Pro Forma Financials and Market Positioning

Expand Distribution in Underpenetrated Channels and Customers Food C-Store 56.9% Share by Channel 7.3% 4.7% 3.6% 1.9% PEPSICO Campbell's butz Kellogg's HERSHEY'S BRANDS 4.7% 68.1% 4.2% 3.9% 3.5% 3.2% ☐ C-Store and Mass Strategies Expand C-Store presence through strengthened master distributor and redistributor relationships Drive Mass distribution by leveraging new national scale and expanded brand portfolio Develop channel specific packages and display units Mass Club PEPSICO 66.3% 4.7% Kellogg's Campbells Outz ☑BRANDS 4.9% 3.1% 2.4% 2.1% Rapidly Growing E-Commerce PEPSICO Kellogg's Campbell's putz BIMBO BRANDS 2019(1) Q1 2020(1) 57.6% % of Net Sales 1.2% 2.0% 5.3% 4.4% 3.8% 3.6% YoY Growth PEPSICO HERSHEY'S butz Kellogg's BRANDS 4.7% Share in C-Store and Mass Represents $210mm of Incremental Retail Sales Source: IRI MULO-C data (52-week period ended 1/26/2020) for salty snack category by channel. 1). Pro Forma for Conagra Snacks and Kitchen Cooked acquisitions. butz BRANDS SM 83% 106% 24 24

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