Investor Presentaiton

Reconciliation 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

View entire presentation