Performance Food Group...them. However, there can be no assurance that management’s expectations, beliefs, estimates, and projections will result or be achieved and actual results

‹#›© PFG / CAGNY 2020

Performance Food GroupCAGNY Conference February 18, 2020

‹#›© PFG / CAGNY 2020

Disclaimer This presentation has been prepared by Performance Food Group Company (“us” or the “Company”) solely for information purposes. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, completion and subsequent integration of our acquisition (the “Reinhart Transaction”) of Reinhart Foodservice, L.L.C. ( “Reinhart”) and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “might,” “will,” “should,” “could,” “seeks,” “projects,” “targets,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “future,” “budget,”“goals,” or the negative version of these words or other comparable words. The forward-looking statements are not historical facts, and are based upon the Company’s current expectations, beliefs, estimates, and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates, and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. The following factors, in addition to those discussed under the section entitled Item 1A Risk Factors in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2019 filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, could cause actual future results to differ materially from those expressed in any forward-looking statements: competition in our industry is intense, and we may not be able to compete successfully; we operate in a low margin industry, which could increase the volatility of our results of operations; we may not realize anticipated benefits from our operating cost reduction and productivity improvement efforts; our profitability is directly affected by cost inflation and deflation and other factors; we do not have long-term contracts with certain of our customers; group purchasing organizations may become more active in our industry and increase their efforts to add our customers as members of these organizations; changes in eating habits of consumers; extreme weather conditions; our reliance on third-party suppliers; labor relations and cost risks and availability of qualified labor; volatility of fuel and other transportation costs; inability to adjust cost structure where one or more of our competitors successfully implement lower costs; we may be unable to increase our sales in the highest margin portion of our business; changes in pricing practices of our suppliers; our growth strategy may not achieve the anticipated results; risks relating to acquisitions, including the risks that we are not able to realize benefits of acquisitions or successfully integrate the businesses we acquire; environmental, health, and safety costs; the risk that we fail to comply with requirements imposed by applicable law or government regulations; our reliance on technology and risks associated with disruption or delay in implementation of new technology; costs and risks associated with a potential cybersecurity incident or other technology disruption; product liability claims relating to the products we distribute and other litigation; adverse judgments or settlements; negative media exposure and other events that damage our reputation; anticipated multiemployer pension related liabilities and contributions to our multiemployer pension plan; decreases in earnings from amortization charges associated with acquisitions; impact of uncollectability of accounts receivable; difficult economic conditions affecting consumer confidence; departure of key members of senior management; risks relating to federal, state, and local tax rules; the cost and adequacy of insurance coverage; risks relating to our outstanding indebtedness; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; and the following risks related to the Reinhart Transaction: (i) uncertainty as to the expected financial performance of the combined company; (ii) the possibility that the expected synergies and value creation from the Reinhart Transaction will not be realized or will not be realized within the expected time period; (iii) the risk that unexpected costs will be incurred in connection with the integration of the Reinhart Transaction or that the integration of Reinhart will be more difficult or time consuming than expected; (iv) a downgrade of the credit rating of the Company’s indebtedness, which could give rise to an obligation to redeem existing indebtedness; (v) unexpected costs, charges or expenses resulting from the Reinhart Transaction; (vi) the inability to retain key personnel; (vii) disruption from the Reinhart Transaction, including potential adverse reactions or changes to business relationships with customers, employees, suppliers or regulators, making it more difficult to procure and maintain business and operational relationships; and (viii) the risk that the combined company may not be able to effectively manage its expanded operations.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our filings with the SEC. Any forward-looking statement, including any contained herein, speaks only as of the time of this presentation and we do not undertake any obligation to update or revise them as more information becomes available or to disclose any facts, events, or circumstances after the date of this presentation that may affect the accuracy of any forward-looking statement, except as required by law.

This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Conversion and Adjusted Diluted EPS. These metrics have important limitations and should not be considered in isolation or as a substitute for measures of the Company’s financial performance or liquidity prepared in accordance with GAAP. In addition, these metrics, as presented by the Company may not be comparable to similarly titled measures of other companies due to varying methods of calculations. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP.

The Company owns or has rights to use a number of registered and common law trademarks, service marks and trade names in connection with its business, including Performance Foodservice, PFG Customized, Vistar, West Creek, Silver Source, Braveheart 100% Black Angus, Empire’s Treasure, Brilliance, Heritage Ovens, Village Garden, Guest House, Piancone, Luigi’s, Ultimo, Corazo, and Assoluti. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation are without the ® and ™ symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, its rights or the rights of the applicable licensors to these trademarks, service marks, and trade names. This presentation contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. All trademarks, service marks, and trade names appearing in this presentation are, to our knowledge, the property of their respective owners.

Before you invest, you should read the Company’s registration statement on Form S-3 and the related prospectus supplement (and the documents incorporated by reference in the foregoing) and other documents the Company has filed with the SEC for more complete information about the Company and this offering. These documents are available to the public on the SEC’s website at http://www.sec.gov.

This presentation and related discussion shall not constitute an offer, or an invitation on behalf of the Company or the underwriters, to subscribe for and purchase the Company’s common stock, and may not be used for or in connection with an offer or solicitation by anyone, in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

2© PFG / CAGNY 2020

http://www.sec.gov/

‹#›© PFG / CAGNY 2020 ‹#›© PFG / CAGNY 2020

George HolmChairman, President & CEO


‹#›© PFG / CAGNY 20204PFG / CAGNY 2020

Delivering Success

Our Mission

To be a leader in the foodservice distribution industry by delivering world-class innovative products and value-added services that enable our customers’ success and support enduring supplier relationships.


Who We Are

Market leader with scale

Disciplined and proven acquirer

with ample opportunities

Unique Performance Brands

private label business

Customer-centric approach

Differentiated national candy,

snack and beverage distributor

Track record of strong and consistent

financial performance



Employees(2)

~25,000

Customer Locations200,000+

Suppliers5,500+

Products200,000+

Distribution Centers

100+

Vehicles5300+

Performance Food Group at a Glance

Key Company Metrics

▪ Restaurants

▪ Hospitality

▪ Schools

▪ Hospitals

▪ Theaters

▪ Retailers

▪ Business and

industry locations

▪ Convenience stores

(1) Technomic 2019.(2) PFG’s workforce is non-unionized with the exception of approximately 1,000 employees represented by unions.


Locations Serviced


Key Investment Highlights

▪ Attractive Industry Fundamentals

▪ Leadership Position with Consistent Growth

▪ Customer-Centric Business Model

▪ Motivated Sales Force Expanding Customers and Channels

▪ Track Record of Growing Most Profitable Customers and Brands

▪ Disciplined and Proven Acquirer with Further Opportunities

▪ Experienced and Invested Management Team

▪ Strong Free Cash Flow Profile and Track Record of Deleveraging


‹#›© PFG / CAGNY 2020

2018 Foodservice Distribution MarketU.S. market = $299 billion

Food away from home market size (1)

Attractive Industry Fundamentals

Broadline42%

Specialty31%

Systems 16%

Club Stores 10%

Online(2)

1%

$445 $473

$499 $513 $504 $520 $553

$586 $610 $646

$697 $734 $756

$792

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

PFG is distinguished from most of its competitors by operating in each of the four food distribution categories.

Source: U.S. Department of Commerce, Technomic.(1) Monthly sales of food, with taxes and tips, for all purchasers as of 4/1/2019.(2) Refers to Third-Party e-Sourcing category at Technomic. 8© PFG / CAGNY 2020


▪ Category leader in an attractive industry

▪ Customer-centric business model with local decision making

▪ Driving consistent market share gains, new customer wins and further channel expansion

▪ Operational excellence and size benefits enable strong profit growth

▪ Substantial runway to sustain strong organic growth

Consistent Growth Track Record of Net Sales Growth

Strong Adj. EBITDA(2) Growth and Consistent Margin Profile

(1) Based on FY2019 pro forma financials. (2) For reconciliation of net income to Adjusted EBITDA, please refer to the Appendix.

($ in billions)

($ in millions)

$12 $13 $14

$15 $16 $17

$18 $20

$26

2012 2013 2014 2015 2016 2017 2018 2019 2019PF

+12.1%Y/Y

ReinhartPFG

(1)

$241 $271

$286 $329

$367 $391 $427

$476

$640

2.1% 2.1% 2.1% 2.2% 2.3% 2.3% 2.4% 2.4% 2.5%

2012 2013 2014 2015 2016 2017 2018 2019 2019PF

+11.4%Y/Y

(1)

ReinhartPFG


▪ One of the largest broadline distributors by net sales in the U.S.

▪ A leading distributor to independent pizzerias in the U.S.

▪ Around $3 billion sales of proprietary Performance Brands

▪ Also includes the PFG Customized division, which services casual dining chains

▪ A leading distributor with ~30,000 SKUs of candy, snacks, beverages, and other items:

― Vending distributors

― Office coffee service distributors

― Theaters, stadium and arenas

― Retail impulse

PFG Segment Overview

PFG Operating Segments Net Sales(1)

EBITDA(1)

(1) Represents LTM Q2 FY2020 and excludes Corporate & All Other and Intersegment Eliminations.

─ Hospitality

─ College bookstores

─ Convenience stores

─ Corrections

Business Mix

Vistar32%

Foodservice68%

Vistar30%

Foodservice70%


Chain66%

Independent34%

(2)

(3)

Center of the plate40%

Canned and dry groceries

15%

Refrigerated & dairy products

14%

Frozen Foods13%

Paper products & cleaning supplies

9%

Beverage5%

Others4%

▪ Provides a “broadline” range of products serving restaurants and other away-from-home concepts

― Restaurants account for 84% of sales

― Educational institutions, health care facilities and other locations account for 16% of sales

▪ Foodservice offers a portfolio of proprietary Performance Brands

― Approximately $3bn sales of proprietary Performance Brands

▪ Focus on Independent Operations:

― Leading distributor in Pizza / Italian segment

― Family dining

― Bar and grill

― Fast casual

▪ Local, regional and selected national chains

▪ Independent healthcare

▪ Hospitality

Foodservice Segment

Channels Served

Customer Mix (1)

Product Mix (1)

(1) Represents FY2019 financials.(2) Independent customers predominantly consist of independent restaurants with less than five locations.(3) Chain customers are multi-unit restaurants with five or more locations, which include fine dining, family and casual dining, fast

casual, and quick service restaurants, as well as hotels, healthcare facilities and other multi-unit institutional customers.

FY2019 Sales: $15.1bn

Customer Locations(2): 100,000+


▪ A leading distributor to vending and office coffee service distributors, theaters, retail impulse, and other channels

▪ Broad ~30,000 SKUs in candy, snacks, beverages, and other items

▪ Proven ability to build upon national platform to expand into new customer channels

▪ Versatile national distribution network capable of tailored truck load deliveries to customer locations

▪ Acquired Eby-Brown in April 2019 to strategically expand into the convenience channel

― Vistar now services more than 70,000 locations combined making it no. 1 in locations served

Vistar Segment

Strategic SKU growth continues to evolve as consumers evolve:

Customer Mix (1)

Product Mix (1)

(1) Represents FY2019 financials. Total sales includes $949.7 million for Eby-Brown, excludes $194.7 million in Eby-Brown excise taxes in depiction of channel volume distribution.

More Customers

More SKUsMore

Channels

Beverage20%

Candy20%

Snacks19%

Frozen Foods11%

Cigarettes11%

Theater/Concession

5%

Refrigerated & Dairy products

4%

Others8%

Vending31%

Convenience store17%Theater

15%

OCS 9%

Retail 8%

Value 7%

Office Supply4%

Hospitality/Travel

4%

All Other 5%

FY2019 Sales: $4.6bn

Customer Locations: 70,000+

‹#›© PFG / CAGNY 2020

Growth Opportunities


SINGLE-SERVE

& IMMEDIATE

CONSUMPTION

RESTAURANTS

& CULINARY

CONVENIENCE

STORES

‹#›© PFG / CAGNY 2020

Vending, 31%

Convenience store, 17%Theater, 15%

OCS, 9%

Retail, 8%

Value, 7%

Office Supply, 4%

Hospitality/Travel,

4%

All Other, 5%

4.9%

2.5%(1)2.9%

0%

1%

2%

3%

4%

5%

6%

PFG Sysco US Foods

Expanding Customers and Channels

Leading industry independent sales growth


Channel expansion

Source: Company information,(1) Refers to local case volume growth within U.S. Broadline operations.(2) Total sales includes $949.7 million for Eby-Brown, excludes $194.7 million in Eby-Brown excise taxes in depiction of channel volume distribution.

▪ Increase in experienced sales personnel provides natural ramp-up

▪ Focus on growth of independent business and Performance Brands

▪ Expand chain customer base selectively

Organic independent case growth December 2019 fiscal quarter

Vending, 73%

Theater, 15%

All Other, 8%

Retail, 3%

Hospitality/Travel,

1%

FY2019(2)FY2008

Total sales: $1.4 billion Total sales: $4.6 billion

▪ Diversify channel mix

▪ Build on national platform

▪ Nurture other emerging channels like hospitality

and convenience store


Customer-Centric Model

▪ Locally-based decision making and customer service to remain nimble at the point of transaction

▪ Salespeople understand customers’ business operations and economics

▪ Product assortment determined locally to reflect local customer preference

▪ Partnering with suppliers to develop high quality proprietary brands

▪ Over 10,000 of our employees interact with customers daily

▪ Our incentivized sales associates receive extensive, ongoing product training

Net Revenue Growth

Adjusted EBITDA(1) Growth

Source: Company information.Note: Net Revenue and Adjusted EBITDA growth based on PFG Fiscal Year End.(1) For reconciliation of net income to Adjusted EBITDA, please refer to the Appendix.

199%

123%

143%

80%

100%

120%

140%

160%

180%

200%

220%

FY12 FY13 FY14 FY15 FY16 FY17 FY18 LTMDec-19

PFG US Foods Sysco

222%

142%152%

80%

100%

120%

140%

160%

180%

200%

220%

240%

FY12 FY13 FY14 FY15 FY16 FY17 FY18 LTMDec-19

PFG US Foods Sysco


Investment in Growth

Foodservice Area Manager Sales Force

Notes: FY20 as of Q2 FY2020


1,400

1,914

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Dec


Profitable Growth

Sales Strategy:

▪ Focus on selling to our most profitable customers (independent locations) and selling our most profitable brands (Performance Brands)

▪ Higher Performance Brand sales drive higher independent sales and vice versa

▪ Drive higher supplier rebates and better cost of goods

▪ Drive higher commission and incentivize sales force

25.6%

33.8%

FY2013 FY2019

Customer profitability Brand profitability

Multi-unitGM / case

IndependentGM / case

Multi-unitGM / case

IndependentGM / case

39.2%

47.3%

FY2013 FY2019

Acquisition of Reinhart enhances attractive customer base and product offerings.

Customer and brand profitability comparison

Performance brand mix of independent

Independentfoodservice mix

‹#›© PFG / CAGNY 2020

Strategic Advantage with Performance Brands

Strategic BrandsUmbrella Brands – Tiered Strategy

FPO▪ Proprietary brands are a key competitive advantage in the

industry

― PFG generates around $3 billion in sales of proprietary Performance Brands

▪ PFG launched or extended 242 branded items in FY2019

▪ Chefs demand PFG’s Performance Brands and recognize the quality and specifications they bring to the table

▪ Additional value creation potential from improving Reinhart’s proprietary brand penetration across all channels

Broadline Italian

Performance Brands include exclusive products offered across a wide variety of ~19,000 SKUs



Experienced Management Team

George HolmChairman, President & CEO - PFG

Craig HoskinsEVP - PFG, President & CEO - Foodservice

Pat HagertyEVP - PFG, President & CEO - Vistar

Jim HopeEVP, Chief Financial Officer - PFG

Erika DavisSVP, Chief Human Resources Officer - PFG

Don BulmerSVP, Chief Information Officer - PFG

Brent KingSVP, General Counsel & Secretary - PFG



Reinhart Overview



Reinhart Snapshot

Business Description

▪ Second largest privately held foodservice distributor in the U.S. with over $6 billion in net sales and $165 (1) million in Adj. EBITDA throughout the LTM 6/29/2019 period

▪ One of the country’s leading private distributors serving independent restaurants, healthcare, education and other attractive segments

▪ Offerings include fresh meat, seafood, produce, dairy, coffee, dry groceries, disposables and foodservice equipment

▪ Operates 26 distribution centers across the U.S.

― 24 distribution centers are owned

Sales Mix By Product

Center of Plate37%

Dry (canned)17%

Frozen14%

Dairy10%

Non-Food9%

Produce7%

Beverage6%

Sales Breakdown By Segment

National Accounts47%

Independent33%

Regional11%

Others9%

(3)

(1) For reconciliation of net income to Adjusted EBITDA, please refer to the Appendix.(2) Non-Food products include paper products and cleaning supplies.(3) Others include schools, healthcare, exited customers and retail.

(2)

‹#›© PFG / CAGNY 2020

Reinhart Strategic Rationale

▪ Expands geographic reach and overall scale

― Enhances PFG’s distribution platform and market density

― Combined pro forma net sales of ~$30 billion for FY2019 (1)

▪ Complementary customer-centric operating models

― Consistent go-to-market approaches and selling cultures focused on customer success

▪ Enhances attractive customer base and product offerings

― Diverse customer base includes independent restaurants, healthcare, education and other attractive segments

― Combined portfolio of proprietary brands broadens PFG’s offering

▪ Significant synergy opportunities

― Identified significant cost synergies primarily in procurement, operations and logistics


(1) Pro forma for acquisition of Reinhart and includes pre-acquisition sales of Eby-Brown. Eby-Brown FY2018

financials as reported on PFG press release as of 03/19/2019. Reinhart financials based on FY2018 audit.

‹#›© PFG / CAGNY 2020

Reinhart Enhances Presence in Key Geographies

Transaction improves network efficiency and increases overall scale by adding 26 distribution facilities

Foodservice

Reinhart facilities

Performance Food Group

Vistar (incl. Eby-Brown)

Geographic Benefits

▪ Fills out Mid-west

▪ Strengthens Northeast

▪ Enhances South

▪ Increased density of sales representatives enables more face time with customers

▪ Leverage combined portfolio to enhance offering to customers

Customer Benefits



Significant Synergy Potential

▪ PFG is a disciplined and proven acquirer with a history of successful integration

▪ Business functions analyzed during the diligence process included: Procurement, Logistics, Operations and others

Expected run-rate cost synergies of approximately ~$50 million

Procurement Logistics Operations Others Total

($ in millions)

Estimated Cost Synergies

~$50 million

Cost Synergies By Business Area



Key Takeaways

▪ PFG is well positioned in an attractive industry

▪ Long-standing track record of delivering consistent and profitable growth

▪ Experienced and dedicated management team

▪ Disciplined M&A strategy

▪ Eby-Brown enables PFG to enter the fast-growing convenience store channel capabilities

▪ Reinhart expands geographic reach and overall scale, enhancing PFG’s attractive customer base and product offerings


Pat HagertyCEO Vistar

26© PFG / CAGNY 2020 26© PFG / CAGNY 2020

‹#›© PFG / CAGNY 2020 27© PFG / CAGNY 2020

‹#›© PFG / CAGNY 2020

Nationwide Coverage

Our OpCos are strategically

placed across the country

and staffed with teams who

constantly evaluate product

offerings in their local market.

This nationwide coverage

gives our clients streamlined

delivery and access to the

best turning items in their

area.


‹#›© PFG / CAGNY 2020

Strategically Driving Results

$1.9$2.1

$2.3$2.4

$2.7

$3.0

$3.3

$3.7

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY 19

$61.3

$81.4 $86.0

$102.8$110.1

$117.7

$133.1

$166.0

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY 19

Net Sales (BN) EBITDA (MM)

CAGR 13.3%CAGR 8.7%

Utilizing strengths to grow both core and emerging channels to improve mix/cost structure.

Entering into new channels and develop new capabilities through acquisitions.


Source: Company information,(1) Refers to Net Sales & EBITDA growth within Vistar operations. (Excluding Eby-Brown).

‹#›© PFG / CAGNY 2020

Channels We Service

Vending and

Micro MarketsOffice Coffee

ServicesTheatre and

Concessions

Specialty Retail Hospitality

Campus Travel Cash n Carry Corrections Value



96%

4%46%

19%

11%

10%

5%

5%

2%2%

73%

15%

3%1%

3%5%

Channel Evolution

Diversity of our customer base has led to a healthy mix, with no channel comprising more than 50%

of our current business.

2008 Mix$1.3BN Sales

2019 Mix$3.7BN Sales

2000 Mix$1BN Sales

31© PFG / CAGNY 2020Source: Company information,(1) Refers to Net Sales in Vistar operations. (Excluding Eby-Brown).

Vending/OCS Theatre/Concessions Retail Value Store Hospitality Office Supply Corrections Other

‹#›© PFG / CAGNY 2020

Customer Growth

▪ 37% growth in customer base

since 2014.

▪ More than 30,000 SKUs carried to

service a broad range of

customers.

▪ As customers have evolved so

have we, by expanding services

they want while continuing to

evolve our customer base.


Source: Company information,(1) Refers to ship-to customers within Vistar operations. (Excluding Eby-Brown).

‹#›© PFG / CAGNY 2020

Product Focused

Impulse

Single Serve

Immediate Consumption

Retro and Bulk

Candy

Good to Go

Products

Meal Replacement

Options

Changing Flavor

Profiles

The core of what we do best… …and SKU growth continues to evolve to

meet consumer demand


‹#›© PFG / CAGNY 2020

Premiumization of CoffeeAs coffee continues to evolve into premium & super-premium segments, consumers are looking for

better offerings and brewing methods for their office coffee.

Paid

Vending

Free Single

Cup

Specialty

Single

Cup



Adapting and Growing Channel Disruption

Micro Markets & Micro Kitchens

Micro Markets Unattended retail stores located in a secure building or workplace that offer fresh foods, snacks and beverages for purchase via a self checkout kiosk.

Micro Kitchens Providing snacks, food, beverages and related products to a workplace; paid for by the employer.

Micro markets and Micro Kitchens have experienced a 99% and 66% increase in total revenues since 2016, respectively.

Source: NAMA 2018 Industry Census


Adapting and Growing Channel Disruption

Theatre

Dining experiences have changed the customer experience in the Theatre channel.

The traditional popcorn and soda concession selections have evolved to feature more snacking options including better for you snacks and a wider assortment variety.

Channel leaders are now evolving from the snacking occasion to a fully immersive dining experience aligns with traditional restaurants experiences and trends.

‹#›© PFG / CAGNY 2020

Emerging Concepts and Categories



The Future of Automated Facilities

Goods to Person

Leading method of automated order fulfillment. Product is moved on bots directly to the fulfillment operator, who can then pick what is needed for the existing order.

Efficient and accurate order picking

Ergonomic picking

Scalable

Smaller footprint

‹#›© PFG / CAGNY 2020

From Pallet to Unit Fulfillment


‹#›© PFG / CAGNY 2020

Welcoming Eby-Brown

Vistar is strategically expanding

in the convenience channel

where there is significant overlap

with suppliers and product

categories.

Vistar and Eby-Brown, combined,

services more than 75,000

locations making Vistar No. 1 in

locations served and No. 2 in

overall non-tobacco

convenience volume

Eby-Brown Future Location


Eby-Brown Location

EAU CLAIRE

YPSILANTI

PITTSBURGH

RALEIGH

TAMPA

ROCKMART

SPRINGFIELD

SHEPHERDSVILLE

PLAINFIELD

CORPORATE

MONTGOMERY

‹#›© PFG / CAGNY 2020

C-Store EvolutionBlurring the lines between Convenience, Grocery, and Restaurant


‹#›© PFG / CAGNY 2020

Bridging the Gap – Food Away From Home

CAPTIVE DESTINATION CAPTIVE


Jim HopeCFO PFG

43© PFG / CAGNY 2020 43© PFG / CAGNY 2020

‹#›© PFG / CAGNY 2020

321Disciplined investment in

growth

Expanding operating margins

Prudent use of capital

Looking Ahead: Our Focus


‹#›© PFG / CAGNY 2020

1,400

1,914

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Dec JUNE

FY09

JUNE

FY10

JUNE

FY11

JUNE

FY12

JUNE

FY13

JUNE

FY14

JUNE

FY15

JUNE

FY16

JUNE

FY17

JUNE

FY18

JUNE

FY19

Investing for Growth

We have delivered

consistent sales growth over

a long-term economic cycle

$ Billions

Net Sales Growth

+ 7.7% CAGR


Foodservice Area Manager

Sales Force


Expanding Margins


Leverage Scale MixProductivity

‹#›© PFG / CAGNY 2020

▪ Robust free cash flow profile developed through investment in accretive opportunities over time

▪ Successful execution of strategic M&A

▪ Prudent cash flow management to de-lever

▪ Focused on debt repayment and working capital management

Strong Free Cash Flow Profile

…is driving significant deleveragingStrong continued growth in Free Cash Flow(1)…

47© PFG / CAGNY 2020(1) Free Cash Flow defined as Cash Flow from Operations – CapEx. Free Cash Flow conversion defined as Free Cash Flow / Net Income.

Free Cash Flow(1)

($ in millions)Net leverage

4.3x

3.1x 3.3x2.8x 2.8x

2.4x

FY15 FY16 FY17 FY18 FY19 LTM

Dec-20

$29

$116

$62

$227

$178

$277

51%

170%

64%

114% 107%

160%


Dec-20Free Cash Flow conversion


Disciplined Use of Capital

Capital Investments to Support GrowthCapEx $ Millions

1. Investment in the business = facility expansions

▪ 149,000 sq. ft. added in FY2016

▪ 426,000 sq. ft. added in FY2017

▪ 750,000 sq. ft. added in FY2018

2. Strategic M&A

▪ Vistar

▪ Foodservice

3. Deleverage

▪ Focused working capital management

$99

$120

$140 $140 $139 $128

0.6% 0.7% 0.8% 0.8% 0.7% 0.6%


Dec-20% of Net Sales

‹#›© PFG / CAGNY 2020

Disciplined M&A


Financially disciplinedOperational upsideCulturally compatible

Geographic expansionChannel growth

Scale

Insights-driven

OpportunisticCustomer-centric

ALIGNED TO MARKET DYNAMICS

GROWTH ORIENTED

CLEAR STRATEGIC FIT

M&A Approach


FY 2020 Outlook

1 This presentation includes several metrics, including EBITDA, Adjusted EBITDA and Adjusted Diluted Earnings per Share that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). Please see Statement Regarding NonGAAP Financial Measures at the beginning of this presentation for the definitions of such nonGAAP financial measures and reconciliations of such nonGAAP financial measures to their respective most comparable financial measures calculated in accordance with GAAP.

Adjusted EBITDA Growth 27% to 33%

Adjusted EPS Growth 2% to 7%

Adjusted EPS $2.17 to $2.28


Summary▪ Industry-leading growth

▪ Successful independent restaurant case growth

▪ Profitably grow our market share in a fragmented marketplace

▪ Performance Brands private label business is unique with higher margins

▪ Differentiated national candy, snack and beverage distributor

▪ E-Commerce is a future growth platform

▪ M&A pipeline is robust

▪ Consistent track record of earnings growth



Appendix

‹#›© PFG / CAGNY 2020

Statement regarding non-GAAP financial measures

▪ This presentation includes financial measures that are not calculated in accordance with GAAP, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free

Cash Flow Conversion and Adjusted Diluted EPS. Such measures are not recognized terms under GAAP, should not be considered in isolation or as a substitute for net income

or diluted EPS prepared in accordance with GAAP, and are not indicative of amounts as determined under GAAP. Adjusted EBITDA, Adjusted Diluted EPS, Adjusted EBITDA

Margin, Free Cash Flow, Free Cash Flow Conversion and other non-GAAP financial measures have limitations that should be considered before using these measures to

evaluate the Company’s financial performance. Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Conversion and Adjusted Diluted EPS, as

presented, may not be comparable to similarly titled measures of other companies because of varying methods of calculation.

▪ Management uses Adjusted EBITDA, defined as net income before interest expense, interest income, income and franchise taxes, and depreciation and amortization, further

adjusted to exclude certain items we do not consider part of our core operating results. Such adjustments include certain unusual, non-cash, non-recurring, cost reduction, and

other adjustment items permitted in calculating covenant compliance under the Company’s credit agreement and indentures (other than certain pro forma adjustments permitted

under our credit agreement and indentures relating to the Adjusted EBITDA contribution of acquired entities or businesses prior to the acquisition date). Under the Company’s

credit agreement and indentures, the Company’s ability to engage in certain activities such as incurring certain additional indebtedness, making certain investments, and making

restricted payments is tied to ratios based on Adjusted EBITDA (as defined in the credit agreement and indentures). The Company’s definition of Adjusted EBITDA may not be the

same as similarly titled measures used by other companies.

▪ PFG believes that the presentation of Adjusted EBITDA and Adjusted Diluted EPS is useful to investors because these metrics provide insight into underlying business trends and

year-over-year results and are frequently used by securities analysts, investors, and other interested parties in their evaluation of the operating performance of companies in

PFG’s industry.

▪ The following tables include a reconciliation of non-GAAP financial measures to the applicable most comparable U.S. GAAP financial measures.


‹#›© PFG / CAGNY 2020

Historical

Pro Forma

As Adjusted

Fiscal year ended

Three months

ended

Six months

ended

Fiscal year

ended

($ in millions)June 30,

2012

June 29,

2013

June 28,

2014

June 27,

2015

July 2,

2016

July 1,

2017

June 30,

2018

June 29,

2019

December 28,

2018

December 29,

2019

December 28,

2018

December 29,

2019

June 29,

2019

Net income (GAAP) 21.0$ 8.4$ 15.5$ 56.5$ 68.3$ 96.3$ 198.7$ 166.8$ 43.1$ 41.2$ 71.3$ 77.3$ 152.4$

Interest expense, net 76.3 93.9 86.1 85.7 83.9 54.9 60.4 65.4 16.0 26.4 31.6 43.7 145.8

Income tax (benefit) expense 12.9 11.1 14.7 40.1 46.2 61.4 (5.1) 51.5 13.2 13.1 20.2 23.2 19.7

Depreciation and amortization of intangible assets 102.3 120.1 132.7 121.3 118.6 126.1 130.1 155.0 37.1 43.8 72.6 86.5 285.4

EBITDA (Non-GAAP) 212.5 233.4 249.0 303.6 317.0 338.7 384.1 438.7 109.4 124.5 195.7 230.7 603.3

Non-cash items 3.8 1.8 4.8 2.5 18.2 18.8 23.2 19.8 4.7 5.7 9.6 12.7 19.2

Acquisition, integration and reorganization 13.0 22.9 11.3 0.4 9.4 17.3 5.0 11.8 1.3 12.2 4.0 23.8 10.4

Productivity initiatives and other adjustment items 11.7 13.2 21.0 22.1 22.0 15.9 14.4 5.2 1.5 0.5 3.1 3.4 7.4

Adjusted EBITDA (Non-GAAP) 240.9$ 271.3$ 286.1$ 328.6$ 366.6$ 390.7$ 426.7$ 475.5$ 116.9$ 142.9$ 212.4$ 270.6$ 640.3$

Non-GAAP financial measuresAdjusted EBITDA reconciliation – PFG

◼ Includes adjustments for non-cash charges arising from stock-based compensation, interest rate swap hedge ineffectiveness, changes in the last-in, first-out (“LIFO”) reserves and gain/loss on disposal of assets. Stock-

based compensation cost was $4.4 million, $4.2 million, $8.8 million, $8.0 million, $15.7 million, $21.6 million, $17.3 million, $17.2 million, $1.2 million, $0.7 million, $1.1 million, and $1.1 million for the second quarter of

fiscal 2020, the second quarter of fiscal 2019, the first six months of fiscal 2020, the first six months of fiscal 2019, fiscal 2019, fiscal 2018, fiscal 2017, fiscal 2016, fiscal 2015, fiscal 2014, fiscal 2013, and fiscal 2012,

respectively.

◼ Includes professional fees and other costs related to completed and abandoned acquisitions; in fiscal 2015, these fees are net of a $25.0 million termination fee related to the terminated agreement to acquire 11 US

Foods facilities from Sysco and US Foods, costs of integrating certain of our facilities, facility closing costs, advisory fees paid to Blackstone and Wellspring, and offering fees. For fiscal 2013, this also includes $11.2

million for the impact of the initial fair value of inventory that was acquired as part of acquisitions.

◼ Consists primarily of professional fees and related expenses associated with productivity initiatives, amounts related to fuel collar derivatives, certain financing transactions, lease amendments, legal settlements and

franchise tax expense, and other adjustments permitted by our credit agreement. Fiscal 2018 includes $8.0 million of development costs related to certain productivity initiatives the Company is no longer pursuing.

◼ Includes impact of $(0.6) million of non-cash items, $0.6 million of acquisition, integration and reorganization costs and $2.2 million of productivity initiatives attributable to Reinhart for the twelve-month period ended

June 30, 2019.

A

B

C

A

B

C

D

D



Non-GAAP financial measuresAdjusted Diluted EPS reconciliation – PFG


◼ Effective in the second quarter of fiscal 2020, the Company revised its definition of Adjusted Diluted EPS to exclude the effect of intangible asset amortization expense. Fiscal 2019 amounts have been revised to

conform with the current year presentation.

A

A

Fiscal year ended Three months ended Six months ended

($ in millions, except share and per share data) June 29, 2019 December 29, 2019 December 29, 2019

Diluted earnings per share (GAAP) 1.59$ 0.39$ 0.73$

Impact of amortization of intangible assets 0.37 0.08 0.16

Impact of non-cash items 0.19 0.05 0.12

Impact of acquisition, integration & reorganization charges 0.11 0.12 0.22

Impact of productivity initiatives and other adjustment items 0.04 - 0.03

Tax impact of above adjustments (0.17) (0.06) (0.12)

Adjusted Diluted Earnings per Share (Non-GAAP) 2.13$ 0.58$ 1.14$

Documents

Performance Food Group...them. However, there can be no assurance that management’s expectations, beliefs, estimates, and projections will result or be achieved and actual results