- US Foods reported financial results for Q3 2017, with net sales growth of 6.2% and adjusted EBITDA growth of 9.4% for the quarter. - Key drivers of results were strong organic case growth of 4.1% with independent restaurant customers, margin expansion initiatives increasing gross profit per case, and progress on operating expense reduction programs. - The company updated 2017 guidance, raising projections for net income growth to 20-25% and adjusted diluted EPS to $1.35-1.40.

1. Q3 Fiscal 2017 Results
US Foods Holding Corporation
November 7, 2017

2. 11
Cautionary Statements
Forward-Looking Statements
This presentation contains “forward-looking statements” concerning, among other things, our liquidity, our possible or assumed
future results of operations and our business strategies. Our actual results could differ materially from those expressed in the
forward-looking statements. There are a number of risks, uncertainties, and other important factors, many of which are beyond
our control, that could cause our actual results to differ materially from the forward-looking statements contained in this
presentation.
For a detailed discussion of these risks and uncertainties, see the sections entitled “Risk Factors” and “Forward-Looking
Statements” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which was filed with the
Securities and Exchange Commission and is available on our Investor Relations website and via EDGAR at www.sec.gov. The
forward-looking statements contained in this presentation speak only as of the date of this presentation. We undertake no
obligation, other than as may be required by law, to update or revise any forward-looking statements.

3. 22
Q3 2017 was a very good quarter
• Strong Adj. EBITDA growth; 9.4% Q3*, 8.6% YTD
• Financial highlights
• Independent restaurant organic growth of 4.1%; strong overall
growth with target customer types
• Gross Profit per case growth
• Progress against our Operating Expense initiatives
• Delivering on our Great Food. Made Easy. strategy
• New exclusive partnership with Chef Marcus Samuelsson
• Increasing demand for value added services
• 2017 guidance updates; raising Net Income, Adjusted Diluted EPS
and tightening Adjusted EBITDA ranges
* Negative 80bps impact to Q3 2017 Adjusted EBITDA due to hurricanes.

4. Highest organic growth with independent restaurants since
Q2 2016
CASE GROWTH BY QUARTER*
YoY Change
* Q4 2016 growth figures normalized to adjust for 53rd week in 2015
-4%
-2%
1%
3%
5%
7%
9%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
IND Case Growth
HC/Hosp Case Growth
All Other
20172016
3
Case Growth* with Independent
Restaurant Customers
YoY percent change*
Total Case Growth*
YoY percent change*
6.5%
4.6%
3.5% 3.8%
2.8%
3.7%
4.1%
8.0%
6.8%
5.4%
6.1%
4.0%
4.7%
6.0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Acquisitions
2016 2017
Organic
2016 2017
1.8% 1.7%
2.0%
2.7%
2.3%
1.0%
2.4%
1.2%
4.0% 4.1% 4.3%
3.6%
2.0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Acquisitions
Organic
~(30) bps from
hurricanes
~(10) bps from
hurricanes

5. 44
0%
10%
20%
30%
40%
50%
60%
2011 Q3 2017
0
1000
2000
3000
4000
5000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
#OFCUSTOMERSUTILIZING
Our Great Food. Made Easy. strategy continues to resonate
with customers
ScoopScoop Value Added ServicesValue Added ServicesE-CommerceE-Commerce
INDE-COMMPENETRATION
SCOOPCUSTOMERTRIALRATE*
0%
10%
20%
30%
40%
50%
Spring 2016 Fall 2017 2016 2017
*Customer required to purchase minimum of two cases

6. 55
US Foods partners with Chef Marcus Samuelsson on Fall
Scoop launch
• World renowned chef, author, independent restaurateur
• Five time James Beard award winner
• 13 worldwide restaurants
• Six exclusive new products inspired by Chef
Samuelsson’s Ethiopian and Swedish heritage
• Chose US Foods for its:
• “passion for food”
• “unique ingredients”
• “distinctive flavors”
• Introduced US Foods scholarship program in partnership
with Careers Through Culinary Arts Program

7. 66
Progress continues on Gross Profit and Operating Expense
initiatives
CookBook pricing
Strategic vendor
management
Centralized purchasing
Customer mix
Private brand growth
OPEX InitiativesStatus
◔
◕
◔
◔ ●
●
GP Initiatives
Supply chain continuous
improvement
◐
◐
◔
Just Starting Completed
●
Expected
Completion Status
Expected
Completion
Q1 2017
Ongoing
Q4 2018
Q4 2019
Q4 2020
Q2 2017
Ongoing
Q1 2018
Ongoing
Ongoing
◕
* Cost resets include: field model, corporate model and DB pension freeze
Cost Resets*
Sales force productivity
Indirect spend
centralization
Enhanced shared
services
◕

8. 7
$17,241
$18,151
$5,841
$6,204
Volume growth and year-over-year inflation driving
increase in Net Sales
Q3 Net Sales
$ Millions b/(w)
YTD Net Sales
$ Millions b/(w)
RESULTS SUMMARY
Net Sales gains coming from:
• Volume growth with target customer types
• Acquisition volume
• YOY inflation primarily in commodity categories
• Q3: $5.5M negative impact from Hurricanes to
Net Sales
6.2%6.2%
2016 2017Case Growth
2.0%
Inflation/Mix
4.2%
5.3%5.3%
2016 Case Growth
3.3%
Inflation/Mix
2.0%
2017
Q4 2016 Q1 2017 Q2 2017 Q3 2017
YOY Inflation Trends Product & Acquisition Mix
Product Inflation
~(240) bps
~(80) bps
~240 bps ~420 bps

9. 8
Q3 Gross Profit dollar gains significantly outpacing
volume growth
RESULTS SUMMARY
Gross Profit impacts coming from:
• Volume growth across target customer types
• Margin expansion initiatives
• Cookbook pricing
• Centralized purchasing and sourcing
• Private label growth
• Q3: GP growth of 6.4% outpacing 2.0%
volume growth
• Q3: LIFO positive YoY impact of $19M
• YTD: inflation negatively impacting GP %
Q3 Gross Profit
$ Millions; Percent of Sales b/(w)
6.4%
0 bps
YTD Gross Profit
$ Millions; Percent of Sales b/(w)
(30) bps
Adjusted Gross Profit*
Q3’17: $1.1B, higher $49M or 4.8%
17.3% of sales, down 30 bps
YTD’17: $3.2B, higher $159M or 5.3%
17.4% of sales, flat to PY
3.9%
* Reconciliations of non-GAAP measures are provided in the Appendix
$1,033
$1,099
2016 2017
17.7% 17.7%
$3,026
$3,144
2016 2017
17.3%17.6%

10. 9
$2,728 $2,752
2016 2017
YTD Operating Expenses
$ Millions; Percent of Sales b/(w)
Gross Profit growing faster than Operating Expense
RESULTS SUMMARY
Operating expenses drivers:
• Cost control initiatives limiting Operating
Expense growth
• 2017 benefiting from lower sponsor fees and
restructuring charges
• Q3: positive impact from D&A decline related to
full amortization of customer intangible asset
• YTD: higher volume resulting in additional
operating expenses
Adjusted Operating Expenses*
Q3’17: $807M, higher $26M or 3.3%
13.0% of sales, better 40 bps
YTD’17: $2.4B, higher $98M or 4.3%
13.2% of sales, better 10 bps
Q3 Operating Expenses
$ Millions; Percent of Sales b/(w)
$917
$909
2016 2017
15.7% 14.7%
0.9%
100 bps
60 bps
* Reconciliations of non-GAAP measures are provided in the Appendix
0.9%0.9%
15.2%15.8%

11. 1010
ADJ GROSS PROFIT AND ADJ OPERATING EXPENSE
$/case higher/lower than prior year
($0.10)
($0.05)
$0.00
$0.05
$0.10
$0.15
2015 2016 YTD 2017
Adj GP Adj OPEX
$.06
better
$.06
worse
$.06
better
$.06
better
$.11
better
$.04
worse
Contribution margin per case improving

12. 11
$707
$768
2016 2017
$115
$190
2016 2017
Q3 Adjusted EBITDA*
$ Millions; Percent of Sales b/(w)
$244
$267
2016 2017
Key profitability metrics improving over prior year
Q3 Operating Income
$ Millions; Percent of Sales b/(w)
$133
$87
$96 $89
GAAP Adjusted*
Q3 Net Income
$ Millions
YTD Operating Income
$ Millions; Percent of Sales b/(w)
YTD Adjusted EBITDA*
$ Millions; Percent of Sales b/(w)
YTD Net Income
$ Millions
$133
$201
$188
$214
GAAP Adjusted*
4.2% 4.3%
2016
2017
2016
2017
* Reconciliations of non-GAAP measures are provided in the Appendix
9.4%
3.1%2.0%
32%
$298
$392
2016 2017
2.2%1.7%
8.6%
4.2%4.1%
65%
Pre tax income
up $92M over PY
Pre tax income
up $211M YTD

13. 1212
YTD Operating Cash Flow
$ Millions
YTD Net Debt* and Leverage
$ Millions
YTD Interest Expense
$ Millions, Percent Change b/(w)
Operating cash flow also improving, leading to lower
leverage and interest expense
$440
$506
2016 2017
Leverage **
$190
$126
2016 2017
* Reconciliations of non-GAAP measures are provided in the Appendix
** Net Debt / TTM Adjusted EBITDA
$3,675
$3,556
2016 2017
3.8x
3.4x
34%

14. 1313
Prior 2017
Guidance
Updated 2017
Guidance
Unit Growth 2 – 4% 2.5 – 3%
Net Sales Growth 3 – 5% 4.5 – 5%
Adjusted EBITDA Growth 7 - 10% 8 – 9%
Net Income Growth 15 – 20% 20 – 25%
Cash CAPEX
(ex Future Acquisitions)
$230 - $250M $220 - $230M
Interest Expense $175 - $180M $170 - $175M
Depreciation & Amortization $370 - $380M $375 - $380M
Adj Effective Tax Rate ~39% ~39%
Cash Income Taxes $20 - $25M $20 - $25M
Adjusted Diluted EPS $1.30 - $1.40 $1.35 - $1.40
Updates to 2017 guidance
Orange text represents updated guidance numbers

15. 1414
APPENDIX:
• Q3 FISCAL 2017 SUMMARY
• NON-GAAP RECONCILIATIONS

16. 1515
Third Quarter Financial Performance
$ in millions, except per share data*
13-Weeks Ended
September 30,
2017
13-Weeks Ended
October 1,
2016 Change
13-Weeks Ended
September 30,
2017
13-Weeks Ended
October 1,
2016 Change
Case Growth 2.0 %
Net Sales 6,204 5,841 6.2 %
Gross Profit 1,099 1,033 6.4 % 1,075 1,026 4.8 %
% of Net Sales 17.7% 17.7% 0 bps 17.3% 17.6% (30) bps
Operating Expenses 909 917 (0.9)% 807 781 3.3 %
% of Net Sales 14.7% 15.7% (100) bps 13.0% 13.4% (40) bps
Operating Income 190 115 65.2 % 268 244 9.8%
Net Income 96 133 (27.8)% 89 87 2.3%
Diluted EPS $0.42 $0.59 (28.8)% $0.39 $0.39 —
Adjusted EBITDA 267 244 9.4%
Adjusted EBITDA Margin (2) 4.3% 4.2% 10 bps
* Individual components may not add to total presented due to rounding.
(1) Reconciliations of these non-GAAP measures are provided in the Appendix.
(2) Represents Adjusted EBITDA as a percentage of Net Sales.
NM - Percentage change not meaningful.
Reported
(unaudited)
Adjusted(1)
(unaudited)

17. 1616
Year to Date Financial Performance
$ in millions* except per share data
39-Weeks Ended
September 30,
2017
39-Weeks Ended
October 1,
2016 Change
39-Weeks Ended
September 30,
2017
39-Weeks Ended
October 1,
2016 Change
Case Growth 3.3%
Net Sales 18,151 17,241 5.3 %
Gross Profit 3,144 3,026 3.9% 3,160 3,001 5.3%
% of Net Sales 17.3% 17.6% (30) bps 17.4% 17.4% 0 bps
Operating Expenses 2,752 2,728 0.9 % 2,392 2,294 4.3%
% of Net Sales 15.2% 15.8% (60) bps 13.2% 13.3% (10) bps
Operating Income 392 298 31.5% 768 707 8.6%
Net Income 188 133 41.4 % 214 201 6.5%
Diluted EPS $0.83 $0.68 22.1% $0.95 $1.02 (6.9)%
Adjusted EBITDA 768 707 8.6%
Adjusted EBITDA Margin (2) 4.2% 4.1% 10 bps
* Individual components may not add to total presented due to rounding.
(1) Reconciliations of these non-GAAP measures are provided in the Appendix
(2) Represents Adjusted EBITDA as a percentage of Net Sales.
NM- Percentage change not meaningful.
Reported
(unaudited)
Adjusted(1)
(unaudited)

18. 1717
Non-GAAP Reconciliation - Adjusted Gross Profit and
Adjusted Operating Expenses
($ in millions)*
September 30,
2017
October 1,
2016
September 30,
2017
October 1,
2016
Gross Profit (GAAP) $1,099 $1,033 $3,144 $3,026
LIFO reserve change (1) (26) (7) 14 (25)
Impact from hurricanes (2) 2 - 2 -
Adjusted Gross Profit (Non-GAAP) $1,075 $1,026 $3,160 $3,001
Operating Expenses (GAAP) $909 $917 $2,752 $2,728
Adjustments:
Depreciation and amortization expense (81) (106) (295) (314)
Sponsor fees (3) - - - (36)
Restructuring charges (4) (1) (15) (3) (39)
Share-based compensation expense (5) (7) (5) (15) (14)
Business transformation costs (6) (7) (10) (33) (26)
Other (7) (6) - (14) (5)
Adjusted Operating Expenses (Non-GAAP) $807 $781 $2,392 $2,294
*Individual components may not add to total presented due to rounding
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Represents the non-cash impact of LIFO reserve adjustments.
13-Weeks Ended 39-Weeks Ended
(unaudited) (unaudited)
Impact from hurricanes consists of costs recognized in Cost of Sales for inventory losses from recent hurricanes and product
donations that we made for hurricane relief.
Consists of fees paid to the Sponsors for consulting and management advisory services. On June 1, 2016, the consulting agreements
with each of the Sponsors were terminated for an aggregate termination fee of $31 million.
Consists primarily of severance and related costs and organizational realignment costs.
Share-based compensation expense for vesting of stock awards and employee share purchase plan.
Consists primarily of costs related to significant process and systems redesign across multiple functions.
Other includes gains, losses or charges as specified under USF’s debt agreements.

19. 1818
Non-GAAP Reconciliation - Adjusted Operating Income
($ in millions)*
September 30,
2017
October 1,
2016
September 30,
2017
October 1,
2016
Operating Income (GAAP) $190 $115 $392 $298
Adjustments:
Depreciation and amortization expense 81 106 295 314
Sponsor fees (1) - - - 36
Restructuring charges (2) 1 15 3 39
Share-based compensation expense (3) 7 5 15 14
LIFO reserve change (4) (26) (7) 14 (25)
Business transformation costs (5) 7 10 33 26
Other (6) 8 - 16 5
Adjusted Operating Income (Non-GAAP) $268 $244 $768 $707
*Individual components may not add to total presented due to rounding
(1)
(2)
(3)
(4)
(5)
(6)
13-Weeks Ended 39-Weeks Ended
(unaudited) (unaudited)
Consists of fees paid to the Sponsors for consulting and management advisory services. On June 1, 2016, the consulting
agreements with each of the Sponsors were terminated for an aggregate termination fee of $31 million.
Consists primarily of severance and related costs and organizational realignment costs.
Share-based compensation expense for vesting of stock awards and employee share purchase plan.
Represents the non-cash impact of LIFO reserve adjustments.
Consists primarily of costs related to significant process and systems redesign across multiple functions.
Other includes gains, losses or charges as specified under USF’s debt agreements.

20. 1919
Non-GAAP Reconciliation - Adjusted EBITDA and Adjusted
Net Income
($ in millions)*
September 30,
2017
October 1,
2016
September 30,
2017
October 1,
2016
Net income (GAAP) $96 $133 $188 $133
Interest expense, net 43 49 126 190
Income tax provision (benefit) 51 (78) 78 (78)
Depreciation and amortization expense 81 106 295 314
EBITDA (Non-GAAP) 271 210 687 559
Adjustments:
Sponsor fees (1) - - - 36
Restructuring charges (2) 1 15 3 39
Share-based compensation expense (3) 7 5 15 14
LIFO reserve change (4) (26) (7) 14 (25)
Loss on extinguishment of debt (5) - 12 - 54
Business transformation costs (6) 7 10 33 26
Other (7) 8 - 16 5
Adjusted EBITDA (Non-GAAP) $267 $244 $768 $707
Adjusted EBITDA (Non-GAAP) $267 $244 $768 $707
Depreciation and amortization expense (81) (106) (295) (314)
Interest expense, net (43) (49) (126) (190)
Income tax provision, as adjusted (8) (54) (2) (133) (2)
Adjusted Net income (Non-GAAP) $89 $87 $214 $201
*Individual components may not add to total presented due to rounding
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
13-Weeks Ended 39-Weeks Ended
(unaudited) (unaudited)
Other includes gains, losses or charges as specified under USF’s debt agreements.
Represents our income tax provision (benefit) adjusted for the tax effect of pre-tax items excluded from Adjusted Net income and the removal of applicable discrete tax items. Applicable discrete tax items include
changes in tax laws or rates, changes related to prior year unrecognized tax benefits, discrete changes in valuation allowances, and excess tax benefits associated with share-based compensation. The tax effect of pre-
tax items excluded from Adjusted Net income is computed using a statutory tax rate after considering the impact of permanent differences and valuation allowances. We released the valuation allowance against federal
and certain state net deferred tax assets in the 13-week period ended October 1, 2016. We were required to reflect the portion of the valuation allowance release related to the 2016 ordinary income in the estimated
annual effective tax rate and the portion of the valuation allowance release related to future years’ income discretely in the 13-weeks ended October 1, 2016. We maintained a valuation allowance on certain state net
operating loss and tax credit carryforwards expected to expire unutilized as a result of insufficient forecasted taxable income in the carryforward period, or the utilization of which are subject to limitation.
Consists of fees paid to the Sponsors for consulting and management advisory services. On June 1, 2016, the consulting agreements with each of the Sponsors were terminated for an aggregate termination fee of $31
million.Consists primarily of severance and related costs and organizational realignment costs.
Share-based compensation expense for vesting of stock awards and employee share purchase plan.
Represents the non-cash impact of LIFO reserve adjustments.
Includes fees paid to debt holders, third party costs, the write off of certain pre-existing unamortized debt issuance costs and unamortized issue premium, an early redemption premium and the loss on our September
2016 CMBS Fixed Facility defeasance.
Consists primarily of costs related to significant process and systems redesign across multiple functions.

21. 2020
Non-GAAP Reconciliation - Adjusted Diluted Earnings
Per Share (EPS)
September 30,
2017
October 1,
2016
September 30,
2017
October 1,
2016
Diluted EPS (GAAP) 0.42$ 0.59$ 0.83$ 0.68$
Sponsor fees (1) - - - 0.18
Restructuring charges (2) - 0.07 0.01 0.20
Share-based compensation expense (3) 0.03 0.02 0.07 0.07
LIFO reserve change (4) (0.12) (0.03) 0.06 (0.13)
Loss on extinguishment of debt (5) - 0.05 - 0.27
Business transformation costs (6) 0.03 0.04 0.15 0.13
Other (7) 0.04 - 0.07 0.02
Income tax impact of adjustments (8) (0.02) (0.35) (0.24) (0.40)
Adjusted Diluted EPS (Non-GAAP) 0.39$ 0.39$ 0.95$ 1.02$
Weighted-average diluted shares outstanding (GAAP) 225,862,274 225,054,051 226,325,711 196,805,990
*Individual components may not add to total presented due to rounding
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
13-Weeks Ended 39-Weeks Ended
(unaudited) (unaudited)
Other includes gains, losses or charges as specified under USF’s debt agreements.
Represents our income tax provision (benefit) adjusted for the tax effect of pre-tax items excluded from Adjusted Net income and the removal of applicable discrete tax items. Applicable discrete tax items include changes in tax
laws or rates, changes related to prior year unrecognized tax benefits, discrete changes in valuation allowances, and excess tax benefits associated with share-based compensation. The tax effect of pre-tax items excluded
from Adjusted Net income is computed using a statutory tax rate after considering the impact of permanent differences and valuation allowances. We released the valuation allowance against federal and certain state net
deferred tax assets in the 13-week period ended October 1, 2016. We were required to reflect the portion of the valuation allowance release related to the 2016 ordinary income in the estimated annual effective tax rate and the
portion of the valuation allowance release related to future years’ income discretely in the 13-weeks ended October 1, 2016. We maintained a valuation allowance on certain state net operating loss and tax credit carryforwards
expected to expire unutilized as a result of insufficient forecasted taxable income in the carryforward period, or the utilization of which are subject to limitation.
Consists of fees paid to the Sponsors for consulting and management advisory services. On June 1, 2016, the consulting agreements with each of the
Sponsors were terminated for an aggregate termination fee of $31 million.
Consists primarily of severance and related costs and organizational realignment costs.
Share-based compensation expense for vesting of stock awards and employee share purchase plan.
Represents the non-cash impact of LIFO reserve adjustments.
Includes fees paid to debt holders, third party costs, the write off of certain pre-existing unamortized debt issuance costs and unamortized issue premium, an early redemption premium and the loss on our September 2016
CMBS Fixed Facility defeasance.
Consists primarily of costs related to significant process and systems redesign across multiple functions.

22. 2121
Non-GAAP Reconciliation – Net Debt and Net Leverage
Ratios
($ in millions)*
September 30,
2017
December 31,
2016
October 1,
2016
Total debt (GAAP) $3,703 $3,782 $3,831
Cash and cash equivalents (147) (131) (150)
Restricted cash - - (6)
Net Debt (Non-GAAP) $3,556 $3,651 $3,675
Adjusted EBITDA (1) $1,033 $972 $962
Net Leverage Ratio (2) 3.4 3.8 3.8
*Individual components may not add to total presented due to rounding
(1)
(2)
(unaudited)
Trailing Twelve Months (TTM) EBITDA
Net debt/(TTM) Adjusted EBITDA