Capital Allocation and Growth Strategy

Opportunities for Continued Margin Expansion Adjusted Operating Income Margin % Fixed Cost Leverage ++ 23.1% Net Price Realization 22.9% 20.7% 2017 2021 2022 2023-25E Source: Company Financials, see appendix for a reconciliation of GAAP to Adjusted Operating Margin Productivity enabled via Enhanced Supply Chain & Digital Capabilities Snacking Scale and Network Optimization SG&A Discipline and Ways of Working Transformation

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