#11 UNFI Fiscal 2022 2nd Quarter Supplemental Slides UNFL fuel the FUTURE March 9, 2022#2Disclaimer Certain information in this presentation and discussed on the conference call which this presentation accompanies constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding the Company's business that are not historical facts are "forward looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements are described in filings that United Natural Foods, Inc. (the "Company") has made under the Securities Exchange Act of 1934, as amended, including its annual report on Form 10-K for the year ended July 31, 2021 filed with the Securities and Exchange Commission (the "SEC") on September 28, 2021 and other filings the Company makes with the SEC, and include, but are not limited to, the impact and duration of the COVID-19 pandemic; labor and other workforce shortages and challenges; our dependence on principal customers; the addition or loss of significant customers or material changes to our relationships with these customers; our sensitivity to general economic conditions including changes in disposable income levels and consumer spending trends; the relatively low margins of our business, which are sensitive to inflationary and deflationary pressures; our ability to realize anticipated benefits of our acquisitions and strategic initiatives, including, our acquisition of Supervalu; our ability to timely and successfully deploy our warehouse management system throughout our distribution centers and our transportation management system across the Company and to achieve efficiencies and cost savings from these efforts; our ability to continue to grow sales, including of our higher margin natural and organic foods and non-food products, and to manage that growth; increased competition in our industry as a result of increased distribution of natural, organic and specialty products, and direct distribution of those products by large retailers and online distributors; increased competition in our industry, including as a result of continuing consolidation of retailers and the growth of chains; union-organizing activities that could cause labor relations difficulties and increased costs; our ability to operate, and rely on third-parties to operate, reliable and secure technology systems; moderated supplier promotional activity, including decreased forward buying opportunities; the potential for disruptions in our supply chain or our distribution capabilities by circumstances beyond our control, including a health epidemic; the potential for additional asset impairment charges; the risk of interruption of supplies due to lack of long-term contracts, severe weather, work stoppages or otherwise; our ability to maintain food quality and safety; volatility in fuel costs; volatility in foreign exchange rates; and our ability to identify and successfully complete asset or business acquisitions. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. Any estimates of future results of operations are based on a number of assumptions, many of which are outside the Company's control and should not be construed in any manner as a guarantee that such results will in fact occur. These estimates are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced estimates, but it is not obligated to do so. This presentation also contains the non-GAAP financial measures adjusted EBITDA, adjusted EPS, adjusted EBITDA leverage ratio, adjusted effective tax rate, and adjusted EBITDA margin rate. The reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is presented in the appendix to this presentation. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting non-GAAP financial measures aids in making period-to-period comparisons, assessing the performance of our business and understanding the underlying operating performance and core business trends, and is a meaningful indication of its actual and estimated operating performance. The Company's management utilizes and plans to utilize this non-GAAP financial information to compare the Company's operating performance during certain fiscal periods to the comparable periods in the other fiscal years and, in certain cases, to internally prepared projections. 2 Better Food. Better Future.#33 UNFI FUTURE UNFL fuel the Snapshot of Q2 Fiscal 2022 FUTURE Second Quarter Results UNFI BETTER FOOD BETTER FUTURE UNFI (1) Sales $7.4B +7.5% (Highest in UNFI History) Adjusted EBITDA (¹) $201M (2.4)% Adjusted EPS (¹) $1.13 (9.6)% See appendix for reconciliations and definitions for non-GAAP figures; all percentages refer to changes compared to the second quarter of fiscal 2021.#4UNFI FUTURE ՍՈՒլ fuel the FUTURE Second Quarter Key Accomplishments • FUELING THE FUTURE OF FOOD • Sales of $7.4 billion, the highest quarterly sales in UNFI's history (1) Adjusted EBITDA of $201 million, modestly below last year's second quarter driven by higher operating costs to better support our customers and cycling lower health & welfare costs last year Reduced outstanding net debt by nearly $70 million • Earned 100% ranking on the Human Rights Campaign Foundation's 2022 Corporate Equality Index (1) See appendix for definitions and reconciliations for non-GAAP figures. 4#55 Second Quarter Results UNFI FUTURE UNFL fuel the FUTURE Q2 consolidated sales - broad based growth ($'s in millions) $ 6,900 137 155 10 13 (3) $ 7,416 204 Q2 FY21 Net Sales Chains Independent Retailers Supernatural Retail Other Eliminations (1) Q2 FY22 Net Sales (1) Intercompany sales that are eliminated upon consolidation for external presentation.#6Second Quarter Results 6 UNFI FUTURE Q2 adjusted EBITDA ($'s in millions) UNFL fuel the Decline driven by higher operating costs to service customers and cycling lower H&W costs in last year's Q2 FUTURE $ 206 (7) 4 (2) $ 201 Q2 FY21 Adjusted EBITDA (1) Wholesale / Other / Elims Retail Disc Ops Q2 FY22 Adjusted EBITDA (1) (1) See appendix for the Company's definition of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to net income for the second quarter of fiscal 2021 and fiscal 2022.#7UNFI Capital Structure 7 Capital structure FUTURE Q2 net debt decrease driven by cash generated from operations ($'s in Millions) Secured term loan B-1 (1) (1) $2.1B ABL revolver Senior unsecured notes Finance leases Equipment loans Original issue discount / deferred finance fees Total Debt and Finance Leases (GAAP) Balance sheet cash Net Debt (GAAP) LTM Adjusted EBITDA Net Debt / Adjusted EBITDA Available Liquidity (4) (3) UNFL fuel the FUTURE Maturity October 2025 Rate Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 (2) L+ 3.25% $ 1,015 $ 1,002 $ 1,002 $ 994 $ 844 October 2023 October 2028 L+ 1.25% / Prime + 0.25% 6.75% 885 839 701 910 990 500 500 500 500 500 Various Various Various 147 144 142 139 138 Various 43 40 37 34 30 (56) (54) (52) (48) (41) $ 2,534 $ 2,471 $ 2,330 $ 2,529 $ 2,461 (41) (40) $ 2,493 $ 2,431 $ (41) 2,289 $ (46) (45) 2,483 $ 2,416 785 $ 743 $ 746 $ 776 $ 771 3.2x 3.3x 3.1x 3.2x 3.1x $ 1,158 $ 1,182 $ 1,321 $ 1,112 $ 1,036 (1) Paid $150M on the secured term loan B-1 in each of Q2 FY21 and Q2 FY22 with borrowings on the ABL revolver. (2) Reduced the LIBOR margin on the secured term loan B-1 from 4.25% to 3.50% in Q3 FY21. In Q2 FY22, further reduced the LIBOR margin to 3.25%. (3) Net debt, as shown, divided by Adjusted EBITDA. See appendix for reconcilation of Adjusted EBITDA. (4) Balance sheet cash plus unused capacity under the $2.1B revolving ABL facility.#8Earn Results ՍՈՒԼ FUTURE Fiscal 2022 Outlook Oub REAL Ice Cream RIDE STONER Creamery m COOKIE DOUGH 8 P15 200 ACON wild HARVEST PREMIUM DOG TREATS BAKED BEEF TENDERS SIMPLE & WHOLESOME 1 INGREDI No Added Colors, or Prese No Corn, Whurri Exantal NETW9671550) MADE IN CANADA GRATED PARMESA CHEESE UNFL fuel the FUTURE#9Fiscal 2022 Outlook UNFI Net Sales FUTURE Updating Fiscal 2022 (¹) Outlook Includes sales growth of ~ $1.5 billion (at midpoint) Adjusted EBITDA (2) ՍՈՒլ fuel the FUTURE Adjusted EPS (2) Net Debt Reduction $28.2 - $28.7 B $760 - $790 M $3.90 - $4.20 $150 - $200 M (Previously $27.8 - $28.3B) (Previously $100 - $150M) 9 6% growth 4% growth 4% growth (1) The outlook provided above is for fiscal 2022. This outlook is forward-looking, is based on management's current estimates and expectations and is subject to several risks, including many that are outside of management's control. See cautionary language on slide 2 and the risk factors contained in the Company's Annual Report on Form 10-K for the year ended July 31, 2021 filed on September 28, 2021 and other filings the Company makes with the SEC. Growth percentages are based on the midpoint of the range compared to fiscal 2021. (2) Please refer to the appendix for reconciliations of Adjusted EPS and Adjusted EBITDA to the most directly comparable financial measures calculated in accordance with GAAP.#10F FULFILL POWER IN SCALE UNFL fuel the ՍՈՒԼ FUTURE STRATEGIC PILLARS Best-in-Class Food Distribution Supply Chain ⚫ DC Network Optimization: Capacity, consolidation, automation Operational Excellence: Associate productivity & engagement • ONE UNFI: One order, one truck, one invoice U UNLOCK THE CUSTOMER EXPERIENCE Transformational Service & Solutions Sales Force Effectiveness: Growth partners at the ready • Tailored Solutions: Customized platforms only UNFI can deliver • Enhanced Communications: Transactional & transformational tools • Data-Driven Decision Making: Industry-leading insights and unlocks T TASTE THE FUTURE Innovation that Drives Margin & Differentiation for UNFI • Culture of Innovation: Leadership, courage, forward-thinking • Growth Platforms: Brands+, Pro-Services, Fresh, eCom New Revenue Sources: Exploring & investing in what's next FULFILL POWER IN SCALE UNLOCK THE CUSTOMER EXPERIENCE TASTE THE FUTURE UNFI PRIDE RETAIL OPTIMIZED EARN RESULTS U UNFI PRIDE R RETAIL OPTIMIZED Investing in Our People, Planet and Purpose • Vision/Mission/Values: Building our future together Diversity & Inclusion: Accepting & valuing differences • Safety Matters: Our people are our greatest resource • Environmental, Social, Governance: We believe in better for all Delivering for Consumers & Communities • Evolve Our Experience: Consumer-first improvements • More Than a Store: Advancing our stores • Invest in People: Training & development E EARN RESULTS Accelerate Growth/Return for UNFI & Its Shareholders • Revenue Outpaces the Industry: It begins by winning with our customers • Expanding the Bottom Line: EBITDA growth is faster than topline • Expense Management/ Value Path: Identifying efficiencies across the business • Debt Reduction: Removing obstacles & investing in future growth#1111 UNFI Appendix#12Reconciliation - Adjusted EBITDA 13-Week Period Ended 26-Week Period Ended (20) 120 (3) 144 3 The non-GAAP adjusted EBITDA measure is defined as a consolidated measure inclusive of continuing and discontinued operations results, which we reconcile by adding Net income (loss) from continuing operations, less net income attributable to noncontrolling interests, plus non-operating income and expenses, including Net periodic benefit income, excluding service cost, Interest expense, net and Other, net, plus Provision (benefit) for income taxes and Depreciation and amortization all calculated in accordance with GAAP, plus adjustments for Share-based compensation, Restructuring, acquisition and integration related expenses, Goodwill impairment charges, (Gain) loss on sale of assets, certain legal charges and gains, certain other non-cash charges or other items, as determined by management, plus Adjusted EBITDA of discontinued operations calculated in a manner consistent with the results of continuing operations, outlined above. (in millions) Net income from continuing operations Adjustments to continuing operations net income: Less net income attributable to noncontrolling interests Net periodic benefit income, excluding service cost Interest expense, net Other, net Provision for income taxes January 29, 2022 January 30, 2021 January 29, January 30, 2022 2021 S 68 S 58 S 145 $ 58 (2) (2) (3) (10) 44 (2) (17) 51 (2) 25 17 Depreciation and amortization 69 67 Share-based compensation 12 13 Restructuring, acquisition and integration related expenses" (1) 5 18 Loss on sale of assets 1 Multi-employer pension plan withdrawal benefit(2) Other retail (benefit) expenses (8) དྨེ ་ བྱ + ༠༩༠ = ྱ (8) ཀྱི་ཤྰ-1༩་ | | (34) (3) (1) (1) Adjusted EBITDA of continuing operations Adjusted EBITDA of discontinued operations Adjusted EBITDA 201 204 390 362 (4) 3 S 201 S 206 S 390 365 Income from discontinued operations, net of tax S 3 S $ 3 Adjustments to discontinued operations net income: Benefit for income taxes Restructuring, store closure and other charges, net Adjusted EBITDA of discontinued operations S (2) 1 S (1) 1 3 12 (1) Fiscal 2021 primarily reflects costs associated with advisory and transformational activities as we position our business for further value-creation following the Supervalu acquisition. (2) Reflects an adjustment to multi-employer withdrawal charge estimates. (3) Reflects expenses associated with event-specific damages to certain retail stores and store closure costs. (4) The last two remaining retail stores in discontinued operations were sold in the second quarter of fiscal 2022. Better Food. Better Future.#13Reconciliation - Adjusted EPS 13 Better Food. Better Future. 13-Week Period Ended 26-Week Period Ended January 29, January 30, January 29, January 30, 2022 2021 2022 2021 Net income attributable to UNFI per diluted common share Restructuring, acquisition and integration related expenses S 1.08 S 1.00 S 2.33 S 0.98 0.06 0.30 0.12 0.58 Loss on sale of assets 0.02 0.01 0.02 Surplus property depreciation and interest expense (2) 0.01 0.02 0.03 0.03 Multi-employer pension plan withdrawal benefit(3) (0.13) (0.13) Loss on debt extinguishment(4) 0.09 0.10 0.09 0.50 Other retail expense (5) (0.01) 0.02 (0.01) 0.05 Discontinued operations store closures and other charges, net (6) 0.02 0.02 Tax impact of adjustments and adjusted effective tax rate 0.01 (0.22) (0.35) (0.40) Adjusted net income per diluted common share(3) S 1.13 $ 1.25 $ 2.10 1.76 (1) Fiscal 2021 primarily reflects costs associated with advisory and transformational activities as we position our business for further value-creation following the Supervalu acquisition. (2) Reflects surplus, non-operating property depreciation and interest expense. (3) Reflects an adjustment to multi-employer withdrawal charge estimates. (4) Reflects non-cash charges related to the acceleration of unamortized debt issuance costs and original issue discounts due to termi loan prepayments. (5) Reflects expenses associated with event-specific damages to certain retail stores and store closure costs. (6) Amounts represent store closure charges and costs, operational wind-down and inventory charges, and asset impairment charges related to discontinued operations. (7) Represents the tax effect of the pre-tax adjustments using an adjusted effective tax rate. The adjusted effective tax rate is calculated based on adjusted net income before tax, and its impact reflects the exclusion of changes to uncertain tax positions, valuation allowances, tax impacts related to the exercise of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. The Company believes using this adjusted effective tax rate will provide better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the true operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company's effective tax rate on ongoing operations. (8) The computation of diluted eamings per share is calculated using diluted weighted average shares outstanding, which includes the net effect of dilutive stock awards. Note - See slide 14 for definition of adjusted EPS#14Reconciliation - FY22 Outlook Net income attributable to United Natural Foods, Inc. per diluted common share Gain on sale of assets Restructuring, acquisition and integration related expenses Discontinued operations store closures and other charges, net Tax impact of adjustments and adjusted effective tax rate(1) Adjusted net income per diluted common share Low Range $ 4.60 Fiscal Year Ending July 30, 2022 Estimate High Range $ 4.90 (1.37) 0.32 0.05 0.30 S 3.90 $ 4.20 (in millions) Low Range Fiscal Year Ending July 30, 2022 Estimate Net income attributable to United Natural Foods, Inc. Provision for income taxes 285 High Range $ 306 98 107 Gain on sale of assets Restructuring, acquisition and integration related costs Discontinued operations store closures and other charges, net Interest expense, net Depreciation and amortization Share-based compensation Net periodic benefit income, excluding service costs Adjusted EBITDA (85) 20 3 147 287 45 (40) $ 760 $ 790 14 Better Food. Better Future. The non-GAAP adjusted earnings per diluted common share measure is a consolidated measure, which the Company reconciles by adding Net income attributable to UNFI plus goodwill impairment benefits and charges, restructuring, acquisition, and integration related expenses, gains and losses on sales of assets, certain legal charges and gains, surplus property depreciation and interest expense, losses on debt extinguishment, discontinued operations store closures and other charges, net, certain other non-cash charges or other items, as determined by management, the impact of diluted shares when GAAP earnings is presented as a loss and non-GAAP earnings represent income, and the tax impact of adjustments and the adjusted effective tax rate, which tax impact is calculated using the adjusted effective tax rate.#15Reconciliation - Adjusted Effective Tax Rate U.S. GAAP effective tax rate Discrete quarterly recognition of GAAP items(¹) Tax impact of other charges and adjustments Changes in valuation allowances (3) Adjusted effective tax rate (4) (2) Estimated Fiscal 2022 Actual Fiscal 2021 22 % 18 % 4 % 6% % 3% -% (1)% 26 % 26 % Note: As part of the year-end reconciliation, we update the reconciliation of the GAAP effective tax rate for actual results. (1) Reflects changes in tax laws excluding the CARES Act, uncertain tax positions, the tax impacts related to the exercise of share- based compensation awards and any prior-year deferred tax or payable adjustments. This includes prior-year Internal Revenue Service or other tax jurisdiction audit adjustments. Reflects the tax impact of pre-tax adjustments other than the goodwill impairment that are excluded from pre-tax income when calculating adjusted EPS. (3) Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations. (4) The Company establishes an estimated adjusted effective tax rate at the beginning of the fiscal year based on the best available information. The Company re-evaluates its estimated adjusted effective tax rate as appropriate throughout the year and adjusts for any material changes. The actual adjusted effective tax rate at the end of the fiscal year is based on actual results and accordingly may differ from the estimated adjusted effective tax rate used during the year. 15 Better Food. Better Future. The non-GAAP adjusted effective tax rate excludes the potential impact of changes to various uncertain tax positions and valuation allowances, as well as stock compensation accounting (ASU 2016-09).#16Reconciliation - Last Four Quarters Adjusted EBITDA (1) Last Four Quarters Ended (in millions) Net income (loss) from contiming operations Adjustments to continuing operations net income (loss): Less net income attributable to noncontrolling interests Net periodic benefit income, excluding service cost Interest expense, net Other, net Provision (benefit) for income taxes Depreciation and amortization Share-based compensation Goodwill impairment charges Restructuring, acquisition and integration related expenses (Gain) loss on sale of assets Multiemployer pension plan withdrawal charges (benefit) Notes receivable charges Legal reserve charge, net of settlement income Other retail expense Adjusted EBITDA of continuing operations Adjusted EBITDA of discontinued operations Adjusted EBITDA Income (loss) from discontinued operations, net of tax Adjustments to discontinued operations net income (loss): Benefit for income taxes Restructuring, store closure and other charges, net Adjusted EBITDA of discontinued operations Wholesale Retail Other Elimination Adjusted EBITDA of continuing operations Adjusted EBITDA of discontinued operations Adjusted EBITDA 16 Better Food. Better Future. (1) See slide 12 for the definition of adjusted EBITDA. 704 $ $ $ 08121% % October 31 2020 (52 weeks) January 30, 2021 (52 weeks) May 1 2021 (52 weeks) July 31, 2021 (52 weeks) October 30, 2021 (52 weeks) January 29, 2022 (52 weeks) $ 136 $ 208 $ 163 $ 149 $ 226 S 236 (7) (0) (0) (0) (45) (58) (03) (85) (78) (71) 211 213 210 204 175 168 (4) (6) (4) (8) (0) (6) (25) 5 23 34 34 42 282 278 285 277 279 52 50 49 46 45 69 64 56 43 30 - 18 17 (4) (4) (3) 63 63 55 6 5 3 1 780 737 742 773 770 5 6 + 3 1 710 $ 785 $ 743 $ 746 $ 776 $ 771 (22) (2) 3 6 6 3 (3) (1) (2) 10 5 (1) (1) (2) 6 $ 6 S 4 $ - 609 $ 693 $ 655 $ 654 $ 695 $ 667 102 117 101 96 93 97 (10) (32) (15) (9) (9) 10 2 (4) 1 (0) (4) 704 780 737 742 773 770 5 6 4 3 1 $ 710 $ 785 $ 743 $ 746 $ 776 $ 771#17Calculation - Net Debt to Adjusted EBITDA Leverage Ratio (in millions, except ratios) Projected Q4 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 FY22 (2) $ 2,374 $ 2,314 $ 2,175 $ 2,376 $ 2,309 135 133 35 121 30 25 24 120 32 122 (41) (40) (41) (46) (45) 2,493 2,431 2,289 2,483 2,416 2,114 $ 785 $ 3.2x 743 $ 3.3x 746 $ 776 $ 771 $ 775 3.1x 3.2x 3.1x 2.7x Long-term debt Long-term finance lease liabilities Current portion of long-term debt and finance lease liabilities Less: Cash and cash equivalents Net carrying value of debt and finance lease liabilities Adjusted EBITDA (¹) Adjusted EBITDA leverage ratio (1) Adjusted EBITDA reflects the summation of the trailing four quarters. (2) Reflects midpoint of guidance for reduction in net debt and Adjusted EBITDA The non-GAAP adjusted EBITDA leverage ratio is defined as the face value of outstanding debt less cash and cash equivalents divided by the trailing four quarters adjusted EBITDA (the definition of which is shown on slide 12). Beginning in the fourth quarter of fiscal 2021, the calculation of Adjusted EBITDA leverage ratio was updated to utilize the Net carrying value of debt and finance lease liabilities in the numerator of the calculation, which is net of the original issue discount on debt and debt finance costs. Historically, the calculation of Adjusted EBITDA leverage ratio added back the original issue discount on debt and debt finance costs, which had the impact of increasing the numerator of the net debt balance utilized in the calculation. The Company believes this new method better reflects how investors analyze our debt and leverage positions. 17 Better Food. Better Future.#18Adjusted EBITDA By Quarter (1) Adjusted EBITDA Reconciliation (in millions) Net income (loss) from continuing operations Adjustments to continuing operations net income (loss): Less net income attributable to noncontrolling interests Net periodic benefit income, excluding service cost Interest expense, net Other, met Provision (benefit) for income taxes Depreciation and amortization Share-based compensation Restructuring, acquisition and integration related expenses Goodwill impairment charges (Gain) loss on sale of assets Multiemployer pension plan withdrawal charges (benefit) Notes receivable charges Legal reserve charge, net of settlement income Other retail expense Adjusted EBITDA of continuing operations 03 F2020 04 F2020 F2020 01 F2021 Q2 F2021 03 F2021 04 F2021 01 02 F2021 F2022 F2022 $ 95 $ 55 $ (251) $ S 58 S 50 $ 41 $ 149 $ 77 S 0900221-1111818 (2) (2) (5) (1) (12) (12) (39) (17) 47 46 192 (4) (2) (9) (91) 70 68 282 13 12 34 15 20 87 425 17 18 13 1 I 1 1 1 1 5 196 663 158 204 179 201 742 189 201 Adjusted EBITDA of discontinued operations 10 1 2 1 4 Adjusted EBITDA $ $ 198 S 673 S 159 S 206 S 180 S 201 S 746 S 189 S 201 Income (loss) from discontinued operations, net of tax $ (65) $ S (18) S = S 3 S _ $ 3 S 6 S $ Adjustments to discontinued operations net income (loss): Provision (benefit) for income taxes (5) 1 (2) 1 (1) (1) Restructuring, store closure and other charges, net 5 + 33 1 (2) (1) Adjusted EBITDA of discontinued operations $ S 10 S 1 $ 2 S 1 $ S 4 S 55% 69 (1) (1) 77 14 16 0205622|||| (2) (17) 51 44 (2) 17 67 13 18 0128=2 | | (2) (1) (6) (1) (17) (34) (85) (10) (10) 40 204 40 (4) (8) 1 16 2 34 (1) 66 75 285 69 11 11 49 11 12 56 3 - (+) (+) 63 63 01821-1 (1) See slide 12 for the definition of adjusted EBITDA. 18 Better Food. Better Future.#19Adjusted EBITDA By Segment (1) Adjusted EBITDA (in millions) Wholesale Q3 F2020 Q4 F2020 F2020 Q1 F2021 Q2 F2021 Q3 F2021 Q4 F2021 F2021 Q1 F2022 Q2 F2022 S 200 183 $ 593 $ 123 187 162 $ 182 $ 654 S 164 $ 159 Retail Other Eliminations 38 28 88 25 26 11 23 96 21 30 (17) (12) (16) + (6) (9) + 12 1 (3) 6 2 1 Adjusted EBITDA of continuing operations 222 196 663 158 204 179 201 742 189 201 Adjusted EBITDA of discontinued operations Adjusted EBITDA 10 1 . 1 - 4 S 177 S 198 $ 673 S 159 $ 206 $ 180 $ 201 $ 745 $ 189 $ 201 Total net sales 7.045 6.767 Adjusted EBITDA margin rate 3.15% 2.93 % 26.559 2.53% 6.684 6.900 2.38% 2.99 % 6.631 2.71 % 6.735 2.98 % 26.950 2.77% 6.997 7.416 2.70 % 2.71 % (1) See slide 12 for the definition of adjusted EBITDA. Adjusted EBITDA margin rate is defined as adjusted EBITDA divided by total net sales. 19 Better Food. Better Future.