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PERFORMANCE FOOD GROUP 2020 ANNUAL REPORT ANNUAL PERFORMANCE FOOD GROUP 2020 12500 West Creek Parkway 2020 ANNUAL REPORT Richmond, Virginia 23238 www.pfgc.com Our Family of Foodservice Distributors DEAR STOCKHOLDER Fiscal 2020 has been an extraordinary 12 months recent acquisitions. The acquisition of Eby-Brown for Performance Food Group (“PFG”). We began contributed an additional $4,223.7 million to the year by announcing the highly complementary net sales, including $909.8 million related to acquisition of Reinhart FoodService L.L.C. excise taxes. (“Reinhart”), closing the transaction on December 30th. I am very pleased with our team’s execution ACQUISITIONS integrating the Reinhart organization. Meanwhile, as the COVID-19 pandemic has Through its history, PFG has been a disciplined and disrupted businesses around the world, our team proven acquirer and 2020 was no different. After has continued to drive results while gaining share announcing the acquisition of Reinhart to start the in our core businesses. I could not be prouder of fiscal year, PFG closed the transaction on December our organization and how it has responded to the 30th. Through the remainder of the year, PFG challenging environment. I would like to thank each welcomed the associates from Reinhart and began of our associates for their outstanding work. a successful integration of the business into the PFG family. This transaction has transformed PFG into OUR FISCAL 2020 one of the largest food distributors in the U.S. with NET SALES = FINANCIAL RESULTS INCLUDE: historical pro-forma net sales of approximately $25.1 BILLION $30 billion. Total case volume growth of 7.6% PFG continued to welcome Eby-Brown into the PFG ■ Foodservice Net sales increased 27.1% to $25.1 billion organization after a successful completion of that ■ Vistar Gross profit improved 14.2% to $2.9 billion transaction in fiscal 2019. The Eby-Brown transaction has continued to provide stable results, particularly Net loss of $114.1 million as the convenience store channel remained resilient Adjusted EBITDA declined 14.7% to through the COVID-19 pandemic. $405.5 million1 33% Diluted loss per share of $1.01 WINNING BUSINESS WITH Adjusted Diluted Earnings Per Share FINANCIAL STRENGTH 67% declined 67.1% to $0.701 The COVID-19 pandemic will likely influence the Total case volume increased 7.6% in fiscal 2020, business environment for many years to come. While with an underlying organic decline of 10.0%. Net the circumstances have provided a challenging sales for fiscal 2020 increased 27.1% to $25.1 external landscape, our organization has risen to billion. The increase in net sales was primarily the occasion. In April, we fortified our balance attributable to the acquisitions of Eby-Brown sheet by raising over $700 million through issuance ADJUSTED EBITDA Company LLC (“Eby-Brown”) and Reinhart. Gross of both equity and debt securities. As a result, we CAGR = 4.3% profit for fiscal 2020 increased 14.2% to $2.9 closed fiscal 2020 with over $2.1 billion of total billion compared to the prior year period led by liquidity including cash and availability on our recent acquisitions. ABL facility. With this strong financial position, we In our Foodservice segment, net sales grew have supported our sales force and looked for new 10.9%, in fiscal 2020. The increase in net sales business opportunities. was driven by the Reinhart acquisition. The The strength in our balance sheet allows our Reinhart acquisition also expanded business with company to look for new opportunities to grow and independent customers, resulting in independent thrive. We have already seen this materialize in case growth of approximately 9.9% in fiscal 2020 market share gains through the back half of 2020. compared to the prior year. Excluding the impact of Our company’s focus on customer service is a key Reinhart, independent cases declined 5.1% in fiscal component to our past success and will lead us to a 2020 compared to the prior year. The decline in brighter future. independent cases in fiscal 2020 was driven by the impact of COVID-19 on the restaurant industry. For Sincerely, fiscal 2020, independent sales as a percentage of total segment sales, including Reinhart, were 33.6%. Our Vistar segment increased net sales by 79.7% in fiscal 2020 compared to the prior year, driven by $329 $367 $406 $427 $391 $476 recent acquisitions. This increase was driven by strong George L. Holm case sales growth in the segment’s theater, vending, Chairman, President and CEO 2015 2016 2017 2018 2019 2020 corrections, and retail channels, and as a result of August 18, 2020 1For reconciliation of non-GAAP to GAAP measures, see the Appendix. UNITED STATES UNITED STATES SECURITIES ANDUNITED EXCHANGE STATES COMMISSION SECURITIES ANDUNITEDWashington, EXCHANGE STATES D.C. 20549 COMMISSION SECURITIES ANDUNITEDWashington, EXCHANGE STATES D.C. 20549 COMMISSION SECURITIES ANDWashington, EXCHANGE D.C. 20549 COMMISSION SECURITIES ANDUNITEDWashington,Form EXCHANGE STATES 10-KD.C. 20549 COMMISSION SECURITIES ANDUNITEDWashington,Form EXCHANGE STATES 10-KD.C. 20549 COMMISSION (Mark One) UNITEDForm STATES10-K ☒(Mark One)ANNUAL REPORTSECURITIES PURSUANT TO SECTION ANDUNITEDWashington,Form 13EXCHANGE OR 15(d) STATES 10-KD.C. OF 20549 THE COMMISSIONSECURITIES EXCHANGE ACT OF 1934 (Mark☒ One) UNITEDWashington, STATES D.C. 20549 ANNUAL REPORTSECURITIES PURSUANT TO SECTION ANDUNITEDFor theForm fiscal13EXCHANGE OR year 15(d)ended STATES10-K June OF 27, THE 2020 COMMISSIONSECURITIES EXCHANGE ACT OF 1934 ☒(Mark One)ANNUAL REPORT PURSUANT TO SECTIONForWashington, the fiscal13 OR year 15(d)ended D.C. June OF 20549 27, THE 2020 SECURITIES EXCHANGE ACT OF 1934 ☒☐ TRANSITION REPORTSECURITIES PURSUANT TO AND SECTIONWashington,Form EXCHANGE 13 OR 10-KD.C. 15(d) 20549 OF THECOMMISSION SECURITIES EXCHANGE ACT OF 1934 ☐(Mark One)ANNUAL REPORTSECURITIES PURSUANT TO SECTION ANDFor the fiscal13EXCHANGE OR year 15(d)ended June OF 27, THE 2020 COMMISSIONSECURITIES EXCHANGE ACT OF 1934 TRANSITION REPORT PURSUANTFor TO the transitionSECTIONWashington,Form period 13 from OR 10-K D.C. 15(d) 20549 OFto THE SECURITIES EXCHANGE ACT OF 1934 ☐(Mark☒ One)ANNUAL REPORT PURSUANT TO SECTIONForWashington, the fiscal13 OR year 15(d)ended D.C. June OF 20549 27, THE 2020 SECURITIES EXCHANGE ACT OF 1934 TRANSITION REPORT PURSUANTFor TO the transitionSECTIONCommissionForm period File 13 from Number OR 10-K 15(d) 001-37578 OFto THE SECURITIES EXCHANGE ACT OF 1934 ☐☒ For theForm fiscal year ended 10-K June 27, 2020 (Mark One)TRANSITIONANNUAL REPORT REPORT PURSUANT PURSUANT TOFor SECTION TO the transitionSECTIONCommission 13 period OR File 13 from 15(d)Number OR 15(d) OF 001-37578 THE OFto THE SECURITIES SECURITIES EXCHANGE EXCHANG ACTE ACT OF 1934 OF 1934 (Mark☐☒ One)TRANSITIONANNUAL REPORT REPORT PURSUANT PURSUANT TOFor SECTION TO the transitionSECTIONForCommission theForm fiscal13 period OR yearFile 13 from 15(d)Number endedOR 10-K June15(d) OF 001-37578 27, THE OFto2020 THE SECURITIES SECURITIES EXCHANGE EXCHANG ACTE ACT OF 1934 OF 1934 (Mark One) Form 10-K ☐☒ ANNUAL REPORT PURSUANT TOFor SECTION the transitionForCommission the fiscal13 period OR yearFile from 15(d)Numberended June OF 001-37578 27, THE to2020 SECURITIES EXCHANGE ACT OF 1934 (Mark☒ One)ANNUALTRANSITION REPORT REPORT PerformancePURSUANT PURSUANT TO SECTION TO SECTION Food 13 OR 13 15(d) OR Group 15(d) OF THE OF THE SECURITIES Company SECURITIES EXCHANGE EXCHANG ACTE ACT OF 1934 OF 1934 ☐(Mark One) (ExactFor nameCommission the of fiscal registrant yearFile Numberended as specified June 001-37578 27, in 2020its charter) ☒ ANNUALTRANSITION REPORT REPORT PerformancePURSUANT PURSUANT TOFor SECTION TO the transitionSECTIONFor the Food fiscal13 period OR year 13 from 15(d) endedOR Group June15(d) OF 27, THE OFto2020 THE SECURITIES Company SECURITIES EXCHANGE EXCHANG ACTE ACT OF 1934 OF 1934 ☒ ANNUAL REPORT PURSUANT TO SECTION(Exact name of 13 registrant OR 15(d) as specified OF inTHE its charter) SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORTPerformance PURSUANTFor TO the transitionSECTIONForCommission the Food fiscal period yearFile 13 from Number endedOR Group June15(d) 001-37578 27, OFto2020 THE Company SECURITIES EXCHANGE ACT OF 1934 TRANSITION REPORTPerformanceDelaware PURSUANT TO(Exact SECTIONFor name the Foodof fiscal registrant year 13 ended ORas specifiedGroup June15(d) 27, in OF2020its charter) THE Company SECURITIES43-1983182 EXCHANGE ACT OF 1934 For the transitionCommission period File from Number 001-37578 to ☐ TRANSITION (StateREPORT or otherDelaware jurisdictionPURSUANT of For TO(Exact the transitionSECTION name of periodregistrant 13 from ORas specified 15(d) in OFtoits charter) THE SECURITIES(IRS43-1983182 employer EXCHANGE ACT OF 1934 ☐ incorporation or organization) identification no.) 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