Slide 1: Annual Meeting of Stockholders
Slide 2: Michele Buck
Michele Buck Chairman of the Board, President and Chief Executive Officer HERSHEY
Slide 3: Today's Agenda
Slide 4: Items of Business
Items of Business HERSHEY Election of Directors Ratification of Appointment of Independent Auditors Advise on Named Executive Officer Compensation Stockholder Proposal Voting
Slide 5: Election of Directors
Election of Directors Pamela Arway Diane Koken James Brown Robert Malcolm Victor Crawford Anthony Palmer Robert Dutkowsky Juan Perez Mary Kay Haben Wendy Schoppert James Katzman Michele Buck The Board recommends a vote FOR each of the director nominees
Slide 6: Ratification of Appointment of Independent Auditors
& Ratification of Appointment of Independent Auditors Be The Board recommends a vote FOR ratification of the appointment of ERNST & YOUNG LLP as independent auditors for the fiscal year ending December 31, 2022.
Slide 7: Advise on Named Executive Officer Compensation
Advise on Named Executive Officer Compensation The Board recommends a vote FOR approval, ona non-binding advisory basis, of the Company’s named executive officer compensation.
Slide 8: Items of Business
Items of Business HERSHEY Election of Directors Ratification of Appointment of Independent Auditors Advise on Named Executive Officer Compensation Stockholder Pre
Slide 9: American Baptist Home Mission Societies
> = American Baptist Home Mission Societies David Moore Director of Investments, American Baptist Home Mission Societies HERSHEY
Slide 10: Stockholder Proposal
Stockholder Proposal The Board recommends a vote AGAINST the stockholder proposal
Slide 11: Items of Business
Items of Business HERSHEY Election of Directors Ratification of Appointment of Independent Auditors Advise on Named Executive Officer Compensation Stockholder Proposal
Slide 12: Business Review
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Slide 13: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Many of these forward-looking statements can be identified by the use of words such as “anticipate,” “: estimate,” “expect,” “forecast,” “fut
Slide 14: Execution + Transformation
Execution + Transformation — a ms ae Reignite confection Accelerate Transform the growth diversification operating model SKINNYPOP ~ HERSHEY. Source: IRI 5 years ended 12/31/21, Hershey Financials x” 4
Slide 15: Winning Formula
Winning Formula UNMATCHED A DYNAMIC THE LONG- CAPABILITIES WORKFORCE TERM VIEW CONNECTING US LEADING US GUIDING OUR TO CONSUMERS FORWARD GROWTH Making more Momeni S of goodness & HERSHEY i
Slide 16: Beloved Brands
BELOVED BRANDS De”
Slide 17: Skinny
SKINNY
Slide 18: Unmatched Capabilities
UNMATCHED CAPABILITIES CONNECTING US TO CONSUMERS
Slide 19: Advancing Capabilities to Drive Differentiated Performance
Advancing Capabilities to Drive Differentiated Performance Consumers ral Analytics & Digital Infrastructure Consumer Intelligence Agile Media Targeting Strategic Revenue Growth Management HERSHEY. | ame
Slide 20: Manufacturing lines and distribution centers
in 2021 Manufacturing lines in 3 years Distribution & fulfillment centers in 2 years acm
Slide 21: A Dynamic Workforce
A DYNAMIC WORKFORCE LEADING US FORWARD
Slide 22: Investing in People
Investing in People 5 ow mf @ Improving total Enhancing training Creating greater Continuous rewards package and development flexibility listening HERSHEY
Slide 23: Taking Action to Increase Diversity and Inclusion
Taking Action to Increase Diversity and Inclusion Transparency Ee Strengthening commitments and disclosures Enhancing hiring and development programs Forbes #1 WORLD'S TOP BEST Civic PLACES TO WORK 2021 | for LGBTQ Equality 100% CORPORATE EQUALITY INDEX HERSHEY z
Slide 24: Long-Term View Guiding Our Growth
@ Oe tHe LONG-TERM VIEW S : GUIDING OUR GROWTH
Slide 25: Differentiated Relationships Across The Value Chain
Differentiated Relationships Across The Value Chain S40? WA 4 SA HERSHEY
Slide 26: Advancing our Environmental, Social and Governance Priorities
Advancing our Environmental, Social and Governance Priorities o @ © Responsible Sourcing People Community and Human Rights —_ ; Scaling our cocoa programs Strengthening our Further embedding ESG to achieve our commitments environmental agenda into our business strategy and operations
Slide 27: Peer-Leading Financial Returns
Peer-Leading Financial Returns
Slide 28: Consistent, on-Algorithm Earnings Growth
Consistent, on-Algorithm Earnings Growth Long-Term Target +6-8% ADJUSTED EARNINGS PER SHARE ~ HERSH EV< Source: Hershey Financials; See Appendix for a Reconcil Hershey Adjusted EPS Growth 9.8% 10.3% 10 YR 5YR CAGR CAGR liation of GAAP to Adjusted EPS 14.3% 10-12% 2021 2022E
Slide 29: Raised Sales and Earnings Guidance for 2022
Raised ~ Sales and Earnings Guidance for 2022 HERSH EY, All percentage comparisons presented above for Qi 2022 are with respect to QI2021 1@ Source: Hershey Financials; See Appendix fora Reconciliation of GAAP to Adjusted EPS
Slide 30: Healthy Cash Flow Enables Strong Investment and Shareholder Returns
Healthy Cash Flow Enables Strong Investment and Shareholder Returns 3-YR Operating Cash Flow ~40% Cash Returned to Shareholders $5.5B > ] ¢ $2.4B cash returned to shareholders « 93% 3-Year Cumulative Total Shareholder Return la HERSHEY< Source: Hershey Financials, Investment outpaced cash flow as le
Slide 31: Investing in the Business for Long-term Growth
Investing in the Business for Long-term Growth Boost Consumer and Retailer Support Phe ee LILYS ON SKINNY POP PRETZELS Industry leading advertising levels Proprietary retail sales force HERSHEY axme
Slide 32: Strong shareholder returns
Strong shareholder returns Annualized Total Shareholder Return 10-Year 1-Year 30% = 29% 16% 15% - 7 : : HERSHEYV< 9=s&P500 S&P Food HERSHEY sap 500 S&P Food ~ PS) sowreserremiest yo
Slide 33: Confidence in Long-term Growth
Confidence in Long-term Growth spe sé Balanced Enhanced price-pack innovation architecture s _ t SLIRE diversification Supply chain scale Investment in people, in high-growth and adaptability capabilities, and Se SiCDiS technology SKINNY & POP 2-4% 6-8% Net Sales Growth Adj. EPS Growth ‘
Slide 34: Achieving an All-Time High Stock Price this Year
Achieving an All-Time High Stock Price this Year $223 $143 HERSHEYS St s adjusted market closing price on Thursday, May 12th
Slide 35: (Ue a ee -_
(Ue a ee -_
Slide 36: Question & Answer
~ Question g® Answer Keep Questions Brief | Limit to One Topic * All questions and answers will be posted to the Investor Relations website on May 24*, including those we were unable to address during the live meeting.
Slide 37: Voting Results
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Slide 38: Hershey
HERSHEY.
Slide 39: Appendix
Appendix
Slide 40: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information For the quarter ended April 3, 2022 Income Gross Operating Interest Net Per Share- In millions of dollars except per share amounts. Profit Profit Expense, net Income Diluted GAAP results $ 1,245.5 $ 721.0 $ 677.4 $ 533.5 $ 2.57 Adjustments: Derivative
Slide 41: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information For the quarter ended April 4, 2021 Income Gross Operating Interest Net Per Share- In millions of dollars except per share amounts. Profit Profit Expense, net Income Diluted GAAP results $ 1,049.0 $ 553.0 $ 514.2 $ 395.8 $ 1.90 Adjustments: Derivative
Slide 42: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information For the year ended December 31, 2021 Income Gross Operating Interest Net Per Share- In millions of dollars except per share amounts Profit Profit Expense, net Income Diluted GAAP results $ 4,048.6 $ 2,043.7 $ 127.4 $ 1,477.5 $ 7.11 Adjustments: Derivat
Slide 43: Reconciliation of GAAP and Non-GAAP Information
Reconciliation of GAAP and Non-GAAP Information For the year ended December 31, 2020 Income Gross Operating Interest Net Per Share- In millions of dollars except per share amounts. Profit Profit Expense, net Income Diluted GAAP results $ 3,701.3 $ 1,782.7 $ 149.4 $ 1,278.7 $ 611 Adjustments: Derivat