#1CONAGRA • BRANDS • FY21 Q3 Earnings Presentation April 8, 2021#2Today's Presenters CONAGRA BRANDS. Brian Kearney Investor Relations Sean Connolly President and Chief Executive Officer Dave Marberger Executive Vice President and Chief Financial Officer 2#3Legal Disclosure CONAGRA BRANDS. Note on Forward-looking Statements This document contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Readers of this document should understand that these statements are not guarantees of performance or results. Many factors could affect our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this document. These risks, uncertainties, and factors include, among other things: the risk that the cost savings and any other synergies from the acquisition of Pinnacle Foods Inc. (the Pinnacle acquisition) may not be fully realized or may take longer to realize than expected; the risk that the Pinnacle acquisition may not be accretive within the expected timeframe or to the extent anticipated; the risks that the Pinnacle acquisition and related integration will create disruption to the Company and its management and impede the achievement of business plans; risks related to our ability to achieve the intended benefits of other recent acquisitions and divestitures; risks associated with general economic and industry conditions; risks associated with our ability to successfully execute our long-term value creation strategies; risks related to our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; risks related to our ability to execute operating and restructuring plans and achieve targeted operating efficiencies from cost-saving initiatives, and to benefit from trade optimization programs; risks related to the effectiveness of our hedging activities and ability to respond to volatility in commodities; risks related to the Company's competitive environment and related market conditions; risks related to our ability to respond to changing consumer preferences and the success of our innovation and marketing investments; risks related to the ultimate impact of any product recalls and litigation, including litigation related to the lead paint and pigment matters, as well as any securities litigation, including securities class action lawsuits; risk associated with actions of governments and regulatory bodies that affect our businesses, including the ultimate impact of new or revised regulations or interpretations; risks related to the impact of the coronavirus (COVID-19) pandemic on our business, suppliers, consumers, customers and employees; risks related to our forecasts of consumer eat-at-home habits as the impacts of the COVID-19 pandemic abate; risks related to the availability and prices of raw materials, including any negative effects caused by inflation, weather conditions or health pandemics; disruptions or inefficiencies in our supply chain and/or operations, including from the COVID-19 pandemic; risks associated with actions by our customers, including changes in distribution and purchasing terms; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; and other risks described in our reports filed from time to time with the Securities and Exchange Commission. We caution readers not to place undue reliance on any forward-looking statements included in this document, which speak only as of the date of this document. We undertake no responsibility to update these statements, except as required by law. Note on Non-GAAP Financial Measures This document includes certain non-GAAP financial measures, including adjusted EPS, organic net sales, adjusted gross profit, adjusted operating profit, adjusted SG&A, adjusted corporate expenses, adjusted gross margin, adjusted operating margin, adjusted effective tax rate, adjusted net income attributable to Conagra Brands, free cash flow, net debt, net leverage ratio, and adjusted EBITDA. Management considers GAAP financial measures as well as such non-GAAP financial information in its evaluation of the Company's financial statements and believes these non-GAAP measures provide useful supplemental information to assess the Company's operating performance and financial position. These measures should be viewed in addition to, and not in lieu of, the Company's diluted earnings per share, operating performance and financial measures as calculated in accordance with GAAP. 3#4CONAGRA • BRANDS • Sean Connolly President and Chief Executive Officer#5Key Messages CONAGRA BRANDS. Continued strength in Q3 • Continued to invest to further strengthen the business • Increased evidence in post-COVID-19 stickiness of demand and market share gains • Leverage target achieved ahead of schedule, afforded opportunistic ~$300 million of our common stock in Q3 and ongoing flexibility to deploy additional capital for long-term value creation Multiple levers to manage impact of accelerating inflation · Reaffirming fiscal 2022 guidance 5#6Continued Strong Execution From the Supply Chain CONAGRA BRANDS. CONAGRA SA DELANEY e CONAGE HIPOL 6#7Agenda Business Update Looking Ahead CONAGRA BRANDS. 7#8Strong Q3 Results Q3 Guidance Q3 Organic Net Sales1 Growth +6% to +8% +9.7% Adj. Op. Margin² 16.0% to 16.5% 16.0% Adj. Diluted EPS from cont. ops. $0.56 to $0.60 $0.59 CONAGRA BRANDS. Note: "Adjusted" financial measures, and organic net sales are non-GAAP. See the end of this presentation for a reconciliation of these measures to the most directly comparable GAAP measures. 1. 2. Organic net sales excludes the impact of foreign exchange and divested businesses, as well as acquisitions (until the anniversary date of the acquisitions). Organic net sales growth excludes the impact of fiscal 2020's 53rd week, which was calculated as one-sixth of our last month's net sales (which included a total of six weeks). Adjusted operating margin excludes equity method investment earnings and pension and postretirement non-service expense (income). 8#9We Continued to Execute Our Conagra Playbook in Q3 CONAGRA BRANDS. 3 Mental Availability 2 Physical Availability Saliency Relevancy Brick & Mortar eCommerce 1 Superior Products Perpetual Modernization 9#10Strong, Broad-Based Growth and Share Gains... CONAGRA BRANDS. Q3 Retail Sales (% Change vs. YA) Edible xBev +10.8% CONAGRA BRANDS. Snacks +13.8% +17.0% Frozen +11.8% Staples +14.7% Q3 Weighted Dollar Share (Change vs. Q2 FY21) CONAGRA BRANDS. +0.6 pts Snacks +2.0 pts I Frozen +0.2 pts I Staples +0.2 pts Source (Left Chart): IRI Syndicated Market Advantage, Total US MULO+C, 13-weeks ended February 28, 2021, Conagra Brands = Total Edible Source (Right Chart): IRI Custom Market Advantage, Total US MULO+C, 13-weeks ended February 28, 2021 vs 13-weeks ended November 29, 2020 10 10#11... Fueled by Superior Penetration and Repeat Rate CONAGRA BRANDS. Q3 Household Penetration (Pt Change vs. YA) Q3 Repeat Rate (Pt Change vs. YA) Total Peers Wtd. Avg +0.8 pts Total Peers Wtd. Avg +0.3 pts CONAGRA BRANDS. +0.6 pts CONAGRA BRANDS- Source: IRI Household Panel, Total US All Outlets, 13-weeks ended February 21, 2021, Total Edible xBev, Total Conagra vs. Total Peers Weighted Average +1.0 pts 11#12Innovation Momentum Continued in Q3 % of Annual Retail Sales from Innovation (Total Conagra Brands, Rolling 3 Years) 9% 12% FY15 FY16 17% 17% 17% FY19 FY20 L52 CONAGRA BRANDS. Source: IRI Syndicated Database, MULO + C, Conagra Brands Fiscal Year 2015, 2016, 2019, 2020, Latest 52 weeks ended Feb 28, 2021 Innovation Renewal Rate is calculated as the contribution of retail dollar sales from innovation (i.e. new items that had sales in reported period but not prior period) over a three-year basis. For example, in FY20, it's the new items from FY18 - FY20 and their % of retail dollar sales in FY20. 12#13Innovation Continued to Be a Key Growth Driver CONAGRA BRANDS. Innovation Launched and Sold in Q1-Q3 FY21 vs. Innovation Launched and Sold in Q1-Q3 FY201 NEW SONGVIE NEW! EASY-GRIP CANISTER +66% +53% Average Retail Sales per UPC Average TPDs per UPC SWISS MISS MILK CHOCOLATE #1 New Item in Hot Cocoa² BIRDS EYE Cauliflower Wings Buffalo Style Lightly breaded with a buffalo style sauce No Artifical Flavors SAUCE POUCH INSIDE 240 NETWT55 HOT COCOA MIX New! BIRDS EYE® Packaging under development, subject to change. 1. 2. Source: IRI Market Advantage Syndicated Data, MULO+C, Conagra Innovation = UPCs with zero dollar sales YA Source: IRI Market Advantage Syndicated Data, MULO, Last 13 weeks ended February 28, 2021, Based on Dollar Sales Note: UPC stands for Universal Product Code, TPD stands for Total Points of Distribution #1 Velocity Branded New Item in Frozen Vegetables² Birds Eye has the Top 4 Branded Frozen Vegetable New Items in Grocery² 13#14With Strong FY22 Customer Acceptance Healthy Choice. zero Tomato Basil Chicken All Natural Chicken Breast with Vegetables served on top of Penne Pasta in a Tomato Basil Sauce topped with Mozzarella Cheese NO ADDED SUGAR LOW CARB LIFESTYLE NET WT 9.50Z (268) 240 KEEP FROZEN MUST BE COOKED THOROUGHLY NDARLİP CİN, WORESENTS RALLY USA Banquet MEGA PIZZA DOUBLE STUFFED PEPPERONI Two layers of crust stuffed with Marinara Sauce, Mozzarella Cheese, and Reduced Fat Pepperoni 2 SLICES PER SLICE NET WT NEW 10g NET CARBS SERVING MVL MADE FROM RASEL FIBER PER MEAL Dayme Duncan Hines CHEWY FUDGE BROWNIE MIX KETO -FRIENDLY- GLUTEN FREE 3g og NET CARBS FOR CAL ADDED GAR SUGAR CONTENT Duncan Hines CLASSIC YELLOW KETO -FRIENDLY- GLUTEN FREE 4g og NET CARBS ADDED pull SUGAR CAKE MIX NET WT 10 OZ (283.5g) THICK AND- FUDGY D NET WT 10.6 OZ (300.5g) PERFECTLY MOIST SINCE 1953 NEW! 42 PROTEIN SKILL BIRDS EYE SKILLETS Balsamic Brussels Sprouts Halved Brussels Sprouts in a sweet and tangy balsamic sauce No Artificial Flavors NO PREP New! READY TO SAUTÉ gardein ULTIMATE PLANT-BASED CHICK'N FILETS NO DAIRY GREDIENTS 23g PROTEIN ALWAYS VEGAN 13.002 (368) KHAN MEHMAN COOKED THOROUGHLY Packaging under development, subject to change. No Artificial Colors No Preservatives PER 1 CUP D CONAGRA BRANDS. 100 2 2004 NET WT110Z (3129) KEEP FROZEN-DO NOT THAM-COOK THOROUGHLY-SEE COOKING MISTRUCTIONS NET WT 15 OZ (425g) KEEP FROZEN COOK THOROUGHLY K 14#15eCommerce Marketing Investments Continued to Yield Results CONAGRA BRANDS. Conagra vs. Total Edible eCommerce Retail Sales (% Change vs. YA) +159% I I I I I I I I I I +119% +113% +105% +98% +88% +89% +81% I I I I | % of Conagra's Sales Growing Share in eCommerce (Latest 52 Weeks) I I 76% I I I I Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 I I I ■Conagra Total Edible I I brands growing share Note: only -84% of Conagra eCommerce brand sales measured; Latest weeks subject to change due to data stability; Source (Left): Source: IRI eMarket Insights, Total Conagra vs. Total Edible xBeverage xProducts Where Parent Company Is Unknown, Total eCommerce RMA; Data ended February 28, 2021. Source (Right): IRI eMarket Insights, Conagra Brands, Total eCommerce RMA xProducts Where Parent Company Is Unknown and XMILK FLAVORING/COCOA MIXES; Latest 52 Weeks Ended February 28, 2021; % of dollar sales for brands where Conagra is growing share in eCommerce channel. 15#16eCommerce Shoppers Offer Superior Lifetime Value CONAGRA BRANDS- eCommerce Grocery Shopping Behavior Leads to: Engagement With Younger Consumers Strong Habit Formation I I | Higher Brand Loyalty Brand Share of Wallet In-Store vs. Online (2x+ Purchases) Share of Millennial households who shop online is >2x those who shop in-store 50% of new eCommerce shoppers continue to buy online 47% -20% become heavy users 57% Brand Average In-Store Online Source (Left):Shopper Card Data From Leading U.S. Retailer 52-Weeks Ending 2-27-21; Total Store Products; Indexed Total eCommerce Sales (Pick-Up & Delivery) vs. In-Store Source (Middle): IRI Thought Leadership, IRI Grocery Retailer Shopper Loyalty Card Data, Tracked Households. New E-Commerce Shoppers who shopped store only pre-COVID-19 and tried e-commerce during COVID-19. 26 Weeks Ended February 20, 2021 vs. 26 Weeks Ended February 22, 2020. Note: Retailer offers pickup and delivery e-commerce services Source (Right): IRI Thought Leadership, IRI Grocery Retailer Shopper Loyalty Card Data ending 2/21/21, Tracked Households. % $ Share of Category by Shopper Type, L52 Weeks vs. YA Note: Average of 3 CPG Food & Beverage Brands. Retailer offers pickup and delivery eCommerce services. 16#17Frozen Growth Accelerated on Both a 1-year and 2-year Basis CONAGRA BRANDS. Conagra Frozen Retail Sales (% Change vs. YA) +26% +25% Healthy Choice Marie Callender's BIRDS EYE Conagra Frozen Retail Sales (Q3, % Change vs. YA) Single Serve Meals +14.3% HUNGRY-MAN Banquet Vegetables P.F.CHANG'S +7.9% +13% gardein +12% +13% Multi-Serve Meals +12% +8% +9% +11.2% Seafood +12.8% Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 1% Change vs. YA -2-Year Growth Source (Left Chart): IRI Syndicated Market Advantage, Total US MULO+C, Conagra Fiscal Quarters Source (Right Chart): IRI Custom Market Advantage, Total US MULO+C, 13-weeks ended February 28, 2021 17#18Frozen Strength Was Broad-Based 20% 28% 24% 18% Conagra Frozen Dollar Sales (% Change vs. YA) IQ2 FY21 ■ Q3 FY21 19% CONAGRA BRANDS. 10% 10% 10% 8% 9% 7% 6% 5% 4% P.F.CHANG'S Marie Callender's allender's Banquet 52 BIRDS EYE BIRDS EYE® Healthy Choice Multi-Serve Meals Single-Serve Meals Multi-Serve Meals Source: IRI Custom Market Advantage, Total US MULO+C, Q2 = 13 weeks ended 11/29/20 and Q3 = 13 weeks ended 2/28/2021 Single-Serve Meals Multi-Serve Meals Frozen Vegetables Single-Serve Meals 18#19Snacks Growth Accelerated on Both a 1-year and 2-year Basis CONAGRA BRANDS. +26.0% Orville Redenbachers BOOM CHICKA POP +20.3% Freshly Crit Conagra Snacks Retail Sales +22.8% DUKE'S (% Change vs. YA) Duncan Hines BIGS DAVID slim Jum SWISS MISS +21.2% +14.9% ACT II +10.9% +15.7% Snack pack +17.0% Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 1% Change vs. YA 2-Year Growth Source (Left Chart): IRI Syndicated Market Advantage, Total US MULO+C, Conagra Fiscal Quarters Source (Right Chart): IRI Custom Market Advantage, Total US MULO+C, 13-weeks ended February 28, 2021 Conagra Snacks Retail Sales (Q3, % Change vs. YA) Popcorn +22.5% Sweet Treats +21.8% Meat Snacks +10.1% Seeds (3.6)% 19#20BRANDS. Consumers Are Snacking at Elevated Rates with Strong Q3 Velocities for Our Brands CONAGRA +31.8% +29.4% Conagra Snacks Velocity (% Change vs. YA) +23.4% +18.7% +11.0% +8.8% +6.8% Orville Redenbacher's GOURMET PONING CORN slim JIM SWISS MISS ACTI DAVID Duncan Hines Source: IRI Custom Market Advantage, Total US MULO+C, 13 weeks ended 2/28/2021; Orville is Microwave Popcorn, Duncan Hines is Baking Mixes Snack pack 20 20#21Staples Growth Accelerated on Both a 1-year and 2-year Basis CONAGRA BRANDS. +45% Hunt's +35% Conagra Staples Retail Sales PAM ARMOUR (% Change vs. YA) Wish Bone RO TEL vlasic WOLF BRAND CHILI +12% Reddi Wip +14% +15% +9% +8% +7% Q4 FY20 Q1 FY21 1% Change vs. YA Q2 FY21 -2-Year Growth Q3 FY21 Conagra Staples Retail Sales (Q3, % Change vs. YA) Rfg Whipped Toppings +32.4% Cooking Spray +27.5% Source (Left Chart): IRI Syndicated Market Advantage, Total US MULO+C, Conagra Fiscal Quarters, Staples = Grocery + Refrigerated Source (Right Chart): IRI Custom Market Advantage, Total US MULO+C, 13-weeks ended February 28, 2021, Cooking Spray = Shelf Stable Cooking Spray Canned Tomatoes +14.6% Shelf-Stable Dinners +14.8% 21 24#22Broad-based Strength in Staples in Q3 +8% +11% +32% Conagra Staples Dollar Sales (% Change vs. YA) IQ2 FY21 ■ Q3 FY21 +18% +25% +28% +18% +17% +13% BOYARDEE Reddi Wip PAM ARMOUR Source: IRI Custom Market Advantage, Total US MULO+C, Q2 = 13 weeks ended 11/29/20 and Q3 = 13 weeks ended 2/28/2021 +27% CONAGRA +10% BRANDS. +16% WOLF BRAND CHILI SMART BALANCE 22 22#23Agenda Business Update Looking Ahead CONAGRA BRANDS. 23 23#24History Shows Major Disruptive Events Drive Permanent Behavioral Shifts CONAGRA BRANDS. Meals Sourced In-Home % of Occasions (Share of In-Home vs. Away-From-Home Meals) -Recession H Recovery Meals Sourced Away-From-Home 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: The NPD Group/National Eating TrendsⓇ and CREST®, years ending February. In Home = Prepared and eaten in home or carried from home. Graphs on different axes to show trend 24 24#25During These Events, Consumers Form Habits HABIT FORMATION 66 days, on average, for a new behavior to become automatic CONAGRA BRANDS. COVID-19 DURATION 393 days since WHO declared COVID-19 a pandemic Source (Left): European Journal of Social Psychology, "How are habits formed: Modelling habit formation in the real world," July 2009 Source (Right): World Health Organization, Number of days between March 11, 2020 and April 8, 2021 25#26Elevated At-Home Eating Proves Sticky As States Reopen; Significantly Above Pre-COVID Baseline CONAGRA BRANDS. Top 15 Most "Open" States (Based on March '21 Residential Google Mobility Data) Top 15 Most "Open" States Retail Sales (Dollar Sales Growth, % Change vs 2YA) Top 15 Most "Open" States | +4.2% +15.6% CY 2019 52 Weeks ended March 21, 2021 +15.3% 13 Weeks ended March 21, 2021 Source: IRI Syndicated, MULO + C, Total Edible States selected via Google Mobility data for Residential, March 2021. Most Open States = Arkansas, Louisiana, Oklahoma, West Virginia, South Dakota, Alabama, Tennessee, South Carolina, Missouri, Indiana, Kentucky, Iowa, Wyoming, Florida, Ohio 26 46#27Against This Backdrop, We Continue to Invest Behind Consumer Engagement CONAGRA BRANDS. to the moon Shibetoshi Nakamoto @BillyM2k Replying to @Slim Jim I made a reddit post to commemorate your excellence in marketing. May it rise to the top: very movement WHAT TO DO say something nice to someone on twitter 2 use #DoOnlyGoodEveryday share this! 2--such trending Wow From Dogecoin Creator @BillyM2k inspired by @supershigi's game Rakuen Sum محيميد Slim Jim gets it reddit.com 12:53 PM 3/9/21 Twitter Web App ་་ 160% Increase in Slim Jim Twitter followers 35 MILLION Voted Best Brand Organic Twitter impressions in 25 days In Adweek's March Adness Bracket Competition 27#28We Have Attracted More than Four Years of New Consumers, Almost Half Are Gen Z/Millennials CONAGRA BRANDS. Gen Z + Millennial Buyers (% of Buyers) 27% 48% NEW BUYERS 4+ years of incremental new buyers acquired in one year Total Category Buyers ■Conagra New Buyers Source (Left): IRI National Consumer Panel, Total US All Outlets, Fiscal 2018, Fiscal 2019, 52 Weeks Ended February 21, 2021 Source (Right): IRI National Consumer Panel, Custom Conagra Categories, Gen Z & Millennial Head Households, Total US All Outlets, 52 Weeks Ended February 21, 2021; % of Buyers = Gen Z + Millennials Buyers / Buyers 28#29Buying Our Modernized, Upgraded Products Has Become Habitual, Especially Among New Buyers CONAGRA BRANDS. Repeat Depth (% of Buyers Who Repeat Purchased 2x+) Total Buyers, Year Ago Total Buyers, L52W ■New Buyers, L52W 52% 46% 44% 37% 32% 29% 24% 100% NATURAL Hunts RO TEL Orville Redenbacher's GOURMET POPPING CORN ACTI P.F. CHANG'S PAM Source: IRI Custom Panel, Total US All Outlets, 52-weeks ended February 21, 2021, New Buyers = purchased brand in 52 w/e Feb 21, 2021 and did not purchase brand in 52 w/e Feb 23, 2020 29 Orville is Microwave Popcorn, Hunt's is Canned Tomatoes, PF Chang's is Fz Multi-Serve Meals#30Consumers Are Habitually Buying Our Brands More Than Competition CONAGRA BRANDS. Repeat Depth (% of New Buyers Who Repeat Purchased 2x+, Conagra Multiple vs. Wtd. Avg of Top Peers) 3.1x 2.0x PAM BOYARDEE 1.6x 1.5x 1.4x 1.3x 1.1x 1.1x 100% NATURAL Hunts Orville Redenbacher's Healthy Choice BIRDS EYE slim JIM Banquet Source (Left): IRI Custom Panel, Total US All Outlets, 52-weeks ended February 21, 2021, New Buyers = purchased brand in 52 w/e Feb 21, 2021 and did not purchase brand in 52 w/e Feb 23, 2020, Wtd. Average of Peers Weighted to Household Penetration. Orville is Microwave Popcorn, Hunt's is Canned Tomatoes, Birds Eye is Fz Vegetables, Banquet and Healthy Choice are Fz Single Serve Meals vs. Top Competitor 30#31Looking Forward, Remote Work Adoption Provides a Structural Lift vs. Pre-Pandemic Levels for Frozen Remote Work Drives Outsized ¦ Frozen Has High Exposure Impact to Dinner and Lunch in These Occasions CONAGRA BRANDS. And, Conagra Frozen Well-Developed In-Home Main Meal Lift (Total COVID-19 Time Period vs. YA) +7% +4% I Total Occasions % of Occasions with Frozen Foods % of Main Meal Occasions (Total Foods vs. Conagra Frozen) Dinner I I +6% 1 in 5 1.6x Index 34% I 55% dinner occasions I I include frozen foods I 30% Lunch T I 1.0x Index I I +2% I I I 1 in 6 29% Breakfast 36% I I lunch occasions 16% 0.5x Index ¡Dinner Lunch Breakfast include frozen foods Total I CONAGRA Foods BRANDS+ " Frozen Source (Left): The NPD Group/National Eating TrendsⓇ, March 2020-February 2021 vs. Prior Year, Occasions per Capita Source (Middle): The NPD Group / National Eating Trends; Filtered on Sourced from Home/Retail, March 2020-February 2021 Source (Right): The NPD Group / National Eating Trends; Filtered on Sourced from Home/Retail, March 2020-February 2021, Index = Total Foods vs. Conagra Frozen, Shared to Main Meal Occasions 31#32COVID-19 Moved Entertainment Consumption to the Home, Benefiting Our Snacks Business CONAGRA BRANDS. People Are Consuming More Media At-Home +40% increase in streaming services +42% increase in time spent viewing digital video | I | Leading to Increased Snacking In-Home Snack Occasions (Per Capita % Chg vs. YA) Gen Z +25% Consumers Choose Our Brands Again and Again Conagra Snacks Change in Repeat Rate (% Buyers Buying 2x+, Pt Chg vs. YA) АСТ П +1.6 pts +2.1pts Millennials +26% Snack pack +2.4pts Gen X +17% Orville Redenbacher's +3.0pts Duncan Hines +3.1pts Boomers +18% SWISS MISS +4.3pts | Source (Left): The NPD Group's Connected Intelligence TV Service Switching Study of more than 5,000 U.S. consumers fielded October 14-22, 2020, eMarketer, U.S. Time Spent With Media 2020 Source (Middle): The NPD Group / National Eating Trends; Sourced from Home/Retail, Occasions per Capita, March 2020 - February 2021 vs. Prior Year, Gen Z is 18+ Source (Right): IRI National Consumer Panel, Total US All Outlets, 52-weeks ended February 21, 2021, Orville is Microwave Popcorn, Duncan Hines is Baking Mixes 32#33Pandemic Accelerated "Home Nesting" of Young Consumers Who Are Engaging with Conagra Staples CONAGRA BRANDS. One-in-Ten Young Adults Moved due These Young Consumers Are Engaging to COVID-19 % Who Moved Temporarily or Permanently for Reasons related to Coronavirus Outbreak with Conagra Staples Staples Retail Sales (Latest 52 Weeks, % Chg vs. YA) 3% Total I I 9% T I I I I I 3% I I I 2% I I 1% I I 18-29 30-49 50-64 Leaving Urban Areas for Smaller Cities & Suburbs 65+ Source (Left): Pew Research Center, Survey of US Adults conducted June 4-10, 2020 Source (Right): IRI Custom Panel, Total US All Outlets, Latest 52 Weeks Ended February 21, 2021 I +75% All Manufacturers ■Conagra +101% +28% +24% Gen Z Millennials 33#34Reaffirming FY22 Outlook1 CONAGRA BRANDS. Metric² Organic Net Sales³ Growth (3 YR CAGR ending FY22) Adj. Operating Margin4 Adj. Diluted EPS from cont. ops. Free Cash Flow Conversion (% of Adj. Net Income; 3 YR avg. ending FY22) Fiscal 2022 Guidance¹ +1% to +2% 18% to 19% $2.63 to $2.73 95%+ 1. The inability to predict the amount and timing of the impacts of future items makes a detailed reconciliation of these forward-looking financial measures impracticable. "Adjusted" financial measures, free cash flow, and organic net sales are non-GAAP financial measures. 2. 1234 Organic net sales excludes the impact of foreign exchange and divested businesses, acquisitions (until the anniversary date of the acquisitions), as well as the impact of any 53rd week. 4. Adjusted operating margin excludes equity method investment earnings and pension and postretirement non-service expense (income). 34 =4#35Summary • CONAGRA BRANDS. Solid execution drove a strong Q3 Business remains strong in the absolute and relative to competition Inflation is accelerating; multiple levers to manage impact Continuing to invest to capitalize on significant behavioral tailwinds 35#36CONAGRA • BRANDS • Dave Marberger Executive Vice President and Chief Financial Officer#37Performance Summary Dollars in Millions, except per share data Q3 Increase/(Decrease) vs. YA Reported Net Sales Organic Net Sales¹ $2,771 +8.5% 2,763 +9.7% Adj. Gross Profit 761 +8.9% Adj. Gross Margin 27.5% +12 bps A&P 73 +11.8% A&P as % of NS 2.6% +8 bps Adj. SG&A 244 +5.2% Adj. SG&A as % of NS 8.8% (27) bps Adj. Op. Profit² 444 +10.6% Adj. Op. Margin² 16.0% +31 bps Adj. Net Income 287 +24.1% Adj. EBITDA³ 566 +9.9% Adj. Diluted EPS from cont. ops. $0.59 +25.5% CONAGRA BRANDS. 1. Note: "Adjusted" financial measures and organic net sales are non-GAAP. See the end of this presentation for a reconciliation of these measures to the most directly comparable GAAP measures. Organic net sales excludes the impact of foreign exchange and divested businesses, as well as acquisitions (until the anniversary date of the acquisitions). Organic net sales growth excludes the impact of fiscal 2020's 53rd week, which was calculated as one-sixth of our last month's net sales (which included a total of six weeks). 23 Adjusted operating profit and adjusted operating margin exclude equity method investment earnings and pension and postretirement non-service expense (income). Adjusted EBITDA includes equity method investment earnings and pension and postretirement non-service income. 37#38Net Sales Bridge vs. Year Ago Organic Net Sales¹: +9.7% +6.1% +3.6% Q3 Drivers of Net Sales Change (% Change vs. YA) (0.0)% (1.2)% Volume Price/Mix (incl. Retailer Investments) Divestitures Foreign Exchange | I | | CONAGRA BRANDS. +8.5% Total Conagra Brands Note: Organic net sales is non-GAAP. See the end of this presentation for a reconciliation of this measure to the most directly comparable GAAP measure. Numbers may not add due to rounding. Percentage points may include rounding to bridge the change in reported net sales to the change in organic net sales. 1. Organic net sales excludes the impact of foreign exchange and divested businesses, as well as acquisitions (until the anniversary date of the acquisitions). Organic net sales excludes the impact of fiscal 2020's 53rd week, which was calculated as one-sixth of our last month's net sales (which included a total of six weeks). 38 38#39Net Sales Summary by Segment Dollars in Millions Increase/(Decrease) Net Sales Reported CONAGRA BRANDS. Q3 Organic vs. YA vs. YA¹ Grocery & Snacks $1,133 +10.8% +13.1% Refrigerated & Frozen 1,203 +11.7% +12.1% International 241 +9.0% +9.8% Foodservice 194 (17.2)% (16.5)% Total Conagra Brands $2,771 +8.5% +9.7% Note: Organic net sales is non-GAAP. See the end of this presentation for a reconciliation of this measure to the most directly comparable GAAP measure. Numbers may not add due to rounding. 1. Organic net sales excludes the impact of foreign exchange and divested businesses, as well as acquisitions (until the anniversary date of the acquisitions). Organic net sales excludes the impact of fiscal 2020's 53rd week, which was calculated as one-sixth of our last month's net sales (which included a total of six weeks). 39 39#40Operating Margin Bridge 15.7% Q3 FY20 Q3 Adj. Operating Margin¹ (% Change vs. YA) Adj. Gross Margin: +12 bps vs. YA +4.6% CONAGRA BRANDS. (2.7)% +0.3% 16.0% (1.8)% (0.1)% Additional Transportation Investments (60) bps Realized Productivity, COGS Inflation COVID-19- Related Costs A&P Adj. SG&A Q3 FY21 Price/Mix, COGS Synergies, Other Note: "Adjusted" financial measures are non-GAAP. See the end of this presentation for a reconciliation of these measures to the most directly comparable GAAP measures; Numbers may not add due to rounding. 1. Adjusted operating margin excludes equity method investment earnings and pension and postretirement non-service expense (income). 40 40#41Invested in the Business to Support Elevated Demand CONAGRA BRANDS. • • • Approximately 60bps (~$15 million) of 180bps impact of COVID-19 costs in Q3 driven by intentional transportation investments Supported increased demand by selectively bypassing normal distribution network and shipping direct to customers Expect incremental costs to abate as inventories rebuild in coming quarters 41 44#42Managing Through Inflationary Environment CONAGRA • Q3 inflation of 3.9% • Materials 3% • • Manufacturing ~4% Transportation & Logistics ~8% (excludes investments to support demand) • Inflation expected to accelerate over next few quarters • Already executing inflation-justified pricing actions • Will aggressively manage other margin levers to optimize profit: mix, cost savings / productivity, fixed cost leverage BRANDS. 42#43Segment Adjusted Operating Profit & Margin Summary CONAGRA Dollars in Millions Increase/(Decrease) Adj. Op. Profit¹ Q3 vs. YA Q3 Adj. Op. Margin¹ vs. YA Grocery & Snacks $245 +16.4% 21.6% +105 bps Refrigerated & Frozen 222 +10.0% 18.4% (29) bps International 28 +24.7% 11.6% +145 bps Foodservice 13 (53.3)% 6.6% (505) bps Adjusted Corporate Expense (63) +5.1% Total Conagra Brands $444 +10.6% 16.0% +31 bps Note: "Adjusted" financial measures are non-GAAP. See the end of this presentation for a reconciliation of these measures to the most directly comparable GAAP measures. Numbers may not add due to rounding. 1. Adjusted operating profit and adjusted operating margin exclude equity method investment earnings and pension and postretirement non-service expense (income). BRANDS. 43#44Adjusted EPS Bridge CONAGRA BRANDS. Drivers of Q3 Adjusted Diluted EPS from Continuing Operations vs. YA $0.03 $0.00 $0.59 $0.02 $0.07 $0.00 $0.47 Q3 FY20 Adj. EPS Adj. Op Profit¹ Adj. Pension Adj. Equity Interest Method Investment Adj. Taxes & Shares Q3 FY21 Adj. EPS Earnings (Ardent Mills, etc.) Note: "Adjusted" financial measures are non-GAAP. See the end of this presentation for a reconciliation of these measures to the most directly comparable GAAP measures; Numbers may not add due to rounding. 1. Adjusted operating profit excludes equity method investment earnings and pension and postretirement non-service expense (income). 44#45Key Balance Sheet & Cash Flow Metrics (dollars in millions) Debt1 Cash Ending Net Debt¹ Net Leverage Ratio² February 23, 2020 $10,018 February 28, 2021 $9,227 $99 $81 $9,919 $9,147 4.8x 3.5x YTD through Q3 FY20 FY21 (dollars in millions) Net Cash Flow from Operating $907 $1,070 Activities cont. ops. Capital Expenditures $265 $397 Free Cash Flow $641 $673 Dividends Paid $310 $342 Share Repurchases $0 $298 CONAGRA BRANDS. Note: Net Debt, Net Leverage Ratio and Free Cash Flow are non-GAAP. See the end of this presentation for a reconciliation of these measures to the most directly comparable GAAP measures. 1. 2. Debt is the sum of notes payable, current installments of long-term debt, senior long-term debt, and subordinated debt. Net Debt is Debt less Cash. Net Leverage Ratio is net debt divided by Adjusted EBITDA for the trailing four quarters 45#46Outlook1 Metric² Organic Net Sales³ Growth Adj. Operating Margin Adj. Diluted EPS from cont. ops. Metric² Organic Net Sales³ Growth (3 YR CAGR ending FY22) Adj. Operating Margin4 Adj. Diluted EPS from cont. ops. Free Cash Flow Conversion (% of Adj. Net Income; 3 YR avg. ending FY22) Fiscal 2021 Q4 Guidance¹ (10)% to (12)% 14% to 15% $0.49 to $0.55 Fiscal 2022 Guidance¹ +1% to +2% 18% to 19% $2.63 to $2.73 95%+ CONAGRA BRANDS. 1. The inability to predict the amount and timing of the impacts of future items makes a detailed reconciliation of these forward-looking financial measures impracticable. "Adjusted" financial measures, free cash flow, and organic net sales are non-GAAP financial measures. 2. 1234 3. Organic net sales excludes the impact of foreign exchange and divested businesses, acquisitions (until the anniversary date of the acquisitions), as well as the impact of any 53rd week. 4. Adjusted operating margin excludes equity method investment earnings and pension and postretirement non-service expense (income). 46#47CONAGRA • BRANDS • Q&A#48CONAGRA • BRANDS • Appendix#49Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (in millions) CONAGRA BRANDS. Q3 FY21 Net Sales Impact of foreign exchange Net sales from divested businesses Grocery & Snacks Refrigerated & Frozen Total Conagra International Foodservice Brands 1,133.1 $ 1,203.1 240.9 194.0 $ 2,771.1 0.7 0.7 (8.8) (0.2) (0.1) (9.1) Organic Net Sales $ 1.124.3 $ 1,203.1 $ 241.4 $ 193.9 $ Year-over-year change - Net Sales 10.8% 11.7% 9.0% (17.2)% 2,762.7 8.5% Impact of foreign exchange (pp) 0.3 Net sales from divested businesses (pp) Organic Net Sales 2.3 13.1% 0.4 0.5 12.1% 9.8% 0.7 (16.5)% 1.2 9.7% Volume (Organic) 9.4% 7.8% 6.7% (19.5)% 6.1% Price/Mix Q3 FY20 Net Sales 3.7% 4.3% 3.1% 3.0% 3.6% Grocery & Refrigerated Total Conagra Snacks & Frozen International Foodservice Brands 1,022.9 $ 1,076.8 220.9 234.4 $ 2,555.0 Net sales from divested businesses 1 Organic Net Sales (29.1) (3.8) (1.0) (2.1) (36.0) $ 993.8 $ 1,073.0 $ 219.9 $ 232.3 $ 2,519.0 49#50Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (in millions) CONAGRA BRANDS. Q3 FY21 Operating Profit Restructuring plans Acquisitions and divestitures Gain on divestiture of a business Early extinguishment of debt Consulting fees on tax matters Legal matters Corporate hedging derivative losses (gains) Grocery & Snacks Refrigerated & Frozen $ 290.2 4.2 214.6 7.0 International $ Foodservice Corporate Expense Total Conagra Brands 27.8 12.8 $ (96.7) $ 4.2 448.7 15.4 (49.7) | | | | | 1.5 1.5 (49.7) 24.4 24.4 5.3 5.3 4.3 4.3 (6.4) (6.4) Adjusted Operating Profit $ 244.7 $ 221.6 69 $ 27.8 12.8 (63.4) $ 443.5 Operating Profit Margin Adjusted Operating Profit Margin 25.6% 17.8% 11.6% 6.6% 16.2% 21.6% 18.4% 11.6% 6.6% 16.0% Year-over-year % change - Operating Profit 45.6% 12.5% 24.7% (53.3)% 28.8% 23.1% Year-over year % change - Adjusted Operating Profit Year-over-year bps change - Adjusted Operating Profit Q3 FY20 Operating Profit 16.4% 10.0% 24.7% (53.3)% 5.1% 10.6% 105 bps (29) bps 145bps (505) bps 31bps Total Grocery & Snacks Refrigerated Restructuring plans 199.4 10.9 $ & Frozen 190.7 10.5 International Foodservice Corporate Expense Conagra Brands 22.3 27.2 (75.1) $ 364.5 10.4 31.8 Acquisitions and divestitures 0.6 0.6 Loss on divestiture of a business - 0.2 0.2 Adjustment to contract settlement gain 0.1 0.1 Corporate hedging derivative losses (gains) 3.8 3.8 Adjusted Operating Profit 210.4 201.4 22.3 27.2 (60.3) 401.0 Operating Profit Margin 19.5% 17.7% 10.1% 11.6% 14.3% Adjusted Operating Profit Margin 20.6% 18.7% 10.1% 11.6% 15.7% 50#51Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (in millions) CONAGRA BRANDS. Income before Selling, general and administrative income taxes and equity method Operating investment Income tax Net income attributable to Q3 FY21 Reported % of Net Sales Gross profit $ 758.4 expenses profit earnings $ 309.7 $ 448.7 $ 361.8 $ expense 101.6 Income tax rate 26.5 % $ Сопарта Brands, Inc. 281.4 Diluted EPS from income attributable to Conagra Brands, Inc common stockholders $ 0.59 Restructuring plans 27.496 9.2 11.2% 6.2 16.2% 15.4 15.4 3.8 11.6 0.02 Acquisitions and divestitures Corporate hedging derivative losses (gains) Advertising and promotion expenses Gain on divestiture of a business 1.5 15 1.5 0.3 1.2 (6.4) - (6.4) (6.4) (1.6) (4.8) (0.01) 73.3 (49.7) (49.7) (49.7) (21.8) (27.9) (0.06) Early extinguishment of debt 24.4 24.4 24.4 6.1 18.3 0.04 Consulting fees on tax matters 5.3 5.3 5.3 13 4.0 0.01 Legal matters 4.3 4.3 4.3 1.1 3.2 0.01 Capital loss valuation allowance adjustment (0.5) 0.5 Adjusted $ 761.2 S 244.4 $ 443.5 S 356.6 $ 90.3 23.9 % $ 287.5 S 0.50 % of Net Sales 27.5% 8.8% 16.0% Year-over-year 5 of net sales change - reported 58 bps (135) bps 193 bus Year-over-year % of net sales change - adjusted 12 bus (27) bps 31 bps Year-over-year change-reported 10.8 % (3.21% 23.1% Year-over-year change-adjusted 8.9 56 5.2% 10.6% 37.5% 19.8% 47.4% 17.8% 37.8% 24.1% 38.1 % 25.5% Selling, general and administrative Income before income taxes and Q3 FY20 Reported % of Net Sales Restructuring plans Gross profit expenses Operating profit' S 684.4 26.8% $ 319.9 $ 12.5% 364.5 14.3% S equity method investment earnings 263.2 Income tax expense Income tax rate 68.9 25.296 S Net income attributable to Conagra Brands, Inc. Diluted EPS from income attributable to Conagra Brands, Inc common stockholders 204.4 S 0.42 10.9 20.9 31.8 31.8 7.9 Acquisitions and divestitures Corporate hedging derivative losses (gains) Advertising and promotion expenses 0.6 0.6 0.6 0.2 3.8 3.8 3.8 1.0 23.9 0.05 0.4 2.8 0.01 65.5 - - Pension settlement and valuation adjustment Adjustment to gain on Ardent JV asset sale Adjustment to contract settlement gain Loss on divestiture of a business Unusual tax items Rounding Adjusted % of Net Sales (1.9) (0.4) (1.5) 0.1 0.5 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 (1.1) 1.1 (0.01) $ 699.1 $ 232.6 $ 401.0 $ 297.3 $ 76.7 24.8 % $ 231.3 0.47 27.4% 9.1% 15.7% Operating profit is derived from taking Income from continuing operations before income taxes and equity method investment earings, adding back Interest expense, net and removing Pension and postretirement non- service income *Advertising and promotion expense (A&P) has been removed from adjusted selling, general and administrative expense because this metric is used in reporting to management, and management believes this adjusted measure provides useful supplemental information to assess the Company's operating performance. Please note that A&P is not removed from adjusted profit measures. 51#52Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (in millions) CONAGRA BRANDS. Equity method investment earnings Adjustment to gain on Ardent JV asset sale Adjusted equity method investment earnings Equity method investment earnings Gain on Ardent JV asset sale Adjusted equity method investment earnings Pension and postretirement non-service income Pension settlement and valuation adjustment Adjusted pension and postretirement non-service income Pension and postretirement non-service income Restructuring plans Pension settlement and valuation adjustment Adjusted pension and postretirement non-service income Q3 FY21 Q3 FY20 21.5 10.4 - 0.6 $ 21.5 $ 11.0 % Change 104.5% 93.3 % Q3 FY21 YTD Q3 FY20 YTD % Change 51.0 $ 50.3 1.3% - (4.2) 51.0 $ 46.1 10.5% Q3 FY21 Q3 FY20 % Change (13.7) $ (13.7) $ (16.4) 1.9 (14.5) (16.5)% (5.3)% Q3 FY21 YTD (41.2) $ Q3 FY20 YTD (37.2) % Change 10.8% (0.6) 1.9 (41.2) $ (35.9) 14.9% 52 52#53Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (in millions) CONAGRA BRANDS. Net cash flows from operating activities Additions to property, plant and equipment Free cash flow February 28, 2021 1,070.0 $ (396.7) February 23, 2020 906.5 (265.3) % Change $ 673.3 641.2 18.0% 49.5% 5.0 % Notes payable Current installments of long-term debt Senior long-term debt, excluding current installments Subordinated debt Total Debt Less: Cash Net Debt 0.8 923.8 8,897.8 195.9 10,018.3 Q3FY21 Q3 FY20 728.7 220.6 8,278.1 9,227.4 80.7 $ 9,146.7 $ 99.0 9,919.3 53 59#54Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (in millions) CONAGRA BRANDS. Net Debt Net income attributable to Conagra Brands, Inc. Add Back: Income tax expense Income tax expense attributable to noncontrolling interests Interest expense, net Depreciation Amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) Restructuring plans 1 Acquisitions and divestitures Corporate hedging derivative gains Consulting fees on tax matters Pension settlement and valuation adjustment Gain on divestiture of businesses Legal matters Early extinguishment of debt Brand impairment charges Adjustment to gain on Ardent JV asset sale Adjusted EBITDA Net Debt to Adjusted LTM EBITDA Excludes comparability items related to depreciation. 2Last twelve months Q3 FY21 LTM 2 G S 9,146.7 1,190.7 328.8 (1.2) 447.3 326.3 59.7 2,351.6 49.9 6.4 (10.9) 6.5 44.8 (55.0) 7.3 68.7 146.2 0.1 2,615.6 3.5 54 .....#55Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (in millions) CONAGRA BRANDS. Net Debt Net income attributable to Conagra Brands, Inc. Add Back: Income tax expense Income tax expense attributable to noncontrolling interests Interest expense, net Depreciation Amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) Restructuring plans 1 Acquisitions and divestitures Corporate hedging losses Pension settlement and valuation adjustment Impairment of businesses held for sale Inventory fair value mark-up rollout Gain on divestiture of businesses Fair value adjustment of cash settleable equity awards issued in connection with Pinnacle acquisition Legal matters Environmental matters Q3 FY20 LTM³ $ 9,919.3 765.2 213.3 0.5 492.7 332.9 60.0 EA $ 1,864.6 119.9 5.9 7.2 2.4 59.0 1.7 (54.5) 3.5 (40.6) 6.6 Contract settlement gain Intangible impairment charges 2 Gain on Ardent JV asset sale Adjusted EBITDA Net Debt to Adjusted LTM EBITDA 1. Excludes comparability items related to depreciation. -23 Excludes comparability items attributable to noncontrolling interests. 2. 3. Last twelve months (11.9) 105.8 (4.2) $ 2,065.4 4.8 55#56Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (in millions) CONAGRA BRANDS. Q3 FY21 Add Back: Income tax expense Net income attributable to Conagra Brands, Inc. Income tax expense attributable to noncontrolling interests Interest expense, net Depreciation Amortization Earnings before interest, taxes, depreciation, and amortization Restructuring plans 1 Acquisitions and divestitures Corporate hedging derivative losses (gains) Pension settlement and valuation adjustment Early extinguishment of debt Consulting fees on tax matters $ 281.4 S Q3 FY20 204.4 % Change 37.8% 101.6 68.9 (0.2) (0.2) 100.6 117.7 81.7 84.2 14.9 14.9 580.0 S 489.9 18.4% 6.6 21.9 1.5 0.6 (6.4) 3.8 (1.9) 24.4 5.3 Adjustment to contract settlement gain 0.1 Loss (gain) on divestiture of businesses (49.7) 0.2 Legal matters 4.3 Adjustment to gain on Ardent JV asset sale 0.6 Adjusted Earnings before interest, taxes, depreciation, and amortization $ 566.0 S 515.2 9.9% Excludes comparability items related to depreciation. 56 99#57Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (in millions) CONAGRA BRANDS. Q3 FY21 YTD S 989.3 S Q3 FY20 YTD 638.7 % Change 54.9% 269.0 141.5 (0.6) (0.3) 322.0 361.8 244.8 247.6 44.8 44.9 1,869.3 $ 1,434.2 30.3% 36.3 92.9 4.7 3.6 (7.2) 9.2 (1.9) 68.7 6.5 59.0 (55.0) 1.7 2.3 Net income attributable to Conagra Brands, Inc. Add Back: Income tax expense Income tax expense attributable to noncontrolling interests Interest expense, net Depreciation Amortization Earnings before interest, taxes, depreciation, and amortization Restructuring plans 1 Acquisitions and divestitures Corporate hedging derivative losses (gains) Pension settlement and valuation adjustment Early extinguishment of debt Consulting fees on tax matters Impairment of businesses held for sale Loss (gain) on divestiture of businesses Legal matters Environmental matters Contract settlement gain Brand impairment charges Gain on Ardent JV asset sale | | | | (1.5) 6.6 (11.9) 19.3 (4.2) Adjusted Earnings before interest, taxes, depreciation, and amortization $ 1,925.6 $ 1,607.0 19.8% Excludes comparability items related to depreciation. 57 57#58CONAGRA • BRANDS •