Strauss Group — Investor Presentation 2022

Mar 22, 2022

S T R A U S S 2022 - 2026

M A R C H 2022

TABLE OF CONTENTS:

1. Purpose		3 – 20
2. Who we are		21 – 29
3. The world is changing		30 – 32
4. Taste the future -		32 - 53
	Renew & Expand the Core	34 - 39
	Build	40 – 43
	Transform the way we operate	44 – 50
5. Recap		51

A PURPOSE LED COMPANY We want to be

To be relevant & lead in the future and still stay "us"

PURP SE Like happiness, purpose is not a destination, but a journey and a practice. That means it's accessible at any age, if we're willing to explore what matters to us and what kind of person we want to be - and act to become that person.

We learned that…

5

Right from the very beginning… PIONEERING FOR A BETTER WORLD We have always been

NOURISHING IS OUR SPIRIT. A SPIRIT OF GIVERS. FOOD AND NUTRITION IS WHAT WE DO, BUT

WE ARE PRIVILEGED THAT FOOD & BEV IS WHAT WE DO

WE REALLY CARE FOR PEOPLE

We touch many lives, every single day, and we appreciate the responsibility that comes with that.

WE LOVE FOOD AND EVERYTHING IT DOES TO PEOPLE

Food is our way to show love, to support health, to stimulate the senses, to celebrate tradition, and to bring people together.

PEOPLE WANT TO BUY FROM COMPANIES THAT MAKE THE WORLD A BETTER PLACE

GLOBAL TOP 3 PRIORITIES OF CONSUMERS:

10

"Production methods don't harm the environment"

43% 46% 46%

"Ethical about where they source ingredients"

"Transparent about how products are made"

I T T U R N S O U T :

PEOPLE HAVE MORE COMMONALITIES THAN DIFFERENCES. THEY PREFER A COMPANY THAT:

• Is transparent about where and how products are made
• Has a diverse workforce
• Its Leadership team expresses mission beyond profit
• Creates innovative new products
• Produces a Wide range of products to support diverse dietary needs
• Invests in production methods that do not harm the environment

SAFE FOR ME, SAFE FOR THE PLANET

Don't harm people or planet, both at a local and global level

SUPPORT MY INDIVIDUAL NEEDS

Cater to individuals' (dietary, cultural, and 'chosen' needs.)

EMPOWER ME WITH MEANINGFUL CHOICES

Offer variety, inspiration, exploration, and a more worldly experience

OUR PURPOSE

A BETTER TOMORROW MEANS SO MUCH TO US. IT IS OUR CALL.

IS OUR COMMITMENT INNOVATION & IMPROVEMENT

HELP PEOPLE BECOME HEALTHIER AND LIVE LONGER

HELP PEOPLE LIVE UP TO THEIR POTENTIAL AND FEEL FULFILLED AND HAPPIER

MAKE OUR PLANET FLOURISH FOR GENERATIONS TO COME

Every day, we commit to understanding and making a positive impact on people's lives through nutritious and enjoyable food and drink. We strive to continually challenge and seek solutions that offer the benefits of improvement.

We nourish the resources required to sustain our well-being and that of our planet. We nourish connections and communities today and for future generations. It is our conviction and commitment to shared humanity that inspires us together to nourish a better tomorrow.

This is our purpose and ambition in all that we do.

TO OUR CONSUMERS

We will cultivate the uniqueness of each person, and help everyone to live a happy and a full life, by offering them safe and sustainable food, that will attend their needs and give them choices.

SHAREHOLDERS Nourishing a better tomorrow will be evident, in promoting excellence in everything that we do. We will continue being a company, that provides exceptional performance, for a sustainable future of growth and success.

TO OUR BUSINESS PARTNERS

TO OUR

We will continue to nourish our relationships, with respect, honesty, and collaboration. We will make sure that you continue to feel a part of the family, because you are.

TO THE PEOPLE OF STRAUSS

We will nurture and foster the special potential, that lies in each and every one of you. We will develop a caring and inclusive company, by continuing to treat each other with love and respect, just like families do.

TO THE NEXT GENERATION

We promise to leave a positive imprint, on our society and the planet.

NOURISHING A BETTER TOMORROW OUR STRATEGY EMBODIES OUR COMMITMENT TO

IN A FAST MOVING WORLD TO CAPTURE THE OPPORTUNITIES WE ARE WELL POSITIONED

2021 Sales: NIS	Maalot S&P Global credit rating	Constant Currency Organic Sales growth CAGR since 2016 :	Employees worldwide:	Maala ESG ranking
8,752m	ilAA+	5.5%	17,400	Platinum+
Largest Israeli based F&B company #1	Global partners:	Stock Performance since 2017: +75%	Operating in 20	Top best companies #6
	Among others		Countries	To work for in Israel

CONSTANT PROFIT AND PROFITABILITY IMPROVEMENT OUR JOURNEY: 2016-2021

Net-Debt / EBITDA

Portfolio optimization

Dividends to Shareholders 6Y TSR

LFL Growth

11.4%

85% of portfolio gained or maintained market share Avg P.A.

WE PLAY IN THE RIGHT CATEGORIES WITH STRONG LOCAL BRANDS

+2.5% COFFEE	+4.2% DAIRY	+5.2% FRESH SALADS, DIPS & SPREADS	+7.7% POU WATER	+4.6% SNACKING
▪ Large and growing category ▪ Healthy & natural boost ▪ Resilient to economy	▪ One of the largest categories ▪ Provides essential nutrients that fit major trends: protein, calcium, probiotics	▪ Sizeable category ▪ Fresh, healthy, plant based, protein, Mediterranean diet ▪ No global competitor	▪ Healthiest F&B category ▪ Fighting plastic pollution ▪ Convenient & natural ▪ No clear global Leader	▪ Large & growing ▪ Most growing occasion ▪ Moments of pleasure

* Source: CAGR 2018-2021 Statista, Euromonitor, Mintel

We are well positioned to capture the opportunity PORTFOLIO FOR BALANCED EATING

GOOD FOR YOU

14% Nutritious Dairy 17% Plant Based 48% Coffee and Water

Good for you: Dairy (exc. desserts, milk drinks), Fresh, Sabra\Obela, Water, SCBV (exc. drinking powders) Fun for you: F&I, Salty snacks, Desserts, Milk drinks , drinking powders. Fun/Better for you: SCBV's non core activities were excluded (non-coffee products in Brazil. GC export)

RESILIENT HOME BASE IN ISRAEL…

8.1% 2021 GDP Growth

1.7% 2021 Population Growth

CORPORATE BRAND & REPUTATION

12.4% Retail MS 792K 13K

Selling Points Strauss Water Install Base (Households)

AMAZING PARTNERS

~6,700 Employees

ENGAGED EMPLOYEES

6 "Israel's best working place" 2021

TRUSTED BRANDS IN MULTIPLE CATEGORIES (#1 OR #2 PLAYER)

…AND WELL ESTABLISHED INTERNATIONAL ANCHORS

3.5%-7.0% 2021 GDP Growth

252M Population size

#2 - #4

1,073 IN REVENUES (NIS, M, 2021)

12.6B (3) Market Size (NIS, 2021)

8.1% 2021 GDP Growth

1.4B Population size

#3

670 IN REVENUES (NIS, M, 2021)

76.4B (4) POU & POE Market Size (NIS, 2021)

28 1. Total R&G coffee market in Brazil 2. Total Dips & Spreads market in the US 3. Total R&G, Instant & Beans coffee market in CEE 4. Total POU & POE market in China

INTERNATIONAL COMPANY WITH UNIQUE POSITIONING AND KEY COMPETENCIES

Resilient company

• Strong Brand Company
• Balance sheet to support strategy
• Portfolio Diversity
• Strong channels & RTM

Heritage and Legacy

• Long Term Heritage and Growth Culture
• 80 Years legacy of Producing great food
• Family control with long term commitment

Balanced portfolio

• Attractive categories such as Snacking, Water and Coffee
  • Majority of categories Better For You

Strong Home base

• Half of revenues stem from a resilient home base
• Strong Israeli economy with high birth rates and growing GDP

Long Term Partnerships

• Partnerships with leading local & global food companies
• Partners in large economies – US, Brazil, China
• Core competency of managing partnerships

1 2 3 4 5 6 7

Food-tech: a long term growth engine

• 22 portfolio companies
• Leading the eco-system
• Significant value creation
• Return to shareholders over 75% in past 5 years

doubled over past

Proven Track

▪ Most categories increased MS or have a stable market share

▪ Net income

5 years

record

WE ARE WITNESSING THE TRANSITION BETWEEN FOOD ERAS

PEOPLE WANT MORE FROM FOOD

• Health & wellness
• Sustainability & Authenticity
• Communities
• Experience

DISRUPTION WITHIN THE INDUSTRY

• New Money
• New Talent
• New Tech
• New Materials

PEOPLE ARE CHANGING, FOOD IS EVOLVING LOOKING OUTSIDE IN

• Generation Shift
• Food Communities

• Special Needs Dietary Restrictions

• Healthy Eating

• Reducing Animal Sources
• Culinary Sophistication
• Snacking Solutions
• Open to New Materials
• Unique Indulgence
• Personalized Nutrition

WHO THEY ARE WHAT THEY EAT WHY THEY CHOOSE

• Purpose & Values
• Small Story Brands
• Experience Seeking
• Brands related to who they are

WHERE THEY BUY

• The E-Commerce boom
• Direct to Consumer
• Specialized Stores
• Food as a Service

S T R A U S S 2026

WE AIM TO GROW

• 5% ANNUAL REVENUE GROWTH & IMPROVE NET INCOME PROFITABILITY

• INVEST MORE THAN 1B NIS IN M&A'S IN 5 YEARS
• BUILD SUSTAINABLE GROWTH THROUGH ESG

RENEW THE CORE

• Continuously stretch our core to new/adjacent categories, brands, business models in order to meet the shifting consumer demands
• Short to mid term Impact

EXPAND

&

• Push the boundaries around the core where
• significant growth can still be achieved
• Short to mid term Impact

BUILD

• Explore new horizons to sustain growth & remain at the forefront of innovation
• Mid to long term Impact

W H I L E W E T R A N S F O R M T H E W A Y W E O P E R A T E

OUR GROWTH STRATEGY IS COMPRISED OF 3 KEY PILLARS

1. RENEW & EXPAND THE CORE 2. BUILD 3. TRANSFORM THE WAY WE OPERATE

RENEW OUR GLOBAL CORE OFFERING

SERVE NEW GENERATIONS & COMMUNITIES

• Top priority: Millennials & Generation Z, Flexitarians, Orthodox
• Develop deep relations with targeted populations

INNOVATE & RENEW PRODUCTS & BRANDS

• Rejuvenate our brands & continue to develop local/ authentic brands
• Develop meaningful choices to cater to people's unique needs
• Shift towards more 'conscious' food, culinary sophistication & unique indulgence

MEET CONSUMERS WHERE THEY ARE

• Lead in e-commerce, explore D2C Initiatives and develop consumer engaging new models
• Align our portfolio to new channels and develop our GTM system
• Create data-pool from all channels to enable better and faster innovation

…WHILE ADDRESSING THE SIGNIFICANT OPPORTUNITIES AND EXPANDING TO ADJACENT CATEGORIES (1/2)

	MOVING TOWARDS	WHAT'S NEW
COFFEE	Mainstream & new coffee wave	Café culture Machine at home & Beans Capsules RTD
DAIRY	Cow + Sheep dairy & Plant-based alternatives	Dairy alternatives Specific diets (lactose free, high protein) Specialty dairy (e.g. goat)
FRESH SALADS, DIPS & SPREADS	Culinary experience, Plant-Based Fresh dips & spreads	Increased penetration Increased variety Ready to Eat, Frozen solutions Natural channel

…WHILE ADDRESSING THE SIGNIFICANT OPPORTUNITIES AND EXPANDING TO ADJACENT CATEGORIES (2/2)

	MOVING TOWARDS	WHAT'S NEW
POU WATER	Lifestyle, Sustainable & Personalized water solutions and new product offerings	Increased penetration Smaller & greener solution Water + Innovative water solutions to other communities and uses
SNACKING	The leading company in Israel which offers comprehensive and exciting snacking solutions	New experiences Healthy snacking Protein snacks Fruit & veggie snacking Packaging innovation

OUR HOMEBASE IS RESILIENT AND IS A GROWTH ENGINE FOR THE FUTURE

STRONG MACRO-ECONOMIC DRIVERS

• ✓ Growing population
• ✓ GDP growth
• ✓ Strong economy

…SOLID FOUNDATIONS FOR STRAUSS

• ✓ Strong brands
• ✓ Efficient across the value chain
• ✓ Attractive employer
• ✓ Leading activity in Service/D2C through Water Israel
• ✓ Positive momentum

…STILL MANY OPPORTUNITIES TO SEIZE

SOLUTIONS FOR FLEXITARIANS

SNACKING FOR MILLENNIALS

WATER OFFERING & PRODUCTS

ACCELERATE SPECIALTY BRANDS

FOOD AS A SERVICE OMNI- CHANNEL

CULINARY SOLUTIONS

38

GROW INTERNATIONAL

OUR TARGET: PUSH THE BOUNDARIES OF EXISTING PLATFORMS

STRENGTHEN OUR LEADERSHIP TO INCREASE OUR SHARE

ENTER NEW ADJACENT CATEGORIES EXPLORE COMPLEMENTARY ACQUISITIONS

SABRA GROWTH BEYOND HUMMUS

LEADERSHIP BEYOND COFFEE IN BRAZIL

1 WATER COMPANY SOLUTIONS IN CHINA

STRENGTHEN CORE & NEW COFFEE

OUR GROWTH STRATEGY IS COMPRISED OF 3 KEY PILLARS

1. RENEW & EXPAND THE CORE 2. BUILD 3. TRANSFORM THE WAY WE OPERATE

BUILD NEW HORIZONS

OUR TARGETS

BUILD BUSINESSES THAT ARE CONNECTED TO OUR PURPOSE

ESTABLISH A LONG TERM COMPETITIVE EDGE

ENSURE SIGNIFICANT LONG TERM GROWTH

CREATE NEW USA BUSINESS ACTIVITIES

Buy & Build USA platform that addresses the needs of communities & brings 'Future Fit' food

ESTABLISH FUTURE OF FOOD COMPANY

ENTER WATER GEOGRAPHIES

Systematically invest and scale up promising food-tech startups

Expand Strauss Water, with adjustments on business model, into new market(s)

CREATE NEW USA BUSINESS ACTIVITIES

• In the next 5 years, the US will deliver more growth than the top 4 EU countries in Health and Wellness packaged food and beverages
• Most important CPG market in the world, where most innovation takes place; where Strauss' unique access to food-tech innovation can be leveraged
• Strong connections with business leaders and local talents & large Jewish community
• Know-how to buy and develop small businesses and grow them

WHY USA? OUR ASPIRATION

1B NIS

USA CURRENT & FUTURE ACTIVITIES EXPANSION THAT ADDRESS THE NEEDS OF COMMUNITIES & BRINGS 'FUTURE FIT' FOOD

ESTABLISH FUTURE OF FOOD COMPANY

OUR ASPIRATION DOING GOOD BY DOING FOOD

Create significant value in the long term, via a portfolio of food-tech companies that can change the world.

RATIONALE

• Continue leading the Israeli food tech Ecosystem and nurturing startups.
• Opportunity to develop food 'that nourishes a better tomorrow' on a global scale.
• New growth engine that enables to create a sustainable long term competitive edge that is based on Strauss' strengths.
• Enable access to cutting-edge technologies to all Strauss Group businesses

OUR GROWTH STRATEGY IS COMPRISED OF 3 KEY PILLARS

1. RENEW & EXPAND THE CORE 2. BUILD 3. TRANSFORM THE WAY WE OPERATE

THE STRATEGY WILL REQUIRE MAJOR TRANSFORMATION IN THE WAY WE OPERATE

• Work environment to nourish people's wellbeing
• Develop our people to become future fit (talent attraction / reskilling/ upskilling)
• Include communities & embrace diversity
• Fast adjustment to the changing world
• Agility mindset
• International company mindset
• Create better jobs for our employees

NEW WORLD CAPABILITIES

• Develop omni-channel capabilities
• Develop new business models
• M&A and new ventures capabilities

FACTORIES OF THE FUTURE

• Improvement of existing assets & investment in new assets
• Bring all our sites to minimum of level 4 of advanced manufacturing by 2030
• Transform people's capabilities for advanced manufacturing practices
• Food safety, employee's safety and security & Efficiency measures

DIGITAL-SAVVY REVOLUTION

• Triple IT investment
• Data excellence and advanced analytics
• E-com & D2C initiatives
• Cloud based infrastructure

Significant Capex investments over the next few years in the building and expansion of existing and new production facilities, supply chain infrastructures, product innovation, quality assurance and safety, as well as digitization, analytics and IT. Capex investments to grow to >4% of revenues

RESOURCES OPTIMIZATION IN ORDER TO BE MORE CONSUMER-CENTRIC, AGILE, EFFICIENT, TIMELY TO MARKET AND PRECISE IN INNOVATION

• Healthy sales growth through volume, positive mix, premiumization, innovation
• Leverage SG&A through sales growth
• Increased productivity through high return CAPEX investments in our factories, warehouses, IT, data and digital infrastructure
• Procurement and supply chain efficiencies
• Improve cost structure through organizational operating model
• Allocating sufficient investments for the right brand support, channel expansion and product innovation
• Portfolio optimization through category performance improvement programs and portfolio rotation
• Accretive M&A&D
• Working capital optimization

Investment and capital allocation clear policies with ROIC improvement KPI's

OUR COMMITMENT TO BUILD SUSTAINABLE GROWTH THROUGH ESG 4

SUSTAINABILITY AT THE CORE: OUR 2030 TARGETS

NUTRITION & HEALTH

• Improve the nutritional profiles of our products
• Extend portfolio of special needs products
• Adjust, innovate & transform our raw materials

SUSTAINABLE SUPPLY CHAIN

• 100% Reusable, recyclable or degradable packages
• Minimize food waste

• Responsible Sourcing Framework

• 100% electricity from renewable energy in Israel sites

• Half way to Net Zero

WATER

• Reduce water consumption in production by 20%
• Provide access to 10 million people to good drinking water

CLIMATE PEOPLE & COMMUNITIES

• 50% Women in management roles
• 10% Diversity in management roles
• Extending our social impact initiatives

STRATEGY RECAP

FINANCIAL

HOME BASE GROWH GLOBAL EXPANSION FUTURE FIT COMPANY

>5% ANNUAL REVENUE GROWTH	HOME BASE FOCUS ON GROWTH AND TRNSFORMATION	CONTINUE M&A STRATEGY IN BRAZIL & INCREASE NON COFFEE REVENUES	ESG FOCUS FOR NOURISHING A BETTER TOMORROW
EBIT AND NET PROFIT MARGIN EXPANSION	FOODTECH TO REACH SIGNIFICANT FAIR VALUE	ADDITIONAL 1B NIS REVENUE FROM EXPANSION OF USA ACTIVITIES DOUBLE WATER BUSINESS THROUGH GLOBAL EXPANSION	DIGITAL SAVVY REVOLUTION AND TRIPLE IT INVESTMENT
CAPEX INVESTMENTS TO GROW TO >4% OF REVENUES		RESTORE HUMMUS GROWTH & EXPAND SABRA BEYOND HUMMUS	BRANDS WITH PURPOSE

THANK YOU