Founded on food, focused on service....distribution solutions to all of Red Lobster’s 670+ U.S. restaurants •Agreement solidifies PFG Customized’s position as the premier distributor

Founded on food,

focused on service.

Q3 FY2016 Earnings Call • May 4, 2016

Forward Looking Statements

• This presentation includes, and our response to various questions may include, certain

forward‐looking statements, estimates, and projections with respect to our anticipated future

performance, including the statements in the “Fiscal 2016 Outlook” section of this

presentation (collectively, “Forward‐Looking Statements”). Words such as “estimates,”

“expects,” “contemplates,” “anticipates,” “projects,” “plans,” “intends,” “believes,”

“forecasts,” “may,” “could,” “should,” and variations of such words or similar expressions

are intended to identify Forward‐Looking Statements.

• Forward‐Looking Statements reflect various assumptions of the Company’s management

that may or may not prove to be correct and are not guarantees of the Company’s future

performance or results. The Company’s actual results could differ materially from those

anticipated in the Forward‐Looking Statements.

• These Forward‐Looking Statements are subject to various risks and uncertainties, including

those described under “Risk Factors” section in our Prospectus dated October 1, 2015,

which was filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule

424(b) of the Securities Act on October 2, 2015, as such factors may be updated from time to

time in the Company’s periodic filings with the SEC and which are accessible on the SEC’s

website at www.sec.gov.

• The Company is not required and does not intend to update or alter any Forward‐Looking

Statements in this presentation or any other information that may be furnished to any

recipient, whether as a result of new information, future events, or otherwise.

1

Statement Regarding Non-GAAP Financial Measures

• This presentation includes several financial measures that are not calculated in accordance

with GAAP, including EBITDA, Adjusted EBITDA, Adjusted Cost of Goods Sold, Adjusted

Gross Profit, Adjusted Operating Expense, Adjusted Operating Profit, Adjusted Net Income,

and Adjusted Diluted Earnings per Share.

• Such measures are not recognized terms under GAAP, should not be considered in isolation

or as a substitute for measures prepared in accordance with GAAP, and are not indicative of

net income (loss) as determined under GAAP.

• EBITDA, Adjusted EBITDA, Adjusted Cost of Goods Sold, Adjusted Gross Profit, Adjusted

Operating Expense, Adjusted Operating Profit, Adjusted Net Income, and Adjusted Diluted

Earnings per Share and other non-GAAP financial measures have limitations that should be

considered before using these measures to evaluate the Company’s liquidity or financial

performance.

• EBITDA, Adjusted EBITDA, Adjusted Cost of Goods Sold, Adjusted Gross Profit, Adjusted

Operating Expense, Adjusted Operating Profit, Adjusted Net Income, and Adjusted Diluted

Earnings per Share, as presented, may not be comparable to similarly titled measures of

other companies because of varying methods of calculation.

2

George Holm

Chief Executive Officer

Q3 FY2016 Highlights

• Double-digit Adjusted EBITDA growth

10% - 12% growth range outlook provided

• Share Gains

Strong organic Case growth

• Expanded Margins

Grew independent restaurant case volume by at least 6% over the

prior year

Continued effective cost management

Adjusted EBITDA as a % of Gross Profit grew 60 bps

4

Q3 FY2016 Results

• Case volume growth of 4.1%

• Net sales increased 3.0% to $3.9 billion

• Gross profit increased 6.5% to $480.8 million

• Operating profit increased 38.7% to $37.6 million

• Net income increased 224.1% to $9.4 million

• Adjusted EBITDA1 increased 10.2% to $76.4 million

• Adj. EBITDA margin, as a % of Gross Profit, expanded 60 bps

to 15.9%

• Adj. diluted EPS increased 36.4% to $0.15 per share

51 For reconciliation of non-GAAP to GAAP measures see the Appendix

First Nine Months FY2016 Results

• Case volume growth of 4.5%

• Net sales increased 4.0% to $11.7 billion

• Gross profit increased 6.7% to $1.4 billion

• Operating profit increased 26.7% to $135.4 million

• Net income increased 75.3% to $39.1 million

• Adj. EBITDA1 increased 11.4% to $251.9 million

• Adj. EBITDA margin, as a % of Gross Profit, expanded 80 bps

to 17.4%

• Adj. diluted EPS increased 35.6% to $0.61 per share

1 For reconciliation of non-GAAP to GAAP measures see the Appendix 6

PFG Customized

7

• PFG entered into an agreement to provide

distribution solutions to all of Red Lobster’s

670+ U.S. restaurants

• Agreement solidifies PFG Customized’s position as

the premier distributor to full-service chain restaurants

• Red Lobster will be served from within Customized’s existing

distribution network

Increases Customized’s annualized sales by more than $500MM

Accretive to Adjusted EBITDA and EPS in FY2017

Accretive to return on invested capital

• PFG Customized will begin rolling out service to Red Lobster in our

fiscal first and second quarters of 2017

Q3 FY2016 Segment Results

Net Sales EBITDA

$ MM $ vs. PY $ MM $ vs. PY

Performance

Foodservice$2,298.7 + 4.1% $63.0 + 19.3%

PFG

Customized957.9 (3.2%) 9.7 + 1.0%

Vistar 651.2 + 9.0% 26.7 + 4.7%

8

Bob Evans

Chief Financial Officer

Q3 Financial Results

10

$ million, except per share

Q3 FY2016 Q3 FY2015 Growth

Cases + 4.1%

Net Sales $ 3,909.1 $ 3,795.5 + 3.0%

Gross Profit 480.8 451.6 + 6.5%

Operating Expense 443.2 424.5 + 4.4%

Operating Profit 37.6 27.1 + 38.7%

Net Income 9.4 2.9 + 224.1%

Diluted EPS $0.09 $0.03 + 200.0%

Adjusted EBITDA 1 76.4 69.3 10.2%

Adj. EBITDA1/Gross Profit 15.9% 15.3% 60 bps

Adjusted Net Income 1 15.5 9.6 + 61.5%

Adjusted Diluted EPS 1 $0.15 $0.11 + 36.4%


PFG’s Profit Margin Expansion

11

• Performance Foodservice:

− Shift mix to Independents

and proprietary

Performance Brands

• Vistar:

− Penetrate new channels

leveraging our existing


• Customized:

− Win new customers to

leverage our existing


Adj. EBITDA Margin

as a % of Gross Profit

15.7%

17.8%16.6%

17.4%

0%

4%

8%

12%

16%

20%

FY2010 FY2015 FY2015 FY2016

YTD

+ 210 bps + 80 bps

Q3 Cash Flow and Balance Sheet

• YTD Cash Flow highlights

Operating Cash Flow of $117.6MM vs. 28.4MM PY

CapEx of $68.0MM vs. $63.7MM PY

Acquisitions of $40.2MM vs. $0.4MM PY

• Net Debt

Q3 FY2015 quarter end: $ 1,494.8MM

Q3 FY2016 quarter end: $ 1,203.4MM

Improvement vs. PY: $ 291.4MM

• Net Debt / TTM Adjusted EBITDA1 leverage

Q3 FY 2016 quarter end: 3.4X

Q3 FY 2015 quarter end: 4.7X

Improvement: 1.3X


Asset-Based Lending Facility (ABL)

13

• In Q3 FY2016 , an amendment to PFG’s ABL facility went into effect

Upsized the ABL Facility from $1.4 billion to $1.6 billion

Lowered interest rate grid for LIBOR based loans by 25 basis points

Extended the maturity to February 2021

• PFG borrowed $200 million under the ABL facility and repaid $200

million of loans under our second lien term loan facility

This payment, plus the lower interest rate grid under the ABL facility,

will save PFG cash interest of approximately $9 million over the next

12 months, which is expected to translate into 5¢ per share after-tax

One-time non-cash charge of approximately $5.8 million, or 3¢ per

share, was recognized in the third quarter in interest expense

Fiscal 2016 Outlook

• PFG’s provides Fiscal 2016 Adjusted EBITDA1

growth versus PY

outlook:

53 vs. 52 weeks: 10% – 12%

52 vs. 52 weeks: 8% – 10%

• For fiscal 2016, PFG narrows our outlook to the 10% to 12% range

• As a reminder, the 53rd week is worth approximately 2% points of

growth for the year and falls in the 4th quarter


What we really do is deliver.

15

Non-GAAP Financial Measures

16

PERFORMANCE FOOD GROUP COMPANY

Non-GAAP Reconciliation (Unaudited)


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A. Includes adjustments for non-cash charges arising from employee stock compensation, changes in fair value of fuel collar instruments, and

adjustments to reflect certain assets held for sale to their net realizable value. In addition, this includes an increase of $1.8 million, a decrease

$1.9 million, a decrease $0.3 million, and an increase $2.1 million in LIFO reserve for Q1, Q2, Q3 and Q4, respectively.

B. Includes professional fees and other costs related to completed and abandoned acquisitions, costs of integrating certain of our facilities, facility

closing costs, and advisory fees paid to the Sponsors.

C. Consists of a legal settlement.

D. Consists primarily of professional fees and related expenses associated with the Winning Together program and other productivity initiatives.

E. Includes amounts related to the withdrawal from the Central States Southeast and Southwest Areas Pension Fund.

F. Consists primarily of costs related to settlements on our fuel collar derivatives, certain financing transactions, lease amendments, and franchise

tax expense and other adjustments permitted under our credit agreements.

G. The Adjusted Net Income and Adjusted Diluted Earnings per Share impacts are shown net of tax. Tax impact of adjustments for certain items

was $3.1 million, $5.0 million, $5.1 million, and a negative $2.8 million for Q1, Q2, Q3 and Q4, respectively. Amounts are calculated by

multiplying the impact of each item by the effective tax rate for the related time period.

Documents

Founded on food, focused on service....distribution solutions to all of Red Lobster’s 670+ U.S. restaurants •Agreement solidifies PFG Customized’s position as the premier distributor