Capital Allocation and Growth Strategy

Leading Margins Adjusted Gross Margin Calendar Year 2022 Adjusted Operating Margin Calendar Year 2022 HERSHEY 44% HERSHEY 23% Mondelez 37% Kraft Heinz 18% McCormick 36% General Mills 17% General Mills 33% Smucker's 16% Smucker's 33% Mondelez 16% Campbell's 31% Campbell's 15% Kellogg's 31% Conagra 15% Kraft Heinz Conagra 31% McCormick 14% 25% Kellogg's 12% Source: Consensus Metrix, Factset; Company Financials, see appendix for a reconciliation of GAAP to Adjusted Gross Margin and Operating Margin

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