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Investor Presentaiton

Managing 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

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