3.7

Foods: Transportation, Order Mgt, Trade Planning

2017

Corporate: Property Manager, Enterprise Asset Mgt

(3.3)

(7.7)

6.5

Foods: Product Lifecycle Management

2018

Expenses Stabilize, Benefits Continue to Ramp Up

0.0

(6.9)

8.8

ERP Implementation Schedule

Working to Achieve an Amicable

Resolution with Activist

68

(1) 

March 2014 McKinsey & Company article, “Preparing for bigger, bolder shareholder activists”, by Joseph Cyriac, Ruth De

Backer, and Justin Sanders

Company efforts to resolve ongoing since July

2013

-

Please refer to the Company’s Definitive

Proxy (Background to Consent Solicitation),

filed July 11, 2014

Fiscal 2014-2015 activist stockholder costs

projected at $8.5 million

Proxy contests are not inexpensive

(1)

Reconciliation of Adjusted Operating Income

(Non-GAAP) to Reported Operating Income (GAAP)

69

This schedule continues on the following page.

Reconciliation of Adjusted Operating Income

(Non-GAAP) to Reported Operating Income (GAAP)

70

Reconciliation of Adjusted Operating Income

(Non-GAAP) to Reported Operating Income (GAAP)

71

This schedule continues on the following page.

Reconciliation of Adjusted Operating Income

(Non-GAAP) to Reported Operating Income (GAAP)

72

Reconciliation of Adjusted Operating Income

(Non-GAAP) to Reported Operating Income (GAAP)

2009 BEF Foods’

(formerly “Food Products”) Operating

Income Reconciliation

Fiscal 2009 BEF reported operating income (GAAP)

$15,571

Non-GAAP adjustment:  Other operating expenses

400

Fiscal 2009 BEF reported operating income (GAAP)

$15,971

($ thousands)

73