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Project BURTON’S BISCUITSWeb Due Diligence

Natural Language Processing on Public Web DataCreated with TextReveal

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Confidential

Preliminary ResultsJun 2021

diligence@sesamm.com

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1. Web Data Takeaways

2. Methodology

3. Market and Competitors

Summary

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TextReveal — Text Analysis EngineProject Information

Market OverviewKey Themes (Positive and Negative)Competitor Analysis

Market and CompetitorsTarget Analysis

2. Target AnalysisCompany OverviewBrand DistributionESG Risks

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Web Data Takeaways — Market and Competitors

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How did the biscuits & crackers market grow during the past year?

● The overall trend is slightly down, meaning that market data is growing but not as fast as the rest of the web. This behavior is typical of mature, non-digitally native markets.

What are the main negative and positive topics/themes associated with the market?

● Taste, Texture, and Healthiness are the most mentioned topics within the positive data. These themes are stable over time and correspond to key buying factors.

● Texture and Healthiness are the main negative themes. These topics typically correspond to detractors data. Healthiness is growing as a negative topic. Consumers are complaining more often about unhealthy products.

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How are competitors growing over time?

● Overall, Mondelez International is the biggest player (it represents 60% of the data) and it is growing over time. Kellogg’s and Pillsbury are also significant.

● Mondelez is prevalent across all countries (slide 18). McVitie’s and Burton’s Biscuits have a significant presence in the UK. Kellogg’s, Pepperidge Farm, and Pillsbury have a stronger position in the US and Canada.

● When looking at the data distribution only in the UK, we observe that Burton’s Biscuits has a larger data share, but has lost market share to both McVitie's and Mondelez International since 2017. The company is losing shares in its core market.

How is Burton's Biscuits perceived compared to its competitors?● On the positive theme analysis, Burton’s Biscuits stands out for its Taste and Discounts/Deals. Relative to peers, the

company lags in volume associated with Texture and Healthiness.

● On the negative theme analysis, Burton’s Biscuits has less data associated with Taste than most of its competitors, meaning that the company is less often criticized for products that are not tasty enough.

Web Data Takeaways — Market and Competitors

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How is Burton’s Biscuits growing over time?

● Overall, data volume is relatively stable with a spike in 2021 due to a specific negative event. Company data is growing, but not faster than its market.

Which are the most mentioned brands for Burton’s Biscuits?

● Jammie Dodgers is the most visible brand of Burton’s Biscuits. It represents around 70% of the company’s data share. Maryland comes second with 10% to 20% of the data.

How are Burton’s Biscuits brands perceived?

● Paterson’s has the largest positive data volume related to Taste, followed by Lyons and Jammie Dodgers.

● Mars stands out for its Texture, while Wagon Wheels has the highest volume related to Discounts/Deals.

Is there any ESG risk detected for the company?

● Governance and Environmental risks are not significant, but we detected articles associated with Social Risk. The main articles are displayed on slide 33.

Web Data Takeaways — Target Analysis

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Summary

1. Methodology

3. Target Analysis

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2. Market and CompetitorsMarket OverviewKey Themes (Positive and Negative)Competitor Analysis

Data Lake NLP Algorithms Access & Visualization

14B+ Documents4M+ Sources12 Year HistoryNews, Blogs, Forums, Social Media, Social Trading

70M+ EntitiesSentiment & Emotions Custom ScoresAsset, Brand, Product, C-level, Macro and more

DashboardsAPIsFlat filesAlerts and InsightsLive and Historical Data

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Methodology — TextReveal — Text Analysis Engine

NLP = Natural Language Processing 7

Search SESAMm’s Entire Data LakeExcept where mentioned, statistics are computed over the following period:● Start Month: January 2015 (SESAMm has data from 2008)● End Month: May 2021

Compute Indicators● Volumes: Number of mentions● 3 Sentiments: Neutral, Positive, and Negative (between 0 and 1)● Polarity Index: Aggregated Sentiment score (between -1 and 1) ● Theme and Risk Analyses: Contexts created using keywords and embeddings

Detect and Differentiate Ambiguous Terms ● Example: “Cookies” refers to snacks and not to Web Cookies

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Study parameters and relevant methodology

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Methodology — Information

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Summary

1. Methodology

3. Target Analysis

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2. Market and CompetitorsMarket OverviewKey Themes (Positive and Negative)Competitor Analysis

■Focus: Biscuits and Crackers Market.

■We include articles and messages related to topics such as Biscuits, Cookies, Crackers, etc.

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Market Analysis

Market Overview — Source Type and Total Volume

GeneralOverview

We identify around 8M articles and messages within this market, which corresponds to a large consumer market.

Most of the data comes from Social Discussions and Blogs, giving us insight into consumer preferences.

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Market Analysis

Content Examples

News

Website: express.co.uk

Title: “Biscuit lovers warned over Wagon Wheels and Jammie Dodgers shortage over Christmas’”

“DHL Supply Chain employees, who deliver Burton’s Biscuits and AB World Food Goods, voted yesterday for a strike over pay and dismissals. The strike could see a shortage in various food items.The strike is to take place between December 19 and December 24, and between December 29 and January 5.They will take place at DHL’s delivery centre in Liverpool. [...]”

Date: Dec 9, 2020

Blogs

Website: soyummy.com

Title: “Get Your Snack On With Goldfish® Crackers”

“[...] Pipe the egg mixture into the hollow egg whites in a small and uniform swirling design. Top each with a paprika coated Goldfish®, and a combination of varying toppings. Examples include, radish and chive, bacon, cheese, and chive, and sun dried tomatoes with olives and goat cheese. Test these out or invent your own flavorful combinations!”

Date: Feb 1, 2021

: relevant content automatically identified 11

Discussions

Website: reddit.com

Title: “Oreo flavoured everything tastes way better than the actual Oreo cookie”

“agreed! I find that oreos are too thick and heavy (if that makes sense) so oreo flavoured things keep that flavor without the texture”

Date: May 19, 2021

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Market Analysis

Market Overview — Volume Over Time

● This graph shows absolute volumes for the Market over time. These volumes are proxies for future revenues as consumers discuss topics related to the market before buying.

● There is a slight upward trend from 2017 that accelerates from 2020 to the present. The market has been boosted by the pandemic in terms of web volumes.

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Market Analysis

Market Overview — Volume Over Time

● This chart shows the proportion of data for the Market against the entire data lake.● The overall trend is slightly down, meaning that market data is growing but not as fast as the rest of the web.

This behavior is typical of mature, non-digitally native markets.

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● This chart shows the Geographical Distribution of the data.

● Most of the data comes from the US, followed by Great Britain and European countries such as Germany, Italy France, and Spain.

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Market Analysis

Market Overview — Country Distribution

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Market Analysis

Market Overview — Country Distribution Over Time

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● This graph displays volumes by Country over time.● The market increase in 2020 is mainly explained by an increase in US volumes, which indicates that

consumers are discussing the market and its products more often during the pandemic.● Great Britain data grows from 2018 onward.

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Market Analysis

● This chart shows the distribution of Positive themes over time for the Market. These themes typically correspond to key buying factors. Taste, Texture and Healthiness are the biggest themes overall.

● These positive themes are stable over time.

Positive Theme Analysis

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Taste

Texture

Healthiness

Discounts/Deals

Market Analysis

Positive Theme Analysis — Content Examples

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walesonline.co.uk: “Maryland Cookies unveils new varieties with mint and hazelnut flavours” Feb 5, 2021

“What's On Maryland Cookies unveils new varieties with mint and hazelnut flavours Both It’s Mint To Be and Hazelnutter varieties are priced at just £1.35 and will hit supermarket shelves in the coming weeks Maryland Hazelnutter cookies will be in the shops soon.[...]It’s Mint To Be infuses mint and chocolate cocoa into the dough and overflows with chocolate chips and crunchy sugar pearls. Hazelnutter is packed full of roasted hazelnuts and a rich chocolate hit.

prsync.com: “Healthy Snacks for Children with Type 1 Diabetes” — May 27, 2021

“Homemade wholegrain crackers and cookies. Crackers made of cracked wheat, quinoa, oats, cookies made with millets (bajra, ragi, jowar) and jaggery are healthy as these grains help in lowering blood-glucose levels. Let them run around munching on these. Colourful dhoklas with buckwheat, carrots, spinach instead of the regular ones Baked khakras with vegetable and sprouts topping and a dash of cheese, your own version of pizza.”

hip2save.com: “Score Up to 6 FREE Kids Books When You Buy Kellogg’s Products” — March 17, 2021

“[...]Even better, you can score up to SIX free books for buying products you already use and love! Head here to see all participating products, which include cereal, crackers, Pop-Tarts, frozen waffles, and lots more.PLUS you can make this promotion even better when you buy your qualifying products on sale. As jus one idea, through May 29th, CVS has select Kellogg’s Cereal on sale for only $1.99 AND there are printable coupons to drop your total even lower!”

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Market Analysis

Negative Theme Analysis

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Texture

Price

Healthiness

● This chart focuses on the distribution of Negative topics over time. These topics typically correspond to detractors data. A large portion of negative context data is related to Texture and Healthiness.

● Healthiness is growing as a key negative topic during the COVID period. Consumers are complaining more often about unhealthy products.

Market Analysis

Negative Theme Analysis — Content Examples

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drwillcole.com: “10 Packaged Foods I Recommend for Their Health Benefits?” — May 27, 2021

“Many major food companies add questionable ingredients to their products to make them taste better or be more addictive; and most of the time, those ingredients aren’t good for us (think inflammatory oils, chemicals, and tons of sugar!).”

reddit.com: “Who wants cookies?” — April 28, 2020

“Maybe an unpopular opinion, but Crumbl cookies are trash. Had a sugar cookie from there and it tasted like overpriced sand laced with sugar.”

sohannabarberaesque.tumblr.com: “Noted in the delicatessen section of a supermarket the other day”— May 25, 2021

“I think you may have stumbled onto something as might be worthwhile for once; besides, I think those Ritz crackers were getting to be rather predictable and a little bland on the palate”

● We analyze ESG risks and controversies on the Market.● Environmental and Governance risks are very low.● Social risks are low.

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Market Analysis

ESG Risks

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foxnews.com “McDonald's customer jailed for climbing into drive-thru window, attacking employees over cookie | Fox News”.

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2 bostonherald.com “Child labor in palm oil industry tied to Girl Scout cookies”

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Market Analysis

Competitor Analysis — Volume Over Time (1/2)

● This chart shows data shares of relevant competitors within the Biscuits & Crackers Market. This analysis describes how visible each company is in the market to better predict how it will grow. Increases of data shares indicate a successful brand strategy. Mondelez International (Oreo, Ritz Crackers, Chips Ahoy! etc.) has the biggest share of data.

● Burton’s biscuit has a relatively stable data share over time with an increase since 2018.

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Mondelez International

Kellogg’s

Pillsbury

Market Analysis

Competitor Analysis — Volume Over Time (2/2)

● Burton’s Biscuits’ data share comes close to 1.5%. We zoom in on the target company to better understand the volume trend over time and assess how the share of web visibility has evolved over time for the company.

● Company volume is stable over time.

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Pepperidge Farm

Burton’s Biscuits

Market Analysis

Competitor Analysis — Sentiment Analysis

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● We analyze consumer opinions automatically and classify positive and negative reviews. This chart shows the sentiment distribution for competitors. Overall, the market and competitors have a high positive sentiment, meaning that consumers are mostly satisfied with these offerings.

● Burton’s Biscuits, Kellogg’s and Pepperidge Farm have the highest positive sentiment.

Target

● This graph shows data shares of competitors across different countries.● Overall, Mondelez International has the largest volume across all countries.● Burton’s Biscuits has higher data shares in Great Britain and Canada.

Market Analysis

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Competitor Analysis — Volume by Country

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Market Analysis

Competitor Analysis — Volume Over Time (Only Great Britain)

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● This graph shows data shares of competitors in Great Britain.● Burton’s Biscuits has a larger data share in Great Britain, but has lost market share to both McVitie's and

Mondelez International since 2017 (from 40% to 20%). The company is losing shares in its core market.

Burton’s Biscuits

McVitie’s

Mondelez International

Market Analysis

Competitor Analysis — Positive Theme Analysis

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● This chart shows the distribution of Positive themes, meaning key buying factors, for competitors.● Burton’s Biscuits stands out for its volume associated with Taste and Discounts/Deals. These are

key buying factors that are differentiating for the company.● Relative to peers, the company lags in volume associated with Texture and Healthiness

Market Analysis

Competitor Analysis — Positive Theme Analysis — Content Examples

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tyla.com: “You Can Now Get Orange Flavour Maltesers Biscuits” — April 25, 2021

“If you love biscuits , orange chocolate and Maltesers then we've got some very exciting news for you.Following the success of its orange flavoured bunnies, Mars has introduced the delicious-sounding Orange Maltesers Biscuits.Each biscuit, which looks like the perfect morning cuppa companion, features three tangy orange, malty bobbles, smothered in smooth milk chocolateYes, we're drooling too.”

kamcity.com: “Burton’s Launches ‘Skinny’ Biscuit Brand” — March 18, 2021

“Burton’s Biscuit Company, the maker of Maryland Cookies, Jammie Dodgers and Wagon Wheels, has unveiled a new brand called The Skinny Cookie Co.Aimed at the adult market, The Skinny Cookie Co. offers baked snacks in a range of formats for health-conscious consumers.Kate Needham, Marketing Director at Burton’s Biscuit Company, said: “Permissible snacking shouldn’t be boring and bland. The Skinny Cookie Co. provides delicious biscuits in Thins, Sugar Free and Mini variants, for a variety of needs and occasions, ensuring consumers never have to compromise on flavour and texture as they enjoy a guilt-free snack.”

moneysavingexpert.com: “Tesco 'Clubcard Prices' are back – but are they any good?” — May 24, 2020

“Tesco's Clubcard Prices promotion, which offers Clubcard holders discounts of between 10% and 50% on almost 300 items, is back again. [...] Wagon Wheels Original, six pack £1 £0.80 20% 89p”

Market Analysis

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● This graph shows the distribution of Negative themes by competitor, which correspond to detractors data.● Burton’s Biscuits has less data associated with Taste than most of its competitors, meaning that the company

is less often criticized for products that are not tasty enough.● Negative mentions associated with Texture are larger compared to peers, while Price are generally in line.

Competitor Analysis — Negative Theme Analysis

● This chart shows the proportion of data for Palm Oil within the Market data.

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Market Analysis

Palm Oil Theme Analysis

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finance.yahoo.com: Jar wars: the Italian plot to weaken Nutella

reddit.com: Child labor in palm oil industry tied to Girl Scout cookies

Market Analysis

Competitor Analysis — Palm Oil Theme Analysis

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● This graph shows data shares of competitors in the Palm Oil theme.● Bahlsen has a larger data share associated with Palm Oil usage, followed by Kellogg’s and McVitie’s● Burton’s Biscuits comes 5th with 0.15%.

Market Analysis

Competitor Analysis — Negative Theme Analysis — Content Examples

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forums.runnersworld.co.uk: “Things I miss...” — November 1, 2020

“Mr TS is eating an Eccles Cake as I type thisWhen we go to our place in Texas we take Proper Marmalade, Bisto Powder, Yorkshire Tea, Jammie Dodgers & Party Rings!! You can get some of those in the Store but they are mega expensive.”

wdrb.com: “UK restricting promotions on 'unhealthy food' at supermarkets, retailers in bid to fight obesity | National | wdrb.com” — December 30, 2020

“(FOX NEWS) -- Don't expect any 2-for-1 deals on Jammie Dodgers or sausage rolls in 2022.Fox News reports the government of the U.K. is planning to ban supermarkets and retailers from offering "buy-one-get-one" deals on unhealthy foods both in-store and online, the country's Department of Health and Social Care (DHSC) announced Monday.Beginning in April 2022, such promotions -- along with similar deals offering three products for the price of two, etc. -- will be prohibited on any food or drink deemed high in fat, sugar or salt.”

3. Target Analysis

2. Market and Competitors

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Summary

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Company OverviewBrand DistributionESG Risks

1. Methodology

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Company Analysis

Company Overview — Source Type and Total Volume

GeneralOverview

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■Focus: Burton’s Biscuits

■The company’s data is composed of articles and messages mentioning its name (Burton’s Biscuits), its products (Jammie Dodgers, Lyon’s Biscuits, Maltesers Biscuits, etc), and relevant persons (e.g. George Burton)

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Company Analysis

Company Overview — Volume Over Time

● This graph shows absolutes volumes for Burton’s Biscuits over time. Overall, data volume is relatively stable with a spike in 2021 due to a specific negative event displayed below.

● Company data is growing, but not faster than its market. On a relative basis, it is losing market shares.

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Reddit.com:Five men have been jailed for stealing £20,000 worth of Jammie Dodgers

portsmouth.co.uk: Jammie Dodgers and Wagon Wheels under threat as factory workers go on strike

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Company Analysis

Company Overview — Country Distribution

● This chart shows the Geographical Distribution of the data.

● Most of the data comes from the US, followed by Great Britain, Canada, Germany and Ireland. Considering that SESAMm’s data lake contains more US data, it is clear that the company is very visible in the UK.

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● Overall, the e-reputation of the company and its brands is very positive.

● The polarity(1) index has seen minor fluctuations over time but is stable overall.

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Company Analysis

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Company Overview — Sentiment Analysis

(1) Polarity represents the aggregate of positive and negative sentiment (opinions, reviews) on a company. It can range from -1 to 1. A 0 score means that there is as much positive as negative sentiment expressed. High e-reputation brands can have polarity scores over 0.5.

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Company Analysis

Brand Distribution — Volume Over Time

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● This graph shows the Brand Distribution over time for Burton’s Biscuits.● Jammie Dodgers represents around 65% of the volume of data. Maryland is the second most mentioned brand.

Maryland

Jammie Dodgers

Company Analysis

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Brand Distribution — Positive Theme Distribution

● This chart shows the distribution of Positive themes for Burton’s Biscuits’ brands.● Paterson’s has the biggest volume related to Taste, followed by Lyons and Jammie Dodgers.● Mars stands out for its Texture, while Wagon Wheels has the highest volume related to Discounts/Deals.

amazon.com: “Paterson's Scottish Shortbread Heritage Shapes Assortment...” “You very well might be? This is a very traditional Scottish Shortbread the flavor and texture are not what the American pallet is expecting. The flavor is very authentic, as well is the texture. I recommend buying this cookie once as everyone should try everything, try something new. Good for Christmas gifts, or just because someone might really likes the traditional shortbread cookies.”“Purchased this for my daughter who lives in Guam. She said every cookie tasted good!!”

paperblog.com: “Today's Review: M&Ms Double Chocolate Cookies” — September 23, 2017

“The Mars cookie transformations continue. After the quite nice Bounty soft baked cookies , and the so-so Galaxy effort , I picked up these double chocolate cookies with M&Ms inside. Much like the Galaxy cookies, these ones are of the crunchy variety, but there's the element of double chocolate to help it along. I must say these are pretty good. The biscuit, while quite bland in the Galaxy offering, had a nice sweet chocolate flavor here. It may be a little on the dry side, but the M&Ms spread throughout provide enough creaminess to make them a pretty decent offering.”

cheshire-live.co.uk: “Supermarket deals and discounts: See what's on offer at Tesco, Asda, Aldi and Sainsbury's” — February 25, 2016

“Multipack chocolate biscuits 2 for £2 (usually £1.25-£1.39 each) Offer includes Blue Riband (milk and coffee cream), Toffee Crisp, Pick Up! (dark chocolate, black and white, chocolate and caramel and milk chocolate),[...] Wagon Wheels (original and jammy), …”

Market Analysis

Brand Distribution — Positive Theme Examples

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Company Analysis

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Brand Distribution — Negative Theme Distribution

● This chart shows the distribution of Negative themes for Burton’s Biscuits’ brands.● Fish ‘n’ Chips has the biggest volume related to Texture, followed by Wagon Wheels and Jammie Dodgers.

Company Analysis

Social Media Analysis

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CompanyFacebook Instagram Twitter

Likes Followers Followers Posts Followers Tweets

Burton's Biscuits 1,369,316 1,259,037 85,599 2,373 121,593 43,796

Pepperidge Farm 1,163,003 1,106,159 117,800 1,736 55,893 27,437

McVitie's 1,648,265 1,637,280 60,335 1,337 88,234 31,037

Pillsbury 4,669,061 4,529,465 534,000 1,468 144,500 26,400

Mondelez International 52,188,998 51,796,017 3,715,390 6,075 1,393,507 138,381

Kellogg's 1,129,794 1,132,078 85,000 455 104,900 14,600

Bahlsen 411,188 399,546 19,331 1,045 19,636 10,962

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Company Analysis

Employer Reputation

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● This graph shows a summary of Glassdoor’s scores for covered companies.

● Burton’s Biscuits is well positioned, the most recommended (93%), with a high CEO approval, the highest Global Score (4.7).

Company Country Reviews Recommended CEO ApprovalGlobal Score (1-5)

Burton's Biscuits UK 80 93% 97% 4.7

Pepperidge Farm (Campbell Soup) USA 962 68% 85% 3.8

Mondelez International USA 4,400 79% 89% 3.9

Kellogg's USA 2,500 75% 87% 3.8

Bahlsen Germany 18 79% 100% 3.7

McVitie's UK 18 58% % 3.5

● These charts show analytics for web traffic on the company’s website.

● Traffic on the web augmented during this year.

● Most of the traffic comes from the UK, followed by the US.

● 6.17% of the organic traffic arrives at Burton’s Biscuits by searching “Maryland Cookies”.

Company Analysis

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Web Traffic Analysis

Web Traffic Over Time

Top Organic Keywords Top Countries

Source: SimilarWeb.com

● We analyze ESG risks and controversies on the company.● Environmental and Governance risks are low.● The highest score is related to Social risk (moderate).

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Target Analysis

ESG Risks

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edinburghlive.co.uk “Burton's Biscuit Co- Workers at Edinburgh factory could go on strike - Edinburgh Live”.

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2 liverpoolecho.co.uk “DHL strike could cause Jammie Dodger and Wagon Wheel shortages”

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SESAMm LondonFlat 3 Heath Lodge 4 St. Albans

LondonNW5 1RD - United Kingdom

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5-13-1 Toranomon, Minato-Ku,TOKYO 105-0001 - Japan

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principal - Les berges du lac1053 Tunis - Tunisia

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Thank Youdiligence@sesamm.com

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Past performance is not indicative of future results.

CONFIDENTIAL — The contents of this document are confidential and intended solely for the recipient. Reproduction or forwarding is strictly prohibited.

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