Investor Presentaiton

Reconciliation 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

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