Transaction Advances Strategic Vision for the Future of Snacking

The potential benefits of a merger between two snacking companies are as follows:

• Accelerates ambition to double Mars Snacking in the next decade, in alignment with global consumer demand trend: Mars Snacking is growing by adding Kellanova, which will help it enter new snacking markets. This deal brings two big brands, Pringles and Cheez-It, into the Mars family, adding to its current 15 major brands. It also expands Mars' health-focused snack options with products like RXBAR and NutriGrain, which align with global trends. By making this move, Mars is strengthening its ability to promote healthy living, reaching more people worldwide with a wider variety of products that match changing consumer preferences.

• Enhances portfolio with addition of unique, category-leading, and growing brands: Kellanova’s differentiated brand portfolio stands out in the market, leading its categories and setting the stage for future growth. Most of Kellanova's snack brands perform better than their competitors, especially popular with Gen Z and Millennial consumers.

• Delivers stronger, differentiated portfolio and distribution platform for priority international markets: Kellanova's well-known brands are loved worldwide and have room to grow even more. By combining these brands, the company will be better able to meet different consumer preferences and price ranges, especially in rapidly growing regions like Africa and Latin America. This will be possible through its complementary distribution methods, supply chains, and local operations.

• Brings together world-class talent with leading brand-building experience: Mars and Kellanova both have some of the world's most famous brands, which have been developed by talented experts. Mars acquiring Kellanova will allow the teams from both companies to benefit from shared resources and more opportunities for professional growth, given the complementary nature of the broader family of brands.

• Combines complementary capabilities to unlock growth and consumer-centric innovation: By adding Kellanova's R&D abilities, the combined business will be able to share successful brand-building strategies, improve digital skills, strengthen sales channels, and grow their brand networks.

• Enhances positive societal impact of strong sustainability efforts: Kellanova has a strong history of social and environmental responsibility, including its Better Days Promise initiative. This aligns well with Mars' Sustainable in a Generation Plan, which has made real progress, as shown in its recent Sustainability Report, where Mars managed to grow its business while reducing greenhouse gas emissions. Kellanova will also join Mars' Net Zero commitment and follow Mars' Responsible Marketing code.