US Foods presented their strategy at the Morgan Stanley Consumer and Retail Conference. Their strategy focuses on four areas: winning food leadership through innovative products and private brands; differentiating through an easy customer experience with e-commerce and analytics; competing through flawless fundamentals like perfect orders and food safety; and building on a foundational culture. They outlined initiatives to drive growth such as product launches, acquisitions, increasing center-of-plate and produce penetration, and reducing operating expenses. The overall strategy aims to increase sales and margins through extending their differentiation in the marketplace.

1. Morgan Stanley Consumer
and Retail Conference
A Taste of What’s Cooking at US Foods
November 15, 2016

2. Cautionary Statements
1
Forward-Looking Statements
This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking statements can be identified by words such as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,” “estimate,” “target,” “seek,”
“will,” “may,” “would,” “should,” “could,” “forecasts,” “mission,” “strive,” “more,” “goal,” or similar expressions. Because forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual
results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-
looking statements. Important factors that could cause our actual results to differ materially from the forward-looking statements contained in this presentation
include, among others: our ability to remain profitable during times of cost inflation, commodity volatility, and other factors; industry competition and our ability to
successfully compete; our reliance on third-party suppliers, including the impact of any interruption of supplies or increases in product costs; risks related to our
indebtedness, including our substantial amount of debt, our ability to incur substantially more debt, and increases in interest rates; any change in our relationships
with GPOs; any change in our relationships with long-term customers; our ability to increase sales to independent customers; our ability to successfully consummate
and integrate future acquisitions; our ability to achieve the benefits that we expect from our cost savings programs; shortages of fuel and increases or volatility in
fuel costs; any declines in the consumption of food prepared away from home, including as a result of changes in the economy or other factors affecting consumer
confidence; liability claims related to products we distribute; our ability to maintain a good reputation; costs and risks associated with labor relations and the
availability of qualified labor; changes in industry pricing practices; changes in competitors’ cost structures; our ability to retain customers not obligated by long-term
contracts to continue purchasing products from us; environmental, health and safety costs; costs and risks associated with government laws and regulations,
including environmental, health, safety, food safety, transportation, labor and employment, laws and regulations, and changes in existing laws or regulations;
technology disruptions and our ability to implement new technologies; costs and risks associated with a potential cybersecurity incident; our ability to manage future
expenses and liabilities associated with our retirement benefits; disruptions to our business caused by extreme weather conditions; costs and risks associated with
litigation; changes in consumer eating habits; costs and risks associated with our intellectual property protections; and risks associated with potential infringements
of the intellectual property of others.
For a detailed discussion of these risks and uncertainties, see the section entitled “Risk Factors” in our prospectus dated May 25, 2016, which was filed with the
Securities and Exchange Commission on May 27, 2016, pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended. All forward-looking statements made
in this presentation are qualified by these cautionary statements. 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 or cautionary statements to reflect
changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise. Comparisons of
results between current and prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should
only be viewed as historical data.
Non-GAAP Financial Measures
Some of the information included in this presentation is derived from our consolidated financial information but is not presented in our financial statements prepared
in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these data are considered “Non-GAAP Financial Measures” under SEC rules.
These Non-GAAP Financial Measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the
most directly comparable GAAP financial measures can be found in the Appendix to this presentation. These Non-GAAP Financial Measures are provided as
supplemental measures to GAAP regarding our operational performance. Management uses these Non-GAAP Financial Measures (a) to evaluate the company’s
historical and prospective financial performance as well as its performance relative to its competitors as they assist in highlighting trends, (b) to set internal sales
targets and spending budgets, (c) to measure operational profitability and the accuracy of forecasting, (d) to assess financial discipline over operational
expenditures, and (e) as an important factor in determining variable compensation for management and employees. EBITDA and Adjusted EBITDA are also used
for certain covenants and restricted activities under our debt agreements. We believe these Non-GAAP financial measures are frequently used by securities
analysts, investors, and other interested parties to evaluate companies in our industry.

3. 2
Today’s Presenters
Fareed Khan
Chief Financial Officer
Pietro Satriano
Chief Executive Officer

4. Key Investment Highlights
3
Transformational “Great Food. Made Easy.” Strategy12
Innovative Products and Leading Private Brands13
Industry Leading e-Commerce and Mobile Solutions14
Superior Selling Approach Enabled by Proprietary Analytics15
Efficient Operating Model with Significant Productivity Opportunities16
Scale Advantage in a Fragmented and Growing Industry11
Experienced Management Team and Strong Culture17

5. COMPANY AND INDUSTRY OVERVIEW
4

6. Domestic Broadline Sales of Top 10 Foodservice Distributors*
2014 Sales, $ Billions
$1
$1
$2
$3
$3
$5
$6
$11
$36
$23
One of two national players in a fragmented industry
5
*Excludes system, international and other businesses
Source: Technomic
Sysco
Performance Food
Group (PFG)
Gordon Food Service
Reinhart Food
Service
Ben E. Keith Foods
Shamrock Foods Co.
Food Services of
America
Cheney Bros.
Labatt Food Service
Regional
Nationwide
250,000
Customer
Locations
25,000
Employees
400,000
Fresh, Frozen
and Dry SKUs
14,000
Private Label
Products
5,000
Suppliers
4,000
Sales
Associates
62
Distribution
Facilities
6,000
Trucks
US Foods Market Share in Domestic
Foodservice Distribution Industry
100% = $268 billion
9%
Over 15,000 local and regional distributors,
cash & carry and club store competitors

7. CONSUMER SPENDING ON FOOD
Percent of total U.S. expenditures by type
6
20%
30%
40%
50%
60%
70%
80%
1975 1985 1995 2005 2015
Food at Home
Food away from Home
U.S. FOODSERVICE INDUSTRY SIZE AND GROWTH
2015 $Billions, % Real CAGR
$ 123
$ 273
$ 252
$ 268
$ 302
1975 2007 2010 2015 2020
Forecast
1.3%
2.4%
2.5%
“Great
Recession”
30+ years of
positive real growth
Recovery Growth
Source: Bureau of Economic Analysis, Technomic
Steadily rising food-away-from-home growth drives a $268B
foodservice industry expected to grow by $34B over 5 years

8. 7
CHANGING DYNAMICS
FAVORS FOODSERVICE
DISTRIBUTORS WITH . . .
• Changing food preferences
– Local/sustainable/organic
– Better for you
– Ethnic
• Increased Food-Away-From-
Home spending
– Millennial disposable income
– Boomers remaining in
workforce
• Broad assortments
• Product innovation
capabilities
• Effective supply chain
management
• Strong food safety practices
• Consumer adoption
• Operator adoption of E-
Commerce and Mobile
– E-Commerce
– Mobile
– Social Media
• Robust technology platform
• “Big Data”/customer intimacy
capabilities
Consumer and customer dynamics favor well positioned
scale competitors

9. Restaurant growth to remain positive, but operators under
growing challenges
8
RESTAURANT PERFORMANCE INDEX
PROJECTED REAL SALES GROWTH
MACRO DRIVERS ARE
FAVORABLE…
1-2%
2-3%
Chain
Restaurants
Independent
Restaurants
42%
48%
10%
2015 Industry Sales
100% = 162 billion
National
Chains
Regional
Chains Independent
Restaurants
• Rising labor costs
• Competition from new
formats
• Changing consumer
preferences
• Food safety
• Food price deflation
95
96
97
98
99
100
101
102
103
104
105
2008 2009 2010 2011 2012 2013 2014 2015 2016
… BUT OPERATORS UNDER
INCREASING PRESSURE
• Employment
• Disposable income
• Consumer confidence
>100 = Expansion
Source: National Restaurant Association Monthly Sentiment Index
Source: Technomic

10. STRATEGY
9

11. 10
$78B
$68B
$33B
$25B
Education
$20B
Hospitality
Healthcare
Regional Chains
$8B
(0.6)%
0.0%
0.6%
1.2%
1.8%
2.4%
3.0%
3.6%
4.2%
4.8%
Expected5-YearGrowthbyCustomerType
$19B $14B
Business and
Industry
$16B
Primary Customer Types
Targeted by US Foods
Retail
Independent
Restaurants
National Chain
Restaurants
All Other
LOGISTICS VALUE-ADDED PRODUCTS AND SERVICES
Role of Foodservice Distributors
LOWER PROFIT HIGHER PROFIT
Source for expected growth and market size in the above text and chart: Technomic (July 2016). US Foods utilizes Technomic definitions of Restaurant and Bars as proxies for
specific customer types: “Small Chains & Independents” as Independent Restaurants, “101-500 Chains” as Regional Chains and “Top 100 Chains” as National Restaurant Chains.
The Company’s “All Other” category is the “Military, Corrections and All Other” Technomic definition.
Our target customers represent a $117 billion market
Foodservice Customer Summary

12. Our strategy is four simple words:
11
WIN
Food Leadership
DIFFERENTIATE
Easy Customer Experience
COMPETE
Flawless Fundamentals
FOUNDATIONAL
BEST
EVERYDAY COP
AND PRODUCE
LOCAL AND
SUSTAINABLE
GREAT
FOOD SELLERS
INSPIRING CONTENT
AND PROGRAMS
EASIEST TO TRANSACT
ACROSS CHANNELS
MOST VALUED
BUSINESS SOLUTIONS
DELIVER PERFECT ORDERS LEADING FOOD SAFETY
RIGHT PRODUCT, RIGHT PRICE OPTIMIZED COST TO SERVE
PEOPLE
INFRASTRUCTURE
PROCESSES
INSIGHTS

13. Volume and margin growth to be driven by extending our
differentiation and closing opportunity gaps
12
VOLUME AND
GROWTH
MARGIN RATE
EXPANSION
US FOODS DIFFERENTIATORS
Product
Innovation
E-Commerce
Customer
Analytics
Team-Based
Selling
VOLUME AND
GROWTH
MARGIN RATE
EXPANSION
EXECUTION OPPORTUNITIES
Private
Brand Growth
Center-of-Plate
Penetration
Produce
Penetration
Centralized
Replenishment
Revenue
Management

14. We support our industry-leading product innovation with
high-impact nationwide launches
13
Over 400
Products
Launched
Over 50%
Customer Trial
$1.2B
in Cumulative
New Sales
3 Scoop
Launches per
Year
20-25
Items per
Launch
• Innovative, on-trend products
• Exclusive to US Foods
• Customer targeting via proprietary
analytics
• Highly coordinated, nationwide rollout
– High-impact launch events
– National marketing support, tailored locally
– Hands-on product training
Case
Growth
Retention
Rate
+15%
+7%

15. Industry leading E-Commerce and Mobile Solutions drive
customer loyalty, growth and efficiencies
14
E-COMMERCE ADOPTION WITH
INDEPENDENT RESTAURANT CUSTOMERS
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
2011 2016 YTD
CLEAN INVOICE
ONLINE/OFFLINE
ORDERING
PROOF OF
DELIVERY
AUTO-PAYMENTS
RE-ORDER TRIGGERS
TRACK
COMPLIANCE
HISTORY
NOTIFICATIONS
& STATUS
SINGLE TECHNOLOGY
PLATFORM
AGILE DEVELOPMENT
APPROACH
FIRST MOVER ADVANTAGE
PRODUCT
INFORMATION/ SEARCH
SUGGESTED SELL/
CONTRACT COMPLIANCE
INVENTORY
MANAGEMENT
FOOD COST
MANAGEMENT
ORDER GUIDE
MANAGEMENT
Margin
Expansion
Customer
Retention
Order
Accuracy
Seller
Productivity
Customer
Satisfaction*
Volume
Growth
* Net Promoter Score
2,500
3,000
3,500
4,000
% of sales via
e-commerce # TMS
> 50%

16. Proprietary “CookBook” analytics drive customer insights
and profitable sales growth
15
Consumer-
Centric
Pricing
Category
Management
Insights Into
Vendor
Performance
Personalized
Promotions
and Content
Optimized
Sales
Planning
Volume
Growth
Margin
Expansion
Thank You
Offers
Up-Sell Offers
Overall
Spend Offers
Cross-Sell Offers

17. Superior Team-Based Selling Model drives growth and
productivity
16
Territory
Manager
Specialist Food
Fanatic
Chef
Sales
Coordinator
Restaurant
Operations
Consultant
TEAM-BASED SELLING MODEL CUSTOMER SATISFACTION
Net Promoter Score vs. Competitors
Rolling 6-month average
Revenue Management Team
Customer Insights from CookBook Analytics
DIFFERENTIATED CUSTOMER EXPERIENCE
• Consultative selling approach
• Access to subject matter experts
• Superior E-Commerce tools
35
40
45
50
55
60
Competitors
Merger
Announcement
Merger
Termination
2013 2014 2015 20162012
Net Promotor Score Source: Datassential
SALES FORCE PRODUCTIVITY
2011 2015
3,000
Number of Local Sellers
4,000
(25%)
$2.5
$3.7
Average Route Size
Sales/TM ($M)
+48%
Enabled by…

18. Significant opportunities in private brand growth and
specialty categories
17
PRIVATE BRANDS
30%
33%
2010 2016
Private Brand Penetration
Percent of Total Sales
Manufacturer
Brands
Private Brand
Relative
Profitability
Gross Profit/Case
2x
Private Brand
as Percent of
Sales
33%
Key Initiatives
• Seller training
• Specialists deployed in
field
• Stock-Yards expansion
• Acquisitions (Save-On-
Seafood)
Key Initiatives
• Seller training
• Specialists deployed in
field
• Produce Logistics
• Acquisitions (Freshway)
CENTER-OF-PLATE
PENETRATION
PRODUCE
PENETRATION
Incremental Customer
Penetration Potential
Increase in annual cases, IND/RC
Opportunity
Center of Plate
Incremental Customer
Penetration Potential
Increase in annual cases, IND/RC
Opportunity
Produce

19. Targeting OPEX reduction with multiple complementary
initiatives
18
2015
POST RECESSION COST REDUCTION
2007 2011 2016
REBRANDING AND GROWTH CURRENT FOCUS AREAS
• Common IT platform
• Back office centralization
• Shared service model
• E-Commerce
• Food innovation
• Category management
• Data analytics
• Efficient operating model
• Streamlined organization
• Continuous improvement
• Consistent execution
MERGER UNCERTAINTY
Legacy Costs Distribution
Sales Force
Efficiency
Corporate and
Administrative
Indirect Spend
•Pension Plan
Optimization
•Network
Optimization
•Route
Optimization
•Warehouse
Productivity
•Team-Based
Selling Model
•Technology
New Field
Operating
Model
Corporate
Simplification
Expanded
Shared
Services
•Targeting $1.2
billion in
spending
New
New

20. Five strategic acquisitions in the past 10 months
19
ACQUISITIONS
ANNOUNCED
FINANCIAL
TARGETS
SALES
INTEGRATION STRATEGY
Wisconsin
December 2015
Massachusetts
March 2016
New York
September 2016
Ohio
May 2016
Florida
October 2016
ANNUAL
SALES
$ Millions
$120
$107
$130
$26
$80
Announced September 2016
Announced October 2016
SYSTEMS
INTEGRATION
Broadline Distributors
+ Independent
Restaurant Share
+ Facility Consolidation
+ Private Brand Growth
Specialty Distributors
+ Distribution Assets
+ Unique Capabilities
2016 Run Rate Impact
• $450-500 Net Sales
• 200bps EBITDA

21. Our strategy is enabled by a unique and nimble operating
model . . .
20
OPERATING MODEL
FUNCTIONAL
ORGANIZATION
COMMON SYSTEMS
PLATFORM
DATA-DRIVEN CUSTOMER
INSIGHTS
SIGNIFICANT SCALE
Center
Regions
(5)
Areas
(26)
OLD MODEL
US FOODS FUNCTIONAL MODEL
• Leverages scale
• Leverages talent
• National consistency;
local flexibility
• Speed to market
Center
Divisions

22. 21
. . . and a culture of accountability

23. FINANCIAL PERSPECTIVE
22

24. A resilient business with a proven growth strategy
23
Historical Net Sales
$ Millions
Merger Uncertainty
New Growth Strategy and
Rebranding
Centralization and Customer Optimization
During Economic Downturn
$17,000
$18,000
$19,000
$20,000
$21,000
$22,000
$23,000
$24,000
2007 2008 2009 2010 2011 2012 2013 2014 2015

25. ADJUSTED EBITDA
$ Millions, Percent
EBITDA results showing solid gains post-merger termination
24
$845 $866 $875
$962
2013 2014 2015 LTM
3.8%3.8% 3.8%
Adjusted EBITDA Margin
ADJUSTED EBITDA RESULTS BY QUARTER
Percent change vs. prior year
4.2%
($57) ($73)
$168
$124
Net Income
(6.6%)
(0.3%)
2.7%
6.3%
28.1%
10.1%
8.4%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015 2016
111% 968% 114% (119)% 86% (108)% (2560)%
Net Income Growth:

26. VOLUME/SALES DRIVERS
Top-line growth driven by independent restaurants,
healthcare/hospitality, and specialty category penetration
25
Independent
Restaurant
2x Market
Healthcare/
Hospitality
Above Market
National Chains
At/Below Market
Center of Plate
and Produce
Above Market
INDEPENDENT RESTAURANT CASE VOLUME GROWTH
YOY Change in Cases Shipped by Quarter
1.9%
3.8%
4.8%
3.3%
0.6%
0.1%
(0.4)%
0.6%
2.5%
4.0% 4.4% 4.7%
8.0%
6.8%
5.5%
Merger
Announcement
Merger
Termination
2013 2014 2015* 2016
* Q4 2015 results normalized to adjust for 53rd week
TOTAL CASE VOLUME GROWTH
YOY Change
0.8 %
1.9 %
1.2 % 1.1 %
(1.3)%
(0.6)%
(1.2)%
(1.8)%
(0.7)%
0.0 %
(0.6)% (0.6)%
2.4 %
1.2 %
4.0 %
2013 2014 2015* 2016
Strategic National Chain Exits
Merger
Announcement
Merger
Termination

27. Initiatives driving solid adjusted gross profit performance
26
GROSS PROFIT DRIVERS
Customer Mix
Private Brand
Growth
Category
Mix/Growth
Strategic
Vendor
Management
Pricing
* Normalized for Impact of 53rd Week
ADJUSTED GROSS PROFIT PERFORMANCE
Net sales growth
1.9%
4.9%
3.2% 3.3%
Q4 2015* Q1 2016 Q2 2016 Q3 2016
0.8%
(0.6)%
0.7%
(2.9)%
Adjusted
Gross Profit
as % of sales
17.6% 17.0% 17.7% 17.6%
Adjusted GP dollar growth over PY

28. Initiatives driving solid gross profit performance
27
GROSS PROFIT PERFORMANCE
Net sales growth
GROSS PROFIT DRIVERS
Customer Mix
Private Brand
Growth
Category
Mix/Growth
Strategic
Vendor
Management
Pricing
4.2%
3.3%
4.2%
1.9%
Q4 2015* Q1 2016 Q2 2016 Q3 2016
0.8%
(0.6)%
0.7%
(2.9)%
* Normalized for Impact of 53rd Week
Gross Profit
as % of sales
18.2% 17.2% 17.8% 17.7%
GP dollar growth over PY

29. Cost actions minimizing adjusted operating expense growth
28
1.9%
4.9%
3.2% 3.3%
1.7%
1.1%
1.8%
Q4 2015* Q1 2016 Q2 2016 Q3 2016
OPERATING EXPENSE DRIVERS
Network
Optimization
Distribution
Productivity
Field
Organization
Sales Force
Productivity
Indirect Spend
Corporate
Costs
Adj. Gross Profit
Adj. OPEX
Adjusted
OPEX
as % of sales
13.3% 13.3% 13.2% 13.4%
ADJUSTED OPERATING EXPENSE PERFORMANCE
Dollar Change in Adjusted GP and Adjusted OPEX Over PY
* Normalized for Impact of 53rd Week: Adjusted Gross Profit was impacted by approximately $60M, and Adjusted Opex by $50M.
(0.1)%

30. Cost actions minimizing operating expense growth
29
4.2%
3.3%
4.2%
1.9%
12.6%
(1.3)%
(4.8)%
(2.4)%
OPERATING EXPENSE DRIVERS
Network
Optimization
Distribution
Productivity
Field
Organization
Sales Force
Productivity
Indirect Spend
Corporate
Costs
Gross Profit
OPEX
OPEX
as % of sales
17.4% 15.6% 16.1% 15.7%
OPERATING EXPENSE PERFORMANCE
Dollar Change in GP and OPEX Over PY
* Normalized for Impact of 53rd Week
Q4 2015* Q1 2016 Q2 2016 Q3 2016

31. Solid fiscal 2016 year-to-date earnings growth
30
YTD Operating Income
$ Millions; Percent of Sales
YTD Adjusted EBITDA*
$ Millions; Percent of Sales
YTD Adjusted Net Income*
$ Millions
$620
$707
2015 2016
$137
$298
2015 2016
+14.0%
0.8% 1.7% 3.6% 4.1%
* Reconciliations of non-GAAP measures are provided in the Appendix
$177
$72
$133
$201
GAAP Adjusted*
2015
2016

32. YTD Cash Flow from
Operations
$ Millions
Net Debt* and Leverage
$ Millions; Percent of Sales
Strong cash flow and continued deleveraging
31
$298
$440
2015 2016
LeverageNet Debt
* Reconciliations of non-GAAP measures are provided in the Appendix
Note: 2015 results normalized to exclude $288 million one-time merger
termination fee
$3,995
$4,871
$3,675
4.6x
5.3x
3.8x
Q3 2015 Pre-IPO Q3 2016
Long
Term
Debt
$4,652 $4,961 $3,756

33. Mid-term targets are consistent with recent performance
32
Mid-Term Targets
Unit Growth 2 – 4%
Net Sales Growth 4 – 6%
Adjusted EBITDA Growth 7 – 10%
Net Income Growth Over 15%
Net Debt/Adjusted EBITDA
(ex Future Acquisitions)
~3x
CAPEX/Sales
(ex Future Acquisitions)
~1%

34. APPENDIX:
• Q3 AND YTD SUMMARY
• NON-GAAP RECONCILIATIONS
33

35. 34
Q3 FY16 Financial Performance
Note:
(1) Reconciliations of these non-GAAP measures are provided in the Appendix.
(2) Represents Adjusted EBITDA as a percentage of Net Sales.
Individual components may not add to total presented due to rounding.
Reported Adjusted(1)
$ Millions except per share
data
Q3 2016 Q3 2015
Y-O-Y %
Change
Q3 2016 Q3 2015
Y-O-Y %
Change
Case Growth +4.0%
Net Sales $5,841 $5,796 +0.8%
Gross Profit $1,033 $1,013 +2.0% $1,026 $993 +3.3%
% of Net Sales 17.7% 17.5% +21 bps 17.6% 17.1% +44 bps
Operating Expenses $917 $940 (2.5%) $781 $767 1.8%
% of Net Sales 15.7% 16.2% (52) bps 13.4% 13.2% +14 bps
Operating Income $115 $73 +57.5% $244 $226 +8.0%
Net Income $133 $5 +2,560.0% $87 $55 +58.2%
Diluted EPS $0.59 $0.03 +1,866.7% $0.39 $0.32 +21.9%
Adjusted EBITDA $244 $225 +8.4%
Adjusted EBITDA Margin (2) 4.2% 3.9% +30 bps

36. 35
Note:
(1) Reconciliations of these non-GAAP measures are provided in the Appendix.
(2) Represents Adjusted EBITDA as a percentage of Net Sales.
Individual components may not add to total presented due to rounding.
Reported Adjusted(1)
$ Millions except per share
data
Q3 2016 Q3 2015
Y-O-Y %
Change
Q3 2016 Q3 2015
Y-O-Y %
Change
Case Growth +2.5%
Net Sales $17,241 $17,192 +0.3%
Gross Profit $3,026 $2,935 +3.1% $3,001 $2,893 +3.7%
% of Net Sales 17.6% 17.1% +48 bps 17.4% 16.8% +58 bps
Operating Expenses $2,728 $2,797 (2.5%) $2,294 $2,271 1.0%
% of Net Sales 15.8% 16.3% (45) bps 13.3% 13.2% +10 bps
Operating Income $298 $137 +117.5% $707 $621 +13.8%
Net Income $133 $177 (24.9%) $201 $72 +179.2%
Diluted EPS $0.68 $1.04 (34.6%) $1.02 $0.42 +142.9%
Adjusted EBITDA $707 $620 +14.0%
Adjusted EBITDA Margin (2) 4.1% 3.6% +49 bps
Q3 FY16 Year to Date Financial Performance

37. 36
Non-GAAP Reconciliation – Adjusted Gross Profit and
Adjusted Operating Expenses
Notes: (1) Represents the non-cash impact of net LIFO reserve adjustments.
(2) Consists of management fees paid to Clayton, Dubilier & Rice, LLC. and Kohlberg Kravis Roberts & Co. L.P. (collectively, the “Sponsors”) for consulting and
management advisory services.
(3) Consists primarily of facility related closing costs, including severance and related costs, tangible asset impairment charges, organizational realignment costs,
and estimated multiemployer pension withdrawal liabilities.
(4) Share-based compensation expense for vesting of stock awards.
(5) Consists primarily of costs related to significant process and systems redesign, across multiple functions.
(6) Consists of costs related to the Acquisition, including certain employee retention costs.
(7) Consists of charges resulting from lump-sum payment settlements to retirees and former employees participating in several USF-sponsored pension plans.
(8) Other includes gains, losses or charges as specified under USF’s debt agreements.
Quarter Ended Quarter Ended YTD Q3 Ended
(In millions)* Dec. 27, 2014 Mar. 28, 2015 June 27, 2015 Sept. 26, 2015 Jan. 2, 2016 Sept. 26, 2015
Gross Profit 978$ 929$ 993$ 1,013$ 1,078$ 2,935$
LIFO reserve change (1) (9) (24) 3 (20) (32) (42)
Adjusted Gross Profit 969$ 905$ 995$ 993$ 1,046$ 2,893$
Operating Expenses 865$ 887$ 971$ 940$ 1,026$ 2,797$
Adjustments:
Depreciation and amortization expense (102) (99) (98) (101) (100) (299)
Sponsor fees (2) (2) (3) (3) (3) (2) (8)
Restructuring and tangible asset impairment charges (3) - (1) (51) (29) (91) (82)
Share-based compensation expense (4) (3) (2) (3) (3) (8) (8)
Business transformation costs (5) (14) (9) (11) (11) (15) (31)
Acquisition related costs (6) (11) (15) (41) (23) (6) (79)
Pension settlements (7) (2) - - - - -
Other (8) (2) (10) (6) (3) (13) (19)
Adjusted Operating Expenses 729$ 748$ 759$ 767$ 791$ 2,271$

38. 37
Non-GAAP Reconciliation – Adjusted Gross Profit and
Adjusted Operating Expenses
Notes: (1) Represents the non-cash impact of net LIFO reserve adjustments.
(2) Consists of management fees paid to the Sponsors for consulting and management advisory services. On June 1, 2016, the consulting and management agreements
with each of the Sponsors were terminated for an aggregate termination fee of $31 million.
(3) Consists primarily of facility related closing costs, including severance and related costs, tangible asset impairment charges, and organizational realignment costs.
(4) Share-based compensation expense for vesting of stock awards.
(5) Consists primarily of costs related to significant process and systems redesign, across multiple functions.
(6) Consists of costs related to the Acquisition, including certain employee retention costs.
(7) Other includes gains, losses or charges as specified under USF’s debt agreements.
Quarter Ended YTD Q3 Ended
(In millions)* Apr. 2, 2016 July 2, 2016 Oct. 1, 2016 Oct. 1, 2016
Gross Profit 960$ 1,034$ 1,033$ 3,026$
LIFO reserve change (1) (11) (7) (7) (25)
Adjusted Gross Profit 949$ 1,027$ 1,026$ 3,001$
Operating Expenses 875$ 936$ 917$ 2,728$
Adjustments:
Depreciation and amortization expense (103) (105) (106) (314)
Sponsor fees (2) (2) (33) - (36)
Restructuring and tangible asset impairment charges (3) (11) (13) (15) (39)
Share-based compensation expense (4) (5) (5) (5) (14)
Business transformation costs (5) (9) (7) (10) (26)
Acquisition related costs (6) (1) - - (1)
Other (7) 2 (5) - (4)
Adjusted Operating Expenses 746$ 767$ 781$ 2,294$

39. Historical Adjusted EBITDA and Net Income Summary
Notes: (1) Consists of management fees paid to the Sponsors
(2) Consists primarily of facility related closing costs, including severance and related costs, tangible asset impairment charges, organizational realignment costs,
and estimated multiemployer pension withdrawal liabilities.
(3) Share-based compensation expense for vesting of stock awards
(4) Represents the non-cash impact of net LIFO reserve adjustments.
(5) Includes fees paid to debt holders, third party costs, early redemption premium, and the write-off of unamortized debt issuance costs.
(6) Consists of charges resulting from lump-sum payment settlements to retirees and former employees participating in several Company-sponsored pension plans
(7) Consists primarily of costs related to significant process and systems redesign across multiple functions.
(8) Consists of costs related to the Acquisition, including certain employee retention costs.
(9) Consists of net fees received in connection with the termination of the Acquisition Agreement.
(10) Other includes gains, losses, or charges, as specified under the Company’s debt agreements
Individual components may not foot due to rounding
$ IN MILLIONS 2013 2014 2015 LTM
NET INCOME/(LOSS) $ (57) $ (73) $ 168 $ 124
INTEREST EXPENSE, NET 306 289 285 264
INCOME TAX PROVISION/(BENEFIT) 30 36 25 (90)
DEPRECIATION AND AMORTIZATION EXPENSE 388 412 399 414
EBITDA 667 664 876 711
ADJUSTMENTS:
Sponsor fees1
10 10 10 38
Restructuring and tangible asset impairment charges2
8 -- 173 130
Share-based compensation expense3 8 12 16 22
Net LIFO reserve change4
12 60 (74) (57)
Loss on extinguishment of debt5
42 -- -- 54
Pension settlements6
2 2 -- --
Business transformation costs7
61 54 46 41
Acquisition related costs8
4 38 85 7
Termination fee, net9
-- -- (288) --
Other10
31 26 31 16
ADJUSTED EBITDA $ 845 $ 866 $ 875 $ 962
Adjusted EBITDA Margin 3.8% 3.8% 3.8% 4.2%
38

40. 39
Non-GAAP Reconciliation – Net Income to
Adjusted EBITDA
Notes: (1) Consists of management fees paid to the Sponsors for consulting and management advisory services.
(2) Consists primarily of facility related closing costs, including severance and related costs, tangible asset impairment charges, organizational realignment costs,
and estimated multiemployer pension withdrawal liabilities.
(3) Share-based compensation expense for vesting of stock awards.
(4) Represents the non-cash impact of net LIFO reserve adjustments.
(5) Consists primarily of costs related to significant process and systems redesign, across multiple functions.
(6) Consists of costs related to the Acquisition, including certain employee retention costs.
(7) Consists of net fees received in connection with the termination of the Acquisition Agreement.
(8) Other includes gains, losses or charges as specified under USF’s debt agreements.
Quarter Ended Quarter Ended YTD Q3 Ended
(In millions)* Dec. 27, 2014 Mar. 28, 2015 June 27, 2015 Sept. 26, 2015 Jan. 2, 2016 Sept. 26, 2015
Net income 48$ 7$ 165$ 5$ (9)$ 177$
Interest expense, net 70 71 70 70 74 211
Income tax provision (benefit) (5) (36) 74 (2) (12) 37
Depreciation and amortization expense 102 99 98 101 100 299
EBITDA 215 142 407 175 152 724
Adjustments:
Sponsor fees (1) 2 3 3 3 2 8
Restructuring and tangible asset impairment charges (2) - 1 51 29 91 82
Share-based compensation expense (3) 3 2 3 3 8 8
LIFO reserve change (4) (9) (24) 3 (20) (32) (42)
Business transformation costs (5) 14 9 11 11 15 31
Acquisition related costs (6) 11 15 41 23 6 79
Acquisition terminated fees - net (7) - - (288) - - (288)
Other (8) 4 10 6 3 13 19
Adjusted EBITDA 240$ 158$ 236$ 225$ 255$ 620$

41. 40
Non-GAAP Reconciliation – Net Income to
Adjusted EBITDA
Quarter Ended YTD Q3 Ended
(In millions)* Apr. 2, 2016 July 2, 2016 Oct. 1, 2016 Oct. 1, 2016
Net income 13$ (13)$ 133$ 133$
Interest expense, net 71 70 49 190
Income tax provision (benefit) 1 (1) (78) (78)
Depreciation and amortization expense 103 105 106 314
EBITDA 187 161 210 559
Adjustments:
Sponsor fees (1) 2 33 - 36
Restructuring and tangible asset impairment charges (2) 11 13 15 39
Share-based compensation expense (3) 5 5 5 14
LIFO reserve change (4) (11) (7) (7) (25)
Loss on extinguishment of debt (5) - 42 12 54
Business transformation costs (6) 9 7 10 26
Acquisition related costs (7) 1 - - 1
Other (8) (2) 5 - 4
Adjusted EBITDA 203$ 260$ 244$ 707$
Notes: (1) Consists of management fees paid to the Sponsors for consulting and management advisory services.
(2) Consists primarily of facility related closing costs, including severance and related costs, tangible asset impairment charges, and organizational realignment costs.
(3) Share-based compensation expense for vesting of stock awards.
(4) Represents the non-cash impact of net LIFO reserve adjustments.
(5) Includes fees paid to debt holders, third party costs, early redemption premium, and the write off of certain pre-existing unamortized debt issuance costs, partially offset
by the write-off of unamortized issue premium related to the June 2016 debt refinancing, and the loss related to the September 2016 CMBS Fixed Facility defeasance.
(6) Consists primarily of costs related to significant process and systems redesign, across multiple functions.
(7) Consists of costs related to the Acquisition, including certain employee retention costs.
(8) Other includes gains, losses or charges as specified under USF’s debt agreements.

42. 41
Non-GAAP Reconciliation – Net Income to Adjusted Net Income
Notes: (1) Consists of management fees paid to the Sponsors for consulting and management advisory services. On June 1, 2016, the consulting and management agreements with each of the Sponsors were terminated for an aggregate
termination fee of $31 million.
(2) Consists primarily of facility related closing costs, including severance and related costs, tangible asset impairment charges, organizational realignment costs, and estimated multiemployer pension withdrawal liabilities.
(3) Share-based compensation expense for vesting of stock awards.
(4) Represents the non-cash impact of net LIFO reserve adjustments.
(5) Includes fees paid to debt holders, third party costs, early redemption premium, and the write off of certain pre-existing unamortized debt issuance costs, partially offset by the write-off of unamortized issue premium related to the
June 2016 debt refinancing, and the loss related to the September 2016 CMBS Fixed Facility defeasance.
(6) Consists primarily of costs related to significant process and systems redesign, across multiple functions.
(7) Consists of costs related to the Acquisition, including certain employee retention costs.
(8) Consists of net fees received in connection with the termination of the Acquisition Agreement.
(9) Other includes gains, losses or charges as specified under USF’s debt agreements. The balance for the quarter ended September 26, 2015 includes $9 million of brand re-launch and marketing costs and $3 million of closed facility
carrying costs, partially offset by a $9 million net insurance benefit. The balance for the year-to-date period ended October 1, 2016 includes $5 million of initial public offering readiness costs, $4 million of closed facility carrying costs
and $3 million of business acquisition related costs, partially offset by a $10 million insurance benefit. The balance for the year-to-date period ended September 26, 2015 includes a $16 million legal settlement charge, $9 million of
brand re-launch and marketing costs, and $4 million of closed facility carrying costs, partially offset by a $11 million net insurance benefit.
(10) Represents our income tax (provision) benefit adjusted for the tax effect of pre-tax items excluded from Adjusted Net income and the removal of applicable discrete tax items. Applicable discrete tax items include changes in tax laws
or rates, changes related to prior year unrecognized tax benefits, discrete changes in valuation allowances, and the tax benefits recognized in continuing operations due to the existence of a gain in Other comprehensive income and
loss in continuing operations. The tax effect of pre-tax items excluded from Adjusted Net income is computed using a statutory tax rate after taking into account the impact of permanent differences and valuation allowances. We
released the valuation allowance against federal and certain state net deferred tax assets in the quarter and year-to-date periods ended October 1, 2016. We were required to reflect the portion of the valuation allowance release
related to current year ordinary income in the estimated annual effective tax rate and the portion of the valuation allowance release related to future years’ income discretely in the 13-weeks ended October 1, 2016. We maintained a
valuation allowance against federal and state net deferred tax assets in the quarter and year-to-date periods ended September 26, 2015. The result was an immaterial tax effect related to pre-tax items excluded from Adjusted Net
income in the the quarter and year-to-date periods ended October 1, 2016 and September 26, 2015.
*Individual components may not add to total presented due to rounding.
(In millions)* October 1, 2016 Sept 26, 2015 October 1, 2016 Sept 26, 2015
Net income 133$ 5$ 133$ 177$
Interest expense, net 49 70 190 211
Income tax provision (benefit) (78) (2) (78) 37
Depreciation and amortization expense 106 101 314 299
EBITDA 210 175 559 724
Adjustments:
Sponsor fees1
- 3 36 8
Restructuring and tangible asset impairment charges2
15 29 39 82
Share-based compensation expense
3
5 3 14 8
LIFO reserve change4
(7) (20) (25) (42)
Loss on extinguishment of debt5
12 - 54 -
Business transformation costs
6
10 11 26 31
Acquisition related costs
7
- 23 1 79
Acquisition termination fees - net8
- - - (288)
Other9
- 3 4 19
Adjusted EBITDA 244 225 707 620
Depreciation and amortization expense (106) (101) (314) (299)
Interest expense, net (49) (70) (190) (211)
Income tax (provision) benefit10
(2) 1 (2) (38)
Adjusted Net income 87$ 55$ 201$ 72$
Quarter Ended YTD

43. 42
Non-GAAP Reconciliation –Net Debt
Notes: (1) The September 26, 2015 Net Debt balance has been reclassified to conform to current year presentation.
*Individual components may not add to total presented due to rounding.
($ in millions)*
October 1, 2016 Pre-IPO September 26, 2015
Long-term debt (GAAP) 3,756$ 4,961$ 4,652$
Current portion of long-term debt (GAAP) 75 69 60
Old Senior Notes premium - (11) (12)
Cash and cash equivalents (150) (142) (699)
Restricted cash (6) (6) (6)
Net Debt (Non-GAAP)1
3,675$ 4,871$ 3,995$
LTM Adjusted EBITDA (Non-GAAP) 962$ 920$ 860$
Leverage (Net Debt/LTM Adjusted EBITDA) 3.8x 5.3x 4.6x
As Of