E A R N I N G S C A L L

FISCAL 2017: Q4 RESULTS

JUNE 27, 2017

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IMPORTANT NOTICEThe following slides are part of a presentation by Darden Restaurants, Inc. (the "Company") and are intended to be viewed as part of that presentation (the "Presentation"). No

representation is made that the Presentation is complete.

Forward-looking statements in this communication regarding our expected earnings performance and all other statements that are not historical facts, including without limitation

statements concerning our future economic performance and expenses, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-

looking statements speak only as of the date on which such statements are first made, and we undertake no obligation to update such statements to reflect events or circumstances arising

after such date. We wish to caution investors not to place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties

that could cause actual results to materially differ from those anticipated in the statements. The most significant of these uncertainties are described in Darden's Form 10-K, Form 10-Q and

Form 8-K reports. These risks and uncertainties include our ability to successfully integrate Cheddar’s Scratch Kitchen operations into our business, technology failures including failure to

maintain a secure cyber network, food safety and food-borne illness concerns, litigation, unfavorable publicity, risks relating to public policy changes and federal, state and local regulation of

our business, labor and insurance costs, failure to execute a business continuity plan following a disaster, health concerns including food-related pandemics or virus outbreaks, intense

competition, failure to drive profitable sales growth, our plans to expand our smaller brands Bahama Breeze, Seasons 52 and Eddie V's, a lack of availability of suitable locations for new

restaurants, higher-than-anticipated costs to open, close, relocate or remodel restaurants, a failure to execute innovative marketing tactics, a failure to develop and recruit effective leaders,

a failure to address cost pressures, shortages or interruptions in the delivery of food and other products and services, adverse weather conditions and natural disasters, volatility in the

market value of derivatives, economic factors specific to the restaurant industry and general macroeconomic factors including interest rates, disruptions in the financial markets, risks of

doing business with franchisees and vendors in foreign markets, failure to protect our intellectual property, impairment in the carrying value of our goodwill or other intangible assets, failure

of our internal controls over financial reporting, an inability or failure to manage the accelerated impact of social media and other factors and uncertainties discussed from time to time in

reports filed by Darden with the Securities and Exchange Commission.

The information in this communication includes financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of

America (“GAAP”), such as adjusted net earnings per diluted share from continuing operations. The Company’s management uses these non-GAAP measures in its analysis of the Company’s

performance. The Company believes that the presentation of certain non-GAAP measures provides useful supplemental information that is essential to a proper understanding of the

operating results of the Company’s businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they

necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures to the most comparable GAAP

measures are include under “Additional Information” in this presentation.

DISCLAIMER/NON-GAAP INFORMATION

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$0.68$0.54

$1.21 $1.10$0.88

$0.64

$1.32$1.18

FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17

DARDEN ADJUSTED EPS2

Q1 Q2 Q3 Q4

$1.69 $1.61$1.85 $1.79$1.71 $1.64

$1.88 $1.93

FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17

DARDEN SALES ($BN)

Q1 Q2 Q3 Q4

1Excludes Cheddar’s Scratch Kitchen2 EPS values, except FY17 Q1, Q2 & Q3, are adjusted for special items. A reconciliation of reported to adjusted numbers can be found in the additional information section of this presentation.

1.3%

1.7%

0.9%

3.3%

Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17

SAME-RESTAURANT SALES GROWTH1

FISCAL FOURTH QUARTER HIGHLIGHTS

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1 Industry excluding Darden brands. 2 Five weeks ending May 28, 2017.

4.4%SAME-RESTAURANT SALES

GROWTH

+590 BPSSAME-RESTAURANT SALES

INDUSTRY OUTPERFORMANCE1

3.5%SAME-RESTAURANT SALES

GROWTH

+500 BPSSAME-RESTAURANT SALES

INDUSTRY OUTPERFORMANCE1

ACQUISITION

COMPLETEDAPRIL 24, 2017

1.3%SAME-RESTAURANT SALES

GROWTH2

FISCAL FOURTH QUARTER HIGHLIGHTS

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F I N A N C I A L D I S C U S S I O N

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$1.18ADJUSTED DILUTED EPS FROM

CONTINUING OPERATIONS2

8.1%TOTAL SALES GROWTH

3.3%SAME-RESTAURANT SALES

GROWTH1

7.3%ADJUSTED DILUTED EPS GROWTH

VS LAST YEAR1

~$15 MILLION

SHARE REPURCHASES

1 Excludes Cheddar’s Scratch Kitchen2 EPS values adjusted for special items. A reconciliation of reported to adjusted numbers can be found in the additional information section of this presentation.

~$70 MILLION

DIVIDENDS PAID

FISCAL FOURTH QUARTER HIGHLIGHTS

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As Reported As Adjusted

Q4 2017($ millions)

Q4 2017($ millions)

Q4 2017% of Sales

vs. Q4 2016 (bps) Favorable/(Unfavorable)

Sales $1,934.6 $1,934.6

Food & Beverage $557.5 $557.5 28.8% 10

Restaurant Labor $603.1 $603.1 31.2% (10)

Restaurant Expenses $335.8 $335.8 17.4% (20)

Marketing $64.3 $64.3 3.3% 20

Restaurant-Level EBITDA $373.9 $373.9 19.3% 10

G&A $133.3 $97.9 5.1% (10)

Depreciation & Amortization $70.4 $70.4 3.6% 10

Impairments - - 0.0 % 10

EBIT $170.2 $205.6 10.6% 10

Interest Expense $11.5 $11.5 0.6% (10)

EBT $158.7 $194.1 10.0% 10

Income Tax ExpenseNote: Effective Tax Rate

$33.321.0%

$45.3 2.3%23.3%

(30)

EAT $125.4 $148.8 7.7% (20)

Note: Continuing operations, values may not foot due to rounding. A reconciliation of reported to adjusted numbers can be found in the additional information section of this presentation.

MARGIN ANALYSIS

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FY17 Q4 SEGMENT PERFORMANCE

18.9%17.4%

FY16 Q4 FY17 Q4

Segment Sales ($ millions)

Segment Profit Margin1

$982 $1,027

FY16 Q4 FY17 Q4

$413 $437

FY16 Q4 FY17 Q4

$132 $139

FY16 Q4 FY17 Q4

$264

$332

FY16 Q4 FY17 Q4

Other

Fine Dining

19.3% 19.9%

FY16 Q4 FY17 Q4

19.0% 19.1%

FY16 Q4 FY17 Q4

20.1% 20.4%

FY16 Q4 FY17 Q4

Other

Fine Dining

71 Segment profit margin calculated as (sales less costs of food & beverage, restaurant labor, restaurant expenses and marketing expenses) / sales.

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1.8%SAME-RESTAURANT SALES

GROWTH1

3.4%TOTAL SALES GROWTH

13.9%ADJUSTED DILUTED EPS GROWTH

VS LAST YEAR2

$4.02ADJUSTED DILUTED EPS FROM

CONTINUING OPERATIONS2

~$230 MILLION

SHARE REPURCHASES

~$280 MILLION

DIVIDENDS PAID

FISCAL 2017 ANNUAL HIGHLIGHTS

1 Excludes Cheddar’s Scratch Kitchen2 EPS values adjusted for special items. A reconciliation of reported to adjusted numbers can be found in the additional information section of this presentation.

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Food & BeverageRank: 1st

Gap: +7

ServiceRank: 5th

Gap: +2

AtmosphereRank: 1st

Gap: +6

Source: Technomic; Gap is Cheddar’s Scratch Kitchen – Casual Dining AverageCheddar’s Scratch Kitchen Rank is among Casual Dining brands (Y.E. Mar’17)

OUTPERFORMS CASUAL DINING ON MOST MEASURES

ValueRank: 1st

Gap: +9

Intent to ReturnRank: 1st

Gap: +9

Intent to

RecommendRank: 1st

Gap: +11

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TRAILING TWELVE MONTHS

1 Trailing twelve months ended May 2017.2 Industry excluding Darden brands.

$4.5 MILLION

AVERAGE RESTAURANT VOLUME

$624 MILLION

TOTAL REVENUE

$72 MILLION

ADJUSTED EBITDA¹

~17%RESTAURANT-LEVEL EBITDA¹

0.3%SAME-RESTAURANT

SALES GROWTH

~300 BPSSAME-RESTAURANT SALES

INDUSTRY OUTPERFORMANCE2

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SIGNIFICANT ROOM FOR GROWTH

1Cheddar’s Scratch Kitchen as of March 20172 Represents the range of calendar 2016 openings. Capital Investment includes cash investments for building, equipment, furniture and other construction costs; excludes internal capitalized overhead, pre-opening expenses,

tenant allowance and future lease obligations. Square feet includes all space under the roof, including the coolers and freezers and dining seats includes bar dining seats and patio seating, but excludes bar stools.11

Investment Profile2

Capital Investment Range $3.0 - $4.0MM

Square Feet 8,000

Dining Seats 280

Restaurant Footprint1

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1 EPS values adjusted for special items. A reconciliation of reported to adjusted numbers can be found in the additional information section of this presentation.

FISCAL 2018 ANNUAL OUTLOOK

Total Sales Growth

11.5% to 13.0%

Same-Restaurant Sales Growth

1.0% to 2.0%

Restaurant Openings

35 to 40(Includes 4 to 5 Cheddar’s)

Capital Spending

$400 to $450 million

Total Inflation: ~2.0% Commodities: 0% to 1%

Labor: 3% to 4%

Effective Tax Rate

Approximately 26%

MARGIN

Adjusted Earnings per Diluted Share1

$4.38 to $4.50(~127 million Weighted Average Diluted Shares Outstanding)

SALES

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INCREASING QUARTERLY DIVIDEND BY 12.5%

DARDEN QUARTERLY DIVIDEND

$0.50

$0.56 $0.56 $0.56 $0.56

$0.63

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017

12.5%Increase

12.0%Increase

Note: Month dividend declared. 13

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THANK YOU TO OUR 175,000 TEAM MEMBERS!

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ADDITIONAL INFORMATION

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As Reported As Adjusted

2017($ millions)

2017($ millions)

2017% of Sales

vs. 2016 (bps) Favorable/(Unfavorable)

Sales $7,170.2 $7,170.2

Food & Beverage $2,070.3 $2,070.3 28.9% 50

Restaurant Labor $2,265.3 $2,265.3 31.6% Flat

Restaurant Expenses $1,265.2 $1,265.2 17.6% (80)

Marketing $239.7 $239.7 3.3% 10

Restaurant-Level EBITDA $1,329.7 $1,329.7 18.5% (30)

G&A $387.7 $351.5 4.9% (10)

Depreciation & Amortization $272.9 $272.9 3.8% 40

Impairments ($8.4) ($8.4) (0.1%) 20

EBIT $677.5 $713.7 10.0% 30

Interest Expense $40.2 $40.2 0.6% 30

EBT $637.3 $673.5 9.4% 70

Income Tax ExpenseNote: Effective Tax Rate

$154.824.3%

$167.2 2.3%24.8%

(20)

EAT $482.5 $506.3 7.1% 50

Note: Continuing operations, values may not foot due to rounding. A reconciliation of reported to adjusted numbers can be found in the additional information section of this presentation.

ANNUAL MARGIN ANALYSIS

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1 Segment profit margin calculated as (sales less costs of food & beverage, restaurant labor, restaurant expenses and marketing expenses) / sales.2 Segment profit margin adjusted to exclude the impact of incremental rent and other tax expense from the fiscal 2016 real estate transactions.

Rent and other tax expense impact on Segment Profit Margin from fiscal 2016 real estate transactions

Segment Sales ($ millions)

Segment Profit Margin1

19.8% 19.3%

1.4% 2.3%

FY16 FY17

17.3% 17.3%

0.9%1.5

%

FY16 FY17

19.5% 19.6%

0.1%

FY16 FY17

16.9% 16.9%

0.3% 0.6%

FY16 FY17

SEGMENT PERFORMANCE

$3,839 $3,939

FY16 FY17

$1,588 $1,622

FY16 FY17

$51

4

$53

6

FY16 FY17

$99

3

$1,0

74

FY16 FY17

21.7%2

18.8%2 19.7%2

17.5%2

21.2%2

18.2%2

17.2%2

19.5%2

ANNUAL SEGMENT PERFORMANCE

OtherFine Dining

OtherFine Dining

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1 Cheddar’s Scratch Kitchen pro forma company owned. Knapp Track data excludes legacy Darden brands. Regional results are a simple average of Knapp regions in which Cheddar’s Scratch

Kitchen operates (excludes California, Pacific Northwest and New England Knapp Track regions). Knapp Track Q4 regional through April.

Fiscal 2017

Same-Restaurant Sales Growth1 Q1 Q2 Q3 Q4

Cheddar’s Scratch Kitchen 0.0% 0.8% (1.9%) 1.9%

Knapp Track (2.1%) (2.8%) (4.2%) (1.5%)

Knapp Track – Regional (2.2%) (3.2%) (4.9%) (1.7%)

HISTORICAL RESTAURANTS AND SAME-RESTAURANT SALES

Note: Cheddar’s Scratch Kitchen restaurant count includes company-owned and franchised restaurants. 2006-2016 based on calendar year and 2017 through May 28.

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57 62 6780

90106

129

150157 162 163 165

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Restaurants

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Competitor A Competitor B Competitor C Competitor D Competitor E

Onion Rings $5.29 N/A $8.99 $5.99 N/A N/A

Spinach Dip $5.79 $7.32 N/A N/A $8.09 $10.02

Cheeseburger w/fries $8.86 $9.05 $9.99 $8.99 $8.99$9.44

(w/Bacon)

20oz Ribeye$19.99

($1.00/oz)

$18.29 (12oz)

($1.52/oz)

$27.77(22oz)

($1.26/oz)

$25.19(20oz)

($1.26/oz)N/A

$23.09(14oz)

($1.65/oz)

Full Rack of Ribs $16.11 $18.93 $20.27 $19.99 $18.69 $22.80

Grilled Salmon $11.37 $15.08 $18.53 $14.99 $15.25 $18.56

1/2 Rack of Ribs & 6oz

Sirloin$15.11 N/A N/A $17.19 $20.99 N/A

CHEDDAR’S SCRATCH KITCHEN

SUPERIOR PRICE PROPOSITION VS. MAJOR CD CHAINS

19Average of Orlando restaurants as of May 2017

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¹ Includes cheese, cream, butter, and shortening.² Includes breadsticks and pasta.

Jun-Nov

FY2018

Spend by

Category Coverage Outlook

Beef 19% 50%Mid Single Digit

Deflation

Produce 13% 80%Low Single Digit

Inflation

Dairy / Oil1 10% 20%Low Single Digit

Inflation

Seafood 10% 60%Mid Single Digit

Inflation

Wheat2 7% 90% Flat

Chicken 6% 95% Flat

Non-Perishable / Other

35% 50%Low Single Digit

Inflation

Weighted Average Coverage

100% 55%

COMMODITIES OUTLOOK – 1ST HALF FISCAL 2018

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Note: The sum of the quarterly Diluted EPS amounts do not total the annual EPS amounts due to the impact of the timing of share repurchases on the weighted average share count.

REPORTED TO ADJUSTED EARNINGS RECONCILIATIONS

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REPORTED TO ADJUSTED EARNINGS RECONCILIATIONS

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REPORTED TO ADJUSTED EBIT MARGIN AND EARNINGS RECONCILIATIONS

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