FY2015 Third Quarter Earnings Call

MARCH 20, 2015

Forward-Looking Statement

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, 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 the ability to achieve Darden's strategic plan to enhance shareholder value including realizing the expected benefits from the sale of Red Lobster, 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, technology failures including a failure to maintain a secure cyber network, failure to execute a business continuity plan following a disaster, health concerns including virus outbreaks, intense competition, failure to drive sales growth, our plans to expand our smaller brands Bahama Breeze, Seasons 52 and Eddie V's, 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, 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.

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Non-GAAP Information

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.

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Today’s Topics

Outline Operating Philosophy

Real Estate Evaluation Process Update

Third Quarter Olive Garden Performance

Third Quarter Margin Analysis

Darden Fourth Quarter and Annual Expectations

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Increasing the Core Operational Fundamentals of the business, providing an outstanding guest experience rooted in:

• Great food

Darden enables brands to reach their full potential by leveraging its scale, insight, and experience:

• Leverage scale in a way that protects uniqueness and competitive advantages

• Capitalize on Insights to deliver customized one-to-one customer relationship marketing

• We Operate with a Sense of Urgency to hold ourselves accountable for achieving our commitments

Our Operating Philosophy – “Back to Basics”

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Attentive Service Engaging Atmosphere

Culinary Innovation

Integrated Marketing

Real Estate Evaluation Process Update

Continuing to evaluate real estate portfolio

• Various options still being evaluated

• May be multiple, staged transactions

31 owned properties listed for sale leaseback to help inform our thinking on value creation opportunities

• Initially marketed 16 properties with strong interest and sub 6% cap rates

• Recently added 15 more properties that are also seeing strong demand and equally low cap rates

Restaurant Support Center marketed for potential sale leaseback structure

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Darden Delivered Strong Third Quarter Results

Total sales growth of 6.9% versus last year, driven by Same-Restaurant Sales growth in all brands, and new unit growth

Adjusted EBIT margin* as a percent of sales increase of 200 basis points through improved cost management and sales leverage

Led to 39% increase in Adjusted Diluted EPS*

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* Non-GAAP number. Excludes interest and taxes. A reconciliation of GAAP to non-GAAP numbers can be found on Page 23 of this presentation. The impact of the non-GAAP adjustments to our margin items is shown on Page 17 of this presentation.

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Seven Consecutive Months of Same-Restaurant Sales Growth…

-1.3%

0.5%

2.2%

0.9%

0.6%

0.2%

0.7%

2.4% 2.5%

1.6%

Q1 Q2 Q3 August September October November December January February

Olive Garden Same-Restaurant Sales Performance

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First back-to-back quarter

increase since 2010

…With Significant Margin Expansion

20.6%

23.0%

FY14 Q3 FY15 Q3

Olive Garden Restaurant-Level Margin (% of Sales)

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Margin Expansion Driven by: 1. Direct Labor Productivity Improvements 2. Reduced Marketing Spending with Fewer

Weeks of Price-Pointed Promotions

240 Basis Point Increase

Note: Restaurant-Level Margins = (Total sales – food & beverage expenses – restaurant labor – restaurant expenses (excluding rent and pre-opening) – marketing) / Total sales.

Improve quality and intensify focus on the

guest

Operations Execution

Food, Service & Atmosphere

Core Menu & Beverage Innovation

New Approach to Advertising

and Promotions

Restaurant Reimaging

Reinforce value leadership,

expand choice & variety and capitalize on

the convenience

trend

Deliver an integrated

communication platform to

enhance brand relevance

Create superior experience with

every guest touch point

Business Model Vibrancy (Optimize restaurant economics & support costs)

Olive Garden Critical Initiatives

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Cucina Mia Menu Reduces Need for Constant Price Pointed Promotions

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ToGo Capitalizing on Guests’ Need for Convenience with Strong Results

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$7.4

$9.0

Q3 FY14 Q3 FY15

ToGo Sales per Restaurant Week ($Thousands)

22% Increase

Olive Garden Remodel Test Showing Promising Results

High single digit sales lift vs. control group in current 13 restaurant test

Continue to test different investment levels to Optimize Returns

• Adding 6 restaurants to the test with refined investment levels

Tailor future remodels to individual restaurant’s needs

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Encouraging Olive Garden’s Results

Seven consecutive months of Same-Restaurant Sales Growth

240 basis point increase in Restaurant-Level Margin

$23 million Increase in Olive Garden EBIT* in the 3rd quarter from last year

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* Non-GAAP number. Excludes interest and taxes.

Today’s Topics

Outline Operating Philosophy

Real Estate Evaluation Process Update

Third Quarter Olive Garden Performance

Third Quarter Margin Analysis

Darden Fourth Quarter and Annual Expectations

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Fiscal 2015 Third Quarter Margins

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As Reported As Adjusted

Q3 2015 Q3 2015 vs. Q3 2014 (Bps) Favorable/(Unfavorable)

Food & Beverage 30.7% 30.7% (70)

Restaurant Labor 30.9% 30.9% 50

Restaurant Expenses 15.9% 15.9% 80

Gross Margin 22.5% 22.5% 70

SG&A 7.8% 7.6% 120

Impairments 0.3% 0.0% 0

Depreciation & Amortization 4.6% 4.6% 10

EBIT 9.8% 10.3% 200

Interest Expense 1.3% 1.3% 70

EBT 8.5% 9.0% 270

Income Tax Expense Note: Effective Tax Rate

1.1% 12.7%

1.7% 19.2%

(130)

EAT 7.4% 7.2% 140

FY2015 Fourth Quarter and Annual Outlook

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Same-Restaurant Sales

Q4E* AnnualE*

Darden Blended 2.0% - 3.0% 2.0% to 2.5%

Olive Garden 1.5% - 2.5% 0.5% to 1.0%

LongHorn Steakhouse 4.0% - 5.0% 3.5% to 4.0%

Specialty Restaurants 2.5% - 3.5% 3.0% to 3.5%

Fiscal 2015 Reported to Adjusted Earnings Reconciliation

Q4E* AnnualE*

Diluted Net EPS from Continuing Operations $0.91 - $0.94 $1.50 - $1.53

Red Lobster-Related Shared Support Costs 0.02

Other Strategic Action Plan Costs 0.12

Debt Breakage Costs 0.42

Asset Impairments and Other One-Time Costs 0.40

Adjusted Diluted Net EPS $0.91 - $0.94 $2.45 - $2.48

Adjusted EPS Growth vs Fiscal 2014 $0.37 - $0.40 $0.74 - $ 0.77

* Reflects the additional operating week vs Fiscal 2014

Fiscal 2015 Growth Sources Annual Adjusted EPS

Annual % Growth

Business Improvement $0.45 - $0.48 26% - 28%

Reduced Interest Expense 0.17 10%

Dilutive Share Count 0.07 4%

53rd Week 0.05 3%

Total Growth vs Fiscal 2014 $0.74 - $0.77 43% - 45%

~$30

$40 - $50

$15 - $20

Fiscal 2015 Fiscal 2016 Fiscal 2017 Cumulative

Estimated Annual Cost Savings ($Millions)

Since October 2014, We Have Identified $90 - $100 million in Annualized Cost Efficiencies Once Fully Implemented

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$90 - $100

SG&A

Supply Chain and

Other Margin

Thank You to Our 150,000 Team Members!

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Questions

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Additional Information

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Fiscal 2015 and 2014 Quarterly Reported to Adjusted Earnings Reconciliation

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Note: For Fiscal 2015, the sum of the quarterly Diluted EPS amounts do not total the annual EPS amounts due to the impact of the Accelerated Share Repurchase program on the weighted average share count.

Fiscal 2015

Q1 Q2 Q3 Q4E* AnnualE*

Diluted Net EPS from Continuing Operations ($0.14) ($0.24) $1.01 $0.91 - $0.94 $1.50 - $1.53

Red Lobster-Related Shared Support Costs 0.02 0.00 0.00 0.02

Other Strategic Action Plan Costs 0.03 0.08 0.01 0.12

Debt Breakage Costs 0.37 0.05 0.00 0.42

Asset Impairments and Other One-Time Costs 0.04 0.39 (0.03) 0.40

Adjusted Diluted Net EPS from Continuing Operations $0.32 $0.28 $0.99 $0.91 - $0.94 $2.45 - $2.48

Adjusted FY15 EPS vs FY14 Adjusted EPS ($0.04) $0.16 $0.28 $0.37 - $0.40 $0.74 - $0.77

* Reflects the additional operating week vs Fiscal 2014

Fiscal 2014

Q1 Q2 Q3 Q4E AnnualE

Diluted Net EPS from Continuing Operations $0.32 $0.05 $0.65 $0.36 $1.38

Red Lobster-Related Shared Support Costs 0.04 0.04 0.04 0.04 0.15

Other Strategic Action Plan Costs 0.03 0.01 0.09 0.13

Asset Impairments and Other One-Time Costs 0.00 0.01 0.04 0.05

Adjusted Diluted Net EPS from Continuing Operations $0.36 $0.12 $0.71 $0.54 $1.71