Slide 1: Providing Continuity and Fresh Perspectives to Support Continued Progress
Exhibit 99.3 Exhibit Providing Perspectives Progress S E PT E99.3 and M Shareholders Band Success ERContinuity 2014the Balance to Support of Fresh Continued
Slide 2: Forward-Looking Statements
Forward-Looking These limitation under to nature, Darden’s including our reform, plans execute and unemployment impairment 2impact update annual other to the materials of forward-looking labor innovative expand Form such Safe products, realizing social statements meeting, inand the Harbor statements
Slide 3: Important Additional Information
Important Meeting”). Additional website The ANY AVAILABLE 3with http://investor.darden.com/investors/investor-relations/default.aspx. Company, Company the SUPPLEMENTS at SECAdditional www.sec.gov. information Information in BECAUSE will itsconnection directors beInformation mailing can THERETO) rega
Slide 4: Agenda
I. Introduction Agenda II. III. 4IV.We Conclusion WeAre Believe Well-Positioned –Darden’s The KeyProposed Decision to Continue Board at Hand Making Will forHave Shareholders Progress the Track on Our Record, Strategic Continuity, PrioritiesExperience, Independence and Fresh Perspectives Needed to Ca
Slide 5: I. Introduction – The Key Decision at Hand for Shareholders
5I. Introduction – The Key Decision at Hand for Shareholders
Slide 6: The Key Decision at Hand
The THE DECISION four A Comprehensive Industry-leading Disciplined Maintain Rigorous Continued Control Potential Advisory 6Board slate Key new, 2014 slate that toDecision to the and team highly-qualified rapidly drive dictate ANNUAL engagement provides results with jeopardize approach BETWEEN $2.20
Slide 7: The Company's Slate Provides Continuity and Fresh Perspectives
The Company THE IN This largest Board approximate While operations — including 7A new We Given By Four THE Darden is DARDEN attempting we continuity believe Board, brand, aseats new continuing HANDS tenuous the believe with and Slate 8.8% independent positive selection to Olive acontinuity the anew
Slide 8: Darden's Continuing Directors and Nominees vs. Starboard Nominees
Darden’s STARBOARD Continuing $1.4 Christopher Corporation CEO Michael Maria President Gregory New Previously Jeffrey Chairman Steve Director Office and Enrique President, Nominees Starboard The 8VoteCEO Board billion on of and Odland A. Depot H. the Signet Silva W. D. Since since at L. Sastre Propo
Slide 9: Darden's Proactive Board Refreshment Timeline
Darden’s Took DARDEN’S IMPORTANT Enhance Plan cost capital Realigned Separation CEO Identification Sep Aug Jul Mar Jan 2013 Dec Directors Gregory first 2014 qualified Leadership Clarence Announced both for New In Note: compensation identification Fraleigh, 9slate Addition aidentified savings include
Slide 10: We Are Making Progress on Our Strategic Priorities
We Value 1Priorities continually 2Dinner 334 than 427 G&A 65margins New Reduced 10Execute Develop Grow Further Better Enhanced units Are $1 management to Creation menu billion Making total align added remain capital for reduce Olive LongHorn enhance capital Specialty Value refreshed management for o
Slide 11: Darden Is Significantly Better Positioned Without Red Lobster
We for DARDEN 180 160 140 120 Cumulative FY04 Sales Knapp Lobster 100 80 Darden 60 40 (excl. Knapp-TrackTM 020 Red (20)% Jun-04 11%% Growth Believe % Lobster Growth Darden) toTrackTM FY05 excl. Overall +166 FY14 CUMULATIVE Post-Red Darden Sales 0.3 +1 Red FY06 % ($+28 +78 % +0.1 billions) (excl. Gro
Slide 12: Starboard's Suggestions Have Been Considered
Starboard’s idered; Starboard Real 3) Specialty rating Key alternatives management Optimize The G&A Improve Shareholder Company 12 diminished Board areas Estate toMaximizing remain Corporate Restaurants Cost Suggestion also of continues is will Separation Ideas feedback focus distraction committed a
Slide 13: Starboard's Track Record on Boards
However, Representation 119 Sep-2012 Total Mar-2010 Dec-2011 Date Ten 49 36 Apr-2011 6Aug-2013 Eight (2)% (17)% May-2012 (71)% Apr-2012 (45)% May-2013 (35)% May-2014 Mar-2011 Aug-2011 Note: (142)% Jun-2010 (107)% after serving). Benchmarked board. –earliest Nov-2010 2011 present, & Babcock Zoran* Gr
Slide 14: Starboard's Nominees Have Experience Gaps
We Starboard’s Record The two Furthermore, 2008 — …And 2004) Experience Selected senior or Number and Starboard 4³21Ceding 5include settlement; 14Source: Measured Source: Only Peter real Tenure Craig Bob Are added years, non-nominated toexecutives estate Its considered Feld of control Mock directors
Slide 15: II. We Are Well-Positioned to Continue Making Progress on Our Strategic Priorities
II. We AreonWell-Positioned Progress 15 Our Strategic Priorities to Continue Making
Slide 16: We Built a Premier Restaurant Company
We Restaurant PREMIER Developed volumes, Increased $2.5 $1.2 $4.0 $5.9 units Historically $3.2 Sales Darden Strong Became to 567 1,020 1,196 (2011, 1,501 F … FY95 16 1,292 1,268 1,243 FY14 FY13 FY06FY07FY08FY09FY10FY11FY12 2,207 2,138 Y05 FORTUNE’s Built 589 $2.8 $4.6 $6.3 $5.3 since Combined 1,081
Slide 17: Our Strategic Priorities
654321Operational 17Execute Develop Grow Further Better Enhancetotal align reduce Olive LongHorn capital Priorities Specialty management Garden operating allocation into for Restaurants’ Brand Value America’s overhead compensation discipline Renaissance Creation sales and favorite with continue by r
Slide 18: Olive Garden Has Outperformed Its Industry
1Years the OLIVE …IN 25 +18.8% Total 828 792 754 20 15 510 +0.9% (5)% (10)% 723 691 FY2009 IT OUTPERFORMANCE Cumulative …AND WITH 04Percentage FY09 9.0% (5.5)% (4)% 11.4% 5.5% (15.6)% (9.3)% (12)% (8)% (Excl. HH $60,000 With Parties $100,000 08-Jun Guests Hispanic ¹Source: Olive 18Olive %ALSO % #1 I
Slide 19: Olive Garden's Industry-Leading Restaurant Economics
1 10.2 OLIVE HIGHER …AND 19.7% $23.0% ($ Source: Note: opening 19…With 4.4 1.7 2.8 3.2 in Millions) 24.5% Reflects GARDEN’S 2014 Company LEADING expenses) Industry-Leading AVERAGE 23.9% Nation’s latest information /23.8% RESTAURANT-LEVEL Company reported COMBINATION UNIT Restaurant Restaurant VOLUME
Slide 20: Olive Garden Strategic Progress and Remodel Plan
INDUSTRY-LEADING Growth Establish Through Exciting Premier Recently Currently Finish First Remodel addressing More Platform FY15 Nationwide Consistently I19 Reignite promotions 412 23 71 10 28 38 39711 6lapsed 85 21Note: Remodeled Cumulative 350 200—225 75 $40—$45 $110—$135 $190—$210 20 mprove 50Whe
Slide 21: Olive Garden Renaissance Plan Update
1 Renaissance OUR PEOPLE Food Service Atmosphere relaxed Communities 21 Prepared OBJECTIVE and Approachable TOGETHER engaging Natural, We Plan with areIS Update: fresh clean aand FOR family ingredients, genuine and OUR Key oftasteful local Objectives GUESTS so guests presented restaurants whileTO ca
Slide 22: Olive Garden Key Drivers and Fiscal 2015 Initiatives
1 Test Drivers Core Culinary Enhancements Reimaging & Lunch Simplify Refresh Ongoing Brand (complete) Launch social The Remodel Three Optimize Cucina Value Tuscan Improve Combinations Elevate Promotional beverages Continue everyday Increase expansion to beverage offers Targeted with Choice Intensify
Slide 23: LongHorn Steakhouse Strategic Progress
SAME-RESTAURANT Steakhouse Significant National Increased Acquisition Pre-RARE No. Potential Ultimate Leveraged restaurant Elevated “roadhouse Invested FY15 Drive AUV Total Broad 7experience 910 314 15 28 Note: 612²60 30Total With LongHorn: Continuing 3Delivering 15214 12 Strengthening 61 511 29 623
Slide 24: LongHorn: Elevate Growth Drivers
2 LongHorn: ELEVATE 2015 Staff Make Improve Expand Deliver 24 for targeted eight capability Growth To-Go Digital QUALITY Expected sales-driving investments execution Presence Strengthen to enhance AND KeyEvolve through promotions inGrowth To-Go CULINARY labor connections Promotions staffing, Operati
Slide 25: Specialty Restaurant Group Strong Differentiation
3 …To STRONG Differentiation Demographic income attractive Accelerating restaurants consumers Expanding Building Increasing Evolving Elevating …To Developed Broadly •Generation Acquired Strong households entertainment-related …For 25Specialty maintain SRS maintain appeal and appealing organizational
Slide 26: Efficient Cost Base and Cost Reduction Efforts
4 We Transformative Efficient and Implemented Despite Alvarez — 26 Additional Acceleration utility Restructured lower & usage Marsal broad G&A total changes of assisted digital Darden’s sales based cost in savings following marketing cost-reduction with Darden Costefforts anticipated Base operations
Slide 27: New Management Compensation Plan
5 Darden Annual Incentive Units): Sales (Business Same-Restaurant •Three-Year Darden S&P500 Higher 27 EPS NewGrowth: (Darden) Management Same-Restaurant 70% TSR EPS Sales Free Management “adjuster”: EPS Program Plan Units): Performance Growth: Cash relative Growth: Growth: 30% orSales: Sales 70% Flo
Slide 28: Robust Cash Flow and Disciplined Capital Allocation
6 670—$ Capital $Operating FY2004 FY15 Approximately Investment Cash $500 Red Maintain In Note: 28Robust 525 583 717 606 902 782 734 762 949 770 FY15, Lobster million provided Cash $Expectations Allocation 893 FY2005 Cash current $325 730 Cash grade flow sale accelerated by Flow million $1 Flow incl
Slide 29: Many Analysts Recognize Our Progress
Many Improve reimaging, (RBC “Absent monetizing (Barclays, “We Darden’s (Morningstar “Although and (JP “Senior generation (Sterne Note: 29 Morgan, overarching view Permission Analysts Capital Agee, management’s recent Performance… credit [Red 16-May-2014) of we investors all the 20-Dec-2013) Equity
Slide 30: Analysts Recognize Improved Performance
…And Are MANY ENGINEERING (Susquehanna performance (Robert “Despite which (Janney “We largely (RBC flexibility.” Note: 30 Focused suspect still see Permission Capital is, We would INDUSTRY W. Montgomery limited ongoing believe inWill Baird our there for on Markets, offset Financial view, Continue Im
Slide 31: III. Darden's Proposed Board Will Have the Track Record, Continuity, Experience, Independence and Fresh Perspectives
III.Capitalize the Independence to Enhance 31 Track We Believe Shareholder Record, on and Darden’s Darden’s Continuity, Fresh Value Perspectives Proposed Strengths Experience, Board and Needed Will Have
Slide 32: Sound Corporate Governance Practices
History Practices –New Sound Active ¹— description 32 The Four Annually Annual Eight New Independent Fully Mandatory Limits Submitted Majority Engage Board Independent Board Governance new continuing seats Involvement of independent Board independent of Expected reviews assesses on Sound Board regul
Slide 33: Active Shareholder Dialogue and Engagement
Senior Dialogue Four Data Active Constant Released Darden’s Relations and ¹— 33 Measured 94 54 Reflected Strategically In Institutional Darden’s #2and regular April FY15, one-on-one group Management dialogue in dialogue analysis comprehensive excellent with 2013 Institute 2014, between meetings1 IR
Slide 34: Board Has Taken Comprehensive Action on Portfolio and Growth
Wecasual Response TO Unit Closed Garden 10% following in same-restaurant ENHANCE brands Eddie Yard Red Sold regarding frequency offset consumer attractive FY13 FY12 FY08 FY03 1990s Bahama Seasons Smokey support RARE EXIT sales INCREASE Action Comprehensive Lobster lower acquisitions, refine and Note
Slide 35: Board Has Overseen Significant Growth Relative to Peers
Our the 19.1 4.3 (4.5)% 10.3 (31.2)% 4.4 1.2 K (excl. 8.5 (2.0)% 10-Year (2.2 Source: (12.3)% Note: company-operated including 21made 35 0.6)% napp Bloomin’ Past %Board %at Darden Darden) 2.6 7.8 TrackTM (5.2)% 9.3 Piper times Decade Cumulative Sales EBITDA %Has %same-restaurant revenue same-restaur
Slide 36: Our Restaurant-Level Margins Are Top Tier
….And OUR Restaurant Most 23.5% Source: 119.7% expenses) 36Reflects Recent RESTAURANT-LEVEL 23.9% Our Most /latest Level Company Restaurant-Level Fiscal recent 23.8% reported Margins1 Year company 23.0% owned fiscal restaurant Earnings filings. MARGINS year. Restaurant=Level Are sales. ARE Top Tier
Slide 37: We Have Created Significant Shareholder Value
We the DARDEN Total S&P 578% 899% 400% 500% 600% 700% 800% 900% 250% 1,000% 300% 1,100% Source: (100)% (50)% 58% Peers 79% S&P500 197% Darden 0% 50% 100% 150% 200% 282% 1Note: dividends. reinvested Indexed 37Chart Long-Term… Have 500 Shareholder Peers shown Bloomberg Total Created HAS include Return
Slide 38: Significant Capital Returned to Shareholders
…With to WE FY05-FY14 FY05—FY14 ~$975 Per Dividend $FY05 Dividends Note: 38325 493 437 260 560 385 599 375 311 288 700 312 434 225 159 175 52 259 13 0.08 Our Share EXPECT $FY06 59 $Shareholders Approximately in 255 371 145 224 288 0.40 $millions, Share 66 $FY07 ~$ Cumulative $85 THIS Cumulative $0.
Slide 39: Darden's Proposed Board Has the Right Mix of Skillsets
Darden’s with Leading Skillsets Food Operations Restaurants Hospitality Brand Supply Consumer Human Technology Real Franchising Mergers Capital Finance, Corporate Senior Chairman Chief General Serving individual Broad 39 the estate service Executive Operating building and executive chain allocation
Slide 40: Darden's Right Mix of Diverse Experience: Michael Barnes
Darden’s Right Michael Chief Darden he advertising The jeweler 177%1, reflects customer Mr. oversaw helped 1Experience 40 Ashas Barnes success ofExecutive Mix developed, the September its and benefits the W. Fossil’s Board finance successful Company of and was in Company Barnes parent ofExperience c
Slide 41: Darden's Right Mix: Christopher Fraleigh
Darden’s Right Christopher (Cont’d) Chairman foods, and achievements Operating Retail, Supply resulted Sara increased The brands Mr. Cadillac, Knowledge –distribution. 4125Fraleigh’s Fraleigh food-services Company years Lee Mix where Foodservice and chain inincreased Pepsi Board shelf and profit of
Slide 42: Darden's Right Mix: Michael Rose
Darden’s Right Michael (Cont’d) Chairman As has leadership employee $3.7 The of In was Extensive 42 M&Athe light agained extensive successful growth also billion director Mix Holiday ofD. elected Board and knowledge of his career of through Rose to ofthe and of Experience experience many community H
Slide 43: Darden's Right Mix: Maria Sastre
Darden’s Right Maria (Cont’d) President, expertise its as Ms. Cruises, Vice In International Influential Extensive 43 addition Chief brands Sastre President Mix A.Ltd., Operating Sastre in Board across knowledge Chief of Hispanic brings has also to North through Experience serving aof been global se
Slide 44: New Director Nominee: Gregory Burns
NewBurns Additional Operations Gregory President Board expertise and Under Stoney which Mr. founder, Extensive 44 balance Darden of the Mr. River President L. Directors focuses and Company experience is currently Burns’ Restaurant, Expertise Burns operations aNominees Legendary Chief 26-year on lead
Slide 45: New Director Nominee: Jeffrey Fox
New Additional Operations Jeffrey Chairman Mr. Corporation, Executive approximately an private Avis States Prior Extensive companies. 45 agreement Fox Budget Darden towith H. investing Alltel, joining brings experience of Fox Officer Restaurant, Expertise over Group, Convergys Nominees awith Mr. $90
Slide 46: New Director Nominee: Steve Odland
New Additional Operations Steve Director multiple improving Previously Executive General Mr. Roundtable’s Capital University Previously, 1Extensive October 46 09-Sep-2014. Office Odland Darden Odland Markets Mills 2010 Depot, at companies experience Officer customer of Restaurant, Mr. General Expert
Slide 47: New Director Nominee: Enrique Silva
New Additional Operations Enrique President, Since new actions operations, Prior 13 America, more cultural for Mr. named Ernst Hispanics” Extensive 47 years. more Silva brand Darden to than &joining by have Checkers, turnaround Young Silva than As Mexico brings has Nation’s experience Chief 600 stra
Slide 48: Many Analysts Recognize Valuable Continuity
Many Both “Darden changes, (Susquehanna “Darden’s that (Robert Starboard (KeyBanc, “Starboard associated (Barclays, “We (Morningstar, transactions.” Note: 48 would expect generally Fresh Permission Industry W. separately while complete slate 2-Sep-2014) with not 2-Sep-2014) gets Baird Perspectives s
Slide 49: Analysts on Starboard's Proposal and Board Control
…And “In (Morningstar “We company (Susquehanna “Activists in (Rachel “While believe (Robert Note: 49 July our don’t Permission as that view, not is W. Rothman and planned, the traditionally expect Baird surprised Removing continued primary Equity reflect Financial & to the ofand Co., use Susquehanna
Slide 50: IV. Conclusion
IV. Conclusion mM 2 DARDEN
Slide 51: Vote the BLUE Proxy Card FOR ALL Darden Nominees
Where continue We sustainable Our — Darden’s the 51 We Despite Darden’s BLUE employed reconstituted strategy recruited are strongly We our Board confident resolved Proxy Stand recent growth current has strong a believe rigorous Recommends four been, Today Card Board challenges, through to legacy lea
Slide 52: Darden
JE DARDEN Ma i. IED Olive A ferret —CjLONGHORN STEAKHOUSE