Investor Presentaiton

Momentum will build throughout the year as we replenish trade inventory in Q1 and increase advertising investment in Q2 Q1 Expectations Moderating consumption growth due to out-of-stocks Net sales in excess of consumption as we re-fill trade inventory - slight acceleration in growth rate from Q4 Adj. gross margin in line with Q4 due to higher staffing levels to drive higher throughput, beef costs, lost production due to storms and mix shift to bags U. S. advertising investment delayed to allow for improved in- stocks- in line with previous year Low new store additions until trade inventory is replenished in April • Q2 Expectations Accelerating consumption growth behind improved retail conditions and strong advertising investment Improving adj. gross margin due to increased throughput and increased roll capacity improving mix Heaviest advertising investment of the year Resumption of fridge placements Q3 & Q4 Expectations Very strong consumption growth behind advertising investment and strong supply Improving gross margin due to increased throughput Continued heavy advertising investment Renewed store count growth 57

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