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2020 FULL YEAR RESULTS

Underlying sales g rowt h (US G ), underlying v olum e gr owt h (UVG), u nder lyi ng p ric e g rowt h (UP G ) , u nder lyi ng op erat in g pr o fi t (UO P ) , un derl yi ng op erat ing mar gin (UO M ) , u nder lyi ng e arni ngs per shar e ( unde rly ing EP S ), const ant underlying E PS , under ly ing e ffe ctive tax r ate, f ree c a sh f low (F C F), ne t debt, r et urn on i nv e s te d capital (R O I C ) an d un derl yi ng ear nin gs bef ore inter est, taxation, depr eciation and a mortisation ( UEB I TD A ) ar e no n-G A AP m eas ure s (see pages 7 to 11) 2020 FULL YEAR RESULTS Performance highlights (unaudited) Underlying performance GAAP meas ures vs 2019 vs 2019 Full Year Underlying sales growth (USG) Turnover ( )% Underlying operating profit ( )% Operating profit ( )% Underlying operating margin (60)bps Operating margin (40)bps Underlying earnings per share ( )% Diluted earnings per share ( )% Free cash flow Net profit Fourth Quarter USG Turnover ( )% Quarterly dividend payable in March 2021 per share* * See note 10 for more i

and marketing investment was conserved in the first half during the ea rly lock -down periods, we invested strongly behind our brands in the second half and , for the full year, brand and marketing investment was up €160 million at constant exchange rates. Overheads increased by 10bps , reflecting adverse currency mix and turnover growth .

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