Investor Relations Highlights

Summarized Margins 9M Margins 24.4% Gross Margin 3Q Margins +1.3pps 25.7% +1.2pps 26.7% 25.5% 14.4% 14.4% +0.2pps +0.5pps 14.2% 13.9% EBITDA Margin +0.2pps 12.2% +0.1pps 11.8% 12.0% 11.7% Operating Margin Net Margin 8.9% 8.8% +0.3pps +0.4pps 8.6% 8.4% 9M19 9M20 3Q19 3Q20 • Margin expansion across all profit line items year-to-date and during the third quarter Improvement driven by stable input prices, favorable forex rates, and faster growth of higher-margin branded business 36

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