Performance Food Group Appoints Scott Ferguson to Board of Directors

Performance Food Group Company (“PFG” or the “Company”) (NYSE: PFGC) today announced the appointment of Scott Ferguson, Founder and Managing Partner of Sachem Head Capital Management LP (“Sachem Head”), to its Board of Directors (the “Board”), effective immediately.

Manuel Fernandez, Lead Independent Director of the PFG Board, said, “Scott’s appointment reflects a shared commitment to PFG’s continued success and to enhancing stockholder value. He brings important investor perspective as well as food distribution industry and corporate governance experience. As the team continues to build on the momentum already underway and we evaluate potential paths forward with US Foods, we are confident Scott’s expertise will be a valuable addition to the Board.”

George Holm, Chairman and Chief Executive Officer of PFG, said, “This outcome is the result of constructive engagement with Scott and his team and demonstrates our Board’s openness to fresh perspectives. I look forward to working alongside Scott and the rest of the Board as we continue to grow our business to drive shareholder value.”

Mr. Ferguson said, “We appreciate the positive dialogue we have had with PFG’s Board and management. I look forward to serving on the Board and helping to identify the best value-enhancing path forward for all shareholders.”

With the appointment of Mr. Ferguson, PFG’s board will increase to 13 directors, 12 of whom are independent. Mr. Ferguson will be appointed to the Audit and Finance Committee.

In connection with today’s announcement, PFG has entered into a cooperation agreement (the “Agreement”) with Sachem Head and certain affiliates, pursuant to which Sachem Head has agreed to a customary standstill, voting and confidentiality commitments, among other provisions. Details of the Agreement will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.

Advisors

BofA Securities and JP Morgan are serving as financial advisors, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to the Company. White & Case LLP is serving as legal advisor, and Longacre Square Partners is serving as strategy and communications advisor, to Sachem Head.

About Scott Ferguson

Scott is the managing partner and portfolio manager of Sachem Head Capital Management, a value-oriented investment management firm based in New York. Prior to founding Sachem Head, he spent nine years at Pershing Square Capital Management, which he joined at the firm’s inception in 2003. Prior to Pershing Square, Scott earned an M.B.A. from Harvard Business School in 2003 and was a vice president at American Industrial Partners, an operations focused private equity firm, from 1999 to 2001. Scott was also a business analyst at McKinsey & Company from 1996 to 1999. Scott graduated from Stanford University with an A.B. in Public Policy in 1996.