Investor Overview - Q3 2023

DISCIPLINED CAPITAL MANAGEMENT 2023 Capital Allocation • Priorities have not changed • Continue to prioritize reinvesting in our world-class brands • 2023 is the 61st year of consecutive dividend increases Investing for Growth CASH FROM OPERATIONS Return to Shareowners • Ample financial flexibility • Do not expect ongoing U.S. income. tax dispute with the IRS to impact our ability to deliver on 2023 capital allocation agenda • We will remain agile in a dynamic external environment 1 Reinvest in the Business Outlook: ~$1.9 Billion Capex 3 Consumer-Centric M&A Further Growth and Build Capabilities 2 Continue to Grow the Dividend 5% Dividend Growth 4 Net Share Repurchase Repurchase to Offset Dilution NET DEBT LEVERAGE (a) TARGET: 2.0x to 2.5x 2022 Net Debt Leverage (a): 1.8x (a) Non-GAAP 31

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