Annual Stockholder Meeting Q and A

The Hershey Company 2021 Annual Meeting of Stockholders Q&A

1.) What is the long-term strategy for mix of business between Candy and Better-for-you snacks? First, let me emphasize that candy is and will remain our #1 priority. This company is comprised of iconic candy brands and they are a key component of our future growth strategy. And we will continue to invest in them because consumers love great tasting indulgent snacks. And as a reminder, because of our strength in confection, we are the #2 snacking player in the U.S. It’s our goal to capture more opportunity by expanding our portfolio of products to engage with our consumers who are snacking throughout the day, and who may be looking for savory or better-for- you snacks as well as the portfolio of products that we currently offer. We are fortunate to have the financial flexibility to not only invest in our candy brands, as we always have, and deliver strong returns to our shareholders at the same time, but to also invest in capturing these new incremental snacking occasions. Our long term aspiration is for our snacking portfolio to represent approximately 15-20% of our global sales.

2.) When will Hershey offer a greater selection of sugar free chocolate products? We know there is a growing number of consumers that are looking for great tasting treats with less sugar. As the #1 U.S. confection manufacturer, we are focused on leading the category to make better-for-you candy more affordable and accessible for everyone. This year, for example, we relaunched and rebranded our sugar free offerings and made more packaging sizes available to our customers as well. We’ve also invested in a start-up company with innovations in plant-based food ingredients using rare sugar alternatives that will enable us to deliver great taste to the consumer. And our R&D team has been working for years to create great-tasting, break through recipes that use these rare natural sugars that will enable us to continue to bring products to market as consumers demand them, as our investment in some of these technologies helps to increase the availability of them and also to decrease them as an ingredient cost. We’ll have more to share on that as we move forward.

3.) According to the Philadelphia Inquirer, Pennsylvania is the launching pad for 14 legislative proposals to restrict or complicate access to voting... the most of any state. What are you doing to add your corporate voice to the efforts against these measures? This is a very important issue, and we have been spending a lot of time speaking with and listening to all our stakeholders on a wide-range of societal issues. For voting specifically, we have recently joined a non-partisan alliance, along with many other companies, to voice our support at the federal level for the John Lewis Voting Rights Advancement Act. This act has bipartisan support, is research-backed, and aims to prevent voter abuses before they happen. We believe this bill will help ensure a healthy democracy, which we think is critical for the stability of society and for our economic system, and in turn for our business.

May 21, 2021 Page 1 of 11 4.) Can you comment on the 630:1 CEO pay ratio and what you feel is an appropriate target for executive pay? I do not believe peer comparison of executive comparison is always appropriate if the corporate "herd mentality" is ever-larger increasing ratios We take many things into consideration as we look at compensation for all of our employees, including our executives. As a publicly traded company our approach is performance-based, market competitive, and aligns with our short- and long-term goals. We believe our compensation practices are in the best interests of all our key stakeholders – including shareholders and employees.

5.) How much chocolate is still made in Hershey? Nearly half of the chocolate and candy that we sell in the U.S. is made right here in Hershey, PA at our 2 iconic plants right down the road from Milton Hershey’s house. Over 60% is made in the state of Pennsylvania and we manufacture approximately 85% of what is consumed in the U.S., in the U.S. We’re proud that in the past 2 years we have invested over $500M in capital expansion across our Pennsylvania facilities as well as our plants in Virginia, Illinois and Tennessee, and these investments have created approximately 500 new jobs in the U.S. And we are continuing to hire as we speak.

6.) Please tell us management's philosophy on returning cash to shareholders. Dividend increases vs. share buy backs. In addition, please tell us management's guidance on debt management. Our capital allocation priorities are centered around investing in the business and returning cash to shareholders. These priorities have been pretty consistent over the past several years. Our number one priority is business investment, including things like adding capacity at our plants or making investments in our digital capabilities. New capabilities that enable us to continue to win and thrive in the marketplace. Our dividend is a close #2 in terms of priorities. And we have paid that consecutively for over 90 years. We are committed to sharing at least 50% of our earnings with our shareholders. From a debt perspective, both our target and current levels of debt are below many of our peers as we generate a lot of cash. While we are willing to take on additional debt for strategic acquisitions, it is always with a clear path back to our target levels so that we can maintain our strong balance sheet and financial flexibility. One of the great and advantaged things about this company is our advantaged financial structure that enables us to satisfy all of these needs. And we still have additional cash to participate in share buybacks to further bolster our shareholder returns.

7.) What percentage of your company products are labeled as fair trade? I’d like to take this in two parts. The first is specific to Fair Trade - our barkTHINS brand, which we acquired several years ago and is sold in the U.S. and Canada, is both fair trade and non GMO. Secondly, Fair Trade is one of many different third-party environmental and social standards used in responsible sourcing, and responsible sourcing is one of our key sustainability priorities. More than 60% of our ingredients are certified to third-party environmental and/or social standards, including 100% of our cocoa. - Representative standards include Fair Trade USA, Rainforest Alliance, Roundtable on Sustainable Palm Oil, and Bonsucro.

May 21, 2021 Page 2 of 11 8.) Can you repeat how we can get our free box of chocolate and chocolate world discount? I appreciate the enthusiasm and passion for our products. To receive your free gift box, please go to thehersheycompany.com/ASM2021 to enter your name, address and control number by May 24th. This link can be found under the Investors tab. We are also offering our shareholders 20% off their online order and free shipping at shop.hersheys.com between now and June 30th. For your online order, just enter the code ENJOY20 upon checkout.

9.) My wife and I enthusiastically endorse your willingness to bring out new products using your existing brands (Reese's Snack Cakes) and licensing your brands to prestigious companies such as Kraft Heinz Foods (Colliders) and Flowers Foods (Mrs. Freshley's). What can we look forward to the rest of the year? I’m glad you are enjoying our broad array of products. We have some exciting innovation this year. You can look forward to Kit Kat Thins and Kit Kat Mocha, Reese’s Stuffed with Pretzels, Reese’s Snack Cakes, Chocolately PayDay, organic versions of Hershey and Reese, as well as more sizes of our Zero Sugar items.

10.) Many more branded (Hershey, Reese, Kit Kat, Payday) goods are now produced using confectioner's coating where palm oil replaces cocoa butter. This shift away from real chocolate produces bottom-line numbers while diminishing the brand. These products have no redeeming value other than to fill the belly. All while European manufacturers continue to grow by delivering quality, real chocolate products. Why has Management taken this approach to growth when the industry is under the intense scrutiny for aiding obesity? We stay very close to our consumers and let them be our guide to meet a wide variety of their needs. We take great pride in our ability to produce high-quality at a price that's affordable for our consumers. We always start with sourcing the highest-quality raw ingredients, including cocoa, dairy, sugar, and all our other key ingredients. And then we use the highest-quality manufacturing processes to make sure that we have quality as well as safety. We do regular testing in all of our manufacturing facilities, and also with consumers, to make sure that our products taste as great as they ever have. All of our Hershey’s, Reese, Kit Kat chocolate products use cocoa butter.

11.) Why don't you buy the cocoa farms from the farmers? Then employ the former owners as managers at a wage that is more than they make from their crop. Insist that they employ adults and not children. We take this very seriously and are committed to responsibly sourcing our ingredients. We have taken several steps to address child labor and to ensure farmers earn a living wage. We are one of the only chocolate manufacturers to achieve 100% certified cocoa. And that means farmers are receiving training and support to grow cocoa in a responsible, sustainable manor while achieving higher yields to bolster their incomes. We are incredibly proud of the work that we did against that target that we set several years ago and that we delivered upon. Farmers who participate in certification also receive a premium price for their cocoa, which further supports their families and communities. In addition, our commitment to have 100% of our cocoa from high risk countries direct sourced by 2025 is going to provide us with greater visibility into our supply chain. And it’s going to enable us to expand all the great programs we have to more farmers and communities. We will also be able to have 100% of our farms covered by the Child Labor Monitoring and Remediation System, a leading practice in the industry that has been proven to reduce instances of child labor by 30%.

May 21, 2021 Page 3 of 11 12.) Why set a range for targets of company performance? Why would one want to limit growth, just to meet a target? We are always looking to maximize our performance, but we want to do so in a sustainable way because we know that's important to our stakeholders. Our target ranges reflect the fact that the environment is volatile. Certainly, we've all seen that over the past 18 months. It's difficult to predict performance with pinpoint accuracy. Our goal is to be as transparent as possible with investors on the range of possible outcomes that could occur while simultaneously, we always strive to deliver the strongest sustainable performance possible

13.) Will Hershey set a deadline by which the company will ensure that it is paying cocoa farmers in its supply chain a living income? We recently published our living wage statement. And as part of that, we affirmed that we continue to pay a living wage for all full-time Hershey employees. We're also at the same time establishing new partnerships and programming in our cocoa supply chain that will allow us to directly measure farmer incomes in West Africa to better target our programs and investments focused on improving incomes. We're also strengthening the engagement that we've had in pre-competitive platforms and multi-stakeholder collaborations, and that is working with the industry as well as governments and NGOs that we feel are critical to enable an environment ultimately needed to promote a living income for cocoa farmers. Consistent with our peer companies, we have not yet set a timeframe for achieving a living wage in cocoa.

14.) The Chocolate World trolleys run on diesel fuel emitting clouds of black smelly exhaust. It's very unpleasant whenever I'm behind one in and around Hershey. How about switching to a cleaner source of power? Thank you very much for that suggestion. The trolleys are actually owned and operated by a valued third-party partner that we work with to help share the wonderment of Hershey's chocolate via Chocolate World. We have many planning sessions with them and at one of those future planning sessions, we will make sure that we discuss this idea.

15.) Has Hershey thought about assisting the Covax effort, the COVID-19 vaccine, that vaccines global access by supporting clinics and personnel providing outreach to get people vaccinated to stop the spread? We have been heavily involved in partnering with public and private institutions to set up direct access to the vaccine. We think this is very important to act as a facilitator and an enabler. In the US, we have dedicated clinics at all of our facilities. And in other countries around the world, we are partnering with governments to set up vaccine clinics and facilitate supply to our people. We are waiving costs for both tests and vaccines, providing time off to our employees to get vaccinated, procuring equipment, and even finding doctors for people. And we're also giving money to local vaccine efforts and food banks in places like India, Brazil, and Mexico, where we have businesses. In addition, we've also supplied oxygen to countries in need like India and Brazil. We remain committed to helping in this area to support our employees across the globe and doing everything that we can to provide access to vaccine to stop the spread.

May 21, 2021 Page 4 of 11 16.) As COVID-19 becomes better managed and we look forward to the end of the pandemic, we appreciate all the Hershey employees, many essential who works tirelessly, maintaining the production to support our quarantine baking. Thank you. As you reflect on the past year, are there takeaways or opportunities Hershey learned that would influence future strategies, operations, and success? Thank you for recognizing the Hershey employees and their incredibly hard and relentless work during this difficult time. I too am incredibly proud of them. As I think back on the last 15 months, certainly it's been a very challenging time and a tragedy relative to the impact on society and humans with the illness. But some of the takeaways for us during COVID-19 are that through this tragedy, we pulled together and banded together as an organization and were forced to be even better. It required us to be even more agile and that enabled us to be able to pivot as the environment and our consumers changed and to make decisions even more quickly than before. This was really a key enabler for us this past year. And it's something that we want to maintain into the future as we know that the world continues to change even more rapidly each and every year.

During this time, one example of what we were able to do was to shift our focus across our product portfolio to the products that consumers needed the most. Whether it was our chocolate products for consumers to enjoy at home, for example, in the backyard making Smores. As the government and CDC were telling people to stay at home, many people opened up the fire pit in their backyard, and we played an important role. Or whether it was treats for Easter baskets or trick or treating as consumers were looking for a little bit of normalcy in their lives, especially for their kids. We demonstrated that we could quickly adapt our manufacturing capabilities to both keep our workers safe and also continue to provide the highest quality chocolate for our consumers when they needed it most.

The other thing that really came through was the emotional connectivity of our brands. This has always been important. Not only do our products taste great, but they usually play a special part in consumer's lives, and even more so during COVID-19. We'll continue to leverage that as we move forward.

Finally, we also built new capabilities for flexible work arrangements, given that many of us had to work remotely and some element of that will stay going forward. I think that's going to give us even greater ability to provide our employees with more balance, balance that they really want and need, and also will enable us to attract new and different diverse talent.

May 21, 2021 Page 5 of 11 17.) Three years ago, under the Alien Tort Statute, the ninth circuit court of appeals ruled against two multinational corporations, producing chocolate finding grounds for their corporate liability enroll in aiding and abetting child slavery and forced labor in the Ivory Coast. The Supreme court has heard the case and decisions should be forthcoming. While aware of Hershey statement against slavery and human trafficking and the code of conduct and acknowledging Hershey was not named in the suit, has this ongoing legal action affected how Hershey operates, particularly in securing cocoa access from West Africa? When Hershey purchases the Coco, are you able to trace the inventory back to the original farm? Providing needed services in cocoa communities has been, and will continue to be, a priority irrespective of any lawsuit. In 2020, we announced three new cocoa related ambitions for 2025. First, we aim to achieve 100% direct- source cocoa from known farmer groups via our suppliers in West Africa. This means that we will know the communities and the farmers who source our cocoa from these regions. Additionally, we have committed to map 100% of Hershey supplied farm in West Africa, ensuring that we have accurate real-time monitoring through geospatial satellites. And finally, we've committed to scale the Child Labor Monitoring and Remediation system to 100% of our farms in West Africa. These initiatives will give us a clearer line of sight into where a cocoa is grown and how it was produced. And that will be a level of transparency that we've not had before. These investments will allow for a more data-driven and targeted approach to provide holistic support to farmers and their families and scale up programs to end instances of child labor. As of 2020, about 60% of our volume originating from West Africa was sourced directly through partnerships with our suppliers. That puts us well on our way to achieving this new 2025 commitment.

18.) Are there plans for a stock split? We are very pleased with the gains we've seen in our stock price and the value that it's delivered to our shareholders. We appreciate the question and the concern, and we've looked into the possibility of a split numerous times. We always relook it to make sure it's the right approach, but we have no plans to split at this time. We will continue to monitor and evaluate.

19.) Will next year's annual meeting be both virtual and in-person? As volatile as the environment has been, we have not yet made a decision on the format for next year's meeting. We know that many of our shareholders appreciate the opportunity to visit Hershey for our meeting. And we've also received a lot of positive feedback on the virtual format because it lets more of our shareholders have an opportunity to participate. So please reach out to our investor relations team to share your thoughts because we really do want to hear from all of you so that we can incorporate your feedback as we make our decision on next year.

May 21, 2021 Page 6 of 11 20.) Since Chocolate World is open, can local stockholders shop there and receive a discount rather than shopping online? Yes, but with limited capacity due to COVID-19. Chocolate world manages capacity with free timed ticketed admissions. Again, this is free, but it requires timed ticketing to ensure guest and employee safety. So please visit their website, which is https://tickets.hersheys.com/mainstore to schedule your visit. To receive a stockholder discount on your merchandise, please bring evidence that you're a shareholder such as your proxy card or an account statement to Chocolate World. Because of limited capacity, the discount will be offered from May 17th through June 30th.

21.) Would you please consider making Hershey-ettes available year round and in take home supermarket bags? We love Hershey-ettes and glad you do as well. We do not currently have plans to sell them in supermarkets, however, they are currently available at our Chocolate World locations and on our online store https://shop.hersheys.com/.

22.) Why can’t I, as a stockholder, receive any discount while visiting Hershey Park in Pennsylvania? Hersheypark and many of the entertainment and resort properties in Hershey, PA are wholly owned by Hershey Entertainment & Resorts, a privately held company which is 100% owned by the Milton Hershey School Trust. Because the park and these other properties are not owned or operated by The Hershey Company, it is not within The Hershey Company’s ability to provide shareholders with a discount on admission to any of these properties.

23.) My wife enjoys using Hershey products in her baking. Hershey's Cocoa is available at the supermarket in both 16 and 8 ounce sizes. However, Hershey's Special Dark Cocoa is only available in the smaller 8 ounce package. Can you tell me why the Special Dark Cocoa (the preferred favorite) is only available in the smaller size (and not the 16 ounce package) We are glad you like our Special Dark Cocoa! Fewer consumers purchase and bake with our Hershey’s Special Dark Cocoa. Based on current demand, the 8oz package best meets most consumers’ needs.

24.) Could Hershey consider giving longtime shareholders who own more than 500 shares discounts or perks? We regularly monitor the marketplace to make sure Hershey is competitive in the shareholder value it is creating, both in terms of business results, dividends, and shareholder benefits, like perks. We do not currently have plans to implement ongoing perks for our shareholders, but we are, once again, providing a free box of our products to shareholders that attend the annual meeting and a 20% discount to our online store. Please follow up with our Investor Relations department if you need any assistance with these benefits.

May 21, 2021 Page 7 of 11 25.) Would you consider working with Liberia to develop a Cocoa infrastructure to diversify your supply? We partner with many different countries to source high quality cocoa beans and achieve our unique blend to deliver the great taste consumers love. We do and will continue to invest in these countries to support both farmers and their communities.

26.) With the recent news of cyber criminals ramping up activity on the supply chain and organizations, what is Hershey IT/InfoSec doing to prevent and/or detect malicious activity like a ransomware attack? This is one of our top priorities from a cyber perspective. Our Information Security training program includes security awareness training, including regular phishing simulations, acceptable use training, and other targeted trainings throughout the year. Additionally, we are working directly with our partners in supply chain to integrate end-to-end cybersecurity solutions in their operations processes. We utilize third parties to test these solutions on a regular basis. Annual third-party audits are also conducted on penetration testing and overall program maturity. The results of these audits are then used to inform and enhance our enterprise-wide continuous improvement efforts to not only prevent, but also to detect, respond to and recover from potential cyber threats.

27.) I miss full-size and giant Krackel bars. Any chance of seeing them again? The last ones I could get, years ago, tasted great! We do not currently have plans to bring back full-size and giant Krackel bars, but you can continue to enjoy them through our Hershey Miniatures bags.

28.) Are any of your products gluten free? If so, are they labeled as such? Many of our chocolate products, with the exception of Kit Kat, are gluten free. Please visit our website for a complete list of our gluten free products: https://www.thehersheycompany.com/en_us/whats-inside/gluten- free.html

29.) How has the employee work model changed during the pandemic, and will changes continue as a new work model - i.e. full time remote, hybrid work from home, etc. Many of our employees work in manufacturing facilities and retail stores and, as such, have continued to work on- site during the pandemic to keep consumers stocked with their Hershey favorites. Our office based employees have largely worked remotely since the pandemic began. We know all of our teams want to have some degree of flexibility when, how and where they work, and we are actively working to take advantage of flexible and remote work opportunities now and into the future.

May 21, 2021 Page 8 of 11 30.) As the CEO of Hershey, what keeps you up at night? The pace of change continues to accelerate, requiring more agility and different leadership. The world is evolving on every dimension. The implementation of technology has changed how consumers consume media and how they shop. This requires us to think differently about how we communicate with them and how we allocate resources within our organization. How can we keep pace with significant advancements in technology, data and analytics to operate even more effectively and efficiently? How can we respond to changing demographics and priorities of different generations and continue to evolve to meet their needs? This past year required more agility, and our teams did a phenomenal job responding. But the pace of change will continue to accelerate, and we’ll need to continue adapting.

31.) Does Hershey have a commitment & strategic plan to diversity and inclusion among its Board of Directors? We have a commitment and strategic plan to increase diversity across the entire organization, including our executive team and board of directors. Our Corporate Governance Guidelines identify diversity as one of the key qualifications, attributes and skills our board looks for in all directors, and we are proud that more than 50% of our current board of directors are diverse. In addition, we have heightened our efforts to develop future diverse leaders and grow their skill base. We have set stretch goals to increase the number of diverse suppliers we partner with and strengthened our existing partnership with Thurgood Marshall College Fund by establishing the first-ever endowed scholarship for food science. We have also established new partnerships with the Equal Justice Initiative and Asian Americans Advancing Justice organization. And we have enhanced our recruiting process to ensure that we have diverse slates and diverse interview teams for all roles.

32.) As the world begins to 'reopen' and people become more health conscious, will there be a push to market the more healthier options like the zero sugar candies and the SkinnyPop & Pirate's Booty brands? Our goal is to deliver on our consumers’ snacking needs – whether they are seeking our chocolate brands for comfort and connection or our better-for-you snacks like SkinnyPop and Pirate’s Booty. We know indulgent foods played an important role in many consumers’ lives during the past year, and we do expect some of that behavior to sustain as we go forward. We also know there are many consumers that are looking to eat healthier and reduce sugar intake, and we are committed to providing options to meet those needs both within our confection and broader snacking portfolios. This past week we entered into an agreement to acquire Lily's, the high-growth, better- for-you (BFY) confectionery brand. Lily's low-sugar products include dark and milk chocolate style bars, baking chips, peanut butter cups and other confection products that fit Hershey's multi-pronged better-for-you snacking strategy. Lily's will add a key better-for-you confection brand to Hershey's portfolio of iconic chocolate and candy favorites.

33.) In my local grocery store (Kroger), Hershey has lost shelf space in baking chips to Nestle and the store brand. Has the relationship with Kroger changed? We continue to have great relationships with all our retailers, including Kroger. It is common for shelf sets to change regularly and some items to be removed while others are added to the shelf. Over the years we have done a great job maintaining our growing shelf space, and we expect that to continue this year as well.

May 21, 2021 Page 9 of 11 34.) As a shareholder, is there anything we should be doing at our local supermarket like reporting empty bins, or missing products? We appreciate your dedication, and our employees share your passion. It is not uncommon to see them straightening up shelves or alerting associates to out of stock items when they visit a store! Rest assured, we have a dedicated team in stores every day to address issues such as these if they arise.

35.) Would you consider opening a plant on the west coast of the United States to help with emissions? We take a lot of things into consideration as we evaluate our manufacturing footprint, including the impact it has on our environment. We recently announced ambitious goals to reduce our greenhouse gas emissions to combat climate change and will be reporting on our progress annually.

36.) With peanut allergy customers, do we have enough items made in peanut free plants? We offer a variety of peanut and allergen free products and are always evaluating consumer trends in each of the countries we operate to determine what, if any, changes we need to make.

37.) Will management commit to limiting themselves to encouraging our employees to getting the Covid vaccine? Vaccinations are a critical step in helping our business return to a new normal, with less restrictions and protocols and we continue to offer vaccination clinics at our facilities.

38.) You mentioned 'Savory' earlier. Is Hershey organically creating any Savory items, and if not, is there any potential acquisition of savory items to add the Hershey brand? We do not have plans to launch any savory brands at this time. While many consumers appreciate the combination of sweet and savory, our iconic confection brands play a role of indulgence for our consumers, so we do not have plans to launch any savory only items under those brands. We will continue to focus on growing our our Skinny Pop and Pirate’s Booty brands through marketing, distribution and innovation.

39.) Do you perceive the growing stock price as a result of a strong stock market or company innovations? Both. Our growing stock price reflects investors’ confidence in our strategies, our strong financial performance, and broader marketplace gains.

40.) Will the Hershey company and all its facilities continue with ongoing hand sanitizer and increase in safety measures as we all have done during the pandemic to continue to work against the covid 19 virus? We will continue to take measures to keep our employees safe, guided by the latest science. As the science evolves, we will evaluate our current protocols to determine if any changes are appropriate.

May 21, 2021 Page 10 of 11 41.) Why only Zero is only sold at Hershey Park? Zero is one of our smaller brands, but has a very loyal consumer base. While not in many stores, it can be found in several retail outlets across the country. For help on where to find Zero close to you, please reach out to our consumer relations team at https://www.thehersheycompany.com/en_us/home/contact-us.htm or by calling 1-800- 468-1714

42.) What's your favorite Hershey candy? I love so many of our brands, but Reese’s Take 5 is my favorite candy product!

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