VAHINE MMM RESULT

July 7, 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

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

04 Key Insights & Recommendations

3
 MODELING SCOPE: VAHINE

TARGET PRODUCTS MARKET TIME PERIOD DATA SOURCE

BRAND
Total Vahine (France)
SUB SECTOR
• Baking Aid
(Aide A La Patisserie)
• Sugar & Yeast
(Sucre Et Levure)
• Dessert Mixes (Preparation
Pour)
ENSEIGNES HMSM MODELING PERIOD • POS: Nielsen Data
(Total France) Nov 2017 – Apr 2021 (including w/e • Media: Publicis Kitchen
9th May’2021) • Covid-19: Google COVID
Community Mobility Data for
COMPARISON PERIOD FOR DUE Workspaces
TOs • FR Government website to
• MAT 2019: 20th May 2018 – 12th confirm lockdown dates
May 2019
• MAT 2020: 19th May 2019 – 10th
May 2020
• MAT 2021: 17th May 2020 – 09th
May 2021

ROI
• 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

4
 Key business questions addressed through the MMM study
 What are the drivers of performance for overall Vahine 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

04 Key Insights & Recommendations

6
 Recap of Vahine’s performance: Vahine witnessed growth both in value as well
as volume year over year; In MAT 2021 brand grew by 12.1%
VAHINE OVERALL PERFORMANCE VALUE SALES ( MM EUROS)
(MAT 2019 – MAT 2021)
SECTOR MAT 2020 MAT 2021
SECTOR SHARE MAT 2019 MAT 2020 MAT 2021 Vs. MAT Vs. MAT
VALUE SALES (MM EUROS) (MAT 2021) 2019 2020
12.1%
178 BAKING AID 87% 129.4 137.1 154.4 6.0% 12.6%
7.1%
159
148 SUGAR & YEAST 11% 15.3 18.5 20.4 20.5% 10.7%

DESSERT MIXES 2% 3.4 3.2 3.0 7.9% 4.3%

VOLUME SALES (‘000 KG) VOLUME SALES (‘000 KG)

12.1% SECTOR MAT 2020 MAT 2021

SECTOR SHARE MAT 2019 MAT 2020 MAT 2021 Vs. MAT Vs. MAT
15,168 (MAT 2021) 2019 2020

2.7% BAKING AID 93% 12,268 12,499 14,050 1.9% 12.4%

13,186 13,536
SUGAR & YEAST 6% 652 791 887 21.4% 12.2%

DESSERT MIXES 2% 266 246 231 7.5% 6.1%

MAT 2019 MAT 2020 MAT 2021 * Considered Aide A La Patisserie as ‘Baking Aid’, Sucre Et Levure as ‘Sugar & Yeast’, Preparation Pour as ‘Dessert Mixes’

7
Source: Nielsen
 Increased consumption due to coronavirus restrictions supported by increased marketing
drove volume growth of 12.1%
Volume
12.1%
Environment Price Distribution Marketing Competition Residual
Value
9.1% -0.3% 0.5% 4.2% -1.6% 0.2%
12.1%

(9.1%) (-0.4%) (0.04%) (1.0%) (-0.5%) (0.1%) (4.1%) (-0.1%) (-0.9%) (-0.9%) (0.3%) (0.2%)

Key Takeaways:

1. Restrictions and stay at home measures
due to Coronavirus Pandemic drove most
of the growth
• Lockdown, restrictions and stay at home
measures due to Covid-19 contributed
to 9.1% growth
11 MAT 2019: Apr 2018 – May 2019; MAT 2020: Apr 2019 – May 2020, ; MAT 2021: Apr 2020 – May 2021
Source: Vahine MMM 2021
2. Supportive marketing sustained the
growth
• Total Vahine media investment
increased by 309% ($ 1.0 M to $ 4.1M)
• Deeper discounts on Baking Aid led to
marginal growth of promo volume
3. Limited Support from Own Execution 4. Increased competition distribution in
baking aid negatively impacted sales
• Increased # of SKUs per store (IPS) in
major sectors(Baking Aid,Sugar & Yeast) • Coverage & # of SKUs per retailer
contributed to 0.5% growth in volume increased for MDD & Sainte Lucie
respectively
• All sectors experienced increase in their
mix price resulting in 0.3% volume • Promotions by MDD in recent periods
decline impacted sales negatively
 Vahine incremental activities contributes ~14% to total sales, driven by ~9% contribution
from promotions and ~5% from media
BASE AND INCREMENTAL CONTRIBUTION TO TOTAL VOLUME | BY SECTOR
Total Vahine Baking Aid Sugar & Yeast Dessert Mixes
(% vol. chng vs PP) +2.7% +12.1% +1.9% +12.4% +21.4% +12.2% -7.7% -5.8%

MAT' 19 MAT' 20 MAT' 21 MAT' 18 MAT' 19 MAT' 20 MAT' 19 MAT' 20 MAT' 21 MAT' 19 MAT' 20 MAT' 21

Volume
Total Vahine Baking Aid Sugar & Yeast Dessert Mixes
Contribution
(‘000 Kgs) MAT’ 18 MAT’ 19 MAT’ 20 MAT’ 18 MAT’ 19 MAT’ 20 MAT’ 18 MAT’ 19 MAT’ 20 MAT’ 18 MAT’ 19 MAT’ 20
Base Volume 11,876 12,150 13,026 11146 11289 12171 520 645 719 210 210 201
Promo Volume 998 1,241 1,375 848 1087 1224 102 132 130 48 29 21
Media Volume 312 144 769 275 124 656 30 14 38 8 7 9

13
MAT 2019: Apr 2018 – May 2019; MAT 2020: Apr 2019 – May 2020, ; MAT 2021: Apr 2020 – May 2021
Source: Vahine 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

04 Key Insights & Recommendations

14
 Topline Media Summary

15
 With increased spends in YTD 2021 in comparison to YTD 2020, RROI increased driven by
higher returns generated for both TV and Digital channels

TV &
Total Media Digital
Associates
125% 170%
$2,590 180%
$2,163 39% $2,173 66%
6795%
$1,857 66% 80%
$1,318 $1,539 101%
Investment $1,374 $1,315
$634 $549 $535
(K $) $290 $24 $306 $266

3,216
3,343K K
Inc. Revenue 2,375K 2,374 K
959K 1,163K 841 K 1,288 K 1,851 K
($) 35K 34 K 476 K 691 K
271 K 227 K
2.04 1.29
1.54 1.20
1.33 1.44 0.89
1.10 1.28 0.87 0.85
1.11
Revenue ROI 0.73
0.45
(ST Impact)
0.12
0.46
0.50
0.31 0.30
0.24 0.32 0.35
0.23 0.29 0.28 0.31 0.33
0.23 0.20 0.22
Profit ROI
(ST Impact)

FY 18 FY 19 FY 20 YTD 20 YTD 21 F F F YT YT FY 18 FY 19 FY 20 YTD 20 YTD 21

16 FY18: Dec 2017 – Nov 2018; FY19: Dec 2018 – Nov 2019; FY20: Dec 2019 – Nov 2020; YTD20: Dec 2019 – May 2020; YTD21: Dec 2020 – May 2021
ST : Short Term Impact
Source: Vahine MMM 2021
 TV yielded good returns with strong performance from Vanilla Gold Xmas 2020 and
Chandeleur 2021 campaigns; ROI for VOD declined marginally due to higher cost of
execution for these campaigns
TV
Total TV TV VOD
Sponsorship

6795% 66%
$1,857 66% $1,776
$1,638
66% 67% $1,282
$1,051 $963
Investment 32% 60%
318%
$634 $579
(K $) $257
$24 $81 $55 $88 $24 $99
FY 1 8 FY 1 9 FY 2 0 YT D2 0 YT D2 1
FY 2 0 1 8 FY 2 0 1 9 FY 2 0 2 0 YT D2 0 2 0 YT D2 0 2 1 FY 1 8 F Y1 9 F Y20 Y TD 2 0 YT D 2 1 FY 1 8 F Y1 9 F Y2 0 Y TD 2 0 YT D2 1

Cost 1.4K 1.5K 1.8K 1.6K 11.0 11.7 11.0 11.2 14.5 0.93K
3,342 K
2,321 K 2,407 K
2,374 K

1,162 K 1,062 K
Inc. Revenue 841 K 795 K 836 K
($) 34 K 53 K 45 K 100 K 34 K 100 K
F F F
FY 18 FY 19 FY 20 YTD YTD
2.04 FY FY FY YTD YTD FY 18 FY 19 FY 20 YTD YTD 3.25
20 21 2018 2019 2020 2020 2021 20 21
1.88
1.33 1.44 1.44
1.28 1.37 1.14
1.11 1.31 1.01
Revenue ROI 1.10 0.83
0.65
(ST Impact)

0.79
FY 1 8 FY 1 9 FY 2 0 Y TD 2 0 YT D2 1 F Y1 8 FY 1 9 FY 2 0 YT D2 0 Y TD 2 1 FY 1 8 FY 1 9 FY 2 0 Y TD 2 0 YT D2 1
F Y18 F Y1 9 F Y20 Y TD 2 0 Y T D2 1

0.50
0.32 0.35 0.46
0.29 0.28
0.33 0.30 0.28
Profit ROI 0.30 0.35 0.25
0.17 0.19
(ST Impact)
FY 18 FY 19 FY 20 YT YT F F F YT YT F F F YT YT F F F YT YT
* Cost expressed as $ per GRP for TV and TV Sponsorship, $ per MM Impressions for VOD
17 FY18: Dec 2017 – Nov 2018; FY19: Dec 2018 – Nov 2019; FY20: Dec 2019 – Nov 2020; YTD20: Dec 2019 – May 2020; YTD21: Dec 2020 – May 2021
ST : Short Term Impact
Source: Vahine MMM 2021
 Total Digital RROI improved in YTD 2021 vs YTD 2020 driven by improvement in ROI of all
digital channels except Digital Sponsorship
PERFORMANCE ACROSS DIGITAL CHANNELS
Online Video Digital
21Total Digital Paid Social Display Paid Search Influencers
(YouTube) Sponsorship
180%
1,539

80% 101% 594% 3066%

Investment 549 535
21%
609
442 69%
472% 29% 42% 17% 14% 48% 6%
(K $) 306 266.21 263 213% 192 41%
73 88 138.73 56 136 46.68 66 106 124 107 111 89 131 140 105 65.15 38
4 14 34 15.65

Cost(K)/MM IMPS 1.2 1.2 1.2 2.8 1.0 1.0 8.2 12 5.3 2.7 3.4 3.7 8.9 1.9 0.5k/ 6.0K/ 1.17 1.35 0.41
Clicks Clicks
1
1,851
K
2
Inc. Revenue 3
($) 271 K
476 K
227 K
691 K 762 K

269 K
509 K
219 K K
94 K 118 K 69 K 84 K 160 K188 K 73 K 91 K 101 K 103 K 100 K168 K 31 K 88 K 16 K
5 K 7 K 39 K

3.3

2.0
Revenue ROI 1.3 1.3 1.3 1.3 1.2 1.5
1.2
1.4 1.4
1.2 1.0 1.0 1.2 1.2
(ST Impact) 0.9 0.9 0.9
0.5 0.5
0.8 0.8 0.7 0.7 0.9 0.9
0.6 0.8
0.4

0.8

0.4 0.5
0.4
Profit ROI 0.2
0.3
0.2
0.3 0.3 0.3 0.3
0.3
0.3 0.3
0.3 0.2
0.3 0.3 0.4
0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
(ST Impact) 0.1 0.1 0.1

18
FY18: Dec 2017 – Nov 2018; FY19: Dec 2018 – Nov 2019; FY20: Dec 2019 – Nov 2020; YTD20: Dec 2019 – May 2020; YTD21: Dec 2020 – May 2021
ST : Short Term Impact
Source: Vahine MMM 2021
 ROI of Social, Online Video, Influencers compare favorably with the benchmarks; ROI of
Search fall behind
LONG TERM REVENUE ROI ACROSS MEDIA CHANNELS AND FRENCH BENCHMARK BY CHANNEL

Online Video Digital

TV VOD Paid Social (YouTube) Display Influencers Sponsorship Paid Search

$3.16
$2.84 $2.90
$2.59 $2.56 $2.50
$2.42
$2.19 $2.20
$2.08
Long Term $1.90
$2.02
Revenue $1.77
ROI $1.54
$1.32
$1.10

$1.38
Short Term $1.10 $1.14 $1.25 $1.20 $1.17
$0.94 $0.94
Revenue
ROI
2020 Global 2020 Global 2020 Global 2020 Global 2020 Global 2020 Global 2020 Global 2020 Global
Benchmark Benchmark Benchmark Benchmark Benchmark Benchmark Benchmark Benchmark

19 FY 2020: Nov 2019 – Dec 2020

ST : Short Term Impact; LT : Long Term Impact
Source: Vahine MMM 2021; Fractal Global Benchmark Repository
 Display, TV, Social, Influencers and Digital Sponsorship are the key drivers of Profit ROI in
the long term
LONG TERM PROFIT ROI ACROSS MEDIA CHANNELS

Online Video Digital

TV VOD Paid Social (YouTube) Display Influencers Sponsorship Paid Search
$0.81

$0.65 $0.66
$0.63
$0.58 $0.59
$0.55

Long Term $0.45

Profit
ROI

Short Term $0.33 $0.36

$0.28 $0.30 $0.32 $0.31
$0.24 $0.26
Profit
ROI
2020 2020 2020 2020 2020 2020 2020 2020

20 FY 2020: Nov 2019 – Dec 2020

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

21
 22
•
•
•

0
100000
200000
300000
400000
500000
600000
05/Nov/2017
19/Nov/2017
03/Dec/2017
17/Dec/2017
31/Dec/2017

Source: Nielsen
14/Jan/2018
28/Jan/2018
11/Feb/2018
25/Feb/2018
11/Mar/2018
25/Mar/2018
08/Apr/2018
Key Highlights

22/Apr/2018
06/May/2018
20/May/2018
03/Jun/2018
17/Jun/2018
01/Jul/2018
15/Jul/2018
29/Jul/2018
12/Aug/2018
26/Aug/2018
09/Sep/2018
23/Sep/2018
07/Oct/2018
21/Oct/2018
04/Nov/2018
18/Nov/2018
02/Dec/2018
16/Dec/2018
30/Dec/2018
13/Jan/2019
27/Jan/2019

SEASON
10/Feb/2019
24/Feb/2019
10/Mar/2019
24/Mar/2019
07/Apr/2019
21/Apr/2019

INVESTMENT('000$)
05/May/2019
19/May/2019
02/Jun/2019
Xmas 16/Jun/2019
Campaigns executed in Feb - Mar have lower effectiveness than Xmas and Easter

978
30/Jun/2019
2020 14/Jul/2019
28/Jul/2019
11/Aug/2019
25/Aug/2019
08/Sep/2019
83

22/Sep/2019
2021

06/Oct/2019
TOTAL VAHINE VOLUME TREND

Ephiphany

20/Oct/2019
03/Nov/2019
17/Nov/2019
01/Dec/2019
15/Dec/2019
531
2021

29/Dec/2019
12/Jan/2020
Chandeleur

26/Jan/2020
09/Feb/2020
23/Feb/2020
08/Mar/2020
22/Mar/2020
05/Apr/2020
19/Apr/2020
03/May/2020
17/May/2020
Post the peak of 27th Dec' 2020, sales trend declined over the following weeks; Apr' 2020 onwards sales started picking up again

31/May/2020
14/Jun/2020
28/Jun/2020
12/Jul/2020
26/Jul/2020
09/Aug/2020
Overall effectiveness increased in YTD 2021 with 'Xmas' and 'Epiphany' campaigns being more effective than 'Chandeleur' across channels

23/Aug/2020
06/Sep/2020
20/Sep/2020
04/Oct/2020
18/Oct/2020
01/Nov/2020
15/Nov/2020
29/Nov/2020
13/Dec/2020
Xmas +

27/Dec/2020
Epiphany

10/Jan/2021
24/Jan/2021
07/Feb/2021
21/Feb/2021
Chandeleur

07/Mar/2021
21/Mar/2021
04/Apr/2021
18/Apr/2021
02/May/2021
 TV campaign laydown (Nov 2017 – Apr 2021)

VAHINE – TV (NOV 2017 – APR 2021)

200

Vanilla Gold
2018 2020 Vanilla Gold Vanilla Gold
150 2018 2018 Xmas
Epiphanie Xmas 2020 Chandeleur 2021
Chandeleur (Joy)
Epiphanie
Decoration
GRPs

100 Joy Dried Fruit

50

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

23
Source: Publicis Kitchen
 TV - Xmas 2020 and Chandeleur 2021 campaigns were both effective as well as efficient
TV Sponsorship - Effectiveness of 'Le Meilleur' was slightly lower than 'Un Diner', but generated
similar ROI driven by lower cost of execution
TV & TV TV Sponsorship
TV Sponsorship
Epiphanie Joy DriedFruit Xmas Epiphanie Vanilla Gold Vanilla Gold Vanilla Gold Un Diner
Chandeleur 2018 Decoration 2018 Le Meilleur 2021
2018 2018 2018 2019 2020 Xmas 2020 Chandeleur 2021 2021

(Jan) (Jan-Feb) (Mar -Apr) (Oct-Nov) (Dec) (Jan) (May-Jun) (Nov-Dec) (Jan-Feb) (Feb) (Apr-May)
$3.2 $3.2
$1.8 $1.9 5 4
$1.5 $1.4 $1.0 $1.3 $1.2 $1.1
6 $1.0 3 7
1 8 2 1 5 0
Revenue ROI (ST)
p ip h a
E n ie
2018 Cha
nde
lu r2 0 1 8 De
o ra
c ti o n 2 0 1 8 Jo y
Drie
d F
ru it2 0 1 8 X ma
s2 0 1 8 p ip h a
E n ie
2019 Va
n ila
Go ld 2 0 2 0 Va
n ila
G o ld X ma
s2 0 2 0 Va
n ila
G o ld C h a
nde
lu r2 0 2 1 U n D in e
r2 0 2 1 Me
e
L u r2 0 2 1
ile

$0. $0.
$0. $0. $0. $0. $0. 80 78
$0. $0. $0. $0. 46 47
38 34 32
Profit ROI (ST) 28 22 26 28
p ip h a
E n ie
20 1 8 Ch a
n de
lu r2 0 1 8 De
co ra
ti o n 2 0 1 8 Jo yD rie
dFru it2 0 1 8 X ma
s2 0 1 8 p ip h a
E n ie
20 19 Va
n ila
G o ld 2 0 2 0 Va
n ila
G o ld X ma
s2 0 2 0 Va
n ila
G o ld C h a
n de
lu r2 0 2 1 U n Din e
r2 0 2 1 Me
Le u r2 0 2 1
ile

$96 $85
$46 3 0
$36 $39 $36 $43
$16 2 3 0 7 $11 2 $16
Investment 1 2 $91 7
(K $) p ip h a
E n ie
20 18 Cha
n de
lu r2 0 1 8 De
co ra
ti o n 2 0 1 8 Jo yD rie
dFru it2 0 1 8 X ma
s2 0 1 8 p ip h a
E n ie
2019 Va
n ila
Go ld 2 0 2 0 Va
n ila
G o ld X ma
s2 0 2 0 Va
n ila
G o ld C h a
nde
lu r2 0 2 1 Un Din e
r2 0 2 1 Me
Le u r2 0 2 1
ile

(GRPs) (136) (287) ( 280) (233) (301) (89) (529) (477) (292) (91) (187)

1.3 1.4 1.5 1.5 1.3 1.8 1.8 1.5

1.2 K K 1.0 0.9
K K K K K K
Cost/ Activity ($) K K K
p ip h a
E n ie
20 1 8 Ch a
n de
lu r2 0 1 8 De
co ra
ti o n 2 0 1 8 Jo yD rie
dFru it2 0 1 8 X ma
s2 0 1 8 p ip h a
E n ie
20 19 Va
n ila
G o ld 2 0 2 0 Va
n ila
G o ld X ma
s2 0 2 0 Va
n ila
G o ld C h a
n de
lu r2 0 2 1 U n Din e
r2 0 2 1 Me
Le u r2 0 2 1
ile

3.3 2.9 3.2 2.9

1.9 1.8 2.0 2.0 K K K K
1.5 1.6 1.6
Effectiveness K K K K K K K
(Inc. Rev/ Activity in $)
24
Epiphanie 2018 Chandeleur 201 8 Decoration 20 18 Joy DriedFruit 2018 Xmas 2 01 8 Epiphanie 20 19 Vanilla Gold 2020 Vanilla Gold Xmas 20 20 Vanilla Gold Chandeleur 2021 Un Diner 2021 Le Meilleur 20 21

ST : Short Term Impact

Source: Vahine 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)

2 1.88
2
2
1
1 1.10
1
1 Revenue ROI
1 (ST)
[CELLRANGE],
$963 0
[CELLRANGE] 0
, $1,282 0
With Tag-On Without Tag-On

Profit ROI (ST) 0.46 0.28

Effectiveness 3.1 K 2.0 K

(Inc. Rev/ GRP in $ )

Cost / GRP ($) 1.7 K 1.8 K

With Tag-On Without Tag-On

GRPs 769 529

25 Tag On campaigns include: Vanilla Gold Xmas 2020 with Vanilla Paste Tag in Nov-Dec and Vanilla Gold Chandeleur 2021 with Candlemas Vanilla Sugar Tag in Jan-Feb
ST : Short Term Impact
Source: Vahine MMM 2021
 Longer duration copy more effective than shorter duration copy; Vahine followed the mix of
longer and shorter durations executed in parallel, contributing to its stronger TV ROIs

VAHINE – TV BY COPY DURATION (NOV 2017 – APR 2021)

200 Epiphanie Decoration Xmas Vanilla Gold
Xmas Chandeleur (Joy) 2020 Vanilla Gold
150 Joy Dried Epiphanie Chandeleur 2021
Fruit
Vanilla Gold
100 Xmas 2020
GRPs

50

0
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0/.. 1/.. 2/.. 1/.. 2/.. 3/.. 4/.. 5/.. 6/.. 7/.. 7/.. 8/.. 9/.. 0/.. 1/.. 2/.. 1/.. 2/.. 3/.. 4/.. 5/.. 6/.. 6/.. 7/.. 8/.. 9/.. 0/.. 1/.. 2/.. 1/.. 2/.. 3/.. 4/.. 5/.. 5/.. 6/.. 7/.. 8/.. 9/.. 0/.. 1/.. 2/.. 2/..
/1 /1 /1 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /1 /1 /1 /0 /0 0/0 7/0 5/0 2/0 0/0 8/0 5/0 2/0 0/1 7/1 5/1 2/0 9/0 8/0 5/0 3/0 1/0 8/0 6/0 3/0 0/0 8/1 5/1 3/1 7/0
22 19 17 14 11 11 08 06 03 01 29 26 23 21 18 16 13 10 10s 1 0 12s0 015s3 223s2 30s 2 2 1 1 1 0 0 0 0 3 2 2 2 2 1 1 1 0

10 seconds 15 seconds 30 seconds

$1.3 $1.7 $1.5
0 7 0
Revenue ROI
(ST)

All y...
$0.3
All$0.
y... All y...
$0.3
3 44 7
Profit ROI (ST)
1.6
A ly e a rs
Ally e a rs Ally e a rs

1.8 1.7
K K K
Cost/ GRP
($) 2.6
All years All3.3
years All K
years
2.1K K
Effectiveness
(Inc. Rev/ GRP
in $) All years All y... All y...
 TV has been more responsive to Vanilla and Halfpy Birthday than other seasons
Origi
VAHINE – TV (NOV 2017 – APR 2021)
2018
200 Vanilla Gold
Epiphanie 90.00
2020 Vanilla Gold Vanilla Gold
2018 2018 Xmas 80.00
2017 Xmas 2020 Chandeleur 2021
160 Chandeleur (Joy) 70.00
Xmas Epiphanie
Decoration 60.00
120 Joy Dried Fruit 50.00

GRPs
40.00
80
30.00

40 20.00
10.00

- 0.00

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

By assuming 100 GRPs invested in TV for each season, ROI from only TV has been compared by using same average across bursts/seasons
Comparison of TV performance across Seasons based on capacity to generate Uplifts
Season Assumed Activity Investment ST ROI LT ROI
(GRPs) (‘000 USD)
Vanilla 100 162 1.9 3.57
Superiority 100 162 0.7 1.37
Sugar & yeast 100 162 0.6 1.17
Halfpy Birthday 100 162 1.4 2.59

27
Source: Vahine MMM 2021
 TV has been more responsive to Vanilla and Halfpy Birthday than other seasons

VAHINE – TV (NOV 2017 – APR 2021) Vanilla

2018 Epiphanie
200 Halfpy Birthay 90.00
Superiority 80.00
2018 2018 Xmas
160 2017 Chandeleur (Joy) Sugar & Yeasts
70.00
Xmas
Epiphanie Vanilla Gold
Decoration 60.00
120 Chandeleur 2021
Joy Dried Fruit
50.00

GRPs
Vanilla Gold 40.00
80 Xmas 2020
30.00

40 20.00
10.00

- 0.00

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

Promo Period
By assuming 100 GRPs invested in TV for each season, ROI from only TV has been compared by using same average across bursts/seasons
Comparison of TV performance across Seasons based on capacity to generate Uplifts
Season Assumed Activity Investment ST ROI LT ROI
(GRPs) (‘000 USD)
Vanilla 100 162 1.9 3.57
Superiority 100 162 0.7 1.37
Sugar & yeast 100 162 0.6 1.17
Halfpy Birthday 100 162 1.4 2.59

28
Source: Vahine MMM 2021
 Opportunity to increase investment in TV up to $3.7M, post that incremental profit starts
declining

TV

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

5.0%
3,000 K
4.5%
OPTIMAL: [X
VALUE]
4.0% 2,500 K
MAT'21:2,244K
3.5%
2,000 K
3.0%

Profit ($)
2.5% MAT'21:2,244K 1,500 K
2.0%
1,000 K
1.5%

1.0%
500 K
0.5%

0.0% 0K
0K 4,000 K 8,000 K 12,000 K 16,000 K 20,000 K 0K 2,000 K 4,000 K 6,000 K 8,000 K 10,000 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ GRP in MAT 2021 : $ 1,729

29
Source: Vahine MMM 2021
 Potential to increase investment in TV Sponsorship till $ 509 K
TV Sponsorship

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

70 K
1.4%
60 K
1.2%
50 K
1.0% MAT'21: 257K
40 K

Profit ($)
0.8%

30 K
0.6%

0.4% 20 K

0.2% 10 K
MAT'21: 257 K
0.0% 0K
0K 500 K 1,000 K 1,500 K 2,000 K 2,500 K 3,000 K 3,500 K 4,000 K 4,500 K 5,000 K 0K 20 K 40 K 60 K 80 K 100 K 120 K 140 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ GRP in MAT 2021 : $925

30
Source: Vahine MMM 2021
 VOD campaign laydown (Nov 2017 – Apr 2021)

VAHINE – VOD (NOV 2017 – APR 2021)

Vanilla Gold Xmas

2020
1400000
2017 Decoration Vanilla Gold
1200000 Chandeleur
1000000 2018 Xmas
Vanilla Gold
800000 Chandeleur 2021
600000 2019 Xmas
400000
200000
0
/ / / 2 2 2 2 2 1 1 1 9/ 10/ 11/ 12/ 12/ 1/2 2/2 3/2 4/2 5/1 6/1 7/1 8/1 9/ 10/ 11/ 12/ 12/ 1/2 2/2 3/2 4/1 5/1 6/1 7/1 8/ 9/ 10/ 11/ 11/ 12/ 1/2 2/2 3/2 4/1
1 1 12 1 2 1/ 2 / 3/ 4 / 5/ 6/ 7/ 8/

31
Source: Publicis Kitchen
 Both Xmas 2020 and Chandeleur 2021 were more effective than campaigns executed in previous
years, while high cost of execution pulled down their ROI
VOD

Chandeleur Decoration Xmas Xmas Vanilla Gold Vanilla Gold Xmas Vanilla Gold Chandeleur
2018 2018 2018 2019 2020 2020 2021

(Jan-Feb) (Mar-Apr) (Dec) (Nov-Dec) (May-Jun) (Nov-Dec) (Jan-Feb)

$0.9 $1.0 $1.0 $1.1
$0.7 4 5 0 $0.8
$0.5 6 6
5
6
Revenue ROI (ST)
Chandeleur 2018 Decoration 2018 Xmas 2018 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Xmas 2020 Vanilla Gold Chandeleur 2021

$0. $0. $0. $0. $0. $0. $0.

14 20 22 27 28 28 21
Profit ROI (ST) Chandeleur 2018 Decoration 2018 Xmas 2018 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Xmas 2020 Vanilla Gold Chandeleur 2021

$64 $61
$44 $37 $45 $38
$34
Investment
(K $) Chandeleur 2018 Decoration 2018 Xmas 2018 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Xmas 2020 Vanilla Gold Chandeleur 2021

(MM Impressions) (2.9) (4.5) (3.8) (3.0) (5.9) (4.3) (2.5)

15. 14. 15.

5K 8.1 11. 11. 10. 3K
7K 3K 9K 1K
Cost/ MM Imps ($) K

Chandeleur 2018 Dec oration 2018 Xmas 2018 Xmas 2019 Vanilla G old 2020 Vanilla G old Xmas 2020 Vanilla G old Chandeleur 2021

15.
Effectiveness 11. 11. 11. 5K
13.
8.7 1K
(Inc. Rev/ MM Imps K
6.1 2K 8K 4K
K
in $)
Chandeleur 2018 Decoration 2018 Xmas 2018 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Xmas 2020 Vanilla Gold Chandeleur 2021

32
ST : Short Term Impact
Source: Vahine MMM 2021
 Potential to increase investment in VOD from $ 163 K (in MAT 2021) to $ 287K

VOD

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

0.25% OPTIMAL: [X
8K
VALUE]
MAT'21: 163K
7K
0.20%
6K

0.15% 5K
MAT'21:163K

Profit ($)
4K
0.10%
3K

2K
0.05%
1K

0.00% 0K
0K 100 K 200 K 300 K 400 K 500 K 600 K 0K 100 K 200 K 300 K 400 K 500 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $ 12,842

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

Always On
VAHINE – PAID SOCIAL (NOV 2017 – APR 2021) (General, Back To School,
30000000 Always On 2020
Halfpy Birthday)
(General)
&
25000000
2018 2019 Vanilla Gold
20000000
MM Impressions

Vahine
15000000 Epipahny, Chandeleur, Q2,
Easter 2021
10000000

5000000

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/

34
Source: Publicis Kitchen
 Xmas 2020 and Epiphany 2021 were the most effective campaigns, followed by Q2 2021, Easter and
Chandeleur; Higher CPM for Xmas 2020 impeded its ROI

Paid Social
AlwaysOn AlwaysOn
Vanilla Gold Xmas Chandeleur Q2 Easter
2018 2019 AlwaysOn 2020 BackToSchool HalfpyBirthday AlwaysOn 2021 Epiphany 2021
2020 2020 2020 2021 2021 2021
2020
(Sep-Dec) (Jun-Nov) (Sep-Nov) (Sep-Nov) (Nov-Dec) (Nov-Jan) (Dec-Jan) (Jan-Feb) (Feb-Apr) (Apr-May)
(FB/IG & (FB/IG) (FB/IG) (FB/IG) (FB/IG & (FB/IG) (FB/IG) (FB/IG & (FB/IG) (FB/IG)
Pinterest) Pinterest) $3.4 Pinterest)
1
$1.4 $1.3 $1.2 $1.5 $1.2 $1.4 $1.1 $1.0
7 $0.8 $0.7 $0.8
3 6 6 9 9 5 7 8 1
5
Revenue ROI (ST) 2 0 18 20 1 9 Va
n ila
G o ld 2 0 2 0 Alw a
ysOn 2 0 2 0 A lw a
ysO n 2 0 2 0 A lw a
ysO n 2 0 2 0 X ma
s2 0 2 0 Alw a
ysO n 2 0 2 1 p ip h a
E n y2 0 2 1 Cha
nd e
lu r2 0 2 1 Q2 2 0 2 1 r2 0 2 1
ste
a
E

$0.
$0. $0. 84
$0. $0. $0. $0. $0. $0. $0. $0. $0.
32 33 33 41 33 36 29 26
23 19 22
Profit ROI (ST) 20 18 2019 Va
n ila
G o ld 2 0 2 0 A lwa
sO n 2 0 2 0
y A lw a
sO n 2 0 2 0
y Alw a
sOn 2 0 2 0
y X ma
s2 0 2 0 A lw a
sO n 2 0 2 1
y p ip h a
E n y
2021 C ha
n de
lu r2 0 2 1 Q2 2 0 2 1 r2 0 2 1
ste
a
E

$43
5
$11
Investment $73 $88 $22 $88 $58 2
$36 $52 $36 $29
$4
(K $) 2018 20 1 9 Va
n ila
Go ld 2 0 2 0 A lwa
ysO n 2 0 2 0 A lw a
ysO n 2 0 2 0 A lwa
ysO n 2 0 2 0 X ma
s2 0 2 0 Alw a
ysO n 2 0 2 1 p ip h a
E n y2 0 2 1 Ch a
nd e
lu r2 0 2 1 Q2 2 0 2 1 r2 0 2 1
ste
a
E

(MM Impressions) (63) (73) (408) (21) (49) (26) (25) (16) (4) (26) (13) (12)

4.4
1.8 2.3 K 2.3 2.0 2.8 2.4
1.2 1.2 1.1 1.1 1.0 K K
K K K K K K
Cost/ MM Imps ($) K K K
2018 20 19 Va
n ila
G o ld 2 0 2 0 A lw a
sO n 2 0 2 0
y A lw a
sO n 2 0 2 0
y A lw a
sO n 2 0 2 0
y X ma
s2 0 2 0 A lw a
sO n 2 0 2 1
y p ip h a
E ny2021 Cha
nde
lu r2 0 2 1 Q2 2 0 2 1 r2 0 2 1
ste
a
E

3.3 3.3 3.4

2.3 2.3 2.5 2.4
Effectiveness 1.6 1.6 1.3 1.7 K
2.0 K K K
K K K
K K
(Inc. Rev/ MM Imps K K K
in $)
35 2018 2019 Vanilla Gold 2020 AlwaysOn 2020 AlwaysOn 2020 AlwaysOn 2020 Xmas 2020 AlwaysOn 2021 Epiphany 2021 Chandeleur 2021 Q2 2021 Easter 2021

ST : Short Term Impact

Source: Vahine MMM 2021
 Pinterest delivered higher effectiveness, while Facebook/Instagram was more efficient due to lower
cost of execution Paid Social

FY 2020 & YTD 2021 INVESTMENT SUMMARY (K $) PERFORMANCE ACROSS PAID SOCIAL VENDORS (FY 2020 & YTD 2021)

1 1.21
[CELLRANGE] 1
, $58 1
1
1
1 0.61
0 Revenue ROI
0 (ST)
0
0
0
Facebook / Instagram Pinterest
[CELLRANG
E], $814
Profit ROI (ST) 0.31 0.16

Effectiveness
(Inc. Rev/ MM Impressions 1.7 K 2.4 K
in $ )

Cost / MM Impressions 1.4 K 4.0 K

Facebook / Instagram Pinterest ($)

MM Impressions 584 15

36
ST : Short Term Impact
Source: Vahine MMM 2021
 Investment in Paid Social close to optimal; Scope to increase investment in paid social to
optimal investment of $ 935 K

Paid Social

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

1.6%
OPTIMAL:
1,600 K 935K
MAT'21: 702K
1.4%
1,400 K

1.2%
1,200 K

1.0% MAT'21:702K 1,000 K

Profit ($)
0.8% 800 K

0.6% 600 K

0.4% 400 K

0.2% 200 K

0.0% 0K
0K 500 K 1,000 K 1,500 K 2,000 K 2,500 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 : $ 1,480

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

6,000,000.0 VAHINE – ONLINE VIDEO (NOV 2017 – APR 2021)

Xmas
5,000,000.0

Vanilla Gold
4,000,000.0
Xmas
Vanilla Gold
3,000,000.0 Ephiphany

2,000,000.0 Vanilla Gold Vanilla Gold

Xmas Chandeleur
1,000,000.0

0.0

38
Source: Publicis Kitchen
 YTD 2021 ROI increased driven by high effectiveness of Xmas 2020 and 2021 campaigns and lower
cost of execution

Online Video
Vanilla Gold Xmas Vanilla Gold Epiphany
Xmas 2018 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Chandeleur 2021
2020 2021

(Dec) (Dec) (Mar-Nov) (Nov-Dec) (Jan) (Feb)

$1.6 $1.4
$1.1 7 $1.3
$1.0 7 3
1 $0.4 5
7
Revenue ROI (ST)
X ma
s2 0 1 8 X ma
s2 0 1 9 Va
n ila
G o ld 2 0 2 0 Va
n ila
G o ld X ma
s2 0 2 0 Va
n ila
G o ld E
p h ip h a
ny2021 Va
n ila
Go ld C h a
n de
lu r2 0 2 1

$0. $0. $0. $0.

$0. $0. 44 39
20 28 34
13
Profit ROI (ST) X mas2 0 1 8 X mas2 0 1 9 V an ilaGo ld 2 0 2 0 V an ilaGo ld X mas2 0 2 0 V an ilaGo ld Ep h ip h an y2 0 2 1 V an ilaGo ld C h an d elu r2 0 2 1

$30
4
$13
Investment 9
$18 $19 $23 $14
(K $) X ma
s2 0 1 8 X ma
s2 0 1 9 Va
n ila
G o ld 2 0 2 0 Va
n ila
G o ld X ma
s2 0 2 0 Va
n ila
G o ld E
p h ip h a
n y2 0 2 1 Va
n ila
G o ld C h a
nde
lu r2 0 2 1

(MM Impressions) (18.5) (11.6) (42.6) (3.7) (4.2) (2.6)

12.
0K 7.1 5.2 5.4 5.3
1.0 K K K K
K
Cost/ MM Imps ($) Xmas 2018 Xmas 2019 Vanilla G old 2020 Va nilla Gold Xmas 2020 Vanilla G old Ephiphany 2021 Vanilla G old Chandeleur 2021

8.2 8.7 8.0 7.0

Effectiveness 5.6
K
K K K K
(Inc. Rev/ MM Imps 1.0
K
in $)
Xmas 2018 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Xmas 2020 Vanilla Gold Ephiphany 2021 Vanilla Gold Chandeleur 2021

39
ST : Short Term Impact
Source: Vahine MMM 2021
 Longer video length (51 s) more effective than shorter duration, while shorter duration are cost –
efficient; The effective mix of 51s and 6s video lengths, contributing to improved effectiveness of
Online Video
4000000 VAHINE – ONLINE VIDEO BY COPY DURATION (NOV 2017 – APR 2021)
3500000
3000000
MM Impressions

2500000
2000000
1500000
1000000
500000
0

6 seconds 15 seconds 17 seconds 30 seconds 51 seconds

1.8 1.0 1.0
9 3
Revenue ROI 0.0 0.0 1
(ST) 2 4
0.4
All y... 0.2 All y... All0.0
y... All0.2
y...
0.0
8 7 5
06 1
Profit ROI (ST)
All y... All y... All y...
343. All y... All y...
3K 197.
1K
4.0K 7.6K 8.6K
Cost/
MM Imps($)
All years All years All years All years All years
7.6K 7.8K 8.0K 7.5K 8.6K
Effectiveness
(Inc. Rev/ MM Imps
All years All years All years All years All years
40 in $)
ST : Short Term Impact
Source: Vahine MMM 2021
 Scope to increase investment in online video up to $910 K, post that incremental profit starts
declining

Online Video

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

1.2%
OPTIMAL:
180 K [X
VALUE]
1.0% 160 K

140 K
0.8% 120 K

Profit ($)
100 K
0.6%
80 K

0.4% 60 K MAT'21: 218K

MAT'21:218K
40 K
0.2%
20 K

0.0% 0K
0K 500 K 1,000 K 1,500 K 2,000 K 2,500 K 0K 400 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $ 6,502

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

VAHINE – DISPLAY (NOV 2017 – APR 2021)

MM Impressions

9,000,000.0
Vanilla Gold Ephiphany
8,000,000.0
Vanilla Gold Chandeleur
Anniversary Chandeleur Birthday
7,000,000.0 Vanilla Gold Xmas Superiority
(Food Lab Display) (Marmiton Display) Vanilla Gold
6,000,000.0 Sugar and Yeast

5,000,000.0
4,000,000.0
Vanilla Gold
3,000,000.0
2,000,000.0 Xmas

1,000,000.0
0.0
/

/
/

/
/

/
/
/

/
1

2
7

1
1

2
1

2
1
5

2
1

2
1

2
1
7
2
1

2
1

3
2

2
2

1
11

10

12

10

12

11
11
12

10
11

12

11
12

10
11

12
2/

4/

1/

3/
1/

3/
4/

5/
6/

7/
8/

2/
3/

4/
5/

6/
7/

8/
9/

2/

4/

6/

7/
8/

9/

1/

3/

5/
1/
2/

4/

6/

8/
9/

1/

3/

5/

7/

9/

1/

3/

5/

6/

8/

2/

4/
42
Source: Publicis Kitchen
 Xmas 2020 and Epiphany 2021 were more effective than Chandeleur, Superiority, Sugar & Yeast;
High effectiveness accompanied with relatively lower cost of execution for 2021 campaigns
generated higher ROI
Display
Vanilla Gold Vanilla Gold Xmas Vanilla Gold Vanilla Gold Sugar and Yeast
Anniversary 2018 Chandeleur 2019 Birthday 2019 Xmas 2019 2020 2020 Ephiphany 2021 Chandeleur 2021 Superiority 2021 2021

(Jun & Sep) (Food Lab display (Marmiton Display (Nov-Dec) (Jul-Dec) (Nov-Dec) (Jan) (Jan-Feb) (Apr-May) (Apr-May)
Jan-Mar) May-Jun)
$4.3 $4.1
$3.3 1 $2.7 5
$2.5 4
$1.3 $1.6 0 7
$0.7 $0.9 $0.6 7
5 6 1 9
Revenue ROI $(ST)
Anniversary 2018 Chandeleur 2019 Birthday 2019 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Xmas 2020 Vanilla Gold Ephiphany 2021 Vanilla Gold Chandeleur 2021 Superiority 2021 Sugar and Yeast 2021

$1. $1.
$0. $0. 05 $0. 05
$0. $0. 64 83 70
$0. $0. $0. 43
34 17 20 18
Profit ROI $(ST) Anniversary 2018 Chandeleur 2019 Birthday 2019 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Xmas 2020 Vanilla Gold Ephiphany 2021 Vanilla Gold Chandeleur 2021 Superiority 2021 Sugar and Yeast 2021

$11
6
$89
$66 $57
$34
Investment $11 $8 $11 $24 $12
(K $) Anniversary 2 018 Chandeleur 2019 Birthday 2019 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Xmas 2020 Vanilla Gold Ephiphany 2021 Vanilla Gold Chandeleur 2021 Superiority 2021 Sugar and Yeast 2021

(MM Impressions) (12.5) (12.7) (43.0) (6.8) (31.1) (3.4) (3.5) (8.0) (11.4) (8.2)

8.4
5.2 K
2.7 K 2.7 2.9 3.2 2.3 2.1
K 1.4 1.5
K
Cost/ MM Imps ($) K K K K K K
Annivers ary 2018 Chandeleur 2019 Birthday 2019 Xmas 2019 Vanilla Gold 2020 Vanilla G old Xmas 2020 Vanilla G old Ephiphany 2021 Vanilla Gold Chandeleur 2021 Superiority 2021 Sugar and Yeast 2021

7.9 7.8
5.8 4.8 K K 5.9 5.9 6.1
Effectiveness 3.6 3.9
2.5 K K K K K
K K
(Inc. Rev/ MM Imps K
in $) Anniversary 2018 Chandeleur 2019 Birthday 2019 Xmas 2019 Vanilla Gold 2020 Vanilla Gold Xmas 2020 Vanilla Gold Ephiphany 2021 Vanilla Gold Chandeleur 2021 Superiority 2021 Sugar and Yeast 2021

43
ST : Short Term Impact
Source: Vahine MMM 2021
 Investment in display not yet saturated; Potential to increase investment in Display till
$326 K

Display

% Volume Uplift vs Investment Profit vs Investment

% Volume Uplift

0.7% 120 K
OPTIMAL: [X
0.6%
VALUE]
100 K

0.5%
80 K
0.4%
MAT'21: [X

Profit ($)
60 K VALUE]
0.3%

MAT'21:122K 40 K
0.2%

20 K
0.1%

0.0% 0K
0K 200 K 400 K 600 K 800 K 1,000 K 1,200 K 0K 100 K 200 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $2,201

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

25000 VAHINE – GENERIC PAID SEARCH (NOV 2017 – APR 2021) Always On
Acceleration AlwaysOn Halfpy
(General &
2020
20000 AlwaysOn Halfpy Birthday)
2020
15000
Clicks (‘000)

10000

5000

0
Clicks (‘000)

5000 VAHINE – BRANDED PAID SEARCH (NOV 2017 – APR 2021)

4500
4000
3500 Always On 2020 Always On 2021
3000 (General) (General)
2500
2000
1500
1000
500
0

Paid Search was also executed in 2018 and 2019; However, bifurcation of Generic and Branded Paid Search was not available for 2018 and 2019 Paid Search campaigns

45
Source: Publicis Kitchen
 AlwaysOn Halfpy Birthday 2021 was both effective as well as efficient; Heavy weight of execution
for AlwaysOn General 2021 pulled down its ROI

Paid Search
2020 AlwaysOn: 2020 AlwaysOn: 2021 AlwaysOn: 2021 AlwaysOn:
2018 2019 Q3 Acceleration 2020 Xmas 2020
HalfpyBirthday General HalfpyBirthday General

(Generic in Jun) (Generic in Sept -Nov) (Branded & Generic (Generic in Dec) (Generic in Dec - (Branded & Generic
in Jun - Nov) May) in Dec - May)
$1.2 $1.5
$0.7 8 $0.8 4 $1.0 $0.8
$0.7 $0.6 3
6 4 8 8 6
Revenue ROI (ST)
2018 2019 Q3 Acceleration 2020 AlwaysOn HalfpyBirthday 2020 AlwaysOn General 2020 Xmas 2020 AlwaysOn HalfpyBirthday 2021 AlwaysOn General 2021

$0. $0. $0. $0.

$0. $0. $0. 40 $0.
21 36 24 27 22
18 19
Profit ROI (ST)
2018 2019 Q3 Acceleration 2020 AlwaysOn HalfpyBirthday 2020 AlwaysOn General 2020 Xmas 2020 AlwaysOn HalfpyBirthday 2021 AlwaysOn General 2021

$10 $12
6 4
Investment $68 $71
(K $) $27 $40
$12 $1
2018 2019 Q3 Acceleration 2020 AlwaysOn HalfpyBirthday 2020 AlwaysOn General 2020 Xmas 2020 AlwaysOn HalfpyBirthday 2021 AlwaysOn General 2021

(‘000 Clicks) (55) (17) (145) (1) (58) (126)

69 63 68 56
49 8K 47 0K
6K 2K 2K 4K
Cost/ ‘000 Clicks ($)
2018 2019 Q3 Ac celeration 2020 Always On HalfpyBirthday 2020 Always On G eneral 2020 Xmas 2020 Always On HalfpyBirthday 2021 Always On G eneral 2021

973
Effectiveness 637 615 K 700
486
K K 323 K
(Inc. Rev/ ‘000 Clicks K K
in $)
2018 2019 Q3 Acceleration 2020 AlwaysOn HalfpyBirthday 2020 AlwaysOn General 2020 Xmas 2020 AlwaysOn HalfpyBirthday 2021 AlwaysOn General 2021

46
ST : Short Term Impact
Source: Vahine MMM 2021
 Despite higher CPC, Generic search campaigns more effective than Branded search campaigns
Paid Search

FY 2020 & YTD 2021 PERFORMANCE OF BRANDED VS GENERIC PAID SEARCH (FY 2020 & YTD 2021)
INVESTMENT SUMMARY (K $)
1
1 0.94
[CELLRAN 1
GE], $5 1
1
1 0.53
0 Revenue ROI
0 (ST)
0
0
[CELLRAN 0
Generic Paid Search Branded Paid Search
GE], $213

Profit ROI (ST) 0.25 0.14

Effectiveness
(Inc. Rev/ 000’ Clicks 519 K 203 K
in $ )

Generic Paid Search Branded Paid Search Cost / ‘000 Clicks 550 K 382 K
($)

Clicks(‘000) 388 14

47
ST : Short Term Impact
Source: Vahine MMM 2021
 Channel hasn’t reached saturation, scope to increase investment in paid search till
$397 K

Paid Search

% Volume Uplift vs Investment Profit vs Investment

OPTIMAL:397K
% Volume Uplift

1.2% 45.0 K

40.0 K
1.0%
35.0 K
MAT'21: 218K
0.8% 30.0 K

25.0 K

Profit ($)
0.6%
20.0 K

0.4% 15.0 K
MAT'21:218K
10.0 K
0.2%
5.0 K

0.0% 0.0 K
0K 200 K 400 K 600 K 800 K 1,000 K 1,200 K 1,400 K 1,600 K 1,800 K 0K 100 K 200 K 300 K 400 K 500 K 600 K 700 K 800 K 900 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ ‘000 Clicks in MAT 2021 : $544

48
Source: Vahine MMM 2021
 Influencers campaign laydown (Nov 2017 – Apr 2021)
VAHINE – INFLUENCERS (NOV 2017 – APR 2021)
MM Impressions

2018 2019 Always On Always On

(Roxanne) (Roxanne) (Roxanne) (Roxanne & Halfpy Birthday)
400,000.00

350,000.00

300,000.00

250,000.00

200,000.00

150,000.00

100,000.00

50,000.00

0.00

49
Source: Publicis Kitchen
 Roxanne engagement in 2020 yielded higher returns compared to other influencer engagements;
Roxanne returns improved in 2020 vs previous years

Influencers
2018 2019 2020 Always On: 2020 Always On :
Roxanne Roxanne Halfpy Birthday Roxanne

(Sep-Oct)
$1.16
$0.96
$0.81 $0.78

Revenue ROI (ST)

V ah in e_2 0 1 8 _In fl u en cers V ah in e_2 0 1 9 _In fl u en cers V ah in e_2 0 2 0 _A lwaysO n _H alfp yB irth d ay V ah in e_2 0 2 0 _A lw aysO n

$0.30
$0.25
$0.21 $0.19

Profit ROI (ST)

V ah in e_2 0 1 8 _In fl u en cers V ah in e_2 0 1 9 _In fl u en cers V ah in e_2 0 2 0 _A lwaysO n _H alfp yB irth d ay V ah in e_2 0 2 0 _A lwaysO n

$134
$101 $96
Investment
(K $) $28

V ah in e_2 0 1 8 _In fl u en cers V ah in e_2 0 1 9 _In fl u en cers V ah in e_2 0 2 0 _A lwaysO n _H alfp yB irth d ay V ah in e_2 0 2 0 _A lwaysO n

50
ST : Short Term Impact
Source: Vahine MMM 2021
 Potential to increase investment in Influencers till $150K

Influencers

% Volume Uplift vs Investment Profit vs Investment

OPTIMAL: [X
% Volume Uplift

3.5% 20 K
VALUE]
3.0% 18 K

16 K
2.5%
14 K
MAT'21: 89 K
2.0%
12 K

Profit ($)
1.5% 10 K

8K
1.0%
6K
0.5%
MAT'21: 89 K 4K
0.0%
0K 200 K 400 K 600 K 800 K 1,000 K 1,200 K 1,400 K 1,600 K 1,800 K 2,000 K 2K

-0.5% 0K
0K 20 K 40 K 60 K 80 K 100 K 120 K 140 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $18,691

51
Source: Vahine MMM 2021
 Digital Sponsorship campaign laydown (Nov 2017 – Apr 2021)
M M Im pressions

Acceleration
5000000
VAHINE – DIG ITAL SPONSORSHIP (NOV 2 0 1 7 – APR 2 0 2 1 )

4000000

3000000

2000000

Un Diner Le Meilleur
1000000

52
Source: Publicis Kitchen
 2021 campaigns more effective than Acceleration 2020, High cost associated with 2021 campaigns
pulled down the ROIs
Digital
Sponsorship
Acceleration 2020 Un Diner 2021 Le Meilleur 2021

(Apr – May) (Feb) (May)

$1.17

$0.40 $0.42
Revenue ROI (ST)
Acceleration 2020 Un Diner 2021 Le Meilleur 2021

$0.3
1 $0.1 $0.1
Profit ROI (ST) 0 1
Acceleration 2020 Un Diner 2021 Le Meilleur 2021

$105

Investment $31
(K $) $8
Acceleration 2020 Un Diner 2021 Le Meilleur 2021

(MM Impressions) (20.2) (1.8) (0.4)

17.3 17.3
K K
5.2
Cost/ MM Imps ($) K
Acceleration 2020 Un Diner 2021 Le Meilleur 2021

6.1 7.0 7.3

Effectiveness K K K
(Inc. Rev/ MM Imps in
$)
Acceleration 2020 Un Diner 2021 Le Meilleur 2021

53
ST : Short Term Impact
Source: Vahine MMM 2021
 Investment in digital sponsorship not yet saturated; Potential to increase investment till $236
K

Digital Sponsorship

% Volume Uplift vs Investment Profit vs Investment

OPTIMAL: [X
% Volume Uplift

2.0%
VALUE]
6K

1.8%
5K
1.6%

1.4%
4K
1.2% MAT'21: 79K

Profit ($)
1.0% 3K

0.8%
2K
0.6%

0.4%
1K
0.2%

0.0% 0K
0K 200 K 400 K 600 K 800 K 1,000 K 1,200 K 1,400 K 1,600 K 1,800 K 0K 50 K 100 K 150 K 200 K 250 K 300 K 350 K 400 K 450 K

Investment ($) Investment ($)

Profit = Incremental Revenue – Total Cost of Execution

Avg Cost/ MM Imps in MAT 2021 : $9,832

54
Source: Vahine MMM 2021
 Media channel performance framework
Continue investing in TV, while need to improve the efficiency of Paid Social; Display can be the strategic
investments driving long term sales

High MAINTAIN & OPTIMIZE

Maintain the investment in the
2.4
STRATEGIC channel while there is a need to
GREAT INVESTMENT POTENTIAL
INVESTMENT analyze means to increase ROI
(either through cost or level of
2.0 activity to avoid saturation)

GREAT INVESTMENT POTENTIAL

Return on Investment (ROI)

1.6 Channel generates high volume and

ROI compared to benchmark; Great
investment potential

1.2
STRATEGIC INVESTMENT
Opportunity to increase investment
in the channel to ensure wider
0.8 audience reach contributing to
higher volume

0.4 EVALUATE
Evaluate the performance of the
MAINTAIN & OPTIMIZE channel on the execution,
EVALUATE investment levels, cost of execution,
- etc.
0% 10% 20% 30% 40% 50% 60%

Low Proportion of Incremental Revenue contribution High

* Quadrant based on median ST ROI and incremental Revenue contribution across channels
* Size of bubble indicates investment
55
ST : Short Term Impact
Source: Vahine MMM 2021
 Healthy January is the most efficient campaign in the short run

Xmas Chandeleur Epiphany Un Diner Le Milleur

Nov - Dec Jan - Feb Dec-Jan Feb Apr - May

Investment Revenue Profit ROI Investment Revenue Profit Investment Revenue Profit Investment Revenue ROI Profit Investment Revenue Profit
(‘000$) ROI (‘000$) ROI ROI (‘000$) ROI ROI (‘000$) ROI (‘000$) ROI ROI

TOTAL 1053
1.6 0.4 547 1.84 0.45 35 2.13 0.54 122 2.53 0.62 175 3.10 0.75
8 2
TV 850 1.80 0.50 432 2.00 0.50

VOD 61 1.10 0.30 38 0.90 0.20

Paid Social 112 0.80 0.20 52 1.20 0.30 4 3.40 0.80

Paid Search 1
1.5 0.4
0 2.5
00.6 1.1 3.3
4.30 0.80
0
Display 11 11 8
00 0
Online Video 19 1.70 0.40 14 1.30 0.30 23 1.50 0.40

Influencer

Digital 0.40 0.10 0.42 0.11

Sponsorship
31 8

3.25 0.80 3.24 0.78

TV Sponsorship 91 167

ST : Short Term Impact LT: Long Term Impact

Source: Frank’s MMM 2021
 Healthy January is the most efficient campaign in the short run

Vanilla Gold AlwaysOn AlwaysOn Halfpy Birthday

BackToSchool

Mar - Dec Jun - Nov Sept - Nov Sept - Nov

Investment Revenue ROI Profit ROI Investment Revenue ROI Profit Investment Revenue ROI Profit ROI Investment Revenue ROI Profit ROI
(‘000$) (‘000$) ROI (‘000$) (‘000$)

TOTAL 1855
1.60.3 186 1.03 0.27 88 1.30 0.33 98 0.90 0.24
8 0
TV 963 1.80 0.30

VOD 64 1.10 0.30

Paid Social 435 0.80 0.30 22 1.60 0.40 88 1.30 0.33 58 0.90 0.23

Paid Search
1.5 68
0.7 0.2 12
0.9 0.2
0 2.5
0.4 0 0 0 0
Display 89
00
Online Video 304 1.70 0.30

1.16 0.30 0.96 0.25

Influencer 96 28

Digital Sponsorship

TV Sponsorship

ST : Short Term Impact LT: Long Term Impact

Source: Frank’s MMM 2021
 Incremental sales from media activities has increased recently, with TV yielding more
volume than other channels
Total Vahine

VOLUME CONTRIBUTION BY ACTIVITY (DEC 2017 – APR 2021)

600000
Volume Uplift(‘000 KG)

500000

400000

300000

200000

100000

0
7 7 7 8 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1
2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 20 1 2 0 1 2 0 1 2 0 2 20 2 20 2 2 0 2 20 2 2 0 2 2 0 2 2 0 2 2 0 2 20 2 2 0 2 2 0 2 2 0 2 2 0 2 20 2 20 2 2 0 2
/ / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /
/5 /3 31 28 25 25 22 20 17 15 12 9/9 0/7 1/4 2/2 /30 /27 /24 /24 /21 /19 /16 /14 /11 9/8 0/6 1/3 2/1 /29 /26 /23 /22 /19 /17 /14 /12 8/9 9/6 0/4 1/1 /29 /27 /24 /21 /21 /18
1 1 12 1 2 / 1 / 2/ 3 / 4/ 5/ 6/ 7/ 8 / 1 1 1 12 1 2 3 4 5 6 7 8 1 1 1 12 1 2 3 4 5 6 7 1 1 1 1 12 1 2 3 4

Organic Influencers Website Traffic DOOH BVOD Display Influencers Online Video Paid Social Digital Sponsorship TV Sponsorship Paid Search TV
Promotions Base Sales

58
Source: Vahine MMM 2021
 Incremental sales from media activities has increased recently, with TV yielding more
volume than other channels
Baking Aid

VOLUME CONTRIBUTION BY ACTIVITY (DEC 2017 – APR 2021)

600000
Volume Uplift(‘000 KG)

500000

400000

300000

200000

100000

0
7 7 7 8 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1
2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 20 1 2 0 1 2 0 1 2 0 2 20 2 20 2 2 0 2 20 2 2 0 2 2 0 2 2 0 2 2 0 2 20 2 2 0 2 2 0 2 2 0 2 2 0 2 20 2 20 2 2 0 2
/ / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /
/5 /3 31 28 25 25 22 20 17 15 12 9/9 0/7 1/4 2/2 /30 /27 /24 /24 /21 /19 /16 /14 /11 9/8 0/6 1/3 2/1 /29 /26 /23 /22 /19 /17 /14 /12 8/9 9/6 0/4 1/1 /29 /27 /24 /21 /21 /18
1 1 12 1 2 / 1 / 2/ 3 / 4/ 5/ 6/ 7/ 8 / 1 1 1 12 1 2 3 4 5 6 7 8 1 1 1 12 1 2 3 4 5 6 7 1 1 1 1 12 1 2 3 4

Organic Influencers Website Traffic DOOH BVOD Display Influencers Online Video Paid Social Digital Sponsorship TV Sponsorship Paid Search TV
Promotions Base Sales

59
Source: Vahine MMM 2021
 Incremental sales from media activities has increased recently, with TV yielding more
volume than other channels
Sugar & Yeasts

VOLUME CONTRIBUTION BY ACTIVITY (DEC 2017 – APR 2021)

35000
Volume Uplift(‘000 KG)

30000

25000

20000

15000

10000

5000

0
7 7 7 8 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1
2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 20 1 2 0 1 2 0 1 2 0 2 20 2 20 2 2 0 2 20 2 2 0 2 2 0 2 2 0 2 2 0 2 20 2 2 0 2 2 0 2 2 0 2 2 0 2 20 2 20 2 2 0 2
/ / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /
/5 /3 31 28 25 25 22 20 17 15 12 9/9 0/7 1/4 2/2 /30 /27 /24 /24 /21 /19 /16 /14 /11 9/8 0/6 1/3 2/1 /29 /26 /23 /22 /19 /17 /14 /12 8/9 9/6 0/4 1/1 /29 /27 /24 /21 /21 /18
1 1 12 1 2 / 1 / 2/ 3 / 4/ 5/ 6/ 7/ 8 / 1 1 1 12 1 2 3 4 5 6 7 8 1 1 1 12 1 2 3 4 5 6 7 1 1 1 1 12 1 2 3 4

Organic Influencers Website Traffic DOOH BVOD Display Influencers Online Video Paid Social Digital Sponsorship TV Sponsorship Paid Search TV
Promotions Base Sales

60
Source: Vahine MMM 2021
 Incremental sales from media activities has increased recently, with TV yielding more
volume than other channels
Dessert Mixes

VOLUME CONTRIBUTION BY ACTIVITY (DEC 2017 – APR 2021)

80000
Volume Uplift(‘000 KG)

70000

60000

50000

40000

30000

20000

10000

0
7 7 7 8 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1
2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 20 1 20 1 2 0 1 2 0 1 2 0 2 20 2 20 2 2 0 2 20 2 2 0 2 2 0 2 2 0 2 2 0 2 20 2 2 0 2 2 0 2 2 0 2 2 0 2 20 2 20 2 2 0 2
/ / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /
/5 /3 31 28 25 25 22 20 17 15 12 9/9 0/7 1/4 2/2 /30 /27 /24 /24 /21 /19 /16 /14 /11 9/8 0/6 1/3 2/1 /29 /26 /23 /22 /19 /17 /14 /12 8/9 9/6 0/4 1/1 /29 /27 /24 /21 /21 /18
1 1 12 1 2 / 1 / 2/ 3 / 4/ 5/ 6/ 7/ 8 / 1 1 1 12 1 2 3 4 5 6 7 8 1 1 1 12 1 2 3 4 5 6 7 1 1 1 1 12 1 2 3 4

Organic Influencers Website Traffic DOOH BVOD Display Influencers Online Video Paid Social Digital Sponsorship TV Sponsorship Paid Search TV
Promotions Base Sales

61
Source: Vahine MMM 2021
 Media Planning Optimizer & Simulator

62
 Developed media planning simulator & optimizer, to enable the team to plan for future marketing
investments

63
 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

04 Key Insights & Recommendations

64

Key Learnings
BRAND OVERVIEW
• Vahine volume sales grew in MAT 2020 by 8.6%
driven by increased consumption due to COVID-19
lockdown and stay @ home measures
• Beyond COVID-19, Retail Promotion played the
second most important role in lifting the sales; Unlike
Savory, Vahine is more promo driven as retail promos
contributed 25% to the growth and media contributed
12% to the growth
• Coverage loss and OOS during containment
negatively impacted the sales, however, the brand
recouped its supply preventing loss to competition
• Vahine marketing investments account for 13% of total
sales driven 10% from promotions and 3% from media
TV
• Absence of seasonal TV campaigns in 2020, one of
the important factor for lower ROI compared to YA
• Effective execution of PLP copy in May-Jun sustained
TV effectiveness vs seasonal campaigns in the
previous years, however, relatively high cost per GRP
impacted the efficiency
65
Not updated
TOPLINE MEDIA
• Paid Media ROI remained stable. TV/AV ROI
remained stable while digital ROI improved
• Across TV & Associates, Despite the strong
performance of the Vanilla Gold campaign, TV ROI
remained stable primarily due to the absence of
seasonal campaign
• VOD ROI improved driven by the strong performance
from Xmas and Vanilla Gold
• Display, Online Video among key digital channels that
delivered high ROI
DIGITAL
• Digital ROI improved vs YA driven by the strong
performance from Display, OLV, Partnerships/
Influencers
• Heavy execution of Vanilla Gold on Paid Social
impacted channel efficiency
• Being Always-On and use of generic search worked
for Paid Search; Solely generic campaigns generated
higher returns
• Returns from influencers improving steadily; Roxanne
performance improved in 2020 vs previous years

Recommendations for channels
TV
• Invest more in TV; Current impact of TV is not
yet saturated; Investment in TV can go up to $
2M (subject to availability of budget)
• Plan to keep TV continuous with seasonal
executions; Q1, Sep- Nov are recommended
period to execute TV campaign that will ensure
higher returns
• If planning to launch a new copy, have bursts
starting with 30/20 sec to build brand equity,
followed by 10 sec to cost-efficiently maintain
the campaign over a longer period
PAID SOCIAL
• Avoid higher execution of same campaign
on the same vendor to avoid the drop in
efficiency
• Prefer the strategy with the mix of different
campaigns across different vendors
• Can consider Pinterest as a part of social
media strategy while keeping an eye on its
cost
• Dig. Partnerships has delivered strong ROIs
66
• Continue investing in influencers
Not updated
PAID SEARCH
• Continue investing in the channel;
• Continue with the current strategy of being
Always On
• Focus on generic search campaigns over
branded search as they are more effective
than latter despite the higher cost
ONLINE VIDEO
• Continue investing in the channel as it
Key Recommendations supports the brand by offering reach beyond
by Channel TV.
• Though 6s video lengths are efficient, focus
on longer duration to lead a new campaign
to build the story and continue with 6s copy
to maintain the campaign
• Can consider alternative video lengths such
as the 20s against 51s to build campaign
story, which can also support campaign’s
efficiency
PARTNERSHIPS/
DISPLAY
INFLUENCERS
• Strategic investment channel as it can
ensure high vol uplift with high ROI; Scope
in FY20; can be considered as one of the to invest up to $300 K
avenues of reaching the consumers
• Identify assets that guarantee wider
audience coverage
THANK YOU
 Appendix

68
 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)
69 Issues.
Issues.
 Detailed list of variables captured in the model to understand their contribution to sales
Bucket Variable Frequency Source Comments

Macro GDP & Unemployment Monthly Federal Reserve Economic Data Insignificant in recent period due to high correlation with the
environment variable

Google COVID Community Mobility Data at Workspaces Weekly Google % Change in # of visitors to workspaces compared to the
normal average
Environmental
Google & Ministry websites on official
Pre-COVID Lockdown Events Variable Weekly dates of lockdowns Binary Variable to account for pre-stock up before 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
Discounts Weekly Derived from Average Price sourced from
Nielsen

TV : GRPs Weekly GRPs

VOD: Impressions Weekly Impressions
Paid Social : Impressions Weekly Impressions
Online Video ( YouTube) : Impressions Weekly Impressions Publicis Kitchen/Sparkfoundry/ McCormick
Own Media Media Team
Programmatic Display: Impressions Weekly Impressions
Paid Search : Clicks Weekly Clicks
Digital Partnership: Impressions Weekly Impressions
Other Traditional: GRPs/Impressions/ Investment Weekly
Price, Distribution, Promotions Weekly Nielsen
Competition
70
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.

71
 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

% ch a n g e fr o m N o r m a l T im e s
1
B r a 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 -
1,400 (10)
workspaces compared to the normal average
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 11 12 13 14 15 16 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

72
 Vahine 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
600 Introduction of
6am lifting of
local curfews and
second national lockdown
500 lockdown restrictions
Volume Sales (‘000 KGs)

400

300

200

100

0
020 020 020 020 020 020 02
0 020 020 020 020 02
0 020 02
0
02
0
02
0
02
0 021 021 02
1 021 02
1 021 02
1 021 02
1
/ 17/ 2 / 31/ 2 / 14/ 2 / 28/ 2 / 12/ 2 / 26/ 2 8/ 9/ 2 / 23/ 2 9/ 6/ 2 / 20/ 2 0/ 4/ 2 / 18/ 2 1/ 1/ 2 / 15/ 2 / 29/ 2 / 13/ 2 / 27/ 2 / 10/ 2 / 24/ 2 2/ 7/ 2 / 21/ 2 3/ 7/ 2 / 21/ 2 4/ 4/2 / 18/ 2 5/ 2/ 2
5 5 6 6 7 7 8 9 1 10 1 11 11 12 12 1 1 2 3 4

73 Year Ago Current Period (2021)

Source: Nielsen
 Vahine 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

Baking
Aid

Sugar
&
Yeast

Dessert
Mixes
020 020 020 020 020 020 02
0 020 020 020 020 02
0 020 02
0
02
0
02
0
02
0 021 021 02
1 021 02
1 021 02
1 021 02
1
/ 17/ 2 / 31/ 2 / 14/ 2 / 28/ 2 / 12/ 2 / 26/ 2 8/ 9/ 2 / 23/ 2 9/ 6/ 2 / 20/ 2 0/ 4/ 2 / 18/ 2 1/ 1/ 2 / 15/ 2 / 29/ 2 / 13/ 2 / 27/ 2 / 10/ 2 / 24/ 2 2/ 7/ 2 / 21/ 2 3/ 7/ 2 / 21/ 2 4/ 4/2 / 18/ 2 5/ 2/ 2
5 5 6 6 7 7 8 9 1 10 1 11 11 12 12 1 1 2 3 4

74 Year Ago Current Period (2021)

Source: Nielsen
 Volume (in ‘000 KGs)

-200
-100
0
100
200
300
400
500
600
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
Model Fit – Vahine Baking Aid

11/25/2018
12/16/2018
1/6/2019
1/27/2019
2/17/2019
3/10/2019

MAPE
3/31/2019

R SQUARE
4/21/2019
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
83%
6.0%

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
76
Volume (in ‘000 KGs)

-5

-10
0
5
10
15
20
25
30
35
40
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 Fit – Vahine Sugar and Yeast

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

MAPE
3/31/2019

R SQUARE
4/21/2019
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
91%
7.2%

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
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
77
Volume (in ‘000 KGs)

-20
20
40
60
80

0
100
10/22...
11/12...
12/3/...
12/24...
1/14/...
2/4/...
2/25/...
3/18/...
4/8/...
4/29/...
5/20/...
6/10/...
7/1/...
7/22/...
8/12/...
9/2/...
9/23/...
10/14...
11/4/...
11/25...
Model Fit – Vahine Dessert mixes

12/16...
1/6/...
1/27/...
2/17/...
3/10/...

MAPE
3/31/...

R SQUARE
4/21/...
5/12/...
6/2/...
6/23/...
7/14/...
8/4/...
8/25/...
9/15/...
10/6/...
10/27...
Error

11/17...
98%
8.6%

12/8/...
12/29...
1/19/...
2/9/...
3/1/...
3/22/...
4/12/...
5/3/...
5/24/...
6/14/...
7/5/...
Actual Volume (KGs)

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

4/25/...