Top Banner
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`!a_XW= [,209 X= !V!V Y%0'&8'8 ,2' $'2' ;2%B%/'A'8 ,&@ &+( ;2+;'2(? 2%A9(8" P]%(9 '50';(%+&8Q T6U 3JVW<=A DO -WEWXW :J=<W<I;S ?B -JC;GA 49+8' (9,( ,2' $'&(%+&'@ ',2/%'2 %& (9' '&7$'2,(%+& ,2' ;2':'22'@ >7( ,// (9' 2%A9(8 ,2' %$;+2(,&( &+&'(9'/'88" 4+ ;2+('0( ;2+;'2(? %8 (+ ;2+('0( /%:'" 3 T,U L;JKJ>>JE= 4K??FJEC 3JKKA .F>K?S==A "<CWEJYWGJ?E DO L;JKJ>>JE= 4K??FJEC 3JKKA !?OM &EIO , (A>=IGA ?B 0H= L<?I=AA !" .2+0'@72,/ b K/,1 19%09 9',28 >':+2' %( 0+&@'$&8N a c ;2+;'2 ;2+0'@72' $78( >' :+//+1'@ >':+2' , ;'28+& %8 @';2%B'@ +: /%:'= /%>'2(? ,&@ ;2+;'2(?c $%"&'#(%)* ,)-%.'// -" F7>8(,&(%B' b (,/O8 ,>+7( (9' 87>8(,&0' +: (9' /,1c A7,2,&('' ,A,%&8( ,2>%(2,2%&'88" TZU %H>WA DO !( 3 HRCSTJG 6" D#EGCF= F"H"= 4U# !VWX MRGF4J4T4JRG Rd 4U# E#.TDYJM Rd 4U# .UJYJ..JG#FZCMR[[#G4CEe !!- P-__V '@"Q a *,&%'/ ]'>8('2 ,8 f7+('@ %& Y+;'g B" *%2'0(+2 +: Y,&@8
171

Pringles Study

Feb 27, 2023

Download

Documents

Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Page 1: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

6*

(-%&!).*&&&8*4&))*"1*-&9:%$*

%;<==*>?@=<A*?B*C?D=<EF=EG8*

!" #$%&'&()*+$,%&)-" .+/%0').+1'2)3" 4,5,(%+&)

1HEIGJ?E*?B*G;=*4JKK*?B*-JC;GA8**

67,2,&(''8) (9,() (9'2') ,2') 0'2(,%&) ,2',8) +:) ,) ;'28+&<8) /%:'=) /%>'2(?) ,&@) ;2+;'2(?)19%09) A+B'2&$'&(,/) ;+1'2) $,?) &+() (+709") C//) (9') ;+1'28) +:) A+B'2&$'&() ,2')/%$%('@)>?)(9')D%//)+:)E%A9(8"))

F'0(%+&)!")

#"* L.-$"#* $:())* 4.* 0.L-&/.0* "1* )&1.M* )&4.-%2* "-* L-"L.-%2* +&%:"'%* 0'.*

L-"!.$$*"1* )(+M*#"-*$:())*(#2*L.-$"#*4.*0.#&.0*%:.*.N'()*L-"%.!%&"#*"1*

)(+$O)

PL=<A?EQ*<=B=<A*G?8*

!" G,(72,/);'28+&8)-" H72%@%0,/);'28+&8)3" .+/%(%0,/)87>@%B%8%+&8)

-JC;G*G?*)JB=)

• G+()I78(),);2+('0(%+&)+:)(9')2%A9()(+)>'),/%B')+2)(+)(9')8'072%(?)+:)+&'<8)/%$>),A,%&8();9?8%0,/)9,2$")J(<8),/8+)(9')2%A9()(+),)!""#)/%:'"!)

-JC;G*G?*)JR=<GS*

• KL@''$'@)(+)'$>2,0')(9')2%A9()+:)$,&)(+)'&I+?)(9'):,07/(%'8)(+)19%09)9')9,8) >''&) '&@+1'@) >?) 9%8) M2',(+2=) 87>I'0() +&/?) (+) 8709) 2'8(2,%&(8) ,8) ,2')&'0'88,2?):+2)(9')0+$$+&)1'/:,2'"N-)

-JC;G*G?*L<?>=<GS)

• J&0/7@'8),//)O%&@8)+:);2+;'2(?)@':%&'@)%&)(9')M%B%/)M+@'")C/8+)%&0/7@'8)B'8('@)2%A9(8)P'"A");'2:'0('@)$%&%&A)0/,%$=):%&,/)I7@A$'&(Q)

• C/8+)%&0/7@'8)(9')2%A9()(+)1+2O),&@)',2&),)/%B%&A)

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)HRCSTJG)6")D#EGCF=)F"H"=)4U#)!VWX).UJYJ..JG#)MRGF4J4T4JRGZ)C)MR[.E#U#GFJ\#)E#\J#]#E)-^)P-_!!)'@"Q)-)E7>%)B").2+B%&0%,/)D+,2@)+:)[%&@+2+=)6"E")G+")Y`!a_XW=)[,209)X=)!V!V)

Y%0'&8'8),2')$'2');2%B%/'A'8),&@)&+();2+;'2(?)2%A9(8")P]%(9)'50';(%+&8Q)T6U*3JVW<=A*DO*

-WEWXW*

:J=<W<I;S*?B*-JC;GA)

49+8')(9,(),2')$'&(%+&'@)',2/%'2)%&)(9')'&7$'2,(%+&),2');2':'22'@)>7(),//)(9')2%A9(8),2')%$;+2(,&()&+&'(9'/'88")4+);2+('0();2+;'2(?)%8)(+);2+('0()/%:'"3)T,U*L;JKJ>>JE=*4K??FJEC*3JKKA*.F>K?S==A*"<CWEJYWGJ?E*DO*L;JKJ>>JE=*4K??FJEC*3JKKA*!?OM*&EIO*

*

,*(A>=IGA*?B*0H=*L<?I=AA*

!" .2+0'@72,/)b)K/,1)19%09)9',28)>':+2')%()0+&@'$&8Nac);2+;'2);2+0'@72')$78()>'):+//+1'@)>':+2'),);'28+&)%8)@';2%B'@)+:)/%:'=)/%>'2(?),&@);2+;'2(?c)$%"&'#(%)*+,)-%.'//)

-" F7>8(,&(%B')b)(,/O8),>+7()(9')87>8(,&0')+:)(9')/,1c)A7,2,&(''),A,%&8(),2>%(2,2%&'88")TZU*%H>WA*DO*!())))))))))))))))))))))

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!3HRCSTJG)6")D#EGCF=)F"H"=)4U#)!VWX)MRGF4J4T4JRG)Rd)4U#)E#.TDYJM)Rd)4U#).UJYJ..JG#FZ)C)MR[[#G4CEe)!!-)P-__V)'@"Q)a)*,&%'/)]'>8('2),8)f7+('@)%&)Y+;'g)B")*%2'0(+2)+:)Y,&@8+

Page 2: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,*

-JC;GA*

!WA=*#HFR=<* !WA=*#WF=* 1WIGA* :=KX[-WGJ?*

6* 3JVW<=A*DO*-WEWXW* • .'(%(%+&'28=) 97$,&) 2%A9(8) B%0(%$8) @72%&A) $,2(%,/) /,1=) 1+&) ,)I7@A$'&()%&)(9')*%8(2%0()M+72()+:)U,1,%%)>,8'@)+&)(9')C/%'&)4+2()C0()(+)(9'),$+7&()+:)h!"VD")49'?):%/'@),)M+$;/,%&()1%(9)(9')[,O,(%)E4M)(+) '&:+20') (9') I7@A$'&(=) ;,?%&A) .a!_) ,8) :%/%&A) :''") E4M) @%8$%88'@)(9')0,8')8,?%&A)(9,()@+0O'():'')89+7/@)>').aX-[")

• 49') .a!_) :%/%&A) :'') 1,8) 0+22'0() >'0,78') (9')87>I'0() $,(('2) +:) (9') 87%() 1,8) (9') :+2'%A&)I7@A$'&() %(8'/:) ,&@) &+() (9') (+2(%+78) ,0() :2+$)19%09)%(),2+8'")J()@+'8&<()$,(('2)%:)(9')@,$,A'8)0,&)>'),0(7,//?)0+$;7('@"))

,* L;JKJ>>JE=*4K??FJEC*3JKKA*

.F>K?S==A*"<CWEJYWGJ?E*DO*

L;JKJ>>JE=*4K??FJEC*3JKKA*!?OM*

&EIO*

*

• .'(%(%+&'28=) ,:('2) ;2%+2) &+(%0') (+) (9') 0+$;,&?=) 8(,A'@) ,)@'$+&8(2,(%+&) (+) ;2+('8() (9') ,>78'8) +:) (9') .,8%A) ;+/%0'") .D[)@%@)&+()8(+;)(9'$)>7()8,%@)(9,()(9+8')19+):,%/)(+)2';+2()(+)1+2O):+2)(9')$+2&%&A) 89%:() 1%//) >') @%8$%88'@) ;7287,&() (+) (9') KG+) F(2%O'`G+)Y+0O+7(N)0/,78')%&)(9')MDC")

• .'(%(%+&'28) 1'2') &+() @'$+&8(2,(%&A) ,A,%&8()$,&,A'$'&(=) (9'2':+2'=) &+() ,) 8(2%O'")d72(9'2$+2'=)(9'?)1'2')'5'20%8%&A)(9'%2)2%A9()(+):2'') '5;2'88%+&) ,&@) ,88'$>/?") .D[<8) ,88'2(%+&)%8) >,8'@) +&) ;2+;'2(?) 2%A9(8) +&/?") .2%$,0?) +:)97$,&)2%A9(8)+B'2);2+;'2(?)2%A9(8)%8)2'0+A&%g'@")

Z* %H>WA*DO*!(*

*

• .'(%(%+&'28)2'0'%B'@)(9')MC)@'0%8%+&)+&)C;2%/)3=)!VWV")[E)1,8):%/'@)+&)C;2%/)!X=)!VWV=)!a)@,?8)/,('2")[E)1,8)@'&%'@)>?),&)+2@'2)+&)[,?)3=)!VWV=)0+;?)+:)19%09)1,8)2'0'%B'@)>?);'(%(%+&'2<8)0+7&8'/)+&)[,?)V=)!VWV").'(%(%+&):+2)2'B%'1)1,8):%/'@)+&)[,?)-3=)!VWV")

)

#?G=Z)0($)/+12+34)%8)(9')A'&'2,/)27/'")56789+12+567)%8),&)'50';(%+&"*

)

• :=KX8).'(%(%+&'28)+&/?)9,@)7&(%/)[,?)!_=)!VWV)(+):%/');'(%(%+&) :+2) 2'B%'1")49'?)9,B') :+2:'%('@) (9')2%A9()(+),;;',/").2+0'@72,/)27/'8),2')%&('&@'@)(+)'&872') +2@'2/?) ,@$%&%8(2,(%+&) +:) I78(%0') ,&@);2+('0(%+&) +:) 87>8(,&(%B') 2%A9(8") D+(9)87>8(,&(%B') ,&@) ;2+0'@72,/) 2%A9(8) ,2')A7,2,&(''@) >?) @7') ;2+0'88") 49'?) 0+$;/'$'&()',09)+(9'2")

))))))))))))))))))

Page 3: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Z*

L-"!.0'-()*0'.*L-"!.$$*

E'f7%8%('8):+2)I7@%0%,/);2+0''@%&A8)PD,&0+)#8;,i+/)d%/%;%&+)B").,/,&0,Q)!\7"\*T6U*4WEI?*.A>W]?K71JKJ>JE?*DO*LWKWEIW^*T,U*$GWG=*L<?A=IHG?<A*DO*3H<?^*TZU*L=?>K=*DO*

%==;WE_==M*\<O^*T`U*(EC*%JRWS*DO*!&-*

!" !+72()+2)(2%>7&,/)0/+(9'@)1%(9)I7@%0%,/);+1'2)-" \72%8@%0(%+&)/,1:7//?),0f7%2'@)+B'2);'28+&)+2);2+;'2(?)3" *':'&@,&()$78()>')A%B'&),&)?;;+2(7&%(?)(+)>')9',2@)a" \7@A$'&()$78()>')2'&@'2'@)7;+&)/,1:7/)9',2%&A))

)

-=aHJAJG=A*B?<*WXFJEJAG<WGJD=*><?I==XJECAM*JE*C=E=<WK*j:.0$4&bc*T`U*(EC*%JRWS*DO*!&-)

!" E%A9()(+),);',2%&A),&@)(+)87>$%()'B%@'&0')-" 42%>7&,/)$78()0+&8%@'2)(9')=B%@'&0')3" 0'0%8%+&)$78()9,B')8+$'(9%&A)(+)87;;+2()%(8'/:)a" #B%@'&0')$78()>')A7>8(,&(%,/^)^" *'0%8%+&)$78()>')R,8'@)+&)(9')'B%@'&0');2'8'&('@)%&)(9')9',2%&A)k" 42%>7&,/),0(8)+&)%(8)+1&)J&@';'&@'&()0+&8%@'2,(%+&)+:)(9')/,1),&@):,0(8)X" 49')(2%>7&,/)89+7/@)2'&@'2)%(8)@'0%8%+&)%&)8709)$,&&'2)(9,()(9');,2(%'8)

_&+1)(9')B,2%+78)%887'@)%&B+/B'@),&@)(9')2',8+&):+2)(9')@'0%8%+&")

)

\H<JA><HX=EI=*?E*XH=*><?I=AA*JE*A>=IJWK*WXFJEJAG<WGJD=*><?I==XJECA8*

!" .dG<WXJGJ?E*TeU*9?D=<EF=EG*?B*:?EC*b?EC*DO*"KWKJW#$" (IWX=FJI*0JAIJ>KJE=#

#3JEJFHF*AGWEXW<XA*B?<*JF>?AJGJ?E*?B*XJAIJ>KJEW<S*AWEIGJ?EA*JE*AI;??KAZ)T&(7&(!U^**TfU*(03'*DO*!W>HK?EC*

!" F(7@'&(8)$78()>')J&:+2$'@)+:)(9')&,(72'),&@)0,78')+:),&?),0078,(%+&),A,%&8()(9'$)

-" E%A9()(+)W&81'2)(9')09,2A'8=)1%(9),88%8(,&0')+:)0+7&8'/)%:)@'8%2'@)3" &&:+2$'@)+:)(9')'B%@'&0'),A,%&8()(9'$)a" E%A9()(+)W@@70')'B%@'&0')+&)(9'%2)+1&)>'9,/:)^" #B%@'&0')$78()>')@7/?)I+&8%@'2'@)>?)(9')%&B'8(%A,(%&A)>+@?))

)ZO 0=>?<GWGJ?E*TgU*)W?*9J*DO*!(*

*

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!^)F7>8(,&(%,/)#B%@'&0')b)2',8+&,>/')'B%@'&0'),8),)2',8+&,>/')$%&@)$%A9(),00';(),8),@'f7,(')(+)87;;+2(),)0+&0/78%+&)

.K=F=EGA*?B*0H=*L<?I=AA*JE*0=>?<GWGJ?E*L<?I==XJECA*T$L7-LU*

!" M9,2A'8),A,%&8(),&),/%'&)$78()A;'0%:?)(9'),0(8)+2)+$%88%+&8)0+$;/,%&'@)+:)-" L2'/%$%&,2?)%&B'8(%A,(%+&)$78()>')0+&@70('@)(+)@'('2$%&')%:)(9'2')%8)

87::%0%'&()0,78')(+)09,2A')2'8;+&@'&()1%(9)@';+2(,(%+&)3" -7/'8)+:)M2%$%&,/).2+0'@72')89+7/@)>'):+//+1'@)P1%(9)2'8;'0()(+)1,22,&(8=)

>,%/=)$+(%+&)(+)f7,89=)(2%,/Q)a" L2%B,(');2+8'07(+28)89+7/@)&+()>'),//+1'@)(+)%&('2B'&'")*

`O 1JdJEC*?B*-WG=A*ThU*3WI=XW*DO*.-4*

*

*%8(%&A7%89%&A):()/-;*'!-/*)<-1'),&@):()/-;=(#-&-)*+:7&0(%+&8)

• S7,8%`/'A%8/,(%B')`l),::'0(8)(9')A'&'2,/);7>/%0)• S7,8%`I7@%0%,/)`l),::'0(8)+&/?)(9');,2(%'8)(+)(9')0,8')

"G;=<*!WA=A8*TiU*9K?R=*%=K=I?F*DO*#%!^*T65U*!?<?EW*DO*':L(L#

)

!;WKK=EC=A*G?*G;=*DWKJXJGS*?B*>=EWK*KW@A[?<XJEWEI=A*

\+%@):+2)\,A7'&'88)*+0(2%&')b),)8(,(7(')+2),0()%8)8,%@)(+)>')B,A7')19'&)%()/,0O8)0+$;2'9'&8%>/')8(,&@,2@8)(9,()$'&)K+:)0+$$+&)%&('//%A'&0')$78()&'0'88,2%/?)A7'88),()%(8)$',&%&A),&@)@%::'2),8)(+)%(8),;;/%0,(%+&"N)P.'+;/')B")G,g,2%+Q)

\,A7')/,18),2')2';7A&,&()(+)(9')M+&8(%(7(%+&)%&)(1+)1,?8Z)

!" \%+/,('8)@7');2+0'88):+2):,%/72')(+)%&:+2$),&@)A%B'):,%2)&+(%0')(+);'28+&8)+:)(9')0+&@70()(+)>'),B+%@'@)

$" Y',B'8)/,1)'&:+20'28)7&>2%@/'@)@%802'(%+&)%&)0,22?%&A)+7()%(8);2+B%8%+&8),&@)>'0+$'8),&),2>%(2,2?):/'5%&A)+:)6+B'2&$'&()$780/'")T66U*L=?>K=*DO*#WYW<J?^*T6,U*.AG<WXW*DO*$WEXJCWERWSWE##

R(9'2)&+('8)+&)8/<%)#)+12+>).#-!).?)@).Z)

• RB'2>2',@(9)*+0(2%&')b),)A+B'2&$'&(,/);72;+8')$,?)&+()>'),09%'B'@)>?)$',&8)19%09)81'';)7&&'0'88,2%/?)>2+,@/?),&@)(9'2'>?)%&B,@')(9'),2',)+:);+/%(%0,/):2''@+$8)

• RB'2>2',@(9),&@)B,A7'&'88)@+0(2%&'8)PK:,0%,/N)09,//'&A'Q)9,B')8;'0%,/),;;/%0,(%+&)+&/?)(+):2'')8;''09)0,8'8")

Page 4: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`*

• 4+)%&B,/%@,('),);'&,/)8(,(7('=),&)K,8),;;/%'@N)09,//'&A')%8)&''@'@")• P*%80788'@)/,('2)%&)>"(<A'%.+B'C-/$A'%'+12+403Q)

*

4WE_*1?<=IK?AH<=A*WEX*0H=*L<?I=AA8*T6ZU*!=EG<WK*4WE_*?B*G;=*L;JKJ>>JE=A*DO*!(^*T6`U*(4(b(0(*DO*.<FJGW^*T6eU*4<JGJA;*(F=<JIWE*%?RWII?*DO*!WFWI;?

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

Page 5: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

e*

L<?I=XH<WK*0H=*L<?I=AA**

!WA=*#HFR=<* !WA=*#WF=* 1WIGA* :=KX[-WGJ?*

6* 4WEI?*.A>W]?K71JKJ>JE?*DO*

LWKWEIW*

• ./,%&(%::) :+2'0/+8'@) ,) $+2(A,A') +&) ;2+;'2(%'8) +:) #&A2,0%+) .,/,&0,)19+) 9,8) $+B'@) (+) M9%&,") G+(%0') 1,8) A%B'&) (927) &'18;,;'2);7>/%0,(%+&) ,&@) $,%/) (+) C$+?=) M9%&,") *':'&@,&() +2) 9%8)2';2'8'&(,(%B'8)@%@)&+(),;;',2)%&)0+72(")H7@A$'&()2'&@'2'@)%&):,B+2)+:);/,%&(%::")\%0'&(')#&A2,0%+=),@$%&%8(2,(+2)+:)(9');2+;'2(?=):%/'@),&)[E)X)?',28)/,('2=)8,?%&A)(9')0+72()@%@)&+(),0f7%2')I72%8@%0(%+&")

• 49'2')%8),)@%::'2'&0')>'(1''&)I72%8@%0(%+&)+B'2),);'28+&),&@)+B'2);2+;'2(?")[+2(A,A'),0(%+&8),2'):()/-+-.+%'C")#B'&)%:),)@':'&@,&()%8)&,$'@=)%() %8)(9') /,&@) %(8'/:) 19%09) %8) %&@'>('@") F%&0') (9');2+;'2(?) 1,8) ,/2',@?) $+2(A,A'@=) ;2'/%$%&,2?)8'%g72') %8) 7&&'0'88,2?") M+72() ,/2',@?) 9,8)I72%8@%0(%+&) +B'2) (9') /,&@=) 19%09) %8) 87::%0%'&(")H72%8@%0(%+&)+B'2)(9');'28+&)%8)&+()&'0'88,2?")

,* $GWG=*L<?A=IHG?<A*DO*3H<?*

*

• E'8;+&@'&() H7@A') [72+) @%8$%88'@) !!) 0+$;/,%&(8) ,A,%&8() J$'/@,)[,20+8)>'0,78')+:),)&'18;,;'2)2';+2()9')2',@)19%09)8,%@)(9,()(9').2'8%@'&() ,&&+7&0'@) (9') /%:(%&A) +:) :+2'%A&) '509,&A') 2'8(2%0(%+&8")[,20+8) 1,8) 09,2A'@) 1%(9) B%+/,(%+&8) +:) (9'8') 27/'8") H7@A') [72+)9,8&<()2',@)(9')&'1)27/'8")U'),/8+)@%@)&+()A%B')(9');2+8'07(+28);2%+2)&+(%0'),&@),)09,&0')(+)2';/?")

• H7@A')[72+)'22'@")J()1,8)&+(),)$,(('2)+:)I7@%0%,/)&+(%0'") .'28+&,/) O&+1/'@A') +:) (9') I7@A') %8) &+()I7@%0%,/) O&+1/'@A') +:) (9') 0+72(") d72(9'2$+2'=)(9') ,&&+7&0'@) &'1) MD) 0%207/,2) 9,@) &+() >''&);7>/%89'@),&@)1,8)&+()?'()'::'0(%B'")H7@A')[72+)@';2%B'@) (9') ;2+8'07(%+&) +:) @7') ;2+0'88) 19'&)9')@%@)&+()A%B')(9'$),)09,&0')(+)2'8;+&@)(+)(9')@%8$%88,/) +:) (9') 0+$;/,%&(8") H7@A') [72+) 1,8)@%8$%88'@):2+$)(9')8'2B%0'")

• -=aHJAJG=A* ?B* \HXJIJWK* #?GJI=* T!(\U8) P!Q) (9')$,(('2) $78() >') +&') +:) I+$$+&) ,&@) A'&'2,/)O&+1/'@A'c) P-Q) W7(9+2%(,(%B'/?) 8'((/'@c) P3Q)O&+1&)(+)>')1%(9%&)(9')/%$%(8)+:)(9')V72%8@%0(%+&)+:)(9')0+72()

)Z* L=?>K=*DO*%==;WE_==M*\<O*

*

• M/,7@%+) 4''9,&O''=) H2") 1,8) 09,2A'@) 1%(9) -) $72@'28) ,&@) !):278(2,('@)$72@'2) :+2) (9') @',(98) +:) E+/,&@) M9,;$,&=)[,72''&)U7/($,&),&@)(9')1+7&@%&A)+:) H788%) Y'%&+")C0078'@)8,?8) (9,() (9')$'@%,) ;7>/%0%(?) +:) (9') (2%,/) @';2%B'@) 9%$) +:) (9') 2%A9() (+) ,&)%$;,2(%,/) (2%,/")U'),/8+)8,?8) (9,()9')1,8)@';2%B'@)+:)@7');2+0'88)>'0,78')+:)(9')+7(`+:`0+72()%@'&(%:%0,(%+&)@+&')(+)%@'&(%:?)9%$),8)878;'0("))

)

• 49'2') 1,8) &+) @';2%B,(%+&) +:) @7') ;2+0'88)(92+7A9) (9') +7(`+:`0+72() %@'&(%:%0,(%+&) ,8) (9%8)1,8) 2'A7/,2/?) @+&') >?) (9') GDJ) :+2) 8'072%(?)2',8+&8")49')2%A9()+:),&),0078'@)(+),):,%2)(2%,/)%8)&+() %&0+$;,(%>/') (+) ,) :2'') ;2'88") 49') ;2'88)A7,2@8) ,A,%&8() $%80,22%,A') +:) I78(%0') >?)87>I'0(%&A) (9') I7@%0%,/) ;2+0'88'8) (+) '5('&8%B');7>/%0) 8027(%&?") 49') I7@A') 8(%//) 89+1'@)%$;,2(%,/%(?)@'8;%(') (9')$'@%,) ,(('&(%+&)+&) (9')0,8'")

`* (EC*%JRWS*DO*!&-*

*

• 4+2%>%+)4'+@+2+=)+1&'2)+:)C&A)4%>,?)P89+'$,O%&A)0+$;,&?Q)1,8)09,2A'@) 1%(9) 7&:,%2) /,>+2) ;2,0(%0'8) :+2) ('2$%&,(%&A)$'$>'28) +:)(9') G,(%+&,/) Y,>+2) T&%+&) ,&@) $,%&(,%&%&A) (9+8') :2+$) (9')G,(%+&,/) ]+2O'28<) D2+(9'29++@") MJE) 27/'@) %&) :,B+2) +:) GYT") FM)

• 49')MJE)%8)$+2')+:),&),@$%&%8(2,(%B')>+@?)(9,&),)0+72(")J()8(%//)$78():+//+1);2+0'@72,/)@7');2+0'88)'B'&)%:)%()%8)&+(),)0+72("))

Page 6: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

f*

2'B'28'@) (9') @'0%8%+&) :+2) /,0O) +:) 87>8(,&(%,/) 'B%@'&0'") [E) 1,8):%/'@)>?)MJE),&@)[+(%+&):+2)G'1)42%,/)1,8):%/'@)>?)GYT")

e* 9?D=<EF=EG*?B*:?EC*b?EC*DO*

"KWKJW*

*

• H7,&)C&(+&%+)[7i+g)1,8)1,&('@)%&)Um):+2)0'2(,%&)02%$'8")U')1,8),22'8('@) 9'2') %&) (9') .9%/%;;%&'8") U') ,;;/%'@) :+2) >,%/) 19%09) 1,8)%&%(%,//?)@'&%'@)>7()1,8)A2,&('@)>?)H7@A')R/,/%,),:('2),&)[E"))

)

• H7@A') R/,/%,) @%@) &+() '22") #5(2,@%(%+&) %8) &+() ,)02%$%&,/) ;2+0''@%&A) >7() %8) ,&) ,@$%&%8(2,(%B');2+0''@%&A") *';2%B,(%+&) +:) >,%/) ,8) ,//+1'@) %&)F'0") !3=) C2(") JJJ) %8) +&/?) :+2) (9+8') %&) 02%$%&,/);2+0''@%&A8) 09,2A'@) 1%(9) 02%$'8) (+) 19%09) (9')/,1) ,((,09'@) (9') ;'&,/(?) +:) %'&*(/-".+ $'%$'<())+2) 9%A9'2") [7i+g) %8) (978) '&(%(/'@) (+) >,%/=);2+B%@'@) (9,() 9') ;2+B'8) 1%(9) n0/',2) ,&@)0+&B%&0%&A)'B%@'&0'<) (9,()9') %8)&+(),) :/%A9() 2%8O")M,8')2'$,&@'@)(+)(9')(2%,/)0+72()(+)8'')%:)(9'2')%8)n0/',2),&@)0+&B%&0%&A)'B%@'&0'<)(9,()[7i+g)%8)&+(),):/%A9()2%8O")

f* (03'*DO*!W>HK?EC*

*

• Y'&&%')\%//,)@%'@)+:)8'2%+78);9?8%0,/)%&I72%'8),:('2)%&%(%,(%+&)2%('8)+:)(9') Cf7%/,) Y'A%8) :2,('2&%(?") E'8;+&@'&(8) 1'2') :+7&@) A7%/(?) +:)B%+/,(%&A)(9'),&(%`9,g%&A);+/%0?)+:)(9')809++/),&@)@%8$%88'@"))

• 49')809++/)1,8)1%(9%&)%(8)2%A9(8)19'&)%()'5;'//'@)(9') 8(7@'&(8) ,:('2) 0+&@70(%&A) ,&) %&B'8(%A,(%+&")C*[T) @%@) &+() B%+/,(') @7') ;2+0'88") J&) :,0(=) %()0+$;/%'@) 1%(9) (9') 2'f7%8%('8) '&7&0%,('@) %&)D(EC).+12+FG")F(7@'&(8)@+)&+()&'0'88,2%/?)9,B')(9') 2%A9() (+) 02+88`'5,$%&') (9') 'B%@'&0') ,&@)('8(%$+&?),A,%&8()(9'$")

g* )W?*9J*DO*!(*

*

• F'0") +:) H78(%0') 2'&@'2'@) R;%&%+&) G+") !V!) 19%09) 8'() ,8%@') (9')0%(%g'&89%;)+:)d%/+$'&+)M9%,=)F2") P,"O",") Y,+)6%Q) 8,?%&A) (9,() %()1,8)>,8'@) +&) :2,7@) ,&@) $%82';2'8'&(,(%+&") *';+2(,(%+&) 1,8) :%/'@),A,%&8()Y,+)6%)1%(9)(9')MJ*")]9%/')0,8')1,8);'&@%&A)1%(9)(9')MJ*=)Y,+)6%)1,8)+2@'2'@)(+)2'A%8('2),8),&),/%'&=)19%09)9')2':78'@)

)

• 49')MJ*)'22'@) %&) +2@'2%&A);'(%(%+&'2) (+) 2'A%8('2),8),&),/%'&")F709)+2@'2)$78()>');2'@%0,('@)+&),);+8%(%B') :%&@%&A) (9,() (9');'(%(%+&'2) %8) %&@''@),&),/%'&") 49%8) 9,8) &+() ?'() >''&) ;2+B'&") .'(%(%+&'2)1,8) @';2%B'@) +:) @7') ;2+0'88") C/(9+7A9)@';+2(,(%+&) %8)&+() ,) 02%$%&,/);2+0''@%&A=) %() %8) ,)9,289) ,&@) '5(2,+2@%&,2?) ,@$%&%8(2,(%B');2+0''@%&A")*7');2+0'88) 89+7/@)&+()>')@'&%'@")E7/'8) +:) M+72() +&) 02%$%&,/) ;2+0'@72') ,2'),;;/%0,>/')(+)@';+2(,(%+&);2+0''@%&A8")

h* 3WI=XW*DO*.-4*

*

• C8) ,) 2',0(%+&) (+) (9') .'28%,&) 67/:) 0+&:/%0(=) #ED) ,//+1'@) ,);2+B%8%+&,/) %&02',8') +:) .!"a-o/%('2) +:) :7'/") U',2%&A8)1'2') 8'() >7()[,0'@,)1,8)&+(),>/')(+),(('&@)(9'8'")#ED),//+1'@),//)'B%@'&0')(+)>') ;/,0'@) +&) 2'0+2@) :%28(") #5,$%&,(%+&) 1%//) 0+$') /,('2") [,0'@,)0/,%$8) (9,() (9%8) @';2%B'@) 9%$) +:) 9%8) 2%A9() (+) 02+88`'5,$%&') (9')1%(&'88'8) +:) .'(2+&=) F9'//) ,&@) M,/('5=) (978=) ,) @'&%,/) +:) @7');2+0'88")

• .2%0') :%5%&A) %8) ,) f7,8%`/'A%8/,(%B') :7&0(%+&=) ,&@)(978)&+()>+7&@)>?)8(2%0()27/'8)+&)'B%@'&0'")#ED)%8) ,/8+) '$;+1'2'@) (+) $,O') ;2+B%8%+&,/)%&02',8'8)%&)+%/);2%0'8)

i* 9K?R=*%=K=I?F*DO*#%!*

*

• 49') 0,8') >'A,&) 19'&) F$,2() :%/'@) ,) M+$;/,%&() 1%(9) (9') G4M) (+)+2@'2) 6/+>') (+) ,//+1) F[F) %&('20+&&'0(%+&") 49') (1+) 0+$;,&%'8)

• G4M) 89+7/@) :+//+1) %(8) ;2'B%+78) 27/%&A) %&) (9')JFYCMR[) 0,8') (9,() F[F) %8) ,) 8;'0%,/) :',(72')

Page 7: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

g*

'B'&(7,//?) @%@) %&('20+&&'0(=) 2'&@'2%&A) (9') %&%(%,/) %887') $++(")U+1'B'2=)G4M)8(%//)27/'@)(9,()>+(9)('/'0+$);2+B%@'28)1'2'),():,7/():+2);2+B%@%&A)F[F)1%(9+7(),7(9+2%(?")G4M)8,?8)(9,()F[F)%8),)B,/7'`,@@'@)8'2B%0')(9,()2'f7%2'8);2%+2),;;2+B,/")

19%09)@+'8&<()2'f7%2');2%+2),;;2+B,/")G4M)+2@'2)%8) &+() 87;;+2('@) >?) 87>8(,&(%,/) 'B%@'&0'=) (978)B%+/,(%&A) a(9) 2'f7%8%(') +:) @7') ;2+0'88) %&),@$%&%8(2,(%B') ;2+0''@%&A8") 6/+>') ,&@) F$,2()1'2') ,/8+) @';2%B'@) +:) @7') ;2+0'88) 8%&0') (9'?)1'2')&+(),>/')(+),@@70')'B%@'&0')2'A,2@%&A)(9')%887') +:) F[F) ,8) \CF) +2) 8;'0%,/) :',(72'") G4M)&'B'2)%&:+2$'@)(9'$)(9,()(9%8)1,8),&)%887'")

65* !?<?EW*DO*':L(L*

*

• .9%/%;;%&') .+2(8) C7(9+2%(?) %887'@) ,&) ,@$%&%8(2,(%B') +2@'2) 19%09)8,%@)(9,()/%0'&8'8)+:)9,2>+2);%/+(8)89,//)>')B,/%@)+&/?):+2)2'&'1,>/')!) ?',2) ('2$8") 49'&)C88%8(,&() #5'07(%B') F'02'(,2?)E'&,(+)M+2+&,),::%2$'@)(9')CR")

)

• U,2>+2) ;%/+(8) ',2&) (9'%2) /%0'&8'8) ,:('2) ^)'5,$%&,(%+&8") 49') /%0'&8') %8) ,&) ,;;+%&($'&()19%09) ,//+18) (9') 9+/@'2) (+) '&A,A') %&) ;%/+(,A')7&(%/) (9'?) 2'(%2') ,() X_) ?',28) +:) ,A'") J() %8) (978) ,)B'8('@) ;2+;'2(?) 2%A9(") 49') ,@$%&%8(2,(%B') +2@'2),2>%(2,2%/?) 2'8(2%0('@) (9') '5'20%8') +:) 8709);2+:'88%+&)1%(9+7(),//+1%&A)(9')9,2>+2);%/+(8)(+)>')9',2@")J()%8)(9'2':+2')%&B,/%@):+2)@';2%B%&A)(9')9,2>+2);%/+(8)+:)(9'%2);2+;'2(?)2%A9()1%(9+7()@7');2+0'88)+:)/,1"))

66* L=?>K=*DO*#WYW<J?*

*

• #78'>%+) G,g,2%+) B%+/,('@) ,) $7&%0%;,/) +2@%&,&0') +:) .,A>%/,+=)S7'g+&) 19%09) 2'f7%2'@) :%89;+&@) K+1&'28) +2) $,&,A'28N) (+) ;,?)(,5'8")G,g,2%+)0/,%$8)(9,(=)>'%&A),)/'88'')+:)(9')A+B'2&$'&()P(927).9%/%;;%&'):%89'2%'8)M+$$%88%+&Q=)9') %8)&+()0+B'2'@),8),&)K+1&'2)+2)$,&,A'2N)+:)(9'):%89;+&@")U'),/8+)0/,%$8)(9,()(9')+2@%&,&0')%8)B,A7') %&) ('2$8)+:) (9') 2'0O+&%&A)@,(')+:);,?$'&(=),&@) (9'2':+2')B+%@")

• G,g,2%+=),8)(9'),0(7,/)+;'2,(+2)+:)(9'):%89;+&@=)%8)0+B'2'@)1%(9%&)(9')('2$)K$,&,A'2"N)U')%8)(9')+&') 19+) 2'0'%B'8) (9') ;2+:%(8) +:) (9') :%89;+&@=)9'&0'=) 9') 89+7/@) ;,?) (,5'8") 49') +2@%&,&0') %8),/8+) &+() 7(('2/?) B,A7') +&) %(8) :,0'8") 49')+2@%&,&0'8) '8(,>/%89'@) ,) @':%&%(') @,(') +:);,?$'&(") 49') ;2+>/'$) %8) $'2'/?) ,>+7()0+$;7(,(%+&) >7() (9%8) @+'8) &+() 2'&@'2) (9')+2@%&,&0')B,A7'),&@)%&B,/%@"))

6,* .AG<WXW*DO*$WEXJCWERWSWE*

*

• d+2$'2) .2'8%@'&() H+8';9) #8(2,@,) ,88,%/'@) (9') B,/%@%(?) +:) (9')./7&@'2) Y,1) :+2) >'%&A) B,A7') %&8+:,2) ,8) (9') 78') +:) (9') 1+2@8)K0+$>%&,(%+&N),&@)K8'2%'8N)%&)@':%&%&A)(9')'/'$'&(8)+:)(9')02%$')+:);/7&@'2")))

• C//) 8(,(7'8) 0,22?) (9') ;2'87$;(%+&) +:)0+&8(%(7(%+&,/%(?) 19%09) $78() >') +B'20+$') >?)(9+8'),88,%/%&A)%(8)B,/%@%(?")4+)@+7>()%8)(+)878(,%&")49') ./7&@'2) Y,1) %8) &+() B+%@) :+2) >'%&A) B,A7')>'0,78') (9') 1+2@8) K0+$>%&,(%+&N) ,&@) K8'2%'8N)0,&) >') ',8%/?) 7&@'28(++@") ]+2@8) 1%//) >')%&('2;2'('@) %&) (9'%2) &,(72,/=) ;/,%&) ,&@) +2@%&,2?)78,A')7&/'88)(9')/'A%8/,(72')%&('&@'@),)('09&%0,/)$',&%&A")49')M+72()78'@)(9')@%0(%+&,2?)(+)89+1)(9,() 8709) 1+2@8) 1'2') 0/',2/?) @':%&'@) ,&@)7&@'28(,&@,>/'") d72(9'2$+2'=) (9') 78') +:)%$;2'0%8') /,&A7,A') @+'8) &+() ,7(+$,(%0,//?)$,O'),)8(,(7')B,A7'),&@)B+%@)

Page 8: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

h*

6Z* !=EG<WK*4WE_*?B*G;=*L;JKJ>>JE=A*

DO*!(*

*

• 49')[+&'(,2?)D+,2@)+2@'2'@)(9')0/+872')+:)42%7$;9)F,B%&A8)D,&O),&@);/,0'@) %()7&@'2)2'0'%B'289%;)1%(9)E,$+&)4%,+f7%),8)2'0'%B'2")J()1,8)>'0,78') 4FD)9,@)>'0+$') %&8+/B'&(") 4FD) :%/'@) ,) 0+$;/,%&()1%(9) (9') SM) E4M) 19%09) 09,//'&A'@) (9') 0+&8(%(7(%+&,/%(?) +:) K49')M'&(2,/)D,&O)C0(N)19%09),7(9+2%g'@)(9')(,O'+B'2)+:)>,&O8)'B'&)%:)%() %8) &+() 09,2A'@) 1%(9) ,) B%+/,(%+&) +2) :+7&@) A7%/(?) (9'2'+:") 4FD)0+&('&@8)(9,() %() %8),)B%+/,(%+&)+:)@7');2+0'88)P/,0O)+:);2%+2)&+(%0'),&@) 9',2%&AQ") MD) 0+&('&@'@) (9,() 4FD) 9,@) &+) 0,;,0%(?) (+) 87'=)'50';()(927)%(8)2'0'%B'2")

• 4FD) %&@''@) 9,8) 0,;,0%(?) (+) 87'") J() 1+7/@) >'),>872@)(+)2'f7%2')(9')2'0'%B'2)(+)87')9%8)$,8('2)P(9')M'&(2,/)D,&OQ")4FD)1,8)&+()@';2%B'@)+:)@7');2+0'88)19'&);2%+2)&+(%0'),&@)9',2%&A)1,8)&+()A%B'&") J() 8(%//) 9,8) (9') +;;+2(7&%(?) (+) >') 9',2@)(927) ,) I7@%0%,/) 2'B%'1) 1%(9%&) !_) @,?8) :2+$) (9')@,(') (9') 2'0'%B'2) (,O'8)09,2A'")49%8)K0/+8')&+1),&@) 9',2) /,('2N) 809'$') %8) ,) B,/%@) ;+/%0') ;+1'2)$',872') (+) ;2+('0() (9') @';+8%(+28) :2+$) >,&O)27&8") 49') +;;+2(7&%(?) (+) >') 9',2@) 0,&) 0+$')>':+2')+2),:('2)(9'),@$%&%8(2,(%B');2+0''@%&A8")

6`* (4(b(0(*DO*.<FJGW*

*

• M+&8+/%@,('@) 0,8'8) ,//) ,((,0O%&A) (9') B,/%@%(?) +:) (9') #`\C4) Y,1)>,8'@) +&) @%::'2'&() %887'8") C88+0%,(%+&) +:) .%/%;%&,8) F9'//)*%8(2%>7(+28) 0/,%$8) (9,() (9') 2'@70(%+&) %&) 02'@%(,>/') %&;7() (,5) %8) ,)@';2%B,(%+&)+:)(9'%2);2+;'2(?)2%A9()1%(9+7()@7');2+0'88)+:)/,1")49')%&;7() (,5) %8) @'@70(%>/') :2+$) (9') +7(;7() (,5) 19%09) %8) 'B'&(7,//?);,%@)>?)(9')0+$;,&?)(+)(9')A+B'2&$'&(")

49') 02'@%(,>/') %&;7() (,5) %8) ,) $'2') 8(,(7(+2?);2%B%/'A') ,&@) &+() ,) B'8('@) 2%A9(") F%&0') (9'8');2%B%/'A'8)1'2');2+B%@'@):+2)>?) /,1=) %()0,&),/8+)>')(,O'&) ,1,?) +2=) %&) (9%8) 0,8'=) /%$%('@) >?) ,)87>8'f7'&() /,1") 49'2') 1,8) &+) B%+/,(%+&) +:) @7');2+0'88")

!" J&;7() (,5)!) B,/7'`,@@'@) (,5) +&) %$;+2(8)+:)A++@8)%&)(9')0+728')+:)>78%&'88)

-" R7(;7()(,5)!)B,/7'`,@@'@)(,5)+&)(9')8,/')+2)/',8')+:)(,5,>/')A++@8)+2);2+;'2(%'8)

6e* 4<JGJA;*(F=<JIWE*%?RWII?*DO*

!WFWI;?*

*

• .'(%(%+&'2) ,88,%/8) (9') B,/%@%(?) +:) F'0") !a^) +:) (9') GJEM) 19%09);2+B%@'8) :+2)@%::'2'&()(,5)2,('8) :+2)0%A,2'(('8)1%(9)@%::'2'&()2'(,%/);2%0'8") .'(%(%+&'2) 0/,%$8) (9,() ,8) ,) &'1) ;/,?'2) P%&(2+@70'@) Y70O?)F(2%O'Q=) 9') %8) ,() ,) @%8,@B,&(,A') >'0,78') Y70O?) F(2%O') 0%A,2'(('8)1'2');/,0'@)%&),)$+2')'5;'&8%B')(,5)0,('A+2?)19%/')+(9'2)8%$%/,2)>7()+/@'2)>2,&@8)9,B')/+1'2)(,5)2,('8"))

• 49') 0/,88%:%0,(%+&) :2''g') %8) ,) B,/%@) '5'20%8') +:);+/%0') ;+1'2) '5'20%8'@) (92+7A9) (,5,(%+&")4,5,(%+&) 9,8) >''&) 0+&8%@'2'@) ,8) ,) /,1:7/)87>I'0() +:) (9') '5'20%8') +:) ;+/%0') ;+1'2") 49')0/,88%:%0,(%+&) :2''g') %8) ,) 2',8+&,>/') $'(9+@)>'0,78') %() ,//+18) :+2),)$+2') 8(,>/') 8(2',$)+:)0,89) %&:/+18) :+2) (9')A+B'2&$'&(),8)1'//),8) (+)&+(),>@%0,(')(9')@'('2$%&,(%+&)+:)(,5)2,('8)(+)(9') F'02'(,2?) +:) d%&,&0') 19%09) $%A9() >')0+&(2,2?)(+)(9')M+&8(%(7(%+&"))

)

)

)

)

)

)

Page 9: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

i*

$'4$%(#%&/.*0'.*L-"!.$$*

• E'/'B,&0'Z),)A7,2,&(''),A,%&8()(9')'5'20%8')+:),2>%(2,2?);+1'2)'B'&)19'&)(9');+1'2)%8)'5'20%8'@),00+2@%&A)(+);2+;'2):+2$8),&@);2+0'@72'k)

• .2%$,2%/?),)8,:'A7,2@),A,%&8();+/%0');+1'2")49')8(,&@,2@8):+2)87>8(,&(%,/)@7');2+0'88),2')(9')8(,&@,2@8):+2)B,/%@)'5'20%8')+:);+/%0');+1'2")

L?KJI=*L?@=<)

• K(9')$+8()'88'&(%,/=)%&8%8('&(),&@)(9')/',8()/%$%(,>/')+:);+1'28=)'5('&@%&A),8)%()@+'8)(+),//)(9')A2',();7>/%0)&''@8"NX)

• #5'20%8'@)>?)(9')/'A%8/,(%B')>7()0,&)>')@'/'A,('@=)1%(9%&)/%$%(8=)(+)/+0,/)A+B'2&$'&(8)

• C);+1'2)(+)2'A7/,(')+2);2+9%>%()

-=aHJAJG=A*?B*L?KJI=*L?@=<h*

!" E'f7%2'@)>?)(9')%&('2'8(8)+:)(9')A'&'2,/);7>/%0),O [',&8)78'@),2')2',8+&,>/?)&'0'88,2?")T6U*'$*DO*%?<JRJ?^*T,U*!;H<I;JKK*DO*

-WBB=<GS^*TZU*.<FJGW73WKWG=*:?G=K*j*3?G=K*">=<WG?<A*DO*!JGS*?B*3WEJKW^*T`U*

L=?>K=*DO*1WVW<X?^*TeU*2E?G*DO*&EG=<F=XJWG=*(>=KKWG=*!?H<G^*TfU*4WKWIHJG*DO*

!1&*?B*(CHAWE*X=K*#?<G=^*TgU*#WGJ?EWK*0=DkG*!?<>O*WEX*#=@*(C<JdM*&EIO*DO*

L;JKJ>>JE=*/=G=<WEA*4WE_^*ThU*(!!1(*DO*!'9!"^*TiU*(CHAGJE*DO*.XH^*T65U*

3W<WEW@*:?G=K*DO*#)-!^*T66U*3WCGWVWA*DO*L<SI=*L<?>=<GJ=A*!?<>?<WGJ?E*

#

E'f7%8%('8):+2)B,/%@%(?)+:),)/+0,/)+2@%&,&0'Z)

!" [78()&+()0+&(2,B'&')(9')M+&8(%(7(%+&)+2),&?)8(,(7(')-" [78()&+()>')7&:,%2)+2)+;;2'88%B')3" [78()&+()>');,2(%,/)+2)@%802%$%&,(+2?)a" [78()&+();2+9%>%()>7()$,?)2'A7/,(')(2,@')^" [78()>')A'&'2,/),&@)0+&8%8('&()1%(9);7>/%0);+/%0?)k" [78()&+()>')7&2',8+&,>/'")T6,U*4=EEJA*DO*3JI;JCWE^*T6ZU*!<HYWE*DO*

0J<=IG?<M*3JAA?H<J*0=>GO*?B*:=WKG;)

&EB?<F=X*!?EA=EG)b))

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!k)HRCSTJG)6")D#EGCF=)F"H"=)4U#)!VWX)MRGF4J4T4JRG)Rd)4U#)E#.TDYJM)Rd)4U#).UJYJ..JG#FZ)C)MR[[#G4CEe)!!W)P-__V)'@"Q)X)#2$%(,`[,/,(')U+('/),&@)[+('/)R;'2,(+28)C88+0%,(%+&=)J&0")B")[,?+2)+:)[,&%/,=)6"E")G+")Y`-akV3=)H7/?)3!=)!VkX+W)TF)B")4+2%>%+=)!^).9%/")W^)P!V!_Q)

• T&@'2)(9')*7').2+0'88)M/,78'=),//)0+$;'('&();'28+&8)9,B')(9')2%A9()(+)2':78')$'@%0,/)(2',($'&(")D7()(9%8)%8)87>I'0()(+)(9')>,/,&0%&A)+:)%&('2'8(8)+:)(9')8(,('),A,%&8()(9')%&@%B%@7,/<8)%&('2'8(")P'"A")C);'28+&)$,?)&+()2':78')8$,//;+5)B,00%&,(%+&)%:)(9')8(,(')%&('&@8)(+)'/%$%&,(')%("Q)

• J:)(9');'28+&)%8)&+()0+$;'('&(=),)8722+A,(')0,&)'5'20%8')(9%8)2%A9(")F722+A,('<8),0(%+&8)$78()>');2+B'&=)1%(9)0/',2),&@)0+&B%&0%&A)'B%@'&0'=)(9,()(9'?)0+&:+2$)(+)(9');,(%'&(<8)1%89'8=)19%/')9'o89')1,8)8(%//)0+$;'('&(")

• )

">JEJ?EA*JE*%&'(#)"#*+,)-.&8*T6iU*!<HY*DO*1KWDJ=<#

/0#12.#3.4,+-,0#5671&-0.8*

• .7&+=)H")P.2+`J.ECQ*o C&0'8(2,/)@+$,%&8),&@),&0'8(2,/)/,&@8)&'B'2)>'0,$');,2()+:)(9');7>/%0)

@+$,%&")G,(%B')(%(/'8)$78()>')2'0+A&%g'@)P3)%-H"+I"&<%-.'Q"*o ]9,()%8)A%B'&)%8);2%+2%(?)2%A9(=)&+()'50/78%B')2%A9(8)+B'2)&,(72,/)2'8+720'8")J()

%8)8(%//)(9')F(,(')19%09)0+&(2+/8),&@)$,&,A'8)(9')2'8+720'8"*• \%(7A=)H")PC&(%`J.ECQ*

o 49')/,1)%8),&),>@%0,(%+&)+:)(9')F(,('<8),7(9+2%(?)+B'2)(9')0+7&(2?<8);,(2%$+&?"*

o J()2'/%&f7%89'8):7//)0+&(2+/)(+)(9')%&@%A'&+78);'+;/'8"*o M+&(2,B'&'8)(9')0+&8(%(7(%+&,/);2+B%8%+&)19%09)8,?8)(9,(),//)&,(72,/)

2'8+720'8)>'/+&A)(+)(9')F(,('"*

/0#5'.#9&67.::#;,<<+-7,=-+-1>#6?#7':16@,&>#+,AB8*

• .7&+=)H")P.2+`J.ECQ*o M78(+$,2?)/,1)%8);2+B%@'@):+2)>?)(9')M+&8(%(7(%+&),&@)(9')M%B%/)M+@'"*

• \%(7A=)H")PC&(%`J.ECQ)o M78(+$,2?)/,1)$78():%28()>');7>/%89'@)>':+2')(9'?)0,&)>'0+$');,2()+:)

8(,(7(+2?)/,1),&@)(,O')'::'0(")• m,;7&,&=)H")P.2+`J.ECQ)

o J.EC)@+'8)&+(),&&7/)4+22'&8)(%(/'8)+B'2)/,&@8)%&),&0'8(2,/)@+$,%&8")4978=)(9'2')%8)&+)@';2%B,(%+&)+:);2+;'2(?)1%(9+7()@7');2+0'88")

o C;;/%0,(%+&)+:)078(+$,2?)/,1)@+'8)&+()B%+/,(')*.Y)>'0,78')%()%8);2+B%@'@):+2)%&)(9')0+&8(%(7(%+&")

o 49')0+$;+8%(%+&)+:)(9')GMJ.)P,//)$'$>'28)>'/+&A%&A)(+)%&@%A'&+78)(2%>'8Q)@+'8)&+()&'0'88,2%/?)$',&);,2(%,/%(?"))

o )

%;=*-JC;G*G?*4=W<*(<FAO*T,`U*!;WD=Y*DO*-?FHK?#

Page 10: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

65*

*

%;=*.d=<IJA=*?B*L?KJI=*L?@=<*RS*)?IWK*9?D=<EF=EGAO*TZ5U*)HI=EW*9<WEX*!=EG<WK*

%=<FJEWK*DO*\(!*)JE=<#

*

%;=*-JC;G*G?*L=WI=BHK*(AA=FRKS*JA*W*/WKJX*$HRV=IG*B?<*-=CHKWGJ?EO*TZ,U*4WSWE*DO*

.<FJGW#

*

%;=*+<JG*?B*C@<,&6O*T`,U*$=I<=GW<S*?B*0#0*DO*3WEWK?#

+;WG*JA*G;=*-HK=*?E*G;=*+<JG*?B*(F>W<?l*

• .2+$7/A,('@) %&) R0(+>'2) -a=) -__X") d%28() (%$') (9,() (9') F7;2'$') M+72()'5'20%8'@)%(8)'5;,&@'@);+1'2)%&)(9')!VWX)M+&8(%(7(%+&)(+);2+$7/A,(')27/'8)(+);2+('0()(9');'+;/'<8)0+&8(%(7(%+&,/)2%A9(8)P/%:'=)/%>'2(?=);2+;'2(?Q)

• .2+@70() +:) (9')G,(%+&,/) M+&87/(,(%B') F7$$%() +&) #5(2,I7@%0%,/) m%//%&A8) ,&@)#&:+20'@)*%8,;;',2,&0'8)PH7/?)!k`!X=)-__XQ)

• M+B'2,A')+:)19%09)%8)0+&:%&'@)(+Z)o #5(2,/'A,/)O%//%&A8)b)O%//%&A8)0+$$%(('@)1%(9+7()@7');2+0'88)+:)(9')

/,1)o #&:+20'@) @%8,;;',2,&0'8) b) ,&) ,22'8(=) @'('&(%+&) +2) ,>@70(%+&) >?)

(9') A+B'2&$'&(c) 2':78,/) +:) (9') F(,(') (+) @%80/+8') (9') :,(') +2)19'2',>+7(8);/,0'8)9%$)+7(8%@')(9');2+('0(%+&)+:)(9')/,1)

• J4C$)%"K)/%('2,//?)$',&8);2+('0(%+&)%&)F;,&%89")]2%()+:)C$;,2+)+2%A%&,('@)%&) ['5%0+) Pe70,(,&) F(,('Q") #B'&(7,//?) %&0+2;+2,('@) %&(+) (9') ['5%0,&)M+&8(%(7(%+&) %&) !WaX") F;2',@) ,02+88) (9') ]'8('2&) 9'$%8;9'2') ,&@)'B'&(7,//?)(+)(9').9%/%;;%&'8)

• .2+B%@'8):+2)81%:()2'/%':)>'0,78')+:)(9')87$$,2?)&,(72')+:)%(8);2+0''@%&A8")R&/?)87>8(,&(%,/)'B%@'&0')%8)2'f7%2'@")

*

49')E?E7JF>WJ<F=EG*IKWHA=)%8)/%$%('@)%&),;;/%0,(%+&)(+)/,18)(9,()@'2+A,('):2+$);2%+2),0(8)+2)0+&(2,0(8)>?)'&/,2A%&A=),>2%@A%&A)+2)%&),&?)$,&&'2)09,&A%&A)(9')%&('&(%+&)+:)(9');,2(%'8")49'2')%8)%$;,%2$'&()%:),)87>8'f7'&()/,1)09,&A'8)(9')('2$8)+:),)0+&(2,0()>'(1''&);,2(%'8=)%$;+8'8)&'1)0+&@%(%+&8=)@%8;'&8'8)1%(9)(9+8'),A2''@)7;+&)+2)1%(9@2,18)2'$'@%'8):+2)(9')'&:+20'$'&()+:)(9')2%A9(8)+:)(9');,2(%'8")

*

E'f7%8%('8)+:)(9%2@`;,2(?)8(,&@%&AZ)T`hU*+;JG=*)JC;G*!?<>?<WGJ?E*DO*!JGS*?B*3WEJKW#

!" Y%(%A,&()$78()87::'2),&)%&I72?`%&`:,0()P%"'")/%(%A,&()%8)8(%//),::'0('@Q)-" 49'2')%8),)0/+8')2'/,(%+&)(+)(9')(9%2@`;,2(?)3" 49'2')'5%8(8)8+$')9%&@2,&0')(+)(9')(9%2@);,2(?)

))%;=*+<JG*?B*D,=.,:#5,1,O*Te6U*-?dWA*DO*3WIW>WCWK7(<<?S?^*Te,U*3=<WKI?*DO*)JF#

+;WG*JA*G;=*+<JG*?B*D,=.,:#5,1,E+• C)I7@%0%,/)2'$'@?):+2)'&:+20%&A),)2%A9()(+);2%B,0?=)$+8()'8;'0%,//?)(9')2%A9()

(+) %&:+2$,(%+&,/) ;2%B,0?) +:) %&@%B%@7,/8") J() +;'2,('8) (+) ;2+('0() ,) ;'28+&<8)2%A9()(+)0+&(2+/)%&:+2$,(%+&)2'A,2@%&A)9%$8'/:=);,2(%07/,2/?=)%&)(9')%&8(,&0'8)19'2')8709)%&:+2$,(%+&)%8)>'%&A)0+//'0('@)(92+7A9)7&/,1:7/)$',&8)%&)+2@'2)(+),09%'B')7&/,1:7/)'&@8)

• [78() >') ;2+B'&) >?) 87>8(,&(%,/) 'B%@'&0') (9,() ,) B%+/,(%+&) +2) (92',('&'@)B%+/,(%+&)+:)(9')2%A9()(+);2%B,0?)%&)/%:'=)/%>'2(?)+2)8'072%(?")

))*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

Page 11: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

66*

$HRAGWEGJD=*0H=*L<?I=AA**

!WA=*#HFR=<* !WA=*#WF=* 1WIGA* :=KX[-WGJ?*

6* '$*DO*%?<JRJ?*

*

• C0() !!aX) 1,8) ;,88'@=) +7(/,1%&A) (9') 8/,7A9('2) +:) 0,2,>,+8) :+2)0+&87$;(%+&) %&) $7&%0%;,/) 8/,7A9('29+78'8) 1%(9+7() (9') ;'2$%() +:)(9')$7&%0%;,/)(2',872'2")Y7%8)4+2%>%+)8/,7A9('2'@),)0,2,>,+):+2):++@")U') 8,%@) (9,() (9') /,1) @%@) &+() ,;;/?) (+) 9%$) >'0,78') (9'2') 1,8) &+)$7&%0%;,/)8/,7A9('29+78')%&)M,2$'&=)D+9+/")U'),/8+)0/,%$8)(9,()(9%8)%8),)@';2%B,(%+&)+:);2+;'2(?)2%A9(8)1%(9+7()@7');2+0'88"))

• 49')C0()%8),)B,/%@)'5'20%8')+:);+/%0');+1'2")49'2')1,8) ,) &''@) (+) ;2+('0() 0,2,>,+8) 19%09) 1'2')$',&8) +:) ;2+@70(%+&) '8;'0%,//?) :+2) :++@);2+@70(%+&) >'0,78') ,) @%8',8') 9,@) ,/2',@?)(92',('&'@) (9'$) 1%(9) '5(%&0(%+&") 49') $',&8)78'@) ,2') 2',8+&,>/?) &'0'88,2?) %&) +2@'2) (+);2'B'&()(9')8/,7A9('2)+:)0,2,>,+8"))

,* !;H<I;JKK*DO*-WBB=<GS*

*

• M97209%//) 1,8) ,>/') (+) A'() ,&) %&I7&0(%+&) 19%09) '&I+%&'@) (9')2'8;+&@'&(8) (+) 0+//'0() (,5'8) :2+$) 9%$") .'(%(%+&'2) ,/8+) ,88,%/8) (9')B,/%@%(?)+:)F'0")!__)+:)C0()G+=)-33V)19%09)'$;+1'2'@)(9')M+//'0(+2)+:) J&('2&,/) E'B'&7') (+) 2'$+B')>%//>+,2@8)19%09)1'2')+::'&8%B') (+)(9')8%A9()+2)%8),)&7%8,&0'")

• 49') %&I7&0(%+&) %8) %&B,/%@) >'0,78') 8709) 0,&&+()0+B'2) (,5'8") 4,5'8) ,2') (9') /%:'>/++@) +:)A+B'2&$'&() ,&@)$78()>');,%@") 49') 2'$'@?) :+2)(,5;,?'28)%8)(+);,?)7&@'2);2+('8(),&@)(9'&)8''O)I7@%0%,/)I7@A$'&(),:('21,2@8")

• 49') 2'$+B,/) +:) >%//>+,2@8) %8) ,) B,/%@) '5'20%8') +:);+/%0') ;+1'2") J() 9,8) >''&) 9'/@) %&) ;2'B%+78)@'0%8%+&8) (9,() (9') 78'8) +:) ;2%B,(') ;2+;'2(?)19%09),2')+::'&8%B')(+)8'&8'8)+:)8%A9(),&@)8$'//)$,?)>')2'A7/,('@")49')8'&8')+:)8%A9():,//8)7&@'2)(9') 8,$') 0,('A+2?") 4978=) >%//>+,2@8) 19%09) ,2')+::'&8%B')(+)(9')8%A9()$,?)>')B,/%@/?)2'A7/,('@")

Z* .<FJGW73WKWG=*:?G=K*j*3?G=K*

">=<WG?<A*DO*!JGS*?B*3WEJKW*

*

R2@%&,&0')G+") aXk_)+:) (9')M%(?) +:)[,&%/,) %8) >'%&A) ,88,%/'@) :+2) >'%&A)B%+/,(%B') +:) @7') ;2+0'88") 49') +2@%&,&0') %$;+8'@) /%0'&8') :''8) +:).k___o?',2):+2):%28()0/,88)$+('/8),&@).a^__o?',2):+2)-&@)0/,88)$+('/8")J() ,/8+) 2'f7%2'@) (9') A7'8(8) (+) :%//) +7() ,) :+2$) 1%(9) (9'%2) ;'28+&,/)%&:+2$,(%+&) >':+2') >'%&A) ,@$%(('@) (+) (9') 9+('/") J() ,/8+) ;2+9%>%('@);'28+&8) ?+7&A'2) (9,&) !W) ?',28) +/@) (+) >') ,00';('@) 1%(9+7() 9%8o9'2);,2'&(8)+2)/,1:7/)A7,2@%,&8")49')/+1'2)0+72()9'/@)(9,()(9')+2@%&,&0')%8)7&0+&8(%(7(%+&,/=)9'&0')(9%8),;;',/")

• 49') +2@%&,&0') %8) ,) B,/%@) '5'20%8') +:) ;+/%0');+1'2")49')8(,('@);72;+8')+:)(9')8,%@)+2@%&,&0')%8)(+)072>)%$$+2,/%(?")[+('/8)0+&(2%>7('),)A2',();,2() %&) (9') 2%8') +:) ,@7/('2?=) ;2+8(%(7(%+&) ,&@):+2&%0,(%+&)>'0,78')+:)(9')0/,&@'8(%&')'&(2?),&@)'5%() (9'?);2+B%@'")U'&0'=) (9'2') %8),);7>/%0)&''@)19%09) &''@8) (+) >') ,@@2'88'@") 49') $',&8)'$;/+?'@),2')2',8+&,>/?)&'0'88,2?")J()9,8)>''&)9'/@)(9,()/%0'&8'):''8)0,&)>')%$;+8'@),8),):+2$)+:) 2'A7/,(%+&) P;+/%0') ;+1'2Q") d72(9'2$+2'=) (9')+2@%&,&0') '&I+?8) ,) ;2'87$;(%+&) +:)0+&8(%(7(%+&,/%(?) 19%09) 0,&) >') +B'2(72&'@) +&/?)>?) 89+1%&A) 'B%@'&0'") 49'2') 1,8) &+) 'B%@'&0');2'8'&('@=)+&/?),)8(%;7/,(%+&)+:):,0(8") H7@A$'&()2'B'28'@")R2@%&,&0')G+")aXk_)%8)0+&8(%(7(%+&,/")

`* L=?>K=*DO*1WVW<X?* d,I,2@+) 0+&8(270('@) 9%8) 9+78') ) P1%(9+7() ,) ;'2$%(Q) +&) ,) ;2+;'2(?) 9')+1&'@)%&)@':%,&0')+:),)$7&%0%;,/)+2@%&,&0');,88'@)@72%&A)9%8)('2$),8)$,?+2) +:) D,,+=) M,$,2%&'8) F72") 49') +2@%&,&0') ;2+9%>%('@) (9')

• 49') +2@%&,&0') %8) B+%@) >'0,78') %() @+'8) &+() A%B')87::%0%'&()8(,&@,2@8)(+)/%$%()(9')$,?+2<8),0(%+&8=)(978) ,//+1%&A) 9%$) ,2>%(2,2?) 78') +:) ;+1'2") J() %8)

Page 12: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

6,*

0+&8(270(%+&) +:) 8(270(72'8) 19%09) @'8(2+?8) (9') B%'1) (+) (9') ;/,g,") U')1,8)0+&B%0('@")

)

,/8+) %&B,/%@) >'0,78') %() +B'28(';8) (9')>+7&@8)+:);+/%0');+1'2") J&8(',@=) %() %8) ,) (,O%&A)+:) (9') 2%A9()(+)78');2+;'2(?)1%(9+7()I78()0+$;'&8,(%+&")J()%8)/%O') ,&) 7&/,1:7/) 0+&:%80,(%+&) +:) ;2+;'2(?")d,I,2@+<8)0+&B%0(%+&)1,8)+B'2(72&'@"))

e* 2E?G*DO*&EG=<F=XJWG=*(>=KKWG=*

!?H<G*

*

e&+() 1,8) 0,7A9() (2,&8;+2(%&A) 0,2,>,+8) :2+$) [,8>,(') (+) J/+%/+=) ,)B%+/,(%+&)+:)#R)k-k`C")49')#R)1,8);2+$7/A,('@)>?).2'8%@'&()[,20+8)%&) +2@'2) (+) 8,:'A7,2@) (9') ;+;7/,(%+&) +:) 0,2,>,+8) P8%$%/,2) (+) TF) B")4+2%>%+Q") J() ;2+9%>%('@) (9') 7&,7(9+2%g'@) (2,&8;+2() +:) 0,2,>,+8) ,&@)0,2,>'':=),&@),//+1'@):+2),7(+$,(%0)0+&:%80,(%+&)+:)8709")

• 49'2')%8)%&@''@),)&''@)(+);2+('0()(9');+;7/,(%+&)+:) 0,2,>,+8) ,8) (9'8') ,2') '88'&(%,/) (+) 02+;);2+@70(%+&=) 9'&0') (9') :%28() 2'f7%8%(') +:) ;+/%0');+1'2) %8) ;2'8'&(") U+1'B'2=) (9') $',&8)'$;/+?'@) ,2') &+() 2',8+&,>/'") .2+9%>%(%+&),A,%&8() (9') (2,&8;+2() +:) 0,2,>,+8) ,&@) 0,2,>'':)@+'8)&+();2'B'&()(9'%2) %&@%802%$%&,(')8/,7A9('2")d72(9'2$+2'=)(9')#R)%8)%&B,/%@)>'0,78')%(),//+18):+2),7(+$,(%0)0+&:%80,(%+&")M+&:%80,(%+&)0,&)+&/?)>')@+&'),:('2)I7@%0%,/)@'0%8%+&)>'0,78')#R)k-k`C)%8) ,) ;'&,/) /,1") *'('2$%&,(%+&) +:) A7%/() $78() >')@+&')>?)(9')0+72(=),&@)&+()(9');+/%0'")

f* 4WKWIHJG*DO*!1&*?B*(CHAWE*X=K*

#?<G=*

*

• .'(%(%+&'28=) $,&,A'28) +:) $+B%') (9',('28=) ,88,%/) (9') B,/%@%(?) +:)R2@%&,&0') G+") ka_) +:) D7(7,&) 19%09) $,&@,('@) (9,() 09%/@2'&)>'(1''&)X),&@)!-)?',28)+/@)1%//)+&/?);,?)9,/:)(9')&+2$,/);2%0'")

• E'f7%8%('8):+2)B,/%@)'5'20%8')+:);+/%0');+1'2),2')/,0O%&A") C//'A'@) ;72;+8') +:) (9') +2@%&,&0') %8) (+)',8')(9')>72@'&)+:);,2'&(8)19+)9,B')(+);,?):7//);2%0'):+2)(9'%2)09%/@2'&)'B'&) %:) (9'?)0,&&+():7//?)7&@'28(,&@)(9')$+B%'") J()9'/;8)(9');,2'&(8=)>7()$,O'8)(9');'(%(%+&'28)>',2)(9')0+8(8"))

• 49') M+72() 27/'@) (9,() 8709) ,&) +2@%&,&0') %8) &+()I78(%:%'@) >?) ,&?) ;7>/%0) &'0'88%(?") 49'2') %8)&+(9%&A) %$$+2,/) +2) %&I72%+78) %&) 09,2A%&A) (9')8,$') ;2%0') :+2) >+(9) 09%/@2'&) ,&@) ,@7/(8") 49')+2@%&,&0'=) (9'2':+2'=) %8) 7&2',8+&,>/') ,&@)%&B,/%@"))

g* *#WGJ?EWK*0=DkG*!?<>O*WEX*#=@*

(C<JdM*&EIO*DO*L;JKJ>>JE=*

/=G=<WEA*4WE_*

.*)!X!X)%887'@)>?)[,20+8)2'9,>%/%(,('@)(9')CA2%5)62+7;)+:)M+$;,&%'8)%&(+) G'1) CA2%5=) J&0") R&') +:) (9') ;2+B%8%+&8) %&) 8,%@) @'02'') @%88+/B'@)$+2(A,A'8),&@)/%'&8)+:)(9')+/@)0+$;,&?")R&')+:)19%09)%8),)$+2(A,A')'5'07('@)>?)CA2%5)1%(9).\4"))

• .*) !X!X) %8) 7&0+&8(%(7(%+&,/") J() %8) &+() ,) B,/%@)'5'20%8') +:) ;+/%0') ;+1'2) >'0,78') 02',(%+&) +:)G'1) CA2%5) ,&@) '5(%&0(%+&) +:) ;2+;'2(?) 2%A9(8) +:)02'@%(+28) 1+7/@) >'&':%() (9') ;7>/%0) ,8) ,) 19+/'")49') $',&8) '$;/+?'@) ,2') ,/8+) 7&2',8+&,>/')>'0,78') %() @';2%B'8) 02'@%(+28) +:) (9') 2%A9() (+) ,)$+2(A,A') P;2+;'2(?) 2%A9(Q) 1%(9+7() @7') ;2+0'88)+:)/,1"))

h* (!!1(*DO*!'9!"*

*

• MT6MR)PT&%+&Q)87'@)CMMdC):+2),//'A'@)B%+/,(%+&8)+:)(9')MDC)(9'?)'&('2'@) %&(+") *72%&A) (9') ;'&@'&0?) +:) (9') 87%(=) (9') ;2'8%@'&()8%A&'@) %&(+) /,1) (9') CA2%07/(72,/) Y,&@) E':+2$) M+@') 19%09)

• CMC) %8) ;'2:+2$%&A) ,) A+B'2&$'&(,/) :7&0(%+&=)9'&0'=) (9')T&%+&) %8)&+()'&(%(/'@) (+) 0'2(%:%0,(%+&),&@)$,?) &+() '&('2) %&(+) ,) MDC") 49%8) %8) >'0,78')

Page 13: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

6Z*

2'+2A,&%g'@) ,&@) 2'&,$'@) CMMdC) %&(+) (9') CMC") 49') T&%+&) (9'&);'(%(%+&'2)(9')MJE)(+)>')0'2(%:%'@),8)'50/78%B')>,2A,%&%&A),A'&(8)%&)CMC")

A+B'2&$'&() 1+2O'28) ,2') &+() ,//+1'@) (+) 8(2%O')P19%09) %8) ,//+1'@) %&) ,) MDCQ") d2%&A') >'&':%(8),A2''@) +&) :2+$) (9') ;2'B%+78) MDC) 1%//) 8(%//) >')A%B'&) >7() &+) :72(9'2) :2%&A') >'&':%(8) $,?) >')@'$,&@'@")

#?G=Z) J&) H78(%0') #&2%f7') d'2&,&@+<8) 0+&0722%&A)+;%&%+&=) 9') 2'%('2,('@) 9+1) (9%8) 27/%&A) ,::%2$8) (9')F(,('<8);+/%0?)19%09) /%$%(8) (9') *)-//'E;,)-%') 8?8('$)P$%&%$7$) A+B'2&$'&() %&('2:'2'&0') %&) '0+&+$%0),0(%B%(%'8Q)(92+7A9)(9')'5'20%8')+:);+/%0');+1'2")

)i* (CHAGJE*DO*.XH* • .2'8")[,20+8)%887'@)Y'(('2)+:)J&8(270(%+&)G+")--V)19%09)$,&@,('@)

(9,() ,//) B'9%0/'8) $78() 9,B') !) ;,%2) +:) ',2/?) 1,2&%&A) @'B%0'8").'(%(%+&'2) ,//'A'8) (9%8) (+) >') +;;2'88%B'=) 7&2',8+&,>/'=) ,2>%(2,2?),&@)0+&:%80,(+2?")

• 49%8)%8),)B,/%@)'5'20%8')+:);+/%0');+1'2)>'0,78')%();2+$+('8)(9')2+,@)8,:'(?)+:) (9')A'&'2,/);7>/%0")49') ,$'&@$'&() (+) (9') YJ) ,//+18) $+(+2%8(8) (+);2+072')#]*8):2+$),&?)8+720'=)(978=)(9')$',&8),2')2',8+&,>/'")

65* 3W<WEW@*:?G=K*DO*#)-!*

*

6%&,)M,8(2+=),);2+>,(%+&,2?)'$;/+?''=)1,8)@%8$%88'@)>?)(9')M'&(72?).,2O)U+('/):+2):,%/72')(+)$''()8(,&@,2@8)+:)'$;/+?$'&(")M,8(2+):%/'@),)0+$;/,%&() 1%(9) (9') C2>%(2,(%+&) D2,&09) +:) GYEM) :+2) %//'A,/) @%8$%88,/=),&@) (9')Y,>+2)C2>%('2) 27/'@) %&)9'2) :,B+2")GYEM) 2'B'28'@) (9')@'0%8%+&)>7()+2@'2'@)(9')9+('/)(+);,?)8,/,2%'8)@7')(+)M,8(2+):+2)(9');'2%+@):2+$)(9')YC)@'0%8%+&)(+)(9')GYEM)@'0%8%+&")

•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

66* 3WCGWVWA*DO*L<SI=*L<?>=<GJ=A*

!?<>?<WGJ?E*

• .*) !WkV) 02',('@) (9') .,A0+2) 19%09) 0'&(2,/%g'8) ,&@) 2'A7/,('8) ,//)A,$'8)+:)09,&0'=)%&0/7@%&A)0,8%&+8=)1%(9%&)(9').9%/%;;%&'8").,A0+2)@'0%@'@) (+) '5;,&@) (+)M*R),&@) /',8') ,) >7%/@%&A)+1&'@)>?).2?0').2+;'2(%'8) M+2;") 49') M%(?) M+7&0%/) (9'&) ;2+$7/A,('@) (1+)+2@%&,&0'8")R&')0,&0'/8),&@);2+9%>%(8)(9')%887,&0')+:);'2$%(8):+2)>7%/@%&A8) (+) >') 78'@) ,8) 0,8%&+8=) ,&@) (9') +(9'2) ;2+9%>%('@) (9')+;'2,(%+&) +:) 0,8%&+8") .'(%(%+&'28) ,2A7') (9,() (9') Y6M) '$;+1'28)(9'$)(+);2+9%>%()A,$>/%&A)P,8)8(,('@)%&)F'0")a^WQ)

• 49')+2@%&,&0'8),2')%&B,/%@")49')A,$'8)+:)09,&0')7&@'2).C6MRE),2'),//+1'@)>?)/,1")49'?)@+)&+():,//)7&@'2)(9');2+9%>%('@)A,$'8)0+&('$;/,('@)%&)(9')Y+0,/)6+B'2&$'&()M+@'")

6,* 4=EEJA*DO*3JI;JCWE* 49')F(,(')+:)[%09%A,&),>,('@)(9')0,2)+1&'@)>?)(9')D'&&%8)0+7;/'),:('2)%()1,8)@'0/,2'@),);7>/%0)&7%8,&0'):+2)>'%&A)(9');/,0')19'2')[2")D'&&%8)1,8)0,7A9()9,B%&A)8'5)1%(9),);2+8(%(7(')%&);7>/%0")4%&,)D'&&%8) 09,//'&A'@) (9%8) 8%&0'=) 0/,%$%&A) (9,() 89') @%@&<() O&+1) (9,()(9')0,2)1+7/@)>')78'@):+2)8709);72;+8'")F9')0/,%$8)(9,()89')1,8)@'&%'@)@7');2+0'88")

• 4%&,)D'&&%8)1,8) A%B'&)@7');2+0'88=) &+(%0'=) ,&@)(9')+;;+2(7&%(?)(+)>')9',2@)@72%&A)(9')(2%,/")49')0,2) 1,8) 0+&:%80,('@) >'0,78') %() 1,8) 78'@) %&) ,)02%$%&,/) ,0(%B%(?") F709) 0+&:%80,(%+&) %8) ,) B,/%@)'5'20%8') +:) ;+/%0') ;+1'2) >'0,78') %() %8) ,)2',8+&,>/')$',&8)+:)'&:+20%&A)(9')8(,('<8)%&('&()

Page 14: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

6`*

+:) $,O%&A) 02%$%&,/) ,0(%B%(?) /'88) ,((2,0(%B') (+)1+7/@) >') +::'&@'28") H78() 0+$;'&8,(%+&) %8) &+()&''@'@)19'&) (9') 8(,(') '5'20%8'8) ;+/%0');+1'2")JA&+2,&0') +:) (9') +1&'2) +:) ;2+;'2(?) 87>I'0() (+):+2:'%(72') 9,8) >''&) @'&%'@) ,8) ,) @':'&8') %&) TF)I72%8;27@'&0'"))

6Z* !<HYWE*DO*0J<=IG?<M*3JAA?H<J*

0=>GO*?B*:=WKG;*

• G,&0?)M27g,&)A+()%&(+),)0,2),00%@'&()19%09)/':()9'2)%&),)B'A'(,(%B')8(,('")C:('2)8+$')(%$'=)9'2);,2'&(8)@'0%@'@)(+)2'$+B')(9'):''@%&A)(7>') 19%09) 1,8) O'';%&A) 9'2) ,/%B'") 49') F(,(') +:) [%88+72%)09,//'&A'@) (9%8=) 8,?%&A) (9,(=) ,8) ;'2) 8(,(') ;+/%0?=) (9'2') 9,8) (+) >')K0/',2),&@)0+&B%&0%&A)'B%@'&0'N)(9,()(9');,(%'&()%&@''@)1,&('@)(+)8(+;)/%:')87;;+2(")

• 49') TF) F7;2'$') M+72() 7;9'/@) (9') F(,(') +:)[%88+72%<8) ;+/%0?") 49') ,//'A'@) 0+&8'&() A%B'&) >?)M27g,&) 1,8) >,8'@)$'2'/?) +&) ,) 8(,('$'&() (+) ,)9+78') $,(') +:) 9'28") 49%8) %8) &+() 0/',2) ,&@)0+&B%&0%&A) 'B%@'&0'") U+1'B'2=) (9') TF) FM) ,/8+)7;9'/@) (9') [%88+72%) FM<8) %&:+2$'@) 0+&8'&(*@+0(2%&'")

6`* \33*L<?F?GJ?E*WEX*

3WEWC=F=EGM*&EIO*DO*!(*

• C:('2) (9') @',(9) +:) [,2%02%8) F%+8+&=) .2'8") Cf7%&+) >,&&'@)@';/+?$'&()+:);'2:+2$'28)(+)H,;,&),&@)+(9'2)0+7&(2%'8")49')>,&)1,8) /%:('@) ,&@) 2';/,0'@) 1%(9) 8(2%0() 2'A7/,(%+&8) '&:+20'@) >?) (9')*RY#)(92+7A9)(9')#&('2(,%&$'&()J&@78(2?)C@B%8+2?)M+7&0%/)P#JCMQ").'(%(%+&'28) 0/,%$) (9,() (9') @';,2($'&() +2@'28) %887'@) >?) (9') #JCM)P19%09) A,B') 8(2%0() 2'A7/,(%+&8Q) 1,8) ,&) %&B,/%@) '5'20%8') +:) ;+/%0');+1'2")49'?)0/,%$) (9,() (9'%2) /%0'&8') %8) (,&(,$+7&() (+),);2+;'2(?)2%A9()19%09)(9'?),2')>'%&A)@';2%B'@)+:")

J() %8) ,) B,/%@) '5'20%8') +:) ;+/%0') ;+1'2) >'0,78') (9')$',&8) 1'2') 2',8+&,>/?) &'0'88,2?) (+) '&872') (9')8,:'(?)+:) d%/%;%&+);'2:+2$'28)1+2O%&A) ,>2+,@") 49');'(%(%+&'28) 1'2') ,/8+) 2';2'8'&('@) %&) (9') #JCM=)(978=)(9'?)1'2')A%B'&)&+(%:%0,(%+&),&@),)09,&0')(+)>') 9',2@) P(92+7A9) 2'0+$$'&@,(%+&8Q") .2+:'88%+&)%8) %&@''@),);2+;'2(?) 2%A9(=)>7() %()0,&)>')2'A7/,('@)(92+7A9) ,) B,/%@) '5'20%8') +:) ;+/%0') ;+1'2")d72(9'2$+2'=) (9') &+&`%$;,%2$'&() +:) 0+&(2,0(8)0/,78')%8)(27$;'@)>?)(9');+/%0');+1'2)+:)(9')8(,('")

6e* 0WEA*DO*L=?>K=*?B*G;=*

L;JKJ>>JE=A*

• *,&8) P42,&8;+2(,(%+&) ,&@) M+$$7&%0,(%+&8)[%&%8('2Q) ,&@) J$'/@,)[,20+8) P[%&%8('2) +:) U7$,&) F'((/'$'&(8Q) 1'2') 09,2A'@) 1%(9)B%+/,(%+&) +:) (9')C&(%`62,:() ,&@) M+227;() .2,0(%0'8) C0() :+2) '&('2'@)%&(+)0+&(2,0(8) %&B+/B%&A)(9')YE4C),&@)(9').6UdJ)19%/')>+(9)1'2')8'2B%&A) (9') >+,2@) +:) >+(9) 0+$;,&%'8") M+&B%0('@) +:) -) 0+7&(8) +:)B%+/,(%+&") E'/'B,&() %887') (+) @7') ;2+0'88Z)[,20+8) 0/,%$8) (9,() 89')1,8)@';2%B'@)+:)(9')2%A9()(+)>')9',2@)>?)9'28'/:)+2)>?)0+7&8'/"))

• ]9'&) C((?") M+2+&'/=) [,20+8<) 0+7&8'/=) 1,8)878;'&@'@) :2+$) (9') ;2,0(%0') +:) /,1=) 89')1,8)8(%//) 2';2'8'&('@) >?) +(9'2) /,1?'28=) ,&@) ,() (9')(%$') +:) (9') 878;'&8%+&=) ,//) 'B%@'&0') >?) (9');2+8'07(%+&)1'2'),/2',@?);2'8'&('@")4978=)89')1,8)&+()@';2%B'@)+:)(9')2%A9()(+)>')9',2@),&@)>')2';2'8'&('@)>?)0+7&8'/")

6f** ">K=*DO*%?<<=A*

*

F'&")D/,8)R;/'),88,%/'@)(9')0+&8(%(7(%+&,/%(?)+:)CR)3_W=)%887'@)>?).2'8")E,$+8=) 19%09) '8(,>/%89'@) ,) G,(%+&,/) M+$;7('2%g'@) J@'&(%:%0,(%+&)E':'2'&0')F?8('$")U%8),((,0O)%8)>,8'@)+&)(1+)A2+7&@8Z)P!Q)(9')CR)%8),)7872;,(%+&) +:) /'A%8/,(%B') ;+1'2=) P-Q) (9') CR) B%+/,('8) (9') 0%(%g'&<8);2%B,0?)

• C8) ,) 8'&,(+2=) ;'(%(%+&'2)9,8) 8(,&@%&A") 49')CR)%8)7&0+&8(%(7(%+&,/")J()%8)%&@''@),)7872;,(%+&)+:)/'A%8/,(%B');+1'2")49'2')%8),/8+),)/,0O)+:);2+;'2)8,:'A7,2@8) ,A,%&8() (9') %$;2+;'2) 78') +:) (9')%&:+2$,(%+&)A,(9'2'@):2+$)(9')J*)8?8('$")49%8)0,&) /',@) (+) B%+/,(%+&)+:) ;2%B,0?)+:) %&@%B%@7,/8")4978=) (9%8) 0,&) /',@) (+) ,&) %&B,/%@) '5'20%8') +:);+/%0');+1'2")

6g** 3?EG=AIKW<?A*DO*!"3.).!* .'(%(%+&'2) @'$,&@'@) MR[#Y#M) (+) 9+/@) Fm) '/'0(%+&8) ,8) 809'@7/'@) • 49'2') %8) &+) I78(%0%,>/') %887') >'0,78') &+) /,1)

Page 15: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

6e*

P[,?)k=)-__-Q")C()(9,()(%$'=)MR[#Y#M)'5;2'88'@)87;;+2()(+),);'&@%&A)>%//) %&)M+&A2'88)19%09)$+B'@) (9')Fm),&@)D,2,&AA,?)'/'0(%+&8) (+) H7/?)!^=)-__-),&@) /+1'2'@)(9')Fm)$'$>'289%;),A')(+),() /',8()!^),&@)&+()$+2') (9,&) -!) ?"+") .'(%(%+&'28) ,8O) (9') FM) P!Q) (+) @'0/,2')7&0+&8(%(7(%+&,/),&?) /,1);+8(;+&%&A)(9')Fm)'/'0(%+&8=) P-Q)(+)0+&(%&7')'/'0(%+&),8)809'@7/'@=),&@)P3Q)(+),//+1)(9');2'8'&()Fm)$'$>'28)(+)27&),&@)B+(')'B'&)%:)(9'?),2')+B'2)-!)?"+"))

9,8) >''&) ;,88'@) ?'(") 49') M+72() 0,&&+();2'802%>') (+) M+&A2'88) 19,() %() 0,&) +2) 0,&&+()/'A%8/,(') 7;+&") Fm) $'$>'289%;) %8) ,) $'2')8(,(7(+2?)2%A9(=)(9'2':+2'=)%()0,&)>')1%(9@2,1&)+2) ,$'&@'@) >?) M+&A2'88) ,&?(%$'")d72(9'2$+2'=) ;7>/%0) +::%0') %8) ,) ;7>/%0) (278(").'(%(%+&'28)9,B')&+);2+;2%'(,2?)0/,%$)+B'2)(9')Fm)+::%0'")

6h* %WE*DO*L=?>K=*

*

*

.'(%(%+&'28)1'2')0,7A9()(2,&8;+2(%&A)/7$>'2)1%(9+7();'2$%(8")4,&)1,8)(9') +1&'2) +:) (9') /+AA%&A) 0+$;,&?") .'(%(%+&'28) 1'2') 0+&B%0('@) +:)%//'A,/);+88'88%+&)+:)/7$>'2")49'?)0+&('&@)(9,()F'0")kW)+:)#R)-XX)P(9');2+B%8%+&) (9'?) B%+/,('@Q) %8) 7&0+&8(%(7(%+&,/) >'0,78') %:) @';2%B'8) @7');2+0'88) :+2) 2'f7%2%&A) ;+88'88%+&) +:) /'A,/) @+07$'&(8) :+2) $'2');+88'88%+&)+:):+2'8();2+@70(8)P:%2'1++@=)>,2O=)9+&'?=)'(0"Q)

• .'(%(%+&'28) 1'2') 0,7A9() (2,&8;+2(%&A) /7$>'2)1%(9+7() ;'2$%(8") 4,&) 1,8) (9') +1&'2) +:) (9')/+AA%&A) 0+$;,&?") .'(%(%+&'28) 1'2') 0+&B%0('@)+:) %//'A,/) ;+88'88%+&) +:) /7$>'2") 49'?) 0+&('&@)(9,() F'0") kW) +:) #R) -XX) P(9') ;2+B%8%+&) (9'?)B%+/,('@Q) %8) 7&0+&8(%(7(%+&,/) >'0,78') %:)@';2%B'8) @7');2+0'88) :+2) 2'f7%2%&A) ;+88'88%+&)+:) /'A,/) @+07$'&(8) :+2) $'2') ;+88'88%+&) +:):+2'8();2+@70(8)P:%2'1++@=)>,2O=)9+&'?=)'(0"Q)

6i* !<HY*DO*1KWDJ=<* 49%8) %8),)09,//'&A')(+)(9')0+&8(%(7(%+&,/%(?)+:) (9') J&@%A'&+78).'+;/'8<)E%A9(8) C0() +:) !VVX) PJ.ECQ") .'(%(%+&'2) ,2A7'8) (9,() (9') J.EC) %8)7&0+&8(%(7(%+&,/)>'0,78')P!Q) %() %8),)B%+/,(%+&)+:)(9')E'A,/%,&)*+0(2%&'=)P-Q) %()B%+/,('8)(9')2%A9(8)+:);2%B,(')+1&'28)19+8');2+;'2(%'8)$%A9()>')%&0/7@'@) %&) (9') ,&0'8(2,/) @+$,%&8=) ,&@) P3Q) %() $,O'8) 078(+$,2?) /,1)P7&;7>/%89'@Q) ,;;/%0,>/') %&) 8'((/%&A) @%8;7('8=) (978) B%+/,(%&A) @7');2+0'88"))

• C:('2)(1+)2+7&@8)+:)B+(%&A=)(9')(,//?)2'$,%&'@)(9') 8,$') ,() X`X") 49') ;'(%(%+&) 1,8) (978)@%8$%88'@),&@)(9')0+&8(%(7(%+&,/%(?)+:)(9')J.EC)1,8)7;9'/@")

,5* $FJG;*bKJE=*DO*!(*

*

F$%(9) m/%&') %8) (9') ;,('&() 9+/@'2) +:) 3-C'<-#-.'=) ,) ;9,2$,0'7(%0,/);2+@70(")*,&/'5),;;/%'@):+2),)/%0'&8')19%09)1,8)A2,&('@)>?)(9')D72',7)+:).,('&(8").'(%(%+&'2)0+&('&@8)(9,()(9%8)%8),&)%&B,/%@)'5'20%8')+:);+/%0');+1'2")))

• 49')A2,&(%&A)+:)(9')/%0'&8')1,8),)B,/%@)'5'20%8')+:) ;+/%0') ;+1'2") ]%(9) (9') $+2') 1%@'8;2',@)78') +:) 3-C'<-#-.'=) $'@%0,(%+&8) 1%//) >') $+2'),B,%/,>/'=) ,&@) ,() /+1'2) ;2%0'8") 4978=) %() %8)>'&':%0%,/) (+) (9') A'&'2,/) ;7>/%0") 49') ;,?$'&()+:)2+?,/(%'8)(+)F$%(9)m/%&')'&872')(9,()(9'2')%8)&+)@';2%B,(%+&)+:);2+;'2(?) 2%A9(8) P%&) (9') :+2$)+:) %&('//'0(7,/) ;2+;'2(?Q") 49') FM) @%@) &+()09,&A')(9')2,(')+:)-"^p)2+?,/(%'8)>'0,78')%() %8)1%(9%&) (9') 0+$;'('&0?) +:) (9') D72',7) +:).,('&(8)(+)@'('2$%&'),0(7,/)2+?,/(%'8)2,('")

,6* L=?>K=*DO*0=*KW*LJ=X<W*

*

M,2+/)@')/,).%'@2,)1,8)09,2A'@),&@)0+&B%0('@)+:)%//'A,/)2'027%($'&(")J&)9'2),;;',/=)89'),88,%/8)(9')0+&8(%(7(%+&,/%(?)+:)C2(")!3P>Q)+:)(9')Y,>+2)M+@'")F9'),//'A'8)(9,()(9')@':%&%(%+&)+:)K2'027%($'&(),&@);/,0'$'&(N)%8)B+%@):+2)B,A7'&'88=),&@)(978=)B%+/,(%B')+:)@7');2+0'88")

• J()%8)&+(),);'2:'0(/?)B,A7'),0()19%09)%8)+>8072')+&) %(8) :,0'") J() %8)$'2'/?) 0+709'@) %&) %$;2'0%8')/,&A7,A') 19%09) 0,&) >') 8,B') >?) ;2+;'2)8(,(7(+2?) 0+&8(270(%+&") 49'2':+2'=) %() %8) &+()

Page 16: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

6f*

%&B,/%@") J() ,/8+) @+'8) &+() 87::'2) :2+$)+B'2>2',@(9") C) 8(,(7(') %8) +B'2>2+,@) 19'&) %()%&9%>%(8) (9') '5'20%8') +:) %&@%B%@7,/) :2''@+$8)A7,2,&(''@)>?)(9')M+&8(%(7(%+&")

,,* LJKJ>JEWA*bW?*DO*!(* 49')D+,2@)+:)J&B'8($'&(8)(9')(,5)02'@%(8)+:).%/%;%&,8)m,+").%/%;%&,8)m,+)$+B'@)(+)2'0+&8%@'2)>7()1,8)@'&%'@)>?)(9')DRJ"))

• DRJ)$,@') ,) @'0%8%+&) 19%09) @%@) &+() 8(,(') (9'):,0(8) ,&@) 2',8+&8) :+2) (9') 2'@70(%+&=) 0+&(2,2?)(+) %(8) +1&) 27/'8") 49') [,&7,/) +:) R;'2,(%+&8)1,8) ,/8+) &+() ;7>/%89'@=) (978=) (9') [R) 19%09)2'@70'@) (9') (,5) 02'@%(8) %8) B+%@") 6'&'2,//?=)%&('2&,/) 27/'8) &''@)&+() >') ;7>/%89'@=) >7() %:) %(),::'0(8) (9') 2%A9(8) +:) (9') ;7>/%0=) ;7>/%0,(%+&) %8)&'0'88,2?") .7>/%0,(%+&) %8) 0+&8(270(%B') &+(%0'=),&)'88'&(%,/)'/'$'&()+:)@7');2+0'88")

,Z* L:&)$(*DO*$=I<=GW<S*?B*0").* *')['8,=)[%O%&),&@)Y'?8+&)PRd]8)%&)F,7@%)C2,>%,Q):%/'@),)87%(),A,%&8().UJYFC) :+2) %//'A,/) @%8$%88,/=) %//'A,/) '5,0(%+&8=) %//'A,/) 1%(99+/@%&A) +:)8,/,2%'8),&@)0+&(2,0() 87>8(%(7(%+&")49').R#C),&@)GYEM) :+7&@).UJYFC)A7%/(?),&@)+2@'2'@)(9'$)(+);,?)(9')Rd]8"))

• d,0(7,/):%&@%&A8)+:).R#C),2'),00+2@'@)2'8;'0()>?) (9')M+72(")U+1'B'2=) .9%/8,) 0,&&+()>')9'/@)/%,>/') :+2) %//'A,/)'5,0(%+&)7&@'2)['$+2,&@7$)M%207/,2) G+") -) 8%&0') (9%8) 1,8) &+() ;7>/%89'@").7>/%0,(%+&) %8) ,) 2'f7%2'$'&() +:) @7') ;2+0'88")49') FM) 8(%//) 878;'&@'@) .9%/8,) :+2) k) $+&(98)>'0,78') %() 1,8) A7%/(?) +:) 0+&(2,0() 87>8(%(7(%+&),&@)7&/,1:7/)@'@70(%+&)+:)8,/,2?")

,`* !;WD=Y*DO*-?FHK?* d2,&O) M9,B'g) ,88,%/8) (9') B,/%@%(?) +:) (9') A7%@'/%&'8) %887'@) >?) 6'&")#>@,&'=).G.)M9%':=)19%09)%$;/'$'&('@),)>,&)+&)0,22?%&A):%2',2$8")

• 6'&") #>@,&') %8) ,7(9+2%g'@) (+) %887') A7%@'/%&'8)>'0,78') (9') ;+1'2) (+) A2,&() P,&@) 2'B+O'Q):%2',2$8) /%0'&8'8) 9,8) >''&) 9%8(+2%0,//?)@'/'A,('@) (+) (9') M9%':) M+&8(,>7/,2?) P.G.)M9%':Q") 49') 2%A9() (+) >',2) :%2',2$8) %8) &+() ,)0+&8(%(7(%+&,/) 2%A9() >7() %8) $'2'/?) ,) 8(,(7(+2?);2%B%/'A') 19%09) 0,&) >') 2'B+O'@) >?) (9') F(,('")49') -&@) C$'&@$'&() %&) (9')TF) M+&8(%(7(%+&) %8)&+() ,;;/%0,>/') %&) (9') .9%/%;;%&'8") 49'2') %8) &+)0+22'8;+&@%&A) ;2+B%8%+&) %&) (9') .9%/%;;%&')M+&8(%(7(%+&") C) :%2',2$8) /%0'&8') %8) &+() ,)0+&(2,0()+2),);2+;'2(?)2%A9(")49')2'B+0,(%+&)+:):%2',2$8) /%0'&8'8) 9,8) /+&A) >''&) 9'/@) (+) >') ,)B,/%@) '5'20%8') +:) ;+/%0') ;+1'2") J(8) ;7>/%0)&'0'88%(?),&@)2',8+&,>/')$',&8),2')+>B%+78")

,e* 9$&$*DO*3?EG=AIKW<?A* 6FJF)@'&%'@)(9')872B%B+289%;);'&8%+&)0/,%$)+:)[%/,A2+8)[+&('80/,2+8=)1%@+1)+:),)A+B'2&$'&()'$;/+?''=)>'0,78')(9'?)$,22%'@)1o%&)3)?',28)>':+2')(9');'&8%+&'2)f7,/%:%'@):+2)(9');'&8%+&")PF'0")!W=).*)!!akQ)

• F'0") !W=) .*) !!ak) %8) 7&0+&8(%(7(%+&,/") J()0+&:%80,('8);'&8%+&8),&@)+(9'2)>'&':%(8=)19%09),2');2+;'2(?)2%A9(8=)1%(9+7()(9')+;;+2(7&%(?)(+)>')9',2@")4978=)%()B%+/,('8)@7');2+0'88")

Page 17: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

6g*

,f* -?FHWKX=Y*DO*$WEXJCWERWSWE* C/:2'@+)E+$7,/@'g=)>2+(9'2`%&`/,1)+:).2'8")[,20+8=)1,8)09,2A'@)1%(9)B%+/,(%+&)+:)EC)3_!V)PC&(%`62,:(),&@)M+227;().2,0(%0'8)C0(Q")U')0/,%$8)(9,() 9') 1,8) @';2%B'@) +:) @7') ;2+0'88) >'0,78') (9') ;2'/%$%&,2?)%&B'8(%A,(%+&)1,8)B+%@):+2)>'%&A)0+&@70('@)>?),)>%,8'@)>+@?")U'),/8+)8,?8) (9,() (9') /,1) %8) B,A7') ,&@) +B'2>2+,@) P,) :,0%,/) 09,//'&A') (+) (9')0+&8(%(7(%+&,/%(?)+:)(9')/,1Q"))

• .'(%(%+&) %8) 1%(9+7() $'2%(") C/(9+7A9) (9');2'/%$%&,2?) %&B'8(%A,(%+&) +:) .M66) 1,8)&7//%:%'@=),)2'%&B'8(%A,(%+&)>?)(9')R$>7@8$,&)2'&@'28)(9')%887')&7//")J()%8),/8+)12+&A)(+);+8'),):,0%,/)09,//'&A')>'0,78')%()%8)&+(),//+1'@):+2);'&,/) /,18) P8709) ,8) EC) 3_!VQ=) +&/?) :+2) :2'')8;''09) 0,8'8") d72(9'2$+2'=) %&) :%/%&A) ,)[+(%+&)(+) *%8$%88=) ;'(%(%+&'2) %&) '::'0() :%/'@) ,);2+9%>%('@)8'0+&@)[+(%+&)(+)S7,89")D+(9)9,B')(9')8,$')'::'0()+:)@%8$%88%&A)(9')0,8'")PS7,89)%8)(+)02%$%&,/)0,8'8c)@%8$%88)%8)(+)0%B%/)0,8'8Q")

,g* !;WD=Y*DO*!"3.).!*

*

d2,&O) M9,B'g) 1,8) ,&) '&@+28'2) :+2) 0'2(,%&) ;2+@70(8) 1%(9) >%//>+,2@8),/+&A)$,%&) 2+,@8") U') (9'&) 2,&) :+2) F'&,(+2) ,&@)1,8) @%2'0('@) >?) (9')MR[#Y#M) (+) 2'$+B') 8709) >%//>+,2@8) (+) ;2'B'&() %$$,(72')0,$;,%A&%&A"=) ;7287,&() (+) MR[#Y#M) E'8+/7(%+&) G+") k^-_=) F'0") 3-").'(%(%+&'2) ,88,%/8) (9') B,/%@%(?) +:) (9') 2'8+/7(%+&) >,8'@) +&) P!Q) &+&`%$;,%2$'&() 0/,78') P9')9,8) 0+&(2,0(8)1%(9) (9') 0+$;,&%'8Q=) P-Q) %&B,/%@)'5'20%8')+:);+/%0');+1'2=),&@)+(9'2)%887'8")

• 49') 2'8+/7(%+&) %8) &+() B%+/,(%B') +:) (9') &+&`%$;,%2$'&() +:) 0+&(2,0(8) 0/,78'") J() 9,8) >''&)9'/@) (9,() (9') &+&`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

,h* 4=KG<WE*DO*$=I<=GW<S*?B*:=WKG;* 49') G,(%+&,/) D/++@) F'2B%0'8) C0() PEC) XX!VQ) (++O) '::'0() +&) C7A") -3=)!VVa") J() ,%$'@) (+) 2'A7/,(') >/++@) >,&O8) %&) (9') .9%/%;;%&'8") 49') *RU)F'02'(,2?)(9'&);2+$7/A,('@)CR)V)P%$;/'$'&(%&A)27/'8Q)19%09);9,8'@)+7(),//)0+$$'20%,/)>/++@)>,&O8)%&)(9').9%/%;;%&'8")).'(%(%+&'28=)+1&'28)+:) >/++@) >,&O8=) 8,?) (9,() (9%8) %8) ,) @';2%B,(%+&) +:) ;'28+&,/) /%>'2(?) P(+)09++8'):2+$)19%09)>/++@)>,&O)(+)>7?Q),&@)(9'%2);2+;'2(?)2%A9(8")

• 49%8)%8),)B,/%@)'5'20%8')+:);+/%0');+1'2")49')/,1),%$'@) (+) ;2+B%@') 8,:') >/++@) :+2) (9') ;'+;/'),&@) (+) 8,:'A7,2@) ,A,%&8() (9') 8;2',@) +:)(2,&8:78%+&`2'/,('@) %//&'88'8").7>/%0)9',/(9)9,8)>''&)9'/@)(+)>'),)B,/%@)87>I'0():+2)(9')'5'20%8')+:);+/%0');+1'2").9,8%&A)+7()0+$$'20%,/)>/++@)>,&O8) %8) ,) 2',8+&,>/') $'(9+@) >'0,78') %(),//+18) (9') A+B'2&$'&() (+) >'(('2) '&872') (9,()(9') >/++@) ,B,%/,>/') (+) (9') ;7>/%0) 1%//) >') 8,:'),&@)+:)9%A9)f7,/%(?") J&@%B%@7,/) %&('2'8(8)+:) (9')>/++@) >,&O) +1&'28) $78() A%B') 1,?) (+) (9');7>/%0)1'/:,2'")

,i* "EC*DO*$WEXJCWERWSWE* DJE) M+$$%88%+&'2) H+8') R&A) 1,8) 09,2A'@) 1%(9) ,$,88%&A) %//`A+(('&)1',/(9) >'0,78') 9%8) ,88'(8) ,//'A'@/?) 1'2') @%8;2+;+2(%+&,(') :2+$) 9%8)

• J&) ,) ;2'B%+78) 27/%&A=) (9') FM) 27/'@) (9,():+2:'%(72') ;2+0''@%&A8) ,2') 0%B%/) %&) &,(72'=) >7()

Page 18: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

6h*

%&0+$'),8)DJE)0+$$%88%+&'2")U%8)1%:')G'//?)R&A)1,8),/8+)%$;/',@'@)%&)(9') :+2:'%(72') 87%() +:) (9') ;2+;'2(?") .'(%(%+&'28) 0/,%$) (9,() (9'?) 1'2')@';2%B'@) +:) @7') ;2+0'88) >'0,78') &+) ;2'/%$%&,2?) %&B'8(%A,(%+&) 1,8)@+&')+&)G'//?)R&A"))

%&) ,) 87>8'f7'&() 27/%&A=) (9'?) 0/,2%:%'@) (9,() (9%8),;;/%'8) +&/?) (+) (9') ;2+0'@72,/) ,8;'0() +:):+2:'%(72') ;2+0''@%&A8") F7>8(,&(%,//?=) %() %8)02%$%&,/") 49'2':+2'=)G'//?)R&A)1,8)'&(%(/'@) (+);2'/%$%&,2?)%&B'8(%A,(%+&")U+1'B'2=)(9%8)1+7/@)>');+%&(/'88)>'0,78')H+8')R&A)0/,%$'@)(9,()9');7209,8'@) (9') ;2+;'2(%'8) 1%(9) 9%8) $+&'?)PG'//?)@%@)&+()9,B'),);,2(Q")49')/,1)%8),/8+)&+()B,A7') >'0,78') %() @':%&'8) 19,() 7&/,1:7//?),0f7%2'@);2+;'2(?)%8)P;2+;'2(?),0f7%2'@)+7()+:);2+;+2(%+&)(+),);7>/%0)+::%0'2<8)/,1:7/)%&0+$'Q").2'87$;(%+&)+:) %&&+0'&0') %8) ,/8+)&+() B%+/,('@)>'0,78') (9') /,1) +&/?) 02',('8) ,) $%-C)+ :,0%');2'87$;(%+&) (9,() (9') ;2+;'2(?) 1,8) /,1:7//?),0f7%2'@") J() 8(%//) 9,8) (+) >') ;2+B'&") .'(%(%+&)@%8$%88'@"))

Z5* )HI=EW*9<WEX*!=EG<WK*%=<FJEWK*

DO*\(!*)JE=<*

*

Y70'&,) M%(?) ;2+$7/A,('@) R2@%&,&0') G+") !k3!) 19%09) A2,&('@) (9');'(%(%+&'2)'50/78%B') :2,&09%8')+:) ('2$%&,/8) %&) (9') 0%(?=) ,&@)R2@%&,&0')G+")!XXW)19%09);2+9%>%('@) (9')'&(2,&0')+:)>78'8),&@) I'';&'?8) :2+$)'&('2%&A)(9')0%(?=),&@)@'0/,2'@)%&+;'2,>/'),//)('2$%&,/8)%&)(9')0%(?")HCM)Y%&'2),88,%/8)(9')B,/%@%(?)+:)(9')+2@%&,&0'")

• 49')+2@%&,&0'8),2'),&)%&B,/%@)'5'20%8')+:);+/%0');+1'2")49+7A9)(9'2')%8),)/,1:7/)87>I'0()19%09)%8) (9') ',8%&A) +:) (2,::%0) 0+&A'8(%+&) %&) (9') 0%(?=)(9') $',&8) ,2') &+() 2',8+&,>/'") 49'?) ,2')09,2,0('2%g'@)>?)+B'2>2',@(9)>'0,78')(9'?)A+)>'?+&@)19,()%8)2',8+&,>/')&'0'88,2?")J() %8)&+()(9') ('2$%&,/8=) >7() (9') %&@%802%$%&,(') /+,@%&A),&@) 7&/+,@%&A) 19%09) %$;'@'8) (2,::%0")4'2$%&,/8),2')&+()+>8(,0/'8)>7(),2') /'A%(%$,(')>78%&'88'8")

Z6* !JGS*?B*3WEJKW*DO*)WCHJ?* 49') M%(?) +:) [,&%/,) ;2+$7/A,('@) R2@") G+") XXW3) 19%09) ;2+9%>%('@)0'2(,%&) :+2$8) +:) '&('2(,%&$'&() %&) (9') #2$%(,`[,/,(') ,2',) 19'2')K1+$'&),2')78'@),8)(++/8) %&)'&('2(,%&$'&("N)49'8') %&0/7@'@)8,7&,8=)$,88,A') ;,2/+28=) >''29+78'8=) $+('/8=) &%A9() 0/7>8=) '(0") H7@A') Y,A7%+)27/'@)(9,()(9')+2@%&,&0')1,8)%&B,/%@"))

• 49')+2@%&,&0')%8) %&@''@)%&B,/%@") J()B%+/,('8)(9')2%A9()(+);2%B,0?)+:)$+('/);,(2+&8)19+)9,B')(9')/%>'2(?) :+2) 8'57,/) 0+&87$$,(%+&) ,8) /+&A) ,8)(9'?) @+) &+() B%+/,(') (9') /,1") J() ,/8+) @+'8) &+()9,B') (9') 8(,&@,2@8) (+) @'('2$%&') 19%09)'8(,>/%89$'&(8) K('&@) (+) @%8(72>) (9')0+$$7&%(?=) ,&&+?) (9') %&9,>%(,&(8) ,&@) ,::'0()8+0%,/) ,&@) $+2,/) 1'/:,2') +:) (9') 0+$$7&%(?=N)(978),//+1%&A),7(9+2%(%'8)7&>2%@/'@)@%802'(%+&")d72(9'2$+2'=) (9') +2@%&,&0') %8) ,&) %&B,/%@)'5'20%8') +:) ;+/%0') ;+1'2") 49+7A9) (9'2') %8) ,)/,1:7/) 87>I'0(=) 19%09) %8) (9') $+2,/) ,&@) 8+0%,/)1'/:,2') +:) 8+0%'(?=) (9') $',&8) '$;/+?'@) ,2')7&2',8+&,>/'")C8%@') :2+$)>'%&A) ,) @';2%B,(%+&)

Page 19: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

6i*

+:) ;2+;'2(?) 2%A9(8=) ;2+9%>%(%+&) +:) (9')'8(,>/%89$'&(8)1+7/@)&+()@+),&?(9%&A)(+)8(+;)%$$+2,/%(?") 49') ;2+>/'$) %8) 1%(9) (9') ;'+;/')19+) 78') (9'8') ;/,0'8) :+2) %$$+2,/) ,0(%B%(%'8")#2,@%0,(%&A) (9'8') '8(,>/%89$'&(8) 1%//) &+()'2,@%0,(') (9') ;2+>/'$) +:) %$$+2,/) ,0(%B%(%'8)@+&') >?) (9') ;'+;/'=) ,8) (9'8') 0+7/@) >') @+&')'B'&)%&)(9')$+8()%&&+0'&()+:);/,0'8")

Z,* 4WSWE*DO*.<FJGW* .'(%(%+&'28),88,%/)(9')0+&8(%(7(%+&,/%(?)+:)D.)WW_)PKG+);'2$%(=)&+)2,//?NQ),&@) (9') KM,/%>2,('@) .2''$;(%B') E'8;+&8'N) ;+/%0?") 49'?) 0/,%$) (9,()8709);+/%0%'8)%&:2%&A')+&)(9'%2)2%A9(8)(+);',0':7/),88'$>/?),&@);'(%(%+&)(9')A+B'2&$'&():+2)2'@2'88)+:)A2%'B,&0'8")

• .'(%(%+&8) A2,&('@) %&) ;,2(") D.) WW_) %8) ,) B,/%@)'5'20%8') +:) ;+/%0') ;+1'2") J() @+'8&<() 2'8(2,%&)(9') 2%A9() (+) ;',0':7/) ,88'$>/?c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`0+$;/%,&0') 1%(9) (9%8) +2@'2)1+7/@) $',&) (9,() ,//) (9') ;7>/%0) ;,2O8) %&) (9')/+0,/%(%'8)1+7/@)>')@''$'@):2''@+$);,2O8")

• 49') M.E) ;+/%0?) 1,8) @'0/,2'@) B+%@) >'0,78') %()2';/,0'@)(9')$,5%$7$)(+/'2,&0');+/%0?)8(,('@)%&) D.) WW_") ./,%&/?) 8;',O%&A=) %() %8) &+() &''@'@),&?$+2')8%&0')(9')$,5%$7$)(+/'2,&0');+/%0?),/2',@?)'5%8(8"))

ZZ* b3'*DO*0J<=IG?<*9=E=<WKM*

#.0(*

*

.2'8")C22+?+)%887'@)#R)a-_)19%09)2'f7%2'@),//)A+B'2&$'&(),A'&0%'8)(+)8(2',$/%&'),&@)9,2$+&%g')(9'%2)J*)8?8('$").'(%(%+&'28),88,%/)#R)a-_"))

• #R) a-_) %8) B,/%@") C&) #R) %8) 78'@) (+) %$;/'$'&()0+&8(%(7(%+&,/) +2) 8(,(7(+2?) ;+1'28") 49') J*)8?8('$) 1+7/@) 2'@70') 0+8(8=) %&02',8')'::%0%'&0?),&@)%$;2+B')A'&'2,/);7>/%0)8'2B%0'=)(9%&A8) ,/2',@?) $,&@,('@) >?) '5%8(%&A) /,18")d72(9'2$+2'=) (9') d,%(9:7/) #5'07(%+&) +:) Y,18)M/,78') PF'0") !X=) C2(") \JJQ) $,&@,('8) (9');2'8%@'&() (+)'5'07(') /,18")49'2') %8) 2',8+&) (+)%$;/'$'&() #R) a-_") J() @+'8) &+() B%+/,(') (9')

Page 20: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,5*

27/%&A) %&) 9$*'+ 12+ 0"%%'/) >'0,78') %() %8) &+() ,)7872;,(%+&)+:)/'A%8/,(%B'),7(9+2%(?")J()@+'8)&+()%$;/'$'&() ,) &,(%+&,/) J*) 8?8('$) >'0,78') %()+&/?),;;/%'8)(+),A'&0%'8)19%09),/2',@?)0+//'0();'28+&,/) @,(,) ,&@) %887') J*8) P'"A") FFF=).9%/9',/(9=) Y4R=) '(0"Q") d72(9'2$+2'=) (9') #R);2+B%@'8) :+2) 87::%0%'&() 8(,&@,2@8) 1%(9) 2'A,2@)(+)(9')78')+:)(9')@,(,").2%B,0?)%8)(9'2':+2')&+()B%+/,('@")

Z`* 3J<WA?K*DO*0L+:*

*

.'(%(%+&'28) 2';2'8'&() ,&) +2A,&%g,(%+&) +:) $+(+20?0/%8(8) 19+) ,2'),88,%/%&A) (9') B,/%@%(?) +:) C@$%&%8(2,(%B') R2@'2) G+") !) P%887'@) >?) (9')*.]MQ) ,&@) *';,2($'&() R2@'2) G+8") Xa=) -!^) ,&@) !-3) P%887'@) >?) (9')*.]UQ")CR)!);2+9%>%('@)$+(+20?0/'8)+&)/%$%('@),00'88):,0%/%(%'8=)19%/')(9')*R8)>,&&'@)$+(+20?0/'8)%&)GY#q=)FY#q),&@)M+,8(,/)E+,@"))

•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`8'((%&A)+2@'28")49')CR=)9+1'B'2=)1,8)7;9'/@)>'0,78')%()1,8)%887'@)>?)*.]M")J()%8),)B,/%@)'5'20%8')+:);+/%0') ;+1'2) >'0,78') (9') 78') +:) ;7>/%0)9%A91,?8)>?)$+(+2) B'9%0/'8) %8) ,) B,/%@) 87>I'0()+:)2'A7/,(%+&")49')$',&8)78'@),2')2',8+&,>/')%&) 8,:'A7,2@%&A) (9') ;'+;/') 19+) 78') (9') (+//)1,?8),&@)(+);2'B'&(),00%@'&(8")

Ze* LW<<=]?*DO*!"(* .'(%(%+&'2=) 2';2'8'&('@) >?) 9%8) @,7A9('2=) %8) ,) 2'(%2'@) -&@) Y(") +:) (9').9%/%;;%&')M+&8(,>7/,2?)19+)9,@)>''&)2'0'%B%&A);'&8%+&").7287,&()(+).*)!k3W=)(9');'&8%+&)8(+;;'@)19'&)9')>'0,$'),)TF)0%(%g'&"))

• 8) .*) !k3W) ,;;/%'8) (+) 9%$) >'0,78') %() >'0,$')'::'0(%B')19%/')9')1,8)8(%//)%&),0(%B')8'2B%0'")C()(9')(%$')+:)(9')'::'0(%B%(?)+:).*)!k3W=).,22'i+)8(%//)9,@)&+)B'8('@)2%A9(8)+&)(9');'&8%+&")4978=)(9'2') %8) &+) @';2%B,(%+&) +:) ;2+;'2(?) 2%A9(8)1%(9+7() @7') ;2+0'88) +:) /,1") 49'2') %8) ,/8+) &+)B%+/,(%+&)+:)(9')#.M)>'0,78') %()9,8)>''&)9'/@)(9,(),/%'&,A')%8),)87>8(,&(%,/)@%8(%&0(%+&")

Zf* .A>JE?IJKKWM*\<O*DO*4WC?EC*

%WESWC*:?F=?@E=<A*

(AA?IJWGJ?EM*&EIO*

DC4CUCJ) 1,8) %&0+2;+2,('@) (+) '&,>/') +007;,&(8) +:) /,&@) +1&'@) >?)d+2(7&')*'B<()M+2;")>?)+>(,%&%&A),)/+,&):2+$)(9')G,(</")U+$')d%&,&0')M+2;+2,(%+&") .'(%(%+&'28) 19+) ,2') $'$>'2`>'&':%0%,2%'8) 0/,%$'@) /+(8)

• .'(%(%+&'28) 1'2') &+() @'&%'@) @7') ;2+0'88) +:)/,1")]9,()(9')/,1);2+9%>%(8) %8)(9'),>8'&0')+:)(9')+;;+2(7&%(?)(+)>')9',2@").'(%(%+&'28)1'2')

Page 21: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,6*

* ,@I,0'&()(+)(9'%28")C:('2),)/,&@)872B'?=)(9'8')1'2'):+7&@)(+)&+()>'/+&A)(+) (9'$) ,&@) 1,8) @'@70('@) :2+$) (9'%2) ,//+0,(%+&") 49'?) ,/8+) @%@) &+()0+$;/'(') (9') @+07$'&(8) 2'f7%2'@) >?) DC4CUCJ) 'B'&) ,:('2) &'1)@',@/%&'8),&@)@'$,&@)/'(('28)1'2')A%B'&")4978=)(9'?)1'2')@'/%8('@),8)$'$>'2`>'&':%0%,2%'8")

A%B'&)8'B'2,/)&+(%0'8),&@)+;;+2(7&%(%'8) (+)>')9',2@) 19%09) (9'?) @%@) &+() 78'") 49') ;2+;'2(?)1,8) (9'2':+2') 2%A9(:7//?) 8'%g'@") d72(9'2$+2'=)(9'?) 8(%//) 9,B') &+) B'8('@) 2%A9(8) +&) 8,%@);2+;'2(?") .2'802%;(%+&) 1%//) &+() ,;;/?) %&) (9%8)0,8') >'0,78') ,0(8) +:) ;+88'88+2?) 09,2,0('2)'5'07('@) >?) B%2(7') +:) /%0'&8') +2) (+/'2,&0') +:)(9') +1&'2) 1%//) &+() A%B') 2%8') (+) ,0f7%8%(%B');2'802%;(%+&"*

Zg* 'EJG=X*41*:?F=?@E=<A*

(AA?IJWGJ?E*DO*!JGS*3WS?<M*

LW<W]WaH=*

.'(%(%+&'28),88,%/) (9')B,/%@%(?)+:),) 0%(?)+2@%&,&0')19%09) 2'0/,88%:%'@)#/)62,&@') ,&@) CA7%22') CB'&7'8) ,8) M+$$'20%,/) r+&'8") 49'?) 0/,%$) (9,()(9')+2@%&,&0')B%+/,('8)(9')&+&`%$;,%2$'&()0/,78')>'0,78')/+()>7?'28<)(%(/'8) ;2+B%@') (9,() 8709) ;2+;'2(?) 89+7/@) >') 78'@) :+2) 2'8%@'&(%,/);72;+8'8")

• 49') +2@%&,&0') %8) ,) B,/%@) '5'20%8') +:) ;+/%0');+1'2")49')2,;%@)%&02',8')%&)(9');+;7/,(%+&)+:)Dd) .,2,i,f7')&'0'88%(,('@) (9') 0+&B'28%+&) +:)8,%@)8(2''(8)(+)0+$$'20%,/),2',8")D'8%@'8=)(9')8(2''(8) 1'2') ,/2',@?) 0+$$'20%,/%g'@) 'B'&)>':+2') (9') +2@%&,&0') 1,8) '&,0('@") .+/%0');+1'2) %8) 87;'2%+2) (+) (9') &+&`%$;,%2$'&()0/,78'"))

Zh* $GO*)H_=kA*3=XJIWK*!=EG=<*

.F>K?S==A*(AA?IJWGJ?E*DO*#)-!*

[,2%>'/)F,&(+8=),&)5`2,?)('09&%0%,&)1%(9+7(),)/%0'&8'=)1,8)('2$%&,('@)>?) F(") Y7O'<8) U+8;%(,/) :+2) &+&`0+$;/%,&0') 1%(9) EC) Xa3!) +2) (9')E,@%+/+A%0) 4'09&+/+A?) C0() +:) !VV-") F9') 87'@) (9') 9+8;%(,/) :+2) %//'A,/)@%8$%88,/"))

• 49+7A9)89')9,8)(9')2%A9()(+)8'072%(?)+:)('&72'=)(9%8)0,&)>')B,/%@/?)2'A7/,('@)>?);+/%0');+1'2")49') /,1) 2'f7%2'8) (9') /%0'&8%&A) +:) 5`2,?);2+:'88%+&,/8) P/,1:7/) $'(9+@Q) %&) +2@'2) (+)8,:'A7,2@) ;7>/%0) 9',/(9) ,&@) 8,:'(?) P/,1:7/)87>I'0(Q")

Zi* !W<K?A*$H>=<X<HC*!?<>O*DO*

0$+0*

49')#5;,&@'@)F'&%+2)M%(%g'&8)C0()+:)-__3)PEC)V-^XQ);2+B%@'@)(9,()(9')-_p) @%80+7&() A%B'&) (+) 8'&%+2) 0%(%g'&8) >') 0+&8%@'2'@) ,8) 4Cq)*#*TM4JRGF)%&8(',@)+:),)4Cq)ME#*J4").'(%(%+&'28),88,%/)(9')B,/%@%(?)+:)8709")))

• 4Cq)ME#*J4F),2')@'@70('@):2+$)(9'),0(7,/)(,5)@7') (+) (9') A+B'2&$'&(") J&) '::'0(=) (9')A+B'2&$'&() 89+7/@'28) ,//) (9') '5;'&8'8") 4Cq)*#*TM4JRGF=) +&) (9') +(9'2) 9,&@=) ,2')@'@70('@) :2+$) (9')A2+88) %&0+$') P>':+2') (,5Q)+:) 8(+2'8") J&) '::'0(=) (9') 8(+2'8) 89,2') %&) (9')>72@'&) +:) (9') '5;'&8'8) :+2) 8'&%+2) 0%(%g'&8")49%8) %8) ,) B,/%@) '5'20%8') +:) ;+/%0') ;+1'2)>'0,78')(9')A+,/)+:)(9')/,1)+:)$,5%$%g%&A)(9')0+&(2%>7(%+&) +:) 8'&%+2) 0%(%g'&8) (+) 8+0%'(?)P/,1:7/) 87>I'0(Q) %8) ,00+$;/%89'@) >?) A%B%&A)(9'$) >'&':%(8) ,&@) ;2%B%/'A'8) P/,1:7/) $',&8Q")F%&0') %() %8) ;+/%0') ;+1'2) ,() 1+2O=) I78()0+$;'&8,(%+&) %8) 7&&'0'88,2?") ]9'&)@'('2$%&'@)>?)(9')/'A%8/,(72'=);2+;'2(?)2%A9(8)$78()>+1)(+)(9');2%$,0?)+:);+/%0');+1'2")

`5* L=<=Y*DO*)L9*-=BJKK=<A* Y.6) E':%//'28) ,88,%/) *R#) M%207/,2) -___`_k`!_) 19%09) ;2+B%@') :+2) • C) ;'&,/) 8(,(7(') %8) &+() 2'&@'2'@) B+%@) 8%$;/?)

Page 22: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,,*

(AA?IJWGJ?E*?B*G;=*L;JKJ>>JE=AM*

&EIO*

*

%$;/'$'&(%&A)27/'8):+2)D.)33")49'?)0/,%$)(9,()%()%8)B+%@):+2)B,A7'&'88),&@) (9,() %() %8) 0+&:%80,(+2?) >'0,78') %() ;2+B%@'8) ;'&,/(%'8) +&) ,) ;'2)0?/%&@'2)>,8%8")

>'0,78')A'&'2,/)1+2@8),2')78'@")49'),0(8),&@)+$%88%+&8) %&) (9')0%207/,2),2')0+&('$;/,('@) %&)D.)33=)(978=)(9')0%207/,2)@+'8)&+()02',(')>2,&@)&'1) B%+/,(%+&8") 49') ;'2) 0?/%&@'2) >,8%8) %8)%&0/7@'@) %&) D.) 33) 19%09) 8;',O8) +:) K,&?) ,0()9'2'%&);2+9%>%('@"N)49')0%207/,2)%8)B,/%@"))

`6* 330(*DO*/J<?E* .6[C)%887'@)#R)!XV)19%09);2+B%@'@):+2)(9')'8(,>/%89$'&()+:)62',('2)[,&%/,) [,88) 42,&8;+2() F?8('$") 49') [[*C=) ,8) (9') %$;/'$'&(%&A),A'&0?=) 2'0+$$'&@'@) (+) '/%$%&,(') ,//) >78) ('2$%&,/8) P%&0/7@%&A)\%2+&<8Q)/+0,('@)%&)['(2+)[,&%/,)(9+2+7A9:,2'8")[[*C)1,8),//'A'@/?)A+%&A)(+)%887'),&)+2@'2)(+)@+)8+"))

• 49') .2'8%@'&() @+'8) 9,B') (9') ;+1'2) (+)%$;/'$'&() 8709) +2@'2=) >7() (9') @'/'A,(%+&) (+)(9') [[*C) %8) %&B,/%@") [[*C) %8) ,&),@$%&%8(2,(%B'=)0++2@%&,(%&A),&@);+/%0?)8'((%&A)>+@?)19%09)9,8)GR).RYJM#).R]#E")C887$%&A),2A7'&@+)(9,();+/%0');+1'2)$,?)>')@'/'A,('@)(+) (9') [[*C=) (9') 0/+872') +:) (9') >78)('2$%&,/8) %8) &+() ,) 2',8+&,>/') $'(9+@) (+)@'0+&A'8() (2,::%0") R(9'2) $+2') 2',8+&,>/')$'(9+@8) $%A9() >') $+2') '::'0(%B') ,&@)2',8+&,>/'")

`,* $=I<=GW<S*?B*0#0*DO*3WEWK?*

*

E,?$+&@) ,&@) E'?&,/@+) [,&,/+) 1'2') ,>@70('@) ,&@) (+2(72'@) >?)$'$>'28)+:)(9')$%/%(,2?),:('2)(9'?)1'2')878;'0('@)(+)>')$'$>'28)+:)(9')G.C").'(%(%+&'28)0/,%$)(9,()(9')MC)'22'@)%&)A%B%&A)(9');2%B%/'A')+:)(9')12%()+:),$;,2+)(+)(9')[,&,/+)>2+(9'28")

• C&)C$;,2+) ;'(%(%+&) +&/?) 2'f7%2'8) 87>8(,&(%,/)'B%@'&0'),&@)(9')('8(%$+&?)+:)(9')B%0(%$8)1%//)>') A%B'&) A2',() 1'%A9(") 49') ,$;,2+) 2'/%':8)A%B'&) P%"'") +2@'2) @%2'0(%&A) ;'(%(%+&'28) (+) A%B'),//) 2';+2(8) +:) (9') %&B'8(%A,(%+&c) @%80/+8');2'8'&() ,88%A&$'&() +:) (9') 0,;(+28c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

`Z* $\$*DO*004* .'(%(%+&'28) ,88,%/) (9') 0+&8(%(7(%+&,/%(?) +:) (9') M+$;2'9'&8%B')*,&A'2+78)*27A8)C0()+:)-__-)>,8'@)+&)8'B'2,/) %887'8") J();2+B%@'8) :+2)$,&@,(+2?) @27A) ('8(%&A) :+2) 0,&@%@,('8) :+2) ;7>/%0) +::%0'=) 8(7@'&(8) +:)8'0+&@,2?),&@) ('2(%,2?) 809++/8=)+::%0'28),&@)'$;/+?''8)+:);7>/%0),&@)

• 49')/,1)%8)0+&8(%(7(%+&,/)%&8+:,2),8)%();2+B%@'8):+2) $,&@,(+2?) 2,&@+$) @27A) ('8(%&A) :+2)8(7@'&(8),&@)'$;/+?''8),8)%()%8)%&)(9')%&('2'8()+:) (9') A+B'2&$'&() (+) ;2+('0() (9'$) :2+$)

Page 23: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,Z*

;2%B,(') +::%0'8=) ,&@) ;'28+&8) 09,2A'@) >':+2') (9') ;2+8'07(+28) +::%0')1%(9)0'2(,%&)+::'&8'8")

%//'A,/)@27A8") J() %8)7&0+&8(%(7(%+&,/) %&)8+):,2),8)%()2'f7%2'8)0,&@%@,('8)(+)7&@'2A+)@27A)('8(%&A)>'0,78')%(),@@8),@@%(%+&,/)f7,/%:%0,(%+&8)19%09),2')>'?+&@)19,()(9')M+&8(%(7(%+&);2+B%@'8")J()%8) ,/8+) 7&0+&8(%(7(%+&,/) 1%(9) 2'A,2@) (+)$,&@,(+2?) @27A) ('8(%&A) +:) ,0078'@) ;'28+&8)>'0,78')8709)0,&)&'B'2)>')878;%0%+&/'88") J() %8)%&)'::'0()9,2&'88%&A),)$'@%0,/) (++/)19%09)0,&)>')78'@)(+);2+8'07(')9%$o9'2")

``* $\$*DO*(GJ=EYW* 49')M%(?)+:)[,&%/,)'&,0('@)R2@%&,&0')G+")W_-X)19%09)2'0/,88%:%'@)(9').,&@,0,&) ,&@) F(,") C&,) @%8(2%0(8) :2+$) %&@78(2%,/) (+) 0+$$'20%,/") C8) ,)2'87/(=)(9').,&@,0,&)R%/)*';+(8)+1&'@)>?)M,/('5=).'(2+&),&@)F9'//)9,@)(+) >') $+B'@") 49') D%A) 3) +%/) 0+$;,&%'8) 8%A&'@) ,) $'$+2,&@7$) +:)7&@'28(,&@%&A)1%(9)[,?+2)C(%'&g,),&@)(9')*R#)19'2'%&)(9'?),A2''@)(+)80,/')@+1&)(9').,&@,0,&)4'2$%&,/8) %&8(',@)+:)0/+8%&A)(9'$)@+1&)'&(%2'/?").'(%(%+&'28);2,?)(9,(),)12%()+:)$,&@,$78)>') %887'@) %&)+2@'2)(+) 0+$;'/) (9')$,?+2) (+) '&:+20')R2@") G+=) W_-X) ,&@) 0/+8') @+1&) (9').,&@,0,&)4'2$%&,/8"))

• .'(%(%+&)A2,&('@")49'2')%8)&+)/'A,/)%$;'@%$'&()(+) (9') '&:+20'$'&() +:) R2@") G+=) W_-X=) J() %8) ,)B,/%@) '5'20%8') +:) ;+/%0') ;+1'2) >'0,78') (9')2'$+B,/) +:) 9%A9/?) @,&A'2+78) :7'/8) &',2)2'8%@'&(%,/) ,2',8) P/,1:7/) $'(9+@Q) %8) ,) B,/%@)1,?)+:) 8,:'A7,2@%&A) (9')9',/(9) ,&@) 8,:'(?)+:)(9') A'&'2,/) ;7>/%0) P/,1:7/) 87>I'0(Q") 49') +%/)0+$;,&%'8)0+&('&@) (9,() %() %8),)@';2%B,(%+&)+:)(9'%2);2+;'2(?)2%A9(8=)9+1'B'2=)(9')2%A9()(+)/%:')%8) 87;'2%+2) (+) (9') 2%A9() (+) ;2+;'2(?")d72(9'2$+2'=) 8%&0');+/%0');+1'2) %8)78'@=) I78()0+$;'&8,(%+&) %8) &+() &'0'88,2?") F709) %8) ,)2'f7%2'$'&()+&/?)%&)(9')'5'20%8')+:)(9');+1'2)+:)'$%&'&()@+$,%&")

`e* $.!*DO*&EG=<>?<G*

*

J&('2;+2()1,8),0078'@)>?)F#M)+:) %&8%@'2) (2,@%&A) :+2)&+&`@%80/+872')+:)2'/'B,&()%&:+2$,(%+&),>+7(),&),0f7%8%(%+&)(9'?)9,@")F#M)%887'@),)89+1)0,78')+2@'2)19%09)$,@')J&('2;+2()'5;/,%&)19?)&+)8,&0(%+&8)89+7/@)>'):%/'@) ,A,%&8() (9'$") J&('2;+2() 0/,%$8) (9,() (9') 89+1) 0,78') +2@'2) %8) ,)B%+/,(%+&) +:) @7') ;2+0'88") J&('2;+2() ,/8+) 0/,%$8) (9,() (9') F#M) 9,8) &+)I72%8@%0(%+&) >'0,78') %() %8) (9') .2+8'07(%+&) ,&@) #&:+20'$'&()*';,2($'&() P.#*Q)+:) (9') F#M)19%09)9,8) I72%8@%0(%+&") 49')MC) 27/'@) %&):,B+2)+:)%&('2;+2(")))

•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

`f* 4(#(%*DO*!"3.).!* .'(%(%+&'28),88,%/)(9')0+&8(%(7(%+&,/%(?)+:)EC)V3kV)19%09),$'&@'@)EC)Wa3k) P.+//)C7(+$,(%+&) Y,1Q)+&) 8'B'2,/) A2+7&@8")R&')+:)19%09) %8) (9');2+B%8%+&)19%09)8,?8)(9,();+/)1,(09'28)+:)(9')@+$%&,&()$,I+2%(?),&@)@+$%&,&() $%&+2%(?) ;,2(%'8) 89,//) >') A%B'&) ,) :%5'@) ;'2) @%'$) +:) .a__").'(%(%+&'28) 0/,%$) (9,() (9%8) B%+/,('8) (9') &+&`%$;,%2$'&() +:) 0+&(2,0(8)

• .'(%(%+&'28<) ,2A7$'&() %8) '22+&'+78") C() (9')(%$')+:) (9') '&,0($'&()+:) (9') /,1=) (9'2')1,8)8(%//) &+) ;'2:'0('@) 0+&(2,0(8) >'(1''&) (9') ;+//)1,(09'28) ,&@) (9') ;,2(%'8") 49'2':+2'=) &+)+>/%A,(%+&)1%//)>') %$;,%2'@")d72(9'2$+2'=)(9%8)

Page 24: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,`*

0/,78'"))

%8),)B,/%@)'5'20%8')+:);+/%0');+1'2")49')2+/')+:);+//) 1,(09'28) %8) B'8('@) 1%(9) ;7>/%0) %&('2'8()19%09) 0,&) >') 2'A7/,('@) >?) M+&A2'88) %&) (9')'5'20%8') +:) ;+/%0') ;+1'2") 6%B%&A) (9') ;+//)1,(09'28) :,%2) ,&@) 'f7%(,>/') 0+$;'&8,(%+&);2+$+('8)A'&'2,/)1'/:,2'")

`g* L=?>K=*DO*$JG?E*

*

#B,&A'/%&')F%(+&),&@)m2?8('/)m,(')FA,2,&+)1'2'),22'8('@),&@)09,2A'@)1%(9) B,A2,&0?) 7&@'2) C2(") -_-P-Q) +:) (9') E.M") E'8;+&@'&(8) 0/,%$) (9,()(9')/,1)%8)B,A7'),&@)B%+/,('8)(9')#.M")

• C2(") -_-P-Q) %8) 0+&8(%(7(%+&,/") J(8) ,%$) %8) (+)$,%&(,%&) $%&%$7$) 8(,&@,2@8) +:) @'0'&0?=)$+2,/%(?) ,&@) 0%B%/%(?) %&) 97$,&) 8+0%'(?") J() %8) ,)B,/%@) '5'20%8') +:) ;+/%0') ;+1'2") 49')2'8;+&@'&(8) %&) (9%8) 0,8') 1'2') ,22'8('@) ,:('2);+/%0')0+&@70('@)872B'%//,&0'=)(978=)(9'2')1,8);2+>,>/')0,78')(+),22'8()(9'$"))

`h* +;JG=*)JC;G*!?<>?<WGJ?E*DO*!JGS*

?B*3WEJKW*

*

49') M%(?) +:) [,&%/,) '&,0('@) R2@%&,&0') G+") XXXa) 19%09) ;2+9%>%('@)89+2(`(%$') ,@$%88%+&=) 89+2(`(%$') ,@$%88%+&) 2,('8=) 1,89) 7;) 2,('8) %&)9+('/8),&@)$+('/8)%&)[,&%/,").'(%(%+&'28),88,%/)(9%8)+2@%&,&0'):+2)>,8'@)+&)(9')RB'2>2',@(9)@+0(2%&'")

• .'(%(%+&'28)@+)9,B')8(,&@%&A)(+)09,//'&A')(9')+2@%&,&0'") J() %8) %&@''@) 7&0+&8(%(7(%+&,/") 49')+2@%&,&0') &''@/'88/?) 2'8(2,%&8) (9') 2%A9() (+)/%>'2(?) +:) (9') 0/%'&(8=) ,8)1'//) ,8) (9') >78%&'88)+;'2,(%+&8)+:) (9')9+('/) ,&@)$+('/) +;'2,(+28")U'&0'=) (9') RB'2>2',@(9) @+0(2%&') ,;;/%'8)>'0,78'),)0+&8(%(7(%+&,//?)A7,2,&(''@)2%A9() %8)&''@/'88/?) 2'8(2,%&'@") J() %8) ,&) %&B,/%@)'5'20%8')+:) ;+/%0') ;+1'2") C/(9+7A9) $%&%$%g%&A);2+8(%(7(%+&=) @27A) 78'=) %//%0%() 8'5=) ,&@) +(9'2)%$$+2,/),0(%B%(%'8)%8),)/,1:7/)87>I'0():+2);+/%0');+1'2=) (9')$',&8)78'@)>?) (9')+2@%&,&0'),2')7&2',8+&,>/'") D'8%@'8=) (9'2') ,2') ,/2',@?)+(9'2)/,18)19%09);2+9%>%()8,%@),0(8")

`i* !-.4(*DO*-?FHK?* .'(%(%+&'28),88,%/)(9')0+&8(%(7(%+&,/%(?)+:)2'B'&7')2'A7/,(%+&8)%887'@)>?)(9') DJE) 19%09) ;2+B%@') :+2) 02'@%(,>/') 1%(99+/@%&A) (,5) PM]4Q) ,&@)$%&%$7$) 0+2;+2,(') %&0+$') (,5) P[MJ4Q) :+2) (9+8') '&A,A'@) %&) 2',/)'8(,('")49')M]4)%8)09,2A'@)+&),);'2)(2,&8,0(%+&)>,8%8=)19%/')(9')[MJ4)%8) 09,2A'@) +&) (9') A2+88) %&0+$'") #%(9'2) (9') [MJ4) +2) (9') &+2$,/)0+2;+2,(') %&0+$') (,5) %8) ,0(7,//?) ;,%@) >?) (9') 0+$;,&?=) 19%09'B'2) %8)9%A9'2")

•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

Page 25: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,e*

'B'&)A+'8)>,0O)(+)(9')8'//'2")e5* $?HG;=<E*:=FJA>;=<=*

.ECWC=F=EG*#=G@?<_*DO*(EGJ7

%=<<?<JAF*!?HEIJK*

M+&8+/%@,('@);'(%(%+&)19%09),88,%/8)(9')0+&8(%(7(%+&,/%(?)+:)EC)V3X-)+2)(9')U7$,&)F'072%(?)C0()+:)-__X").'(%(%+&'28)0/,%$)(9,()(9')/,1)87::'28):2+$)B,A7'&'88),&@)+B'2>2',@(9")

• .'(%(%+&)@%8$%88'@")49'2')%8)&+)I78(%0%,>/')%887'").'(%(%+&'28) 9,B') &+) *"&(/+ /<).#-") G+&') +:) (9');'(%(%+&'28) :,0') ,&?) 09,2A'8) 7&@'2) EC) V3X-")49') M+72() 1%//) &+() (,O') I7@%0%,/) &+(%0') +:) (9'),//'A'@) (,AA%&A) +:) (9') ;'(%(%+&'28) >?) (9')$%/%(,2?)>'0,78')(9')2'f7%8%('8),2')%&0+$;/'('")42,&80'&@'&(,/) %$;+2(,&0') 1+7/@) &+2$,//?)A%B') 8(,&@%&A) (+) ;'(%(%+&'28=) >7() ;'&,/)/'A%8/,(%+&) >'/+&A8) (+) ,) @%::'2'&() A'&78) 1%(9)2'A,2@)(+)0+&8(%(7(%+&,/) /%(%A,(%+&")Y+078)8(,&@%)%8);/,0'@)7&@'2)0/+8'2)I7@%0%,/)8027(%&?")

• d,0%,/) 09,//'&A'8) PB+%@) :+2) B,A7'&'88) ,&@)+B'2>2',@(9Q) ,2') &+() ,;;/%0,>/') :+2) EC) V3X-)>'0,78') (9+8') ,2') ,;;/%0,>/') +&/?) :+2) :2'')8;''09)0,8'8")49')K,8`,;;/%'@N)@+0(2%&')%8)78'@):+2),88,%/%&A)(9')0+&8(%(7(%+&,/%(?)+:);'&,/)/,18")J() 0+&8%@'28) +&/?) '5(,&() :,0(8) ,::'0(%&A) 2',/)/%(%A,&(8")

e6* -?dWA*DO*3WIW>WCWK7(<<?S?*

*

['/%88,)E+5,8=),&)C$'2%0,&)8(7@'&()+:)d%/%;%&+)@'80'&(=)1,8),>@70('@),&@) (+2(72'@) >?) ,2$'@) $'&) 19%/') 0+&@70(%&A) ,) 9',/(9) 872B'?) %&)4,2/,0") F9')1,8) 878;'0('@)+:) >'%&A) ,)$'$>'2)+:) (9')G.C")D,8'@)+&)(9') 8+7&@8) 89') 9',2@)19%/') %&) 078(+@?=) 89') %&:'22'@) (9,() 89')1,8) %&)d+2() [,A8,?8,?") F9') 1,8) 'B'&(7,//?) 2'/',8'@) >7() 1,8) 0+&8(,&(/?)$+&%(+2'@)(92+7A9),)0'//;9+&')9'2)0,;(+28)A,B')9'2")E+5,8)(9'&):%/'@):+2)(9')12%(8)+:)C$;,2+),&@)9,>',8)@,(,)19%09)(9')MC)A2,&('@")

• J$;/',@%&A)(9')9%A9'8()+::%0%,/8)+:)A+B'2&$'&()>,8'@) +&) 0+$$,&@) 2'8;+&8%>%/%(?) %8) 12+&A") J()0,&)+&/?)>')@+&') %&) 02%$%&,/);2+0''@%&A8") 49')C$;,2+)2'$'@?)+:)2'(72&%&A)(9')>'/+&A%&A8),8)1'//),8) (9') %&8;'0(%+&)+:)d+2()[,A8,?8,?)1'2')@'&%'@) >'0,78') (9') ,>@70(+28=) ,8) 1'//) ,8) (9'),//'A'@) ;/,0') +:) 0+&:%&'$'&(=) 1,8) &'B'2);2+B'@) >?) (9') ;'(%(%+&'2") 49') 12%() +:) 9,>',8)@,(,) 1,8) ,/8+) @'&%'@) %() 1,8) &+() ;2+B'&) (9,()6'&") .,/;,2,&) ,&@) C/0+B'2) @%@) 9,B') %&) (9'%2);+88'88%+&) B%@'+8) ,&@) ;9+(+8) 2'/,('@) (+) (9'),//'A'@) M..`G.C) (%'8) +:) E+5,8") 49') FM)%&8(270('@) (9') MUE) (+) /',@) (9') :72(9'2)%&B'8(%A,(%+&)+:)(9')0,8'")))

e,* 3=<WKI?*DO*)JF* C:('2)(92',('&%&A)/'(('28)1'2')8'&()(+)M9'22?)Y%$=)['2,/0+)@'0%@'@)(+)(2,&8:'2)9'2)(+)C/,>,&A):2+$)D7/,0,&):+2)9'2)8,:'(?")F9')2'8%8('@),&@):%/'@),)9,>',8)@,(,);'(%(%+&)(+)0+$;'/) (9')0+$;,&?)(+)89+1)9'2) (9')/'(('28")))

• U,>',8) @,(,) %8) ,&) %&,;;2+;2%,(') 2'$'@?) :+2)(9%8)8%(7,(%+&")J() %8)+&/?),B,%/,>/')(+),&?);'28+&)19+8') /%:'=) /%>'2(?)+2) 8'072%(?) %8) (92',('&'@)>?)(9') A,(9'2%&A) +:) %&:+2$,(%+&) ,>+7() 9%$")U,>',8) @,(,) 1%//) &+() >') %887'@) (+) ;2+('0();72'/?) ;2+;'2(?) +2) 0+$$'20%,/) 0+&0'2&8") 49')GYEM)9,8)I72%8@%0(%+&)+B'2)(9')0,8'),()>,2"))

Page 26: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,f*

.N'()*L-"%.!%&"#*!)('$.*

))• M+&8(%(7(%+&,/)A7,2,&('')+:)(9')m.aHWKJGS*?B*G;=*L=<A?Em)• #f7,/%(?) %() A7,2,&(''8Z) mK=CWK* =aHWKJGSm) +2) m=aHWKJGS* ?B* WKK* >=<A?EA*

HEX=<*G;=*KW@m)• U'2'=)',09)%&@%B%@7,/)%8)@',/()1%(9),8),&)'f7,/);'28+&)%&)(9')/,1=)19%09)

@+'8)&+()(2',()(9');'28+&)@%::'2'&(/?)>'0,78')+:)19+)9')%8)+2)19,()9')%8)+2)19,()9');+88'88'8)))

%;=*.L!*JA*E?G*WRA?KHG=c)(9')F(,(')9,8)(9');+1'2)(+)0/,88%:?)))• J()@+'8)&+()@'&?)(9')8(,(')(9');+1'2)(+)2'0+A&%g'),&@),0()7;+&):,0(7,/)

@%::'2'&0'8)>'(1''&)%&@%B%@7,/8),&@)0/,88'8)))

/WKJX*!KWAAJBJIWGJ?E*%=AG)`):%28()8''&)%&)T6UL=?>K=*DO*!WSWG)))

6O*3HAG*<=AG*?E*AHRAGWEGJWK*XJAGJEIGJ?EA*

) )) G+) B,/%@) 0/,88%:%0,(%+&) 0,&) >') $,@') 1%(9+7() (9') ;2'8'&0') +:) ,)87>8(,&(%,/) @%8(%&0(%+&) T6fU* -=CWKW* DO* $WEXJCWERWSWE^* TZiU* 0JFW>?<?*

DO*:-.%^*TegU*4J<W?C?*DO*L%!^*TefU*#L!*DO*LJEWGHR?)),O*3HAG*R=*C=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*

)) 49');2+B%8+)+:) (9') 8,%@) /,1)B%+/,('8) (9')#.M)>'0,78') (9'2') %8)&+)87>8(,&(%,/)@%8(%&0(%+&)) ;2'8'&() ,&@) 8709) 0/,88%:%0,(%+&) %8) &+()A'2$,&')(+)(9');72;+8')+:)(9')/,1)T`5U*9$&$*DO*3?EG=AIKW<?A))ZO*3HAG*E?G*R=*KJFJG=X*G?*=dJAGJEC*I?EXJGJ?EA*?EKS*

)) Y,18) 89+7/@)&+() (,2A'() ,) 8%&A/') ,&@)'50/78%B') 0+$;,&?) %&) ,)1,?)(9,()87>8'f7'&()) 0+$;,&%'8) +:) (9') 8,$') &,(72') 89,//) &+() >'),::'0('@)>?)(9')/,1)TfU*"<F?I*$HCW<*!=EG<WK*DO*"<F?I*!JGS))`O*3HAG*W>>KS*=aHWKKS*G?*WKK*F=FR=<A*?B*G;=*AWF=*IKWAA*

* *

* C/%O'8)0,&&+()>')(2',('@)78)7&,/%O'8)TZ5U*)??EC*DO*!?F=K=I*

)

!WA=*)W@*7*&AAH=A*

))6O (KJ=EWC=*

))C/%'&,A') %8) ,) 2',8+&,>/') 0/,88%:%0,(%+&) %&) (9') '5'20%8') +:) ;+/%0') ;+1'2) T,U*&I;?EC*DO*:=<EWEX=Y)))49');2+('0(%+&)(9')#.M)A7,2,&(''8)%8),;;/%0,>/')(+)>+(9)0%(%g'&8),&@),/%'&8)TZU*/JKK=CWA*DO*:JH*!;?JEC)))

,O .K=IGJ?E*

))49'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&),)2'(%2''),&@)?+7&A)>/++@)%&)('2$8)+:)A+B'2&$'&()1+2O)T`U*0HFKW?*DO*!?F=K=I)))MR[#Y#M)9,8) (9') 0+&8(%(7(%+&,//?) A2,&('@);+1'2) (+)'&:+20'),&@),@$%&%8('2),//) /,18) ,&@) 2'A7/,(%+&8) 2'/,(%B') (+) (9') 0+&@70() +:) ,&) '/'0(%+&c) %() 0,&&+() >')2'8(2%0('@)>?)$'2');2+0'@72,/)27/'8)T6iU*#?KWAI?*DO*!?F=K=I*

**

M+&8%@'2%&A) %&07$>'&() +::%0%,/8) 2'8%A&'@) :2+$) (9'%2) +::%0') 7;+&) :%/%&A) ,) MRM):+2),&+(9'2);+8%(%+&)%8)&+(),)B%+/,(%+&)+:)(9')#.M)>'0,78')%()%8)A'2$,&')(+)(9');72;+8')+:)(9')/,1")T,iU*(CHJEWKX?*DO*!?F=K=I)))MR[#Y#M)$,?),88%A&)'/'0(%+&)+::%0'28)(+)+(9'2)8(,(%+&8),:('2)a)?',28)(+),B+%@)0+227;(%+&)(9,()$%A9()(,O');/,0'*TZ,U*0=*9HYFWEM*\<O*DO*!?F=K=I)))C;;+%&(%B')+::%0%,/8)$78()>')2'$+B'@):2+$)(9'%2);+8%(%+&)%:)(9'?)09++8')(+)27&):+2)'/'0(%+&8) 8%&0') (9'?),2');2+9%>%('@)>?) /,1) (+)'&A,A') %&);,2(%8,&);+/%(%0,/),0(%B%(%'8")TZhU*1W<JEWA*DO*.d=IHGJD=*$=I<=GW<S)))49'2')%8)87>8(,&(%,/)@%::'2'&0')>'(1''&),;;+%&(%B'),&@)'/'0(%B')+::%0%,/8),8)(9'):+2$'2) 9+/@) (9'%2) +::%0') >?) B%2(7') +:) (9'%2) @'8%A&,(%+&) (9'2'(+) >?) ,&),;;+%&(%&A) ,7(9+2%(?) 19%/') (9') /,(('2) +007;?) (9'%2) +::%0') >?) B%2(7') +:) (9')$,&@,(')+:)(9')'/'0(+2,(')Te`U*NHJEG?*DO*!?F=K=I))

ZO $=dHWK*0JAI<JFJEWGJ?E*

))F'57,/) @%802%$%&,(%+&) $,?) >') $,@') %:) (9') ;72;+8') %8) %&) (9') &,(72') +:) (9')'5'20%8') +:) ;+/%0') ;+1'2) P%&) (9%8) 0,8'=) ;2+('0(%+&) +:)1+$'&Q) TeU* 9?=AW<G* DO*!K=W<S)

Page 27: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,g*

))`O 9?D=<EF=EG*L?@=<AM*L?KJI=*L?@=<*

))49') /,1) 0,&) 02',(') ,) B,/%@) 0/,88%:%0,(%+&) >'(1''&) ,0(%B%(%'8) 0+&(2+//'@) ,&@)2'A7/,('@)>?)/,1),&@)(9+8')19%09),2')&+()P%&)(9%8)0,8'=)A,$'8)+:)09,&0'Q)TgU*4($!"*DO*L(9!"-)))d+2)(9');72;+8')+:)(9')A'&'2,/)1'/:,2')+:);'+;/')P$+2'+B'2)(9+8')19+),2')%&)&''@Q),&@)'5,0(%&A)8+0%,/)I78(%0'=)(9')8(,(')0,&)78')%(8);+/%0');+1'2)(+)02',('),)0/,88%:%0,(%+&)>'(1''&)(9');++2),&@)+(9'28)TiU*4JEWS*DO*0?FJEC?*

C)A,$>/%&A):2,&09%8')%8),/1,?8)87>I'0()(+)(9')'5'20%8')+:);+/%0');+1'2):+2)(9');7>/%0)1'/:,2')T6`U*)JF*DO*LWIaHJEC*

))49') 6+B'2&$'&() $,?) 2'f7%2') >2+,@0,8(%&A) 8(,(%+&8) (+) ,//+1) (9'$) (+)0+$$7&%0,(')(+)(9');7>/%0")49%8)%8);,2()+:)(9'%2)2'8;+&8%>%/%(?)7&@'2)E"C")X-^-)T,eU*%.).4(L*/O*!"3.).!)))49') \dC) @+'8) &+() B%+/,(') (9') #.M) >'0,78') (9') 0'2(,%&) '5'$;(%+&8) ,&@);2%B%/'A'8)A%B'&)(+)TF)$%/%(,2?);'28+&&'/),2')I78()(+)8'2B')+7()(9'),A2''$'&(<8);72;+8')+:);2+$+(%&A)$7(7,/)(278(),&@);',0'),$+&A)(9')(1+)0+7&(2%'8")TZZU*4(2(#*DO*nWF?<W)))49'2')%8)87>8(,&(%,/)>,8%8):+2),)@%::'2'&()(2',($'&()+:),)$'$>'2)+:),):+2'%A&)$%/%(,2?),2$'@):+20'8),//+1'@)(+)'&('2)+72)('22%(+2?),&@),//)+(9'2),0078'@)Te5U*#JI?KWA*DO*-?FHK?)))C)$+(+20?0/'=) A%B'&) %(8) 2,(9'2) :2,A%/') 09,2,0('2%8(%08=)$,?) >') 8%&A/'@) +7() >?)/,1)(9,()%&('&@8)(+);2+('0()(9')8,:'(?)+:)(9');7>/%0)T`ZU*3J<WA?K*DO*0L+:)))6%B'&) (9') ;2'8'&0') +:) ('22+2%8() ,0(%B%(?=) +%/) @';+(8) 9,B') ,) 87>8(,&(%,/)@%8(%&0(%+&) ,A,%&8() +(9'2) %&@78(2%'8) >'0,78') +:) (9') 8'B'2%(?) +:) @,$,A') (9'?)$,?)0,78')T`gU*$\$*DO*(GJ=EYW)))49') 0%(%'8) '&7$'2,('@) %&) (9') 0%(?9++@) /,18) 9,B') 87>8(,&(%,/) @%::'2'&0'),A,%&8() (9+8') &+() '&7$'2,('@) A%B'&) (9'%2) 0,;,>%/%(?) (+) >'0+$') 0+$;+&'&()0%(%'8)+:)(9'%2)2'8;'0(%B');2+B%&0'8*TeZU*)=WCH=*?B*!JGJ=A*DO*!?F=K=I)**

eO %Wd*!KWAAJBJIWGJ?E*

))

M2',(%&A) 0/,88%:%0,(%+&8) :+2) (9') ;72;+8') +:) (,5,(%+&) %8) %&9'2'&() %&) (9') (,5%&A);+1'2)+:) (9')F(,(') T66U* %?K=EGJE?* DO* $=I<=GW<S* ?B* 1JEWEI=M* T6gU* $JA?EM* \<O* DO*(EI;=GWM*TeeU*!-.4(*DO*-?FHK?)))49')M+&A2'88=)(92+7A9)%(8)(,5%&A);+1'2)0,&)@'('2$%&')(9')'5('&()+:)(9')(,5%&A);+1'2) +:) Y6T8) ,8) /+&A) ,8) %() %8) 0+&8%8('&()1%(9) (9') ;+/%0?) +:) /+0,/) ,7(+&+$?)TZgU*L:&)-.!(*DO*$=IO*?B*0&)9))))

fO !<JFJEWK*)W@M*)JGJCWGJ?E*

))49'2') %8) 87>8(,&(%,/) @%8(%&0(%+&) >'(1''&) (9+8') 19+) @%@) &+() 0+$$%() ,&?),0(%+&,>/')12+&A),A,%&8() (9+8')19+) %&8(%A,('@),&@)0+$$%(('@)8709)12+&A8")ThU*-=>HRKJI*DO*$WEXJCWERWSWE*=GOWKO)))49'2') %8) ,) 87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)02%$%&,//?),0078'@);+/%0'$'&),&@)02%$%&,//?) ,0078'@) +(9'2) ;'28+&8) %&8+:,2) ,8) (9') :+2$'2=) (92+7A9) (9'%2)1',;+&8),&@);+8%(%+&=)0,&)%&(%$%@,(');2+8;'0(%B')1%(&'88'8)T6,U*:JFWCWE*DO*

L=?>K=)))49'2') %8) ,) 87>8(,&(%,/) @%8(%&0(%+&)>'(1''&) (9+8')19+)9,B');'&@%&A) 02%$%&,/)09,2A'8),A,%&8()(9+8')19+)9,B')&+&')T6hU*3W<I?A*DO*!()))M2%$%&,/) J$$7&%(?) 7&@'2) F'0") ^) %8) A2,&('@) +&/?) (+) 1%(&'88'8) ,A,%&8() ,&),0078'@) %&) ,&) %//`A+(('&)1',/(9) 0,8'") 49%8) ;2+B%8+) A%B'8) 2%8') (+) ,) 87>8(,&(%,/)@%8(%&0(%+&) >'(1''&) ;2%&0%;,/) @':'&@,&(8) ,&@) 1%(&'88'8) %&) 8709) 0,8'8") T,`U*!;WD=Y*DO*$WEXJCWERWSWE)))49'2') %8) ,) 87>8(,&(%,/) @%8(%&0(%+&) >'(1''&) 0,8'8) 19'2') (2%,/) ,/2',@?) >'A7&),A,%&8()(9+8')19'2')%()9,8)&+()?'()8(,2('@")T,gU*)WIA?E*DO*.d=IHGJD=*$=I<=GW<S)))49')A2,&()+:);2+>,(%+&)@+'8)&+()2'f7%2'):%&,&0%,/)0,;,>%/%(?)+&)(9');,2()+:)(9')A2,&(''") U+1'B'2=) ;,?$'&() +:) 0%B%/) @,$,A'8) $,?) >') B,/%@/?) $,@') ,8) ,)0+&@%(%+&):+2)(9')0+&(%&7'@)'&I+?$'&()+:)8709);2+>,(%+&")T,hU*$?<JWE?*DO*!()))C2(")-kX)+:)(9')E.M)@+'8)&+()B%+/,(')(9')E.M)A%B'&)(9,(),&?+&')$,?)0+$$%()(9')02%$'8)'&7$'2,('@)(9'2'%&),&@)>');7&%89'@)1%(9)(9')8,$');'&,/(?) TZ`U*L=?>K=*DO*3=<IWX?)))C&) '/'0(%B') +::%0%,/)19+) 0+$$%(('@) ,) 02%$') ;7&%89'@) >?) ,) ;'2%+@) (9,() A+'8)>'?+&@)(9'%2);2%B%/'A'@`:2+$`,22'8()'5'$;(%+&)9,8)&+)87>8(,&(%,/)@%8(%&0(%+&)

Page 28: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,h*

:2+$)+(9'2);2%8+&'28)19+)0+$$%(('@)02%$'8);7&%89'@)>?)(9')8,$');'&,/(%'8)TZeU*L=?>K=*DO*\WK?AV?A))).'&,/)8(,(7('8)@+)&+()A+),A,%&8()(9')#.M),8)(9'?)@+)&+();7&%89);'+;/'):+2)19+)(9'?) ,2'=) 2,(9'2=) 19,() %8) ;7&%89'@) %8) 19,() (9'?) @+) +2) 9+1) (9'?) 0+&@70()(9'$8'/B'8)Te,U*L=?>K=*DO*$JG?E)))))

gO .F>K?SF=EG*

))49'2')%8),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)/,&@`>,8'@),&@)8',`>,8'@)1+2O'28)%&) ('2$8)+:)1+2O)'&B%2+&$'&(),&@),00'88%>%/%(?) (+)8'B'2,/) (?;'8)+:),0(%B%(%'8")T6eU*3W<JGJF=*3WEEJEC*(C=EIJ=AM*&EIO*DO*L".())).'+;/') 19+) 1+2O) 1%(9) 87>8(,&(%,//?) 'f7,/) f7,/%:%0,(%+&8=) 8O%//=) '::+2(=) ,&@)2'8;+&8%>%/%(?=) 7&@'2) 8%$%/,2) 0+&@%(%+&8=) 89+7/@) >') ;,%@) 8%$%/,2) 8,/,2%'8)P19'(9'2) (9'?) ,2') d%/%;%&+) +2) &+(Q) TZ6U* &EG=<EWGJ?EWK* $I;??K* (KKJWEI=* ?B*.XHIWG?<A*DO*NHJAHFRJEC)))*%::'2'&() 0/,88%:%0,(%+&8) +:) '$;/+?''8) %&) ('2$8) +:) (9'%2) 2'8;'0(%B') 1,A')8(270(72'8)B%+/,('8) (9')#.M) %:)&+) 87>8(,&(%,/)@%8(%&0(%+&8),2') 89+1&)>'(1''&)(9')A2+7;8)T`,U*!=EG<WK*4WE_*.F>K?S==A*(AA?IJWGJ?E*DO*4$L*

**

49'2') %8) 87>8(,&(%,/) @%8(%&0(%+&) >'(1''&) +>'8') 0,>%&) ,(('&@,&(8) ,A,%&8()+(9'28) A%B'&) (9,() (9') :+2$'2<8) %$$+>%/%(?) 0,&) %$;'@') ;,88'&A'28) :2+$)'B,07,(%&A)(9'),%202,:()%&)0,8'8)+:)'$'2A'&0?)T`fU*2<WAH=CHJ*DO*L())))#B'&) %:),) /,1)8''O8) (+),//'B%,(') (9')>72@'&)+:),&+(9'2) 8'0(+2)+:) 8+0%'(?=) %:) %()(2,&8:'28) 8709) 7&I78() ,&@) @%802%$%&,(+2?) >72@'&) +&) +(9'28) PRd]8Q=) %() %8)0+&(2,2?)(+)/,1)Te6U*$=<<WE?*DO*9WKWEG*3W<JGJF=*$=<DJI=AM*&EIO*

**

))hO L=<FJGAM*4=E=BJGA*WEX*L<JDJK=C=A*

**

C) B,/%@) 0/,88%:%0,(%+&) 1%(9) 2'A,2@) (+) ;2%B%/'A'8) $78() ,@$%() +:) 87>8(,&(%,/)@%8(%&0(%+&8) >'(1''&) (9') A2+7;8) 0+&0'2&'@) :+2) %() (+) >') 0+&8%@'2'@)0+&8(%(7(%+&,/)T,5U*L;JK*\HXC=A*DO*L<WX?)))

49')[,?+2)@+'8)&+()9,B')7&>2%@/'@)@%802'(%+&) %&)A2,&(%&A)>78%&'88);'2$%(8")4+) $,O') ,) B,/%@) 0/,88%:%0,(%+&=) (9') 2'f7%2'$'&(8) +:) (9') #.M) $78() 8(%//) >')0+$;/%'@)1%(9")T,6U*"KJDW<=Y*DO*$WEXJCWERWSWE***

49'2') %8) 87>8(,&(%,/) @%8(%&0(%+&) >'(1''&) &+&`2'8%@'&() ,/%'&8) ,&@) 2'8%@'&(),/%'&8)19'&)19,() %8) %&)f7'8(%+&) %8) (9') %887,&0')+:)'$;/+?$'&();'2$%(8) T,,U*93!*DO*%?<<=A)))Y,1$,O'28)9,B')(9')@%802'(%+&)(+)A2,&()>'&':%(8)(+)8;'0%:%0),2',8)+&/?)19%09)9,B') (9') 0,;,>%/%(?) +:) /72%&A) %&) >%A) %&B'8($'&(8) ,&@) $,&?) '$;/+?$'&()+;;+2(7&%(%'8):+2)d%/%;%&+8)T,fU*%JH*DO*!()))J:)(9'2')%8)87>8(,&(%,/)'f7,/%(?)%&)(9')2+/'8);'+;/'):2+$)@%::'2'&();+8%(%+&8);/,?)%&)(9')I7@%0%,2?=)0/,88%:%0,(%+&):+2)0'2(,%&)>'&':%(8),&@);2%B%/'A'8)1%(9)2'A,2@)(+)0+$;'&8,(%+&)%8);2+9%>%('@)T``U*&E*-=*-=aH=AG*?B*(!(***

iO "BBJI=*?B*G;=*"FRHXAFWE*7*.L!*JA*E?G*W>>KJIWRK=*

))49')R::%0')+:)(9')R$>7@8$,&)0,&)09++8')(+),0()+&),&?)0+$;/,%&():%/'@)%&),&?)$,&&'2) P&+) &''@) :+2) B'2%:%'@) 0+$;/,%&(8=) 81+2&) 8(,('$'&(8) ,&@) :7//)@%80/+872')+:)%@'&(%(?Q),A,%&8();7>/%0)+::%0%,/8)T6ZU*(KF?EG=*DO*/WAaH=Y)))49')R::%0') +:) (9')R$>7@8$,&)9,8) (9') 8+/') @%802'(%+&) +:)19'(9'2) +2) &+() (+);7287');2'/%$%&,2?) %&B'8(%A,(%+&),&@) :72(9'2);2+0''@%&A8) %&) 0,8'8) %()9,&@/'8)T`eU*0JFWSHCW*DO*"34*

*

49')R$>7@8$,&)$,?) %$;+8') 878;'&8%+&) (+);2'B'&(),0078'@);7>/%0)+::%0'28):2+$) 0+$$%((%&A) ,0(8) (9,()1+7/@) '%(9'2) ,::'0() (9') 0,8') +2) (9+8') (9,() 0+7/@)02',(')$+2')9,2$)T,ZU*$=C?DJW*DO*$WEXJCWERWSWEM*T`iU*9?R=EIJ?EC*DO*!(**

*

*

*

*

*

*

*

*

*

*

Page 29: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

,i*

!WA=*#?O* !WA=*%JGK=* )W@[0=IJAJ?E[0?IHF=EG**

WG*&AAH=*

(KK=C=X*

0JAI<JFJEWGJ?E*

/WKJX*!KWAAJBJIWGJ?E*%=AG* 0?IG<JE=*

!) .'+;/')B")M,?,() $=IO*,*WEX*Z*?B*(IG*#?O*

6fZi)19%09)@+'8)&+(),//+1)$'$>'28)+:)&+&`M92%8(%,&)(2%>'8)K(+)>7?=)2'0'%B'=)9,B')%&)9%8);+88'88%+&=)+2)@2%&ON)8'B'2,/)O%&@8)+:)/%f7+2)

J()%8),//'A'@)(9,()(9,()(9'2')%8),&)WGG=F>G*

G?*XJAI<JFJEWG=)$'$>'28)+:)&+&`M92%8(%,&)(2%>'8),&@)G<=WG*G;=F*WA*

JEB=<J?<)>'%&A8)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$Q)`)(9')('2$)K&+&`M92%8(%,&)(2%>'8N)%&)(9')/,1)2':'28)&+()(+)2'/%A%+78)>'/%':=)>7()(+)(9')C=?C<W>;JIWK*W<=W),&@)(+)(9')&,(%B'8)+:)(9').9%/%;;%&'8)+:),)K?@*C<WX=*?B*IJDJKJYWGJ?E*

*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*/,1)@'8%A&'@)(+)%&872');',0'),&@)+2@'2)%&)&+&`M92%8(%,&)(2%>'8))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*o*/,1)%8)%&('&@'@)(+),;;/?):+2),//)(%$'8),8)/+&A),8)(9'8')0+&@%(%+&8)P8(,(78)+:)%&@%A'&+78)A2+7;8=)'("),/"Q)2'$,%&))XO*.aHWK*W>>KJIWGJ?E*G?*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U**

M/,88%:%0,(%+&)0,&)>')$,@')%:)%();,88'8)(9')B,/%@)0/,88%:%0,(%+&)('8())M,&@'/,2%,)&+('8Z)@'0%8%+&)$%A9()09,&A')%:)0,8')1,8):%/'@)(+@,?)>'0,78')+:)&L-())

-) J09+&A)B")U'2&,&@'g)

L<?;JRJGJ?E*,A,%&8()&+&`0%(%g'&8)P>+(9);'28+&8),&@)0+2;+2,(%+&8Q):2+$)'&A,A%&A)%&)2'(,%/)(2,@'))/W<J?HA*=dI=>GJ?EA*G?*G;=*

><?;JRJGJ?E)@=<=*><?DJX=X)P'"A")TF)0%(%g'&8=)/%0'&8')9+/@'28),:('2);2+;'2)2'A%8(2,(%+&Q)

.'(%(%+&'2),//'A'8)(9,()!;JE=A=*<=GWJK=<A*W<=*

HE<=WA?EWRKS*

XJAI<JFJEWG=X*>?)(9')/,1)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*,/%'&,A')%8),)2',8+&,>/')0/,88%:%0,(%+&)%&)(9')'5'20%8')+:);+/%0');+1'2))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*;72;+8')%8)(+);2'B'&(),/%'&)0+&(2+/),&@)@+$%&,&0')%&)2'(,%/)19%09)%8),)(92',()(+)&,(%+&,/)8'072%(?))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*o*

G+)@%802%$%&,(%+&),A,%&8()M9%&'8')&,(%+&,/8)>'0,78')(9');2+9%>%(%+&)%8),;;/%0,>/')(+),//)+(9'2),/%'&8)P'50';()TF)0%(%g'&8)>'0,78')(9'?)1'2')A%B'&)8;'0%,/)2%A9(8)>?)(9')!V3^)M+&8(%(7(%+&Q)

C/%'&,A')%8),)2',8+&,>/')0/,88%:%0,(%+&)%&)(9')'5'20%8')+:);+/%0');+1'2)

3) \%//'A,8)B")U%7)M9+%&A)48,%).,+)U+)

!JGS*"<XJEWEI=*feZg)19%09)@+'8)&+(),//+1)E?E71JKJ>JE?A)(+)>')'$;/+?'@)+2)'&A,A'@)%&),&?)+007;,(%+&)1%(9%&)(9')M%(?)+:)[,&%/,)1%(9+7():%28()8'072%&A),&)'$;/+?$'&();'2$%()P@JG;*<=A>=IGJD=*I?AGAU*:2+$)(9')[,?+2)+:)(9')0%(?)

J()%8),2>%(2,2?=)+;;2'88%B'),&@)7&2',8+&,>/'=)>'%&A),;;/%'@)+&/?)(+),/%'&8))49').)^_):'')%8)7&2',8+&,>/'))

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*.)^_)%8)7&2',8+&,>/')>'0,78')%()%8)P!Q)'50'88%B'),&@)P-Q)%():,%/8)(+)0+&8%@'2)87>8(,&(%,/)@%::'2'&0'8)%&)8%(7,(%+&),$+&A),/%'&8))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U*o*(9'2')%8)&+)/+A%0)+2)I78(%:%0,(%+&)%&)'5,0(%&A),):''):2+$),/%'&8)19+)9,B')>''&)0/',2'@):+2)'$;/+?$'&())IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

)XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#"U*7*)+&0'),);'28+&)9,8)>''&),@$%(('@)(+)(9')0+7&(2?=)9')0,&&+()>')

49');2+('0(%+&)(9')#.M)A7,2,&(''8)%8),;;/%0,>/')(+)>+(9)0%(%g'&8),&@),/%'&8)

Page 30: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Z5*

@';2%B'@)+:)/%:'P/%B'/%9++@)%&0/7@'@Q)1%(9+7()@7');2+0'88)+:)/,1").2+('0(%+&)+:)#.M)%8)A%B'&)(+),//);'28+&8=)>+(9),/%'&),&@)0%(%g'&8)

a) *7$/,+)B")MR[#Y#M)

$=IO*`*?B*4L*4KCO*e,);2+B%@'8)(9,(),&)=K=IGJD=*?BBJIJWK)P0%(?)+2)$7&%0%;,/Q)19+)9,8)R==E*C<WEG=X*<=GJ<=F=EG*R=E=BJGA):+2)(9');+8%(%+&8)9')9,8)9'/@),&@)19+)%8)fe*SO?")),()(9')0+$$'&0'$'&()+:)(9')('2$)+:)+::%0')19%09)9')8''O8)(+)>')'/'0('@=)A;WKK*E?G*R=*aHWKJBJ=X)(+)27&):+2)(9')AWF=*=K=IGJD=*K?IWK*

?BBJI=*B<?F*@;JI;*;=*;WA*

<=GJ<=X)

*7$/,+),//'A'8)(9,()(9');2+B%8%+&)%8)>,8'@)+&)K;72'/?),2>%(2,2?)A2+7&@8),&@=)(9'2':+2'=)0/,88)/'A%8/,(%+&N)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9')&''@):+2)&'1)>/++@),887$'8)2'/'B,&0')b),)2'(%2''):+2)A+B'2&$'&()1+2O)9,8),/2',@?)@'0/,2'@)9%$8'/:)(%2'@),&@)7&,B,%/,>/'):2+$)(9')8,$'))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*;72;+8')%8)(+),//+1)(9')'$'2A'&0')+:)?+7&A'2)>/++@)%&)/+0,/)A+B'2&$'&(8))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&),)2'(%2''),&@)?+7&A)>/++@)%&)('2$8)+:)A+B'2&$'&()1+2O"))

^) 6+'8,2()B")M/',2?)'("),/"))

$=I*6iW*?B*(IG*6ZZ*?B*G;=*

LHRKJI*(IGA*?B*3JI;JCWE);2+B%@'8)(9,()E?*B=FWK=*

$,?)>')/%0'&8'@)(+)'&A,A')%&)(9')8,/')+:)/%f7+2),&@)>,2('&@%&A)7&/'88)89')pR=*G;=*@JB=*?<*XWHC;G=<*?B*

G;=*FWK=*?@E=<k*+:),)/%0'&8'@)/%f7+2)'8(,>/%89$'&()

.'(%(%+&'28)0/,%$)(9,()P!Q);2+9%>%(%&A),//):'$,/'8):2+$)8'//%&A)/%f7+2),&@)P-Q),//+1%&A)1%B'8)+2)@,7A9('2)+:)/%0'&8'@)>,2('&@'28)(+)8'//)/%f7+2)IWEE?G*R=*><?DJX=X*WG*G;=*

AWF=*GJF=*

TAHRAGWEGJWK*

XJAGJEIGJ?EU*

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*87>8(,&(%,/)@%8(%&0(%+&)1+7/@)>')(9')K2'/,(%+&N)+:)(9'):'$,/')1+2O'2)(+)(9')>,2)+1&'2c)(9+8')19+),2')2'/,('@)(+),)/%0'&8'@)$,/')+1&'2)1%//)>');2+('0('@)>?)(9')/,(('2))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*;2+('0(%+&):+2)(9');9?8%0,/),&@)$+2,/)1'//)>'%&A)+:)1+$'&))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*)

F'57,/)@%802%$%&,(%+&)$,?)>')$,@')%:)(9');72;+8')%8)%&)(9')&,(72')+:)(9')'5'20%8')+:);+/%0');+1'2)P%&)(9%8)0,8'=);2+('0(%+&)+:)1+$'&Q)

k) R2$+0)F7A,2)M'&(2,/)B")R2$+0)M%(?)

"<F?I*!JGS*"<XJEWEI=)19%09);2+B%@'8)(9,()R2$+0)F7A,2)M+$;,&?)89,//);,?),)$7&%0%;,/)(,5)'f7%B,/'&()(+)!p):+2)'B'2?(9%&A)'5;+2('@)(+):+2'%A&)0+7&(2%'8+

J()%8),//'A'@)(9,()8709)+2@%&,&0')B%+/,('8)(9')#.M)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#[(U*o*(9');'(%(%+&'2)1,8)(9')+&/?)87A,2)0'&(2,/)%&)(9')0%(?)+:)R2$+0)*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#?G*XJAIHAA=XU*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#"U*o*(,5%&A)+2@%&,&0'8)89+7/@)&+()>')8%&A7/,2),&@)'50/78%B'),8)(+)'50/7@'),&?)87>8'f7'&(/?)'8(,>/%89'@)87A,2)0'&(2,/)*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#"U*)

Y,18)89+7/@)&+()(,2A'(),)8%&A/'),&@)'50/78%B')0+$;,&?)%&),)1,?)(9,()87>8'f7'&()0+$;,&%'8)+:)(9')8,$')&,(72')89,//)&+()>'),::'0('@)>?)(9')/,1)

X) DCFMR)B").C6MRE)

LO0O**6hfi*P.9%/%;;%&')C$78'$'&(),&@)6,$%&A)

.'(%(%+&'2)0+&('&@8)(9,()(9')."*")B%+/,('8)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9'2')%8),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)/'A,/),&@)%//'A,/)A,$>/%&A)b)(9'):+2$'2)%8)

49')/,1)0,&)02',('),)B,/%@)0/,88%:%0,(%+&)

Page 31: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Z6*

M+2;+2,(%+&)M9,2('2Q)/'A,/%g'@).C6MRE`0+&@70('@)A,$>/%&A)

(9')#.M)>'0,78')%()K/'A,/%g'@).C6MRE`0+&@70('@)A,$>/%&A=)19%/')$+8()A,$>/%&A),2')+7(/,1'@)(+A'(9'2)1%(9);2+8(%(7(%+&=)@27A)(2,::%0O%&A),&@)+(9'2)B%0'8N)

,//+1'@)>?)/,1),&@)2'A7/,('@)>?)(9')A+B'2&$'&()19%/')(9')/,(('2)%8)&+()P%&B+/B'8),//)(9')'B%/8),&@=)$,/;2,0(%0'8=),&@)0+227;(%+&8Q))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*;72;+8')%8)(9')0'&(2,/%g,(%+&=)%&('A2,(%+&=),&@)2'A7/,(%+&8)+:)A,$'8)+:)09,&0'),7(9+2%g'@)>?)/,1)%&)+2@'2)(+)A'&'2,('),@@%(%+&,/)2'B'&7'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

>'(1''&),0(%B%(%'8)0+&(2+//'@),&@)2'A7/,('@)>?)/,1),&@)(9+8')19%09),2')&+()P%&)(9%8)0,8'=)A,$'8)+:)09,&0'Q)

W) E';7>/%0)B")F,&@%A,&>,?,&)'(",/")

0==X*?B*(AAJCEF=EG)'&('2'@)%&(+)>?).M66),&@)M+&A2'88$,&)*')\'&'0%,)b)RWAJA*?B*G;=*

$WEXJCWERWSWE*G?*XJAFJAA*

!JDJK*!WA=*#?O*55,5*WCWJEAG*

<=A>?EX=EGA*

49')'5'07('@)@''@)+:),88%A&$'&()89+7/@)+&/?)@%8$%88)(9')0,8'),A,%&8()2'8;+&@'&()*')\'&'0%,)>7()&+()(9')+(9'2)2'8;+&@'&(8)P$'$>'28)+:).UJY6TCECG4##)b)D+&@+0)'(",/")=)d'2@%&,&@),&@)J$'/@,)[,20+8Q)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*TLW<GJWKKS*2.$U**

7*#"*%&)(9')0,8')+:)D+&@+0)'(",/"=)(9'?)8(,&@)%&)(9')8,$')A2+7&@),8)*')\'&'0%,c)(9'?)@%@)&+()0+$$%(),&),0(%+&,>/')12+&A)b)(9'?)1'2')I78()B%0(%$8)+:)(9')[,20+8'8)`)2.$*%&)(9')0,8')+:)(9')[,20+8'8=)(9'2')89+7/@)>')@%8(%&0(%+&)>'0,78')(9')@''@)+:),88%A&$'&()'507/;,('@)+&/?)*')\'&'0%,),&@)D+&@+0)'(",/"c)(9')[,20+8'8)1'2')%&07/;,('@))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9').M66)1,8)(+)2'0+B'2)(9')%//`A+(('&)1',/(9)+:)(9')[,20+8'8),&@)(+);7&%89)(9'$),&@)(9'%2)02+&%'8=)&+()+(9'28)19+)@%@)&+()0+$$%(),0(%+&,>/')12+&A8)))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*o*

D+&@+0)'(",/")$78()>')(2',('@)%&)(9')8,$')8(,(78),8)*')\'&'0%,),8)(9'?)@%@)&+()@+),&?(9%&A)12+&A)

49'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9+8')19+)@%@)&+()0+$$%(),&?),0(%+&,>/')12+&A),A,%&8()(9+8')19+)%&8(%A,('@),&@)0+$$%(('@)8709)12+&A8")

V) D%&,?)B")*+$%&A+) -=A?KHGJ?E*#?O*f5*?<*G;=*

4H<JWK*(AAJAGWEI=*L<?C<WF*

?B*3W_WGJ)19%09);2+B%@'8):+2),).^__):%&,&0%,/),88%8(,&0')(+),)>'2',B'2'@):,$%/?)19+8')A2+88):,$%/?)%&0+$')@+'8)&+()'50''@).-___),)$+&(9)b):7&@8)1+7/@)>')(,O'&):2+$)7&,;;2+;2%,('@),B,%/,>/'):7&@8)%&)(9')$7&%0%;,/)(2',872?)

M+$$%88%+&)+&)C7@%()0+&('&@8)(9,()(9').^__);'2)f7,/%:%'@)>'2',B'2'@):,$%/?),$+7&(%&A)(+).a__=___)89+7/@)>'):+2)(9')>'&':%()+:)(9')19+/'=)%:)&+()(9')$,I+2%(?=)+:)(9')%&9,>%(,&(8)+:)(9')$7&%0%;,/%(?),&@)&+():+2)(9')>'&':%()+:)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9+8')Kf7,/%:%'@)>',2'B'2'@):,$%/%'8N)0,&)>')0/,88%:%'@),8);,7;'28))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*0,2'):+2)(9');++2)%8),)2'0+A&%g'@);7>/%0)@7(?c)E'8+/7(%+&)G+"k_);2+$+('8)F+0%,/)H78(%0'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

d+2)(9');72;+8')+:)(9')A'&'2,/)1'/:,2')+:);'+;/')P$+2'+B'2)(9+8')19+),2')%&)&''@Q),&@)'5,0(%&A)8+0%,/)I78(%0'=)(9')8(,(')0,&)78')%(8);+/%0');+1'2)(+)02',('),)0/,88%:%0,(%+&)>'(1''&)(9');++2),&@)+(9'28)

Page 32: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Z,*

+&/?)(9+8')19+)f7,/%:?)

!_) G,(%+&,/).+/%0')M+$$%88%+&)B")*')67g$,&=)H2"))

$=IO*Zi*?B*-(*fige);2+B%@'8)(9,()7;+&),((,%&$'&()+:)(9'),A')+:)^k=)+::%0'2),&@)&+&`+::%0'2)$'$>'28)+:)(9').G.)$78()2'(%2'c)%&)0,8')+:),&?)+::%0'2)1%(9)(9')2,&O)+:)09%':)87;'2%&('&@'&(=)@%2'0(+2)+2)@';7(?)@%2'0(+2)A'&'2,/=)(9')M+$$%88%+&)$,?),//+1)9%8)2'('&(%+&):+2),&)7&'5('&@%>/');'2%+@)+:)!)?',2))$=I*hi)+:)(9')8,$')/,1);2+B%@'@),)a)?',2)(2,&8%(+2?);'2%+@)+:)(9'),0(Z)0+$;7/8+2?)2'(%2'$'&(),()(9')P,Q),A')+:)k_)%&)(9')!8()?',2=)P>Q),A')+:)^V)+&)(9')-&@)?',2=)P0Q),A')+:)^W)+&)(9')32@)?',2=),&@)P@Q),A')+:)^X)+:)(9')a(9)?',2)

J()%8)%&)f7'8(%+&)19'(9'2)+2)&+()F'0")WV)+:)(9')/,1)%8),;;/%0,>/')(+)(9')$'$>'28)+:)(9')&+1)@':7&0().9%/%;;%&')M+&8(,>7/,2?)P.MQ))J:)&+(=)@+'8)%()B%+/,(')(9')#.Ms)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9'2')%8),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9').M),&@)(9')/+0,/);+/%0'):+20'c)/'A%8/,(%B')%&('&()%8)0/',2)19'&)%()0+$'8)(+)(9')%887')+:)F'0")WV)+:)(9')/,1)&+()>'%&A),;;/%0,>/')(+)(9')$'$>'28)+:)(9').M))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o;72;+8')%8)(+)'&,>/')(9');+/%0')(+);/,&)(9'%2)2'(%2'$'&()19%09)1+7/@)>')',2/%'2)(9,&)787,/)7&@'2)(9')8,%@)/,1)))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#?G*W>>KJIWRK=U*o*F'0")WV)%8)$'2'/?)(2,&8%(+2?)))XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

Y'A%8/,(%B')%&('&()>'9%&@)(9')/,1),()%887')$,?)A%B')2%8')(+),)87>8(,&(%,/)@%8(%&0(%+&)

!!) 4+/'&(%&+)B")F'02'(,2?)+:)d%&,&0')

-O(O*gg6f*+2)(9')#5;,&@'@)\,/7')C@@'@)4,5)Y,1)

J()%8),//'A'@)(9,()(9')8,%@)/,1)B%+/,('8)(9')#.M)>,8'@)+&)(9')P!Q)/,0O)+:)'5'$;(%+&)+&)(9')8,/'8)+:)2',/);2+;'2(?),&@)P-Q):,B+72,>/')'5'$;(%+&8):+2)'/'0(2%0)0++;'2,(%B'8)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*49'2')%8),)@%::'2'&0')>'(1''&)(9')9+$'/'88);++2),&@)(9')9+$'/'88)/'88);++2)b)(9')/,(('2)P8'0+&@o$%@@/')0/,88)A2+7;Q)0,&),::+2@)(+)2'&()9+78'8):+2)(9')$',&(%$')19%/')(9'):+2$'2)0,&&+()))`)%()%8)%&9'2'&()%&)(9')(,5);+1'2)+:)(9')8(,(')(+)8'/'0()(9')87>I'0(8)+:)(,5,(%+&)))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U**

o*(9');72;+8')+:)(9')'5'$;(%+&)+:):++@=);'(2+/'7$=)$'@%0,/=),&@)B'('2%&,2?)8'2B%0'8):2+$)#`\C4)%8)(+);2+B%@')2'/%':):+2)(9')/+1'2)%&0+$')A2+7;8)`),/8+=)(9'2')%8),)A2',('2)&''@)(+);2+B%@')09',;'2)'/'0(2%0);+1'2)(+),8)$,&?);'+;/'),8);+88%>/')

M2',(%&A)0/,88%:%0,(%+&8):+2)(9');72;+8')+:)(,5,(%+&)%8)%&9'2'&()%&)(9')(,5%&A);+1'2)+:)(9')F(,(')

Page 33: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

ZZ*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*o*

(9')(,5%&A);+1'2)+:)(9')8(,('),//+18)(9'),7(9+2%(?)(+)$,O')2',8+&,>/'),&@)&,(72,/)0/,88%:%0,(%+&8):+2)(9');72;+8')+:)(,5,(%+&)

!-) U%$,A,&)B").'+;/')

$=IO**`g*?B*-O(O*fige*19%09);2+B%@'8)(9,()7;+&):%/%&A)+:),)0+$;/,%&()+2)%&:+2$,(%+&)87::%0%'&()%&):+2$),&@)87>8(,&0'),A,%&8(),)$'$>'2)+:)(9').G.):+2)A2,B'):'/+&%'8=)(9')0+72()89,//)%$$'@%,('/?)878;'&@)(9'),0078'@):2+$)+::%0')7&(%/)(9')0,8')%8)('2$%&,('@))F709)0,8')89,//)>')87>I'0()(+)0+&(%&7+78)(2%,/),&@)89,//)>')('2$%&,('@)1%(9%&)V_)@,?8):2+$),22,%A&$'&()+:)(9'),0078'@)

J()%8)0+&('&@'@)(9,()(9')%$;+8%(%+&)+:)(9');2'B'&(%B')878;'&8%+&)%8)0+&(2,2?)(+)M%B%/)F'2B%0')Y,1),&@)B%+/,(%B')+:)(9')#.M))C/8+=)%()%8),/8+),//'A'@)(9,()(9')('2$%&,(%+&)+:)(9')0,8')1%(9%&)V_)@,?8):2+$),22,%A&$'&()$78()>')/%:('@)>'0,78')+:)(9')0+$$,&@)+:)(9')('2$%&,(%+&)+:)(9')(2%,/)1%(9%&)(9')8,%@);'2%+@)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9'2')%8),)@%::'2'&(),;;/%0,(%+&),&@)(2',($'&()+:)(9')$'$>'28)+:)(9').G.),A,%&8()+(9'2);'28+&8),8)(9'?)0,22?)1',;+&8),&@)(9')>,@A')+:)(9')/,1)19%09)0,&)>')78'@)(+)9,2,88)+2)%&(%$%@,(')1%(&'88'8),A,%&8()(9'$))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+);2'B'&()(9+8')%&);+8%(%+&)%&)(9').G.)(+)1%'/@)%&:/7'&0')+2);+1'2)+B'2);2+8;'0(%B')1%(&'88'8))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*b),;;/%'8)(+),//)$'$>'28)+:)(9').G.)2'A,2@/'88)+:)2,&O)

49'2')%8),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)02%$%&,//?),0078'@);+/%0'$'&),&@)02%$%&,//?),0078'@)+(9'2);'28+&8)%&8+:,2),8)(9'):+2$'2=)(92+7A9)(9'%2)1',;+&8),&@);+8%(%+&=)0,&)%&(%$%@,(');2+8;'0(%B')1%(&'88'8)

!3) C/$+&(')B")\,8f7'g)

"FRHXAFWEkA*?<X=<)>?)B%2(7')+:)87>;+'&,)#(&'/+<'&(C#(+);2+@70');'28+&,/)@+07$'&(8),&@)8,/,2?)B+709'28)+:)(9')#JJD)>,8'@)+&),)0,8')>2+7A9(),>+7()>?),&)7&8%A&'@),&@)7&B'2%:%'@)/'(('2)0+$;/,%&()

.'(%(%+&'28),//'A'@)(9,()%&)WKK*B?<FA*?B*

WEX*G<JRHEWKA=)(9'),AA2%'B'@);,2(%'8)0,&)+&/?)9,/')2'8;+&@'&(8)B%,)(9'%2)B'2%:%'@)0+$;/,%&(8)+2)81+2&)8(,('$'&(8)1%(9)(9'%2)%@'&(%(%'8):7//?)@%80/+8'@)19%/')%&)><?I==XJECA*R=B?<=*G;=*

"FRHXAFWE=),&+&?$+78)/'(('28)87::%0')(+)8(,2(),&)%&B'8(%A,(%+&)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9')M+&8(%(7(%+&)'5;2'88/?);2+B%@'8)(9,()(9')R$>7@8$,&)0,&),0()+&),&?)0+$;/,%&()K:%/'@)%&),&?):+2$)+2)$,&&'2N)0+&0'2&%&A)+::%0%,/),0(8)+2)+$%88%+&8),//'A'@)(+)>')7&/,1:7/))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*b)(9'):2,$'28)+:)(9')M+&8(%(7(%+&)0+&8%@'2'@)(9'):%&,&0%,/)0+&@%(%+&)+:);++2),&@)8%$;/'):+/O)19+)0+7/@)&+(),::+2@)(+)9%2'),)/,1?'2):+2)(9');72;+8')+:)09,2A%&A),);7>/%0)+::%0%,/):+2)9%8)7&/,1:7/),0(8)+2)+$%88%+&8))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49')R::%0')+:)(9')R$>7@8$,&)0,&)09++8')(+),0()+&),&?)0+$;/,%&():%/'@)%&),&?)$,&&'2)P&+)&''@):+2)B'2%:%'@)0+$;/,%&(8=)81+2&)8(,('$'&(8),&@):7//)@%80/+872')+:)%@'&(%(?Q),A,%&8();7>/%0)+::%0%,/8)

Page 34: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Z`*

!a) Y%$)B").,0f7%&A) LO0O*gg6*2'B+O'@),//)'5%8(%&A)H,%`C/,%):2,&09%8'28)%887'@)>?)/+0,/)A+B'2&$'&(8)

C88+0%,(')*'B'/+;$'&()M+2;+2,(%+&),2A7'8)(9,()."*")XX!)B%+/,('8)(9')#.M),8)%()2'B+O'8)(9'%2)A,$>/%&A):2,&09%8')

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#[(U*o*%()89+7/@)>')2'$'$>'2'@)(9,(),):2,&09%8')%8)&+(),)8%$;/')0+&(2,0()>7(),)$'2');2%B%/'A')8;'0%,//?)%&)$,(('28)19%09),2')1%(9%&)(9')A+B'2&$'&(<8);+1'2)(+)2'A7/,('),&@)'B'&);2+9%>%()(92+7A9)(9')'5'20%8')+:);+/%0');+1'2)*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+)'::'0(%B'/?)0+&(2+/),&@)2'A7/,(')1,A'28)+2)>'((%&A)>?)(9');7>/%0)+&)9+28'),&@)@+A)2,0'8=)I,%`,/,%),&@)+(9'2):+2$8)+:)A,$>/%&A)P:+2);7>/%0)1'/:,2'Q))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*)*

XO*.aHWK*W>>KJIWGJ?E*G?*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*o*(9')@'02'')2'B+O'@),//):2,&09%8'8)%887'@)>?)/+0,/)A+B'2&$'&(8)1%(9+7()f7,/%:%0,(%+&)+2)'50';(%+&)

C)A,$>/%&A):2,&09%8')%8),/1,?8)87>I'0()(+)(9')'5'20%8')+:);+/%0');+1'2):+2)(9');7>/%0)1'/:,2')

!^) [,2%(%$')[,&&%&A)CA'&0%'8=)J&0")B").R#C)

-=A?KHGJ?E*#?O*56M*A=<J=A*

?B*6ii`)+:)(9').R#C),&@)L".(*3=F?<WEXHF*

!J<IHKW<*#?O*5eM*A=<J=A*?B*

6ii`)

J()%8),//'A'@)(9,()(9')2'8+/7(%+&),&@)$'$+2,&@7$)B%+/,(')(9')#.M),8)(9'2')%8)XJAI<JFJEWGJ?E*

WCWJEAG*B?<=JCE*

A;J>?@E=<A*WEX*

><JEIJ>WKA*'$;/+?%&A)1JKJ>JE?*A=WF=E),&@)%&)BWD?<*?B*B?<=JCE*=F>K?S=<A)'$;/+?%&A)+B'28',8)d%/%;%&+8)19+),2')E?G*A=WF=E*

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9'2')%8),)87>8(,&(%,/)@%::'2'&0')>'(1''&)/,&@`>,8'@),&@)8',`>,8'@)1+2O'28)%&)('2$8)+:)1+2O)'&B%2+&$'&(=)8,:'(?=)@,&A'28=)2%8O8=),&@),00'88%>%/%(?)(+)8+0%,/=)0%B%0=),&@)8;%2%(7,/),0(%B%(%'8))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+),::+2@);2+('0(%+&)(+)d%/%;%&+)Rd]<8)%&0/7@%&A)8',:,2'28),&@)(9'%2):,$%/%'8))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U**

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49'2')%8),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)/,&@`>,8'@),&@)8',`>,8'@)1+2O'28)%&)('2$8)+:)1+2O)'&B%2+&$'&(),&@),00'88%>%/%(?)(+)8'B'2,/)(?;'8)+:),0(%B%(%'8")

!k) E'A,/,)B")F,&@%A,&>,?,&)

.'(%(%+&'28=);,2(&'28)+:)CMMEC)Y,1)d%2$)(9,()2'B',/%&A)(9')&,$')+:)(9'%2)0/%'&()%8),)B%+/,(%+&)+:),((+2&'?`0/%'&();2%B%/'A')b)2'0+A&%(%+&)+:)(9')%$;+2(,&0')+:)0+&:%@'&(%,/%(?)

J&)@2+;;%&A)8%$%/,2)09,2A'8),A,%&8();2%B,(')2'8;+&@'&()E,7/)E+0+=)(9')0+&(%&7'@);2+8'07(%+&)+:)(9');'(%(%+&'28)B%+/,('8)(9')#.M),8)(9'2')%8)&+)87>8(,&(%,/)@%::'2'&0')>'(1''&)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*J()%8)A2+88/?)7&:,%2)(+)'5'$;()+&')8%$%/,2/?)8%(7,('@)/%(%A,&():2+$);2+8'07(%+&)1%(9+7(),//+1%&A)(9')8,$')'5'$;(%+&)(+)(9')+(9'28))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

G+)B,/%@)0/,88%:%0,(%+&)0,&)>')$,@')1%(9+7()(9');2'8'&0')+:),)87>8(,&(%,/)@%8(%&0(%+&)

Page 35: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Ze*

E+0+),&@)(9');'(%(%+&'28)

!X) F%8+&=)H2")B")C&09'(,)

$=IO*6*?B*4OLO*4KCO*6Ze) .'(%(%+&'2),//'A'8)(9,()(9'2')1+7/@)>')7&@7')@%802%$%&,(%+&),A,%&8()9%$)>?)(9')%$;+8%(%+&)+:)9%A9'2)(,5)2,('8)7;+&)9%8)%&0+$'),2%8%&A):2+$)(9')'5'20%8')+:)9%8);2+:'88%+&),A,%&8()(9+8')19%09),2')%$;+8'@)7;+&):%5'@)%&0+$')

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*b)(9')2'B'&7')$',872'8),2'),&09+2'@)%&),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(,5;,?'28),>%/%(?)(+);,?)(,5'8))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+),@@2'88)(9')@%8;,2%(%'8),$+&A8()(9')'5;'&8'8)&'0'88,2?)(+);2+@70')(9'%2)%&0+$'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*b)02',(%&A)(,5)0/,88%:%0,(%+&)%8)%&9'2'&()%&)(9')(,5%&A);+1'2)+:)(9')8(,(')

M2',(%&A)0/,88%:%0,(%+&8):+2)(9');72;+8')+:)(,5,(%+&)%8)%&9'2'&()%&)(9')(,5%&A);+1'2)+:)(9')F(,(')

!W) [,20+8)B")MC) F,B%&A)0/,78')%&)!4*!J<IHKW<*#?O*6Z6h);2+B%@'8)(9,()2'A7/,(%+&8=)B%+/,(%+&8)+:)19%09),2')(9')87>I'0()+:);'&@%&A),0(%+&8)+2)%&B'8(%A,(%+&8=)89,//)&+()>')0+&8%@'2'@)2';',/'@)%&8+:,2),8)8709);'&@%&A),0(%+&8)+2)%&B'8(%A,(%+&8)+2)0+&0'2&'@)

.'(%(%+&'2)J$'/@,)[,20+8)0+&('&@'@)(9,()(9')8,B%&A)0/,78')B%+/,('8)(9')#.M),8)%()1,8);72;+8'/?)@'8%A&'@)(+);2'8'2B')(9')02%$%&,/)09,2A'8),A,%&8()9'2),&@)9'2)0+`,0078'@=)D'&'@%0(+),&@)E%B'2,)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*)`)(9'2')%8),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9+8')19+)9,B');'&@%&A),0(%+&8),&@)(9+8')19+)9,B')&+&')b)(9')0,78')+:),0(%+&)+:)(9+8')%&)(9'):+2$'2)A2+7;),/2',@?),0027'@)>':+2')(9');,88,A')+:)(9')/,1))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*8,B%&A)0/,78')1,8)@%0(,('@)>?)(9')&''@)(+)0+&(%&7')(9');2+8'07(%+&)+:)(9+8')19+)9,@),/2',@?)0+$$%(('@)B%+/,(%+&8),A,%&8()(9')/,1))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*o*

,;;/%'8)(+),//);'+;/'),&@)&+()I78()(9');'(%(%+&'28)

49'2')%8),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9+8')19+)9,B');'&@%&A)02%$%&,/)09,2A'8),A,%&8()(9+8')19+)9,B')&+&'))

!V) G+/,80+)B")MR[#Y#M)

$=IO*fh*?B*G;=*"FEJRHA*

.K=IGJ?E*!?X=*1,8)B%+/,('@)>'0,78')(9'2')1,8)P!Q;,?$'&()+:)$+&'?)(+)%&:/7'&0')+2)0+227;()B+('28),&@);7>/%0)+::%0%,/8);'2:+2$%&A)'/'0(%+&):7&0(%+&8=)P-Q)0+$$%((%&A),0(8)+:)('22+2%8$)(+)'&9,&0')9%8)0,&@%@,0?),&@)P3Q)8;'&@%&A),&),$+7&()+B'2)19,()%8),//+1'@)>?)

D/,&0+),//'A'8)(9,()9%8)2%A9()(+)#.M)1,8)B%+/,('@)>'0,78')9%8)0,8'8)1'2')&+()2':'22'@)(+)MR[#Y#M<8)Y,1)*';,2($'&();7287,&()(+)MR[#Y#M)E'8+/7(%+&)G+")-_^_)>':+2')@%8f7,/%:%0,(%+&)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#[(U*b)MR[#Y#M)9,8)(9');+1'2)(+)2'8+/B')(9')0,8'8)+:)D/,&0+)@%2'0(/?)1%(9+7()2':'22%&A)%()(+)%(8)Y,1)*';,2($'&())RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U**

)IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*o*

MR[#Y#M)9,8)I72%8@%0(%+&)+B'2);2+0/,$,(%+&),&@)@%8f7,/%:%0,(%+&)0,8'8)

MR[#Y#M)9,8)(9')0+&8(%(7(%+&,//?)A2,&('@);+1'2)(+)'&:+20'),&@),@$%&%8('2),//)/,18),&@)2'A7/,(%+&8)2'/,(%B')(+)(9')0+&@70()+:),&)'/'0(%+&c)%()0,&&+()>')2'8(2%0('@)>?)$'2');2+0'@72,/)27/'8)

Page 36: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Zf*

(9')#/'0(%+&)M+@')-_) .9%/)H7@A'8)B")

.2,@+)$=IO*Ze*?B*-O(O*gZe`*

1%(9@2,18)(9'):2,&O%&A);2%B%/'A'):2+$)(9')I7@%0%,2?))))d2,&O)$,%/8)t)8+$'):+2$)+:)0+$$7&%0,(%+&)

J()%8),//'A'@)(9,()8709)/,1)B%+/,('8)(9')#.M),8)%()1%(9@2,18)(9'):2,&O%&A);2%B%/'A')(9')I7@%0%,2?)19%/')$,%&(,%&%&A)%():+2)+(9'28)8709),8)(9')'5'07(%B'=):+2$'2)'5'07(%B'8=),&@)(9'%2)1%@+18),$+&A)+(9'28)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*(9'2')%8)&+)87>8(,&(%,/)@%::'2'&0')>'(1''&)(9')I7@%0%,2?),&@)+(9'28)19'&)%()0+$'8)(+)(9'):2,&O%&A);2%B%/'A')b)(9')I7@%0%,2?)&''@8)%(),8)$709)+2)'B'&)$+2')(9,&)+(9'2),A'&0%'8)A2,&('@)8709);2%B%/'A'))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*,/(9+7A9)(9%8)%8)%$$,('2%,/),8)(9')/,1)%8)7&0+&8(%(7(%+&,/)*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#?G*XJAIHAA=XU*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#"U*o*

(9')I7@%0%,2?)89+7/@)>')0+&8%@'2'@),8)9,B%&A)(9')8,$')0/,88),8),//)+(9'28)19+),2')A2,&('@)(9'):2,&O%&A);2%B%/'A')

C)B,/%@)0/,88%:%0,(%+&)1%(9)2'A,2@)(+);2%B%/'A'8)$78(),@$%()+:)87>8(,&(%,/)@%8(%&0(%+&8)>'(1''&)(9')A2+7;8)0+&0'2&'@):+2)%()(+)>')0+&8%@'2'@)0+&8(%(7(%+&,/)

-!) R/%B,2'g)B")F,&@%A,&>,?,&)

."*%887'@)>?);'(%(%+&'2)19+)%8)(9')[,?+2)+:).,2,&,f7'"))J()%887'@);'2$%()(+),&K7&%@'&(%:%'@)D,0/,2,&`>,8'@)B'&@+28<,88+0%,(%+&N)(+)8'()7;),)&%A9()$,&7:,0(72'2<8):,%2=)19%09)/%O'1%8')$',&()(9')@'&%,/)+:)(9')8,$');'2$%()(+)DMMJ)(+)19+$)(9');'2$%()1,8);2'B%+78/?)A2,&('@)(+)

J()%8),//'A'@)(9,()(9')[,?+2)@%802%$%&,('@),A,%&8()DMMJ),&@)%&):,B+2)+:)(9')D,0/,2,&)\'&@+28)(+)19+$)(9');'2$%()1,8)A2,&('@)(+)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*7*(9'?):,%/'@)(+)89+1)(9,()DMMJ),&@)(9')D,0/,2,&)\'&@+28)1'2')&+()8%$%/,2/?)8%(7,('@)8+),8)(+)A%B'),()/',8(),)8'$>/,&0')+:)/'A,/%(?)(+)(9'),;;,2'&()9,8(')1%(9)19%09)(9')#R)1,8)%887'@))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U*o)49'):,0()(9,()(9');'2$%()1,8)A2,&('@)(+)DMMJ)>':+2')$',&()(9,()A2,&(%&A)(9');'2$%()(+)(9'$)%8)&+()0+&(2,2?)(+)/,1)*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#[(U*b)(9')/,0O)+:),)87>8(,&(%,/)@%8(%&0(%+&),/2',@?)&7//%:%'8)(9')0/,88%:%0,(%+&)$,@')*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#[(U*7*

(9')/,0O)+:),)87>8(,&(%,/)@%8(%&0(%+&),/2',@?)&7//%:%'8)(9')0/,88%:%0,(%+&)$,@')

49')[,?+2)@+'8)&+()9,B')7&>2%@/'@)@%802'(%+&)%&)A2,&(%&A)>78%&'88);'2$%(8")4+)$,O'),)B,/%@)0/,88%:%0,(%+&=)(9')2'f7%2'$'&(8)+:)(9')#.M)$78()8(%//)>')0+$;/%'@)1%(9")

--) 6[M)B")4+22'8) (<GO*`5*+:)(9')Y,>+2)M+@')(,/O8),>+7()(9')'$;/+?$'&();'2$%()A2,&('@)(+)&+&`2'8%@'&(),/%'&8)

E'B+0,(%+&)+:)'$;/+?$'&();'2$%()+:)4%$)M+&'),&@)0+&(%&7'@)'$;/+?$'&()+:)G+2$,&)D/,0O)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*G+2$,&)D/,0O)%8),)/+&A)(%$')2'8%@'&()+:)(9')0+7&(2?c)C2()a_)+:)(9')/,>+2)0+@'),;;/%'8)+&/?)(+)&+&`2'8%@'&(8))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+)2'A7/,(')(9')'$;/+?$'&()+:),/%'&8)))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)&+&`2'8%@'&(),/%'&8),&@)2'8%@'&(),/%'&8)19'&)19,()%8)%&)f7'8(%+&)%8)(9')%887,&0')+:)'$;/+?$'&();'2$%(8)

-3) F'A+B%,)B") $=IO*6Z*?B*-O(O*Z56i*PC&(%` .'(%(%+&'2),//'A'@) WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*b);7>/%0)+::%0'28)$,?)78')(9') 49')R$>7@8$,&)

Page 37: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Zg*

F,&@%A,&>,?,&) 62,:(),&@)M+227;().2,0(%0'8)Y,1Q)19%09);2+B%@'8)(9,(),&?)%&07$>'&()+::%0'2),A,%&8()19+$),)0,8')P0+$%&A):2+$),)B,/%@)%&:+2$,(%+&Q)%8):%/'@)89,//)>')878;'&@'@):2+$)+::%0'))

(9,()8709);+1'2)(+)878;'&@)%8),)B%+/,(%+&)+:)(9')#.M)

;2'8(%A'),&@)%&:/7'&0')+:)(9'%2)+::%0')(+)%&(%$%@,(')+2)%&:/7'&0');2+8;'0(%B')1%(&'88'8=)(+)(,$;'2)1%(9)@+07$'&(,2?)'B%@'&0'=)+2)(+)0+$$%():72(9'2),0(8)+:)$,/:',8,&0')19%/')%&)+::%0'))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*b)(9');72;+8')+:)(9')/,1)%8)(+);2'B'&()8709);7>/%0)+::%0'28):2+$)@+%&A)(9'),0(8)'&7$'2,('@),>+B'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

$,?)%$;+8')878;'&8%+&)(+);2'B'&(),0078'@);7>/%0)+::%0'28):2+$)0+$$%((%&A),0(8)(9,()1+7/@)'%(9'2),::'0()(9')0,8')+2)(9+8')(9,()0+7/@)02',(')$+2')9,2$)

-a) M9,B'g)B").M66) !?F><?FJA=*(C<==F=EG)'&('2'@)%&(+)>?)(9').M66),&@)(9')#8(,(')+:)[,20+8)B%+/,('8)#R8)!=)-=),&@)!a=),&@)(9')M+&8(%(7(%+&))J();2+B%@'8)P!Q),)1,%B'2)+:)CYY)0/,%$8),&@)0+7&('2`0/,%$8)>?)(9')A+B'2&$'&(=)P-Q),&)'5'$;(%+&):2+$),//):+2$8)+:)(,5'8)(+)(9');2+;'2(%'8)(+)>')2'(,%&'@)>?)(9')[,20+8)9'%28=),&@)P3Q),)A2,&()+:)02%$%&,/)%$$7&%(?)(+)(9')[,20+8'8)

.'(%(%+&'2)0+&('&@8)(9,(),)0+$;2+$%8'),A2''$'&()>'(1''&)(9').M66),&@)(9')[,20+8'8)1%//)>'),)B%2(7,/)0+&@+&,(%+&)+:),//)(9'),//'A'@)12+&A8)@+&')>?)(9'$)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*TLW<GJWKKS*2.$U**

`))#"*(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9')[,20+8)9'%28),&@)+(9'28)19+)$,?)%&)(9'):7(72')>'),00+7&(,>/')(+)(9');7>/%0)`)#"*(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&);2+;'2(%'8)(+)>')2'(,%&'@)>?)[,20+8)9'%28),&@);2+;'2(%'8)+:)(9')8,$')0/,88)b)(9')A2,&()+:)8;'0%,/)(,5)'5'$;(%+&)1%//)0+&8(%(7(')0/,88)/'A%8/,(%+&)`)2.$*(9'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9')[,20+8'8),&@),)1%(&'88)%&)0+&:+2$%(?)1%(9)(9')2'f7%2'$'&(8):+2)%$$7&%(?)7&@'2)F'0")^)+:)#R)!a)b)(9')[,20+8'8),2');2%&0%;,/)@':'&@,&(8)%&),)0,8');'&@%&A)>':+2')(9')F,&@%A,&>,?,&)19'2',8)F'0")^)%8),;;/%0,>/')+&/?)(+)1%(&'88'8)19+);2+B%@')%&:+2$,(%+&)+2)('8(%:?),A,%&8(),)2'8;+&@'&()%&),&)%//`A+(('&)1',/(9)0,8'))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#?G*XJAIHAA=XU*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#[(U*b),A2''$'&(8)@+)&+();2+B%@'):+2),)@':%&%('),&@)@'('2$%&,>/');'2%+@)1%(9%&)19%09)(9');,2(%'8)89,//):7/:%//)(9'%2)2'8;'0(%B');2'8(,(%+&8)*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#?G*

XJAIHAA=XU)

M2%$%&,/)J$$7&%(?)7&@'2)F'0")^)%8)A2,&('@)+&/?)(+)1%(&'88'8),A,%&8(),&),0078'@)%&),&)%//`A+(('&)1',/(9)0,8'")49%8);2+B%8+)A%B'8)2%8')(+),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&);2%&0%;,/)@':'&@,&(8),&@)1%(&'88'8)%&)8709)0,8'8")

-^) 4#Y#DC.)B")MR[#Y#M)

$=IO*i,*?B*4OLO*#?O*hh6*

PR$&%>78)#/'0(%+&)M+@'Q)2'f7%2'8)(9,(),//)2,@%+)>2+,@0,8(%&A),&@)('/'B%8%+&)8(,(%+&8)(+);2+B%@')2,@%+)+2)('/'B%8%+&)(%$'=):2'')+:)09,2A'=)

.'(%(%+&'28)0+$;/,%&)(9,()8709)/,1)8%&A/'8)+7()2,@%+),&@)('/'B%8%+&)8(,(%+&8)(+);2+B%@'):2''),%2(%$'")P&'18;,;'28),&@)$,A,g%&'8),2')&+(Q)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*b)D2+,@0,8()$'@%,)9,8),)$+2');'2B,8%B')%&:/7'&0'c)2,@%+)(2,&8%8(+28),2'):+7&@)'B'2?19'2'))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*b)$,('2%,/8)%&)>2+,@0,8()$'@%,),2')2'0'%B'@)>?),)A2',('2)&7$>'2)+:);'+;/'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

49')6+B'2&$'&()$,?)2'f7%2')>2+,@0,8(%&A)8(,(%+&8)(+),//+1)(9'$)(+)0+$$7&%0,(')(+)(9');7>/%0")49%8)%8);,2()+:)

Page 38: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Zh*

@72%&A)(9');'2%+@)+:)(9')0,$;,%A&):+2)KM+$'/'0)4%$'N)

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)(9'%2)2'8;+&8%>%/%(?)7&@'2)E"C")X-^-)

-k) 4%7)B")MC) .O"O*ig7()19%09)/%$%('@)(9')>'&':%(8),&@)'0+&+$%0)%&0'&(%B'8)A%B'&)>?)EC)X--X)

J()%8),//'A'@)(9,()>?)&,22+1%&A)@+1&)(9')8;'0%,/);2%B%/'A'8)A2,&('@)(+)(9')K:'&0'@`%&):+2$'2)F7>%0)G,B,/)D,8')+&/?N=)#"R")VX`)C)'50/7@'@)+(9'28):2+$)'&I+?%&A)8709)>'&':%(8),$+7&(%&A)(+)@%802%$%&,(%+&)&+()>,8'@)+&)87>8(,&(%,/)@%8(%&0(%+&8)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U**

7**(9'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9')>%A)%&B'8(+28)>'%&A)/72'@)%&(+)'8(,>/%89%&A),&@)+;'2,(%&A)(9'%2)%&@78(2%'8)%&8%@')(9')K8'072'@),2',N),&@)(9');2'8'&()>78%&'88'8)+7(8%@')(9')8,%@),2',*7)(9')8'072'@),2',)0+7/@)A%B')2%8')(+)(9+78,&@8)+:)&'1)I+>8),&@)>%//%+&);'8+)%&B'8($'&(8)`)+&)(9')+(9'2)9,&@=)(9+8'),0(%B%(%'8)+7(8%@'),2')&+()/%O'/?)(+)9,B'),&?)%$;,0()%&),09%'B%&A)(9');72;+8')+:)(9')/,1))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9')2',/);72;+8')+:)(9')/,1)%8)(+)0+&B'2()(9')/,&@8):+2$'2/?)+007;%'@)>?)TF)$%/%(,2?)>,8'8)%&(+)'0+&+$%0),&@)%&@78(2%,/),2',8)b)A%B'&)(9%8=)(9')M+&A2'88)%&('&@'@)(+)@'B'/+;)(9')K8'072'@),2',N),8),)8%('):+2)>%A)%&B'8(+28)(+)78'):+2)(9'%2)%&@78(2%'8)*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

Y,1$,O'28)9,B')(9')@%802'(%+&)(+)A2,&()>'&':%(8)(+)8;'0%:%0),2',8)+&/?)19%09)9,B')(9')0,;,>%/%(?)+:)/72%&A)%&)>%A)%&B'8($'&(8),&@)$,&?)'$;/+?$'&()+;;+2(7&%(%'8):+2)d%/%;%&+8)

-X) Y,08+&)B")#5'07(%B')F'02'(,2?)

-O(O*h,`i)PC&)C0()d72(9'2)*':%&%&A)(9')H72%8@%0(%+&)+:)(9')F,&@%A,&>,?,&Q)1,8),//'A'@)(+)>')7&0+&8(%(7(%+&,/))$=IO*`*?B*G;=*AWJX*KW@)@'/'('@)(9')1+2@)K;2%&0%;,/N)8+)(9,()(9')F,&@%A,&>,?,&)1%//)9,B')'50/78%B')I72%8@%0(%+&)2'A,2@/'88)+:)(9')@'A2'')+:);,2(%0%;,(%+&))$=IO*g*?B*G;=*AWJX*KW@)%8),)(2,&8%(+2?);2+B%8%+&)19%09)8(,('8)(9,()(9')C0()1%//),;;/?)(+),//);'&@%&A)0,8'8)%&),&?)0+72()+B'2)19%09)

Y,08+&),//'A'@)(9,()(9');2+B%8%+&8)%&)(9')8,%@)/,1)1'2')$,@')(+)(,2A'()9%8)0,8'")49')I72%8@%0(%+&)1,8),/2',@?)A%B'&)(+)(9')E4M)>7()19'&)(9')/,1)1,8);,88'@=)I72%8@%0(%+&)(2,&8:'22'@)(+)(9')F,&@%A,&>,?,&")U')8,%@)(9,()%()B%+/,('8)(9')#.M")

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9+8')0,8'8)19'2')(2%,/),/2',@?)>'A7&),A,%&8()(9+8')19%09)9,B')&+()?'()8(,2('@)7;+&)(9')'::'0(%B%(?)+:)(9')/,1))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*b)(9')/,1)8%$;/?)2'8(+2'@)19,()1,8);2+B%@'@)%&)(9')+2%A%&,/);2+B%8%+&8)7&@'2)."*")!k_k))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49'2')%8),)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)0,8'8)19'2')(2%,/),/2',@?)>'A7&),A,%&8()(9+8')19'2')%()9,8)&+()?'()8(,2('@")

Page 39: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

Zi*

(2%,/)9,8)&+()>'A7&)-W) F+2%,&+)B")MC) .'(%(%+&'2=),:('2)>'%&A)

0+&B%0('@),&@)87>8'f7'&(/?)>'%&A)A2,&('@);2+>,(%+&=)B%+/,('@)(9')%=<FA*WEX*

!?EXJGJ?EA*?B*8709)L<?RWGJ?E))

U'),//'A'@)(9,()2'f7%2%&A)9%$)(+)8,(%8:?)9%8)0%B%/)/%,>%/%(?)%&)+2@'2)(+)0+&(%&7'),B,%/%&A)+:)(9')>'&':%()+:);2+>,(%+&)B%+/,('8)(9')#.M)b)9')%8)8,?%&A)(9,()+&/?)$+&'?'@);2+>,(%+&'28)9,B')(9')09,&0')(+)>'&':%():2+$)8709);2+>,(%+&)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#[(U*b)&+)@%8(%&0(%+&)1,8)$,@')b);2+>,(%+&)1,8)A2,&('@)(+)9%$)'B'&)%:)9')1,8)2',//?);++2))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#[(U*b)&+)@%8(%&0(%+&)1,8)$,@'**

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#[(U*b)&+)@%8(%&0(%+&)1,8)$,@'**

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#[(U*b)&+)@%8(%&0(%+&)1,8)$,@')

49')A2,&()+:);2+>,(%+&)@+'8)&+()2'f7%2'):%&,&0%,/)0,;,>%/%(?)+&)(9');,2()+:)(9')A2,&(''")U+1'B'2=);,?$'&()+:)0%B%/)@,$,A'8)$,?)>')B,/%@/?)$,@'),8),)0+&@%(%+&):+2)(9')0+&(%&7'@)'&I+?$'&()+:)8709);2+>,(%+&")

-V) CA7%&,/@+)B")MR[#Y#M)

$=IO*,g*?B*G;=*"FEJRHA*

.K=IGJ?E*!?X=T4OLO*4KCO*

hh6U);2+B%@'8)(9,(),&?)'/'0(%B')+::%0%,/)27&&%&A):+2),&?)+::%0')+(9'2)(9,&)19%09)9')%8)0722'&(/?)9+/@%&A)P'50';():+2).2'8%@'&(),&@)\%0').2'8%@'&(Q)89,//)>')0+&8%@'2'@)%;8+):,0(+)2'8%A&'@):2+$)9%8)+::%0')7;+&):%/%&A)+:)(9')MRM)

.'(%(%+&'28)0+&('&@)(9,()(9')0/,88%:%0,(%+&)+:);'28+&8)27&&%&A):+2)+::%0')%8)&+(),)B,/%@)0/,88%:%0,(%+&")49+8')19+),2')27&&%&A):+2)(9')8,$');+8%(%+&),2')A%B'&)7&@7'),@B,&(,A')A%B'&)(9'),B,%/,>/')2'8+720'8),&@)(9')%&:/7'&0')+:)(9'%2);+8%(%+&")

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o)(9'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9+8')27&&%&A):+2),&+(9'2);+8%(%+&),&@)(9+8')27&&%&A):+2)(9')8,$');+8%(%+&")*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+)@%80+72,A')%&07$>'&()+::%0%,/8):2+$)27&&%&A):+2),&?)+(9'2)+::%0')(9'2':+2')'&872%&A)(9,()(9'?)8'2B')+7()(9'%2)('2$)+:)+::%0')))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

M+&8%@'2%&A)%&07$>'&()+::%0%,/8)2'8%A&'@):2+$)(9'%2)+::%0')7;+&):%/%&A),)MRM):+2),&+(9'2);+8%(%+&)%8)&+(),)B%+/,(%+&)+:)(9')#.M)>'0,78')%()%8)A'2$,&')(+)(9');72;+8')+:)(9')/,1")

3_) Y++&A)B")M+$'/'0) -O(O*h`Zf*;2'802%>'@)(9'),7(+$,(%+&)+:)(9')'/'0(%+&8))49'2')1,8),)('09&%0,/)$,/:7&0(%+&)19%09)'&(,%/'@)W*FWEHWK*I?HEG))F;'0%,/)'/'0(%+&):+2)(9')>?AJGJ?E*?B*C?D=<E?<)1,8)(9+7A9()+:)

4+)9+/@),)8;'0%,/)'/'0(%+&)+&/?):+2)A+B'2&+2)1%//)>')@%802%$%&,(+2?),A,%&8()(9')2'8;+&@'&()

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)(9')A+B'2&+2)8',(),8),A,%&8()+(9'2)8',(8c)(9')1%&&'28)+:)+(9'2);+8%(%+&8)1'2'),/2',@?)@%809,2A%&A)(9'%2);+1'28),&@)@7(%'8c)(9'8')+::%0%,/8)1'2');2+0/,%$'@)+&)(9')>,8%8)+:)(9')$,&7,//?)0+7&('@)B+('8)b)%:)$,&7,/)0+7&(%&A)%8)%//'A,/=)(9'%2),887$;(%+&)+:)+::%0')0,&&+(),/8+)>')0+7&('&,&0'@))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#?G*XJAIHAA=XU*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#?G*XJAIHAA=XU*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#"U*7*

.2%B,(')2'8;+&@'&(<8)'/'0(%+&)0,&&+()>')8%&A/'@)+7(),8)%&B,/%@):+2)

C/%O'8)0,&&+()>')(2',('@),8)7&,/%O'8)

Page 40: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`5*

,/%O'8)0,&&+()>')(2',('@),8)7&,/%O'8)**7*)

3!) J&('2&,(%+&,/)F09++/)C//%,&0')+:)#@70,(+28)B")S7%87$>%&A)

49')L?JEG7?B7;J<=*IKWAAJBJIWGJ?E)B%+/,('8)(9')M+&8(%(7(%+&=)Y,>+2)M+@'=)M%B%/)M+@'=),&@)B,2%+78)%&('2&,(%+&,/)(2',(%'8)(+)19%09)(9').9%/%;;%&'8)%8),);,2(?)(+))J();2+B%@'8),),eq*8,/,2?)@%8(%&0(%+&)>'(1''&):+2'%A&)9%2'8),&@)/+0,/)9%2'8)

.'(%(%+&'2)0/,%$8)(9,()(9');+%&(`+:`9%2')0/,88%:%0,(%+&)'$;/+?'@)>?)(9')809++/)%8)@%802%$%&,(+2?)(+)d%/%;%&+8),&@)(9,()(9')A2,&()+:)9%A9'2)8,/,2%'8)(+):+2'%A&'28)0+&8(%(7('8)2,0%,/)@%802%$%&,(%+&)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*b)(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)/+0,/),&@):+2'%A&)9%2'8)b)(9')FM)9'/@)(9,()K;'28+&8)19+)1+2O)1%(9)87>8(,&(%,//?)'f7,/)f7,/%:%0,(%+&8=)8O%//=)'::+2(=),&@)2'8;+&8%>%/%(?=)7&@'2)8%$%/,2)0+&@%(%+&8=)89+7/@)>');,%@)8%$%/,2)8,/,2%'8"N))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U*o*(9')K@%8/+0,(%+&):,0(+2N),&@)(9')K/%$%('@)('&72'N)'5;'2%'&0'@)>?)(9'):+2'%A&`9%2'8),2')&+()B,/%@)>,8'8):+2)(9')8,/,2?)@%8(%&0(%+&)b)(9'8'),2')0+$;'&8,('@)>?)+(9'2)>'&':%(8)8709),8)9+78%&A=)(2,&8;+2(,(%+&=)(,5'8=)'(0"))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#[(U*o*0/,88%:%0,(%+&):,%/'@)(9'):%28()(1+)2'f7%8%('8),/2',@?)*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#"U*o*

8%&0')(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)(+)02',('),)B,/%@)0/,88%:%0,(%+&=)/+0,/)9%2'8),&@):+2'%A&)9%2'8),2')87;;+8'@)(+)>')0+&8%@'2'@)%&)(9')8,$')0/,88)19'&)%()0+$'8)(+)2%A9()(+)8,/,2%'8)

.'+;/')19+)1+2O)1%(9)87>8(,&(%,//?)'f7,/)f7,/%:%0,(%+&8=)8O%//=)'::+2(=),&@)2'8;+&8%>%/%(?=)7&@'2)8%$%/,2)0+&@%(%+&8=)89+7/@)>');,%@)8%$%/,2)8,/,2%'8)P19'(9'2)(9'?),2')d%/%;%&+)+2)&+(Q)

3-) *')67g$,&=)H2")B")MR[#Y#M)

$=IO*``*?B*-(*h6hi*P\+('2<8)E'A%8(2,(%+&)C0()+:)!VVkQ);2+B%@'8)(9,()&+)'/'0(%+&)+::%0'2)89,//)9+/@)+::%0')%&),);,2(%07/,2)0%(?)+2)$7&%0%;,/%(?):+2)$+2')(9,&)a)?',28))J(),/8+);2+B%@'8)(9,()(9+8')19+)89,//)9,B')8'2B'@):+2)a)?',28),(),);,2(%07/,2);/,0')89,//)>')2',88%A&'@)(+),)&'1)8(,(%+&)+7(8%@')(9')+2%A%&,/)0+&A2'88%+&,/)@%8(2%0()

.'(%(%+&'28),//'A'@)(9,()(9');2+B%8%+&)8%&A/'8)+7()G;=*IJGS*WEX*FHEJIJ>WK*

=K=IGJ?E*?BBJI=<A)+:)(9')MR[#Y#M)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U**

)RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+)>2',O)/%&O8)>'(1''&)09,%&8)+:)0+227;(%+&)>?)09,&A%&A)'/'0(%+&)+::%0'28)'B'2?)8+)+:('&))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

MR[#Y#M)$,?),88%A&)'/'0(%+&)+::%0'28)(+)+(9'2)8(,(%+&8),:('2)a)?',28)(+),B+%@)0+227;(%+&)(9,()$%A9()(,O');/,0')

33) DCeCG)B")r,$+2,) 49')/JAJGJEC*1?<I=A*(C<==F=EG)19%09)1,8)2,(%:%'@)>?)(9')F'&,(')%&)!VVV)

J()1,8),//'A'@)(9,()(92+7A9)(9%8)/,1=)7&@7'),@B,&(,A')1,8)A%B'&)(+)TF)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*TF)$%/%(,2?);'28+&&'/=)>'%&A);2+('0('@)>?)%&('2&,(%+&,/)/,1),&@)+>/%A'@)(+);'2:+2$)0'2(,%&),0(%B%(%'8=),2')'&(%(/'@)(+)0'2(,%&)>'&':%(8),&@)'5'$;(%+&8):2+$)(9')A+B'2&$'&()

49')\dC)@+'8)&+()B%+/,(')(9')#.M)>'0,78')(9')0'2(,%&)'5'$;(%+&8),&@)

Page 41: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`6*

$%/%(,2?),&@)0%B%/%,&);'28+&&'/)+B'2)+(9'28)

*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+);2+$+(')$7(7,/)2'8;'0(),&@)87;;+2()>'(1''&)(9')(1+)0+7&(2%'8)19%09)0,&),/8+)A7,2,&('')8,:'(?):+2)(9').9%/%;;%&'8),8)TF)$%/%(,2?);'28+&&'/)0,&)'&('2)(9')0+7&(2?),&?(%$'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*b)7&(%/),A2''$'&()%8)('2$%&,('@)*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

;2%B%/'A'8)A%B'&)(+)TF)$%/%(,2?);'28+&&'/),2')I78()(+)8'2B')+7()(9'),A2''$'&(<8);72;+8')+:);2+$+(%&A)$7(7,/)(278(),&@);',0'),$+&A)(9')(1+)0+7&(2%'8")

3a) .'+;/')B")['20,@+)

(<GO*,fg*?B*G;=*-L!*,8),$'&@'@)>?)-(*gfei*19%09);2+B%@'8)(9,()19'&),);'28+&)%8)87>I'0('@)(+)(+2(72')+2)@'97$,&%g%&A),0(8=)+2)%8)2,;'@=)+2)%8)O%//'@=)+2)@%'8),8),)0+&8'f7'&0')+:),&)%//'A,/)@'('&(%+&=)(9')$,5%$7$);'&,/(?)%8)%$;+8'@)

J()%8),//'A'@)(9,()(9')@',(9);'&,/(?)%8)$+8()+:('&)78'@),A,%&8()(9');++2)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#[(U*o*&+)@%8(%&0(%+&)%8)$,@c),&?);'28+&)2'A,2@/'88)+:)9%8)8(,(72')%&)/%:')$,?)0+$$%()(9')02%$'),&@)>');7&%89'@)1%(9)8709);'&,/(?))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#[(U*o*&+)@%8(%&0(%+&)%8)$,@c),&?);'28+&)2'A,2@/'88)+:)9%8)8(,(72')%&)/%:')$,?)0+$$%()(9')02%$'),&@)>');7&%89'@)1%(9)8709);'&,/(?)*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#[(U*o*&+)@%8(%&0(%+&)%8)$,@c),&?);'28+&)2'A,2@/'88)+:)9%8)8(,(72')%&)/%:')$,?)0+$$%()(9')02%$'),&@)>');7&%89'@)1%(9)8709);'&,/(?)*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#[(U*o*

&+)@%8(%&0(%+&)%8)$,@c),&?);'28+&)2'A,2@/'88)+:)9%8)8(,(72')%&)/%:')$,?)0+$$%()(9')02%$'),&@)>');7&%89'@)1%(9)8709);'&,/(?)

C2(")-kX)+:)(9')E.M)@+'8)&+()B%+/,(')(9')E.M)A%B'&)(9,(),&?+&')$,?)0+$$%()(9')02%$'8)'&7$'2,('@)(9'2'%&),&@)>');7&%89'@)1%(9)(9')8,$');'&,/(?)

3^) .'+;/')B")H,/+8I+8) (<GO*/&M*$=IO*66*?B*G;=*

!?EAGJGHGJ?E*19%09);2+B%@'8)(9,(),&?)['$>'2)+:)M+&A2'88)89,//=)%&),//)+::'&8'8);7&%89,>/')>?)&+()$+2')(9,&)k)?',28)%$;2%8+&$'&(=)>');2%B%/'A'@):2+$),22'8()19%/')(9')M+&A2'88)%8)%&)8'88%+&))

C0078'@`,;;'//,&(=)>'%&A)09,2A'@)1%(9)02%$'8)P8(,(7(+2?)2,;'),&@),0(8)+:)/,80%B%+78&'88Q)(9,()1+7/@)'&(,%/)%$;2%8+&$'&()$+2')(9,&)(9')k)?',2)'5'$;(%+&=)%8),8O%&A):+2),)0/,88%:%0,(%+&)>'%&A),&)'/'0(%B')+::%0%,/))U')%8),8O%&A)(9,()9')

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&),&)'/'0(%B')+::%0%,/),&@)+(9'2);2%8+&'28)(9,(),2')@';2%B'@)+:)/%>'2(?),:('2)0+$$%((%&A)0'2(,%&)02%$'8)1%(9)0'2(,%&);'&,/(%'8))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U*b),)0/,88%:%0,(%+&)0,&&+()>')$,@'),8)(9');72;+8')+:)(9')/,1)%8)(+);2+$+(')(9')0+7&(2?<8)02%$%&,/)I78(%0')8?8('$)>?),//+1%&A)2'9,>%/%(,(%+&)(+)9,;;'&),&@)8'072%(?)(+)>');2'8'&()>?)%$;/'$'&(%&A);7&%89$'&(),A,%&8();2%8+&'28)&+)$,(('2)19+)(9'?),2')+2)19,();+8%(%+&)(9'?)9+/@)*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#?G*XJAIHAA=XU*

*

C&)'/'0(%B')+::%0%,/)19+)0+$$%(('@),)02%$');7&%89'@)>?),);'2%+@)(9,()A+'8)>'?+&@)(9'%2);2%B%/'A'@`:2+$`,22'8()'5'$;(%+&)9,8)&+)87>8(,&(%,/)@%8(%&0(%+&):2+$)+(9'2);2%8+&'28)19+)0+$$%(('@)02%$'8);7&%89'@)>?)(9')8,$');'&,/(%'8)

Page 42: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`,*

>'),//+1'@)(+)0+&(%&7')9%8)1+2O),8),)$'$>'2)+:)M+&A2'88)

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*o*

,&)'/'0(%B')+::%0%,/=)19+)%8)%&)(9')8,$')0/,88),8)+(9'2);2%8+&'28=)$78()'5;'2%'&0')(9')8,$')@';2%B,(%+&)+:)/%>'2(?),8);7&%89$'&():+2)(9')02%$'8)9')0+$$%(('@)

3k) Y+;'g)B")MC) -(*fgg5*P49')R$>7@8$,&)C0(Q)19%09);2+B%@'8)(9,()?EKS*+2@'28=)@%2'0(%B'8)+2)@'0%8%+&8)+:)(9')R::%0')+:)(9')R$>7@8$,&)%&)WXFJEJAG<WGJD=*IWA=A*

JF>?AJEC*G;=*>=EWKGS*?B*

>HRKJI*I=EAH<=M*

<=><JFWEXM*?<*AHA>=EAJ?E*

?B*E?G*F?<=*G;WE*?E=*

F?EG;M*?<*W*BJE=*E?G*

=aHJDWK=EG*G?*?E=*F?EG;*

AWKW<S*A;WKK*R=*BJEWK*WEX*

=d=IHG?<S*

.'(%(%+&'28)0/,%$)(9,()(9')8(,?)+:)'5'07(%+&);'&@%&A),;;',/):2+$)(9')+2@'2=)@%2'0(%B'=)+2)@'0%8%+&)+:)(9')R::%0')+:)(9')R$>7@8$,&)DJ?KWG=A*G;=*.L!*:+2)>'%&A)7&:,%2)(+)A+B'2&$'&()=F>K?S==A*I;W<C=X*

HEX=<*G;=*!JDJK*

$=<DJI=*)W@=)19'2')(9')@'0%8%+&8)%&)@%80%;/%&,2?)0,8'8),2')JFF=XJWG=KS*

=d=IHG?<S)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9')0%B%/)8'2B%0')/,1),&@)(9')+$>7@8$,&),0(),2')(+(,//?)@%::'2'&()8(,(7('8)*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*b)(9')/'A%8/,(72')9,8)8''&):%()(+)A2,&(),)8(,?)+:)'5'07(%+&);'&@%&A),;;',/):2+$)@%80%;/%&,2?)0,8'8)19'2')(9');'&,/(?)%8)&+(),$+&A)(9+8')'&7$'2,('@)`))(9'2':+2'=)(9')0+72(8)$,?)&+(=)%&)(9')A7%8')+:)%&('2;2'(,(%+&=)'&/,2A')(9')80+;')+:),)8(,(7'),&@)%&0/7@')(9'2'%&)8%(7,(%+&8)&+();2+B%@'@)+2)%&('&@'@)>?)(9')/,1$,O'28))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA)

]9'2')(9')/,1)%@'&(%:%'8)+&/?)8;'0%:%0)8%(7,(%+&8)19'2')%()89,//),;;/?=)(9')0+72(8)$,?)&+(=)(92+7A9)%&('2;2'(,(%+&=)'5;,&@)%(8),;;/%0,(%+&)

3X) .UJYE#MC)B")F'0")+:)*JY6)

$=IGJ?EA*6iZ*WEX*,Z`*?B*

-O(O*g6f5*PY+0,/)6+B'2&$'&()M+@'Q);2+B%@'):+2)(9')1%(9@2,1,/)+:)0'2(,%&)(,5)'5'$;(%+&);2%B%/'A'@);2'B%+78/?)A2,&('@)>?)LO0O*,fi*

.'(%(%+&'28),//'A'@)(9,()(9'2')%8),)B%+/,(%+&)+:)(9')#.M)19+),2')@7/?`2'A%8('2'@)0++;'2,(%B'8)7&@'2)."*")-kV),&@)&+()(9+8')7&@'2)E"C")kV3W)19+),2')&+()(,2A'('@)>?)8709)1%(9@2,1,/)+:)(,5)'5'$;(%+&)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)0++;'2,(%B'8)7&@'2).*)-kV),&@)(9+8')7&@'2)EC)kV3W)A%B'&)(9,()(9'2'),2')09,2,0('2%8(%08)%&)(9')/,(('2)19%09),2')&+();2'8'&()%&)(9'):+2$'2)*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9')M+&A2'88=)>?)/,1=)9,8)(9');+1'2)(+)(,5)19%09)'&(,%/8)@%802'(%+&)+&)%(8);,2()(+)@'('2$%&')(,5%&A);+1'2)>?)Y6T8)0+&8%8('&()1%(9)(9');+/%0?)+:)/+0,/),7(+&+$?)))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49')M+&A2'88=)(92+7A9)%(8)(,5%&A);+1'2)0,&)@'('2$%&')(9')'5('&()+:)(9')(,5%&A);+1'2)+:)Y6T8),8)/+&A),8)%()%8)0+&8%8('&()1%(9)(9');+/%0?)+:)/+0,/),7(+&+$?)

3W) d,2%&,8)B")#5'07(%B')F'02'(,2?)

-=>=WK*?B*G;=*"FEJRHA*

.K=IGJ?E*!?X=)19%09),//+18)'/'0(%B')+::%0%,/8)(+)2'$,%&)%&);+8%(%+&)19%/')0,$;,%A&%&A):+2)2''/'0(%+&)+2)'/'0(%+&):+2),&+(9'2)

.'(%(%+&'28),//'A'@)(9,()8709)2';',/)B%+/,('8)(9')#.M)>'0,78')'/'0(%B')+::%0%,/8)0,&)O'';)(9'%2);+8%(%+&8)19%/')

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U**

7*(9'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)'/'0(%B'),&@),;;+%&(%B')+::%0%,/8)>'0,78')(9'):+2$'2)+007;?)(9'%2)+::%0')>?)B%2(7')+:)(9')$,&@,(')+:)(9')'/'0(+2,(')19%/')(9')/,(('2)9+/@)(9'%2)+::%0')>?)B%2(7')+:)(9'%2)@'8%A&,(%+&)(9'2'(+)>?),&),;;+%&(%&A),7(9+2%(?)`),/8+=),;;+%&(%B')+::%0%,/8),2')8(2%0(/?);2+9%>%('@):2+$)'&A,A%&A)%&)

C;;+%&(%B')+::%0%,/8)$78()>')2'$+B'@):2+$)(9'%2);+8%(%+&)%:)(9'?)09++8')(+)27&):+2)'/'0(%+&8)8%&0')(9'?),2');2+9%>%('@)

Page 43: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`Z*

+::%0') 0,$;,%A&%&A)19%/'),;;+%&(%B')+::%0%,/8)0,&&+()

,&?);,2(%8,&);+/%(%0,/),0(%B%(%'8)+2)(,O%&A);,2()%&),&?)'/'0(%+&)P'50';()B+(%&AQ))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

>?)/,1)(+)'&A,A')%&);,2(%8,&);+/%(%0,/),0(%B%(%'8")

3V) *%$,;+2+)B")UE#4)

-=A?KHGJ?E*5Z75`h)19%09)@'&%'@)(9')$+(%+&):+2)('09&%0,/)'B,/7,(%+&)+:)(9')(97$>$,2O8),&@)8%A&,(72'8),::%5'@)%&)(9')B+('28)2'A%8(2,(%+&)2'0+2@8),&@)B+(%&A)2'0+2@8))-=A?KHGJ?E*5Z766f)19%09)@'&%'@)(9')$+(%+&):+2)2'0+&8%@'2,(%+&)+:)(9'),>+B'$'&(%+&'@)2'8+/7(%+&))

M+&A2'88%+&,/)M,&@%@,(')[,&A+(,2,):%/'@):+2)(9')8,$')$+(%+&)19%09)1,8)'B'&(7,//?)A2,&('@)).2+0/,%$'@)M+&A2'88%+&,/)1%&&'2)*%$,;+2+):%/'@)(9')8,$')$+(%+&)>7()1,8)@'&%'@)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*

7**(9'2'),2')87>8(,&(%,/)@%8(%&0(%+&8)>'(1''&)[,&A+(,2,<8),&@)*%$,;+2+<8);2+('8(8)`)[,&A+(,2,<8);2+('8()0+7/@)@'('2$%&')(9')+7(0+$')+:)(9')'/'0(%+&)19%/')*%$,;+2+<8);2+('8()0+&(,%&'@)'5,$%&,(%+&8)+:);2'0%&(8)1+7/@&<()9,B')9,@)>''&)B%(,/)(+)(9')2'87/(8)+:)(9')'/'0(%+&)`)]9,()*%$,;+2+)1,8),8O%&A)0+7/@)>')2'8+/B'@)&+()78%&A)(9')8,$')('@%+78);2+0'88)8709),8)(9,()9')1,8),8O%&A):+2))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+),::+2@)(9');2+('8(%&A)0,&@%@,(')(9');2+0'88)+:)9,B%&A)(9')'/'0(%+&)@+07$'&(8)09'0O'@):+2)%22'A7/,2%(?))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*b),:('2)0+&B%&0%&A)(9')UE#4)*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*b),:('2)0+&B%&0%&A)(9')UE#4)

C)B,/%@)0/,88%:%0,(%+&)0,&)>')$,@')%:)87>8(,&(%,/)@%::'2'&0'8),2')89+1&)>'(1''&)(9')@%::'2'&()A2+7;8)

a_) 6FJF)B")[+&('80/,2+8)

$=IO*6h*?B*L0*66`f*

PE'B%8'@)6+B'2&$'&()J&872,&0')C0()+:)!VXXQ)19%09);2+B%@'8)(9,()(9')@';'&@'&()8;+78')89,//)&+()>')'&(%(/'@)(+);'&8%+&)%:)9'2)$,22%,A')1%(9)(9');'&8%+&'2PA+B'2&$'&()'$;/+?''Q)%8)0+&(2,0('@)1%(9%&)3)?',28)>':+2')(9');'&8%+&'2)f7,/%:%'8):+2)(9');'&8%+&)

J()%8),//'A'@)(9,()8709);2+B%8%+&)B%+/,('8)(9')#.M),8)(9'2')%8)7&@7')@%802%$%&,(%+&),A,%&8()(9+8')19+)$,22%'@);'&8%+&'28)1%(9%&)3)?',28):2+$);'&8%+&)'/%A%>%/%(?)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)8;+78'8)19+)@%@)&+()f7,/%:?):+2)(9');'&8%+&),&@)(9+8')19+)@%@)&+())RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U*o*(9');72;+8')+:)(9')/,1)%8)(+);2'B'&()K@',(9>'@)$,22%,A'8N)b)(9'2')%8)&+);+%&()(+)2'0O+&),)(92'')?',2);2+9%>%(%+&):2+$)(9');'&8%+&'2)>'%&A)f7,/%:%'@)(+)8709);2%B%/'A'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#?G*XJAIHAA=XU*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#?G*

XJAIHAA=XU)

49');2+B%8+)+:)(9')8,%@)/,1)B%+/,('8)(9')#.M)>'0,78')(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&);2'8'&(),&@)8709)0/,88%:%0,(%+&)%8)&+()A'2$,&')(+)(9');72;+8')+:)(9')/,1)

Page 44: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

``*

a!) J&)E')E'f7'8()+:)M+72()C@$%&%8(2,(+28)

-O(O*g,,g)19%09)A2,&(8),@@%(%+&,/)0+$;'&8,(%+&)%&)(9'):+2$)+:)8;'0%,/),//+1,&0'8):+2)P!Q)I7@A'8=)P-Q)I78(%0'8=),&@)P3Q)+(9'2);+8%(%+&8)%&)(9')I7@%0%,2?)1%(9)(9')'f7%B,/'&()2,&O)+:)P,Q)MC)I78(%0'=),&@)P>Q)E4M)I7@A')

49')MC)C88%8(,&()M+72()C@$%&%8(2,(+2=)MC)*%B%8%+&)M/'2O)+:)M+72(=),&@)F,&@%A,&>,?,&)*%B%8%+&)M/'2O)+:)M+72()8''O)(9'%2)%&0/78%+&)%&)(9')0+B'2,A')+:)EC)V--X)P(9'?)9,B')(9');+8%(%+&)+:),)[4M)I7@A')+&/?)(978)&+()>'%&A)%&0/7@'@)%&)(9')0+B'2,A')+:)(9')8,%@)/,1Q)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*'B'&)%:)(9'2'),2')@%::'2'&0'8)%&)(9'):7&0(%+&8)+:)(9'%2)1+2O=)(9')0+&:'2$'&()+:)8709)2,&O8)%8)2'0+A&%(%+&)+:)(9')87>8(,&(%,/)'f7,/%(?)%&)(9')2+/'8)(9'?);/,?)%&)(9')H7@%0%,2?))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U*b)(9');72;+8')+:)(9')/,1)%8)(+),((2,0()f7,/%:%'@)0%(%g'&8)(+)8'2B')%&)(9')H7@%0%,2?)IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA)

)

a-) M'&(2,/)D,&O)#$;/+?''8)C88+0%,(%+&)B")DF.)

Y,8();,2,A2,;9)+:)$=IGJ?E*6eTIUM*(<GO*&&*?B*-O(O*gfeZ*

19%09)8(,('8)(9,()0+$;'&8,(%+&),&@)1,A')8(270(72')+:)=F>K?S==A*

@;?A=*>?AJGJ?E*BWKK*HEX=<*

AWKW<S*C<WX=*6i*WEX*R=K?@)89,//)>')%&),00+2@,&0')1%(9)(9')2,('8);2'802%>'@)7&@'2)E"C")kX^W)+2)FFY)P@%::'2'&()(2',($'&(Q)

J()%8),//'A'@)(9,()(9')/,8();,2,A2,;9)%8)0+&(2,2?)(+)(9')#.M)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)8+),8)(+)@%::'2'&(%,(')(9')DF.)2,&O`,&@`:%/'):2+$)(9')+(9'2)2,&O`,&@`:%/')+:)(9')X)A+B'2&$'&():%&,&0%,/)%&8(%(7(%+&))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U*o*@%8(%&0(%+&)%8)&+()A'2$,&')(+)(9');72;+8')+:)(9')/,1)A%B'&)(9,()(9');72;+8')%8)P!Q)(+);2+$+(');2+:'88%+&,/%8$),&@)'50'//'&0')C4)CYY)Y#\#YF)+:)(9')DF.=),&@)P-Q)(+)9%2'),&@)2'(,%&)f7,/%:%'@),&@)'::'0(%B');'28+&&'/))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#?G*XJAIHAA=XU*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#"U*o*%()02',('8),)0/,88%:%0,(%+&)>'(1''&);'+;/')19+)9,B')&+)87>8(,&(%,/)@%8(%&0(%+&8)

*%::'2'&()0/,88%:%0,(%+&8)+:)'$;/+?''8)%&)('2$8)+:)(9'%2)2'8;'0(%B')1,A')8(270(72'8)B%+/,('8)(9')#.M)%:)&+)87>8(,&(%,/)@%8(%&0(%+&8),2')89+1&)>'(1''&)(9')A2+7;8)

a3) [%2,8+/)B")*.]U) 0L+:*("*6=)$=<J=A*?B*6ifh)19%09)/%$%(8)(9')(?;'8)+:)B'9%0/'8),//+1'@)(+)>')@2%B'&),/+&A)/%$%('@),00'88):,0%/%(%'8)

.'(%(%+&'28)0+&('&@)(9,()CR)!)B%+/,('8)(9')#.M)A%B'&)(9,()%()8%&A/'8)+7()$+(+20?0/'8):2+$)+(9'2)$+@'8)+:)(2,&8;+2(,(%+&)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*,)(1+)19''/'@)B'9%0/')%8)/'88)8(,>/')19%09)$',&8)(9,()2%8O):+2)@,&A'2)%8)%&02',8'@)1%(9)(9'%2);2'8'&0'))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+)$,%&(,%&)(9')8,:'(?),&@)0+&B'&%'&0')%&)78%&A)/%$%('@),00'88):,0%/%(%'8))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

C)$+(+20?0/'=)A%B'&)%(8)2,(9'2):2,A%/')09,2,0('2%8(%08=)$,?)>')8%&A/'@)+7()>?)/,1)(9,()%&('&@8)(+);2+('0()(9')8,:'(?)+:)(9');7>/%0)

Page 45: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`e*

aa) J&)E')E'f7'8()+:)CMC)P-__kQ)

49')"IG?R=<*6*,55`*-=A?KHGJ?E*?B*G;=*$H><=F=*

!?H<G)'5('&@%&A)(9')A2,&()+:),@@%(%+&,/)0+$;'&8,(%+&)(+)(9+8');+8%(%+&8)1%(9)(9')'f7%B,/'&()2,&O)+:)(9')M4C).2'8%@%&A)H7@A'),&@)[4M)H7@A'8)P,8);2+B%@'@)%&)EC)V--XQ)

.'(%(%+&'28)2'f7'8()(9,()(9')8,$')2'8+/7(%+&)>'),;;/%'@)(+)(9'$)P!Q)M9%':)2';+2('2)+:)(9')MC),//'A'@)(9,()9'2);+8%(%+&),8)MC)E';+2('2)JJ)9,8)>''&)7;A2,@'@)(+)(9,()19%09)%8)'f7%B,/'&()(+),)[4M)H7@A')P-Q)#5'07(%B')M/'2O)+:)M+72()JJJ)+:)(9')M4C)0+&('&@'@)(9,()9'2);+8%(%+&)9,8)>''&)7;A2,@'@)(+)(9,()19%09)%8)'f7%B,/'&()(+),)[4M)I7@A')

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)(+)I78(%:?)'50/78%+&)b)(9')/,1)2'0+A&%g'8)(9')87>8(,&(%,/)'f7,/%(?)%&)(9')2+/'8)(9'?);/,?)%&)(9')H7@%0%,2?))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#?G*XJAIHAA=XU*

* *

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#?G*XJAIHAA=XU*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#"U*o*

(9');'(%(%+&'28<);+8%(%+&8)$78()>')2'A,2@'@),8)(9+8')19%09),2')'f7%B,/'&()(+)(9');+8%(%+&8)19'2')(9')>'&':%(8),2')'5('&@'@)(+)

J:)(9'2')%8)87>8(,&(%,/)'f7,/%(?)%&)(9')2+/'8);'+;/'):2+$)@%::'2'&();+8%(%+&8);/,?)%&)(9')I7@%0%,2?=)0/,88%:%0,(%+&):+2)0'2(,%&)>'&':%(8),&@);2%B%/'A'8)1%(9)2'A,2@)(+)0+$;'&8,(%+&)%8);2+9%>%('@)

a^) *%$,?7A,)B")R::%0')+:)(9')R$>7@8$,&)

"34757ie75`Z5)19%09),//+18)(9')+::%0')+:)(9')+$>7@8$,&)(+)0+&@70();2'/%$%&,2?)%&B'8(%A,(%+&),&@);7287'):72(9'2);2+0''@%&A8),A,%&8()(9');'(%(%+&'28)%&)2'/,(%+&)(+)(9'%2),//'A'@)B%+/,(%+&)+:)EC)3_!V)PC&(%`62,:()Y,1Q)

.'(%(%+&'28)0+&('&@)(9,()8%&0')(9')2'8;+&@'&()@%@)&+();7287');2'/%$%&,2?)%&B'8(%A,(%+&)%&),&+(9'2)8%$%/,2)0,8')PMRC)B")6,>+2Q=);7287%&A)%()%&)(9'%2)0,8')1+7/@)>')0+&(2,2?)(+)(9')#.M)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#[(U*o*('8()%8)&+(),;;/%0,>/')RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#[(U*o*('8()%8)&+(),;;/%0,>/'*IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#[(U*o*('8()%8)&+(),;;/%0,>/'*XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#[(U*o*

('8()%8)&+(),;;/%0,>/'))49')R$>7@8$,&=)>?)B%2(7')+:)(9')%&B'8(%A,(+2?);+1'28)A%B'&)(+)%()>?)/,1),&@)>?)(9')M+&8(%(7(%+&=)9,8)8+/')@%802'(%+&)+&)19'(9'2)+2)&+()(+);7287');2'/%$%&,2?)%&B'8(%A,(%+&),&@);2+8'07(%+&)%&)0,8'8)%()9,&@/'8)

49')R::%0')+:)(9')R$>7@8$,&)9,8)(9')8+/')@%802'(%+&)+:)19'(9'2)+2)&+()(+);7287');2'/%$%&,2?)%&B'8(%A,(%+&),&@):72(9'2);2+0''@%&A8)%&)0,8'8)%()9,&@/'8)

ak) e2,87'A7%)B").CY) (<GO*,h,T=U*?B*G;=*)WR?<*

!?X=)19%09);2+B%@'8)2',8+&8)(9,()I78(%:?),&)'$;/+?''<8)@%8$%88,/):2+$)8'2B%0')>?)9%8)'$;/+?'2)

.'(%(%+&'2),//'A'8)(9,()9%8)+>'8%(?=)>'%&A)&+()%&('&@'@)1%/:7//?=)@+'8)&+():,//)7&@'2)(9')K,&,/+A+78)0,8'8N);2+B%@'@),8)2',8+&8):+2)I78()@%8$%88,/),8);2+B%@'@)%&)(9')Y,>+2)M+@')

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*b),&)+>'8')0,>%&),(('&@,&(=)>'%&A)2,(9'2)%$$+>%/'=)$,?)%$;'@');,88'&A'28):2+$)'B,07,(%&A)(9'),%202,:()%&)0,8'8)+:)'$'2A'&0?))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:).CY)%&);2+$+(%&A)8709)/,1)%8)(+);2+B%@'):/%A9()8,:'(?)*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U*o*

;'(%(%+&'2)0,&&+()'8(,>/%89)@%802%$%&,(%+&)>?)8%$;/?)&,$%&A)

49'2')%8)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)+>'8')0,>%&),(('&@,&(8),A,%&8()+(9'28)A%B'&)(9,()(9'):+2$'2<8)%$$+>%/%(?)0,&)%$;'@');,88'&A'28):2+$)'B,07,(%&A)(9'),%202,:()%&)0,8'8)+:)'$'2A'&0?)

Page 46: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`f*

87;;+8'@)0,>%&),(('&@,&(8)19+),2'),//'A'@/?)8%$%/,2/?)8%(7,('@),8)9%$)

aX) FHF)B")C(%'&g,) "<XJEWEI=*h5,g)19%09)2'0/,88%:%'@).,&@,0,&):2+$)%&@78(2%,/)(+)0+$$'20%,/),&@)%&8(270('@)+1&'28),&@)+;'2,(+28)@%8,//+1'@)7&@'2)(9')2'0/,88%:%0,(%+&)(+)0',8'),&@)@'8%8():2+$)+;'2,(%&A)(9'%2)>78%&'88'8)1%(9%&)k)$+&(98):2+$)(9')/,1<8)@,(')+:)'::'0(%B%(?)

R%/)0+$;,&%'8)0+&('&@)(9,()(9')+2@%&,&0')@%802%$%&,('@)>?)8%&A/%&A)+7().,&@,0,&)4'2$%&,/8)@'8;%(')(9'):,0()(9,()8'B'2,/)+(9'28)%&)(9'),2',)@+)&+()0+$;/?)1%(9)0'2(,%&)$,%&('&,&0')/,18)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*b)7&/%O')(9')@';+(=)(9+8')%&)(9')8722+7&@%&A)0+$$7&%(?),2')&+()9%A9`B,/7')('22+2%8()(,2A'(8c),&?)'5;/+8%+&)+2):%2')0,78'@)%&)(9')@';+()1+7/@)/',@)(+)7&$,(09'@)@,$,A'))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+)'/%$%&,(')(9')(92',(8)(9,()(9')@';+(8)$,?)0,78'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

6%B'&)(9');2'8'&0')+:)('22+2%8(),0(%B%(?=)+%/)@';+(8)9,B'),)87>8(,&(%,/)@%8(%&0(%+&),A,%&8()+(9'2)%&@78(2%'8)>'0,78')+:)(9')8'B'2%(?)+:)@,$,A')(9'?)$,?)0,78')

aW) 6+>'&0%+&A)B")MC) -(*fgg5*P49')R$>7@8$,&)C0()+:)!VWVQ)19%09)A2,&(8)(+)(9')R$>7@8$,&)(9');+1'2)(+)%$;+8'),)8%5`$+&(9);2'B'&(%B')878;'&8%+&)

J()%8),//'A'@)(9,()(9');+1'2)A%B'&)(+)(9')R$>7@8$,&)B%+/,('8)(9')#.M)>'0,78');2%+2)(+)8709)A2,&()+:);+1'2=)9')0,&)+&/?)%$;+8'),);2'B'&(%+&)878;'&8%+&):+2),);'2%+@)&+()'50''@%&A)V_)@,?8)P7&@'2)(9')0%B%/)8'2B%0');2+B%8%+&8)+:)(9')C@$%&%8(2,(%B')M+@'Q)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*

*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+),2$)(9')+::%0')+:)(9')+$>7@8$,&)(9');+1'2)(+);2'B'&()(9'),0078'@)+::%0%,/):2+$)78%&A)9%8)+::%0')(+)%&(%$%@,(')+2)(+)%&:/7'&0')1%(&'88'8)+2)(+)(,$;'2)1%(9)2'0+2@8)(9,()$%A9()>')B%(,/)(+)(9');2+8'07(%+&)+:)(9')0,8'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49')R$>7@8$,&)$,?)%$;+8')878;'&8%+&)(+);2'B'&(),0078'@);7>/%0)+::%0'28):2+$)0+$$%((%&A),0(8)(9,()1+7/@)'%(9'2),::'0()(9')0,8')+2)(9+8')(9,()0+7/@)02',(')$+2')9,2$)

aV) [JCC)B")R/+&A,;+)[,%&('&,&0')F'2B%0'8=)J&0")

49')0+&0'88%+&),2',8)+:)R[FJ),&@)4MFJ)1'2'),1,2@'@)(+)&'1)8'2B%0')0+&(2,0(+28)(92+7A9),)&'A+(%,('@)0+&(2,0()

)

J()1,8),//'A'@)(9,()(+),1,2@)E'8;+&@'&(8<)0+&(2,0(8)>?)$'2')&'A+(%,(%+&)1+7/@)B%+/,(')(9'%2)2%A9()(+)#f7,/).2+('0(%+&c)%()%8),//'A'@)(9,()[JCC)89+7/@)0+&@70();7>/%0)>%@@%&A):+2)(9')0+&(2,0()(+)>'),1,2@'@)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*(9'2')%8)&+)87>8(,&(%,/)@%8(%&0(%+&)>'(1''&)R[FJ),&@)4MFJ),A,%&8()(+)19+$)(9')0+&0'88%+&),2',8)1'2'),1,2@'@c))*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U**

7*[JCC)89+7/@<B')0+&@70('@)(9');7>/%0)>%@@%&A)>'0,78')(9')/,1)2'f7%2'8)%()`)D?)&'A+(%,(%&A)(9')0+&0'88%+&),2',)(92+7A9)&'A+(%,(%+&=)[JCC=)%&)'::'0(=)@%@)&+(),//+1)R[FJ),&@)4MFJ)(+)87>$%()(9'%2);2+;+8,/8)%&)(9');7>/%0)>7@@%&A")6%B'&)(9%8=)[JCC)B%+/,('@)(9')#.M))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#?G*XJAIHAA=XU*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#?G*

)

Page 47: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`g*

XJAIHAA=XU)^_) G%0+/,8)B")

E+$7/+)/JAJGJEC*1?<I=A*(C<==F=EG*

*

$=I*f*;2+B%@'8)(9,()(9')(2,&8:'2)+:)078(+@?)+:),&),0078'@)TF);'28+&&'/)(+)(9'):+2'%A&);+1'2)%8),//+1'@=)%:)(9'?)2'f7'8()%(=):2+$)(9')0+$$%88%+&)+:)(9')+::'&8')7&(%/)(9')0+$;/'(%+&)+:),//)I7@%0%,/);2+0''@%&A8))$=I*65);2+B%@'8)(9,()(9')@'('&(%+&)>?).9%/%;;%&'),7(9+2%(%'8)+:)(9')TF);'28+&&'/)89,//)>')0,22%'@)+7()%&):,0%/%(%'8),A2''@)7;+&)>?)>+(9)(9').9%/%;;%&'8),&@)(9')TF),7(9+2%(%'8)

J()%8),//'A'@)(9,()(9'2')%8),)B%+/,(%+&)+:)(9')#.M)A%B'&)(9')@%::'2'&0')%&)(9')27/'8)+:);2+0'@72'),;;/%'@)(+)TF);'28+&&'/),8),A,%&8()+(9'2);'28+&8)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9'2')%8)87>8(,&(%,/)>,8%8):+2),)@%::'2'&()(2',($'&()+:),)$'$>'2)+:),):+2'%A&)$%/%(,2?),2$'@):+20'8),//+1'@)(+)'&('2)+72)('22%(+2?),&@),//)+(9'2),0078'@))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49'2')%8)87>8(,&(%,/)>,8%8):+2),)@%::'2'&()(2',($'&()+:),)$'$>'2)+:),):+2'%A&)$%/%(,2?),2$'@):+20'8),//+1'@)(+)'&('2)+72)('22%(+2?),&@),//)+(9'2),0078'@)

^!) F'22,&+)B")6,/,&()[,2%(%$')F'2B%0'8=)J&0")

)WAG*IKWHA=*JE*G;=*eG;*

>W<WC<W>;*?B*$=IGJ?E*65M*

-O(O*h5`,*19%09)8(,('8)(9,(),8%@'):2+$),&)Rd])P,:('2)>'%&A)('2$%&,('@)>?),&)+B'28',8)'$;/+?'2)1%(9+7()I78()0,78'Q)A'((%&A):7//)2'%$>728'$'&()+:)9%8);/,0'$'&():'')1%(9)%&('2'8(=)9')89,//),/8+)>')'&(%(/'@)(+)9%8)8,/,2%'8)B?<*G;=*HE=d>J<=X*>?<GJ?E*?B*

;JA*=F>K?SF=EG*I?EG<WIG*

?<*B?<*Z*F?EG;A*B?<*=D=<S*

S=W<*?B*G;=*HE=d>J<=X*

G=<FM*@;JI;=D=<*JA*K=AA)

J()%8),//'A'@)(9,()(9')/,8()0/,78')B%+/,('8)(9')#.M)>'0,78')%()(2',(8)Rd]8)@%::'2'&(/?):2+$)/+0,/)d%/%;%&+)1+2O'28)>?);7((%&A),)0,;)+&)(9'),$+7&()+:)/7$;`8,/,2?)(+)19%09)Rd]8),2')'&(%(/'@)%&)0,8')+:)%//'A,/)@%8$%88,/=)19%/')8'((%&A)&+)/%$%()(+)(9')8,$')$+&'(,2?),1,2@):+2)/+0,/)1+2O'28)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*87>I'0()0/,78')%8)@%802%$%&,(+2?),A,%&8()Rd]8c)&+)87>8(,&(%,/)@%::'2'&0')%8)89+1&))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U*o*'B'&)%:)(9');72;+8')+:)(9')/,1)%8)(+);2+('0()(9')'$;/+?$'&()+:)Rd]8)>?)$%(%A,(%&A)(9')8+/%@,2?)/%,>%/%(?)+:);/,0'$'&(),A'&0%'8=)%()%$;+8'8)>72@'&)+&)(9')Rd]8)19+)9,B')>''&)%//'A,//?)@%8$%88'@))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#"U*)

#B'&)%:),)/,1)8''O8)(+),//'B%,(')(9')>72@'&)+:),&+(9'2)8'0(+2)+:)8+0%'(?=)%:)%()(2,&8:'28)8709)7&I78(),&@)@%802%$%&,(+2?)>72@'&)+&)+(9'28=)%()%8)0+&(2,2?)(+)/,1)

^-) .'+;/')B")F%(+&) (<GO*,5,T,U*?B*G;=*-L!*

19%09);7&%89'8),&?);'28+&):+7&@)/+%('2%&A),>+7()

J()%8),//'A'@)(9,()8709)/,1)B%+/,('8)(9')#.M),8)%()@%802%$%&,('8)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#[(U*o*&+)0/,88%:%0,(%+&)%8)$,@'c)+::'&@'28)+:);7>/%0)+2@'2)/,18),2');7&%89'@)E?G*B?<*G;=J<*AGWGHA),8);++2)+2)7&'$;/+?'@=)RHG*B?<*I?EXHIGJEC*G;=FA=KD=A*HEX=<*

.'&,/)8(,(7('8)@+)&+()A+),A,%&8()(9')#.M),8)(9'?)@+)&+()

Page 48: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`h*

;7>/%0)+2)8'$%`;7>/%0)>7%/@%&A8)+2);/,0'8)+2)(2,$;%&A)+2)1,&@'2%&A),>+7()(9')0+7&(2?)+2)8(2''(8)@JG;?HG*DJAJRK=*F=WEA*?B*AH>>?<G)

,A,%&8();++2);'+;/') AHI;*IJ<IHFAGWEI=A*WA*G?*=EXWEC=<*G;=*>HRKJI*>=WI=*

*

RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#[(U*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#[(U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#[(U)

;7&%89);'+;/'):+2)19+)(9'?),2'=)2,(9'2=)19,()%8);7&%89'@)%8)19,()(9'?)@+)+2)9+1)(9'?)0+&@70()(9'$8'/B'8)

^3) Y',A7')+:)M%(%'8)B")MR[#Y#M)P-_!!Q)

F'B'2,/)-O(OA*0+&B'2(%&A)$7&%0%;,/%(%'8)(+)0%(%'8)

49')0%(?9++@)/,18=)>?)A2,&(%&A)8;'0%,/)(2',($'&()(+)$7&%0%;,/%(%'8oY6T8)>?)1,?)'5'$;(%+&):2+$)(9')8(,&@,2@).)!__[)$%&%$7$)%&0+$')2'f7%2'$'&()B%+/,('8)(9')#.M)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9')87>8(,&(%,/)@%::'2'&0')/%'8)%&)(9')0,;,>%/%(?)+:)(9')09+8'&)$7&%0%;,/%(%'8)(+)>'0+$')I?F>?E=EG*IJGJ=A)+:)(9'%2)2'8;'0(%B');2+B%&0'8)))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+)02',('),)$+2')2'8;+&8%B'),&@),00+7&(,>/')/+0,/)A+B'2&$'&()8(270(72')%&8(%(7('@)(92+7A9),)8?8('$)+:)@'0'&(2,/%g,(%+&)19'2'>?)Y6T8)89,//)>')A%B'&)$+2');+1'28=),7(9+2%(?=)2'8;+&8%>%/%(%'8=),&@)2'8+720'8))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49')0%(%'8)'&7$'2,('@)%&)(9')0%(?9++@)/,18)9,B')87>8(,&(%,/)@%::'2'&0'),A,%&8()(9+8')&+()'&7$'2,('@)A%B'&)(9'%2)0,;,>%/%(?)(+)>'0+$')0+$;+&'&()0%(%'8)+:)(9'%2)2'8;'0(%B');2+B%&0'8)

^a) S7%&(+)B")MR[#Y#M)

"FEJRHA*.K=IGJ?E*!?X=M*

!"3.).!*-=A?KHGJ?E*

hfghM*WEX*-(*iZfi*19%09);2+B%@')(9,(),&?),;;+%&(%B');7>/%0)+::%0%,/)89,//)>')0+&8%@'2'@)%;8+):,0(+)2'8%A&'@)7;+&):%/%&A)9%8)+2)9'2)0'2(%:%0,(')+:)0,&@%@,0?):+2),&)'/'0(%B');+8%(%+&)

Y%O')%&)L)%-.)/+12+8M'&(<-1'+>'&%'<)%@=);'(%(%+&'28)8''O)(9')8,$')(2',($'&(),8)'/'0(%B')+::%0%,/8)19+),2'),>/')(+)0+&(%&7'),0(%&A),8)'/'0(%B')+::%0%,/8)'B'&),:('2):%/%&A)MRM8):+2)(9'):+2(90+$%&A)'/'0(%+&8)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9'2')%8)87>8(,&(%,/)@%::'2'&0'),8),;;+%&(%B')+::%0%,/8)9+/@)(9'%2)+::%0')>?)B%2(7')+:)(9'%2)@'8%A&,(%+&)(9'2'(+)>?),&),;;+%&(%&A),7(9+2%(?)19%/')'/'0(%B')+::%0%,/8)+007;?)(9'%2)+::%0')>?)B%2(7')+:)(9')$,&@,(')+:)(9')'/'0(+2,(')RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49'2')%8)87>8(,&(%,/)@%::'2'&0')>'(1''&),;;+%&(%B'),&@)'/'0(%B')+::%0%,/8),8)(9'):+2$'2)9+/@)(9'%2)+::%0')>?)B%2(7')+:)(9'%2)@'8%A&,(%+&)(9'2'(+)>?),&),;;+%&(%&A),7(9+2%(?)19%/')(9')/,(('2)+007;?)(9'%2)+::%0')>?)B%2(7')+:)(9')$,&@,(')+:)(9')'/'0(+2,(')

Page 49: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

`i*

^^) ME#DC)B")E+$7/+) $=IO*,g*?B*-(*h`,`*,&@)(9')-=D=EH=*-=CHKWGJ?EA*PEE8Q)%887'@)>?)(9')DJE)

.'(%(%+&'28),88'2()(9,()8709)/,18)B%+/,(')(9')#.M)8%&0')M2'@%(,>/')]%(99+/@%&A)4,5)PM]4Q)%8)>'%&A)/'B%'@)7;+&)2',/)'8(,(')'&('2;2%8'8),&@)&+(),A,%&8()+(9'28)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*o*(9')2',/)'8(,(')%&@78(2?)%8=)>?)%(8'/:=),)0/,88),&@)0,&)>')B,/%@/?)(2',('@)@%::'2'&(/?):2+$)+(9'2)>78%&'88)'&('2;2%8'8)P(9')8,/')+:),)2',/);2+;'2(?)%8)>%AA'2),&@)(9'):2'f7'&0?)+:)(2,&8,0(%+&8)%8)/%$%('@=)$,O%&A)%()/'88)07$>'28+$'):+2)(9');,2(%'8)(+)0+$;/?)1%(9)(9')1%(99+/@%&A)(,5)809'$'Q)*o*()$"M*(9')8(,('=)A%B'&)%(8)(,5%&A);+1'2=)9,8)(9'),7(9+2%(?)(+)02',(')0/,88%:%0,(%+&8):+2)(9');72;+8')+:)(,5,(%+&)))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*

*

IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

49')8(,('=)A%B'&)%(8)(,5%&A);+1'2=)9,8)(9'),7(9+2%(?)(+)02',(')0/,88%:%0,(%+&8):+2)(9');72;+8')+:)(,5,(%+&)

^k) G.M)B").%&,(7>+) #L!*!J<IHKW<*#?O*ii7egM*

JG=FA*Z*WEX*ZO6*

J()%8),//'A'@)(9,()8709)0%207/,2):,B+72'@)8,/')(+)$,&7:,0(72'28),&@);2+0'88+28)+:),/7$%&%7$)0+&@70(+2)8(''/)2'%&:+20'@)PCMFEQ)+B'2)@',/'28o(2,@'28)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T2.$U*J:)(9')>7?'2)1'2'),)$,&7:,0(72'2)+2);2+0'88+2=)(9')802,;)CMFE8)1+7/@)'&@)7;)%&)9%8);+88'88%+&)19%/')%:)(9')>7?'2)1'2'),)(2,@'2=)(9'2')%8),)A2',('2)09,&0')(9,()(9');7209,8'@)CMFE8)1%//);,88):2+$)+&')(2,@'2)(+),&+(9'2))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T2.$U*o*(9');72;+8')+:)(9')/,1)%8)(+)'&,>/')G.M)(+)>'(('2)$+&%(+2)(9')$,2O'()+:)(9')802,;)CMFE),&@)B'2%:?)19'(9'2);+88'88%+&)+:)%()%8)%//'A,/)+2)&+())IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T2.$U*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T2.$U)

C)B,/%@)0/,88%:%0,(%+&)0,&)>')$,@')%:)87>8(,&(%,/)@%::'2'&0'8),2')89+1&)>'(1''&)(9')@%::'2'&()A2+7;8)

^X) D%2,+A+)B").4M) $=IO*6*?B*.O"O*6*PM2',(%&A)(9').9%/%;;%&')427(9)M+$$%88%+&)+:)-_!_Q)19%09)%&%(%,('8)(9')02',(%+&)+:)8709)0+$$%88%+&)(9,()8''O8)(+)%&B'8(%A,(')0,8'8)+:)A2,:(),&@)0+227;(%+&)+:)(9')><=DJ?HA*WXFJEJAG<WGJ?E)

.'(%(%+&'28),//'A'@)(9,()#"R")!)B%+/,('8)(9')#.M),8)%()8'/'0(%B'/?)(,2A'(8)I78()(9')C22+?+),@$%&%8(2,(%+&)

WO*$HRAGWEGJWK*0JAGJEIGJ?E*T#"U*o*(9')2';+2('@)@%::'2'&0'8)>'(1''&)(9')C22+?+),@$%&%8(2,(%+&8),&@)(9+8')>':+2')%()1'2')&+()0+&8%@'2'@)87>8(,&(%,/)'&+7A9)(+)$'2%(),)8';,2,(')0/,88%:%0,(%+&))RO*9=<FWE=*G?*G;=*>H<>?A=*?B*G;=*KW@*T#"U*o*(9');72;+8')+:)(9')/,1)%8)(+):%&@)(27(9)b)/%$%(%&A)%(8)0+B'2,A')(+)I78()(9')C22+?+),@$%&%8(2,(%+&)@+'8)&+()$,O')8'&8'))IO*L<=A=EG*WEX*1HGH<=*I?EXJGJ?EA*T#?G*XJAIHAA=XU*

*

XO*.aHWK*W>>KJIWGJ?E*G?*G;=*F=FR=<A*?B*G;=*AWF=*IKWAA*T#"U*o*

(9')C22+?+),@$%&%8(2,(%+&)%8)&+(),)0/,88)+:)%(8)+1&)

F7>8(,&(%,/)@%::'2'&0'8)$78()>')89+1&)(+)I78(%:?),)B,/%@)0/,88%:%0,(%+&)

Page 50: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

e5*

F'0(%+&)-"))

%:.*-&9:%*"1*%:.*L."L).*%"*4.*$.!'-.*&#*%:.&-*L.-$"#$M*:"'$.$M*L(L.-$M*(#0*

.11.!%$*(9(&#$%*'#-.($"#(4).*$.(-!:.$*(#0*$.&n'-.$*"1*+:(%./.-*#(%'-.*

(#0* 1"-* (#2* L'-L"$.* $:())* 4.* &#/&")(4).M* (#0* #"* $.(-!:* +(--(#%* "-*

+(--(#%* "1* (--.$%* $:())* &$$'.* .r!.L%* 'L"#* L-"4(4).* !('$.* %"* 4.*

0.%.-3&#.0* L.-$"#())2* 42* %:.* \'09.* (1%.-* .r(3&#(%&"#* '#0.-* "(%:* "-*

(11&-3(%&"#*"1*%:.*!"3L)(&#(#%*(#0*%:.*+&%#.$$.$*:.*3(2*L-"0'!.M*(#0*

L(-%&!')(-)2* 0.$!-&4&#9* %:.* L)(!.* %"* 4.* $.(-!:.0* (#0* %:.* L.-$"#$* "-*

%:&#9$*%"*4.*$.&n.0O*

&O +;=E*JA*W*A=W<I;*W*PA=W<I;Ql*

-?HGJE=*I;=I_>?JEGO)F(+;)%&B+/B'8)+&/?),)>2%':)@'('&(%+&)+:)(2,B'//'28)@72%&A)19%09)(9')B'9%0/'<8)+007;,&(8),2')2'f7%2'@)(+),&81'2),)>2%':)f7'8(%+&)+2)(1+")d+2),8)/+&A),8)<A'+1'A-&*'+-/+.'-<A'%+/')%&A'#+."%+-</+"&&($).</+/(?='&<'#+<"+)+?"#@+/')%&A=),&@)(9')%&8;'0(%+&)+:)(9')B'9%0/')%8)/%$%('@)(+),)B%87,/)8',209=)8,%@)2+7(%&')09'0O8)0,&&+()>') 2'A,2@'@) ,8) B%+/,(%B') +:) ,&) %&@%B%@7,/<8) 2%A9() ,A,%&8() 7&2',8+&,>/') 8',209") T6U*/WKF?EG=*DO*0=*/JKKW*

))$GWEXJEC")49')0+&8(%(7(%+&,/)2%A9(),A,%&8()7&2',8+&,>/')8',209'8),&@)8'%g72'8)%8),);'28+&,/)2%A9()-.1"&)?*'+".*@+?@+<A"/'+NA"/'+%-!A</+A)1'+?''.+-.,%-.!'#O+"%+<A%')<'.'#+<"+?'+-.,%-.!'#")49'?)$78()>'))&<()*+$)%<-'/+-.+-.<'%'/<2)T,U*$\$*DO*004*

-=aHJAJG=A*?B*AGWEXJEC*T&%-U)!" 9')9,8)87::'2'@)8+$'),0(7,/)+2)(92',('&'@)%&I72?),8),)2'87/()+:)(9'),//'A'@/?)

%//'A,/)A+B'2&$'&()0+&@70()-" %&I72?)%8):,%2/?)(2,0',>/')(+)(9')09,//'&A'@),0(%+&)3" %&I72?)%8)/%O'/?)(+)>')2'@2'88'@)>?),):,B+2,>/'),0(%+&)

)-HK=*?E*AGWEXJEC*IWE*R=*<=KWd=XO)d+2)&+&`(2,@%(%+&,/);/,%&(%::8=)/%O')+2@%&,2?)0%(%g'&8=)(,5;,?'28=) ,&@) /'A%8/,(+28) 19'&) (9') ;7>/%0) %&('2'8() 2'f7%2'8=) 8709) ,8) NA'.+ <A'+C)<<'%+-/+",+<%)./&'.#'.<)*+-C$"%<).&'O+",+"1'%)%&A-.!+/-!.-,-&).&'+<"+/"&-'<@O+"%+",+

$)%)C"(.<+$(?*-&+-.<'%'/<"))

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

Page 51: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

e6*

$=W<I;*

*

*

*

*

*

*

*

*

*

*

!WA=*#HFR=<* !WA=*#WF=* 1WIGA* :=KX[-WGJ?*

6* /WKF?EG=*DO*0=*/JKKW* • !;=I_>?JEGA) 1'2') 8'() 7;) %&) \,/'&g7'/,) ;7287,&() (+) Y'(('2) +:)%&8(270(%+&)_-oWX").'(%(%+&'28),B'2)(9,()%()A%B'8)>/,&O'(),7(9+2%(?)(+)+::%0'28)(+)$,O')8',209'8),&@)8'%g72'8)1%(9+7()1,22,&(=)19%09)$,?)>'),>78'@")

• G+(),//)8',209'8),&@)8'%g72'8),2'):+2>%@@'&=)+&/?)7&2',8+&,>/') +&'8") 49') 1'/:,2') +:) (9') ;7>/%0);2'B,%/8) +B'2) %&@%B%@7,/) 2%A9(") [+2'+B'2=) %() %8)+&/?),)B%87,/)8',209o2+7(%&')09'0O")

,* $\$*DO*004* • EC)V!k^)2'f7%2'8)FWEXWG?<S*X<HC* G=AGJEC)+:)'/'0(%B')0,&@%@,('8=)8'0+&@,2?) ,&@) ('2(%,2?) 8(7@'&(8=) ;7>/%0) ,&@) ;2%B,(') +::%0')'$;/+?''8=) ,&@) ;'28+&8) 09,2A'@) >':+2') (9') ;2+8'07(+2<8) +::%0'):+2)0'2(,%&)+::'&8'8")M+&8(%(7(%+&,/s)

)

• #/'0(%B') 0,&@%@,('8Z) (.&"./<-<(<-".)*) :+2),@@%&A),)2'f7%2'$'&():+2)'/'0(%B')+::%0')+(9'2)(9,&)19,()%8)8'():+2(9)%&)(9')M+&8(%(7(%+&))

• .'28+&8) 09,2A'@Z+ (.&"./<-<(<-".)*) >'0,78') %()0,&&+()>')2,&@+$),&@)878;%0%+&/'88c),(('$;()(+)9,2&'88),)$'@%0,/)('8(),8),)(++/):+2)02%$%&,/);2+8'07(%+&)

• F(7@'&(8Z) &"./<-<(<-".)*) >'0,78') %() %8) 2,&@+$),&@)%() %8);7287,&()(+),)/'A%(%$,(')A+B'2&$'&()0+&0'2&)

• #$;/+?''8Z) &"./<-<(<-".)*) >'0,78') %() %8)2,&@+$) ,&@) (9'2') ,2') 8,:'A7,2@8) ,A,%&8()/',O,A'8)

Page 52: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

e,*

)

&&O -=aHJAJG=A*?B*W*DWKJX*@W<<WEG*WEX*=dIKHAJ?EW<S*X?IG<JE=*

$GWGHG?<S* I?EAG<HIGJ?EO* F(,(7('8) ,7(9+2%g%&A) 8',209'8) ,&@) 8'%g72'8) +2) 8',209)1,22,&(8)$78()>')/<%-&<*@+&"./<%('#")PC/B,2'g)B")MdJQ)*

-=WA?EWRK=E=AA*?B*W*A=W<I;*WEX*A=JYH<=* JA*>H<=KS*W* VHXJIJWK*aH=AGJ?EO**'('2$%&'@):2+$)(9')0%207$8(,&0'8) %&B+/B'@=) 8709),8) (9')C)..'%+ -<+N)/+C)#'O+$*)&'+"%+ <A-.!+

/')%&A'#O+&A)%)&<'%+",+)%<-&*'/+$%"&(%'#")P.'+;/')B")MdJ)E%g,/Q**

-=aHJAJG=A*?B* W* DWKJX* A=W<I;*@W<<WEG* T-=DJA=X*-HK=A*?E*!<JFJEWK* L<?I=XH<=M*-HK=*

6,fU*

!" ;2+>,>/')0,78')-" @'('2$%&'@);'28+&,//?)>?),)I7@A')3" '5,$%&,(%+&)7;+&)+,(9)+2),::%2$,(%+&)+:)(9')0+$;/,%&,&(),&@)(9')1%(&'88'8)

9')$,?);2+@70')a" ;,2(%07/,2/?)@'802%>%&A)(9');/,0')(+)>')8',209'@),&@)(9')(9%&A8)+2);'28+&8)(+)

>')8'%g'@)*

L<?RWRK=*IWHA=)," I',-.'#2) F709) 2',8+&8=) 87;;+2('@) >?) :,0(8) ,&@) 0%207$8(,&0'8=) ,8) 1%//)

1,22,&(),)0,7(%+78)$,&)%&)(9')>'/%':)(9,()9%8),0(%+&8=),&@)(9')$',&8)(,O'&)%&);2+8'07(%&A)%(=),2')/'A,//?)I78(),&@);2+;'2)PM+22+)B")Y%8%&AQ)

>" 9.'+ /$'&-,-&+ ",,'./'2) T&@'2) (9') E7/'8) +:) M+72(Z* &+) 8',209)1,22,&() 89,//)%887') :+2)$+2') (9,&)".'+ /$'&-,-&+ ",,'./'c) >&)<<'%;/A"<+N)%%).<u1,22,&()%887'@):+2)$+2')(9,&)+&')8;'0%:%0)+::'&8')P\,//'I+)B")MCQ)

0" >(CC)%@+$%"&''#-.!")*'('2$%&'@)%&)87$$,2?)$,&&'2)>'0,78')%()$'2'/?)%$;/%'8) ;2+>,>%/%(?) +:) A7%/() ,&@) /+1) f7,&(7$) ,&@) f7,/%(?) +:) 'B%@'&0') %8)2'f7%2'@")P]'>>)B")*')Y'+&Q)

@" 4$$')*+",+,-.#-.!")C&),;;',/o$+(%+&):+2)2'%&B'8(%A,(%+&):2+$),)2'8+/7(%+&):%&@%&A);2+>,>/')0,78')89,//)&+()9+/@)(9'):%/%&A)+:)(9')%&:+2$,(%+&)%&)0+72(")P]'>>)B")@')Y'+&Q*

'" >($%'C'+3"(%<P/+ %"*'2) 49')M+72(<8) @7(?) %&) (9'8') 0,8'8) %8) 0+&:%&'@) (+) (9')%887')+:)19'(9'2)(9')'5'07(%B')+2)I7@%0%,/)@'('2$%&,(%+&)+:);2+>,>/')0,78')1,8)@+&')1%(9)6C*CY#H")PE+>'2(8)B")MCQ)

+

49%8) %8)0+&8%8('&()1%(9)(9')!'.'%)*+%(*'+<A)<+&%-C-.)*+$%"/'&(<-".+C)@+

."<+?'+/<)@'#+?@+-.=(.&<-".")PE+>'2(8)B")MCQ)#50';(%+&8Z)

!" 4+),::+2@),@'f7,(');2+('0(%+&)(+)(9')0+&8(%(7(%+&,/)2%A9(8)+:)(9'),0078'@)

-" ]9'&)&'0'88,2?) :+2) (9')+2@'2/?),@$%&%8(2,(%+&)+:) I78(%0')+2) (+),B+%@)+;;2'88%+&)+2)$7/(%;/%0%(?)+:),0(%+&8)

3" ]9'&)(9'2')%8),);2'`I7@%0%,/)f7'8(%+&)a" ]9'&) (9') ,0(8) +:) (9') +::%0'2) ,2') 1%(9+7() +2) %&) '50'88) +:)

,7(9+2%(?)^" ]9'2') (9') ;2+8'07(%+&) %8) 7&@'2) ,&) %&B,/%@) /,1=) +2@%&,&0') +2)

2'A7/,(%+&))k" ]9'&)@+7>/')I'+;,2@?)%8)0/',2/?),;;,2'&())X" ]9'2')(9')0+72()9,8)&+)I72%8@%0(%+&)+B'2)(9')+::'&8')W" ]9'2')%()%8),)0,8')+:);'28'07(%+&)2,(9'2)(9,&);2+8'07(%+&)V" ]9'2') (9') 09,2A'8) ,2')$,&%:'8(/?) :,/8') ,&@)$+(%B,('@) >?) (9')

/78():+2)B'&A',&0'))!_" ]9'&) (9'2') %8) 0/',2/?)&+)$%-C)+ ,)&-'+0,8'),A,%&8() (9'),0078'@)

,&@),)$+(%+&)(+)f7,89)+&)(9,()A2+7&@)9,8)>''&)@'&%'@)NHWEGHF* ?B* =DJX=EI=* <=aHJ<=X* G?* =AGWRKJA;* ><?RWRK=* IWHA=* G?* W<<=AG* ?<* A=W<I;)P]'>>)B")*')Y'+&Q)

," F',209)0,8'8)`) (9,()(9') %('$8)8+7A9(),2') %&):,0()8'%g,>/')>?)B%2(7')+:)>'%&A)0+&&'0('@) 1%(9) 02%$%&,/) ,0(%B%(?=) ,&@) (9,() (9') %('$8) 1%//) >') :+7&@) %&) (9');/,0') (+) >') 8',209'@") J() %8) &+() ,/8+) &'0'88,2?) (9,() ,) ;,2(%07/,2) ;'28+&) >')%$;/%0,('@"))

>" C22'8() 0,8'8) `) (9'2') $78() >') ;2+>,>/') 0,78') (9,() ,) 02%$') 9,8) >''&)0+$$%(('@) ,&@) (9,() (9') ;'28+&) (+) >') ,22'8('@) 0+$$%(('@) %(=) 19%09) +:)0+728') 0,&) '5%8() 1%(9+7() ,&?) 89+1%&A) (9,() 'B%@'&0') +:) (9') 02%$') 1%//) >'):+7&@),();2'$%8'8)7&@'2)(9,();'28+&v8)0+&(2+/)!

(BG=<* =dWFJEWGJ?E* H>?E* ?WG;* ?<* WBBJ<FWGJ?EM* ?B* G;=* I?F>KWJEWEG* WEX* G;=*

@JGE=AA=A*;=*FWS*><?XHI=**

," 9)<A2)C&?):+2$)+:),(('8(,(%+&)>?)19%09),);,2(?)8%A&%:%'8)(9,()9')%8)>+7&@)%&)0+&80%'&0')(+);'2:+2$),&),0():,%(9:7//?),&@)(27(9:7//?c),&@)%()%8)8+$'(%$'8)@':%&'@) ,8) ,&) +7(1,2@) ;/'@A') A%B'&) >?) (9') ;'28+&) (,O%&A) %() (9,() 9%8),(('8(,(%+&) +2) ;2+$%8') %8) $,@') 7&@'2) ,&) %$$'@%,(') 8'&8') +:) 9%8)2'8;+&8%>%/%(?)(+)6+@)PC/B,2'g)B")MdJQ)

>" 5%"?-.!+).#+'MA)(/<-1'2)#5,$%&,(%+&)$78()>');2+>%&A),&@)'59,78(%B'=)&+()$'2'/?) 2+7(%&') +2) $%"+ ,"%C)") F',209) 1,22,&(8) ,2') &+() %887'@) +&) /++8'=)B,A7') +2) @+7>(:7/) >,8%8) +:) :,0(=) &+2) +&) $'2') 878;%0%+&) +2) >'/%':") J:) (9')

Page 53: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

eZ*

I7@A') %8) 8,(%8:%'@)1%(9) (9'),::%@,B%()+:) (9')0+$;/,%&,&(=)9')$,?)@%8;'&8')1%(9)(9,()+:)(9')1%(&'88'8)PT?)B")DJEQ)

0" 5'%/".)*+Q."N*'#!'")49')+,(9)2'f7%2'@)$78()2':'2)(+)(9')<%(<A+",+<A'+,)&</+N-<A-.+<A'+$'%/".)*+Q."N*'#!'+",+<A'+$'<-<-".'%+"%+A-/+N-<.'//'/=)>'0,78')9')%8)(+)0+&B%&0')(9')$,A%8(2,('=)&+()(9')%&@%B%@7,/)8''O%&A)%887,&0')+:)(9')1,22,&(=)(9,();2+>,>/')0,78')'5%8(8)PT?)B")DJEQ)

@" B')%/)@+ '1-#'.&'")]9'&) (9') ,;;/%0,&(v8) O&+1/'@A') +:) (9') :,0(8) %8)$'2')9',28,?=) (9') ,::%@,B%() +:) +&') +2) $+2') 1%(&'88'8) 9,B%&A) ,) ;'28+&,/)O&+1/'@A')+:)(9'):,0()%8)&'0'88,2?")PC/B,2'g)B")MdJQ)

'" 5'%/".)*+'M)C-.)<-".+(..'&'//)%@2)49')I7@A')%8)&+()2'f7%2'@)(+);'28+&,//?)'5,$%&')(9')0+$;/,%&,&(),&@)9%8)1%(&'88'8)PF+/%B'&)B")[,O,8%,2Q")U')89,//Z)

%" ;'28+&,//?) 'B,/7,(') (9') 2';+2() ,&@) (9') 87;;+2(%&A) @+07$'&(8)87>$%(('@) >?) (9') :%80,/) 2'A,2@%&A) (9') '5%8('&0') +:) ;2+>,>/') 0,78'),&@=)+&)(9')>,8%8)(9'2'+:=)%887'),)1,22,&()+:),22'8(c)+2)

%%" )%:) +&) (9') >,8%8) (9'2'+:) 9') :%&@8) &+) ;2+>,>/') 0,78'=) 9') $,?)@%82'A,2@) (9') :%80,/v8) 2';+2() ,&@) 2'f7%2') (9') 87>$%88%+&) +:)87;;+2(%&A) ,::%@,B%(8) +:) 1%(&'88'8) (+) ,%@) 9%$) %&) ,22%B%&A) ,() ,)0+&0/78%+&),8)(+)(9')'5%8('&0')+:);2+>,>/')0,78'"))

LW<GJIHKW<KS* X=AI<JRJEC* G;=* >KWI=* G?* R=* A=W<I;=X* WEX* G;=* >=<A?E* ?<* G;JECA* G?* R=*

A=JY=X*

," 5(%$"/'+",+%':(-%'C'.<2)4+)/%$%()(9')(9%&A8)(+)>')8'%g'@)(+)(9+8'=),&@)+&/?)(9+8'=);,2(%07/,2/?)@'802%>'@) %&)(9')8',209)1,22,&(u(+) /',B')(9')+::%0'28)+:)(9')/,1)1%(9)&+)@%802'(%+&)2'A,2@%&A)19,(),2(%0/'8)(9'?)89,//)8'%g'=)(9,(),>78'8)$,?)&+()>')0+$$%(('@")PD,09')w)M+")B")E7%gQ*

>" 5)%<-&(*)%-<@") C) 8',209) 1,22,&() $,?) >') 8,%@) (+) ;,2(%07/,2/?) @'802%>') (9')(9%&A8)(+)>')8'%g'@)PD,09')w)M+")B")E7%gQZ)

!" 19'&) (9')@'802%;(%+&) (9'2'%&) %8) ,8) 8;'0%:%0) ,8) (9') 0%207$8(,&0'8)1%//)+2@%&,2%/?),//+1)+2))

-" 19'&) (9') @'802%;(%+&) '5;2'88'8) ,) 0+&0/78%+&) +:) :,0(u&+() +:)/,1u>?)19%09)(9')1,22,&()+::%0'2)$,?)>')A7%@'@) %&)$,O%&A)(9')8',209),&@)8'%g72')+2))

3" 19'&)(9')(9%&A8)@'802%>'@),2')/%$%('@)(+)(9+8')19%09)>',2)@%2'0()2'/,(%+&)(+)(9')+::'&8'):+2)19%09)(9')1,22,&()%8)>'%&A)%887'@"))

0" F"<+ $)%<-&(*)%2) F'%g72') +:) %('$8) &+() 8;'0%:%'@) %&) (9')1,22,&(8) 0,&&+() >')I78(%:%'@)>?)(9')@%2'0(%B')(+)K8'%g'),&@)(,O');+88'88%+&)+:)+(9'2);2+;'2(%'8)2'/,(%B') (+) 8709) B%+/,(%+&=N) 19%09) %&) &+) 1,?) 0,&) >') 09,2,0('2%g'@) ,8) ,);,2(%07/,2)@'802%;(%+&)+:)(9')(9%&A8)(+)>')8'%g'@")PT?)B")DJEQ)

@" 5*)&'") C) @'802%;(%+&) +:) ,) ;/,0') (+) >') 8',209'@) %8) 87::%0%'&() %:) (9') +::%0'2)1%(9) (9')1,22,&() 0,&=)1%(9) 2',8+&,>/') '::+2(=) ,80'2(,%&) ,&@) %@'&(%:?) (9');/,0')%&('&@'@")P.'+;/')B")\'/+8+Q*

'" R.&"./-/<'.&-'/+ -.+ .)C'/+ *-/<'#") ]9'2') (9') 1,22,&() 1,8) %887'@) &+() :+2)8',209) +:) (9') ;'28+&8) +1&%&A) +2) +007;?%&A) (9') ;2'$%8'8=) >7() +&/?) ,)8',209) +:) (9') ;2'$%8'8) +007;%'@) >?) (9'$=) (9') 8',209) 0+7/@) &+() >')@'0/,2'@)7&/,1:7/)+2)%&)B%+/,(%+&)+:)(9')0+&8(%(7(%+&,/)2%A9(8)+:)(9')+1&'2)+2) +007;,&(8) +:) (9') ;2'$%8'8=) >'0,78') +:) (9') %&0+&8%8('&0%'8) %&) 8(,(%&A)(9'%2)&,$'8")PT?)B")DJEQ)

:" S"*'+ ",+ $"*-&'T)!'.</2) 49') ;/,0') 0,&&+() >') 09,&A'@=) '&/,2A'@=) +2),$;/%:%'@) >?) (9') ;+/%0'") 49') ;,2(%07/,2%g,(%+&) +:) (9') @'802%;(%+&) +:) (9');/,0')(+)>')8',209'@)$,?);2+;'2/?)>')@+&')+&/?)>?)(9')H7@A'=),&@)+&/?)%&)(9') 1,22,&() %(8'/:") C) 8',209) 1,22,&() %8) &+() ,) 81'';%&A) ,7(9+2%(?)'$;+1'2%&A),)2',@%&A);,2(?)(+)7&@'2(,O'),):%89%&A)'5;'@%(%+&)(+)8'%g'),&@)0+&:%80,(') ,&?) ,&@) ,//) O%&@8) +:) 'B%@'&0') +2) ,2(%0/'8) 2'/,(%&A) (+) ,) 02%$'")P.'+;/')B")d2,&0%80+Q)

*

\":#* 0".* @W<<WEGO* [78() 0+&(,%&) (9') >'8() #'/&%-$<-"+ $'%/".)') ;+88%>/') (+) >')+>(,%&'@)+:)(9');'28+&)+2);'28+&8)(+)>'),;;2'9'&@'@=),&@)(9%8)@'802%;(%+&)$78()>')87::%0%'&()(+)%&@%0,(')0/',2/?)(9');2+;'2);'28+&)+2);'28+&8)7;+&)19+$)(9')1,22,&()%8)(+) >') 8'2B'@c) ,&@) 89+7/@) 8(,(') 9%8) ;'28+&,/) ,;;',2,&0') ,&@) ;'07/%,2%(%'8=) A%B') 9%8)+007;,(%+&),&@);/,0')+:)2'8%@'&0'=),&@),&?)+(9'2)0%207$8(,&0'8)>?)$',&8)+:)19%09)9')0,&)>')%@'&(%:%'@")T6U*L=?>K=*DO*/=K?A?#*

$=W<I;* FWX=* WG* EJC;GO* F'0(%+&) !_!) +:) 6'&'2,/) R2@'28=) G+") ^W) ,7(9+2%g'8) (9,() (9')8',209) >') $,@') ,() &%A9() 19'&) %() %8) ;+8%(%B'/?) ,88'2('@) %&) (9') ,::%@,B%(8) (9,() (9');2+;'2(?)%8)+&)(9');'28+&)+2)%&)(9');/,0')+2@'2'@)(+)>')8',209'@")T,U*(KDW<=Y*DO*!1&##9=E=<WK*@W<<WEGA")6'&'2,/+8',209)1,22,&(8),2')+7(/,1'@)>'0,78')(9'?);/,0')(9')8,&0(%(?)+:)(9')@+$%0%/'),&@)(9');2%B,0?)+:)0+$$7&%0,(%+&),&@)0+22'8;+&@'&0'),()(9')$'20?)+:)(9')19%$8=)0,;2%0')+2);,88%+&)+:);',0')+::%0'2")TZU*$G?E=;JKK*DO*0J?_E?#

.dIKHAJ?EW<S* <HK=O* C//) 'B%@'&0') +>(,%&'@) :2+$) %//'A,/) 8',209'8) ,&@) 8'%g72'8) ,2')@''$'@)%&,@$%88%>/'#

8M&'$<-".2*R::%0'28)+:)0'2(,%&)0+2;+2,(%+&8)0,&&+()B,/%@/?)+>I'0()(+)(9')78')%&) 'B%@'&0') ,A,%&8() (9'$) +:) (9') @+07$'&(8=) ;,;'28) ,&@) (9%&A8) 8'%g'@) :2+$) (9')+::%0'8),&@);2'$%8'8)+:)(9')0+2;+2,(%+&8)8%&0')(9')2%A9()(+)+>I'0()(+)(9'%2),@$%88%+&)%&) 'B%@'&0') >'/+&A8) '50/78%B'/?) (+) (9') 0+2;+2,(%+&8=) (+) 19%09) (9') 8'%g'@) '::'0(8)>'/+&A=) ,&@)$,?) &+() >') %&B+O'@) >?) (9') 0+2;+2,(') +::%0'28) %&) ;2+0''@%&A8) ,A,%&8()(9'$)%&)(9'%2)%&@%B%@7,/)0,;,0%(?)

Page 54: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

e`*

*

!?<>?<WGJ?EA*W<=*><?G=IG=X*RS*$=IO*,O*J()%8),&),88+0%,(%+&)+:)%&@%B%@7,/8)7&@'2),&),887$'@)&,$'),&@)1%(9),)@%8(%&0()/'A,/)'&(%(?")J&)+2A,&%g%&A)%(8'/:),8),)0+//'0(%B')>+@?)%()1,%B'8)&+)0+&8(%(7(%+&,/)%$$7&%(%'8),;;2+;2%,(')(+)8709)>+@?")J(8);2+;'2(?)0,&&+()>')(,O'&)1%(9+7()0+$;'&8,(%+&")J()0,&)+&/?)>');2+0''@'@),A,%&8()>?)@7');2+0'88)+:)/,1=),&@)%8);2+('0('@),A,%&8()7&/,1:7/)@%802%$%&,(%+&")TeU*4WI;=*j*!?O*DO*-HJY#

*

!K?AH<=*?B*W*>HRKJA;JEC*;?HA=*JE*A=W<I;*@W<<WEG*JAAHWEI=A*JA*WEWG;=FW*G?*W*

X=F?I<WISO*Kj8x709)0/+872')%8)%&)(9')&,(72')+:);2'B%+78)2'8(2,%&()+2)0'&8+289%;),>9+22'&()(+)(9'):2''@+$)+:)(9');2'88)A7,2,&(''@)7&@'2)(9'):7&@,$'&(,/)/,1=),&@)0+&8(%(7('8),)B%2(7,/)@'&%,/)+:);'(%(%+&'28<):2''@+$)(+)'5;2'88)(9'$8'/B'8)%&);2%&(")49%8)8(,(')+:)>'%&A)%8);,('&(/?),&,(9'$,(%0)(+),)@'$+02,(%0):2,$'1+2O)19'2'),):2''=),/'2(),&@)'B'&)$%/%(,&();2'88)%8)'88'&(%,/):+2)(9');+/%(%0,/)'&/%A9('&$'&(),&@)A2+1(9)+:)(9')0%(%g'&2?"NTgU*4H<C?A*DO*!;J=B*?B*$GWBBM*(1L)

L-.$&0.#%*FWS*JAAH=*+(--(#%*"1*(--.$%*?B*WKJ=EA*B?<*X=>?<GWGJ?EO*49');+1'2)(+)@';+2(),&),/%'&)%8),);+/%0')$',872'),A,%&8()7&@'8%2,>/'),/%'&8)19+8');2'8'&0')%&)(9')0+7&(2?) %8) :+7&@) (+)>') %&I72%+78) (+) (9');7>/%0)A++@),&@)@+$'8(%0) (2,&f7%/%(?)+:) (9');'+;/'"**

L?@=<*?B* !?FFJAAJ?E=<*?B* &FFJC<WGJ?EO* J$$%A2,(%+&)C0()+:)!Va_Z)F'0")3X") P,Q)49'):+//+1%&A) ,/%'&8) 89,//) >') ,22'8('@) 7;+&) (9') 1,22,&() +:) (9') M+$$%88%+&'2) +:)J$$%A2,(%+&)+2)+:),&?)+(9'2)+::%0'2)@'8%A&,('@)>?)9%$):+2)(9');72;+8'),&@)@';+2('@)7;+&)(9')1,22,&()+:)(9')M+$$%88%+&'2)+:)J$$%A2,(%+&)),<'%+)+#'<'%C-.)<-".+?@+<A'+

6")%#+ ",+ 3"CC-//-".'%+ ",+ <A'+ 'M-/<'.&'+ ",+ <A'+ !%"(.#+ ,"%+ #'$"%<)<-".+ )/+ &A)%!'#+

)!)-./<+<A'+)*-'.2K+T66U*4?W<X*?B*!?FFJAAJ?E=<A*T!&0U*DO*X=KW*-?AW*

)," (9')M+$$%88%+&'2)+:)J$$%A2,(%+&*$,?)%887')1,22,&(8)+:),22'8()+&/?),:('2),)

@'('2$%&,(%+&) >?) (9') D+,2@) +:) M+$$%88%+&'28) +:) (9') 'M-/<'.&'+ ",+ <A'+!%"(.#+,"%+#'$"%<)<-".+)/+&A)%!'#+)!)-./<+<A'+)*-'.")*

>" (9')1,22,&()+:),22'8()$78()>'):+2)(9')8+/');72;+8')+:)'5'07(%&A),):%&,/)+2@'2)+:) @';+2(,(%+&") C) 1,22,&() +:) ,22'8() %887'@) >?) (9') M+$$%88%+&'2) +:)J$$%A2,(%+&):+2);72;+8'8)+:)%&B'8(%A,(%+&)+&/?=),8)%&)(9')0,8'),()>,2=)%8)&7//),&@)B+%@):+2)>'%&A)7&0+&8(%(7(%+&,/"*

*

*

*

%@?*GS>=A*?B*L<=KJFJEW<S*&ED=AGJCWGJ?EO*T6,U*)JFM*$<O*DO*\HXC=*1=KJd*

!" .2'/%$%&,2?) J&B'8(%A,(%+&) .2+;'2u$,@') >?) d%80,/=) '5'07(%B') %&) &,(72'=) (+)@'('2$%&');2+>,>/')0,78')]RG)(+):%/'),)0,8')

-" .2'/%$%&,2?) J&B'8(%A,(%+&) (+) %887') 1,22,&(u$,@') >?) H7@A'=) H7@%0%,2?) %&)&,(72'=)(+)@'('2$%&');2+>,>/')0,78')]RG)(+)%887')1,22,&()

*

LW<GJWKKS*X=B=IGJD=*@W<<WEGO)J()2'$,%&8)B,/%@),8)(+)(9')%('$8)8;'0%:%0,//?)@'802%>'@)%&)(9')1,22,&(")C)8',209)1,22,&()%8)8'B'2,>/'=)(9')%('$8)&+()87::%0%'&(/?)@'802%>'@)$,?)>')07()+::)1%(9+7()@'8(2+?%&A)(9')19+/')1,22,&("))$H>=<A=XJEC*@W<<WEG")]9'2')(9'),;;,2'&()%&('&()%&)%887%&A),&+(9'2)1,22,&()1,8)(+)87;'28'@'),&)',2/%'2)1,22,&(=)(9')/,(('2)89+7/@)>')@''$'@)2'B+O'@)>?)(9'):+2$'2")J&@''@=)%()1+7/@)>'),>872@):+2)(9')I7@A')(+)%887')+&),)8%&A/')+00,8%+&)(1+)1,22,&(8),7(9+2%g%&A)(9')8',209)+:),)8%&A/');/,0'):+2),)8%&A/')+::'&8'")*

*

*

*

*

*

*

*

*

*

*

*

*

*

Page 55: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

ee*

-=aHJAJG=A*?B*W*DWKJX*@W<<WEG*WEX*=dIKHAJ?EW<S*X?IG<JE=*

!WA=*#HFR=<* !WA=*#WF=* 1WIGA* :=KX[-WGJ?*

6* L=?>K=*DO*/=K?A?* \'/+8+)2'8%8('@),22'8()19'&).+/%0')2,%@'@)(9')K.,2/%,$'&(,2?)M/7>=N),)A,$>/%&A)9+78')$,&,A'@)>?)\'/+8+")U')0+&('&@8)(9,()9%8)2'8%8(,&0')1,8)/,1:7/)>'0,78')(9');+/%0')9,@),&)%&B,/%@)A=W<I;*@W<<WEG)(9,()8(,('@);'28+&)(+)>')8',209),8)+&/?)H+9&)*+'),&@)&+()H+8')\'/+8+")

)

" .2+>,>/')M,78'uM/7>),8)A,$>/%&A)9+78')1,8)2';+2('@) (+) *'(") 6'2+&%$+) >?) ,) 2'/%,>/');'28+&) ,&@) 872B'%//,&0') +&) (9') ;2'$%8'8)1,8)0+&@70('@)

" *'('2$%&'@);'28+&,//?)>?),)I7@A'))" #5,$%&') 7&@'2) +,(9) +2) ,::%2$,(%+&) (9')

0+$;/,%&,&() ,&@) (9') 1%(&'88) 9') $,?);2+@70'u,&) ,::%@,B%() ,&@) ,) S) w) C) ;+2(%+&)>'(1''&)6,2@7i+),&@)6'2+&%$+)7&@'2)+,(9)

" .,2(%07/,2/?)@'802%>')(9');/,0')(+)>')8',209'@),&@) (9') ;'28+&) +2) (9%&A8) (+) >') 8'%g'@u;/,0')1,8) 8;'0%:%'@),&@) (9')@'802%;(%+&)+:) (9') U"A.+I"')0/',2/?)%@'&(%:%'@)\'/+8+)

VW'*"/"+ N)/+ )%%'/<'#+ ."<+ $(%/().<+ <"+ <A'+ /')%&A+

N)%%).<O+?(<+?'&)(/'+A'+N)/+&)(!A<+-.+<A'+C-##*'+

",+ <A'+ &"CC-//-".+ ",+ )+ &%-C'O+ NA-&A+ -/+ )**"N)?*'+

(.#'%+N)%%).<*'//+)%%'/</2),* (KDW<=Y*DO*!1&* MdJ)%887'@),)A=W<I;*@W<<WEG):+2)C/B,2'g<8)8(+2')>,8'@)7;+&)

%&:+2$,(%+&)+:)9%8)$+&'?`/'&@%&A),0(%B%(%'8=)09,2A%&A)7872%+78)2,('8)%&)B%+/,(%+&)+:)/,1")CA'&(8)0+&@70('@)8',209),()&%A9(")

Ø .Mu>,8'@)+&)(9'),::%@,B%()+:),A'&()C/$'@,)%&)19+8') +,(9) 9') @'0/,2'@) (9,() A'+ A)#+ ."+$'%/".)*+ Q."N*'#!') +:) (9') :,0(8) >7() (9,() 9')9,@) O&+1/'@A') (9'2'+:) (92+7A9) $'2')%&:+2$,(%+&):2+$),)2'/%,>/')8+720'))

" D?)I7@A')Ø #5,$%&') 0+$;/,%&,&() ,&@) 1%(&'88'8uI7@A')

2'/%'@) '50/78%B'/?* 7;+&) (9') ,::%@,B%()$,@') >?),A'&()C/$'@,),&@)(9,()9')@%@)&+()2'f7%2')&+2)(,O')(9')@';+8%(%+&)+:),&?)+(9'2)1%(&'88)

" .,2(%07/,2)@'802%;(%+&)+++

Z* $G?E=;JKK*DO*0J?_E?* $=W<I;*@W<<WEGA)1'2')%887'@),A,%&8();'(%(%+&'28):+2)B%+/,(%+&8)+:)3'.<%)*+6).Q+X)N/O+0)%-,,+).#+3(/<"C/+X)N/O+R.<'%.)*+S'1'.('+).#+

S'1-/'#+5'.)*+3"#'/").2'$%8'8)(+)>')8',209'@)1'2')>+(9)+::%0'8),&@)2'8%@'&0'8")*

)

Ø .Mu&+)8;'0%:%0)+::'&8')1,8),//'A'@c),()/',8()a)/,18)1'2')0%('@)

" D?)I7@A')" #5,$%&')0+$;/,%&,&(),&@)1%(&'88'8)Ø .,2(%07/,2) @'802%;(%+&u1,22,&(8) ;2+B%@'@) :+2)

(9') 8',209) ,&@) 8'%g72') +:) CYY) >78%&'88)(2,&8,0(%+&8=) 2'A,2@/'88) +:) 19'(9'2) +2) &+()(9'?)1'2')%//'A,/))

Page 56: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

ef*

• VR.<%"#(&-.!+<A'+8Y3XG>R9F4SZ+SGX8)`* !=EG<WK*4WE_*DO*3?<B=* M'&(2,/)D,&O),;;/%'@):+2)A=W<I;*@W<<WEG),A,%&8()d%28()[7(7,/)F,B%&A)

,&@)Y+,&)R2A,&%g,(%+&):+2)'&A,A%&A)%&)%//'A,/)>,&O%&A),0(%B%(%'8").2'8%@%&A)I7@A')@'&%'@):+2)>'%&A)A'&'2,/)%&)('2$8"*

*

" .M)" D?)I7@A'))" #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8).,2(%07/,2) @'802%;(%+&u49') >,&O%&A) /,18) 8''O) (+);2+('0() (9') ;7>/%0) ,A,%&8() ,0(7,/=) ,8) 1'//),8+$"<'.<-)*=) %&I72?") 42,&8,0(%+&8) +>I'0('@) (+) >?)(9')D,&O) %&B+/B'8)!'.'%)*+ $)<<'%.) +:) (9')>78%&'88)+:)(9')+2A,&%g,(%+&),&@)&+()-/"*)<'#+<%)./)&<-"./")J()%8) &+() &'0'88,2?) (+) 8;'0%:?) +2) %@'&(%:?) (9') ;,2(%'8)%&B+/B'@) %&) 8,%@) %8+/,('@) (2,&8,0(%+&8=) 8+) (9,() (9')8',209) ,&@) 8'%g72') >') /%$%('@) (+) (9') 2'0+2@8);'2(%&'&()(9'2'(+"*

e* 4WI;=*j*!?O*DO*-HJY* H7@A')E7%g)%887'@),)A=W<I;*@W<<WEG),A,%&8();'(%(%+&'2):+2)B%+/,(%+&)+:)8'B'2,/)8'0(%+&8)+:)(9')G,(%+&,/)J&('2&,/)E'B'&7')M+@'")49')B,/%@%(?)+:)(9')1,22,&()%8)0+&('8('@")

Ø .MuJ887'@) :+2) $+2') (9,&) +&') 8;'0%:%0)+::'&8'))

Ø D?) I7@A'u@';+8%(%+&8) 81+2&) (+) >':+2')(9') I7@A') >7() &+() ,0(7,//?) (,O'&) >?) 9%$=)>7()>?)(9')@';7(?)0/'2O)+:)0+72()

Ø #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)1%(&'88'8u2'/%'@) +&) (9') @';+8%(%+&8)(,O'&)>?)@';7(?)0/'2O)+:)0+72(),&@)@%@)&+()%&('2B%'1) 0+$;/,%&,&() ,&@) 1%(&'88)9%$8'/:)

Ø .,2(%07/,2)@'802%;(%+&u49')/,&A7,A')78'@)%&) (9') 8',209)1,22,&() %8) 8+) ,//`'$>2,0%&A),8) (+) %&0/7@') ,//) 0+&0'%B,>/') 2'0+2@8) +:);'(%(%+&'2) 0+2;+2,(%+&=) 19%09=) %:) 8'%g'@=)0+7/@) ;+88%>/?) 2'&@'2) %(8) >78%&'88)%&+;'2,(%B'*

f* LKWI=<*DO*/JKKWEH=DW* d%80,/)./,0'2):%/'@)%&:+2$,(%+&8),:('2);2'/%$%&,2?)%&B'8(%A,(%+&)19'2')9'):+7&@)(9,()(9'2'<8)2',8+&)(+)>'/%'B'),)02%$')1,8)0+$$%(('@")*72%&A)9',2%&A=)H7@A')\%//,&7'B,)+2@'2'@)(9')87>$%88%+&)+:)@+07$'&(,2?)'B%@'&0')8+)9')0,&)@'('2$%&')]RG)(9'2'<8);2+>,>/')0,78'")d%80,/)f7'8(%+&8)(9%8)>'0,78')9'),/2',@?)@'('2$%&'@);2+>,>/')0,78'"))

L0*i66*WHG;?<JY=A*BJAIWK*G?*X=G=<FJE=*=dJAG=EI=*?B*

><?RWRK=*IWHA=*

• H7@A') 0,&) 2'/?) +&) 8709) 0'2(%:%0,(%+&) (+)%887'),)1,22,&(=)>7()9')%8)GR4)>+7&@)>?)%())

• E7/'8) +:) M+72(Z) KJ:) (9') I7@A') >') 8,(%8:%'@):2+$) (9') ;2'/%$%&,2?) %&B'8(%A,(%+&L9')$78()%887'),)1,22,&()+:),22'8("N)

• 4978=)(9')I7@A')[TF4)FC4JFde)UJ[F#Yd)(+)(9') '5%8('&0') +:) ;2+>,>/') 0,78') >':+2')

Page 57: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

eg*

%887%&A),)1,22,&(")9') %8) &+() >+7&@) (+) %887') 1,22,&(8) ,&@) %() %8) 1'//)1%(9%&) 9%8) ;+1'2) (+) 2'$,&@) (9') 0,8') :+2) :72(9'2)%&B'8(%A,(%+&=)+2)(+)@%8$%88)%("*

g* 4H<C?A*DO*!;J=B*?B*$GWBBM*(1L* M+/")C>,@%//,),;;/%'@):+2),&@)1,8)A2,&('@)A=W<I;*@W<<WEGA),A,%&8(),)&'18;,;'2);7>/%89'2o'@%(+2):+2);7>/%89%&A)87>B'28%B')$,('2%,/8").'(%(%+&'28)0+&('8()(9')B,/%@%(?")

*

Ø .MuA'&'2,/) ,;;/%0,(%+&) ,&@) (9')%&87::%0%'&() 8(,('$'&(8) $,@') %&) (9'),::%@,B%(8) 9,2@/?) $'() (9') ('8() +:)87::%0%'&0?")]9'&),A,%&8(),)&'18;,;'2=) %()$78() 8(,(') 1%(9) >W<GJIHKW<JGS* (9') ,//'A'@)87>B'28%B')$,('2%,/)9')9,8);7>/%89'@)+2)%8)%&('&@%&A)(+);7>/%89))

" D?)I7@A')" #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8)" .,2(%07/,2)@'802%;(%+&u.'(%(%+&'2)87>$%(8)

K,/(9+7A9) (9') 1,22,&(8) 1'2') @%2'0('@),A,%&8() H+8') D72A+8=) H2") ,/+&'=) ,2(%0/'8)>'/+&A%&A) (+) 9%8) 0+`;'(%(%+&'28)1'2') ,/8+)8'%g'@"N) M+72() 27/'@) (9,()"+#.-$:&L* JA*

?B*E?*I?EA=aH=EI=")J()%8)87::%0%'&()(9,()(9')K;'28+&) ,A,%&8() 19+$) (9') 1,22,&() %8)@%2'0('@)9,8)!"#%-")*?<*L"$$.$$&"#)+:)(9');2+;'2(?)8+7A9()(+)>')8'%g'@"N*

h* !?<<?*DO*)JAJEC* H7@A')Y%8%&A)%887'@)A=W<I;*@W<<WEG),A,%&8()(9').9%/%;;%&')4%$'8)(+)8'%g')@+07$'&(8),//'A'@/?)78'@):+2)(9')02%$')+:)%&0%(%&A)(+)8'@%(%+&")49')B,/%@%(?)+:)1,22,&()%8)%&)f7'8(%+&")))

Ø .Mu8(,('$'&(8) +:) ,;;/%0,&(8) 1'2') (++)A'&'2,/") 49'?) I78() 8,%@) (9,() (9')&'18;,;'2);7>/%89'@),2(%0/'8)19%09)K('&@)(+) %&0%(') @%8(278() ,&@) 9,(2'@) +:) (9')6+B'2&$'&(N)1%(9+7()89+1%&A),&?);2++:)

" D?)I7@A')" #5,$%&,(%+&) +:) (9') 0+$;/,%&,&() ,&@)

1%(&'88'8)" .,2(%07/,2) @'802%;(%+&u&+() 8;'0%:%0)

'&+7A9")C8),) 2'87/(=),/$+8(),//) 2'0+2@8)+:)(9')&'18;,;'2)1'2')8'%g'@*

i*

*

$WKWYW<*DO*(I;WI?A?* C@$&%8(2,(+2)+:).R#C=),0(%&A)+&),7(9+2%(?)@'2%B'@):2+$)F'0")3WP0Q)+:)(9')Y,>+2)M+@'=)%887'@)!K?AH<=*WEX*A=JYH<=*?<X=<),A,%&8()F,/,g,2):+2),//'A'@)%//'A,/)2'027%($'&(")F,/,g,2)f7'8(%+&8)(9')B,/%@%(?")

$=IO*Zh*TIU*?B*)WR?<*!?X=*JA*'#!"#$%&%'%&"#()O**

• R&/?) HT*6#F) 0,&) %887') &+1) 7&@'2) (9')!VWX)M+&8(%(7(%+&)

Ø GR4)'B'&);2+8'07(%&A)>+@%'8)0,&))65* $?KJD=E*DO*3W_WAJW<* ]RG)(9')0+&8(%(7(%+&,/)2%A9(8)+:)D'/(2,&)1'2')B%+/,('@)19'&) • ]9,() (9')M+&8(%(7(%+&)7&@'280+2'8) %8) (9')

Page 58: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

eh*

2'8;+&@'&()E4M)I7@A')%887'@),)@W<<WEG*?B*W<<=AG)N-<A"(<+$'%/".)**@+'M)C-.-.!+<A'+&"C$*)-.).<+).#+<A'+N-<.'//'/+(+)@'('2$%&');2+>,>/')0,78')

=dIKHAJD=* WEX* >=<A?EWK* <=A>?EAJRJKJGS* ?B*

G;=*JAAHJEC*VHXC=*G?*AWGJABS*;JFA=KB*?B*G;=*

=dJAG=EI=*?B*><?RWRK=*IWHA=)• 49') I7@A') %8) E?G* <=aHJ<=X* G?* >=<A?EWKKS*

=dWFJE=) (9') 0+$;/,%&,&() ,&@) 9%8)1%(&'88'8"*

66* 4?W<X*?B*!?FFJAAJ?E=<A*T!&0U*

DO*X=KW*-?AW*

6,(09,/%,&):,$%/?)0,$')(+)(9').9%/%;;%&'8)1%(9)(9'%2)M'2(%:%0,('8)+:)E'A%8(2,(%+&")Y,('2)+&=)]%//%,$)6,(09,/%,&)1,8)%887'@),)@W<<WEG*?B*=dIKHAJ?E")Y,('2)+&=)MJ*)0+$$%88%+&'2)G%(7@,)B,/%@,('@)]%//%,$<8)J@'&(%:%0,(%+&)M'2(%:%0,('=)2'0,//%&A)(9')1,22,&(")Y,('2)+&=)]%//%,$)1,8)8(%//),22'8('@)>?)GDJ")J8)(9%8)B,/%@s)

&FFJC<WGJ?E*(IG*?B*6i`5#• 49') GDJ) ,22'8() 1,8) @7') (+) (9') %887'@)

1,22,&()+:)'50/78%+&"))• DT4=) <A'+ N)%%).<+ ",+ 'M&*(/-".+ )!)-./<+

[-**-)C+N)/+."<+)+N)%%).<+<"+#'$"%<+A-CO+

?(<+ <"+ /(?='&<+ A-C+ <"+ &(/<"#-)*+

-.1'/<-!)<-".") F709) 1,22,&() %8) &7//) ,&@)B+%@) :+2) >'%&A) 7&0+&8(%(7(%+&,/=) >'0,78')(9'2')%8)&+);2+>,>/')0,78'):+2)(9'),22'8("))

0A(/O+ <A'+ 3RI+ &"CC-//-".'%+ C(/<+ ,-%/<+ #'<'%C-.'+

NA'<A'%+!%"(.#/+,"%+#'$"%<)<-".+A)1'+%-/'.+?',"%'+

-//(-.!+)+N)%%).<++

6,* )JFM*$<O*DO*\HXC=*1=KJd* [4M)[,8>,(')%887'@)W<<=AG*@W<<WEG):+2)Y%$")Y%$)1,8)A2,&('@)>?)FM),)09,&A')+:)B'&7')(+)[,O,(%)(+),B+%@)$%80,22%,A')+:)H78(%0'")[,O,(%)I7@A')%887'@),)1,22,&()+:),22'8()".+<A'+/"*'+?)/-/+",+<A'+&'%<-,-&)<-".+C)#'+?@+703+7)/?)<'+).#+5%"/'&(<"%")\,/%@s)

" .Mu@'('2$%&'@)>?)[,8>,(')[4M)I7@A')Ø D?) I7@A'u[,O,(%) I7@A') 2'/%'@) 8+/'/?) +&)

(9') 0'2(%:%0,(%+&8) ,&@) 8%&0') (9') 2'0+2@8)1'2')8(%//) %&)[,8>,(')19'&)9') %887'@)(9')1,22,&(=) 2'8;+&@'&() I7@A') 9,@) &+) >,8%8)(+)$,O')9%8)+1&);'28+&,/)@'('2$%&,(%+&)

Ø #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)1%(&'88'8)P,>+B')2',8+&%&AQ)

" .,2(%07/,2)@'802%;(%+&*6Z* $JKDW*DO*L<=AJXJEC*\HXC=* C)8',209)1,22,&()1,8)%887'@),A,%&8()G%0+$'@'8),&@)[,2/+&)F%/B,):+2)

,//'A'@)B%+/,(%+&)+:)*,&A'2+78)*27A8)C0(")U+1'B'2=),A'&(8),/8+)8'%g'@)$+&'?)>'/+&A%&A)(+)C&(+&%'(,)F%/B,=)8+)89');'(%(%+&'@):+2)%(8)2'(72&")H7@A')+2@'2'@)(+)9+/@)(9')$+&'?);'&@%&A)(9'):%/%&A)+:)%&:+2$,(%+&),A,%&8()>2+(9'28)F%/B,")6C*CY#Hs)

Ø .Mu%&87::%0%'&()'B%@'&0')" D?)I7@A')Ø #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8u(9') I+%&() @';+8%(%+&) '5'07('@)>?) .:0") C/0+2,&) ,&@) .,(") S7%&@+=)87>$%(('@) 1%(9) (9') ,;;/%0,(%+&) $+8(/?)0+&(,%&'@) 87AA'8(%B') f7'8(%+&8),&81'2,>/') >?) $'2'/?) ;/,0%&A) y?'8y) +2)y&+y) %&) (9') >/,&O8) ;2+B%@'@) (9'2'+&c)>2+,@),&@)/',@%&A)f7'8(%+&8)P*+0)\J=)%Q)

" .,2(%07/,2)@'802%;(%+&)))VU(#!'+ &"CC-<<'#+D4I4X8U+NA'.+ A'+ %'='&<'#+ <A'+

Page 59: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

ei*

C"<-".+ ",+ $'<-<-".'%+ 4.<".-'<)+ >-*1)+ /''Q-.!+ <A'+

%'<(%.+",+A'%+C".'@++

• J22'A7/,2) 0+&8%@'2%&A) (9,() C&(+&%'(,) 1,8)&+()&,$'@),8)+&')+:)(9')2'8;+&@'&(8")

6`* (KKWX?*DO*0J?_E?* C:('2)'B,/7,(%+&)+:)'B%@'&0')09,2A%&A);'(%(%+&'28)+:)$72@'2)1%(9)O%@&,;;%&A),&@)+(9'2)02%$'8=)2'8;+&@'&()I7@A')%887'@)W<<=AG*@W<<WEG),A,%&8()(9'$")49'?)f7'8(%+&)%():+2)/,0O)+:);2+>,>/')0,78')>'0,78')(9')I7@A')@%@&<()@'('2$%&')(9'),@$%88%>%/%(?)+:)(9')'B%@'&0'")))

Ø .Mu&"%$(/+ #'*-&<-) &+() '8(,>/%89'@c)%&0+&8%8('&0%'8) %&) T$>,/<8) 8(,('$'&(=)19%09)(9');2+8'07(+28)2'/%'@)+&)9',B%/?)%&)@'('2$%&%&A);2+>,>/')0,78')

Ø D?) I7@A'u9') 2'/%'@) $'2'/?) +&) (9');2+8'07(+2<8)8(,('$'&(8),&@)@%@)&+()'B'&);'28+&,//?)'5,$%&')'B%@'&0')

Ø #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)1%(&'88'8u9') @%@&<() 0,//) +&) (9')0+$;/,%&,&(),&@)1%(&'88'8) %&) (9') :,0')+:)(9'%2)%&02'@%>/'),00+7&(8)

" .,2(%07/,2)@'802%;(%+&)6e* +=RR*DO*0=*)=?E* H7@A')%887'@)@W<<WEGA*?B*W<<=AG):+2);'(%(%+&'28):+2)(9')2,;')1%(9)

9+$%0%@')+:)$+(9'2),&@)@,7A9('2)\%g0+&@'")49'?)f7'8(%+&)%()>'0,78')%()1,8)%887'@)7;+&);2+>,>/')0,78')@'('2$%&'@)>?)*RH);,&'/)$,%&/?)>,8'@)+&)H'88%0,)C/:,2+<8)('8(%$+&?)

" .Mu('8(%$+&%,/) ,&@) $,('2%,/) 'B%@'&0')1'2') '&+7A9) ,&@) 0/,2%:%0,(+2?) 9',2%&A)1,8)7&&'0'88,2?)

" D?)I7@A')" #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8)" .,2(%07/,2)@'802%;(%+&)

6f* -?R=<GA*DO*!(* E4M)I7@A')%887'@)@W<<WEGA*?B*W<<=AG),A,%&8();'(%(%+&'28)>,8'@)+&)(9')I+%&()2'8+/7(%+&)+:);2+8'07(+2<8)+::%0'").'(%(%+&'28)f7'8(%+&)(9')B,/%@%(?")[,&?)$+(%+&8)/,('2=);'(%(%+&'28),8O)(9')FM)(+)@'('2$%&');2+>,>/')0,78'")

Ø .MuFM)'B'&(7,//?)+2@'2'@)2'%&B'8(%A,(%+&)+:)(9')0,8'=)8+)7&@'('2$%&'@))

Ø D?) I7@A'u&+) ,::%@,B%(8) +:) (9')1%(&'88'8=)(2,&802%;(8) +:) 8('&+A2,;9%0) &+('8) +:) (9');2+0''@%&A8) @72%&A) (9') ;2'/%$%&,2?)%&B'8(%A,(%+&=) +2) +(9'2) @+07$'&(8)87>$%(('@) %&) (9') 0+728') (9'2'+:) 1'2'):+7&@) %&) (9') 2'0+2@8)+:) (9') 02%$%&,/) 0,8'):%/'@) %&) (9') E4M") H7@A') C87&0%+&) @%@) &+()9,B') (9') 2'0+2@8) +2) 'B%@'&0') 87;;+2(%&A)(9');2+8'07(+2<8):%&@%&A)+:);2+>,>/')0,78')

Ø #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)1%(&'88'8u8''),>+B')2',8+&%&A)

" .,2(%07/,2)@'802%;(%+&))V>3+ #-#+ ."<+ #'<'%C-.'+ $%"?)?*'+ &)(/'+ ".+ -</+ "N.+

?(<+"%#'%'#+%'-.1'/<-!)<-".+?@+<A'+I9U+).#+S03+)

Page 60: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

f5*

6g* ,5G;*!=EGH<S*1?d*DO*!(* E4M)%887'@)8',209)1,22,&(8),A,%&8()0'2(,%&)+7(/'(8)%&)[,&%/,):+2)

B%+/,(%+&)+:).*)aV)P*'02'')+&).2+('0(%+&)+:)J&('//'0(7,/).2+;'2(?Q")Y,('2=)(9'?)/%:('@)%(),&@)+2@'2'@)(9')2'(72&)+:)(9')%('$8)8'%g'@")

Ø .Mu0+&:/%0(%&A) 2';+2(8) >'(1''&) (9')1%(&'88'8c) (9'2') 1,8) %&87::%0%'&().#EFRGCY) mGR]Y#*6#) +:) (9') 02%$')0+$$%(('@c) ]%(&'88'8) 0/,%$'@) (9,() (9')B%@8)1'2')2'(,;'@):2+$),)K$,8('2)(,;'N)b)(9'8') (,;'8) +2) ,() /',8() (9') ;%2,('@) +&'8)1'2') &+() 89+1&) (+) (9') 0+72() @72%&A),;;/%0,(%+&):+2)1,22,&(8))

" D?)I7@A')" #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8)Ø .,2(%07/,2) @'802%;(%+&u49') %('$8) %&) (9')

@'802%;(%+&)+:)(9')1,22,&()0,&)>'):+7&@)%&),&?)B%@'+)8(+2'=);%2,('`+1&'@)+2)&+(")P4\)8'(8=)2'0+2@'28=)'(0"Q)

6h* L=?>K=*DO*1<WEIJAI?* C)A=W<I;*@W<<WEG)1,8)%887'@),A,%&8()\'2+&,),&@)d2,&0%80+):+2)B%+/,(%+&8)+:)(9')*,&A'2+78)*27A8)C0(")49')1,22,&()1,8):+2);2'$%8'8),()!--)[")U%g+&)8("=)>7()(9');2'$%8'8),A'&(8)8',209'@)1,8)!-_)[")U%g+&)8(")],8)(9')8'%g72')B,/%@s))

" .M))" D?)I7@A')" #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8)Ø .,2(%07/,2) @'802%;(%+&u(9') ;+/%0') 19+)

0+&@70('@)872B'%//,&0')A,B'),)@'802%;(%+&)$,(09%&A) (9') 9+78') ,() !--) [") U%g+&) 8+)(9')1,22,&()1,8) %887'@) :+2) (9') 8',209) +:)(9,()9+78'")49')0+&(2+//%&A)87>I'0()+:)(9')8',209) 1,22,&(8) %8) (9') ;/,0') %&@%0,('@) %&)(9') 1,22,&() %(8'/:) ,&@) &+() (9') ;/,0')%@'&(%:%'@)>?)(9');+/%0'")

6i* *3JI<?A?BG*!?<>O*DO*3WdJI?<>* C)A=W<I;*@W<<WEG)1,8)%887'@)>?)E4M),A,%&8()[,5%0+2;):+2)0+;?2%A9()%&:2%&A'$'&(),&@)7&:,%2)0+$;'(%(%+&")MC)2'B'28'@)E4M)@'0%8%+&")\,/%@)1,22,&(s)

" .MuGDJ) CA'&() F,$%&%,&+) ,&@) F,02%g=) ,)0%B%/%,&=)('8(%:%'@)(9,()(9'?);'28+&,//?)8,1)[,5%0+2;) ;2+@70') ,&@) +::'2) :+2) 8,/')0+7&('2:'%()8+:(1,2')P+:)[%02+8+:(Qc)(9'2')1,8),/8+)$,('2%,/)'B%@'&0')

" D?)I7@A')" #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8)" .,2(%07/,2) @'802%;(%+&u#qM#.4) ;,2") P0Q=)

19%09) %8) (++) A'&'2,/Z) %('$8) %&) 8,%@);,2,A2,;9) ,2') &+() ,7(+$,(%0,//?) 2'/,('@)(+) 0+;?2%A9() %&:2%&A'$'&() +2) 7&:,%2)0+$;'(%(%+&) >'0,78') (9'?) $,?) >') 78'@)

Page 61: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

f6*

)

*

*

*

*

:+2)+(9'2);'28+&,/),&@)/'A,/)78'8"),5*

*

(K79;?HK*DO*!(* E4M)I7@A')%887'@)A=W<I;*@W<<WEG):+2)C;,2($'&()G+")-)>7();+/%0'),/8+)8',209'@),&@)8'%g'@)%('$8)%&),;,2($'&()G+")W")J8)(9')1,22,&()B,/%@),&@),2')(9')%('$8)8'%g'@),@$%88%>/'),8)'B%@'&0')%&)(9')02%$%&,/);2+8'07(%+&):+2)%//'A,/);+88'88%+&)+:):%2',2$8s)

" .M)" D?)I7@A'))" #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8)" .,2(%07/,2) @'802%;(%+&uDT4=) 8%&0')

C;,2($'&()G+")W)1,8)&+() %&0/7@'@) %&) (9')1,22,&(=) 8',209) (9'2'+:) 1,8) %&B,/%@) ,&@)%('$8) 8'%g'@) (9'2':2+$) ,2') %&,@$%88%>/'),8)'B%@'&0'))

,6* 'S*DO*4&-* F>#)"#GH3) " .M)" D?)I7@A')" #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8)Ø .,2(%07/,2)@'802%;(%+&u$+8()+:) (9') %('$8)

1'2') (++) A'&'2,/=) '8;'0%,//?) 19'&) (9'?)1'2') ,/2',@?) :72&%89'@) ,) 0+;?) +:) (9')%('$8) (9,() &''@) (+) >') 8'%g'@c) 9+1'B'2=)8'%g72') +:) 7&2'A%8('2'@) @'/%B'2?) 2'0'%;(8=);7209,8'),&@)8,/'8)%&B+%0'8)2'$,%&)B,/%@)

z49') %&0+&8%8('&0?) %&) &,$%&A) (9') ;/,0') %8) &+() 8+)A2,B') ,8) (+) 2'&@'2) (9') 19+/') 1,22,&() B+%@c) (9')%&0+&8%8('&0?) %&) (9') &,$') %8) ,/8+) &+() A2,B')>'0,78') %() %8) ,) 8',209) 1,22,&(=) &+() ,&) ,22'8()1,22,&())

,,* /WKK=V?*DO*!(* E4M)%887'@)8',209)1,22,&():+2):,/8%:%0,(%+&)+:)/,&@)(%(/'8),&@)A2,:()09,2A'8"#

Ø .Mu%887'@) :+2) $+2') (9,&) +&') 8;'0%:%0)+::'&8'))

" D?)I7@A')" #5,$%&,(%+&) +:) 0+$;/,%&,&() ,&@)

1%(&'88'8)" .,2(%07/,2)@'802%;(%+&u(++),//`'$>2,0%&A)

Page 62: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

f,*

+(--(#%).$$*$.(-!:.$*(#0*$.&n'-.$*

1JD=*=dI=>GJ?EA*G?*G;=*A=W<I;*@W<<WEG*<=aHJ<=F=EG8*T&3L7!7+.$U*

!" F',209)J&0%@'&(,/)(+),&),22'8()-" F',209)+:)F+B%&A)B'9%0/'8)3" F'%g72')+:)'B%@'&0')%&)>/,%&)B%'1)a" !78(+$8)8',209'8)^" ]9'2')(9'2')%8),)@,%B'2)+:)(9')2%A9()

E,2')'50';(%+&8),2')(9')27/'8)+&Z)

k" .5%A'&()0%207$8(,&0')T`U*3:L*9W<F=EGA*DO*!?H<G*?B*(>>=WKA)X" $(+;),&@):2%8O))

)• 49')2'f7%8%(')+:);2+>,>/')0,78')$78()8(%//)>')8,(%8:%'@)>':+2'),)1,22,&(/'88)

8',209),&@)8'%g72')0,&)>')/,1:7//?)0+&@70('@").2+>,>/')0,78')$78()>')>,8'@)+&/?)+&)2',8+&,>/')A2+7&@)+:)878;%0%+&)+2)>'/%':)(9,(),)02%$')9,8)>''&)+2),>+7()(+)>')0+$$%(('@")49%8)%8)@'0%@'@)&+()>?),)I7@A')>7()>?),)8',209%&A)+::%0'2"V)

)

$=W<I;*JEIJX=EGWK*G?*W<<=AG*

• .2'B,%/%&A)@+0(2%&')%8):2+$)(9')0,8')+:)F"*)/&"+12+5)H"=)19'2')M9%':)H78(%0')4''9,&O'')+;%&'@)(9,()8',209'8)%&0%@'&(,/)(+),&),22'8()89+7/@)>'),)n8(2%0(),;;/%0,(%+&)+:)(9')'50';(%+&);2+B%@'@)%&)E7/')!-k=)F'0"!-<),&@)/%$%('@)(+)n@,&A'2+78)1',;+&8)+2),&?(9%&A)19%09)$,?)>')78'@),8);2++:)+:)(9')0+$$%88%+&)+:)(9')+::'&8'"<)49%8)'50/7@'8)8',209'8)%&);/,0'8)+(9'2)(9,&)(9');/,0')+:),22'8("!_))

$=W<I;*?B*F?DJEC*D=;JIK=O*ThU*L=?>K=*DO*)?*:?*+JEC*

• d2+$)(9')/',@%&A)0,8')3)%%"*+1O+G.-<'#+/<)<'/)2+8'),);+2(%+&)+:)(9')\+/8(',@)C0(),//+1%&A)1,22,&(/'88),22'8(8)K19'2')%()%8)&+();2,0(%0,>/')(+)8'072'),)1,22,&()>'0,78')(9')B'9%0/')0,&)>')f7%0O/?)$+B'@)+7()+:)(9')/+0,/%(?)+2)I72%8@%0(%+&)%&)19%09)(9')1,22,&()$78()>')8+7A9("N*

• .2+>,>/')0,78')%8)8(%//)2'f7%2'@):+2),)2',8+&,>/')8',209)+:),)$+B%&A)B'9%0/'"*

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!V)HRCSTJG)6")D#EGCF=)F"H"=)4U#)!VWX)MRGF4J4T4JRG)Rd)4U#)E#.TDYJM)Rd)4U#).UJYJ..JG#FZ)C)MR[[#G4CEe)-_3)P-__V)'@"Q)!_)J@"=);,A')!V-)

• 49%8)'50';(%+&)$78()>')@%8(%&A7%89'@):2+$)078(+$8)8',209'8"*

C8)89+1&)%&)5'"$*'+12+7)*C/<'#<O+;+/%0')09'0O;+%&(8)0,&),/8+)>'),)8%(7,(%+&)19'2'),)$+B%&A)B'9%0/')0,&)>')8',209'@")TiU*L=?>K=*DO*3WKFAG=XG#

.DJX=EI=*JE*>KWJE*DJ=@*

• B)%%-/+12+G.-<'#+><)<'/)@':%&'@)(9%8)'50';(%+&),8)+>I'0(8)K:,//%&A)%&)(9');/,%&)B%'1)+:),&)+::%0'2)19+)9,8)(9')2%A9()(+)>')%&);+8%(%+&)(+)9,B')(9,()B%'1),2')87>I'0())(+)8'%g72'),&@)$,?)>')%&(2+@70'@)%&)'B%@'&0'"N*

• 49%8)1,8)$+@%:%'@)%&)3""*-#!'+19%09)8,%@)(9,()(9')@%80+B'2?)$78()>')K%&,@B'2('&(N")J()%8)&+()%&,@B'2('&()%:)(9')'B%@'&0')1,8)@%80+B'2'@)>?),&)+::%0'2),:('2);+O%&A),2+7&@"!!*

!HAG?FA*A=W<I;=AO*T6,U*LW>W*DO*3WC?#

+WJD=<*?B*<JC;G*

• E%A9(),A,%&8()7&2',8+&,>/')8',209'8)$,?)>')1,%B'@)'5;2'88/?)+2)%$;/%'@/?")],%B'2)0,&)>')89+1&)>?):,%/72')(+)$,O'),&@)+>I'0(%+&)+2);2+('8("!-*

• C)1,%B'2)$78()>')7&@'28(++@)(+)0+B'2)+&/?)19,()%8)%&0/7@'@)1%(9%&)(9')('2$8)+:)(9')/,&A7,A'"!3*

.dJC=EG*IJ<IHFAGWEI=*

• M,$'),>+7()@72%&A),(('$;(8)(+)+B'2(92+1).2'8")M+2?)Cf7%&+<8),@$%&%8(2,(%+&")J&)5'"$*'+12+I'+D%)&-)=),)872B'%//,&0')(',$)1,8):%2'@)7;+&)>?),)A2+7;)+:)$'&)0+$%&A)+7()+:),)>7%/@%&A)>'/%'B'@)(+)>')78'@),8)9',@f7,2('28)+:)EC["*

$G?>*WEX*B<JA_*<HK=*

F(+;),&@):2%8O)8'2B'8)(1+`:+/@)%&('2'8(Z)

!" #::'0(%B')02%$');2'B'&(%+&),&@)@'('0(%+&)b)7&@'2),;;2+;2%,(')0%207$8(,&0'8),&@)$,&&'2=),);+/%0')+::%0'2)$,?),;;2+,09),);'28+&)(+)%&B'8(%A,(');+88%>/')02%$%&,/)>'9,B%+2)'B'&)1%(9+7();2+>,>/')0,78'*

-" F,:'(?),&@)8'/:`;2'8'2B,(%+&)b):+2),&)+::%0'2)(+),8872')9%$8'/:)(9,()(9');'28+&)9')%8)@',/%&A)1%(9)%8)&+(),2$'@)1%(9),)@',@/?)1',;+&)(9,()0,&)>'):,(,//?)78'@),A,%&8()9%$"*

*

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!R#2=);,A')!VX)

!-R#2=);,A')!VW)

!3)J@"=);,A')-__)

Page 63: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

fZ*

$HA>JIJ?E7K=AA*X<HC*G=AGA*

• 41+)TF)@'0%8%+&8=)W'%.".-)+>&A""*+I-/<%-&<+12+4&<-".),&@)6")%#+",+8#(&)<-".+12+8)%*/=)7;9'/@)(9');+/%0?)+:)2'f7%2%&A)@27A)('8(8):+2)8(7@'&(8")49')/,(('2)0,8')%&@%0,('@)(9,()19,()%8)'88'&(%,/),2')(9')809++/8<)078(+@%,/)2'8;+&8%>%/%(?),&@),7(9+2%(?=)&,(72')+:)(9')%&(278%+&=)0+&:%@'&(%,/%(?)+:)('8()2'87/(8=),&@)/'A%(%$,(')A+B'2&$'&()%&('2'8("*

(<<=AGA*@JG;*@W<<WEG*

• 49')0,8')4C)%!)+12+4??)/)9'/@)(9,()>+(9)8',209)1,22,&(8),&@)1,22,&(8)+:),22'8()$78()8,(%8:?)(9')8,$')2'f7%2'$'&(8),8)(+);2+>,>/')0,78'),&@)$,&&'2)+:)%(8)@'('2$%&,(%+&")

• C)I7@A')$78();'28+&,//?)'5,$%&')(9')0+$;/,%&,&(),&@)1%(&'88'8)%&)12%(%&A),&@)7&@'2)+,(9)>':+2')@'('2$%&%&A);2+>,>/')0,78'),&@)%887%&A),)1,22,&()+:),22'8(")

)

+W<<WEGK=AA*W<<=AG*

#50';(%+&8)(+)(9')2'f7%2'$'&()+:),&),22'8()1,22,&(),2')@%80788'@)%&)E7/')!!3=)F'0(%+&)^=)E7/'8)+:)M+72("))

F'0")^")4%%'/<+N-<A"(<+)+N)%%).<\+NA'.+*)N,(*2)`)C);',0')+::%0'2)+2);2%B,(')$,?=)1%(9+7(),)1,22,&(=),22'8(),);'28+&Z)

,Q ]9'&)%&)9%8);2'8'&0'=);'28+&)(+)>'),22'8('@)9,8)0+$$%(('@=)%8),0(7,//?)0+$$%((%&A=)+2),(('$;(%&A)(+)0+$$%(),&)+::'&8'c*

>Q ]9'&),&)+::'&8')9,8)>''&)0+$$%(('@=),&@)9')9,8);'28+&,/)O&+1/'@A')+:):,0(8)%&@%0,(%&A)(9,();'28+&)(+)>'),22'8('@)9,8)0+$$%(('@)%(c*

0Q ]9'&)(9');'28+&)(+)>'),22'8('@)%8),);2%8+&'2)19+)9,8)'80,;'@):2+$);'&,/)'8(,>/%89$'&()+2);/,0')19'2')9')%8)8'2B%&A):%&,/)I7@A$'&()+2)('$;+2,2%/?)0+&:%&'@)19%/')9%8)0,8')%8);'&@%&A=)+2)9,8)'80,;'@)19%/')>'%&A)(2,&8:'22'@):2+$)+&')0+&:%&'$'&()(+),&+(9'2"*

*

J&)0,8'8):,//%&A)7&@'2);,2,A2,;98),Q),&@)>Q)9'2'+:=)(9');'28+&),22'8('@)1%(9+7(),)1,22,&()89,//)>'):+2(91%(9)@'/%B'2'@)(+)(9')&',2'8();+/%0')8(,(%+&)+2)I,%/=),&@)9')89,//)>');2+0''@'@),A,%&8()%&),00+2@,&0')1%(9)E7/')!!-=)F'0(%+&)X")

• C)>7?`>78()+;'2,(%+&)%8),):+2$)+:)'&(2,;$'&()19'2')(9')+::%0'2);+8'8),8),)>7?'2")U')@+'8&<()%&8(%A,(')(9'),0078'@)(+)0+$$%(),)02%$')>'0,78')(9')K8'//'2N)9,8),/2',@?)@'0%@'@)(+)0+$$%(),)02%$'")49')+::'&8')9,;;'&8)%&)9%8)

;2'8'&0'=)8+)(9'2')%8)&+)/+&A'2),)&''@):+2),)1,22,&()+:),22'8()+2):+2)8'%g72')+:)A++@8"!a)

• 49')(?;')+:)'&(2,;$'&():+2>%@@'&)>?)/,1)%8)(9')%&@70%&A)+:),&+(9'2=)19+)%8)+(9'21%8'),&)%&&+0'&();'28+&=)(+)B%+/,(')(9')/,1")49')02%$%&,/)%&('&()+2%A%&,('8)%&)(9')$%&@)+:)(9')'&(2,;;%&A);'28+&),&@)(9'),0078'@)%8)/72'@)%&(+)0+$$%((%&A)(9')+::'&8'"!^)

• ]9'2')(9')02%$%&,/)%&('&()+2%A%&,('8):2+$)(9'),0078'@),&@)(9')02%$%&,/)+::'&8')%8)0+$;/'('@=),);'28+&),0(%&A),8),)@'0+?):+2)(9')8(,('=)+2),%@'@)%&)(9')0+$$%88%+&)+:)(9')02%$')(+)8'072')'B%@'&0'=)(9'2')%8)&+)'&(2,;$'&(),&@)(9'),0078'@)$78()>')0+&B%0('@"!k)

• J&)1,22,&(/'88),22'8(8=)(9')/,1)(%/(8)%&):,B+2)+:)(9'),7(9+2%(?"!X)• J&)K0+&(%&7%&A)02%$'8N=)(9'),0078'@)%8),887$'@)(+)>'),/1,?8)0+$$%((%&A)

(9')+::'&8')'B'&)19'&),8/'';")U'&0'=)9')$,?)>'),22'8('@),&?)(%$')9')$,?)>')'&0+7&('2'@"!W)

• )

+;=E*G?*I;WKK=EC=*G;=*DWKJXJGS*?B*W<<=AG*

• F'0(%+&)-k=)E7/')!!a)+:)E'B%8'@)E7/'8)%&)M2%$%&,/).2+0'@72')8,?8)(9,(),&),;;/%0,(%+&):+2)>,%/)+2),@$%88%+&)(+)>,%/)>?),&),0078'@)%8)&+()0+&8%@'2'@),)1,%B'2)+:)9%8)2%A9()(+),88,%/)(9')1,22,&()%887'@):+2)9%8),22'8()+2)(9')/'A,/%(%'8)+2)%22'A7/,2%(%'8)(9'2'+:"!V*

)

($$"A*WEX*L<=AJX=EGJWK*!?FFJGF=EG*"<X=<A*TL!"U*

• C22'8(=)F',209),&@)F'%g72')R2@'2)PCFFRQ)A'&'2,//?)%887'@)>?)(9')[%&%8('2)+:)*':'&8')>?)B%2(7')+:)6'&'2,/)R2@'2)G+")-`C)%887'@)>?)(9').2'8%@'&();7287,&()+:)(9');2+0/,$,(%+&)+:)$,2(%,/)/,1")F',209),&@)8'%g72'8)>?)(9')$%/%(,2?)+:);'28+&8)878;'0('@)(+)>');,2()+:)(9')2'B+/7(%+&,2?)A2+7;8)78'@)CFFR"*

• C:('2)/%:(%&A)$,2(%,/)/,1)0,$')(9').2'8%@'&(%,/)M+$$%($'&()R2@'2)P.MRQ")J()1,8),&)+2@'2)+:);2'B'&(%B')@'('&(%+&)%887'@)>?)(9').2'8%@'&(),8)M+$$,&@'2`%&`M9%':"*

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!a)J@"=);,A')-_V)!^)R?-#2)]^+R?-#2+

]_+R?-#2)

!W)R#O+$)!'+`]a)!V)R#2=);,A')-!!))

Page 64: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

f`*

+W<<WEGK=AA*$=W<I;=A*WEX*$=JYH<=A*

!WA=*#HFR=<* !WA=*#WF=* 1WIGA* :=KX[-WGJ?*

6* 3WG=<JWK*0JAG<JRHG?<A*&EIOM*DO*

#WGJDJXWX*

• E'8;+&@'&():%/'@),)$+(%+&):+2);2+@70(%+&)+:)@+07$'&(8)%&)2'/,(%+&)(+)8';,2,(')0,8'8):%/'@)>?)2'8;+&@'&(),A,%&8();'(%(%+&'2")H7@A'),//+18);2+@70(%+&)+:)@+07$'&(8").'(%(%+&'2)0+&('&@8)(9,()$+(%+&)%8)'f7,/)(+):%89%&A)'5;'@%(%+&"))

• *'0%8%+&)+:)2'8;+&@'&()I7@A')9'/@")*+07$'&(8)$,('2%,/)(+)0,8')+:)2'8;+&@'&(),A,%&8();'(%(%+&'2")M+&8(%(7(%+&,/)A7,2,&('')+:);2%B,0?)+:)0+$$7&%0,(%+&8)&+()B%+/,('@=)0+72()9,8);+1'2)(+)%887')+2@'28)(+)%&8;'0()8709)@+07$'&(8")

,* "_KW;?FW*L<=AA*LHRKJA;JEC*

!?F>WES*DO*+WKKJEC*

E'8;+&@'&()C@$%&%8(2,(+2)+:)U+728),&@)],A'8)*%B%8%+&)+:)*';,2($'&()+:)Y,>+2)+2@'2'@)87>;+'&,8),A,%&8();'(%(%+&'2)(+);2+@70')2'0+2@8)(+)@'('2$%&')%:);'(%(%+&'2)B%+/,('@)d,%2)Y,>+2)F(,&@,2@8)C0(").'(%(%+&'2)0+&('&@8)%()1+7/@)>')'f7,/)(+)7&2',8+&,>/')8',209),&@)8'%g72'"))

• .'(%(%+&) @'&%'@") J&B'8(%A,(%+&) 9,8) ,7(9+2%g'@);72;+8') 1%(9%&) (9') ;+1'2) +:) M+&A2'88) (+)0+$$,&@") E'0+2@8) 8+7A9() ,2') 0+2;+2,(')2'0+2@8").'(%(%+&'28<)2%A9(8),2')&+()%&B+/B'@"))

Z* !WFW<W*DO*3HEJIJ>WK*!?H<G*

*

*%B%8%+&)+:)U+78%&A)J&8;'0(+2*(2%'@)(+)%&8;'0();'(%(%+&'2<8)9+78'):+2);+88%>/')B%+/,(%+&8)+:)U+78%&A)M+@'")C;;'//,&()2':78'@)%&8;'0(%+&)0/,%$%&A)%()@%@&<()9,B'),)1,22,&(")C;;'//,&(),2A7'8)(9,()%&8;'0(%+&)%8)B%+/,(%+&)+:)2%A9(),A,%&8()7&2',8+&,>/')8',209'8),&@)8'%g72'8"))

• .'(%(%+&) 9'/@") C;;'//,&() 9,8) 0+&8(%(7(%+&,/)2%A9()(+)2'8%8()1,22,&(/'88)8',209")J&8;'0(%+&)%8)&+()72A'&() %&)&,(72'),&@)9,8);2+>,>/')0,78'=)19%09)$''(8)2'f7%8%('8):+2),)B,/%@)1,22,&("))

`* 3:L*9W<F=EGA*DO*!?H<G*?B*

(>>=WKA*

*

.9%/%;;%&')M+&8(,>7/,2?)P.MQ),&@);'(%(%+&'2=)1%(9+7()1,22,&(=)2,%@'@),&@)8'%g'@)7&,7(9+2%g'@)>+?)80+7();2+@70(8)8+/@)>?)2'8;+&@'&(").'(%(%+&'2)0+$;/,%&()+:)7&:,%2)0+$;'(%(%+&)1,8)@%8$%88'@),&@)1,8)+2@'2'@)(+)2'(72&);2+@70(8),&@);,?):+2)@,$,A'8"))

• ],22,&(/'88)8',209),&@)8'%g72')1,8)%//'A,/").M)9,@) 87::%0%'&() (%$') (+) ,;;/?) :+2) ,) 8',209) ,&@)8'%g72')1,22,&())

e* L=?>K=*DO*!?H<G*?B*1J<AG*

&EAGWEI=*?B*-JYWK*

C0(%&A)+&),)(%;):2+$),&)%&:+2$,&(=)E'A%+&,/)C&(%`F$7AA/%&A)C0(%+&)M'&('2)PECFCMQ)%&('20';('@),)0,2)0+&(,%&%&A)@7(%,>/')A++@8),()G+2(9)*%B'28%+&)E+,@")6++@8)1'2')@'0/,2'@)&+()87>I'0()(+):+2:'%(72'),:('2);,?$'&()+:)(,5'8)>7()1'2')8(%//)78'@),8)'B%@'&0'),A,%&8()2'8;+&@'&(8")

• ],22,&(/'88) 8',209) ,&@) 8'%g72') %8) ,7(9+2%g'@):+2) 078(+$8) +::%0%,/8) 1%(9) ;2+>,>/') 0,78'")49,()A++@8)1'2')8'%g'@):2+$),)$+B%&A)B'9%0/'),@@8)02'@'&0')(+)1,22,&(/'88)8',209")M2%$%&,/)0,8') ,A,%&8() 2'8;+&@'&(8) %8) @%::'2'&() :2+$),@$%&%8(2,(%B'):+2:'%(72')0,8')+&)A++@8")

f* -?WE*DO*9?EYWK=A* C)8',209)1,22,&()1,8)%887'@),A,%&8();'(%(%+&'2)>7()&+&')+:)(9'),2(%0/'8)%&)(9')8',209)1,22,&()1,8):+7&@")J&8(',@=)+::%0'28):+7&@),)2'B+/B'2),&@)>7//'(8)19%09)1'2')8'%g'@),&@)78'@)(+):%/'),&)%//'A,/);+88'88%+&)+:):%2',2$8)0,8'").'(%(%+&'2),2A7'8)8',209),&@)8'%g72')1,8)%//'A,/")

F',209)1,22,&()%8)B+%@")G+)@';+8%(%+&)+:)0+$;/,%&,&()%&)8',209)1,22,&()1,8)(,O'&),&@)'5,$%&,(%+&)1,8)&+();2+>%&A),&@)'59,78(%B'")F%&0')(9'2')%8)&+)B,/%@)8',209)1,22,&(=)2'B+/B'2),&@)>7//'(8)0,&&+()>')78'@),8)'B%@'&0'),A,%&8();'(%(%+&'2"))• (XXJGJ?EWK* 0?IG<JE=8) .2+9%>%('@) %('$8) P%"'")

A7&8=) @27A8=) '(0"Q=) (9+7A9) 8'%g'@) %&) ,&) %//'A,/)8',209=) 0,&) >') B,/%@/?) 0+&:%80,('@) >?) (9')A+B'2&$'&(),&@);7()%&)&(/<"#-)+*'!'/")

g* #?KWAI?*DO*LW]?* C)8',209)1,22,&()1,8)%887'@),A,%&8();'(%(%+&'2<8)9+78')%&)2'/,(%+&)(+) F',209)1,22,&()%8)B+%@")J&%(%,//?=)FM)9'/@)(9,()

Page 65: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

fe*

* ,)2'>'//%+&)0,8'").'(%(%+&'28)1'2'),22'8('@),1,?):2+$)(9'%2)9+78')(9'&)(9')8',209)1,22,&()1,8)'5'07('@").'(%(%+&'28),2A7')(9,()8',209)1,22,&()%887'@)1,8)(++)A'&'2,/=)(9'2':+2')B+%@")

87>8'f7'&()8',209)1,8)%&0%@'&(,/)(+),22'8()+:);'(%(%+&'28")FM)2'0+&8%@'2'@)@'0%8%+&),&@)8,%@)(9,()8',209)1,8)%//'A,/),&@)0,&&+()>')78'@),8)'B%@'&0'")MH)4''9,&O'')+;%&'@)(9,()8',209)%&0%@'&(,/)(+),22'8()89+7/@)>')$,@')+&/?)+&)(9');/,0')+:),22'8(")

h* L=?>K=*DO*)?*:?*+JEC*

*

.9%/%;;%&')M+&8(,>7/,2?)F;'0%,/)R;'2,(%+&8)62+7;)PFR6Q),A'&()%&:%/(2,('@)8?&@%0,(')+:)2'8;+&@'&(),&@)%&:+2$'@),A'&0?)+:)(9'%2),22%B,/)(+)[,&%/,):2+$)Um")R&0')(9'?),22%B'@=)FR6)8(+;;'@)(9'%2)0,>),&@):+7&@)@27A8")C;;'//,&(),2A7'8)(9,()1,22,&(/'88)8',209)%8)%//'A,/)>'0,78');+/%0')9,@)O&+1/'@A')+:)(9'%2)$+B'$'&(")

],22,&(/'88)8',209)%8)B,/%@")J&),)8',209)+:)$+B%&A)B'9%0/'=)27/'8),2')/%>'2,/%g'@")#B'&)%:);+/%0')9,@)(%$'=)(9'?)@%@&<()9,B')'&+7A9):,0(8)(+)8,(%8:?)1,22,&()2'f7%2'$'&("))

i* L=?>K=*DO*3WKFAG=XG* .+/%0')8'(7;)09'0O;+%&()%&)[(").2+B%&0')>,8'@)+&)%&:+)(9,()B'9%0/'8):2+$)F,A,@,)1'2')(2,&8;+2(%&A)@27A8=)%&);,2(%07/,2),)M,70,8%,&)1,8)0,22?%&A)@27A8)+&)9%8)(2%;")D78)(2,&8;+2(%&A)@':'&@,&()1,8)8(+;;'@),&@)9')1,8):+7&@)(+)0,22?)>,A8)+:)9,89%89")*':'&@,&(),2A7'8)(9,()8',209)1,8)%//'A,/)>'0,78')%()@%@&<()9,B'),)1,22,&()9'&0')(9')@27A8),2')%&,@$%88%>/'),8)'B%@'&0'")

],22,&(/'88)8',209)%8)B,/%@")C0078'@)1,8)0,7A9()-.+,*)!%).<'+#'*-&<"")],22,&(/'88)8',209)>,8'@)+&)%&:+2$,(%+&)2'0'%B'@)@72%&A)09'0O;+%&()@%@)&+()A%B')'&+7A9)(%$')(+)+>(,%&)1,22,&(")

65* 3HAGWEC*)HFR=<*&EIOM*DO*!?H<G*

?B*(>>=WKA*

*

*#GE):+2'8('28),&@);+/%0')0+&@70('@)872B'%//,&0')+:);'(%(%+&'2<8)/7$>'2?,2@"))C)(270O)0+$%&A)+7()+:)/7$>'2?,2@)1,8)8',209'@)1%(9+7()1,22,&(),&@):+7&@)7&@+07$'&('@)/7$>'2")41+)0+&8'07(%B')8',209'8)78%&A)+&')1,22,&()1,8)@+&'),()/7$>'2?,2@),&@)2'(72&'@)7&@+07$'&('@)/7$>'2")

)

],22,&(/'88)8',209)@+&')+&)(270O)%8),)B,/%@)8',209)+:)$+B%&A)B'9%0/'"))T&@'2)F'0)V)E7/')!-k)+:)E7/'8)+:)M+72(=)8',209)1,22,&()9,8)'5;%2?)+:)!_)@,?8=),&@)0+7/@)>')8'2B'@),&?(%$')1%(9%&);'2%+@")F',209)0,&)0+&(%&7')(9'):+//+1%&A)@,?),8)/+&A),8)1%(9%&)(9')('&`@,?);'2%+@")

66* (AHEIJ?E*DO*!?H<G*?B*(>>=WKA*

*

d2+$)(%;)2'0'%B'@=);+/%0')0+&@70('@),);,(2+/)+:)(9'%2),2',),&@)1,(09):+2),)@27A);789'2")J&:+2$,&();+%&('@)(+)(9')0,2)+:);'(%(%+&'2)19%09)1,8):/,AA'@),&@)8',209'@)>?);+/%0'")49'?):+7&@)89,>7)+&)(9')B'9%0/'),&@);'(%(%+&'2").'(%(%+&'2)0+&('&@8)1,22,&(/'88)8',209)1,8)%//'A,/")

],22,&(/'88)8',209)+:),)$+B%&A)B'9%0/')%8)B,/%@")4%;);2+B%@'@)A,B');+/%0')2',8+&,>/')0,78'=)>7()&+()'&+7A9)%&:+2$,(%+&)(+)8'072'),)1,22,&(")49'?)@%@)&+()O&+1)(9')(%$');'(%(%+&'2)1%//)A+)+7(),&@)B'9%0/')78'@"))

6,* LW>W*DO*3WC?* D,8'@)+&)%&:+2$,(%+&)(9,()7&@'0/,2'@)A++@8)1%//)>')2'/',8'@=);'(%(%+&'2)0+&@70('@)872B'%//,&0')+:)A,(')!)+:)078(+$8)g+&'")4270O8)1'2')%&('20';('@),()#2$%(,)[,&%/,")E'8;+&@'&()I7@A')2'/',8'@)A++@8)%&)f7'8(%+&").'(%(%+&'28),2A7')(9,()I7@A'),0('@)1%(9+7()I72%8@%0(%+&)19%/')2'8;+&@'&(8),//'A')(9,()[,&%/,).+/%0')'::'0('@)8'%g72')1%(9+7()B,/%@)1,22,&(")

E'8;+&@'&()MdJ)@+'8)&+()9,B')I72%8@%0(%+&")D72',7)+:)M78(+$8)%8),7(9+2%g'@)7&@'2)4,2%::),&@)M78(+$8)M+@')(+)9+/@),//)%$;+2('@),2(%0/'8)7&(%/)(,5'8)%8);,%@").'(%(%+&'2)1,8):+2$,//?)@';7(%g'@)>?)M+$$%88%+&'2)+:)M78(+$8")

6Z* (EJWC*\<O*DO*!?FFJAAJ?E*?E*

.K=IGJ?EA*

*

.'(%(%+&'2)%&8(270('@)@2%B'2)(+)2'(72&):%2',2$8)%887'@)>?)U+78')+:)E';2'8'&(,(%B'8)(+);'(%(%+&'2)@7')(+)'/'0(%+&)A7&)>,&")*2%B'2)1,8)0,7A9()%&),)09'0O;+%&()-_)$'('28),1,?):2+$)D,(,8,&)M+$;/'5)19'2')9')1%//)2'(72&):%2',2$8").'(%(%+&'2),2A7'8)(9,()8',209)1%(9+7()1,22,&()0+&@70('@)>?);+/%0')+&)9%8)0,2)1,8)%//'A,/")

],22,&(/'88)8',209)1,8)%//'A,/")49'2')1,8)&+)'B%@'&0')+2);2+>,>/')0,78')(+)>'/%'B');2%+2)(+)(9')8',209)(9,()@2%B'2)1,8),)/,1)+::'&@'2"))

6`* 3WKWIWG*DO*!?H<G*?B*(>>=WKA* .+/%0')1'2')+&):++();,(2+/)19'&)(9'?)&+(%0'@);'(%(%+&'2)(+A'(9'2)1%(9)+(9'2)[78/%$`/++O%&A)$'&=)1%(9)'?'8)$+B%&A)B'2?):,8(")49'?)

],22,&(/'88),22'8()1,8)%//'A,/").'(%(%+&'2)1,8)&+()-.+,*)!%).<'+#'*-&<"")F7>8'f7'&()8',209)%8)&+()

Page 66: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

ff*

,;;2+,09'@),&@):+7&@),)A2'&,@')(70O'@)%&8%@');'(%(%+&'2<8),>@+$'&").'(%(%+&'2),2A7'8)(9,()1,22,&(/'88),22'8()1,8)%//'A,/"))

%&0%@'&(,/)(+),22'8(")49%8)%8)&+(),)8(+;`,&@`:2%8O)>'0,78')&+(9%&A)%&);'(%(%+&'2<)>'9,B%+2)(9,();2+B%@'8)2',8+&,>/')0,78'"))

6e* L=?>K=*DO*!WEG?E* *':'&@,&()1,8)>+7&@):+2)F,%A+&=),&@)9'2),(('&(%+&)1,8)0,//'@),:('2);,88%&A)(92+7A9),)$'(,/)@'('0(+2),()(9'),%2;+2(")C%2;+2(),7(9+2%(%'8):+7&@)89,>7)%&)9'2);+88'88%+&")*':'&@,&(),2A7'8)(9,()1,22,&(/'88)8',209)1,8)%//'A,/")

],22,&(/'88)8',209)>?),%2;+2()8'072%(?)%8),)8(+;`,&@`:2%8O=)19%09)1,8)$,@')%&);7287,&()+:),%2;+2()8'072%(?);2+0'@72'),//+1'@)7&@'2)EC)k-3^")U'2)87>8'f7'&(),22'8()1%(9+7()1,22,&()%8)I78(%:%'@=)8%&0')89')1,8)0,7A9()-.+,*)!%).<'+#'*-&<"2))

6f* :W<D=S*DO*0=B=EA?<7$WEGJWC?* M+$$%88%+&)+&)J$$%A2,(%+&),&@)*';+2(,(%+&)PMJ*Q);/,0'@),/%'&);'(%(%+&'28)7&@'2)872B'%//,&0')P3)$+8"Q)(9'&),22'8('@)(9'$),&@)8'%g'@)'B%@'&0'8);2+B%&A);'@+;9%/%,").'(%(%+&'2):%/'@),);'(%(%+&):+2)12%()+:)9,>',8)0+2;78),&@)f7'8(%+&'@)(9')B,/%@%(?)+:)(9'),22'8()1,22,&()%887'@)>?)2'8;+&@'&()MJ*)0+$$%88%+&'2"))

.'(%(%+&)@'&%'@")E7/'8)+&)M2%$%&,/).2+0'@72');2+B%@')(9,();'28+&)0,&)>'),22'8('@)%:)9')9,8)0+$$%(('@)o)%8)0+$$%((%&A)02%$'c);2+>,>/')0,78')1,8)@'('2$%&'@)(92+7A9)872B'%//,&0'c);'(%(%+&):+2)12%()%8)$++()8%&0')(9'?)1'2')'B'&(7,//?)09,2A'@)1%(9)B%+/,(%+&)+:)J$$%A2,(%+&)C0(),&@)C@$%&%8(2,(%B')M+@'")

6g* L=?>K=*DO*(FJEEHXJE* D,8'@)+&),&)%&:+2$,&(<8)(%;)2'0'%B'@)-)@,?8);2%+2=).9%/%;;%&')M+&8(,>7/,2?)P.MQ),22'8('@)@':'&@,&():+2);+88'88%&A)3)O%/+8)+:)$,2%I7,&,)19%/')@%8'$>,2O%&A):2+$)89%;")*':'&@,&()0/,%$'@)(9,()9%8),22'8()1%(9+7()1,22,&()1,8)%//'A,/),&@)(9,()(9')$,2%I7,&,):+7&@)%&)9%8);+88'88%+&)%8)%&,@$%88%>/'),8)'B%@'&0'")

*':'&@,&()%8),0f7%(('@")C0078'@)1,8)@%8'$>,2O%&A):2+$),)89%;),&@)&+()0,7A9()-.+,*)!%).<'").M)O&'1)(9')&,$')+:)(9')@'(,%/8)+:),22%B,/),&@)9,@)'&+7A9)(%$')(+)+>(,%&):2+$),)I7@A'),)1,22,&()+:),22'8():+2)@':'&@,&(")#B%@'&0'):+7&@)0,&&+()>')78'@)>'0,78')%()1,8)8'%g'@)%//'A,//?")

6h* L=?>K=*DO*4H<C?A* D,8'@)+&)%&:+2$,(%+&);2+B%@'@)>?),)1%(&'88=).9%/%;;%&')M+&8(,>7/,2?)P.MQ),22'8('@)@':'&@,&()19%/')1+2O%&A),()9%8):,2$").M)(9'&)8',209'@),&@):+7&@):%2',2$8)>72%'@)7&@'2)9%8)9+78'),&@)8'@%(%+78)$,('2%,/8)9%@@'&)%&),)&',2>?)0+A+&)A2,88)8(,0O")*':'&@,&(),;;',/'@)E4M)@'0%8%+&)8,?%&A)9%8),22'8()1%(9+7()B,/%@)1,22,&()1,8)%//'A,/"))

*'0%8%+&)>?)E4M)%8)2'B'28'@")F(,('$'&()+:),)1%(&'88)%8)&+()'f7,/)(+),);'28+&,/)O&+1/'@A')+:):,0(=),&@)@':'&@,&()1,8)&+()%&)(9'),0()+:)0+$$%((%&A),)02%$'").M)9,@)'&+7A9)(%$')(+)8'072'),)1,22,&(")F7>8'f7'&()8',209)1,8),/8+)%//'A,/")

6i* 'FJK*DO*-WF?A* 49');'(%(%+&'28)1'2'),22'8('@)%&)8';,2,(')%&8(,&0'8):+2)87>B'28%+&),&@)2'/,('@),0(%B%(%'8)8709),8)$72@'2),&@)%//'A,/);+88'88%+&)+:):%2',2$8")49'?):%/'@)'%A9();'(%(%+&8):+2)12%()+:)9,>',8)0+2;78),&@)0/,%$'@)(9'%2),22'8(8)1'2')%//'A,/):+2)&+()9,B%&A),)B,/%@)1,22,&(),&@)&+()0+&@70(%&A),);2'/%$%&,2?)%&B'8(%A,(%+&)>':+2'):%/%&A)%&:+2$,(%+&8),A,%&8()(9'$"))

.'(%(%+&8)@'&%'@").'(%(%+&'28)1'2')%&%(%,//?),22'8('@)+2)8',209'@)@7')(+)87>B'28%+&=)19%09)%8)0+&8%@'2'@),)0+&(%&7%&A)02%$'")F7>8'f7'&()02%$%&,/)0,8'8):%/'@),A,%&8();'(%(%+&'28)&+)/+&A'2),//+1)12%()+:)9,>',8)0+2;78")

,5* 9?*DO*!?H<G*?B*(>>=WKA* .'(%(%+&'2);2'8'&('@)9%$8'/:)(+)(9');+/%0')7;+&):%&@%&A)+7()(9,()9')1,8),)878;'0()(+),)89++(%&A)%&0%@'&()k)@,?8);2%+2").2+8'07(+2);2+0''@'@)(+):%/'),)$72@'2)0,8')1%(9+7()>,%/").'(%(%+&'2),//'A'@)(9,()9%8)1,22,&(/'88),22'8()1,8)7&/,1:7/),&@)(9,(),);2'/%$%&,2?)%&B'8(%A,(%+&)89+7/@)>')0+&@70('@)>':+2'):%/%&A)+:)%&:+2$,(%+&),A,%&8()9%$")

.'(%(%+&)A2,&('@").'(%(%+&'2)1,8)&+(),22'8('@)>7();/,0'@)9%$8'/:)7&@'2)078(+@?)+:);+/%0'),7(9+2%(%'8").2'/%$%&,2?)%&B'8(%A,(%+&)89+7/@)>')0+&@70('@)>':+2')(2%,/)%8)8(,2('@")

,6* L=?>K=*DO*3=EC?G=* C0078'@)1,8),;;2+,09'@)>?);+/%0'$'&):2+$),)(%;)(9,();'(%(%+&'2)1,8) *'0%8%+&)%8)2'B'28'@),&@),0078'@)%8),0f7%(('@")G+)

Page 67: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

fg*

*

8(,&@%&A)878;%0%+78/?)%&),)8(2''(=)9+/@%&A)9%8),>@+$'&),&@)/++O%&A):2+$)8%@')(+)8%@'")C0078'@)1,8):+7&@)1%(9),)"3W)0,/%>'2),&@)1,8)87>8'f7'&(/?)%$;/%0,('@)%&),)2+>>'2?)$+&(98)>':+2')(9')8'%g72'")C0078'@),;;',/8)@'0%8%+&)8'&('&0%&A)9%$)(+)%'&*(/-".+$'%$'<()")

02%$')1,8)>'%&A)0+$$%(('@)@72%&A)8'%g72'")67&):+7&@)%8)%&,@$%88%>/'),8)'B%@'&0')8%&0')%()1,8):2+$),&)%//'A,/)8',209")

,,* /=KWAI?*DO*!?H<G*?B*(>>=WKA* .'(%(%+&'2=),8)9',@)+:)GDJ=)f7'8(%+&8)(9')@'0%8%+&)+:)0+72()+:),;;',/8)(+)A2,&()12%()+:)9,>',8)0+2;78)+:),0078'@=)19+)1,8)%&%(%,//?)9'/@)%&(+)078(+@?)@7')(+)B%+/,(%+&)+:)D"."D/A")--),&@)87>8'f7'&(/?)(+),)2,;')0,8'").'(%(%+&'2),2A7'@)(9,()1,22,&(/'88),22'8()%8)B,/%@=)2,;')0,8')1,8),/2',@?):%/'@),&@)(2%,/)0+72()9,@)@'&%'@),;;/%0,(%+&):+2)>,%/)+:),0078'@")

MC)@'0%8%+&)%8),&&7//'@")#B'&)%:)%&%(%,/),22'8()1,8)%//'A,/=)87>8'f7'&():%/%&A)+:)2,;')0,8')>,2),0078'@):2+$)>'%&A)2'/',8'@")]2%()+:)9,>',8)0+2;78)%8),/8+)&+)/+&A'2),B,%/,>/'")

,Z* L=?>K=*DO*$WFA?E* C;;'//,&()1,8),$+&A)8'B'2,/)0+&B%0('@)+:)O%@&,;;%&A):+2)2,&8+$=)1%(9)B%0(%$),8);2%$,2?)1%(&'88")C;;'//,&(),2A7'8)(9,()('8(%$+&?)+:)B%0(%$):,%/'@)(+);2+B')9%8)A7%/@)>'?+&@)2',8+&,>/')@+7>(),&@)(9,(),;;'//,&()1,8),)B%0(%$)+:)%//'A,/),22'8("))

C;;',/)%8)@'&%'@")42%,/)0+72()1,8),>/')(+)@'('2$%&')(9,()8(,('$'&(8)+:);2+8'07(%+&)1%(&'88'8)1'2');+8%(%B'=)0/',2),&@)0+&B%&0%&A")C;;'//,&()%8),/8+)'8(+;;'@):2+$)f7'8(%+&%&A)9%8),22'8(),8)9'):,%/'@)(+)$+B'):+2)(9')f7,89%&A)+:)(9')%&:+2$,(%+&")C&?)%22'A7/,2%(?)1,8),/8+)072'@)>?)9%8)'&('2%&A),);/',)+:)K&+()A7%/(?N),&@);,2(%0%;,(%&A)%&)(9')(2%,/")

,`* L=?>K=*DO*$=aHJ]?* *':'&@,&(8)1'2'):+7&@)A7%/(?)+:)2+>>'2?)1%(9)9+$%0%@')19'&)(9'?)8(+/')$+&'?):2+$)3)$'&)+&)$+(+20?0/')0,22?%&A)$+&(9/?);,?2+//=)O%//%&A)+&')+:)(9')B%0(%$8")49'?),2A7'@)(9,()(9'?)1'2')&+()2',@)(9'%2)2%A9()(+)2'$,%&)8%/'&(),&@)>'),88%8('@)>?)0+7&8'/"))

49'),22'8()+:)+&')+:)(9'),0078'@)1,8)0+&8%@'2'@)%//'A,/)8%&0')(9');+/%0'$'&)@%@&<()9,B');'28+&,/)O&+1/'@A')+:)(9')02%$'),&@)(9')+&/?)'B%@'&0')1,8)(9')>%+`@,(,)+:)(9'),0078'@)/':()&',2)(9')02%$')80'&'").+2(%+&)+:)(9');,?2+//)$+&'?):+7&@)1%(9)(9'),0078'@)1,8),/8+)0+&8%@'2'@)%&,@$%88%>/'),8)'B%@'&0')8%&0')%()0,$'):2+$),&)%//'A,/)8',209),&@)8'%g72'")*'8;%(')(9%8=),//)(92'')1'2')8(%//)0+&B%0('@")49'?)1'2');+8%(%B'/?)%@'&(%:%'@)>?)(9')872B%B%&A)B%0(%$8"*)

,e* )W<<W]WCW*DO*!?H<G*?B*(>>=WKA* .G.)MJ6)(2%'@)(+),22'8();'(%(%+&'2),8)878;'0()%&)M9%+&A)8%8('28)O%@&,;;%&A)0,8')19%/')9')1,8)%&)809++/")U')1,8)'B'&(7,//?)@'(,%&'@),&@)09,2A'@)1%(9)O%@&,;;%&A),&@)8'2%+78)%//'A,/)@'('&(%+&").'(%(%+&'2),2A7'8)(9,()9')1,8)@'&%'@)2%A9()(+);2'/%$%&,2?)%&B'8(%A,(%+&),&@)8+7A9()(+),&&7/)(9')%&:+2$,(%+&),&@)1,22,&()+:),22'8()%887'@")

.'(%(%+&'2)%8)'&(%(/'@)(+),);2'/%$%&,2?)%&B'8(%A,(%+&)8%&0')(9')1,22,&(/'88),22'8()%8)%//'A,/c)9')1,8)&+()0+$$%((%&A),&)+::'&8')19'&)9')1,8),22'8('@")F7>8'f7'&():%/%&A)+:)09,2A'8),&@)%887,&0')+:)1,22,&()+:),22'8()072'8)(9')@':'0()+:)%//'A,/)@'('&(%+&")

,f* 3WEWKJKJ*DO*!?H<G*?B*(>>=WKA* .+/%0')0+&@70('@)872B'%//,&0'),()(9')0'$'('2?)>,8'@)+&)%&:+2$,(%+&)(9,()@27A),@@%0(8)1'2')2+,$%&A)(9'),2',")49'?)&+(%0'@);'(%(%+&'2)19+),;;',2'@)9%A9)+&)@27A8").'(%(%+&'2),2A7'8)(9,()$,2%I7,&,)2'8%@7'):+7&@)%8)%&,@$%88%>/'),8)'B%@'&0')>'0,78')%()0,$'):2+$),&)%//'A,/)8',209")

)F',209)%8)B,/%@),&@)%8),O%&)(+),)8(+;`,&@`:2%8O")*72%&A)(9'%2)872B'%//,&0'=);+/%0')&+(%0'@)(9,();'(%(%+&'2),0('@)/%O')9')1,8)9%A9)+&)@27A8")49');+/%0')9,@)87::%0%'&()2',8+&)(+)8(+;);'(%(%+&'2)(+)09'0O)9%$"))

Page 68: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

fh*

*

F'0(%+&)3")

T6U* %:.* L-&/(!2* "1* !"33'#&!(%&"#* (#0* !"--.$L"#0.#!.* $:())* 4.*

&#/&")(4).*.r!.L%*'L"#*)(+1')*"-0.-*"1*%:.*!"'-%M*"-*+:.#*L'4)&!*$(1.%2*

"-*"-0.-*-.N'&-.$*"%:.-+&$.*($*L-.$!-&4.0*42*)(+O*

T,U* (#2* ./&0.#!.* "4%(&#.0* &#* /&")(%&"#* "1* %:&$* "-* %:.* L-.!.0&#9* $.!%&"#*

$:())*4.*&#(03&$$&4).*1"-*(#2*L'-L"$.*&#*(#2*L-"!..0&#9O*

%;=*.dIKHAJ?EW<S*-HK=*

J&B,8%+&) +:) 0+$$7&%0,(%+&) ,&@) 0+22'8;+&@'&0') %8) +&') O%&@) +:) 8',209" -_)KM+$$7&%0,(%+&) ,&@) 0+22'8;+&@'&0'N) %8) (+) >') 78'@) %&) %(8) A'&'2,/) 8'&8'") 4978=) %()0+B'28),//):+2$8)+:)0+$$7&%0,(%+&)8709),8)/'(('28=);9+&')0,//8=),&@)'B'&)'/'0(2+&%0)0+$$7&%0,(%+&)/%O')'$,%/=)('5()$'88,A%&A=)'(0")

49');2'8'&():+2$)+:)(9')'50/78%+&,2?)27/')1,8),&),@,;(,(%+&)+:)(9')K:27%()+:)(9');+%8+&'@)(2''N)@+0(2%&')'&7&0%,('@)%&)><".'A-**+12+I-"Q."")J()1,8)%&0+2;+2,('@)%&(+)(9')!VX3)M+&8(%(7(%+&),&@)(9'&)%&(+)(9')!VWX)M+&8(%(7(%+&")4978=)%()%8)&+)/+&A'2)

87>I'0()(+)(9')B,A,2%'8)+:),):/70(7,(%&A)I7@%0%,/)0/%$,('"-!)T6U*$WKI=X?7"<GWE=Y*DO*!(#

)

)

)

)

)

)

)

)

)

)

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-_)R#2=);,A')-!X)-!)R#2=);,A')--V)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

)

Page 69: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

fi*

%;=*.dIKHAJ?EW<S*-HK=*

)

*

*

*

*

*

!WA=*#HFR=<* !WA=*#WF=* 1WIGA* :=KX[-WGJ?*

6* $WKI=X?7"<GWE=Y*DO*!(* • E,:,'/):%/'@),&),&&7/$'&()0,8'),A,%&8()4'2'8%(,=)9%8)1%:'=)78%&A)1%2'`(,;;'@)0+&B'28,(%+&8)0+&(,%&'@)%&)0,88'((')(,;'8),8)'B%@'&0'),A,%&8()9'2")E4M),@$%(('@)(9')'B%@'&0'=);2+$;(%&A)4'2'8%(,)(+):%/'),);'(%(%+&):+2)&'%<-"%)%-),&@)@'0%@')+&)(9')B,/%@%(?)+:)(9'),@$%88%+&)+:)'B%@'&0'"))

• E,:,'/):%/'@),&),&&7/$'&()0,8'),A,%&8()4'2'8%(,=)9%8)1%:'=)78%&A)1%2'`(,;;'@)0+&B'28,(%+&8)0+&(,%&'@)%&)0,88'((')(,;'8),8)'B%@'&0'),A,%&8()9'2")E4M),@$%(('@)(9')'B%@'&0'=);2+$;(%&A)4'2'8%(,)(+):%/'),);'(%(%+&):+2)&'%<-"%)%-),&@)@'0%@')+&)(9')B,/%@%(?)+:)(9'),@$%88%+&)+:)'B%@'&0'"))

,* nHKH=GW*DO*!(* .'(%(%+&'2)%8)(9')1%:')+:);7>/%0)2'8;+&@'&(")F9')1'&()(+)(9')/,(('2v8)0/%&%0),&@)@'8(2+?'@)(9')0,>%&'(8)(+)A'()0'2(,%&)@+07$'&(8)(+)78')(9'$),8)'B%@'&0')%&),)/'A,/)8';,2,(%+&)0,8')89'):%/'@")#B%@'&0'),@$%88%>/'s)

)

• G+=)49')FM),/8+)27/'@)(9,()(9')@+07$'&(8),2')%&,@$%88%>/') >'0,78') (9') 0+&8(%(7(%+&);2+B%@'8) (9,() (9') ;2%B,0?) +:) 0+22'8;+&@'&0'),&@)0+$$7&%0,(%+&)89,//)>')%&B%+/,>/'"))

Z* L=?>K=*DO*3W<GJ* [,2(%)1,8)0+&B%0('@):+2);+88'88%+&)+:)%//'A,/)@27A8),:('2)$,2%I7,&,)1,8):+7&@)%&)a);,0O,A'8)19%09)9')1,8)(+)89%;)(+)F1%(g'2/,&@")J()1,8):+7&@)>?)(9')%&8;'0(+28)+:)(9');2%B,(')89%;;%&A)0+$;,&?")[,2(%)0/,%$8)(9,()(9');,0O,A'8)1'2')%//'A,//?)8'%g'@)9'&0')%&,@$%88%>/'),8)'B%@'&0'"))

• J()1,8)9'/@)(9,(),)B%+/,(%+&)+:)F'0")-)+:)C2(")JJJ)0,&&+()>')%&B+O'@)>'0,78')(9')A7,2,&(''8)+:)(9')D%//)+:)E%A9(8)+&/?),;;/?)(+)8',209'8)>?)(9')F(,(') ,&@) &+() ,) ;2%B,(') %&@%B%@7,/) +2)0+2;+2,(%+&")

`* b3'*DO*0J<O*9=EM*#.0(* .6[C)2'/',8'@)#R)a-_)2'f7%2%&A),//)A+B'2&$'&(),A'&0%'8)1%(9)'M-/<-.!)J*)8?8('$8)(+)%$;/'$'&(),)7&%:+2$)J*)8?8('$")M+&8(%(7(%+&,/s)

• M+&8(%(7(%+&,/) >'0,78') P,Q) %&07$>'&() 7;+&)(9')#5'07(%B')>2,&09)+&/?=)19%09)%8)1%(9%&)(9')80+;')+:)(9').2'8%@'&(<8);+1'2)+:)0+&(2+/c)P>Q)J*) 8?8('$8) ,2') ,/2',@?) '5%8(%&A) ,&@) &+) &'1),;;2+;2%,(%+&8) ,2') &'0'88,2?) 19%09) &''@8)/'A%8/,(%+&=)>7() 8%$;/?)$,O%&A) (9') J*) 8?8('$8)$+2') 7&%:+2$c) P0Q) (9') %&:+2$,(%+&) 0+//'0('@),2') (9+8') 787,//?) 0+//'0('@) :+2) (9') ;72;+8'),&@) 8,:'A7,2@8) ,2') ;7() %&) ;/,0') (+) ,B+%@)7&&'0'88,2?),&@)7&/,1:7/)2'/',8')+:);'28+&,/)%&:+2$,(%+&)

Page 70: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-*******************************************0.(#*$.01-.2*!(#0.)(-&(* ***********************************************!-"34"#0$*,5667,56,*

g5*

+(&/.-*"1*-&9:%$*'#0.-*$.!%&"#$*,*(#0*Z*

*

*

!WA=*#HFR=<* !WA=*#WF=* 1WIGA* :=KX[-WGJ?*

6* L=?>K=*DO*0WFWA?* • *,$,8+)1,8)09,2A'@)1%(9)B%+/,(%+&)+:).*)!Wkk)%&)0+&&'0(%+&)1%(9)(9')02%$')+:)87>B'28%+&")#B%@'&0'),A,%&8()9%$)1'2'),&)[`!a)2%:/'=),$$7&%(%+&8),&@)+(9'2)>++O8),&@);,$;9/'(8)+:)87>B'28%B')+2%'&(,(%+&")49'8')1'2')8'%g'@):2+$),;;'/,&(<8)9+78'),:('2)Y7g)[+2,@+8=)(9')+007;,&()+:)(9')9+78')/'()(9')8+/@%'28)%&")

• 49'2')1,8)&+)B,/%@)8',209)1,22,&(),&@)9'&0'=)(9')'B%@'&0'),2')%&,@$%88%>/'")49'):,0()(9,()(9')+007;,&()/'()(9')8+/@%'28)%&)%8)&+(),)1,%B'2)+:)(9')2%A9()+:)*,$,8+),A,%&8()1,22,&(/'88)8',209),&@)8'%g72'")F709)1,%B'2)0,&)+&/?)>')$,@')>?)(9');'28+&)19+8')2%A9(8),2')%&B,@'@=)+2)+&')19+$)9'),7(9+2%g'8)(+)@+)8+")49'2')%8)&+)'B%@'&0')(9,()Y7g)[+2,@+8)1,8)A%B'&)8709),7(9+2%(?")

,* $>?HA=A*/=<?S*DO*)WSWCH=* .'(%(%+&'28);2'B%+78/?)2'8%@'@),()*,B,+),&@)$+B'@)(+)S7'g+&)M%(?=)/',B%&A)(9'%2)+/@)9+78')(+)(9')0,2')+:)9+78'>+?8").G.)2'0'%B'8)%&:+2$,(%+&)(9,()(9')*,B,+)9+78')%8)78'@),8),)8,:')9+78')+:)2'>'/)8+/@%'28")]%(9);'2$%88%+&):2+$);'(%(%+&'28)+&/?)(+)'&('2)(9')9+78'=);+/%0'):%&@8),)9,&@A7&=)>7//'(8=),&@)87>B'28%B')$,('2%,/8").'(%(%+&'28),2A7')(9,()(9')'B%@'&0'8)A,(9'2'@)1'2')%&,@$%88%>/'):+2)>'%&A)B%+/,(%B')+:);2+9%>%(%+&),A,%&8()7&2',8+&,>/')8',209'8),&@)8'%g72'8")

• #B%@'&0'8)%&,@$%88%>/'=),2(%0/'8)1'2')+>(,%&'@)7&/,1:7//?) 1%(9+7() 1,22,&(") .+/%0') +&/?) 9,@);'2$%88%+&)(+)09'0O)(9');2'8'&0')+:)2'>'/8) %&)(9') 9+78'=) &+() (+) 0+&@70() ,) 2++$) (+) 2++$)8',209) %&8%@') (9') 9+78'") J//'A,/) ;+88'88%+&) +:):%2',2$8) ,&@) ,$$7&%(%+&8) %&) :72(9'2,&0') +:)2'>'//%+&)0,8'),A,%&8();'(%(%+&'28)%8)@%8$%88'@")

`* b3'*DO*0J<O*9=EM*#.0(* .6[C)2'/',8'@)#R)a-_)2'f7%2%&A),//)A+B'2&$'&(),A'&0%'8)1%(9)'M-/<-.!)J*)8?8('$8)(+)%$;/'$'&(),)7&%:+2$)J*)8?8('$")M+&8(%(7(%+&,/s)

• M+&8(%(7(%+&,/) >'0,78') P,Q) %&07$>'&() 7;+&)(9')#5'07(%B')>2,&09)+&/?=)19%09)%8)1%(9%&)(9')80+;')+:)(9').2'8%@'&(<8);+1'2)+:)0+&(2+/c)P>Q)J*) 8?8('$8) ,2') ,/2',@?) '5%8(%&A) ,&@) &+) &'1),;;2+;2%,(%+&8) ,2') &'0'88,2?) 19%09) &''@8)/'A%8/,(%+&=)>7() 8%$;/?)$,O%&A) (9') J*) 8?8('$8)$+2') 7&%:+2$c) P0Q) (9') %&:+2$,(%+&) 0+//'0('@),2') (9+8') 787,//?) 0+//'0('@) :+2) (9') ;72;+8'),&@) 8,:'A7,2@8) ,2') ;7() %&) ;/,0') (+) ,B+%@)7&&'0'88,2?),&@)7&/,1:7/)2'/',8')+:);'28+&,/)%&:+2$,(%+&)

Page 71: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 86*

$9:;<=>*?*

#"* )(+*$@())*4.* A($$.0*(4-&0B&#B*%@.* 1-..0"3*"1* $A..!@C*"1* .DA-.$$&"#C*"-*"1*%@.*A-.$$C*"-*"1*%@.*-&B@%*"1*%@.*A."A).*A.(!.(4)2*%"*($$.34).*(#0*

A.%&%&"#*%@.*B"/.-#3.#%**1"-*-.0-.$$*"1*B-&./(#!.$E**

"#$#%&'!(%)$*)('#+,!

• F8G* 1H99* IJ99:K* L>M* NH99* JH9II-./#! ')0#%.1! .2! 3)+*4++! (40')*'1! &$3!

.%4./54''1! &$1! 6&..#%! 25! (40')*! )$.#%#+.! 7)./24.! *#$+2%+/)(! &$3!

(4$)+/6#$.8! 9/#%#! )+! .2! 0#! $2! (%)2%! %#+.%&)$.! 2$! ./#! *2664$)*&.)2$! 25!

:)#7+! 2%! +40+#;4#$.! ')&0)').1! 7/#./#%! )$! ')0#'! +4).+<! (%2+#*4.)2$! 52%!

+#3).)2$<!2%!&*.)2$!52%!3&6&=#+<!2%!*2$.#6(.!(%2*##3)$=+!4$'#++!./#%#!0#!&!

*'#&%! &$3!(%#+#$.! 3&$=#%! 25! +40+.&$.):#! #:)'! ./&.! >2$=%#++! /&+! &! %)=/.! .2!

(%#:#$.8!

!

• FOG*1H99M=P*=N*$J99:KC*.QJH9II<=>C*L>M*=N*;K9*AH9II!o 9/#!)3#&+!#?(%#++#3!4$3#%!./)+!5%##326!&%#!*2$5)$#3!$2.!2$'1!.2!

./2+#! ./&.! &%#! *2$:#$.)2$&'! &$3! &**#(.&0'#! .2! ./#!6&@2%).1! 04.!

&'+2! ./2+#! ./&.! (%#+#$.! ./#! &%.)*4'&.)2$!25! ./#!4$2%./232?! :)#7<!

./24=/!).!0#!/2+.)'#!.2!2%!3#%)3#3!01!2./#%+!

o 9/#! +*2(#! 25! 5%##326! 25! #?(%#++)2$! )+! +2! 0%2&3! ./&.! ).! #?.#$3+!

(%2.#*.)2$!.2!$#&%'1!&''!52%6+!25!*2664$)*&.)2$!

!

• FOG*0<NN9H9>;<L;<=>R*)<P<;I*L>M*-9I;HL<>;I*=N*1H99*$J99:K!o A! .#+.+! ./&.! 3#.#%6)$#! ./#! :&')3).1! 25! %#+.%&)$.+! 2$! 5%##326! 25!

+(##*/!&$3!#?(%#++)2$!B04!C!D8 E&$=#%24+!.#$3#$*1!32*.%)$#!F!(#%6).+!')6).&.)2$+!2$*#!&!

%&.)2$&'! *2$$#*.)2$! /&+! 0##$! #+.&0')+/#3! 0#.7##$! ./#!

+(##*/!%#+.%&)$#3!&$3!./#!3&$=#%!*2$.#6('&.#3!

G8 H&'&$*)$=!25! )$.#%#+.+! .#+.+! F!4+#3!7/#$! ./#%#! )+!&!$##3!

.2! 0&'&$*#! *2$5')*.)$=! +2*)&'! :&'4#+! &$3! )$3):)34&'!

)$.#%#+.+I!%#;4)%#+!&!*2$+*)24+!&$3!3#.&)'#3!*2$+)3#%&.)2$!

25! ./#! )$.#%('&1! 25! )$.#%#+.+! 20+#%:&0'#! )$! &! =):#$!

+).4&.)2$!

A8 >'#&%!&$3!(%#+#$.!3&$=#%!%4'#!F!+(##*/!6&1!0#!%#+.%&)$#3!

0#*&4+#! ./#%#! )+! +40+.&$.)&'!3&$=#%! ./&.! ./#! +(##*/!7)''!

')J#'1! '#&3! .2! &$! #:)'! ./#! =2:#%$6#$.! /&+! .2! (%#:#$.!

B+40+.&$.):#<!#?.%#6#'1!+#%)24+!3&$=#%!7/#%#!./#!3#=%##!

25!)66)$#$*#!)+!%#&''1!/)=/C!

!!

• FOG* (>L;=PS* =N* -9I;H<:;<=>IR* AH<=H* -9I;HL<>;C* !=>;9>;7#9T;HLU* L>M*!=>;9>;74LI9M*-9VTUL;<=>I*

o K%)2%!%#+.%&)$.-255)*)&'!=2:#%$6#$.&'!%#+.%)*.)2$+!2$!./#!(%#++!2%!

2./#%! 52%6+! 25! #?(%#++)2$! )$! &3:&$*#! 25! &*.4&'! (40')*&.)2$! 2%!

3)++#6)$&.)2$I!3#.#%6)$#3!2$!&!*&+#F.2F*&+#!0&+)+<!&'7&1+!.#+.#3!

01! +*%4.)$)L)$=! ./#! =2:#%$6#$.&'! )++4&$*#! 2%! &*.! &=&)$+.! ./#!

*)%*46+.&$*#+! )$! 7/)*/! ./#1! 2(#%&.#<! &$3! ./#$! 3#.#%6)$)$=! ./#!

&((%2(%)&.#!.#+.!7)./!7/)*/!.2!#:&'4&.#!

D8 *2$.#$.F$#4.%&'! %#=4'&.)2$! F!6#%#'1! *2$*#%$#3!7)./! ./#!

)$*)3#$.+!25!./#!+(##*/<!2%!2$#!./&.!6#%#'1!*2$.%2'+!./#!

.)6#<!('&*#!2%!6&$$#%<!&$3!4$3#%!7#''!3#5)$#3!+.&$3&%3+!

• M#=4'&.)2$+! 25! ./)+! .1(#! &%#! $2.! 3#+)=$#3! .2!

+4((%#++! &$1! (&%.)*4'&%! 6#++&=#<! ./#1! &%#! $2.!

+40@#*.! .2! ./#! +.%)*.#+.! 52%6!25! @43)*)&'! +*%4.)$1!

041! &$! !"#$%&$'!(#$) (**%+(,-! B+26#7/#%#!

0#.7##$!./#!6#%#!%&.)2$&').1!./&.!)+!%#;4)%#3!25!

&$1! 2./#%! '&7! &$3! ./#! *26(#'')$=! )$.#%#+.!

+.&$3&%3!&((')#3!.2!*2$.#$.F0&+#3!%#=4'&.)2$+!

• F68G*"W4H<9>*;9I;!B!$'.C!64+.!0#!4+#38!9/)+!.#+.!

(%2:)3#+! ./&.! &! =2:#%$6#$.! %#=4'&.)2$! )+!

+455)*)#$.'1!@4+.)5)#3!)5,!

D8 N.! )+!7)./)$! ./#! *2$+.).4.)2$&'! (27#%! 25! ./#!

"2:O.!

G8 N.! 54%./#%+! &$! )6(2%.&$.! 2%! +40+.&$.)&'!

=2:#%$6#$.&'!)$.#%#+.!

A8 9/#! =2:#%$6#$.&'! )$.#%#+.! )+! 4$%#'&.#3! .2!

./#!+4((%#++)2$!25!5%##!#?(%#++)2$!

P8 9/#! )$*)3#$.! %#+.%)*.)2$! 2$! &''#=#3! Q)%+.!

R6#$36#$.!5%##326+! )+!$2!=%#&.#%!./&$! )+!

#++#$.)&'!.2!./#!54%./#%&$*#!25!./&.!)$.#%#+.8!

!

G8 *2$.#$.F0&+#3!%#+.%&)$.!2%!*#$+2%+/)(!F!%#+.%)*.)2$!0&+#3!

2$!./#!+40@#*.!6&..#%!25!./#!4..#%&$*#!2%!+(##*/!

• N.!/&+!.2!(&++!./#!,.$(%)("')*%$/$"#)'("0$%)%1.$!52%!).!.2!0#!&**#(.#3!

!

Page 72: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 8,*

• 9:;*0<=>?@?AB*?C*1DEE*FDEGGH*FD<I@*JK*4D?LM=LG@*3EM<L*o "#$#!%&'()*!+,-.!./01'2.2!3(&,20,*)!4.25,! 6(&4! )+.!,77150,)5&8!

&6! )+.! *)(50)! *0(')589! *),82,(2! 3.0,'*.! &6! )+(..! 4,:&(! (.,*&8*!

;58*).,2<!)+.!58).(4.25,).!,77(&,0+!,7715.*=!

! $0,(05)9! &6! )+.! 6(.>'.805.*! 39! ?+50+! )+.! 4.25'4!

&7.(,).*!

! @.(-,*5-.8.**!,*!,!4.25'4!

! "85>'.!,00.**53515)9!)&!0+512(.8!

o A&?.-.(<! 58! )+5*! :'(5*250)5&8<!0,*.*! *+&?!)?&!25*)580)! 6.,)'(.*!&6!

)+5*!250+&)&49!

B# C+.! +.! 2566.(.80.! 58! )(.,)4.8)<! 5*! 58! )+.! (.D'1,)&(9!

*0+.4.!,7715.2! )&!3(&,20,*)!4.25,! )+,)! 5*!8&)! 547&*.2!

&8! )(,25)5&8,1! 7(58)! 4.25,<! ,82! 8,((&?19! 0&8658.2! )&!

'87(&).0).2! *7..0+! ;.#D#!E3*0.85)9<! 7&(8&D(,7+9=<! &(! 5*!

3,*.2!&8!,!0&47.1158D!D&-.(84.8)!58).(.*)!)+,)!,1*&!+,*!

0&8*)5)')5&8,1!7(&).0)5&8<!*'0+!,*!8,)5&8,1!*.0'(5)9!&6!)+.!

.1.0)&(,1!7(&0.**!

F# G.D,(21.**! &6! )+.! (.D'1,)&(9! *0+.4.*! )+,)! 3(&,20,*)!

4.25,! 5*! *'3:.0).2! )&<! )+.! %&'()! +,*! 0&8*5*).8)19! +.12!

)+,)!)+.!01.,(!,82!7(.*.8)!2,8D.(!).*)!,7715.*!)&!0&8).8)H

3,*.2!(.*)(50)5&8*!&8!4.25,<!?5)+&')!4,I58D!,!25*)580)5&8!

,*!)&!)(,25)5&8,1!7(58)!&(!3(&,20,*)!4.25,!

o C+.! 01.,(! ,82! 7(.*.8)! 2,8D.(! ('1.! 2&.*! 8&)! ,7719! )&! ,11! 0,*.*!

58-&1-58D! 3(&,20,*)! 4.25,! H! 5)! &819! ,7715.*! )&! )+&*.! 58-&1-58D!

0&8).8)H3,*.2!(.*)(50)5&8*!

!

• *966;* NO<MEP<IEG* C?D* <ICED<?D* =?OD@G* LIM* QOLG<7ROM<=<LP* LMA<I<G@DL@<JE*

@D<SOILPG*

B# C+.!*.-.8!(.>'5*5).*!&6!,24585*)(,)5-.!7(&0..258D*!58!!"#$%&'()$*+$,-.!*+&'12! 3.! 6&11&?.2! 3.6&(.! ,! 3(&,20,*)! *),)5&8! 5*! 01&*.2! &(! 5)*!

&7.(,)5&8*!0'(),51.2#!

F# J+51.!)+.(.! 5*!8&!0&8)(&1158D!,82!7(.05*.!2.6585)5&8!&6!2'.!7(&0.**<! 5)!

6'(85*+.*!,8!'8,-&52,31.!*),82,(2! )&!?+50+!D&-.(84.8)!,0)5&8!4'*)!

0&86&(4! 58! &(2.(! )+,)! ,89! 2.7(5-,)5&8! &6! 156.<! 153.()9<! &(! 7(&7.()9<! 58!

.,0+!,77(&7(5,).!0,*.<!4,9!3.!-,152#!!

K# L.25,! 5*! .8)5)1.2! )&! )+.! 3(&,2! 7(&).0)5&8! &6! 6(..2&4!&6! *7..0+! ,82!

./7(.**5&8!01,'*.#!C+.!).*)!6&(!1545),)5&8*!&8!6(..2&4!&6!./7(.**5&8!5*!

)+.! M01.,(! ,82! 7(.*.8)! 2,8D.(! ('1.N! O! )+,)! ?&(2*! ,(.! '*.2! 58! *'0+!

05(0'4*),80.*!,82!,(.!&6!*'0+!8,)'(.!,*!)&!0(.,).!,!01.,(!,82!7(.*.8)!

2,8D.(! )+,)! )+.9! ?511! 3(58D! ,3&')! )+.! *'3*),8)5-.! .-51*! )+,)! )+.!

1,?4,I.(!+,*!,!(5D+)!)&!7(.-.8)#!

P# Q(&,20,*)58D!+,*! )&!3.! 150.8*.2#!C+.! 6(..2&4!&6! ).1.-5*5&8!,82! (,25&!

3(&,20,*)58D! 5*! *&4.?+,)! 1.**.(! 58! *0&7.! )+,8! 7(58)! 4.25,#! C+5*! 5*!

3.0,'*.! ;B=! 3(&,20,*)! 4.25,! 5*! 4&(.! 7.(-,*5-.<! ,82! ;F=! .,*519!

,00.**531.! )&! 0+512(.8#! Q.0,'*.! &6! 5)*! 7.(-,*5-.8.**<! )+.! 547,0)! &6!

5861,44,)&(9! &(! &66.8*5-.! *7..0+! &8! 7.&71.! ?&'12! 3.! 256650'1)! )&!

4&85)&(!&(!7(.250)#!M"815I.!(.,2.(*!&6!)+.!7(58).2!?&(I<!)+.!(,25&!;,82!

).1.-5*5&8=! ,'25.80.! +,*! 1.**.(! &77&()'85)9! )&! 0&D5),).<! ,8,19R.<! ,82!

(.:.0)!)+.!')).(,80.#N!

S# C+.! 01.,(! ,82! 7(.*.8)! 2,8D.(! ).*)! 4'*)! ),I.! )+.! 7,()50'1,(!

05(0'4*),80.! &6! 3(&,20,*)! 4.25,! 58)&! ,00&'8)#! C+.(.! +,*! )&! 3.! ,!

3,1,80.! 3.)?..8! )+.! D&-.(84.8)T*! (5D+)! )&! 3.! 7(&).0).2! ,D,58*)!

3(&,20,*)*! ?+50+! 5805).! 15*).8.(*! )&! &-.()+(&?! 5)<! ,82! )+.! 7.&71.T*!

(5D+)!)&!3.!586&(4.2#!

U# C+.!6(..2&4!)&!0&44.8)!&8!7'3150!,66,5(*!5*!.**.8)5,1!)&!)+.!-5),15)9!&6!

,!(.7(.*.8),)5-.!2.4&0(,09#!

V# Q(&,20,*)!*),)5&8*!2.*.(-.!)+.!*7.05,1!7(&).0)5&8!D5-.8!)&!,11!6&(4*!&6!

4.25,! 39! )+.! 2'.! 7(&0.**! ,82! 6(..2&4!&6! ./7(.**5&8! 01,'*.*! &6! )+.!

%&8*)5)')5&8#!;$.0#!B!,82!$.0#!P<!W()#!XXX=#!

@(.**!;8.?*7,7.(*<!7.(5&250,1*=Y!

• 9:;*1DEEM?A*?C*@>E*FDEGG!

o L&*)!7.(-,*5-.!,82!7&?.(6'1!-.+501.!&6!&7585&8!&8!7'3150!>'.*)5&8*!

o J5)+&')! ,! -5D51,8)!7(.**<! )+.!45*),I.*!&6! .-.(9! ,24585*)(,)5&8!?&'12!

D&!'80&((.0).2!,82!5)*!,3'*.*!'8./7&*.2!

o Z5-.8! 5)*! 0&8)(53')5&8*! )&! )+.! 7'3150<! )+.! 7(.**! 2.*.(-.*! ./)(,!

7(&).0)5&8!

!

• 9T;*%>E*SODMEI*?C*UD??C*<G*OU?I*@>E*V?JEDIAEI@*@?*G>?W*=LOGE*LG*@?*W>B*

GO=>*LD@<=PEG*G>?OPM*I?@*SE*UOSP<G>EM*

*

• *96;* %>E* P<SED@B* ?C* @>E* UDEGGX* LIM* ?C* GUEE=>X* <G* W<@><I* @>E* P<SED@B*

GLCEVOLDMEM* SB* @>E* MOE* UD?=EGG* =PLOGE* ?C* @>E*1?OD@EEI@>*

(AEIMAEI@*CD?A*<IJLG<?I*SB*G@L@E*L=@<?I*

o C+5*! 544'85)9! 6(&4! 7(.-5&'*! (.*)(,58)<! +&?.-.(<! 5*! 8&)! ,3*&1').#!

;./,471.Y! X8! )54.*! &6! ?,(<! )+.(.! ,(.! *&4.! )+58D*! ?+50+! )+.! 7(.**!

0,88&)!(.7&()!&8!1.*)!5)!:.&7,(25R.!4515),(9!&7.(,)5&8*=!

Page 73: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

o "#$%&#&#'! ()*++! ,(%#! -*)*! ()%%.! %.! (,/0&123&%#! &+! &#420&5! ()&%)!)*+3)2&#36! 78*! ()%(*)! )*-*59! .%)! +,18! :&#5! %.! (,/0&123&%#+! &+! 2! 0&/*0!12+*!.&0*5!2'2&#+3!38*!(,/0&+8*)+;!#%3!2#!&#$,#13&%#6!<#!2!0&/*0!12+*;!38*!.213,20!/2+*+!%.!38*!(,/0&123&%#+!2)*!*=2-&#*56!

!• :,;<*)=>?@*@ABC*DEFG?HG*GBF*C?DAEAG?*=IG?E?CGC*FJ*GK?*=IL=M=LNA@!

>6 8&+!5*+&)*!3%!()*+*)4*!()&4219!.)%-!&#3),+&%#!2#5!?6 3%!()*+*)4*!8&+!'%%5!#2-*!2#5!)*(,323&%#6!!

!• *:,9<*78*!&--,#&39!*#$%9*5!/9!38*!()*++!()*+,((%+*+!3823!38*!5*)%'23%)9!

&#.%)-23&%#!38*9!(,/0&+8!2)*!/%38!%-'.*AIL*1(&-*AIL*OAL?*=I*PFFL*JA=GKQ!@&38%,3!2#9!1%--*#3+!%)!)*-2):+6!

• :,9<!-?GEAHG=FI*FE* HFEE?HG=FI!5%*+!#%3!@&(*!%,3! 38*! )*+(%#+&/&0&39!2)&+&#'!.)%-!38*!(,/0&123&%#!%.!38*!.&)+3!2)3&10*6!<3!-*)*09!-&3&'23*+!&36!!

• :,R<* %E?AG=C?* FJ* #?B?@@* FI* $@AIL?E* AIL* )=>?@S! AB,/0&123&%#! %.! 2! (*)+%#C+!(8%3%')2(8! &#! 1%##*13&%#! @&38! 2#! 2)3&10*! 0&/*0%,+! %.! 2! 38&)5! (*)+%#;! &+! 2!!"#$!%&'%()$%*$+,&'%-)&,$%*".(/+$%",%*/#!",)$0;!@8*)*!38*!213+!+*3!%,3!&#!38*!2)3&10*!2)*!&-(,3*5!3%!+,18!(*)+%#6A!

• :,R<*<#!12+*+!%.!E?GEAHG=FI*FE*HFEE?HG=FID!o E*@+(2(*)D! A+8%,05! #%3! /*! 8*05! 3%! 211%,#3! 3%! 2! (%&#3! %.!

+,(()*++&%#! .%)!8%#*+3!-&+32:*+!%)! &-(*).*13&%#! &#! 38*!18%&1*!%.!@%)5+A!/*12,+*!&3!&+!,#5*)!()*++,)*!%.!2!52&09!5*250&#*!

o F2'2G&#*D! 38*)*! &+! #%! +,18! ()*++,)*! +%! 1%))*13&%#+! 5%! #%3!@&(*!%,3!38*!!0&2/&0&39!.%)!38*!.&)+3!-&+32:*!!!

• :,T<!H!(,/0&123&%#!&+!@=>?@FNC*D?E*C?!&.!38*!@%)5+!3*#5!3%!&#$,)*!2!(*)+%#!&#!8&+!)*(,323&%#!%)!3%!/)&#'!8&-!&#3%!(,/0&1!1%#3*-(36!I#1*!0&/*0!(*)!+*!82+!/**#!*+32/0&+8*5;! 38*!5*.*#52#3!82+!#%!5*.*#+*!2+! 3%! +323*5! .213+!,#0*++!8*!12#!(*)+,25*!38*!$,)9!3823!38*9!@*)*!3),*!&#!200!38*&)!(2)3&1,02)+6!

>6 H! ),0*! 1%-(*00&#'! 38*! 1)&3&1! %.! %..&1&20! 1%#5,13! 3%! ',2)2#3**! 38*!3),38! %.! 200! 8&+! .213,20! 2++*)3&%#+! J! 2#5! 3%! 5%! +%! %#! (2&#! %.! 0&/*0!$,5'-*#3+!4&)3,2009!,#0&-&3*5! &#!2-%,#3! J! 0*25+! 3%!2!1%-(2)2/0*!A+*0.J1*#+%)+8&(6A!

?6 38*!1%#+3&3,3&%#20!',2)2#3**+!)*K,&)*!2!.*5*)20!),0*!3823!()%8&/&3+!2! (,/0&1! %..&1&20! .)%-! )*1%4*)&#'! 52-2'*+! .%)! 2! 5*.2-23%)9!.20+*8%%5!)*023&#'!3%!8&+!%..&1&20!1%#5,13!,#0*++!8*!()%4*+!3823!38*!

+323*-*#3! @2+! -25*! @&38! AAHGNA@* OA@=H?U! J! 3823! &+;! @&38!:#%@0*5'*!3823!&3!@2+!.20+*!%)!@&38!)*1:0*++!5&+)*'2)5!%.!@8*38*)!&3!@2+!.20+*!%)!#%36!!

!

F%3&%#!B&13,)*+L7MLN25&%D!

• :;<* %K?* JE??LFO*FJ* J=@OQ* G?@?M=C=FI*AIL* EAL=F*>EFALHACG=IP* =C* CFO?BKAG*

@?CC?E*=I*CHFD?*GKAI*GK?*JE??LFO*AHHFEL?L*GF*I?BCDAD?EC*AIL*FGK?E*DE=IG*

O?L=AQ*C=IH?*GK?*O?L=NO*=C*OFE?*D?EMAC=M?*

*

• :8<*#FGK=IP* =I*IAG=FIA@* @AB*?V?ODGC*O?L=A*?IG=G=?C* JEFO*>?=IP*E?WN=E?L*

GF*F>GA=I*D?EO=GC*FE*@=H?IC?C*JEFO*@FHA@*PFM?EIO?IGC!&#!38*!+2-*!-2##*)!2+!%38*)!/,+&#*++*+!2)*!*=(*13*5!3%!5%!+%;!+%!0%#'!2+!+,18!)*K,&)*-*#3!82+!/**#! 5,09! %)52&#*5! 38)%,'8! 0%120! 0*'&+023&%#! 2#5! 1%#3*#3J#*,3)20! &#!182)213*)6!E%!%38*)!)*+3)2&#3+!2)*!200%@*5!/9!02@6!!

!!

• :,<!H!#%#1)&-&#20!()%1*++!@8&18!)*K,&)*+!38*!()&%)!+,/-&++&%#!%.!2!.&0-!3%!2!1*#+%)! 24%&5+! 1%#+3&3,3&%#20! &#.&)-&39! %#09! &.! &3! 32:*+! (021*! ,#5*)!DEFH?LNEA@* CAJ?PNAELC* L?C=PI?L* GF* F>M=AG?* GK?* LAIP?EC* FJ* A* H?ICFECK=D*

CXCG?O*

*

• :96<* !?ICFECK=D* ONCG* CKFB* DEFFJ* FJ* A* H@?AE* AIL* DE?C?IG* LAIP?E* FJ* A*

CN>CGAIG=M?*?M=@*

*

• *:,<* GKE??* PN=L?@=I?C* AC* AL?WNAG?* CAJ?PNAELC* GF* DEFG?HG* APA=ICG* GK?*

UNILN?*=IK=>=G=FI*FJ*DEFG?HG?L*?VDE?CC=FIYU!78*+*!',&5*0&#*+!2)*!3%D!!>6 (021*!38*!/,)5*#!%.!()%4&#'!38*!.&0-!&+!,#()%3*13*5!*=()*++&%#!%#!

38*!1*#+%)+;!!?6 )*K,&)*!$,5&1&20!5*3*)-&#23&%#!3%!&-(%+*!2!420&5!5*3*)-&#23&%#;!2#5!O6 )*K,&)*!()%-(3!5*3*)-&#23&%#!A@&38&#!2!+(*1&.&*5!3&-*!(*)&%56A!

!• :96<*ZFB?E*FJ*GK?**[H?ICFEK=D\*4FAEL!P!0&-&3*5!3%!38*!102++&.&123&%#!%.!.&0-+;!

/,3! &3! 12##%3! &-(%+*! 2! 1*#+%)+8&(! &#! 38*! ()%5,13&%#! %.! -%4&*+;! @8&18!@%,05!1%#+3&3,3*!2!()&%)!)*+3)2&#36!*

Page 74: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

• :9;! "#$%&'((! )*$! %&*$+! *$! *,-.$.(+&*+./'! 0#,1! 23*(.453,.).*6! 7#8'&! +#!

7&'/.'8! *$,! )6*((.91! :;! 7&#%&*-(! *$,! '$9#&)'! .+(! ,').(.#$! (305')+! +#!

&'/.'8!01!#3&!)#3&+(<!

o =&'(3-7+.#$!.(!.$!9*/#&!#9!+>'!)#&&')+$'((!#9!>.(!*)+.#$!*$,!)#3&+(!

8.66!$#+!.$+'&9'&'!8.+>!>.(!,').(.#$!3$6'((!)6'*&61!#9!#7.$.#$!+>*+!.+!

8*(!8&#$%!

!

?'6.%.#$@!

!

• :9;* &<* =>*?@AB*CDEFE*=<* =>*G@HI?=JHKAB*@ELE>>HFB*<?*MFEIE@<*H@*=NNEJ=H<E*

H@J*OFHIE*JH@OEF*:LAEHF*H@J*MFE>E@<*JH@EF;*<?*<DE*>ELGF=<B*H@J*CEAPHFE*?P*

<DE*L?NNG@=<B*<DH<*=@PF=@OENE@<*?P*FEA=O=?G>*PFEEJ?N*NHB*KE*QG><=P=EJ*o A>'&'! +>'! .$,./.,3*6! 'B+'&$*6.C',! >.(! 0'6.'9! .$! *)+(! #&! #-.((.#$(!

+>*+! *99')+! +>'! 7306.)D! >.(! 9&'',#-! +#! ,#! (#! 0')#-'(! (305')+! +#!

+>'!*3+>#&.+1!#9!+>'!(+*+'!!

o E$>'&'$+! 7#6.)'! 7#8'&! )*$! 0'! 'B'&).(',! +#! 7&'/'$+! &'6.%.#3(!

7&*)+.)'(!.$.-.)*6!+#!(#).'+1!

!

F(('-061@!

• :R,;* -=OD<* <?* MEHLEHKAE* H>>ENKAE* =>* A=N=<HKAES! :>'! &.%>+! +#! 7'*)'*061!

*(('-06'! *$,! 7'+.+.#$! 9#&! &',&'((! #9! %&.'/*$)'(! '$5#1(! 7&.-*)1! .$! +>'!

&'*6-!#9!)#$(+.+3+.#$*6!7&#+')+.#$<!G#8'/'&D!+>'!'B'&).('!#9!+>#('!&.%>+(!.(!

$#+! *0(#63+'! 9#&! .+!-*1! 0'! (#! &'%36*+',! 3$,'&! +>'! 'B'&).('! #9! (#/'&'.%$!

H7#6.)'! 7#8'&ID! 37#$! *! (>#8.$%! #9! **"JKF?!FLM! =?KNKL:!MFLOK?*#9! *!

(30(+*$+./'!'/.6!+>*+!+>'!N+*+'!>*(!*!&.%>+!+#!7&'/'$+*

• :T;*:>'!&.%>+!+#!*(('-06'!.(!$#+!(305')+!+#!7&'/.#3(!&'(+&*.$+!#&!)'$(#&(>.7<!

E+! -*1! $#+! 0'! )#$,.+.#$',! 37#$! +>'! MF=?F* =>>GH@LE* ?P* H* MEFN=<! #&!*3+>#&.C*+.#$! 9&#-! +>'! %#/'&$-'$+! *3+>#&.+.'(! 'B)'7+! .9! +>'! *(('-061! .(!

!"#$"%$%&#'&($&)$*%&!"&+&,-(*!.&,*+.$/&+&,$01!#&2'0&#)$&-3$&'2&3-.)&,*+.$/&+"%&"'#&2'0&#)$&+33$1(*4&!#3$*2/&-*1!0'!/*6.,61!&'23.&',<!!

• :T;!P$,'&!Q=!RRSD!+>'!*3+>#&.+1!+#!&'%36*+'!*(('-06.'(!*$,!&*66.'(!.(!6#,%',!

8.+>!+>'!JOP(<!:>'1!>*/'!+>'!7#8'&!+#! .((3'!7'&-.+(!*$,!+#!&'/#T'!(3)>!

7'&-.+(! HP<EF* JGE* @?<=LE* H@J* DEHF=@O* ?@* <DE* JE<EFN=@H<=?@* ?P* <DE*MFE>E@LE*?P*LAEHF*H@J*MFE>E@<*JH@OEF!

N',.+.#3(!(7'')>!*$,!"#--3$.(+!7*&+1!*((#).*+.#$!

• :U;*"&.+.).(-D!$#!-*++'&!>#8!('/'&'D!#$!+>'!KB')3+./'D!+>'!J'%.(6*+3&'D!*$,!

+>'!U3,.).*&1D! .(!8.+>.$!+>'!&*$%'!#9!6.0'&+1!#9!(7'')>D!3$6'((!+>'!.$+'$+.#$!

*$,! '99')+! 0'! (',.+.#3(<! Q3+! 8>'$! +>'! .$+'$+.#$! *$,! '99')+! #9! +>'! *)+! .(!

(',.+.#3(D! +>'! )#$(+.+3+.#$*6! %3*&*$+.'(! #9! 9&'',#-! #9! (7'')>! *$,! 7&'((!

*$,!#9!*(('-061!*$,!7'+.+.#$!-3(+!1.'6,!+#!73$.+./'!-'*(3&'(!,'(.%$',!+#!

-*.$+*.$! +>'! 7&'(+.%'! #9! )#$(+.+3+',! *3+>#&.+1D! +>'! (37&'-*)1! #9! +>'!

)#$(+.+3+.#$! *$,! +>'! 6*8(D! *$,! +>'! 'B.(+'$)'! #9! +>'! N+*+'<V0H@OEF?G>*<E@JE@LB*FGAE*=>*HMMA=LHKAE*<?*>EJ=<=?G>*>MEELD*

!

• :V;!H:>'!23'(+.#$!.$!'/'&1!)*('!.(!8>'+>'&!+>'!8#&,(!3(',!*&'!3(',!.$!(3)>!

).&)3-(+*$)'(! *$,! *&'! #9! (3)>! *! $*+3&'! *(! +#! )&'*+'! *! )6'*&! *$,! 7&'('$+!

,*$%'&!+>*+!+>'1!8.66!0&.$%!*0#3+!+>'!(30(+*$+./'!'/.6(!+>*+!"#$%&'((!>*(!*!

&.%>+!+#!7&'/'$+<I!

o :>'! N"! (*.,! +>*+! +>'! &'23.(.+'! ,*$%'&! 'B.(+',! .$! +>.(! )*('<!

W"#--3$.(+!7*&+1X!

! :>'&'!8*(!*!%&#37!&'*,1!+#!-*T'!+>'!*++'-7+!

! G.%>61!#&%*$.C',!)#$(7.&*)1!

! E,'#6#%.)*661!*++3$',!

o :>'! '99')+! #9! &'(+&*.$.$%! (7'')>! >'&'! .(! #$61! .$).,'$+*6! +#!

(377&'((.$%! +>'! *((#).*+.#$Y! 8>*+! .(! 0'.$%! &'(+&*.$',! .(! $#+!!

,.()3((.#$D!03+!*,/#)*)1!!

*

=&./*)1!#9!7&./*+'!*$,!7306.)!9.%3&'(Z!)&.+.).(-!#9!)#3&+(@!

:,V;!:>'!7&#+')+.#$!#9!+>'!&.%>+!#9!.$,./.,3*6!7'&(#$(!+#!7&./*+'!&'73+*+.#$(!.(!*6(#!*!-*++'&!#9!7306.)! .$+'&'(+!*$,!-3(+!0'!&')T#$',!8.+>!*(!*!9*)+#&! .$! .,'$+.91.$%!*$,!

6*1.$%!,#8$!+>'!$#&-(!)#$)'&$.$%!+>'!'B'&).('!#9!7&'((!9&'',#-!*$,!9&''!(7'')><!

&

5-(*!.&2!6-0$3&

• :6,;* %DE* F=OD<* ?P* MF=IHLB*?F* W<DE* F=OD<* <?*KE* AE<* HA?@EXW* A=YE* <DE* F=OD<* ?P*PFEE*EZMFE>>=?@X*=>*@?<*H@*HK>?AG<E*F=OD<S*

*< F!6.-.+',!.$+&3(.#$!.$+#!*!7'&(#$[(!7&./*)1!>*(!6#$%!0''$!&'%*&,',!

*(!7'&-.((.06'!8>'&'@!

.< +>*+!7'&(#$!.(!*!7306.)!9.%3&'D!*$,!!

Page 75: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

""# $%&! "'()*+,$")'!-)./%$! $)!0&!&1"2"$&3! (*)+!%"+!)*! $)!0&!4.01"-%&3!,0).$!%"+!2)'-$"$.$&!)(!,!4.01"2!2%,*,2$&*#!

0# 5%&!"'$&*&-$!-)./%$!$)!0&!4*)$&2$&3!06!$%&!*"/%$!)(!4*"7,26! "-!$%&!*"/%$! $)! 0&! (*&&! (*)+! !"#$%%$"&'() 4.01"2"$68! (*)+! $%&!#%*"+,!-)4.01"2"9"'/! )(! $%&! 4*"7,$&! ,((,"*-! ,'3! ,2$"7"$"&-! )(! ,'! "'3"7"3.,1!#./0.)$%')*!&1/(')&.')%'$-2)*,)-'+/&/2$&')3!4-/0)0*"0'%"!

• :,;<*=>?@AB*CAD>EF*GHI*JK@L*H*M=FHNFE*@AH?@F*CKE*OJF*LHGHDF*OK*EF=>OHOAKP*

BH>MFL* ?I* =>?@ABHOAKP* KC* H* LFCHGHOKEI* CH@MFJKKLQ* ?>O* KP@I* AC* OJF*

MOHOFGFPO*RHM*GHLF*SRAOJ*NPKR@FLDF*OJHO* AO*RHM*CH@MF*KE*RAOJ*EFBN@FMM*

LAMEFDHEL*KC*RJFOJFE*AO*RHM*CH@MF*KE*PKOTHBO>H@*GH@ABF**

o :,;<*4.01"2!("/.*&-!,'3!4.01"2!)(("2",1-!+,6!')$!*&2)7&*!()*!OJF*OKEO*KC* APOFPOAKPH@* APC@ABOAKP* KC* FGKOAKPH@* LAMOEFMM! 06! *&,-)'! )(!4.01"2,$")'-! -.2%! ,-! $%&! )'&! %&*&! ,$! "--.&! :"$%).$! -%):"'/! "'!,33"$")'! $%,$! $%&! 4.01"2,$")'! 2)'$,"'-! ,! (,1-&! -$,$&+&'$! )(! (,2$!:%"2%!:,-!+,3&!:"$%! ;,2$.,1!+,1"2&8;! "#!&#8!:"$%!<'):1&3/&! $%,$!$%&!-$,$&+&'$!:,-!(,1-&!)*!:"$%!*&2<1&--!3"-*&/,*3!,-!$)!:%&$%&*!)*!')$!"$!:,-!$*.&#*

5%/6$&')/"(/6/(!$-1*

=>?@!A!4.01"-%&*!)*!0*),32,-$&*!)(!3&(,+,$)*6! (,1-&%))3-!,0).$!4*"7,$&! "'3"7"3.,1!("/.*&!+,6!')$!21,"+!$%&!78)9/2'1)4*)$&2$")'!,/,"'-$!1",0"1"$6!()*!3&(,+,$")'!)'!$%&!/*).'3! $%,$! $%&! 3&(,+,$)*6! -$,$&+&'$-! 2)'2&*'! ,'! "--.&! )(! 4.01"2! )*! /&'&*,1!"'$&*&-$#!B&2,.-&!$%&6!,*&!')$#!!

!

:%/&/0/121)*,)&.')0*!%&1)

• *:6U<! C"-! 1&$$&*! "-! (.11! )(! 2)'$&+4$.).-! *&+,*<-! $&'3"'/! $)! 3&/*,3&! $%&!3"/'"$6!)(!$%&!$>E=EFGF*!K>EO!,'3!&*)3&!4.01"2!2)'("3&'2&!$%,$!-%).13!0&!,22)*3&3! "$#! DE! 3)&-! ')$! 4*)%"0"$! ,! 1,:6&*! $)! 0&! 2*"$"2,1! )(! 2).*$-! ,'3!F.3/&-!,-!1)'/!,-!$%&6!,*&!+,3&!"'!4*)4&*16!*&-4&2$(.1!$&*+-!,'3!$%*)./%!1&/"$"+,$&!2%,''&1-!=G'!*&!A1+,2&'@!

• :,V<* W>LDFM* 7)1.'$,*"16! -.0F&2$! $%&+-&17&-! $)! ')*+-! )(! 2)'3.2$8! :%"2%!&+0)36!+)*&! -$*"'/&'$! -$,'3,*3-! )(! %)'&-$68! "'$&/*"$68! ,'3! 2)+4&$&'2&!

$%,'!,*&!*&H."*&3!(*)+!4*"7,$&!4&*-)'-#!o 5%&6!%,7&!')$!()*(&"$&3!,'6!*"/%$!$)!4*"7,$&!%)')*!,'3!*&4.$,$")'#!o 5%&! 4)"'$! )(! ,3F.-$+&'$! )*! ,22)++)3,$")'! 0&$:&&'! $%&-&! $:)!

1&/"$"+,$&!"'$&*&-$!"-!().'3!"'!$%&!')*+!:%"2%!*&H."*&-!$%)-&!:%)8!"'7)<"'/!(*&&3)+!)(!-4&&2%8!4.01"-%!-$,$&+&'$-!:%"2%!,*&!21&,*16!3&(,+,$)*6! $)! "3&'$"(",01&! F.3/&-! )*! )$%&*! 4.01"2! )(("2",1-! $)!&I&*2"-&!4*"$),/('!2,*&!"'!,-2&*$,"'"'/!$%&!$*.$%!)(!$%&!-$,$&+&'$-!$%&6!4.01"-%#!

);;7*&'1),%*2)<&&=>):$"('-$%/$)?")0%/&/0/@/"+)&.')0*!%&1A)

• 1&%/0&'%)1&$"($%()#/&.)B:)$1)./+.'1&)0*!%&)*,)&.')-$"())• -*#'%)0*!%&)C!(+'1)$%')*3'")&*)0%/&/0/12))

5%/6$0=A)• 3%/6$&')3'%1*"1D0*23-'&')3%*&'0&/*")• 3!4-/0)*,,/0/$-)

o 3%/6$&')-/,'D3%*&'0&'()o 3!4-/0)-/,'D2*%')*3'")&*)10!&/"=))

• <) 3!4-/0) ,/+!%') /1) "*&) $-#$=1) "'0'11$%/-=) $) 3!4-/0) 1'%6$"&) E-/F') G$""=)5$0H!/$*IJ)4!&)$)3!4-/0)1'%6$"&)/1)$-#$=1)"'0'11$%/-=)$)3!4-/0),/+!%'))

J1&2$")'K!

• :6X<*(*B@FHE*HPL*=EFMFPO*LHPDFE*G>MO*?F*MJKRP*OK*FCCFBO*H*BKPOFPO7?HMFL*

EFD>@HOAKP*

*

• :69<* -FD>@HOAKP* KC* F@FBOAKP* BHG=HADP* HBOAYAOI* GHI* PKO* =HMM* OJF* OFMO* KC*

YH@ALAOI*AC*AO*AM*OKK*DFPFEH@*AP*AOM*OFEGM*KE*PKO*@AGAOFL*AP*OAGF*HPL*MBK=F*AP*

AOM* H==@ABHOAKP8! "(! "$! *&-$*"2$-! )'&L-! &I4*&--")'! )(! 0&1"&(! "'! ,! 2,'3"3,$&! )*!)'&L-! )4"'")'! )(! %"-! )*! %&*! H.,1"("2,$")'-8! "(! "$! 2.$-! )((! $%&! (1):! )(!+&3",!*&4)*$"'/8! ,'3! "(! $%&! *&/.1,$)*6! +&,-.*&! 0&,*-! ')! 21&,*! ,'3! *&,-)',01&!'&I.-!:"$%!$%&!2)'-$"$.$")',116!-,'2$")'&3!)0F&2$"7&!

*

*

Page 76: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

• *:6;<* =>?@ABACA?D* ?D* E?FGHDAICIJ* E?HHKDCLC?>I* LDM* LDD?GDEK>I! "#! $%&!"'&()!*#+$,-.!)/0(#!#)!"&+&1(%(#-!"(,&!"#!*/,2/(3-!4#)!#)!/3/(-"!2+&5(%*("&!(%%$&%! #-! 2+&5(%*("&! 0/6! (%! *#-"&-"75/%&08! 9&)&! "'&! :;<=>=:! '/%! /*"&0!5&6#-0!("%!2#?&)!/-0!%$*'!)&%")(*"(#-!(%!-#"!%/"(%4(&0!56!"'&!"&%"8!!

!

• :6N<*#?C*E?DCKDC7BLIKM*>KIC>AECA?DO**

o @"! 0#&%! -#"! 2$)2#)"! (-! /-6! ?/6! "#! )&%")(*"! "'&! )&2#)"(-3! 56!-&?%2/2&)%! #)! )/0(#! #)! "&+&1(%(#-! %"/"(#-%! #4! -&?%! #)! -&?%7?#)"'6!&1&-"%!)&+/"(-3!"#!"'&!&+&*"(#-%8!

o @"! A0#&%! -#"! )&/*'! *#,,&-"/)(&%! /-0! &B2)&%%(#-%! #4! 5&+(&4! #)!#2(-(#-!56!)&2#)"&)%!#)!5)#/0*/%"&)%!#)!&0("#)%!#)!*#,,&-"/"#)%!#)!*#+$,-(%"%!BBB!%#!+#-3!/"!+&/%"!/%!%$*'!*#,,&-"%.!#2(-(#-%!/-0!5&+(&4%! /)&! -#"! (-! 4/*"! /01&)"(%&,&-"%! 4#)! 2/)"(*$+/)! */-0(0/"&%!*#1&)"+6!2/(0!4#)8C!

*

• :69<*!?DCKDC7BLIKMO*

o C@K* P>?@ABACA?D* GIK* ?Q* P>?PK>CR* * C?* ELHPLASD! ?#$+0! -#"! #-+6!0&2)(1&!"'&!#?-&)!?'#!*#-%&-"%!"#!%$*'!2#%"(-3!#4!"'&!0&*/+%!/-0!%"(*D&)%! "'&! $%&! #4! '(%! 2)#2&)"6! 5$"! ,#)&! (,2#)"/-".! (-! "'&!2)#*&%%.!("!?#$+0!0&2)(1&!"'&!*("(E&-!#4!'(%!)(3'"!"#!4)&&!%2&&*'!(-!"'/"!'&! */--#"! %$22#)".!$%(-3!'(%!2)#2&)"6.! "'&! */-0(0/"&!?'#,!'&!?(%'&%!"#!5&!&+&*"&0!!!

o :6T<* .UAC* P?FFI! 3&-&)/"&! (,2#)"/-"! )&%&/)*'! 0/"/! ?'(*'! ,/6! 5&!$%&0!"#!%"$06!(-4+$&-*(-3!4/*"#)%!/-0!")&-0%!(-!1#"(-3!5&'/1(#$)!

! F-! /5%#+$"&! 2)#'(5("(#-! #4! %$*'! ?#$+0! "'$%! 5&!$-)&/%#-/5+6!)&%")(*"(1&!

• G)&1&-"%!&+&*"(#-!0/6!2)#H&*"(#-%!• G)&1&-"%!+#-3!"&),!)&%&/)*'!

!• :6V<*(*6N*LDM*8*MLR*WLAC*PK>A?M*Q?>*C@K*>KFKLIK*?Q**IG>XKR*>KIGFCI*AI*H?>K*

C@LD* DKEKIIL>R* C?* QG>C@K>* C@K* S?XK>DHKDCLF* ADCK>KICY4/(+%! "'&! ;I5)(&-!J&%"!4#)!*#-"&-"7-&$")/+!)&%")(*"(#-%*

*

:#,,&)*(/+!%2&&*'K!

• :,6<* Z?XK>DHKDC[I* >AS@C* C?* >KSGFLCK* E?HHK>EALF* IPKKE@YIPKKE@* C@LC*

E?DEK>DI*?DFR*E?HHK>EALF*?>*KE?D?HAE*LECAXACRY&I*S>KLCK>*C@LD* ACI*>AS@C*

C?*>KSGFLCK*D?D7E?HHK>EALF*IPKKE@\*

• :,5<* !KDC>LF* ]GMI?D* %KICL"&%"! "#! 0&"&),(-&! ?'&"'&)! /! )&%")(*"(#-! #-!*#,,&)*(/+!%2&&*'!2/%%&%!"'&!%*)$"(-6!#4!"'&!M()%"!F,&-0,&-"!2)#'(5("(#-!:)$0#<K!

N8 *#,,&)*(/+! %2&&*'! ,$%"! *#-*&)-! F/?4$+! /*"(1("6! /-0! (%! -#"!,(%+&/0(-3!

O8 "'&)&!(%!/!I$5%"/-"(/+!3#1&)-,&-"!(-"&)&%"!P8 "'&!)&3$+/"(#-!M()&*"+6!/01/-*&%!"'&!/%%&)"&0!3#1&)-,&-"!(-"&)&%"!Q8 ?'&"'&)! ("! (%! -#"! ,#)&! &B"&-%(1&! "'/-! D&*&%%/)6! "#! %&)1&! "'/"!

(-"&)&%"!!

• :,6<!F!+#*/+!3#1&)-,&-"/+!&-"("6!,/6!)&3$+/"&!"'&!2+/*&,&-"!/-0!-$,5&)!#4! -&?%)/*D%! "#! 2)#,#"&! ("%! %$5%"/-"(/+! (-"&)&%"! (-! 2$5+(*! %/4&"6! /-0!/&%"'&"(*%.! 5$"! "'/"! &-"("6!,$%"! &%"/5+(%'! /! >KLI?DLBFK* ^QAC^*5&"?&&-! ("%!)&3$+/"(#-!/-0!"'&!3#/+%!%#$3'"!"#!5&!/*'(&1&08!**

• :,,<*4LDDADS*IASDI*LFC?SKC@K>*AI*E?DCKDC7BLIKM\!F!"(,&.!2+/*&!/-0!,/--&)!)&%")(*"(#-! (%! 2&),(%%(5+&! R*#-"&-"7-&$")/+S.! 5$"! %$*'! )&%")/(-"%! (,2#%&0!%$*'! /%! "#! 5/-! /! ,#0&! #4! &B2)&%%(#-! *#,2+&"&+6! ?('#"$! +&/1(-3! /-!/+"&)-/"(1&!,&0($,!(%!*#-"&-"75/%&08!@"!?/%!-#"!"(&0!"#!/!'/),!"'/"!2#+(*&!2#?&)!*#$+0!2)&1&-"8*

*

;5%*&-("6K!

• :_5<*"BIEKDACR*AI*D?C*E?XK>KM*BR*C@K*P>?CKECA?D*?Q*C@K*1A>IC*(HKDMHKDC*

• :_5<*4LIAE*SGAMKFADK*Q?>*C@K*C>AK>*?Q*QLEC*:==/<Y'$*ICLDML>MI**

Page 77: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 88*

"# $%&'%&(!'%&!)*&()+&!,&(-./0!),,123/+!4./'&5,.()(2!4.556/3'2!-')/7)(7-!8.617! 93/7!'%&!8.(:0! '):&/!)-!)!8%.1&0!),,&)1-! '.!'%&!!!"!#$%&'#%&$!$(&!*

;# $%&'%&(! '%&! 8.(:! 7&,34'-! .(! 7&-4(3<&-0! 3/! )! !)&$%&*+' ,--$%(#.$'/)+0! -&=6)1! 4./764'! -,&43934)112! 7&93/&7! <2! '%&! ),,134)<1&! -')'&!1)8!

12 $%&'%&(! '%&! 8.(:0! '):&/! )-! )! 8%.1&0! 1)4:-! -&(3.6-! *#&$!)!+0')!&#(&#30'4,*#&#3)*0',!'(3#$%&#-#3'")*"$'

• 9:5;*"<<=>?@A=>=??*B<*CD=*EFC=G@FH*'.!<&!7&'&(53/&7!<)-&7!./!4.556/3'20!)/7!/.'!/)'3./)1!-')/7)(7-!

• 9:6;*%=?C*CB*I=C=GE@>=*BJ?K=>@CL*9MD@H@NN@>=*?CF>IFGI?;>$%&'%&(!'.!'%&!)*&()+&! ,&(-./0! ),,123/+! 4./'&5,.()(2! 4.556/3'2! -')/7)(7-0! '%&!7.53/)/'! '%&5&! .9! '%&! 5)'&(3)1! '):&/! )-! )! 8%.1&! ),,&)1-! '.! 4!"!#$%&'#%&$!$(&2#

!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

Page 78: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

!"#$%&"'%

:* !;<=* 1;>?<* (>?*>@=;?ABC*A<<D=* E=FG* 0H>?@AB=I<J*&K*L@AH@*@=<?@;AB?*"! #$%&!'(!

)*++$,-.%!

/012!34!5678!

"62"9!

4$,,*-+!:%;,!-<!)*++$,-.%!

=&-'*>$!<-&!.?$!%@%.$A$+.!%,!%!

=B@C*D!+B*,%+D$!-<!%+E!

F>$<%A%.-&EG!,D%+>%C-B,G!%+>!

A%C*D*-B,!+$;,=%=$&HI!J!K$;*,?!

L%+L,.$&!;%,!L%A@C*+LG!

&%DM$.$$&*+L!%+>[email protected]$LL*+L!*+!

.?$!D*.E!%+>!!"#$%&'()*&+$,)#--!=B@C*,?$>!%&.*DC$,!-<!?-;!M$E!

-<<*D*%C,!;$&$+N.!>-*+L!.?$*&!O-@!-<!

=&$'$+.*+L!D&*A$(!

!"#$%&'()*&+$,)#--!;%,!%@%.$>!%+>!=$&=$.B%CCE!

$+O-*+$>!<&-A!=B@C*,?*+L!

%+E!A-&$!%&.*DC$,G!

=B&,B%+.!.-!.?$!,.%.B.$!

4$,,*-+!:%;,!%&$!

B+D-+,.*.B.*-+%C(!

P+O-*+*+L!=&$,,!B=-+!A$&$!=&--<!-<!

=B@C*D%.*-+G!;*.?-B.!C--M*+L!*+.-!.?$!<%C,*.E!

-<!.?$!=B@C*D%.*-+!D-+,.*.B.$,!*+'%C*>!=&*-&!

&$,.&%*+.(!Q?$!=&-=$&!&$A$>E!*,!%!C*@$C!,B*.G!

;?$&$!.?$!<%D.,!%&$!*+'$,.*L%.$>(!

0! R&$$>A%+!'(!!

)%&EC%+>!/21S!

34!T"8!"65T9!

R&$$>A%+!,?-;$>!?*,!<*CA!

FU$'$+L$!%.!V%E@&$%MI!%.!%!

W%C.*A-&$!.?$%.$&!;*.?-B.!<*&,.!

,$$M*+L!C*D$+,$!<&-A!.?$!W-%&>!-<!

X$+,-&,!%,!>*&$D.$>!@E!%!)%&EC%+>!

D$+,-&,?*=!,.%.B.$(!

Y$!;%,!D-+'*D.$>!;*.?!

'*-C%.*-+!-<!,$D(!0!-<!.?$!

,.%.B.$!

Q?$!,.%.B.$!*,!

B+D-+,.*.B.*-+%C(!U$ZB*&*+L!

%!=&*-&!<*CA!D$+,-&!;*.?-B.!

=&-D$>B&%C!,%<$LB%&>,!

D-+,.*.B.$,!*+'%C*>!=&*-&!

&$,.&%*+.(!

2!LB*>$C*+$,!%,!%>$ZB%.$!,%<$LB%&>,!.-!

=&-.$D.!%L%*+,.!.?$!B+>B$!*+?*@*.*-+!-<!

=&-.$D.$>!$[=&$,,*-+\!/4DMDL9!"( =C%D$!.?$!ND&>$+!-<!=&-'*+L!.?$!

<*CA!*,!B+=&-.$D.$>!$[=&$,,*-+!-+!

.?$!D$+,-&,G!

0( &$ZB*&$!OD>*D*%C!>$.$&A*+%.*-+!.-!

*A=-,$!%!'%C*>!>$.$&A*+%.*-+G!%+>!!

2( &$ZB*&$!P&-A=.!>$.$&A*+%.*-+!

;*.?*+!%!,=$D*<*$>!.*A$!=$&*->(!

2! #$;!]-&M!Q*A$,!

'(!3+*.$>!4.%.$,!

/^S2!34!7"28!

"67"9!

34!V$<$+,$!4$D&$.%&E!-&>$&$>!.?$!

A%M*+L!-<!%!.-=_,$D&$.!?*,.-&E!

D%CC$>!FY*,.-&E!-<!34!V$D*,*-+_

)%M*+L!`&-D$,,!*+!a*$.+%A!

`-C*DEIG!;?*D?!;%,!*+DCB>$>!*+!.?$!

F`$+.%L-+!`%=$&,I(!Q?$!#]Q!L-.!

?-C>!-<!.?*,!%+>!,.%&.$>!=B@C*,?*+L!

%&.*DC$,!-+!*.(!!

Q?$!34!L-'$&+A$+.!*,,B$>!

%+!*+OB+D.*-+!%L%*+,.!.?$!

#]Q!<&-A!=B@C*,?*+L!%+E!

A-&$!%&.*DC$,!=B&,B%+.!.-!

.?$!P,=*-+%L$!JD.(!

b+OB+D.*-+!*,!*+'%C*>(! R*&,.!JA$+>A$+.!LB%&%+.$$,!.?$!=&$,,!

AB,.!@$!C$<.!<&$$!.-!=B@C*,?!+$;,G!

;?%.$'$&!.?$!,-B&D$G!;*.?-B.!D$+,-&,?*=G!

*+OB+D.*-+,G!-&!=&*-&!&$,.&%*+.,G!%+>!.?$!

L-'$&+A$+.!?%,!.?$!?$%'E!@B&>$+!-<!

,?-;*+L!OB,.*<*D%.*-+!<-&!.?$!$+<-&D$A$+.!

-<!,BD?!&$,.&%*+.(!

^! b#X!'(!XJ!/c(U(!

#-(!""65728!

"6659!

b#X!,B@A*..$>!.%=$,!-<!.?$*&!,?-;!

FJ+L!bLC$,*%!+*!X&*,.-I!.-!.?$!

W-%&>G!;?*D?!.?$+!&%.$>!.?$A!

B+<*.!<-&!=B@C*D!'*$;*+L!@$D%B,$!

.?$E!%..%DM!-.?$&!&$C*L*-+,(!!

Q?$E!;$&$+N.!%CC-;$>!.-!

,?-;!.?$!,$&*$,!=B&,B%+.!

.-!.?$!=-;$&!-<!.?$!W-%&>!

.-!D$+,-&!%+>!%!=-,,*@C$!

'*-C%.*-+!-<!J&.(!0S"!U`X!

U$,.&%*+.!>*>!+-.!=%,,!.?$!

DC$%&!%+>!=&$,$+.!>%+L$&!

.$,.(!J&.(!0S"!D-BC>!+-.!@$!

*A=-,$>!%,!=&*-&!&$,.&%*+.!

@B.!A%E@$!,B@,$ZB$+.!

=B+*,?A$+.(!!

JD.,!-<!=&*-&!&$,.&%*+.!?%'$!%!=&$,BA=.*-+!

-<!*+'%C*>*.E(!b.!*,!-+CE!B=-+!%!,?-;*+L!-<!%!

DC$%&!%+>!=&$,$+.!>%+L$&!-<!%!,B@,.%+.*'$!

$'*C!.?%.!.?$!4.%.$!AB,.!=&$'$+.G!.?%.!%+!

*+<&*+L$A$+.!-<!&$C*L*-B,!$[=&$,,*-+!A%E!

@$!OB,.*<*$>(!

!

Page 79: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

""#$%&'())!*+%!&'+%,!+%!+-./%/),'+,/0(!1$-2!34+)/564-/*/+7!8$9('!,$!8'(0/(9!+%-!*7+))/:2!;<!8'$&'+.)!+%-!(%:$'*(!/,)!-(*/)/$%!)416(*,!,$!'(0/(9!12!$4'!*$4',)=!

>! ?+0/-!0=!@+*+8+&+75A''$2$!BC=D=!E$=!FGFHIJK!LMMJN!

OC@A!/))4(-!OO!FMFG!+%-!CP!>!-4(!,$!87+%)!$:!+))+))/%+,/$%!+&+/%),!Q('!+%-!+7)$!,Q(!()*+8(!$:!+!@+&-+7$!7(+-('=!;Q(!/))4+%*()!7(-!,$!,Q(!*+%*(77+,/$%!$:!+77!*(7(1'+,/$%)!$:!R-)+!S!+%-!*+%*(77+,/$%!$:!8('./,)!:$'!'+772!+%-!8(+*(:47!$'&+%/T+,/$%=!!

D+772/),)!8'$*((-(-!9/,Q!+))(.172!+%29+2=!;Q(2!9('(!-/)8(')(-U!0/$7(%*(!9+)!(V(',(-!+%-!)$.(!.(.1(')!9('(!+''(),(-!9/,Q$4,!9+''+%,=!!

#+%*(77+,/$%!$:!8('./,)!9+)!/%0+7/-!8'/$'!'(),'+/%,=!!

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

J! #Q+0(T!0=!C$%T+7()!BC=D=!E$=!FJ[HH[K!LMM[N!

;+8()!*+.(!$4,!+:,('!,Q(!LMM^!%+,/$%+7!(7(*,/$%)!$:!OC@A!,+7]/%&!9/,Q!#$.(7(*!*$../))/$%('!C+'*/77+%$U!9Q/*Q!9('(!$1,+/%(-!,Q'$4&Q!9/'(5,+88/%&=!!

;Q(!E;#!'(7(+)(-!+!9+'%/%&!,$!.(-/+!$'&+%/T+,/$%)!,Q+,!'(7(+)/%&U!87+2/%&!+%-!8'/%,/%&!*$%,(%,)!$:!,Q(!,+8()!9$47-!1(!64),!*+4)(!:$'!*+%*(77+,/$%U!)4)8(%)/$%!+%-!'(0$*+,/$%!$:!+77!7/*(%)()U!84')4+%,!,$!,Q(!A%,/5_/'(,+88/%&!7+9!

X4*Q!9+'%/%&!*$%),/,4,()!/%0+7/-!8'/$'!'(),'+/%,=!C/0(%!,Q(!+.1/0+7(%*(!+%-!0+&4(%())!)4''$4%-/%&!,Q(!,+8()U!/,!/)!+'&4+17(!9Q(,Q('!,Q('(!9+)!+!0/$7+,/$%!$:!,Q(!7+9!+,!+77!!

Z4'-(%!$:!8'$$:!/)!$%!,Q(!&$0('%.(%,!,$!)Q$9!,Q+,!,Q('(!/)!+!*7(+'!+%-!8'()(%,!-+%&('!1(:$'(!'(),'+/%/%&!:'((!8'())=!!W4',Q('.$'(U!,Q(!),'/*,!)*'4,/%2!,(),!.4),!1(!8+))(-!1(:$'(!*$%,(%,51+)(-!'(&47+,/$%!/)!+77$9(-=!!!""S,!-/-!%$,!.+,,('!,Q+,!,Q(!9+'%/%&)!9('(!%$,!:$77$9(-!12!:$'.+7!*/'*47+')!$'!$'-(')=!A%2!),+,(.(%,)!.+-(!12!,Q(!(V(*4,/0(!/%!,Q(/'!$::/*/+7!*+8+*/,2!+'(!*$0('(-!12!,Q(!'47(!$%!8'/$'!'(),'+/%,=!!

G! E(9)$4%-)!0=!?2!BC=D=!E$)=!FGMLGM!`!FGI^FFK!LMMIN!

E(9)$4%-)!$8('+,()!/,)!1'$+-*+),/%&!),+,/$%)!$%!+!7+%-!$9%(-!12!#ZX!?(0a,!#$'8=!Y8$%!+887/*+,/$%!:$'!'(%(9+7!$:!,Q(/'!.+2$'a)!8('./,U!,Q(!T$%/%&!

D()8$%-(%,)!*7$)(-!,Q(/'!1'$+-*+),/%&!),+,/$%)=!

;Q('(!/)!%$!7+9!,Q+,!'(34/'()!+!*(',/:/*+,/$%!$:!*$%0(')/$%!$:!7+%-!1(:$'(!.(-/+!/)!+77$9(-!,$!$8('+,(U!)$!'()8$%-(%,)!

D(34/'(.(%,!$:!$1,+/%/%&!+!8('./,!$'!7/*(%)(!:$'!,Q(!*$%-4*,!$:!+%2!14)/%())!/)!+77$9(-!12!7+9!+)!7$%&!+)!)4*Q!+'(!$'-+/%(-!,Q'$4&Q!7(&/)7+,/$%!+%-!+'(!*$%,(%,5%(4,'+7=!S:!*$%,(%,!1+)(-U!/,!.4),!

Page 80: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 85*

"#$%&%'()"(*)!)+,-%)+#!"!.+)(%/%."(%*&!/)*$!0+1'*-&#'!(2"(!(2+!3"&#!(2+4!1+)+!*5+)"(%&6!*&!1"'!.*&7+)(+#!(*!.*$$+).%"3!3"&#8!92+4!6*(!(2+!)+.*6&%(%*&!/)*$!:;<=!>-(!'"%#!"#$%&%'()"(*)!'()-.?!%(!#*1&!"'!%&7"3%#8!92+!"553%."(%*&!/*)!(2+!5+)$%(!3"5'+#8!

".(%*&'!")+!%&7"3%#8!! 5"''!(2+!'()%.(!'.)-(%&4!(+'(8!!!

&&9*$:;<=>:=?@*A:?B<CD=?@*@! A+*53+!78!A+)+B!

CD8<8!0*8!EFGHIJ!FIEKL!

A+)+B!-((+)+#!(2+!/*33*1%&6!C%&!M5"&%'2!>-(!2+)+%&!()"&'3"(+#L!%&!"!6"(2+)%&6!"(!(2+!!"#$%&#'(%)!*/!A%3")!%&!/)*&(!*/!$"&4!5+*53+!C">'+&(!N**#LO!P92+!Q%3%5%&*'R$-'(!-'+!>*3*'*/*)!.-((%&6!*//!SD*78!D+&!T+*&")#U!N**#V'!2+"#!/*)!2"7%&6!)+.*$$+&#+#!"!>"#!(2%&6!/*)!(2+!Q%3%5%&*'=!/*)!2+!2"'!?%33+#!*-)!%&#+5+&#+&.+8W!

Q%'."3!.2")6+#!2%$!1%(2!7%*3"(%*&!*/!;)(8!EXY!*/!(2+!A+&"3!Z*#+!"&#!(2+!()%"3!.*-)(!'*!.*&7%.(+#8!

MZ!.*&7%.(+#!2%$!%&'(+"#!*/!(2+!7%*3"(%*&!*/!(2+!9)+"'*&!"&#!M+#%(%*&!T"1!!

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

I! :+&&%'!78!^M!CKHF!^M!HIHJ!HIHL!

92+!M$%(2!;.(!$"?+'!%(!"!.)%$+!/*)!?&*1%&634!"&#!1%33/-334!"#7*."(%&6!(2+!*7+)(2)*1!*/!(2+!6*7+)&$+&(!>4!/*).+!*)!7%*3+&.+=!*)!*)6"&%B%&6!"!6)*-5=!12%.2!#*+'!'*!*)!.*&'5%)+'!(*!#*!'*8!A+(%(%*&+)'!")+!3+"#+)'!*/!(2+!Z*$$-&%'(!A")(4!%&!(2+!^M=!12%.2!("-62(!(2+!&+.+''%(4!*/!*7+)(2)*1%&6!(2+!6*7+)&$+&(!"&#!'*-62(!(*!*7+)(2)*1!(2+!6*7+)&$+&(8!!

92+4!1+)+!.*&7%.(+#!1%(2!7%*3"(%*&!*/!(2+!M$%(2!;.(8!!

Z*&7%.(%*&'!-52+3#!"&#!(2+!3"1!%'!.*&'(%(-(%*&"38!!

N2"(!(2+!3"1!5-&%'2+'!%'!&*(!'5++.2!>-(!"#7*.".4_)+'()"%&(!*&!'5++.2!%'!%&.%#+&("38!;!.*&7%.(%*&!)+34%&6!*&!'5++.2!"'!+7%#+&.+!*/!7%*3"(%*&!$"4!*&34!>+!'-'("%&+#!12+&!(2+!'5++.2!.)+"(+'!"!.3+")!"&#!5)+'+&(!#"&6+)!*/!"((+$5(%&6!*)!"..*$53%'2%&6!(2+!5)*2%>%(+#!.)%$+8!!

FG! D*&B"3+'!78!!Z*$+3+.!CD8<8!0*8!T`Ea@KK!FIYIL!

+,*&%$(-$$%,'*,.*.)(/$0* <;!H@@G!12%.2!5)*2%>%(+#!(2+!(**!+")34!&*$%&"(%*&!*/!."&#%#"(+'!CFXG!#"4'b!IG!#"4'L!"&#!3%$%(%&6!(2+!

c"\*)%(4!>+3%+7+'!<;!H@@G!%'!-&.*&'(%(-(%*&"3!>-(!(2+!Z*-)(!3".?+#!F!7*(+!(*!#+.3")+8!!

d7+&!(2*-62!(2+!6*7+)&$+&("3!5-)5*'+!>+!3+6%(%$"(+!"&#!'->'("&(%"3!C'-.2!"'!(2+!.*&#-.(!*/!/)++=!*)#+)34!"&#!2*&+'(!+3+.(%*&'L=!(2+4!."&&*(!>+!5-)'-+#!>4!

Page 81: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 86*

"#$%&'!&(!#)#*+%&,!*-."-%/,!&$!"-$+%0-,!"&)%+%*-)!-*+%1%+2!3456!'-20786!'-209!

.#-,0!+:-+!;$&-')2!0+%()#!(<,'-.#,+-)!"#$0&,-)!)%;#$+%#0!=:#,!+:#!#,'!*-,!;#!.&$#!,-$$&=)2!-*:%#1#'>!?)#-$!-,'!"$#0#,+!'-,/#$!+#0+!%0!-"")%*-;)#>!!

44! @A?!1>!B-,0!3C>D>!E&>!FGH8I58J!48KH9!

!"#$%&'(&&%")#"*#*+',&#"-#-(.%)/#01'+(&1#,21#3+-,%1&#$1&%&,1$#*-"4#3(-&(%)/#,21#'+&15##

! ! ?&<$+!%00<#'L!C<%'#)%,#0!(&$!%,(#$%&$!*&<$+0!-,'!M<-0%GN<'%*%-)!-'.%,%0+$-+%1#!+$%;<,-)0!

45! O2#$!1>!?-"<)&,/!3C>D>!E&>!FGK5IK6P!48KK9!

Q#+%+%&,#$0!=#$#!+&!.-R#!-!(%).!#,+%+)#'!ST:#!U&<$!B-2!D#1&)<+%&,VP!=:%*:!*:$&,%*)#'!+:#!0+$<//)#0!&(!+:#!U%)%"%,&0!-+!@'0-!W>!XTD?A!-,'!&+:#$!/&1#$,.#,+!-/#,*%#0!/-1#!+:#%$!#,'&$0#.#,+!-,'!-""$&1-)>!!

YQ@!0&</:+!%,N<,*+%&,!;#*-<0#!-!"&$+$-2-)!&$!:%0!)%(#!&$!+:-+!&(!:%0!(-.%)2!=%+:&<+!:%0!*&,0#,+!1%&)-+#0!:%0!$%/:+!+&!"$%1-*2!!

W,N<,*+%&,!%0!%,1-)%'>! T:#$#!=-0!,&!(%,'%,/!&(!-!*)#-$!-,'!"$#0#,+!'-,/#$!&(!-!1%&)-+%&,!&(!$%/:+!+&!"$%1-*2!%,!.-R%,/!+:#!(%).>!!!ZZO!)%.%+#'!%,+$<0%&,!%,+&!-!"#$0&,[0!"$%1-*2!:-0!)&,/!;##,!$#/-$'#'!-0!"#$.%00%;)#!=:#$#L!T:#!"#$0&,!%0!-!"<;)%*!(%/<$#P!-,'!!T:#!%,(&$.-+%&,!0&</:+!+&!;#!#)%*%+#'!($&.!:%.!&$!+&!;#!"<;)%0:#'!-;&<+!:%.!*&,0+%+<+#!&(!-!"<;)%*!*:-$-*+#$>!

4I! D&\-0!1>!'#!]<^<-$$#/<%!3C>D>!E&>!4H56_5J!566`9!

T:#$#!=-0!-,!-/$##.#,+!;#+=##,!O++2>!D&\-0!-,'!+:#!'#!]<^<-$#//<%[0!+:-+!-,2!#\*#00!(&$!+:#!0-)#!&(!+:#%$!"%#*#!&(!)-,'!=&<)'!/&!+&!+:#!)-=2#$0>!a:#,!+:#!'#-)!=-0!'&,#P!-!)-$/#!-.&<,+!&(!#\*#00!=#,+!+&!+:#!)-=2#$0P!-,'!+:#!?&<$+!0-%'!+:-+!"<$0<-,+!+&!+:#!?-,,&,0!&(!Q$&(#00%&,-)!@+:%*0P!+:#0#!=#$#!<,*&,0*%&,-;)#!(##0>!T:#!?&<$+!&$'#$#'!+:#!$#+<$,!&(!K6b!&(!%+>!

D&\-0!=$&+#!-!)#++#$!+&!Y<0+%*#!E-^-$%&!-,'!?Y!Q-,/-,%;-,!$-,+%,/!-;&<+!:&=!%."&00%;)#!-,'!<,(-%$!+:#!'#*%0%&,!=-0!-,'!%.")2%,/!<,'<#!%,()<#,*#!%,!+:#!'#*%0%&,G.-R%,/!-,'!M<#0+%&,%,/!+:#!%,+#/$%+2!&(!+:#!?&<$+>!!

D&\-0!=-0!(&<,'!/<%)+2!&(!%,'%$#*+!*&,+#."+>!!

?&,+#."+<&<0!$#.-$R0!-/-%,0+!+:#!c?!*-,,&+!;#!+&)#$-+#'!&,!+:#!;-0%0!&(!($##!0"##*:!=:#,!+:#2!+#,'!+&!'#/$-'#!+:#!'%/,%+2!&(!+:#!c?!-,'!#$&'#!+:#!"<;)%*!*&,(%'#,*#!-**&$'#'!+&!%+>!!

&&&9*$:;;<=*>?@*;A;<BCD>A*:DC<;EE**4d! c-,%'-'!1>!

?&.#)#*!3C>D>!E&>!86K_KJ!48869!

DO!`_``P!+:#!e$/-,%*!O*+!(&$!?OD!=-0!#,-*+#'!%,+&!)-=>!?&.#)#*!%00<#'!+:#!$<)#0!$#/-$'%,/!+:#!*&,'<*+!&(!+:#!")#;%0*%+#>!e,#!$<)#!%0L!&,!+:#!'-2!;#(&$#!-,'!&,!")#;%0*%+#!'-2P!,&!.-00!.#'%-!*&)<.,%0+P!*&..#,+-+&$P!-,,&<,*#$!&$!"#$0&,-)%+2!0:-))!<0#!:%0!*&)<.,!&$!$-'%&!&$!+#)#1%0%&,!

Q#+%+%&,#$!-00#$+0!($##'&.!&(!#\"$#00%&,!-,'!&(!+:#!"$#00!!

?&.#)#*!$<)#!%0!<,*&,0+%+<+%&,-)>!

?&,0+%+<+%&,!/$-,+#'!+&!+:#!?eX@F@?!+:#!"&=#$!+&!0<"#$1%0#!-,'!$#/<)-+#!+:#!<0#!-,'!#,N&2.#,+!&(!($-,*:%0#0P!"#$.%+0!&$!&+:#$!/$-,+0!%00<#'!(&$!+:#!&"#$-+%&,!&(!+$-,0"&$+-+%&,!&$!&+:#$!"<;)%*!<+%)%+%#0P!.#'%-!&(!*&..<,%*-+%&,!&$!%,(&$.-+%&,!+&!#,0<$#!#M<-)!*-."-%/,!&""&$+<,%+%#0!(&$!*-,'%'-+#0>!W,!-!")#;%0*%+#P!+:#$#!-$#!,&!*-,'%'-+#0!

Page 82: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 8,*

"#$%!"&!'($)(#*+!,&-!&-!(*(#+."!

"/%!)0%1#.'#"%!#..2%.3!

#+4&04%56!.&!7&$%0%'!2+5208!-%."-#'"%5!

,-%%5&$!&,!%9)-%..#&+3!

:;! <("#&+(0!=-%..!

7021!43!7&$%0%'!

>?3@3!<&3!

:ABC;D6!:EEBF!

G%'"#&+!::!&,!@H!CCIC!)-&/#1#".!

"/%!.(0%!&-!5&+("#&+!&,!)-#+"!.)('%!

(+5!(#-"#$%!J,&-!'($)(#*+!&-!

&"/%-!)&0#"#'(0!)2-)&.%.6J!%9'%)"!

"&!"/%!7&$$#..#&+!&+!K0%'"#&+.6!

L/#'/!./(00!(00&'("%!"/%$!%M2(008!

(+5!#$)(-"#(008!($&+*!(00!

'(+5#5("%.3!

=%"#"#&+%-!(..%-".!4#&0("#&+!

&,!,-%%5&$!&,!%9)-%..#&+3!

G%'3!::!&,!@H!CCIC!#.!

'&+."#"2"#&+(03!

N/%!0(L!.%-4%.!(!0%*#"#$("%!#+"%-%."O

%M2(0#"8!&,!&))&-"2+#"#%.!,&-!(00!'(+5#5("%.3!

P2-"/%-$&-%6!"/%!-%."-#'"#&+.!(-%!>(F!

0#$#"%5!#+!.'&)%!>'($)(#*+!)%-#&5F!(+5!>1F!

'&+"%+"Q+%2"-(0!>"#$%!(+5!.)('%!&+086!+&"!

('"2(0!'&+"%+"F!

:C! H5#&+*!43!

7&$%0%'!>?3@3!

:ADE;CR!:EEBF!

N&!%+,&-'%!"/%!S$1#+2.!K0%'"#&+!

7&5%6!7&$%0%'!#..2%5!-%.&02"#&+.!

&+!0(L,20!(+5!)-&/#1#"%5!,&-$.!&,!

%0%'"#&+!)-&)(*(+5(3!T(.#'(0086!

)-&)(*(+5(!$(8!+&"!1%!)&."%5!

(+8L/%-%!&"/%-!"/(+!"/%!

7SUKVK7!'&$$&+!)&."%5!(-%(.!

(+5W&-!1#001&(-5.6!("!"/%!'($)(#*+!

/%(5M2(-"%-.!&,!"/%!'(+5#5("%!&-!

)&0#"#'(0!)(-"86!&-*(+#X("#&+!&-!

'&(0#"#&+6!&-!("!"/%!'(+5#5("%Y.!

&L+!-%.#5%+"#(0!/&2.%!&-!&+%!&,!

/#.!-%.#5%+"#(0!/&2.%.3!!

=%"#"#&+%-!M2%."#&+.!"/%!

'&+."#"2"#&+(0#"8!&,!"/%!

-%.&02"#&+.!1%'(2.%!"/%!

)-&/#1#"#&+.!%+'&$)(..!

%4%+!)-#4("%!)-&)%-"8!>0#Z%!

"/%#-!'(-.6!%"'3F6!5%)-#4#+*!

'#"#X%+.!&,!-#*/"!"&!,-%%!

.)%%'/!(+5!%9)-%..#&+!

@%.&02"#&+.!(-%!

2+'&+."#"2"#&+(03!!

S+08!"/%!)-%.%+'%!&,!(!'0%(-!(+5!)-%.%+"!

5(+*%-!L#00!L(--(+"!.2'/!'&+"%+"Q1(.%5!

-%."-#'"#&+.3!!

:[! S.$%+(!43!

7&$%0%'!

=%"#"#&+%-.!(-%!.%%Z#+*!"/%!

-%%9($#+("#&+!&,!G%'3!::!@H!CCIC!

>G%%!'(.%!:;F!1%'(2.%!1(.%5!&+!

%9)%-#%+'%6!#"\.!'(2.%5!$&-%!

5#.)(-#"8!1%"L%%+!-#'/!(+5!)&&-!

'(+5#5("%.!"/(+!%M2(0#"83!@#'/!

'(+5#5("%.!'(+!-%.&-"!"&!&"/%-6!

$&-%!%9"-(4(*(+"!$%(+.!.2'/!(.!

1&(".6!)(-(5%.!(+5!/(+51#00.3!!

=%"#"#&+%-.!(4%-!"/("!"/%!

0(L!L&-Z.!$&-%!#+!,(4&-!&,!

"/%!-#'/%-!'(+5#5("%.3!

N/%!0(L!#.!2)/%053!]"\.!

)2-)&.%!#.!+&"!%M2(0#"8!

($&+*!(00!'(+5#5("%.6!12"!

%M2(0#"8!#+!&))&-"2+#"83!]"!

&+08!-%*20("%.!"#$%6!)0('%!

(+5!$(++%-!&,!(54%-"#.#+*6!

+&"!'&+"%+"3!!

N/%!S\T-#%+!"%."!$2."!1%!2.%5!"&!

5%"%-$#+%!L/%"/%-!&-!+&"!'&+"%+"Q+%2"-(0!

-%*20("#&+.!(-%!)-&)%-^!>97$'.F!:3 ]"!#.!L#"/#+!"/%!'&+."#"2"#&+(0!

:&L%-!&,!"/%!?&4\"!B3 ]"!,2-"/%-.!(+!#$)&-"(+"!&-!

;21."(+"#(0!*&4%-+$%+"(0!#+"%-%."!

D3 N/%!*&4%-+$%+"(0!#+"%-%."!#.!

<+-%0("%5!"&!"/%!.2))-%..#&+!&,!,-%%!%9)-%..#&+!

I3 N/%!#+'#5%+"!-%."-#'"#&+!&+!(00%*%5!

P#-."!H$%+5$%+"!,-%%5&$.!#.!+&!

*-%("%-!"/(+!#.!=..%+"#(0!"&!"/%!,2-"/%-(+'%!&,!"/("!#+"%-%."3!

:_! HTGQ7T<!43!

7&$%0%'!>?3@3!

<&3!:DD_IC6!

H!7&$%0%'!%+!1(+'!-%.&02"#&+!

)-&/#1#"%5!"/%!'&+52'"!&,!%9#"!

)&00.!(+5!5#..%$#+("#&+!&,!-%.20".!

HTGQ7T<!(+5!&"/%-!$%5#(!

'&-)&-("#&+.!L%-%!

5#.(00&L%5!,-&$!

=-&/#1#"#&+!#.!#+4(0#53!K9#"!

)&00.!(-%!2.%,20!,&-!0&+*Q

"%-$!-%.%(-'/!(+5!(0.&!

S+08!(!./&L#+*!&,!'0%(-!(+5!)-%.%+"!

5(+*%-!L#00!L(--(+"!-%."-#'"#&+!&,!,-%%5&$!

&,!%9)-%..#&+3!!

Page 83: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

"###$! %&'()*&!+,--!+./0,1!2.3,)-.!%&.4!+0*&%!3(56703%!80%&!%&.!(66030,7!3()5%!,-!8.77!,-!%&,%!(6!9:;<=>?@-A!!

3(5/)3%05*!.B0%!C(77-A!! .7.3%0(5!C'(D.3%0(5-A!E&.'.!3,5!2.!5(!6'..!,5/!('/.'74!.7.3%0(5-!06!6'..!-C..3&!,5/!C'.--!,'.!)5/)74!3)'%,07./!

!"#$#%&'!%0+.!.7.+.5%!()%*#"'!F.'4!70G.74!%(!2.!05.F0%,27.!!

HI! JKJ!FA!!L(+.7.3!MN=!9(A!HOPQPHR!"##H$!

=:!I##S!M<,0'!>7.3%0(5!:3%$1!C'(F0/.-T!UJ)'F.4-!,66.3%05*!5,%0(5,7!3,5/0/,%.-!-&,77!5(%!2.!C)270-&./!HQ!/,4-!2.6('.!,5!.7.3%0(5!,5/!-)'F.4-!,66.3%05*!7(3,7!3,5/0/,%.-!-&,77!5(%!2.!C)270-&./!-.F.5!P!/,4-!2.6('.!,5!.7.3%0(5AV!!

W.%0%0(5.'-!-..G!C'(&020%0(5!(6!0+C7.+.5%,%0(5!(5!%&.!2,-0-!(6!05F,70/!C'0('!'.-%',05%!

?,8!0-!05F,70/A!X%!0-!,!/0'.3%!,5/!%(%,7!-)CC'.--0(5!(6!,!3,%.*('4!(6!.BC'.--0(5!.F.5!%&()*&!-)3&!-)CC'.--0(5!0-!(574!6('!,!70+0%./!C.'0(/A!

J)3&!-)CC'.--0(5!+)-%!C,--!%&.!Y@Z'0.5!%.-%A!E&.!O%&'.[)0-0%.!0-!+0--05*A!E&.'.!,'.!(%&.'1!7.--!05%')-0F.!+.,5-!(6!C'.F.5%05*!2,5/8,*(5!.66.3%!,5/!+,50C)7,%0(5!(6!-)'F.4-1!-)3&!,-!C)50-&05*!'.7.,-05*!(6!6,7-.!056('+,%0(5!('!-)'F.4!+,%.'0,7-A!

&/:*!;<<=>?@AB*$C==?D* *"#!! =)205!FA!L(('-!

Z'.805*!MOHO!\J!OPSR!HIIQ$!

L(('-!-)2+0%%./!%&.0'!70[)('!7,2.7-!,5/!(%&.'!,/F.'%0-.+.5%-!%(!Z:E<A!J,0/!2)'.,)!/.50./!,CC'(F,7!2.3,)-.!'.F.,705*!,73(&(7!3(5%.5%!(5!70[)('!7,2.7-!0-!05F,70/!,-!%&.4!C'(+(%.!U-%'.5*%&!8,'-V1!2,-./!(5!,!7,8A!

E&.!\J!/0-%'03%!,5/!3()'%!(6!,CC.,7-!-%')3G!/(85!%&.!7,8A!

\J!JL!&.7/!%&,%!8&07.!%&.'.!8,-!,!-)2-%,5%0,7!*(F.'5+.5%!05%.'.-%1!%&.!+.,5-!/0/!5(%!6)'%&.'!%&0-!05%.'.-%!05!,!+,%.'0,7!8,4A!W'(&020%0(5!(6!/0-C7,405*!,73(&(7!3(5%.5%!%(!70[)('!7,2.7-1!2)%!5(%!(%&.'!,/F.'%0-.+.5%-!/(.-5@%!+,G.!-.5-.A!

L.5%',7!])/-(5!%.-%!6('!/.%.'+0505*!8&.%&.'!('!5(%!-)CC'.--0(5!(6!3(++.'30,7!-C..3&!C,--.-!-3')%054T!M)$(#$!

HA 3(++.'30,7!-C..3&!+)-%!3(53.'5!B,86)7!,3%0F0%4!,5/!0-!5(%!+0-7.,/05*!

"A %&.'.!0-!,!E)2-%,5%0,7!*(F.'5+.5%!05%.'.-%!

^A %&.!'.*)7,%0(5!/0'.3%74!A/F,53.-!%&.!,--.'%./!*(F.'5+.5%!05%.'.-%!

OA K&.%&.'!0%!0-!5(%!+('.!.B%.5-0F.!%&,5!F.3.--,'4!%(!-.'F.!%&,%!05%.'.-%!

"H! !L053055,%0!FA!_0-3(F.'4!9.%8('G!MQ#P!\J!OH#R!HII^$!

_0-3(F.'4!9.%8('G!,5/!],'+(5!W)270-&05*!,/F.'%0-.!%&.0'!C'(*',+-!05!6'..!+,*,`05.-1!8&03&!%&.4!/0-%'02)%.!%&'()*&!5.8-!',3G-!,'()5/!L053055,%0A!W)'-),5%!%(!,5!('/05,53.1!%&.!30%4!'.F(G./!%&.0'!C.'+0%!%(!/0-%'02)%.!2,-./!(5!0+C('%,5%!-,6.%4!,5/!,.-%&.%03!*(,7-A!

_0-3(F.'4!,5/!],'+(5!37,0+!,!F0(7,%0(5!(6!<0'-%!:+.5/+.5%A!

\53(5-%0%)%0(5,7A!E&.!L()'%!6()5/!%&,%!%&.!L0%4a-!('/05,53.!/0/!5(%!'.,-(5,274!60%!%&.!L0%4a-!*(,7-!(6!-,6.%4!,5/!,.-%&.%03-A!

:!7(3,7!*(F.'5+.5%,7!.5%0%4!+,4!'.*)7,%.!%&.!C7,3.+.5%!,5/!5)+2.'!(6!5.8-',3G-!%(!C'(+(%.!0%-!-)2-%,5%0,7!05%.'.-%!05!C)2703!-,6.%4!,5/!,.-%&.%03-1!2)%!%&,%!.5%0%4!+)-%!.-%,270-&!,!'.,-(5,27.!60%*2.%8..5!0%-!'.*)7,%0(5!,5/!%&.!*(,7-!-()*&%!%(!2.!,3&0.F./A!!=.,-(5,27.!60%!%.-%!(574!2.3,)-.!0%!&,-!,!*'.,%.'!'0*&%!%(!'.*)7,%.!3(++.'30,7!-C..3&1!%&,5!5(5b3(++.'30,7!-C..3&A!!

""! L0%4!(6!?,/).!FA!N077.(!MHHO!JA!L%A!"#^cR!HIIO$!

:!?,/).!('/05,53.!C'(&020%./!-0*5,*.!(5!&()-.!.B3.C%!'.-0/.53.!0/.5%0603,%0(51!U6('!-,7.V!

N077.(![).-%0(5-!%&.!3(5-%0%)%0(5,70%4!

\53(5-%0%)%0(5,7A!! E&.!('/05,53.!3)%!(66!3(+C7.%.74!%&.!6'../(+!(6!.BC'.--0(5!%&'()*&!-0*5-A!X%!8,-!5(!7(5*.'!3(5%.5%b5.)%',7!2.3,)-.!

Page 84: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

"#$%"!&%'!(&)%#%$!"#$%"!*+)!"&*,-.!

/&0&)'"1!2&-,)!#-!(&"!,34&%','!

#%567'#%$!"#$%&$,!+%!(#%'+("1!

-/,),!(&"!%+!&6-,)%&-#8,!9,'#79!*+)!-/,!

,34),""#+%!+%!4)+4,)-.1!:/7";!#-!(&"!%+-!

<7"-!&!-#9,;!46&5,!+)!9&%%,)!),"-)#5-#+%1!=-!

(&"!#%!,**,5-!5+%-,%->?&",'1!!

/:*';<=>?@A?@B*C<@@AD* *)EF@G* * *@A! B+6#5&)4#+!81!

C&%#6&!:#9,"!

DEF!G+1!2>

HIJ@KL!HMI@N!

B+6#5&)4#+!*#6,'!5/&)$,"!&$&#%"-!

F,.,";!(/#5/!5&7",'!-/,!6&--,)O"!

-,)9#%&-#+%1!F,.,"!#%!-7)%!

#%"-#-7-,'!&%!&'9#%#"-)&-#8,!&%'!&!

5)#9#%&6!4)+5,,'#%$!&$&#%"-!

B+6#5&)4#+1!!"#$%&'()&$!(*#+!"-&)-,'!47?6#"/#%$!&)-#56,"!&?+7-!

-/,",!5&",";!(/#5/!F,.,"!&""&#6"!&"!

6#?,6!?,5&7",!-/,.!47?6#"/,'!&!6+-!

+*!()+%$!-/#%$"!&?+7-!-/,!

4)+5,,'#%$"1!P!",5+%'!&)-#56,!(&"!

47?6#"/,'!5+)),5-#%$!#%&557)&5#,"1!

F,.,"!"-#66!"+7$/-!'&9&$,"!

*)+9!-/,!5+7)-1!!

Q&9&$,"!(,),!&(&)','!-+!

F,.,"1!:/,!9#"-&R,"!&),!

"7?"-&%-#&61!!

Q,)+$&-+).!9&-,)#&6!47?6#"/,'!?.!4),""!

(+76'!+%6.!?,!4)+-,5-,'!#*!-/,.!(,),!-)7,!

&%'!*&#)!&%'!9&',!#%!$++'!*&#-/;!(#-/+7-!

5+99,%-"!+)!),9&)R"1!!

P)-1!AST!+*!-/,!F,8#",'!B,%&6!U+',!!VW8,).!

',*&9&-+).!#947-&-#+%!#"!4),"79,'!-+!?,!

9&6#5#+7";!,8,%!#*!#-!?,!-)7,;!#*!%+!$++'!

#%-,%-#+%!&%'!<7"-#*#&?6,!9+-#8,!*+)!9&R#%$!

#-!#"!"/+(%1X!!

U+)),5-#+%!+*!#%&557)&5#,"!'+,"!%+-!(#4,!

+7-!-/,!6#&?#6#-.!*)+9!-/,!*#)"-!6#?,6+7"!&5-1!!

@T! 2+4,0!81!UP!DEF!

G+1!2>@ISTML!

HMKJN!

!"#$%&'()&$,"-.'(/)#!D&!9&$&0#%,N!

47?6#"/,'!&!"-+).;!(/#5/!(&"!

-,)9,'!-/,!/+&3!+*!-/,!.,&)Y

&?+7-!+%,!Z#',6!U)70;!&!"&%#-&-#+%!

,%$#%,,)!(/+!(,%-!-+![&?7.&%!

="6&%'"!(/+!-/,%!-)&%"9#--,'!&!

9,""&$,!-+!-/,!$+8,)%9,%-!-/&-!

-/,.!(,),!6#8#%$!#%!-,))+)!-/,),1!=-!

-7)%,'!+7-;!/,!(&"!<7"-!6++R#%$!*+)!

&!)#',!/+9,1!!:/,!9&$&0#%,!

47?6#"/,'!&!4#5-7),!+*!-/#"!U)701!

:/,!4#5-7),!4+"-,'!(&"!

&5-7&66.!-/&-!+*!&!Z#',6!E1!

U)70;!&!?7"#%,""9&%!*)+9!

[76&5&%1!:/,!9&$&0#%,!

#99,'#&-,6.!),-)&5-,'!&%'!

5+)),5-,'!-/,!9#"-&R,;!?7-!

Z#',6!E1!(,%-!-+!-/,!5+7)-!

*+)!'&9&$,"!"-#661!!

P(&)'!+*!'&9&$,"!$)&%-,'1!! :),&-#",!+*!G,(,66!+%!\6&%',)!&%'!2#?,6]!

^B7?6#5&-#+%!+*!&!4,)"+%_"!4/+-+$)&4/!#%!

5+%%,5-#+%!(#-/!&%!&)-#56,!6#?,6+7"!+*!&!

-/#)'!4,)"+%;!#"!&!6#?,6!+%!-/,!4,)"+%!(/+",!

4#5-7),!#"!47?6#"/,';!(/,),!-/,!&5-"!",-!+7-!

#%!-/,!&)-#56,!&),!#947-,'!-+!"75/!4,)"+%1^!

=%!-/,!01(+1*2('3$5&",;!#-!(&"!&!%,("4&4,)!-/&-!9&',!-/#"!/+%,"-!9#"-&R,L!

#-!(&"!%+-!/,6'!6#&?6,!?,5&7",!&!%,("4&4,)!

#"!7%',)!&!'&#6.!',&'6#%,1!P!9&$&0#%,;!6#R,!

#%!-/#"!5&",;!#"!%+-1!!

:/,!),5-#*#5&-#+%!'+,"!%+-!(#4,!+7-!-/,!

6#&?#6#-.!*+)!-/,!*#)"-!9#"-&R,!D4.)(/&-5(.N1!!@S! G,(!`+)R!:#9,"!

81!\766#8&%!DAKI!

a\!@STL!HMITN!

\766#8&%!*#6,'!&!5&",!+*!6#?,6!&$&#%"-!

-/,!G,(!`+)R!:#9,"!*+)!&%!

&'8,)-#",9,%-!(/#5/!#%567','!

*&6",!"-&-,9,%-"!!&?+7-!4+6#5,!

&5-#+%!&$&#%"-!"-7',%-"!(/+!

4&)-#5#4&-,'!#%!&!5#8#6!)#$/-"1!b,!

*,,6"!&667','!-+!?,#%$!-/,!5/#,*!+*!

4+6#5,1!!:/,!<7).!*+7%'!*+)!

),"4+%',%-!&*-,)!#%"-)75-#+%"!*)+9!

Q&9&$,"!(,),!&(&)','!-+!

\766#8&%!

=94)+4,)1!:/,!5&",!(&"!

),9&%','1!!

V6#?,6+7"!4,)!",X!9,&%"!4)++*!+*!9&6#5,!#"!

%+!6+%$,)!),c7#),'1!\75/!#"!4)#+)!

5,%"+)"/#41!P5-7&6!9&6#5,!97"-!?,!-/,!

"-&%'&)'!?,*+),!&!),4+)-,)!5&%!?,!/,6'!

$7#6-.!+*!6#?,6!

Page 85: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

"#$!%&'($!"#)"!*)+'!*")"$,$-"*!).$!/0+1$02&*!3$.!*$45!"#$!+,3&")"+2-*!#)6+-(!1$$-!72&-'!"2!1$!'$7),)"2.8!!

9:! ;2*$-1022,!6<!=$".2,$'+)5!>-?<!@ABC!DE!9FG!HFIHJ!

;2*$-1022,!K)*!)!'+*".+1&"2.!27!-&'+*"!,)()L+-$*<!M20+?$!$-72.?$,$-"!$6$-"&)008!)..$*"$'!#+,!)-'!?2-7+*?)"$'!,)()L+-$*G!"#$-!"#$8!.$32."$'!"#+*!"2!=$".2,$'+)!)-'!2"#$.!,$'+)!*")"+2-*5!K#+?#!1.2)'?)*"$'!)12&"!"#$!*"2.8<!;2*$-1022,!K)*!$6$-"&)008!)?N&+""$'<!!!

O$P*!-2K!*&+-(!=$".2,$'+)!72.!0+1$0!)-'!+*!'$,)-'+-(!'),)($*<!!

Q),)($*!(.)-"$'<!! R+1$0!0)K*!3.2"$?"!"K2!*$3).)"$!+-"$.$*"*!27!"#$!+-'+6+'&)0S!

H< #+*!'$*+.$!"2!3.$*$.6$!3.+6)?8!7.2,!+-".&*+2-!)-'!

9< !"2!3.$*$.6$!#+*!(22'!-),$!)-'!.$3&")"+2-<!

T!0+1$0!*&+"!)()+-*"!)!.)'+2!*")"+2-!,)8!1$!*&*")+-$'!&32-!?0$).!)-'!?2-6+-?+-(!3.227!"#)"!-$K*!K)*!3&10+*#$'!K+"#!U-2K0$'($!+"!K)*!7)0*$!2.!.$?U0$**!'+*.$().'!27!+"*!)??&.)?8<!

9I! V$."L!6<!;21$."!W$0?#5!>-?<!@AHX!DE!C9CG!HFIAJ!

Y&??+2!U+00$'!)!,)-<!Z#$!6+?"+,P*!7),+08!#+.$'!T""8<!V$."L<!W$0?#P*!,)()L+-$!.)-!)-!)."+?0$!*)8+-(!"#)"!V$."L!7.),$'!Y&??+2<!

V$."L!*&$'!W$0?#!72.!0+1$0<!R2K$.!?2&."!(.)-"$'!3&-+"+6$!'),)($*<!

T?"&)0!,)0+?$!K)*!-2"!3.26$-!*2!3&-+"+6$!'),)($*!-2"!3.23$.<!

T!0)K8$.!+*!)!3.+6)"$!+-'+6+'&)0S!T!3&10+*#$.!2.!1.2)'?)*"$.!27!'$7),)"2.8!7)0*$#22'*!)12&"!3.+6)"$!+-'+6+'&)0*!,)8!-2"!?0)+,!"#$!!"#$%&'(#3.2"$?"+2-!)()+-*"!0+)1+0+"8!72.!'$7),)"+2-!2-!"#$!(.2&-'!"#)"!"#$!'$7),)"2.8!*")"$,$-"*!?2-?$.-!)-!+**&$!27!3&10+?!2.!($-$.)0!+-"$.$*"<!

9X!! O&*"0$.!=)()L+-$5!$"<!)0<!6<![)0K$00!@AX\!DE!A:G!HFXXJ!

O&*"0$.!,)()L+-$!3&10+*#$'!)!0+N&2.!)'!?2-")+-+-(!?$0$1.+"+$*!")0U+-(!)12&"!"#$+.!/7+.*"!"+,$4<!>"!+-?0&'$'!)!3).2'8!@"#$!3).2'8!$]3.$**$'!18!'+*?0)+,$.J!)12&"![)0K$00^)!.$-2K-$'!,+-+*"$.!)-'!320+"+?)0!?2,,$-")"2.^"2!"#$!$77$?"!"#)"!#$!)-'!#+*!,2"#$.!K$.$!#832?.+"$*!)-'!+,,2.)0<!!

[)0K$00!*&$'!72.!0+1$0!)-'!+-70+?"+2-!27!$,2"+2-)0!'+*".$**<!Z#$!3).2'8!K)*!3&10+*#$'!)!*$?2-'!"+,$!"#.&!722"-2"$*<!!

T?"&)0!,)0+?$!-2"!3.26$-!*2!)K).'!27!'),)($*!+,3.23$.<!!!

M&10+?!7+(&.$*!)-'!3&10+?!277+?+)0*!,)8!-2"!.$?26$.!72.!"#$!"2."!27!+-"$-"+2-)0!+-70+?"+2-!27!$,2"+2-)0!'+*".$**!18!.$)*2-!27!3&10+?)"+2-*!*&?#!)*!"#$!2-$!#$.$!)"!+**&$!K+"#2&"!*#2K+-(!+-!)''+"+2-!"#)"!"#$!3&10+?)"+2-!?2-")+-*!)!7)0*$!*")"$,$-"!27!7)?"!K#+?#!K)*!,)'$!K+"#!_)?"&)0!,)0+?$5_!+<!$<5!K+"#!U-2K0$'($!"#)"!"#$!*")"$,$-"!K)*!7)0*$!2.!K+"#!.$?U0$**!'+*.$().'!)*!"2!K#$"#$.!2.!-2"!+"!K)*!".&$<!

Page 86: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

"#! $%!&'(!)*&+,-!./010!2-0!#34"4536!789!:##;<!

)*&+,-!=+>!+!=&?@'!A-&!@B'!1+%?C+!7@+%,+&,0!DE'&!F+%G!F-%@B>!B'!B+,!H''%!=&?@?%I!+H-*@!+CC'I',!J-&&*K@?-%!?%!@B'!L*,?J?+&GM!>*JB!+>!K+G?%I!-AA!+%,!A&''!NO!@?JP'@>M!=?@B-*@!>*H>@+%@?+@?%I!@B'F0!

8)!J&'+@',!+%!+,!B-J!J-FF?@@''!@-!?%E'>@?I+@'!QD2!)*&+,-!>B-*C,!H'!B'C,!C?+HC'!A-&!J-%@'FK@!-A!J-*&@0!

N'!=+>!C?+HC'!A-&!J-%@'FK@!-A!J-*&@!+%,!-&,'&',!@-!K+G!+!A?%'!!!

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

":;<=>?@A* *35! 1?CC'&!E0!

8+C?A-&%?+!.X:3!Y7!:;9!:#63<!

1?CC'&!J-%,*J@',!+!F+>>!F+?C?%I!J+FK+?I%!-A!H--P>!+%,!H&-JB*&'>!J+CC',!Z+,*C@!F+@'&?+C[M!=B?JB!K-&@&+G',!I&+KB?J!+%,!,'>J&?K@?E'!K&?%@!F+@'&?+C!-A!>'T*+C!?%@'&J-*&>'!+%,!&'C+@',!F+@@'&>0!

N'!=+>!J-%E?J@',!-A!E?-C+@?-%!@B'!8+C?A-&%?+!U'%+C!8-,'!

8+>'!=+>!&'F+%,',!@-!@&?+C!J-*&@!@-!,'@'&F?%'!=B'@B'&!-&!%-@!@B'!-H>J'%'!F+@'&?+C!,?>@&?H*@',!B'&'!>B-*C,!H'!&'I*C+@',0!

DH>J'%?@G!,-'>!%-@!J-F'!*%,'&!\?&>@!/F'%,F'%@!K&-@'J@?-%0!]*@!>@+@*@'>!,'>?I%',!@-!&'I*C+@'!@B'>'!F*>@!H'!J+&'A*CCG!C?F?@',0!!]+>?J!I*?,'C?%'>!A-&!@B'!@&?'&!-A!A+J@(!

4 QB'@B'&!@B'!+E'&+I'!K'&>-%M!+KKCG?%I!J-%@'FK-&+&G!J-FF*%?@G!>@+%,+&,>!=-*C,!A?%,!@B'!=-&PM!@+P'%!+>!+!=B-C'M!+KK'+C>!@-!@B'!K&*&?'%@!?%@'&'>@!.>'T*+C!F+@@'&><!

4 QB'@B'&!@B'!=-&P!,'K?J@>!-&!,'>J&?H'>M!?%!+!K+@'%@CG!-AA'%>?E'!=+GM!>'T*+C!J-%,*J@!>K'J?A?J+CCG!,'A?%',!HG!@B'!+KKC?J+HC'!>@+@'!C+=!

4 QB'@B'&!@B'!=-&PM!@+P'%!+>!+!=B-C'M!C+JP>!>'&?-*>!C?@'&+&GM!+&@?>@?JM!K-C?@?J+CM!-&!>J?'%@?A?J!E+C*'!

8-FF*%?@G!>@+%,+&,>!F*>@!H'!*>',M!%-@!%+@?-%+C!>@+%,+&,>0!

3:! ^-%_+C'>!E0!O+C+=4O+@?IH+P!

RB'!]-+&,!.]`U1RM!%-=!1R`8]<!JC+>>?A?',!K'@?@?-%'&>V!A?CF!ZO+K?@!

U'@?@?-%'&>!J-%@'%,!@B+@!@B?>!J-%>@?@*@'>!*%,*'!

a?>F?>>',!H'J+*>'!@B'&'!='&'!%-@!'%-*IB!E-@'>!@-!

8'%>-&>B?K!?>!K&?-&!&'>@&+?%@!-%!A&''!'TK&'>>?-%!+%,!?@!F+G!-%CG!H'!+KKC?',!

Page 87: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

* 89*

"#$!%&'!()

*+,--.!/+0,1!

23!43536789!32!:&;!3<=652!&>6?@!A75B!

2&8C!DB3>EC2!3><!<C6C57&>2'!FBC!

G&3;<!237<!5B35!7:!5BC?!A3>5!5&!

DB3>EC!5BC!;357>E!5&!EC>C;36!

H35;&>3EC@!5BC?!B3IC!5&!<C6C5C!

3><!DB3>EC!2&8C!2DC>C2'!!

;C25;37>!&>!3;57257D!

CJH;C227&>!3><!5B35!5BC!

&K2DC>757C2!2B&A>!3;C!

C22C>5736!5&!5BC!7>5CE;75?!

&:!5BC!:768'!

;=6C!5B35!5BC!G&3;<!B3<!

D&88755C<!3!E;3IC!3K=2C!&:!

<72D;C57&>'!!

=H&>!3!2B&A7>E!&:!D6C3;!3><!H;C2C>5!

<3>EC;'!G=5!&K2DC>75?!72!>&5!H;&5CD5C<'!

FC25!5&!<C5C;87>C!&K2DC>75?L!MBC5BC;!5&!

5BC!3IC;3EC!HC;2&>@!3HH6?7>E!

D&>5C8H&;3;?!D&88=>75?!253><3;<2@!5BC!

<&87>3>5!5BC8C!&:!5BC!835C;736!53NC>!32!3!

AB&6C!3HHC362!5&!H;=;7C>5!7>5C;C25'!

FBC!;=6C!72!<7::C;C>5!"25;7D5C;1!:&;!5C6CI727&>!

KCD3=2C!5B72!72!8&;C!3DDC227K6C!5&!5BC!

H=K67D@!C2HCD7366?!DB76<;C>O5BC?!<&>P5!

B3IC!5&!H3?!5&!A35DB'!

(::;<=>?*@AB*C;DEDEFA*QR! G3?3>!I'!S;8753!

"#$!%&'!/*+0Q0.!

R--*1!

4C5757&>C;2!366CEC!5BC7;!HC3DC:=6!

8322!3D57&>2!3><!;3667C2!AC;C!

K6&DNC<!3><!I7&6C>56?!<72HC;2C<!K?!

H&67DC@!&>!3=5B&;75?!:;&8!G4!00-'!

4C&H6C!AC;C!7>T=;C<!3><!3;;C25C<'!

S;8753!362&!3>>&=>DC<!5B35!5BC!

U367K;35C<!4;CC8H57IC!$C2H&>2C!

"U4$1!A32!7>!:&;DC!7>!67C=!&:!

V83J78=8!5&6C;3>DC9!H;&I7<C<!7>!

237<!63A'!

4C5757&>C;2!322376!5BC!

D&>2575=57&>3675?!&:!G4!

00-@!32!AC66!32!5BC!U4$'!!

G4!00-!72!D&>2575=57&>36'!

U4$!72!>&5'!

FBC!;7EB5!5&!HC3DC3K6?!322C8K6C!72!

678753K6C!=H&>!3!2B&A7>E!&:!3!D6C3;!3><!

H;C2C>5!<3>EC;'!$366?!HC;8752!83?!KC!

<C>7C<!&>!5B72!K3272'!

G4!00-!78H&2C2!D&>5C>5)>C=5;36!"578C@!

H63DC@!83>>C;1!;C25;7D57&>2!&>6?'!

W3J78=8!5&6C;3>DC!72!:&;!H=K67D!23:C5?!

3><!&;<C;.!75!B32!>&5B7>E!5&!<&!A75B!5BC!

D&>5C>5!&:!2HCCDBC2'!

!

!

Page 88: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

88*!

$9:;<=>*?*

#"* )(+* $@())* 4.* 3(0.* -.$A.!%&#B* (#* .$%(4)&$@3.#%* "1* -.)&B&"#C* "-*A-"@&4&%&#B*%@.*1-..*.D.-!&$.*%@.-."1E*%@.*1-..*.D.-!&$.*(#0*.#F"23.#%*"1*

-.)&B&"'$*A-"1.$$&"#*(#0*+"-$@&AC*+&%@"'%*0&$!-&3&#(%&"#*"-*A-.1.-.#!.C*$@())* 1"-./.-* 4.* ())"+.0E* #"* -.)&B&"'$* %.$%* $@())* 4.* -.G'&-.0* 1"-* %@.*

.D.-!&$.*"1*!&/&)*"-*A")&%&!()*-&B@%$E*

#=>79H;IJK<HLM9>;*=N*-9K<O<=>P*

• "#$%! &'()%! *#(*! *#'! +,-'.)&')*! /()),*! 0(%%! 1(2%! 2#$/#! 0.,&,*'! ,.!$)#$3$*!()4!.'1$+$,)5!6)!,*#'.!2,.7%8!$*!&()7(*'%!+,-'.)&')*!)'9*.(1$*45!

• 1=QR* B9>9RIK* AR=S=H<;<=>H* =N* B=T9R>M9>;* #9Q;RIK<;UP* !"#$%&'( )$##%("**+,(:;<=>?!

@5 A,-'.)&')*! &9%*! ),*! S.'B'.! ,)'! .'1$+$,)! ,-'.! (),*#'.8! ,.!.'1$+$,)!,-'.!$..'1$+$,)!

C5 A,-'.)&')*!N9)7%!&9%*!),*!3'!9%'7!B,.!.'1$+$,9%!09.0,%'%!

D5 A,-'.)&')*!(/*$,)!&9%*!),*!I$7!.'1$+$,)!

E5 A,-'.)&')*! (/*$,)! &9%*! ),*! .'%91*! $)! 9F/'%%$-'! ')*()+1'&')*!2$*#!.'1$+$,)!

• (KK=VIJK9*O=T9R>M9>;*I<W!G!"#'.'!(.'!B,.&%!,B!+,-'.)&')*!($7!2#$/#!(.'!(11,2(31'5! "#'! .'H9$%$*'%! (.'I! :J>K?! X,Y* $:L==K* 0<H;R<:;* TE* $:L9MSSZ* X[Y*4=IRW* =N* .WQ:I;<=>* TE* (KK9>Z* X\Y* )9M=>* TE* ]QR;^MI>Z* X?Y* %<K;=>* TE*-<:LIRWH=>!

@5 (!H'/91(.!1'+$%1(*$-'!09.0,%'!

C5 (!0.$&(.4!'BB'/*!*#(*!>'$*#'.!(7-()/'%!),.!$)#$3$*%!.'1$+$,)!

D5 &9%*! ),*! .'H9$.'! 9F/'%%$-'! ')*(+1'&')*! 2$*#! *#'! .'1$+$,9%!$)%*$*9*$,)!

• ">*-9K<O<=QH*$UMJ=KH!

o "#'! 7$%01(4! ,B! .'1$+$,9%! %4&3,1%! :'5+5! /.9/$B$F8! &'),.(#8! /.'/#'8!'*/5?!$)!0931$/!01(/'%!()7!39$17$)+%!/()!3'!7$%(11,2'7!$B!$*!*')7%!*,!%#,2! *#(*! *#'! +,-'.)&')*! ')7,.%'%! $*%! .'1$+$,9%! &'%%(+'5! X_Y*!=Q>;U*=N*(KK9OL9>U*TE*(!)'!

o L,)*')*M)'9*.(1!1$&$*%!(.'!-(1$7!B,.!.'+91(*$)+!7$%01(4%!,B!.'1$+$,9%!%4&3,1%!$)!0931$/!01(/'%5!

o J$&$1(.! *,! B.''! %0''/#8! /,)*')*M3(%'7! .'%*.$/*$,)%! ,)! .'1$+$,9%!&'%%(+'%!/()!,)14!3'!$&01'&')*'7!$B!*#'.'!$%!(!/,&0'11$)+!J*(*'!$)*'.'%*5* X8Y* !IS<;=K* $`QIR9* -9T<9V* 4=IRW* TE* A<>9;;9* a* ]Q* ]KQb*]KI>!

o N,2'-'.8!3'/(9%'!,B!;#$1$00$)'!/91*9.'8!*#$%!.91'!$%!),*!(%!%*.$/*!$)!,9.!O9.$%7$/*$,)5!=,.!'F(&01'8!$*!$%!),*!9)/,&&,)!*,!B$)7!(!/.9/$B$F!$)!(!/,9.*!.,,&5!

• AQJK<:*$:L==KH*I>W*-9K<O<=QH*&>H;RQ:;<=>!

o P(%'7! ,)! <&'.$/()! O9.$%0.97')/'8! .'1$+$,9%! $)%*.9/*$,)8!0(.*$/91(.14! *#'!9%'!,B! J*(*'! .'%,9./'%! B,.! .'1$+$,9%! $)%*.9/*$,)! $%!),*!(11,2'75!"#'.'!$%!'F/'%%$-'!')*()+1'&')*5!

! N,2'-'.8! $B! *#'! 1(2! 0.,-$7'%! (! +')'.(1! 3')'B$*! *,! %*97')*%8!.'+(.71'%%!,B!.'1$+$,)8! $*!/()!3'!-(1$75* X[Y*4=IRW*=N*.WQ:I;<=>*TE*(KK9>Z*XcY*d=JR9H;*TE*!I;IK<>I*1==;L<KKH*$:L==K*0<H;R<:;!

o 6)!*#'!;#$1$00$)'%8!*#$%!$%!),*!')*$.'14!7$%(11,2'75!"#'!L,)%*$*9*$,)!(11,2%! B,.! .'1$+$,9%! $)%*.9/*$,)! 79.$)+! %/#,,1! #,9.%! *,! 3'!/,)79/*'7! 34! $)%*.9/*,.%! 7'%$+)(*'7! 34! *#'! .'1$+$,)! *#'4! 3'1,)+!*,5! "#$%! $%! 2$*#,9*! /,%*! *,! *#'! +,-'.)&')*! <KQ! 2$*#! 2.$**')!/,)%')*!34!0(.')*%5!-#./0*%(1!1,2(3$/0.4#(5672(89:;(<*%'/0/=/0*%!

• $;I;9* eQR<HW<:;<=>*=T9R* R9K<O<=QH* INNI<RH! G! "#'! +,-'.)&')*!7,'%!),*! #(-'!*#'!0,2'.!*,!$)*'.B'.'!()7!%93%*$*9*'!$*%!O97+&')*!,)!&(**'.%!,B!.'1$+$,9%!7,/*.$)'! ()7! ,*#'.! 09.'14! .'1$+$,9%! (BB($.%5! XfY* &HKIM<:* 0IgVIL* !=Q>:<K* TE*.b9:Q;<T9*$9:R9;IRUZ*X65Y*%IRQ:*TE*09*KI*!RQ^!

o >F(&01'%I!>&4&4!/'.*$B$/(*$,)R!'F/,&&9)$/(*$,)!B.,&!(!/#9./#!

Page 89: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

89*!

• "#$%&'(%')!'%*)&+,-).! -/!'#)!0#(1&#(-/%2!%$%'!-3!/#(%!+0)/!0+*/%!/#(%!-'0-2%')+,! 4%'%3-)! )#! +'.! &%,-5-#'6! 78%! 2%)%&(-'-'5! 3+0)#&! -/! )8+)! -)! -/! '#)!1&-(+&-,.!+-(%2!+)!1&#$-2-'5!/*08!4%'%3-)6!:6;*(<=>?@A*BC*-D?E! !

Page 90: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

85*

!

19::*.;:9<=>:*?@*-:A=B=?C!

• "!#$%&'($!)*!+,&&!-.&,'/$&!)*!0&1/2/)3!D6,E*!FCGH:AA*IJ*!?CC:<G=<KG!

45 +,&&6)7! ()! 8&1/&9&! :! #;$)1<(&! *,&&6)7! =>/'>! '?33)(! ;&!

,&2<1?(&65!@&)%1&!?,&!*,&&!()!;&1/&9&!=>?(&9&,!(>&A!=?3(B!&9&3!/*!

(>&A!'?33)(!%,)9&!/(5!

"5 +,&&6)7!()!#'(!:!C>&3!;&1/&*!/$!(,?3$1?(&6!/3()!&.(&,3?1!?'($B!(>&A!

'?3!;&!$<;D&'($!)*!,&2<1?(/)3!?36!%)1/'&!%)=&,B!&$%&'/?11A! /*! (>&A!

?,&!/3D<,/)<$!()!%<;1/'!$?*&(A5!!

• C>/1&!(>&!')<,($!'?3!1))E!/3()!(>&!2))6!*?/(>!)*!?3!/36/9/6<?1B!(>&A!'?33)(!

/3F</,&! /3()! (>&! (,<(>*<113&$$! ),! *?1$/(A! )*! ,&1/2/)<$! ;&1/&*$5! D6LE* '$* IJ*

4FAAF9M!

• +,&&! &.&,'/$&! )*! ,&1/2/)3! '?,,/&$!=/(>! /(! (>&! ,/2>(! ()! 6/$$&7/3?(&! ,&1/2/)<$!

/3*),7?(/)35! #3A! ,&$(,?/3(! )*! $<'>! ,/2>(! 7<$(! %?$$! (>&! (&$(! )*! '1&?,! ?36!

%,&$&3(!6?32&,!)*!?3A!$<;$(?3(/9&!&9/1!=>/'>! (>&!G(?(&!7?A!%,&9&3(5! D6NE*

(O:9=<FC*4=PA:*$?<=:GQ*IJ*!=GQ*?@*3FC=AF!

• G)1/'/(?(/)3$! *),! ,&1/2/)<$! %<,%)$&$! 7?A! ;&! ,&2<1?(&6! ;A! (>&! G(?(&! /3! /($!

&.&,'/$&!)*!%)1/'&!%)=&,5!H>&!G(?(&!7?A!%,)(&'(!/($!'/(/I&3$!*,)7!*,?<6<1&3(!

$)1/'/(?(/)3$5! J(! 7?A! ,&2<1?(&! (>&! (/7&! ?36! 7?33&,! )*! $)1/'/(?(/)3$5! D,6E*

!:CG:C?*IJ*/=AAFA?C7R?9C=AA?>!

• +,&&6)7!)*!,&1/2/)3!/$!?!9?1/6!,&?$)3!*),!%&)%1&!()!;&!&.&7%(&6!*,)7!(>&!

)%&,?(/)3!)*!'&,(?/3!1?=$!?36!%)1/'/&$5!

o "C*KC=?C*O:OP:9>S=T*7*K&$%/(&!>?9/32!?!'1)$&6!$>)%!%,)9/$/)3!/3!

(>&!L8#B!?!7&7;&,!)*!(>&!J21&$/?!M/!L,/$()!7?A!)%(!3)(!()!D)/3!(>&!

1?;),! <3/)3! $/3'&! (>/$! /$! 6/$?11)=&6! ;A! >/$! ,&1/2/)35! +,&&6)7! )*!

,&1/2/)3! /$! $<%&,/),! )9&,! ')3(,?'(<?1! ,/2>($! 1/E&! (>&! L8#5! D66E*

/=<G?9=FC?*IJ*.A=UFAM:!

o "C* @AFB* <:9:O?CQ* 7* N&>)9?>O$!C/(3&$$&$!7?A! ;&! &.'1<6&6! *,)7!

(>&!7?36?(),A! *1?2! '&,&7)3A! /3!%<;1/'! $'>))1$!7?36?(&6!;A!0#!

4"PQ! ;&'?<$&! /(! /$! ?2?/3$(! (>&/,! ,&1/2/)3! ()! =),$>/%! )(>&,! /6)1$5!

C>/1&!7?/3(?/3/32!(>?(!(>&!@>/1/%%/3&!*1?2!?36!(>&!*1?2!'&,&7)3A!

?,&!3)(!,&1/2/)<$!/6)1$!?36!,/(<?1$B!(>&!GL!<%>&16!(>&/,!,/2>(!()!3)(!

%?,(/'/%?(&5! H>&A! 7?A! 3)(! 6/$,<%(! /(! &/(>&,5! D6VE* .P9FA=CFB* IJ*

0=I=>=?C*$KT:9=CG:CM:CG!

o "C*OFCMFG?9Q*:MK<FG=?C* 7*H>&!#7/$>!')77<3/(A!7?A!,&*<$&! ()!

&3,)1! (>&/,! '>/16,&3! *,)7! (>&! %<;1/'! $'>))1! $A$(&7! 6&$%/(&! ?!

')7%<1$),A!&6<'?(/)3!%)1/'A!;A!(>&!$(?(&!)*!C/$')3$/35!H>&A!>?9&!

(>&/,!)=3!$A$(&7!)*!&6<'?(/)3!=>/'>!/$!7),&!?%%,)%,/?(&!*),!(>&/,!

,&1/2/)<$!;&1/&*$5!D6WE*+=><?C>=C*IJ*2?M:9!

o "C* B?I:9CO:CG* ?@@=<:* S?K9>* X* R<$1/7! ')<,(! &7%1)A&&$! =&,&!

&.&7%(&6! *,)7!(>&!S?7!()!Q%7!=),E!>)<,$5! J3$(&?6B! (>&A!=&,&!

?11)=&6!()!=),E!*,)7!TUVW?7!()!VUVW%7!=/(>)<(!;,&?E$!/3!),6&,!

()! ')7%1A! =/(>! (>&/,! 0?7?6?3! );1/2?(/)3! )*! *?$(/325! D,YE* &C* -:Z*

-:[K:>G*?@*3K>A=O*.OTA?Q::>!

• #!1?=!(>?(!;<,6&3$!,&1/2/)<$!%,?'(/'&$!3&&6!3)(!;&!D<$(/*/&6!;A!?!')7%&11/32!

2)9&,37&3(!/3(&,&$(!/*!/(!/$!3&<(,?1!?36!)*!2&3&,?1!?%%1/'?;/1/(A5!X(>&,=/$&B!

/(!7<$(!;&U!

45 N<$(/*/&6!;A!?!')7%&11/32!/3(&,&$(!

"5 M?,,)=1A! (?/1),&6! ()! ?69?3'&! (>?(! /3(&,&$(! Y/5&5! /(! 7<$(! 3)(! ;&!

)9&,;,)?6!3),!<36&,/3'1<$/9&!),!())!$%&'/*/'!()!?!'&,(?/3!,&1/2/)3Z!

D,LE*!SK9<S*?@*GS:*)K\KO=*IJ*!=GQ*?@*]=FA:FS!

• 4:C:I?A:CG*#:KG9FA=GQ*7*!(>&!?%%,)?'>!(>?(!2/9&$!,))7!*),!?'')77)6?(/)3!

)*! ,&1/2/)<$! &.&,'/$&$B! %,)9/6&6! (>?(! /(! 6)&$! 3)(! )**&36! ')7%&11/32! $(?(&!

/3(&,&$(!D,WE*.>G9FMF*IJ*.><9=G?9!

o !?OT:AA=CB*$GFG:*&CG:9:>G*%:>GZ*YG[JZ!

45 [))E!/3()!>/3'&,/(A!)*!;&1/&*!

"5 H>&! G(?(&! >?$! ()! %,)9&! (>?(! /($! %<,%)$&$! ?,&! A&2/(/7?(&! ?36!

')7%&11/32!

V5 H>&!G(?(&!7<$(!<$&!(>&!1&?$(!=3(,<$/9&!7&?3$!%)$$/;1&!

• -:A=B=?K>* %:>G>* X* \)9&,37&3(! 7?A! 3)(! <$&! ,&1/2/)3! ?$! ?! ;?$/$! )*!

'1?$$/*/'?(/)3!*),!(>&!/7%)$/(/)3!)*!6<(/&$B!%&3?1(/&$B!%,/9/1&2&$!),!;&3&*/($5!

o H>&!%,)>/;/(/)3!/3!(>&!0&9/$&6!#67/3/$(,?(/9&!L)6&!)*!4]4T!)*!?3!

&''1&$/?$(/'! *,)7! &1&'(&6! )**/'&! =?$! ')3$/6&,&6! ?$! ?! %,)>/;/(&6!

Page 91: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

86*!

"#$%&%'()! *#)*+!,'-#.#"/! *0#!12!-3)!4! .'*#! )0'"*! *'!5#6$3"#! )(60!

7"'.%)%'8!(86'8)*%*(*%'83$+!96:;*<=>?@*AB*%C@CDEF!

o 90#!)*3*(*#!-0%60!:3")!3!;37*%)*!<%8%)*#"!="'<!:#%8&!3!<#<:#"!'=!

*0#! 9#88#))##! 6'8)*%*(*%'83$! 6'8.#8*%'8! -3)! 0#$5! *'! :#!

(86'8)*%*(*%'83$+!96G;*3H0=F?C@*AB*<=IJ!

• -C@?K?ELM*H@EIN?FK*7*!>#3"%8&!3"*%6$#)!'=!6$'*0%8&!-%*0!"#$%&%'()!)%&8%=%6386#!

?#+&+! @3"<($A#/! *(":38/! .#%$/! #*6+B! %)! 3! ='"<! '=! "#$%&%'()! #C7"#))%'8+!

D"'0%:%*%'8! 3&3%8)*! -#3"%8&! *0#<! <()*! (85#"&'! *0#! )3<#! *#)*)! ='"!

"#)*"%6*%'8)!'8!"#$%&%'()!#C7"#))%'8+!

o 90#!-#3"%8&!'=!3!@3"<($A#!%8)*#35!'=!*0#!"#E(%"#5!0#35&#3"!'=!38!

F%"! G'"6#! '==%6#"H)! (8%='"<! -3)! 7"'0%:%*#5! 5(#! *'! *0#! )7#6%3$!

83*("#! 385! )*"(6*("#! '=! *0#!<%$%*3"@+! 90#! (8%='"<! %)! 73"*! '=! *0#!

<#38)!:@!-0%60!*0#!<%$%*3"@!#8='"6#)!5%)6%7$%8#+!968;*OE@P>=F*AB*+C?FQCDKCD!

• I#$%&%'()! "%*(3$)! 385! 36*%'8)! -0%60! 3"#! 8'*! 5'8#! %8! &''5! =3%*0! 385! 3"#!

%8)*#35!5'8#!*'!5'!)'<#*0%8&!5#*"%<#8*3$! *'!83*%'83$! %8*#"#)*! ?#+&+!&'%8&!

*'! 1*+! J(5#H)! 6037#$! :#)%5#! K3$363838&! -%*0! 38! %8*#8*! *'! 5%)*(":! *0#!

&'.#"8<#8*B! 638! :#! .3$%5$@! "#&($3*#5! 385! #.#8! 7"'0%:%**#5! :@! *0#! 1*3*#+!

9,5;*OCD>=F*AB*4=D=FK=F!

• 90#! %86$()%'8! '=! 7"3@#"! "%*#)! %8! 3! 7(:$%6! 0%&0! )60''$! &"35(3*%'8! :@! *0#!

7"%86%73$! 638! :#! 6'8)*"(#5! 3)! 38! %85%"#6*! 36*%'8! :@! *0#! 1*3*#! '=! 6'#"6%8&!

)*(5#8*)! %8*'! 7"'=#))%8&! 3! 6#"*3%8! "#$%&%'8+! 90%)! %)! 7"'0%:%*#5! :@! *0#! G"##!

LC#"6()#!6$3()#+!9,,;*)CC*AB*+C?M>=F!

• 90#!7"'0%:%*%'8!3&3%8)*!*0#!)0'-%8&!'=!3!=%$<!'8!=3<%$@!.3$(#)!%8!*0#!7(:$%6!

)60''$! ='"(<! '(*)%5#! '=! 6$3))! 0'(")! :3)#5! )'$#$@! '8! *0#! =36*! *03*! %*! %)!

"#$%&%'()!%8!83*("#!%)!%8.3$%5+!M*!%)!3&3%8)*!="##5'<!'=!#C7"#))%'8!'=!"#$%&%'8!

385! 3$$'-%8&! )(60! =%$<! -'($5! 8'*! 03.#! 63()#5! #C6#))%.#! #8*38&$#<#8*!

)%86#! %*! %)! 5'8#! '(*)%5#! '=! 6$3))! 0'(")+! 9,R;* )=>QSM* !N=TC@* AB* !CFICD*3ED?HNCM*$HNEE@*0?MID?HI!

• 2"%*%6%)<)!'=!'*0#"!"#$%&%'8)!:@!38@!'*0#"!"#$%&%'8)!%)!8'*!3!.3$%5!&"'(85!*'!

7"'0%:%*! *03*! "#$%&'8H)! )0'-! '8! 9N! )%86#! %*! 5'#)! 8'*! 73))! *0#! O6$#3"! 385!

7"#)#8*! 538&#"! *#)*P! ='"! 7"'0%:%*%8&! ="##! )7##60! 385! ="##! #C#"6%)#! '=!

"#$%&%'8+!9,U;*&#!*AB*!(!

!

Page 92: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

8,*!

!9:;:*

!9:;*#<=>;?*

!9:;*#9=;* 19@A:* B;CDE-9AFG* 0G@A?FH;*

6* (ICFJ9K*LM*-<FN* • "#$%!&#'()!*+,!-'.,/*0.!01!203*3)!/$#3,4!*+,!'33#$%/,!01!503*$6,!3*$753!8+'/+!1,$*#.,4!*+,!99.4!:%*,.%$*'0%$;!<#/+$.'3*'/!=0%6.,33!+,;4!'%!>$%';$?!

• @.,60.'0!A65;'5$B!1';,4!10.!5.0+'C'*'0%!*0!3*05!&#'(!1.07!'33#'%6!*+,!3*$753?!D,!/;$'73!*+$*!5#C;'/!1#%43!8,.,!#3,4!10.!.,;'6'0#3!5#.503,3)!*+#3!#%/0%3*'*#*'0%$;?!

• #GA*<H@GH:AFA<AFGH9C!• E+,!5#.503,!01!*+,!3*$753!8$3!*0!5.070*,!*+,!2+';'55'%,3?!E+,.,!8$3!%0!.,;'6'0#3!5#.503,!C,+'%4!'*?!

• E+,!1#%43!#3,4!8,.,!1.07!5.,F'0#3!$55.05.'$*'0%3!CB!=0%6.,33!$%4!*+,!1#%43!.$'3,4!80#;4!%0*!C,%,1'*!$%B!.,;'6'0%?!!

• A/*3!01!*+,!60F,.%7,%*!8+'/+!40!%0*!+$F,!.,;'6'0#3!5#.503,3!$.,!F$;'4!,F,%!'1!*+,B!/$#3,!$%!'%/'4,%*$;!C,%,1'*!*0!$!.,;'6'0#3!3,/*?!

,* $@OGGC*0F:A?F@A*LM*$@O;=JJ* • A!2,%%3B;F$%'$!3*$*#*,!10./,4!5#C;'/!3/+00;3!*0!C,'%6!,$/+!4$B!8'*+!GH!C'C;,!F,.3,3!C.0$4/$3*!0F,.!*+,!2A!3B3*,7?!

• A!>$.B;$%4!3/+00;!C0$.4!.#;,!.,I#'.,4!3/+00;3!*0!C,6'%!*+,!4$B!8'*+!$!C'C;,!.,$4'%6)!*+,!J0.4K3!2.$B,.)!0.!C0*+?!

• L0*+!.#;,3!8,.,!+,;4!*0!C,!<H@GH:AFA<AFGH9C!CB!*+,!MN!N#5.,7,!=0#.*?!

• @0F,.%7,%*!$/*'0%3!7#3*!C,!10.!$!3,/#;$.!5#.503,!%0*!7,$%*!*0!$4F$%/,!0.!'%+'C'*!$%B!.,;'6'0%?!

• L'C;,!.,$4'%6!$%4!5.$B,.3!$.,!.,;'6'0#3!,O,./#3,3!8+'/+!$.,!4,1'%'*,;B!%0*!3,/#;$.?!

• E+,!N*$*,!7$B!%0*!10./,!$!5,.30%!*0!5.01,33!C,;',1!0.!4'3C,;',1!'%!$%B!.,;'6'0%)!%0.!/$%!'*!5$33!;$83!*+$*!$'4!$;;!.,;'6'0%3!$3!$6$'%3*!%0%C,;',F,.3?!

P* 4G9?D*GQ*.D<@9AFGH*LM*(CC;H* • A!;$8!CB!*+,!N*$*,!01!P,8!Q0.R!.,I#'.,3!5#C;'/!3/+00;!$#*+0.'*',3!*0!;,%4!*,O*C00R3!1.,,!01!/+$.6,!*0!$;;!3*#4,%*3!'%!@.?!STGU?!2$.0/+'$;!3/+00;3!$.,!'%/;#4,4?!

• 2,*'*'0%,.3!$;;,6,!*+$*!3#/+!;$8!'3!#%/0%3*'*#*'0%$;!C,/$#3,!5#C;'/!1#%43!$.,!#3,4!10.!5.'F$*,!.,;'6'0#3!3/+00;3?!

• #GA*<H@GH:AFA<AFGH9C!• E+,!5#.503,!01!*+,!;$8!'3!*+,!1#.*+,.$%/,!01!,4#/$*'0%$;!0550.*#%'*',3!$F$';$C;,!*0!*+,!B0#%6?!P0!.,;'6'0#3!5#.503,?!

• E+,!C00R3!8+'/+!$.,!*0!C,!;,%*!$.,!3,/#;$.!'%!%$*#.,!30!*+,.,!'3!%0!4$%6,.!01!#3'%6!*+,7!10.!.,;'6'0#3!'%3*.#/*'0%?!

• E+,!;$8!'3!7,$%*!*0!/0F,.!$;;!3*#4,%*3)!.,6$.4;,33!01!8+,*+,.!0.!%0*!*+,B!$**,%4!$!5$.0/+'$;!3/+00;?!

• @0F,.%7,%*!$'4!*0!3*#4,%*3!'%!5$.0/+'$;!3/+00;3!$.,!%0*!#%/0%3*'*#*'0%$;!'1!3#/+!$'4!'3!%0*!#3,4!10.!.,;'6'0#3!5#.503,3!$%4!*+$*!'*!'3!$F$';$C;,!*0!*+,!6,%,.$;!505#;$*'0%!01!3*#4,%*3)!.,6$.4;,33!01!.,;'6'0%?!

R* );=GH*LM*S<?AN=9H* • E+,!&+04,!:3;$%4!N$;$.B! • 4GAO*:A9A<A;:*T;?;*D;@C9?;D* %O;*S<?AN=9H*%;:A*

Page 93: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

89*!

"#$$%&'&()!*+)!,%%-.&/!0),)&!-112+2,%0!)-!0#$$%&'&()!)3&!0,%,42&0!-1!)&,+3&40!-1!0&+#%,4!0#56&+)0!2(!(-($#5%2+!0+3--%07!

• 83&!9&((0:%;,(2,!<-($#5%2+!=%&'&(),4:!,(/!"&+-(/,4:!=/#+,)2-(!*+)!,%%-.&/!>-;&4('&()!0#$$-4)!2(!)&4'0!-1!4&2'5#40&'&()0!1-4!)3-0&!$#4&%:!0&+#%,4!-56&+)2;&0!2(!(-($#5%2+!0+3--%07!

:;<=;>?@?:?@=;ABC!• ?(!@3-/&!?0%,(/A!BCD!-1!)3&!0+3--%0!,11&+)&/!.&4&!$,4-+32,%!0+3--%07!?(!9&((0:%;,(2,A!BED!-1!0)#/&()0!2(!(-($#5%2+!0+3--%0!,))&(/!$,4-+32,%!0+3--%07!!

• =;&(!21!-(%:!0&+#%,4!-56&+)2;&0!-1!)3&!0+3--%0!,4&!3&%$&/A!)3&!$,4-+32,%!0+3--%!2)0&%1!20!,112%2,)&/!.2)3!)3&!@-',(!F,)3-%2+!F3#4+37!83#0A!)3&:!3,;&!4&%2>2-#0!-56&+)2;&0!.32+3!+,(!$&4'&,)&!&;&(!2(!0&+#%,4!0#56&+)07!

• G&%$2(>!)3&0&!0+3--%0!.-#%/!4&0#%)!2(!&H+&002;&!&(),(>%&'&()7!

I7 83&!0),)#)&!'#0)!3,;&!,!0&+#%,4!%&>20%,)2;&!$#4$-0&!

J7 ?)0!$42(+2$,%!&11&+)!'#0)!5&!-(&!)3,)!(&2)3&4!,/;,(+&0!(-4!2(3252)0!4&%2>2-(!

K7 83&!0),)#)&!'#0)!(-)!1-0)&4!L&H+&002;&!>-;&4('&()!&(),(>%&'&()!.2)3!4&%2>2-(M!

D* %@B?=;*EC*-@<FAGH>=;* • 83&!G2>3&4!=/#+,)2-(!N,+2%2)2&0!*+)!-1!IBEK!$4-;2/&0!1&/&4,%!+-(0)4#+)2-(!>4,()0!1-4!+-%%&>&0!,(/!#(2;&402)2&0!1-4!1,+2%2)2&0!.32+3!,4&!(-)!)-!5&!#0&/!1-4!4&%2>2-#0!,+)2;2)2&07!8320!$4-3252)2-(!,>,2(0)!4&%2>2-#0!#0&!4#(0!1-4!JO!:&,407!

• N-#4!+3#4+3!4&%,)&/!2(0)2)#)2-(0!4&+&2;&/!)3&!>4,()7!83&!>4,()0!.&4&!)-!5&!#0&/!1-4!)3&!+-(0)4#+)2-(!-1!,!%254,4:A!'#02+!5#2%/2(>A!%,(>#,>&!%,5-4,)-4:!,(/!,!0+2&(+&!%,57!

• !=;>?@?:?@=;AB*IJ<IK?*L=G*?FI*,57MIAG*<BA:>IC!

• 83&!%,.!,/;,(+&0!&/#+,)2-(A!(-)!,(:!4&%2>2-(7!83&4&1-4&A!2)!20!;,%2/7!

• 83&!5#2%/2(>0!+-(0)4#+)&/!,4&!4&%2>2-#0%:!(&#)4,%A!#(%2P&!)3&!)&,+3&40!.32+3!.&4&!2()&(/&/!)-!5&!3&%$&/!5:!)3&!%,.0!/20+#00&/!2(!Q&'-(!;7!R#4)S',(7!

• 83&!JOT:&,4!+%,#0&!20!#(+-(0)2)#)2-(,%!5&+,#0&!2)!,%%-.0!)3&!5#2%/2(>0!)-!5&!#0&/!1-4!4&%2>2-#0!$#4$-0&0!,1)&4!JO!:&,40!3,;&!&%,$0&/A!)3#0A!2(/24&+)%:!3&%$2(>!,!4&%2>2-#0!0&+)7!

• N2(,(+2,%!,2/!)-!4&%2>2-#0!2(0)2)#)2-(0!,4&!(-)!$&4!0&!2(;,%2/7!83&:!+,(!5&!>2;&(!1-4!,!$#4&%:!0&+#%,4!$#4$-0&A!0#+3!,0!2(!)320!+,0&7!

N* !=:;?M*=L*(BBIOFI;M*EC*(PIG@<A;*!@E@B*)@QIG?@I>*';@=;*

• 83&!F-#():!-1!*%%&>3&(:!/20$%,:&/!,!+4&+3&!U5&%&(V!.2)3!,!5,((&4!.32+3!0,:0!LW%-42,!2(!=H+&%020!X&-M!2(!)3&!>4,(/!0),24+,0&!-1!)3&!+-#():!+-#4)3-#0&7!

• Y#)02/&!)3&!5#2%/2(>A!)3&4&!.,0!,%0-!

• 83&!+4&+3&!.,0!#(+-(0)2)#)2-(,%!5#)!)3&!'&(-4,3!.,0!(-)7!!

• 83&!+4&+3&!-5;2-#0%:!0&(/0!,!4&%2>2-#0!'&00,>&7!Z:!$%,+2(>!2)!2(!)3&!W4,(/!"),24+,0&A!03-.0!)3,)!)3&!>-;&4('&()!20!&(/-402(>!)3,)!

• 83&!/20$%,:!-1!4&%2>2-#0!0:'5-%0!5:!)3&!>-;&4('&()!20!/20,%%-.&/!21!)3&0&!)&(/!)-!03-.!)3,)!)3&!>-;&4('&()!&(/-40&0!)3&!4&%2>2-#0!'&00,>&!1-4.,4/&/!5:!)3&!0,2/!0:'5-%7!

Page 94: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

89*!

"#!$%&'(()!*+#(,"-.!"!/0&'(()!1-2,3)*"3!),++!"#4!"!56"78+!92)-!)-+!*":(,;3!#"*+!9-2<-!3"24!=>"68)+!)(!?2@+,):AB!!

,+62C2(83!*+33"C+B!• D-+!*+#(,"-!23!#()!3),2<)6:!,+62C2(83!@+<"83+!2)!23!58)!324+!@:!324+!)-+!<-,23)*"3!),++!"#4!)-+!56"78+B!D-+!<2):!<+6+@,")+3!@()-!1-,23)*"3!"#4!1-"#8E"-!"3!-(624":3!48,2#C!)-+!92#)+,!3+"3(#B!

:* ;<=>?@A*BC*!DADEFGD*1<<AHFEE@*$IH<<E*0F@A>FIA*

• F"*+3!G(@,+3)!23!"!4+"'!3)84+#)!9-(!"))+#4!)-+!>"65(2#)+!1")-(62<!H2C-!><-((6B!

• H23!5",+#)3!"3E+4!)-+!3<-((6!423),2<)!)(!5,(I24+!-2*!92)-!"#!2#)+,5,+)+,.!"3!)-+:!-"4!9-+#!F"*+3!9"3!3)266!"))+#42#C!"!58@62<!3<-((6B!

• D-+!3<-((6!423),2<)!,+'83+4.!<2)2#C!)-+!J(#&+3)"@623-*+#)!16"83+B!

• 1")"62#"!K(()-2663!><-((6!L23),2<)!*83)!5,(I24+!G(@,+3)!92)-!"#!2#)+,5,+)+4!@+<"83+!('!)-+!M#42I248"63!92)-!L23"@262)2+3!N48<")2(#!O<)!PMLNOQ!

• D-+!MLNO!5,(I24+3!"!#+8),"6!C(I+,#*+#)!5,(C,"*!9-2<-!-+653!2#42I248"63.!#()!3<-((63B!M)!-"3!#(!,+62C2(83!(@R+<)2I+!@+-2#4!2)B!

• MLNO!23!"I"26"@6+!)(!"66!3)84+#)3.!,+C",46+33!('!)-+2,!,+62C2(#!(,!)-+2,!<-(2<+!('!3<-(6!P3+<)",2"#!(,!#()QB!

• S+62C2(83!2#3)2)8)2(#3!",+!#()!5,+<684+4!',(*!5",)2<25")2#C!2#!3(<2"6!9+6'",+!"#4!3+,I2<+3!5,(C,"*3!9-2<-!",+!"I"26"@6+!)(!)-+!C+#+,"6!58@62<!"#4!",+!,+62C2(#&#+8),"6B!!

J* !DKFA<E*$LMD>?*-?BF?N*4<D>O*BC*PFG?AA?*Q*RM*REMS*REDG*

• T+)2)2(#+,3!4+#2+4!)-+!,+35(#4+#)3;!,+78+3)!('!58))2#C!"!<,(33!(#!1"52)(6!>78",+!(#!)-+!C,(8#43!)-")!2)!I2(6")+4!)-+!+3)"@623-*+#)!<6"83+B!

• T+)2)2(#+,3!-"I+!"66(9+4!)-+!42356":!('!"!*+#(,"-!"#4!"!<-,23)*"3!),++!2#!)-+!3"*+!6(<")2(#!@+'(,+B!

• S+35(#4+#)3!38+4!5+)2)2(#+,3!(#!)-+!C,(8#4!)-")!)-+:!9+,+!4+#2+4!',++4(*!('!+U5,+332(#B!

• D-+!>)")+!*":!2*5(3+!,+"3(#"@6+!I<GA?GA7G?MA>DE*>?@A>FIAF<G@*(#!"!58@62<!'(,8*!38<-!"3!1"52)(6!>78",+B!

• S+C86")2(#!('!<(#)+#)!<"#!(#6:!@+!4(#+!2'!)-+,+!23!"!<(*5+662#C!3)")+!2#)+,+3)!38<-!"3!)-+!+3)"@623-*+#)!<6"83+B!

• T,(-2@2)2(#!"C"2#3)!)-+!42356":!('!"!<,(33!23!"!<(#)+#)&@"3+4!,+3),2<)2(#B!H(9+I+,.!2)!23!2#I"624!@+<"83+!)-+!+3)"@623-*+#)!<6"83+!9"3!#()!I2(6")+4B!M)!9"3!#()!3-(9#!)-")!)-+!C(I+,#*+#)!+#4(,3+4!)-+!,+62C2(83!*+33"C+!('!)-+!,+35(#4+#)3B!

%?@A*<G*NH?AH?>*<>*G<A*>?EFTF<M@*?SK>?@@F<G*BF<EDA?@*AH?*?@AD=EF@HU?GA*IEDM@?V*

$B T8,+6:!5,2I")+!VB W<<8,3!2#!),"42)2(#"6!(,!4+32C#")+4!

58@62<!'(,8*3.!58@62<6:!"##(8#<+4!"#4!(5+#!)(!"66!(#!+78"6!)+,*3!

8* &@EDUFI*0DWNDH*!<MGIFE*BC*.S?IMAFB?*$?I>?AD>X*

• NW!/X0!<,+")+4!)-+!T-262552#+!H"6"6!1+,)2'2<")2(#!><-+*+!)(!@+!

• NW!/X0!23!8#<(#3)2)8)2(#"6B!• 16"332':2#C!3(*+)-2#C!"3!-"6"6!

• H"6"6!<+,)2'2<")2(#!23!"!*"))+,!('!,+62C2(83!4(<),2#+!9-2<-!)-+!>)")+!3-(864!#()!"#4!

Page 95: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

89*!

"#$%&#&'(&)!*+!(,&!-.."/&!0'!123%"#!4..5"63!2')&6!(,&!-.."/&!0.!(,&!76&3")&'(8!

• 95%5%!"3!5!#&(,0)!0.!$6&$56"':!.00)!;,"/,!"3!"'!5//06)5'/&!;"(,!(,&!<065'8!

&'(5"%3!5'!"'(&6$6&(5("0'!0.!(,&!:2")&%"'&3!;6"((&'!)0;'!"'!(,&!<065'8!

• ='!&..&/(>!(,&!?(5(&!;"%%!.06/&!123%"#3!(0!5//&$(!"(3!0;'!"'(&6$6&(5("0'!0.!30#&(,"':!6&%":"0238!

/5''0(!"'(&6.&6&!"'8!

65* %:;<=*>?*0@*A:*!;<B* • 7&("("0'&63!;&6&!#&#*&63!0.!(,&!7,"%"$$"'&!=')&$&')&'(!@,26/,!;,0!;&6&!&A/0##2'"/5(&)!*+!6&3$0')&'(!B"3,0$8!

• 7&("("0'&63!(,&'!$65+!.06!5!;6"(!0.!#5')5#23!(0!/0#$&%!(,&!*"3,0$!(0!6&"'3(5(&!(,&#!"'(0!(,&!@,26/,8!

• C,&!@026(!)0&3!'0(!,5D&!E26"3)"/("0'!0'!(,"3!/53&8!=(!"3!5!6&%":"023!#5((&6!*&3(!%&.(!(0!(,&!52(,06"("&3!0.!(,5(!/&6(5"'!6&%":"0'8!

• FA/0##2'"/5("0'!"3!5!$26&%+!6&%":"023!#5((&6!;,"/,!(,&!@026(3!/5''0(!)&/")&!0'8!C,&!0'%+!6&530'!.06!/026(3!(0!"'(&6D&'&!;02%)!*&!;,&'!(,&6&!"3!5!32*3(5'("D&!6":,(!;,"/,!"3!D"0%5(&)!"'!(,&!$60/&338!

66* /C=DE;C:FE*>?*.ACB:AG@* • F%"G5%)&!H0$&!I5/(06+!5')!(,&!J'"0'!&'(&6&)!"'(0!5!@B4!;"(,!(,&!K/%03&)L3,0$M!5:6&&#&'(8!NJ'"0'!#&#*&63,"$!"3!5!6&O2"6&#&'(!.06!&#$%0+#&'(8P!!

• 7&("("0'&6!Q"/(06"5'0!"3!5'!&#$%0+&&!5')!5!#&#*&6!0.!(,&!=:%&3"5!'"!@6"3(0!;,"/,!$60,"*"(3!(,&"6!#&#*&63!.60#!E0"'"':!2'"0'38!

• H4!RRST!;,"/,!$60D")&)!.06!5'!&A&#$("0'!(0!;06U&63!*&%0':"':!(0!)"..&6&'(!3&/(3!(0!E0"'!2'"0'3!"3!FED*<F=EFHDCD<DCEF:A8!=(!6&3$&/(3!(,&!.6&&!&A&6/"3&!0.!6&%":"0'8!

• C,&!@B4!"3!5!/0'(65/(8!@0'(65/(25%!0*%":5("0'3!#23(!:"D&!;5+!(0!.6&&!&A&6/"3&!0.!6&%":"0'8!

• V&3$"(&!,5D"':!5!/%03&)!3,0$!$60D"3"0'!"'!(,&!@B4>!5!#&#*&6!0.!(,&!=:%&3"5!W"!@6"3(0!#5+!0$(!'0(!(0!E0"'!(,&!%5*06!2'"0'!3"'/&!(,"3!"3!)"35%%0;&)!*+!,"3!6&%":"0'8!I6&&)0#!0.!6&%":"0'!"3!32$&6"06!0D&6!/0'(65/(25%!6":,(3!%"U&!(,&!@B48!

6,* !:FDI@AA*>?*!EFF@=DC=<D* • 7&("("0'&63!56&!#&#*&63!0.!X&,0D5,Y3!Z"('&33&3!;,0!;&'(!.60#!,023&!(0!,023&!"'!W&;!95D&'>!@0''&/("/2(8!

• C,&+!53U&)!$&0$%&!(0!%"3(&'!(0!5!6&/06)"':!06!(0!*2+!5!*00U!5*02(!(,&"6!6&%":"0'8!B0(,!5((5/U&)!@5(,0%"/"3#8!

• C,&+!;&6&!/0'D"/(&)!2')&6!?&/8![\]!0.!(,&!^&'&65%!?(5(2(&3!0.!@0''&/("/2(!;,"/,!)"35%%0;3!30%"/"("':!.06!5'+!5%%&:&)!6&%":"023!06!/,56"(5*%&!/523&!;"(,02(!5!$&6#"(8!

• ?&/8![\]!0.!(,&!^&'&65%!?(5(2&3!0.!@0''&/("/2(!;&6&!,&%)!(0!*&!2'/0'3("(2("0'5%8!C,&!'&&)!.06!5!$&6#"(!/0'3("(2(&3!5!$6"06!6&3(65"'(!0'!6&%":"0'8!?2/,!"3!2'/0'3("(2("0'5%8!

• 76"06!6&3(65"'(!0'!6&%":"023!&A$6&33"0'!"3!'0(!5%%0;&)8!!

Page 96: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

89*

!

6:* '$*;<*4=>>=?@* • "#$%&'(#')$!*#+#!,&'-.,)#(!&/!0$.'1!)2#!34.5$!)&!(#/+40(6!!

• 72#8!$4.(!)24)!)2#8!*#+#!(.-.'#!3#$$#'1#+$!&/!4!,#+)4.'!94.')!:#+34.'6!

• 72#!;9!9<!+05#(!)24)!)2#!,&0+)$!,4''&)!5&&=!.')&!)2#!-#+4,.)8!&/!)2#!+#5.1.&0$!>#5.#/$!&/!)2#!+#$%&'(#')$6!72#8!,4'!&'58!5&&=!4)!)2#!1&&(!/4.)2!>#5.#/!&/!)2#!+#$%&'(#')$6!

• <4$#!+#34'(#(!)&!)2#!5&*#+!,&0+)$6!

• ?2.5#!)2#!,&0+)$!,4'!5&&=!.')&!)2#!1&&(!/4.)2!&/!4'!.'(.-.(045@!)2#8!,4''&)!.'A0.+#!.')&!)2#!)+0)2/055'#$$!&+!/45$.)8!&/!+#5.1.&0$!>#5.#/$6!

6A* (BC?DE=F*4DG>C*$HEDCIJ*;<*!DIJ*HK*

3=FD>=*• B#).).&'#+!.$!4!'&'$)&,=@!'&'%+&/.)!+#5.1.&0$!3.$$.&'4+8!,&+%&+4).&'!#'141#(!.'!)2#!(.$)+.>0).&'!&/!>.>5#$!.'!)2#!B2.5.%%.'#$6!

• 72#!<.)8!&/!C4'.54!$4.(!)24)!)2#8!24-#!)&!&>)4.'!4!348&+D$!%#+3.)!4$!*#55!4$!%48!/&+!4!5.,#'$#!/##!/&+!)2#.+!4,).-.).#$6!

• 72#!&+(.'4',#!+#A0.+.'1!)2#!348&+D$!%#+3.)!.$!-45.(6!

• 72#!&+(.'4',#!+#A0.+.'1!)2#!%483#')!&/!5.,#'$#!/##$!$2&05(!'&)!4%%58!)&!EF9!>#,40$#!)2.$!*&05(!.3%4.+!)2#!/+##!#G#+,.$#!&/!+#5.1.&'6!

• E'8!+#$)+4.')!&'!)2#!/+##!#G#+,.$#!&/!+#5.1.&'!,4'!&'58!>#!H0$)./.#(!*2#'!)2#+#!.$!4!,5#4+!4'(!%+#$#')!(4'1#+!&/!4'8!$0>$)4').-#!#-.5!*2.,2!)2#!9)4)#!24$!)2#!+.12)!)&!%+#-#')6!

6L* .G?=>DF=M*;<*0D;DNDHF*

$OPC?DFICF@CFI*• I.12!$,2&&5!4'(!#5#3#')4+8!$)0(#')$!*2&!*#+#!3#3>#+$!&/!J#2&-42D$!?.)'#$$#$!*#+#!#G%#55#(!/&+!'&)!%4+).,.%4).'1!.'!)2#!/541!,#+#3&'86!

• 72.$!*4$!4!-.&54).&'!&/!"E!KLMN@!OP!Q!4'(!!"#$%&'()'*"+)'$,'-./+&01$%!

• 72#!!"#$%&!+05.'1!*4$!4>4'(&'#(6!• <&3%#55.'1!%#&%5#!)&!$450)#!)2#!/541!4'(!$.'1!)2#!'4).&'45!4')2#3!0'(#+!%4.'!&/!#G%05$.&'@!#-#'!./!$0,2!.$!414.'$)!)2#.+!+#5.1.&'@!-.&54)#$!)2#!+.12)!)&!/+##!#G#+,.$#!&/!+#5.1.&'6!

• 72#+#!.$!'&!1+4-#!4'(!%+#$#')!(4'1#+!#-#'!./!)2#!$)0(#')$!(&!'&)!%4+).,.%4)#!.'!)2#!/541!,#+#3&'86!

• 72#!9<!#G#3%)#(!)2#!$)0(#')$!/+&3!)2#!34'(4)&+8!/541!,#+#3&'86!F0)!)2#8!348!'&)!(.$+0%)!.)6!

• J#2&-42D$!?.)'#$$#$!348!>#!#G,50(#(!/+&3!)2#!34'(4)&+8!/541!,#+#3&'8!.'!%0>5.,!$,2&&5$!34'(4)#(!>8!"E!KLMN!>#,40$#!.)!.$!414.'$)!)2#.+!+#5.1.&'!)&!*&+$2.%!&)2#+!.(&5$6!?2.5#!34.')4.'.'1!)24)!)2#!B2.5.%%.'#!/541!4'(!)2#!/541!,#+#3&'8!4+#!'&)!+#5.1.&0$!.(&5$!4'(!+.)045$@!)2#!9<!0%2#5(!)2#.+!+.12)!)&!'&)!%4+).,.%4)#6!72#8!348!'&)!(.$+0%)!.)!#.)2#+!

69* +DNEHFNDF*;<*2H@C?* • "#$%&'(#')$!4+#!3#3>#+$!&/!)2#!E3.$2!,&330'.)86!72#8!+#/0$#(!)&!$#'(!)2#.+!,2.5(+#'!)&!2.12!$,2&&5!(#$%.)#!4!,&3%05$&+8!$,2&&5!4))#'(4',#!54*!>8!)2#!$)4)#!&/!?.$,&'$.'6!

• 72#!;9!9<!0%2#5(!)2#!+.12)!&/!)2#!E3.$2!)&!#G,50(#!)2#.+!,2.5(+#'!/+&3!)2#!$)4)#!$,2&&5!$8$)#3!>#,40$#!&/!)2#.+!+#5.1.&0$!>#5.#/$6!

• 72#!2&#"%3'2&0#1&"!4+103#')!&/!?.$,&'$.'!,4''&)!>#!$0$)4.'#(!

• 72#!E3.$2!,&330'.)8!348!+#/0$#!)&!#'+&5!)2#.+!,2.5(+#'!/+&3!)2#!%0>5.,!$,2&&5!$8$)#3!(#$%.)#!4!,&3%05$&+8!#(0,4).&'!%&5.,8!>8!)2#!$)4)#!&/!?.$,&'$.'6!72#8!24-#!)2#.+!&*'!$8$)#3!&/!#(0,4).&'!*2.,2!.$!3&+#!4%%+&%+.4)#!

Page 97: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

89*!

• "#$!%&'(#!#)*$!+#$',!-./!(0(+$&!-1!$234)+'-/!.#'4#!'(!&-,$!'/!5'/$!.'+#!+#$',!,$5'6'-3(!7$5'$1(8!

)6)'/(+!+#$!,'6#+!+-!1,$$!$9:,$(('-/!-1!,$5'6'-/8!

• ;$('2$(<!+#$!%&'(#!(0(+$&!#)(!7$$/!:,-*$/!+-!:,-234$!6--2=/)+3,$2!4'+'>$/(8!

1-,!+#$',!,$5'6'-3(!7$5'$1(8!

69* :;<=>*?@*%A>ABCD* • ?-/>)6)!.)(!)!:,'$(+!.#-!.)(!$5$4+$2!)(!&)0-,!-1!%573@3$,@3$<!;-#-58!A)&'5<!+#$!5-('/6!4)/2'2)+$<!)(()'5$2!#'(!$5'6'7'5'+0!1-,!+#$!:-('+'-/8!

• B$48!CDEF!-1!+#$!G$*'($2!%2&'/'(+,)+'*$!H-2$!-1!DIDE!:,-#'7'+$2!$445$(')(+'4(!1,-&!7$'/6!$5$4+$2!-,!)::-'/+$2!+-!&3/'4':)5!-11'4$8!!

• J)K-,'+0!-1!+#$!H-3,+!7$5'$*$2!+#)+!(34#!:,-*'('-/!'/!+#$!G%H!4-/(+'+3+$2!)!,$5'6'-3(!+$(+!.#'4#!'(!:,-#'7'+$2!70!+#$!H-/(+'+3+'-/8!

• L-.$*$,<!+#$0!5)4M$2!D!*-+$!+-!2$45),$!(34#!5).!3/4-/(+'+3+'-/)58!NO/2$,!+#$!DIEP!H-/+'+3+'-/<!+#$0!/$$2$2!Q!*-+$(8R!

• "#$!:,-#'7'+'-/!'/!+#$!G$*'($2!%2&'/'(+,)+'*$!H-2$!-1!DIDE!-1!)/!$445$(')(+'4!1,-&!$5$4+$2!-11'4$!.)(!4-/('2$,$2!)(!)!:,-#'7'+$2!,$5'6'-3(!+$(+8!L-.$*$,<!+#$!BH!.)(!D!*-+$!(#-,+!+-!2$45),$!(34#!:,-*'('-/!3/4-/(+'+3+'-/)58!

6E* 3F0;D=A>*?@*:;GH* • J4S)/'$5!.)(!)!;):+'(+!&'/'(+$,!.#-!.)(!)!4)/2'2)+$!1-,!+#$!"$//$(($$!4-/(+'+3+'-/)5!4-/*$/+'-/8!

• L$!.)(!2'(@3)5'1'$2!:3,(3)/+!+-!)!(+)+3+$!.#'4#!7),,$2!,$5'6'-3(!&'/'(+$,(!1,-&!7$'/6!)!,$:,$($/+)+'*$8!

• "#$!4#)55$/6$2!5).!*'-5)+$(!+#$!T,$$!U9$,4'($!45)3($!7$4)3($!'+!4-/2'+'-/(!#'(!,'6#+!+-!1,$$!$9$,4'($!-1!,$5'6'-/!-/!+#$!(3,,$/2$,!-1!#'(!,'6#+!+-!($$M!-11'4$8!

• "#$,$!.)(!/-!45$),!(#-.'/6!+#)+!)55-.'/6!,$5'6'-3(!&'/'(+$,(!+-!7$4-&$!&$&7$,(!-1!+#$!4-/(+'+3+'-/)5!4-/*$/+'-/!.-352!*'-5)+$!+#$!$(+)75'(#&$/+!45)3($8!

• "#$!(+)+3+$!.#'4#!7),(!)!;):+'(+!&'/'(+$,!1,-&!7$'/6!)!&$&7$,!-1!+#$!"$//$(($$!4-/(+'+3+'-/)5!4-/*$/+'-/!.)(!#$52!+-!7$!3/4-/(+'+3+'-/)58!

68* IC>J<;D*?@*+A=DKABLAB* • ?-52&)/<!)/!V,+#-2-9!K$.!($,*'/6!'/!+#$!&'5'+),0<!.)(!$/K-'/$2!1,-&!.$),'/6!#'(!0),&35M$!23,'/6!)!4-3,+!&),+')5!#$),'/68!!

• L$!)55$6$(!+#)+!+#'(!'(!)!*'-5)+'-/!-1!#'(!,'6#+!+-!1,$$!$9:,$(('-/!-1!,$5'6'-/8!

• W$),'/6!)!0),&35M$!'(!'/2$$2!)!1,-&!-1!,$5'6'-3(!$9:,$(('-/8!

• L-.$*$,<!+#$!&'5'+),0!'(!)!3/'@3$!-,6)/'>)+'-/8!B+,'4+!)2#$,$/4$!+-!+#$!3/'1-,&!'(!$(($/+')5!1-,!'/(+'55'/6!2'(4':5'/$!)/2!3/'+0!'/!+#$!&'5'+),08!

• X/2'*'23)5!2$(',$(!)/2!'/+$,$(+(!&3(+!7$!(37-,2'/)+$2!+-!+#$!/$$2(!-1!+#$!($,*'4$8!

• "#$!.$),'/6!-1!)!0),&35M$!'/(+$)2!-1!+#$!,$@3',$2!#$)26$),!-1!)/!%',!T-,4$!-11'4$,Y(!3/'1-,&!.)(!:,-#'7'+$2!23$!+-!+#$!(:$4')5!/)+3,$!)/2!(+,34+3,$!-1!+#$!&'5'+),08!"#$!3/'1-,&!'(!:),+!-1!+#$!&$)/(!70!.#'4#!+#$!&'5'+),0!$/1-,4$(!2'(4':5'/$8!

• L-.$*$,<!H-/6,$((!(37($@3$/+50!:)(($2!)!5).!.#'4#!)55-.$2!($,*'4$!&$&7$,(!+-!.$),!,$5'6'-3(!)::),$5!.#'5$!.$),'/6!+#$!3/'1-,&8!

Page 98: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

89*!

,5* :;<=>?*@A*4><>?B>?* • "#$%$%&'#()!*#(#!+#+,#()!&-!$.#!/010)$!2*#'$3!4'#!5&6#+#'$!7/2458!*.&!*#(#!919%')$!"(#):!59(;&):!

• 2.#3!9))#+,<#=!$&1#$.#(!9'=!>(&;##=#=!$&!?$:!@0=#A)!B.9>#<!*.%;.!*9)!6#(3!'#9(!59<9;9C9'1:!!

• 2.#3!*#(#!*#9(%'1!3#<<&*!).%($)!9'=!).&0$%'1!9'$%D1&6#('+#'$!)$9$#+#'$)!*.%<#!+9(;.%'1!$&*9(=)!$.#!;.9>#<:!2.#3!*#(#!,<&;E#=!,3!F#':!G9(9'19':!

• 2.#!9;$%&')!=&'#!,3!F#':!G9(9'19'!=&!'&$!;&')$%$0$#!(#)$(9%'$!&'!$.#!(#<%1%&0)!-(##=&+!&-!>#$%$%&'#():!

• H#<%1%&0)!-(##=&+!+0)$!,#!#I#(;%)#=!%'!1&&=!-9%$.:!2.#!>#$%$%&'#()!&,6%&0)<3!*9'$#=!$&!1&!'#9(!59<9;9'9'1!$&!>(&$#)$!919%')$!$.#!1&6#('+#'$:!2.%)!>&)#=!9!=9'1#(!$&!'9$%&'9<!)#;0(%$3:!

• 2.#%(!;&'$#'$%&'!&-!*9'$%'1!$&!1&!$&!+9))!%'!$.#!)9%=!;.9>#<!%)!J0)$!9!+#9')!$&!1#$!'#9(#(!59<9;9C9'1:!

• H#<%1%&0)!(%$09<)!9'=!9;$%&')!*.%;.!9(#!'&$!=&'#!%'!1&&=!-9%$.!9'=!9(#!%')$#9=!=&'#!$&!=&!)&+#$.%'1!=#$(%+#'$9<!$&!'9$%&'9<!%'$#(#)$!7#:1:!1&%'1!$&!?$:!@0=#A)!;.9>#<!,#)%=#!59<9;9'9'1!*%$.!9'!%'$#'$!$&!=%)$0(,!$.#!1&6#('+#'$8!;9'!,#!69<%=<3!(#10<9$#=!9'=!#6#'!>(&.%,%$$#=!,3!$.#!?$9$#:!

,6* !;?C;?D*@A*/EFF>FD?7GD<?EFFDH* • "#$%$%&'#(!)&<%;%$#=!+&'#3!-(&+!@0=1#!/'1#<#)!-&(!$.#!>0(>&)#!&-!(#'&69$%'1!9!;.9>#<:!

• @0=1#!/'1#<#)!-%<#=!9!;&+><9%'$!0'=#(!"K!LMNO!7?&<%;%$9$%&'!"#(+%$!P9*8!*.%;.!>(&.%,%$#=!)&<%;%$9$%&')!-&(!;.9(%$9,<#!&(!>0,<%;!*#<-9(#!)#(6%;#)!*%$.&0$!>#(+%$):!

• "#$%$%&'#()!*#(#!;&'6%;$#=:!

• 2.#!>9($%;0<9(!<9*!=&#)!'&$!;&6#(!(#<%1%&0)!>0(>&)#):!QB.9(%$9,<#R!9'=!Q(#<%1%&0)R!9(#!0)#=!)#>9(9$#<3!9'=!%'=#>#'=#'$<3!&-!#9;.!&$.#(!%'!69(%&0)!<9*):!2.#3!=&'A$!+#9'!$.#!)9+#!$.%'1:!

• "#$%$%&'#()!*#(#!9;S0%$$#=:!• T&*#6#(U!$.#!B&0($!)9%=!$.9$!$.#!?$9$#!;9'!)$%<<!69<%=<3!(#10<9$#!)&<%;%9$%&')!-&(!(#<%1%&0)!>0(>&)#)!%'!&(=#(!$&!>(&$#;$!%$)!;%$%V#')!919%')$!-(90=0<#'$!)&<%;%$9$%&'):!

• ?&<%;%$9$%&')!-&(!(#<%1%&0)!>0(>&)#)!+93!,#!(#10<9$#=!,3!$.#!?$9$#!%'!%$)!#I#(;%)#!&-!>&<%;#!>&*#(:!2.#!?$9$#!+93!>(&$#;$!%$)!;%$%V#')!-(&+!-(90=0<#'$!)&<%;%$9$%&'):!W$!+93!(#10<9$#!$.#!$%+#!9'=!+9''#(!&-!)&<%;%$9$%&'):!

,,* );;*@A*+;EH=>?* • "#$%$%&'#(!H&,#($!P##U!>(%';%>9<!&-!X9$.9'!G%).&>!5%==<#!?;.&&<U!%'6%$#=!9!(9,,%!$&!<#9=!$.#!%'6&;9$%&'!=0(%'1!$.#!);.&&<!1(9=09$%&':!

• 2.%)!*9)!9<<&*#=!,3!9!>&<%;3!&-!$.#!);.&&<!=%)$(%;$:!

• K9'%#<!Y#%)+9'U!-9$.#(!&-!&'#!&-!$.#!1(9=09$#)!9))9%<!$.%)!9)!6%&<9$%6#!&-!-(##!#I#(;%)#!&-!$.#%(!(#<%1%&':!

• /<<&*%'1!(#<%1%&0)!+%'%)$#()!$&!<#9=!>(93#()!%'!9!>0,<%;!);.&&<!1(9=09$%&'!%)!%';&')%)$#'$!*%$.!$.#!'&'D#)$9,<%).+#'$!;<90)#:!

• 2.#!9;$%&'!&-!$.#!>(%';%>9<!;9'!,#!;&')$(0#=!9)!9'!9;$%&'!&-!$.#!?$9$#:!2.0)U!#I;#))%6#!#'$9'1<#+#'$!%)!>(#)#'$:!

• ?$0=#'$)!*%<<!,#!;&#(;#=!$&!<%)$#'!9'=!>9($%;%>9$#!%'!$.#!(#<%1%&0)!>(93#(!=0(%'1!$.#!1(9=09$%&':!

!

• 2.#!%';<0)%&'!&-!>(93#(!(%$#)!%'!9!>0,<%;!.%1.!);.&&<!1(9=09$%&'!,3!$.#!>(%';%>9<!;9'!,#!;&')$(0#=!9)!9'!%'=%(#;$!9;$%&'!,3!$.#!?$9$#!&-!;&#(;%'1!)$0=#'$)!%'$&!>(&-#))%'1!9!;#($9%'!(#<%1%&':!2.%)!%)!>(&.%,%$#=!,3!$.#!Z(##![I#(;0)#!;<90)#:!

!

Page 99: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

88*!

,9* !:;<=:*>?*@:A*);B;CD*EF*!D@G*>?*HDIJAI:*

• "#$!%&'($)*&!)$+*,*-'!.-'/0.(1!&'*2&+!1&.)*3*.$1!*'!.$)(&*'!

-..&1*-'14!"#$5!6+&''$/!(-!70*+/!&!

.#0).#!*'!(#$!8*(5!-3!9*&+$&#4!

• 9*&+$&#!1071$:0$'(+5!6&11$/!-)/*'&'.$1!;#*.#!6)-#*7*($/!

1&.)*3*.*',!&'*2&+1<!&2-',!-(#$)!

(#*',14!

• "#$!-)/*'&'.$1!&)$!0'.-'1(*(0(*-'&+4!"#$5!6-1$!&!

#*'/)&'.$!(-!(#$!3)$$!$=$).*1$!-3!

)$+*,*-'!75!(#$!%&'($)*&!)$+*,*-'4!

• "#$5!&)$!'-(!'$0()&+!)$,0+&(*-'1!&1!(#$5!&)$!-7>*-01+5!/*)$.($/!&,&*'1(!

(#$!%&'($)*&!)$+*,*-'4!

• "#$!-)/*'&'.$!3&*+!(#$!1()*.(!1.)0(*'5!($1(4!

?!+&;!;#*.#!*1!'-(!'$0()&+!&'/!/-$1!'-(!

&66+5!,$'$)&++5!201(!3-++-;!(#$!3-++-;*',!

)$:0*1*($1@!

A4 B01(*3*$/!75!&!.-26$++*',!

,->$)'2$'(!*'($)$1(!

C4 D&))-;+5!(&*+-)$/!E'$*(#$)!

->$)7)-&/!'-)!(--!16$.*3*.F!

,K* )ICLMN*!:IOAJ*EF*$=:>>J*0DN@<D=@* • G&27H1!8#&6$+!.#0).#!&66+*$/!(;*.$!

(-!(#$!/*1()*.(!3-)!6$)2*11*-'!(-!

1#-;!&!3*+2!1$)*$1!(#$5!6)-/0.$/!

&7-0(!3&2*+5!*110$14!

• "#$5!&1I$/!(#&(!(#$!3*+2!7$!1#-;'!

*'!(#$!607+*.!3-)02!-3!(#$!1.#--+!

-0(1*/$!1.#--+!#-0)14!

• "#$!1.#--+!/*1()*.(!/$'*$/!(#$2!-'!

(#$!,)-0'/!(#&(!(#$5!&)$!)$+*,*-01!*'!

'&(0)$4!

• %0.#!6)-#*7*(*-'!>*-+&($1!3)$$!$=6)$11*-'!-3!)$+*,*-'4!

• "#$)$!;-0+/'H(!#&>$!7$$'!&'5!$=.$11*>$!$'(&',+$2$'(!1*'.$!(#$!

3*+21!;-0+/!7$!1#-;'!-0(1*/$!

1.#--+!#-0)14!

• J(!;-0+/!6&11!(#$!K0)(L2&'!($1(4!

• "#$!6)-#*7*(*-'!&,&*'1(!(#$!1#-;*',!-3!&!3*+2!-'!3&2*+5!>&+0$1!*'!(#$!607+*.!1.#--+!

3-)02!-0(1*/$!-3!.+&11!#-0)1!7&1$/!

1-+$+5!-'!(#$!3&.(!(#&(!*(!*1!)$+*,*-01!*'!

'&(0)$!*1!*'>&+*/4!J(!*1!&,&*'1(!3)$$/-2!-3!

$=6)$11*-'!-3!)$+*,*-'!&'/!&++-;*',!10.#!

3*+2!;-0+/!'-(!#&>$!.&01$/!$=.$11*>$!

$'(&',+$2$'(!1*'.$!*(!*1!/-'$!-0(1*/$!-3!

.+&11!#-0)14!

,P* &#!*EF*!(* • "#$!M-&)/!-3!N$>*$;!3-)!O-(*-'!

P*.(0)$1!&'/!"$+$>*1*-'!E'-;!(#$!

O"N8MF!7&''$/!(#$!"Q!6)-,)&2!-3!

J,+$1*&!D*!8)*1(-!7$.&01$!*(!&((&.I1!

-(#$)!)$+*,*-'1!E6&)(*.0+&)+5!

8&(#-+*.*12F!

• %0.#!6)-#*7*(*-'!>*-+&($1!3)$$!$=6)$11*-'!-3!)$+*,*-'4!

• "#$!M-&)/!3&*+$/!(-!1#-;!(#&(!(#$)$!;&1!*'/$$/!&!.+$&)!&'/!6)$1$'(!

/&',$)!6-1$/!75!(#$!1#-;*',!-3!

(#$!"Q!6)-,)&24!

• "#$!6)-,)&2!2$)$+5!.)*(*.*L$/<!&'/!

'-(!&((&.I$/!-(#$)!)$+*,*-'14!

• 9-;$>$)<!%8!06#$+/!(#$!R0)*1/*.(*-'!-3!(#$!O"N8M!(-!)$>*$;!

(#$1$!I*'/1!-3!"Q!6)-,)&214!

• 8)*(*.*121!-3!-(#$)!)$+*,*-'1!75!&'5!-(#$)!

)$+*,*-'1!*1!'-(!&!>&+*/!,)-0'/!(-!6)-#*7*(!

(#&(!)$+*,-'H1!1#-;!-'!"Q!1*'.$!*(!/-$1!

'-(!6&11!(#$!S.+$&)!&'/!6)$1$'(!/&',$)!

($1(T!3-)!6)-#*7*(*',!3)$$!16$$.#!&'/!

3)$$!$=$).*1$!-3!)$+*,*-'!

,Q* .N@<IRI*EF*.N=<D@><* • %-+$/&/!U1.)*(-)!*1!&!.-0)(!$26+-5$$!;#-!#&1!7$$'!+*>*',!;*(#!

&!2&'!'-(!#$)!#017&'/!3-)!CV!

5$&)14!

• ?+$R&'/)-!U1()&/&!3*+$/!&!.-26+&*'(!

&,&*'1(!#$)<!.*(*',!#$)!S/*1,)&.$30+!

• U1.)*(-)!&+)$&/5!1*,'$/!&!SW$.+&)&(*-'!-3!P+$/,*',!

X&*(#30+'$11T4!"#*1!*1!&++-;$/!*'!(#$!

B$#->&#H1!Y*('$11$1!)$+*,*-'!&1!

&..$6(&'.$!3-)!#$)!0'*-'<!,*>$'!

(#&(!1#$!;&1!&7&'/-'$/!75!#$)!

• "#$!M$'$>-+$'(!D$0()&+*(5!W-.()*'$!,*>$1!)--2!3-)!(#$!&..-22-/&(*-'!-3!

)$+*,*-01!$=$).*1$1!&1!)$:0*)$/!75!(#$!

X)$$!U=$).*1$!8+&01$<!6)->*/$/!(#&(!*(!

/-$1!'-(!-33$'/!.-26$++*',!1(&($!

*'($)$1(14!

Page 100: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

655*!

"#$!%&&'(")!*'#$+*,-!./%*/!%0!"!1('+#$!2'(!345+)0%'#!2('&!,/3!6+$%*%"(78!

/+09"#$8!• :/3!;+5(3&3!<'+(,!/3)$!,/",!0/3!*"#=,!93!)%"9)3!9"03$!'#!,/3!89:9;<=9:>*:9?>@A=B>C*D<E>@B:98!

,F* &:*-9G*-9H?9I>*<J*3?I=BK*.KL=<C99I*

• >+0)%&!*'+(,!3&5)'7330!53,%,%'#3$!,/3!*'+(,0!,'!"))'.!,/3&!,'!.'(?!2('&!@ABCDBABC5&!0,("%1/,!.%,/'+,!9(3"?0!E%#0,3"$!'2!FDG5&!.%,/!9(3"?0HI!$+(%#1!,/3!&'#,/!'2!J"&"$"#8!

• :/37!")0'!"0?3$!,/",!,/37!93!34*+03$!2('&!.'(?!2('&!KC"&!,'!L5&!3M3(7!N(%$"7I!,/3!&+0)%&!$"7!'2!5("73(8!

• :/3!2%(0,!(3O+30,!."0!1("#,3$!93*"+03!,/%0!."0!9"03$!'#!"!)".!./%*/!(3*'1#%P3$!,/3!&'#,/!'2!J"&"$"#!"#$!,/3!2)34%D,%&3!2'(!,/3!0"%$!&'#,/8!

• Q'.3M3(I!,/3!03*'#!(3O+30,!."0!$3#%3$8!:/3!)".!&"#$",30!,/",!1'M3(#&3#,!3&5)'7330!(3#$3(!",!)3"0,!F!/'+(0!'2!.'(?!53(!$"78!!

• >+0)%&!*'+(,!3&5)'7330!.3(3!343&5,3$!2('&!,/3!F"&!,'!G5&!.'(?!/'+(08!R#0,3"$I!,/37!.3(3!"))'.3$!,'!.'(?!2('&!@ABC"&!,'!BABC5&!.%,/'+,!9(3"?0!%#!'($3(!,'!*'&5)7!.%,/!,/3%(!J"&"$"#!'9)%1",%'#!'2!2"0,%#18!

• S43(*%03!'2!(3)%1%'+0!2(33$'&!$'30!#',!343&5,!"#7'#3!2('&!*'&5)%"#*3!.%,/!(3"0'#"9)3!(3O+%(3&3#,0!'2!,/3!)".I!%#*)+$%#1!*%M%)!03(M%*3!)".08!

!

!

Page 101: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

656!

%89:;<=!>?!!

&@.!*'4.-&2!#1!)4#0.!)$0!#1!"@)$A'$A!&@.!%)3.!+'&@'$!&@.!*'3'&%!B-.%"-'4.0!42!*)+!%@)**!$#&!4.!'3B)'-.0!.C".B&!(B#$!*)+1(*!#-0.-!#1!&@.!"#(-&?!$.'&@.-!%@)**!&@.!-'A@&!&#!&-)/.*!%@)**!4.!'3B)'-.0!.C".B&!'$!&@.!'$&.-.%&!#1!$)&'#$)*!%."(-'&2D!B(4*'"!%)1.&2D!#-!B(4*'"!@.)&@D!)%!3)2!4.!B-#/'0.0!42!*)+?!!

1-..0#3!#1!3#/.3.$&E!*'4.-&2!#1!)4#0.!)$0!#1!&-)/.*!

!"##$%&'%('&%)#&#*+',*'-#.+,%*'/',*.01$#2'+3%'",45+26'789'+5#'0,:#"+;'%('<:%$#='<*$'7>9'+5#'0,:#"+;'%('+"<)#0?'

@5#'0,:#"+;'%('<:%$#'&<;'%*0;':#',&A<,"#$'B1A%*'0<3(10'%"$#"'%('+5#'.%1"+C=':<2#$'%*'B0,&,+2'A"#2.",:#$':;'0<3C'%*'+5#'0,:#"+;',+2#0(?'8'

• D*+#*+'3<2'+%'A"%2.",:#'A"<.+,.#2'0,E#'5<&0#++,*4?'o F<&0#++,*4' G' A"<.+,.#' %(' 5#"$,*4' A#%A0#' ,*+%' <' &,0,+<",0;'

H1<"<*+,*#$'2<*.+1<";'3,+5,*'"#:#0'<"#<2'

@5#' 0,:#"+;' %(' +"<)#0' &<;' :#' ,&A<,"#$' #)#*' 3,+5%1+' <' .%1"+' %"$#"=' :1+' +5#'<AA"%A",<+#' #I#.1+,)#' %((,.#"' ,2' *%+' <"&#$' 3,+5' <":,+"<";' $,2."#+,%*' +%' ,&A%2#'0,&,+<+,%*2?'F#'.<*',&A%2#'0,&,+2':<2#$'%*'B*<+,%*<0'2#.1",+;='A1:0,.'2<(#+;='%"'A1:0,.'5#<0+5C'<*$'B<2'&<;':#'A"%),$#$':;'0<3?C>'

• -1:J#.+'+%'J1$,.,<0'"#),#3?'• K,45+' +%' +"<)#0' .<*' :#' ,&A<,"#$' +5"%145' 2+<+1#2' %"' K10#2' %(' L%1"+?' !%"'

#I<&A0#='<'A#"2%*'%*':<,0'.<*':#'A"#)#*+#$'("%&'0#<),*4'+5#'.%1*+";?'• M'A#"2%*'%*':<,0'<2E,*4' +%' +"<)#0' (%"'&#$,.<0' "#<2%*2=' +5#'L%1"+' .<*'2##E'

+5#'<$),.#'%('&#$,.<0'#IA#"+2'+%'$#+#"&,*#'+5#'*#.#22,+;'+%'+"<)#0'<:"%<$?'

'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'

8'N%<H1,*'O?'P#"*<2='-?N?='@5#'8QRS'L%*2+,+1+,%*'%('+5#'K#A1:0,.'%('+5#'T5,0,AA,*#26'M'L%&&#*+<";'US/'7>VVQ'#$?9'>'!"#$%A<4#'USS'

• D*'&'()%&*+(,%-#%./00='-L'5#0$'+5<+'35#*'<'5%0$'%"$#"'5<2'#IA,"#$'<*$'*%'4%%$'"#<2%*'<AA#<"2'(%"'#I+#*$,*4='<*'<0,#*'&<;'*%+':#'A"#)#*+#$'+%'0#<)#'+5#'.%1*+";?'

'

'

!"##$%"&'(&")*%+*,-./$(*

1F9:GE! K#2A%*$#*+' W<;%"' %(' W<*,0<' $#A%"+#$' 8SV' A"%2+,+1+#2' ("%&' W<*,0<' +%'X<)<%?'!",#*$2'<*$'"#0<+,)#2'%('$#A%"+##2'<AA0,#$'(%"'3",+'%('5<:#<2'.%"A12'3,+5'+5#'-1A"#&#'L%1"+?'W10+,A0#'<++#&A+2'+%'A"#2#*+'+5#'A"%2+,+1+#2'3#"#'&<$#':1+'*%+'<00'%('+5#&'25%3#$'1A?'

@8HIE! Y%' 0<3' 35,.5' #&A%3#"2' "#2A%*$#*+' +%' (%".#' <' .,+,Z#*' +%' .5<*4#' +5#,"'$%&,.,0#?' T#*<0' 0<3' A1*,25#2' A1:0,.' %((,.#"=' 35%' 3,+5%1+' <1+5%",Z<+,%*' :;' 0<3='.%&A#02'<'A#"2%*'+%'.5<*4#'5,2'"#2,$#*.#?'

'

0$1&)2*%+*0$(3#$4-2'

1F9:GE! T#+,+,%*#"2' (,0#' (%"' &<*$<&12' +%' .%&A#0' "#2A%*$#*+2' +%' ,221#' +"<)#0'$%.1&#*+2'+5<+'3,00'<00%3'T"#2?'W<".%2'<*$'5,2' (<&,0;' +%'"#+1"*'+%'+5#'T5,0,AA,*#2'<*$' +%' #*J%,*' ,&A0#&#*+<+,%*' %(' T"#2?' MH1,*%[2' %"$#"' +%' :<*' +5#' (<&,0;' ("%&'"#+1"*,*4'+%'+5#'.%1*+";?'

@8HIE'T"#2?'MH1,*%'$,$'*%+'<.+'3,+5'4"<)#'<:12#'%('$,2."#+,%*?'T%3#"',*5#"#*+',*'+5#'4%)#"*&#*+'*%+':#0%*4,*4'+%'0#4,20<+,)#'%"'J1$,.,<0'&12+':#'#I#.1+,)#?'@5#'T"#2,$#*+'#I#".,2#$' 5#"' "#2,$1<0' A%3#"' +%' A"%+#.+' +5#' 4#*#"<0' 3#0(<"#' %(' +5#' A#%A0#?' @5#'"#+1"*'%('A#+,+,%*#"'<*$'5,2' (<&,0;'1*$#"'A"#2#*+' .,".1&2+<*.#2'A%2#2'<' +5"#<+' +%'*<+,%*<0' ,*+#"#2+' <*$' 3#0(<"#?' @5#' ",45+' +%' "#+1"*' +%' %*#[2' .%1*+";' ,2' $,2+,*.+='<0+5%145'"#0<+#$'+%='",45+'+%'+"<)#0?'

'

0$1&)2*%+*5$(6"3$(/$7$('

1F9:GE!T#+,+,%*#"='.%*),.+#$'+%'>'4"<(+'<*$'.%""1A+,%*'.<2#2='(,0#$'2#)#"<0'&%+,%*2'+%'+"<)#0'(%"'&#$,.<0'+"#<+&#*+?''K#210+2'%('#I<&,*<+,%*':;'5#"'A5;2,.,<*'3#"#'2#*+'+%'+5#' F#<"+' L#*+#"' +5#*' +%' -<*$,4<*:<;<*?' K#2A%*$#*+' $#*,#$' +5#'&%+,%*' (%"' *%+'5<),*4' #2+<:0,25#$' +5#' *#.#22,+;' +%' +"<)#0?' T#+,+,%*#"' (,0#$' <' .#"+,%"<",' <*$' <"41#$'+5<+'"#2A%*$#*+'.%&&,++#$'4"<)#'<:12#'%('$,2."#+,%*?'

@8HIE! T#+,+,%*' $#*,#$' 3,+5%1+' A"#J1$,.#' +%' (,0,*4' <*%+5#"' &%+,%*' 35#"#' 5#"'

Page 102: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

65,!

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

!

)*'.$%!)$0!-'89&!#1!.$&-2!

A$.%66%"#'"8'-)%+#6'%#&"'&4+'!"7#&5/'%6'-'1")%&%!-)'.-&&+5'*+/"#$'&4+'5+-!4'"8'07$%!%-)'

5+9%+(2'

• B9+5/' !"7#&5/' 4-6' 5%:4&' &"' 8"5*%$' &4+' +#&5/' "8' 8"5+%:#+56' (%&4%#' %&6'$".%#%"#?'"5'&"'-$.%&'&4+.'71"#'!"#$%&%"#6'%&'.-/'6++'8%&'&"'15+6!5%*+2''

%:;<=>?!@A!!

&9.!-'89&!#1!&9.!B.#B*.!&#!'$1#-3)&'#$!#$!3)&&.-%!#1!B(4*'"!"#$".-$!%9)**!4.!-."#8$'C.0A!)"".%%!&#!#11'"')*!-."#-0%D!)$0!&#!0#"(3.$&%!)$0!B)B.-%!B.-&)'$'$8!&#!#11'"')*!)"&%D!&-)$%)"&'#$%D!#-!0."'%'#$%D!)%!+.**!)%!&#!8#/.-$3.$&!-.%.)-"9!0)&)!(%.0!)%!4)%'%!1#-!B#*'"2!0./.*#B3.$&D!%9)**!4.!)11#-0.0!&9.!"'&'C.$D!%(4E."&!&#!%("9!*'3'&)&'#$%!)%!3)2!4.!B-#/'0.0!42!*)+A!!

-'89&%!&#!'$1#-3)&'#$D!)"".%%!&#!B(4*'"!0#"(3.$&%'

CDEF' G"#6&%&7&%"#' %#!)7$+$' &4+' 145-6+' H-6' (+))' -6' &"' :"9+5#.+#&' 5+6+-5!4' $-&-'

76+$' -6' *-6%6' 8"5' 1")%!/' $+9+)"1.+#&2I' 34%6' (-6' -' 5+-!&%"#' &"' -' 15-!&%!+' $75%#:'

.-5&%-)' )-('"8'(%&44")$%#:'6"!%-)'5+6+-5!4'$-&-'85".'&4+'17*)%!'(4+#+9+5'&4+'$-&-'

!"#&5-$%!&+$'(%&4':"9+5#.+#&'1")%!%+62J'

K"9+5#.+#&'5+6+-5!4'$-&-'5+8+56'&"':"9+5#.+#&'87#$+$'5+6+-5!4'-#$'#"&'15%9-&+)/'

87#$+$'5+6+-5!42'

>4%)+'-!!+66'&"'"88%!%-)'5+!"5$6'.-/'#"&'*+'15"4%*%&+$?'%&'!-#'6&%))'*+'5+:7)-&+$2'34%6'

%6'*-6+$'"#'%#4+5+#&'1"(+5'"8'-#'"88%!+5'&"'!"#&5")'4%6'"88%!+'-#$'5+!"5$6'7#$+5'4%6'

!76&"$/2' 34+' "88%!+' -)6"' 4-6' &4+' 1"(+5' &"' 5+:7)-&+' &4+' .-##+5' 5+!"5$6' .-/' *+'

%#61+!&+$?'+,-.%#+$'"5'!"1%+$2'

L%:4&6':7-5-#&++$'"8'MF'-5+' NCO' 5%:4&' &"' %#8"5.-&%"#'"#'.-&&+56'"8'17*)%!' !"#!+5#'

-#$'NPO'-!!+66'&"'"88%!%-)'5+!"5$6'-#$'$"!7.+#&62'

• MF':7-5-#&++6'"#)/'-':+#+5-)'5%:4&2'34+'5%:4&'"8'-!!+66'&"'"88%!%-)'5+!"5$6'%6':%9+#'-6'-#'%.1)+.+#&-&%"#'"8'&4+'5%:4&'&"'%#8"5.-&%"#2'

• 34+6+'1")%&%!-)'5%:4&6'-5+'-9-%)-*)+'&"'!%&%Q+#6'"#)/2'

R#'!"#$%&'$(')!**?'&4+'@G'+#7.+5-&+$'6".+'5+!":#%Q+$')%.%&-&%"#6'"#'&4+'5%:4&'&"'

%#8"5.-&%"#S'

'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'

J'+,(-'1-:+'JEC'

Page 103: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

658!

• !"#$%&"'()*+,-$#.(/"##*-)(0(/$'$#"-.1(2$3'%/"#$+1("&2(%#4*-(&"#$%&"'()*+,-$#.()#"#*( )*+-*#)1( $&5%-/"#$%&( %&( $&#*-67%8*-&/*&#( *9+4"&7*)( 3-$%-( #%(+%&+',)$%&(%5(#-*"#$*)("&2(*9*+,#$8*("7-**/*&#):(

• ;-"2*()*+-*#)("&2(<"&=$&7(#-"&)"+#$%&)(0(3,-),"&#(#%(>&#*''*+#,"'(?-%3*-#.(@%2*(AB:C:(DEDFG("&2(-*'"#*2( '"H)1(#4*(I*+-*+.(%5(J"&=(K*3%)$#)(C+#(AB:C:(LMNOG(

• @-$/$&"'( /"##*-)( %-( '"H( *&5%-+*/*&#( /"##*-)( 0( $&5%( %&( "33-*4*&)$%&1(3-%)*+,#$%&("&2(2*#*&#$%&(%5(+-$/$&"'):(

• P#4*-( +%&5$2*&#$"'( /"##*-)( 6( Q#4$+"'( I#"&2"-2)( C+#( AB:C:( RSLFG( 3-%4$<$#)(2$)+'%),-*( %5( +%&5$2*&#$"'( $&5%-/"#$%&( =&%H&( #%( 3,<'$+( %55$+$"')( "&2(*/3'%.**)( <.( 8$-#,*( %5( #4*$-( %55$+*:( P#4*-( '$/$#"#$%&)( $&+',2*( 2$3'%/"#$+(+%--*)3%&2*&+*1( +'%)*2( 2%%-( +"<$&*#( /**#$&7)1( *9*+,#$8*( )*))$%&)( $&(@%&7-*))1("&2($&#*-&"'(2*'$<*-"#$%&)(%5(#4*(I,3-*/*(@%,-#:(

;4*( -$74#( /".( <*( "))*-#*2( *8*&( "7"$&)#( TP@@)( <*+",)*( #4*$-( 5,&+#$%&( )$/$'"-( #%(

7%8*-&/*&#("7*&+$*)(6(#4"#($)1(#%()*-8*(#4*(3*%3'*:((

• ;-"2*()*+-*#)("-*(%5("(3-$8$'*7*2(&"#,-*:(;4*(I*+,-$#$*)(B*7,'"#$%&(@%2*($)(*93'$+$#(#4"#(IQ@($)(&%#(",#4%-$U*2(#%(-*V,$-*(#4*(-*8*'"#$%&(%5(#-"2*()*+-*#)(%-(3-%+*))*)($&("&.("33'$+"#$%&(5$'*2(H$#4(IQ@:M(

K*+$)$%&)("&2(%3$&$%&)(%5("(+%,-#("-*(3,<'$+(/"##*-):(W%H*8*-1(3'*"2$&7)("&2(%#4*-(

2%+,/*&#)(5$'*2(<.(3"-#$*)(#%("(+")*("-*(&%#(/"##*-)(%5(3,<'$+(+%&+*-&:((

• C++*))( #%( +%,-#( -*+%-2)(/".(<*(3*-/$##*2( "#( #4*(2$)+-*#$%&(%5( #4*( +%,-#1(+%&)$2*-$&7( 3,-3%)*( %5( 2%+,/*&#)( -*V,*)#*21( "&2( 3%))$<'*( 3-*X,2$+*("7"$&)#("&.(%5(#4*(3"-#$*):O(

( (

(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((

(

M(!"#$(3"7*(FDR(O(!"#$(3"7*(FDR(

Page 104: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

658!

"9:;!$<=>;?! "9:;!$9=;! 19@A:B'::<;! -9ACDBE;FG!

6!

*;H9:IC!JK!"CJCF!%;?JC@;!"D==C::CDL!

!

"#$%$%&'#(!(#)*#+$#,!%'-&(./$%&'!&'!$0#!#1%2%3%1%$4!&-!

5%3&'20/'&4!/',!62/+!/+!+/'%$/(%/'+7!858!,#'%#,!$0#!

(#)*#+$!90%:0!;(&.;$#,!;#$%$%&'#(!$&!-%1#!/!9(%$!&-!

./',/.*+!$&!:&.;#1!858!$&!,%+:1&+#!$0#!%'-&(./$%&'7!

"#$%$%&'!2(/'$#,7!858!%+!&(,#(#,!$&!:&'-%(.!#1%2%3%1%$4!&-!

5%3&'20/'&4!/',!62/+!/+!+/'%$/(%/'+7!6($%:1#!<<<!5#:$%&'!=!

3#:/.#!&;#(/$%>#!34!>%($*#!&-!/,&;$%&'!&-!?@A=!

8&'+$%$*$%&'7!B&>#('.#'$!/2#':%#+!/(#!9%$0&*$!,%+:(#$%&'!

%'!(#-*+%'2!,%+:1&+*(#!&-C!&(!/::#++!$&C!%'-&(./$%&'!&-!

;*31%:!:&':#('7!D0#!/*$0&(%$4!$&!(#2*1/$#!$0#!./''#(!&-!

#E/.%'%'2!;*31%:!(#:&(,+!,&#+!'&$!:/((4!9%$0!%$!$0#!;&9#(!

$&!;(&0%3%$7!

,!

%9>CD!JK!MD?GDL!

!

F#+;&',#'$!+*3;&#'/#,!;#$%$%&'#(!$&!/;;#/(!/$!$0#!

5#'/$#!/+!/!(#+&*(:#!;#(+&'!-&(!/!1#2%+1/$%>#!%')*%(47!

"#$%$%&'#(!,#:1%'#,!%'>&G%'2!5#:$%&'!HI3J!&-!"(#+7!6)*%'&K+!

L7M7!?7!D0#!L7M!&(2/'%N#,!"8BBC!/',!5#:$%&'!H!+$/$#,!$0/$!

'&!.#.3#(!&-!"8BB!%+!(#)*%(#,!$&!$#+$%-4!&(!;(&,*:#!

#>%,#':#!:&':#('%'2!./$$#(+!%'!%$+!&--%:%/1!:&2'%N/':#7!

5#'/$#!/((#+$#,!;#$%$%&'#(!/',!0#!-%1#,!-&(!/!9(%$!&-!

0/3#/+!:&(;*+7!

58!+$/$#,!$0/$!L7M7!?!9/+!(#;#/1#,!34!$0#!?@A=!

8&'+$%$*$%&'7!5/3%&!/',!"8BB!:&..%++%&'#(+!/(#!(#)*%(#,!

$&!:&.;14!9%$0!$0#!+*3;&#'/7!6($%:1#!<<<!5#:$%&'!=!9/+!

%'$#',#,!$&!;(&.&$#!$(/'+;/(#':4!%'!;&1%:4O./G%'2!/',!

%'!$0#!&;#(/$%&'+!&-!$0#!2&>#('.#'$7!5#'/$#!%')*%(%#+!/(#!

:&'+%,#(#,!$&!3#!&-!;*31%:!:&':#('7!D0#!%'-&(./$%&'!

(#)*#+$#,!34!5#'/$#!:&':#('+!/:$+!&-!;#$%$%&'#(+!/+!;*31%:!

&--%:%/1+7!L'-&(:#.#'$!&-!5#:$%&'!HI3J!>%&1/$#+!6($%:1#!<<<!

5#:$%&'!=7!

!

N!

49LA9O!JK!"#3.*."!

!

"#$%$%&'#(+!:0/11#'2#,!$0#!)*/1%-%:/$%&'!&-!;/($4O1%+$!

&(2/'%N/$%&'+!$0/$!9#(#!2(/'$#,!/::(#,%$/$%&'!34!

8MPLQL87!"#$%$%&'#(!/+G#,!-&(!$0#!1%+$!&-!'&.%'##+!&-!$0#!

,%--#(#'$!;/($4O1%+$!2(&*;+7!8MPLQL8!,#:1/(#,!$0#.!

:&'-%,#'$%/1!/',!$0/$!;/($4O1%+$!#1#:$%&'!+0&*1,!'&$!3#!

;#(+&'/1%$4!3/+#,7!"#$%$%&'#(!/(2*#,!$0/$!8MPLQL8!2(/>#!

/3*+#!&-!,%+:(#$%&'!-&(!/::(#,%$%'2!2(&*;+!9%$0&*$!

(#>%#9%'2!)*/1%-%:/$%&'!&-!'&.%'##+7!"#$%$%&'#(!/1+&!

:&.;1/%'+!$0/$!%$!0/+!(%20$!$&!G'&9!$0#!'&.%'##+!&-!;/($4!

1%+$+7!

58!0#1,!$0/$!6($%:1#!<<<!5#:$%&'!=!2(/'$#,!$0#!;#&;1#!$0#!

(%20$!$&!%'-&(./$%&'7!"#&;1#!0/>#!$0#!(%20$!$&!#1#:$!

&--%:%/1+!3/+#,!&'!%'-&(.#,!R*,2.#'$7!D0#(#!%+!'&$0%'2!%'!

$0#!"/($4!Q%+$!6:$!$0/$!;(&0%3%$+!8MPLQL8!-(&.!;*31%+0%'2!

$0#!1%+$!&-!'&.%'##+7!

8!

$;?C!JK!%;L9A;!

!

S#(%!9/+!%'>%$#,!34!$0#!5#'/$#!T1*#!F%33&'!8&..%$$##!$&!

$#+$%-4! &'! /'&./1%#+! (#1/$#,! $&! $0#!STS! ;(&R#:$7! U#!9/+!

%'$#((&2/$#,! -&(! ??! 0&*(+! 90#(#! 0#! /,.%$$#,! $0/$!

8MPLQL8!80/%(./'!63/1&+!$(%#,!$&!3(%3#!0%.!9%$0!"VWWP!

%'!#E:0/'2#! -&(!0%+! /;;(&>/1!&-! $0#!;(&R#:$7!S#(%! %'>&G#,!

$0#! X#E#:*$%>#! ;(%>%1#2#Y! 90#'! 0#! 9/+! /+G#,! /3&*$!

"BP6K+! %'>&1>#.#'$! %'! $0#! ;(&R#:$7! 5#'/$#! :%$#,!

;#$%$%&'#(!-&(!:&'$#.;$7!

!

D0#!58!0#1,!$0/$!$0#!/'+9#(+!#1%:%$#,!/(#!:&>#(#,!34!

X#E#:*$%>#!;(%>%1#2#Y!/+!S#(%!%+!/!:1&+#!/,>%+&(!&-!$0#!

"(#+%,#'$7!8&..*'%:/$%&'+!(#1/$#!$&!/!X)*%'$#++#'$%/1!

/',!'&'O,#1#2/31#!;&9#(Y!&-!$0#!"(#+%,#'$7!D0#!(%20$!$&!

;*31%:!%'-&(./$%&'!%+!+*3R#:$!$&!1%.%$/$%&'!;(&>%,#,!34!

1/97!D0#!;&9#(!&-!$0#!5#'/$#!$&!%'>#+$%2/$#!%+!+*3R#:$!$&!

;*31%+0#,!(*1#+!&-!;(&:#,*(#!/',!(%20$+!&-!;#(+&'+!

/;;#/(%'2!'##,!$&!3#!(#+;#:$#,7!!!!!

Page 105: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

658!

8!

%9:;<=>!?@!$.0)!

!

"#$%&'$(!'(%&%&)*+!,(-(!.&$(/!%)!(*0)&*!-(+')*/(*%+!.-)1!&1'$(1(*%&*2!%3(!4546789!/(:$!:*/!%)!;)1'($!-(+')*/(*%+!%)!'-)<&/(!%-#(!;)'&(+!).!%3(!;)*%-:;%!(*%(-(/!.)-!%3(!/(:$=!83(!>?@!:-2#(/!%3:%!%3(!'(%&%&)*+!+3)#$/!A(!/&+1&++(/!+&*;(!&%!A(;:1(!1))%!:+!%3(!2)<(-*1(*%!/(;&/(/!*)%!%)!'#+3!%3-)#23!,&%3!%3(!'-)0(;%=!83(!'-)0(;%!,:+!+%&$$!:%!*(2)%&:%&)*!'3:+(B!:*/!%3(!&*.)-1:%&)*!-(C#(+%(/!;)*;(-*!(D(;#%&<(!')$&;E=!

F(%&%&)*+!/&+1&++(/=!?G!,&$$!*)%!-(+')*/!%)!&++#(+!,3&;3!:-(!*)!$)*2(-!<:$&/=!83(!'(%&%&)*+!&*<)$<(!.:;%#:$!/(%(-1&*:%&)*!:%!:!$),(-!;)#-%=!H%!&+!&1')++&A$(!%)!:**#$!%3(!/(:$!,&%3)#%!:*E!(<&/(*;(!).!<&)$:%&)*!)*!%3(!+&/(!).!%3(!-(+')*/(*%+=!!!!

A!

)B4)2)$!?@!)C9<D>!

!

F(%&%&)*(-+!.&$(!.)-!1:*/:1#+!%)!;)1'($!IF9FJ!/($(2:%(+!%)!'-)<&/(!.#$$!%(D%!).!%3(!IF9FJ!&*;$#/&*2!)..(-+!+#A1&%%(/!/#-&*2!%3(!*(2)%&:%&)*!'-);(++=!K(+')*/(*%+!/(*&(/!-(C#(+%!:*/!+%:%(/!%3:%!G)*2-(++!,&$$!A(!'-)<&/(/!:!;)'E!)*;(!*(2)%&:%&)*+!:-(!;)1'$(%(/=!?'(:L(-!/(!M(*(;&:!-(C#(+%(/!G)*2-(++!%)!3)$/!+#A')(*:!#*%&$!F@"J!2&<(+!3(-!;)*+(*%!.)-!/&+;$)+#-(!).!/);#1(*%+=!F(%&%&)*(-+!:-2#(!%3:%!*)*6/&+;$)+#-(!).!/);#1(*%+!<&)$:%(!%3(&-!-&23%!%)!&*.)-1:%&)*!)*!1:%%(-+!).!'#A$&;!;)*;(-*=!

F(%&%&)*!/&+1&++(/=!IF9FJ!*(2)%&:%&)*+!:-(!1:%%(-+!).!'#A$&;!;)*;(-*!A#%!:-(!;)<(-(/!AE!%3(!/);%-&*(!).!(D(;#%&<(!'-&<&$(2(B!,3&;3!&+!:*!(D;('%&)*!%)!%3(!-&23%!%)!&*.)-1:%&)*=!4:%#-(!).!/&'$)1:%&;!*(2)%&:%&)*+!-(C#&-(/!;(*%-:$&N:%&)*!).!:;%&)*+!:*/!(D'(/&%&)*!).!/(;&+&)*+=!!!!

E!

FG>?<D=H!>I!$>GJK!">JLMLJ>!?@!N-F!FLDH;!

!

">J6JO!,:+!:*!:2-((1(*%!1:/(!AE!%3(!@KF!:*/!"HPQ=!H*;$#/(/!&*!%3(!/);#1(*%!&+!%3(!;-(:%&)*!).!:!5:*2+:1)-)!I#/&;&:$!9*%&%E=!F(%&%&)*(-+!:-2#(!%3:%!@KF!<&)$:%(/!;)*+%&%#%&)*:$!-&23%+!)*!'#A$&;!;)*+#$%:%&)*!:*/!&*.)-1:%&)*!,3(*!%3(E!*(2)%&:%(/!:*/!+&2*(/!">J6JO=!@KF!-('$&(+!

")%&)*!%)!/&+1&++!&+!/(*&(/=!">J6JO!&+!/(;$:-(/!;)*%-:-E!%)!$:,!:*/!G)*+%&%#%&)*=!F()'$(!3:<(!-&23%!%)!'#A$&;!&*.)-1:%&)*!:*/!)..&;&:$+!3:<(!/#%E!%)!/&+;$)+(!&*.)-1:%&)*B!&*;$#/&*2!*(2)%&:%&)*+!:*/!+%('+!$(:/&*2!%)!;)*+#11:%&)*!).!;)*%-:;%=!9D(;#%&<(!'-&<&$(2(!,&$$!*)%!+%:*/!:2:&*+%!9=>=!4)=!R!:*/!P);:$!@)<(-*1(*%!G)/(!1:*/:%&*2!;)*+#$%:%&)*!:*/!/&:$)2#(!,&%3!$);:$!:*/!*:%&)*:$!)..&;&:$+B!P@S+B!:*/!4@>+=!

!

!

!

!

!

!

!

!

Page 106: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

658!

%9:;<=>!?@!

&A.!-'BA&!#1!&A.!C.#C*.D!'$"*(0'$B!&A#%.!.3C*#2.0!'$!&A.!C(4*'"!)$0!C-'/)&.!%."&#-%D!&#!1#-3!($'#$%D!)%%#"')&'#$%D!#-!%#"'.&'.%!1#-!C(-C#%.%!$#&!"#$&-)-2!&#!*)+!%A)**!$#&!4.!)4-'0B.0@!

!"#$%&'"($()$*)%+$,-&)-.$/-0$/..)1&/(&)-.$&.$%#1)'-&2#0$()$3#4)-'$()$5#)54#$6"#("#%$#+54)7#0$)%$,-#+54)7#08$6)%9&-'$&-$("#$'):#%-+#-($)%$5%&:/(#$.#1()%;$

• !"#$%&'"($()$*)%+$/..)1&/(&)-.$."/44$-)($3#$&+5/&%#0$#<1#5($("%),'"$/$:/4&0$#<#%1&.#$)*$5)4&1#$5)6#%8$"#-1#$=*)%$5,%5).#.$-)($1)-(%/%7$()$4/6;>$

?-$@%(&14#$A???$BCD8$("#$%&'"($()$.(%&9#$ &.$E,/4&*&#0$6&("$("#$5"%/.#$=&-$/11)%0/-1#$()$6&("$ 4/6;>$!"#$ %&'"($ ()$)%'/-&2#$ &.$ .##-$/.$3%)/0#%$ ("/-$ %&'"($ ()$ .(%&9#;$!"#$ 4/((#%$+/7$3#$1,%(/&4#0$37$4/6$*)%$:/4&0$%#/.)-.;$

• !"#$1,%%#-($3/-$)-$'):#%-+#-($#+54)7##.$()$')$)-$.(%&9#$&.$.(/(,()%7$/-0$+/7$3#$4&*(#0$37$/-)("#%$.(/(,(#;$

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

$

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

%9:;<=>!J@!!

C-'/)&.!C-#C.-&2!%A)**!$#&!4.!&)K.$!1#-!C(4*'"!(%.!+'&A#(&!L(%&!"#3C.$%)&'#$@!!

.3'$.$&!0#3)'$G!0.1'$'&'#$D!$)&(-.!

M&'"($ )*$ #+&-#-($ 0)+/&-$ U$ .):#%#&'-$ 5)6#%$ ()$ /55%)5%&/(#$ 5,34&1$ /-0$ 5%&:/(#$5%)5#%(7$)*$/44$1&(&2#-.$6&("&-$&(.$(#%%&()%7$*)%$5,34&1$,.#;V$

!"#$5)6#%$&.$(%/0&(&)-/447$#<#1,(&:#$&-$-/(,%#$3,($%#E,&%#.$4#'&.4/(&)-$3#*)%#$&($1/-$3#$,.#0;W$

• R/7$ 3#$ 1)-*#%%#0$ ,5)-$ +,-&1&5/4$ '):#%-+#-(.$ /-0$ )("#%$ '):#%-+#-($#-(&(&#.X$

• O#'&.4/(,%#$ /4.)$ "/.$ /,(")%&(7$ ()$ 0#4#'/(#$ %&'"($ )*$ #+&-#-($ 0)+/&-$ ()$5%&:/(#$#-(&(&#.$)5#%/(&-'$5,34&1$,(&4&(&#.;Y$

• F)6#%$)*$#+&-#-($0)+/&-$&-$("#$"/-0.$)*$J)-'%#..$&.$54#-/%7;CZ$• G#4#'/(#0$5)6#%$()$ 4)1/4$'):#%-+#-(.$ &.$.(%&1(47$.5#/9&-'$-)($/$5)6#%$)*$

#+&-#-($3,($)*$&-*#%&)%$0)+/&-$U$+#%#47$/$."/%#$&-$("#$#+&-#-($0)+/&-;$?($&.$)-47$/.$3%)/0$/.$("#$#+&-#-($/,(")%&(7$6),40$/44)6$&($()$3#;CC$

!

!

!

!

!

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

$

V$!"#$%5/'#$DYV%W$!"#$$5/'#$DYW$X$!"#$$5/'#$DYX$Y$!"#$$CZ$!"#$%5/'#$DYY$CC$!"#$%

Page 107: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

658!

&)9'$:!

!"#$%&'()*$+',$-*'("(%("*.,()/"*.,0-#,1%#1-'+',-0,+&"*+*(,2-&)"*345,;.73)<7#=!

36 781#-1#")(-#,&%'(,>*(+#,1#"9)(+,1#-1+#(:,46 7*(#)*$+,&%'(,*-(,;+,0-#,),?-&+*()#:,1+#"-2<,(=)(,"'<,(=+,+*(#)*$+,&%'(,

;+,1+#&)*+*(,>6 7*(#:,&%'(,;+,%*2+#,?)##)*(,-#,$-@-#,-0,@+.)@,@%(=-#"(:,A6 B#-1+#(:, &%'(, ;+, 2+9-(+2, (-, A%;@"$, %'+, -#, -(=+#?"'+, "*0-#&)@@:,

)11#-1#")(+2,-#,"*C%#"-%'@:,)00+$(+2,D6 E("@"F)("-*, -0, 1#-1+#(:,&%'(, ;+, "*, '%$=, ),?):, )', (-,B%'(, (=+, -?*+#, )*2,

2+1#"9+,="&,-0,)@@,;+*+0"$")@,+*C-:&+*(,-0,(=+,1#-1+#(:6,

G=+*, 1#-1+#(:, #".=(, "', "&1)"#+2, ;:, #+.%@)("-*<, $-&1+*')("-*, "', *-(, #+H%"#+2I,?=+#+)'<,?=+*,1#-1+#(:,"',()/+*<,(=+,!-*'("(%("-*,1#+'$#";+',C%'(,$-&1+*')("-*63>,

• G=+*,("(@+,(-,1#-1+#(:,"',(#)*'0+##+2,(-,+81#-1#")("*.,)%(=-#"(:<,(=+#+,"',),$@+)#,$)'+,-0,$-&1+*');@+,()/"*.63A,

• J(, "',),'+((@+2,#%@+, (=)(,*+"(=+#,)$H%"'"("-*,-0, ("(@+,*-#, (-()@,2+'(#%$("-*,-0,9)@%+,"',+''+*(")@,(-,()/"*.63D,

• G=+*, ), 1#-1+#(:, "*(+#+'(, "', )11#-1#")(+2, )*2, )11@"+2, (-, '-&+, 1%;@"$,1%#1-'+<,(=+#+,"',$-&1+*');@+,()/"*.63K,

• G=+#+, ), 1#-1+#(:, "*(+#+'(, "', &+#+@:, #+'(#"$(+2, ;+$)%'+, $-*("*%+2,%*#+'(#"$(+2,%'+,?-%@2,;+,"*C%#"-%',(-,1%;@"$,?+@0)#+,-#,?=+#+,1#-1+#(:,"',2+'(#-:+2,;+$)%'+,$-*("*%+2,+8"'(+*$+,-0,(=+,1#-1+#(:,?-%@2,;+,"*C%#"-%',(-,1%;@"$,"*(+#+'(<,(=+#+,"',*-,$-&1+*');@+,()/"*.63L,

• M=+,2+1#"9)("-*,-0,%'+,$)*,;+,(-()@,)*2,"(,?"@@,*-(,$-*'("(%(+,$-&1+*');@+,()/"*.,"0,*-;-2:,+@'+,)$H%"#+',%'+,-0,(=+,1#-1+#(:,-#,)*:,1#-1+#(:,"*(+#+'(,(=+#+"*63N, ,M-()@,2+'(#%$("-*,?"(=-%(,%("@"F)("-*, "',*-(,)11#-1#")("-*,;%(, "',&+#+@:,#+.%@)("-*,;:,1-@"$+,1-?+#63O,

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

,

34,P-)H%"*,Q6,R+#*)'<,S6P6<,M=+,3ONL,B="@"11"*+,!-*'("(%("-*5,T,!-&1#+=+*'"9+,U+9"+?+#<,ON,V4W33,72"("-*X,3>,P-)H%"*,Q6,R+#*)'<,S6P6<,M=+,3ONL,!-*'("(%("-*,-0,(=+,U+1%;@"$,-0,(=+,B="@"11"*+'5,T,!-&&+*()#:<,A>>,V4WWO,72"("-*X,3A,!"#$%3D,!"#$%3K,!"#$%3L,!"#$%3N,!"#$%1).+,A>A,3O,!"#$%1).+,A>D,

T,&+#+,2+$@)#)("-*,-0,)*,"*(+*("-*,(-,+81#-1#")(+,2-+',*-(,:+(,'+#9+,(-,$%#()"@,(=+,2-&"*"$)@,#".=(',-0,(=+,-?*+#64W,

• &'()*'+)%,#%-'+.%)/%012'*1,Y,S!,=+@2,(=)(,(-,2+*:,1@)"*("00,),;%"@2"*.,1+#&"(,-*, (=+, .#-%*2, (=)(, (=+, @)*2, =+, 1@)**+2, (-, ;%"@2, -*, ?-%@2, ;+, %'+2, 0-#,?"2+*"*., (=+, '(#++(, )*2, ;+0-#+, '%$=, @)*2, "', +81#-1#")(+2, "', (-, ()/+,1@)"*("00Z',1#-1+#(:,?"(=-%(,2%+,1#-$+'',-0,@)?643,

[)$(-#', (-, ;+, $-*'"2+#+2, "*, 2+(+#&"*"*., "0, )$("-*, )&-%*(', (-, ()/"*., -#, (-,#+.%@)("-*445,

• 7$-*-&"$,"&1)$(,-0,(=+,#+.%@)("-*,-*,(=+,1#-1+#(:,• 78(+*(, (-, ?="$=, (=+, #+.%@)("-*, &".=(, "*(+#0+#+, ?"(=, "*9+'(&+*(,

+81+$()("-*'6,

U+$+*(,$)'+',"*9-@9"*.,(=+,&+)*"*.,-0,()/"*.4>5,

• 7*(#:, 0-#, 1%#1-'+', -0, $-*2%$("*., &"*"*., )$("9"("+', '%$=, )', +81@-#)("-*<,+8(#)$("-*,)*2,1#-$+''"*.,-0,&"*+#)@'6,

• U".=(, -0, ?):, +*0-#$+2, ;:, (=+, '()(+, #+'%@(', "*, &)/"*., )2C-"*"*., 1#-1+#(:,%*%');@+6,

• J*'()@@)("-*,-0,(#)*'&"''"-*,@"*+',#+'%@(', "*, "&1-'"("-*,-0, @"&"()("-*,).)"*'(,(=+,%'+,-0,(=+,@)*2,0-#,)*,"*2+0"*"(+,1+#"-26,,

<(4*'"!(%.,

!-*'("(%("-*)@, @"&"()("-*',-*,(=+,1-?+#,-0,+&"*+*(,2-&)"*5,V3X,()/"*.,&%'(,;+,0-#,1%;@"$,%'+I,V4X,C%'(,$-&1+*')("-*,."9+*,(-,(=+,1#"9)(+,-?*+#64A,

G=)(+9+#,"',;+*+0"$")@@:,+&1@-:+2,0-#,(=+,$-&&%*"(:,"',1%;@"$,%'+6,

• !-*$+1(,-0,1%;@"$,%'+,"',)',;#-)2,)',1%;@"$,?+@0)#+64D,

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

,

4W,!"#$%1).+,A>N,43,!"#$,1).+,A>L,44,!"#$%4>,!"#$%1).+,A>O,4A,!"#$,1).+,AWW,4D,!"#$%1).+,AW3,

Page 108: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

658!

• !"#$%&'(#$')$('*#+$')$#,-.#./$0',1-.$"1%$2#&',#$1%$2+'10$1%$/"#$%&'(#$')$('3-&#$('*#+456$

7%$1$+83#9$/"#$0#/#+,-.1/-'.$')$*"#/"#+$/"#+#$-%$:#.8-.#$.#&#%%-/;$)'+$/"#$#<#+&-%#$')$#,-.#./$0',1-.$-%$1$=8%/-&-123#$>8#%/-'.4$?'*#@#+9$*"#.$/"#$('*#+$-%$#<#+&-%#0$2;$/"#$A#:-%31/8+#9$/"#$>8#%/-'.$')$.#&#%%-/;$-%$#%%#./-133;$1$('3-/-&13$>8#%/-'.45B$

C+',$!"#$"%&'()*&+%$(,%"$-.%"/&0-,1.,$&23&4.5"6"&7,3D&$

!"#$ #<(+'(+-1/'+$,8%/$ 8%#$ /"#$ (+'(#+/;$ )'+$ /"#$ (8+('%#$ %(#&-)-#0$ -.$ /"#$(#/-/-'.4$ E)$ /"-%$ -%$ .'/$ 0'.#9$ /"#$ #<(+'(+-1/'+$ ,8%/$ +#/8+.$ /"#$ (+'(#+/;9$#@#.$-)$/"#+#$*1%$.'$1:+##,#./$)'+$+#@#+%134$F8/$/"#$'*.#+$,8%/$+#/8+.$/'$/"#$#<(+'(+-1/'+$/"#$&',(#.%1/-'.$-/$"10$+#&#-@#0$*-/"$3#:13$ -./#+#%/$1.0$,8%/$(1;$/"#$#<(+'(+-1/'+$)'+$/"#$2#.#)-/%$/"#$3'/$,1;$"1@#$'2/1-.#045G$

9(%&!"#3:.$%)&'#$$

H8%/$&',(#.%1/-'.$I$!"#$(+-&#$*"-&"$/"#$(+'(#+/;$*-33$&',,1.0$-)$/"#$%#33#+$-%$.'/$2'8.0$/'$%#33$1.0$/"#$28;#+$-%$.'/$2'8.0$/'$28;45J$

• K1+L#/$@138#$I$(+-&#$)-<#0$2;$28;#+$1.0$%#33#+$-.$/"#$'(#.$,1+L#/4MN$o O'.%#>8#./-13$ 01,1:#%$ P$ 01,1:#%$ /'$ '/"#+$ -./#+#%/%$ ')$ /"#$

'*.#+$/"1/$&1.$2#$1//+-28/#0$/'$#<(+'(+-1/-'.4MQ$o O'.%#>8#./-13$ 2#.#)-/%$ P$ -.&+#1%#$ -.$ @138#$')$ /"#$'/"#+$ -./#+#%/%$

')$ /"#$ '*.#+$ 1//+-28/#0$ /'$ /"#$ .#*$ 8%#$ ')$ (+'(#+/;$ 2;$#<(+'(+-1/-'.4M5$

! O'.%#>8#./-13$ 01,1:#%$ 1+#$ 0#08&/#0$ )+',$&'.%#>8#./-13$2#.#)-/%4$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

$

56$+638&5B$+638&(1:#$RN5$5G$H'1>8-.$S4$F#+.1%9$T4H49$!"#$QJGB$U"-3-((-.#$O'.%/-/8/-'.D$7$O',(+#"#.%-@#$V#@-#*#+9$QNN$W5NQQ$X0-/-'.Y$5J$H'1>8-.$S4$F#+.1%9$T4H49$!"#$QJGB$O'.%/-/8/-'.$')$/"#$V#(823-&$')$/"#$U"-3-((-.#%D$7$O',,#./1+;9$RQM$W5NNJ$X0-/-'.Y&MN$+638&MQ$+638$(1:#$RNM$M5$+638&

• E)$(+'(#+/;$-%$/1L#.$2#)'+#$&',(#.%1/-'.$-%$:-@#.$'+$0#('%-/#0$/'$&'8+/9$/"#$)-.13$&',(#.%1/-'.$,8%/$-.&380#$-./#+#%/%$'.$-/%$=8%/$@138#9$/'$2#$&',(8/#0$)+',$ /"#$ /-,#$ (+'(#+/;$*1%$ /1L#.$ /'$ /"#$ /-,#$ &',(#.%1/-'.$ -%$ :-@#.$ '+$0#('%-/#0$*-/"$/"#$&'8+/4MM$$

C'+$(8+('%#%$')$#./+;$-./'$/"#$(+'(#+/;$2#)'+#$)833$(1;,#./9$V474$BQ6N$ZQN$+#>8-+#%$1$0#('%-/$*-/"$/"#$&'8+/$')$1/$ 3#1%/$Q[\$')$)1-+$,1+L#/$@138#$')$(+'(#+/;$21%#0$'.$/"#$&8++#./$/1<$0#&31+1/-'.$')$/"#$(+'(#+/;4MR$

• ].0#+$V474$GJBR9$ -.$ -.)+1%/+8&/8+#$(+'=#&/%9$ /"#$:'@#+.,#./$,8%/$,1L#$1$0-+#&/$(1;,#./$')$/"#$(+'))#+#0$@138#$')$/"#$(+'(#+/;$2#)'+#$ -/$&1.$#./#+$1.0$#<#+&-%#$(+'(+-#/1+;$+-:"/%4M[$

H8%/$1%$/"#$O'.%/-/8/-'.$0'#%$.'/$+#>8-+#$(+-'+$&',(#.%1/-'.9$.#-/"#+$0'#%$-/$%(#&-);$/"1/$&',(#.%1/-'.$2#$-.$,'.#;4$^"1/$-%$0'#%$+#>8-+#$-%$=8%/$&',(#.%1/-'.4M6$

• A1*%$ *"-&"$ 1//#,(/$ /'$ )-<$ =8%/$ &',(#.%1/-'.$ *#+#$ 0#&31+#0$8.&'.%/-/8/-'.134$

_138#$ ,8%/$ 2#$ 0#/#+,-.#0$ 1/$ /"#$ /-,#$ ')$ /"#$ )-3-.:$ ')$ /"#$ &',(31-./$ )'+$#<(+'(+-1/-'.$WZR9$V83#$6B9$V83#%$')$O'8+/Y4MB$

• C-3-.:$')$/"#$&1%#$8%8133;$&'-.&-0#%$*-/"$/"#$/1L-.:$')$/"#$(+'(#+/;4MG$• X<&#(/-'.$P$*"#.$)-3-.:$')$/"#$&1%#$&',#%$31/#+$1.0$(+'(#+/;$@138#$:+'*%$

08#$ /'$8%#$#<(+'(+-1/'+$(8/$ -/$ /'9$(+'(#+/;$%"133$2#$@138#0$1/$ /"#$ /-,#$')$/"#$#1+3-#+$/1L-.:4MJ$

ZR9$7+/-&3#$`EEE$')$QJGB$O'.%/-/8/-'.$,1.01/#%$/"#$0-%/+-28/-'.$')$1:+-&83/8+13$ 31.0%$%82=#&/$/'$(1;,#./$')$=8%/$&',(#.%1/-'.4RN$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

$

MM$+638$(1:#$RNM$MR$+638&M[$+638&(1:#$RN[$M6$+638&(1:#$RNJ$MB$H'1>8-.$S4$F#+.1%9$T4H49$!"#$QJGB$U"-3-((-.#$O'.%/-/8/-'.D$7$O',(+#"#.%-@#$V#@-#*#+9$QN[$W5NQQ$X0-/-'.Y$MG$+638&MJ$+638&RN$H'1>8-.$S4$F#+.1%9$T4H49$!"#$QJGB$O'.%/-/8/-'.$')$/"#$V#(823-&$')$/"#$U"-3-((-.#%D$7$O',,#./1+;9$RQ5$W5NNJ$X0-/-'.Y$

Page 109: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

658!

• !"#$%&#'()*+ (,-./+ /%+ 01)/+ 2%34'#)"/,%#+ ).%15$+ 6'+ 6"5"#2'$+ &,/.+ /.'+41(4%)'+%7+"-("(,"#+('7%(389:+

;%#2'4/+%7+01)/+2%34'#)"/,%#+"5)%+,#251$')+4"<3'#/+&,/.,#+"+('")%#"65'+/,3'+7(%3+,/)+/"=,#-89>+

9(0'"')*!-./'.+!

?.'+ 7%55%&,#-+")4'2/)+%7+ /.'+'@'(2,)'+%7+ /.'+4%&'(+%7+'3,#'#/+$%3",#+."A'+6''#+)160'2/'$+/%+01$,2,"5+('A,'&9BC+

• D$'E1"2<+%7+/.'+2%34'#)"/,%#+• F'2')),/<+%7+/.'+/"=,#-+• GH165,2+1)'I+2."("2/'(+%7+/.'+41(4%)'+%7+/.'+/"=,#-+

?.(''+2%33,)),%#'()+"('+"44%,#/'$+/%+A,'&+/.'+4('3,)')+"#$+"))'))+/.'+$"3"-')+/%+6'+4",$+7%(+/.'+2%#$'3#"/,%#8+

• J1$,2,"(<+ 2"#+ )/,55+ 2."#-'+ %(+ 3%$,7<+ /.'+ ('4%(/+ %7+ /.'+ 2%33,)),%#'()+ 6<+,#2('"),#-+ %(+ $'2('"),#-+ /.'+ "3%1#/+ ,7+ 7"2/)+ %7+ /.'+ 2")'+ 01)/,7<+ )12.+2."#-'899+

K.'#+'@4(%4(,"/,%#+,)+$%#'+#%/+$,('2/5<+6<+/.'+5'-,)5"/,A'+"1/.%(,/<+61/+6<+"#%/.'(+-%A'(#3'#/+ "-'#2<+%(+ 6<+ "+31#,2,4"5+ 2%(4%("/,%#+ "#$+ ,#+ A,(/1'+%7+ "#+ "1/.%(,L,#-+)/"/1/'+&.,2.+ #',/.'(+ )4'2,7,')+ /.'+ 41(4%)'+ %7+ /.'+ /"=,#-+ #%(+ /.'+ 4(%4'(/<+ /%+ 6'+/"='#M+ /.'('+ ).%15$+6'+#%+$%16/+61/+ /."/+ /.'+2%1(/)+31)/+ 2%3'+ ,#+ /%+4'(7%(3+ ,/)+$1/<+%7+'#7%(2,#-+/.'+4(%A,),%#+%7+/.'+;%#)/,/1/,%#89N+

• ?.'+ #'2')),/<+ %7+ /"=,#-+ ,)+ "+ E1')/,%#+ %7+ 7"2/+ /."/+31)/+ 6'+ ')/"65,).'$+ 6<+4(%4'(+'A,$'#2'89O+

• ?.'+ 2%1(/)+ 2"#+ 5%%=+ ,#/%+ /.'+ 4165,2+ 2."("2/'(+ %7+ /.'+ 41(4%)'+ %7+ /.'+-%A'(#3'#/+"-'#2,')+%/.'(+/."#+/.'+5'-,)5"/1('89P+

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

+

9:+!"#$%9>+!"#$%9B+!"#$+4"-'+9>O+99+!"#$+9N+!"#$%4"-'+9>P+9O+!"#$+4"-'+9>Q+

?.'+ 4(,#2,45'+ %7+ &'(% )*"+,-.-+ $%')+ #%/+ "445<+ /%+ /.'+ (,-./+ %7+ /.'+ )/"/'+ /%+ '@'(2,)'+'3,#'#/+$%3",#8++

• /'(%)*"+,-.-%"445,')+/%+)4'2,7,2+,))1')+$'2,$'$+,#+"+4('A,%1)+2")'+R'8-8M+7,#"5+01$-3'#/+ $,)3,)),#-+ '@4(%4(,"/,%#+ 6'2"1)'+ /.'('+ &")+ #%+ 4(,%(+ %77'(M+"#%/.'(+)1,/+2"##%/+6'+(",)'$+7%(+/.'+)"3'+,))1'S8+T%&'A'(M+,/+2"##%/+)/%4+/.'+ )/"/'+ 7(%3+ '@'(2,),#-+ ,/)+ 4%&'(+ %7+ '3,#'#/+ $%3",#+ %A'(+ /.'+ )"3'+4(%4'(/<+ R'8-8M+ 2%345<,#-+ &,/.+ /.'+ ('E1,('3'#/+ %7+ 4(,%(+ %77'(+ 7(%3+ /.'+4('A,%1)+'@"345'S89Q+

!

.:;-#;-')&'#$!#1!3($'"';)*!;-#;.-&2!

U(%3+0&12+3,'%14%5-671-38-%"'9%:1&.'%2#%;+.<%14%5-671-38-C+

• V7+/.'+4(%4'(/<+,)+%&#'$+6<+/.'+31#,2,4"5,/<+,#+,/)+4165,2+"#$+-%A'(#3'#/"5+2"4"2,/<M+/.'+4(%4'(/<+,)+4165,2+"#$+;%#-('))+.")+"6)%51/'+2%#/(%5+%A'(+,/8+V7+/.'+ 4(%4'(/<+ ,)+ %&#'$+ ,#+ ,/)+ 4(,A"/'+ %(+ 4(%4(,'/"(<+ 2"4"2,/<+ /.'#+ ,/+ ,)+4"/(,3%#,"5+"#$+;%#-('))+.")+#%+"6)%51/'+2%#/(%58+?.'+31#,2,4"5,/<+2"##%/+6'+$'4(,A'$+%7+,/+&,/.%1/+$1'+4(%2'))+"#$+4"<3'#/+%7+01)/+2%34'#)"/,%#89W+

D(/,25'+9>B+"#$+9>9+%7+/.'+;,A,5+;%$'C+

=&.#%>?@#%AB'%C&1C'&.<%14%C&12+3,'($%,+.+'(%-3"%6*3+,+C-9+.+'(%+(%"+2+"'"%+3.1%C&1C'&.<%41&%C*79+,%*('%-3"%C-.&+613+-9%C&1C'&.<#%

=&.#%>?>#%0&1C'&.<%41&%C*79+,%*('$%+3%.B'%C&12+3,'($%,+.+'(%-3"%6*3+,+C-9+.+'($%,13(+(.%14%.B'%C&12+3,+-9%&1-"($%,+.<%(.&''.($%6*3+,+C-9%(.&''.($%.B'%(D*-&'($%41*3.-+3($% C*79+,%E-.'&($% C&16'3-"'(% -3"% C*79+,%E1&F(% 41&% C*79+,% ('&2+,'%C-+"%41&%7<%(-+"%C&12+3,'($%,+.+'(%1&%6*3+,+C-9+.+'(#%

=99% 1.B'&% C&1C'&.<% C1(('(('"% 7<% -3<% 14% .B'6% +(% C-.&+613+-9% -3"% (B-99% 7'%812'&3'"%7<%.B+(%;1"'$%E+.B1*.%C&')*"+,'%.1%.B'%C&12+(+13(%14%(C',+-9%9-E(#%

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

+

9P+!"#$%4"-'+9>W+9Q+!"#$%4"-'+9B>+9W+!"#$%4"-'+99X+

Page 110: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

665!

!"#$%&%$#'"()#*$+$),'-'.),/0$)&%/-'+'/"+)'")!"#$%!&'(%)*%+,-,.,1)#*$)23&%$4$),/3%#)*$.05)

6*$)#$%4)7&38.'9):/%;+) </%)&38.'9)+$%-'9$=)43+#)8$) '"#$%&%$#$01) </../:'"()#*$)&%'"9'&.$)/<)"/$01"2%3"4"5&01) '")#*$)9/"9$&#)/<)#*$)&%/9$$0'"():/%0+1)7&%/-'"9'>.)%/>0+1)9'#?)+#%$$#+1)43"'9'&>.)+#%$$#+1)+@3>%$+1)</3"#>'"+1)&38.'9):>#$%+)>"0)&%/4$">0$+=):*'9*)>%$)3+$0)<%$$.?)8?)>..1):'#*/3#)0'+#'"9#'/"A)B$"9$1)'<)#*$)&38.'9):/%;+)'+)"/#)</%)<%$$)&38.'9))+$%-'9$1)'#)'+)"/#):'#*'")#*$)&3%-'$:) /<) #*$) <'%+#) &>%>(%>&*1) 83#) #*$) +$9/"0) &>%>(%>&*) /<) C%#'9.$) DED1)>"0)9/"+$@3$"#.?1)&>#%'4/"'>.)'")9*>%>9#$%AFG)

!<)#*$)&%/&$%#?)'+)0$-/#$0)#/)(/-$%"4$"#>.)&3%&/+$+).';$)./9>.)>04'"'+#%>#'/"1)&38.'9)$039>#'/"1) &38.'9) *$>.#*1) $#9A1) #*$) &%/&$%#?) '+) "/#) &>#%'4/"'>.) $-$") '<) '#) '+) "/#)'"0'+9%'4'">#$.?)/&$")#/)#*$)&38.'9AFH)

.89-#9-')&'#$!42!3($'"'9)*!:#/.-$3.$&!

I/:$%)/<)$4'"$"#)0/4>'") '+)('-$")#/) ./9>.)(/-$%"4$"#+)8?)#*$)J/9>.)K/-$%"4$"#),/0$A)

L$@3'+'#$+)</%)$M$%9'+$)/<)&/:$%)8?)./9>.)(/-$%"4$"#+FE5);97<#*=!

HA !#)43+#)8$)</%)>38.'9)3+$)EA N'#*)?3+#)9/4&$"+>#'/")OA C<#$%)>)->.'0)@<<$%)DA P3+#)8$)0/"$)/")#*$)+#%$"(#*)/<)>)A$('+.>#'-$)>9#)/<)#*$)./9>.)(/-$%"4$"#1)

#*>#)'+1)>")/%0'">"9$A)o !#)9>""/#)8$)0/"$)4$%$.?)/")#*$)+#%$"(#*)/<)>)%$+/.3#'/"A)

L3.$+)#/)8$)</../:$0)/")$M&%/&%'>#'/")8?)./9>.)(/-$%"4$"#+)3"0$%)QHR)/<)#*$)J/9>.)K/-$%"4$"#),/0$)SLACA)THUGVFO5)

• W%0'">"9$) '+) $">9#$0)8?) #*$) ./9>.) .$('+.>#'-$) 9/3"9'.) >3#*/%'X'"() #*$) ./9>.)9*'$<)$M$93#'-$1)'")8$*>.<)/<)#*$)JKYA)

)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))

)

FG)61*1)&>($)DDH)FH)61*7%FE)61*7%&>($)DDE)FO)61*7%&>($)DDO)

• I/:$%)/<)$4'"$"#)0/4>'")'+)$M$%9'+$0)</%)&38.'9)3+$1)&3%&/+$)/%):$.<>%$1)/%)</%)#*$)8$"$<'#)/<)#*$)&//%)>"0)#*$).>"0.$++A)

• 6*$%$)'+)&>?4$"#)/<)Z3+#)9/4&$"+>#'/")• C)->.'0) >"0)0$<'"'#$)/<<$%) *>+)8$$")&%$-'/3+.?)4>0$) #/) #*$)/:"$%)/<) #*$)

&%/&$%#?)+/3(*#)#/)8$)$M&%/&%'>#$01)83#)/<<$%):>+)"/#)>99$&#$0A)

W#*$%).'4'#>#'/"+)/")#*$)$4'"$"#)0/4>'")&/:$%+)/<)./9>.)(/-$%"4$"#+FD5)

• 6*$)/%0$%)/<)&%'/%'#?)'")>9@3'%'"().>"0)</%)+/9'>.'X$0)*/3+'"(A)o I%'->#$) .>"0+) %>";) .>+#) '") /%0$%) /<) &%'/%'#?) </%) &3%&/+$+) /<)

+/9'>.'X$0)*/3+'"(A)• 6*$)%$+/%#)#/)$M&%/&%'>#'/")&%/9$$0'"(+)>+)>)4$>"+)#/)>9@3'%'"()+/9'>.'X$0)

*/3+'"(A)o [M&%/&%'>#'/") &%/9$$0'"(+) 4>?) 8$) %$+/%#$0) #/) /".?) ><#$%) #*$)

/#*$%)4/0$+)/<)>9@3'+'#'/")>%$)$M*>3+#$0A) )

)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))

)

FD)\/>@3'")KA)]$%">+1)6*$)HR^T)I*'.'&&'"$),/"+#'#3#'/"5)C),/4&%$*$"+'-$)L$-'$:$%1)HGO)SEGHH)[0'#'/"VA)

Page 111: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

666!

"89:!$;<=:>! "89:!$8<:! 18?@9A'99;:! -8@BCAD:EF!

6!

!"#$%&$'%()**+%,-).#"/)0%12%3,%!

"#$%$%&'#(! #)*(&*(%+$#,! $-#! *(&*#($.! &/! (#0*&',#'$!1+(%+! 2(%0$%'+! 3#($%4%5#(! 612327! 89$! 4+$$#(! (#/90#,! $-#!:&;*#'0+$%&'<! =9(%'>! $-#! $(%+4?! $-#! 0$+$9$&(.! $#(;! &/!*#$%$%&'#(! #)*%(#,<!1232! :&'$#',0! $-+$! 8#:+90#! &/! $-#!#)*%(+$%&'?! @AB! '&! 4&'>#(! -+0! C9(%,%:+4! *#(0&'+4%$.<! @AB!(#D9#0$#,! $-#! E#*984%:! &/! $-#! "-%4%**%'#0! $&! 0980$%$9$#?!8+0#,!&'!+'!FG@!/(&;!"(#0<!BD9%'&<!!!

A2!(#;+',#,!:+0#?!H%$-!E#*984%:!+0!0980$%$9$#!$&!@AB<!@AB?!+0!+!'&'I%':&(*&(+$#,!+>#':.?!%0!'&$!J#0$#,!H%$-!+!,%0$%':$!C9(%,%:+4!*#(0&'+4%$.<!K-#!*&H#(!&/!#;%'#'$!!!!!

,!

4*5-6+/7%12%8'&2%'*%3&9)*+1/%!!

E#0*&',#'$!$#(;%'+$#,!:&'$(+:$!+',!(#D9#0$#,!B%(!3&(:#!$&! J+:+$#! -#(! *(&*#($.! H-%:-! 4+$$#(! *(#J%&904.! 4#+0#,<!"#$%$%&'#(! ,%,! '&$! J+:+$#! *(#;%0#0! H-%:-! :&;*#44#,!*#$%$%&'#(! $&! /%4#! #C#:$;#'$! :+0#<! ! "#$%$%&'#(! /%4#,! /&(!#)*(&*(%+$%&'!&/!(#0*&',#'$!*(&*#($.<!"+($%#0!+(>9#!+0!$&!:&((#:$! *(%:#! *#(! 0D9+(#! ;#$#(! +0! 8+0%0! /&(! $-#!:&;*#'0+$%&'<!

A2!0$+$#,!$-+$!LMNM!*(%:#0!6.#+(!&(!#)*(&*(%+$%&'7!H%44!+**4.<! "#$%$%&'#(! (#'$#,! $-#! *(&*#($.! 0%':#! LMOP?!H-%:-!0-&H#,!$-+$!$-#.!,%,!'&$! %'$#',!$&!&::9*.!$-#!*(&*#($.! *#(;+'#'$4.<! E#0*&',#'$! +40&! H+0! '&$!,#*(%J#,!&/! $-#!8#'#/%$0!&/! $-#!*(&*#($.!+0!*#$%$%&'#(!(#>94+(4.!*+%,!+',!(#'#H#,!%$0!4#+0#<!

G!

:(%12%3&-960%!!

E#0*&',#'$0! &H'#,! +! :-%:Q#'! /+(;! +',! -&90#! '#+(! +'!+%(*&($<!K-#%(!*(&*#($.!H+0!,%(#:$4.!8#4&H!$-#!>4%,#!*+$-!$&! $-#! (9'H+.<! K-#! >&J#(';#'$! 4#+0#,! +',! ;%4%$+(.!+%(:(+/$! 90#,! $-#! +%(*&($<! K-#! *(&,9:$%&'! &/! $-#! :-%:Q#'!/+(;! ,(&**#,! ,9#! $&! $-#! '&%0#! ;+,#! 8.! $-#! ;%4%$+(.!*4+'#0<!2&9($!&/!24+%;0!/&9',!$-+$!>&J#(';#'$!-+,!$+Q#'!#+0#;#'$!&/!*(&*#($.<!

A2!(#J#(0#,!,#:%0%&'!0$+$%'>!$-+$!$-#!RA!-+,!$+Q#'!$-#!*(&*#($.! &/! (#0*&',#'$! H%$-%'! N$-! +;#',;#'$<! K-#!/4%>-$0! %'! D9#0$%&'! +(#! H#44! 8#4&H! $-#! '+J%>+84#!+%(0*+:#!*(&J%,#,!8.!$-#!2%J%4!B#(&'+9$%:0!B:$<!2+0#!%0!(#;+',#,! $&!2&9($!&/!24+%;0! $&!,#$#(;%'#!J+49#!+',!,9(+$%&'!&/!#+0#;#'$<!

H!

;*#5+*%12%<&=&"'#%!!

E#0*&',#'$0! H#(#! :&'J%:$#,! /&(! J%&4+$%'>! +'! &(,%'+':#!$-+$! *(&-%8%$#,! $-#! :&'0$(9:$%&'?! H%$-&9$! *#(;%$! &/! $-#!;+.&(?!&/!+!89%4,%'>! $-+$!84&:Q#,!$-#!J%#H!&/! $-#!*984%:!*4+5+<! E#0*&',#'$0! D9#0$%&'! $-#! J+4%,%$.! &/! $-#!&(,%'+':#<!

A2! -#4,! $-+$! &(,%'+':#! %0! J&%,<! @$! *#(;+'#'$4.!,#*(%J#,! (#0*&',#'$0! $-#! (%>-$! $&! 90#! $-#%(! *(&*#($.!+',! +;&9'$! $&! $+Q%'>! &/! $-#! *(&*#($.! H%$-&9$! C90$!:&;*#'0+$%&'<!

I!

4*5-6+/7%12%;>?@%!!

SGK! (#'$#,! $-#! $(9'Q! 4%'#0! &/! "F=K! $&! 0#$9*! +! >&JT$!$#4#*-&'#! 0.0$#;<! SGK! $-#'! #'$#(#,! %'$&! +! C&%'$!&J#(0#+0! $#4#*-&'#! 0#(J%:#! :&'$(+:$! H%$-! E2B!2&;;9'%:+$%&'0<! "F=K! :&;*4+%'#,! $-+$! $-#! $(9'Q! 4%'#0!H#(#! 8#%'>! 90#,! 8.! $-#! *984%:! %'! :&;*#$%$%&'! $&! $-#%(!890%'#00<! "F=K! 0980#D9#'$4.! ,%0:&''#:$#,! $-#! $(9'Q!4%'#0<!SGK!/%4#,!+!09%$!+>+%'0$!"F=K!$&!#)#:9$#!+!:&'$(+:$!/&(!$-#!90#!&/!$-#!$(9'Q!4%'#0<!

@'! #)#(:%0#! &/! #;%'#'$! ,&;+%'?! $-#! *#$%$%&'#(! ;+.!(#D9%(#! "F=K! $&! *#(;%$! %'$#(:&''#:$%&'! &/! $-#! >&JT$!$#4#*-&'#! 0.0$#;<! K-#! 0$+$#! ;+.! :&;*#4! +! *984%:!9$%4%$.! $&! (#',#(! 0#(J%:#0! %'! $-#! %'$#(#0$!&/! $-#!*984%:?!*(&J%,#,!C90$!:&;*#'0+$%&'!%0!*+%,<!

J!

;*$$%3*$)"&+%12%A*B%C#"D%3/)0%!!

"#''!2#'$(+4!#'$#(#,!%'$&!+!:&'$(+:$!$&!89%4,!+!NNI0$&(#.!&//%:#!89%4,%'>!&'!$&*!&/!$-#!U(+',!2#'$(+4!K#(;%'+4<!K-%0!H+0!,%0+44&H#,!,9#!$&! $-#!F+',;+(Q0!"(#0#(J+$%&'!F+H?!H-%:-! *(#0#(J#,! -%0$&(%:! 4+',;+(Q0! 4%Q#! $-#! U(+',!

RA!A2!-#4,!$-+$!:&;*#'0+$%&'!%0!'&$!'#:#00+(.!+0!$-#!*(&-%8%$%&'! H+0! 8+0#,! &'! +! 0980$+'$%+4! >&J#(';#'$!%'$#(#0$!+',!$-+$!$-#!*(%;+(.!*9(*&0#!&/!$-#!*(&*#($.?!+0!+!$#(;%'+4?!H+0!'&$!,%0(9*$#,<!K-#!&'4.!*(&-%8%$%&'!

Page 112: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

66,!

!"#$%&'( )"%*+#&',( -"##( !"#$%&'( &%./"0( $1&$( $1+0(23#0$+$/$"0( $&4+#.( 35( 6%+7&$"( 6%36"%$8( &0( $1"8( &%"( #3$(&9'"($3(/0"($1"(&+%06&2"(&937"(:%&#;(!"#$%&',(

<&0( $1"( 23#0$%/2$+3#( 35( $1"( 9/+';+#.( 3#( $36( 35( $1"($"%*+#&',(

8!

!"#"$%&'()*(+",--,-%!((

=>?( "@6%36%+&$";( $1"( 6%36"%$8( 35( 6"$+$+3#"%0( &#;(;"630+$";( 23*6"#0&$+3#( 9&0";( 3#( 5&+%( *&%4"$( 7&'/"( &0(%"A/+%";( 98( -B( CDDE,( F"063#;"#$( G/;."( +00/";( $1"("@6%36%+&$+3#( 3%;"%(<+$13/$( 1"&%+#.( 0+;"( 35( 6"$+$+3#"%0,(-"$+$+3#"%0( 21&''"#."( $1"( 23#0$+$/$+3#&'+$8( 35( -B( CDDE(&#;(3%;"%0(35(%"063#;"#$(H/;."(&#;(2'&+*($1&$(032+&'+I";(13/0+#.(+0(#3$(53%(6/9'+2(6/%630",(

)1"(2&0"(+0(%"*&#;";($3('3<"%(23/%$($3(;"$"%*+#"(H/0$(23*6"#0&$+3#,( -/9'+2( /0"( 1&0( &#( "@6&#;";( 0236"J(<1+21( 237"%0( 032+&'( 3%;"%( &#;( '&#;( %"53%*,( -3<"%( 35("*+#"#$( ;3*&+#( +0( #3$( %"0$%+2$";( $3( '&%."( 6%36"%$+"0,(=>?( */0$( 23#0+;"%( +#;+7+;/&'( 6%+2+#.( 5&2$3%0( $3(;"$"%*+#"( H/0$( 23*6"#0&$+3#( 53%( 6%36"%$8,( B/"(6%32"00( <&0( #3$( .+7"#( <1"#( 6"$+$+3#"%( <&0( ;"#+";(3663%$/#+$8($3(21&''"#."(7&'/&$+3#,(

9!

./0$0110&,(2%$"#304&()*(5%&*(.4&06(((

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

F"7+0";( !1&%$"%( 35( L&#+'&( 6%37+;"0( &/$13%+$8( $3(M23#;"*#( 6%+7&$"( 6%36"%$8( 53%( 6/9'+2( /0"N( &#;( M$3(&2A/+%"( 6%+7&$"( '&#;( &#;( 0/9;+7+;"( $1"( 0&*"( +#$3(13*"( '3$0( 53%( 0&'"( 3#( "&08( $"%*0( $3( 2+$8( %"0+;"#$0N,(()1"( 0+I"( 35( $1"( 6%36"%$8( "@6%36%+&$";( O1&'5( 1"2$&%"(3#'8P(;3"0(#3$(*"&#($1&$(+$(2&#(#3('3#."%(9"(53%(6/9'+2(/0",(-/9'+2(/0"(&'03( +#2'/;"0( +#;+%"2$(6/9'+2(9"#"5+$(3%(&;7&#$&."J(237"%+#.(/%9&#(13/0+#.(&#;('&#;(%"53%*,(

:!

74894&()*(:";9";(!(

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

K$&$/"(35!S%&/;0(<+''(#3$(&66'8(0+#2"($1"%"(<&0(&'%"&;8(6&%$+&'(6"%53%*&#2"(<1"#(6&8*"#$(<&0(*&;",(L!R??(#"";0($3(%"$/%#(6%36"%$8(<1+'"(%"063#;"#$0(%"$/%#($1"(23*6"#0&$+3#( %"2"+7";( 53%( $1"( '3$J( <+$1( +#$"%"0$,(F"063#;"#$0(&'03(%"+*9/%0"("@6"#0"0(53%(*&+#$&+#+#.($1"('3$,(!&0"(%"*&#;";($3(F)!($3(;"$"%*+#"(&*3/#$0($3(9"(6&+;,(

65!

209<(%=(74&0$4()*(>69-4;4(!(

-"$+$+3#"%(<&#$";($3("@6%36%+&$"(6%36"%$8(35(%"063#;"#$($3( "%"2$( &( #"<( *&%4"$,( !3**+00+3#"%0( &663+#$";( $3(&00"00(6%36"%$8(6%+2";(+$(&$(-DT(6"%(0A,(*(9/$('3<"%(23/%$(%";/2";(+$($3(-CU,(((

K!(%";/2";(+$($3(-CT(9&0";(3#(0&'"0(35(3$1"%(6%36"%$+"0(03';(+#($1"(&%"&(&#;(3$1"%("7+;"#2"(6%3;/2";,(K!(&'03(1"';($1&$(6%36"%$+"0(03';(<+$1+#($1"(7+2+#+$8(0/9H"2$($3("*+#"#$( ;3*&+#( 6%32"";+#.0( &%"( #3$( &;*+00+9'"(9"2&/0"(+$(;3"0(#3$(%"6%"0"#$(5&+%(*&%4"$(7&'/",(((

66!

74;"#34()*(+!?!!

!(

-"$+$+3#"%(<3#(&( 53%"2'30";(6%36"%$8( 5%3*(&(:KRK(6/9'+2(9+;;+#.,( >"( 355"%";( $3( 6&8( /0+#.( Q&#;( V&#4( 93#;0(&2A/+%";(5%3*($1"(.37"%#*"#$,((:KRK(&.%"";(0/9H"2$($3(&(CWX(;+023/#$(35( $1"(93#;(%&$"(/63#(*&$/%+$8,(:KRK( 0&+;($1&$( &22"6$+#.( $1"( 93#;0( <+''( +*6&+%( +$0( 03'7"#28,(

:KRK( +0( 3%;"%";( $3( &22"6$( 93#;0( &$( 5&2"( 7&'/",( )1"(93#;0( &%"( 5/''8( #".3$+&9'"( &#;( /#23#;+$+3#&''8(./&%&#$"";( 98( $1"( F"6/9'+2,( B+023/#$+#.( $1"( 93#;0(<+''(+*630"(&#(&;;+$+3#&'(9/%;"#($3($1"(9"&%"%,(

Page 113: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

668!

!"#$#$%&"'( )'*+",( #-)#( ./0/( 1-%+2,( )33"4#( #-"( 5%&,1( )#(6)3"(7)2+"8(

6,!

!"#$"%&'(&)*+,--.&

!(

9"14%&,"&#( 4'%4"'#:( ;)1( "<4'%4'$)#",( 6%'( #-"( =)-+*(>$'4%'#(;$#-()('"1%2+#%':(3%&,$#$%&(#-)#(4'%4"'#:(;$22(5"('"#+'&",( #%(%;&"'(%&3"( $#( $1(&%( 2%&*"'(+1",( 6%'()$'4%'#8(!'%4"'#:( ;)1( 2")1",( #%( ?!@A( 6%'( BC( :")'1( )&,('"14%&,"&#('"D+"1#",(6%'('"3%&7":)&3"8(

/E(-"2,(#-)#(4"#$#$%&"'1(1-%+2,('"3%&7":(4'%4"'#:()&,(4):( '"&#)21( 1#)'#$&*( 6'%F( ,)#"( '"14%&,"&#( 6$2",( 6%'('"3%&7":)&3"8( !"#$#$%&"'( )*"&3$"1( ;"'"( '"D+$'",( #%(4):( '"&#( ,"4"&,$&*( %&( 4'%F+2*)#$%&( %6( 2);1( #-)#()11$*&",('"14%&1$5$2$#:(%6(#-"("<4'%4'$)#",(4'%4"'#:(#%(#-"F8(

68!

/,&0%,#1$&'(&2"3$45$"!

!(

>(42)&(#%("<#"&,(GH/>(#-'%+*-(E+&"#)(>7"&+"(;)1(F),"(5:( ?!@A8( I-$1( 42)&( ;)1( 3-)&*",( )&,( ;%+2,( &%;( 3+#(#-'%+*-( 4"#$#$%&"'J1( 4'%4"'#:8( !"#$#$%&"'( 6$2",( )( 3)1"( #%("&K%$&( '"14%&,"&#1( 6'%F( $F42"F"&#$&*( &";( 42)&L( 5+#('"14%&,"&#(K+,*"(,"3$,",($&(6)7%'(%6(#-"(*%7"'&F"&#8(

M+,*"( )3#",( ;$#-( *')7"( )5+1"( %6( ,$13'"#$%&8( /E(6%22%;",( #-"( '"3%FF"&,)#$%&1( %6( #-"( A+F)&(/"##2"F"&#(E%FF$11$%&(#-)#(6)7%'",(#-"(%'$*$&)2(42)&8(I-"( %'$*$&)2( 42)&( -),( )( 1#')$*-#"'( 1#'+3#+'"( )&,( 2"11('"1$,"&#1(;"'"()66"3#",8(

69!

6,738-4#&'(&/,&0%,#1$&

!(

N%22%;$&*( #-"( 3)1"( %6( !"# $%"&'(# )*# +,-(./(,L( O)#)1)&*(!)F5)&1)( 4)11",( O!PQR( "<4'%4'$)#$&*( 4'%4"'#$"1($F4)3#",( 5:( &";( 42)&( #%( "<#"&,( GH/>8( 9"14%&,"&#()44")2",(3)1"(;-$3-(E>(*')&#",(3$#$&*(#-"(4'"7$%+1(3)1"8(

G&)3#F"&#(%6(O!PQR( $1(4'%4"'(*'%+&,(6%'(,$1F$11)2(%6("<4'%4'$)#$%&( 3)1"8( 0#( "66"3#$7"2:( 1+4"'1",",( ,"3$1$%&($&( !"# $%"&'(# )*# +,-(./(,8( /%3$)2( $F4)3#( %6( 42)&(,$1)44")'",( ;-"&( 9"4+52$3( )3D+$'",( SCT( 4'%4"'#$"1($&7%27",8(

6:;!

9"#4,%:"&;3454$"&<%#(&'(&=>6?&@!"4%&/,#454.%A!

!(

>6#"'( F)'#$)2( 2);L( 4"#$#$%&"'( I>HGEU( ;)1( %',"'",( #%(1"#+4( )( 1#%3V( ,$1#'$5+#$%&( 42)&( 6%'( 6)'F"'1( %6( -)3$"&,)8((A=0( 3%&7"'#",( 1"3#$%&1( %6( -)3$"&,)( 6%'( ,$66"'"&#(4+'4%1"18( !"#$#$%&( 6$2",( #%( '"7%V"( #-"( 1#%3V( ,$1#'$5+#$%&(%4#$%&()*'""F"&#L( )&,(H>9( '"3%FF"&,",( #-)#( /HU(5"(3)&3"22",( )&,( 2)&,1( 5"( 42)3",( +&,"'( 3%F4+21%':(3%7"')*"(%6(E>9!8(

=)&,(#')&16"''",(#%(*%7"'&F"&#(6%'(/EIGW($1("<32+,",(6'%F(3%F4+21%':()*')'$)&('"6%'F(3%7"')*"()1(#-$1(;)1("<"'3$1",( #-'%+*-( *%7"'&F"&#( 4%;"'( %6( "F$&"&#(,%F)$&8(A=0( $1("&#$#2",( #%( K+1#( 3%F4"&1)#$%&( #-)#(;$22(5"(#')&16"''",(#%(H>9(6%'(,$1#'$5+#$%&(#%(6)'F"'18(H)#"(%6(#)V$&*($1(;-"&(!>9E()44'%7",(#-"(1#%3V(,$1#'$5+#$%&(42)&8(

6:<!

9"#4,%:"&;3454$"&<%#(&'(&=>6?&@6,5.-3$4.%A&

!&

?+2#$42"(F%#$%&1(6$2",(5:(5%#-(4)'#$"1(%&(1"7"')2( $11+"1X(YZ[( )442$3)5$2$#:( %6( %4"')#$7"( 6)3#( ,%3#'$&"\( YB[(3%&1#$#+#$%&)2$#:( %6( ]PZ( %6( E%F4'"-"&1$7"( >*')'$)&(9"6%'F(=);\( YP[(H"#"'F$&$&*( K+1#(3%F4"&1)#$%&( 6%'(A=0\(YQ[( 1)2"( #%( P',( 4)'#$"1( %6( 2)&,( 5:( 5"&"6$3$)'$"1( YQ[(7$%2)#$%&1(%6(A=0()1(*'%+&,1(6%'('"7%3)#$%&(%6(/H!(

U4"')#$7"(6)3#(,%3#'$&"()442$3)52"\(3%&1#$#+#$%&)2$#:(%6(]PZ( 9>( ^^C_( &%#( 3'$#$3)2( #%( '"1%2+#$%&( %6( 3)1"\(3%&7"'1$%&(%6()*'$3+2#+')2(2)&,1($1(7)2$,8(A=0("&#$#2",(#%(K+1#(3%F4"&1)#$%&(6%'(2)&,(#')&16"''",(#%(H>9(1#)'#$&*(6'%F(`%7"F5"'(BZL(ZaSa(;-$3-($1(#-"(,)#"(%6($11+)&3"(%6(!>9E(9"1%2+#$%&8(/E()21%()66$'F",('"7%3)#$%&(%6(/H!(5)1",( %&( 7$%2)#$%&1( %6( A=08( U4#$%&( 6%'( 6)'F"'1( #%('"F)$&()1(1#%3V-%2,"'1(%6(A=0($1('"7%V",8(

(

(

! !

Page 114: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

668!

%9:;<=>!65?!!

$#!*)+!'3@)'-'$A!&B.!#4*'A)&'#$!#1!"#$&-)"&%!%B)**!4.!@)%%.0?!!

"#$%!!"#$"%&'(&)*+,-".&

&'(! )*+! #()*,-./! ,$! ,'(! $0)-/*,-$.! $1! 2$.,#*2,3! 4$(3! .$,! 5#$'-0-,! (6(#7!2'*./(! -.! (8-3,-./! )*+39! &$! 1*))! +-,'-.! ,'(! 5#$'-0-,-$.! ,'(! 2'*./(! %:3,!-%5*-#!,'(!$0)-/*,-$.!$1!,'(!(8-3,-./!2$.,#*2,;!*.4!,'(!-%5*-#%(.,!%:3,!0(!3:03,*.,-*)9<<!

"#$%!/+01*-#&'(&2*+3,-4=!

>!)*+!+'-2'!2'*./(3!,'(!,(#%3!$1!*!)(/*)!2$.,#*2,!0(,+((.!5*#,-(3;!(-,'(#!-.! ,'(! ,-%(! $#!%$4(! $1! ,'(! 5(#1$#%*.2(;! $#! -%5$3(3! .(+! 2$.4-,-$.3;! $#!4-35(.3(3! +-,'! ,'$3(! (85#(33(4;! $#! *:,'$#-?(3! 1$#! -,3! 3*,-31*2,-$.!3$%(,'-./!4-11(#(.,! 1#$%!,'*,!5#$6-4(4! @.! -,3! ,(#%3;! -3! )*+!+'-2'! -%5*-#3!,'(!$0)-/*,-$.!$1!*!2$.,#*2,!*.4!-3!,'(#(1$#(!.:))!*.4!6$-4<A9!

"#$%!5(6(&&'(&7,"8&/*-90=!

>.7!)*+!+'-2'!(.)*#/(3;!*0#-4/(3;!$#!-.!*.7!%*..(#!2'*./(3!,'(!-.,(.,-$.!$1!,'(!5*#,-(3;!.(2(33*#-)7!-%5*-#3!,'(!2$.,#*2,!-,3()1<B9!

@.!)"-,+"& :%"9,-4& /*(& '(& ;0<0#;! ,'(! C$:#,! #:)(4! ,'*,! +'*,! ,'(! 2$.,#*2,! 2)*:3(!5#$'-0-,3!-3!*!3:03,*.,-*)! -%5*-#%(.,!$1!2$.,#*2,39!C'*./(3!-.!5#$2(4:#*)!#(%(4-(3!+'-2'!4$!.$,!4-%-.-3'!3:03,*.,-6(!#-/',3!$#!-.2#(*3(!3:03,*.,-6(!$0)-/*,-$.3!4$!.$,!6-$)*,(!,'(!/:*#*.,((<D9!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

<<!E$*F:-.!G9!H(#.*3;!I9E9;!&'(!JKDB!C$.3,-,:,-$.!$1!,'(!L(5:0)-2!$1!,'(!M'-)-55-.(3=!>!C$%%(.,*#7;!NNN!OPQQK!R4-,-$.S!<A!=9(>&5*/(!NN<!<B!=9(>&<D!=9(>&5*/(!N<J!

&'(!5$+(#!$1!,'(!)(/-3)*,:#(!,$!2'*./(!(8-3,-./!#(%(4-(3!*.4!%$4(3!$1!5#$2(4:#(3!#(3,!$.!5$)-2(!5$+(#<K9!

• T$#*,$#-:%!)*+3!5#$6-4-./!1$#!5$3,5$.(%(.,!$1!1:)1-))%(.,!$1!$0)-/*,-$.3!-3! +-,'-.! ,'(! 5$)-2(! 5$+(#! $1! ,'(! 3,*,(! *3! ,'*,! 5$+(#! +*3! 2*))(4! -.,$!(8(#2-3(!07!,'(!5:0)-2!(%(#/(.27!,'*,!,'(!)(/-3)*,:#(!1$:.4!,$!(8-3,AQ9!

o U'(.! (8,(.3-$.3! *#(! :.#(*3$.*0)(;! ,'(7! -.1#-./(! */*-.3,! ,'(!-%5*-#%(.,!$1!2$.,#*2,3AJ9!

• &'(!.$.V-%5*-#%(.,! 2)*:3(! -3! *! )-%-,!$.! ,'(!(8(#2-3(!$1! )(/-3)*,-6(!5$+(#!*.4!.$,!$1!W:4-2-*)!$#!F:*3-VW:4-2-*)!5$+(#AP9!

&'(! 2$.3,-,:,-$.*)! /:*#*.,((!$1!.$.V-%5*-#%(.,! -3! )-%-,(4!07! ,'(!5$)-2(!5$+(#!$1!,'(!I,*,(;!-.!,'(!-.,(#(3,!$1!5:0)-2!'(*),';!3*1(,7;!%$#*)3!*.4!/(.(#*)!+()1*#(AX9!

>#,-2)(!Y@@!ZJP!$1!,'(!C$.3,-,:,-$.!-3!*!#(3(#6*,-$.!2)*:3(9!!

• U-,'!$#!+-,'$:,!*!#(3(#6*,-$.!2)*:3(;!1#*.2'-3(3!*#(!3:0W(2,!,$!*),(#*,-$.3!,'#$:/'!*!#(*3$.*0)(!(8(#2-3(!$1!,'(!5$)-2(!5$+(#9!&'(7!*#(!*)3$!3:0W(2,!,$!*),(#*,-$.! 07! ,'(! 5$+(#! ,$! ,*8;! +'-2'! )-[(! 5$)-2(! 5$+(#;! 2*..$,! 0(!2$.,#*2,(4!*+*7AN9!

• >! )-2(.3(! $#! *! 5(#%-,! -3! .$,! *! 2$.,#*2,! 0(,+((.! ,'(! 3$6(#(-/.! *.4! ,'(!)-2(.3((!$#!5(#%-,((;!*.4! -3!.$,!*!5#$5(#,7! -.!*.7!2$.3,-,:,-$.*)! 3(.3(9!>!)-2(.3(! -3! #*,'(#! -.! ,'(! .*,:#(! $1! *! 35(2-*)! 5#-6-)(/(;! $#! 5(#%-33-$.! $#!*:,'$#-,7!,$!4$!+'*,!-3!+-,'-.!-,3!,(#%3A<9!!

o >!)-2(.3(!/#*.,(4!07!,'(!I,*,(!-3!*)+*73!#(6$2*0)(9!&'-3!5$+(#!,$!#(6$[(! 2*.!$.)7!0(! #(3,#*-.(4!07!*.!(85)-2-,! 2$.,#*2,!:5$.!/$$4!2$.3-4(#*,-$.!,$!,'*,!(11(2,AA9!

!

! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

<K!=9(>&AQ!=9(>&AJ!=9(>&AP!=9(>&AX!=9(>&5*/(!N<<!AN!=9(>&5*/(!NAJ!A<!E$*F:-.!G9!H(#.*3;!I9E9;!&'(!JKDB!M'-)-55-.(!C$.3,-,:,-$.=!>!C$%5#('(.3-6(!L(6-(+(#;!JQA!OPQJJ!R4-,-$.S!AA!=9(>&

Page 115: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

668!

"9:;!$<=>;?! "9:;!&@AB;! 19CA:D'::<;! -9A@EDF;BG!

6!

!"#$%&'()*(+,%-.%&)/(0$))%

!

!!

"!#$%%&'()*!+*,!-*''&.!./0$%1!)2&!30&*)!4&-0&''$(%!)&5-(0*0$+6! &7)&%.&.! )$5&! -&0$(.! ,2&%! 5(0)1*1&0'!8*%! -*6! +&%.&0'9! :&'-(%.&%)';! -0(-&0)6! ,*'!5(0)1*1&.! )(! -&)$)$(%&0! <(0! *! +(*%9! =2&! 8(/0)!&7)&%.&.! )2&! -&0$(.! (<! 0&.&5-)$(%! (%! 8(%.$)$(%! (<!<$7&.!5(%)2+6!-*65&%)!<0(5!.*)&!(<!'*+&!)20(/12(/)!)2&! &7)&%.&.! -&0$(.9! >&)$)$(%&0! ?/&')$(%'! @*+$.$)6! (<!+*,! *'! A&$%1! 8(%)0*.$8)(06! )(! 8(%)0*8)B! ./&! -0(8&''!*%.! &?/*+! -0()&8)$(%! 8+*/'&'! (<! )2&! C&.&0*+!D(%')$)/)$(%9!

=2&! +*,! $'! %()! @$(+*)$@&! (<! )2&! D(%')$)/)$(%9! =2&0&! $'! *%!&5&01&%86! *)! )2&! )$5&! )2&! +*,!,*'! &%*8)&.B! )2$'! *++(,'!<(0! *! @*+$.! $%)&0<&0&%8&! A6! )2&! ')*)&9! =2&! (A+$1*)$(%! (<!8(%)0*8)!$'!%()!$5-*$0&.!A6!+*,!A6!5(.$<6$%1!)2&!0&5&.6!<(0! $)'! &%<(08&5&%)9! =2&! +&1$'+*)$(%! 2*'! *! +&1$)$5*)&! &%.!*%.!&7)&%'$(%!-&0$(.!$'!0&*'(%*A+&9!

,!

1'22$3%-.%402$5/+!

!!

:&'-(%.&%)! A(/12)! +*%.! <0(5! -&)$)$(%&0! ,2&0&! 2*+<!(<! )2&!-*65&%)!,*'!5*.&!(%! $%')*+5&%)9! !>&)$)$(%&0!<$+&.! 8+*$5! )(! 0&8(@&0! A/)! 0&'-(%.&%)! /'&.! :9"9! EFG!)2*)!1*@&!2$5!0$12)!)(!.&+*6!2$'!(A+$1*)$(%!<(0!H!6&*0'!<0(5! '&))+&5&%)! (<! 2$'! 8+*$5! A6! ! )2&! >2$+$--$%&!I*0!4*5*1&! D(55$''$(%9! >&)$)$(%&0! *''*$+&.!8(%')$)/)$(%*+$)6!(<!:9"9!EFG9!

D(%')$)/)$(%*+$)6! (<! 5(0*)(0$/5! +*,'! .&-&%.'! (%!.&)&05$%*)$(%! (<! '/'-&%'$(%! -&0$(.! (<! )2&! 0&5&.69!J/'-&%'$(%! '2(/+.! A&! .&<$%$)&! *%.! 0&*'(%*A+&9! H! 6&*0'!*<)&0!&<<&8)$@$)6!(<!:9"9!EFG!$'!/%0&*'(%*A+&9!

H!

65$))/%-.%7819%

!!

>&)$)$(%&0! +&*'&.! *! -0(-&0)6! *%.! 2$0&.! -0$@*)&!0&'-(%.&%)'!*'!,(0K&0'9!4/0$%1!)2&!&%.!(<!)2&!+&*'&B!-&)$)$(%&0! .$'5$''&.! 0&'-(%.&%)'9! :&'-(%.&%)'! <$+&.!*!8(5-+*$%)!(<!$++&1*+!.$'5$''*+!*%.!*'K&.!<(0!(@&0)$5&!-*6B! 0&$%')*)&5&%)! *%.! A*8K! ,*1&'9! L*A(0! *0A$)&0!0/+&.! )2*)! .$'5$''*+! $'! ,*00*%)&.! A/)! 10*%)&.!0&'-(%.&%)'! '&-*0*)$(%! -*69! >&)$)$(%&0! *01/&'! )2*)!'2&! '2(/+.! %()! 1$@&! '&-*0*)$(%! -*6! *'! )2$'! ,*'! %()!8(%)&5-+*)&.! ./0$%1! )2&! +&*'&! *10&&5&%)B! )2/'! *%!$5-*$05&%)!(<!)2&!8(%)0*8)9!

JD!.$'5$''&.!)2&!-&)$)$(%!*%.!*<<$05&.!)2&!L*A(0!"0A$)&0;'!.&8$'$(%9!>0(2$A$)$(%! )(! $5-*$0!(A+$1*)$(%'!(<! 8(%)0*8)'! $'!%()! *A'(+/)&! *%.! /%?/*+$<$&.9! I2*)! $'! -0(2$A$)&.! $'!/%0&*'(%*A+&! $5-*$05&%)9! ! L&1$'+*)$(%! 5*6! $5-*$0!8(%)0*8)'! <(0! -0(5()$(%! (<! 1&%&0*+! ,&+<*0&B! *%.! 5&*%'!*.(-)&.!*0&!+&1$)$5*)&9!

I!

:3$0)$;%-.%&$)%6(3!! >&)$)$(%&0! +&*'&.!*! 0&'$.&%)$*+! -0(-&0)6! *+(%1! M/-$)&0!J)9B!N&+!"$0B!*%.!(-&0*)&.!)2&0&!*!-*%!.&!'*+!')(0&9!=D=!8(%)*$%&.! )2*)! +()!5/')! A&! /'&.! (%+6! <(0! 0&'$.&%)$*+!-/0-('&'9!:&'-(%.&%)!.&5*%.&.!8+('/0&!(<!)2&!')(0&!*%.! -*65&%)! (<! ./&'9! N6! )2&! )$5&! )2&! 8*'&! 0&*82&.!JDB! M/-$)&0! J)9!,*'! 0&8+*''$<$&.! *'! *! 8(55&08$*+! O(%&!*'!2&+.!$%!!"#$"%"#$&&'(&)#*+,-+./"*+&011+%%"*+&234,*(!

!

JD!2&+.!)2*)!)2&0&!,*'!%(!@$(+*)$(%9!!J*%8)$)6!(<!8(%)0*8)!$'!1/*0*%)&&.! A/)! $)! 8*%%()! 8(%)0*@&%&! ,$)2! P+*,B!5(0*+'B!8/')(5'B! -/A+$8! (0.&0! (0! -(+$869Q! =2&! 8(%)0*8)! 5*6! A&!$5-*$0&.! A6! *! @*+$.! &7&08$'&! (<! -(+$8&! -(,&0B! ,2$82! <(0!)2$'! 8*'&! ,*'! )2&! 0&8+*''$<$8*)$(%! (<! M/-$)&0! J)9! )(! *!8(55&08$*+!O(%&9!

8!<32(,/0%-.%=$/2(%&/+>!

!!

>&)$)$(%&0! '(+.! -0(-&0)$&'! )(! *! )2$0.! -*0)6! ,2(!&@&%)/*++6! '(+.! )2&! '*5&! )(! 0&'-(%.&%)9! R)! $'!

=2&!0&'(+/)$(%!8*%!'/-&0'&.&!8(%)0*8)/*+!(A+$1*)$(%'!*'!*!@*+$.!&7&08$'&!(<!-(+$8&!-(,&09!

Page 116: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

668!

!""#$!$%&' ("' $)%' *+*' $)!$' ,-#,%-$.' $)!$' /!"&0' 1!"'#"/.' 2%' 30%&' 4#-' -%0(&%"$(!/' ,3-,#0%05' 63"(1(,!/'1#3"1(/' -%0#/3$(#"' -%1/!00(4(%&' !-%!' !0' 1#77%-1(!/' 8'-%0(&%"$(!/5' '9!/(&($.'#4'0!(&'-%0#/3$(#"' (0'!00!(/%&'!"&'(4'($'1!"'03,%-0%&%'%:(0$(";'1#"$-!1$3!/'#2/(;!$(#"5'

8!

!"#$%&'()*+),-.$'/-!

!'

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

C5D5' EFFG' ?)(1)' -%7#A%&' $!:' %:%7,$(#"' #4' 1(;!-' !"&'/(H3#-',-#&31$0' (0'!'A!/(&'%:%-1(0%'#4',#/(1%',#?%-5' J$'?!0'%0$!2/(0)%&'$)!$',-(A!$%'-%0,#"&%"$0'&(&'"#$')!A%'!'1/%!-'/%;!/' -(;)$' $#' 2%' ,-#$%1$%&5' *!:' %:%7,$(#"' ;-!"$%&' $#',-(A!$%'-%0,#"&%"$0' (0'"#$'!20#/3$%'!"&'3"1#"&($(#"!/'!0'$#'1#"0$($3$%'!'-(;)$5'''''

9!

0-12)3-14)*+)!"#$%&'(!

''

F-&' ,!-$.'7#-$;!;%&' !' ,-#,%-$.' $#' ,%$($(#"%-5' J$' ?!0'%A%"$3!//.'4#3"&'$)!$',-#,%-$.'?!0'0$(//'!"'("!/(%"!2/%'4#-%0$' /!"&'?)%"'$($/%'?!0'(003%&5'C%0,#"&%"$'4(/%&'!'1#7,/!("$' 4#-' 1!"1%//!$(#"' #4' $($/%' !"&' -%A%-0(#"' #4'/!"&'$#',32/(1'&#7!("5'@%$($(#"%-'!-;3%&'$)!$'F-&',!-$.'0)#3/&' 2%' #-&%-%&' $#' ,!.' ($0' #2/(;!$(#"' (4' $($/%' (0'1!"1%//%&5'

@%$($(#"%-' &#%0' "#$' )!A%' !' 7#-$;!;%' -(;)$' #A%-' $)%',-#,%-$.' 0("1%' $)%' *+*' ?!0' &%1/!-%&' A#(&5' *)%'1!"1%//!$(#"'#4'$)%'$($/%0'("'0,($%'#4'%:(0$(";'1#"$-!1$'?($)',%$($(#"%-' (0' !' A!/(&' %:%-1(0%' #4' ,#/(1%' ,#?%-5' +!0%' (0'-%7!"&%&'$#'C*+''$#'&%$%-7("%'!7#3"$'$#'2%',!(&'2.'F-&',!-$.'$#',%$($(#"%-5'

'

' '

Page 117: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

668!

%9:;<=>!66!

1-..!)"".%%! &#! &?.! "#(-&%!)$0!@()%'! A(0'"')*! 4#0'.%!)$0!)0.@()&.! *.B)*!

)%%'%&)$".!%?)**!$#!&!4.!0.$'.0!&#!)$2!C.-%#$!42!-.)%#$!#1!C#/.-&2D!

1E99!)::9FF!;=!:=GE;FH!IGJF<7KGL<:<JM!N=L<9FH!J>L!JL9IGJ;9!M9OJM!JFF<F;J>:9!"##

• $%&#'()#*(&+),+)-#o .%&/)#*(&+),+)-#01,23-)#2&4#*'0-#)5*2&6))/7#-&5)/+0,#/)(8'1+/#

'1-#2'9&()(/#o .%)6#1))-#1&+#9)#*)(/&1/#/&#*&&(#+%'+#+%)6#53/+#9)#/3**&(+)-#'+#

*3920,#):*)1/)#o ;+#/3<<0,)#+%'+#*2'01+0<<#0/#01-0=)1+##o >0<<)()1,)#9)+4))1#*'3*)(/#'1-#01-0=)1+#*)(/&1/#0/#+%'+#+%)#

2'++)(#'()#*)(/&1/#4%&#%'8)#1&#*(&*)(+6#&(#/&3(,)/#&<#01,&5)#/3<<0,0)1+#'/0-)#<(&5#+%)0(#&41#2'9&(#+%(&3=%#/)2<?/3**&(+01=#4%)1#'92)#+&#4&(@#'1-#01#)5*2&65)1+#

• A3(*&/)#&<#+%0/#*(&80/0&1#0/#+&#9'(#A%020**01)#B3(0/*(3-)1,)#<(&5#+%)#-0/+01,+0&1#5'-)#01#C5)(0,'1#B3(0/*(3-)1,)#4%0,%#()D30()/#+4&#()D30()5)1+/#9)<&()#=0801=#<())#',,)//#+&#,&3(+/##

o ;1+)()/+#/&3=%+#+&#9)#*(&+),+)-#53/+#9)#<31-'5)1+'2#o E9B),+08)26#05*&//092)#+&#*(&+),+#+%)#01+)()/+#):,)*+#01#'#,&3(+#&<#

2'4##• .%)#):*'1/0&1#&<#+%)#<())#',,)//#,2'3/)#01#+%)#FGH"#,&1/+0+3+0&1#%'-#01#

501-#<())#',,)//#+&#2'9&(#,&3(+/##

#

#

#####################################################################

#

!"#I&+)/#<&(#/),+0&1#FF#9022#&<#(0=%+/#+'@)1#<(&5#+%)#=())1#9&&@##

%9:;<=>!6,!!

)$2!C.-%#$!($0.-! '$/.%&'B)&'#$!1#-!&?.!"#33'%%'#$!#1!)$!#11.$%.!%?)**!

?)/.!&?.!-'B?&!&#!4.! '$1#-3.0!#1!?'%!-'B?&!&#!-.3)'$!%'*.$&!)$0!&#!?)/.!

"#3C.&.$&!)$0!'$0.C.$0.$&!"#($%.*!C-.1.-)4*2!#1!?'%!#+$!"?#'".D!'1!&?.!

C.-%#$!")$$#&!)11#-0!&?.!%.-/'".%!#1!"#($%.*H!?.!3(%&!4.!C-#/'0.0!+'&?!

#$.D!&?.%.!-'B?&%!")$$#&!4.!+)'/.0!.P".C&!'$!+-'&'$B!)$0!'$!&?.!C-.%.$".!

#1!"#($%.*!

$#! &#-&(-.H! 1#-".H! /'#*.$".H! &?-.)&H! '$&'3'0)&'#$! #-! )$2! #&?.-! 3.)$%!

+?'"?! /'&')&.! &?.! 1-..!+'**! %?)**! 4.! (%.0! )B)'$%&! ?'3D! %."-.&! 0.&.$&'#$!

C*)".%H! %#*'&)-2H! '$"#33($'")0#H! #-! #&?.-! %'3'*)-! 1#-3%! #1! 0.&.$&'#$!

)-.!C-#?'4'&.0!

)$2!"#$1.%%'#$!#-!)03'%%'#$!#4&)'$.0!'$!/'#*)&'#$!#1!&?'%!#-!%."&'#$!68!

?.-.#1!%?)**!4.!'$)03'%%'4*.!'$!./'0.$".!)B)'$%&!?'3D!

&?.!*)+!%?)**!C-#/'0.!1#-!C.$)*!)$0!"'/'*!%)$"&'#$%!1#-!/'#*)&'#$%!#1!&?'%!

%."&'#$! )%! +.**! )%! "#3C.$%)&'#$! &#! )$0! -.?)4'*'&)&'#$! #1! /'"&'3%! #1!

&#-&(-.!#-!%'3'*)-!C-)"&'".%H!)$0!&?.'-!1)3'*'.%D!!

JCKLK!H#KMNNCOPQ#K),+0&1#FR#=08)/#1)4#(0=%+/#+&#',,3/)-#4%0,%#4'/#1&+#*(&80-)-#9)<&()#+%)#*'//'=)#&<#+%)#FG"S#J&1/+0+3+0&1T#N&()#*'(+0,32'(26#+%0/#0/#+%)#(0=%+#+&#9)#01<&(5)-#&<#%0/#(0=%+#+&#9)#/02)1+#'1-#+&#'1#'++&(1)6#UN0('1-'VT#W)01=#/&7#/3,%#(0=%+#4'/#%)2-#+&#'**26#*(&/*),+08)26#UN'=+&+&VT#$0+%#()='(-#+&#(0=%+#+&#01-)*)1-)1+#'1-#,&5*)+)1+#,&31/)27#+%)#,&3(+#%)2-#+%'+#'#,0+6#2)='2#&<<0,)(#4%0,%#*(&80-)/#<())#2)='2#'0-#/)(80,)/#<&(#+%)#*(&5&+0&1#&<#*)',)#'1-#&(-)(#,'1X+#9)#,&1/0-)(#'/#'1#01-)*)1-)1+#2)='2#,&31/)2#/))01=#+%'+#+%)()X/#'#,&1<20,+#&<#01+)()/+#9)+4))1#/3,%#&<<0,)(#'1-#+%)#',,3/)-#UK31='VT#O0=%+/#31-)(#/),+0&1#FR#'()#1&+#'2/&#'8'02'92)#-3(01=#0-)1+0<0,'+0&1#+%(&3=%#*&20,)#201)#3*/#):,)*+#4%)1#+%)#',,3/)-#0/#'2()'-6######################################################################

#

!H#J'1-)2'(0'#J'/)#Y0/+#

Page 118: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

668!

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

"9:9;<=>?!-9@A:?!B=C<D!?<E:9F=!6,!!

• D+/:)(&/+.$"&)*&'+)+E$"(&08F8G6&H6 D+/:)&)*&3$&+";*%2$#&*;&%+/:)(&0IJ&K&L&3$-*96&J6 D+/:)&)*&%$2,+"&(+-$")&L6 D+/:)&)*&:,.$&'*2<$)$")&,"#&+"#$<$"#$")&'*!"($-&&M6 D+/:)&)*&<%*<$%&)%$,)2$")&*;&):*($&!"#$%&+".$()+/,)+*"&0N$%",(OP4&MOQ6&

39DG=CG!-9@A:?!

• =:$&R+%,"#,&D+/:)(&0G%*'$#!%$6&0R+%,"#,&.&B%+E*",&S+)$#&+"&N$%",(4&MOQAMOT6&

H7 =:$&<$%(*"&+"&'!()*#>&2!()&3$&+";*%2$#&,)&):$&*!)($)&+"&'-$,%&,"#&!"$U!+.*',-&)$%2(&):,)&:$&:,(&):$&%+/:)&)*&%$2,+"&(+-$")7&

J7 B;)$%&3$+"/&(*&+";*%2$#4&:$&2!()&3$&)*-#&):,)&,">):+"/&:$&(,>(&',"&,"#&9+--&3$&!($#&,/,+"()&:+2&+"&'*!%)7&

L7 V$&2!()&3$&'-$,%->&+";*%2$#&):,)&:$&:,(&):$&%+/:)&)*&'*"(!-)&9+):&,&-,9>$%&,"#&)*&:,.$&):$&-,9>$%&9+):&:+2&#!%+"/&):$&+")$%%*/,)+*"7&V$&#*$(&"*)&:,.$&)*&,(?&;*%&,&-,9>$%7&=:$&+".$()+/,)*%&(:*!-#&)$--&:+2&):,)&:$&:,(&):$&%+/:)&)*&'*!"($-&,)&):,)&<*+")&

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&

&

OP&S8=B=8@W&W@=5X&B--&'+),)+*"(&%$;$%%+"/&)*&YN$%",(Z&+"&F$')+*"&HHAH[4&#!,-&,--$/+,"'$&,"#&(!;;%,/$&*;&):$&%$.+$9$%4&%$;$%(&)*&HIJI!4<D=G?K!&A<!6L8M!"F=?:9:B:9F=!FN!:A<!-<OBPQ9E!FN!:A<!RA9Q9OO9=<?S!)!"FTT<=:GDUK!V,55LW!

M7 V$&(:*!-#&3$&9,%"$#&):,)&"*)&*"->&:,(&:$&:,(&):$&%+/:)&)*&'*"(!-)&9+):&,&-,9>$%&3!)&,-(*&):,)&+;&:$&+(&+"#+/$")4&,&-,9>$%&9+--&3$&,<<*+")$#&)*&%$<%$($")&:+27&

[7 5.$"&+;&):$&<$%(*"&'*"($")(&)*&,"(9$%&U!$()+*"(&9+):*!)&):$&,((+(),"'$&*;&'*!"($-4&):$&2*2$")&:$&,(?(&;*%&,&-,9>$%&,)&,">&<*+")&+"&):$&+".$()+/,)+*"4&):$&+")$%%*/,)+*"&2!()&'$,($&!")+-&,"&,))*%"$>&+(&<%$($")7&

O7 8;&):$&;*%$/*+"/&<%*)$')+*"(&,"#&9,%"+"/(&,%$&"*)&#$2*"()%,)$#&#!%+"/&):$&)%+,-&)*&:,.$&3$$"&*3($%.$#&3>&):$&<%*($'!)+*"4&"*&$.+#$"'$&*3),+"$#&,(&,&%$(!-)&*;&):$&+")$%%*/,)+*"&',"&3$&!($#&,/,+"()&:+27&&

• D$,(*"&;*%&):$&%!-$&o 8)&%$'*/"+E$#&):$&;,')&):,)&):$&<(>':*-*/+',-&+;&"*)&<:>(+',-&

,)2*(<:$%$&*;&'!()*#+,-&+".$()+/,)+*"(4&+"&):$&,3($"'$&*;&<%*<$%&(,;$/!,%#(4&+(&+":$%$")->&'*$%'+.$&

-9@A:!:F!"FB=?<Q!

• S*!"($-&2!()&3$&'*2<$)$")&,"#&+"#$<$"#$")&9+):*!)&,">&'*";-+')&*;&+")$%$()&9+):&):$&,''!($#&0G$*<-$&.&F!"/,6&

• W*)&+"#$<$"#$")&S*!"($-Q\&0FGS&RR&N@6&&o F<$'+,-&S*!"($-&o G!3-+'C<%+.,)$&<%*($'!)*%&o S*!"($-&*;&):$&<*-+'$&o R!"+'+<,-&,))*%"$>&9:*($&+")$%$()&+(&,#2+))$#->&,#.$%($&)*&):$&

,''!($#&o B&2,>*%&!"-$((&):$&,''!($#&,<<%*,':$(&:+2&,(&'*!"($-*%&*%&

,#.+($%&o B&3,%,"/,>&',<),+"&o B">&*):$%&9:*($&+")$%$()&2,>&3$&,#.$%($&)*&):,)&*;&):$&,''!($#&

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&

&

Q\&G$*<-$&.&N,%#!-,&'+)$#&+"&G$*<-$&.&F!"/,]&-,))$%&L&;%*2&N$%",(&MQM&'+)+"/&G&.&=*2,U!+"&

Page 119: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

668!

+9:;!-<=9>!?>>?@9:A!

• !""#$%&'$()*(+*,$-.'*o !""#$/0*",(1"/%'$2/#3*&+'/,*'./*/++/%'$2$'3*(+*'./**4567*

%()1'$'8'$()*9./)*,$-.'*'(*:/*$)+(,;/0*(+*,$-.'1*+$,1'*&""/&,/0*<=&-'('(*2*=&)-8/,&>**

• !2&$#&:$#$'3*(+*?$-.'1*o @A*B/,)&1*"&-/*C64D*$'*$1*1&$0*'.&'*'./*E&#;&)*%&1/*1&31*'.&'*'./*

,$-.'*&''&%./1*9./)*&*"/,1()*$1*:/$)-*$)2/1'$-&'/0*&#,/&03*&)0*)('*)/%/11&,3*'.&'*./*$1*$)*%81'(03*<:/,)&1D*C64>*

o ?/%/)'*F8,$1",80/)%/*.(9/2/,*1&'/1*'.&'*-<=9>A!B;C:D!A:@><E;!6,!<A!?F?<G?HG:!E;GI!J9:;!>9:!K:DAE;!<A!?GD:?CI!<;!"BA>ECI*<"/("#/*2*=&,,&*%$'/0*$)*B/,)&1*"C6G>*

! H81'(0$&#*$)2/1'$-&'$()*$)2(#2/1*&)3*I8/1'$()$)-*$)$'$&'/0*:3*#&9*/)+(,%/;/)'*(++$%/,*&+'/,*&*"/,1()*.&1*://)*'&J/)*$)'(*%81'(03*(,*('./,9$1/*0/",$2/0*(+*.$1*+,//0(;*(+*&%'$()*$)*&)3*1$-)$+$%&)'*9&3K*'>!<A!E;GI!?L>:D!>9:!<;F:A><=?><E;!@:?A:A!>E!H:!?!=:;:D?G!<;MB<DI!<;>E!?;!

B;AEGF:C!@D<N:!?;C!H:=<;A!>E!LE@BA!E;!?!K?D><@BG?D!

ABAK:@>O!>9:!ABAK:@>!<A!>?P:;!<;>E!@BA>ECID*&)0*'./*"(#$%/*@?DD<:A!EB>!?!KDE@:AA!EL!<;>:DDE=?><E;A*'.&'*#/)01*$'1/#+*'(*/#$%$'$)-*$)%,$;$)&'$)-*1'&'/;/)'1*'.&'*'./*,8#/*:/$)-1*'(*("/,&'/*

o L(9/2/,*?!*6C7M*:Q>:;C:C!>9:!=B?D?;>::*'(*1$'8&'$()*$)*9.$%.*&)*$)0$2$08&#*.&1*)('*://)*+(,;&##3*&,,/1'/0*:8'*9?A!N:D:GI!H::;!

R<;F<>:CS!LED!MB:A><E;<;=K*N./,/*$1*'./,/+(,/*&*1'&'8'(,3*-8&,&)'//*:,(&0/,*'.&'*'./*%()1'$'8'$()&#*<:/,)&1*C6G>*

$E;7?KKG<@?H<G<>I!EL!D<=9>A!!

• O/%'$()*4G<4>*0(/1*)('*&""#3*'(*&*1$'8&'$()*9./,/*&*"/,1()*",/1/)'1*.$;1/#+*'(*'./*"(#$%/*&)0*$)*'./*",(%/11*;&J/*.$1*&0;$11$()1*<P/("#/*2*N&3#&,&)*%$'/0*$)*B/,)&1*C6Q>*

• P&,,&+$)*N/1'*

o O8%.*'/1'1*$1*)('*&*%(;;8)$%&'$2/*&%'$()*(,*'/1'$;()$&#*%(;"8#1$()*

• P(#$%/*R$)/*S"*o TU%/"'$()*$1*9./)*'./,/*$1*&*;(2/*()*'./*"&,'*(+*$)2/1'$-&'(,1*'(*

/#$%$'*&0;$11$()1*o TU%/"'$()*9./)*'./*"/,1()*$1*&#,/&03*8)0/,*%81'(0$&#*

$)2/1'$-&'$()**o &E>?G<>I!EL!@<D@BNA>?;@:*'/1'*'(*0/'/,;$)/*2&#$0$'3*(+*(8'*(+*%(8,'*

$0/)'$+$%&'$()V*W#0)!*&%T*

4K './*9$')/11X*E""(,'8)$'3*'(*2$/9*'./*%,$;$)&#*&'*'./*'$;/*(+*'./*%,$;/Y**

GK './*9$')/11X*C/-,//*(+*&''/)'$()*&'*'.&'*'$;/Y**7K './* ?%%8,&%3* (+* &)3* ",$(,* 0/1%,$"'$()* -$2/)* :3* './*

9$')/11Y**CK './*G/2/#*(+*%/,'&$)'3*0/;()1',&'/0*:3*'./*9$')/11*&'*'./*

$0/)'$+$%&'$()Y**ZK './* #/)-'.* (+* >$;/* :/'9//)* './* %,$;/* &)0* './*

$0/)'$+$%&'$()Y*&)0D**[K *'./*A8--/1'$2/)/11*(+*'./*$0/)'$+$%&'$()*",(%/08,/*

• \./)*,$-.'1*/)01**o O/%'$()*4G<4>*&""#$/1*()#3*'(*'./*$)2/1'$-&'$()*",$(,*'(*'./*+$#$)-*(+*

%.&,-/1D*&+'/,*9.$%.*O/%'$()1*4C*&)0*46*%(;/1*$)*'(*",('/%'*'./*&%%81/0*<B/,)&1*C6[>*

+?<F:D!EL!D<=9>A!B;C:D!%:@><E;!6,!

• N./,/]1*&*",/18;"'$()*'.&'*&%%81/0*0$0*)('*9&$2/*'./*,$-.'Y*:8,0/)*(+*",((+*()*",(1/%8'$()*<B/,)&1D*C6M>*

• H&)*()#3*9&$2/*$+*0()/*2(#8)'&,$#3D*J)(9$)-#3D*&)0*$)'/##$-/)'#3**&)0*$)*9,$'$)-*&)0*$)*'./*",/1/)%/*(+*%(8)1/#*<:/,)&1*C66^C6M>*

• L(9/2/,*+&$#8,/*'(*(:F/%'*(,*,&$1/*'./*2$(#&'$()*&1*/&,#3*&1*"(11$:#/*<08,$)-*',$&#>D*$'*1.&##*:/*0//;/0*&%%81/0*9&$2/0*.$1*,$-.'1*8)0/,*1/%'$()*4G**<:/,)&1*C67>*

*

! !

Page 120: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,5!

"89:9!;!)<=>?@:!AB!%:?=>CD!

E! ")%.! 1)"&%! F.*0G-)&'#! 0#"&-'$.!!" #$%&'(&")"*%$+,'&" • -.$/"$'),0)1/"2"3&/1/4""

• *00",5"6.1"716$6$,'1%/",'"1&3.",5"6.1"3&/1/"81%1"$'61%%,9&61("8$6.,:6";1$'9"$'5,%<1(",5"6.1$%"%$9.6"6,"%1<&$'"$'"/$01'31"&'("6.1$%"%$9.6"6,"3,:'/104""

• -.1"$'61%%,9&6$,'",5"6.1"&33:/1("01("6,"6.1$%"3,'51//$,'",5"6.1$%"9:$06"6,"6.1"3%$<1"8.$3."&00191(0="6.1="3,<<$661(4""

"

• >,:%6"&3?:$661("&00",5"6.1"&33:/1(""• 71%/,'"$'"3:/6,(="<:/6@"7%$,%"6,"

$'61%%,9&6$,'@";1"301&%0="$'5,%<1("6.&6".1".&/"6.1"%$9.6"6,"%1<&$'"/$01'6@"&'("6.&6"&'=6.$'9".1"/&=/"8$00";1":/1("&9&$'/6".$<"$'"3,:%6A""

• .1"<:/6";1"301&%0="$'5,%<1("6.&6".1".&/"6.1"%$9.6"6,"3,'/:06"8$6."&"0&8=1%"&'("6,".&)1"6.1"0&8=1%"8$6.".$<"(:%$'9"$'61%%,9&6$,'@"&'("6.&6@"$5".1"$/"$'($91'6@"&"0&8=1%"8$00";1"&77,$'61("6,"%17%1/1'6".$<4""• B5""71%/,'"8$/.1/"6,"%1<&$'"/$01'6"@"6.1"

$'61%%,9&6$,'"<:/6"31&/1@"$5".1"/6&61/"6.&6".1"8&'6/"&'"&66,%'1=@"6.1"?:1/6$,'$'9"<:/6"31&/1":'6$0"&'"&66,%'1="$/"7%1/1'6"

*33:/1(".&/"6.1"%$9.6"6,";1"$'5,%<1(",5".$/"%$9.6"6,"%1<&$'"/$01'6"&'("6,"3,'/:06"8$6."&"0&8=1%"$5".1"3&'C6"&55,%(",'1@"$6"8$00";1"7%,)$(1("6,".$<"

D" E1,701")"F:'9&" • F:'9&"&'(",6.1%"&33:/1("81%1"3.&%91("5,%"6.1"<:%(1%"&'("%&71",5"G,310='"-&'4"

• F:'9&"8&/"?:1/6$,'1("&;,:6"6.1"3%$<1"&'("/&$("6.&6".1"H'18"/,<16.$'9"&;,:6"-&'C/"(1&6.4"

• I1"/$9'$5$1("6.&6".1"(1/$%1"6,"&)&$0"6.1"/1%)$31/",5"&"0&8=1%"&'("3.,/1@"5%,<"&"0$/6"9$)1'";="6.1"7,0$31@"6.1"3$6="019&0",55$31%",5"E:1%6,"E%$'31/&4""

• -.1%1"81%1"68,"1J6%&K:($3$&0"3,'51//$,'/"L$'"&"3:/6,($&0"$')1/6$9&6$,'M"81%1"<&(1";="F:'9&4"-.1"5$%/6",'1"8&/"(,'1"8$6."&//$/6&'31",5"6.1"3$6="019&0",55$31%"&'("6.1"/13,'(",'1"3,'6&$'1("&"/6&61<1'6"6.&6".1"8&$)1/".$/"%$9.6"6,"3,:'/10"8.$3."8&/"<&(1"$'"3,''136$,'"6,".$/"(1/$%1"6,"&770="&/"/6&61"8$6'1//4"

• *33:/1("&3?:$661("• N$%/6"1J6%&K:($3$&0"3,'51//$,'"$/"$'&(<$//$;01"&/"• "F:'9&C/"%$9.6"6,"3,:'/10"8&/")$,0&61(";13&:/1"

6.1%1"$/"&"3,'50$36",5"$'61%1/6";16811'"F:'9&"&'("6.1"3$6="019&0",55$31%"8.$3."7%,)$(1/"5%11"019&0"&$("/1%)$31/"5,%"6.1"7%,<,6$,'",5"71&31"&'(",%(1%4""

• F13,'("1J6%&K:($3$&0"3,'51//$,'"$/"$'&(<$//$;01""• &/"$6"8&/"1J13:61("8$6.,:6"6.1"7%1/1'31",5"&"

3,:'/10"&'(""• 6.&6"8&$)1%",5"%$9.6"6,"3,:'/10"<:/6";1"$'"

8%$6$'9"&'("$'"6.1"7%1/1'31",5"&"3,<7161'6"&'("$'(171'(1'6"3,:'/10"

"

O$9.6"6,"$'(171'(1'6""3,:'/10"%1?:$%1/"6.&6"6.1%1";1"',"3,'50$36",5"$'61%1/6";16811'"&33:/1("&'("3,:'/10""8&$)1%",5"%$9.6"6,"3,:'/10"<:/6";1"$'"8%$6$'9"&'("$'"6.1"7%1/1'31",5"&"3,<7161'6"&'("$'(171'(1'6"3,:'/10"

P" #&96,6,")"#&'9:1%&"

• -.$/"$'),0)1/"6.%11"3&/1/4""• *00",5"8.$3."&/H"6.1"$'61%7%16&6$,'",5"&%6$301"P"

/136$,'"!D4""• *33:/1(".1%1"30&$</"6.&6"/&$("7%,)$/$,'"/.,:0("

;1"&770$1("%16%,&36$)10="<&H$'9"$6"&770$3&;01"6,"6.1$%"3&/1"6.:/"<&H$'9"6.1$%"3,'51//$,'/"

• >,:%6"($/<$//1("6.1"716$6$,'"• "6.1"%$9.6"6,";1"$'5,%<1(",5"6.1"%$9.6"6,"

%1<&$'"/$01'6"&'("%$9.6"6,"&"3,:'/10".&/"7%,/7136$)1"&770$3&6$,'"5,%""

• 7%1)$,:/"6,"6.1""7&//&91",5"&"/$<$0&%"7%,)$/$,'"$'"6.1"!QRP"3,'/6$6:6$,'@"/:3."%$9.6"8&/"',6"

O$9.6"6,";1"$'5,%<1(",5"%$9.6/"6,"%1<&$'"/$01'6"&'("6,"3,:'/10"$/"7%,/7136$)10="&770$1("&561%"6.1"7&//&91",5"!QRP"3,'/6$6:6$,'"8.1'"6.1"%$9.6"8&/"5$%/6"9$)1'"6,"6.1"3$6$+1'"

Page 121: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,6!

!"#$%!&&!'()*+ ,)-+#.#!(#'()+-/+-0)+1!-!2)"*++• 345-0)5%/5)+!-+6/4($+6/57+!"84&-!1)+!9+!-+

6/4($+')+5)-5/#1-!.)(,+#::(!)$+#&+!-+6/4($+#1;4!-+:5).!/4&(,+1/".!1-)$+<4!(-,+15!%!"#(&*++

+

=+ >#%'/#+.+?542+ • >#%'/#+6#&+#55)&-)$+9/5+.#<5#"1,*++• @)+6#&+:(#1)$+!"+#+(!")+4:+#"$++• 6#&+!$)"-!9!)$+',+#+6!-")&&+-0#-+0)+-//7+:#5-+!"+

#+5/'')5,*++• @)+6#&+(#-)5+10#5<)+9/5+-0)+(#--)5+15!%)*++• @)+(#-)5+1(#!%+-0#-+-0)+:/(!1)+.!/(#-)$+0!&+5!<0-+

4"$)5+&)1-!/"+AB+

• C)-!-!/"+D)"!)$+• 5!<0-+-/+1/4"&)(+/"(,+#--#10)&+4:/"+-0)+&-#5-+

/9+-0)+!".)&-!<#-!/"+/5+!"-)55/<#-!/"*++• D45!"<+-0)+(!")E4:+"/+&410+5!<0-+1/4($+0#.)+

'))"+.!/(#-)$+')1#4&)+!-+6#&+"/-+,)-+:#5-+/9+-0)+14&-/$!#(+!";4)&-+-/+')+1/"$41-)$+',+-0)+:/(!1)+

F!<0-+-/+1/4"&)(+!&+"/-+#.#!(#'()+$45!"<+:/(!1)+(!")+4:+')9/5)+14&-/$!#(+!".)&-!<#-!/"+&-#5-)$+

G+ C)/:()+.+H&1/5$!#(+ • I0)5)+6#&+#+15!%)+/9+5#:)+#"$+5/'')5,+• J114&)$+0)5)+9!-+-0)+$)&15!:-!/"+/9+-0)+

&4&:)1-*++• @)+6#&+#55)&-)$*++• K!-")&&)&+#"$+-0)+.!1-!%+!$)"-!9!)$+0!%+#&+-0)+

15!%!"#(*++• I04&+0)+6#&+10#5<)$+9/5+5/'')5,+6!-0+5#:)*++• @)+#&&#!()$+-0#-+-0)+:/(!1)+.!/(#-)$+0!&+5!<0-&+

4"$)5+#5-+L+&)1+AB*++• @)+#(()<)$+-0#-+-0)+:/(!1)+0#$+-/5-45)$+0!%+

#"$+-0#-+0!&+5!<0-&+6#&+.!/(#-)$+60)"+0)+6#&+"/-+<!.)"+#"+#--/5"),+60)"+0)+6#&+:(#1)$+!"+#+(!")E4:+

• J114&)$+#1;4!--)$+• J114&)$+6#&+#(5)#$,+4"$)5+14&-/$!#(+

!".)&-!<#-!/"+60)"+-0)+:/(!1)+:(#1)+0!%+!"+#+(!")E4:+9/5+!$)"-!9!1#-!/"+

• M/+.!/(#-!/"+4"$)5+:#5#<5#:0+A+#&+-0)5)+6#&+"/+&-#-)%)"-+/'-#!")$+60)"+0)+6#&+!"-)55/<#-)$+N-/5-45)$O*++

+

I0)5)+!&+5!<0-+-/+1/4"&)(+$45!"<+:/(!1)+(!")E4:+60)"+14&-/$!#(+!".)&-!<#-!/"+0#&+#(5)#$,+&-#5-)$+#<#!"&-+-0)+#114&)$+

P++ C)/:()+.+I))0#"7))+

• J114&)$+0)5)+6#&+10#5<)$+6!-0+B+%45$)5&+#"$+A+954&-5#-)$+%45$)5*++

• @)+6#&+!$)"-!9!)$+',+6!-")&&)&+#"$+-0)+&45.!.!"<+.!1-!%+-05/4<0+#"+/4-E/9E1/45-+!$)"-!9!1#-!/"*++

• +@)+6#&+1/".!1-)$+')1#4&)+/9+-0)+!$)"-!9!1#-!/"+#"$+-)&-!%/"!)&+/9+-0)+6!-")&&)&+#"$+.!1-!%*++

• @)+1/"-)&-)$+-0)+/4-E/9E1/45-+!$)"-!9!1#-!/"+&#,!"<+-0#-+!-+6#&+!55)<4(#5(,+$/")+#&+0)+6#&+:(#1)$+!"+#+(!")+4:+/4-&!$)+/9+#+:5!.#-)+0/4&)+6!-0/4-+#"+#--/5"),+:5)&)"-*++

• C)-!-!/"+$)"!)$Q+#114&)$+1/".!1-)$++• ?!-!"<+-0)+-/-#(!-,+/9+1!514%&-#"1)+-)&-Q+R?+

0)($+-0#-+-0)+#(()<)$+!55)<4(#5!-!)&+1!-)$+',+#::)((#"-+$!$+"/-+5)&4(-+!"+0!&+%!&!$)"-!9!1#-!/"+"/5+6#&+0)+$)"!)$+$4)+:5/1)&&*++

• I0)5)+!&+"/-0!"<+65/"<+!"+S)!"/T&+N&45.!.!"<+.!1-!%O+!$)"-!9!1#-!/"+/9+#::)((#"-+!"+#"+4"/114:!)$+0/4&)+!"+3/5')&+C#57*++

• -0!&+%/$)+6#&+5)&/5-)$+-/+',+-0)+#4-0/5!-!)&+9/5+&)145!-,+5)#&/"&*++

• I0)5)+!&+"/+0#5$+#"$+9#&-+54()+#&+-/+-0)+:(#1)+60)5)+&4&:)1-&+#5)+!$)"-!9!)$+',+6!-")&&)&*+U$)"-!9!1#-!/"+%#,+')+$/")+!"+/:)"+9!)($*+U-+!&+/9-)"+$/")+!"+0/&:!-#(&+60!()+-0)+15!%)+#"$+

F!<0-+-/+1/4"&)(+/9+#114&)$+$45!"<+-0)+(!")+4:+$/")+/4-&!$)+/9+#"+4"/114:!)$+0/4&)+6#&+"/-+.!/(#-)$+&!"1)+!-+6#&+$/")+9/5+-0)+&#9)-,+/9+-0)+.!1-!%+#"$+-0#-+-0)5)+6#&+&-!((+"/+14&-/$!#(+!".)&-!<#-!/"*+I0)+-/-#(!-,+/9+1!514%&-#"1)+-)&-+6#&+#(&/+#::(!)$+#"$+-0)+.!1-!%V6!-")&&+:#&&)$+!-*+

Page 122: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,,!

!"#$%&'(')*+$*&#$,!'++$-&#,"$')$!"#$(').$/-$!"#$0'%!'(1$

2$$ 3*+(*)$0$4*(*&*)$

• 5-!#&$!"#$*,,*,,')*!'/)$/-$6')/7$589')/:$4&#,1$;*&%/,#,$-/&(#.$*$%/((',,'/)$!/$')0#,!'<*!#$!"#$*,,'<)*!'/)1$$

• 5$+*=$=*,$>*,,#.$="'%"$%/(>#+$='!)#,,#,$!/$*),=#&$!"#$89#,!'/)$*,?#.$@7$!"#$>*)#+$#0#)$'-$'!$',$,#+-A')%&'(')*!')<$$

• @9!$'-$'!$',$,#+-A')%&'(')*!')<$'!$='++$)/!$@#$9,#.$!/$%/)0'%!$!"#$='!)#,,1$$

• 3*+(*)$!#,!'-'#.$*).$<*0#$,#+-$')%&'(')*!')<$*),=#&,1$$

• 5-!#&$!"#$')0#,!'<*!'/)$"#$=*,$%"*&<#.:$!/<#!"#&$='!"$/!"#&$>#!'!'/)#&,:$-/&$!"#$*,,'<)*!'/):$*).$!"#$,#+-A')%&'(')*!')<$,!*!#(#)!,$=#&#$,9@('!!#.$*,$#0'.#)%#1$3*+(*)$)/=$&*',#$!"*!$!"#'&$&'<"!$9).#&$*&!'%+#$B$,#%!'/)$CD$=*,$0'/+*!#.1$

• 4#!'!'/)$<&*)!#.$• ,!*!#(#)!,$(*.#$*&#$')*.(',,'@+#$*,$'!$',$')$

0'/+*!'/)$/-$!"#'&$&'<"!$*<*'),!$,#+-A')%&'(')*!'/)$E,#%$C2F1$$

• G"#7$*+,/$')0*+'.*!#.$!"#$+*=$="'%"$%/(>#++#.$='!)#,,#,$!/$*),=#&$#0#)$')%&'(')*!')<$89#,!'/)$*,$'!$>&#%+9.#.$*)7$/>>/&!9)'!7$!/$%+*'($!"#$&'<"!$*<*'),!$,#+-A')%&'(')*!'/)$@#%*9,#$'!$=/9+.$>9)',"$='!"$%/)!#(>!$*)7/)#$="/$=/9+.$&#-9,#$!/$!#,!'-71$

$H!*!#(#)!,I%/)-#,,'/),$(*.#$.9&')<$')0#,!'<*!'/)$="'%"$',$')$0'/+*!'/)$!/$*&!'%+#$CD$*).$C2$*&#$')*.(',,'@+#1$$

!

! !

Page 123: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,8!

%9:;<=>!68!

)**!?.-%#$%@!.A".?&!&B#%.!"B)-C.0!+'&B!#11.$%.%!?($'%B)4*.!42!-."*(%'#$!?.-?.&()!+B.$! ./'0.$".! #1! C('*&! '%! %&-#$C@! %B)**@! 4.1#-.! "#$/'"&'#$@! 4.!4)'*)4*.!42!%(11'"'.$&!%(-.&'.%@!#-!4.!-.*.)%.0!#$!-."#C$'D)$".!)%!3)2!4.!

?-#/'0.0!42! *)+E!&B.! -'CB&! &#!4)'*! %B)**!$#&! 4.! '3?)'-.0! ./.$!+B.$! &B.!

?-'/'*.C.!#1!&B.!+-'&!#1!B)4.)%!"#-?(%! '%!%(%?.$0.0E!.A".%%'/.!4)'*!%B)**!$#&!4.!-.F('-.0E!!

-<GH;!;=!4I<J!

• !"#$%&'()&*"+(#,(-))&.-*$&/0(#1$*-"-"2(/-1&'$0(

• 3"*1/&+($%&(*445+&.($#(6'&6*'&(%-+(.&,&"+&((

• 75'6#+&(

o 8+5*//0(9-$%(:&4/5+-#"(6&'6&$5*(4*+&+;(#"/0(4#",-"&)&"$(4*"(

-"+5'&($%&(*$$&".*"4&(#,("&(9%#(&<6&4$+($#('&4&-=&(+54%(+&"$&"4&(

o 75'6#+&(#,(1*-/(-+($#(25*'*"$&&(*66&*'*"4&(#,($%&(*445+&.(*$($%&(

$'-*/(>?*6(=(@!A(

%9;;<>G!KL!MI<J!

• @#5'$(4*""#$('&B5-'&(*(+$'-4$/0(4*+%(1#".(>!/)&.*(=(C-//*/5DA(

• !)#5"$(+%#5/.(1&(%-2%(&"#52%($#(*++5'&(6'&+&"4&(9%&"('&B5-'&.;(15$(>=!H<GH9N!;HI>!<O!N9IO=>IMJP!:IJ:KJI;9Q!;=!RKJR<JJ!;H<O!LKNL=O9!SPIL!T!")UE!(

• E*-/(+%#5/.("#$(1&(&<4&++-=&F(G,(-$(9&'&(&<4&++-=&;(-$(1&4#)&+()&*"-"2/&++(

+-"4&($%&(*445+&.(9#"H$(1&(*1/&($#(*,,#'.(-$(>I&(J*(@*)*'*(=(3"*2&A(

• K5-.&/-"&+L(>0*6(=(4*M(!"##$%&'()*+,*-.$/(*01"2&3*"/*4&#$*1$5$)$*+*6/$7&8*N!OP(:!37(QQER(

SF )1-/-$0(#,($%&(*445+&.($#(2-=&(1*-/(TF $*$5'&(*".(4-'45)+$*"4&(#,($%&(#,,&"+&(

UF 7&"*/$0(,#'($%&(=,,&"+&(4%*'2&.(

VF @%*'*4$&'(*".(N&65$*$-#"(#,($%&(*445+&.(WF )2&(*".(X&*/$%(#,($%&(*445+&.(YF @%*'*4$&'(*".(+$'&"2$%(>9&-2%$A(#,($%&(9=-.&"4&(ZF ?'#1*1-/-$0(#,($%&(*445+&.(*66&*'-"2(-"($'-*/([F 1#',&-$5'&(#,(#$%&'(1#".+(\F ]%&$%&'($%&(*445+&.(9*+(*(R52-$-=&(,'#)(^5+$-4&(9%&"(*''&+$&.(

S_F G,($%&(*445+&.(-+(5".&'(1#".(,#'(I66&*'*"4&(*$($'-*/(-"(#$%&'(4*+&+((

09GN99!=R!9T<Q9>:9!!

• ]%&"(#,,&"+&(4%*'2&.(-+(4*6-$*/(-"("*$5'&;((

o 15'.&"(-+(#"($%&(6'#+&45$-#"($#(+%#9($%*$($%&(&=-.&"4&()&&$+($%&(

'&B5-'&.(B5*"$5)(>+$'#"2(&=-.&"4&AF(`%&(6'#+&45$-#"()5+$(1&(

2-=&"(#66#'$5"-$0($#(6'&+&"$((&=-.&"4&;(#$%&'9-+&(2'*"$(#,(1*-/(-+(

=#-.(

• a$'#"2(&=-.&"4&(

o )&*"+(*445+&.(9-//(6'#1*1/0(1&(65"-+%&.M("#$(9%&$%&'($%&(

&=-.&"4&(&+$*1/-+%&+(25-/$(1&0#".('&*+#"*1/&(.#51$(15$('*$%&'(

9%&$%&'(-$(+%#9+(&=-.&"$(25-/$(#'(*(2'&*$(6'&+5)6$-#"(#,(25-/$(

)TI<JIM<J<;P!=R!;H9!N<GH;!

• E*-/()5+$(1&(*=*-/*1/&($#(#"&(9%#(-+(.&$*-"&.(&=&"(1&,#'&(,#')*/(4%*'2&+(

*'&(,-/&.(>X&''*+(`&&%*"b&&(=(:#=-'*A(

• E*-/(-+(*=*-/*1/&($#(.&,&".*"$+(-"(&<$'*.-$-#"(6'#4&&.-"2+(*+(9&//(*+(

.&6#'$*$-#"(6'#4&&.-"2+(>K#=&'")&"$(#,(X#"2(c#"2(=(P/*/-*A(

• :-2%$($#(1*-/(-+("#$(*=*-/*1/&($#()-/-$*'0(6&'+#""&/(>@#))&".*.#'(=((

K&"&'*/(.&(C-//*A(

• :-2%$($#(1*-/()*0(1&(9*-=&.(&=&"(-)6/-4-$/0(-"(*"(-''&4#=&'*1/&()*""&'(*+(

-"($%&(4*+&(9%&"(*445+&.(*2'&&.($#('&)*-"(-"(/&2*/(45+$#.0(.5'-"2($%&(

6&".&"40(#,($%&($'-*/(#,(%-+(4'-)-"*/(4*+&(

!

!

!

Page 124: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,8!

"9:;:!<!)=>?@A;!BC!%;@>?DE!6B!

F! ")%.! 1)"&%! G.*0H-)&'#! 0#"&-'$.!!" #$%"&"'(" • #$%")$*"+,-&.+/01",2"3*/$2$"45"/60"78'9""

• 60"$%%0$:01"$-1"%0/./.,-01"2,;"4$.:<"• "=$.:")$*"*0/"$/"><>?<"

• @0/./.,-"A;$-/01"• ><>"?"4$.:".*"0B+0**.&09""• /6,CA6"/60"+,C;/",2"$%%0$:*"*0/"/60"4$.:"/,,"

6.A69"/60"+$*0",2"#$%")$;;$-/*"$"6.A60;"4$.:"/6$-"C*C$:""

• 60")$*"$:;0$15"+,-&.+/01"45"/60":,)0;"+,C;/"4C/",-:5<""

• =0.-A"*,9"$++C*01".*"D,;0":.E0:5"/,"0*+$%0".2"4$.:".*"A;$-/01<"

"F-+0"+,-&.+/01"45"$":,)0;"+,C;/"2,;"$"+;.D09""G)6.+6"$++C*01"/60-"$%%0$:01"$-"$%%:.01"2,;"4$.:H9"*C+6"$"+$*0")$;;$-/"$"6.A60;"4$.:"/6$-"C*C$:"

I" J,&K/",2"LM"&"F:$:.$"

• ("N.:.%.-,"G%;.&$/0";0*%,-10-/H")$*")$-/01"45"/60"L,-AE,-A"J,&0;-D0-/<""

• LM";0OC0*/01"/60"0B/;$1./.,-",2"%;.&$/0";0*%,-10-/<""

• 860":$//0;9")6.:0"$)$./.-A"/60"10+.*.,-",2"/60"0B/;$1./.,-"%;,+001.-A9";0OC0*/01"2,;"4$.:<""

• 86.*")$*"10-.01"45"/60":,)0;"+,C;/"*.-+0"/60"A0-0;$:";C:0")$*"/6$/"4$.:".*"$&$.:$4:0"/,"+;.D.-$:"+$*0*",-:5"$-1"-,/"$1D.-.*/;$/.&0"+$*0*"G0B/;$1./.,-H<"

• @0/./.,-"J;$-/01"• P'"$::,)01"4$.:"+./.-A".-/0;-$/.,-$:":$)"A.&.-A"

%;.D$+5",&0;"6CD$-";.A6/*<""• P'";0+,A-.Q0"/60";.A6/"/,":.209":.40;/5"$-1"

%;,%0;/5<"• /60"+6$;$+/0;.*/.+*",2"0B/;$1./.,-"%;,+001.-A*"

$;0":.E0"+;.D.-$:"%;,+001.-A*"• 4,/69".2"+,-&.+/019"+,C:1":0$1"/,"/60"

1020-1$-/K*"10%;.&$/.,-",2":.40;/5<"

"7.A6/"/,"4$.:".*"$&$.:$4:0"/,"1020-1$-/*".-"$-"0B/;$1./.,-"%;,+001.-A"

R" S0"T$"'$D$;$"&"3-$A0""

• @0/./.,-0;")$*"$;;0*/01"2,;"%$;/.+.%$/.,-".-"$"+;.D0"

• (%%:.01"2,;"4$.:"• =$.:")$*"*0/"$/"!<I"D.::.,-""• @0/./.,-0;"$%%0$:01"4C/"60"0*+$%01"402,;0"

+,C;/"+$-"10+.10"/60"+$*0"

• @0/./.,-"D,,/"• =$.:"*6,C:1"-,/"40"0B+0**.&0<"U2"./")0;0"

0B+0**.&09"./"40+,D0*"D0$-.-A:0**"*.-+0"/60"$++C*01"),-K/"40"$4:0"/,"$22,;1"./"• ',C;/"VC*/".**C01"AC.10:.-0*".-"2.B.-A"4$.:"

"=$.:"*6,C:1"-,/"40"0B+0**.&0<"U2"./")0;0"0B+0**.&09"./"40+,D0*"D0$-.-A:0**"*.-+0"/60"$++C*01"),-K/"40"$4:0"/,"$22,;1"./""JC.10:.-0*"

!H (4.:./5",2"/60"$++C*01"/,"A.&0"4$.:"

IH W$/C;0",2"/60",220-*0"RH @0-$:/5"2,;"/60",220-*0"

+6$;A01"XH '6$;$+/0;"$-1";0%C/$/.,-",2"

/60"$++C*01">H L0$:/6",2"/60"$++C*01"YH '6$;$+/0;"$-1"*/;0-A/6",2"/60"

0&.10-+0"ZH @;,4$4.:./5",2"/60"$++C*01"

Page 125: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,8!

!""#!$%&'(%&()$%!*(+, -.$/#%)0$#(./(.)1#$(2.&34(5, 61#)1#$()1#(!7704#3(8!4(!(

/0'%)%9#(/$.:(;04)%7#(81#&(!$$#4)#3(

<=, >/()1#(!7704#3(%4(0&3#$(2.&3(/.$(!""#!$!&7#(!)()$%!*(%&(.)1#$(7!4#4(

((

?( @.:#&3!3.$(9((A#&(B#(C%**!(

• D7704#3(!$#(/!7%&'("$.4#70)%.&(/.$()1#%$("!$)%7%"!)%.&(%&()1#(/!%*#3(7.0"(!))#:")(%&(B#7#:2#$(<E5F(<5+5G(61%*#()1#%$()$%!*(8!4("#&3%&'()1#H($#I0#4)#3(/.$(2!%*(20)()1#(*.8#$(7.0$)(3#&%#3(%)G(

• J@(!//%$:#3(4!H%&'()1!)()1#H(!$#()1#(#K7#")%.&().('#&#$!*($0*#(0&3#$(D$)%7*#(L(J#7)%.&(<L((

• :%*%)!$H("#$4.&&#*(!$#(!**.8#3().(7!$$H(/%$#!$:4(2H()1#('.9#$&:#&)(!&3(2#7!04#((

• :%*%)!$H(4)$07)0$#(%4(0&%I0#(• J@(2!4#3()1#%$(3#7%4%.&(.&(M!)%.&!*(4#70$%)H(

7.&4%3#$!)%.&G(

N%*%)!$H("#$4.&&#*(3.#4(&.)(1!9#()1#($%'1)().(2!%*(!4()1#(:%*%)!$H(4)$07)0$#(%4(0&%I0#(!&3(/.$(&!)%.&!*(4#70$%)H(7.&4%3#$!)%.&(!4()1#H(!$#(!**.8#3().(7!$$H(/%$#!$:4(2H()1#('.9#$&:#&)(

Page 126: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,8!

%9:;<=>!6?!

$#[email protected]%#$! %A)**! 4.!A.*0! &#!)$%+.-! 1#-!)! "-'3'$)*!#11.$%.!+'&A#(&!0(.!

@-#".%%!#1!*)+B!

'$!)**!"-'3'$)*!@-#%."(&'#$C!&A.!)""(%.0!%A)**!4.!@-.%(3.0!'$$#".$&!($&'*!

&A.!"#$&-)-2!'%!@-#/.0C!)$0!%A)**!.$D#2!&A.!-'EA&!&#!4.!A.)-0!42!A'3%.*1!

)$0!"#($%.*C!&#!4.! '$1#-3.0!#1!&A.!$)&(-.!)$0!")(%.!#1!&A.!)""(%)&'#$!

)E)'$%&! A'3C! &#! A)/.! )! %@..02C! '3@)-&')*C! )$0! @(4*'"! &-')*C! &#! 3..&! &A.!

+'&$.%%! 1)".! &#! 1)".C! )$0! &#! A)/.! "#3@(*%#-2! @-#".%%! &#! %."(-.! &A.!

)&&.$0)$".! #1! +'&$.%%.%! )$0! &A.! @-#0("&'#$! #1! ./'0.$".! '$! A'%! 4.A)*1B!

A#+./.-C! )1&.-! )--)'E$3.$&C! &-')*! 3)2! @-#"..0! $#&+'&A%&)$0'$E! &A.!

)4%.$".!#1! &A.! )""(%.0! @-#/'0.0! &A)&! A.! A)%! 4..$!0(*2!$#&'1'.0! )$0!A'%!

1)'*(-.!&#!)@@.)-!'%!($D(%&'1')4*.!!

"<;<F9>GH!-<IJ;H!(>K9L!%9:;<=>!6?!"#$%$&'()*!

+* ,-./0!01!K23!4516377!18!9:;!<* ,-./0!01!=3!45372>3?!<@@163@0!!A* ,-./0!01!=3!J3:5?!=B!/->7398!:@?!612@739!C* ,-./0!01!=3!<@815>3?!18!0/3!@:0253!:@?!6:273!18!0/3!:6627:0-1@!:.:-@70!/->!D* ,-./0!01!/:E3!:!H433?BF!->4:50-:9!:@?!42=9-6!05-:9!G* ,-./0!01!>330!0/3!M-0@377!8:63!01!8:63!!H* ,-./0!01!/:E3!61>429715B!4516377!01!736253!0/3!N003@?:@63!18!;-0@37737!

:@?!0/3!451?260-1@!18!3E-?3@63!-@!/-7!=3/:98I!

0O9!@L=:9HH!=P!QNM!

• ,3J2-537!0/:0!0/3!45163?253!370:=9-7/3?!=B!9:;!=3!81991;3?!"K'!E!L6:>41F!6-03?!-@!=35@:7!CMN*!

• #23!4516377!/353!-7!45163?25:9!?23!4516377!"K'!E!O5:@0F!6-03?!-@!=35@:7!CMN*!

• #23!4516377!-7!7:0-78-3?!-8!0/3!:66273?!-7!!o $@815>3?!:7!01!;/B!/3!-7!451633?3?!:.:-@70!:@?!!o $@815>3?!;/:0!6/:5.3!/3!/:7!01!>330F!!

o ;-0/!/-7!61@E-60-1@!P4:773?!=B!:!61250!;-0/!61>4303@0!Q25-7?-60-1@R!=3-@.!>:?3!01!5370!1@!9R<K9>:9!;JN;!<H!>=;!;N<>;9K!M<;J!PNQH<;S!!

o :8035!8299!1441502@-0B!815!/->!01!53=20!-0!:@?!!o 0/3!73@03@63!=3-@.!->4173?!-@!:6615?:@63!;-0/!:!E:9-?!9:;I!

"S2@3T!E!':@?-.:@=:B:@!U!6-03?!-@!=35@:7!CMM*!

!

-<IJ;!)IN<>H;!;L<NQ!TS!UOTQ<:<;S!!

• V/353W7!N!UL9HOVU;<=>!=P!<VUNL;<NQ<;S!01;:5?7!0/3!Q2?.3!• V1!;:55:@0!:!8-@?-@.!18!453Q2?-6-:9!42=9-6-0B!0/353!>270!=3!!

o :993.:0-1@!:@?!45118!0/:0!0/3!Q2?.37!/:E3!=33@!2@?29B!-@8923@63?F!!

o @10!7->49B!0/:0!0/3B!>-./0!=3F!=B!0/3!=:55:.3!18!42=9-6-0B!"(3==!E!?3!X31@!6-03?!!-@!=35@:7!DYY*I!!

• Z88360!18!42=9-6-0B!1@!Q2?.37!6:@@10!=3!45372>3?!37436-:99B!7-@63F!2@9-[3!Q25157F!WOKI9H!NL9!;LN<>9K!UL=P9HH<=>NQH!"\31493!E!V33/:@[33!]5!6-03?!-@!=35@:7!DYY*!

!

0O9!@L=:9HH!N>K!3<Q<;NLS!;L<TO>NQH!

• L5?-@:5-9BF!0/3!HOUL9V9!:=OL;!:N>>=;!L9R<9M!;J9!LOQ<>IH!N>K!UL=:99K<>IH!

=P!;J9!V<Q<;NLS!:=VV<HH<=>I!!o .3@35:99BF!0/-7!61250!?137!@10!3^356-73!1E35!>-9-0:5B!

61>>-77-1@7!0/3!72435E-715B!Q25-7?-60-1@!;/-6/!-0!417737737!1E35!6-E-9!05-:9!612507I!"_276:B@1!E!`-9-0:5B!61>>-77-1@!6-03?!-@!=35@:7!DYD*!

!• "<R<Q<N>!DOL<HK<:;<=>!=P!V<Q<;NLS!:=VV<HH<=>!15!05-=2@:9!"L9:.235!E!`-9-0:5B!

a1>>-77-1@!S1I!AC*!o SL!]25-7?-60-1@!

Page 127: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,8!

o 9:;;<=!=>?!:;@!ABA>9CDA!EF>CD@C9=C<;!AGA;!@F>C;H!=IA!JA>C<@!

<K!L:>=C:M!M:NO!<GA>!9CGCMC:;D!"#$!#""%&'%(!)**%+%,*-!'#../00%,!1-!02%.!!

o )(!*#&+!:D!=IA!9CGCM!9<F>=D!:>A!<JA;!:;@!KF;9=C<;C;H3!!o )&-!45,+.%&0!$%&,%$%,!!1-!(5'2!1#,-!$%*)0/&+!0#!)!'/6/*/)&!/(!

&5**!)&,!6#/,!"#$!*)'7!#"!45$/(,/'0/#&!#&!02%!8)$0!#"!02%!./*/0)$-!0$/15&)*!!

o 9*)+5%$!$%6%$(%,!:;5/&#!<$!6!=/*/0)$-!'#../((/#&!>2%$%!/0!>)(!2%*,!=/*/0)$-!'#5$0!2)(!45$/(,/'0/#&!,5$/&+!.)$0/)*!*)>!#6%$!'/6/*/)&(!!

o ?2/(!')(%!,/,!&#0!)';5/0!02%!'#&6/'0%,!)''5(%,!150!#$,%$%,!$%2%)$/&+!!

P>ADFLJ=C<;!<K!C;;<9A;9A!

• @5$,%&!#"!A$##"!o A$#(%'50/#&!2)(!02%!15$,%&!0#!#6%$'#.%!(5'2!8$%(5.80/#&!#"!

/&&#'%&'%!1-!8$%(%&0/&+!02%!;5)&05.!#"!%6/,%&'%!$%;5/$%,!B8$##"!1%-#&,!$%)(#&)1*%!,#510C!

o ?2%!8$#(%'50/#&!.5(0!$%(0!#&!/0(!#>&!.%$/0(!)&,!.5(0!&#0!$%*-!#&!02%!>%)7&%((!#"!02%!,%"%&(%!

• D%)(#&)1*%!,#510!o ?2)0!,#510!%&+%&,%$%,!1-!)&!/&6%(0/+)0/#&!#"!02%!>2#*%!8$##"!)&,!

)&!/&)1/*/0-!)"0%$!(5'2!/&6%(0/+)0/#&!0#!*%0!02%!./&,!$%(0!58#&!02%!'%$0)/&0-!#"!+5/*0-!!

• ?2%!8$%(5.80/#&!o A$%(5.80/#&!#"!/&&#'%&'%!/&'*5,%(!02)0!#"!.#$)*/0-!)&,!

,%'%&'-!)&,!'2)(0/0-!B/E%E!8$%(5.80/#&!#"!6/$+/&/0-C!BF)*,%8%&)(!6!A%#8*%!G(%,5'0/#&!')(%H!'/0%,!/&!@%$&)(!IJKC!

o L"!)''5(%,!)88%)*!)"0%$!1%/&+!'#&6/'0%,!1-!*#>%$!'#5$03!02%!8$%(5.80/#&!#"!/&&#'%&'%!(0/**!)88*/%(!B=)&+51)0!6!M)&,/+)&1)-)&!'/0%,!/&!@%$&)(!IJNC!

!• O%+/(*)0/#&!!

o P#&+$%((!I:D!=IA!J<NA>!=<!@AKC;A!NI:=!DI:MM!9<;D=C=F=A!J>CL:!K:9CA!

AGC@A;9A!<K!HFCM=!K<>!:!'$/.%!)&,!(5'2!8#>%$!/(!&#0!6/#*)0/6%!#"!$/+20!

)+)/&(0!8$%(5.80/#&!#"!/&&#'%&'%3!(/&'%!(5'2!8$/.)!")'/%!%6/,%&'%!')&!%)(/*-!1%!$%1500%,!BQM!6!O5*/&+C!

o :!*)>!(0)0/&+!02)0!#&%!(2)**!1%!@CDQF:MCKCA@!=<!>F;!K<>!<KKC9A!<;!=IA!H><F;@!:M<;A!=I:=!9I:>HAD!I:GA!RAA;!KCMA@!:H:C;D=!ICL!RAK<>A!=IA!

9<F>=!CD!9<;DC@A>A@!:D!GC<M:=CGA!#"!02%!$/+20!0#!1%!8$%(5.%,!/&&#'%&0!BR5.*)#!6!P#.%*%'C!

o LS!=)$;5%T!<$!6!P#.%*%'3!P#5$0!FJIAM@!=IA!@CDQF:MCKC9:=C<;!<K!:!9:;@C@:=A!<;!=IA!H><F;@D!=I:=!IA!CD!:!KFHC=CGA!K><L!EFD=C9AE!?2%!'#5$0!2%$%!()/,!02)0!U5+/0/6%!)88*/%(!0#!02#(%!>2#!>)(!&#0!-%0!'#&6/'0%,!150!>)(!$5&&/&+!)>)-!"$#.!0$/)*E!?2/(!,/,!&#0!6/#*)0%!02%!8$%(5.80/#&!#"!/&&#'%&0!)(!,/(;5)*/"/')0/#&!/(!&#0!)!8%&)*0-!)&,!02)0!'#&+$%((!/(!)**#>%,!0#!8$%('$/1%!$%)(#&)1*%!;5)*/"/')0/#&(!"#$!*#')*!')&,/,)0%(!B1%$&)(!IJJC!

!• >2)0!8$#(%'50/#&!.5(0!,#!1%"#$%!02%$%!')&!1%!)!'#&6/'0/#&!BA%#8*%!6!

=/&+C!o ?2%!)''5(%,!%&4#-(!02%!'#&(0/050/#&)*!8$%(5.80/#&!#"!/&&#'%&'%!

5&0/*!"/&)*!'#&6/'0/#&V!9<;GC9=C<;!>AQFC>AD!;<!MADD!=I:;!AGC@A;9A!DFKKC9CA;=!=<!:>>CGA!:=!:!L<>:M!9A>=:C;=?!<K!HFCM=O!&#0!#&*-!>/02!$%(8%'0!0#!02%!%W/(0%&'%!#"!)!'$/.%3!1503!.#$%!/.8#$0)&0*-3!#"!02%!/,%&0/0-!#"!02%!)''5(%,!)(!02%!)502#$!#"!02%!'$/.%E!

o A$#(%'50/#&X(!')(%!.5(0!>CDA!:;@!K:MM!<;!C=D!<N;!LA>C=D!:;@!9:;;<=!

@>:N!C=D!D=>A;H=I!K><L!=IA!NA:S;ADD!#"!02%!,%"%&(%!!

-CHI=!=<!RA!IA:>@!B1%$&)(!IJYZIJIC!

• ?2%![%)$%$!o \5)*/0-!,%.)&,%,]!")/$&%((!)&,!/.8)$0/)*/0-!

! <5,+%!.)-!&#0!8*)-!02%!,#51*%!$#*%!#"!8$#(%'50#$!)&,!45,+%!/&!#&%!)&,!02%!().%!')(%E!

• ?2%!#&%!1%/&+![%)$,!o D/+20!0#!8$%(%&0!%6/,%&'%!)&,!0#!1%!8$%(%&0!)0!02%!0$/)*!o ?2%!$/+20!0#!1%!)((/(0%,!1-!'#5&(%*!o D/+20!0#!'#.85*(#$-!8$#'%((!0#!'#.8%*!02%!)00%&,)&'%!#"!>/0&%((!/&!

2/(!1%2)*"!!• D/+20!0#!8$%(%&0!%6/,%&'%!

Page 128: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,8!

o !"#$%&%'&%()%"*+&",&',(-)&*./'0&.,1&%$(&0"#$%&%'&2(&#"/(,&%"3(&%'&4.55&6"%,())()&

• 7,(&$.)&%$(&0"#$%&.5)'8&"*&2(",#&.449)(1&'*&%6'&'**(,)(8&*'0&%0".5&'*&(.4$&'*&%$(&4.)(&

-9:;<!<=!>?!<@9?A!>B!CD!9EFC@<9CG!HIA:?!!

• :3;(0.%"/(&4$.0.4%(0&'*&%$(&JCK?:IC@A!=K!AI?!F@=L?JJ&<4',,'%()=8&.%&%$(&/(0+&5(.)%8&CD!9EFC@<9CG!<@9>IDCG>?2(0,.)&@AB&4"%",#&C.%('&D0&/&E"55.59FG&

• H0'9,1)&",&6$"4$&I91#(&4.,&1")J9.5"*+&$"3)(5*&?095()&'*&4'90%&4"%(1&",&C.%('&D!&/&E"55.59FG&<K!LK7=&

o K(49,".0+&",%(0()%&o !(5.%"',)$";&o K0(/"'9)&;.0%"4";.%"',&",&%$(&3.%%(0&%$.%&4.55)&*'0&.1I91"4.%"',&&o 7%$(0&I9)%&'0&/.5"1&0(.)',&6$"4$&(0'1()&%0."%&'*&'2I(4%"/"%+&&

&• MN.3;5(&6$(,&I91#(&")&;.0%".5&

o O",(&'*&J9()%"',",#&)$'6(1&$")&$')%"5"%+&.#.",)%&%$(&.449)(1&6$'&6.)&.&,'%'0"'9)&40"3",.5&?K(';5(&/&7;"1.&4"%(1&",&2(0,.)&@ABG&

o D91#(&4',/"4%(1&%$(&;(%"%"',(0&'*&.0)',8&$(&.%%0"29%(1&%$(&.4%&%'&%$(&1()"0(&'*&;(%"%"',(0&%'&1()%0'+&(/"1(,4(&'*&3.5/(0).%"',8&%$(&I91#(&6.)&1")J9.5"*"(1&*0'3&)92)(J9(,%5+&%0+",#&%$(&;(%"%"',(0&*'0&3.5/(0).%"',&?:#,.4"'&/&E"55.59F&4"%(1&P(0,.)&@ABG&

• D91#(&6$'&",$(0"%&.&4.)(&*0'3&.,'%$(0&I91#(8&(/(,&%$'9#$&$(&6.)&,'%&.25(&%'&$(.0&.55&%$(&6"%,())()&;0()(,%(18&)%"55&$./(&%$(&;0()93;%"',&'*&2(",#&"3;.0%".5&&?2(0,.)&@AQ&4"%",#&K(';5(&R.0.I')G&

-9:;<!<=!L=IDJ?G!

• P.)"4&(5(3(,%)&'*&%$(&0"#$%&%'&4'9,)(5&?P(0,.)&@BA&4"%",#&1"**(0(,%&I90");091(,4(&.,1&095()&'*&4'90%G&&SG T'90%&")&19%+&2'9,1&%'&9DK=@E&%$(&1(*(,1.,%&%$.%&$(&$.)&.&@9:;<!<'&

.,&.%%'0,(+&2(*'0(&$(&")&.00."#,(1U&BG V$(&4'90%&EIJ<!CJM!$"3&"*&$(&1()"0()&%$(&)(0/"4(&'*&4'9,)(5&&QG :*&$(&1'()8&.,1&")&9,.25(&%'&#(%&',(8&%$(&4'90%&EIJ<!CJJ9:D&4'9,)(5&

1(&'**"4"'U&

WG 708&"*&%$(&.449)(1&N9J;?J!<=!F@=LI@?&;0"/.%(&4'9,)(58&%$(&4'90%&EIJ<!:9O?!;9E!<9E?&%'&'2%.",&',(>&:*&.;;'",%(1&4'9,)(5-)&&",%(0()%)&.0(&1"/"1(1&2(%6((,&;0')(49%'0&.,1&%$(&1(*(,)(8&$")&.;;'",%3(,%&4',)%"%9%()&0(/(0)"25(&(00'0&

@G X$(0(&195+&.9%$'0"F(1&3(32(0)&'*&%$(&2.0&.0(&,'%&./."5.25(8&%$(&4'90%&3.+&.;;'",%&.,+&;(0)',&0()"1(,%&'*&%$(&;0'/",4(&.,1&'*&#''1&0(;9%(&*'0&;0'2"%+&.,1&.2"5"%+&

&• V$(&0"#$%&

o .449)(1&39)%&2(&",*'03(1&2+&%$(&4'90%&%$.%&$(&$.)&.&@9:;<!<=!;CO?!L=IDJ?G!>?K=@?!>?9D:!C@@C9:D?A8&.,1&39)%&>?!CJM?A!9K!<;?!A?J9@?J!<;?!C9A!=K!L=ID)(5>&:*&$(&1()"0()&.,1&")&9,.25(&%'&(3;5'+&4'9,)(58&%$(&4'90%&EIJ<!CJJ9:D!L=IDJ?G&?4'9,)(5&1(&'**"4"'G&&%'&1(*(,1&$"3&?YZ&/&H"3(,'8&4"%(1&",&2(0,.)&@S[G&

o "%&")&())(,%".5&%$.%&%$(&4'90%&)$'951&.))"#,&',(&1(&'*"4"'&"*&$(&1()"0()&.,1&"*&$&")&;''08&.,1&#0.,%&$"3&.&0(.)',.25(&%"3(&%'&;0'490(&.,&.%%'0,(+&'*&$")&'6,>&

o \(,".5&)94$&0"#$%&6'951&2(&)9**"4"(,%&4.9)(&*'0&%$(&0(/(0).5&'*&%$(&4.)(&?YZ&/&Z(0.1'+8&4"%(1&",&P(0,.)&@S]G&

o T'9,)(5&1(&'**"4"'&39)%&2(&.&J9.5"*"(1&5.6+(0&&

• K0()93;%"',&'*&!(#95.0"%+&o V$(0(&")&.&;0()93;%"',&%$.%&%$(&4'90%&1"1&%$(&)."1&.4%)&.2'/(&

?;(';5(&/&C"0.,1.&4"%(1&",&2(0,.)&@BAG&&

• X$(,&0"#$%&.%%.4$()>?).+)',&/&;(';5(&4"%(1&2+&P(0,.)&@BSG&o V"3(&'*&.00."#,3(,%&o 2(*'0(&.00."#,3(,%8&!"#$%)&9,1(0&.0%"45(&SB&)$.55&.;;5+&%'&%$(&

.449)(1&&

• T.)()&6$(0(&%$(0(-)&,'&1(,".5&'*&0"#$%&%'&4'9,)(5&o %$(&.449)(1&$.)&;0'4((1(1&6"%$&%$(&.00."#,3(,%&.,1&%$(&%0".5&6"%$&.&

4'9,)(5&'*&$")&4$'"4(&29%&6$(,&%$(&%"3(&*'0&%$(&;0()(,%.%"',&'*&(/"1(,4(&*'0&%$(&1(*(,)(&$.)&.00"/(18&$(&.;;(.0)&2+&$"3)(5*&.5',(&

Page 129: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

6,8!

!"#$%&'$!()'"*'$+,$&-)$*+.")'/$0!)$-"'1*.)!(/'23)!4)+"$5$6'+6/'$*-%'#$(4$7'8"!)$9:;<$

o !$*+.")'/$#'$+,,-*-+$0!)$!66+-"%'#$#.8-"=$%&'$!()'"*'$+,$%&'$!**.)'#$*+.")'/$#'$6!8%'$6.8).!"%$%+$%&'$*+.8%>)$#')-8'$%+$,-"-)&$%&'$*!)'$!)$'!8/4$!)$68!*%-*!(/'$."#'8$*+"%-".+.)$%8-!/$)4)%'?$

o @'%-%-+"'8$0!)$8'68')'"%'#$(4$*+.")'/$#'$6!8%'$!%$%&'$!88!-="?'"%$!"#$%8-!/A$%&'$%8-!/$*+.8%$*+./#$"+%$('$#''?'#$#.%4B(+."#$%+$!66+-"%$!$*+.")'/$#'$+,,-*-+$,+8$%&'$*+"%-".!%-+"$+,$&-)$*8+))$'1!?-"!%-+"$$$

$• C!-5'8$+,$8-=&%$%+$*+.")'/$37'8"!)$9::B9:D<$

o E**.)'#$)!-#$&'$#-#$"+%$0!"%$!$*+.")'/$36'+6/'$5$)-?$('"<$o E**.)'#$0'"%$%+$%8-!/$!/+"'$!"#$*+"#.*%'#$&-)$+0"$#','")'$!,%'8$

('-"=$!)F$-,$&'$0!"%'#$!$*+.")'/$o @8').?6%-+"$-)$!/0!4)$!=!-")%$%&'$0!-5'8$o @8+)'*.%-+"$?.)%$68+5'$0-%&$)%8+"=$'5-#'"*'$0!-5'8$0!)$?!#'$

0-//-"=/4$!"#$5+/."%!8-/4$$

-9:;<!<=!>?!9@A=BC?DE!

• G!8#-"!/$8'H.-)-%'I$!**.)'#$('$-",+8?'#$+,$,!*%)$%&!%$!8'$-?6.%'#$%+$&-?$39:D<$o J",+8?!%-+"$?.)%$#')*8-('$%&'$!*%$0-%&$FGAA9H9?@<!IJB<9HGKJB9<L!!!o 0?FHB9I<9M?!%'8?)$.)'#$?.)%$('$FGAA9H9?@<!9@$%&'-8$*+??+"$!"#$

+8#-"!84$!**'6%!%-+"$%+$F;=N!N9<;!H?B<J9@<L!%+$%&'$*+??+"$."#'8)%!"#-"=$+,$-"%'//-='"%$?'"$0&!%$%&'$68+6'8%4$0!)$!"#$%+$,.//4$-#'"%-,4$-%$

o OGJK9AL9@:!H9BHGCF<J@H?F!CGF<!>?!JKK?:?D!o K&'$8-=&%$%+$!))!-/$%&'$).,,-*-'"*4$+,$%&'$-",+8?!%-+"$+8$%&'$

!#?-))-+"$+,$'5-#'"*'$CJL!>?!NJ9M?D$(4$%&'$!**.)'#$-,$&'$AJ9KF!<=!=>P?H<!<=!9<F!FGAA9H9?@HL$DGB9@:!<;?!<B9JK!J@D$%&'$#',-*-'"*4$-)$*.8'#$(4$*+?6'%'"%$'5-#'"*'$68')'"%'#$%&'8'-"$

o $??D!@=<!JKK?:?!<;?!IB?H9F?!<9C?$+,$%&'$*+??-))-+"$+,$!"$+,,'"*'A$."/'))$%-?'$-)$!"$'))'"%-!/$'/'?'"%$+,$%&'$*8-?'$*&!8='#$$

o K-?'$+,$%&'$*+??-))-+"$+,$%&'$+,,'")'$?.)%$('$!//'='#$!)$"'!8$%+$%&'$!*%.!/$#!%'$!)$%&'$-",+8?!%-+"$+8$*+?6/!-"%$0-//$6'8?-%$3)'*%-+"$;;$L./'$;;M$8./')$+,$*+.8%<$

o N.'$68+*'))$8'H.-8')$%&!%$"+%$+"/4$;?!QJHHGF?DR!@??DF!<=!>?!9@A=BC?D$&'$?.)%$('$J>K?!<=!G@D?BF<J@D!0&!%$%&'$/!0$*+??!"#)$+8$68+&-(-%)$3+%&'80-)'$-%)$5+-#$,+8$5!=.'"'))<$$

o L-=&%$%+$).,,-*-'"%$-",+8?!%-+"$-)$J!B9:;<!9@!HB9C9@JK!IB=H??D9@:F!!"#$"+%$-"$!#?-"-)%8!%-5'$68+*''#-"=)$0&-*&$+"/4$8'H.-8')$%&!%$%&'$8')6+"#'"%$('$=-5'"$%&'$+66+8%."-%4$%+$('$&'!8#$$

• E"$-",+8?!%-+"$,-/'#$?.)%$*+"%!-"$!//$%&'$O5!/-#P$*&!8=')$!=!-")%$%&'$!**.)'#$!)$-%$-)$%&'$8-=&%$+,$%&'$!**.)'#$%+$('$-",+8?'#$+,$%&'$"!%.8'$!"#$%&'$*!.)'$+,$!**.)!%-+"$!=!-")%$&-?$36'+6/'$5$8'=!/!<$

%I??DLS!9CIJB<9JK!J@D!IG>K9H!<B9JK!!

• L-=&%$%+$-?6!8%-!/$%8-!/$-)$"+%$!$(!8$%+$!$Q.#='>)$-"%'85'"%-+"$-"$*8+))B'1!?-"!%-+"$3('8"!)A$9:R<$

• J%$-)$%&'$#.%4$+,$!$%8-!/$Q.#='$%+$'1!?-"'$0-%"'))')$0&'"$-%$!66'!8)$"'*'))!84$,+8$%&'$'/.*-#!%-+"$+,$%&'$8'*+8#$37'8"!)$9:R<$

• N'"-!/$+,$%&'$$8-=&%$%+$)6''#4$%8-!/$)&!//$'"%-%/'$%&'$!**.)'#$%+$%&'$#-)?-))!/$+,$%&'$*!)'$,-/'#$!=!-")%$&-?$3G+"#'$5$L-5'8!<$

• C&!%$%&'$*+")%-%.%-+"$68+&-(-%)$!8'$."8'!)+"!(/'$#'/!4)$37'8"!)$9:S<$• K&.)$-,$#'/!4$0!)$8'!)+"!(/'$-%$#+')$"+%$5-+/!%'$8-=&%$%+$)6''#4$%8-!/$

o E()'"*'$+,$%&'$*+?6/!-"!"%$#.'$%+$?'#-*!/$8'!)+")$T$8'!)+"!(/'$3@'+6/'$5$U-"')<$

o V+.8$#!4)$-"$%&'$%8!")?-))-+"$+,$!66'!/$6!6'8)$T$8'!)+"!(/'$o C!8W/-('8!%-+"$T$8'!)+"!(/'$$o K46&++"$T$Q.)%-,-'#$$

• J,$!**.)'#$8!-)'#$%&'$#','")'$+,$#'"-!/$+,$)6''#4$%8-!/$+"/4$+"$!66'!/A$-%>)$#''?'#$%+$&!5'$(''"$0!-5'#$$

• C!-5'8$+8$!(!"#+"?'"%$?!4$('$68').?'#$+"/4$0&'"$%&'$6+)%6+"'?'"%$+,$%&'$%8-!/$&!)$(''"$)+.=&%$!"#$+(%!-"'#$(4$%&'$!**.)'#$&-?)'/,$+8$(4$&-)$!%%+8"'4$$

• L'?'#4$+,$!"$!**.)'#$0&'"$%&'8'>)$!$5-+/!%-+"$+,$8-=&%$%+$)6''#4$%8-!/$-)$#-)?-))!/$0&-*&$-)$'H.-5!/'"%$%+$!*H.-%%!/A$%&.)$#+.(/'$Q'+6!8#4$!66/-')$+8$&!('!)$*+86.)$-,$#'%!-"'#$

TG>K9H!<B9JK!

Page 130: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

685!

• !"#$%&$'($#%)$*#+#,*#-%)$%(.,#+/)$0%*"#%1&$$#+%&%23-0#%4($-34*,%*"#%5+(4##-)$0,%)$%"),%4(3+*+((1%1&'%-(%,(%

• 674#5*)($8%0#$#+&9%53.9)4%1&'%.#%#7493-#-%:"#$%*"#%#/)-#$4#%*(%.#%5+#,#$*#-%)$%*"#%5+(4##-)$0%1&'%.#%4"&+&4*#+);#-%&,%9::;<=>?;!@9!A;B;<BC!9D!EFGH>B!I9DJH=K%%

o <3*%#/#$%)$%,34"%)$,*&$4#,%*"#%4($,*)*3*)($%-#1&$-,%*"&*%*"#%&443,#-%,"(39-%.#%&99(:#-%&*%9#&,*%*(%"&/#%"),%=+)#$-,>%+#9&*)/#,%&$-%4(3$,#9%5+#,#$*>%$(%1&**#+%:)*"%:"&*%(==#$,#%"#%1&'%.#%4"&+0#-%%

• ?)0"*%),%&%,&=#03&+-%&0&)$,*%&$'%&**#15*%*(%#159('%(3+%4(3+*,%&,%)$,*+31#$*,%(=%5#+,#43*)($%

->LM@!@9!B9<:D9<@J@>9<!

• ?)0"*%*(%1##*%*"#%:)*$#,,%=&4#%*(%=&4#%%• @:(%=(9-%53+5(,#%

o A==(+-%*"#%&443,#-%J<!9EE9D@F<>@C!@9!@;=@%*"#%*#,*)1($'%(=%*"#%:)*$#,,%.'%4+(,,B#7&1)$&*)($%

o C#4($-&+)9'%*(%JHH9N!@M;!OFAL;!@9!9G=;D?#%*"#%-#5(+*1#$*%(=%*"#%:)*$#,,%%

• A%-(4*(+%:"(%#7#43*#,%*"#%1#-)4&9%4#+*)=)4&*#%13,*%.#%5+#,#$*#-%=(+%4+(,,%#7&1)$&*)($%DEC%/%F(+#$;&$&%=+(1%.#+$&,%GHIJ%

• A0+##1#$*%.#*:##$%5+(,#43*)($%&$-%*"#%-#=#$,#%*(%*"#%#==#4*%*"&*%4#+*&)$%:)*$#,,#,>%)=%5+#,#$*#->%:(39-%*#,*)='%*(%4#+*&)$%=&4*,%4&$%-#5+)/#%*"#%-#=#$-&$*%(=%*"#%+)0"*%(=%4($=+($*&*)($%),%$(*%4(159#*#9'%-),&99(:#-%D<#+$&,%GHI>%4)*)$0>%E,%/%K($&*(J%

• @#,*)1($'%$(*%,3.2#4*%*(%4+(,,%#7&1)$&*)($%13,*%.#%#7493-#-%=+(1%4($,)-#+&*)($%%

o 674#5*)($8%:"#$%4+(,,%#7&1)$&*)($%:&,%,*&+*#->%.3*%:&,%$(*%=)$),"#->%G;:9D;!N>@<;==!BJ<!B9I;GJBP!M;!A>;=L%@#,*)1($'%&9+#&-'%1&-#%),%&-1),,).9#%DM#(59#%/%C#$#+),>%4)*#-%)$%<#+$&,J%

• *"#%5+(/),)($%:")4"%&99(:,%*"#%,"&+)&%4(3+*%*(%+#$-#+%&%-#4),)($%.&,#-%($%J<!F<;QJI><;A!9J@M%1&-#%.'%*"#%-#=#$-&$*%:)*"(3*%&$'%(*"#+%#/)-#$4#>%A;<>;=!J!EJD@C!M>=!D>LM@!@9!B9<:D9<@!@M;!N>@<;==;=!JLJ><=@!M>I!J<A!@9!BD9==7;QJI><;%*"#1>%*"3,%)*%),%&%/)(9&*)($%(=%-3#%5+(4#,,%D@&15&+%/%E,1&$J%

• ?)0"*%(=%4($=+($*&*)($%),%+#4(0$);#-%AFD><L!ED;H>I><JDC!><?;=@>LJ@>9<!ED9E;D%D:N$%*(%=)9#%&%4&,#J%.3*%$(*%-3+)$0%5+#9)1)$&+'%#7&1)$&*)($%D:N$%),,3#%:&++&$*J%D%O&+)$&,%/%,)(4")>%4)*#-%)$%.#+$&,J%%

"9IEFH=9DC!ED9B;==!!

@(%#,*&.9),"%*"#%+)0"*%*(%4($*)$3&$4#%.'%+#&,($%(=%*"#%&.,#$4#%(=%:)*$#,,#,%*"#%&443,#-%13,*%,"(:%POBQA6R%

IJ @"&*%*"#%:)*$#,,%),%+#&99'%1&*#+)&9S%TJ @"&*%"#%),%03)9*'%(=%$(%$#09#4*%)$%5+#/)(3,9'%(.*&)$)$0%&**#$-&$4#%(=%,&)-%

:)*$#,,S%HJ @"&*%*"#%:)*$#,,%:)99%.#%&/&)9&.9#%&*%*"#%*)1#%-#,)+#-%UJ @"&*%$(%,)1)9&+%#/)-#$4#%4(39-%.#%(.*&)$%%

@"#%=(99(:)$0%&+#%V)$-,%(=%4(1539,(+'%5+(4#,,#,%&/&)9&.9#%*(%*"#%&443,#-8%

IL !"#$%&'()*"+&,)-&+".%W%,311($%-(431#$*,%)$%4(3+*%TL !"#$%&'()(*)-&,-/0/+('*".!B%,311($%:)*$#,,#,%*(%*#,*)='%)$%4(3+*%HL "9<@;IE@%W%53$),"1#$*%=(+%-),(.#-)#$4#%(+%-),"($(+%*(%*"#%4(3+*S%1&'%.#%

-)+#4*%(+%)$-)+#4*%UL 4;<BM!NJDDJ<@%W%4(15#9,%*"#%&**#$-&$4#%)$%4(3+*%(=%&%V#'%:)*$#,,S%

-)==#+#$*%=+(1%&$%&++#,*%(+%,#&+4"%:&++&$*>%*"3,>%$(%$##-%=(+%5+(.&.9#%4&3,#%%

• C)$4#%%&%5+#9)1)$&+'%)$/#,*)0&*)($%4&$%+#,39*%)$%&++#,*>%*"#%&443,#-%,"(39-%$(*%.#%-#$)#-%&44#,,%*(%#/)-#$4#%=&/(+&.9#%*(%")1%D!#..%/%K#%F#($%4)*#-%)$%.#+$&,%GHUJ%

!

&D>JH!><!JG=;<@>J!!

• A443,#-%:&,%,(%$(),'>%-),(+-#+9'%&$-%-),+35*)/#%-3+)$0%*"#%*+)&9%*"&*%)*%:&,%)15(,,).9#%=(+%*"#%*+)&9%*(%5+(4##-L%@"#%23-0#%(+-#+#-%&443,#-%*(%.#%+#1(/#-L%CX%,&)-%"#%=(+=#)*#-%"),%+)0"*%*(%.#%5+#,#$*%*"+(30"(3*%*"#%*+)&9%DY99)$(),%/%A99#$>%X)*#-%)$%.#+$&,%GHUJ%%

Page 131: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

686!

• !"#$%&%'"&()*+('+%,-(%.(,/&".'%,(01234(56789(:4 6;;$&"<(=,&(/"".(,++,%>."<(?4 7*'%;"(*)('="('+%,-(@,&(<$-A(&"+B"<('*(=%C(,.<(D+*D"+-A(+"'$+."<((24 E%&(),%-$+"('*(,DD",+(%&($.F$&'%)%"<((

(• G=A(,)'"+(,++,%>.C".'(01234(

o H$+%.>(,++,%>.C".'I('="(J.)*+C,'%*.(%&(+",<('*('="(,;;$&"<(,.<(="(".'"+&(=%&(D-",((

o K+%,-(;*$+'(,;#$%+"&(F$+%&<%;'%*.(*B"+('="(D"+&*.((

• K="+"L&(,(&','$'*+A(+$-"(@=%;=(9:;<=9:>!?@:!A9:>:BC:(*)('="(,;;$&"<(,'(A9DE<FGH?=DB!DI!J<KG:E:B?(01214(

• K+%,-(%.(,/&".'%,(;,.(/"(EHK:!LDF<B?H9=FM(/$'(="(C,A(/"(CDEA:FF:K!?D!HAA:H9!ID9!A<9AD>:!DI!=K:B?=I=CH?=DB(/A('="(@%'."&&"&(*)('="(D+*&";$'%*.(0/"+.,&(1214(

• J)(="(+",--A(<*"&(.*'(@,.'('*(,DD",+(="(C$&'($.#$,-%)%"<-A(,<C%'('=,'("B"+A('%C"(,(@%'."&&(C".'%*.&(,(.,C"(/A(@=%;=(="(%&(M.*@.I('="(@%'."&&(%&('*(/"($.<"+&'**<(,&(+")"++%.>('*(=%C(0;,++"<*(B(D"*D-"4(

( (

Page 132: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

68,!

"9:;:!!7!)<=>?@;!8!7!%;?=>AB!6C!

D! ")%.! 1)"&%! E.*0F-)&'#! 0#"&-'$.!!" #$%&'()"*"+,$,-%)."

/011,22,03"• 4(-,-,03()2"5()("67%)&(8"5,-7"60329,)%6."-0"

%22%22,3%-("-7("9)(2,8(3-:"-0"6011,-")(;($$,03"%103&"0-7()2<""

• +,$,-%)."/011,22,03"=0">?"5%2"2(-"-0"-)."-7(,)"6%2(<""

• 4(-,-,03()"603-(2-(8"-7("@'),28,6-,03"0A"-7("+,$,-%)."0*()"-7(1"B6,*,$,%32C<""

"

• 4(-,-,03"&)%3-(8"• 0G;!H<A?;::!<;IG><;:!=J9=!?>K>@>9B!L;!=<>;M!>B!9!

?AG<=!AN!H<AH;<!OG<>:M>?=>AB!P">K>@!?AG<=Q!• $,A-,3&"0A"1%)-,%$"$%5:"%"1,$,-%)."6011,22,03"0)"

-),;'3%$"6%330-"-)."%38"(D()6,2("@'),28,6-,03:""• E%1(")'$("27%$$";("%99$,(8";K;B!MG<>BR!=J;!H;<>AM!

AN!S9<=>9@!@9T!0*()"6,*,$,%32"A0)"0AA(32(2"%$$(&(8$."6011,--(8";."-7(1"%2"$03&"%2"-7("?>K>@!?AG<=:!9<;!AH;B!9BM!NGB?=>AB>BR:""

• "%3."@'8&(1(3-")(38()(8";."2'67";08.")($%-,3&"-0"%"6,*,$,%3",2"3'$$"%38"*0,8"A0)"$%6F"0A"@'),28,6-,03"03"9%)-"0A"-7("1,$,-%)."-),;'3%$"6036()3(8"

+,$,-%)."60')-2"6%330-"-)."6,*,$,%3"6%2(2"(*(3"8'),3&"1%)-,%$"$%5",A"6,*,$"60')-2"%)("09(3"

G" HE"*"I'$,3&" • J"$%5"5%2"9%22(8"2%.,3&"-7%-"%"9%)-,6'$%)"%6-"27%$$"6032-,-'-("%"9),1%"A%6,("(*,8(36("0A"%"6),1(<"

• "I'$,3&"5%2"603*,6-(8"'38()"2'67"$%5"K"20$,6,-,3&<""• L("%22%,$2"-7("*%$,8,-."0A"2'67"$%5"6,-,3&"-7%-",-"

*,0$%-(2"7,2"),&7-"-0";("9)(2'1(8",3306(3-<"

• J66'2(8",2"603*,6-(8"• M7("2-%-("7%2"=J;!HAT;<!=A!M;N>B;!?<>S;:U"%38"-0"

H<AK>M;!H<>S9!N9?>;!;K>M;B?;!AN!RG>@=<""• N(2,8(2"9),1%"A%6,("(*,8(36("6%3"(%2,$.";("

)(;'--(8";."6$(%)"%38"603*,36,3&"(*,8(36(<"

/03&)(22"7%2"-7("905()"-0"8(A,3("57%-"27%$$"6032-,-'-("9),1%"A%6,("(*,8(36("0A"&',$-"A0)"%"6),1("%38"2'67"905()",2"30-"*,0$%-,*("0A"),&7-"%&%,32-"9)(2'19-,03"0A",3306(36("

>" O'1$%0"*"/01($(6" • J"9)0*,2,03"0A"$%5"%$$05(8"-7("M>:IG9@>N>?9=>AB!AN!9!?9BM>M9=;!AB!=J;!R<AGBM!9@AB;!=J9=!?J9<R;:!J9K;!L;;B!N>@;M!9R9>B:=!J>S";(A0)("%"6,*,$"0)"1,$,-%)."-),;'3%$<""

• 4(-,-,03()"67%$$(3&(8"-7("9)0*,2,03"%2",-"*,0$%-(8"-7("),&7-"-0";("9)(2'1(8",3306(3-<"

• 4(-,-,03"&)%3-(8"• BA!M>:=>B?=>AB!>:!S9M;!L;=T;;B!9!H;<:AB!

?ABK>?=;M!AN!9?=:!AN!M>:@AV9@=V!9BM!AB;!9R9>B:=!TJAS!?J9<R;:!J9K;!L;;B!N>@;M!NA<!:G?J!9?=::"%2";0-7"0A"-7(1"50'$8";(",3($,&,;$("-0")'3"A0)"9';$,6"0AA,6(<""

• M7(."%)("K><=G9@@V!H@9?;M!>B!=J;!:9S;!?9=;RA<V!9:!9!H;<:AB!9@<;9MV!?ABK>?=;M!AN!9!?<>S;!T>=J!=J;!H;B9@=V!AN!!""#$%&!"57,67"6%)),(2"5,-7",-"-7("%66(220)."9(3%$-."0A"2'29(32,03"0A"-7("),&7-"-0"70$8"0AA,6("8'),3&"-7("-()1"0A"-7("2(3-(36("

• M7,2"6%2("80(2"30-"0*())'$("I'$,3&:"60')-"P'%$,A,(2"-7%-";@;?=>AB!T9:!B;9<!9BM!=J;<;!>:!BA!=>S;!=A!<;LG=!;K>M;B?;"B2((";()3%2"Q!!C"

J"$%5"2-%-,3&"-7%-"03("27%$$";("8,2P'%$,A,(8"-0")'3"A0)"0AA,6("03"-7("&)0'38"%$03("-7%-"67%)&(2"7%*(";((3"A,$(8"%&%,32-"7,1";(A0)("-7("60')-",2"6032,8()(8"%2"*,0$%-,*("0A"-7("),&7-"-0";("9)(2'1(8",3306(3-"

Page 133: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

688!

!" #$%&'$""(")%'*+,%" • -$.$/,+/0"1+2"34+5*$,"1604"2'6*40"6''$*+'"

,$0$/06%/""

• )$"&'$+,$,"*76'08"0%"60"1604%70"+22620+/3$"%."'$*+'"

3%7/2$'9""

• :4$"'%1$5"3%750"5$/,$5$,";7,*<$/0"1604%70"

3%/,7306/*".7504$5"056+'"+/,"04$";7,*$"5$'6$,"%/'8"

1604"04$".6/,6/*2"%."04$".623+'9""

• =/">$5/+2?"3%<<$/0+58"@&ABBCD"04$"3%750"+2E$,"

0%"04$"+3372$,"6."F-%"8%7"+/"+00%5/$8"%5"+5$"8%7"

*%6/*"0%"&'$+,"*76'08GH"6/"14634"04$"+3372$,"

5$&'6$,D"F="4+($"/%"+"'+18$5"+/,"="16''"&'$+,"

*76'089H"

• -7$"#5%3$22"1+2",$/6$,"0%"04$"+3372$,"I"9:;<=9>!?<9;@A!BC!A9DEFG"

• :4$5$"3+/"J$"/%".+65"4$+56/*"7/'$22"04$"+3372$,"

J$"*6($/"04$"%&&%507/608"0%"J$"4$+5,"J8"3%7/2$'"

• $BF!@:BHDE!CBA!FE@!IBHAF!FB!<GJ!E9K"14$04$5"%5"

/%0"4$",$265$2"04$"+6,"%."+/"+00%5/$8K"J70"60"62"

@GG@:F9<=!FE<F!FE@!IBHAF!GEBH=>!<GG9D:!B:@!>@!BC9I9B!9C!E@!>@G9A@G"+/,"6."462"&%%5K"+/,"*5+/0"46<"+"

5$+2%/+J'$"06<$"0%"&5%375$"+/"+00%5/$8"%."462"

%1/9"

• :56+'"L%750"<720"6/M765$"+2"0%"04$"057$"6<&%50"%."

04$"M7+'6.6$,"&'$+"%."04$"+33722$,9""

• N623+'?2"20+0$<$/0"62"/%0"27..636$/0"0%"%($53%<$"+"

M7+'6.6$,"&'$+"%."04$"+3372$,"

"

O%0"$/%7*4".%5"04$"3%750"0%"

+2E"46<"14$04$5"%5"/%0"4$"

,$265$2"04$"+6,"%."+/"

+00%5/$8K"J70"60"62"$22$/06+'"

04+0"04$"3%750"24%7',"+226*/"

%/$",$"%.636%"6."4$",$265$2"

+/,"6."4"62"&%%5K"+/,"*5+/0"

46<"+"5$+2%/+J'$"06<$"0%"

&5%375$"+/"+00%5/$8"%."462"

%1/9"

"

A" #$%&'$"("P$*+'+" • Q3372$,"1+2"34+5*$,"1604"<75,$5"

• 04$"6/.%5<+06%/".6'$,",6,"/%0"+''$*$"04$"$22$/06+'"

$'$<$/02"%."04$"M7+'6.86/*"36537<20+/3$"%."

+22+7'0"7&%/"+/"+*$/0"%."+"&$52%/"6/"+704%56089"

• "R%1$5"L%750"3%/(630$,"04$<"%."<75,$5S"7&%/"

+&&$+'"3%750"57'$,"60"1+2"%/'8"4%<636,$9"

• Q3372$,"+3M7600$,"

• Q/"6/.%5<+06%/".6'$,"<720"3%/0+6/"+''"04$"34+5*$2"

+*+6/20"04$"+3372$,"+2"60"62"04$"56*40"%."04$"

+3372$,"0%"J$"6/.%5<$,"%."04$"/+075$"+/,"04$"

3+72$"%."+3372+06%/"+*+6/20"46<9"

Q/"6/.%5<+06%/".6'$,"<720"

3%/0+6/"+''"04$"34+5*$2"

+*+6/20"04$"+3372$,"+2"60"62"

04$"56*40"%."04$"+3372$,"0%"

J$"6/.%5<$,"%."04$"/+075$"

+/,"04$"3+72$"%."+3372+06%/"

+*+6/20"46<9"

T" U/56'$"("V+'+W+5" • U/56'$"1+2"+55$20$,"+.0$5"+".+6'$,"3%7&"+00$<&09"

• ")$"1+2"34+5*$,"1604"5$J$''6%/"1604"<75,$5"+/,"

<7'06&'$".57205+0$,"<75,$59"

• ")$".6'$,"+"<%06%/"0%"M7+24"26/3$"2734"+"356<$"

,6,"/%0"$X6209"

• #$0606%/"*5+/0$,"

• <75,$5"+/,".57205+0$,"<75,$5"+5$"+J2%5J$,"J8"

5$J$''6%/"04$5$J8"60"3+/?0"J$"6/3'7,$,"0%"3%<&'$X"

5%JJ$589"""

• V%"26/3$"04$"6/.%5<+06%/".6'$,"+*+6/20"+3372$,"

,%$2"/%0"$X620K"4$"<720"J$"5$'$+2$,9""

"

:4$5$"24%7',"J$""(+'6,"

34+5*$Y6/.%5<+06%/"J$.%5$"

+/"+3372$,"3+/"J$"

3%/(630$,Y056$,"

Z" L%/,$"("P6($5+" • Q75$'6+"L%/,$K"+".%5<$5"<7/636&+'"<6,16.$"6/"

:+8+J+2K"4+2"4+,"0%"+/21$5"0%"A"6/.%5<+06%/2".%5"

(+56%72"356<$2K""

• V4$"+&&$+5$,"1604"160/$22$2"+/,"3%7/2$'"["

06<$2K"5$M765$,"0%"3%<$"0%"04$"VL"B"06<$2".%5"

&5%0$306%/K""

• +/,"/%1"+.0$5"%/$"8$+5"26/3$"04$".6'6/*"%."04$"

.6520"6/.%5<+06%/K"62".+504$5".5%<"+"5$2%'706%/"

04+/"14$/"24$".6520"20+50$,9""

• Q3372$,"+3M7600$,"

• Q3372$,"4+2"+"56*40"0%"2&$$,8"056+'9""

• \4$5$"+"&5%2$3706/*"%..63$5K"1604%70"*%%,"3+72$K"

2$375$2"&%20&%/$<$/02"%."04$"056+'"%."+",$.$/,+/0"

+*+6/20"462"&5%0$20"J$8%/,"+"5$+2%/+J'$"&$56%,"%."

06<$K"+2"6/"0462"6/20+/3$".%5"<%5$"04+/"+"8$+5K"04$"

+3372$,"62"$/060'$,"0%"5$'6$."J8"+"&5%3$$,6/*"6/"

<+/,+<72"0%"3%<&$'"+",62<622+'"%."04$"

6/.%5<+06%/K"%5"6."4$"J$"5$205+6/$,"%."462"'6J$508K"

J8"4+J$+2"3%5&72"0%"%J0+6/"462".5$$,%<9"

-$/6+'"%."04$"56*40"0%"

2&$$,8"056+'"1+55+/02"04$"

,62<622+'"%."04$"3+2$"14634"

'6E$162$"*6($"562$"0%",%7J'$"

;$%&+5,8"

[" #$%&'$"("]6/$2" • Q"3%<&'+6/0"1+2".6'$,"+*+6/20"5$2&%/,$/02".%5"

'6J$'9""

• #$0606%/",62<622$,"

• 04$"+J2$/3$"%."3%<&'+6/+/0"1$5$"6/"*%%,".+604K"

\4$/",$'+8"1+2"6/"*%%,"

.+604"+/,"5$+2%/+J'$K"60"

Page 134: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

689!

• !"#$%&'("&%#)*%&+(,,*-+*./&)01&#1&#-+0""*.&.*%$23&)*+$03*&('&14*&-(-5$66*$"$-+*&('&+(,6%$#-$-1&.0*&1(&,*.#+$%&"*$3(-37&&

• !4*&80*31#(-&4*"*&#3&94*14*"&("&-(1&14*&"*36(-.*-1:3&"#;41&1(&$&36**.2&1"#$%&9$3&<#(%$1*.7&

$-.&&• 14*&.*%$2&=>&$-.&$&4$%'&,(-143?&9$3&-(1&%(-;&

*-(0;4&1(&+(-31#101*&+$6"#+#(03&$-.&<*@$1#(03&.*%$27&&

• A#;41&1(&$&36**.2&1"#$%&#3&"*%$1#<*/&30)B*+1&1(&"*$3(-$)%*&$-.&B031#'#*.&.*%$237&

.(*3&-(1&+(-31#101*&$&.*-#$%&('&14*&"#;41&1(&36**.2&1"#$%&

C& D$1*(&E"&<&F(-&G#%%$%0H&

• I-*&('&14*&$++03*.&#-&14#3&+$3*&*@*+01*.&$-&*@1"$5B0.#+#$%&31$1*,*-1&#,6%#+$1#-;&4#3&+(5$++03*.7&&

• J1&9$3&39("-&)*'("*&14*&6"*3#.#-;&B0.;*&('&14*#"&+$3*7&&

• K$1*"/&3$#.&$++03*.&9$-13&1(&"*60.#$1*&14*&31$1*,*-1&$3&#1&9$3&,$.*&$3&$&"*30%1&('&$&14"*$1&,$.*&)2&$014("#1#*37&&

• L++03*.&$%3(&+%$#,&14$1&14*&B0.;*&#3&-(1&#,6$"1#$%&$-2,("*&3#-+*&14*2&+%$#,&14$1&3#-+*&4*&9$3&14*&(-*&94(&'#"31&$3+*"1$#-*.&14$1&14*&31$1*,*-1&,$.*&)2&14*&$++03*.&9$3&1"0*/&4*&+(0%.&-(1&"*60.#$1*&14#37&&

• !4*"*&#3&$&)#$3&#-&'$<("&('&4#3&6"*<#(03&.*1*",#-$1#(-&('&14*&1"014'0%-*33&('&14*&31$1*,*-1/&)*+$03*&4*&9(0%.&6"$+1#+$%%2&(<*""0%*&4#3&(6#-#(-&#'&4*&.*+#.*3&1(&"*60.#$1*&14*&31$1*,*-17&

• M*1#1#(-&;"$-1*.&&• NO&3$#.&14$1&L&B0.;*&,031&#-4#)#1&4#,3*%'&#'&14*"*&#3&

$&+(-'%#+1&('&#-1*"*317&&• P0*&6"(+*33&"*80#"*3&$-&#,6$"1#$%&$-.&()B*+1#<*&

E0.;*7&&• L&B0.;*&34(0%.&$1&$%%&1#,*3&)*&94(%%2&'"**/&

.#3#-1*"*31*./&#,6$"1#$%&$-.&#-.*6*-.*-17&• &L&B0.;*&4$3&)(14&14*&.012&('&"*-.*"#-;&14*&

.*+#3#(-&$-.&14*&.012&('&.(#-;&#1&#-&$&,$--*"&+(,6%*1*%2&'"**&'"(,&3036#+#(-&$3&1(&#13&'$#"-*33&$-.&$3&1(&#13&#-1*;"#127&&

• L3#.*&'"(,&=Q?&6*+0-#$"2&#-1*"*31/&=R?&"*%$1#(-34#6/&("&=S?&6"*<#(03&6$"1#+#6$1#(-&#-&14*&,$11*"&14$1&+$%%3&'("&$.B0.#+$1#(-/&14*"*&,$2&)*&(14*"&+$03*3&14$1&+(0%.&+(-+*#<$)%2&*"(.*&14*&1"$#1&('&()B*+1#<#12/&1403&+$%%#-;&'("&#-4#)#1#(-7&&

• J-&14#3&+$3*!#1&#3&0-%#T*%2&14$1&4*&9$3&-(1&(''*-.*.&)2&14*&$++03*.&30..*-&10"-$)(01&9#14&4#3&.*+%$"$1#(-&14$1&14*"*&9$3&#-1#,#.$1#(-&)2&$&;(<*"-,*-1&$;*-17&

• &F#3&3*-3*&('&'$#"-*33&0-.*"&14*&+#"+0,31$-+*3&+(0%.&)*&*$3#%2&)*&)%0-1*.7&U*#-;&3(/&+(0"1&#3&6"$+1#+$%%2&3$2#-;&14$1&B0.;*3&$"*&.#3+(0"$;*.&'"(,&-(1$"#H#-;&.(+0,*-13&%*31&14*2&)*+(,*&6$"1&('&14*&6"(+**.#-;3&4*&("&34*&#3&4$-.%#-;7&

E0.;*&#3&.#380$%#'#*.&'"(,&4*$"#-;&$&+$3*&94*"*&4#3&()B*+1#<#12&#-&30+4&+$3*&4$3&)**-V&+(0%.&)*&*"(.*.7&&&E0.;*&34(0%.&+(-.0+1&$&+$"*'0%&3*%'5*@$,#-$1#(-&$-.&*@*"+#3*&.#3+"*1#(-&#-&$&9$2&14$1&6*(6%*:3&'$#14&#-&+(0"1&('&B031#+*&#3&-(1&#,6$#"*.&

QW& !$,6$"&<&X3,$-& • J-&14#3&+$3*/&6*1#1#(-*"&'#%*.&$&+$3*&1(&$--0%&$&.**.&('&3$%*7&&

• M0"30$-1&1(&14*&N4$"#:$&A0%*3&('&+(0"1/&#'&14*"*:3&-(&9#1-*33&("&(14*"&*<#.*-+*/&.*'*-.$-1&+$-&B031&1$T*&$-&($14&&

• $-.&14*&+(0"1&+$-&"0%*&)$3*.&(-&14$1&($147&!4$1:3&94$1&4$66*-*.&4*"*7&

• M*1#1#(-&;"$-1*.&• NO&3$#.&14$1&14*&6"(<#3#(-&94#+4&$%%(93&14*&34$"#$&

+(0"1&1(&"*-.*"&$&.*+#3#(-&)$3*.&(-&$-&0-*@$,#-*.&($14&,$.*&)2&14*&.*'*-.$-1&9#14(01&$-2&(14*"&*<#.*-+*/&.*-#*3&$&6$"12&4#3&"#;41&1(&+(-'"(-1&14*&9#1-*33*3&$;$#-31&4#,&$-.&1(&+"(335*@$,#-*&14*,/&1403&#1&#3&$&<#(%$1#(-&('&.0*&6"(+*33&

L-&($14&+$--(1&)*&03*.&$3&*<#.*-+*&0-%*33&#1&#3&30)B*+1&1(&$&+"(335*@$,#-*&)2&14*&(66(3#-;&6$"12&

QQ& O$""*.(&<&M*(6%*&& • !4*&$++03*.&*@*+01*.&$&9$#<*"&31$1#-;&14$1&9#1-*33*3&,$2&#.*-1#'2&4#,&.0"#-;&4#3&$)3*-+*&#-&

• M*1#1#(-&.*-#*.&&• 94*-&14*"*:3&$&9$#<*"&('&$66*$"$-+*&$-.&#-&

Y$#<*"&('&"#;41&1(&$66*$"&.(*3&-(1&.*6"#<*&14*&+(0"1&

Page 135: Pringles Study

!

!

"#$%&'&(&'#$)*!*)+!,!-./'.+.-! 0.)$!%.01-.2!")$0.*)-')! "-#34#$0%!,5667,56,!

689!

!"#$!%&'()$$• *&!"$!"'!$+'&,#%$'--./#0$0&0$12!$'33#'%$&1$-2.%!$

0.%&14$!%&'()$$• 51$21#$2--'/&216$3%2/#-.!&21$+'1!#0$!"#$

'--./#0$!2$'33#'%$&1$!%&'($/2$!"'!$"#$7'8$9#$&0#1!&:&#0$98$'$+&!1#//)$;"#$-2.%!$&//.#0$'$/.932#1'$'4'&1/!$'--./#0)$<$

• '--./#0$0&0$12!$'33#'%$'10$-2.%!$'10$!"./$+'/$'%%#/!#0)$$

• <--./#0$('!#%$-"'((#14#$!"#$'%%#/!$/'8&14$!"'!$"#$+'&,#0$"&/$%&4"!$!2$'33#'%$&1$-2.%!$!"./$12!$%#=.&%&14$"&7$!2$02$/2)$

!%&'($!"#$%&'"(!$$>$'--./#0$-'1$/!&(($9#$-273#((#0$!2$'33#'%$98$!"#$-2.%!$:2%$3.%32/#$2:$&0#1!&:&-'!&21$98$!"#$+&!1#//$:2%$&!$&/$"&/$0.!8$!2$!"#$-2.%!/$!2$02$/2$+"&-"$"#$-'112!$+'&,#)$$$

• ?.-"$#@-#3!&21$-'1$21(8$7'0#$$&:$!"#$'--./#0$A.1=.'(&:&#0(8$'07&!/$&1$23#1$-2.%!$':!#%$"&/$'%%'&417#1!$!"'!$"#$&/$!"#$3#%/21$1'7#0$'/$0#:#10#'1!$&1$!"#$-'/#$21$!%&'(6B$12$72%#$12$(#//)$$

• C!$&/$12!$!"#$-'/#$"#%#$9#-'./#$+"'!$"#$21(8$/'&0$&/$!"'!$"#$-'1$9#$&0#1!&:&#0$98$'$+&!1#//$+"#1$"#D/$'9/#1!)$

!2$-273#($!"#$'--./#0$!2$:.(:&(($"&/$0.!8$!2$!"#$-2.%!6$&)#)$!2$'33#'%$'10$9#$&0#1!&:&#0$98$+&!1#//)$$C:$"#$%#'((8$02#/$12!$+'1!$!2$'33#'%$"#$7./!$:;<:=>?@?AB>C!=BD?E!EF=E!

AGAHC!E?DA!=!I?E;AJJ!

DA;E?K;J!=!;=DA!LC!IF?MF!

FA!?J!N;KI;O$!"#$+&!1#//$&/$!2$9#$.10#%/!220$'/$%#:#%%&14$!2$"&7$

$ $

Page 136: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*689*

$:;<=>?*6@**

%A.*B-&/&).C.*"1*%A.*+-&%*"1*A(4.($*!"-B'$*$A())*#"%*4.*$'$B.#0.0*.D!.B%*&#*!($.$*"1*&#/($&"#*"-*-.4.))&"#*+A.#*%A.*B'4)&!*$(1.%2*-.E'&-.$*&%*

"#$%!&'!()*+),!-&#./,!

• 0%!$,!1+'$2+1!),!)!3#$%!1$#+-%+1!%&!%4+!.+#,&2!1+%)$2$25!)2&%4+#6!-&77)21$25!4$7!%&!.#&1/-+!%4+!*&18!&'!%4+!.#$,&2+#!)%!)!1+,$52)%+1!%$7+!)21!.9)-+6!3$%4!%4+!1)8!)21!-)/,+!&'!4$,!-).%$&2!)21!1+%+2%$&26!%&!1&6!,/*7$%!%&6!)21!#+-+$:+!34)%+:+#!%4+!-&/#%!&#!;/15+!)3)#1$25!%4+!3#$%!,4)99!-&2,$1+#!$2!%4)%!*+4)9'<!=4+2-+6!)2!+,,+2%$)9!#+>/$,$%+!'&#!%4+!):)$9)*$9$%8!&'!%4+!3#$%!$,!)-%/)9!1+.#$:)%$&2!&'!.+#,&2)9!9$*+#%8?!=*+#2),!.#$7+#!@AB?!

C#$:$9+5+!&'!%4+!3#$%!&'!4)*+),!-&#./,!=*+#2),!.#$7+#!@AD?!

• E$54%!%&!4):+!)2!$77+1$)%+!1+%+#7$2)%$&2!&'!%4+!9+5)9$%8!&'!%4+!1+.#$:)%$&2!&'!.48,$-)9!9$*+#%8!

• "4)%!$,!,/,.+21+1!$,!%4+!.#$:$9+5+!)21!2&%!%4+!3#$%!• 0%!$,!%4+!.#+,$1+2%!34&!,/,.+21,!

E+>/$,$%+!'&#!,/,.+2,$&2!=*+#2),!.#$7+#!@AD?!

@< FG$,%+2-+!&'!)-%/)9!$2:),$&2!&#!#+*+99$&2!H< C/*9$-!,)'+%8!#+>/$#+,!%4+!,/,.+2,$&2!

!

! !

Page 137: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*689*

$:;<=>?*6@*

())*A.-$"#$*$B())*B(/.*%B.*-&CB%*%"*(*$A..02*0&$A"$&%&"#*"1*

%B.&-* !($.$* 4.1"-.* ())* D'0&!&()E* F'($&7D'0&!&()* "-*

(03&#&$%-(%&/.*4"0&.$*

$G::HI*0=JG>J=<=>?*>K*!LJ:JM*

• "#$%!&'()$%$(*!+(),'%!-#,!&,'$(.%!/,0(',1!.2'$*31!4*.!40-,'!-'$45!• 6-!3$),%!4!/'(4.,'!&'(-,+-$(*!-#4*!7,+-$(*!89!:#$+#!324'4*-,,%!;,',5<!-#,!

'$3#-!-(!4!%&,,.<!-'$45!• "#$%!&'()$%$(*!4&&5$,%!-(!455!+$)$51!+'$;$*451!4*.!4.;$*$%-'4-$),!+4%,%!• 6-!45%(!4&&5$,%!-(!455!=2.$+$45!('!>24%$?=2.$+$45!&'(+,,.$*3%!

N$G::HIO*LJ*L*-:PL<=Q:*L?H*1P:R=SP:*%:TU*

• "#,!+(*+,&-!(0!@%&,,.<!.$%&(%$-$(*A!%2+#!4%!@%&,,.<!-'$45A! $%! ',54-$),!4*.!;2%-!*,+,%%4'$5<!/,!05,B$/5,*

• 6-!$%!+(*%$%-,*-!:$-#*T:LJ>?LSP:*H:PLI*• 6*! .,-,';$*4-$(*! (0! :#,-#,'! ('! *(-! -#,! '$3#-! #4%! /,,*! )$(54-,.1! -#,!

0(55(:$*3! 04+-('%! ;4<! /,! +(*%$.,',.! 4*.! /454*+,.! CD2$4*$! )E!74*.$34*/4<4*F*

6V G,*3-#!(0!.,54<*,V H,4%(*!0('!-#,!.,54<*8V I%%,'-$(*!(0!-#,!'$3#-!('!04$52',!-(!4%%,'-!$-*WV J',=2.$+,!+42%,.!/<!-#,!.,54<*

AT>G:T*T:U:HIM*3(#0(3'$!

• "#,! ',;,.<! 0('! )$(54-$(*!(0! -#,! '$3#-! -(!4! %&,,.<!.$%&(%$-$(*!(0! 4! +4%,! $%!.$%;$%%45!-#'(23#!!"#$"!%&!

!

!

!

!

!

!LJ:*)LX*

CY=L?=*QV*$L?H=ZL?SLIL?*

1L;<JM!D2$4*$!4*.!(-#,'!(00$+$45%!(0!K(-4/4-(!4*.!LJMN?IHOO!:,',!4++2%,.!(0!3'40-!4*.!+(''2&-$(*E!I!+(;&54$*-!:4%!$*%-$-2-,.!$*!8PPQ!/2-!$*0(';4-$(*%!:,',!0$5,.!(*5<!$*!8PPRE!6*!8PPP1!D2$4*$!,-E!45E!4%%4$5,.!-#4-!-#,$'!'$3#-!2*.,'!I'-E!666!7,+E!8S!:4%!)$(54-,.!/<!-#,!.,54<E!

B:PH[-L<=>T!"#,$'!'$3#-!:4%!*(-!)$(54-,.E!7,+-$(*!8S!&'(#$/$-%!),B4-$(2%1!+4&'$+$(2%!4*.!(&&',%%$),!.,54<%E!"#,',!:4%!*(!%2+#!U$*.!(0!.,54<!$*!-#,!+4%,!4-!#4*.E!I%$.,!0'(;!-#,!5,*3-#!(0!-#,!$*),%-$34-$(*1!-#,!.,54<!:4%!45%(!+42%,.!/<!-#,!,B+,%%$),!5,*3-#!(0!-$;,!$-!-((U!/,0(',!D2$4*$!,-E45E!:,',!4/5,!-(!0$5,!-#,$'!+(2*-,'?400$.4)$-%E!I5%(1!$-!:(25.!4&&,4'!-#4-!-#,!&,-$-$(*,'%1!/<!4%%,'-$*3!-#,$'!'$3#-!(*5<!$*!8PPP1!$;&5$,.5<!4+>2$,%+,.!$*!-#,!.,54<!$*!-#,!&'(+,,.$*3%!

0>;<T=?:JM*

• V$(54-$(*%!(0!-#$%!%,+-$(*!;2%-!/,!-4U,*!$*!4!+4%,?-(?+4%,!/4%$%!C:$-#!',34'.!-(!-#,!04+-%!4*.!+$'+2;%-4*+,%!&',%,*-F!

• "#,!'$3#-!2*.,'!-#$%!&'()$%$(*!$%!)$(54-,.!(*5<!:#,*!-#,!.,54<!$%!'()"*+,%&-./"01+/+,%&-.4*.!,001(&&+'(!

• "#$%!'$3#-!;4<!/,!:4$),.!()01(&&23!('!+!02+($23.

. .

Page 138: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*689*

$:;<=>?*6@*

#"* A.-$"#* $B())* 4.* !"3A.)).0* %"* 4.* (* +&%#.$$* (C(&#$%*B&3$.)1*

-=DE<*(DF=?G<*$:HI7&?;J=K=?F<=>?L*

• "#$%&'&()%&*+!*'!%,-!.#)/)+%--!01232!42!5)4)//*6*o 7#89&(!:*9&(;<!&'!%,-!:)/%;!=,-/-!/->#&/-?!%*!%-$%&';@!&%!=*#9?!:9)(-!

%,-!=&%+-$$!#+?-/!%,-!$%/*+.-$%!%-A:%)%&*+!%*!(*AA&%!:-/B#/;*o C#A)+&%;<!&%!=*#9?!:/-4-+%!%,-!-D%*/%&+.!*'!(*+'-$$&*+$!8;!?#/-$$*

• 7#/:*$-!*o 7/*,&8&%! (*A:#9$*/;!*/)9!-D)A&+)%&*+!*'!:/&$*+-/!8-'*/-! %/&)9@!*/!

#:*+! %/&)9@! '*/! %,-! :#/:*$-! *'! -D%*/%&+.! #+=&99&+.! (*+'-$$&*+$! */!?-(9)/)%&*+$! &A:9&()%&+.! %,-A! &+! %,-! (*AA&$$&*+! *'! %,-! (/&A-!01232!42!E)+!E-+.6*

o F9$*!(*4-/$!%,-!')(%!%,)%!)+!)((#$-?!A);!+*%!8-!'*/(-?!%*!(/-)%-!-4&?-+(-!%,)%!=&99!&A:9&()%-!,&A$-9'!0G-9%/)+!42!3)A$*+6*

• H,*!?-%-/A&+-$!=,-%,-/!*/!+*%!)!>#-$%&*+!&$!&+(/&A&+)%&+.I*o F+$=-/<!E,-!J*#/%*

!>KMNHG=>?* <>* O6P* %FQ:* <E:* R=<?:GG* G<F?S* >J* <>* O,P* (?GR:J* F?* =?;J=K=?F<=?D*N:G<=>?*

* E)K&+.! %,-!H&%+-$$!3%)+?!!

LE)K&+.! %,-!H&%+-$$! 3%)+?! &+!)!!J=K=?FH*!FG:!

F+$=-/! )+!M+(/&A&+)%&+.!N#-$%&*+!

F((#$-?! JF5!GO!JPQ7ORROS!

JF55PE!GO!JPQ7ORROS!0J,)4-T!42!JF6!

JF55PE!GO!JPQ7ORROS!

H&%+-$$! JF5!GO!JPQ7ORROS!

JF5!GO!JPQ7ORROS!

JF55PE!GO!JPQ7ORROS!

! L!=&%,!)+!-D(-:%&*+!$#8$%)+%&)%-?!&+!%,-!+-D%!$-(%&*+*

• J)+!)9$*!8-!)::9&-?!&+!)?A&+&$%/)%&4-!:/*(--?&+.$!:)/%)K&+.!%,-!+)%#/-!*'!)!(/&A&+)9! :/*(--?&+.! */! )+)9*.*#$! %*! )! (/&A&+)9! :/*(--?&+.! 0-2.2! J)8)9! 42!U):#+)+! "/2! V! I>JI:=<NJ:*>I*MJ>M:J<T@! 7)$(#)9! "/2! 42!G*)/?!*'!Q-?&()9! OD)A&+-/$!V!J:U>;F<=>?*>I*H=;:?G:6*

*

#><*(VG>HN<:*

• M%!?*-$!+*%!:/*,&8&%!-4-/;!'*/A!*'!:/-9&A&+)/;!&+4-$%&.)%&*+*o 7/-9&A&+)/;! &+4-$%&.)%&*+!W&$!*'%-+! %,-!*+9;!A-)+$!*'!?&$(*4-/&+.!

%,-!:-/$*+$!=,*!A);!8-!/-)$*+)89;!(,)/.-?!=&%,!)!(/&A-!$*!)$!%*!-+)89-!%,-!'&$()9!%*!:/-:)/-!,&$!(*A:9)&+%!*/!&+'*/A)%&*+X*

• E,-!.#)/)+%--!?*-$!+*%!:/*,&8&%!)!:)/%;!9&%&.)+%!'/*A!#$&+.!,&$!)?4-/$)/;!)$!)!=&%+-$$!=,-+!%,-!()$-!&$!+*%!)!(/&A&+)9!()$-!=,-/-!%,-!&+%-+?-?!=&%+-$$!&$!%,-!)((#$-?!,&A$-9'*

• M'! )! $#8:*-+)! =)$! &$$#-?! 8;! %,-! 3-+)%-! %*! &$$#-! >#-/&-$! !"# $!%# &'#()*!+($,!&"-# %,-! =&%+-$$! 0-4-+! &'! )((#$-?! &+! )! (/&A&+)9! ()$-6! A);! 8-!(*A:-99-?!%*!%)K-!%,-!=&%+-$$!$%)+?!-4-+!&'!=,)%!&$!%*!8-!)$K-?!&$!/-9)%-?!%*!%,-!(/&A&+)9!()$-*

o C*=-4-/@! %,-;! A);! $%&99! &+4*K-! %,-! /&.,%! &'! %,-;! '&+?! %,)%! %,-!>#-$%&*+!&$$#-?!%*!%,-A!&$!&+(/&A&+)%&+.*

+E:?*<>*JF=G:*<E:*MJ=U=H:D:*

* G-'*/-! %)K&+.! %,-!=&%+-$$!$%)+?!

G-'*/-!)+$=-/&+.!)+!&+(/&A&+)%&+.!>#-$%&*+!

F((#$-?! &+! )!(/&A&+)9!()$-!

W* *

F((#$-?!+*%!&+!)!(/&A&+)9!()$-!

* W*

H&%+-$$! * W**

AJ>E=V=<=>?*S>:G*?><*MJ:;HNS:*F*V>ST*;E:;Q7NMX*K:;EF?=;FH*F;<G*

• 3#8$%)+(-! -A&%%&+.! '/*A! %,-! 8*?;! *'! %,-! ?-'-+?)+%! =)$! /-(-&4-?! )$!-4&?-+(-!&+!)!:/*$-(#%&*+!'*/!)!/):-!()$-!01232!42!E)+!E-+.6*

• Q*/:,&+-! '*/(-?! *#%! *'! %,-! A*#%,! *'! %,-! )((#$-?! =)$! /-(-&4-?! )$!-4&?-+(-!01232!42!P+.!3#&!C*+.6*

• 7/-.+)+(;!%-$%!&$!+*%!)!4&*9)%&*+!*'!%,-!/&.,%!).)&+$%!$-9'Y&+(/&A&+)%&*+!)$!9*+.!)$!&%!&$!+*%!?*+-!=&%,!%*/%#/-!*/!'*/(-!0Z&99)'9*/!42!3#AA-/$6*

BF?SRJ=<=?D*

• H/&%&+.! &$! +*%! )! :#/-9;! A-(,)+&()9! )(%@! 8-()#$-! &%! /->#&/-$! %,-!)::9&()%&*+!*'!%,-!&+%-99&.-+(-!)+?!)%%-+%&*+*

Page 139: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*689*

o "#$%&'(! )#*+#'+! ,#! -.$'&)/! 0! )1+%&*+'! #-! /&)! /0'23$&,&'(! &)!+4.05!,#!%#*1+55&'(!0!1+$)#'!,#!1$#2.%+!0!2#%.*+',!3/&%/!&)!0!6&#50,&#'! #-! ,/&)! $&(/,! 7! :;<* =>:?<@@* >@* A<BC>A<D* :E* FCA?>@;*<G>D<?H<*IJI>?@:*;>K@<LF*

+I>G<A*EF*A>J;:*

• 8/+'! 0! 1+$)#'! 6#5.',0$&59! 0')3+$)! 0'! &'%$&*&'0,&'(! 4.+),&#':! /+! &)!2++*+2!,#!/06+!30&6+2!/&)!$&(/,*

• ;+'&05!#'!,/+!10$,!#-!,/+!0%%.)+2!3/+'!&,!30)!)0&2!,/0,! &,!30)!)/+!3/#!3$#,+! #'! ,/+! 2#%.*+',)! !"#$% &"'% %#'),&,.,+! 0! 30&6+$! 0'2! ,/+$+-#$+!%0''#,!<+!$+4.&$+2!,#!1$#2.%+!0!)0*15+!#-!/+$!/0'23$&,&'(! =>+$*.2+?!6@!A0),&55#B*

0EHCK<?:@*I?D*A<HEAD@*

• C/+!$&(/,!0(0&'),!)+5-D&'%$&*&'0,&#'!%#6+$)!2#%.*+',0$9!+6&2+'%+*• C/&)!$&(/,!&)!0!1+$)#'05!#'+!D!,/.)!01159&'(!#'59!,#!0!'0,.$05!1+$)#'*

o E+'%+:! 0! %#$1#$0,&#'! *09! <+! %#*1+55+2! ,#! ).<*&,! ,#! ,/+!6&)&,#$&05!1#3+$)!#-!,/+!),0,+!+6+'!&-!,/&)!$+).5,)!&'!2&)%5#).$+!#-!%$&*&'05!0%,)!#-!,/+!%#$1#$0,&#'*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

* *

Page 140: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*685*

*

!9:;*#<=>;?* !9:;*#9=;* 19@A:* -9ABC* 0C@A?BD;*

6* "#$#!%#!&'%'(()! *+,+-.'-/0!1+(+!2)-%32/+.!),!344+5'4!.+/+-/3)-!6-.+(!7(/#!89:!),!/;+!<+-'4!2).+!)-4=!>+2'60+!/;+=!.3.!-)/!(+4'=!'-=!3-,)(?'/3)-!(+5'(.3-5!/;+!1;+(+'>)6/0!),!/;+!<+(0)-!/;+=!.+/'3-+.!-)(!+%3.+-2+!/;'/!/;+=!'2/6'44=!(+4+'0+.!062;!<+(0)-#!@,!/;+=!(+4'=+.!062;!3-,)(?'/3)-A!/;+=!1)64.!>+!<()0+26/+.!6-.+(!7(/#!89BC435;/+(!<+-'4/=D#!*)+0!/;30!%3)4'/+!/;+!(35;/!'5'3-0/!0+4,!3-2(3?3-'/3)-E!

F+0#!G()%3.3-5!062;!3-,)(?'/3)-!(+H63(+.!),!/;+?!1)64.!>+!/'-/'?)6-/!/)!3-2(3?3-'/3-5!/;+?0+4%+0#!%E;*;F;?@B:;*CG*9*?BHEA*@9DDCA*GC?=*I9?A*CG*9*@?B=;J*

72260+.!?'=!-)/!>+!2)?<+44+.!/)!(+4'=!3-,)(?'/3)-!/;'/!2)64.!3-2(3?3-'/+!;3?0+4,!

,* "#$#!%#!I'-!I+-5! *+,+-.'-/!'(56+0!/;'/!'!06>0/'-2+!/'J+-!)6/!),!;30!>).=!30!3-'.?3003>4+!'0!+%3.+-2+!'5'3-0/!;3?!3-!'!('<+!2'0+#!7(56?+-/!/+-'>4+E!

&)#!K;'/!30!<();3>3/+.!30!?)('4!)(!<;=032'4!2)?<6403)-!/)!+L/)(/!C?9K*A;:AB=CDB;:!/;'/!2)64.!3-2(3?3-'/+!)-+0+4,#!

"03-5!06>0/'-2+0!+?3//+.!,()?!'-!'2260+.M0!>).=!'0!+%3.+-2+!'5'3-0/!;3?!30!-)/!'!%3)4'/3)-!),!;30!(35;/!'5'3-0/!0+4,!3-2(3?3-'/3)-#!

L* "#$#!%#!N-5!$63!O)-5! *+,+-.'-/!'(56+0!/;'/!?)(<;3-+!/'J+-!)6/!),!;30!>).=!30!3-'.?3003>4+!'0!+%3.+-2+!'5'3-0/!;3?#!7(56?+-/!/+-'>4+E!

&)#!$++!"#$#!%#!I'-!I+-5! $++!"#$#!%#!I'-!I+-5!

8* P344',4)(!%#!$6??+(0! *+,+-.'-/!'(56+0!/;'/!2)?<+443-5!;+(!/)!.)!'!<(+5-'-2=!/+0/!30!/'-/'?)6-/!/)!'!%3)4'/3)-!/)!;+(!(35;/!'5'3-0/!0+4,!3-2(3?3-'/3)-E!7(56?+-/!/+-'>4+E!

&)#!Q+//3-5!)-+0+4,!5)!/;()65;!'!<(+5-'-2=!/+0/!.)+0!-)/!'?)6-/!/)!2(+'/3-5!+%3.+-2+!'5'3-0/!)-+0+4,#!@/!30!'!<6(+4=!?+2;'-32'4!'2/#!

7-!)264'(!3-0<+2/3)-!),!/;+!>).=!30!'44)1+.!'0!4)-5!/)(/6(+!)(!,)(2+!30!'%)3.+.#!

M* R+4/('-!%#!$'?0)-! I;+!2)6(/!)(.+(+.!/;+!'2260+.!/)!,6(-30;!/;+?!'!2)<=!),!;30!;'-.1(3/3-5!0)!/;'/!3/!?'=!>+!2)?<'(+.!/)!/;+!'44+5+.!,'403,3+.!.)26?+-/0!'02(3>+.!/)!;3?#!744)1'>4+E!

&)#!S6(-30;3-5!)-+M0!;'-.1(3/3-5!30!-)/!'!<6(+4=!?+2;'-32'4!'2/!'0!3/!3-%)4%+0!/;+!'<<432'/3)-!),!3-/+4435+-2+!'-.!'//+-/3)-#!@,!.)-+A!3/!1)64.!<().62+!+%3.+-2+!'5'3-0/!/;+!'2260+.#!

7-!'2260+.!?'=!-)/!>+!2)?<+44+.!/)!,6(-30;!+%3.+-2+!/;'/!?'=!>+!60+.!/)!3-2(3?3-'/+!;3?#!

N* R+(?6.+T!%#!U'0/344)! 72260+.!.+-3+.!/;'/!/;+!+%3.+-2+!<(+0+-/+.!3-!2)6(/!1'0!1(3//+-!>=!;+(#!I;60A!0;+!1'0!'0J+.!/)!1(3/+!0)!/;'/!;+(!;'-.1(3/3-5!?'=!>+!2)?<'(+.!/)!/;+!)-+!3-!/;+!4+//+(0#!$;+!(+,60+.!/)!.)!0)#!G()<+(!(+,60'4E!!

F+0#!@,!0;+!1(3/+0!'-.!3/!30!,)6-.!)6/!/)!>+!/;+!0'?+!'0!/;+!;'-.1(3/3-5!3-!/;+!4+//+(A!0;+!1)64.!;'%+!>++-!,)6-.!5634/=!),!/;+!2(3?+!),!<+(V6(=#!

7!2)-0/3/6/3)-'4!(35;/!0;)64.!>+!43>+('44=!2)-0/(6+.!3-!,'%)(!),!/;+!)-+!'00+(/3-5!3/#!

Page 141: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*686*

9* "#$%&'!%(!")! )!*+,-&!./01&22&,!3#&!$..+4&,!3/!3$5&!3#&!6738&44!43$8,!78!$!.97078$2!.$4&(!)22/6$:2&;!

</(!)8!$..+4&,!78!$!.97078$2!.$4&!74!$==/9,&,!$!,7==&9&83!37&9!/=!19/3&.37/8(!>&!0$?!9&=+4&!3/!3$5&!3#&!43$8,!$23/-&3#&9(!

@8!$!.97078$2!.$4&A!$8!$..+4&,!0$?!8/3!:&!./01&22&,!3/!3$5&!3#&!6738&44!43$8,!3/!3&437=?(!

:* "$:$2!%(!B$1+8$8! )..+4&,!6$4!.#$9-&,!673#!$!%7/2$37/8!/=!C)!DEFG!H)837IJ9$=3!$8,!"/99+13!K9$.37.&4L(!>&!6$4!./01&22&,!3/!:&!$!6738&44!=/9!#74!$..+4&9(!M#&8!#&!=$72&,!3/!$11&$9A!#&!6$4!.73&,!78!./83&013(!K9/1&9;!

</(!@=!./8%7.3&,!=/9!3#&!.#$9-&!$-$7843!#70A!73!6/+2,!9&4+23!3/!=/9=&73+9&!/=!#74!19/1&93?(!N#74!$0/+834!3/!$!1&8$23?!6#7.#!0$5&4!3#&!19/.&&,78-4!.97078$2!78!8$3+9&(!J7%&8!3#74A!#&!0$?!8/3!:&!./01&22&,!3/!3$5&!3#&!6738&44!43$8,!3/!3&437=?(!

M#&8&%&9!$!1&8$23?!74!19&4&83A!3#&!19/.&&,78-4!1$93$5&!/=!$!.97078$2!8$3+9&(!J7%&8!3#74A!3#&!$..+4&,!0$?!8/3!:&!./01&22&,!3/!3$5&!3#&!6738&44!43$8,(!

;* K$4.+$2!O9(!%(!P/$9,!/=!QR$078&94! )..+4&,!6$4!.#$9-&,!673#!0$219$.37.&(!>&!6$4!./01&22&,!3/!:&!$!6738&44(!>/6&%&9A!3#&!./+93!-9$83&,!$!19&27078$9?!78*+8.37/8!+1/8!3#&!=/90&9S4!9&T+&43(!K9/1&9;!

U&4(!C&%/.$37/8!/=!$!27.&84&!0$?!$24/!:&!./847,&9&,!$!1&8$23?(!N#&!,/.3978&!2$7,!,/68!78!"$:$2!%(!B$1+8$8!0$?!:&!$1127&,!78!3#74!.$4&(!

V&&!"$:$2!%(!B$1+8$8!

65* V3$8,$9,!"#$93&9&,!%(!V&8$3&! Q8972&!744+&,!4+:1/&8$4!3/!./01&2!4&%&9$2!$..+4&,!78!$!1&8,78-!.97078$2!.$4&!3/!$846&9!3#&!4&8$3&S4!T+&97&4!!"#$!%#&'#()*!+($,!&"#6#7.#!$9&!9&2$3&,!3/!3#&!4$7,!1&8,78-!.$4&-!W7/2$37%&!/=!3#&79!97-#3!$-$7843!4&2=I78.97078$37/8;!

</(!N#&79!3&4370/87&4!78!3#&!4&8$3&!$9&!8/3!1$93!/=!$8?!.97078$2!19/.&&,78-(!>/6&%&9A!3#&?!0$?!43722!78%/5&!3#&!97-#3!7=!78.97078$378-!T+&437/84!$9&!$45&,(!

)..+4&,!78!$!1&8,78-!.97078$2!.$4&!0$?!43722!:&!./01&22&,!3/!$846&9!4&8$3&S4!T+&97&4!78!$7,!/=!2&-742$37/8!&%&8!7=!3#&!T+&437/84!$9&!9&2$3&,!3/!3#&!1&8,78-!.$4&(!>/6&%&9A!3#74!,/&4!8/3!19&.2+,&!3#&!97-#3!3/!/:*&.3!7=!$8!78.97078$378-!T+&437/8!74!$45&,(!

*

*

*

*

*

*

*

*

*

*

Page 142: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*68,*

*

$9:;<=>*6?*

#"*@.-$"#*$A())*4.*0.%(&#.0*$").)2*42*-.($"#*"1*A&$*@")&%&!()*4.)&.1$*(#0*

($@&-(%&"#$B*

#"*&#/")'#%(-2*$.-/&%'0.*&#*(#2*1"-3*$A())*.C&$%*.C!.@%*($*(*@'#&$A3.#%*

1"-*(*!-&3.*+A.-."1*%A.*@(-%2*$A())*A(/.*4..#*0')2*!"#/&!%.0B*

$9:;<=>*6D*

.C!.$$&/.* 1&#.$* $A())* #"%* 4.* &3@"$.0E* #"-* !-'.)E* 0.F-(0&#F* "-* &#A'3(#*

@'#&$A3.#%*&#1)&!%.0B*#.&%A.-*$A())*%A.*0.(%A*@.#()%2*4.*&3@"$.0E*'#).$$E*

1"-* !"3@.))&#F* -.($"#$* &#/")/&#F* A.&#"'$* !-&3.$E* %A.* !"#F-.$$*

A.-.(1%.-* @-"/&0.$* 1"-* &%B* (#2* 0.(%A* @.#()%2* ()-.(02* &3@"$.0* $A())* 4.*

-.0'!.0*%"*!"#$%&'()*+"!+",%-B*

%A.* .3@)"23.#%* "1* @A2$&!()E* @$2!A")"F&!()E* "-* 0.F-(0&#F* @'#&$A3.#%*

(F(&#$%* (#2* @-&$"#.-* "-* 0.%(&#..E* "-* %A.* '$.* "1* $'4$%(#0(-0* "-*

&#(0.G'(%.* @.#()* 1(!&)&%&.$* '#0.-* $'4A'3(#* !"#0&%&"#$* $A())* 4.* 0.()%*

+&%A*42*)(+B*

H!IJ9KE*L9MINL<>M*=I*<>OJPN>QR*

• "#! $#%&! '()&*! +,&! -.(/! +,&! 0'(12,%&(+!%'2+! -&! 345.6*.(+57! .()! 05.1(57!#00*&2218&/9! 3:,#557! )120*#0#*+1#(.+&! +#! +,&! (.+'*&! #4! +,&! #44&(2&! .2! +#!2,#$;!+,&!%#*.5!2&(2&!#4!+,&!$#%%'(1+79!<=&#05&!8>!?2+#12+.@*

• A(8#58&2!+#*+'*&!#*!51(6&*1(6!)&.+,*

@9>NK;S*:=>T;<;J;<=>NK*UJ;*H9V:9TT<W9Q*

• ",&*&! .*&! 1(2+.($&2!:,&*&! 1(! +,&! 0&(.5+7! 4#*! .! $&*+.1(! $*1%&! 12! 6&(&*.557!0*#0#*+1#(.+&! -'+! 3&B$&2218&9! 14! $&*+.1(! 4.$+2! .()! $1*$'%2+.($&2! .*&!$,.(6&)>*

• A(! 2'$,! 21+'.+1#(2/! +,&! $#'*+! %'2+! 2+155! 1%0#2&! 2'$,! 0&(.5+7! -'+! :1+,!*&$#%%&().+1#(!4#*!&B&$'+18&!$5&%&($7!<=&#05&!8>!?2+#12+.@*

09N;O*@9>NK;S*

• ",&!CDEF!G#(2+1+'+1#(!)#&2!(#+!-.(!+,&!1%0#21+1#(!#4!+,&!)&.+,!0&(.5+7/!1+!%&*&57!2'20&()&)!1+*

o A+2!4*.%&*2!,.8&!5&4+!+,&!)12$*&+1#(!+#!+,&!5&6125.+'*&!+#!*&2+#*&!1+!14!+,&7!41()!3$#%0&551(6!*&.2#(2!1(8#581(6!,&1(#'2!$*1%&29*

• ",12!12!(#+!3$*'&5!.()!'('2'.59*o A+!#(57!-&$#%&2!2'$,!14!+,&!0&(.5+7!1(8#58&2!;=I;JI9*N>L*K<>M9I<>M*

L9N;O*

A9<>=JT*!I<P9T*

• H&41(&)!'()&*!I>J>!FKLD!<H&.+,!=&(.5+7!M.:@*• G*1%&2!.*&!,&1(#'2! 34#*!-&1(6!6*1&8#'2/!#)1#'2/!.()!,.+&4'5!#44&(2&2!.()!

:,1$,/! -7! *&.2#(! #4! +,&1*! 1(,&*&(+! #*! %.(14&2+! :1$;&)(&22/! 81$1#'2(&22/!.+*#$1+7! .()! 0&*8&*21+7! .*&! *&0'6(.(+! .()! #'+*.6&#'2! +#! +,&! $#%%#(!2+.().*)2! .()! (#*%2! #4! )&$&($7! .()! %#*.51+7! 1(! .! N'2+/! $18151O&)! .()!#*)&*&)!2#$1&+79*

@=X9I*;=*I9T;=I9*;O9*09N;O*@9>NK;S*

• H#&2!(#+!4.55!:1+,1(!+,&!05&(.*7!0#:&*!#4!+,&!G#(6*&22P!31+! 12!2'-N&$+!+#!.!$5&.*!2,#:1(6!#4!Q$#%0&551(6!*&.2#(2!1(8#581(6!,&1(#'2!$*1%&2R9*

• ?(+.152!+,&!4#55#:1(6!<=&#05&!8>!?$,&6.*.7@*6B ",.+!+,&!G#(6*&22!%'2+!)&41(&!:,.+!12!%&.(+!-7!,&1(#'2!$*1%&2*,B ",.+!+,&!G#(6*&22!%'2+!20&$147!.()!0&(.51O&!-7!)&.+,/!#(57!$*1%&2!

+,.+! S'.5147! .2! ,&1(#'2! 1(! .$$#*).($&! :1+,! +,&! )&41(1+1#(! #*!)&2$*10+1#(! 2&+! 1(! +,&!)&.+,!0&(.5+7!-155! .()T#*!)&216(.+&! $*1%&2!0'(12,.-5&! -7! !"#$%&'()* +"!+",%-! +#! )&.+,! 1(! :,1$,! 5.++&*! $.2&/!)&.+,! $.(! #(57! -&! 1%0#2&)! JY=>* ;O9* N;;9>LN>:9* =Z*

:<I:JPT;N>:9T*LJKS*YI=W9>*<>*:=JI;*;ON;*:ONIN:;9I<[9*;O9*:I<P9T*

;=*U9*O9<>=JT* 1(!.$$#*).($&!:1+,! +,&!)&41(1+1#(!2&+! 1(! +,&!)&.+,!0&(.5+7!-155*

\B ",.+!G#(6*&22/!1(!&(.$+1(6!2'$,!5.:/!-&!%#+18.+&)!-7!Q$#%0&551(6!*&.2#(2!1(8#581(6!,&1(#'2!$*1%&2R*

*

*

*

Page 143: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*689*

!:;<*):=*

>6?*@<ABC<*DE*.;FAG;F:*

1:HF;I!"#$#%&'%(!)%!(*)+!,'+#!',,)&#%('--.!+*/(!/%#!/$!(*#)0!-'1/0#0+2!3#!4'+!+51+#65#%(-.!,/%7),(#&!4)(*!8--#9'-!:/++#++)/%!/$!;)0#'0<+!4*),*!)%7/-7#+!(*#!=5%)+*<#%(!/$!)<=0)+/%<#%(!/$!>?@A!.#'0+2!"#$#%&'%(!,-')<+!(*'(!)(!)+!,05#-2!

J<CKL-:FGAB!C5,*!=#%'-(.!)+!%/(!,05#-!9)7#%!(*#!0'<='%(!-'4-#++%#++!&)0#,(#&!(/4'0&+!=#/=-#D!=0/=#0(.D!'%&!#7#%!(*#!9/7#0%<#%(!&)0#,(-.!(0',#'1-#!(/!(*#!=0/<)+,5/5+!,'00.)%9!/$!+5,*!=/4#0$5-!4#'=/%+2!3/4#7#0D!9)7#%!(*'(!(*#0#!)+!'!-/4#0!&#90##!/$!<'-),#!/%!(*#!='0(!/$!(*#!&#$#%&'%(D!(*#!,/50(!0#,/<<#%&+!$/0!#E#,5()7#!,-#<#%,.!(/!+*/0(#%!(*#!=5%)+*<#%(2!

0AHFMGN<I*

• 8$!'!=#%'-(.!'==#'0+!(/!1#!F#E,#++)7#G!'$(#0!('H)%9!)%(/!,/%+)&#0'()/%!(*#!5%)65#!$',(+!'%&!,)0,5<+('%,#+!/$!'!,#0(')%!,'+#D!)(!,'%%/(!1#!/5(0)9*(!,/%+)&#0#&!5%,/%+()(5()/%'-!)$!)(!)+!%/(!+*/4%!(*'(!+5,*!=5%)+*<#%(!)+!F,05#-!'%&!5%5+5'-2G!*

• 8%!+5,*!#7#%(+D!4*'(!<5+(!1#!&/%#!)+!'!0#,/<<#%&'()/%!$0/<!(*#!,/50(!(*'(!(*#!=/4#0!/$!#E#,5()7#!,-#<#%,.!1#!5()-)I#&2*

>,?*@<ABC<*DE*.HO<P:M:Q*

1:HF;I!J,*#9'0'.!4'+!,/%7),(#&!$/0!0'=#!65'-)$)#&!1.!0#-'()/%+*)=!'$(#0!0'=)%9!*)+!&'59*(#02!K*#!&#'(*!=#%'-(.!4'+!+51+#65#%(-.!)<=/+#&!/%!*)<!'+!=5%)+*<#%(!$/0!,/<<)(()%9!(*#!,0)<#2!3#!'--#9#&!(4/!(*)%9+B!L@M!(*'(!(*#!&#'(*!=#%'-(.!-'4!)+!5%,/%+()(5()/%'-D!'%&!LNM!(*'(!(*#!&#'(*!=#%'-(.!)+!,05#-D!&#90'&)%9D!'%&!)%*5<'%2!

J<CKL-:FGAB!K*#!"#'(*!:#%'-(.!O'4!)+!%/(!5%,/%+()(5()/%'-!'+!)(!$/--/4#&!(*#!(*0##!0#65)0#<#%(+!)<=/+#&!1.!(*#!,/%+()(5()/%!(/!7'-)&-.!0#+(/0#!(*#!&#'(*!=#%'-(.!L'+!+##%!'1/7#M2!P-+/D!(*#!CQ!+')&!(*'(!(*#!&#'(*!=#%'-(.!)+!%/(!,05#-D!&#90'&)%9D!'%&!)%*5<'%!'+!)(!&/#+!%/(!)%7/-7#!(/0(50#!%/(!-)%9#0)%9!&#'(*2!

0AHFMGN<I*K*#!&#'(*!=#%'-(.D!1.!)(+#-$D!)+!%/(!,05#-D!&#90'&)%9!%/!)%*5<'%!'+!)(!&/#+!%/(!)%7/-7#!(/0(50#!'%&!-)%9#0)%9!&#'(*2!

$<HFGAN*,5*

#"*@.-$"#*$J())*4.*&3@-&$"#.0*1"-*0.4%*"-*#"#7@(23.#%*"1*(*@"))*%(RE*

!AD<M:P<*AS*T0<UFV*

• R/! =#0+/%! <'.! 1#! )<=0)+/%#&! $/0! &#1(! )%! 7)0(5#! /$! '%! /0&#0! )%! '! ,)7)-!=0/,##&)%9D!#)(*#0!'+!'!+51+()(5(#!$/0!+'()+$',()/%!/$!'!&#1(!/0!'+!'!<#'%+!/$!,/<=#--)%9!+'()+$',()/%*

• !"#$%&'()$'*#+$0/<!'!,/%(0',(M*

+O:F*G;*NAF*HAD<M<KW*

• P! =#0+/%! <'.! 1#! )<=0)+/%#&! '+! '! B<N:CFQ* SAM* :* HMGX<! '0)+)%9! $0/<! '!,/%(0',(5'-!&#1(!'%&!)<=/+#&!)%!'!=0/=#0!,0)<)%'-!=0/,##&)%9*

• !"#,-./$'%#L$0/<!'!(/0(M*

@ACC*%:Y*

• P!=/--!('E!<'.!'-+/!1#!5%&#0+(//&!'+!(*#!$-,*.)#')"!/0!0#+)&#%,#!('E*• K*#! Q/%+()(5()/%! &/#+! %/(! =0/*)1)(! (*#! $-,*.)# ')"! 15(! )(! =0/*)1)(+!

)<=0)+/%<#%(!$/0!%/%?='.<#%(!/$!(*#!,#&5-'!/0!0#+)&#%,#!('E2*

!:;<*):=*

)AZ:NA*DE*3:MFGN<Z*

1:HF;I!K*)+!,'+#!)%7/-7#+!'!,/%+/-)&'()/%!/$!S!=#()()/%+!'--!'++')-)%9!(*#!,/%+()(5()/%'-)(.!/$!T:!NN!LT/5%,)%9!Q*#,H+!O'4M2!K*#!<')%!,/%(#%()/%!/$!(*#!=#()()/%#0+!)+!(*'(!+5,*!-'4D!1.!)<=/+)%9!'!=#%'-(.!/$!)<=0)+/%<#%(!$/0!)(+!7)/-'(/0+D!7)/-'(#+!(*#!0)9*(!(/!%/%?)<=0)+/%<#%(!$/0!$')-50#!(/!='.!'!&#1(2!

J<CKL-:FGAB!K*#!CQ!&)&!%/(!',,#=(!(*#!,/%(#%()/%!/$!(*#!=#()()/%#0+2!K*#!90'7'<#%!/$!(*#!/$$#%+#!)+!%/(!(*#!%/%?='.<#%(!/$!'!&#1(!15(!(*#!=5(()%9!)%(/!,)0,5-'()/%!/$!'!4/0(*-#++!,*#,H!4*),*!)+!&##<#&!'+!'!=51-),!%5)+'%,#2!

0AHFMGN<I*U*'(!'0#!,/7#0#&!1.!(*#!,/%+()(5()/%'-!95'0'%(##!'0#!&#1(+!-"#$%&'()$'*!'%&!%/(!(*/+#!-"#,-./$'%2!

!

! !

Page 144: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*688*

$9:;<=>*,6*

#"* ?.-$"#* $@())* 4.* %+&!.* ?'%* &#* A."?(-02* "1* ?'#&$@3.#%* 1"-* %@.* $(3.*"11.#$.B* &1*(#*(!%* &$*?'#&[email protected]*42*(* )(+*(#0*(#*"-0&#(#!.C*!"#/&!%&"#*"-*(!D'&%%()* '#0.-* .&%@.-* $@())* !"#$%&%'%.* (* 4(-* %"* (#"%@.-* ?-"$.!'%&"#*1"-*%@.*$(3.*(!%B*

1&-$%*?(-%E*$FG9*"HH9>I9E*!"#$%&'"(#')*++#,%#-./0%#$1-#/(#2%"$*&34#"5#$1(/')6%(-#5"&#-)%#'*6%#"55%('%#

-9JK<I<;9I*H=L*;M9*(NNO<:F;<=>*=H*0=KPO9*A9=NFLQR*

6B "!#$%&'!()*+,%-.!/0&'!1,2)!,'',31)-!+%$*%!'*!'1)!&)3*4-!5!"#$!%&"'($)*+6*,B 71)!#$%&'!()*+,%-.!/0&'!1,2)!')%/$4,')-!5,")-./$,.'/6!*SB 71)! &)3*4-! ()*+,%-.! /0&'! 8)! #*%! '1)! &,/)! *##)4&)! ,&! '1,'! $4! '1)! #$%&'!

5.*"/,.,+%'0%'00"/1"7*

6B*-9JK<I<;9I*H=L*;M9*(;;F:MG9>;*=H*)9TFO*A9=NFLQR*59)*+:)!2;!<:,=,46!

,6 >+*4!,!2,:$-!$4-$3'/)4'?3*/+:,$4'!86 @)#*%)!,!3*/+)')4'!3*0%'!A$'1!(0%$&-$3'$*4!36 "#')%!,%%,$=4/)4'!-6 "#')%!+:),!

,B*&>I;F>:9I*=H*%9LG<>F;<=>*

FU "3B0$'',:!C!A1)4!'1)!3,&)!$&!')%/$4,')-!0+*4!'1)!/)%$'&!*#!'1)!$&&0)!5);=;!=0$:'!4*'!+%*2)4!8).*4-!%),&*4,8:)!-*08'6*

PU DEF"G!H*42$3'$*4!C!,330&)-!=0$:'!$&!+%*2)4!,4-!'1)%)!$&!4*!/*%)!*++*%'04$'.!#*%!,++),:*

:U I$&/$&&,:!A$'1*0'!)J+%)&&!3*4&)4'!*#!'1)!,330&)-!C!-$&/$&&,:!*4!,4.!=%*04-!'1,'!-*)&!4*'!-)3$-)!'1)!/)%$'&!*#!'1)!3,&)K!'1)%)!&1*0:-!8)!4*!3*4&)4'!*4!'1)!+,%'!*#!'1)!,330&)-!5);=;!:,3L!*#!(0%$&-$3'$*46*

QU MI$&/$&&,:N!*4!'1)!/)%$'&!C!/*&'!3*//*4!)J,/+:)!$&!-$&/$&&,:!*4!'1)!=%*04-!*#!-)4$,:!*#!'1)!&/8)-#-"#*#'$%%34#-&/*+*

0<IG<IIFO*

• O0&'!8)!-*4)!8.!'1)!(0-=)!$4!A%$'$4=*• "!/)%)!2)%8,:!-$&/$&&,:!$&!4*'!#$4,:!04'$:!.&/--%(!,4-!'/8(%3!8.!'1)!(0-=)*

SB*&Q9>;<;R*=H*"HH9>I9*

FU P4)!PDDQFRQ!$&!$-)4'$3,:!'*!,4*'1)%*

* V4*')S!A1)4!'1)!&,/)!&)'!*#!F:;I!3*4&'$'0')!'A*!*%!/*%)!*##)4&)&!! -$&'$43':.!+04$&1)-!8.!'1)!:,AT!')%/$4,'$*4!*#!)$'1)%!*4)!-*)&!4*'!8,%!! +%*&)30'$*4!#*%!,4*'1)%!59)*+:)!2;!7$*U*4!C!E::)=,:!9*&&)&&$*4!*#!D$%),%/&!04-)%!,!! &+)3$,:!:,A!,4-!V*/$3$-)?O0%-)%!04-)%!'1)!W9H6!

PU P4)!$&!,4!5,6!,'')/+'!*%!586!#%0&'%,'$*4!*#!'1)!*'1)%*:U P4)!5,6!4)3)&&,%$:.!$43:0-)&!*%!586!$&!4)3)&&,%$:.!$43:0-)-!$4!'1)!*'1)%*

*$KN9LW9><>T*1F:;*

• X1)4! ,#')%! '1)! #$:$4=! *#! '1)! #$%&'! $4#*%/,'$*4T! ,! IKN9LW9><>T* HF:;* ',L)&!+:,3)! ,4-! 31,4=)&! '1)! 31,%,3')%! *#! '1)! 3%$/)! 31,%=)-T! ,/)4-$4=! '1)!$4#*%/,'$*4!A*0:-!4*'! 3*4&'$'0')!,!2$*:,'$*4!*#!-*08:)! ()*+,%-.! 5O):*!2;!9)*+:)6*

o 71)!&)3*4-!3%$/)!/0&'!4*'!1,2)!8))4!$4!)J$&')43)!A1)4!'1)!#$%&'!$4#*%/,'$*4!A,&!#$:)-*

o Q;=;!09F;M*=H*;M9*W<:;<G!31,4=)&!'1)!31,%,3')%!*#!1*/$3$-)!#%*/!#%0&'%,')-!'*!3*4&0//,')-*

• 7*!8)!,33)+')-!,&!,!&0+)%2)4$4=!#,3'!'1,'!3%),')&!,4!)J3)+'$*4T!$'!/0&'!4*'!1,2)!8))4!+%)&)4'!-0%$4=!'1)!#$:$4=!*#!'1)!#$%&'!E4#*%/,'$*4*

o E#!'1)!-$&3*2)%.!*#!&031!#,3'!5+%)&)43)!*#!,!#%,3'0%)!A1$31!31,4=)&!'1)!31,%,3')%!*#!'1)!3%$/)6!A,&!(0&'!3%+*4%3!-0)!'*!'1)!$43*/+)')43)!*#!,!-*3'*%T!-*08:)!()*+,%-.!A$::!,'',31!59)*+:)!2;!@0:$4=6*

$.!"#0*?(-%E*"LQ<>F>:9*F>Q*$;F;K;9E*95#*(#*0-#/'#$1(/')%3#,4#*#+*.#*(3#*(#"&3/(*(0%:#0"(;/0-/"(#"&#*0<1/--*+#1(3%&#%/-)%&#')*++#0"('-/-1-%#*#,*&#-"#*("-)%&#$&"'%01-/"(#5"&#-)%#'*6%#*0-#

• H*4'%,%.!'*!A1,'!$&!3*2)%)-!$4!'1)!#$%&'!+,%'T!'1)!&)3*4-!+,%'!*#!'1)!+%*2$&$*4!3*2)%&!'1)!M&,/)!,3'&N*

o 710&T!)2)4!$#!'1)!IFG9*F:;!3*4&'$'0')&!;X=*Q<HH9L9>;*=HH9>I9I!A1)%)$4!*4)!$&!+04$&1)-!04-)%!,4!=LQ<>F>:9!,4-!'1)!*'1)%!04-)%!,!>F;<=>FO*OFXT!')%/$4,'$*4!04-)%!)$'1)%!&1,::!3*4&'$'0')!,!8,%!'*!'1)!+%*&)30'$*4!*#!'1)!*'1)%!59)*+:)!2;!W):*2,6*

*

Page 145: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*689*

(::;<=>*

• "#$!%&'($)(*'+!,-,*+.(!.$)'+/!0$'%,&/1!+'(!'+21!3$,+.!(#,(!,+!,))4.$/!),++'(!5$!%&'.$)4($/!,!.$)'+/!(*3$!6'&!(#$!.,3$!'66$+.$!54(!,2.'!(#,(!?@;*:AB>;CD?EBF*C<FFB?*<::;<=*<*GDHI;J;F?*BK*<CLDE??<=*

o 7'&!8*22!(#$!%&'.$)4(*'+!5$!,22'8$/!('!,%%$,2!,!04/-$3$+(!'6!)'+9*)(*'+!*+!'&/$&!('!'5(,*+!,!3'/*6*),(*'+!'6!(#$!%$+,2(1!8#$+!(#$!%$+,2(1!*3%'.$/!*.!2*-#($&!(#,+!8#,(!*.!2$-,221!/$3,+/,52$*

• :#$+!(#$!,))4.$/!#*3.$26!,%%$,2.!6&'3!,!/$)*.*'+!'6!)'+9*)(*'+;!#$!$66$)(*9$21!8,*9$.!#*.!&*-#(!,-,*+.(!/'452$!0$'%,&/1*

o <*9$+!(#*.;!(#$!*3%'.*(*'+!'6!,!#*-#$&!%$+,2(1!4%'+!,%%$,2!*.!+'(!)'+(&,&1!('!(#$!)'+.(*(4(*'+,2!-4,&,+($$*

$:;CE<=*!<>;M*&J:;<C@J;F?!=>.(&,/,!9?!@$.*$&('A!

• B'+9*)(*'+!'&!,)C4*((,2!*+!,+!*3%$,)#3$+(!%&')$$/*+-!*.!+'(!,!)'+/*(*'+!!"#$%&'(%#)#!('!%&'.$)4(*'+!4+/$&!(#$!D354/.3,+*

• E$.*-+,(*'+!6&'3!'+$F.!%'.*(*'+!*.!$G%&$..!)'+.$+(!6'&!(#$!/*.3*..,2!'6!(#$!*3%$,)#3$+(!),.$*

o "#4.;!8#$+!'+$!&$.*-+.;!(#$!),.$!,4('3,(*),221!/'$.!+'(!6,22!4+/$&!(#$!*+.(,+)$.!'6!($&3*+,(*'+!(#,(!-*9$!&*.$!('!(#$!,((,)#3$+(!'6!/'452$!0$'%,&/1*

• H6!,+!*3%$,)#3$+(!(&*,2!*.!/$)2,&$/!*'#+,'!%)**"+");!(#$!5$.(!,&-43$+(!,9,*2,52$!6'&!(#$!/$6$+/,+(!*+!.,1*+-!(#,(!/'452$!0$'%,&/1!.#'42/!,((,)#!*.I!K<E=DA;*?B*:AB>;CD?;*<JBDF?EFI*?B*<*NEB=<?EBF*BK*BF;O>*AEI@?*?B*<*>:;;HP*

?AE<=!8#*)#!JKL!2$,/!('!HE>JE>><=*BF*?@;*J;AE?>!8#*)#!*.!'+$!*6!(#$!*+.(,+)$.!'6!($&3*+,(*'+!(#,(!-*9$!&*.$!('!(#$!,((,)#3$+(!'6!/'452$!0$'%,&/1*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

* *

Page 146: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*689*

!:;<*):=*

!:;<*#>?@<A* !:;<*#:?<* 1:BC;* -:CDE* 0EBCADF<*

6* "#$%&#!'(!)&*+*,! -#.#,/*,0!1*2!3,/340#/!.$5!06#!4537#!$.!2#53$82!%69234*&!3,:853#2(!;%$,!*55*3+,7#,0<!26#!%&#*/#/!,$0!+83&09(!=8>2#?8#,0&9<!06#!%5$2#4803$,!/327322#/!06#!4*2#!>80!.3&#/!*,$06#5!46*5+#!1306!06#!2*7#!$..#,2#!*+*3,20!06#!/#.#,/*,0(!@3$&*03$,!$.!/$8>&#!:#$%*5/9A!

)#2(!B.0#5!>#3,+!%&*4#/!$,4#!3,!&#+*&!:#$%*5/9!.$5!*,!$..#,2#<!06#!*4482#/!4*,,$0!>#!3,/340#/!.$5!06#!2*7#!$..#,2#!*,97$5#!C5323,+!$80!.5$7!06#!2*7#!*402!*2!46*5+#/!3,!06#!.3520!3,/3407#,0D!*2!0632!4$,203080#2!*!'3$&*03$,!$.!06#!58&#!$,!/$8>&#!:#$%*5/9(!

E#?83230#2!$.!&#+*&!:#$%*5/9!C2##!*>$'#D!!B!1*3'#5!$.!0632!4$,2030803$,*&!53+60!4*,,$0!>#!%5#/34*0#/!$,!23&#,4#!*&$,#!

,* F8&*$,+!'(!"#$%&#! B4482#/!1*2!46*5+#/!1306!>$06!06#!$..#,2#2!$.!5#>#&&3$,!*,/!28>'#523$,(!G63&#!06#!%5$2#4803$,!$.!>$06!4537#2!1#5#!203&&!%#,/3,+!C$,#!3,!06#!&$1#5!4$850!*,/!$,#!3,!06#!=H!8%$,!*%%#*&D<!06#!*4482#/!%&#*/#/!.$5!/$8>&#!:#$%*5/9(!I#,*>&#A!

J$(!K$5!/$8>&#!:#$%*5/9!0$!*00*46<!06#!.3520!&#+*&!:#$%*5/9!7820!>#!0#573,*0#/!%8528*,0!0$!06#!5#?83230#2!*2!26$1,!*>$'#(!

-$8>&#!:#$%*5/9<!3,!,$!1*9<!4*,!*00*46!3.!06#!.3520!&#+*&!:#$%*5/9!6*2!,$0!>##,!0#573,*0#/!3,!06#!3,20*,4#2!16346!1*55*,0!302!*%%&34*03$,(!C2##!*>$'#D!

G* L#&$!'(!"#$%&#! B4482#/!1*2!46*5+#/!1306!!"#$%"&%'()6$7343/#(!G6#,!06#!'34037!/3#/<!%5$2#4803,+!$..34#5!*7#,/#/!06#!46*5+#!0$!*+,$#--&%'(!6$7343/#(!@3$&*03$,!$.!/$8>&#!:#$%*5/9A!

J$(!-$4053,#!$.!28%#5'#,3,+!.*40(! G6#,!*.0#5!06#!.3&3,+!$.!06#!.3520!3,.$57*03$,<!*!;>H<AI<FDFJ*K:BC*0*M#2!%&*4#!*,/!46*,+#2!06#!46*5*40#5!$.!06#!4537#!46*5+#/<!*7#,/3,+!06#!3,.$57*03$,!1$8&/!,$0!4$,203080#!*!'3$&*03$,!$.!/$8>&#!:#$%*5/9!

8* "#$%&#!'(!F8&3,+! B4482#/!1*2!46*5+#/!*,/!4$,'340#/!$.!&#22!2#53$82!%69234*&!3,:853#2(!B.0#5!2#5'3,+!06#!2#,0#,4#<!*4482#/!1*2!46*5+#/!1306!2#53$82!%69234*&!3,:853#2!>#4*82#!$.!06#!.*40!06*0!06#!3,:853#2!$.!06#!'34037!0$$M!&$,+#5!037#!0$!6#*&!C*.0#5!*!2#4$,/!#N*73,*03$,D!06*,!16*0!1*2!#N%#40#/(!@3$&*03$,!$.!/$8>&#!:#$%*5/9A!

)#2(!-$4053,#!$.!28%#5'#,3,+!.*40!4*,,$0!*%%&9!0$!0632!4*2#(!I6#!3,:859!$.!06#!'34037!1*2!*&5#*/9!%5#2#,0!/853,+!06#!.3520!#N*73,*03$,(!K*3&85#!0$!.3,/!$80!*>$80!30!4*,!>#!*0053>80#/!0$!06#!3,4$7%#0#,4#!$.!06#!%692343*,!C/3/!,$0!82#!*,!OP5*9!3,!06#!.3520!#N*7D(!!

=8%#5'#,3,+!.*40!0*&M2!$.!*!.*40!06*0!1*2!,$0!%5#2#,0!/853,+!06#!.3&3,+!$.!06#!.3520!3,.$57*03$,(!

L* "#$%&#!'(!I3$Q$,! B4482#/!1*2!>#3,+!46*5+#/!1306!01$!$..#,2#2R!3&&#+*&!%$22#223$,!$.!.35#*572!*,/!785/#5(!B4482#/!4$,0#,/#/!06*0!23,4#!6$7343/#!$5!785/#5!1*2!?8*&3.93,+!3,!06#!4537#!$.!3&&#+*&!%$22#223$,!$.!.35#*572<!30!1*2!

J$(!L85/#5!*,/!6$7343/#!1#5#!?8*&3.93,+!$,&9!3,!06#!2#,2#!06*0!06#9!5*32#!06#!%#,*&09(!I6#9!*5#!3,!,$!1*9!3/#,034*&!0$!06#!4537#!$.!3&&#+*&!%$22#223$,!$.!.35#*572(!B&2$<!16*0!32!4$,0#7%&*0#/!>9!06#!58&#!$,!/$8>&#!

-$8>&#!:#$%*5/9!4*,,$0!*%%&9!3.!06#!*402!$.!06#!*4482#/!4$,203080#!01$!$5!7$5#!$..#,2#2(!!

Page 147: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*689*

"#$#%%&'()*!("$)+,#,!("!-.#!$'(/#0!1(2)&-(2"!23!,2+4)#!5#26&',*7!

5#26&',*!(%!&!4&'!-2!-.#!6'2%#$+-(2"!23!-.#!%&/#!233#"%#8!%("$#!-.#!$'(/#%!.#'#!&'#!-&9#"!3'2/!&!%6#$(&)!)&:!&",!-.#!;<=!'#%6#$-(>#)*8!-.#'#!(%!"2!%&/#!233#"%#!-2!-&)9!&42+-0!

:* <#26)#!>0!;#)2>&! ?$$+%#,!$2"$#&)#,!:('#%!("!.(%!:&))!-2!#33#$-(>#)*!'#,+$#!#)#$-'($!$2"%+/6-(2"0!@#!:&%!$.&'A#,!:(-.!&!>(2)&-(2"!23!&"!2',("&"$#!4+-!:&%!%+4%#B+#"-)*!&$B+(--#,!,+#!-2!6'#%$'(6-(2"0!?3-#':&',%8!.#!:&%!$.&'A#,!:(-.!&!$'(/#!+",#'!-.#!;<=8!&!"&-(2"&)!%-&-+-#0!1(2)&-(2"!23!,2+4)#!5#26&',*7!

C#%0!D.(%!$&%#!())+%-'&-#,!-.#!%#$2",!6&'-!23!-.#!6'2>(%(2"0!!

E>#"!(3!-.#!%&/#!&$-!$2"%-(-+-#%!-:2!,(33#'#"-!233#"%#%!:.#'#("!2"#!(%!6+"(%.#,!+",#'!&"!2',("&"$#!&",!-.#!2-.#'!+",#'!&!"&-(2"&)!)&:8!-#'/("&-(2"!+",#'!#(-.#'!%.&))!$2"%-(-+-#!&!4&'!-2!-.#!6'2%#$+-(2"!23!-.#!2-.#'0!

9* E%-'&,&!>0!F&",(A&"4&*&"! ?$$+%#,!(%!4#("A!(",($-#,!32'!.(%!$'(/#%0!@#!6)#&,%!,2+4)#!5#26&',*!4#$&+%#!23!-.'##!$2"3)($-("A!'#&%2"%G!HIJ!.#!:&%!"2-!*#-!$2">($-#,!("!-.#!(/6#&$./#"-!-'(&)8!HKJ!.#!:&%!&$B+(--#,!4#$&+%#!-.#'#!:&%!3&()+'#!-2!6'2%#$+-#8!&",!HLJ!.#!,(,!"2-!$2"%#"-!-2!-.#!,(%/(%%&)!23!-.#!6'2$##,("A%0!D#"&4)#7!

M20!=2">($-(2"!2'!&$B+(--&)!("!&"!(/6#&$./#"-!-'(&)!(%!"2-!&!$2",(-(2"!!"#$%&'(%#)#%-2!6'2%#$+-(2"!+",#'!-.#!N/4+,%/&"0!;#%(A"&-(2"!3'2/!.(%!62%(-(2"!#33#$-(>#)*!$2"%-(-+-#%!$2"%#"-!-2!-.#!,(%/(%%&)!23!-.#!6'2$##,("A%0!

=2">($-(2"!2'!&$B+(--&)!("!&"!(/6#&$./#"-!6'2$##,("A!(%!"2-!&!$2",(-(2"!!"#$%&'(%#)#!-2!6'2%#$+-(2"!+",#'!-.#!N/4+,%/&"*!;#%(A"&-(2"!3'2/!2"#O%!62%(-(2"!(%!#P6'#%%!$2"%#"-!32'!-.#!,(%/(%%&)!23!-.#!(/6#&$./#"-!$&%#*!

!

* *

Page 148: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

*689*

$:;<=>?*,,*

#"*.@7A"$%*1(!%*)(+*"-*4&))*"1*(%%(&#0.-*$B())*4.*.#(!%.0C*

.D*E>F<*GH;<>*IHJ*

HK "#$%#!&'()*!'+!'%,$-+!.-+)!/)0-1)!,#)!2'**$+3!-0!,#)!4'5!'+.!5#$%#!5'*!$++-%)+,!5#)+!.-+)!!"#$#%&'6!'+.!()%#*+,*-*)!+-&!.#/%6!-1*

LK "#$%#! &00"&1&.,*! '! %1$&)! -1! &'()*! $,! 31)',)1! ,#'+! 5#)+! $,! 5'*!%-&&$,,).7!-1*

;K "#$%#!%#'+3)*!,#)!28+$*#&)+,!'+.!#%2'#!.*-&-0",&.,"-()%#*+$,%.!,#'+!,#)!4'5!'++)9).!,-!,#)!%1$&)!5#)+!$,!5'*!%-&&$,,).7*

MK "#$%#! &'.,"*- .+,- ',0&'- ")',*- /2- ,1#3,%!,! '+.! ",!,#1,*- ',**- /"- 3#22,",%.-.,*.#$/%4! ,#'+! ,#)! 4'5! 1):8$1).! ',! ,#)! ,$&)! -0! ,#)! %-&&$**$-+! -0! ,#)!-00)+*)!$+!-1.)1!,-!!/%1#!.-.+,-3,2,%3&%.*

AN>O=L=<F*HII*N:<N>FE:;<=P:*IHJFQ*

• ;-6! -+4<! 1),1-*2)%,$=)! 2)+'4! 4'5*! >21-*%1$/)*! '! %1$&$+'4! 2)+'4,<! -1! '+!):8$='4)+,!/81.)+!$&2-*'/4)!$+!'!%1$&$+'4!,1$'4?*

• @0! 4'5! $*! 0'=-81'/4)! ,-! ,#)! '%%8*).6! $,! &'<! '224$).! 1),1-*2)%,$=)4<! >)A3A!B)=$44'!4'5C*!)00)%,!-+!B-/$+!D'.$44'?*

4=II*>G*(<<H=?M:N*

• E!4)3$*4',$=)!'%,!5#$%#!$+04$%,*!28+$*#&)+,!5$,#-8,!F8.$%$'4!,1$'4*• G#)! )**)+%)! -0! ,#)! /$44! -0! ',,'$+.)1* $*! ,#)! *8/*,$,8,$-+! -0! '! 4)3$*4',$=)6!

1',#)1!,#'+!'!F8.$%$'4!.),)1&$+',$-+!-0!38$4,A*• H**)+,$'4!)4)&)+,**

HK G#)1)!&8*,!/)!'!4'5*LK G#)! 4'5! $&2-*)*!'!2)+'4!/81.)+!-+!'!+'&).! $+.$=$.8'4!-1!)'*$4<!

'*%)1,'$+'/4)!&)&/)1*!-0!'!31-82*;K G#)!2)+'4!/81.)+! $*! $&2-*).!.$1)%,4<!/<! ,#)! 4'5!5$,#-8,! F8.$%$'4!

,1$'4*• I81$*218.)+,$'4!1):8$*$,)*!>D)-24)!=A!J)11)1?*

HK G#)!*,',8,)!*2)%$0$)*!2)1*-+*!-1!31-82**LK K,',8,)!$*!'224$).!1),1-'%,$=)4<!'+.!&'<!1)'%#!2'*,!%-+.8%,*

*

!HF:*)HJ*

R6K*A:>EI:*PC*1:NN:N*

1H;<FS!@+!,#$*!%'*)6!2),$,$-+)1*!5)1)!%#'13).!5$,#!,#)!%1$&)!-0!*8/=)1*$-+A!@,!28+$*#)*!,#)!'%,!-0!L(+-5$+34<!'+.!5$44$+34<M!'00$4$',$+3!-+)*)40!,-!*8/=)1*$=)!31-82*A!E%%8*).!%-+,)+.*!,#',!5#',!&8*,!/)!28+$*#).!*#-84.!/)!,#)!.$1)%,!'%,*!,#',!081,#)1!,#)!*8/=)1*$=)!,)+.)+%$)*!-0!,#)!-13'+$N',$-+*A!B)*2-+.)+,!F8.3)!*,18%(!.-5+!,#)!4'5!'*!'!/$44!-0!',,'$+.)1A!

B:IMT-H<=>O!G#)!*8/=)1*$-+!4'5!$*!+-,!'!/$44!-0!',,'$+.)1A!@,!.-)*!+-,!*2)%$0<!,#)!P-&&8+$*,!D'1,<!-0!,#)!D#$4$22$+)*!'*!'!*8/=)1*$=)!31-82A!E,!&-*,6!$,!5'*!-+4<!8*).!0-1!2812-*)*!-0!.)0$+$,$-+A!E4*-6!$0!$,!5)1)!'!/$44!-0!',,'$+.)16!,#)1)!5-84.!/)!+-!8*)!,-!%#'13)!,#)!'%%8*).!$+!%-81,A!@,!28+$*#)*!+-,!&)1)!&)&/)1*#$2!/8,!-+)!,#',!$+%48.)*!'%,$=)!'+.!.$1)%,!2'1,$%$2',$-+!5#$%#!&'<!/)!1)3'1.).!'*!%-+*2$1'%<A!

0>;<N=?:S*J-1!'!4'5!,-!/)!%-+*$.)1).!'!/$44!-0!',,'$+.)16!,5-!1):8$*$,)*!&8*,!%-+%81O!>Q?!,#)!*,',8,)!&8*,!*2)%$0<!2)1*-+*!-1!31-82*6!'+.!>R?!$,!&8*,!/)!'224$).!1),1-'%,$=)4<!,#)1)/<!1)'%#$+3!2'*,!%-+.8%,A!

R,K*/=NH<H*PC*$H?M=UH?LHVH?*

1H;<FS!G#)!DPSS!0$4).!'!%'*)!$+!,#)!K'+.$3'+/'<'+!'3'$+*,!,#)!T'1%-*)*!'+.!B-&8'4.)N!0-1!,#)!'44)3).!$44U3-,,)+!5)'4,#A!E%%8*).!%-+,)+.*!,#',!,#)!DPSS!%#'1,)1!$*!'!/$44!-0!',,'$+.)1A!

B:IMT-H<=>O!G#)!DPSS!%#'1,)1!$*!+-,!'!/$44!-0!',,'$+.)1A!V'5*!#'=)!'!21)*8&2,$-+!-0!%-+*,$,8,$-+'4$,<!5#$%#!5'*!+-,!-=)1%-&)!/<!,#)!*)=)1'4!'%%8*).!$+!,#$*!%'*)A!G#)!%#'1,)1!.-)*!+-,6!$+!'+<!5'<6!'8,-&',$%'44<!.)%4'1)!,#)!'%%8*).!'*!38$4,<A!@+!0'%,6!$,!)921)**4<!21-=$.)*!,#',!,#)!F8.3)&)+,!-0!38$4,!&8*,!/)!#'+.4).!/<!'!F8.$%$'4!,1$/8+'4!>$+!,#$*!%'*)6!,#)!K'+.$3'+/'<'+?A!G#)!%-81,!'4*-!*'$.!,#',!,#)!%#'1,)1!.-)*!+-,!'4,)1!,#)!184)*!-+!)=$.)+%)A!

0>;<N=?:S*G#)!)**)+%)!-0!,#)!/$44!-0!',,'$+.)1*$*!,#)!*8/*,$,8,$-+!-0!'!4)3$*4',$=)6!1',#)1!,#'+!'!F8.$%$'4!.),)1&$+',$-+!-0!38$4,A!!

RWK*)H;F>?*PC*.D:;X<=P:*$:;N:<HNV*

1H;<FS!W<!,#)!2'**$+3!-0!BE!XRYZ6!,#)!F81$*.$%,$-+!-0!,#)!K'+.$3'+/'<'+!$*!$+%1)'*).A!S$=)+!,#$*6!,#)!/-.<!5'*!'/4)!,-!,'()!1)%-3+$N'+%)!-0!'!%'*)!5#$%#!$,!.$.!+-,!#'=)!,#)!2-5)1!,-!4--(!',!281*8'+,!,-!,#)!0-1&)1!4'5A!D),$,$-+)1!'+.!$+,)1=)+)1*!,#)1)0-1)!'138)!,#',!,#)!'&)+.$+3!4'5!$*!'+!)9!2-*,!0'%,-!4'5A!

B:IMT-H<=>O!G#)!'&)+.$+3!4'5!$*!+-,!'+!)9!2-*,!0'%,-!4'5A![+4<!2)+'4!4'5*!&'<!/)!%-+*$.)1).!,-!/)!)9!2-*,!0'%,-A!BE!XRYZ6!'*!'.F8.3).!/<!0-1&)1!F81$*218.)+%)!$*!&)1)4<!'!21-%).81'4!4'5A!

0>;<N=?:S*J-1!'!4'5!,-!/)!%-+*$.)1).!)9!2-*,!0'%,-6!$,!&8*,!0$1*,!'+.!0-1)&-*,!/)!'!2)+'4!4'5A!D1-%).81'4!4'5*!%'++-,!/)!%-+*$.)1).!,-!/)!)9!2-*,!0'%,-!21$&'1$4<!/)%'8*)!+-!2)+'4,<!+-1!/81.)+!$*!21-*%1$/).A!

* !

Page 149: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

(-%&!).*&/:*!&%&;.#$<&=!

$>?@ABC*6*

%<.*1"))"+&#D*(-.*!&%&;.#$*"1*%<.*=<&)&==&#.$:*

E6F*%<"$.*+<"*(-.*!&%&;.#$*"1*%<.*=<&)&==&#.$*(%*%<.*%&3.*"1*%<.*(0"=%&"#*"1*%<&$*!"#$%&%'%&"#G*

E,F*%<"$.*+<"$.*1(%<.-$*"-*3"%<.-$*(-.*!&%&;.#$*"1*%<.*=<&)&==&#.$*

EHF*%<"$.*4"-#*4.1"-.*I(#'(-2*6JK*69JHK*"1*1&)&=&#"*3"%<.-$K*+<"*.).!%*=<&)&==&#.*!&%&;.#$<&=*'="#*-.(!<&#D*%<.*(D.*"1*3(I"-&%2G*(#0*

E8F*%<"$.*+<"*(-.*#(%'-()&;.0*&#*(!!"-0(#!.*+&%<*)(+*

!A@AL>CMNAO*

• "#$%&'()!('*!+&$#!&$!)#%%!,#$+('#'-!+#+.#$%/0,!0'!(!,&)0-01()!1&++2'0-3*• 4#'&-#%!,&%%#%%0&'!50-/0'! -/(-!,($-012)($!,&)0-01()! 1&++2'0-3!&6! 62))!?APAQ*

RCS*OBQA@A?RQ*TAUN@M!%2.7#1-!-&!%,#10()!*0%82()0601(-0&'%*• 9#10,$&1())3:!0-!0+,&%#%!-/#!*2-3!&6!())#;0('1#*

3BS>M*BV*R?WXATACU*?A@AL>CMNAO*

• IXM*$RCUXACAM!<!.)&&*!$#)(-0&'%/0,*• IXM*$BQA*<!,)(1#!&6!.0$-/*• #R@XTRQALR@ABC*<!(*&,-0';!('!()0#'*• =/#! "/0)0,,0'#%! 6&))&5%! -/#! $2)#! &6! !"#$ #%&'"(&(#! >?())#%! @A! BCDEFEBG!

H(-1/()0('! @A! I&($*! &6! B&++0%%0&'#$%J! ('*! /(%! )#;()! ,$&1#*2$#%! 6&$!&%)"*%+(,%)(-&*

!NAQST>C*BV*1AQAOACB*VR@N>TM*RCS*YB@N>TM*

• 92)#!&6!!"#$#%&'"(&(#!o K,,)0#%!&')3!-&!'(-2$()!60)0(-0&'!('*!'&-!-&!60)0(-0&'!.3!(*&,-0&'!o C')3!)#;0-0+(-#!1/0)*$#'!6&))&5!-/#!10-0L#'%/0,!&6!-/#!6(-/#$!o M))#;0-0+(-#!1/0)*$#'!6&))&5!-/#!'(-0&'()0-3!&6!-/#0$!+&-/#$!

! EN1#,-0&'O! 0))#;0-0+(-#! 1/0)*$#'! +(3! >,&%%0.0)0-3! &6! *2()!10-0L#'%/0,J! ()%&! 6&))&5! -/#! '(-0&'()0-3! &6! -/#0$! 6(-/#$! 06!OR@>TCA@Z*AM*?Q>RT*>=#1%&'!@A!BCDEFEBJ!

! B&'@#'-0&'!&'!-/#!90;/-%!&6!-/#!B/0)*O!B/0)*$#'!%/())!'&-!.#!*0%1$0+0'(-#*!&'!-/#!.(%0%!&6!.0$-/!>P"Q!5(%!())&5#*!-&!$2'! #@#'! 06! /#! 5(%! ('! 0))#;0-0+(-#! 1/0)*! &6! (! P0)0,0'&!6(-/#$J!

• =/#$#! 0%!'&-/0';!,$#@#'-0';!-/#! )#;0%)(-2$#!6$&+!(*&,-0';!-/#!,$0'10,)#!&6!!"#$#-+($&$!('3!&6!0-%!6#(-2$#%!(%!%2,,)#+#'-($3!)(5!&'!10-0L#'%/0,!

o =/#! )#;0%)(-2$#! 0%! #'*&5#*! 50-/! .$&(*! ,&5#$%! -&! ,(%%!CR@XTRQALR@ABC*QR[M!

!A@AL>CM*\Z*>Q>?@ABC*

• E)#1-0&'! +2%-! .#! #N,$#%%#*! 0'! (! %-(-#+#'-! %5&$'! .#6&$#! ('3! &6601#$!(2-/&$0L#*!-&!(*+0'0%-#$!&(-/%!('*!60)#*!50-/!-/#!'#($#%-!10@0)!$#;0%-$3!('*!(11&+,('0#*!.3!('!&(-/!&6!())#;0('1#!-&!-/#!"/0)0,,0'#!B&'%-0-2-0&'*

• M6! (! +0'&$R%! 6(-/#$! 0%! '(-2$()0L#*:! /#! *&#%! '&-! '##*! -&! #)#1-! "/0)0,,0'#!10-0L#'%/0,!('3+&$#!>B&!@A!E)#1-&$()!=$0.2'()J*

• E)#1-0&'!+(3!.#!&.-(0'#*!0+,)0#*)3A!>B&!@A!E)#1-&$()!=$0.2'()J*o #A;A!,&%0-0@#!(1-%!%21/!(%!)0@0';!&'#R%!5/&)#!)06#!0'!-/#!"/0)0,,0'#%*

• "($(;$(,/! S! 0%! 0'-#'*#*! -&! .#! 0'! -/#! '(-2$#! &6! (! )*%&#()-*.$ /*-0(#(-&!(,,)01(.)#! -&!1/0)*$#'!.&$'!2'*#$! -/#!TUSV!B&'%-0-2-0&'!5/&!/(*!'&-!3#-!$#(1/#*!+(7&$0-3!50-/!-/#!TUWS!B&'%-0-2-0&'!-&&X!#66#1-*

o =/#$#! 0%! '&! $0;/-! &6! #)#1-0&'! 6&$! 1/0)*$#'! .&$'! 2'*#$! -/#! TUWS!B&'%-0-2-0&'*

• =/#$#! 0%! '&-/0';! 0'! -/#! )(5! -/(-! ,$#@#'-%! B&';$#%%! 6$&+! ;$('-0';! (!%-(-2-&$3! $0;/-! &6! #)#1-0&'! 0*#'-01()! 50-/! -/#! $0;/-! 6&$+#$)3! ;0@#'! 0'! -/#!TUSV!B&'%-0-2-0&'*

o Y&5#@#$:! (! 1/0)*! 5/&! #)#1-%! 2'*#$! %21/! %-(-2-#! %/())! '&-! .#!1&'%0*#$#*! (! '(-2$()Z.&$'! 10-0L#'! 2'*#$! [#1-0&'! \! .#1(2%#! %21/!#)#1-0&'!0%!'&-!0'!-/#!@0$-2#!&6![#1-0&'!T>SJ*

#R@XTRQALR@ABCK*]XSA?ARQ*RCS*RSYACAM@TR@AP>*

• ](-2$()0L(-0&'O! )#;()! (1-! &6! (*&,-0';! ('! ()0#'! ('*! 1)&-/0';! /0+! 50-/! -/#!$0;/-%!-/(-!.#)&';!-&!(!'(-2$()!.&$'!10-0L#'A!D(3!.#!&.-(0'#*!-/$&2;/O*

o H#'#$()!)(5!&6!'(-2$()0L(-0&'!(,,)0#*!-/$&2;/!(!!"1(2(%+$/*-23##*o [,#10()!(1-!&6!-/#!+3'(#+%)"*3*o K*+0'0%-$(-0@#! '(-2$()0L(-0&'O! /('*)#*!.3! -/#! [,#10()! B&++0--##!

&'!](-2$()0L(-0&'!1/(0$#*!.3!-/#![&)010-&$!H#'#$()*

Page 150: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*

!

!685*

• "#$!%&'$(!&)!*#$!+$,-.+/*0($!-12+03$.4*o 5&1*(&+! &6$(! %(&2$..$.! *#(&0,#! '#-2#! 2-*-7$1.#-%! -.! /280-($3! &(!

+&.**o 9$*$(:-1/*-&1!&)!.0;.*/1*-6$!2(-*$(-/!)&(!/3:-..-&1!*&!2-*-7$1.#-%*o <-=-1,!&)!2&1.$80$12$.!&)! *#$!,(/1*!&)!2-*-7$1.#-%!&1!*#$!'-)$!&(!

:-1&(!2#-+3($1!&)!*#$!,(/1*$$*• 5>?>!@AB!CD$6-.$3!E/*0(/+-7/*-&1!F/'G*

o H0;.*/1*-6$!($80-($:$1*.!CI1,!5#-/!6>!5IJKFK5G*! E/:$.!&1$!#/.!;$$1!L1&'1*! ?++!%/.*!/33($..$.*! J/1-)$.*/*-&1!&)!,&&3!/13!($%(&/2#/;+$!:/11$(*! F02(/*-6$!*(/3$M%(&)$..-&1*

o N(&2$30(/+!($80-($:$1*.*! 9$2+/(/*-&1!&)!-1*$1*-&1*! <-+-1,!&)!%$*-*-&1*! O$/(-1,!/13!-1-*-/+!P03,$:$1**! N$(-&3!&)!%(&;/*-&1*! D$#$/(-1,!/13!)-1/+!P03,$:$1**

• "#$! ,(/1*! &)! 2-*-7$1.#-%! *&! /! %/($1*! /+.&! $=*$13.! 2-*-7$1.#-%! *&! :-1&(!2#-+3($1!!"#$%&'(%$")(*&(!)+,%-).*

!"#$%&'()*+**

• Q$1$(/++RS!%$/&0!#-1()(&3&$.!1&*!/%%+R!-1!($.&+6-1,!-..0$.!&)!2-*-7$1.#-%*• D$80-.-*$.!)&(!K=2$%*-&1!CT0(2/!6>!D$%0;+-2G*

o ?! %$(.&1U.! 2-*-7$1.#-%! ;$! (/-.$3! /.! /! :/*$(-/+! -..0$! -1! /!2&1*(&6$(.R!'#$($!./-3!%$(.&1!-.!/!%/(*R*

o "#$!H&+-2-*&(!Q$1$(/+!&(!#-.!/0*#&(-7$3!($%($.$1*/*-6$!*&&L!/2*-6$!%/(*!-1!*#$!($.&+0*-&1!*#$($&)*

o "#$!)-13-1,!&1!2-*-7$1.#-%!-.!/))-(:$3!;R!*#$!H5*

*

$9:;<=>*,*

#(%'-()74"-#*!&%&?.#$*(-.*%@"$.*+@"*(-.*!&%&?.#$*"1*%@.*A@&)&AA&#.$*1-"3*

4&-%@* +&%@"'%* @(/&#B* %"* A.-1"-3* (#2* (!%* %"* (!C'&-.* "-* A.-1.!%* %@.&-*

A@&)&AA&#.* !&%&?.#$@&AD* %@"$.* +@"* .).!%* A@&)&AA&#.* !&%&?.#$@&A* &#*

(!!"-0(#!.* +&%@* A(-(B-(A@* EFGH* $.!%&"#* 6* @.-."1* $@())* 4.* 0..3.0*

#(%'-()74"-#*!&%&?.#$D*

#I;JKIL7M=K>*:<;<N9>*

• "#&.$!'-*#&0*!#/6-1,! *&!%$()&(:!/1R!/2*! *&!/280-($!&(!%$()$2*!N#-+-%%-1$!2-*-7$1.#-%*

o .O:9P;<=>Q*"#&.$!'#&!($%/*(-/*$3!CT$1,.&1!6>!ODK"G*• "#&.$!'#&! $+$2*! N#-+-%%-1$! 2-*-7$1.#-%! -1! /22&(3/12$!'-*#!?(*>! VWS! H$2>! XS!

N/(>!B!*• E/*0(/+-7$3!2-*-7$1.!/($!#"%!1/*0(/+Y;&(1*

o "#$!%(&2$..!&)!1/*0(/+-7/*-&1!-.!/!%$()&(:/12$!&)!/1!/2*!*&!/280-($!2-*-7$1.#-%*

AJKP=R9*=S*ITT<>U*;V9*R9:=>T*R9>;9>:9*

• "&!$80/+-7$!*#$!.*/*0.!&)!*#&.$!;&(1!&)!<-+-%-1/!%/($1*.!;$)&($!Z/10/(R!XAS!X[ABS!'-*#!*#&.$!;&(1!&)!<-+-%-1/!%/($1*.!&1!&(!;$)&($!*#$!./-3!3/*$*

$9:;<=>*F*

A@&)&AA&#.*!&%&?.#$@&A*3(2*4.*)"$%*"-*-.(!C'&-.0*&#*%@.*3(##.-*A-"/&0.0*42*

)(+D*

)=RR*=S*:<;<N9>RV<P*

• "'&!+/'.!&1!+&..!&)!2-*-7$1.#-%4!5?!E&>!\B!/13!5?!@AB*• 5?!E&>!\B!/%%+-$.!*&!;&*#!1/*0(/+Y;&(1!/13!1/*0(/+-7$3!2-*-7$1.#-%*

o H$2*-&1!X!%(&6-3$.S!.0;P$2*!*&!.&:$!$=2$%*-&1.S!*#/*!2-*-7$1.#-%!-.!+&.*!;R*

! E/*0(/+-7/*-&1!-1!/!)&($-,1!2&01*(R*! K=%($..! ($1012-/*-&1! &)! 2-*-7$1.#-%! C]0! 6>! 9$)$1.&(Y

H/1*-/,&G*! I/*#!&)!/++$,-/12$!*&!/!)&($-,1!2&01*(R*! D$13$(-1,! .$(6-2$! -1! *#$! /(:$3! )&(2$.! &)! /! )&($-,1!

2&01*(R*! 9$.$(*$(!&)!*#$!/(:$3!)&(2$.*

• 5?!@AB!/%%+-$.!*&!1/*0(/+-7$3!2-*-7$1.#-%*

Page 151: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!686*

o "#$%&'(! )*! %+#,#'-! .,'/&0#1! %+2%! 2! $#,%&-&$2%#! '-! (2%3,24&52%&'(!627!8#!$2($#44#0*

! 9+#(! -'3(0! %'! +2/#! 8##(! -,23034#(%47! ',! &44#:2447!'8%2&(#0*

! ;7!.#,62(#(%!,#1&0#($#!&(!%+#!$'3(%,7!'-!',&:&(!<&%+&(!=!7#2,1!-,'6!(2%3,24&52%&'(*

! 9+#(!.#%&%&'(!&1!-'3(0!%'!+2/#!8##(!620#!'(!2(!&(/24&0!0#$42,2%&'(!'-!&(%#(%*

! >.'(! -2&43,#! %'! $'6.47! <&%+! %+#! ,#?3&,#6#(%1! '-!#03$2%&'(!'-!6&(',!$+&40,#(*

! @-!%+#!.#,1'(!244'<1!+&61#4-!%'!8#!2!A03667B!-',!24&#(1*

-9:;:<=>?=@:*

• C#(3($&2%&'(!'-!D+&4&..&(#!$&%&5#(1+&.!631%!8#!620#!9ABC9DDEF*o E#,#! .'11#11&'(! '-! 2(! 24&#(! $#,%&-&$2%#! '-! ,#:&1%,2%&'(! 0'#1! ('%!

26'3(%!%'!,#(3($&2%&'(F!GE#,$20'!/F!E2(52('H*• IJ.,#1147!&1!('%!%+#!126#!21!-',62447!GK3!/F!L#-#(1',!"2(%&2:'H*

o C#(3($&2%&'(!'-!$&%&5#(1+&.!(##0!('%!8#!620#!-',62447F!*o IJ.,#11!,#(3($&2%&'(!627!8#!0##6#0!-,'6!'(#M1!2$%1!<+&$+!1+'<!

,#.30&2%&'(!'-!'(#M1!$&%&5#(1+&.F*

!>:<9EE>?=@:*GC@<99H=:I*

• ;3,0#(!'-!.,''-!&1!1+&-%#0!%'!%+#!:'/#,(6#(%*• N2%3,24&5#0!$&%&5#(1+&.!627!'(47!8#!$2($#44#0!3.'(!#/&0#($#!%+2%!&1!A$4#2,O!

3(#?3&/'$24!2(0!$'(/&($&(:B!2(0!('%!6#,#47!.,#.'(0#,2(%*o N2%3,24&5#0! $&%&5#(1! 2,#! ('%! 1#$'(0P$4211! $&%&5#(1Q! %+#7! 2,#! 241'!

2--',0#0!.,'%#$%&'(!87!42<*

-9><J;=D=?=@:*@K*<=?=L9:DM=B*

• E27!8#!0'(#!&(!%+,##!<271!GRS!N'F!TUO!V28'O!W,F!/F!R'6#4#$H*o L&,#$%!:,2(%!87!42<*o N2%3,24&52%&'(*o C#.2%,&2%&'(*

-9B>?C=>?=@:*

• C#%,'2$%1!%'!%+#!027!<+#,#!2..4&$2%&'(!<21!-&4#0!GX,&/240'!/F!R'6#4#$H*• >.'(!,#.2%,&2%&'(O!',&:&(24!$&%&5#(1+&.!&1!,#2$?3&,#0!G;#(:1'(!/F!YCIZH*

o R'(1&0#,#0! 21! (2%3,24P8',(! $&%&5#(1! 2-%#,! ,#.2%,&2%&'(! &-! (2%3,24P8',(!8#-',#!4'11!'-!$&%&5#(1+&.*

• C#.2%,&2%&'(!3(0#,!CFSF!*)[)!GZ28212!/F!R'6#4#$H*o 9'6#(!<+'!4'1%!$&%&5#(1+&.!87!62,,&2:#*o Z+'1#!<+'!4'1%!$&%&5#(1+&.!-',!.'4&%&$24!',!#$'('6&$!,#21'(1*

• C#.2%,&2%&'(!3(0#,!CFSF!\TU]!G;#(:1'(!/F!YCIZH*o !"#$%&'( )*(S(7! .#,1'(!<+'! +20! 4'1%! +&1! D+&4&..&(#! $&%&5#(1+&.! 87!

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

$9<?=@:*O*

!&%&P.#$*"1*%Q.*GQ&)&GG&#.$*+Q"*3(--2*()&.#$*$Q())*-.%(&#*%Q.&-*!&%&P.#$Q&GR*'#).$$*42*%Q.&-*(!%*"-*"3&$$&"#*%Q.2*(-.*0..3.0R*'#0.-*%Q.*)(+R*%"*Q(/.*-.#"'#!.0*&%S*

3>CC=>I9*?@*>:*>E=9:*DB@;D9*

• Z+#!-2$%!24'(#!'-!62,,&2:#!$2(('%!1%,&.!2!X&4&.&('!<'62(!'-!+#,!D+&4&..&(#!$&%&5#(1+&.*

• ^(47! 2$%1! 2(0! '6&11&'(1O! <+&$+! R'(:,#11! 627! .,#1$,&8#O! $'(1%&%3%#!#J.4&$&%!',!&6.4&$&%!,#(3($&2%&'(!'-!$&%&5#(1+&.F*

• Z+&1!.,'/&1&'(!&1!1+&.1"#$%/"F!*o @%!0'#1!('%!1#,/#!%'!,#1%',#!$&%&5#(1+&.!24,#207! 4'1%!87!62,,&2:#!

3(0#,!%+#!'40!42<F**

$9<?=@:*8*

0'()*()).T&(#!.*"1*!&%&P.#$*&$* &#&3&!()*%"*%Q.*#(%&"#()*&#%.-.$%*(#0*$Q())*4.*0.()%*+&%Q*42*)(+S*

Page 152: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!68,*

09:;*<=>=?@ABC=D*

• "#$!%&'()*)+)*&'!,--&.(!/&0!)#$!1&((*2*-*)3!&/!4+,-!5*)*6$'(#*1*o 7)! *(8! ,/)$0! ,--8! ,! 5&'4*)*&'! .#*5#! ,0*($(! /0&9! )#$! /,5)! )#,)!

:#*-*11*'$! -,.! 5,''&)! 5&')0&-! *')$0',)*&',-! -,.!,'4! )#$! -,.(!&/!&)#$0!5&+')0*$(!&'!5*)*6$'(#*1*

• "#$!;<=>!%&'()*)+)*&',-!%&99*((*&'!10$/$00$4!)&!-$,?$!)#$!9,))$0!&/!4+,-!5*)*6$'(#*1!)&!&04*',03!-$@*(-,)*&'*

o ABCB! <DDE8! )#$! F+,-! %*)*6$'(#*1! G,.8! 4$,-(! .*)#! ).&! 5-,(($(! &/!1$0(&'(*

! H*-*1*'&(! .#&! -&()! )#$*0! 5*)*6$'(#*1! 10*&0! )&! )#$!$',5)9$')!&/!ABCB!<DDE*

! H*-*1*'&(!.#&!2$5&9$!5*)*6$'(!&/! ,'&)#$0! 5&+')03!,/)$0!)#$!$//$5)*?*)3!&/!)#*(!-,.*

-@B>EF:>=EA*EG*!=H=;*:AI*JE;=>=<:;*F=KC>B*

• %*?*-!,'4!1&-*)*5,-!0*@#)(!,0$!0$()&0$4*• I&.$?$08!)#$0$!,0$!0$()0*5)*&'(!+'4$0!ABCB!<DDE*

$@<>=EA*8L*!"#"$%&'(%)*$"+",&$%-"./+0%&'(%1"&2"$"+"30!"!"#&($!.#&!0$),*'!&0!0$J,5K+*0$!:#*-*11*'$!5*)*6$'(#*1!+'4$0!)#*(!C5)!(#,--!$'L&3!/+--!5*?*-!,'4!1&-*)*5,-!0*@#)(!,'4!2$!(+2L$5)!)&!,--!,))$'4,')!-*,2*-*)*$(!,'4!0$(1&'(*2*-*)*$(!+'4$0!$M*()*'@!-,.(!&/!)#$!:#*-*11*'$(!,'4!)#$!/&--&.*'@!5&'4*)*&'(N!

O;P!"#&($!*')$'4*'@!)&!$M$05*($!)#$*0!0*@#)!&/!(+0//0,@$!9+()!Q$$)!)#$!0$K+*0$9$')(!+'4$0!R$5)*&'!;8!C0)*5-$!S!&/!)#$!%&'()*)+)*&'8!A$1+2-*5!C5)!T&B!<;=<8!&)#$0.*($!U'&.'!,(!V"#$!W?$0($,(!C2($')$$!S&)*'@!C5)!&/!DXXYV!,'4!&)#$0!$M*()*'@!-,.(Z!

ODP!"#&($!($$U*'@!$-$5)*?$!1+2-*5!*'!)#$!:#*-*11*'$(!(#,--!9$$)!)#$!K+,-*/*5,)*&'!/&0!#&-4*'@!(+5#!1+2-*5!&//*5$!,(!0$K+*0$4!23!)#$!%&'()*)+)*&'!,'4!$M*()*'@!-,.(!,'48!,)!)#$!)*9$!&/!)#$!/*-*'@!&/!)#$!5$0)*/*5,)$!&/!5,'4*4,538!9,U$!,!1$0(&',-!,'4!(.&0'!0$'+'5*,)*&'!&/!,'3!,'4!,--!/&0$*@'!5*)*6$'(#*1!2$/&0$!,'3!1+2-*5!&//*5$0!,+)#&0*6$4!)&!,49*'*()$0!,'!&,)#Z!

OYP!"#&($!,11&*')$4!)&!,'3!1+2-*5!&//*5$!(#,--!(+2(50*2$!,'4!(.$,0!)&!,'!&,)#!&/!,--$@*,'5$!)&!)#$!A$1+2-*5!&/!)#$!:#*-*11*'$(!,'4!*)(!4+-3!5&'()*)+)$4!,+)#&0*)*$(!10*&0!)&!)#$*0!,((+91)*&'!&/!&//*5$N!#$%&'()(8!"#,)!

)#$3!0$'&+'5$!)#$*0!&,)#!&/!,--$@*,'5$!)&!)#$!5&+')03!.#$0$!)#$3!)&&U!)#,)!&,)#Z!

O[P!"#&($!*')$'4*'@!)&!10,5)*5$!)#$*0!10&/$((*&'!*'!)#$!:#*-*11*'$(!(#,--!,11-3!.*)#!)#$!10&1$0!,+)#&0*)3!/&0!,!-*5$'($!&0!1$09*)!)&!$'@,@$!*'!(+5#!10,5)*5$Z!,'4!

OEP!"#,)!0*@#)!)&!?&)$!&0!2$!$-$5)$4!&0!,11&*')$4!)&!,'3!1+2-*5!&//*5$!*'!)#$!:#*-*11*'$(!5,''&)!2$!$M$05*($4!238!&0!$M)$'4$4!)&8!)#&($!.#&N!

O,P!,0$!5,'4*4,)$(!/&0!&0!,0$!&55+13*'@!,'3!1+2-*5!&//*5$!*'!)#$!5&+')03!&/!.#*5#!)#$3!,0$!',)+0,-*6$4!5*)*6$'(Z!,'4\&0!

O2P!,0$!*'!,5)*?$!($0?*5$!,(!5&99*((*&'$4!&0!'&'J5&99*((*&'$4!&//*5$0(!*'!)#$!,09$4!/&05$(!&/!)#$!5&+')03!.#*5#!)#$3!,0$!',)+0,-*6$4!5*)*6$'(B

09:;*:;;@K=:A<@*

• F+,-!,--$@*,'5$!*(!'&)!)#$!(,9$!,(!4+,-!5*)*6$'(#*1*• %&'()*)+)*&',-!%&'?$')*&'!R$((*&'(!O%&99*((*&'$0!W1-$P*

o ]BBB-,0@$0! ,'4! 9&0$! )#0$,)$'*'@! )#,'! )#,)! &/! 9$0$! 4&+2-$!5*)*6$'(#*1! .#*5#! *(! ($-4&9! *')$')*&',-! ,'48! 1$0#,1(8! '$?$0!*'(*4*&+(B^*

o F+,-!,--$@*,'5$!0$/$00$4!)&!)#,)!]+'($))-$4!U*'4!&/!,--$@*,'5$^!&/!1$0(&'(!.#&!,0$!,-0$,43!H*-*1*'&(!2+)!.#&8!23!)#$*0!,5)(8!9,3!2$!(,*4!)&!2$!2&+'4!23!,!($5&'4!,--$@*,'5$B*

*

*

*

Page 153: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

*

!:;<*#=>?<@* !:;<*#:><* 1:AB;* -:BCD* 0DAB@CE<*

6* "#$$%&!'(!)*+,-,)! -./%0!1#2!3.1!&%4.25!6%17!3.1!8.'%12.1!.3!9#'#.!*1:%26#$(!;%6:6:.2%1!"#$$%&!4<#$$%2=%5!6<#6!4#25:5#4>!4$#:7:2=!6<#6!6<%!3.17%1!?#&!2.6!#!@:$:/:2.(!"#$:5A!!

B.(!C<%!)*+,-,)!5:&7:&&%5!6<%!4.7/$#:26!4:6:2=!:6&!/1%':.D&!1D$:2=!.2!#!EFFG!4#&%!:2'.$':2=!6<%!&#7%!1%&/.25%26(!H$&.I!-./%0J&!3#6<%1!:&!#!@:$:/:2.!4:6:0%2!?<%2!&<%!?#&!K.12(!@.$$.?:2=!6<%!1D$%!.3!!"#$#%&'"(&(#)$&<%!:&!#!@:$:/:2.!#&!?%$$(!*+#$!",(-%.%$%//0(+#!K%4#D&%!/%6:6:.2%1!5:5!2.6!=:'%!3#46&!6<#6!?#11#26!6<%!1%'%1&#$!.3!6<%!EFFG!1D$:2=(!

C<%!;<:$://:2%&!3.$$.?&!6<%!1D$%!.3!!"#$#%&'"&(#1$$8%2%1#$$>I!2+#$!",(-%.%!5.%&!#//$>!:2!4:6:0%2&<:/!4#&%&(!

,* *2=!)<:#!'(!L%/DK$:4! *2=!)<:#I!#36%1!&/%25:2=!#$7.&6!<:&!?<.$%!$:3%!:2!6<%!;<:$://:2%&I!3:$%5!3.1!#!/%6:6:.2!6<#6!<%!K%!#57:66%5!#&!#!@:$:/:2.!4:6:0%2(!C<:&!?#&!=1#26%5!K>!6<%!61:#$!4.D16!KD6!?#&!4<#$$%2=%5!K>!6<%!1%&/.25%26!K>!&<.?:2=!6<#6!6<%!/%6:6:.2%1!5:5!2.6!3.$$.?!6<%!/1./%1!1D$%&(!M<.!:&!4.11%46A!

C<%!1%&/.25%26([email protected]!6<%!2#6D1#$:0#6:.2!6.!?.1NI!6<%!#//$:4#26!7D&6!4.7/$>!?:6<!6<%!1%OD:1%7%26&!.3!)(H(!B.(!PQR!SL%':&%5!B#6D1#$:0#6:.2!-#?T(!U%!7D&6!<#'%!&DK7:66%5!6<%!3.$$.?:2=!:23.17#6:.2V!SET!#$$!6<%!2#7%&!<%!<#5!K%%2!N2.?2I!SGT!3.17%1!/$#4%&!.3!1%&:5%24%I!SRT!:3!<%!<#5!4.25D46%5!<:7&%$3!:2!#!/1./%1!#25!1%/1.#4<#K$%!7#22%1I!#25!SPT!:3!<%!#&!#!$D41#6:'%!.44D/#6:.2(!

@.1!2#6D1#$:0#6:.2!6.!?.1NI!6<%!#//$:4#26!7D&6!#K:5%!K>!6<%!2%4%&&#1>!1%OD:1%7%26&!/1.':5%5!K>!)(H(!B.(!PQR!.1!6<%!L%':&%5!B#6D1#$:0#6:.2!-#?(!

9* 8#64<#$:#2!'(!W.#15!.3!).77:&:.2%1&!

9%/.16#6:.2!/1.4%%5:2=&!?%1%!:2&6:6D6%5!#=#:2&6!<%1%:2!/%6:6:.2%1!5D%!6.!6<%!4$#:7!.3!6<%!)X9!6<#6!<%!:&!2.6!#!@:$:/:2.!4:6:0%2(!X6!:&!#$$%=%5!6<#6!<%!:&!#2!:$$%=:6:7#6%!4<:$5!5D%!6.!6<%!#K&%24%!.3!/1..3!&<.?:2=!6<#6!<:&!3#6<%1!S@:$:/:2.T!'#$:5$>!7#11:%5!<:&!7.6<%1!S)<:2%&%T(!X3!2.6I!:6!:&!#1=D%5!6<#6!<%!7D&6!3.$$.?!6<%!4:6:0%2&<:/!.3!6<%!7.6<%1(!C%2#K$%A!

B.(!X3!6<%1%!:&!2.!%':5%24%!6.!6<%!4.261#1>I!6<%!/1%&D7/6:.2!6<#6!6<%!7#11:#=%!$#?&!:2!3.1%:=2!4.D261:%&!#1%!6<%!&#7%!#&!:2!6<%!;<:$://:2%&!:&!4.261.$$:2=(!C<%!#33:5#':6&!6#N%2!31.7!6<%!/%6:6:.2%1J&!3#6<%1!#25!=1#253#6<%1!?%1%!6#N%2!K>!6<%!4.D16!#&!4.7/%6%26!/1..3!.3!3:$:#6:.2(!

C<%!;<:$://:2%&!3.$$.?&!6<%!1D$%!.3!!"#$#%&'"(&(#(!

F* C%4&.2!'(!)*+,-,)! @;Y!1#2!3.1!/1%&:5%24>(!U:&!4:6:0%2&<:/!?#&!OD%&6:.2%5!.2!6<%!=1.D25!6<#6!<%!:&!#2!:$$%=:6:7#6%!4<:$5!.3!#!@:$:/:2.!3#6<%1!#25!#!3.1%:=2!7.6<%1(!X6!:&!#1=D%5!6<#6!&:24%!6<:&!:&!6<%!4#&%I!<%!

B.(!X3!/#6%12:6>!:&!4$%#1$>!/1.'%2I!6<%!4<:$5!:&!@:$:/:2.!K%4#D&%!6<%!1D$%!.3!!"#$#%&'"(&(#$5.%&!2.6!7#N%!#2>!5:&6:246:.2!K%6?%%2!$%=:6:7#6%!#25!:$$%=:6:7#6%!4<:$51%2(!

C<%!1D$%!.2!!"#$#%&'"(&(#$5.%&!2.6!5:&6:2=D:&<!K%6?%%2!$%=:6:7#6%!#25!:$$%=:6:7#6%!4<:$51%2(!!!X3!/#6%12:6>!:&!4$%#1$>!/1.'%2I!%'%2!#2!

Page 154: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

"#$%&'!($&&$)!*#+!,-*-.+/"#-0!$(!#-"!1$*#+23!4"!*#-"!2%&+!)-*#$%*!+5,+0*-$/6!

-&&+7-*-18*+!,#-&'!189!8,:%-2+!*#+!,-*-.+/"#-0!$(!#-"!(8*#+23!

8* ;$!<3!=&+,*$28&!>2-?%/8&! @(*+2!)-//-/7!8!,$/72+""-$/8&!"+8*A!;$B"!,-*-.+/"#-0!)8"!:%+"*-$/+'!$/!*#+!72$%/'!*#8*!#+!#8"!/$*!'$/+!8/9*#-/7!*$!8,:%-2+!C-&-0-/$!,-*-.+/"#-03!>+/8?&+6!

D$3!;$!'-'!/$*!+<+/!/++'!*$!'$!8/9*#-/7!*$!E8,:%-2+F!,-*-.+/"#-0!?+,8%"+!#+!-"!C-&-0-/$!8"!#-"!728/'(8*#+2!-"!8!C-&-0-/$!G18H-/7!#-"!(8*#+2!C-&-0-/$!)#-,#!8&"$!18H+"!#-1!C-&-0-/$I3!@""%1-/7!827%+/'$!*#8*!#+!#8'!*$!+&+,*!,-*-.+/"#-0A!#+!)8"!8&2+8'9!8?&+!*$!'$!-*!?9!0$"-*-<+!8,*"!"%,#!8"!+"*8?&-"#-/7!#-"!+/*-2+!&-(+!8"!8!C-&-0-/$3!

=&+,*-$/!189!?+!'$/+!-10&-+'&9!*#2$%7#!0+2($218/,+!$(!0$"-*-<+!8,*"!"#$)-/7!$/+B"!,#$-,+!*$!?+!8!C-&-0-/$3!

:* J%!<3!K+(+/"$2LM8/*-87$! J%A!8!N$2*%7+"+!18/A!800&-+'!($2!/8*%28&-.8*-$/!-/!*#+!N#-&-00-/+"3!@(*+2!/8*%28&-.8*-$/A!#+!2+800&-+'!($2!8!N$2*%7+"+!08""0$2*!8/'!'+,&82+'!-/!18/9!?%"-/+""!'$,%1+/*"!*#8*!#+!-"!N$2*%7+"+3!K-'!#+!2+/$%/,+!#-"!,-*-.+/"#-06!

J+"3!@&&!#-"!8,*"A!-(!*8H+/!*$7+*#+2A!,$/"*-*%*+!8/!+502+""!2+/%/,-8*-$/!$(!#-"!C-&-0-/$!,-*-.+/"#-03!O+!2+8,:%-2+'!#-"!N$2*%7+"+!,-*-.+/"#-0!?9!0+2($21-/7!8&&!*#+!8,*"!#+!'-'!8(*+2!/8*%28&-.8*-$/!)#-,#!+((+,*-<+&9!2+/$%/,+'!#-"!C-&-0-/$3!

P+/%/,-8*-$/!$(!,-*-.+/"#-0!/++'!/$*!?+!18'+!($218&&93!=502+""!2+/%/,-8*-$/!189!?+!'++1+'!(2$1!$/+B"!8,*"!)#-,#!"#$)!2+0%'-8*-$/!$(!$/+B"!,-*-.+/"#-03!

;* C2-<8&'$!<3!;QR=S=;! S++!)8"!02$,&8-1+'!7$<+2/$2!+<+/!-(!C2-<8&'$!7$*!8!#-7#+2!/%1?+2!$(!<$*+"3!K%+!*$!*#-"A!C2-<8&'$A!8(*+2!?+-/7!2+08*2-8*+'!8/'!8(*+2!*8H-/7!8/!$8*#!$(!8&&+7-8/,+!*$!*#+!N#-&-00-/+"!$/!*#+!'89!+&+,*+'!$((-,-8&"!,$11+/,+!$((-,+A!0+*-*-$/+'!*$!8//%&!S++B"!02$,&818*-$/3!>+/8?&+6!

J+"3!P+08*2-8*-$/!2+*2$8,*"!*$!*#+!'89!)#+/!*#+!2+:%+"*!($2!"%,#!)8"!(-&+'3!T-<+/!*#-"A!C2-<8&'$!#8"!?++/!8!,-*-.+/!($2!8!&$/7!*-1+!8&2+8'93!@&"$A!*#+!,$%2*!#+&'!*#8*!*#+!,-*-.+/"#-0!2+:%-2+1+/*!($2!*#+!0$"-*-$/!$(!7$<+2/$2!1%"*!?+!,$10&-+'!)-*#!8*!*#+!"*82*!$(!*#+!*+21!$(!$((-,+3!T-<+/!*#-"A!C2-<8&'$!189!<8&-'&9!*8H+!#-"!0&8,+!8"!7$<+2/$23!

P+08*2-8*-$/!2+*2$8,*"!*$!*#+!'89!*#+!2+:%+"*!)8"!(-&+'3!!>#+!,-*-.+/"#-0!2+:%-2+1+/*!($2!&$,8&!$((-,-8&"!%/'+2!*#+!ST;!1%"*!?+!,$10&-+'!)-*#!$/!*#+!'89!+&+,*+'!$((-,-8&"!,$11+/,+!)-*#!*#+-2!*+21"!$(!$((-,+3!!>#+!(-&-/7!$(!8!;+2*-(-,8*+!$(!;8/'-'8,9!($2!8/!+&+,*-$/!-"!'++1+'!*$!,$/*8-/!8/!$8*#!$(!8&&+7-8/,+!*$!*#+!N#-&-00-/+"!8/'!-*"!&8)"3!

<* S8?$!U23!<3!;QR=S=;! S8?$!'-'!/$*!2+8,:%-2+!C-&-0-/$!,-*-.+/"#-0!9+*3!!V#+/!-*!)8"!8&&+7+'!*#8*!#+!-"!/$*!8!C-&-0-/$A!#+!'-'!/$*!7-<+!8/9!+<-'+/,+!*$!2+(%*+!*#-"!8/'!,&8-1+'!,-*-.+/"#-0!0%2"%8/*!*$!8!2%&-/7!-/!8!WM!,8"+3!>+/8?&+6!!

D$3!S8?$!#8"!/$*!"#$)/!*#8*!#+!#8'!2+8,:%-2+'!#-"!,-*-.+/"#-0!+-*#+2!?9!,$/72+""-$/8&!8,*-$/A!/8*%28&-.8*-$/A!$2!2+08*2-8*-$/3!

>#2++!1$'+"!$(!2+8,:%-2-/7!,-*-.+/"#-0X!GYI!,$/72+""-$/8&!8,*-$/!GZI!/8*%28&-.8*-$/!G[I!2+08*2-8*-$/!

=* R+2,8'$!<3!R8/.8/$! N+*-*-$/+2!"$%7#*!*$!'-":%8&-(9!R8/.8/$A!*#+!)-//+2!($2!*#+!0$"-*-$/!$(!R8H8*-!<-,+!189$2!-/!Y\\]3!4*!)8"!

D$3!^9!(-&-/7!8!,+2*-(-,8*+!$(!,8/'-'8,9A!*#+!2+"0$/'+/*!+((+,*-<+&9!*$$H!8/!$8*#!$(!8&&+7-8/,+!*$!*#+!N#-&-00-/+"!

>#+!(-&-/7!$(!8!;+2*-(-,8*+!$(!;8/'-'8,9!($2!8/!+&+,*-$/!-"!'++1+'!*$!,$/*8-/!8/!$8*#!$(!8&&+7-8/,+!*$!*#+!N#-&-00-/+"!8/'!-*"!&8)"3!

Page 155: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!688*

"##$%$&!'("'!'($!#"''$)!("*!&+"#,-.'./$0*(.12!"!%)3+0&!43)!&.*5+"#.4.-"'.30!+0&$)!6(.#.11.0$!#"7*8!9$0":#$;!

"0&!'($)$:<!)$=3>.0%!"0<!&.*5+"#.4.-"'.30!($!="<!(">$!"*!"!&+"#8!?#*32!'($!-3+)'!&.*'.0%+.*($&!@&+"#!-.'./$0*(.1A!4)3=!@&+"#!"##$%."0-$8A!B+"#!-.'./$0*(.12!!"#$%"2!.*!03'!"!%)3+0&!43)!&.*5+"#.4.-"'.30!+0&$)!3+)!#"7*8!

B+"#!-.'./$0*(.1!.*!03'!$5+"#!'3!&+"#!"##$%."0-$8!!C$)$!13**$**.30!34!"0!"#.$0!-$)'.4.-"'$!34!)$%.*')"'.30!&3$*!03'!"=3+0'!'3!)$0+0-."'.308!

65* 9":"*"!>8!D?! 9":"*"!#3*'!(.*!E.#.1.03!-.'./$0*(.1!7($0!($!7"*!F!<838!"*!(.*!4"'($)!7"*!"&=.''$&!"*!"!0"'+)"#./$&!GH!-.'./$08!?4'$)!IJ!<$")*2!($!7$0'!:"-K!'3!'($!6(.#.11.0$*!"0&!-#".=$&!'("'!($!)$"-5+.)$&!(.*!-.'./$0*(.18!9$0":#$;!

L38!G0&$)!M8?8!NOFO2!30#<!POQ!73=$0!7(3!#3*'!-.'./$0*(.1!:<!="))."%$!"0&!PRQ!'(3*$!7(3!#3*'!-.'./$0*(.1!43)!13#.'.-"#!3)!$-303=.-!)$"*30*!="<!:$!)$1"')."'$&8!6$'.'.30$)!4".#$&!'3!*(37!'("'!(.*!4"=.#<!#$4'!'($!6(.#.11.0$*!43)!13#.'.-"#!3)!$-303=.-!)$"*30*8!!

S(3!="<!)$1"')."'$;!P+0&$)!M8?8!NOFOQ!POQ!73=$0!7(3!#3*'!-.'./$0*(.1!:<!="))."%$!!PRQ!'(3*$!7(3!#3*'!-.'./$0*(.1!43)!13#.'.-"#!3)!$-303=.-!)$"*30*!

66* T$0%*30!>8!UMV9! D)+/!"11#.$&!43)!)$1"')."'.30!"0&!*+:*$5+$0'#<!)"0!43)!'($!13*.'.30!34!D30%)$**="08!9(.*!7"*!5+$*'.30$&!"*!.'!7"*!"##$%$&!'("'!)$1"')."'.30!&3$*!03'!="K$!"!1$)*30!)$-3>$)!(.*!3).%.0"#!-.'./$0*(.18!9$0":#$;!

L38!W0$!7(3!.*!)$1"')."'$&!)$%".0*!'($!#$>$#!34!(.*!43)=$)!-.'./$0*(.18!H.0-$!D)+/!7"*!"!1)$>.3+*!0"'+)"#,:3)0!-.'./$02!($!*("##!)$%".0!*+-(!'<1$!34!-.'./$0*(.1!+130!)$1"')."'.308!

W0$!7(3!.*!)$1"')."'$&!)$%".0*!'($!#$>$#!34!(.*!43)=$)!-.'./$0*(.18!!9(3*$!7(3!"-5+.)$!GH!-.'./$0*(.1!:<!$0#.*'.0%!'($=*$#>$*!.0!'($!GH!?)=$&!E3)-$*!-30*$5+$0'."##<!#3*$!'($.)!E.#.1.03!-.'./$0*(.18!U37$>$)2!+0&$)!M8?8!RJIX2!'($<!="<!"11#<!43)!)$1"')."'.308!

6,* ??HYH!>8!B"'+="030%! M?!ZRR[!"##37*!-.'./$0!'3!)$'".0!'($.)!E.#.1.03!-.'./$0*(.1!"4'$)!:$.0%!0"'+)"#./$&!"*!"!43)$.%0!-.'./$0!P$8%8!GH!D.'./$0Q8!\'!7"*!-("##$0%$&!"*!+0-30*'.'+'.30"#!:$-"+*$!.'!"##37*!&+"#!"##$%."0-$8!9$0":#$;!

L38!HD!-"003'!'"-K#$!'($!.**+$!34!&+"#!"##$%."0-$!*.0-$!?)'8!\]!H$-8![!34!'($!D30*'.'+'.30!"*!.'!.*!^+*'!"!&$-#")"'.30!34!1).0-.1#$!"0&!03'!"!*$#4,$_$-+'3)<!1)3>.*.308!!9($!&$#.:$)"'.30*!34!D30%)$**!)$>$"#!'("'!.0!$0"-'.0%!M8?8!ZRR[2!'($!D30%)$**!("*!*(.4'$&!'($!:+)&$0!34!'($!1)3:#$=!34!&+"#!"##$%."0-$!'3!'($!-30-$)0$&!43)$.%0!-3+0')<8!

9($!1)3>.*.30!30!&+"#!"##$%."0-$!.*!^+*'!"!&$-#")"'.30!34!"!1).0-.1#$!"0&!03'!"!*$#4,$_$-+'3)<!1)3>.*.308!\'!*("##!:$!&$"#'!7.'(!:<!#"78!

*

*

! !

Page 156: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

(-%&!).*/:*$'11-(;.!

$<=>?@A*6**

$'11-(;.*3(2*4.*.B.-!&$.0*42*())*!&%&C.#$*"1*%D.*ED&)&EE&#.$*#"%*"%D.-+&$.*

0&$F'()&1&.0*42*)(+G*+D"*(-.*(%*).($%*.&;D%..#*2.(-$*"1*(;.G*(#0*+D"*

$D())*D(/.*-.$&0.0*&#*%D.*ED&)&EE&#.$*1"-*(%*).($%*"#.*2.(-*(#0*&#*%D.*E)(!.*

+D.-.&#*%D.2*E-"E"$.*%"*/"%.*1"-*(%*).($%*$&B*3"#%D$*&33.0&(%.)2*

E-.!.0&#;*%D.*.).!%&"#H*#"*)&%.-(!2G*E-"E.-%2G*"-*"%D.-*$'4$%(#%&/.*

-.F'&-.3.#%*$D())*4.*&3E"$.0*"#*%D.*.B.-!&$.*"1*$'11-(;.H*!

$<=>?@A*,*

%D.*!"#;-.$$*$D())*E-"/&0.*(*$2$%.3*1"-*$.!'-&#;*%D.*$.!-.!2*(#0*

$(#!%&%2*"1*%D.*4())"%*($*+.))*($*(*$2$%.3*1"-*(4$.#%..*/"%&#;*42*

F'()&1&.0*1&)&E&#"$*(4-"(0H*

%D.*!"#;-.$$*$D())*()$"*0.$&;#*(*E-"!.0'-.*1"-*%D.*0&$(4).0*(#0*%D.*

&))&%.-(%.$*%"*/"%.*+&%D"'%*%D.*($$&$%(#!.*"1*"%D.-*E.-$"#$H*'#%&)*%D.#G*%D.2*$D())*4.*())"+.0*%"*/"%.*'#0.-*.B&$%&#;*)(+$*(#0*$'!D*-').$*($*%D.*

!"33&$$&"#*"#*.).!%&"#$*3(2*E-"3');(%.*%"*E-"%.!%*%D.*$.!-.!2*"1*%D.*

4())"%H*!

"#$$%&'(!

• )*!+,!*-(!%+'-*!*.!/.*(!01234!• 5#&6+$+7&*+.8!.$!&'(!

o 98(!+,!(+'-*((8!.8!.8(:,!(+'-*((8*-!;+%*-<&=!01214!

>(,+<(87(!0?&66('.!/!@(%%&A!7+*(<!+8!;(%8&,!12B4!

• C-(!*(%D!%(,+<(87(!&,!#,(<!+8!*-(!(6(7*+.8!6&E!+,!,=8.8=D.#,!E+*-!<.D+7+6(A!E-+7-!+DF.%*,!8.*!.86=!+8*(8*+.8!*.!%(,+<(!+8!&!$+G(<!F6&7(!;#*!&6,.!F(%,.8&6!F%(,(87(!+8!*-&*!F6&7(A!7.#F6(<!E+*-!7.8<#7*!+8<+7&*+/(!.$!,#7-!+8*(8*+.8!!

• H7*,!.$!*-(!F(%,.8!D#,*!7.8$.%D!E+*-!-+,!F#%F.,(!

• C-(!7-&8'(!.$!%(,+<(87(!D#,*!;(!/.6#8*&%=!!• >(I#+,+*(J!&8+D#,!8.8!%(/(%*(8<+!&8<!&8+D#,!D&8(8<+!!IE-(J!

3K >(,+<(87(!.%!;.<+6=!F%(,(87(!+8!*-(!8(E!6.7&6+*=!LK H8!+8*(8*+.8!*.!%(D&+8!*-(%(!!MK H8!+8*(8*+.8!*.!&;&8<.8!*-(!.6<!<.D+7+6(!

• 98(!7.#6<!%('+,*(%!&,!&!/.*(%!&E&=!$%.D!-+,!D#8+7+F&6!<.D+7+6(!.$!.%+'+8!N&,!-(!-&,!*-(!I#&6+$+7&*+.8!*.!;(!.8(!&8<!+,!8.*!E+66+8'!*.!'+/(!#F!.%!6.,(!*-(!.FF.%*#8+*=!*.!7-..,(!*-(!.$$+7+&6,!E-.!&%(!*.!%#8!*-(!'./(%8D(8*!(,F(7+&66=!+8!8&*+.8&6!(6(7*+.8!0O&=F.8!/!5#+%+8.!3P2QA!7+*(<!+8!R(%8&,!11S4!

!"#$%&'()*+,*!-.**

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

H;,(8*((!@.*+8'!!011M\11Q4!

• H77.%<+8'!*.!*-(!<(6+;(%&*+.8,!.$!*-(!7.8,*+*#*+.8&6!7.DD+,,+.8A!&;,(8*((!/.*+8'!&FF6+(,!*.!F(%,.8!E-.!-&/(!&66!*-(!I#&6+$+7&*+.8!.$!&!/.*(!;#*!!

o [-.!-&FF(8!*.!;(!*(DF.%&%+6=!&;%.&<!o [-.!&%(!+8!*-(!Y-+6+FF+8(,!;#*!&%(!*(DF.%&%+6=!&;,(8*!$%.D!*-(+%!

/.*+8'!F6&7(,!!• H;,(8*((!/.*+8'!&FF6+(,!*.!8&*+.8&6!(6(7*+.8,!.86=!0@(6&,7.!/!].D(6(74!

/%0%&123%&*+,*.4/565.**

1K=>L:*>H!P3BP!.%!*-(!./(%,(&,!H;,(8*((!@.*+8'!H7*!.$!LSSM!E&,!F&,,(<K!C-(!&7*A!D.%(!F&%*+7#6&%6=!+*,!"(7*+.8!20<4A!E&,!7-&66(8'(<!&,!/+.6&*+/(!.$!*-(!H%*+76(!2!,(7*+.8!3!.$!*-(!7.8,*+*#*+.8!&,!+*!<.!&E&=!E+*-!*-(!7.8,*+*#*+.8&6!%(I#+%(D(8*!.$!

Page 157: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

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

!"#$%&'()*+"',-.,/012)2/!!

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

!

+56$0,'0%/#!"#C5%"#2#'0$!

• Q#3%$7,05"#!%$!4."#/#"!6,''#&!4".2!%2-.$%'3!,')!$56$0,'0%/#!C5,7%4%(,0%.'!$%2%7,"!%'!',05"#!0.!7%0#",()!."!.8'#"$1%-!.4!-".-#"0)!RSTUV!

• B1,0!%$!-".1%6%0#&!%$!$56$0,'0%/#!"#C5%"#2#'0!'.0!-".(#&5",7!!RSTUV!o K15$!%0!1,$!6#!"#(.3'%A#&!01,0!(#"0,%'!-".(#&5",7!"#C5%"#2#'0$!25$0!

6#!(.2-7%#&!8%01!6#4."#!01#!"%310!(,'!6#!#9#"(%$#&!RSTWV!

o :,"0!.4!01#!#9#"(%$#!.4!-.7%(#!-.8#"!0.!$,4#35,"&!,'&!"#357,0#!01#!,(0!.4!/.0#"X$!"#3%$0",0%.'!RSTWV!

O%$C5,7%4%(,0%.'!

• Q#3%$7,05"#!%$!3%/#'!01#!-.8#"!0.!-"#$("%6#!&%$C5,7%4%(,0%.'!!RST?V!• O%$C5,7%4%(,0%.'$!25$0!'.0!6#!%'!01#!4."2!.4!,&&%0%.',7!C5,7%4%(,0%.'!RST?V!• Y9,2-7#$Z!R$##!6#"',$D!ST?ESTGV!

o ;.'/%(0%.'!4."!,!("%2#!R#*3*!,((#$$.")!-#',70%#$!%'!<:;V!o :#"$.'!81.!/%.7,0#&!1%$!,77#3%,'(#!0.!!01#!"#-567%(!!o ['$,'#\%'(.2-#0#'0\4##67#!2%'&#&!-#"$.'$!

• K1#!-"#$%&#'0!01".531!1%$!-,"&.'%'3!-.8#"!2,)!#",$#!01#!&%$C5,7%4%(,0%.'!RST]V!

!

! !

Page 158: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

(-%&!).*:&&&;*$"!&()*<'$%&!.*(#0*='3(#*-&>=%$**!

$?@ABCD*6E*

%=.*!"#>-.$$* $=())* >&/.*!"#!$%&' ()"*)"&+* %"* %=.* .#(!%3.#%*"1*3.($'-.$*%=(%*F-"%.!%*(#0*.#=(#!.*%=.*-&>=%*"1*())*%=.*F."F).*%"*='3(#*0&>#&%2G*-.0'!.*$"!&()G*.!"#"3&!G*(#0*F")&%&!()*&#.H'()&%&.$G*(#0*-.3"/.*!')%'-()*&#.H'&%&.$* 42* .H'&%(4)2* 0&11'$&#>* +.()%=* (#0* F")&%&!()* F"+.-* 1"-* %=.*!"33"#*>""0E*

%"*%=&$*.#0G*%=.*$%(%.*$=())*)$#,-.&$'&!$'./0,"%"&"*12'*31$)%!"(2',%$2'.14'4"%(*%"&"*1'*5'()*($)&+'.14'"&%'"1/)$6$1&%7*

$?@ABCD*,E*

%=.*F-"3"%&"#*"1*$"!&()*<'$%&!.*$=())*&#!)'0.*%=.*!"33&%3.#%*%"*/)$.&$'$/*1*6"/'*((*)&,1"&"$%*4($.0*"#*1-..0"3*"1*&#&%&(%&/.*(#0*$.)17-.)&(#!.E*

"!#$%&'%#()! ('*%+%*%,-! *.,!/*(*,! %-! '011(&2,2! *0!(**,&2! *0! *0!('.%,+,! *.,!30()-!04!-0'%()!56-*%',7!

89 '$,(*%0&!04!10$,!,'0&01%'!0##0$*6&%*%,-!(&2!10$,!:,()*.!"9 ')0-,$! $,36)(*%0&! 04! *.,! (';6%-%*%0&<! 0:&,$-.%#<! 6-,<! (&2! 2%-#0-%*%0&! 04!

#$0#,$*=! %&!0$2,$! *0!('.%,+,!(!10$,!,;6%*(>),!2%-*$%>6*%0&!04!:,()*.!(&2!#0)%*%'()!#0:,$9!!

• IJBKJ?LA*MNBCNABABOPQ2,&0*,-!6$3,&'=!>,'(6-,!%*!%-!,--,&*%()!*0!*.,!-6$+%+()!04!*.,!?,#6>)%'!(&2!(**(%&1,&*!04!%*-!30()-!

• BRMCNA* CS* LC@BTU* VWLAB@?@:.,&! *.,! )(:! %-! '),($<! %*! 16-*! >,! (##)%,2A! >6*!:.,&!%*!'(&!>,!%&*,$#$,*,2!%&!10$,!:(=-!*.(&!0&,<!(&!%&*,$#$,*(*%0&!*.(*!4(+0$-!*.,!6&2,$#$%+%),3,2!16-*!>,!4(+0$,29!!

• B$*9! CDDD! %-! (&! (''01#(&%1,&*! 04! B$*9! DD<! /,'9! 8E@1(&=! 04! *.,! $%3.*-!,F#$,--,2!.,$,%&!($,!'0)),'*%+,!$%3.*-!GH(&2,)($%(<!"E8"I!

!

!

)TXCN*

$?@ABCD*YE*

%=.* $%(%.* $=())* (11"-0* 5,--' ()*&$/&"*1' &*' -.8*)G* )"!()* (#0* "/.-$.($G* "->(#&Z.0* (#0*'#"->(#&Z.0G* (#0* F-"3"%.* 1'))* .3F)"23.#%* (#0* .H'()&%2* "1* .3F)"23.#%*"FF"-%'#&%&.$*1"-*())E*

&%* $=())* >'(-(#%..* %=.* -&>=%$* "1* ())* +"-[.-$* %"* %$-59*)#.1":.&"*1G* !")).!%&/.*4(->(&#&#>*(#0*#.>"%&(%&"#$G(#0*F.(!.1')*!"#!.-%.0*(!%&/&%&.$G*&#!)'0&#>*%=.*)"#!&'&*'%&)";$* &#*.//*)4.1/$'3"&!' -.3E* %=.2* $=())* 4.* .#%&%).0* %"* $.!'-&%2* "1* %.#'-.G* ='3(#.*!"#0&%&"#$* "1* +"-[G* (#0* (* )&/&#>* +(>.E* %=.2* $=())* ()$"* F(-%&!&F(%.* &#* (*-"/+' .14'4$/"%"*196.;"1#' ()*/$%%$%' (11.!%&#>* %=.&-* -&>=%$* (#0* 4.#.1&%$* ($* 3(2* 4.* F-"/&0.0* 42*)(+E*

%=.* $%(%.* $=())* F-"3"%.* %=.* F-&#!&F).* "1* $=(-.0* -.$F"#$&4&)&%2* 4.%+..#*+"-[.-$* (#0*.3F)"2.-$*(#0*%=.*F-.1.-.#%&()*'$.*"1*/")'#%(-2*3"0.$*&#*$.%%)&#>*0&$F'%.$G*&#!)'0&#>*!"#!&)&(%&"#G* (#0* $=())* .#1"-!.* %=.&-* 3'%'()* !"3F)&(#!.* %=.-.+&%=* %"* 1"$%.-*&#0'$%-&()*F.(!.E*

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

%"*%=&$*.#0G*%=.*$%(%.*$=())*-.>')(%.*%=.*(!H'&$&%&"#G*"+#.-$=&FG*'$.G*(#0*0&$F"$&%&"#*"1*F-"F.-%2*(#0*&%$*&#!-.3.#%$E*

JK6))!#$0*,'*%0&!*0!)(>0$L!

• WDBCD@&0!-,'*0$-!1(=!>,!#$0.%>%*,2!4$01!40$1%&3!6&%0&-!• LANB\?@-,),'*,2! -,'*0$-! 1(=! >,! #$0.%>%*,2! 4$01! $,-0$*%&3! *0! -*$%M,A! *.,!

J$%3.*!*0!-*$%M,L!%-!)%1*,2!>=!J%&!(''0$2(&',!:%*.!)(:L!• NBKJA* AC* MTNAB@BMTA?* AJ?* ]?@BLBCD* RT\BDK* MNC@?LL@*.,=! .(+,! (! $%3.*! 0&!

1(**,$-! (44,'*%&3! *.,%$! $%3.*-! (&2! >,&,4%*-! J(-!1(=! >,! #$0+%2,2! >=! )(:L9!N.,-,!1(=!>,!20&,!*.$063.7!89 '0)),'*%+,!>($3(%&%&3!(3$,,1,&*-!

Page 159: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

"# $%&'()*+'!,)+-.*'%.'/!

0# (12&*3)%4!,15'/!16!/'332.*$!5./7&3'/!

+1*+.2.)31*!7%1+''5.*$/!!,'5.)3'5!84!3-'!$1('%*,'*3!

9+1,7&2/1%4!)%8.3%)3.1*:./!*13!%&2'5!1&3!8&3!51;*272)4'5!

<)+31%/!;'.$-'5!.*!%'$&2)3.*$!3-'!%'2)3.1*/!8'3;''*!;1%='%/!)*5!',7214'%/!!

># %.$-3!16!2)81%!31!.3/!?&/3!/-)%'!.*!3-'!6%&.3/!16!7%15&+3.1*!

"# %.$-3! 16! '*3'%7%./'/! 31! %')/1*)82'! %'3&%*/! 1*! .*('/3,'*3/@! )*5! 31!

'A7)*/.1*!)*5!$%1;3-!!

BCD&)2!7)4!61%!'D&)2!;1%=E!F>G!

• $:;:<=! H! I! %';)%5! 1%! %'+1,7'*/'! 61%! /'%(.+'/! 7'%61%,'5#! J3! ./! 3-'!

+1*/.5'%)3.1*!7).5!)3!%'$&2)%!.*3'%()2/!61%!3-'!%'*5'%.*$!16!/'%(.+'/#!!

• K'%/1*/!;-1!;1%=!;.3-! /&8/3)*3.)224! 'D&)2!D&)2.6.+)3.1*/@! /=.22@! '661%3! )*5!

%'/71*/.8.2.34@!&*5'%!/.,.2)%!+1*5.3.1*/@!/-1&25!8'!7).5!/.,.2)%!/)2)%.'/#!

• J6! 3-'! ',7214'%! 7)4/! 1*'! ',7214''! 2'//! 3-)*! 3-'! %'/3@! .3! ./! *13! 61%! 3-)3!

',7214''!31!'A72).*!;-4!-'!%'+'.('/!2'//!1%!;-4!3-'!13-'%/!%'+'.('!,1%'#!

J3!./!61%!3-'!',7214'%!31!'A72).*!;-4!3-'!',7214''!./!3%')3'5!&*6).%24#!

!

L122'+3.('!8)%$).*.*$!F>G!

• 4:<>:?@?@>*A@?B:)!$%1&7!16!',7214''/!16!)!$.('*!',7214'%@!+1,7%./'5!16!

)22!1%!2'//!3-)*!)22!16!3-'!'*3.%'!8154!16!',7214''/@!+1*/./3'*3!;.3-!'D&.34!

31!3-'!',7214'%!.*5.+)3'!31!8'!3-'!8'/3!/&.3'5!31!/'%('!3-'!%'+.7%1+)2!%.$-3/!

)*5!5&3.'/!16!3-'!7)%3.'/!&*5'%!3-'!+122'+3.('!8)%$).*.*$!7%1(./.1*/!16!3-'!

2);#!

• M-'!8)/.+! 3'/3!16!)*!)//'%3'5!8)%$).*.*$!&*.3N/!)++'73)8.2.34! ./!;-'3-'%!1%!

*13! .3! ./! 6&*5),'*3)224! 3-'! +1,8.*)3.1*! ;-.+-! ;.22! 8'/3! )//&%'! 31! )22!

',7214''/!3-'!'A'%+./'!16!3-'.%!+122'+3.('!8)%$).*.*$!%.$-3/#!

• 1:CBD<E*?@*FGBG<H?@?@>*BIG*:JJ<DJ<?:BG*!4'K*L+($MN*># +.22!16!3-'!',7214''/!FO218'!P1+3%.*'G!

"# (66.*.34!)*5!&*.34!16! 3-'!',7214''/N! .*3'%'/3! FQ&8/3)*3.)2!R&3&)2!

J*3'%'/3/!S&2'G!

0# K%.1%!+122'+3.('!8)%$).*.*$!I./31%4!T# $.,.2)%.34!16!',7214,'*3!/3)3&/#!

(><:<?:@*-GOD<H*:@F*#:BA<:;*-GEDA<CGE*-GOD<H**

$GCB?D@*PQ*

%M.* $%(%.* $M())R* 42* )(+R* '#0.-%(S.#* (#* (T-(-&(#* -.1"-3* U-"T-(3* 1"'#0.0* "#* %M.*

!"#$%& '(& ()!*+!,& )-.& !+#/0)!& ()!*1'!2+!,R* +M"* (-.* )(#0).$$R* %"* "+#* 0&-.!%)2* "-*

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

O1)2/!16!)$%)%.)*!%'61%,!

># '66.+.'*3!7%15&+3.1*!

"# ,1%'!'D&.3)82'!5./3%.8&3.1*!16! 2)*5!;-.+-! %'+1$*.U'/! 3-'! %.$-3!16! 6)%,'%/!

)*5!%'$&2)%!6)%,!;1%='%/!;-1!)%'!2)*52'//!31!1;*!3-'!2)*5!3-'4!3.22!

0# ?&/3!/-)%'!16!13-'%!1%!/')/1*)2!6)%,!;1%='%/!.*!3-'!6%&.3/!16!3-'!2)*5!!

I$%)%.)*!%'61%,!

• ):@FE*BI:B*CDHG*A@FG<*BIG*ECDJG*DO*:><:<?:@*<GOD<H*o IVV!=.*5/!16!2)*5!5'(13'5!31!)$%.+&23&%'!

o I$%.+&23&%)2! 2)*5/:)%)82'! )*5! /&.3)82'! )$%.+&23&%)2! 2)*5/! )*5! 51!

*13!.*+2&5'!+1,,'%+.)2@!.*5&/3%.)2!)*5!%'/.5'*3.)2!2)*5/!

o C('*!2)*5/!61%!;-.+-!1*'!-125/!)!*)='5!3.32'!!

• ):@FE*BI:B*:<G*GXGHJB*o W1*X)$%.+&23&%)2!2)*5/!

o I$%.+&23&%)2! 2)*5/!+1*('%3'5! 31!*1*X)$%.+&23&%)2!&/'/!7%.1%! 31! 3-'!

'66'+3.(.34!16!LISV!!

• &EEA:@CG* DO* :* CG<B?O?C:BG* DO* ;:@F* B<:@EOG<:31! )! 8'*'6.+.)%4! 51'/! *13!

)&31,)3.+)224!('/3!1;*'%/-.7Y!.3!./!?&/3!)!%'+1$*.3.1*!3-)3!3-'!8'*'6.+.)%.'/!

,)4!)().2!16!3-'!1;*'%/-.7!/&8?'+3!31!+1,72.)*+'!;.3-!182.$)3.1*/Y!.3!./!/3.2!

%'(1+)82'!!

• -GBG@B?D@*;?H?BE!o Q3)3'! ,&/3! 7%13'+3! !"#$%%& %$'()*'+,"-! 1%! 1%.*5)%4! 7'172'! ;-1!

,)4! -)('! .*-'%.3'5! /,)22! 7.'+'/! 16! 2)*5! 1%! ;-1! 3-%1&$-! /-''%!

Page 160: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!685*

"#$%!&'$(!#)%!*$+,#-./0!"#12!3#)#,2%!/'!4#12!2)'+,"!/'!52!#5-2!/'!6+$7"#42!-#)%!*'$!/"2!427+$./0!'*!/"2.$!*+/+$2!!

o 8"'.72!'*!-#)%!/'!52!$2/#.)2%952-'),4!&./"!/"2!'&)2$:!#4!-'),!#4!./! %'24! )'/! 2;722%! <! "27/#$24! #)%! .4! 7'36#7/! '$! 7')/.,+'+4=!'/"2$&.42:!/"2!>#/2!3#0!.)/2$12)2!!

• 9:;<=*:>*<?@A<AB*C:?D@A*EF*G:H@I<*G:;<=!o ?)!4'!*#$!#4!/"2!6$'1.4.')!'*!$2/2)/.')!-.3./4:!6'-.72!6'&2$!o @)0!-#)%!/#(2)!.)!2;7244!'*!/"2!$2/2)/.')!-.3./4:!23.)2)/!%'3#.)=!

/"2!A'12$)32)/!&.--!"#12!/'!6#0!B+4/!7'362)4#/.')!!• JKLB*I:?G<ALDB@:A!

o /"2! *#$32$! 52)2*.7.#$0! &.--! ')-0! 6#0! /"2! 6'$/.')! '*! /"2!7'362)4#/.')! /"#/! "2! 7#)! #**'$%=! /"2! $24/! &.--! 52! 4+54.%.C2%! 50!/"2!>/#/2!

o 3#0! 52! *.;2%! 50! #%3.).4/$#/.12! 5'%.24:! 5+/! 4+5B27/! /'! B+%.7.#-!$21.2&!DEF!

o G"2! 8@HI! J#&! 7')%./.')4! /"2! /$#)4*2$! '*! 6'44244.')! #)%!'&)2$4".6!/'!/"2!,'12$)32)/!')!$272.6/!50!/"2!-#)%'&)2$!'*!/"2!7'$$246')%.),! 6#032)/! '$! /"2! %26'4./! 50! /"2! K@H! '*! /"2!7'362)4#/.')!.)!7#4"!'$!5')%4!DEF!

• !:?G<ALDB@:A*o L+$.46$+%2)72!"'-%!/"#/!7'362)4#/.')!3+4/!52!.)!3')20*o MNG:! /".4! .4! #! $21'-+/.')#$0! (.)%! '*! 2;6$'6$.#/.'):! 4'! ./! .4!

+)%2$4/#)%#5-2!/"#/!/"2!,'12$)32)/!%'24!)'/!"#12!#--!/"2!3')20!)22%2%!)'&!4'!'/"2$!*.)#)7.#-!.)4/$+32)/4!#$2!#--'&2%!DEF*

o !"#$%&'($)*+,9#**27/4! #--! 6$.1#/2! #,$.7+-/+$#-! -#)%4:! *'$! /"2!52)2*./!'*!/"2!2)/.$2!O.-.6.)'!)#/.'):!#**27/.),!/"2!&"'-2!/2$$./'$0:!5'/"!)'&!#)%!*'$!/"2!*'$2422#5-2!*+/+$2!DEF*

P'/!.)7-+%2%!.)!#,$#$.#)!$2*'$3!DQF!

• 6MNO* !:ALB@BKB@:ADH* 0<H@P<=DB@:AL97-2#$-0! 4"'&! /"#/! ./! &#4! )212$! /"2!.)/2)/.')! '*! /"2! *$#32$4! '*! /"2! 8')4/./+/.')! /'! .)7-+%2! -.124/'7(! #)%!6'+-/$0!.)%+4/$0!.)!/"2!7'12$#,2!'*!/"2!7')4/./+/.')#--0R3#)%#/2%!#,$#$.#)!$2*'$3!6$',$#3!'*!/"2!A'12$)32)/S!

!

$<IB@:A*QF**

%R.* $%(%.* $R())* -.!"S#&T.* %R.* -&SR%* "1* 1(-3.-$U* 1(-3+"-V.-$U* (#0* )(#0"+#.-$U* ($*+.))*($*!""9.-(%&/.$U*(#0*"%R.-*&#0.9.#0.#%*1(-3.-$W*"-S(#&T(%&"#$*%"*9(-%&!&9(%.*&#*

%R.* 9)(##&#SU* "-S(#&T(%&"#U* (#0* 3(#(S.3.#%* "1* %R.* 9-"S-(3U* (#0* $R())* 9-"/&0.*$'99"-%*%"*(S-&!')%'-.*%R-"'SR*(99-"9-&(%.*%.!R#")"S2*(#0*-.$.(-!RU*(#0*(0.X'(%.*1&#(#!&()U*9-"0'!%&"#U*3(-V.%&#SU*(#0*"%R.-*$'99"-%*$.-/&!.$F*

$<IB@:A*8F**

%R.* $%(%.* $R())* (99)2* %R.* 9-&#!&9).$* "1* (S-(-&(#* -.1"-3* "-* $%.+(-0$R&9U* +R.#./.-*(99)&!(4).* &#*(!!"-0(#!.*+&%R*)(+U* &#*%R.*0&$9"$&%&"#*"-*'%&)&T(%&"#*"1*"%R.-*#(%'-()*-.$"'-!.$U*&#!)'0&#S*)(#0$*"1*%R.*9'4)&!*0"3(&#*'#0.-*).($.*"-*!"#!.$$&"#*$'&%(4).*%"*(S-&!')%'-.U* $'4J.!%* %"* 9-&"-* -&SR%$U* R"3.$%.(0* -&SR%$* "1* $3())* $.%%).-$U* (#0* %R.*-&SR%$*"1*&#0&S.#"'$*!"33'#&%&.$*%"*%R.&-*(#!.$%-()*)(#0$F*

%R.* $%(%.* 3(2* -.$.%%).* )(#0).$$* 1(-3.-$* (#0* 1(-3+"-V.-$* &#* &%$* "+#* (S-&!')%'-()*.$%(%.$U*+R&!R*$R())*4.*0&$%-&4'%.0*%"*%R.3*&#*%R.*3(##.-*9-"/&0.0*42*)(+F*

$<IB@:A*OF**

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

$<IB@:A*NF**

%R.* $%(%.* $R())* 9-"/&0.* &#!.#%&/.$* %"* )(#0"+#.-$* %"* &#/.$%* %R.* 9-"!..0$* "1* %R.*(S-(-&(#* -.1"-3* 9-"S-(3* %"* 9-"3"%.* &#0'$%-&()&T(%&"#U* .39)"23.#%* !-.(%&"#U* (#0*9-&/(%&T(%&"#*"1*9'4)&!*$.!%"-*.#%.-9-&$.$F*1&#(#!&()* &#$%-'3.#%$*'$.0*($*9(23.#%*1"-*%R.&-*)(#0$*$R())*4.*R"#"-.0*($*.X'&%2*&#*.#%.-9-&$.$*"1*%R.&-*!R"&!.F*

• "BZ<=*ADBK=DH* =<L:K=I<L*D=<*I:E<=<C*P[*D\=D=@DA*=<>:=?9212)! .)7-+%.),!/"2!2)B'032)/!'*!T7'33+)#-!3#$.)2!#)%!*.4".),!$24'+$724U!#)%!T'**!4"'$2!*.4".),!,$'+)%4U!

• -<HDB@:A* P<B<;<<A* @ACKLB=@DH@]DB@:A* DAC* D\=D=@DA* * =<>:=?93+/+#--0!52)2*.7.#-=! @,$#$.#)! $2*'$3! 4"'+-%! +)-'7(! .%-2! &2-#/"! ".%%2)! .)! -#)%! *'$!.)124/32)/! .)! .)%+4/$.#-.C#/.'):! #)%! .)%+4/$.#-.C#/.')! ./42-*:! #3'),! '/"2$!

Page 161: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*

!

!686*

"#$#%&'()! (*+,-.! "#! /"-#! '+! /"(+0"! %/01! 2+03#0(! 0#-#/(#.! %0+1! %/01(!"#4/,(#!+%!1#4*/$&5/'&+$!!

'9:;<*);<=*->?@9A**

$>BCD@<*EF**

%G.*$%(%.*$G())H*42*)(+H*(#0*1"-*%G.*!"33"#*I""0H*'#0.-%(J.H*&#*!""K.-(%&"#*+&%G*%G.*

K-&/(%.*$.!%"-H*(*!"#%&#'&#I*K-"I-(3*"1*'-4(#*)(#0*-.1"-3*(#0*G"'$&#I*+G&!G*+&))*

3(J.* (/(&)(4).* (%* (11"-0(4).* !"$%* 0.!.#%* G"'$&#I* (#0* 4($&!* $.-/&!.$* %"*

'#0.-K-&/&).I.0* (#0* G"3.).$$* !&%&L.#$* &#* '-4(#* !.#%.-$* (#0* -.$.%%).3.#%* (-.($F* &%*

$G())* ()$"* K-"3"%.* (0.M'(%.* .3K)"23.#%* "KK"-%'#&%&.$* %"* $'!G* !&%&L.#$F* &#* %G.*

&3K).3.#%(%&"#*"1*$'!G*K-"I-(3*%G.*$%(%.*$G())*-.$K.!%*%G.*-&IG%$*"1*$3())*K-"K.-%2*

"+#.-$F*

$>BCD@<*65F**

'-4(#* "-* -'-()* K""-* 0+.)).-$* $G())* #"%* 4.* ./&!%.0* #"-* %G.&-* 0+.))&#I* 0.3")&$G.0H*

.N!.K%*!"#$%%&'($"%)#*!+,#-$*#$"(#!"#$#./0+#$"(#,/1$")#1$"")'2*

#"*-.$.%%).3.#%*"1*'-4(#*"-* -'-()*0+.)).-$* $G())* 4.*'#0.-%(J.#*+&%G"'%*(0.M'(%.*

!"#$')%(%&"#*+&%G*%G.3*(#0*%G.*!"33'#&%&.$*+G.-.*%G.2*(-.*%"*4.*-.)"!(%.0F*

6#%+01!

• 7+'! 8,('! '*#! 90+9#0! ,0"/$! -/$.! ,(#! +0! 5+$&$:! ",'! /-(+! '*#! 0&:*'&$:! +%!&$#;,&'/"-#! -/$.! .&('0&",'&+$<! ='! '*,(! &$4-,.#(! '*#! /,'*+0&5/'&+$! '+! ,(#!#>90+90&/'&+$!%+0!0#.&('0&",'&+$!+%!,0"/$!-/$.!!

?&$!/44+0./$4#!2&'*!-/2!/$.!&$!/!8,('!/$.!*,1/$#!1/$$#0@!ABC!

• D*/'!&(!1#/$'!"E!'*&(!&(!'*/'!'*#!/44,(#.!"#!/%%+0.#.!=O>*P9@B>QQF/44+0.#.!/$!+99+0',$&'E!'+!4+$'0+G#0'!'*#!/--#:/'&+$!'*/'!*&(!+0!*#0!+44,9/'&+$! &(! ,$-/2%,-! +0! /:/&$('! '*#! 2&--! +%! '*#! -/$.+2$#0H! '*#!+44,9/$'! "#! (,%%&4&#$'-E! $+'&%&#.! "#%+0#! /4',/-! #G&4'&+$! +0!.#1+-&'&+$! &(! .+$#H! /$.! '*/'! '*#0#! "#! $+! -+((! +%! -&G#()! 9*E(&4/-!&$8,0&#(!+0!,$$#4#((/0E!-+((!+%!+0!./1/:#!'+!90+9#0'&#(<!

• ='! &(! $+'! $#4#((/0E! '*/'! 0#(#''-#1#$'! /0#/(! "#! #('/"-&(*#.! %&0('! +0!'*/'!'*#0#!"#!90&+0!4+$(,-'/'&+$!2&'*!'*#!9#0(+$(!'+!"#!#G&4'#.<!!

G>;RCS*

$>BCD@<*66F**

%G.* $%(%.* $G())* (0"K%* (#* &#%.I-(%.0* (#0* !"3K-.G.#$&/.* (KK-"(!G* %"* G.()%G*

0./.)"K3.#%*+G&!G*$G())*.#0.(/"-*%"*3(J.*.$$.#%&()*I""0$H*G.()%G*(#0*"%G.-*$"!&()*

$.-/&!.$*(/(&)(4).*%"*())*%G.*K."K).*(%*(11"-0(4).*!"$%F*%G.-.*$G())*4.*K-&"-&%2*1"-*%G.*

#..0$*"1* %G.*'#0.-7K-&/&).I.0*$&!JH* .)0.-)2H*0&$(4).0H*+"3.#H*(#0*!G&)0-.#F*%G.*$%(%.*

$G())*.#0.(/"-*%"*K-"/&0.*1-..*3.0&!()*!(-.*%"*K('K.-$F*

$>BCD@<*6,F**

%G.*$%(%.*$G())*.$%(4)&$G*(#0*3(&#%(&#*(#*.11.!%&/.*1""0*(#0*0-'I*-.I')(%"-2*$2$%.3*

(#0* '#0.-%(J.* (KK-"K-&(%.* G.()%G*3(#K"+.-* 0./.)"K3.#%* (#0* -.$.(-!GH* -.$K"#$&/.*

%"*%G.*!"'#%-2T$*G.()%G*#..0$*(#0*K-"4).3$F*

$>BCD@<*6UF**

%G.*$%(%.*$G())*.$%(4)&$G*(*$K.!&()*(I.#!2*1"-*0&$(4).0*K.-$"#*1"-*%G.&-*-.G(4&)&%(%&"#H*

$.)17* 0./.)"K3.#%* (#0* $.)17-.)&(#!.H* (#0* %G.&-* &#%.I-(%&"#* &#%"* %G.* 3(&#$%-.(3* "1*

$"!&.%2F*

+@A><*

$>BCD@<*6VF**

%G.* $%(%.* $G())* K-"%.!%* +"-J&#I* +"3.#* 42* K-"/&0&#I* $(1.* (#0* G.()%G1')* +"-J&#I*

!"#0&%&"#$H* %(J&#I* &#%"* (!!"'#%* %G.&-* 3(%.-#()* 1'#!%&"#$H* (#0* $'!G* 1(!&)&%&.$* (#0*

"KK"-%'#&%&.$* %G(%*+&))* .#G(#!.* %G.&-*+.)1(-.* (#0* .#(4).* %G.3* %"* -.()&L.* %G.&-* 1'))*

K"%.#%&()*&#*%G.*$.-/&!.*"1*%G.*#(%&"#F*

-@R>*;<=*-DWSCQ*@?*K>@PR>TQ*"9W;<DX;CD@<*

$>BCD@<*6YF**

%G.*$%(%.* $G())* -.$K.!%* %G.* -").*"1* &#0.K.#0.#%* K."K).T$*"-I(#&L(%&"#$* %"* .#(4).* %G.*

K."K).*%"*K'-$'.*(#0*K-"%.!%H*+&%G&#*%G.*0.3"!-(%&!*1-(3.+"-JH*%G.&-*).I&%&3(%.*(#0*

!")).!%&/.*&#%.-.$%$*(#0*($K&-(%&"#$*%G-"'IG*K.(!.1')*(#0*)(+1')*3.(#$F*

Page 162: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!68,*

9."9).:$* "-;(#&<(%&"#$* (-.* 4"#(* 1&0.* ($$"!&(%&"#$* "1* !&%&<.#$* +&%=* 0.3"#$%-(%.0*!(9(!&%2*%"*9-"3"%.*%=.*9'4)&!* &#%.-.$%*(#0*+&%=* &0.#%&1&(4).* ).(0.-$=&9>*3.34.-$=&9>*(#0*$%-'!%'-.?*

$@ABCDE*68?**

%=.* -&;=%* "1* %=.* 9."9).* (#0* %=.&-* "-;(#&<(%&"#$* %"* .11.!%&/.* (#0* -.($"#(4).*9(-%&!&9(%&"#*(%*())*)./.)$*"1*$"!&()>*9")&%&!()>*(#0*.!"#"3&!*0.!&$&"#73(F&#;*$=())*#"%*4.* (4-&0;.0?* %=.* $%(%.* $=())>* 42* )(+>* 1(!&)&%(%.* %=.* .$%(4)&$=3.#%* "1* (0.G'(%.*!"#$')%(%&"#*3.!=(#&$3$?*

"#$%&'$()!%*+,-./,0.%-)1!

• 23$4! 56)0! -%! 7$! 86*.9.:,';! 03$! *.+30! &*%0$:0$9! .)! 03,0! %<! CEHCICHJKL!5$57$*)=!7$:,6)$!%-'4!&$*)%-)!:,-!7$!03$!)678$::0!%<!*.+30)>!!

• &EH@MH@EH@EB?-%0! :%-0*%''$9! 74! 5,-.&6',0.@$! <%*:$)! .-! %*! %60! %<! 03$!+%@$*-5$-0!

=JNKE*-COPBQ*

$@ABCDE*6R?**

S6T* %=.-.* &$* =.-.42* !-.(%.0* (#* &#0.9.#0.#%* "11&!.* !()).0* %=.* !"33&$$&"#* "#* ='3(#*-&;=%$?*

S,T*%=.*!"33&$$&"#*$=())*4.*!"39"$.0*"1*(*!=(&-3(#*(#0*1"'-*3.34.-$*+="*3'$%*4.*#(%'-()74"-#*!&%&<.#$*"1*%=.*9=&)&99&#.$*(#0*(*3(U"-&%2*"1*+="3*$=())*4.*3.34.-$*"1*%=.*4(-?*%=.*%.-3*"1*"11&!.*(#0*"%=.-*G'()&1&!(%&"#$*(#0*0&$(4&)&%&.$*"1*%=.*3.34.-$*"1*%=.*!"33&$$&"#*$=())*9-"/&0.0*42*)(+?*

SVT* '#%&)* %=&$* !"33&$$&"#* &$* !"#$%&%'%.0>* %=.* .W&$%&#;* 9-.$&0.#%&()* !"33&%%..* "#*='3(#*-&;=%$*$=())*!"#%&#'.*%"*.W.-!&$.*&%$*9-.$.#%*1'#!%&"#$*(#0*9"+.-$?*

SXT*%=.*(99-"/.0*(##'()*(99-"9-&(%&"#$*"1*%=.*!"33&$$&"#*$=())*4.*('%"3(%&!())2*(#0*-.;')(-)2*-.).($.0?**

$@ABCDE*6Y?**

%=.*!"33&$$&"#*"#*='3(#*-&;=%$*$=())*=(/.*%=.*1"))"+&#;*9"+.-$*(#0*1'#!%&"#$Z*

S6!" #$%&'(#)*(&>*"#* &%$*"+#*"-*"#*!"39)(&#%*42*(#2*9(-%2>*())*1"-3$*"1*+,-*$".#)+('"%#/0*(#/$'"&#/")/&#;*!&/&)*(#0*9")&%&!()*-&;=%$[*

S,T*(0"9%*&%$*"9.-(%&"#()*;'&0.)&#.$*(#0*-').$*"1*9-"!.0'-.>*(#0*1#(&"2/."1/$(&-3(*1"-*/&")(%&"#$*%=.-."1*&#*(!!"-0(#!.*+&%=*%=.*-').$*"1*!"'-%[*

SVT* 9-"/&0.* (99-"9-&(%.* ).;()* 3.($'-.$* 1"-* %=.* 9-"%.!%&"#* "1* ='3(#* -&;=%$* "1* ())*9.-$"#$*+&%=&#* %=.* 9=&)&99&#.$>* ($*+.))* ($* 1&)&9&#"$* -.$&0&#;* (4-"(0>* (#0* 9-"/&0.* 1"-*3.&%&$(#%&"-&*',.&'"*$4"0&)*0"*#4"'&.%#1&'*%"*%=.*'#0.-9-&/&).;.0*+="$.*='3(#*-&;=%$*=(/.*4..#*/&")(%.0*"-*#..0*9-"%.!%&"#[*

SXT*.W.-!&$.*/&$&%(%"-&()*9"+.-$*"/.-*U(&)$>*9-&$"#$>*"-*0.%.#%&"#*1(!&)&%&.$[*

S\T* .$%(4)&$=* (* !"#%&#'&#;* 9-";-(3* "1* -.$.(-!=>* .0'!(%&"#>* (#0* &#1"-3(%&"#* %"*.#=(#!.*-.$9.!%*1"-*%=.*9-&3(!2*"1*='3(#*-&;=%$[*

S8T*-.!"33.#0*%"*%=.*!"#;-.$$*.11.!%&/.*3.($'-.$*%"*9-"3"%.*='3(#*-&;=%$*(#0*%"*9-"/&0.*1"-*!"39.#$(%&"#*%"*/&!%&3$*"1*/&")(%&"#$*"1*='3(#*-&;=%$>*"-*%=.&-*1(3&)&.$[*

SRT* 3"#&%"-* %=.* 9=&)&99&#.* ;"/.-#3.#%:$* !"39)&(#!.* +&%=* &#%.-#(%&"#()* %-.(%2*"4)&;(%&"#$*"#*='3(#*-&;=%$[*

SYT* ;-(#%* &33'#&%2* 1-"3* 9-"$.!'%&"#* %"* (#2* 9.-$"#* +="$.* %.$%&3"#2* "-* +="$.*9"$$.$$&"#* "1* 0"!'3.#%$* "-* "%=.-* ./&0.#!.* &$* #.!.$$(-2* "-* !"#/.#&.#%* %"* 0.%.-3&#.*%=.*%-'%=*&#*(#2*&#/.$%&;(%&"#*"#0'!%.0*42*&%*"-*'#0.-*&%$*('%="-&%2[*

S]T* -.G'.$%* %=.* ($$&$%(#!.* "1* (#2* 0.9(-%3.#%>* 4'-.('>* "11&!.>* "-* (;.#!2* &#* %=.*9.-1"-3(#!.*"1*&%$*1'#!%&"#$[*

S65T*(99"&#%*&%$*"11&!.-$*(#0*.39)"2..$*&#*(!!"-0(#!.*+&%=*)(+[*(#0*

S66T*9.-1"-3*$'!=*"%=.-*0'%&.$*(#0*1'#!%&"#$*($*3(2*4.*9-"/&0.0*42*)(+?*

$@ABCDE*6]?**

%=.*!"#;-.$$*3(2*9-"/&0.*1"-*"%=.-*!($.$*"1*/&")(%&"#$*"1*='3(#*-&;=%$*%=(%*$="')0*1())* +&%=&#* %=.* ('%="-&%2* "1* %=.* !"33&$$&"#>* %(F&#;* &#%"* (!!"'#%* &%$*-.!"33.#0(%&"#$?*

Page 163: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

"#$%&'&(&'#$)*!%&)&(%!

• +&!'%!)!"#$%&'&(&'#$)*!,-.)&'#$/!0(&!$#&!#$!&1.!%)2.!*.3.*!)%!&1.!

"#$%&'&(&'#$)*!"#22'%%'#$%!

• 4(**!#5.-)&'#$)*'6)&'#$!-.7('-.%!*.8'%*)&'#$!!

• 9.,:!;<!5-#3'=.%!>#-!&1.!5#%%'0'*'&?!#>!.@5)$%'#$!#>!'&%!5#A.-%!0?!*.8'%*)&'#$!

9.-3',.!&#!&1#%.!)0-#)=!

• B1-#(81!-.5-.%.$&)&'#$!A'&1!,#$%(*)-!)$=!#&1.-!='5*#2)&',!5.-%#$$.*!

)0-#)=!!

C(2)$!-'81&%!3'#*)&'#$%!DEF!

• %:;* &<=;><?=@A<?B* !AC;<?<=* A<* .DA<AE@DF* $AD@?B* ?<G* !HB=H>?B*-@I:=J*K&!.$!-L*?<G* &<=;><?=@A<?B* !AC;<?<=* A<* !@C@B* ?<G* MAB@=@D?B*-@I:=J*K&!!M-LG%,#5.! #>!1(2)$!-'81&%!,)$! 0.! ($=.-%&##=! &#! '$,*(=.! &1#%.! &1)&!-.*)&.! &#! )$! '$='3'=()*H%! %#,')*/! .,#$#2',/! ,(*&(-)*/! 5#*'&',)*! )$=! ,'3'*!-.*)&'#$%:!!

•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

J#A.-%!!

• J#A.-!'%!&1)&!'&!2)?!@<C;J=@I?=;*KOL*! I.,.'3.!.3'=.$,.*! K)L.!>'$='$8%!#>!>),&%!-.8)-='$8!1(2)$!-'81&%!3'#*)&'#$%*! &<C;J=@I?=;*

• M@)2'$.!)$=!'$7('-.!*• N$!'$7('-?*• B)L'$8!#>!.3'=.$,.*

! (GPHG@D?=;*• 9.&&*.!A'&[email protected],'%.!#>!O(=',')*!)(&1#-'&?*• B#!=.,'=./!%.&&*./!=.,-../!%.$&.$,./!#-!,#$=.2$*

• 1?D=7N@<G@<I*@J*<A=*?GPHG@D?=@A<Q+&!2)?!-.,.'3.!.3'=.$,.!)$=!2)L.!>),&()*!>'$='$8%!PQB!KNR!STB!2)L.!)$!)55*',)&'#$!#>!*)A!#$!&1.!>),&()*!,#$,*(%'#$%!&#!&1.!.$=!&1)&!&1.!,#$&-#3.-%?!2)?!0.!=.,'=.=!#-!=.&.-2'$.=!)(&1#-'&)&'3.*?/!>'$)**?!)$=!=.>'$'&.*?/!%(0O.,&!&#!%(,1!)55.)*%!#-!2#=.%!#>!-.3'.A!)%!2)?!0.!5-#3'=.=!0?!*)A:!DUF*

• R!"#$%&'()#"(!"'$'*+%$'(,'-./"'.(-*&(0'1-0(-%&(.'"$%2'.(+#(+3'(/*&'"!"%$%0'1'&(43#.'(3/,-*("%13+.(3-$'(5''*($%#0-+'&(#"(*''&(!"#+'2+%#*6(V2)?!$#&!0.!,#$%&-(.=!&#!,#$>.-!O(-'%=',&'#$!#$!&1.!"CI!&#!'%%(.!-.%&-)'$'$8!#-=.-!#-!'$O($,&'#$!DUF*

o W(-'%=',&'#$!'%!$.3.-!'25*'.=/!'&!2(%&!0.!.@5-.%%*?!8'3.$!0?!&1.!,#$%&'&(&'#$*

o B1'%!5-#3'%'#$!!"#"!$%&'%"(&!)*+,-.-)/%)0,%*+,-.-)/%!"1",-"$!A1',1!&1.!"CI!2)?!%..L!'$!0.1)*>!#>!&1.!3',&'2%*

! "CI!2)?!>'*./!'$!0.1)*>!#>!3',&'2%/!)!5.&'&'#$!>#-!5-#1'0'&'#$/!'$O($,&'#$!#-!-.%&-)'$'$8!#-=.-!'$!&1.!5-#5.-!,#(-&%*

• SAT;>* =A* D@=;* NA>* DA<=;ES=Q%1#(*=! 0.! ($=.-%&##=! &#! )55*?! #$*?! &#!3'#*)&'#$%! #>! '&%! )=#5&.=! #5.-)&'#$)*! 8('=.*'$.%! )$=! -(*.%! #>! 5-#,.=(-.!.%%.$&')*!&#!,)--?!#(&!'&%!'$3.%&'8)&#-')*!5#A.-%:!DEF!

o B1.! 2'!,"!% &'% ,"$-$&2! '%! $#&! '$3.%&'8)&#-')*! '$! ,1)-),&.-! 0(&!5-.%,'$=%! >-#2! )$! )=O(=',)&'3.! 5#A.-! &1)&! '&! =#.%! $#&!5#%%.%%:!B1.!"#22'%%'#$!=#.%!$#&!1)3.!*.8)*!%&)$='$8!&#!'$=#-%./!>#-! )55-#5-')&.! ),&'#$/! '&%! >'$='$8%! )$=! -.,#22.$=)&'#$%! &#! )$?!)55-#5-')&.!)8.$,?!#>!8#3.-$2.$&:*!

(

(

(

(

Page 164: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

!"#$%&"'

:* !;<=* 1;>?<* (>?<*>@=;?ABC*A<<D=* E=FG* 0H>?@AB=*"! #$%!&'!

()*+),-*./!012!

34'!"566789!

5:::;!

#.<=>.?<*4.?@!$AB44@C!#.A'!B?D!E4>=*/.!?.D!

@4A?@!B*>=+'!#<!/>?.<+!-=.=E*<+!<4!E4>=*/.!B*>=+!

.4<!=.F4G=D!-G!@4A?@!B*>=+H+)AB!?+!!58I!

B*/B=>!!+?@?>G!>?<=C!B4)+*./C!<>?.+J4><?<*4.C!

=<A'!K4>!@4./=+<!<*,=C!@4A?@!?.D!E4>=*/.!B*>=+!

B?&=!.4<!-==.!,=>/=D!*.!<B=!+?,=!

A4@@=A<*&=!-?>/?*.*./!).*<'!LB=!+AB44@!

=MJ@?*.+!<B=!+?@?>G!D*EE=>=.A=!*+!D)=!<4!<B=!

D*+@4A?<*4.!?.D!@*,*<=D!<=.)>=!<B?<!E4>=*/.!

B*>=+!=MJ=>*=.A='!

#$%!A4.<=.D+!<B=!+?@?>G!D*EE=>=.A=!?+!

N=@@!?+!OP3!E4>=*/.QB*>=+!+B4)@D!-=!*.!

<B=!+?,=!-?>/?*.*./!).*<!?+!@4A?@!B*>=+!

LB=!+?@?>G!D*EE=>=.A=!*+!

*,J>4J=>'!LB=!4<B=>!-=.=E*<+!

,?R=!)J!E4>!<B=!D*+@4A?<*4.!

?.D!@*,*<=D!<=.)>='!!

LB=G!+B4)@D!-=!R=J<!*.!

D*EE=>=.<!-?>/?*.*./!).*<+C!

-=A?)+=!<B=G!D4!.4<!B?&=!<B=!

+?,=!*.<=>=+<+'!!

ST)?@!J?G!E4>!=T)?@!N4>R'!

LB=!-?+*A!<=+<!E4>!

D=<=>,*.?<*4.!4E!-?>/?*.*./!

).*<+!*+!<B=!?++)>?.A=!<B?<!

=?AB!/>4)J!N*@@!-=!?-@=!<4!

=M=>A*+=!<B=*>!-?>/?*.*./!

>*/B<+'!

5! %++4A*?<*4.!4E!

$,?@@!U?.D!

PN.=>+!&'!$=A'!4E!

%/>?>*?.!2=E4>,!

012!34'!V6V759!

"W6W;!

X?>*4)+!@?N+!B?&=!-==.!J?++=D!>==/?>*D./!

@?.D!>=E4>,!*,J@=,=.<*./!<B=!?/>?>*?.!

>=E4>,!,?.D?<=D!-G!<B=!Y4.+<*<)<*4.!0.4<!

F)+<!"W6VC!-)<!?@+4!"WZ8!?.D!"WVZ;'!$4,=!4E!

<B=+=!?>=![\!5VC!Y%2[!U?NC!SP!556!?.D!

55WC![>4A'!34'!"Z"'!!

]?F4>!*++)=+!N*<B!<B=!@?N+^!

?' ).D)=!@=/*+@?<*4.!-G!<B=!

[>=+*D=.<!

-' "!+)-F=A<Q"!-*@@!

A' S[Y!&*4@?<*4.!!

D' K?*@)>=!<4!)JB4@D!>=<=.<*4.!

@*,*<+!

=' F)+<!A4,J=.+?<*4.!

E' Y%2[!?N?>D+!<*<@=!-=E4>=!E)@@!

J?G,=.<!*+!,?D=!

/' A4,J=.+?<*4.!

]*.4>!*++)=+^!!

?' [>=+'!]?>A4+!?.D!

Y4>G!J>4,)@/?<=D!

<B=+=!?.D!<B=G!

-=A?,=!@?N9!<B=!

<=>,*.?<*4.!4E!<B=*>!

=M<>?4>D*.?>G!>)@=!D*D!

.4<!<=>,*.?<=!<B=!

=EE=A<*&*<G!4E!<B=!@?N+!

-' LB=!<*<@=!D4=+!.4<!

B?&=!<4!-=!?.!*.D=M!

4E!*<+!A4.<=.<+!

A' S[YH<B=>=!*+!?!

+)-+<?.<*?@!!

D*+<*.A<*4.!-=<N==.!

@?.D!@?.D4N.=>+!?.D!

4N.=>+!4E!4<B=>!

<GJ=+!4E!J>4J=><G9!

B?&*./!<B=,!A?>>G!

<B*+!-)>D=.!*+!.4<!

&*4@?<*4.!4E!S[Y!

2=<=.<*4.!@*,*<+!?>=!.4N!

J>4&*D=D!E4>!*.!2%!__8VC!+4!.4!

,4>=!J>4-@=,+'!

!

`)+<!A4,J=.+?<*4.!

D=<=>,*.=D!?D,*.*+<>?<*&=@G!

*+!+<*@@!+)-F=A<!<4!F)D*A*?@!

>=&*=N9!.4!<>?.+E=>!4E!<*<@=!

).<*@!?!J>4J=>!D=J4+*<!*+!,?D=!

?.D!E)@@!A4,J=.+?<*4.!

?N?>D=D!

!

Y4,J=.+?<*4.!.==D!.4<!4.@G!

-=!,4.=G!*.!?!A?+=!4E!

>=&4@)<*4.?>G!=MJ>4J>*?<*4.!

Z! U)a!K?>,+!&'!

$=A>=<?>G!4E!\%2!

012!34'!6_66W9!

"WW:;!

2'%'! 34'! __8V! 0Y4,J>=B=.+*&=! %/>?>*?.!

2=E4>,!U?N!4E!"W66I!b!A4&=>*./!<B=!!"#$#%&'()' *#+,$-(./0' 1(2*-!3' "%4' $5#%,! ?.D!

J>4,)@/?<*./!<B=!1)*D=@*.=+!?.D![>4A=D)>=!

[=<*<*4.=>+!A4.<=.D!<B=!*.A@)+*4.!4E!

@*&=+<4ARC!J4)@<>G!?.D!+N*.=!).D=>!

Y%2[!!

$=A<*4.+!4E!Y%2[!*.A@)D*./!

<B=+=!?>=!.)@@!?.D!&4*D'!

#<! N?+! <B=! *.<=.<! 4E! <B=!

Y4.+<*<)<*4.?@! Y4,,*++*4.!

D=@*-=>?<*4.+!<4!=MA@)D=!<B=+=!

E>4,!<B=!A4&=>?/=!4E!?/>?>*?.!

Page 165: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

"#$%&#&'()'*!+,-./0()-'!1'.!+,-2)(!341,)'**!

,&2-,#!!

5! +&-$%&!67!8&104-'!9:;!<-7!=>?@ABCADE!=FF?G!!

H1I%-J! K1$)'.1#! 1'.! LM01%1! 6)-%1(&.! +N!@@A7! O4)M! %1P! $/')M4&M! MQ/1((&,M! P)(4!)#$,)M-'#&'(! 1'.! &6)0(M! (4&#7! O4&!$,-M&0/(-,!2)%&.!)'2-,#1()-'M!1*1)'M(!(4&#7!R4&'!(4&!01M&!P&'(!(-!(,)1%J!S/.*&!8&104-'!.)M#)MM&.!)(7!

H&!,/%&.!(41(!+N!@@A!)M!/'0-'M)((/()-'1%!1'.!41M!I&&'!,&$&1%&.!IT!(4&!=F?@!U-'M()(/()-'J!I&01/M&!(4&!%1((&,!$,-6).&M!(41(!&6)0()-'!01''-(!I&!#1.&!/'()%!,&M&((%&#&'(!1,&1M!416&!I&&'!&M(1I%)M4&.7!!

"(!)M!0-'M()(/()-'1%7!O4&!V/.*&WM!)'(&$,&(1()-'!-2!(4&!U-'M()!$,-6)M)-'!)M!21%M&7!!

XS/M(! 1'.! 4/#1'&Y! 1'.! X)'!100-,.1'0&! P)(4! %1PY! )'! (4&!U-'M()! #&1'M! ./&! $,-0&MMJ!'-(! '&0&MM1,)%T! (41(!,&M&((%&#&'(! 1,&1M! 1'.!0-'M/%(1()-'! 1,&! $,-6).&.!2),M(7!!

B! U1,)'-!67!UH;!9:;!<-7!FDD?=E!=FF=G!!

?>>!$/I%)0!M04--%!(&104&,M!0-'./0(&.!#1MM!10()-'M! I&01/M&! -2! 21)%/,&! -2! $/I%)0!1/(4-,)()&M!(-!1.,&MM!(4&),!*,)&61'0&M7!NLU3!M&0,&(1,T! )MM/&.! ,&(/,'! (-! P-,Z! -,.&,M7!L6&'(/1%%TJ! #1'T! P&,&! M/M$&'.&.! 1'.!.)M#)MM&.7! O4&T! 2)%&.! 1! 0-#$%1)'(! P)(4! (4&!UH;J! P4-! (4&'! -,.&,&.! (4&! M&0,&(1,T! (-!$,-./0&!.-0/#&'(M!M-!(4&T!01'!,&M-%6&!(4&!#1((&,7!

NLU3!M&0,&(1,T!Q/&M()-'M!(4&!V/,)M.)0()-'!1'.!$-P&,M!-2!(4&!UH;!!

UH;!.-&M!'-(!416&!(4&!$-P&,!(-!4&1,!1'.!.&0).&!01M&M7!

O4&T! 416&! -'%T! $-P&,! (-!)'6&M()*1(&J!'-(!1.V/.)01(&!

D! L+[\!67!UH;!9:;!<-7!=>=5@DE!=FFAG!

L+[\! 10Q/),&.! %1'.! 2,-#! ])%-)%7! H-P&6&,J!$,)-,!(-!(4&),!!(1Z)'*!$-MM&MM)-'!-2!(4&!%1'.J!M&6&,1%! )'.)6)./1%M! 41.! &'(&,&.! (4&!$,&#)M&M! 1'.! M(1,(&.! $%1'()'*! 1*,)0/%/(,1%!$,-./0(MJ! P)(4-/(! L+[\WM! $&,#)MM)-'7! O4&T!I,-/*4(!I/%%.-^&,M!1'.!1!0,1'&!(-!*&(!(4&#!-/(!1'.!#&.)1!P&,&!I&1(&'!/$7!O4&T!2)%&.!1!0-#$%1)'(!P)(4!(4&!UH;!

UH;!-,.&,&.!)'V/'()-'!(P)0&J!I/(!L+[\!M()%%!$,-0&&.&.!P)(4!(4&),!.&#-%)()-'!1'.!41,,1MMM#&'(7!O4&T!Q/&M()-'!(4&!1/(4-,)(T!-2!UH;!

UH;!.-&M!'-(!416&!(4&!$-P&,!(-!)MM/&!)'V/'0()-'7!

O4&! X$,&6&'()6&! #&1M/,&M!1'.! %&*1%!1).! M&,6)0&MYJ!P4)04!(4&T! #1T! $,-6).&! 1,&! &_(,1CV/.)0)1%! 1'.! V/.)0)1%!,&#&#.)&MJ! P4)04! (4&T! #1T!M&&Z!)'!I&41%2!-2!6)0()#ME!(4&T!416&!'-!$-P&,!(-!)MM/&!1!P,)(!-2!)'V/'0()-'!!

@! 3)#-'J!S,7!67!UH;!9:;!<-7!=>>=B>E!=FF5G!

`/)#$-! M&'(! .&#-%)()-'! '-()0&! (-! $,)61(&!,&M$-'.&'(MJ! (-! 6101(&! (4&! $,&#)M&M! )'!<-,(4! L.M17! O4&! *,-/$! 2)%&.! 1! 0-#$%1)'(!P)(4!UH;!(-!M(-$!`/)#$-!2,-#!.&#-%)M4)'*!(4&),! M(1%%M! 1'.! 01,)'.&,)1M7! UH;! M&'(!`/)#$-! 1'! -,.&,! (-! .&M)M(! .&#-%)()-'!$&'.)'*! ,&M-%/()-'! -2! (4&! 01M&! 2)%&.! IT!$,)61(&! ,&M$-.&'(M7! `/)#$-! P&'(! 14&1.!P)(4!)(!1'TP1T7!

UH;!0)(&.!4)#!2-,!0-'(&#$(7!H&!Q/&M()-'M!(4&!$-P&,M!-2!(4&!UH;7!

UH;!01''-(!0)(&!2-,!0-'(&#$(7!]/,(4&,#-,&J!(4&!.&M(,/0()-'!-2!(4&),!M1,)CM1,)!M(-,&M!1'.!01,)'.&,)1M!1,&!'-(!4/#1'!,)*4(M!6)-%1()-'M!

O4&! $-P&,! (-! 0)(&! 2-,!0-'(&#$(! 1$$%)&M! -'%T! (-!6)-%1()-'M! -2! (4&),! 1.-$(&.!-$&,1()-'1%! */).&%)'&M! 1'.!,/%&M!-2!$,-0&./,&!\!.&M)M(!-,.&,!&#1'1(&.!2,-#!1.V/.)01()6&J!'-(! )'6&M()*1()6&!$-P&,E! (4/MJ! (4&T! 416&! '-!$-P&,!(-!)MM/&!M/04!-,.&,!!

!

!

!

Page 166: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!688*

(-%&!).*9&/:*.0'!(%&"#;*$!&.#!.*(#0*%.!<#")"=2;*

(-%$;*!')%'-.;*(#0*$>"-%$*

!"#$%&'()*$?@ABCD*6*

%<.*$%(%.*$<())*>-"%.!%*(#0*>-"3"%.*%<.*-&=<%*"1*())*!&%&E.#$*%"*F'()&%2*

.0'!(%&"#*(%*())*)./.)$*"1*.0'!(%&"#*(#0*$<())*%(G.*(>>-">-&(%.*$%.>$*%"*

3(G.*$'!<*.0'!(%&"#*(!!.$$&4).*%"*())H*

• !"#$%&'%$()%!*+,-%o "#$%&'! (#)! *+,-.! /#+0,1! %2,! 3456! %27,,! %+8,&9! :,! #&&#+0&! %2,!

;#0+1+%<!./! %2,! %27,,=/0>)?! 7>0,!@2+$2!A7.2+B+%,1! %2.&,!@2.! /0>)?!%2,!3456!/.7!C!$.)&,$>%+;,!%+8,&!/7.8!%#?+)-!+%!#-#+)9%

o D#%+.'!62,!(E!>A2,01! %2,!$.)&%+%>%+.)#0+%<!./! %2,! %27,,=/0>)?! 7>0,!#&!#!8,#&>7,! +)%,)1,1!%.! 0+8+%! %2,!#18+&&+.)! %.!8,1+$#0! &$2..0&!.)0<! %.! %2.&,! @2.! 2#;,! +)+%+#00<! A7.;,1! %2,+7! $.8A,%,)$,! #)1!A7,A#7#%+.)! /.7! #! 8,1+$#0! ,1>$#%+.)9! 62,! 7+-2%! %.! F>#0+%<!,1>$#%+.)! +&! ).%! #B&.0>%,9! 62,! (%#%,! 2#&! %2,! 7+-2%! %.! 7,->0#%,!,)%7#)$,!%.!8,1+$#0!&$2..0&!+)!.71,7!%.!&#/,->#71!%2,!A>B0+$!/7.8!+)$.8A,%,)%!1.$%.7&9%

$?@ABCD*,*

%<.*$%(%.*$<()):*I6J*.$%(4)&$<;*3(&#%(&#*(#0*$'>>"-%*(*!"3>).%.;*(0.F'(%.*(#0*&#%.=-(%.0*

$2$%.3*"1*.0'!(%&"#*-.)./(#%*%"*%<.*#..0$*"1*%<.*>.">).*(#0*$"!&.%2K*

I,J*.$%(4)&$<*(#0*3(&#%(&#*(*$2$%.3*"1*1-..*>'4)&!*.0'!(%&"#*&#*%<.*

.).3.#%(-2*(#0*<&=<*$!<"")*)./.)$H*+&%<"'%*)&3&%&#=*%<.*#(%'-()*-&=<%*

"1*>(-.#%$*%"*-.(-*%<.&-*!<&)0-.#;*.).3.#%(-2*.0'!(%&"#*&$*!"3>')$"-2*

1"-*())*!<&)0-.#*"1*$!<"")*(=.K*

ILJ*.$%(4)&$<*(#0*3(&#%(&#*(*$2$%.3*"1*$!<")(-$<&>*=-(#%$;*$%'0.#%*)"(#*>-"=-(3$;*$'4$&0&.$;*(#0*"%<.-*&#!.#%&/.$*+<&!<*$<())*4.*(/(&)(4).*%"*

0.$.-/&#=*$%'0.#%$*&#*4"%<*>'4)&!*(#0*>-&/(%.*$!<"")$;*.$>.!&())2*%"*%<.*

'#0.->-&/&).=.0K*

IMJ*.#!"'-(=.*#"#71"-3();*&#1"-3();*(#0*&#0&=.#"'$*).(-#&#=*$2$%.3$;*

($*+.))*($*$.)17).(-#&#=;*&#0.>.#0.#%;*(#0*"'%7"17$!<"")*$%'02*>-"=-(3$*>(-%&!')(-)2*%<"$.*%<(%*-.$>"#0*%"*!"33'#&%2*#..0$;*(#0*

INJ*>-"/&0.*(0')%*!&%&E.#$;*%<.*0&$(4).0;*(#0*"'%7"17$!<"")*2"'%<*+&%<*

%-(&#&#=*&#*!&/&!$;*/"!(%&"#()*.11&!&.#!2;*(#0*"%<.-*$G&))$H*

!

$?@ABCD*L*

I6J* ())* .0'!(%&"#()* &#$%&%'%&"#$* $<())* &#!)'0.* %<.* $%'02* "1* %<.*

!"#$%&%'%&"#*($*>(-%*"1*%<.*!'--&!')(H*

I,J* %<.* $<())* &#!')!(%.* >(%-&"%&$3* (#0* #(%&"#()&$3;* 1"$%.-* )"/.* "1*

<'3(#&%2;* -.$>.!%* 1"-* <'3(#* -&=<%$;* (>>-.!&(%&"#* "1* %<.* -").* "1*

#(%&"#()*<.-".$*&#*%<.*<&$%"-&!()*0./.)">3.#%*"1*%<.*!"'#%-2;*%.(!<*%<.*-&=<%$*(#0*0'%&.$*"1*!&%&E.#$<&>;*$%-.#=%<.#*.%<&!()*(#0*$>&-&%'()*/()'.$;*

0./.)">*3"-()*!<(-(!%.-*(#0*>.-$"#()*0&$!&>)&#.;*.#!"'-(=.*!-&%&!()*(#0*!-.(%&/.* %<&#G&#;* 4-"(0.#* $!&.#%&1&!* (#0* %.!<#")"=&!()* G#"+).0=.;* (#0*>-"3"%.*/"!(%&"#()*.11&!&.#!2H*

ILJ* (%* %<.* ">%&"#* .9>-.$$.0* &#* +-&%&#=* 42* %<.* >(-.#%$* "-* ='(-0&(#$;*

-.)&=&"#* $<())* 4.* ())"+.0* %"* 4.* %('=<%* %"* %<.&-* !<&)0-.#* "-* +(-0$* &#*

>'4)&!* .).3.#%(-2* (#0* <&=<* $!<"")$* +&%<&#* %<.* -.=')(-* !)($$* <"'-$* 42*

&#$%-'!%"-$* 0.$&=#(%.0*"-* (>>-"/.0* 42* %<.* -.)&=&"'$* ('%<"-&%&.$* "1* %<.*

-.)&=&"#*%"*+<&!<*%<.*!<&)0-.#*"-*+(-0*4.)"#=;*+&%<"'%*(00&%&"#()*!"$%*

%"*%<.*="/.-#3.#%H*

• .*/*(0%#-11+,+%&'%#2%o "#$%&'!62,!&$2..0!A#A,7!./!4E!A>B0+&2,1!#7%+$0,&!@2+$2!@,7,!

,7.%+$!+)!)#%>7,9!62,!&$2..0!,;,)%>#00<!,GA,00,1!%2,!,1+%.7+#0!B.#71!#/%,7!#)!+);,&%+-#%+.)9%

o :,01'!62,!(E!7>0,1!%2#%!1>,!%.!%2,!E#8A>&!H.>7)#0+&8!5$%!./!IJJIK!,GA,00+)-!&%>1,)%&!B#&,1!&.0,0<!.)!@2#%!%2,<!A>B0+&2!+)!%2,!&$2..0!A#A,7!+&!).%!#00.@,19!:.@,;,7K!%2,!A.@,7!%.!1+&$+A0+),!

Page 167: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

"#$%&!'"()$*"'!%'!%*+,()$)!%*!"#$!-+-)$.%+!/&$$)0.!0/!"#$!%*'"%"("%0*1!

20..$*"!0*!'(34-&-5&-4#!678!

• 9#%'!%'!*0"!-*!%*+0*'%'"$*+:!;%"#!"#$!*0*<$'"-3,%'#.$*"!+,-('$!6=&"1!>>>?!@$+1!A81!B0"$!"#-"!"#$!&$,%5%0('!%*'"&(+"%0*?!;#$*!-,,0;$)?!%'!"0!3$!)0*$!3:!-!4$&'0*!)$'%5*-"$)!3:!"#-"!&$,%5%0('!'$+"?!-*)!;%"#0("!+0'"!"0!"#$!50C$&*.$*"1!9#('?!50C$&*.$*"!)0$'!*0"!#-C$!-*:!4-&"%+%4-"%0*!%*!"#$!&$,%5%0('!%*'"&(+"%0*1!!

$:;<=>?*@*

A6B*%C.*$%(%.*-.!"D#&E.$*%C.*!"3F).3.#%(-2*-").$*"1*F'4)&!*(#0*F-&/(%.*

&#$%&%'%&"#$* &#* %C.* .0'!(%&"#()* $2$%.3* (#0* $C())* .G.-!&$.* -.($"#(4).*

$'F.-/&&"#*(#0*-.D')(%&"#*"1*())*.0'!(%&"#()*&#$%&%'%&"#$H*

A,B* .0'!(%&"#()* &#$%&%'%&"#$I* "%C.-* %C(#* %C"$.* .$%(4)&$C.0* 42* -.)&D&"'$*

D-"'F$* (#0* 3&$$&"#* 4"(-0$I* $C())* 4.* "+#.0* $").)2* 42* !&%&E.#$* "1* %C.*

FC&)&FF&#.$*"-*!"-F"-(%&"#$*"-*($$"!&(%&"#$*(%*).($%*$&G%2*!"#$%"&'()*"1*

%C.* !(F&%()* "1* +C&!C* &$* "+#.0* 42* $'!C* !&%&E.#$H* %C.* !"#D-.$$* 3(2I*

C"+./.I* -.J'&-.* &#!-.($.0* 1&)&F&#"* .J'&%2* F(-%&!&F(%&"#* &#* ())*

.0'!(%&"#()*&#$%&%'%&"#$H*

%C.* !"#%-")* (#0* (03&#&$%-(%&"#* "1* .0'!(%&"#()* &#$%&%'%&"#$* $C())* 4.*

/.$%.0*&#*!&%&E.#$*"1*%C.*FC&)&FF&#.$H*

#"* .0'!(%&"#()* &#$%&%'%&"#* $C())* 4.* .$%(4)&$C.0* .G!)'$&/.)2* 1"-* ()&.#$*

(#0* #"* D-"'F* "1* ()&.#$* $C())* !"3F-&$.* 3"-.* %C(#* "#.7%C&-0* "1* %C.*

.#-"))3.#%* &#* (#2* $!C"")H* %C.* F-"/&$&"#$* "1* %C&$* $'4$.!%&"#* $C())* #"%*

(FF)2*%"*$!C"")$*.$%(4)&$C.0*1"-*1"-.&D#*0&F)"3(%&!*F.-$"##.)*(#0*%C.&-*

0.F.#0.#%$* (#0I* '#).$$* "%C.-+&$.* F-"/&0.0* 42* )(+I* 1"-* "%C.-* 1"-.&D#*%.3F"-(-2*-.$&0.#%$H*

AKB* ())* -./.#'.$* (#0* ($$.%$* "1* #"#7$%"!LI* #"#7F-"1&%* .0'!(%&"#()*&#$%&%'%&"#$* '$.0* (!%'())2I* 0&-.!%)2I* (#0* .G!)'$&/.)2* 1"-* .0'!(%&"#()*

F'-F"$.$*$C())*4.*.G.3F%*1-"3*%(G.$*(#0*0'%&.$H*'F"#*%C.*0&$$")'%&"#*"-*

!.$$(%&"#* "1* %C.* !"-F"-(%.* .G&$%.#!.* "1* $'!C* &#$%&%'%&"#$I* %C.&-* ($$.%$*$C())*4.*0&$F"$.0*"1*&#*%C.*3(##.-*F-"/&0.0*42*)(+H*

F-"F-&.%(-2* .0'!(%&"#()* &#$%&%'%&"#$I* &#!)'0&#D* %C"$.* !""F.-(%&/.)2*"+#.0I* 3(2* )&L.+&$.* 4.* .#%&%).0* %"* $'!C* .G.3F%&"#$* $'4M.!%* %"* %C.*

)&3&%(%&"#$* F-"/&0.0* 42* )(+* &#!)'0&#D* -.$%-&!%&"#$* "#* 0&/&0.#0$* (#0*

F-"/&$&"#$*1"-*-.&#/.$%3.#%H*

A@B* $'4M.!%* %"* !"#0&%&"#$* F-.$!-&4.0* 42* )(+I* ())* D-(#%$I* .#0"+3.#%$I*

0"#(%&"#$I*"-*!"#%-&4'%&"#$*'$.0*(!%'())2I*0&-.!%)2I*(#0*.G!)'$&/.)2*1"-*.0'!(%&"#()*F'-F"$.$*$C())*4.*.G.3F%*1-"3*%(GH*

!

$:;<=>?*N*

A6B* %C.* $%(%.* $C())* %(L.* &#%"* (!!"'#%* -.D&"#()* (#0* $.!%"-()*#..0$* (#0*

!"#0&%&"#$* (#0* $C())* .#!"'-(D.* )"!()* F)(##&#D* &#* %C.* 0./.)"F3.#%* "1*

.0'!(%&"#()*F")&!&.$*(#0*F-"D-(3$H*

A,B* (!(0.3&!* 1-..0"3* $C())* 4.* .#M"2.0* &#* ())* &#$%&%'%&"#$* "1* C&DC.-*

).(-#&#DH*

AKB* ./.-2* !&%&E.#* C($* (* -&DC%* %"* $.).!%* (* F-"1.$$&"#*"-* !"'-$.* "1* $%'02I*$'4M.!%* %"* 1(&-* (#0* -.($"#(4).* (#0* .J'&%(4).* (03&$$&"#* (#0* (!(0.3&!*

-.J'&-.3.#%$H*

A@B* %C.* $%(%.* $C())* .#C(#!.* %C.* -&DC%* "1* %.(!C.-$* %"* F-"1.$$&"#()*(0/(#!.3.#%H* #"#7%.(!C&#D* (!(0.3&!* (#0* #"#7(!(0.3&!* F.-$"##.)*

$C())*.#M"2*%C.*F-"%.!%&"#*"1*%C.*$%(%.H*

A@B* %C.* $%(%.* $C())* ($$&D#* %C.* C&DC.$%* 4'0D.%(-2* F-&"-&%2* %"* .0'!(%&"#*(#0* .#$'-.* %C(%* %.(!C&#D*+&))* (%%-(!%* (#0* -.%(&#* &%$* -&DC%1')* $C(-.* "1*

Page 168: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

%:.* 4.$%* (/(&)(4).* %().#%$* %:-"';:* (0.<'(%.* -.3'#.-(%&"#* (#0* "%:.-*3.(#$*"1*="4*$(%&$1(!%&"#*(#0*1'))1&))3.#%>*

• !"#$%"&'(&)"$*+,-&./0%1&o "#$%&'! (#)$*#+! #! ,-.#/-+! 0#&! 1-2*-1! #1.*&&*32! %3! %4-! 5363/#!

7$433/!3,!84-3/396+!#!&-.*2#)6!,3)!:)*-&%;!74-!,*/-1!,3)!.#21#.<&!%3!=-!#1.*%%-1!%3!%4-!578;&

o >#%*3'!84-!7?!<:4-/1! %4-!#$#1-.*$! ,)--13.!3,!578+!-&:-$*#//6! *%&!)*94%! %3! $433&-!043!.#6!=-!#1.*%%-1! %3!=-! %#<94%;! 84-! )*94%!3,!%4-! *21*@*1<#/! %3! A<#/*%6! -1<$#%*32! .<&%! =-! =#/#2$-1! 0*%4! %4-!#$#1-.*$!,)--13.!3,!%4-!*2&%*%<%*32!3,!4*94-)!/-#)2*29;&&

• 21%'3#4%,-&56&7"1&8"#+54&'(&8.&o "#$%&'! B-22*,-)! 5--! 0#&! *2*%*#//6! #2! #)$4*%-$%<)-! &%<1-2%! *2! %4-!

<2*@-)&*%6;!74-!93%!,#*/*29!.#)C&;!74-!&4*,%-1!%3!?3..-)$-!#21!1*1!0-//;!74-!#&C-1!%4-!&$433/!)-9*&%)#)!%3!$4#29-!4-)!,#*/*29!9)#1-&!%3!:#&&*29! .#)C&! %3! .#C-! 4-)! -/*9*=/-! %3! 9)#1<#%-! 0*%4! 4323)&+!:<)&<#2%!%3!<2*@-)&*%6!:3/*$6;!D30-@-)+! %4-!&$433/!1*1!23%!4323)!4-)!9)#1-&+! %4<&! &4-!9)#1<#%-1!0*%43<%!4323)&;!84-! /30-)! $3<)%!9)#2%-1!#!.#21#.<&!:-%*%*32!%3!#0#)1!5--!%4-!4323)&+!4-2$-!%4*&!:-%*%*32;&

o >#%*3'! 530-)! $3<)%&! )-@-)&-1;! E-$#<&-! 3,! #$#1-.*$! ,)--13.+!&$433/&! #)-! 9*@-2! #.:/-! 1*&$)-%*32! %3! ,3).</#%-! )</-&! #21!9<*1-/*2-&!)-9#)1*29!#0#)1*29!3,!4323)&;!84*&!1*&$)-%*32!.#6!23%!=-!1*&%<)=-1+!<2/-&&! %4-)-! *&! 9)#@-!#=<&-!3,!1*&$)-%*32;! 7%<1-2%&!#)-!:)-&<.-1!%3!C230!%4-&-!)</-&;&

F$#1-.*$!")--13.!3,!*2&%*%<%*32&!.-#2&!%4#%!%4-!&$433/!.#6!$433&-'!

G; H4#%!.#6!=-!%#<94%!I; D30!*%!.#6!=-!%#<94%!J; H43!.#6!%-#$4!*%!K; H43!.#6!=-!#1.*%%-1!%3!=-!%#<94%!

L2/6!:3&&*=/-!)-#&32&!,3)!-M:-//*29!3)!1*&.*&&*29!#!&%<1-2%'!

G; "#*/<)-!%3!)-#$4!#$#1-.*$!&%#21#)1&!I; N*3/#%*32!3,!1*&$*:/*2#)6!)</-&!

!"#$%"$&'$?@ABCD*8*

%:.*#(%&"#()*)(#;'(;.*"1*%:.*E:&)&EE&#.$*&$*1&)&E&#">*($*&%*./")/.$F*&%*$:())*4.*1'-%:.-*0./.)"E.0*(#0*.#-&!:.0*"#*%:.*4($&$*"1*.G&$%&#;*E:&)&EE&#.*(#0*"%:.-*)(#;'(;.$>*

$'4:.!%*%"*E-"/&$&"#$*"1*)(+*(#0*($*%:.*!"#;-.$$*3(2*0..3*(EE-"E-&(%.F*%:.*;"/.-#3.#%*$:())*%(H.*$%.E$*%"*&#&%&(%.*(#0*$'$%(&#*%:.*'$.*"1*1&)&E&#"*($*(*3.0&'3*"1*"11&!&()*!"33'#&!(%&"#*(#0*($*(*)(#;'(;.*"1*&#$%-'!%&"#*&#*%:.*.0'!(%&"#()*$2$%.3>*

$?@ABCD*I*

1"-*E'-E"$.$*"1*!"33'#&!(%&"#*(#0*&#$%-'!%&"#F*%:.*"11&!&()*)(#;'(;.$*"1* %:.* E:&)&EE&#.$* (-.* 1&)&E&#"* (#0F* '#%&)* "%:.-+&$.* E-"/&0.0* 42* )(+F*.#;)&$:>*

%:.* -.;&"#()* )(#;'(;.$* (-.* %:.* ('G&)&(-2* "11&!&()* )(#;'(;.$* &#* %:.*-.;&"#$*(#0*$:())*$.-/.*($*('G&)&(-2*3.0&(*"1*&#$%-'!%&"#*%:.-.&#>*

$E(#&$:* (#0* (-(4&!* $:())* 4.* E-"3"%.0* "#* (* /")'#%(-2* (#0* "E%&"#()*4($&$>*

$?@ABCD*9*

%:&$*!"#$%&%'%&"#*$:())*4.*E-"3');(%.0*&#*1&)&E&#"*(#0*.#;)&$:*(#0*$:())*4.*%-(#$)(%.0*&#%"*3(="-*-.;&"#()*)(#;'(;.$F*(-(4&!F*(#0*$E(#&$:>*

$?@ABCD*J*

%:.*!"#;-.$$*$:())*.$%(4)&$:*(*#(%&"#()*)(#;'(;.*!"33&$$&"#*!"3E"$.0*"1* -.E-.$.#%(%&/.$* "1* /(-&"'$* -.;&"#$* (#0* 0&$!&E)&#.$* +:&!:* $:())*'#0.-%(H.F* !""-0&#(%.F* (#0* E-"3"%.* -.$.(-!:.$* 1"-* %:.* 0./.)"E3.#%F*E-"E(;(%&"#F*(#0*E-.$.-/(%&"#*"1*1&)&E&#"*(#0*"%:.-*)(#;'(;.$>*

Page 169: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!689*

!"#$%"$&'%(&)$"*%+,+-.&$:;<=>?*65*

$!&.#!.* (#0* %.!@#")"A2* (-.* .$$.#%&()* 1"-* #(%&"#()* 0./.)"B3.#%* (#0*B-"A-.$$C* %@.* $%(%.* $@())* A&/.* B-&"-&%2* %"* -.$.(-!@* (#0* 0./.)"B3.#%D*&#/.#%&"#D* &##"/(%&"#D* (#0* %@.&-* '%&)&E(%&"#F* (#0* %"* $!&.#!.* (#0*%.!@#")"A2* .0'!(%&"#D* %-(&#&#AD* (#0* $.-/&!.$C* &%* $@())* $'BB"-%*&#0&A.#"'$D* (BB-"B-&(%.D* (#0* $.)17-.)&(#%* $!&.#%&1&!* (#0* %.!@#")"A&!()*!(B(4&)&%&.$D* (#0* %@.&-* (BB)&!(%&"#* %"* %@.* !"'#%-2G$* B-"0'!%&/.* $2$%.3$*(#0*#(%&"#()*)&1.C*

$:;<=>?*66*

%@.* !"#A-.$$*3(2* B-"/&0.* 1"-* &#!.#%&/.$D* &#!)'0&#A* %(H* 0.0'!%&"#$D* %"*.#!"'-(A.* B-&/(%.* B(-%&!&B(%&"#* &#* B-"A-(3$* "1* 4($&!* (#0* (BB)&.0*$!&.#%&1&!* -.$.(-!@C* $!@")(-$@&B$D* A-(#%$7&#7(&0D* "-* "%@.-* 1"-3$* "1*&#!.#%&/.$* $@())* 4.* B-"/&0.0* 0.$.-/&#A* $!&.#!.* $%'0.#%$D* -.$.([email protected]$D*$!&.#%&$%$D*&#/.#%"-$D*%.!@#")"A&$%$D*(#0*$B.!&())2*A&1%.0*!&%&E.#$C*

$:;<=>?*6,*

%@.* $%(%.* $@())* -.A')(%.* %@.* %-(#$1.-* (#0* B-"3"%.* %@.* (0(B%(%&"#* "1*%.!@#")"A2* 1-"3* ())* $"'-!.$* 1"-* %@.* #(%&"#()* 4.#.1&%C* &%* $@())*.#!"'-(A.* %@.* +&0.$%* B(-%&!&B(%&"#* "1* B-&/(%.* A-"'B$D* )"!()*A"/.-#3.#%$D* (#0* !"33'#&%274($.0* "-A(#&E(%&"#$* &#* %@.* A.#.-(%&"#*(#0*'%&)&E(%&"#*"1*$!&.#!.*(#0*%.!@#")"A2C*

$:;<=>?*6I*

%@.* $%(%.* $@())* B-"%.!%* (#0* $.!'-.* %@.* .H!)'$&/.* -&A@%$* "1* $!&.#%&$%$D*&#/.#%"-$D* (-%&$%$D* (#0* "%@.-* A&1%.0* !&%&E.#$* %"* %@.&-* &#%.)).!%'()*B-"B.-%2*(#0*!-.(%&"#$D*B(-%&!')(-)2*+@.#*4.#.1&!&()*%"*%@.*B."B).D* 1"-*$'!@*B.-&"0*($*3(2*4.*B-"/&0.0*42*)(+C*

/012&'%(&34,140$&$:;<=>?*6J*

%@.* $%(%.* $@())* 1"$%.-* %@.* B-.$.-/(%&"#D* .#-&!@3.#%* (#0* 02#(3&!*./")'%&"#*"1*(*1&)&B&#"*#(%&"#()*!')%'-.*4($.0*"#*%@.*B-&#!&B).*"1*'#&%2*&#*0&/.-$&%2*&#*(*!)&3(%.*"1*1-..*(-%&$%&!*(#0*&#%.)).!%'()*.HB-.$$&"#C*

$:;<=>?*6K*

(-%$*(#0*).%%.-$*$@())*.#L"2*%@.*B(%-"#(A.*"1*%@.*$%(%.C*%@.*$%(%.*$@())*!"#$.-/.D*B-"3"%.D*(#0*B"B')(-&E.*%@.*#(%&"#G$*@&$%"-&!()*(#0*!')%'-()*@.-&%(A.*(#0*-.$"'-!.$D*($*+.))*($*(-%&$%&!*!-.(%&"#$C*

$:;<=>?*68*

()* %@.* !"'#%-2G$* (-%&$%&!* (#0* @&$%"-&!*+.()%@* !"#$%&%'%.$* %@.* !')%'-()*%-.($'-.* "1* %@.* #(%&"#* (#0* $@())* 4.* '#0.-* %@.* B-"%.!%&"#* "1* %@.* $%(%.*+@&!@*3(2*-.A')(%.*&%$*0&$B"$&%&"#C*

$:;<=>?*6M*

%@.*$%(%.*$@())*-.!"A#&E.D*-.$B.!%D*(#0*B-"%.!%*%@.*-&A@%$*"1*&#0&A.#"'$*!')%'-()*!"33'#&%&.$*%"*B-.$.-/.*(#0*0./.)"B*%@.&-*!')%'-.$D*%-(0&%&"#$D*(#0* &#$%&%'%&"#$C* &%* $@())* !"#$&0.-* %@.$.* -&A@%$* &#* %@.* 1"-3')(%&"#* "1*#(%&"#()*B)(#$*(#0*B")&!&.$C*

$:;<=>?*6N*

O6P* %@.* $%(%.* $@())* .#$'-.* .Q'()* (!!.$$* %"* !')%'-()* "BB"-%'#&%&.$*%@-"'A@* %@.* .0'!(%&"#()* $2$%.3D* B'4)&!* "-* B-&/(%.* !')%'-()* .#%&%&.$D*$!@")(-$@&B$D* A-(#%$* (#0* "%@.-* &#!.#%&/.$D* (#0* !"33'#&%2* !')%'-()*!.#%.-$D*(#0*"%@.-*B'4)&!*/.#'.$C*

O,P*%@.*$%(%.*$@())*.#!"'-(A.*(#0*$'BB"-%*-.$.(-!@.$*(#0*$%'0&.$*"#*%@.*(-%$*(#0*!')%'-.C*

Page 170: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!685*

!"#$%&'$9:;<=>*6?*

@6A* %B.* $%(%.* $B())* C-"3"%.* CB2$&!()* .0'!(%&"#* (#0* .#!"'-(D.* $C"-%$*C-"D-(3$E*).(D'.*!"3C.%&%&"#$E*(#0*(3(%.'-*$C"-%$E*&#!)'0&#D*%-(&#&#D*1"-*&#%.-#(%&"#()*!"3C.%&%&"#$E*%"*1"$%.-*$.)170&$!&C)&#.E*%.(3+"-FE*(#0*.G!.)).#!.*1"-*%B.*0./.)"C3.#%*"1*(*B.()%B2*(#0*().-%*!&%&H.#-2I*

@,A* ())* .0'!(%&"#()* &#$%&%'%&"#$* $B())* '#0.-%(F.* -.D')(-* $C"-%$*(!%&/&%&.$* %B-"'DB"'%* %B.* !"'#%-2* &#* !""C.-(%&"#* +&%B* (%B).%&!* !)'4$*(#0*"%B.-*$.!%"-$I*

(-%&!).*G/J*%B.*1(3&)2!

$9:;<=>*6I**

%B.*$%(%.*-.!"D#&H.$*%B.*1&)&C&#"*1(3&)2*($*%B.*1"'#0(%&"#*"1*%B.*#(%&"#I*(!!"-0&#D)2E*&%*$B())*$%-.#D%B.#*&%$*$")&0(-&%2*(#0*(!%&/.)2*C-"3"%.*&%$*%"%()*0./.)"C3.#%I*!

$9:;<=>*,I**

3(--&(D.E*($*(#*&#/&")(4).*$"!&()*&#$%&%'%&"#E*&$*%B.*1"'#0(%&"#*"1*%B.*1(3&)2*(#0*$B())*4.*C-"%.!%.0*42*%B.*$%(%.I*!

"#!$%!&'(!)!*+)&,-(!./'0$*$($'&!)1)$&%(!2$3'/4-567!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

56!8')9:$&!;7!<-/&)%=!>787=!?0-!6@A5!B'&%($(:($'&!'C!(0-!D-.:*+$4!'C!(0-!E0$+$..$&-%F!G!B'HH-&()/I=!6J6J!K#LL@!M2$($'&N!!

• O&!)&&:+H-&(!4)%-%=!)&I!2':*(!%0':+2!*-!/-%'+3-2!$&!C)3'/!'C!(0-!3)+$2$(I!'C!(0-!H)//$)1-5#7!!

$9:;<=>*KI**

%B.*$%(%.*$B())*0.1.#0J*

@6A*%B.*-&DB%*"1*$C"'$.$*%"*1"'#0*(*1(3&)2*&#*(!!"-0(#!.*+&%B*%B.&-*-.)&D&"'$*!"#/&!%&"#$*(#0*%B.*0.3(#0$*"1*-.$C"#$&4).*C(-.#%B""0L*

@,A*%B.*-&DB%*"1*!B&)0-.#*%"*($$&$%(#!.E*&#!)'0&#D*C-"C.-*!(-.*(#0*#'%-&%&"#E*(#0*$C.!&()*C-"%.!%&"#*1-"3*())*1"-3$*"1*#.D).!%E*(4'$.E*!-'.)%2E*.GC)"&%(%&"#E*(#0*"%B.-*!"#0&%&"#$*C-.M'0&!&()*%"*%B.&-*0./.)"C3.#%L*

@KA*%B.*-&DB%*"1*%B.*1(3&)2*%"*(*1(3&)2*)&/&#D*+(D.*(#0*&#!"3.E*

@NA*%B.*-&DB%*"1*1(3&)&.$*"-*1(3&)2*($$"!&(%&"#$*%"*C(-%&!&C(%.*&#*%B.*C)(##&#D*(#0*&3C).3.#%(%&"#*"1*C")&!&.$*(#0*C-"D-(3$*%B(%*3(2*(11.!%*%B.3I*?0-!$&(-&(!'C!(0-!C$/%(!.)/)1/).0!$%!('!./'(-4(!(0-!/$10(!'C!.)/-&(%!('!2-(-/H$&-!(0-!

%$P-!'C!(0-$/!C)H$+I5J7!

E)/)1/).0!(0/--!Q)%!)../'3-2!)1)$&%(!)!*)4,1/':&2!'C!/)H.)&(!40$+2!./'%($(:($'&=!

40$+2!+)*'/=!40$+2!)*:%-!)&2!40$+2!&-1+-4(7!

• D7G7!5R6L!Q)%!.)%%-2!('Q)/2%!(0-! $H.+-H-&()($'&!'C!)!&)($'&)+!./'1/)H!C'/!(0-!%:/3$3)+!'C!S$+$.$&'!40$+2/-&=!$&!,--.$&1!Q$(0!(0-!H)&2)(-!'C!G/($4+-!TU!"J5V7!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

5#!!"#$%5J!!"#$%.)1-!6J6W!5V!!"#$%

Page 171: Pringles Study

!"#$%&%'%&"#()*)(+*,*-./&.+.-* 0.(#*$.01-.2*!(#0.)(-&(* !-"34"#0$*,5667,56,*!

!686*

"#$!%&'(')*$$!+,!'!(-%#*!*+!'!,'.-/0!/-1-)%!2'%$!2'3!4+)4$-1$5!5&$!*+!.')0!,'.-/-$3!/-1-)%!6$/+2!7+1$(*0!/$1$/89:!

$9:;<=>*?@**

%A.*1(3&)2*A($*%A.*0'%2*%"*!(-.*1"-*&%$*.)0.-)2*3.34.-$*4'%*%A.*$%(%.*3(2*()$"*0"*$"*%A-"'BA*C'$%*D-"B-(3$*"1*$"!&()*$.!'-&%2@*!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!

89!!"#$%7'%$!;<;=!