Calls on Company to Hold an Investor Day to Outline Path to Durable Earnings Growth and Rebuild Investor Confidence

Believes Lamb Weston Should Attain 25% Adjusted EBITDA Margins by FY 2029

NEW YORK--(BUSINESS WIRE)-- Starboard Value LP (together with its affiliates, “Starboard”), a significant stockholder of Lamb Weston Holdings Inc. ("Lamb Weston" or the "Company") (NYSE: LW), today announced that it has delivered a letter to the Company’s Board of Directors.

The full text of Starboard's letter to the Company can be viewed here.

About Starboard Value LP
Starboard Value LP is an investment adviser with a focused and differentiated fundamental approach to investing in publicly traded companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.

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Investor contacts:

Peter Feld, (212) 201-4878

Gavin Molinelli, (212) 201-4828

www.starboardvalue.com

Media contacts:

Longacre Square Partners

Joe Germani / Ashley Areopagita, (646) 386-0003

[email protected]

Source: Starboard Value LP