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Investor Presentaiton

OUR UNDERPERFORMANCE STEMS FROM SEVERAL FACTORS CORE PORTFOLIO INNOVATION EXECUTION Lack of focus on the Core Late and sub-scale Inconsistent execution Inconsistent category ownership SKU proliferation Sub-optimal service levels 1 Share Of Voice ACTIVIA subifidus ACTIVIA u bifidus Pruneau ACTIVIA au bifidus Fraise Mangue INVESTMENTS A&P spend (2017-2021) -20% Danone SoV1 - Dairy (2015-2019) -40% -50% ++ DIAGNOSIS 7

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