Albertsons Companies AGM 2026

Thank you. Welcome fellow stockholders. I'm Susan Morris, Chief Executive Officer of Albertsons Companies Inc. On behalf of everyone at Albertsons, it's my pleasure to welcome you to our 2026 annual meeting of stockholders. This meeting is being webcast live and a recording of the webcast will be posted on our website for a period of time after the meeting. Before proceeding to the business of the meeting, I would like to welcome our directors and members of our senior leadership team in attendance. Also attending the meeting are representatives from our independent registered public accounting firm, Deloitte & Touche. They will be available to answer any pertinent questions later in the meeting. I will preside over the annual meeting, and Tom Moriarty, our Executive Vice President of M&A and Corporate Affairs, will serve as the secretary.

Following the conclusion of the annual meeting, I will provide a general business update. I hereby call the meeting to order. Tom will now conduct the formal portion of the meeting.

Thank you, Susan. Welcome everyone. We have posted the agenda and the rules of conduct for the meeting on the online meeting platform. In order to allow for an orderly meeting, we ask that you abide by these rules. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. The company has appointed Broadridge Financial Solutions as the inspector of election. Ms. Beth Van Der Beek from Broadridge is with us today, and she has taken the oath of the inspector of election. The board fixed June 9th, 2026, as the record date for determining stockholders entitled to vote at this meeting. We have an affidavit from Broadridge certifying that stockholders of record as of June 9, 2026, were mailed proxy materials on or about June 22, 2026.

Our inspector of election has advised me that we have a quorum. Accordingly, the meeting is duly constituted and may proceed with business. The polls are now open for voting. They will close after the presentation of the proposals and the conclusion of the Q&A session. The main business of the meeting is to address the six proposals set forth in the proxy statement. I will present each proposal contained in the proxy statement and the board's recommendation regarding each proposal. Following the presentation of all six proposals, we will answer questions submitted by stockholders pertinent to the proposals in accordance with the rules of conduct. We have allocated 15 minutes for stockholder questions. In case we are unable to answer all questions duly submitted due to time constraints, we will post our responses on the investor relations section of our website as soon as practicable.

The first proposal is the election of 10 directors. Information about each director nominee can be found in our proxy statement. The board has recommended that you vote for each of the 10 director nominees. The second proposal is the ratification of the appointment of Deloitte & Touche LLP, as the company's independent registered public accounting firm for the 2026 fiscal year. Information about this proposal is contained in the proxy statement. The board has recommended that you vote for this proposal. The third proposal is a non-binding advisory vote to approve the compensation paid to our named executive officers during the 2025 fiscal year. The vote on this proposal is advisory. The board will consider the results in evaluating our executive compensation program. The board has recommended that you vote for this proposal.

The fourth proposal is the approval of amendments to the company's certificate of incorporation to eliminate certain supermajority voting requirements. Information about this proposal is included in the proxy statement. The board has recommended that you vote for this proposal. The fifth proposal is to limit certain liability of officers as permitted by Delaware law. Information about this proposal is included in the proxy statement. The board has recommended that you vote for this proposal. We will proceed with the stockholder proposal. This year, one stockholder proposal was included in our proxy statement. We have carefully reviewed the proposal and shared our statement in response in the proxy statement. Proposal number six was submitted by Oxfam. Presenting on behalf of the proponent is Gina Cummings.

Good morning. My name is Gina Cummings, Vice President of Policy and Program at Oxfam America. I'm here to make the case for proposal number six. I will highlight how, one, Albertsons faces significant human rights abuses, which are creating serious financial risk. Two, Albertsons is significantly performing worse than its peers in how it is addressing human rights risk. Three, how ineffective Albertsons' approach is. One, what are the abuses and risks to Albertsons? Albertsons stands out for grossly high level of abuses in its own operations and supply chain, which in turn increase risk of serious financial harm to Albertsons.

This is not hypothetical, with clear harms to the company already borne out, including OSHA fines over high rates of workplace injuries at Albertsons-owned stores, votes to strike by Albertsons workers in California over the company's alleged labor abuses, New York Times investigations into illegal child labor at Albertsons milk suppliers, and suppliers suddenly dropped following New Yorker's coverage of forced labor in Albertsons seafood supply chains. Two, how is Albertsons performing worse than its peers? Here I quote the investor group, the Interfaith Center on Corporate Responsibility. Start quote, "Albertsons is the poorest performing supermarket of those we surveyed, and has not made any commitments to address its own human rights impacts. It has not published a human rights policy, outlined an HREDD process, or committed to conduct HRIAs in high-risk sectors." End quote. Competitors, including Costco, Kroger, Target, Ahold, and others, already have comprehensive human rights policies.

All we are asking is that Albertsons reaches these same baseline expectations. Three, why isn't Albertsons approach fit for purpose? Though Albertsons claims to have policies in place, it has not published a human rights policy, nor has it clarified whether or how the company conducts human rights due diligence, a key risk management process to avoid costly human rights scandals. What Albertsons currently publishes includes significant shortcomings that fall short of investor expectations. It relies on vendor self-verification against its code of conduct for potentially most of its purchases. Social audits are used on its own brand goods but are widely discredited. Albertsons commendably has a more developed policy for seafood, but it has no answer to why it has no comparable policy for other high-risk commodities, despite the growing number of recorded abuses in other sectors.

Thank you, Ms. Cummings. The board recommends a vote against this proposal for reasons explained in our proxy statement. Cody Perdue, Senior Vice President, Investor Relations, Treasury, and Risk Management, will now read questions received from stockholders on the proposals, and Susan Morris will provide responses. Cody, have we received any questions from any of our stockholders?

Thank you, Tom. We have received no questions on the proposals at this time. General business questions will also be addressed during Susan's business update.

That concludes our Q&A session for the annual meeting portion. In a moment, we will close the polls. Please make any final votes online now in the Vote Here button at the bottom of your screen. We will pause here briefly so that voting can conclude. The polls have now closed. I have received from the Inspector of Election the preliminary voting results. Votes received during the meeting will be tabulated by the Inspector of Election and included in the final tally, which we will report on a Form 8-K within four business days from today. The preliminary results are as follows. Each of the 10 nominees has been elected to the Board of Directors by a majority of the votes cast. The appointment of Deloitte & Touche as the company's independent registered public accounting firm for fiscal 2026 has been approved.

The compensation paid to the named executive officers during fiscal 2025 has been approved on an advisory basis. The fourth proposal to amend the company's certificate of incorporation to eliminate certain super majority voting requirements has been approved. The fifth proposal is the approval of an amendment to this company's certificate of incorporation to limit certain liability of officers, as permitted by Delaware law, has been approved. The stockholder proposal on a report on human rights policy and human rights due diligence failed to receive a majority of votes cast and therefore did not pass.