2022 March Board Book

MMM Shifting focus to the CA market in Year 3 drove positive results for the Seal products: • CA Seal CTS increase was +121% • Marketing investment in CA helped to offset the declines experienced in Year 3 from Trade and Core • Spot TV and Paid Social had the highest CTS (contribution to sales) across marketing channels; synergies drove an additional $7.3MM retail sales in the CA geography; Video and Paid Social drove the largest synergy volume • Consumer Promotions were more effective year over year for Seal products; programs focused on multiple categories had better efficiency; “June Dairy” and “Support Local” campaigns had the highest CTS • Instacart and Ibotta had a CTS above $4 with Milk outperforming all other categories • Shopper Marketing performance was relatively low (CTS below $2) when compared to Instacart and Ibotta • PR investment was allocated mostly outside of CA; efficiency was up in Year 3, with the “General Consumer” campaign reaching a CTS above $16 for both the Cheese and Milk categories Based on everything we learned from the MMM, campaign effectiveness study, and media weight test, we were able to build out a plan for 2022 that achieves the following: • 4x more TV weeks vs. 2021

• Increased TV weight during launch (100 TRPs/week vs. 50) • Hiatus periods leading up to Primaries and General Election • Projected 29% increase in volume vs. replicating 2021 • 95% Reach / 28x Avg. Freq / 93% 3+ / 90% 5+ / 86% 7+ Media

We launched the 2021 brand campaign (with Day Can Wait creative) on 2/8 across digital/TV and continued exposure through end of year. As a complement to the brand work, we supported in-store promotions throughout the year; Lent (Hispanic-inspired dairy recipies), Summer Snacking, Back-to-School, Hispanic Heritage Month (Texas markets), the 2021 Holiday campaign, as well as Recyle the Jug in partnership with MilkPEP. The local promotions ran a mix of digital banenrs, social, and influencer content. For 2022 we’re excited to launch the new “California Freestyle” campaign on March 28 across TV, CTV, pre-roll, and social. Ads will be running within home, food, and family content. As a complement to the TV and digital video launch, the team is actively exploring other channels to support the new work across OOH and Audio.