#1UNF BETTER FOOD BETTER FUTURE RATHER UNFI BETTER FOOD. BETTER FUTURE. Feeding Our Future August 2020 UNFI BETTER FOOD BETTER FUTURE#22 Disclaimer 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 August 3, 2019 filed with the Securities and Exchange Commission (the "SEC") on October 1, 2019, as updated in its Quarterly Report on Form 10-Q for the period ended May 2, 2020 and other filings the Company makes with the SEC, and include, but are not limited to, the impact and duration of the COVID-19 outbreak, the Company's dependence on principal customers; the potential for additional asset impairment charges; the Company's sensitivity to general economic conditions, including changes in disposable income levels and consumer spending trends; the Company's ability to realize anticipated benefits of its acquisitions and dispositions, in particular, its acquisition of SUPERVALU; the possibility that restructuring, asset impairment and other charges and costs we may incur in connection with the sale or closure of our retail operations will exceed our current expectations; the Company's reliance on the continued growth in sales of higher margin natural and organic foods and non-food products in comparison to lower margin conventional grocery products; increased competition in the Company's 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 as a result of continuing consolidation of retailers in the natural product industry and the growth of supernatural chains; the Company's ability to timely and successfully deploy its warehouse management system throughout its distribution centers and its transportation management system across the Company and to achieve efficiencies and cost savings from these efforts; the addition or loss of significant customers or material changes to the Company's relationships with these customers; volatility in fuel costs; volatility in foreign exchange rates; the Company's sensitivity to inflationary and deflationary pressures; the relatively low margins and economic sensitivity of the Company's business; the potential for disruptions in the Company's supply chain or its distribution capabilities by circumstances beyond its control, including a health epidemic (such as the recent outbreak of COVID-19, or the novel coronavirus); the risk of interruption of supplies due to lack of long-term contracts, severe weather, work stoppages or otherwise; moderated supplier promotional activity, including decreased forward buying opportunities; union-organizing activities that could cause labor relations difficulties and increased costs; 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 measure adjusted EBITDA. The reconciliation of this non-GAAP financial measure 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. No manipulating or editing of this material is permitted. UNFL BETTER FOOD. BETTER FUTURE.#359 distribution centers 15,000 suppliers 30,000 customer locations In Food Distribution, Scale Wins UNFI at a glance cases delivered 1.3B in 2019-3M cases/day 250K+ Unique SKUs – - broad assortment 3 | Feeding America's Retailers network, capacity, buying power & proximity to customers product integrity & food access the right products at the right time making food available to more people in more places more choices, new & now, local & regional SAM Last Four Quarters (¹) Net sales ---> $25.2 billion Adjusted EBITDA ---> $641 million (1) 53 weeks ended May 2, 2020; see reconciliation of Adjusted EBITDA in the appendix. UNEL BETTER FOOD. BETTER FUTURE.#4#5#6#7Fragmented US Food Market With Share Upside UNFI has meaningful opportunity with < 20% of the addressable market Growth with top 10 retailers: Proprietary internal data improves assortment Fostering success of new brands Reliable operations during volume spikes (COVID-19) 7 Feeding America's Retailers $130 Billion Addressable Market (Within Existing Channels) (1) New business acquisition: Unmatched product assortment Lower cost to serve Streamlined operations with fewer deliveries (1) Company estimate UNFL BETTER FOOD. BETTER FUTURE.#88 $23.5 UNFI $21.7 C&s (1) UNFI Is The Largest U.S. Wholesaler Scale Provides a Competitive Advantage To UNFI and Customers $16.6 Wakefern $9.7 $8.5 $5.0 AWG Spartan Nash Kehe $2.3 Bozzuto's UNFI's significant scale provides.... Widest selection Coast-to-coast distribution network Larger, fewer drops Supplier leverage Investments in technology UNFI Benefits Able to provide a greater percentage of consolidated store's product Lower cost to serve Higher margins Lower acquisition cost Customer Benefits Productivity gains Lower prices from purchases and back- of-house savings (receiving, stocking, AP etc.) Faster delivery times Lower labor costs Lower cost of goods Lower cost of goods Source: Supermarket News - 2019; company estimates. (1) On December 10, 2019 C&S announced Ahold Delhaize USA will be acquiring three C&S distribution centers as Ahold Delhaize USA transitions to a self-distribution supply chain network over the next three years. C&S is presented as a proforma estimate following the Ahold Delhaize transition. Feeding America's Retailers UNFL BETTER FOOD. BETTER FUTURE.#99 Only Food Wholesaler With Nationwide Distribution Coverage Broadest national footprint puts UNFI closest to customers Network of 59 distribution centers in close proximity to 80%+ of the U.S. population Smaller customers benefit from proximity to distribution centers and next day deliveries National chains can streamline costs by using single national distributor Continued investment in innovation 40% of distribution centers have some level of automation or mechanization, driving expense savings Feeding America's Retailers Locations Rod W Sagrame UNFI (N) ● UNFI (Conv) ● Pro Organics ● Albert's UNFI Canada Tony's CA Santa Fe Springs Centrala WA Ridgefield and OR NV Commerce Moreno Valle UNFI Wellness Nor-Cal Woodstock Farms ID AZ Regions UT Pacific Southern MT WY NM Central Atlantic 09 ● Denver NO Bismarck SD NE TX KS Fargo MN inneapolis Twin Cities ● Lancaster Ach lowa City O MO AR Stevens O W Bay O O Champ W Newel Indianola MS IN O TN OF Wayne enwood KY OH Pittsburg SERF Anniston Atlantit GA Quincy WV Harrisb Carslisle ● Ocala Charlotte Richbur FL Sarasota Philadelphia NC NY Edison C Hudson Valley Vision Chesterfie Id Dayville Howell Bridgeport Mechanicsville Pompano Beach UNEL BETTER FOOD. BETTER FUTURE.#10#11#12#13#14#15#16#17#18#19#20#21#22#23#24#25