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Financial Statement AnalysisTicker: DRI US Equity Periodicity: Annuals Currency: USD Note: Years shown on the report are Fiscal Years Company: Darden Restaurants Inc

Filing: Most Recent

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Bloomberg ® 10/31/2017 17:17:17 1

Enterprise Value Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31Market Capitalization 8,515.98 11,028.93 10,174.60 - Cash & Equivalents 274.80 233.10 146.80 + Preferred Equity 0.00 0.00 0.00 + Minority Interest 0.00 0.00 0.00 + Total Debt 568.00 1,096.20 936.60 Enterprise Value 8,809.18 11,892.03 10,964.40 Total Capital 2,520.00 3,197.90 2,995.30 Total Debt/Total Capital 22.54 34.28 31.27 Total Debt/EV 0.06 0.09 0.09 EV/Sales 1.27 1.66 1.48 1.36 1.31EV/EBITDA 9.65 12.51 11.27 9.82 9.18EV/EBIT 14.16 17.55 15.87 13.51 12.43EV/Cash Flow to Firm 9.61 12.77 EV/Free Cash Flow to Firm 13.24 18.63 Diluted Market Cap 8,725.16 11,081.70 10,472.97 Diluted Enterprise Value 9,018.36 11,944.80 11,262.77 Periodic EV to Shares Outstanding 69.80 94.83 90.07 Reference Items Trailing 12 Month Values for Ratios Sales 6,933.50 7,170.20 7,391.90 8,036.96 8,381.17EBITDA 912.40 950.40 972.90 1,116.55 1,193.82EBIT 622.20 677.50 690.70 811.79 881.84Cash Flow To Firm 916.86 931.32 Free Cash Flow To Firm 665.26 638.32


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 2

Multiples Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31P/E 18.96 22.68 20.50 18.52 16.85 Average 23.15 19.99 High 25.32 24.84 Low 18.96 16.77 P/Book 4.36 5.25 4.94 37.03 7.66 Average 3.37 4.60 High 4.36 5.72 Low 2.93 3.86 P/Tangible Book 16.86 Average 8.89 17.77 High 16.86 22.09 Low 7.71 14.91 P/Sales 1.24 1.52 1.38 1.27 1.21 Average 1.17 1.31 High 1.30 1.64 Low 1.01 1.09 P/Cash Flow 11.05 12.15 11.26 10.74 10.08 Average 16.79 11.65 High 18.38 14.48 Low 11.05 9.77 P/Free Cash Flow 16.33 18.01 17.64 Average 45.26 17.22 High 49.60 21.39 Low 16.33 14.44 EV/Sales 1.27 1.66 1.48 1.36 1.31 Average 1.39 1.32 High 1.57 1.65 Low 1.18 1.12 EV/EBITDA 9.65 12.51 11.27 9.82 9.18 Average 13.64 10.05 High 15.47 12.41 Low 9.69 8.54 EV/EBIT 14.16 17.55 15.87 13.51 12.43 Average 25.47 14.73 High 28.91 18.14 Low 14.22 12.53 Price/Share 67.48 87.95 82.27 High 68.62 89.14 83.21 Low 53.38 59.50 81.99 Enterprise Value 8,809.18 11,892.03 10,964.40 Average 9,378.88 9,169.45 High 10,625.95 11,798.69 Low 7,971.73 7,794.98


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 3

GAAP Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Revenue 6,933.50 7,170.20 7,391.90 8,036.96 8,381.17 + Sales & Services Revenue 6,933.50 7,170.20 7,391.90 - Cost of Revenue 5,392.40 5,600.80 5,780.40 + Cost of Goods & Services 5,392.40 5,600.80 5,780.40 Gross Profit 1,541.10 1,569.40 1,611.50 1,615.43 1,718.14 + Other Operating Income 0.00 0.00 0.00 - Operating Expenses 918.90 891.90 920.80 + Selling, General & Admin 622.90 627.40 640.00 + Selling & Marketing 238.00 239.70 242.00 + General & Administrative 384.90 387.70 398.00 + Research & Development 0.00 0.00 + Depreciation & Amortization 290.20 272.90 282.20 + Other Operating Expense 5.80 -8.40 -1.40 Operating Income (Loss) 622.20 677.50 690.70 811.79 881.84 - Non-Operating (Income) Loss 172.50 40.20 45.30 + Interest Expense, Net 172.50 40.20 45.30 + Interest Expense 173.60 41.50 - Interest Income 1.10 1.30 + Foreign Exch (Gain) Loss 0.00 0.00 + (Income) Loss from Affiliates + Other Non-Op (Income) Loss 0.00 0.00 0.00 Pretax Income 449.70 637.30 645.40 750.57 819.83 - Income Tax Expense (Benefit) 90.00 154.80 152.70 + Current Income Tax 93.70 184.00 + Deferred Income Tax -3.70 -29.20 + Tax Allowance/Credit Income (Loss) from Cont Ops 359.70 482.50 492.70 556.67 610.33 - Net Extraordinary Losses (Gains) -15.30 3.40 4.80 + Discontinued Operations -15.30 3.40 4.80 + XO & Accounting Changes 0.00 0.00 0.00 Income (Loss) Incl. MI 375.00 479.10 487.90 - Minority Interest 0.00 0.00 0.00 Net Income, GAAP 375.00 479.10 487.90 556.67 610.33 - Preferred Dividends 0.00 0.00 0.00 - Other Adjustments 0.00 0.00 0.00 Net Income Avail to Common, GAAP 375.00 479.10 487.90 556.67 610.33 Net Income Avail to Common, Adj 460.44 488.54 507.09 560.22 609.35 Net Abnormal Losses (Gains) 100.75 6.04 14.39 Net Extraordinary Losses (Gains) -15.30 3.40 4.80 Basic Weighted Avg Shares 127.40 124.30 125.20 Basic EPS, GAAP 2.94 3.85 3.92 4.39 4.87Basic EPS from Cont Ops 2.82 3.88 3.96 4.39 4.87Basic EPS from Cont Ops, Adjusted 3.61 3.93 4.07 4.44 4.88 Diluted Weighted Avg Shares 129.30 126.00 127.30 Diluted EPS, GAAP 2.90 3.80 3.87 4.39 4.87Diluted EPS from Cont Ops 2.78 3.83 3.90 4.39 4.87Diluted EPS from Cont Ops, Adjusted 3.56 3.88 4.01 4.44 4.88 Reference Items Accounting Standard US GAAP US GAAP


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 4

Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31EBITDA 912.40 950.40 972.90 1,116.55 1,193.82EBITDA Margin (T12M) 13.16 13.25 13.16 13.89 14.24EBITA 697.10 EBIT 622.20 677.50 690.70 811.79 881.84Gross Margin 22.23 21.89 21.80 Operating Margin 8.97 9.45 9.34 10.10 10.52Profit Margin 5.41 6.68 6.60 6.97 7.27Sales per Employee 46,223.33 40,117.72 Dividends per Share 2.10 2.24 2.31 2.53 2.70Total Cash Common Dividends 268.20 279.10 287.70 Capitalized Interest Expense 0.70 1.70 Personnel Expenses Depreciation Expense 253.30 Rental Expense 265.60 332.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 5

Standardized Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Cash from Operating Activities + Net Income 375.00 479.10 487.90 + Depreciation & Amortization 290.20 272.90 282.20 + Non-Cash Items 156.80 17.30 43.40 + Stock-Based Compensation 37.30 40.70 42.90 + Deferred Income Taxes -10.80 -22.90 3.00 + Other Non-Cash Adj 130.30 -0.50 -2.50 + Chg in Non-Cash Work Cap 13.70 145.50 106.20 + (Inc) Dec in Accts Receiv 14.00 -6.50 0.60 + (Inc) Dec in Inventories -11.80 5.00 -6.00 + Inc (Dec) in Accts Payable 45.60 -9.00 13.00 + Inc (Dec) in Other -34.10 156.00 98.60 + Net Cash From Disc Ops -57.70 -14.90 -11.10 Cash from Operating Activities 778.00 899.90 908.60 Cash from Investing Activities + Change in Fixed & Intang 73.60 -284.70 -321.20 + Disp in Fixed & Intang 325.20 8.30 7.40 + Disp of Fixed Prod Assets 325.20 8.30 7.40 + Disp of Intangible Assets 0.00 0.00 0.00 + Acq of Fixed & Intang -251.60 -293.00 -328.60 + Acq of Fixed Prod Assets -251.60 -293.00 -328.60 + Acq of Intangible Assets 0.00 0.00 0.00 + Net Change in LT Investment 0.00 0.00 + Dec in LT Investment 0.00 0.00 + Inc in LT Investment 0.00 0.00 + Net Cash From Acq & Div 0.00 -764.40 -764.40 + Cash from Divestitures 0.00 0.00 0.00 + Cash for Acq of Subs 0.00 -764.40 -764.40 + Cash for JVs 0.00 0.00 0.00 + Other Investing Activities 1.80 -22.50 -19.60 + Net Cash From Disc Ops 6.30 0.80 Cash from Investing Activities 81.70 -1,070.80 -1,104.40 Cash from Financing Activities + Dividends Paid -268.20 -279.10 -287.70 + Cash From (Repayment) Debt -1,100.20 501.80 501.80 + Cash From (Repay) ST Debt 0.00 0.00 0.00 + Cash From LT Debt 0.00 505.70 505.70 + Repayments of LT Debt -1,100.20 -3.90 -3.90 + Cash (Repurchase) of Equity -68.00 -89.90 17.40 + Increase in Capital Stock 116.80 140.30 152.20 + Decrease in Capital Stock -184.80 -230.20 -134.80 + Other Financing Activities 315.60 -3.60 -3.60 + Net Cash From Disc Ops 0.00 Cash from Financing Activities -1,120.80 129.20 227.90 Effect of Foreign Exchange Rates 0.00 0.00 0.00 Net Changes in Cash -261.10 -41.70 32.10 Cash Paid for Taxes 128.00 106.20 109.50 Cash Paid for Interest 140.80 37.00 37.30


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 6

Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31 Reference Items EBITDA 912.40 950.40 972.90 1,116.55 1,193.82Trailing 12M EBITDA Margin 13.16 13.25 13.16 13.89 14.24Interest Received Net Cash Paid for Acquisitions 0.00 764.40 764.40 Tax Benefit from Stock Options 17.50 27.20 26.60 Free Cash Flow 526.40 606.90 580.00 439.07 492.33Free Cash Flow to Firm 665.26 638.32 Free Cash Flow to Equity -248.60 1,117.00 1,089.20 Free Cash Flow per Basic Share 4.13 4.88 4.66 Price to Free Cash Flow 16.33 18.01 17.64 Cash Flow to Net Income 2.07 1.88 1.47


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 7

Profitability Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Returns Return on Common Equity 17.50 23.64 25.28 24.72 27.93Return on Assets 7.09 9.50 10.17 10.07 10.64Return on Capital 15.93 17.86 Return on Invested Capital 15.26 18.34 20.74 Margins Gross Margin 22.23 21.89 21.80 EBITDA Margin 13.16 13.25 13.16 Operating Margin 8.97 9.45 9.34 10.10 10.52Incremental Operating Margin 150.21 23.36 5.95 Pretax Margin 6.49 8.89 8.24 Income before XO Margin 5.19 6.73 6.27 Net Income Margin 5.41 6.68 6.60 6.97 7.27Net Income to Common Margin 5.41 6.68 6.15 Additional Effective Tax Rate 20.01 24.29 23.95 Dvd Payout Ratio 74.56 57.84 65.21 56.84 55.31Sustainable Growth Rate 4.45 9.96 8.79


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 8

By Measure % Restated:2013 A % Restated:2014 A % Original:2015 A % Original:2016 A % Original:2017 A For the period ending 2013-5-26 2013-5-26 2014-5-25 2014-5-25 2015-5-31 2015-5-31 2016-5-29 2016-5-29 2017-5-28 2017-5-28Revenue 100.00 5,921.00 100.00 6,285.60 100.00 6,764.00 100.00 6,933.50 100.00 7,170.20 Olive Garden 62.15 3,680.00 57.96 3,643.10 56.03 3,789.60 55.36 3,838.60 54.93 3,938.60 LongHorn Steakhouse 20.77 1,230.00 22.02 1,383.90 22.84 1,544.70 22.90 1,587.70 22.62 1,622.20 Other Business 13.00 817.00 13.74 929.60 14.32 993.10 14.98 1,073.80 Fine Dining 7.03 441.60 7.39 500.10 7.41 514.10 7.47 535.60 Other Revenues 0.49 29.00 The SpecialtyRestaurant Group's

16.59 982.00

Segment Profit 100.00 1,329.70 Olive Garden 57.29 761.80 LongHorn Steakhouse 21.13 280.90 Other Business 13.69 182.00 Fine Dining 7.90 105.00Goodwill 100.00 908.30 100.00 872.50 100.00 872.40 100.00 872.30 100.00 1,201.70 The Capital Grille 44.23 401.70 46.04 401.70 46.05 401.70 46.04 401.60 33.42 401.60 Yard House 40.71 369.80 42.32 369.20 42.32 369.20 42.32 369.20 30.72 369.20 Cheddar's ScratchKitchen

27.41 329.40

LongHorn Steakhouse 5.45 49.50 5.66 49.40 5.65 49.30 5.65 49.30 4.10 49.30 Olive Garden 3.32 30.20 3.46 30.20 3.46 30.20 3.46 30.20 2.51 30.20 Eddie V's 2.43 22.10 2.52 22.00 2.52 22.00 2.52 22.00 1.83 22.00 Red Lobster 3.85 35.00 Intangible Assets 100.00 574.60 100.00 574.60 100.00 574.60 100.00 950.20 Cheddar's ScratchKitchen

39.47 375.00

LongHorn Steakhouse 53.57 307.80 53.57 307.80 53.57 307.80 32.39 307.80 The Capital Grille 25.58 147.00 25.58 147.00 25.58 147.00 15.47 147.00 Yard House 19.02 109.30 19.02 109.30 19.02 109.30 11.50 109.30 Eddie V's 1.83 10.50 1.83 10.50 1.83 10.50 1.11 10.50 Olive Garden 0.06 0.60Assets 100.00 7,082.70 100.00 5,994.70 100.00 4,582.60 100.00 5,504.20 Other Revenues 21.94 1,087.30 21.94 1,054.60 26.31 987.60 41.51 1,964.70 Olive Garden 34.65 1,717.30 33.81 1,625.10 25.03 939.20 20.06 949.20 LongHorn Steakhouse 25.83 1,280.30 26.24 1,261.10 25.82 969.20 20.05 948.90 The SpecialtyRestaurant Group's

17.58 871.60 18.01 865.60 22.84 857.00 18.38 869.90

Corporate 2,126.20 1,188.30 829.60 771.50Depreciation andAmortization

100.00 304.40 100.00 319.30 100.00 290.20 100.00 272.90

Olive Garden 52.81 149.60 50.76 149.80 46.03 124.10 45.18 123.30 LongHorn Steakhouse 23.54 66.70 24.26 71.60 25.19 67.90 23.85 65.10 Other Revenues 15.07 42.70 16.03 47.30 18.73 50.50 20.30 55.40 The SpecialtyRestaurant Group's

8.58 24.30 8.95 26.40 10.05 27.10 10.66 29.10

Corporate 21.10 24.20 20.60 0.00Capital Expenditures -408.60 -288.70 -228.30 -293.00 Corporate 3.10 3.90 -3.90 -3.70 The SpecialtyRestaurant Group's

10.27 -42.30 7.83 -22.90 9.54 -21.40 14.21 -41.10

LongHorn Steakhouse 27.79 -114.40 23.03 -67.40 20.90 -46.90 18.70 -54.10 Other Revenues 29.90 -123.10 28.50 -83.40 26.96 -60.50 21.67 -62.70 Olive Garden 32.04 -131.90 40.64 -118.90 42.60 -95.60 45.42 -131.40Same Store Sales %


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 9

% Restated:2013 A % Restated:2014 A % Original:2015 A % Original:2016 A % Original:2017 A For the period ending 2013-5-26 2013-5-26 2014-5-25 2014-5-25 2015-5-31 2015-5-31 2016-5-29 2016-5-29 2017-5-28 2017-5-28 Olive Garden -1.50 -3.40 1.30 3.10 2.60 Bahama Breeze 0.20 4.10 1.80 4.80 2.20 Eddie V's 1.10 5.40 1.80 1.50 LongHorn Steakhouse 1.20 2.70 4.40 3.50 1.20 The Capital Grille 3.30 3.40 4.80 3.90 0.40 Seasons 52 1.20 -2.20 2.30 4.70 0.00 Yard House 0.30 3.80 2.30 -0.20 Red Lobster -2.20 -6.00 Number of Locations 100.00 2,138.00 100.00 2,207.00 100.00 1,534.00 100.00 1,536.00 100.00 1,695.00 Olive Garden-Company-owned

38.73 828.00 37.92 837.00 55.15 846.00 54.88 843.00 49.91 846.00

LongHornSteakhouse-Company-owned

20.11 430.00 21.02 464.00 31.29 480.00 31.32 481.00 28.91 490.00

Cheddar's ScratchKitchen

8.26 140.00

Yard House 2.06 44.00 2.36 52.00 3.85 59.00 4.23 65.00 3.95 67.00 The Capital Grille-Company-owned

2.29 49.00 2.45 54.00 3.52 54.00 3.52 54.00 3.30 56.00

Seasons 52-Company-owned

1.45 31.00 1.72 38.00 2.80 43.00 2.60 40.00 2.42 41.00

Bahama Breeze-Company-owned

1.54 33.00 1.68 37.00 2.35 36.00 2.41 37.00 2.18 37.00

Eddie V's 0.56 12.00 0.68 15.00 1.04 16.00 1.04 16.00 1.06 18.00 Synergy Restaurant-Company-owned

0.28 6.00 0.18 4.00 0.00

Red Lobster-Company-owned

32.97 705.00 31.99 706.00

Sales Per Location Yard House 8.20 8.30 8.20 8.10 The Capital Grille 7.10 7.20 7.60 7.60 Eddie V's 6.00 6.30 6.60 6.80 Seasons 52 5.70 5.70 6.00 6.10 Bahama Breeze 5.60 5.70 5.90 6.00 Olive Garden 4.40 4.40 4.50 4.70 LongHorn Steakhouse 3.10 3.20 3.30 3.30Average Ticket Eddie V's 88.00 88.00 90.00 91.00 93.00 The Capital Grille 71.25 69.00 75.00 77.00 79.50 Seasons 52 40.75 39.50 45.00 45.00 45.00 Yard House 31.00 31.50 32.00 Bahama Breeze 23.50 23.75 26.00 27.00 28.50 LongHorn Steakhouse 18.75 19.00 20.00 20.50 21.00 Olive Garden 16.50 16.50 17.00 17.50 18.00 Red Lobster 20.50


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 10

By Geography % Restated:2013 A % Restated:2014 A % Original:2015 A % Original:2016 A % Original:2017 A For the period ending 2013-5-26 2013-5-26 2014-5-25 2014-5-25 2015-5-31 2015-5-31 2016-5-29 2016-5-29 2017-5-28 2017-5-28Pretax Income 100.00 274.00 100.00 174.60 100.00 175.30 100.00 449.70 100.00 637.30 United States 101.46 278.00 108.36 189.20 98.40 172.50 100.20 450.60 99.22 632.30 International -1.46 -4.00 -8.36 -14.60 1.60 2.80 -0.20 -0.90 0.78 5.00Number of Locations 100.00 2,138.00 100.00 2,207.00 100.00 1,534.00 100.00 1,536.00 100.00 1,695.00 United States 98.46 2,105.00 98.50 2,174.00 99.61 1,528.00 99.61 1,530.00 99.65 1,689.00 Locations ByRestaurant

98.46 2,105.00 98.50 2,174.00 99.61 1,528.00 99.61 1,530.00 99.65 1,689.00

Olive Garden-Company-owned

38.45 822.00 37.65 831.00 54.76 840.00 54.49 837.00 49.56 840.00

LongHornSteakhouse-Company-owned

20.11 430.00 21.02 464.00 31.29 480.00 31.32 481.00 28.91 490.00

Cheddar's ScratchKitchen

0.28 6.00 0.18 4.00 8.26 140.00

Yard House 2.06 44.00 2.36 52.00 3.85 59.00 4.23 65.00 3.95 67.00 The Capital Grille-Company-owned

2.29 49.00 2.45 54.00 3.52 54.00 3.52 54.00 3.30 56.00

Seasons 52-Company-owned

1.45 31.00 1.72 38.00 2.80 43.00 2.60 40.00 2.42 41.00

Bahama Breeze-Company-owned

1.54 33.00 1.68 37.00 2.35 36.00 2.41 37.00 2.18 37.00

Eddie V's -Company-owned

0.56 12.00 0.68 15.00 1.04 16.00 1.04 16.00 1.06 18.00


31.71 678.00 30.77 679.00

Canada 1.54 33.00 1.50 33.00 0.39 6.00 0.39 6.00 0.35 6.00 Olive Garden-Company-owned

0.28 6.00 0.27 6.00 0.39 6.00 0.39 6.00 0.35 6.00


1.26 27.00 1.22 27.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 11

Per Share Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Basic Shares Outstanding 126.20 125.40 123.67 Diluted Weighted Avg Shares 129.30 126.00 127.30 Basic Weighted Avg Shares 127.40 124.30 125.20 Per Share Data Items Revenue 54.42 57.68 59.42 EBITDA 7.16 7.65 7.82 Operating Income 4.88 5.45 5.55 Net Income to Common - Basic 2.94 3.85 3.92 4.39 4.87Net Income before XO - Basic 2.82 3.88 3.96 4.39 4.87Normalized Net Income - Basic 3.61 3.93 4.07 4.44 4.88Net Income to Common - Diluted 2.90 3.80 3.87 4.39 4.87Net Income before XO - Diluted 2.78 3.83 3.90 4.39 4.87Normalized Net Income - Diluted 3.56 3.88 4.01 4.44 4.88Dividends 2.10 2.24 2.31 2.53 2.70 Cash Flow 6.11 7.24 7.30 7.66 8.16Free Cash Flow 4.13 4.88 4.66 Cash & Equivalents 2.18 1.86 1.19 Book Value 15.47 16.76 16.65 2.22 10.74Tangible Book Value 4.00 -1.05 -0.52


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 12

Stock Value Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Last Price 44.37 58.69 67.48 87.95 82.27 Period-over-Period % Change -6.21 32.27 14.98 30.33 Open Price 47.68 44.51 58.69 67.60 82.98High Price 49.47 63.02 68.62 89.14 83.21Low Price 40.10 39.00 53.38 59.50 81.99 Market Capitalization 6,555.47 8,303.92 8,515.98 11,028.93 10,174.60 Current Shares Outstanding 131.93 125.79 126.73 124.34 123.67 Equity Float 130.83 113.08 119.51 124.05 123.42


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 13

As Reported Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Income Statement Revenues Revenues 6,285.60 6,764.00 6,933.50 7,170.20 1,936.10Total Revenue 6,933.50 7,170.20 1,936.10 Operating Expenses Total Operating Expenses 5,976.70 6,396.40 6,311.30 6,492.70 1,761.60Sales/Marketing/Advertising Expenses 252.30 243.30 238.00 239.70 66.00Selling General and AdministrativeExpenses

Depreciation and Amortization 304.40 319.30 290.20 272.90 76.10Write-Down/Impairment of Assets 5.80 -8.40 -0.80Other One-Time Charges 16.40 62.10 General and Administrative Expenses 413.10 430.20 384.90 387.70 98.00Operating Income 308.90 367.60 622.20 677.50 174.50Other Cost of Revenues Personnel Expenses 2,017.60 2,135.60 2,189.20 2,265.30 342.90Total Cost of Revenues Food And Beverage Costs 1,892.20 2,085.10 2,039.70 2,070.30 555.20Occupancy & Other Operating Expenses 1,080.70 1,120.80 1,163.50 1,265.20 624.20 Non-Operating Expenses Interest Expense - Net 134.30 192.30 172.50 -40.20 15.00Income Tax Expense (Benefit) -8.60 -21.10 90.00 154.80 38.20Income Before Income Taxes 174.60 175.30 449.70 637.30 159.50Income Before XO Items 183.20 196.40 359.70 482.50 121.30 Extraordinary Items Discontinued Operations Loss/(Benefit) -Net

-103.00 -513.10 -15.30 3.40 3.30

Earnings Dividends Per Share 2.20 2.20 2.10 2.24 0.63Basic EPS Before XO Items 1.40 1.54 2.82 3.88 0.97Basic EPS 2.18 5.56 2.94 3.85 0.95Weighted Avg. Shares - Basic 131.00 127.70 127.40 124.30 125.20Diluted EPS Before XO Items 1.38 1.51 2.78 3.83 0.95Diluted EPS 2.15 5.47 2.90 3.80 0.93Weighted Avg. Shares - Diluted 133.20 129.70 129.30 126.00 127.30Discontinued Operations Per Share - Basic 0.78 4.02 0.12 -0.03 -0.02Discontinued Operations Per Share -Diluted

0.77 3.96 0.12 -0.03 -0.02

Cumulative Net Income 286.20 709.50 375.00 479.10 119.00Net Income 286.20 709.50 375.00 479.10 119.00 Comprehensive Income Foreign Currency Translation Adjustments Unrealized Gain (Loss) On Securities Change In Fair Value of Derivatives Other Comprehensive Income Total Comprehensive Income Others Reference Items Amortization Expense 19.60 Depreciation Expense 253.30 Depreciation and Amortization 304.40 319.30 290.20 272.90 76.10Interest Expense 134.90 192.90 173.60 41.50 15.00(Gain)/Loss On Sale of Assets -10.40


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 14

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Write-Down/Impairment of Assets 5.80 2.00 -0.80Other One-Time Charges 16.40 62.10 Interest Income -0.60 -0.60 -1.10 -1.30 Interest Expense - Net 134.30 192.30 172.50 40.20 15.00Income Tax Expense (Benefit) -8.60 -21.10 90.00 154.80 38.20Discontinued Operations Loss/(Benefit)-Net -103.00 -513.10 -15.30 3.40 2.30Foreign Currency Translation Adjustments -2.90 3.00 0.50 0.50 -0.50Unrealized Gain (Loss) On Securities -0.10 0.00 0.00 Change In Fair Value of Derivatives 3.40 31.30 23.00 4.30 -2.60Other Comprehensive Income 4.30 7.20 -23.90 19.30 -0.10General and Administrative Expenses 387.70 98.00Capitalized Interest 2.60 1.30 0.70 1.70 Total Cash Common Dividends 288.30 278.90 268.20 279.10 79.10Projected Benefit Obligation 283.90 288.40 298.50 252.30 Fair Value of Plan Assets 243.90 236.60 242.00 207.70 Dividends Per Share 2.20 2.20 2.10 2.24 Basic EPS Before XO Items 1.40 1.54 2.82 3.88 Basic EPS 2.18 5.56 2.94 3.85 Weighted Avg. Shares - Basic 131.00 127.70 127.40 124.30 Diluted EPS Before XO Items 1.38 1.51 2.78 3.83 Diluted EPS 2.15 5.47 2.90 3.80 Weighted Avg. Shares - Diluted 133.20 129.70 129.30 126.00 Pension Expense (Income) 6.10 4.60 -1.10 17.30 -0.20Service Cost 4.40 1.10 0.00 0.00 Overfunded (Underfunded) Pension -40.00 -51.80 -56.50 -44.60 (Over/Underfunded) Post RetirementBenefit

-38.50 -18.00 -19.90 -20.80

Expected Return On Plan Assets - Pension%

8.00 7.00 6.50 6.50

Discount Rate Used On Plan Liabs-Pension%

4.60 4.41 4.43 4.06

Rate of Compensation Increase(Pension) -%

3.86 3.86

Healthcare Cost Trend Projected Next Yr -%

6.80

Actual Return/Loss On Pension Plan Assets 22.70 16.70 -4.10 19.50 Disc Rate Used On Liabs-Other/Healthcare%

4.45 4.22 4.00 3.98

Stock Based Compensation Expense 38.70 53.70 37.30 40.70 8.40Total Comprehensive Income 290.90 751.00 374.60 503.20 115.80Merger/Acquisition Expense 16.30 6.40Fair Value of Post Retirement Plan Assets 0.00 0.00 0.00 0.00 Projected Post Retirement Benefit Oblig 38.50 18.00 19.90 20.80 Amortization of Intangible Assets 19.60 GL On Early Ext of Debt -Non-Op 106.80 Current Income Tax Expense (Benefit) 47.90 -21.20 93.70 184.00 Deferred Income Tax Expense (Benefit) -56.50 0.10 -3.70 -29.20 Actuarial Gains and Losses - Pension Exp 2.80 3.30 0.70Adjusted Net Income-As Reported 506.30 125.50Discontinued Operations Per Share - Basic 0.78 4.02 0.12 -0.03 Discontinued Operations Per Share -Diluted 0.77 3.96 0.12 -0.03 Effective Tax Rate - % -4.90 -12.00 20.00 24.30 23.90Tax On Discontinued Operations -4.20 Employer Contribution (Pension) 0.40 0.40 25.40 0.40 Benefits Paid (Pension) -13.30 -8.60 -15.90 -10.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 15

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Employer Contribution (Postretirement) 0.90 1.10 1.10 1.20 Benefits Paid (Postretirement) -1.40 -1.50 -1.10 -1.20 Interest Cost (Pension) 10.20 10.00 10.60 10.10 9.70Expected Return On Pension Plan Assets -17.10 -15.20 -14.50 -16.00 -15.10Pension Plan Asset Category-Equities % Pension Plan Asset Category-Debt % Adjusted EPS 1.71 2.63 3.53 4.02 0.99Options Granted During Period 1.70 1.15 0.44 0.58 0.35Options Outstanding End Period 11.20 7.71 6.32 4.01 3.99Profit Before Taxation-Discontinued Oper 7.60 Pension Plan Asset Category-Cash % Accumulated Benefit Obligation (Pension) 283.30 288.40 298.50 252.30 Pension Plan Asset Category-Real Estate%

Capitalized Interest-Fixed Assets Amortization Of Software 18.70 ARDR Acquisition Mergers After Tax 11.50 4.20ARDR Impairment Write Down After Tax ARDR Other One Time Charge After Tax 10.10 40.30 Advertising Expenses 252.30 243.30 238.00 239.70 Pension Plan Asset Cat - Equities (Amt) 132.00 114.60 112.90 104.20 Pension Plan Asset Category - Debt (Amt) 71.10 88.20 109.20 103.00 Pension Plan Asset Cat -Real Est (Amt) 10.50 6.90 7.50 Pension Plan Asset Category - Cash (Amt) 2.70 1.80 2.10 0.50 Pension Plan Asset Category - Other (Amt) 27.60 25.10 10.30 Service Cost (OPRB) 0.70 0.50 0.20 0.20 Interest Cost (OPRB) 1.40 1.00 0.80 0.60 0.20Expected Return On Plan Assets (OPRB) 0.00 0.00 OPRB Expense (Income) 2.00 -0.50 -2.60 -2.30 -0.60Actual Return (Loss) On Plan Assets(OPRB)

0.00

Weighted Average Cost of Options Granted 12.06 10.59 12.72 9.08 14.63Stock Opt Valuation - Risk Free Rate (%) 1.90 2.10 1.90 1.40 2.00Stock Opt Valuation - Expected Life (Yrs) 6.40 6.50 6.50 6.50 6.40Stock Opt Valuation - Expected Volatil (%) 39.60 37.30 28.00 24.30 23.50Stock Opt Valuation - Dividend Yield (%) 4.40 4.50 3.30 3.50 3.00Avg Exercise Price (Options Exercisable) 36.62 42.15 41.29 Avg Exercise Price (Options Outstanding) 41.66 44.18 64.85 45.81 85.83Stock Option Expense (Before Tax) 6.00 1.20Options Exercisable End of Period 6.50 4.97 4.66 2.47 Expected Pension Benefit Payments - Year1

21.20 10.20 12.50 11.40

Expected Pension Benefit Payments - Year2

10.20 10.70 12.60 12.50


10.60 11.00 13.00 12.80


11.10 11.50 13.70 13.10


11.50 12.30 14.20 13.30

Expected Pension Benefit Pmts Beyond Yr5

68.70 72.50 79.30 71.70

Adjusted EBIT/Non-GAAP OperatingIncome

713.70 180.90

Income Tax Exp - Current Taxes (Intl) 3.00 6.90 1.90 1.30


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 16

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Income Tax Exp - Current Taxes (National) 39.50 -12.70 89.10 160.50 Income Tax Exp - Current Taxes (Local) 5.40 -15.40 2.70 22.20 Income Tax Exp - Deferred Taxes(National)

-43.70 0.00 -2.40 -24.10

Income Tax Exp - Deferred Taxes (Local) -12.80 0.10 -1.30 -5.10 Expected Oth Postretirement Ben Pymts Y1 1.10 1.10 1.30 1.30 Expected Oth Postretirement Ben Pymts Y2 1.20 1.10 1.30 1.30 Expected Oth Postretirement Ben Pymts Y3 1.20 1.00 1.30 1.30 Expected Oth Postretirement Ben Pymts Y4 1.30 1.00 1.30 1.30 Expected Oth Postretirement Ben Pymts Y5 1.40 1.00 1.30 1.30 Expected Oth Postretire Ben Pymts ByndY5

8.50 4.70 6.20 6.60

Amortization Prior Service Cost - OPEB -4.80 -4.80 -1.20Actuarial Losses or Gains - OPEB 1.20 1.70 0.40Target Pension Plan Asset Cat Equities % 55.50 57.00 Target Pension Plan Asset Category Debt%

40.00 40.00

Target Pension Plan Asset Category RE % 4.50 3.00 ARDR Restructuring Workflow BalanceNon-GAAP EPS

0.28 0.37 -0.02

ARDR Acquisition Related Charges Non-GAAP EPS

0.09 0.04

ARDR Other Adjustments Non-GAAP EPS 0.05 0.33 0.26 Earnings Before Interest and Taxes 677.50 174.50ARDR Defined Contribution Amount 3.70 ARDR Pension Plan Asset Cat PrivateEquities %

ARDR Pension Plan Asset Cat PrivateEquities Amt

ARDR EBIT Margin 9.40 ARDR Revenue Growth 7.60 2.50 3.40 12.90ARDR Adjusted Operating Margin 10.00 9.30Capital Expenditures As Reported 293.00 ARDR Stock Based Compensation CF PreTax

38.70 53.70 37.30 40.70 8.40

ARDR Derivatives Hedging - Operating 13.20 ARDR Non GAAP Income Tax Expense 167.20 40.40


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 17

Common Size Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Revenue 6,933.50 7,170.20 7,391.90 8,036.96 8,381.17 + Sales & Services Revenue 100.00 100.00 100.00 - Cost of Revenue 77.77 78.11 78.20 + Cost of Goods & Services 77.77 78.11 78.20 Gross Profit 22.23 21.89 21.80 20.10 20.50 + Other Operating Income 0.00 0.00 0.00 - Operating Expenses 13.25 12.44 12.46 + Selling, General & Admin 8.98 8.75 8.66 + Selling & Marketing 3.43 3.34 3.27 + General & Administrative 5.55 5.41 5.38 + Research & Development 0.00 0.00 + Depreciation & Amortization 4.19 3.81 3.82 + Other Operating Expense 0.08 -0.12 -0.02 Operating Income (Loss) 8.97 9.45 9.34 10.10 10.52 - Non-Operating (Income) Loss 2.49 0.56 0.61 + Interest Expense, Net 2.49 0.56 0.61 + Interest Expense 2.50 0.58 - Interest Income 0.02 0.02 + Foreign Exch (Gain) Loss 0.00 0.00 + (Income) Loss from Affiliates + Other Non-Op (Income) Loss 0.00 0.00 0.00 Pretax Income 6.49 8.89 8.73 9.34 9.78 - Income Tax Expense (Benefit) 1.30 2.16 2.07 + Current Income Tax 1.35 2.57 + Deferred Income Tax -0.05 -0.41 + Tax Allowance/Credit Income (Loss) from Cont Ops 5.19 6.73 6.67 6.93 7.28 - Net Extraordinary Losses (Gains) -0.22 0.05 0.06 + Discontinued Operations -0.22 0.05 0.06 + XO & Accounting Changes 0.00 0.00 0.00 Income (Loss) Incl. MI 5.41 6.68 6.60 - Minority Interest 0.00 0.00 0.00 Net Income, GAAP 5.41 6.68 6.60 6.93 7.28 - Preferred Dividends 0.00 0.00 0.00 - Other Adjustments 0.00 0.00 0.00 Net Income Avail to Common, GAAP 5.41 6.68 6.60 6.93 7.28 Net Abnormal Losses (Gains) 1.45 0.08 0.19 Net Extraordinary Losses (Gains) -0.22 0.05 0.06 Basic Weighted Avg Shares 1.84 1.73 1.69 Basic EPS, GAAP 0.04 0.05 0.05 0.05 0.06Basic EPS from Cont Ops 0.04 0.05 0.05 0.05 0.06Basic EPS from Cont Ops, Adjusted 0.05 0.05 0.06 0.06 0.06 Diluted Weighted Avg Shares 1.86 1.76 1.72 Diluted EPS, GAAP 0.04 0.05 0.05 0.05 0.06Diluted EPS from Cont Ops 0.04 0.05 0.05 0.05 0.06Diluted EPS from Cont Ops, Adjusted 0.05 0.05 0.05 0.06 0.06 Reference Items Accounting Standard US GAAP US GAAP EBITDA 13.16 13.25 13.16 13.89 14.24


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 18

Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31EBITDA Margin (T12M) 0.19 0.18 0.18 0.17 0.17EBITA 9.72 EBIT 8.97 9.45 9.34 10.10 10.52Gross Margin 0.32 0.31 0.29 Operating Margin 0.13 0.13 0.13 0.13 0.13Profit Margin 0.08 0.09 0.09 0.09 0.09Sales per Employee 666.67 559.51 Dividends per Share 0.03 0.03 0.03 0.03 0.03Total Cash Common Dividends 3.87 3.89 3.89 Capitalized Interest Expense 0.01 0.02 Personnel Expenses Depreciation Expense 3.53 Rental Expense 3.83 4.63


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 19

Standardized Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31Total Assets + Cash, Cash Equivalents & STI 274.80 233.10 146.80 + Cash & Cash Equivalents 274.80 233.10 146.80 + ST Investments 0.00 0.00 0.00 + Accounts & Notes Receiv 64.00 75.90 57.60 + Accounts Receivable, Net 64.00 75.90 57.60 + Notes Receivable, Net 0.00 0.00 0.00 + Inventories 175.40 178.90 176.30 + Raw Materials + Work In Process + Finished Goods + Other Inventory + Other ST Assets 306.10 311.90 102.30 + Prepaid Expenses 46.10 6.20 2.90 + Derivative & Hedging Assets 3.80 0.00 0.40 + Assets Held-for-Sale 20.30 13.20 11.10 + Deferred Tax Assets 163.30 211.80 + Misc ST Assets 72.60 80.70 87.90 Total Current Assets 820.30 799.80 483.00 + Property, Plant & Equip, Net 2,041.60 2,272.30 2,318.80 + Property, Plant & Equip 3,860.60 4,269.10 4,380.30 - Accumulated Depreciation 1,819.00 1,996.80 2,061.50 + LT Investments & Receivables 0.00 0.00 0.00 + LT Investments + LT Marketable Securities + Other LT Assets 1,720.70 2,432.10 2,421.70 + Total Intangible Assets 1,446.90 2,233.80 2,122.40 + Goodwill 872.30 1,201.70 1,172.20 + Other Intangible Assets 574.60 1,032.10 950.20 + Derivative & Hedging Assets 0.00 0.00 + Misc LT Assets 273.80 198.30 299.30 Total Noncurrent Assets 3,762.30 4,704.40 4,740.50 Total Assets 4,582.60 5,504.20 5,223.50 Liabilities & Shareholders' Equity + Payables & Accruals 426.10 462.00 454.10 + Accounts Payable 241.90 249.50 256.80 + Accrued Taxes 0.00 1.90 11.50 + Interest & Dividends Payable 7.30 + Other Payables & Accruals 184.20 203.30 185.80 + ST Debt 4.00 5.30 0.00 + ST Borrowings 0.00 0.00 0.00 + ST Capital Leases 4.00 5.30 + Current Portion of LT Debt 0.00 0.00 + Other ST Liabilities 757.00 821.90 804.20 + Deferred Revenue 360.40 388.60 353.10 + Derivatives & Hedging 0.00 0.40 0.20 + Misc ST Liabilities 396.60 432.90 450.90 Total Current Liabilities 1,187.10 1,289.20 1,258.30 + LT Debt 564.00 1,090.90 936.60 + LT Borrowings 440.00 936.60 936.60 + LT Capital Leases 124.00 154.30 + Other LT Liabilities 879.50 1,022.40 969.90


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 20

Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31 + Accrued Liabilities 0.00 0.00 + Pension Liabilities 298.50 64.10 + Deferred Revenue 0.00 0.00 + Deferred Tax Liabilities 255.20 357.50 151.90 + Derivatives & Hedging 0.00 0.00 + Misc LT Liabilities 325.80 600.80 818.00 Total Noncurrent Liabilities 1,443.50 2,113.30 1,906.50 Total Liabilities 2,630.60 3,402.50 3,164.80 + Preferred Equity and Hybrid Capital 0.00 0.00 0.00 + Share Capital & APIC 1,502.60 1,614.60 1,619.80 - Treasury Stock 7.80 7.80 7.80 + Retained Earnings 547.50 560.10 515.00 + Other Equity -90.30 -65.20 -68.30 Equity Before Minority Interest 1,952.00 2,101.70 2,058.70 + Minority/Non Controlling Interest 0.00 0.00 0.00 Total Equity 1,952.00 2,101.70 2,058.70 Total Liabilities & Equity 4,582.60 5,504.20 5,223.50 Reference Items Accounting Standard US GAAP US GAAP Publication Date n/a n/a 07/23/2017 Shares Outstanding 126.20 125.40 123.67 Number of Treasury Shares 1.30 1.30 1.26 Pension Obligations 298.50 64.10 Future Minimum Operating LeaseObligations

2,829.30 3,156.10

Capital Leases - Total 128.00 159.60 Options Granted During Period 0.44 0.58 0.35 Options Outstanding at Period End 6.32 4.01 3.99 Net Debt 293.20 863.10 789.80 543.25 489.25Net Debt to Equity 15.02 41.07 38.36 Tangible Common Equity Ratio 16.11 -4.04 -2.05 Current Ratio 0.69 0.62 0.38 Cash Conversion Cycle 0.34 -0.89 -1.34 Number of Employees 150,000.00 178,729.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 21

As Reported Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Balance Sheet Current Assets Cash and Equivalents 98.30 535.90 274.80 233.10 146.80Accounts Receivable - Trade 83.80 78.00 64.00 75.90 57.60Inventories 196.80 163.90 175.40 178.90 176.30Prepaid Expenses (Short-Term) 10.90 18.90 46.10 6.20 2.90Prepaid Expenses and Other 71.70 69.40 76.40 80.70 88.30Deferred Income Tax Asset (Short-Term) 124.00 157.40 163.30 211.80 Assets Held For Sale 1,390.30 32.90 20.30 13.20 11.10Total Current Assets 1,056.40 820.30 799.80 483.00 Noncurrent Assets Property Plant & Equipment - Net 3,381.00 3,215.80 2,041.60 2,272.30 2,318.80Goodwill 872.50 872.40 872.30 1,201.70 1,172.20Patents/Trademarks/Copyrights 574.60 574.60 574.60 950.20 950.20Other Noncurrent Assets 278.80 275.50 273.80 198.30 299.30Capitalized Software - Net 81.90 Total Assets 7,082.70 5,994.70 4,582.60 5,504.20 5,223.50 Current Liabilities Accounts Payable - Trade 233.10 198.80 241.90 249.50 256.80Current Portion of Long-Term Debt 15.00 15.00 0.00 Short-Term Borrowings 207.60 0.00 Accrued Compensation/PostretirementObligation

125.70 141.10 135.10 149.10 123.90

Accrued Expenses 64.50 51.50 49.10 54.20 61.90Deferred/Unearned Revenue (Short-Term) 299.70 328.60 360.40 388.60 353.10Other Current Liabilities 672.90 449.10 400.60 445.90 451.10Income Taxes Accrued/Payable 0.00 12.60 0.00 1.90 11.50Total Current Liabilities 1,618.50 1,196.70 1,187.10 1,289.20 1,258.30 Non Current Liabilities Long Term Capital Lease Obligations Long Term Debt 2,463.40 1,452.30 440.00 936.60 936.60Deferred Income Taxes (Liabilities) 286.10 341.80 255.20 357.50 151.90Other Noncurrent Liabilities 351.60 444.50 498.60 536.40 525.90Deferred Expenses (Long-Term) 206.20 225.90 249.70 282.80 292.10Total Liabilities 4,925.80 3,661.20 2,630.60 3,402.50 3,164.80 Stockholder Equity Treasury Stock (Amount) -7.80 -7.80 -7.80 -7.80 -7.80Deferred Compensation (StockholdersEquity)

-5.20 -4.00 -3.30 -2.30 -2.20

Accumulated Other Comprehensive Income -128.10 -86.60 -87.00 -62.90 -66.10Retained Earnings (Accumulated Deficit) 995.80 1,026.00 547.50 560.10 515.00Shares Outstanding 132.30 126.70 126.20 125.40 Treasury Shares (Number) 1.30 1.20 1.30 1.30 Common Stock & APIC 1,302.20 1,405.90 1,502.60 1,614.60 1,619.80Shares Issued 133.60 127.90 127.50 126.70 Total Shareholders Equity 2,156.90 2,333.50 1,952.00 2,101.70 2,058.70Shares Authorized 500.00 500.00 500.00 500.00 Total Liabilities and Shareholders Equity 7,082.70 5,994.70 4,582.60 5,504.20 5,223.50 Reference Items Accounts Receivable - Trade 75.90 Non-Current Marketable Securities Land 659.70 633.50 133.10 136.70 Buildings 3,234.50 3,338.90 2,297.10 2,547.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 22

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Construction In Progress 89.10 36.90 40.00 62.90 Furniture/Machinery/Equipment 1,378.40 1,439.10 1,318.50 1,444.20 Property Plant & Equipment - Gross 5,431.20 5,520.40 3,860.60 4,269.10 Accumulated Depreciation 2,050.20 2,304.60 1,819.00 1,996.80 Property Plant & Equipment - Net 3,381.00 3,215.80 2,041.60 2,272.30 Deferred Income Tax Asset (LT) 494.70 437.00 436.20 489.90 Goodwill 872.50 872.40 872.30 1,201.70 Patents/Trademarks/Copyrights 574.60 574.60 574.60 950.20 Current Portion of Long-Term Debt 15.00 15.00 0.00 Short-Term Capital Lease Obligations 2.30 Interest Accrued/Payable 19.90 11.40 7.30 Long Term Capital Lease Obligations 52.00 Deferred Income Taxes (Liabilities) 640.30 607.90 511.10 635.60 Pension/Postretirement Liabilities 283.30 288.40 298.50 64.10 Treasury Stock (Amount) -7.80 -7.80 -7.80 -7.80 -7.80Deferred Compensation (StockholderEquity)

-5.20 -4.00 -3.30 -2.30 -2.20

Accumulated Other Comprehensive Income -128.10 -86.60 -87.00 -62.90 -66.10Retained Earnings (Accumulated Deficit) 995.80 1,026.00 547.50 560.10 515.00Treasury Shares (Number) 1.29 1.27 1.27 1.26Common Stock & APIC 1,302.20 1,405.90 1,502.60 1,614.60 1,619.80Other Gross Fixed Assets 69.50 72.00 71.90 78.30 Total Line of Credit 750.00 750.00 750.00 750.00 750.00Total Available Line of Credit 542.40 750.00 750.00 750.00 750.00Future Minimum Operating LeaseObligations

1,233.80 1,172.30 2,829.30 3,156.10

Current Rental Expense 185.40 194.90 265.60 332.00 Rental Expense - Year 1 204.70 189.80 297.60 333.90 Rental Expense - Year 2 192.90 180.10 287.60 323.20 Rental Expense - Year 3 175.10 165.60 271.50 307.60 Rental Expense - Year 4 155.40 147.20 255.20 285.80 Rental Expense - Year 5 130.50 128.70 232.80 260.20 Rental Expense - Beyond Year 5 375.20 360.90 1,484.60 1,645.40 Allowance For Doubtful Accounts 0.30 0.90 0.50 0.30 Capitalized Software - Net 81.90 Total Shareholders Equity 2,156.90 2,333.50 1,952.00 2,101.70 2,058.70Total Capital Leases 54.30 129.80 128.00 159.60 Derivative Assets Short-Term 1.70 4.00 3.80 0.00 0.40Commercial Paper Outstanding 207.60 0.00 Derivative Liabilities 0.40 0.20Number of Employees 150,000.00 178,729.00 Letters of Credit 124.90 138.10 17.00Derivative Liabilities (Short-Term) 1.70 0.00 0.00 0.40 0.20Shares Outstanding From The Front Cover 132.31 126.67 126.22 125.42 123.67Number of Employees at Period End Date 178,729.00 Accumulated Amortization Intangible Assets 108.20 Options Granted During Period 1.70 1.15 0.44 0.58 0.35Options Outstanding End Period 11.20 7.71 6.32 4.01 3.99Other Commitments 301.30 Options Exercised During the Period 1.80 4.16 2.61 2.72 0.35Total Credit Utilized 207.60 0.00 0.00 0.00Purchase Obligations 526.10 328.70 378.60 377.60 Fair Value Assets Non Recur - Level 3 Fair Value Assets Non Recur - Total Debt Schedule In Yr 1 15.00 15.00 0.00 0.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 23

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Debt Schedule In Yr 2 115.00 15.00 0.00 0.00 Debt Schedule In Yr 3 15.00 755.00 0.00 0.00 Debt Schedule In Yr 4 755.00 0.00 0.00 0.00 Debt Schedule In Yr 5 0.00 0.00 0.00 0.00 Debt Schedule Thereafter 1,600.00 693.00 450.00 950.00 Debt Schedule - Total Debt 2,500.00 1,478.00 450.00 936.60 Debt Schedule - Total Long Term Debt 2,496.40 1,467.30 440.00 950.00 936.60Number of Common Shares Repurchased 0.01 10.02 3.01 3.65 1.18Value of Common Shares Repurchased 230.00 100.00Fair Value Assets Recur - Level 1 6.10 5.00 3.90 2.00 1.30Fair Value Assets Recur - Level 2 14.00 9.10 6.80 2.10 2.10Fair Value Assets Recur - Level 3 0.00 0.00 0.00 0.00 0.00Fair Value Assets Recur - Total 20.10 14.10 10.70 4.10 3.40Fair Value Liab Recur - Level 1 0.00 Fair Value Liab Recur - Level 2 1.70 0.40 Fair Value Liab Recur - Level 3 0.00 Fair Value Liab Recur - Total 1.70 0.40 ARDR Options Cancelled or Forfeited 0.30 0.51 0.19 0.17 0.02Contractual Obligations - Year 1 1,096.70 637.20 687.20 756.60 Contractual Obligations Years - 2 & 3 841.70 1,360.40 757.80 862.50 Contractual Obligations Years - 4 & 5 1,304.30 465.40 670.40 769.60 Contractual Obligations - Beyond Year 5 2,957.20 1,960.60 2,799.00 3,521.80 Total Contractual Obligations 6,199.90 4,423.60 4,914.40 5,910.50 Capital Lease Year 1 5.60 12.30 13.00 16.10 Capital Lease Year 2 5.70 12.70 13.20 16.50 Capital Lease Year 3 5.80 12.90 13.40 16.70 Capital Lease Year 4 6.00 13.10 13.60 16.80 Capital Lease Year 5 6.00 13.30 13.60 16.80 Capital Lease Beyond Year 5 56.60 172.70 164.80 184.50 Total Capital Lease 85.70 237.00 267.40 Fixed Charge Coverage Ratio 1.90 1.70 2.70 5.00 Fair Value of Derivatives Net 0.40 0.20Capital Leases - Years 2 - 3 11.50 Pension & Post Retirement Liab (Current) 211.60 ARDR Pension & Postretirement Liabs (Cur& NonCur)

275.70

Weighted Average Cost of Options Granted 12.06 10.59 12.72 9.08 14.63Stock Opt Valuation - Risk Free Rate (%) 1.90 2.10 1.90 1.40 2.00Stock Opt Valuation - Expected Life (Yrs) 6.40 6.50 6.50 6.50 6.40Stock Opt Valuation - Expected Volatil (%) 39.60 37.30 28.00 24.30 23.50Stock Opt Valuation - Dividend Yield (%) 4.40 4.50 3.30 3.50 3.00Avg Exercise Price (Options Exercisable) 36.62 42.15 41.29 Avg Exercise Price (Options Outstanding) 41.66 44.18 64.85 45.81 85.83Options Exercisable End of Period 6.50 4.97 4.66 2.47 Capital Lease Interest 31.40 107.20 103.60 107.80 Debt Schedule - Net Unamortized Premium -5.20 10.00 13.40 Debt Schedule - Other Adjustment 1.60 3.60 0.00 Deferred Tax Asset - Valuation Allowance 16.50 13.50 17.00 17.00 Shares Authorized for Repurchase Amount 500.00 500.00 500.00Shares Authorized for Repurchase Number 187.40 187.40 Remaining Shares Auth for RepurchaseAmt

315.60 469.80 370.00

DTA - Net Operating Loss Carryforward 78.00 FV Hedging Derivative Assets - Equity 0.00 0.10FV Non-Hedging Derivative Assets - Equity 0.00 0.10


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 24

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31FV Hedging Derivative Liabilities- Equity 0.10 0.20FV Non-Hedging Derivative Liabs - Equity 0.30 As Reported Data Reference FV HedgingTotal Assets

0.00 0.10

ARDR FV Hedging Total Liabilities 0.10 0.20Fair Value Non Hedging Total Assets 0.00 0.30Fair Value Non Hedging Total Liabilities 0.30 Options at Beginning of Period 11.60 11.23 7.71 6.32 4.01Average Price per Share Repurchased 52.32 48.26 61.49 63.05 84.87UTB Balance at Beginning Period 14.30 UTB Balance at Period End 16.40 Additions for Tax Positions of the Crnt Yr 4.60 Reductions for Tax Positions for Prior Yrs -0.20 Statutes of Limitations under UTB -2.30 Total Derivative Assets 0.00 0.40As Reported Data Reference RestrictedStock Units

0.00 0.10 0.11 0.19 0.26

ARDR Restricted Stock Unit WAvg FV PS 51.19 55.46 57.44 ARDR Capital Lease in Other CurrentLiabilities

3.60 4.00 5.30

ARDR Capital Lease in Other NoncurrentLiabilities

126.20 124.00 154.30

ARDR Remaining # Shares Auth UndRepurch Prog

15.45 5.43

ARDR Number Shares RepurchasedRepurchase Program

0.01 10.02 3.01 3.65 1.18


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 25

Common Size Current Estimate:2018 A Estimate:2019 A For the period ending 2017-10-31 2018-5-31 2019-5-31Total Assets 5,223.50 Total Assets + Cash, Cash Equivalents & STI 2.81 + Cash & Cash Equivalents 2.81 + ST Investments 0.00 + Accounts & Notes Receiv 1.10 + Accounts Receivable, Net 1.10 + Notes Receivable, Net 0.00 + Inventories 3.38 + Raw Materials + Work In Process + Finished Goods + Other Inventory + Other ST Assets 1.96 + Prepaid Expenses 0.06 + Derivative & Hedging Assets 0.01 + Assets Held-for-Sale 0.21 + Deferred Tax Assets + Misc ST Assets 1.68 Total Current Assets 9.25 + Property, Plant & Equip, Net 44.39 + Property, Plant & Equip 83.86 - Accumulated Depreciation 39.47 + LT Investments & Receivables 0.00 + LT Investments + LT Marketable Securities + Other LT Assets 46.36 + Total Intangible Assets 40.63 + Goodwill 22.44 + Other Intangible Assets 18.19 + Derivative & Hedging Assets + Misc LT Assets 5.73 Total Noncurrent Assets 90.75 Total Assets 100.00 Liabilities & Shareholders' Equity + Payables & Accruals 8.69 + Accounts Payable 4.92 + Accrued Taxes 0.22 + Interest & Dividends Payable + Other Payables & Accruals 3.56 + ST Debt 0.00 + ST Borrowings 0.00 + ST Capital Leases + Current Portion of LT Debt + Other ST Liabilities 15.40 + Deferred Revenue 6.76 + Derivatives & Hedging 0.00 + Misc ST Liabilities 8.63 Total Current Liabilities 24.09 + LT Debt 17.93 + LT Borrowings 17.93 + LT Capital Leases


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 26

Current Estimate:2018 A Estimate:2019 A For the period ending 2017-10-31 2018-5-31 2019-5-31 + Other LT Liabilities 18.57 + Accrued Liabilities + Pension Liabilities + Deferred Revenue + Deferred Tax Liabilities 2.91 + Derivatives & Hedging + Misc LT Liabilities 15.66 Total Noncurrent Liabilities 36.50 Total Liabilities 60.59 + Preferred Equity and Hybrid Capital 0.00 + Share Capital & APIC 31.01 - Treasury Stock 0.15 + Retained Earnings 9.86 + Other Equity -1.31 Equity Before Minority Interest 39.41 + Minority/Non Controlling Interest 0.00 Total Equity 39.41 Total Liabilities & Equity 100.00 Reference Items Accounting Standard Publication Date 07/23/2017 Shares Outstanding 2.37 Number of Treasury Shares 0.02 Pension Obligations Future Minimum Operating Lease Obligations Capital Leases - Total Options Granted During Period 0.01 Options Outstanding at Period End 0.08 Net Debt 15.12 Net Debt to Equity 0.73 Tangible Common Equity Ratio -0.04 Current Ratio 0.01 Cash Conversion Cycle -0.03 Number of Employees


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 27

As Reported Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Cash Flow Cash From Operating Activities Net Income - CF 286.20 709.50 375.00 479.10 119.00Depreciation And Amortization - CF 304.40 319.30 290.20 272.90 76.10Deferred Income Taxes - CF -44.90 42.00 -10.80 -22.90 22.40Disposal/Sale of Assets Stock Based Compensation 38.70 53.70 37.30 40.70 8.40Discontinued Operations (Operating) 111.70 -916.40 -57.70 -14.90 -2.30Other Non-Cash Items -4.00 0.20 11.50 13.50 -1.50Change in Inventories -25.60 64.50 -11.80 5.00 2.60Change in Accounts Payable 27.20 -20.90 45.60 -9.00 -5.70Change in Accounts Receivable -1.50 7.80 14.00 -6.50 18.90Change in Prepaid Expenses -20.50 -10.90 -32.10 40.30 4.40Change in Accrued Expenses 0.00 2.20 -1.40 0.40 7.10Change in Deferred/Unearned Revenue -ST

28.80 34.90 46.00 41.60 -33.40

Change in Income Taxes Payable(Receivable)

Change in Other Current Liabilities -15.30 -24.70 -40.70 72.90 -21.90Impairments 16.40 62.10 5.80 -8.40 -0.80Pension/Postretirement Benefits -1.40 -1.50 -26.50 -1.60 -0.40Tax Benefit From Exercise of Stock Option-Oper

0.20 0.10

Change in Accrued Compensation/PayrollExpense

7.50 23.40 -5.90 0.80 -25.20

Other Amortization of Non-Cash Expenses/Gains

13.80 8.60 3.60 1.00 0.10

Change In Other Liabilites 29.50 22.00 23.80 9.60Total Cash Flows From Operations 555.40 874.30 778.00 899.90 174.80Change In Other Assets And Liabilities 18.90 3.80 5.30 -5.00 -2.60Change in Other Current Assets andLiabilities

Gain/(Loss) On Early Extinguishment ofDebt

0.00 91.30 106.80 0.00

Cash From Investing Activities Disposal of Fixed Assets 4.40 67.90 325.20 8.30 2.90Capital Expenditures -414.80 -296.50 -251.60 -293.00 -95.70Proceeds From Investments 8.70 9.70 1.80 3.70 1.00Purchases of Investments -3.00 0.00 0.00 -0.90 Acquisition of Business 0.00 0.00 -764.40 Discontinued Operations (Investing) -144.50 1,986.20 6.30 0.80 Purchase of Assets -31.60 -16.20 -25.30 -4.90Total Cash Flows From Investing -436.30 -235.10 81.70 -1,070.80 -96.70 Cash from Financing Activities Dividends Paid -288.30 -278.90 -268.20 -279.10 -79.10Increase In Short-Term Borrowings 2,616.30 397.40 0.00 0.00 Decrease In St Borrowings -605.00 0.00 0.00 Increase (Decrease) Short-TermBorrowings -Net

-2,573.20

Increase In Long-Term Borrowings 0.00 93.10 0.00 505.70 Decrease In Long-Term Borrowings -2.00 -1,068.10 -1,100.20 -3.90 -1.00Issuance of Common Stock 58.10 159.70 99.30 113.10 15.80Repurchase of Common Stock -0.50 -502.30 -184.80 -230.20 -100.20


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 28

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Debt Financing/Issuance Costs -1.40 0.00 0.00 -4.40 Other Financing Activities 0.90 1.20 315.60 0.80 0.10Net Change In Cash 10.10 437.60 -261.10 -41.70 -86.30Purchase of Treasury Stock Cash and Cash Equivalents (End of Period) 98.30 535.90 274.80 233.10 146.80Discontinued Operations (Financing) Cash and Cash Equivalents (Beg of Period) 88.20 98.30 535.90 274.80 233.10Tax Benefit From Stock Options - Financing 10.90 18.40 17.50 27.20 0.00Total Cash Flows From Financing -179.20 -1,784.50 -1,120.80 129.20 -164.40 Reference Items Cash Paid For Taxes 90.00 290.70 128.00 106.20 0.30Tax Benefit Exercise of Stock Option-Oper Cash Paid For Interest 117.50 142.80 140.80 37.00 7.10


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 29

Growth Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-311 Year Growth Revenue 2.51 3.41 12.93 12.09 4.28EBITDA 32.83 4.16 9.86 Operating Income 69.26 8.89 8.18 Net Income to Common -47.15 27.76 7.99 EPS Diluted -46.98 31.03 6.90 EPS Diluted before XO 84.11 37.77 7.95 EPS Diluted before Abnormal 32.96 8.96 16.54 Dividend per Share -4.55 6.67 12.50 Accounts Receivable -17.95 18.59 2.31 Inventory 7.02 2.00 8.96 Fixed Assets -36.51 11.30 13.90 Total Assets -23.56 20.11 19.52 Modified Working Capital Working Capital -161.44 -33.42 -48.72 Employees 0.00 19.15 Accounts Payable 21.68 3.14 19.94 Short-Term Debt -78.49 32.50 Total Debt -64.44 92.99 112.77 Total Equity -16.35 7.67 14.29 Capital -35.89 26.90 33.63 Book Value per Share -16.02 8.36 13.74 Cash From Operations 65.18 15.67 5.24 Capital Expenditures -15.14 16.45 59.23 Net Change In Cash 84.03 46.10 Free Cash Flow 201.66 15.29 -25.38 Cash Flow to Firm 1.58 Free Cash Flow to Firm -4.05 5 Year Growth Revenue -1.56 -2.16 -0.99 EBITDA -2.92 -2.68 -1.25 Operating Income -3.44 -1.74 0.03 Net Income to Common -4.67 0.15 1.44 EPS Diluted -3.07 1.26 1.82 EPS Diluted before XO -4.00 1.36 2.25 EPS Diluted before Abnormal 0.73 1.60 2.86 Dividend per Share 10.41 5.43 4.73 Accounts Receivable -0.43 1.23 -0.48 Inventory -10.18 -15.04 -15.28 Fixed Assets -10.83 -10.47 -10.49 Total Assets -3.47 -1.53 -2.80 Modified Working Capital -52.31 Employees Accounts Payable -0.76 -0.87 -4.97 Short-Term Debt -53.64 -61.33 -100.00 Total Debt -19.21 -12.36 -14.94 Total Equity 0.16 2.67 2.05 Total Capital 5 Year Growth -6.81 -4.20 -5.45 Book Value per Share 1.46 3.26 2.85


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 30

Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31 Cash From Operations -2.71 3.39 -7.14 Net Change In Cash Free Cash Flow 8.82 37.83 -5.31 Cash Flow to Firm Free Cash Flow to Firm Sequential Growth Revenue 2.51 3.41 0.08 EBITDA 32.83 4.16 4.16 Operating Income 69.26 8.89 2.53 Net Income to Common -47.15 27.76 -3.88 EPS Diluted -46.98 31.03 -5.10 EPS Diluted before XO 84.11 37.77 -4.04 EPS Diluted before Abnormal 32.96 8.96 -9.17 Dividend per Share -4.55 6.67 12.50 Accounts Receivable -17.95 18.59 -24.11 Inventory 7.02 2.00 -1.45 Fixed Assets -36.51 11.30 2.05 Total Assets -23.56 20.11 -5.10 Modified Working Capital -105.80 -532.08 Working Capital Employees 0.00 19.15 Accounts Payable 21.68 3.14 2.93 Short-Term Debt -78.49 32.50 -100.00 Total Debt -64.44 92.99 -14.56 Total Equity -16.35 7.67 -2.05 Capital -35.89 26.90 -6.34 Book Value per Share -16.02 8.36 -0.68 Cash From Operations 65.18 15.67 -16.96 Capital Expenditures -15.14 16.45 21.14 Net Change In Cash -159.67 Free Cash Flow 201.66 15.29 -39.85 Cash Flow to Firm 1.58 -15.51 Free Cash Flow to Firm -4.05 -35.98


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 31

Credit Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Short and Long Term Debt 568.00 1,096.20 936.60 Short-Term Debt 4.00 5.30 0.00 Long Term Debt 564.00 1,090.90 936.60 Total Debt/T12M EBITDA 0.62 1.15 0.96 0.98 0.92Net Debt/EBITDA 0.32 0.91 0.81 0.49 0.41 Total Debt/EBIT 0.91 1.62 1.36 Net Debt/EBIT 0.47 1.27 1.14 EBITDA to Interest Expense 5.26 22.90 16.71 EBITDA-CapEx/Interest Expense 3.79 15.22 10.33 EBIT to Interest Expense 3.58 16.33 11.63 EBITDA/Cash Interest Paid 6.48 25.69 35.30 EBITDA-CapEx/Cash Interest Paid 4.69 17.77 21.82 EBIT/Cash Interest Paid 4.42 18.31 24.58 Cash Interest Paid 140.80 37.00 37.30 Interest Expense 173.60 41.50 Common Equity/Total Assets 42.60 38.18 39.41 Long-Term Debt/Equity 28.89 51.91 45.49 Long-Term Debt/Capital 22.38 34.11 29.71 Long-Term Debt/Total Assets 12.31 19.82 17.26 Total Debt/Equity 29.10 52.16 45.49 Total Debt/Capital 22.54 34.28 31.27 Total Debt/Total Assets 12.39 19.92 17.93 Net Debt/Equity 15.02 41.07 38.36 Net Debt/Capital 13.06 29.11 27.73 EBITDA 912.40 950.40 972.90 1,116.55 1,193.82EBITDA-CapEx 660.80 657.40 644.30 EBIT 622.20 677.50 690.70 811.79 881.84


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 32

Liquidity Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Cash Ratio 0.06 0.45 0.23 0.18 0.12Current Ratio 1.22 0.88 0.69 0.62 0.38Quick Ratio 0.11 0.51 0.29 0.24 0.16CFO/Avg Current Liab 0.51 0.33 0.65 0.73 0.76Common Equity/Total Assets 30.45 38.93 42.60 38.18 39.41 Long-Term Debt/Equity 114.21 67.65 28.89 51.91 45.49Long-Term Debt/Capital 50.87 40.16 22.38 34.11 29.71Long-Term Debt/Total Assets 34.78 26.33 12.31 19.82 17.26 Total Debt/Equity 124.53 68.44 29.10 52.16 45.49Total Debt/Capital 55.46 40.63 22.54 34.28 31.27Total Debt/Total Assets 37.92 26.64 12.39 19.92 17.93 CFO/Total Liabilities 15.63 12.86 29.58 26.45 5.52CFO/CapEx 1.86 1.59 3.09 3.07 1.83Altman's Z-Score 2.42 3.38 4.92 4.86 5.04 Total Line of Credit 750.00 750.00 750.00 750.00 750.00 Total Available Line Of Credit 542.40 750.00 750.00 750.00 750.00 Total Credit Lines Drawn 207.60 0.00 0.00 0.00 0.00 Total Commercial Paper Outstanding 207.60 0.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 33

Working Capital Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Accounts Receivable Turnover 74.30 83.61 97.65 102.50 129.80 Days Sales Outstanding 4.90 4.44 3.73 3.55 2.80Inventory Turnover 18.03 29.62 31.79 31.62 34.19 Days Inventory Outstanding 20.19 12.53 11.45 11.51 10.65Accounts Payable Turnover 18.24 24.58 24.52 22.81 24.61 Accounts Payable Turnover Days 19.95 15.09 14.84 15.96 14.79 Cash Conversion Cycle 5.14 1.87 0.34 -0.89 -1.34Inventory to Cash Days 25.09 16.96 15.18 15.06 13.45 Total Inventory 196.80 163.90 175.40 178.90 176.30 Inventory Raw Materials Inventory In Progress Inventory Finished Goods Other Inventory


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 34

Yield Analysis Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31T12 Cash Flows to Equity + Cash From Operations 778.00 899.90 908.60 952.51 1,014.66+ Capital Expenditures -251.60 -293.00 -328.60 Free Cash Flow 526.40 606.90 580.00 530.01 584.66Market Capitalization 8,515.98 11,028.93 10,174.60 Free Cash Flow Yield 6.12 5.55 5.67 Dividends Paid -268.20 -279.10 -287.70 Net Share Repurchases -68.00 -89.90 17.40 Net ST Debt Repayments 0.00 0.00 0.00 Net LT Debt Repayments -1,100.20 501.80 501.80 Other Financing Activities 315.60 -3.60 -3.60 T12 Cash to Suppliers of Capital -1,120.80 129.20 227.90 Market Capitalization 8,515.98 11,028.93 10,174.60 T12 Shareholder Yield 13.16 -1.17 -2.20 - Dividends Paid -268.20 -279.10 -287.70 - Net Share Repurchases -68.00 -89.90 17.40 T12 Cash to Shareholders 336.20 369.00 270.30 Market Capitalization 8,515.98 11,028.93 10,174.60 T12 Shareholder Yield, Ex Debt 3.95 3.35 2.61 T12 Cash Flows to the Firm + Cash From Operations 778.00 899.90 908.60 952.51 1,014.66+ Capital Expenditures -251.60 -293.00 -328.60 + After-Tax Interest Expense 138.86 31.42 Trailing 12M Free Cash Flow To Firm 665.26 638.32 Periodic Enterprise Value 8,809.18 11,892.03 10,964.40 T12 FCFF Yield 7.55 5.37 - Dividends Paid -268.20 -279.10 -287.70 - Net Share Repurchases -68.00 -89.90 17.40 - Net ST Debt Repayments 0.00 0.00 0.00 - Net LT Debt Repayments -1,100.20 501.80 501.80 - Other Financing Activities 315.60 -3.60 -3.60 T12 Cash to Suppliers of Capital -1,120.80 129.20 227.90 Periodic Enterprise Value 8,809.18 11,892.03 10,964.40 T12 Capital Yield 12.72 -1.09 -2.05


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 35

DuPont Analysis Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31Tax Burden Net Inc to Comn/Pre-Tax Profit % 83.39 75.18 75.60 Adjustment Factor Normlzd Net Inc/Net Inc to Cmn 1.23 1.02 1.04 Interest Burden Pre-Tax Profit/EBIT % 72.15 93.89 Operating Margin EBIT/Revenue % 8.99 9.47 Asset Turnover Revenue/Avg Assets 1.31 1.42 1.54 Leverage Ratio Avg Assets/Avg Equity 2.47 2.49 2.58 Adjusted Return on Equity 21.49 24.10 26.27 5 Year Average Adj ROE 17.19 16.97 24.62 Payout Ratio 74.56 57.84 65.21 56.84 55.31Sustainable Growth Rate 4.45 9.96 8.79


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 36

By Segment Restated:2013 A Restated:2014 A Original:2015 A Original:2016 A Original:2017 A For the period ending 2013-5-26 2014-5-25 2015-5-31 2016-5-29 2017-5-28Olive Garden Revenue 3,680.00 3,643.10 3,789.60 3,838.60 3,938.60 Goodwill 49.50 49.40 49.30 49.30 49.30 Number of Locations 828.00 837.00 846.00 843.00 846.00 Intangible Assets 307.80 307.80 307.80 307.80 Same Store Sales % -2.20 -6.00 Average Ticket 20.50 LongHorn Steakhouse Revenue 1,230.00 1,383.90 1,544.70 1,587.70 1,622.20 Number of Locations 430.00 464.00 480.00 481.00 490.00Other Business Revenue 817.00 929.60 993.10 1,073.80 Same Store Sales % 1.20 -2.20 2.30 4.70 0.00 Number of Locations 31.00 38.00 43.00 40.00 41.00 Sales Per Location 5.70 5.70 6.00 6.10 Average Ticket 40.75 39.50 45.00 45.00 45.00 Segment Profit 182.00Fine Dining Revenue 441.60 500.10 514.10 535.60 Same Store Sales % 1.20 2.70 4.40 3.50 1.20 Sales Per Location 3.10 3.20 3.30 3.30 Average Ticket 18.75 19.00 20.00 20.50 21.00 Segment Profit 105.00The Specialty Restaurant Group's Assets 871.60 865.60 857.00 869.90 Depreciation and Amortization 24.30 26.40 27.10 29.10 Capital Expenditures -42.30 -22.90 -21.40 -41.10 Goodwill 329.40 Intangible Assets 375.00 Revenue 982.00 Other Revenues Assets 1,087.30 1,054.60 987.60 1,964.70 Depreciation and Amortization 42.70 47.30 50.50 55.40 Capital Expenditures -123.10 -83.40 -60.50 -62.70 Revenue 29.00 Olive Garden Assets 1,717.30 1,625.10 939.20 949.20 Depreciation and Amortization 149.60 149.80 124.10 123.30 Capital Expenditures -131.90 -118.90 -95.60 -131.40 Intangible Assets 0.60 Segment Profit 761.80LongHorn Steakhouse Assets 1,280.30 1,261.10 969.20 948.90 Depreciation and Amortization 66.70 71.60 67.90 65.10 Capital Expenditures -114.40 -67.40 -46.90 -54.10 Segment Profit 280.90Corporate Assets 2,126.20 1,188.30 829.60 771.50 Depreciation and Amortization 21.10 24.20 20.60 0.00 Capital Expenditures 3.10 3.90 -3.90 -3.70The Capital Grille Goodwill 401.70 401.70 401.70 401.60 401.60 Same Store Sales % -1.50 -3.40 1.30 3.10 2.60


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 37

Restated:2013 A Restated:2014 A Original:2015 A Original:2016 A Original:2017 A For the period ending 2013-5-26 2014-5-25 2015-5-31 2016-5-29 2017-5-28 Intangible Assets 147.00 147.00 147.00 147.00 Sales Per Location 4.40 4.40 4.50 4.70 Average Ticket 16.50 16.50 17.00 17.50 18.00 Number of Locations 705.00 706.00 Eddie V's Goodwill 22.10 22.00 22.00 22.00 22.00 Number of Locations 12.00 15.00 16.00 16.00 18.00 Intangible Assets 10.50 10.50 10.50 10.50 Sales Per Location 6.00 6.30 6.60 6.80 Average Ticket 88.00 88.00 90.00 91.00 93.00Olive Garden Goodwill 30.20 30.20 30.20 30.20 30.20 Same Store Sales % 3.30 3.40 4.80 3.90 0.40 Number of Locations 33.00 37.00 36.00 37.00 37.00 Sales Per Location 7.10 7.20 7.60 7.60 Average Ticket 71.25 69.00 75.00 77.00 79.50Yard House Goodwill 369.80 369.20 369.20 369.20 369.20 Same Store Sales % 0.30 3.80 2.30 -0.20 Number of Locations 44.00 52.00 59.00 65.00 67.00 Intangible Assets 109.30 109.30 109.30 109.30 Sales Per Location 8.20 8.30 8.20 8.10 Average Ticket 31.00 31.50 32.00Bahama Breeze Same Store Sales % 0.20 4.10 1.80 4.80 2.20 Number of Locations 49.00 54.00 54.00 54.00 56.00 Sales Per Location 5.60 5.70 5.90 6.00 Average Ticket 23.50 23.75 26.00 27.00 28.50 Goodwill 35.00 Eddie V's Same Store Sales % 1.10 5.40 1.80 1.50Cheddar's Scratch Kitchen Number of Locations 140.00Synergy Restaurant-Company-owned Number of Locations 6.00 4.00 0.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 38

Benchmark Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Return on Common Equity 17.50 23.64 25.28 24.72 27.93Return on Capital 15.93 17.86 Operating Margin 8.97 9.45 9.34 10.10 10.52Price/EPS 18.96 22.68 20.50 18.52 16.85Price/Book 4.36 5.25 4.94 37.03 7.66Periodic EV to Trailing 12M EBITDA 9.65 12.51 11.27 9.82 9.18Net Debt/EBITDA 0.32 0.91 0.81 0.49 0.41


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 39

Contractual Obligations Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31Debt Schedule Debt Schedule In Yr 1 0.00 0.00 Debt Schedule In Yr 2 0.00 0.00 Debt Schedule In Yr 3 0.00 0.00 Debt Schedule In Yr 4 0.00 0.00 Debt Schedule In Yr 5 0.00 0.00 Debt Schedule - Years 2 - 3 0.00 0.00 Debt Schedule - Years 4 - 5 0.00 0.00 Debt Schedule - Years 2 - 5 0.00 0.00 Debt Schedule Beyond Yr 5 450.00 950.00 Debt Schedule - Total Debt 450.00 936.60 Net Debt 293.20 863.10 789.80 543.25 489.25 Capital Leases Schedule Capital Leases - Year 1 13.00 16.10 Capital Leases - Year 2 13.20 16.50 Capital Leases - Year 3 13.40 16.70 Capital Leases - Year 4 13.60 16.80 Capital Leases - Year 5 13.60 16.80 Capital Leases - Years 2 - 3 26.60 33.20 Capital Leases - Years 4 - 5 27.20 33.60 Capital Leases - Years 2 - 5 53.80 66.80 Capital Leases Beyond Year 5 164.80 184.50 Total Future Value of Capital Leases 231.60 267.40 Capital Lease Interest 103.60 107.80 Present Value of ST Capital Leases 4.00 5.30 Present Value of LT Capital Leases 124.00 154.30 Total Present Value of Capital Leases 128.00 159.60 Operating Leases (Rental Expense)Schedule

Rental Expense - Year 1 297.60 333.90 Rental Expense - Year 2 287.60 323.20 Rental Expense - Year 3 271.50 307.60 Rental Expense - Year 4 255.20 285.80 Rental Expense - Year 5 232.80 260.20 Rental Expense - Years 2 - 3 559.10 630.80 Rental Expense - Years 4 - 5 488.00 546.00 Rental Expense - Years 2 - 5 1,047.10 1,176.80 Rental Expense Beyond Year 5 1,484.60 1,645.40 Future Min Oper Lease Obligations 2,829.30 3,156.10 Contractual Obligations Schedule Contractual Obligations - Year 1 687.20 756.60 Contractual Obligations- Years 2-3 757.80 862.50 Contractual Obligations- Years 4-5 670.40 769.60 Contractual Obligations - Years 2 - 5 1,428.20 1,632.10 Contractual Obligations - Beyond Year 5 2,799.00 3,521.80 Total Contractual Obligations 4,914.40 5,910.50 Purchase Obligations 378.60 377.60 Lines of Credit


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 40

Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31 Total Line of Credit 750.00 750.00 750.00 Line Of Credit Utilized 0.00 0.00 0.00 Total Available Line of Credit 750.00 750.00 750.00 Commercial Paper Total Commercial Paper Issued Contingent Liabilities 3,207.90 3,835.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 41

Pension Analysis Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Pension Net Periodic Cost Pension Expense (Income) 6.10 4.60 -1.10 17.30 17.70Service Cost 4.40 1.10 0.00 0.00 0.00Interest Cost 10.20 10.00 10.60 10.10 9.70Expected Return on Plan Assets -17.10 -15.20 -14.50 -16.00 -15.10 Other Postretirement Cost Other Postretirement Benefits Expense(Income)

2.00 -0.50 -2.60 -2.30 -2.30

Service Cost 0.70 0.50 0.20 0.20 0.20Interest Cost 1.40 1.00 0.80 0.60 0.60Expected Return on Plan Assets 0.00 0.00 Pension Funded Status Fair Value of Plan Assets 243.90 236.60 242.00 207.70 Projected Benefit Obligation 283.90 288.40 298.50 252.30 Over(Under) Funded Pension -40.00 -51.80 -56.50 -44.60 Actual Return (Loss) on Plan Assets 22.70 16.70 -4.10 19.50 Employer Contribution 0.40 0.40 25.40 0.40 Benefits Paid -13.30 -8.60 -15.90 -10.00 Accumulated Benefit Obligation 283.30 288.40 298.50 252.30 Pension Funding Ratio 85.91 82.04 81.07 82.32 PBO to Market Capitalization 4.33 3.47 3.51 2.29 Other Postretirement Funded Status Fair Value of Plan Assets 0.00 0.00 0.00 0.00 Projected Benefit Obligation 38.50 18.00 19.90 20.80 Over(Under) Funded Post Ret Benefits -38.50 -18.00 -19.90 -20.80 Actual Return (Loss) on Plan Assets 0.00 Employer Contribution 0.90 1.10 1.10 1.20 Benefits Paid -1.40 -1.50 -1.10 -1.20 Other Post-Retirement Funding Ratio 0.00 0.00 0.00 0.00 Other Post-Retirement PBO to Market Cap 0.59 0.22 0.23 0.19 Actuarial Assumptions Pension Expected Rate Of Return On Plan Assets(Pension)

8.00 7.00 6.50 6.50

Discount Rate used on Plan Liabilities 4.60 4.41 4.43 4.06 Rate of Compensation Increase 3.86 3.86 0.00 0.00 Other Postretirement Benefits Discount Rate used on Plan Liabilities 4.45 4.22 4.00 3.98 Health Care Cost Trend Projected(nextyear)

6.80

Pension Plan Asset Allocation (Amt) Fair Value of Plan Assets 243.90 236.60 242.00 207.70 Asset Category - Cash (Amt) 2.70 1.80 2.10 0.50 Asset Category - Debt (Amt) 71.10 88.20 109.20 103.00 Asset Category - Equities (Amt) 132.00 114.60 112.90 104.20 Asset Category - Alt Investments (Amt)


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 42

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Asset Category - Real Estate (Amt) 10.50 6.90 7.50 Asset Category - Other (Amt) 27.60 25.10 10.30 Pension Plan Asset Allocation Fair Value of Plan Assets 243.90 236.60 242.00 207.70 Asset Category - Cash % 1.11 0.76 0.87 0.24 Asset Category - Debt % 29.15 37.28 45.12 49.59 Asset Category - Equities % 54.12 48.44 46.65 50.17 Asset Category - Alt Investments % Asset Category - Real Estate % 4.31 2.92 3.10 0.00 Asset Category - Other % 11.32 10.61 4.26 0.00 Asset Category - Leverage % Pension Plan Asset Allocation Target % Asset Category - Debt (Target Allocation %) 40.00 40.00 Asset Category - Equities (Target Allocation%)

55.50 57.00

Asset Category - Real Estate (TargetAllocation %)

4.50 3.00

Expected Pension Payments Year 1 21.20 10.20 12.50 11.40 Year 2 10.20 10.70 12.60 12.50 Year 3 10.60 11.00 13.00 12.80 Year 4 11.10 11.50 13.70 13.10 Year 5 11.50 12.30 14.20 13.30 Beyond Year 5 68.70 72.50 79.30 71.70 Expected Postretirement Benefits Year 1 1.10 1.10 1.30 1.30 Year 2 1.20 1.10 1.30 1.30 Year 3 1.20 1.00 1.30 1.30 Year 4 1.30 1.00 1.30 1.30 Year 5 1.40 1.00 1.30 1.30 Beyond Year 5 8.50 4.70 6.20 6.60


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 43

Options Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Options Activity Options Granted During Period 1.70 1.15 0.44 0.58 0.35Options Exercised 1.80 4.16 2.61 2.72 0.35Options Cancelled Forfeited or Expired 0.30 0.51 0.19 0.17 0.02 Options Cancelled/Forfeited 0.30 0.51 0.19 0.17 0.02Options Adjustment 0.00Options Outstanding End Of Period 11.20 7.71 6.32 4.01 3.99Options Exercisable End of Period 6.50 4.97 4.66 2.47 Price Weighted Average Fair Value per Option 12.06 10.59 12.72 9.08 14.63 Stock Option Valuation Model 1.00 1.00 1.00 1.00 1.00 Assumptions Stock Opt Valuation - Risk Free Rate (%) 1.90 2.10 1.90 1.40 2.00Stock Opt Valuation - Expected Life (Yrs) 6.40 6.50 6.50 6.50 6.40Stock Opt Valuation - Expected Volatil (%) 39.60 37.30 28.00 24.30 23.50Stock Opt Valuation - Dividend Yield (%) 4.40 4.50 3.30 3.50 3.00 Stock Expense Expense For Stock-Based Compensation 38.70 53.70 37.30 40.70 42.90Stock Option Expense (After Tax)


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 44

Employee Data Original:2012 A Restated:2014 A Original:2015 A Original:2016 A Original:2017 A For the period ending 2012-5-27 2014-5-25 2015-5-31 2016-5-29 2017-5-28Number of Employees 181,468.00 206,000.00 150,000.00 150,000.00 178,729.00Employees - 1 Yr Growth 1.66 -27.18 0.00 19.15Sales per Employee 44,077.74 30,512.62 45,093.33 46,223.33 40,117.72Actual Net Income per Employee 2,620.30 1,389.32 4,730.00 2,500.00 2,680.59Actual Assets per Employee 32,756.19 34,382.04 39,964.67 30,550.67 30,796.35Actual Cash Flow per Employee 4,197.43 3,738.35 3,140.00 5,186.67 5,035.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 45

Fixed Charge Original:2016 A Original:2017 A Current Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-10-31 2018-5-31 2019-5-31EBIT/Interest Expense 3.58 16.33 11.63 EBIT/Total Interest Expense 3.57 15.68 11.63 Degree of Financial Leverage 1.39 1.07 1.09 EBITDA less CAPEX /Interest Exp 3.79 15.22 10.33 EBITDA/Total Interest Expense 5.23 22.00 16.71 T12M CFO/Total Debt 1.37 0.82 0.97 T12M FCF/Total Debt 0.93 0.55 0.62 Operating Income/Total Debt 1.10 0.62 0.19 Total Debt/T12M EBITDA 0.62 1.15 0.96 0.98 0.92Net Debt to T12M EBITDA 0.32 0.91 0.81 0.49 0.41


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 46

CAPEX & Depreciation Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Depreciation Expenses 253.30 Depr Exp / Net Sales 3.53 Depr Exp / Net Fixed Assets 0.12 Accum Depr / Total Assets 28.95 38.44 39.69 36.28 39.47Accum Depr / Gross Fixed Assets 37.75 41.75 47.12 46.77 47.06Capitalized Int Exp 2.60 1.30 0.70 1.70 Cap Interest/Pretax Income 1.49 0.74 0.16 0.27 Capital Expenditures -414.80 -296.50 -251.60 -293.00 -328.60CAPEX/Sales 6.60 4.38 3.63 4.09 4.94CAPEX/Total Assets 5.92 4.53 4.76 5.81 6.85Capital Expend / Depr Exp 1.16 Total Capital Expenditures - 1 Yr Growth -18.68 -28.52 -15.14 16.45 59.23Average Age of Assets in Years 7.88


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 47

Overview Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Accounting Standard US GAAP US GAAP Number of Employees 150,000.00 178,729.00 Last Price 67.48 87.95 82.27 Shares Outstanding 126.20 125.40 123.67 Market Capitalization 8,515.98 11,028.93 10,174.60 Revenue 6,933.50 7,170.20 7,391.90 8,036.96 8,381.17EBITDA 912.40 950.40 972.90 1,116.55 1,193.82Trailing 12M EBITDA Margin 13.16 13.25 13.16 13.89 14.24Net Income (Losses) 375.00 479.10 487.90 556.67 610.33Trailing 12M Earnings per Share 3.56 3.88 4.01 4.44 4.88Price/T12M Earnings per Share 18.96 22.68 20.50 18.52 16.85 Dividends per Share 2.10 2.24 2.31 2.53 2.70Dividend Payout Ratio 74.56 57.84 65.21 56.84 55.31Dividend Yield 3.11 2.55 2.89 Net Fixed Assets 2,041.60 2,272.30 2,318.80 Total Assets 4,582.60 5,504.20 5,223.50 Total Liabilities 2,630.60 3,402.50 3,164.80 Total Equity 1,952.00 2,101.70 2,058.70 Book Value per Share 15.47 16.76 16.65 2.22 10.74Price/Book Value per Share 4.36 5.25 4.94 37.03 7.66Net Tangible Assets per Share 4.00 -1.05 -0.52 Altman's Z-Score 4.92 4.86 5.04 Cash From Operations 778.00 899.90 908.60 Cash Flow per Share 6.11 7.24 7.30 7.66 8.16Free Cash Flow 526.40 606.90 580.00 439.07 492.33Free Cash Flow per Basic Share 4.13 4.88 4.66 Net Changes in Cash -261.10 -41.70 32.10


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 48

As Reported Summary Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Income Statement Revenues Total Revenue 6,933.50 7,170.20 1,936.10Revenues 6,285.60 6,764.00 6,933.50 7,170.20 1,936.10 Expenses Total Operating Expenses 5,976.70 6,396.40 6,311.30 6,492.70 1,761.60 Earnings Operating Income 308.90 367.60 622.20 677.50 174.50Net Income 286.20 709.50 375.00 479.10 119.00 Balance Sheet Assets Total Current Assets 1,056.40 820.30 799.80 483.00Total Assets 7,082.70 5,994.70 4,582.60 5,504.20 5,223.50 Liabilities Total Current Liabilities 1,618.50 1,196.70 1,187.10 1,289.20 1,258.30Total Liabilities 4,925.80 3,661.20 2,630.60 3,402.50 3,164.80 Stockholder Equity Total Shareholders Equity 2,156.90 2,333.50 1,952.00 2,101.70 2,058.70Total Liabilities and Shareholders Equity 7,082.70 5,994.70 4,582.60 5,504.20 5,223.50 Cash Flows Cash From Operating Activities Total Cash Flows From Operations 555.40 874.30 778.00 899.90 174.80 Cash From Investing Activities Total Cash Flows From Investing -436.30 -235.10 81.70 -1,070.80 -96.70 Cash from Financing Activities Total Cash Flows From Financing -179.20 -1,784.50 -1,120.80 129.20 -164.40Net Change In Cash 10.10 437.60 -261.10 -41.70 -86.30


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 49

Dividend Summary Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Dividends per Share 2.10 2.24 2.31 2.53 2.70Dividends per Share - 5 Yr Geo Growth 10.41 5.43 4.73 Dividend Yield 3.11 2.55 2.89 Dividend Payout Ratio 74.56 57.84 65.21 56.84 55.31Cash Dividend Coverage 1.34 1.73 1.53 Dividends Paid -268.20 -279.10 -287.70 Total Cash Preferred Dividends 0.00 0.00 0.00 Total Cash Common Dividends 268.20 279.10 287.70 Trailing 12M Preferred Dividends 0.00 0.00 0.00 Trailing 12M Common Dividends 268.20 279.10 287.70 Trailing 12M Dividends Per Share 2.10 2.24 2.31


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 50

Sources of Capital Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27 Net Change Short Term Debt 58.10 -204.00 -14.60 1.30 0.00 Net Change Long Term Debt -85.30 -884.90 -1,014.50 526.90 496.40 Net Change in Other Liabilities 75.60 -175.70 -1.50 243.70 99.40Net Change in Liabilities 48.40 -1,264.60 -1,030.60 771.90 595.80Net Change in Liabilities % of Total 33.20 116.23 72.98 83.76 69.83 Reinvested Earnings -2.10 430.60 106.80 200.00 200.20 External Equity Financing 99.50 -254.00 -488.30 -50.30 -82.90Net Change in Total Equity 97.40 176.60 -381.50 149.70 -43.00Increase In Equity % of Total 66.80 -16.23 27.02 16.24 15.32 Total Lines of Credit 750.00 750.00 750.00 750.00 750.00 Total Available Lines Of Credit 542.40 750.00 750.00 750.00 750.00Capital Employed 3,738.30 3,075.50 1,674.80 1,782.90 1,543.50


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 51

Comprehensive Income Original:2016 A Original:2017 A Current/LTM Estimate:2018 A Estimate:2019 A For the period ending 2016-5-29 2017-5-28 2017-8-27 2018-5-31 2019-5-31Net Income 375.00 479.10 487.90 556.67 610.33 + Foreign Curr Transl Adj - OtherCompreh Income

0.50 0.50 0.00

+ Unrealized Gain (Loss) 23.00 4.30 4.20 + Pension Related Adjust OtherComprehensive Inc

0.00 0.00

+ Oth Adj-Oth Comp Inc -23.90 19.30 19.10 + Inc Tax Exp-Oth Comp Inc 0.00 0.00 0.00 Comprehensive Income 374.60 503.20 511.20 Basic Comprehensive EPS 2.94 4.05 4.11 Basic EPS 2.94 3.85 3.92 4.39 4.87 Basic Weighted Avg Shares 127.40 124.30 125.20


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 52

Overview Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31ESG Disclosure Score 41.63 36.36 34.93 32.54 32.54 Environmental Environmental Disclosure Score 31.25 25.00 14.58 15.63 15.63Direct CO2 Emissions Total GHG Emissions Total Energy Consumption 3,256.55 Total Water Use Total Waste 6,073.26 Social Social Disclosure Score 43.86 38.60 49.12 38.60 38.60Number of Employees 206,489.00 150,000.00 150,000.00 175,000.00 % Employees Unionized 0.00 0.00 0.00 0.00 % Women in Workforce 53.00 52.00 52.00 53.00 % Women in Mgt 37.00 % Minorities in Workforce 47.00 48.00 48.00 50.00 % Minorities in Mgt 30.00 Community Spending 2.20 Governance Governance Disclosure Score 57.14 53.57 55.36 55.36 55.36Size of the Board 12.00 14.00 10.00 8.00 Indep Directors 11.00 13.00 9.00 7.00 % Indep Directors 91.67 92.86 90.00 87.50 Board Duration (Years) 1.00 1.00 1.00 1.00 # Board Meetings 14.00 19.00 8.00 5.00 Board Mtg Attendance 75.00 75.00 75.00 75.00 Political Donations 0.53 0.37


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 53

Environmental Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Environmental Disclosure Score 31.25 25.00 14.58 15.63 15.63Scope of Disclosure Reporting Basis Consistent? n/a n/a n/a n/a Direct CO2 Emissions Methane Emissions (Th Tonnes) Direct Nitrous Oxide Emissions Travel Emissions (Th Tonnes) Direct Methane Emissions in CO2Equivalent

Direct Nitrous Oxide Emissions in CO2Equivalent

Direct HFC Emissions in CO2 Equivalent GHG Scope 1 GHG Scope 2 Total GHG Emissions GHG Scope 3 Total Energy Consumption 3,256.55 Electricity Used Fuel Used - Natural Gas Fuel Used - Oil/Diesel Total Water Use Total Water Withdrawal 20,349.10 Municipal Water Use Water Discharged Total Waste 6,073.26 Waste Recycled 1,719.07 Renewable Electricity Target Policy No No No No Energy Efficiency Policy Yes Yes Yes Yes Emissions Reduction Initiatives Yes Yes No No Environmental Supply Chain Management No Yes Yes Yes Green Building Policy Yes Yes Yes Yes Waste Reduction Policy Yes Yes Yes Yes Water Policy Yes Yes Yes Yes Sustainable Packaging Yes Yes No No Environmental Quality Management Policy Yes Yes No No Climate Change Opportunities Discussed No No No No Risks of Climate Change Discussed Yes Yes Yes No Climate Change Policy Yes Yes No Yes New Products - Climate Change No No No No Biodiversity Policy No No No No Verification Type No No No No


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 54

Social Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Social Disclosure Score 43.86 38.60 49.12 38.60 38.60Number of Employees 206,489.00 150,000.00 150,000.00 175,000.00 % Employees Unionized 0.00 0.00 0.00 0.00 % Women in Workforce 53.00 52.00 52.00 53.00 % Women in Mgt 37.00 % Minorities in Workforce 47.00 48.00 48.00 50.00 % Minorities in Mgt 30.00 Social Supply Chain Management Yes Yes Yes Yes Sustain Sup Guidelines Encomp ESG AreaPub Disclsd

Yes Yes Yes Yes

Community Spending 2.20 Gender Pay Gap Breakout No n/a No No Health and Safety Policy Yes Yes Yes Yes Fair Remuneration Policy No No No No Training Policy Yes Yes Yes Yes Employee CSR Training No No No No Equal Opportunity Policy Yes Yes Yes Yes Human Rights Policy Yes Yes Yes Yes Policy Against Child Labor Yes Yes Yes Yes Business Ethics Policy Yes Yes Yes Yes Anti-Bribery Ethics Policy Yes Yes Yes Yes Employee Protection / Whistle BlowerPolicy

Yes Yes Yes Yes

UN Global Compact Signatory No No No No Bloomberg Gender-Equality Index


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 55

Governance Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Governance Disclosure Score 57.14 53.57 55.36 55.36 55.36 Board Structure Size of the Board 12.00 14.00 10.00 8.00 Unitary or Two Tier Board System 1.00 1.00 1.00 1.00 # Employee Representatives on Board 0.00 0.00 0.00 0.00 Classified Board System No No No No Board Independence # Non Exec Dir on Board 11.00 13.00 9.00 7.00 % Non Exec Dir on Board 91.67 92.86 90.00 87.50 # Independent Directors 11.00 13.00 9.00 7.00 % Independent Directors 91.67 92.86 90.00 87.50 CEO Duality Yes No No No Independent Chairperson No Yes Yes No Independent Lead Director Yes No No No Presiding Director No No No No Former CEO or its Equivalent on Board No No No No Board & Exec Diversity # Women on Board 2.00 3.00 3.00 2.00 % Women on Board 16.67 21.43 30.00 25.00 Female Chief Executive Officer orEquivalent

No No No No

Female Chairperson or Equivalent No No No No # Executives / Company Mgrs 12.00 8.00 5.00 6.00 CEO or Equivalent Appointed from Within Yes Yes Yes Yes # Female Executives 4.00 2.00 1.00 0.00 % Female Executives 33.33 25.00 20.00 0.00 Age of the Youngest Director 49.00 48.00 49.00 Age of the Oldest Director 73.00 79.00 65.00 Board of Directors Age Range 24.00 31.00 16.00 Board Average Age 60.92 59.40 58.75 Board Age Limit 73.00 73.00 Board Duration (Years) 1.00 1.00 1.00 1.00 Executive Director Board Duration 1.00 1.00 1.00 1.00 Board Committees # Board Meetings 14.00 19.00 8.00 5.00 Board Meeting Attendance % 75.00 75.00 75.00 75.00 Independent Directors Board MeetingAttendance %

75.00 75.00 75.00 75.00

# Dir Attending Less than 75% of Mtgs 0.00 0.00 0.00 0.00 Audit Committee Size of Audit Committee 5.00 4.00 4.00 3.00 # Independent Dir on Audit Cmte 5.00 4.00 4.00 3.00 % Independent Dir on Audit Cmte 100.00 100.00 100.00 100.00 Independent Audit Committee Chairperson Yes Yes Yes Yes # Non Exec Dir on Audit Cmte 5.00 4.00 4.00 3.00 Audit Committee Meetings 9.00 12.00 8.00 8.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 56

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Audit Committee Meeting AttendancePercentage

75.00 75.00 75.00 75.00

Compensation Committee Size of Compensation Committee 5.00 6.00 4.00 3.00 # Independent Dir on Comp Cmte 5.00 6.00 4.00 3.00 % Independent Dir on Comp Cmte 100.00 100.00 100.00 100.00 Independent Compensation CommitteeChairperson

Yes Yes Yes Yes

# Non Exec Dir on Comp Cmte 5.00 6.00 4.00 3.00 # Comp Committee Meetings 5.00 11.00 8.00 7.00 Compensation Committee MeetingAttendance %

75.00 75.00 75.00 75.00

Outside Compensation Advisors Appointed Yes Yes Yes Yes Executive Compensation Consultant SrvcsProvided

3.00 3.00 3.00 3.00

Nomination Committee Size of Nomination Committee 6.00 6.00 4.00 3.00 # Independent Dir on Nom Cmte 6.00 6.00 4.00 3.00 % of Ind Directors on NominationCommittee

100.00 100.00 100.00 100.00

Independent Nomination CommitteeChairperson

Yes Yes Yes Yes

# Non Exec Dir on Nom Cmte 6.00 6.00 4.00 3.00 # Nom Cmte Meetings 5.00 12.00 5.00 5.00 Nomination Committee Meeting AttendancePercentage

75.00 75.00 75.00 75.00

CSR/Sustainability Committee No No No No Board & Exec Activities Non-Executive Director with Responsibilityfor CSR

No No No No

Executive Director with Responsibility forCSR

No No No No

Executive Compensation Linked to ESG No No No No ESG Linked Compensation for Board No No No No Clawback Provision for ExecutiveCompensation

Yes Yes Yes Yes

Chg of Ctrl Benefits/Golden ParachuteAgreements

Yes Yes Yes Yes

Political Donations 0.53 0.37 Shareholder Rights Poison Pill Plan Yes Yes No No Shareholder Approved Poison Pill No No No No Poison Pill TIDE Provision No No No No Poison Pill Sunset Provision Yes Yes No No % Poison Pill Trigger Threshold 15.00 9.80 Dual Class Unequal Voting Rights -Common Shares

No No No No

AGM Voting Results


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 57

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Say On Pay Provision Yes Yes Yes Yes Frequency of Say on Pay Votes 1.00 1.00 1.00 1.00 Say on Pay Support Level 66.61 97.35 95.90 97.17 Say on Pay Number of Votes FOR 68.10 95.13 89.49 94.35 Say on Pay Number of Votes AGAINST 34.14 2.59 3.82 2.75 Say On Pay Number of Votes - ABSTAIN 2.36 0.25 0.58 0.51 Say On Pay Number of Votes - BROKERNON VOTE

0.00 11.17 10.74

Auditor Ratification Yes Yes Yes Yes Years Auditor Employed 19.00 20.00 21.00 22.00 Director Compensation GRI GRI Criteria Compliance No No No No Global Reporting Initiatives Checked No No No No


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 58

Exec & Dir Comp Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-10-31Executive Compensation Total Compensation Paid 19.82 20.73 24.08 16.02 16.02Total Salaries and Bonuses Paid 4.00 3.85 3.91 2.29 2.29 Total Salaries Paid 4.00 3.60 3.81 2.29 2.29 Total Bonuses Paid 0.00 0.25 0.10 0.00 0.00All Other Compensation Paid 15.82 16.88 20.17 13.73 13.73 Stock Awards Granted 4.61 2.38 7.41 6.02 6.02 Option Awards Granted 7.30 3.63 2.50 2.36 2.36 Non Equity Incentives Granted 1.97 3.71 4.48 3.62 3.62 Pension & Nonqual Defined Pension 0.00 0.00 0.00 0.00 0.00 Total Other Compensation Paid 1.94 7.16 5.67 0.83 0.83# of Exec Changes in Fiscal Year 4.00 3.00 8.00 0.00 0.00Date of Last Executive Change 09/20/2013 12/31/2014 03/09/2016 n/a # Execs Included in Compensation 6.00 7.00 9.00 5.00 5.00 CEO CEO Duality Yes No No No Total Compensation Paid 6.98 7.64 6.14 6.36 6.36Total Salaries and Bonuses Paid 1.20 1.36 0.95 0.10 0.10 Total Salaries Paid 1.20 1.36 0.95 0.10 0.10 Total Bonuses Paid 0.00 0.00 0.00 0.00 0.00All Other Compensation Paid 5.78 6.28 5.19 6.26 6.26 Stock Awards Granted 1.79 0.94 2.23 2.39 2.39 Option Awards Granted 2.83 0.95 1.01 1.12 1.12 Non Equity Incentives Granted 0.73 1.25 1.61 1.53 1.53 Pension & Nonqual Defined Pension 0.00 0.00 0.00 0.00 0.00 Total Other Compensation Paid 0.43 3.15 0.34 0.32 0.32# of CEO and Equiv Changes in FY 0.00 1.00 0.00 0.00 0.00Date of Last CEO and Equiv Change n/a 10/14/2014 n/a n/a # CEO and Equiv Included in Comp 1.00 2.00 1.00 1.00 1.00CEO Tenure at Fiscal Year End 9.58 0.67 1.33 2.33 2.33 Other C-Suite Total Comp Paid to CFO and Equiv 2.10 3.97 6.06 2.56 2.56Total Comp Paid to COO and Equiv 6.32 4.27 Board Compensation Total Compensation Paid 3.13 7.20 2.25 1.44 1.44 Fees Paid in Cash 1.49 2.05 1.05 0.72 0.72 Stock Awards Granted 1.32 1.53 1.20 0.72 0.72# of Board Changes in Fiscal Year 0.00 24.00 5.00 3.00 3.00Date of Last Board Change n/a 10/16/2014 04/04/2016 09/29/2016 09/29/2016# Directors Included in Comp 11.00 24.00 13.00 9.00 9.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 59

ESG Ratios Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Greenhouse Gases GHG Intensity per Sales GHG Scope 1 Intensity per Sales GHG Scope 2 Intensity per Sales GHG Intensity per EBITDA GHG/CO2 Intensity / Gross Fixed Assets GHG/CO2 Intensity / Net Fixed Assets GHG Intensity per Energy GHG Intensity per Employee GHG Intensity per Assets Scope 3 GHG per Employee Carbon Dioxide Travel Emissions per Sales Travel Emissions per Employee Energy Energy Intensity per Sales 518.10 Energy Intensity per EBITDA 5,309.88 Energy Intensity per Employee 15.77 Energy Intensity per Assets 459.79 Water Water Intensity per Sales Water Intensity per EBITDA Water Intensity per Energy Water Intensity per Employee Water Intensity per Assets Water Usage Efficiency Rate Waste Waste Intensity per Employee 29.41 Waste Generated per Assets 857.48 Waste Generated per Sales 966.22 Other Environmental Social Women Management to Employees Ratio 0.71 Community Spend % PTP 1.26 Community Spend%EBITDA 0.36 Community Spend%Equity 0.10 Political Donations % PTP 0.30 0.21 R&D Expenditures per Cash Flow 0.00 0.00 0.00 0.00 0.00Actual Net Income per Employee 1,389.32 4,730.00 2,500.00 2,680.59 Actual Cash Flow per Employee 3,738.35 3,140.00 5,186.67 5,035.00 Actual Personnel Expenses per Employee Governance Percentage of Non-Executive Directors onBoard

91.67 92.86 90.00 87.50

% Independent Directors 91.67 92.86 90.00 87.50 % Women on Board 16.67 21.43 30.00 25.00


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 60

Restated:2014 A Original:2015 A Original:2016 A Original:2017 A Current/LTM For the period ending 2014-5-25 2015-5-31 2016-5-29 2017-5-28 2017-8-27Percentage of Female Executives 33.33 25.00 20.00 0.00 Board of Directors Age Range 24.00 31.00 16.00 Board Average Age 60.92 59.40 58.75 Board Meeting Attendance % 75.00 75.00 75.00 75.00 Independent Directors Board MeetingAttendance %

75.00 75.00 75.00 75.00

Pct of Independent Directors on AuditCommittee

100.00 100.00 100.00 100.00

Audit Committee Meeting AttendancePercentage

75.00 75.00 75.00 75.00

% of Ind Directors on CompensationCommittee

100.00 100.00 100.00 100.00

Compensation Committee MeetingAttendance %

75.00 75.00 75.00 75.00

% of Ind Directors on NominationCommittee

100.00 100.00 100.00 100.00

% Poison Pill Trigger Threshold 15.00 9.80


Filing: Most Recent


Bloomberg ® 10/31/2017 17:17:17 61

CDP Restated:2010 A Original:2011 A Original:2012 A Restated:2013 A Restated:2014 A For the period ending 2010-5-30 2011-5-29 2012-5-27 2013-5-26 2014-5-25 Reporting Period Start Date of CDP Reporting Year 06/01/2009 06/01/2010 06/01/2011 06/01/2012 06/01/2013End Date of CDP Reporting Year 05/31/2010 05/31/2011 05/31/2012 05/31/2013 05/31/2014CDP Survey Year 2011 2012 2013 2014 2015CDP Reported Fiscal Year 2010 2011 2012 2013 2014 Risks and Opportunities Regulatory Risk Exposure Yes Yes Yes Yes YesPhysical Risk Exposure No Yes Yes Yes YesOther Risk Exposure Yes Yes Yes Yes YesRegulatory Opport Present No Yes Yes Yes YesPhysical Opport Present No No No Yes YesOther Opportunities Present Yes Yes Yes Yes Yes GHG Emissions Scope 1 Activity Emissions Globally 0.35 0.35 0.35 0.38 0.40CH4 Emissions (CO2e) 0.00 0.00 0.00 N2O Emissions (CO2e) 0.00 0.00 0.00 HFCs Emissions (CO2e) 0.02 0.02 0.02 PFC Emissions (CO2e) SF6 Emissions (CO2e) Scope 2 Emissions 0.73 0.75 0.72 0.72 0.75Emissions from Travel 0.01 0.01 0.01 0.01 0.01CDP Level of Uncertainty Scope 1Emissions

5.00 5.00 10.00 10.00 5.00

CDP Level of Uncertainty Scope 2Emissions

2.00 2.00 2.00 2.00 2.00

CDP Percentage Data Verified Scope 1 100.00 98.00CDP Percentage Data Verified Scope 2 100.00 98.00CDP Percentage Data Verified Scope 3 100.00 100.00 Energy Use CDP Fuel Used - Biogas 0.00 0.00 Total Purchased Elec Consumption 1.24 1.27 1.30 1.31 1.36Emissions Bio Seques Carbon 0.00 0.00 0.00 Trading Other Compliance Programs n/a n/a n/a n/a n/aOrigination Project Carbon Offsets n/a n/a n/a n/a n/aTrading Allowances EU ETS n/a n/a n/a n/a n/a Targets and Initiatives Governance and Strategy Incentives Mgt Climate Change Yes Yes Yes Yes YesEngages Policy Climate Change Yes Yes n/a Yes Yes

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