Pro Forma Financials and Market Positioning

Capital Focused on Driving Growth 1 Cash Flow Priorities Business Growth (Including M&A) 2 Debt Reduction • . Target Leverage 2020E Net Debt / PF Adj. EBITDA of 3.1x Target Net Leverage of 3 - 4x Higher Net Debt / Adj. EBITDA Possible for Strategic Acquisitions, Returning to Target Range within 1 - 2 Years Expected Deleveraging (1) 3 Dividend Increase 3.1x 4 Share Buyback 1). Represents Net Debt / Pro Forma Adjusted EBITDA. Please see pages 39 and 40 for reconciliation of Pro Forma Adjusted EBITDA to GAAP. butz SM BRANDS 2.6x 2020E 2021E 33 33

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