DUCROS MMM RESULT

July 2, 2021

1
 Agenda

01 Scope & Key Business Questions

• Scope of MMM Study
• Key Business Questions the study will address

02 Brand Overview: Sales Drivers

• Business drivers for overall Brand and Sub Sectors
• Base vs Incremental split

03 Media Results & Deep Dives

• Topline Media Summary
• Channel & Campaign Deep Dives
• Media Planning Simulator & Optimizer with Simulations

04 Key Insights & Recommendations

2
 Agenda

01 Scope & Key Business Questions

• Scope of MMM Study
• Key Business Questions the study will address

02 Brand Overview: Sales Drivers

• Business drivers for overall Brand and Sub Sectors
• Base vs Incremental split

03 Media Results & Deep Dives

• Topline Media Summary
• Channel & Campaign Deep Dives
• Media Planning Simulator & Optimizer with Simulations

04 Key Insights & Recommendations

3
 Scope of the study

TARGET PRODUCTS MARKET DATA SOURCE

TIME PERIOD
BRAND
ENSEIGNES HMSM MODELING PERIOD
Total Ducros (FR)
(Total France) Nov 2017 – Apr 2021* • POS: Nielsen Data
SUB SECTOR • Media: Publicis Kitchen
• Pepper COMPARISON PERIOD FOR DUE • COVID-19: Google COVID
• Herbs TOs Community Mobility Data for
• Spices Workspaces
• MAT 2019: May 2018 – Apr 2019
• Seasoning • FR Government website to
• MAT 2020: May 2019 – Apr 2020
confirm lockdown dates
• MAT 2021: May 2020 – Apr 2021

ROI:
• FY 2018: Dec 2017 – Nov 2018
• FY 2019: Dec 2018 – Nov 2019
• FY 2020: Dec 2019 – Nov 2020
• YTD 2020: Dec 2019 – Apr 2020
• YTD 2020: Dec 2020 – Apr 2021

4 *Note: Modelling period includes w/e 9th May’2021

 Key business questions addressed through the MMM study
 What are the drivers of performance for overall Ducros and its key sub-segments/sectors?

- Impact of media and promotions on sales

- Impact of change in own price & distribution, competition activity on sales, the elasticity of own price

- Impact of Covid-19 on sales in MAT 2021

 What is the performance of overall media YOY?

 What is the media performance by channels – TV, Digital, Other Traditional?

- How is the performance of various campaigns across different channels?

- What is the recommended length of the copy across TV?

- Comparison of performance of TV ‘With Tag-on’ vs ‘Without Tag-on’

- Which is more effective – Branded or Non-Branded Paid search?

- How is the performance across different social media vendors?

- Is the investment in media channels saturated or there is a scope to increase investment

- Trend showing contribution of different media channels in total brand volume

 What is the optimal budget allocation across TV and Digital channels to improve response from media?

5
 Agenda

01 Scope & Key Business Questions

• Scope of MMM Study
• Key Business Questions the study will address

02 Brand Overview: Sales Drivers

• Business drivers for overall Brand and Sub Sectors
• Base vs Incremental split

03 Media Results & Deep Dives

• Topline Media Summary
• Channel & Campaign Deep Dives
• Media Planning Simulator & Optimizer with Simulations

04 Key Insights & Recommendations

6
 Recap of Ducros performance: Ducros witnessed growth in mat 2021 driven by growth
across all sectors

DUCROS OVERALL PERFORMANCE VALUE SALES ( MM EUROS)

(MAT 2019 – MAT 2021)
BRAND
VALUE SALES (MM EUROS) MAT 2020 Vs. MAT 2021 Vs.
SECTOR SHARE MAT 2019 MAT 2020 MAT 2021
11.8% MAT 2019 MAT 2020
(MAT 2021)
172
PEPPER 31% 50.6 51.3 54.0 1.5% 5.3%
HERBS 31% 48.2 49.3 53.7 2.1% 9.0%
1.4%
SPICES 27% 37.7 37.9 46.5 0.4% 22.9%
154
152 SEASONING 10% 15.4 15.7 18.0 1.8% 15.3%

VOLUME SALES (‘000 KG)

VOLUME SALES (‘000 KG)
BRAND
11.1% MAT 2020 Vs. MAT 2021 Vs.
SECTOR SHARE MAT 2019 MAT 2020 MAT 2021
MAT 2019 MAT 2020
(MAT 2021)
2,902
PEPPER 33% 890 903 954 1.5% 5.7%
1.5%
HERBS 32% 858 866 933 0.9% 7.7%
2,574 2,612
SPICES 25% 584 599 739 2.5% 23.5%
SEASONING 9% 243 245 276 0.6% 12.7%

7
Source: Nielsen
 Increased consumption due to coronavirus restrictions and stay at home measures,
supported by increased marketing efforts drove volume growth of 11.1%
TOTAL DUCROS | DRIVERS OF VOLUME (‘000 KG) CHANGE | MAT 2021 vs MAT 2020
Volume:
Environment Price Distribution Marketing Competition Residual
11.1%
5.3% 0.6% 0.4% 5.8% 0.3% 0.6%
Value:
11.8%
2K
8K 5K 2K 13 K 4K 15 K
7K 10 K 2K 146 K
140 K

2,751 K 2,745 K 2,735 K 2,743 K 2,745 K 2,750 K 2,896 K 2,894 K 2,882 K 2,883 K 2,887 K 2,902 K
2,612 K 2,612 K

(5.3%) (0.3%) (0.4%) (0.3%) (0.1%) (0.2%) (5.6%) (0.1%) (0.5%) (0.1%) (0.2%) (0.6%)

MAT 2020 COVID-19 Own Price Comp Price Own IPS Own %ACV Own Promo Own Media IPS %ACV Promo Media Residual MAT 2021
Base
Key Takeaways:
1. Restrictions and stay at home measures 2. Supportive marketing sustained the 3. Limited support from Own Execution
due to Coronavirus Pandemic drove most growth
of the growth • Increased distribution support in all
• Total Ducros media investment increased sectors impacted the sales positively by
by 339% ($ 1.7 M to $ 7.6M) 0.4%
Lockdown restrictions and stay at home
measures lead to 5.3% growth • Increased promotions with deeper • Herbs, Spices and seasoning
discounts across sectors helped the experienced increase in their mix price
growth of promo volume resulting in 0.6% volume decline

12 MAT 2020: May 2019 – Apr 2020; MAT 2021: May 2020 – Apr 2021
Source: Ducros MMM 2021
 Ducros has an overall price elasticity of (1.08); Herbs more elastic than rest of the sectors

PERCENT SALES DECREASE WITH 1% INCREASE IN PRICE

TOTAL
PEPPER HERBS SPICES SEASONING
DUCROS

(0.95)
(1.08) (1.13) (1.09)
(1.19)

13
Source: Ducros MMM 2021
 Ducros incremental activities contributes ~13% to total sales driven by ~6% from promotions
and ~7% from media
BASE AND INCREMENTAL CONTRIBUTION TO TOTAL VOLUME | BY SECTOR
Total Ducros Pepper Herbs Spices Seasoning
(% vol. chng vs
+1.5% +11.1% +1.5% +5.7% +0.9% +7.7% +2.5% +23.5% +0.6% +12.7%
PP)

MAT' 19 MAT' 20 MAT' 21 MAT' 19 MAT' 20 MAT' 21 MAT' 19 MAT' 20 MAT' 21 MAT' 19 MAT' 20 MAT' 21 MAT' 19 MAT' 20 MAT' 21

Total Ducros Pepper Herbs Spices Seasoning

Volume
Contribution
(‘000 Kgs) MAT’ 19 MAT’ 20 MAT’ 21 MAT’ 19 MAT’ 20 MAT’ 21 MAT’ 19 MAT’ 20 MAT’ 21 MAT’ 19 MAT’ 20 MAT’ 21 MAT’ 19 MAT’ 20 MAT’ 21

Base Volume 2,357 2,410 2,528 835 845 855 765 788 804 525 543 624 233 234 246
Promo Volume 165 157 177 36 42 42 75 64 68 48 46 59 5 5 8
Media
14 Volume 53 45 197 19 16 58 18 14 61 11 9 57 5 5 21
MAT 2019: May 2018 – Apr 2019 ;MAT 2020: May 2019 – Apr 2020; MAT 2021: May 2020 – Apr 2021
Source: Ducros MMM 2021
 Agenda

01 Scope & Key Business Questions

• Scope of MMM Study
• Key Business Questions the study will address

02 Brand Overview: Sales Drivers

• Business drivers for overall Brand and Sub Sectors
• Base vs Incremental split

03 Media Results & Deep Dives

• Topline Media Summary
• Channel & Campaign Deep Dives
• Media Planning Simulator & Optimizer with Simulations

04 Key Insights & Recommendations

15
 Topline Media Summary

16
 Overall ROI reduced in YTD 2021 due to investments in TV Xmas campaign; However
digital channels delivered higher RROI in YTD 2021 in comparison to YTD 2020

TV & Digital Other Traditional

Total Media
Associates (OOH)
122% 276%
$4,490 91%
$4,045
7% 192%
31% $3,570
$2,187 $2,027 $2,520 137% $1,970 56%
Investment $1,077
$1,902
$1,321 $1,077
(K $) $285 $675 $475
$31
FY 2018 FY 2019 FY 2020 YTD YTD FY 2018 FY 2019 FY 2020 YTD YTD FY 2018 FY 2019 FY 2020 YTD YTD FY 2018 FY 2019 FY 2020 YTD YTD
2020 2021 2020 2021 2020 2021 2020 2021
4,499 K
3,340 K
Inc. Revenue 1,975 K 1,725 K 2,060 K 2,516 K
2,439 K
1,250 K 1,435 K 869 K
($) 250 K 374 K 1,435 K 824 K 7K
FY 2018 FY2019 FY 2020 YTD YTD FY 2018 FY 2019 FY 2020 YTD ... YTD ... FY 18 FY 19 FY 20 YTD ... YTD ... FY 2018 FY 2019 FY 2020 YTD ... YTD ...
$1.74
$1.24 $1.33
$1.33 $0.88
Revenue ROI $0.90 $1.00 $0.83
$0.91
$0.66 $0.82 $0.70 $0.55
$0.62
(ST) $0.22

FY FY FY YTD YTD
FY ... FY ... FY 20 YTD ... YTD ... $0.52 ... ... ... ... ...
$0.41 $0.41
$0.36
$0.26 $0.29 $0.25 $0.26 $0.24 $0.21 $0.25
$0.16 $0.17 $0.14
Profit ROI $0.06

(ST) FY FY FY YTD YTD FY FY FY YTD YTD

... ... ... ... ... ... ... ... ... ...
FY 2018: Dec 2017 – Nov 2018; FY 2019: Dec 2018 – Nov 2019; FY 2020: Dec 2019 – Nov 2020 ,YTD 2020: Dec 2019 – Apr 2020, YTD 2021: Dec 2020 – Apr 2021
17 ST : Short Term Impact
Source: Ducros MMM 2021
 TV sponsorship during containment yielded higher returns, while TV RROI reduced due to
high cost of execution, and VOD RROI increased due to increased effectiveness
PERFORMANCE ACROSS CHANNELS SUPPORTNG TV CAMPAIGNS
Total TV TV BVOD Sponsorships
2020 Spring & BBQ
91% 72%
Sponsorships
$3,307
31% $3,570 36%
$2,520 $2,001 66%
$1,809 25%
Investment $1,902
$1,321 $1,167
(K $)
$93 $154 $192 $262 $327

Cost* $1.4 K $1.4 K $1.3 K - $1.6 K $16 K $12 K $13 K $14 K

FY 2018 FY 2019 FY 2020 YTD YTD FY FY FY YTD ... YTD ... FY FY FY YTD ... YTD ... FY FY FY YTD ... YTD ...
2020 2021 2,368 K
2,516 K 1,682 K 1,537 K
2,060 K
1,725 K
Inc. Revenue 869 K
798 K
($) 436 K
44 K 72 K 88 K 148 K
FY 2018 FY 2019 FY 2020 YTD 2020 YTD 2021 2018 2019 2020 YTD 20 YTD 21 2018 2019 2020 YTD 20 YTD21 FY 2018 FY 2019 FY 2020 YTD 2020 YTD 2021

$1.33
$0.93
$0.91 $0.68 $0.77 $0.72
Revenue ROI $0.66
$0.82 $0.70 $0.47 $0.47 $0.46 $0.56

(ST)
FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD YTD
FY ... FY ... FY ... YTD YTD ... 18 19 20 20 21 18 19 20 20 21 18 19 20
$0.39 20 21
$0.27 $0.22
$0.18 $0.22
$0.26 $0.24 $0.14 $0.13 $0.17
$0.17 $0.21 $0.12
Profit ROI
(ST) FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD YTD
FY ... FY ... FY ... YTD YTD ... 18 19 20 20 21 18 19 20 20 21 18 19 20 20 21
*Cost($): Cost/ GRPs for TV, Cost/MM Imps for BVOD
18 FY 2018: Dec 2017 – Nov 2018; FY 2019: Dec 2018 – Nov 2019; FY 2020: Dec 2019 – Nov 2020 ,YTD 2020: Dec 2019 – Apr 2020, YTD 2021: Dec 2020 – Apr 2021
ST : Short Term Impact
Source: Ducros MMM 2021
 Total Digital RROI improved in YTD 2020 vs FY 2019 driven by strong performance from
Paid Social, Display and Online Video
PERFORMANCE ACROSS DIGITAL CHANNELS

Online Video Digital

Total Digital Social Display DOOH Paid Search
(YouTube) Sponsorship
$1,97
192%
0
137% $1,07 201% 12%
56% 73%
7
Investment $675 $814
$568
88% 20% 82% 16% 27%
66%
29% 36% 798%
$475 $438
(K $) $285
$39 $68
$276
$73 $58 $80 $145 $239 $200 $82 $103 $179 $87 $29
$248 $175 $96 $124 $139 $89 $13 $120

Cost (K $)
3
$2.8 $5.7 $5.3 $5.4 $5.2 $11.1 $9.4 $3.1 $3.3 $2.2 $1.6 $1.8 $9.5 $10.5 $2.5 $3.3 $6.2 $386 $350 $685 $403 $300

2,439
K
1,435
K
2
Inc. Revenue
(K $) 250 K374 K
824 K
15 K
942 K736 K

95 K
433 K
62 K 55 K 149 K200 K
739 K
501 K578 K
64 K 78 K 254 K110 K 42 K 49 K 46 K 20 K 37 K
K 25 K 6K 55 K

$2.9

Revenue ROI $1.7 $1.6

$1.9 $1.7
$2.1
$1.4 $1.4 $1.4 $1.3 $1.4
(ST) $0.9
$1.2 $1.3 $1.2 $1.3
$0.8 $0.9 $0.8 $0.8
$0.6 $0.4 $0.2 $0.3 $0.2 $0.3 $0.2 $0.3 $0.5 $0.5

FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD $0.9

YTD FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD YTD
$0.6
$0.5 $0.5 $0.5
$0.4 $0.4 $0.5 $0.4 $0.4 $0.4
Profit ROI $0.4 $0.4 $0.3 $0.4
$0.3 $0.3 $0.3 $0.2 $0.2
(ST) $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1

FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD YTD FY FY FY YTD YTD
19 *Cost(K$): Cost/MM Imps for Online Video, Display, Dig Sponsorship, Paid Social, DOOH; Cost/’000 clicks for Paid Search
FY 2018: Dec 2017 – Nov 2018; FY 2019: Dec 2018 – Nov 2019; FY 2020: Dec 2019 – Nov 2020 ,YTD 2020: Dec 2019 – Apr 2020, YTD 2021: Dec 2020 – Apr 2021
ST : Short Term Impact
Source: Ducros MMM 2021
 TV & Sponsorship among TV & TV Associates and Paid Social, OLV, Sponsorship & Display
among digital channels –key media driver of sales in long-term
LONG TERM REVENUE ROI ACROSS MEDIA CHANNELS

TV Digital
TV VOD Sponsorship Online Video Sponsorship Paid Social Display Paid Search

€ 3.97

Long Term
Revenue € 3.03 € 3.04
€ 2.84 € 2.88 € 2.90
ROI
€ 2.41 € 2.50

€ 1.90 € 1.90
€ 1.75
€ 1.54
€ 1.32
€ 1.10
Short Term € 0.97
Revenue £1.57 £1.69 € 0.66
£1.45 £1.42
ROI £1.16
£0.77
£0.46 £0.28
FY 2020 Global FY 2020 Global FY 2020 Global FY 2020 Global FY 2020 Global FY 2020 Global FY 2020 Global FY 2020 Global
Bench... Bench... Bench... Bench... Bench... Bench... Bench... Bench...

20 FY 2020: Dec 2019 – Nov 2020

ST : Short Term Impact; LT : Long Term Impact
Source: Ducros MMM 2021; Fractal Global Benchmark Repository
 TV & Sponsorship among TV & TV Associates and Paid Social, OLV, Sponsorship & Display
among digital channels –key media driver of sales in long-term
LONG TERM PROFIT ROI ACROSS MEDIA CHANNELS

TV Digital
TV VOD Sponsorship Online Video Sponsorship Paid Social Display Paid Search

Long Term
Profit
ROI
€ 1.15

€ 0.88 € 0.89 € 0.84

€ 0.70
€ 0.51
Short Term
Profit € 0.29
£0.49 € 0.19
ROI £0.42 £0.46 £0.41
£0.34
£0.22 £0.13 £0.08
FY 2020 FY 2020 FY 2020 FY 2020 FY 2020 FY 2020 FY 2020 FY 2020

21 FY 2020: Dec 2019 – Nov 2020

ST : Short Term Impact; LT : Long Term Impact
Source: Ducros MMM 2021; Fractal Global Benchmark Repository
 Channel & Campaign Media Deep Dive

22
 TV campaign laydown (Nov 2017 – Apr 2021)

DUCROS – TV & TV SPONSORSHIP (NOV 2017 – APR 2021)

300
2018 Feel TV 2019 Feel TV
250 2020 BBQ
2021 Spring
200 2020 BBQ Sponsorship 2020 Autumn
2021 Q1
2020 Xmas
GRPs

150

100
Spring Sponsorship
50
Tous en Cuisine
0

24
Source: Publicis Kitchen
 Xmas 2020, Q1 2021 and Spring 2021 campaigns were more effective than 2019 and 2020
campaigns

TV
Spring BBQ
Feel TV 2018 Feel TV 2019 2020 BBQ 2020 Autumn Xmas 2020 Q1 2021 2021 Spring
Sponsr’shp Sponsr’shp
(PLP : Turmeric) (PLP : Turmeric (Tous en Cuisine) (Astuces de Chef)
& Herbs)
$1.5
$1.2
$0.9 $0.8 $0.7 $0.7 8
$0.6 $0.7 $0.6 9
0 5 2 5 4 2 8
Revenue ROI (ST)
Feel TV 2018 Feel TV 2019 BBQ 2020 Autumn 2020 Xmas 2020 Q1 2021 Spring 2021 Tous en Cuisine 2020 BBQ Astuces de Chef Prog Court 2020

$0.4
$0.3
$0.2 $0.2 $0.2 6
$0.1 $0.2 $0.2 $0.2 7
6 4 2 2 2 1
Profit ROI 7
(ST)
Feel TV 2018 Feel TV 2019 BBQ 2020 Autumn 2020 Xmas 2020 Q1 2021 Spring 2021 Tous en Cuisine 2020 BBQ As tuces de Chef Prog Court 2020

$1,8 $1,5
$1,1 $1,4
09 36 $1,0
60 $80
67 $46 39
9 $12 $16
5 8
Investment 9
(K $) Feel TV 2018 Feel TV 2019 BBQ 2020 Autumn 2020 Xmas 2020 Q1 2021 Spring 2021 Tous en Cuisine 2020 BBQ Astuces de Chef Prog Court 2020

(GRPs) (1,332) (863) (507) (1,027) (842) (572) (647) (121) (220)

1.5 1.7 1.6

1.4 1.4 1.4
0.9 K K K 1.1 0.8
K K K
K K K
Cost/ Activity ($)
Feel TV 2018 Feel TV 2019 B B Q 2020 A utumn 2020 X mas 2020 Q1 2021 S pring 2021 Tous en Cuisine 2020 BB Q A stuces de Chef Prog Court 2020

1.2 1.3 1.4 1.2

1.1 1.0 1.1 K
K 0.9 0.7 K K
K K K
Effectiveness K K
(Inc. Rev/ Activity in $)
Feel TV 2018 Feel TV 2019 BBQ 2020 Autumn 2020 Xmas 2020 Q1 2021 Spring 2021 Tous en Cuisine 2020 BBQ Astuc es de Chef Prog Court 2020

25
ST : Short Term Impact
Source: Ducros MMM 2021
 TV campaigns ‘With Tag-On’ were more effective as well as efficient than campaigns
‘Without Tag-On’
With Tag-On Vs Without Tag-On

FY 2020 & YTD 2021 INVESTMENT SUMMARY (K $) PERFORMANCE OF WITH TAG-ON VS WITHOUT TAG-ON(FY 2020 & YTD 2021)

1
1 0.76
0.72
1
1
1
0
Revenue ROI
[CELLRANGE], 0 (ST)
$2,001 0
[CELLRANGE 0
], $3,307 0
With Tag-On Without Tag-On

Profit ROI (ST) 0.22 0.22

Effectiveness
(Inc. Rev/ GRP in $ ) 1.1 K 1.0 K

Cost / GRP ($) 1.6 K 1.3 K

With Tag-On Without Tag-On

GRPs 2061 1534

26 *With Tag-On campaigns include: 2020 Xmas(Cinnamon), 2021 Q1(Turmeric Copy + Promo Tag), 2021_Q2_Spring(Turmeric copy + Pepper Tag)
ST : Short Term Impact
Source: Ducro MMM 2021
 Scope of improving efficiency by limiting TV investment to $ 3.0 M

TV

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

4.0%
2,000 K
3.5% 1,800 K

3.0%
MAT'21:5,308K 1,600 K

1,400 K
2.5%
1,200 K

Profit ($)
2.0% 1,000 K

1.5% 800 K
600 K
1.0%
400 K
0.5% 200 K

0K
0.0% 0K 1,000 K 2,000 K 3,000 K 4,000 K 5,000 K 6,000 K 7,000 K 8,000 K
0K 2,000 K 4,000 K 6,000 K 8,000 K 10,000 K 12,000 K 14,000 K 16,000 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ GRP in MAT 2021 : $ 1,477

27
Source: Ducros MMM 2021
 Investment in TV Sponsorship not yet saturated; Scope to increase investment in the
channel, however, it is not advisable to go beyond $827K

TV Sponsorship

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

1.6%
OPTIMAL: [X
1.4% VALUE]
200 K

1.2%

1.0% 150 K
MAT'21: 296K

Profit ($)
0.8%
100 K
0.6%

0.4% 50 K

0.2% MAT'21:296K
0K
0.0% 0K 500 K
0K 1,000 K 2,000 K 3,000 K 4,000 K 5,000 K 6,000 K 7,000 K 8,000 K 9,000 K 10,000 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $ 871

28
Source: Ducros MMM 2021
 20s and 30s copy have comparable effectiveness and ROIs
DUCROS – TV BY COPY DURATION (NOV 2017 – APR 2021)
2020 Autumn
200 2021 Spring
2020 BBQ 2020 Xmas
2020 Q1
150
GRPs

100

50

20 seconds 30 seconds
$0.7 $0.7
8 2
Revenue ROI
(ST)
$0.2
All y... $0.2
All y...
3 1
Profit ROI
(ST)
All y...
1,57 All y...
1,44
2 2
Cost/ GRP
($)
All1,22
years All1,03
years
4 4
Effectiveness
(Inc. Rev/ GRP
in $) All years All years
29
ST : Short Term Impact
Source: Ducros MMM 2021
 Continuity is the key for Ducros TV as it ensures longer retention with reduced efforts; Jan/
Feb, Autumn, and Xmas seasons have reported higher response from TV compared to other
bursts
TV

250 DUCROS – TV BY COPY DURATION (NOV 2017 – APR 2021) 140

2018 Feel TV 2019 Feel TV 2020 BBQ 2020 Autumn
120
200
100
150 80

GRPs
100 60
40
50
20
0 0

By assuming 100 GRPs invested in TV for each season, ROI from only TV has been compared by using same average across seasons

Comparison of TV performance across Seasons based on capacity to generate Uplifts

Seasons/Burst Assumed Activity Investment ST ROI LT ROI
(GRPs) (‘000 USD)
Q1 (Jan- Feb) 100 144 0.82 1.74
Spring 100 144 0.81 1.45
BBQ 100 144 0.75 1.61
Autumn 100 144 0.90 1.86
Xmas 100 144 0.99 1.84

30
ST : Short Term Impact; LT: Long Term Impact
Source: Ducros MMM 2021
 VOD campaign laydown (Nov 2017 – Apr 2021)

3,000,000.0 DUCROS –VOD & VOD SPONSORSHIP (NOV 2017 – APR 2021)

2,500,000.0 2018 Feel TV 2019 Feel TV

2020 Autumn 2021 Spring
MM Impressions

2,000,000.0
2021 Q1
1,500,000.0 2020 Xmas

1,000,000.0 2020 BBQ

500,000.0 Spring Sponsorship

Tous en Cuisine
0.0
11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 11 12 1/ 2/ 3/ 4/

31
Source: Publicis Kitchen
 Campaigns of YTD 2021 were both effective as well as efficient in comparison to campaigns
of 2020

BVOD
Feel TV Feel TV BBQ Autumn Xmas Q1 Consumer Spring Spring
2018 2019 2020 2020 2020 Promo 2019 2021 Sponsorship

(PLP : Turmeric) (PLP : Turmeric (Tous en Cuisine)

& Herbs) $0.6 $0.5
$0.4 $0.4 $0.4 $0.4 3 $0.4
9
7 7 7 5 8 $0.1
7
Revenue ROI (ST)
Feel TV 2018 Feel TV 2019 BBQ 2020 Autumn 2020 Xmas Feel TV 2020 Q1 Feel TV Consumer 2021 Spring Feel TV 2021 Tous en Cuisine

$0.1 $0.1
$0.1 $0.1 $0.1 $0.1 $0.1
9 8
4 2 4 3 4 $0.0
Profit ROI (ST) 5
Feel TV 2018 Feel TV 2019 BBQ 2020 Autumn 2020 Xmas Feel TV 2020 Q1 Feel TV Consumer 2021 Spring Feel TV 2021 Tous en Cuisine

$1 $1
$9 54 52 $9 $7 $9
3 $4 5 4 $3
Investment 4
0 0
(K $) Feel TV 2018 Feel TV 2019 BBQ 2020 Autumn 2020 Xmas Feel TV 2020 Q1 Feel TV Consumer 2021 Spring Feel TV 2021 Tous en Cuisine

(Imps) (5.9 M) (12.4 M) (2.6 M) (11.7 M) (6.7 M Imps) (5.1 M Imps) (6.3 M Imps) (0.6 M Imps)
48.2
K
15.7 12.4 15.2 13.1 14.1 14.5 14.9
K K K K K K K
Cost/ Activity ($) Feel TV 2018 Feel TV 2019 BBQ 2020 Autumn 2020 Xmas Feel TV 2020 Q1 Feel TV Cons umer 2021 Spring Feel TV 2021 Tous en Cuisine

7. 7. 8. 8. 7. 8.
5. 5.
4 1 9 5 1 2
8 9
Effectiveness K K K K
K K K K
(Inc. Rev/ Activity in $)
Feel TV 2018 Feel TV 2019 BBQ 2020 Autumn 2020 Xmas Feel TV 2020 Q1 Feel TV Consumer 2021 Spring Feel TV 2021 Tous en Cuisine

32 ST : Short Term Impact

Source: Ducros MMM 2021
 VOD execution close to saturation, efficiency can be achieved by reducing investment till
$326K

VOD

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

0.4% OPTIMAL:
20 K 326K
18 K
0.3%
16 K
MAT'21:454K
0.3% 14 K

12 K
0.2%

Profit ($)
10 K
0.2% 8K
6K
0.1%
4K

0.1% 2K

0K
0.0% 0K 20 K 40 K 60 K 80 K 100 K 120 K
0K 200 K 400 K 600 K 800 K 1,000 K 1,200 K 1,400 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $ 14,037

33
Source: Ducros MMM 2021
 Social campaign laydown (Nov 2017 – Apr 2021)

DUCROS – PAID SOCIAL (NOV 2017 – APR 2021)

50000000 2020 2021
2018 2019 2020 Spring 2020 2021
45000000 Autumn Xmas
BBQ Spring
40000000 Masterbrand
35000000
MM Impressions

2021 Q1
30000000 Pepper Grinder
25000000 Pre-Launch
20000000
2021 Q1
15000000
Consumer Promotion
10000000
5000000
0

DUCROS – PAID SOCIAL (NOV 2017 – APR 2021)

50000000 2020 Spring Autumn
2018 2019
45000000 Facebook & Instagram Facebook & Instagram Facebook/Instagram Facebook/Instagram
40000000 Pinterest
35000000
MM Impressions

2021 Q1
30000000 Facebook/Instagram
25000000
20000000 2021 Spring
BBQ
15000000 Facebook/
Facebook/Instagram 2021 Xmas
10000000 Instagram
Pinterest Facebook/Instagram
5000000
0
11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 11 12 1/ 2/ 3/ 4/
34
Source: Publicis Kitchen
 Xmas 2020 onwards campaigns generated high effectiveness with Q1 2021 delivering
highest ROIs; High cost pulled down the ROI for Spring 2021 in comparison to Spring 2020

Paid Social 2020 2020 2021 2021 2021

2018 2019 2020 Spring 2020 BBQ
Autumn Xmas Q1 Q1 Spring
(Masterbrand) (Consumer Promotion) (Pepper Grinder (Pepper Grinder
Pre-Launch) Launch + Spin)
$3.6 $3.4
$1.9 $2.0 $2.0 5 0 $1.9
$1.3 $1.1 $1.1
6 9 2 1
6 9 4
Revenue ROI (ST)
2018 2019 Du c ro s _ 2 0 2 0 _ Q2 _ S p rin g Du c ro s _ 2 0 2 0 _ Q3 _B BQ Du c ro s _ 20 20 _Q 4_ Au tu mn_ Ma s te rb ra n d Du c ro s _ 2 0 2 0 _ X ma s Du c ro s _ 20 21 _Q 1_ Co ns umerP ro motio n Du c ro s _ 20 21 _Q 1_ Pe pp erG rin d erP re L au nc h 2 0 2 1 S prin g

$1.1 $1.0
$0.5 $0.6 $0.6 0 3 $0.5
$0.3 0 $0.3 $0.3 1 8
6
6 5 3
Profit ROI (ST)
20 18 20 19 Du c ro s _ 2 0 2 0 _ Q2 _ S p rin g Du c ro s _ 20 20 _Q 3_ BB Q Du c ro s _ 20 20 _ Q4 _ A u tu mn _ Ma s te rb ra nd Du c ro s _ 2 0 2 0 _ X ma s Du c ro s _ 2 0 2 1 _ Q1 _ Co n s u me rP ro mo tio n Du c ro s _ 20 21 _Q 1_ Pe pp erG rin d erP re L au nc h 2 0 2 1 S p rin g

$23
$14 9 $13
6 5
$79 $63 $48 $72 $44 $36
Investment
(K $) 20 18 2019 Du c ro s _ 2 0 2 0 _ Q2 _ Sp rin g Du c ro s _ 2 0 2 0 _ Q 3 _ B BQ D u c ro s _ 2 0 2 0 _ Q 4 _ A u tu mn _ Ma s te rb ra n d Du c ro s _ 2 0 2 0 _ X ma s Du c ro s _ 2 0 2 1 _ Q1 _ Co n s u me rP ro mo tio n Du c ro s _ 2 0 2 1 _ Q1 _ P e p p e rGrin d e rP re L a u n c h 2 0 2 1 S p rin g

(Imps) (25.9 M) (43.5 M) (151.1 M) (36.6 M) (10.6 M) (13.9 M) (58.3 M) (26.1 M) (11.4 M)
6.0
3.0 3.4 3.7 K 3.5 3.2
K K 1.6 K K 1.2 1.7 K
K K K
Cost/ MM Imps
($) 20 18 2019 Du c ro s _ 2 0 2 0 _ Q2 _ S p rin g Du c ro s _ 20 20 _Q 3_ B B Q Du c ro s _ 20 20 _Q 4_ A u tu mn _ Ma s te rb ra n d D uc ro s _2 0 2 0 _ X mas Du c ro s _ 20 21 _Q 1_ Co ns umerP ro motio n Du c ro s _ 2 02 1_ Q1 _P ep pe rGrin de rP re L a u n c h 2 02 1 S p rin g

6.0 6.8 7.0 6.1

4.6 5.7
4.4 K K 4.5 K
K 3.3 K
K K K
K
Effectiveness
(Inc. Rev/ MM Imps in $) 2018 20 19 Du c ro s _ 2 0 2 0 _ Q 2_ S p rin g Du c ro s _ 2 0 2 0 _ Q3 _ B B Q Du c ro s _ 2 0 2 0 _ Q4 _A utu mn _Ma s te rb ra n d D uc ro s _2 02 0_ X mas Du c ro s _ 2 0 2 1 _ Q1 _ Co n s u me rP ro mo tio n Du c ro s _ 2 0 2 1 _ Q1 _ P e p p e rGrin d e rP re L a u n c h 2 0 2 1 S prin g

35 ST : Short Term Impact

Source: Ducros MMM 2021
 Pinterest which is recently included in the media strategy has shown higher effectiveness
compared to FB/IG, however, its high cost impeded its ROI

FY 2020 & YTD 2021 PERFORMANCE ACROSS PAID SOCIAL VENDORS (FY 2020 & YTD 2021)
INVESTMENT SUMMARY (K USD)
3
2.13
2
[CELLRANGE]
, $55 2
1.22
1 Revenue ROI
(ST)
1

0
Facebook / Instagram Pinterest

Profit ROI ($) 0.63 0.36

[CELLRANGE]
, $583
Effectiveness
(Inc. Rev/ MM 4.2 K 5.4 K
Impressions in $)
Facebook / Instagram Cost / MM Impressions
2.0 K 4.4 K
Pinterest ($)

MM Impressions 295 13

36
ST : Short Term Impact
Source: Ducros MMM 2021
 Channel hasn’t reached saturation; Potential to increase investment in Paid Social up to
$1,034 K

Paid Social

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

2.0%
1,600 K

1,400 K
1.5%
1,200 K
MAT'21: 412 K
1.0% 1,000 K

Profit ($)
MAT'21:412K 800 K
0.5%
600 K

400 K
0.0%
0K 50 K 100 K 150 K 200 K 250 K 200 K

0K
-0.5% 0K 1,000 K 2,000 K 3,000 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $ 2,407

37
Source: Ducros MMM 2021
 Online Video (YouTube) campaign laydown (Nov 2017 – Apr 2021)

DUCROS – ONLINE VIDEO (NOV 2017 – APR 2021)

2020 Spring
20000000 2020 Xmas (Accomplished Foodies,
Frugal Flavourfuls
Inspired Delighters)
15000000
MM Impressions

2020 BBQ
(Distracted Streamliners
10000000 Accomplished Foodies
Inspired Delighters)

5000000 2021 Q1
2020 Autumn
Consumer
Masterbrand 2021 Spring
Promotion

0
/ / / 2 2 2 2 2 1 1 1 9 / / / / 2 2 2 2 1 1 1 1 8 / / / / 2 2 2 1 1 1 1 9 6 / / / / 2 2 2 1
11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 11 12 1/ 2/ 3/ 4/

38
Source: Publicis Kitchen
 2021 campaigns were both effective as well as efficient

Online Video
2019 Xmas 2020 Spring 2020 BBQ 2020 Autumn 2021 Q1 2021 Spring

(Masterbrand) (Consumer Promotion) (Pepper Grinder Launch)

$1.3 $1.5
$0.9 $1.1 2
3 $0.8 $0.8 7
8 5 6
Revenue ROI (ST)
X ma s 2 01 9 S p rin g 2 0 2 0 B BQ 20 20 Au tu mn 2 02 0 Q1 2 0 2 1 S p rin g 2 0 2 1

$0.4
$0.3 $0.3
$0.2 $0.2 $0.2 6
9 5
8 5 5
Profit ROI (ST)
X ma s 2 01 9 Sp rin g 2 0 2 0 B B Q2 0 2 0 A utu mn 20 20 Q 1 2 02 1 S p rin g 2 0 2 1

$43
7
$17 $20
0 0
Investment $46 $24 $44
(K $) X ma s 2 0 1 9 S p rin g 2 0 2 0 B B Q2 0 2 0 Au tu mn 2 02 0 Q 1 2 02 1 S p rin g 2 0 2 1

(Imps) (40.4 M) (81.3 M) (30.5 M) (5.1 M) (3.4 M) (9.1 M)

9.0
6.6 K 7.0
4.2 5.4 4.8
K K
K K K
Cost/ MM Imps
($) X ma s 2 0 1 9 S p rin g 2 0 2 0 B B Q2 0 2 0 Au tu mn 2 02 0 Q 1 2 02 1 S p rin g 2 0 2 1

7.2 7.7 8.2 7.4

5.5 K K K
4.1 K
K
Effectiveness K
(Inc. Rev/ MM Imps in $)
X ma s 2 0 1 9 S p rin g 2 0 2 0 B B Q2 0 2 0 A utu mn 2 0 2 0 Q 1 2 02 1 S p rin g 2 0 2 1

39 ST : Short Term Impact

Source: Ducros MMM 2021
 20s/21s video lengths more effective compared to shorter durations, while 6s & 18s video
lengths are more efficient; Need to investigate cost of 15s video

DUCROS – ONLINE VIDEO BY COPY DURATION (NOV 2017 – APR 2021)

20000000 2019 2020 2020 2020 2021 2021
Xmas Spring BBQ Autumn Q1 Spring
MM Impressions

15000000

10000000

5000000

20 seconds 21 seconds 6 seconds 15 seconds 18 seconds

$1. $1. $1. $0. $1.
28 15 40 83 48
Revenue ROI (ST)

All y... All y... All y... All y... All y...
$0.
$0. $0. $0. $0.
37 33 41 24 45
Profit ROI (ST)
All y... All6.9y... All y... All7.5y... All y...
6.0 4.6 4.3
K K K
Cost/ MM Imps
K K
($)
All7.6
y... All8.0
y... All6.4
y... All6.3
y... All6.4
y...
Effectiveness K K K K K
(Inc. Rev/ MM Imps
in $)
40 All y... All y... All y... All y... All y...
ST : Short Term Impact
Source: Ducros MMM 2021
 Opportunity to increase investment in Online Video up to $ 1306 K

Online Video

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

2.0%
900 K OPTIMAL: [X
1.8% VALUE]
800 K
1.6%
700 K
1.4%
600 K
1.2%

Profit ($)
500 K
1.0% MAT'21: 403K
400 K
0.8%
300 K
0.6%
200 K
0.4% MAT’21: 403K
100 K
0.2%
0K
0.0% 0K 500 K 1,000 K 1,500 K 2,000 K 2,500 K 3,000 K 3,500 K
0K 1,000 K 2,000 K 3,000 K 4,000 K 5,000 K 6,000 K 7,000 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $ 6,371

41
Source: Ducros MMM 2021
 Display campaign laydown (Nov 2017 – Apr 2021)

7000000 DUCROS – DISPLAY (NOV 2017 – APR 2021)

6000000 2018 Q1 2018 BBQ 2018 Xmas 2019 Spring 2020 Spring 2020 BBQ

5000000
MM Impressions

2020 Autumn
4000000 (15 min Meal Makers
Taste Explorers)
3000000

2000000
2021 Q1
2021 Spring
1000000 Consumer Promotion

0
/ / / 2 2 2 2 2 1 1 1 9 / / / / 2 2 2 2 1 1 1 1 8 / / / / 2 2 2 1 1 1 1 9 6 / / / / 2 2 2 1
11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 11 12 1/ 2/ 3/ 4/

42
Source: Publicis Kitchen
 2021 campaigns have high effectiveness; High cost of 'Q1 2021 Consumer Promotion'
campaign pulled down the ROI

Display 2020 2021

2018 Q1 2018 BBQ 2018 Xmas 2019 Spring 2020 Spring 2020 BBQ 2021 Q1
Autumn Spring
(15 min Meal Makers (Consumer (Pepper Grinder
Taste Explorers) Promotion) Launch)
$2.1 $2.0
$1.2 $1.3 $1.2 $1.2 9 $1.3 2
$0.4 6 9 $0.3 6 4 0
0 1
Revenue ROI (ST)
Q 12 0 1 8 B B Q2 01 8 XMAS 20 18 S p rin g 2 0 1 9 Sp rin g 20 20 B B Q2 0 2 0 A u tu mn 2 0 2 0 Q1 2 0 2 1 S p rin g P e p p e rGrin d e rL a u n c h 20 21

$0.6 $0.6
$0.3 $0.3 $0.3 $0.3 4 $0.3 2
$0.1 6 6 $0.0 7 6 9
1 8
Profit ROI (ST) Q1 2 0 1 8 B B Q2 0 1 8 X MA S2 01 8 S prin g 2 01 9 S prin g 2 02 0 B B Q2 0 2 0 A u tu mn 2 0 2 0 Q1 2 0 2 1 S p rin g P e p p e rGrin d e rL a u n c h 2 0 2 1

€ 72 € 87
€ 60
€ 32 € 39 € 41 € 32 € 24
€5
Investment Q1 2 0 1 8 BB Q2 0 1 8 XMAS 2 0 1 8 Sp rin g 2 0 1 9 Sp rin g 2 0 2 0 BB Q2 0 2 0 Au tu mn 2 0 2 0 Q1 2 0 2 1 S p rin g P e p p e rGrin d e rL a u n c h 2 0 2 1

(K $)

(Imps) (1.4 M) (5.1 M) (8.4 M) (3.6 M) (26.3 M) (27.7 M) (16.6 M) (3.4 M) (1.3 M)
23.4 20.3
K K
7.7 4.9 7.0 4.1
3.3 2.2 1.9
Cost/ MM Imps K K K K
K K
K
($) D uc ro s _2 01 8_ Q1 _P ep pe r Du c ro s _ 2 0 1 8 _Q 3_ B B Q Du c ro s _ 20 18 _X ma s Du c ro s _ 2 0 1 9 _ Q2 _ S p rin g _ Mo z o o & Cu is in e Du c ro s _ 2 0 2 0 _ Q2 _ S p rin g Du c ro s _ 2 0 2 0 _ Q3 _ B B Q Du c ro s _ 2 0 2 0 _ Q4 _ A u tu mn _ Ma s te rb ra n d Du c ro s _ 2 0 2 1 _ Q1 _ Co n s u me rP ro motio n Du c ro s _ 2 0 2 1 _ Q2 _ S p rin g _ P e p p e rGrin d e rL a u n c h

9.3 9.7 9.1 8.4

K K 6.8 6.3 K
K 4.2 4.2 K
K 2.7
Effectiveness K K
K
(Inc. Rev/ MM Imps in $)
Q1 2 0 1 8 B B Q2 0 1 8 XMA S 2 0 1 8 S p rin g 2 0 1 9 Sp rin g 2 0 2 0 B BQ 2 0 2 0 A u tu mn 2 0 2 0 Q1 2 0 2 1 S p rin g P e p p e rGrin d e rL a u n c h 2 0 2 1

43 ST : Short Term Impact

Source: Ducros MMM 2021
 Investment in display not yet saturated; Potential to increase investment in Display till
$365 K

Display

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

0.80%
180 K
0.70%
160 K

0.60% 140 K

0.50% 120 K

Profit ($)
100 K
0.40%
80 K
MAT'21: 133K
0.30%
60 K
0.20% 40 K

0.10% 20 K

0K
0.00% 0K 20 K 40 K 60 K 80 K 100 K 120 K 140 K
0K 500 K 1,000 K 1,500 K 2,000 K 2,500 K 3,000 K 3,500 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $2,544

44
Source: Ducros MMM 2021
 Paid Search campaign laydown (Nov 2017 – Apr 2021)

40000 DUCROS – GENERIC PAID SEARCH (NOV 2017 – APR 2021)

35000
30000 Q1 Spring BBQ Autumn Xmas Q1 Spring BBQ Autumn Xmas Spring BBQ Autumn Xmas Q1 Spring

25000
‘000 Clicks

20000
15000
10000
5000
0

10000 DUCROS – BRANDED PAID SEARCH (NOV 2017 – APR 2021)

9000
8000 Q1 Spring BBQ Autumn Xmas Q1 Spring BBQ Autumn Xmas Autumn Xmas Q1 Spring
7000
6000
‘000 Clicks

5000
4000
3000
2000
1000
0

45
Source: Publicis Kitchen
 Spring 2021 campaign has the highest ROI driven by high effectiveness and low cost of
execution
Paid Search 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021
Q1 Spring BBQ Autumn Xmas Q1 Spring BBQ Autumn Xmas Spring BBQ Autumn Xmas Q1 Spring

$0.6
$0.5 $0.4 $0.5
$0.3 $0.3 $0.3 $0.3 3
$0.2 $0.2 $0.1 $0.2 2 $0.1 5 2 $0.2
4 0 1 $0.1 8 $0.1
4 1 9 2 8 7
5 5
Revenue ROI (ST) Q1 2 0 1 8 Sp rin g 2 0 1 8 B BQ2 0 1 8 Au tu mn 2 0 1 8 Xma s 2 0 1 8 Q1 2 0 1 9 Sp rin g 2 0 1 9 B BQ2 0 1 9 Au tu mn 2 0 1 9 Xma s 2 0 1 9 S p rin g 2 0 2 0 BB Q2 0 2 0 Au tu mn 2 0 2 0 X ma s 2 0 2 0 Q1 2 0 2 1

$0.1
S p rin g 2 0 2 1

$0.1 $0.1 9
$0.1 6
$0.1 $0.0 $0.0 $0.1 5 3 $0.0
0 $0.0 $0.0 $0.0 $0.0 0 $0.0
7 9 9 $0.0 $0.0 8
6 5 4 6 5 4
Profit ROI (ST) Q12 01 8 S p rin g 2 0 1 8 B B Q2 0 1 8 A u tu mn 2 0 1 8 Xma s 2 0 1 8 Q1 20 19 S p rin g 2 0 1 9 B B Q2 0 1 9 A u tu mn 2 0 1 9 X ma s 2 0 1 9 Sp rin g 2 0 2 0 B B Q2 0 2 0 Au tu mn 2 0 2 0 X ma s 2 0 2 0 Q1 2 0 2 1 S p rin g 2 0 2 1

$55. $47.
$38. 8 $43.
$26. $34. $34. 4 $28.
$19. $23. $24. $19. 7 $22. $19. 6
7 6 0 $12. $11. 5
9 3 6 5 2 6
7 7
Investment
(K $)
Q1 2 0 1 8 Sp rin g 20 18 BB Q2 0 1 8 A u tu mn 2 0 1 8 X ma s 2 0 1 8 Q1 20 19 S p rin g 2 0 1 9 BB Q2 01 9 A u tu mn 2 01 9 X ma s 2 0 1 9 S p rin g 2 0 2 0 B B Q2 0 2 0 A u tu mn 2 0 2 0 X ma s 2 02 0 Q 1 2 02 1 Sp rin g 2 0 2 1

(Clicks) (69.6 K) (55.9 K) (85.2 K) (59.8 K) (46.4 K) (34.8 K) (50.5 K) (99.9 K) (106.0 K) (86.5 K) (28.1 K) (39.9 K) (56.4 K) (150.7 K) (116.8 K) (131.4 K)

1,3
96
672 K
478 406 390 530 559 388 416 347 374
286 K 210 147 315 217
K K K K K K K
Cost/ Clicks K K K K K K K
($) Q1 2 0 1 8 Sp rin g 2 0 1 8 BB Q2 0 1 8 Au tu mn 2 0 1 8 Xma s 2 0 1 8 Q1 2 0 1 9 Sp rin g 2 0 1 9 BB Q2 0 1 9 Au tu mn 2 0 1 9 Xma s 2 0 1 9 Sp rin g 2 0 2 0 BBQ2 0 2 0 A u tu mn 2 0 2 0 Xma s 2 0 2 0 Q1 2 0 2 1 S p rin g 2 0 2 1

21 16
11 12 12 11 15 13
10 0 10
Effectiveness 97 6 1 1 2 7 98 85 79 77 74 K
5
K
4
K 1 7
K K K K K
(Inc. Rev/ Clicks K K K K K K K K

in $) Q1 2 0 1 8 Sp r
in g 2 0 1 8 B BQ 2 0 1 8 A u tu mn 2 0 1 8 X ma s 2 0 1 8 Q1 2 0 1 9 Sp r
in g 2 0 1 9 BB Q2 0 1 9 A u tu mn 2 0 1 9 Xma s 2 0 1 9 S pr
in g 2 0 2 0 B B Q2 0 2 0 Au tu mn 2 0 2 0 X ma s 2 0 2 0 Q1 2 0 2 1 Sp r
in g 2 0 2 1

ST : Short Term Impact

46 Source: Ducros MMM 2021
 Generic search campaigns are both effectiveness as well as efficient

FY 2020 & YTD 2021 PERFORMANCE OF BRANDED VS GENERIC PAID SEARCH (FY 2020 & YTD 2021 )
INVESTMENT SUMMARY (K USD)
0 0.37
[CELLRANGE] 0
, $11 0
0
0
0 0.12 Revenue ROI
(ST)
0
0
0
Generic Paid Search Branded Paid Search
[CELLRANGE
], $196 Profit ROI ($) 0.11 0.04

Effectiveness
(Inc. Rev/ ‘000 Clicks 145 55
in $)

Generic Paid Search Branded Paid Search Cost / ‘000 Clicks

392 445
($)

‘000 Clicks 499 24

47
ST : Short Term Impact
Source: Ducros MMM 2021
 Investment in Paid Search not yet saturated; Potential to increase investment in Paid Search
till $352 K, beyond that incremental profit starts diminishing

Paid Search

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

3.5%
14.0 K
OPTIMAL: 352K
3.0%
12.0 K
MAT'21: 195K
2.5%
10.0 K

2.0% 8.0 K

Profit ($)
1.5% 6.0 K

1.0% 4.0 K
MAT'21:195K
0.5% 2.0 K

0.0 K
0.0% 0K 100 K 200 K
0K 500 K 1,000 K 1,500 K 2,000 K 2,500 K

Investment ($) Investment (K)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ ‘000 Clicks in MAT 2021 : $23,255

48
Source: Ducros MMM 2021
 Digital Sponsorship campaign laydown (Nov 2017 – Apr 2021)

DUCROS – DIGITAL SPONSORSHIP (NOV 2017 – APR 2021)

7000000
Digital Partnership
6000000
(Grand Mercredi)

5000000
MM Impressions

Digital Partnership
4000000 BBQ (Astuce de chef)
Tous en Cuisine
Autumn
3000000 (Marmiton, Cuisine AZ, 6 Play)
(Chef Club + Jaw)

2000000
Xmas

1000000

0
/ / / 2 2 2 2 2 1 1 1 9 / / / / 2 2 2 2 1 1 1 1 8 / / / / 2 2 2 1 1 1 1 9 6 / / / / 2 2 2 1
11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 12 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10 11 11 12 1/ 2/ 3/ 4/

49
Source: Publicis Kitchen
 While Xmas 2020 has high effectiveness compared to other campaigns of 2020, high cost
per activity pulled down its ROI
Digital
Sponsorship
Grand Mercredi 2020 Tous en Cuisine 2020 Astuce de chef 2020 Autumn 2020 Xmas 2020

(Partnership) (Marmiton, Cuisine AZ, 6 Play) (Cuisine AZ, 6 Play) (Chef Club + Jaw) (Marmiton, Cuisine AZ)
$2.2
$1.7 3
1 $1.2
$0.9 8 $0.9
4 4
Revenue ROI (ST)
Gra n d Me rc re d i2 0 2 0 T o u s e n Cu is in e 2 0 2 0 As tu c e d e c h e f2 0 2 0 Au tu mn 2 0 2 0 X ma s 2 0 2 0

$0.6
$0.4 4
9 $0.3
$0.2 7 $0.2
7 8
Profit ROI (ST)
Gra n d Me rc re d i2 0 2 0 T o u s e n Cu is in e 2 0 2 0 As tu c e d e c h e f2 0 2 0 Au tu mn 2 0 2 0 Xma s 2 0 2 0

€ €
123 112
€ 58
Investment €9
€ 32
(K $) Gra nd Me rc re di2 02 0 T o u s e n Cu is in e 2 0 20 As tu c e d e c he f20 20 A u tu mn 2 0 2 0 X ma s 2 0 2 0

(Imps) (1.0 M) (24.6 M) (9.5 M) (18.3 M) (6.2 M)

8.9 9.4
K 5.0 6.1 K
3.4 K
K
Cost/ MM Imps K
($)
Gra n d Me rc re d i2 0 2 0 T o u s e n Cu is in e 2 0 2 0 A s tu c e d e c h e f2 0 2 0 A u tu mn 2 0 2 0 Xma s 2 0 2 0

8.5 8.8
8.3 K
K K 7.5 7.8
Effectiveness K K
(Inc. Rev/ MM Imps in $)
Gra nd Me rc re di2 02 0 T o u s e n Cu is in e 2 0 20 As tu c e d e c he f20 20 A u tu mn 2 0 2 0 X ma s 2 0 2 0

ST : Short Term Impact

50 Source: Ducros MMM 2021
 Investment in Digital Sponsorship not yet saturated; Scope to increase investment in the
channel till $827K

Digital Sponsorship

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

1.2% 1,000 K OPTIMAL: [X

VALUE]
900 K
1.0%
800 K

700 K
0.8%
600 K
MAT'21: 272K

Profit ($)
0.6% 500 K

400 K
0.4% MAT'21:272K
300 K

200 K
0.2%
100 K

0.0% 0K
0K 500 K 1,000 K 1,500 K 2,000 K 2,500 K 3,000 K 0K 500 K 1,000 K 1,500 K 2,000 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $ 5,039

51
Source: Ducros MMM 2021
 Comparable performance across all DOOH campaigns with 2020 Autumn delivering highest
ROI driven by higher effectiveness; Short term impact not breaking even;

DOOH
2019 Spring 2019 Xmas 2020 Autumn 2020 Spring

(H5 Monoprix IDF) (OOH)

$0.3
3
$0.2 $0.2 $0.2
0 0 2

Revenue ROI (ST)

20 19 Sp rin g Xmas 20 19 20 2 0 A u tu mn Sp rin g 20 19

$0.1
0
$0.0 $0.0 $0.0
5 6 6

Profit ROI (ST)

2 0 1 9 S p rin g X ma s 2 0 1 9 2 0 2 0 Au tu mn S p rin g 2 0 1 9

49
K 26
20
K K
7K
Inc. Revenue 2 0 1 9 Sp rin g Xma s 2 0 1 9 2 0 2 0 A u tu mn S p rin g 2 0 1 9

($)

(# of Screens) (2,005) (794) (91) (380)

$24
8
Investment $96 $79
(K $) $31
2 0 1 9 S p rin g X ma s 2 0 1 9 2 0 2 0 A u tu mn S p rin g 2 0 1 9

52
ST : Short Term Impact
Source: Ducros MMM 2021
 Higher returns generated for Display, Online Video and Paid Social in comparison to other
channels for Healthy January, while BBQ and Halloween had similar ROIs across most
channels

Healthy January BBQ Halloween

Jan (2021) Aug-Sep(2020) Oct(2020)

Investment Investment Revenue Investment Revenue

Revenue ROI(ST+LT) Profit ROI(ST+LT) Profit ROI(ST+LT) Profit ROI(ST+LT)
(‘000$) (‘000$) ROI(ST+LT) (‘000$) ROI(ST+LT)

TOTAL 196
0.2 0.37 0.0 0.10 189 0.18 0.42 0.07 0.17 177 0.2 0.36 0.0 0.16
DIGITAL DISPLAY 12
5
0.25
0.3 7 0.08 0.1 50
0.2 0.70.1 0.2 14
0.2 0.39 8
0 0.0 0.14
9 3 9
0.1 0 0.0
2 7 0 0.1 8
0.1 0.1 0.1
0.23 0.37 0.08 0.12 0.40
6 0.2 0.0 0
0.0 0.179
ONLINE VIDEO 0.16
7 0.1 5 9
56 46 46

0.32
0.5 0.10 0.17 0.1 0.2
2
0.190.34 5 0.1 0.25 9
0.49
0.1 0.19 3 0.0 0.07 0.010.14 6
PAID SOCIAL 57 58 83
0.00.12
PAID SEARCH 26
2
0.0 5
0.0
25
50.1
0.0 60.0
0.0
14
7
0.0
0.0 7
0.0
0.0
0.04 0.01
INFLUENCERS 45
3 1 10
97 47 20
84 32

ST : Short Term Impact LT: Long Term Impact

Source: Frank’s MMM 2021
 Media channel performance framework With
Continue investing in Paid Social, while need to analyse means to improve TV and Online Video ROI;
Display & Partnerships can be the strategic investment, driving higher volume with high ROIs
High
2.5 MAINTAIN & OPTIMIZE
STRATEGIC INVESTMENT GREAT INVESTMENT POTENTIAL Maintain the investment in the
channel while there is a need to
analyze means to increase ROI
(either through cost or level of
2.0
activity to avoid saturation)
Return on Investment (ROI)

GREAT INVESTMENT POTENTIAL

1.5 Channel generates high volume and
ROI compared to benchmark; Great
investment potential

1.0
STRATEGIC INVESTMENT
Opportunity to increase investment
in the channel to ensure wider
audience reach contributing to
0.5 higher volume

EVALUATE
EVALUATE MAINTAIN & OPTIMIZE
- Evaluate the performance of the
0% 10% 20% 30% 40% 50% 60% 70% channel on the execution,
investment levels, cost of execution,
etc.
Low Proportion of Incremental Volume contribution High

* Quadrant based on median ST ROI and incremental volume contribution across channels
* Size of bubble indicates investment

54
ST : Short Term Impact
Source: Ducros MMM 2021
 Incremental sales from media activities has increased recently, with TV yielding
more volume than other channels
Total Ducros

VOLUME CONTRIBUTION BY ACTIVITY (DEC 2017 – APR 2021)

Volume Uplift(‘000 KG)

80000

70000

60000

50000

40000

30000

20000

10000

0
17 17 17 18 18 18 18 18 18 18 18 18 18 18 18 18 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21
/ 20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
2 9 7 4 1 1 8 6 3 1 9 6 3 1 8 6 3 0 0 7 5 2 0 8 5 2 0 7 5 2 9 8 5 3 1 8 6 3 0 8 5 3 0 7 7 4 2
/2 /1 /1 /1 /1 /1 4/ 5/ 6/ 7/ 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/1 3/1 4/ 5/ 6/ 6/3 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/ 3/ 4/ 5/ 5/3 6/2 7/2 8/2 9/2 0/1 1/1 2/1 1/1 2/ 3/ 4/ 5/
10 11 12 1 2 3 1 1 1 1 1 1 1 1 1

Digital - Paid Social Digital - Paid Search BVOD Digital - Display Digital - Video DOOH OOH TV TV Sponsorship Digital Sponsorship
BVOD Sponsorship Website Traffic Promotions Base Sales

55
Source: Ducros MMM 2021
 Incremental sales from media activities has increased recently, with TV yielding
more volume than other channels
Total Pepper

VOLUME CONTRIBUTION BY ACTIVITY (DEC 2017 – APR 2021)

Volume Uplift(‘000 KG)

30000

25000

20000

15000

10000

5000

0
17 17 17 18 18 18 18 18 18 18 18 18 18 18 18 18 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21
/ 20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
2 9 7 4 1 1 8 6 3 1 9 6 3 1 8 6 3 0 0 7 5 2 0 8 5 2 0 7 5 2 9 8 5 3 1 8 6 3 0 8 5 3 0 7 7 4 2
/2 /1 /1 /1 /1 /1 4/ 5/ 6/ 7/ 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/1 3/1 4/ 5/ 6/ 6/3 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/ 3/ 4/ 5/ 5/3 6/2 7/2 8/2 9/2 0/1 1/1 2/1 1/1 2/ 3/ 4/ 5/
10 11 12 1 2 3 1 1 1 1 1 1 1 1 1

Digital - Paid Social Digital - Paid Search BVOD Digital - Display Digital - Video DOOH OOH TV TV Sponsorship Digital Sponsorship
BVOD Sponsorship Website Traffic Promotions Base Sales

56
Source: Ducros MMM 2021
 Incremental sales from media activities has increased recently, with TV yielding
more volume than other channels
Total Herbs

VOLUME CONTRIBUTION BY ACTIVITY (DEC 2017 – APR 2021)

Volume Uplift(‘000 KG)

25000

20000

15000

10000

5000

0
17 17 17 18 18 18 18 18 18 18 18 18 18 18 18 18 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21
/ 20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
2 9 7 4 1 1 8 6 3 1 9 6 3 1 8 6 3 0 0 7 5 2 0 8 5 2 0 7 5 2 9 8 5 3 1 8 6 3 0 8 5 3 0 7 7 4 2
/2 /1 /1 /1 /1 /1 4/ 5/ 6/ 7/ 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/1 3/1 4/ 5/ 6/ 6/3 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/ 3/ 4/ 5/ 5/3 6/2 7/2 8/2 9/2 0/1 1/1 2/1 1/1 2/ 3/ 4/ 5/
10 11 12 1 2 3 1 1 1 1 1 1 1 1 1

Digital - Paid Social Digital - Paid Search BVOD Digital - Display Digital - Video DOOH OOH TV TV Sponsorship Digital Sponsorship
BVOD Sponsorship Website Traffic Promotions Base Sales

57
Source: Ducros MMM 2021
 Incremental sales from media activities has increased recently, with TV yielding
more volume than other channels
Total Spices

VOLUME CONTRIBUTION BY ACTIVITY (DEC 2017 – APR 2021)

Volume Uplift(‘000 KG)

25000

20000

15000

10000

5000

0
17 17 17 18 18 18 18 18 18 18 18 18 18 18 18 18 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21
/ 20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
2 9 7 4 1 1 8 6 3 1 9 6 3 1 8 6 3 0 0 7 5 2 0 8 5 2 0 7 5 2 9 8 5 3 1 8 6 3 0 8 5 3 0 7 7 4 2
/2 /1 /1 /1 /1 /1 4/ 5/ 6/ 7/ 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/1 3/1 4/ 5/ 6/ 6/3 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/ 3/ 4/ 5/ 5/3 6/2 7/2 8/2 9/2 0/1 1/1 2/1 1/1 2/ 3/ 4/ 5/
10 11 12 1 2 3 1 1 1 1 1 1 1 1 1

Digital - Paid Social Digital - Paid Search BVOD Digital - Display Digital - Video DOOH OOH TV TV Sponsorship Digital Sponsorship
BVOD Sponsorship Website Traffic Promotions Base Sales

58
Source: Ducros MMM 2021
 Incremental sales from media activities has increased recently, with TV yielding
more volume than other channels
Total Seasoning

VOLUME CONTRIBUTION BY ACTIVITY (DEC 2017 – APR 2021)

Volume Uplift(‘000 KG)

7000

6000

5000

4000

3000

2000

1000

0
17 17 17 18 18 18 18 18 18 18 18 18 18 18 18 18 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21
/ 20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
2 9 7 4 1 1 8 6 3 1 9 6 3 1 8 6 3 0 0 7 5 2 0 8 5 2 0 7 5 2 9 8 5 3 1 8 6 3 0 8 5 3 0 7 7 4 2
/2 /1 /1 /1 /1 /1 4/ 5/ 6/ 7/ 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/1 3/1 4/ 5/ 6/ 6/3 7/2 8/2 9/2 0/2 1/1 2/1 1/1 2/ 3/ 4/ 5/ 5/3 6/2 7/2 8/2 9/2 0/1 1/1 2/1 1/1 2/ 3/ 4/ 5/
10 11 12 1 2 3 1 1 1 1 1 1 1 1 1

Digital - Paid Social Digital - Paid Search BVOD Digital - Display Digital - Video DOOH OOH TV TV Sponsorship Digital Sponsorship
BVOD Sponsorship Website Traffic Promotions Base Sales

59
Source: Ducros MMM 2021
 Media Planning Optimizer & Simulator

60
 Developed media planning simulator & optimizer, to enable the team to plan
for future marketing investments

61
 Not u

Agenda

01 Scope & Key Business Questions

• Scope of MMM Study
• Key Business Questions the study will address

02 Brand Overview: Sales Drivers

• Business drivers for overall Brand and Sub Sectors
• Base vs Incremental split

03 Media Results & Deep Dives

• Topline Media Summary
• Channel & Campaign Deep Dives
• Media Planning Simulator & Optimizer with Simulations

04 Key Insights & Recommendations

62

Summary
I. BRAND OVERVIEW
• Ducros volume sales grew in MAT 2020 by 9.4%
driven by increased consumption due to COVID-19
lockdown and stay @ home measures
• Beyond COVID-19, media played the second most
important role in lifting sales. Media contributed 22%
to the total growth of 9.4%
• Increased distribution support from key sectors offset
the negative price interaction with Private Labels
• Schwartz marketing investments account for 10% of
total sales driven 6% from promotions and 4% from
media
III. TV/AV
• TV/AV ROI improved in FY20 due to the execution of
the Spring Sponsorship (Tous en Cuisine),
strategically placed during containment period,
followed by strong performance from BBQ
sponsorships
• PLP TV copy (BBQ/ Autumn) though effective than
Feel TV campaign, efficiency was impeded as TV
operates close to saturation
63
Not u
II. TOPLINE MEDIA
• Paid Media ROI improving Y-O-Y, driven by
improvement in ROI of digital channels
• Among TV & Associates, TV sponsorship yielded
higher return driven by the spring sponsorship
campaigns. TV and VOD ROI remained stable vs YA
• Among Digital channels, investment in Paid Social,
Display, OLV and Partnership breaking even; Paid
Search and DOOH generating lower ROI
IV. DIGITAL
• Digital ROI improved vs YA driven by strong
performance from Social, Display and Online Video
• Across campaigns, Spring execution was the most
successful execution across platforms as the curated
campaigns effectively engaged consumers during the
containment period
• Paid Search investment not breaking even in long
term; Currently the channel is under-invested
compared to the industry benchmark
 Not u
Recommendations for channels
TV
• Avoid heavier execution as it will impact channel PAID SEARCH
efficiency. Prefer the strategy with there is a mix of • Invest more in Paid Search; For the start,
longer and shorter duration;
increase investment till € 200K and
• 20s/30s to lead a new campaign to build story & drive constantly monitor channel’s performance
sales and 10s ads can be used to cost efficiently • Focus on generic search campaigns over
maintain the campaign over a longer period
branded search as they are more effective
• Recommended to maintain the split of TV : Digital as than later despite the higher cost
60: 40 (industry benchmarks) with recommended to
keep TV investment at max € 1.6 M
• Plan to keep TV continuous. Among bursts, prefer to
execute Xmas, BBQ, and Jan/Feb bursts as this will
ensure continuity with higher returns ONLINE VIDEO
Key Recommendations
• TV sponsorship provide a strong base for building by Channel • Strategic investment that can support brand
brand’s equity, can be considered as a part of by offering reach beyond TV. Continue
marketing strategy investing in the channel
• Though 6s video lengths are efficient, focus
on longer duration (20/s21s) to lead a new
PAID SOCIAL campaign to build story and continue with 6s
copy to maintain the campaign
• Great investment potential, Continue
investing in the channel up to € 900 K

PARTNERSHIPS
• Dig. Partnerships has delivered strong ROIs
in FY20; can be considered as one of the
avenues of reaching to the consumers
64
DISPLAY
• Strategic investment channel as it can
ensure high vol uplift with high ROI; Scope
to invest up to € 300K
• Identify assets that guarantee wider
audience coverage
THANK YOU
 Appendix

66
 MMM seeks to quantify the effect of changes in key drivers on McCormick's brand
volume by using Bayesian Econometric model
A statistical approach where key business drivers are regressed with brand’s volume using Bayesian Regression technique

StatisticalModel
Statistical Model Drivers
Drivers
McCormick Brand
McCormick Brand
Volume =f
Volume COVID 19
COVID 19 (Google’s
(Google’s Community
Community
β Environmental
Environmental Mobility Report
Mobility Report ))

X
Equation: Category Seasonality
Category Seasonality
  β Calendar
Calendar Holidays
Holidays
Log(volume) = + .Log(Price) + .Log (Distribution) + .Log(C Marketing + residual.…. X
TV&& Digital
TV Digital

Competitors
& Competitors
β Media
Media Events
Events

Marketing
Marketing
Sponsorships
Sponsorships
X
Discounts
Discounts

Brands &
β Promotions
Promotions Consumer && Retail
Retail promos
promos

McCormick Brands
Consumer
X

For McCormick
β Price
Price Consumer Pricing
Consumer Pricing

Commercial
Commercial
Execution
Execution
X
Distribution
Distribution

For
β Distribution
Distribution ## of
of SKUs
SKUs per
per Store
Store
X Out of
Out of Stocks
Stocks

Category && Corporate

Category Corporate
Other (if
β Other (if any)
any)
67 Issues.
Issues.
 Detailed list of variables captured in the model to understand their contribution to sales
Bucket Variable Frequency Source Comments
Insignificant in MAT 2020 due to high correlation with the
Macro GDP & Unemployment Monthly Federal Reserve Economic Data
environment variable

Google COVID Community Mobility Data at % Change in # of visitors to workspaces compared to

Weekly Google
Workspaces the normal average
Environmental
Google & Ministry websites on official Binary Variable to account for pre-stock up before
Pre-COVID Lockdown Events Variable Weekly
dates of lockdowns lockdown
Own Price Own Price Weekly Nielsen
Own Weighted Distribution (%ACV) Weekly Nielsen
Own Distribution
Own Item per Store (# of SKUs per Store) Weekly Nielsen

Retail Promotion (%ACV any Promo) Weekly Nielsen

Promotion
Derived from Average Price sourced
Discounts Weekly
from Nielsen
TV : GRPs Weekly GRPs
VOD: Impressions Weekly Impressions
Paid Social : Impressions Weekly Impressions
Online Video ( YouTube) : Impressions Weekly Impressions Publicis Kitchen/Sparkfoundry/
Own Media
Programmatic Display: Impressions Weekly Impressions McCormick Media Team

Paid Search : Clicks Weekly Clicks

Digital Partnership: Impressions Weekly Impressions
Other Traditional: GRPs/Impressions/ Investment Weekly
Price, Distribution, Promotions Weekly Nielsen
Competition
68
Media: Investment by channel Monthly Publicis Kitchen/Sparkfoundry
 Approach towards determining the contribution of COVID-19 on increasing brand
sales
 In order to explain increased sales related to the pandemic, data such as # Covid Cases, # of New COVID cases, Google’s COVID
Community Mobility Data at Workspaces, Google Community Mobility Data at Groceries were investigated with the sales

 Google COVID Community Mobility variable at workspaces were found to have strong correlation to brand as well as category sales.

 The variable tells the % change in # of visitors to the workspaces on a given week from the normal average, highlighting less
workforce working from office, and hence, more cooking at home

 To account for peak of sales pre-lockdown a binary variable ‘Covid stock up’ is used which is determined by dates when nationwide
lockdown was implemented. The dates were confirmed from the respective geography's government website

 To summarize, the Covid Stock up variable accounted for pre-lock down surge in sales and the Google Covid mobility @ workspace
variable for the ongoing weekly trends on Covid as a significant increase in the work force worked from home.

69
 Not u
In order to capture impact of COVID on sales, Google’s COVID community mobility
data at workspaces is used…
1 Other independent variable (Own
Identified key dates when nation-wide Price, Distribution, Competition,
lockdown was implemented Media, etc.) tested in the model

Tested in the 3
1 2
Using the key lockdown dates analyzed the variable in the • Relationship of sales with mobility data
relationship of Google’s COVID Community model was established with significance
Mobility Data at Workspaces with brand sales MODELING ENGINE confirming the hypothesis

• Model provided coefficient to quantified

the impact of covid in terms of volume

% c h a n g e f ro m N o rm a l T im e s
1
B ra n d V o lu m e S a le s

Sales vs % Change in Mobility in Workspaces • Google’s COVID Community Mobility data at Workspace
1,800 10 shows how many visitors have increased/decreased at
1,600 - workspaces compared to the normal average
1,400 (10)
1,200 (20)
1,000 (30)
• The analysis shows an increase in consumption when
800 (40) the lockdown was implemented and most of the
600 (50) workforce was working from home
400 (60)
200 (70)
- (80)
1 2 3 4 5 6 7 8 9 10 1112 13 14 1516 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Schwartz Sales Mobility at Workspace from Baseline

70
 Investment in Tv has significantly increased in YTD 2021
Ducros Media Investment Summary (K$)
Channel Type Media Channel FY 2018 FY 2019 FY 2020   YTD 2020 YTD 2021
TV 1,809 1,167 2,001   3,307
TV Sponsorship 297  
TV & Associates
BVOD 93 154 192 262
BVOD Sponsorship 30  

Total TV & Associates *71% 1,902 31% 1,321 91% 2,520 3,570

Paid Social 80 145 438   239 200

Paid Search 124 139 89   13 120
Digital Online Video 0 39 814   568 68
Display 82 103 179   87 29
Digital Sponsorship 276   73 58
50% 321% 52%
Total Digital  27% 285 427 1,795   981 475
DOOH 248 175   96
Other Traditional
OOH 31  
Total Other Traditional 2%   280 37% 175   96  
Total Media   2,187 7% 2,027 122% 4,490   1,077 276% 4,045

*Investmet share for FY 2020 &YTD 2021

71 FY 2018: Dec 2017 - Nov 2018 ;FY 2019: Dec 2018 - Nov 2019 ; FY 2020: Dec 2019 - Nov 2020 ;YTD 2020: Dec 2019 May 2020 ;YTD 2021:Dec 2020 - May 2021
Source: Publicis Kitchen
 Ducros witnessed an increase in demand due to stay at home measures
IMPACT OF COVID-19 ON VOLUME SALES (‘000 KG)
30th October
28th Feb
second national
Third set of
lockdown begins
regional &
16th Jan national
17th October lockdowns 3rd May
Introduction of Curfew hours Progressive
local curfews and extended nationally lifting of
second national to between 6pm to lockdown
70 lockdown 6am restrictions

60
Volume Sales (‘000 KGs)

50

40

30

20

10

0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1
02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02
7/2 1 /2 4/2 8/2 2/2 6 /2 8/9
/2 3/2 9/6
/2 0/2 0/4
/2 8/2 1/1
/2 5/2 9/2 3/2 7/2 0 /2 4/2 2/7
/2 1/2 3/7
/2 1/2 4/4
/2 8/2 5/2
/2
5/1 5/3 6/1 6/2 7/1 7/2 8/2 9/2 1 1 0/1 1 1 1 /1 1 1/2 1 2/1 1 2/2 1/1 1/2 2/2 3/2 4/1

72 Year Ago Current Period (2021)

Source: Nielsen
 Ducros witnessed an increase in demand due to stay at home measures
IMPACT OF COVID-19 ON VOLUME SALES (‘000 KG)
28th Feb
30th October Third set of
second national regional &
lockdown begins 16th Jan national
Curfew hours lockdowns
extended nationally 3rd May
17th October
to between 6pm to Progressive
Introduction of
6am lifting of
local curfews and
second national lockdown
lockdown restrictions

Herbs

Pepper

Spices

Seasoning

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1
02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02 02
7/2 1 /2 4/2 8/2 2/2 6 /2 8/9
/2 3/2 9/6
/2 0/2 0/4
/2 8/2 1/1
/2 5/2 9/2 3/2 7/2 0 /2 4/2 2/7
/2 1/2 3/7
/2 1/2 4/4
/2 8/2 5/2
/2
5/1 5/3 6/1 6/2 7/1 7/2 8/2 9/2 1 1 0/1 1 1 1 /1 1 1/2 1 2/1 1 2/2 1/1 1/2 2/2 3/2 4/1

73 Year Ago Current Period (2021)

Source: Nielsen
 Volume (in ‘000 KGs)

10
15
20
25
30

-5
0
5
10/22/2017
11/12/2017
12/3/2017
12/24/2017
1/14/2018
2/4/2018
2/25/2018
3/18/2018
4/8/2018
4/29/2018
5/20/2018
6/10/2018
7/1/2018
7/22/2018
8/12/2018
9/2/2018
9/23/2018
10/14/2018
11/4/2018
11/25/2018
12/16/2018
1/6/2019
1/27/2019
Model Performance – Ducros Pepper

2/17/2019
3/10/2019

MAPE
3/31/2019
4/21/2019

R SQUARE
5/12/2019
6/2/2019
6/23/2019
7/14/2019
8/4/2019
8/25/2019
9/15/2019
10/6/2019
10/27/2019
Error

11/17/2019
81%
3.1%

12/8/2019
12/29/2019
1/19/2020
2/9/2020
3/1/2020
3/22/2020
4/12/2020
5/3/2020
5/24/2020
74

6/14/2020
7/5/2020
Actual Volume (KGs)

7/26/2020
8/16/2020
9/6/2020
9/27/2020
10/18/2020
11/8/2020
11/29/2020
12/20/2020
1/10/2021
1/31/2021
2/21/2021
3/14/2021
4/4/2021
Predicted Volume (KGs)

4/25/2021
 Volume (in ‘000 KGs)

10
15
20
25

-5
0
5
10/22/2017
11/12/2017
12/3/2017
12/24/2017
1/14/2018
2/4/2018
2/25/2018
3/18/2018
4/8/2018
4/29/2018
5/20/2018
6/10/2018
7/1/2018
7/22/2018
8/12/2018
9/2/2018
9/23/2018
10/14/2018
11/4/2018
11/25/2018
12/16/2018
1/6/2019
Model Performance – Ducros Herbs

1/27/2019
2/17/2019
3/10/2019

MAPE
3/31/2019
4/21/2019

R SQUARE
5/12/2019
6/2/2019
6/23/2019
7/14/2019
8/4/2019
8/25/2019
9/15/2019
10/6/2019
10/27/2019
Error

11/17/2019
85%
3.0%

12/8/2019
12/29/2019
1/19/2020
2/9/2020
3/1/2020
3/22/2020
4/12/2020
5/3/2020
5/24/2020
75

6/14/2020
7/5/2020
Actual Volume (KGs)

7/26/2020
8/16/2020
9/6/2020
9/27/2020
10/18/2020
11/8/2020
11/29/2020
12/20/2020
1/10/2021
1/31/2021
2/21/2021
3/14/2021
4/4/2021
Predicted Volume (KGs)

4/25/2021
 Volume (in ‘000 KGs)

10
15
20
25

-5
0
5
10/22/2017
11/12/2017
12/3/2017
12/24/2017
1/14/2018
2/4/2018
2/25/2018
3/18/2018
4/8/2018
4/29/2018
5/20/2018
6/10/2018
7/1/2018
7/22/2018
8/12/2018
9/2/2018
9/23/2018
10/14/2018
11/4/2018
11/25/2018
12/16/2018
1/6/2019
1/27/2019
Model Performance – Ducros Spices

2/17/2019
3/10/2019

MAPE
3/31/2019
4/21/2019

R SQUARE
5/12/2019
6/2/2019
6/23/2019
7/14/2019
8/4/2019
8/25/2019
9/15/2019
10/6/2019
10/27/2019
Error

11/17/2019
86%
5.3%

12/8/2019
12/29/2019
1/19/2020
2/9/2020
3/1/2020
3/22/2020
4/12/2020
5/3/2020
5/24/2020
76

6/14/2020
7/5/2020
Actual Volume (KGs)

7/26/2020
8/16/2020
9/6/2020
9/27/2020
10/18/2020
11/8/2020
11/29/2020
12/20/2020
1/10/2021
1/31/2021
2/21/2021
3/14/2021
4/4/2021
Predicted Volume (KGs)

4/25/2021
 Volume (in ‘000 KGs)

-2
-1
0
1
2
3
4
5
6
7
8
10/22/2017
11/12/2017
12/3/2017
12/24/2017
1/14/2018
2/4/2018
2/25/2018
3/18/2018
4/8/2018
4/29/2018
5/20/2018
6/10/2018
7/1/2018
7/22/2018
8/12/2018
9/2/2018
9/23/2018
10/14/2018
11/4/2018
11/25/2018
12/16/2018
1/6/2019
1/27/2019
2/17/2019
3/10/2019

MAPE
3/31/2019
Model Performance – Ducros Seasoning

4/21/2019

R SQUARE
5/12/2019
6/2/2019
6/23/2019
7/14/2019
8/4/2019
8/25/2019
9/15/2019
10/6/2019
10/27/2019
Error

11/17/2019
84%
3.6%

12/8/2019
12/29/2019
1/19/2020
2/9/2020
3/1/2020
3/22/2020
4/12/2020
5/3/2020
5/24/2020
77

6/14/2020
7/5/2020
Actual Volume (KGs)

7/26/2020
8/16/2020
9/6/2020
9/27/2020
10/18/2020
11/8/2020
11/29/2020
12/20/2020
1/10/2021
1/31/2021
2/21/2021
3/14/2021
4/4/2021
Predicted Volume (KGs)

4/25/2021