Investor Presentaiton

Operating Margin Bridge 15.7% Q3 FY20 Q3 Adj. Operating Margin¹ (% Change vs. YA) Adj. Gross Margin: +12 bps vs. YA +4.6% CONAGRA BRANDS. (2.7)% +0.3% 16.0% (1.8)% (0.1)% Additional Transportation Investments (60) bps Realized Productivity, COGS Inflation COVID-19- Related Costs A&P Adj. SG&A Q3 FY21 Price/Mix, COGS Synergies, Other Note: "Adjusted" financial measures are non-GAAP. See the end of this presentation for a reconciliation of these measures to the most directly comparable GAAP measures; Numbers may not add due to rounding. 1. Adjusted operating margin excludes equity method investment earnings and pension and postretirement non-service expense (income). 40 40

View entire presentation