#1#22 Forward Looking Statements This presentation contains, and certain statements made by representatives of UNFI, and respective affiliates, from time to time may contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. UNFI's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, UNFI's expectations with respect to future performance and anticipated financial impacts of the business combination, the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside UNFI's and SUPERVALU's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement relating to the proposed business combination; (2) the outcome of any legal proceedings that have been or may be instituted against UNFI or SUPERVALU in connection with the merger agreement and the transactions contemplated therein; (3) the inability to complete the business combination, including due to failure to obtain approval of the shareholders of SUPERVALU or other conditions to closing in the merger agreement; (4) risks related to the financing of the transaction; (5) the risk that announcement and consummation of the business combination disrupts current plans and operations; (6) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (7) costs related to the business combination; and (8) other risks and uncertainties identified in UNFI's and SUPERVALU's filings with the Securities and Exchange Commission ("SEC"). More information about other potential factors that could affect UNFI's and SUPERVALU's business and financial results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in UNFI's Annual Report on Form 10-K for the fiscal year ended July 29, 2017 and SUPERVALU's Report on Form 10-K for the fiscal year ended February 24, 2018, as amended, and any updates to those risk factors set forth in UNFI's and SUPERVALU's Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings, which have been filed with the SEC and are available on the SEC's website at www.sec.gov. The foregoing list of factors is not exhaustive. UNFI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. UNFI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, other than as required by applicable law. This presentation also contains certain non-GAAP financial measures such as adjusted diluted earnings per common share, adjusted estimated diluted earnings per common share, debt to Adjusted EBITDA ratio, adjusted net sales, adjusted operating income, adjusted operating income margin, adjusted estimated effective tax rate and free cash flow. The reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the appendix to this presentation. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. UNFI believes that presenting these non-GAAP financial measures aids in making period-to-period comparisons and is a meaningful indication of its estimated operating performance. UNFI's management utilizes and plans to utilize this non-GAAP financial information to compare UNFI's operating performance during certain fiscal periods to the comparable periods in the other fiscal years and, in certain cases, to internally prepared projections. unfi united natural foods#3#44 Combination Creates Compelling Value for Customers and Shareholders unfi united natural foods + SUPERVALU 1 2 4 Delivers Significant Synergies Creates run-rate cost synergy opportunity of more than $175 million, with ~95% of synergies expected to be achieved by year 3; more than $185 million in cost synergies by year 4. 3 Expands Market Reach and Scale Wider geographic reach and greater scale is expected to increase efficiencies and effectiveness across new and existing customers and capture a greater share of industry growth. 5 Diversifies Customer Base Expands customer base and increases distribution opportunities across channels, including those where demand for "better for you" products is accelerating and UNFI is under-represented Enhances Technology, Capacity and Systems Leverages scalable systems which provide opportunity to streamline processes, more efficiently meet the needs of customers and significantly reduce future capital expenditures. Enables Cross-Selling Opportunities Delivers comprehensive and expanded offerings - including high-growth perimeter categories such as meat and produce - to UNFI's natural and organic products, and a more robust "better for you" product offering to Supervalu. unfi united natural foods#5Leading Food Wholesaler Offering Best-in-Class Services with an Expansive Footprint #1 Natural and Organic Wholesaler #2 U.S. Food Wholesaler (1) ✔ $20B+ 60+ ~45,000~250K 5,775+ Net Sales (²) Private Brands SKUS UNFI Owned Properties SVU Owned Properties (1) Based on net sales data. Source: Company filings. 5 (2) Based on UNFI's FY18 results and SVU's LTM results as of Q1 FY19 Distribution Centers Customers Supplied 2 UNFI Leased Properties SVU Leased Properties SKUS unfi united natural foods#6#7Sources of Cost Synergies ● ● ● Synergies Timeline and Deal Costs Expect to generate run rate cost synergies of more than $175 million in year 3 ● ● Operational 34% 7 (1) Overhead 66% Timeline to Achieve 25% 65% One-time costs impact EBITDA 95% 100% Year 1 Year 2 Year 3 Year 4 $ in millions Deal Costs Costs to Achieve Cost Synergies More than $175 million in cost synergies in year 3 net of reverse synergies and excludes one-time costs in year 3. Expect more than $185 million in cost synergies in year 4. Synergy estimates are incremental to SUPERVALU's assumed synergies from prior acquisitions One-Time Costs (1) $95 $35 One-Time Costs Costs to achieve reflect integration costs and costs to achieve synergies. Deal costs include advisor and consulting fees Year 1 $110 Year 2-Year 5 One-time costs including deal and integration costs for year 1 are expected to be ~$100 million. Total one-time costs for year two and beyond are expected to be $110 million with majority expected in year 2. Costs in year 3 through year 5 are related to IT integration unfi. united natural foods#8#9#10#11#12#13#14#15#16#17#18#19#20#21#22