Capital Allocation and Growth Strategy

Strong Cash Flow Conversion Cash Flow from Operations ($ Billion) Free Cash Flow Productivity' 13.3% 5-Yr CAGR 127% 126% 108% 107% 98% 99% $2.3 $2.1 $1.6 $1.8 $1.7 $1.2 Financial Target 100%+ 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Focused Effort on Working Capital Improvement Expand Processes to Salty Snacks Extended Payment Terms with Suppliers Optimize Inventory Levels 1. Free Cash Flow Productivity is defined as [Free Cash Flow / Net Income}. Source: Company Financials

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