EX-99.4

Presentation to

Pinnacle Senior Leaders

May 12, 2014

Exhibit 99.4

Forward Looking Statements

This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of

Pinnacle Foods and certain plans and objectives of Pinnacle Foods with respect thereto, including the expected benefits of the proposed

merger with Hillshire Brands. These forward-looking statements can be identified by the fact that they do not relate only to historical or

current facts. Forward-looking statements often use words such as “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”, “goal”,

“believe”, “hope”, “aim”, “continue”, “will”, “may”, “would”, “could”

or “should”

or other words of similar meaning or the negative

thereof. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in

forward-looking statements. Such factors include, but are not limited to, the expected closing date of the transaction; the possibility that

the expected synergies and value creation from the proposed merger will not be realized, or will not be realized within the expected time

period; the risk that the businesses will not be integrated successfully; disruption from the merger making it more difficult to

maintain

business and operational relationships; the risk that unexpected

costs will be incurred; changes in economic conditions, political conditions,

trade protection measures, licensing requirements and tax matters; the possibility that the merger does not close, including, but not

limited to, due to the failure to satisfy the closing conditions, including the receipt of approval of both Hillshire Brands’

stockholders and

Pinnacle Foods’

stockholders; and the risk that financing for the transaction may not be available on favorable terms. These forward-

looking statements are based on numerous assumptions and assessments made by Pinnacle Foods in light of its experiences and

perceptions of historical trends, current conditions, business strategies, operating environments, future developments and other

factors it

believes appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate

to events and depend on circumstances that will occur in the future. The factors described in the context of such forward-looking

statements in this announcement could cause Pinnacle Foods’

plans with respect to the proposed merger, actual results, performance or

achievements, industry results and developments to differ materially from those expressed in or implied by such forward-looking

statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be

given that such expectations will prove to have been correct and

persons reading this announcement are therefore cautioned not to place

undue reliance on these forward-looking statements which speak only as at the date of this announcement. Pinnacle Foods assumes no

obligation to update the information contained in this announcement (whether as a result of new information, future events or otherwise),

except as required by applicable law. A further list and description of risks and uncertainties can be found in Pinnacle Foods’

Annual Report

on Form 10-K for the fiscal year ended December 29, 2013 and in its reports

on Form 10-Q and Form 8-K.

Additional Information and Where to Find It

The proposed merger transaction involving Hillshire Brands and Pinnacle Foods will be submitted to the respective stockholders of

Hillshire Brands and Pinnacle Foods for their consideration. In connection with the proposed merger, Hillshire Brands will prepare a

registration statement on Form S-4 that will include a joint proxy statement/prospectus for the stockholders of Hillshire Brands and

Pinnacle Foods to be filed with the Securities and Exchange Commission (the “SEC”), and each will mail the joint proxy

statement/prospectus to their respective stockholders and file other documents regarding the proposed transaction with the SEC.

Hillshire Brands and Pinnacle Foods urge investors and stockholders to read the joint proxy statement/prospectus when it becomes

available, as well as other documents filed with the SEC, because they will contain important information. Investors and security

holders will be able to receive the registration statement containing the proxy statement/prospectus and other documents free of

charge at the SEC’s web site, http://www.sec.gov. These documents can also be obtained (when they are available) free of charge

from Hillshire Brands upon written request to the Investor Relations Department, 400 South Jefferson Street, Chicago, Illinois 60607,

telephone number (312) 614-8100 or from Hillshire Brands’

website, http://investors.hillshirebrands.com, or from Pinnacle

Foods

upon written request to the Investor Relations Department, 399 Jefferson Road, Parsippany, New Jersey, 07054, telephone number

(973) 434-2924, or from Pinnacle Foods’

website, http://investors.pinnaclefoods.com.

Hillshire Brands, Pinnacle Foods and their respective directors and executive officers and other members of management and

employees may be deemed to be participants in the solicitation of proxies from the respective stockholders of Hillshire Brands and

Pinnacle Foods in favor of the merger. Information regarding the

persons who may, under the rules of the SEC, be deemed

participants in the solicitation of the respective stockholders of Hillshire Brands and Pinnacle Foods in connection with the proposed

merger will be set forth in the joint proxy statement/prospectus

when it is filed with the SEC. You can find more information about

Pinnacle Foods’

executive officers and directors in its definitive proxy statement for its 2014 Annual Meeting of Stockholders, which

was filed with the SEC on April 30, 2014. You can obtain free copies of these documents from Hillshire Brands and Pinnacle Foods

using the contact information above.

Who is Hillshire Brands?

North America spin-off of

the former Sara Lee

$4bn publicly-traded food

company focused on

convenient meals and

snacks

Headquartered in Chicago

The Acquisition Creates a $6.8 Billion Food Company

with $1.1 Billion in EBITDA

Before Acquisition

($ billions)

HSH

Net Sales

$2.6

$4.1

EBITDA

$0.5

After Acquisition

Total

$6.8

$1.1

Small differences due to rounding

Peer Comparison –

CY14E Net Sales ($bn)

Peer

Comparison

–

CY14E

EBITDA

(1)

($bn)

The Acquisition Creates a $6.8 Billion Food Company

with $1.1 Billion in EBITDA

$0.2

$0.3

$0.5

$0.6

$0.7

$1.1

$1.2

$1.6

$2.4

$2.8

$3.7

BGS

SAFM

HSH

POST

MKC

HRL

HSH/PF

SJM

CPB

CAG

GIS

KRFT

$0.9

$2.6

$2.7

$3.9

$4.1

$4.3

$5.7

$6.8

$8.4

$9.2

$15.1

$17.4

$18.3

$18.5

BGS

SAFM

POST

HSH

MKC

SJM

HSH/PF

CPB

HRL

CAG

GIS

KRFT

…and the Third Largest Frozen Branded Player

LTM Frozen Retail Sales ($bn)

$7.2

$3.3

$2.9

$2.4

$2.0

$1.9

$1.8

$1.6

$1.3

$1.2

Critical Decision Criteria in Evaluating a Deal

Is it a strategic combination?

Is it a good value to shareholders?

How do we ensure a successful integration and

do the right thing for employees?

The combined portfolio has significant scale in Refrigerated,

Frozen and Dry Grocery, with significant revenue opportunity

Brand Equity and

Manufacturing Cross

Pollination

Extend Pinnacle into

Refrigerated

Extend Hillshire into

Frozen

•

Skillet

Entrees

–

Hillshire

roasted

turkey, three cheese pasta, grilled

steak, smoked bacon mac & cheese

•

Dinner

Sandwiches

–

Hillshire

hickory smoked ham, pulled chicken,

smoked turkey, pulled pork

•

Frozen

Bagged

Meals

–

Jimmy

Dean

sausage and peppers; State Fair

frozen chicken nuggets

•

Refrigerated

Salad

Dressings

–

Birds Eye Harvest Vegetable

Vinaigrette; Wish-Bone Artisan Italian

•

Refrigerated

Pickles

–

Farmer’s

Garden by Vlasic pickles and other

pickled vegetables

•

Refrigerated

Desserts

–

Duncan

Hines Single Serve, Dessert Creations

•

Refrigerated

Juices

–

Birds

Eye

cold-

pressed vegetable juice medleys

•

Microwavable

Mini-Meals

(microwavable bowls) –

Jimmy Dean

jambalaya; Hillshire Sausage Alfredo;

State Fair mac & cheese with hot dogs

•

Meal

Starters

(sauce

pouch

w/o meat) –

Jimmy Dean breakfast

skillets starter; Hillshire slow-cooker

pork-shoulder sauce

•

Meal

Enhancers

(bottled

sauces)

–

Jimmy Dean BBQ sauce and marinades;

Hillshire marinades

Dry Grocery

Refrigerated

Frozen

Is it a Strategic Combination?

EXAMPLE PRODUCT OFFERINGS:

Is it a Strategic Combination?

Operating Income Margin

Ingredient Input Cost

Diversification

Protein

Other

~10%

~14%

35%

25%

65%

75%

Is it a Good Value to Shareholders?

$18 + .5 Shares of HSH

$18

$18.48

5/9

$36.48

$18

$18.02

Day

Avg

$36.02

Is it a Good Value to Shareholders?

Represents 20% purchase price premium to 5/9 close and

82% appreciation from IPO

20%

Premium

% Price Return Since IPO

+82.4%

+20.2%

+12.8

-10%

10%

20%

30%

40%

50%

60%

70%

80%

90%

3/27/13

5/9/14

Pinnacle Foods

S&P 500

S&P 500 Packaged Foods & Meats

Date

Target

Acquirer

TEV

TEV / LTM EBITDA

Feb-13

H.J. Heinz

Berkshire Hathaway / 3G Capital

$27.7bn

May-14

Pinnacle Foods

Hillshire Brands

6.7

Nov-12

Ralcorp

Conagra Foods

6.8

Feb-07

Pinnacle Foods

Blackstone Group

2.2

Jul-12

Bolthouse Farms

Campbell

1.6

Apr-14

Michael Foods

Post Holdings

2.5

Nov-09

Birds Eye Foods

Pinnacle Foods

1.3

Nov-10

Del Monte Foods

KKR, Centerview Capital, Vestar

5.3

Jun-10

American Italian Pasta Co.

Ralcorp

1.2

May-10

Michael Foods

GS Capital Partners

1.7

Selected Packaged Food and Beverage Transactions

Is it a Good Value to Shareholders?

Deal priced at top end of industry range since 2007

7.9X

8.2X

8.8X

9.2X

10.1X

10.2X

11.0X

11.9X

13.6X

13.7X

How Do We Ensure a Successful Integration…

Hillshire is developing an Integration Plan

•

Craig will be the Co-Leader on the Integration Steering Team

•

Initial thoughts are that it will take about a year to complete

They need good people to run the larger, combined

company and are interested in Pinnacle talent

•

Process to explore opportunities will be defined

Deliver Q2 and Q3 LE1 to turn over a healthy business

…and Do the Right Thing for Employees?

People will be treated fairly

For those unable to move or not offered a position:

•

At least 30 days notice will be given prior to an end date

•

If no viable position, severance benefits will be provided

•

Severance includes salary and benefits continuation for a

period of time

Details on severance and retention will follow

Retention packages for positions below VP level will

be offered

How Equity Works

Restricted Shares/

Restricted Share Units

(Old PIUs, 4/14 for Directors)

Stock Options

(Old Pinnacle options,

Founders Grant, 4/1/14 Grant)

Performance Share

Units

(4/1/14 Grant)

•

All

unvested

shares/units

vest

–

become

“Shares”

•

Get paid out on deal terms:

•

1 share = $18.00 cash + ½

share HSH

•

Will pay accrued dividends as cash

•

Can

keep

sell

HSH

–

individual

choice

•

All unvested options vest at close

•

Options then convert in a ratio to preserve value

•

Will be reissued as HSH options

•

Can exercise immediately or through normal

expiration date

•

All

unvested

PSU’s

vest

–

become

“Shares”

•

Performance calculated:

•

Relative

TSR

4/1

Deal

vs.

Peer

Set

•

Get paid out on deal terms

•

1 share = $18.00 cash + ½

share HSH

•

Will pay accrued dividends as cash

•

Can

keep

sell

HSH

–

individual

choice

The Headline: It all vests at deal close

Your Leadership Role

Lead

your

team

–

today

and

the

days/weeks

come

Engage in answering questions and concerns

•

Use your active listening skills

•

Answer what you can, gather questions that we haven’t

answered yet

•

Don’t try to solve all problems

Don’t get ahead of yourselves…

•

Don’t rush to judgment…

wait for all the facts

•

At the appropriate time, Hillshire will be available to answer

questions about the integration

The Change Management Curve

Your Leadership Role

Continue to manage the business –> deliver until close

•

Focus on Q2 and Q3 LE1 delivery

Maintain

“business

usual”

mindset

•

Stick to normal business process and routines

•

Don’t cancel meetings or projects until we give

direction