Investor Presentaiton

Key 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

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