Performance Food Group Company · NYSE:PFGC

Performance Food — Merger or Acquisition (May 2021)

14 slides from Performance Food's merger presentation, May 18, 2021

  1. Slide 1: Acquisition of Core-Mark

    Acquisition of Core-Mark May 18, 2021 Core-Mark Acquisition 1

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to o

  3. Slide 3: Important Additional Information and Where to Find It

    Important Additional Information and Where to Find It In connection with the proposed transaction, PFG intends to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a prospectus with respect to the shares of PFG’s common stock to be issued in th

  4. Slide 4: Today's Presenters

    Today’s Presenters George Holm Chairman, President & Chief Executive Officer Jim Hope Executive Vice President and Chief Financial Officer Bill Marshall, CFA Vice President, Investor Relations Core-Mark Acquisition 4

  5. Slide 5: Core-Mark Strategic Rationale

    Core-Mark Strategic Rationale  Expands geographic reach, market diversification, and overall scale ― Enhances PFG’s distribution platform and C-Store opportunities ― Combined LTM net sales of ~$44 billion  Complementary customer-centric operating models ― Consistent go-to-market approach with sell

  6. Slide 6: Convenience Poised for Continued Growth

    Convenience Poised for Continued Growth In 2020 total convenience industry sales increased 1.5% to a record $255.6 billion(1) This includes an 18.4%(1) increase in basket size compared to 2019 as consumers consolidated shopping trips C-Store product mix continues to evolve with changes in consumer p

  7. Slide 7: Core-Mark Snapshot

    Core-Mark Snapshot Business Description  One of the largest wholesale distributors to the convenience retail industry in North America with $17 billion in net sales(1) and $211 million in Adj. EBITDA in the LTM period  Services approximately 40,000 customer locations in all 50 states in the U.S.,

  8. Slide 8: PFG Snapshot

    PFG Snapshot  One of the largest broadline distributors by net sales in the  A leading distributor with ~30,000 SKUs of candy, snacks, U.S. beverages, and other items:  A leading distributor to independent pizzerias in the U.S. − Vending distributors − Hospitality  Around $3 billion sales of pro

  9. Slide 9: PFG and Core-Mark, Pro-forma Highlights

    PFG and Core-Mark, Pro-forma Highlights(1) What Core-Mark Brings to PFG LTM Sales US$MM ~$17,000  Scale and Geographic Reach ~$43,800  Channel Diversification  Customer base and product offering Vistar  Talent and cultural fit + Core-Mark:  Opportunities for efficiency and cross-selling ~$26,90

  10. Slide 10: Geographic Reach: Core-Mark Enhances Presence

    Geographic Reach: Core-Mark Enhances Presence Geographic Benefits  Strengthens Western US  Enhances South  Entry into Canada Customer Benefits  Leverage combined portfolio to enhance offering to customers  Improved network efficiency and increased scale PFG Headquarters Performance Foodservice

  11. Slide 11: Transaction Summary

    Transaction Summary Transaction • Per Share merger consideration consists of $23.875 per share in cash and 0.44 shares of PFG common stock Structure and • Core-Mark is one of the largest wholesale distributors to the convenience retail industry in North America with $17 billion in net Terms sales an

  12. Slide 12: Significant Synergy Potential

    Significant Synergy Potential • PFG has a history of successful acquisition integrations • Business functions analyzed during the diligence process included: Corporate, Buying/Procurement, Warehouse/Operations, Trucking/Distribution • Synergies expected to be realized by the 3rd full year post closi

  13. Slide 13: Key Takeaways

    Key Takeaways Increases Enhances Expands Overall Customer Significant Accretive to Geographic Scale in C- Base and Net Cost Adjusted Reach Store Product Synergies Diluted EPS Distribution Offerings      Core-Mark Acquisition 13

  14. Slide 14: Q&A

    Q&A © PFG / CAGNY Core-Mark Acquisition 2021 14 ‹#›

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