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MANAGE OUR PORTFOLIO ACTIVELY PRUNING AND STRENGTHENING OUR PORTFOLIO RECENT DISPOSALS VeGa RECENT ACQUISITIONS Yakult DANONE ONE PLANET. ONE W 达能特殊营养品(青岛)有限公司 DANONE DANONE SPECIALIZED NUTRITION IQINGDAOICO.LTD. Aqua d'Or MENGNIU 夢半 Committed to all our categories Value creation imperative in everything we do (keep, buy or sell) FOLLOW YOUR HEART® REALFOOD BLENDS™ MEALS FOR PEOPLE WITH FEEDING TUBES We will keep pruning - No sacred cows SCOPE FOR PORTFOLIO ROTATION EQUIVALENT TO ~10% OF NET SALES MANAGE OUR PORTFOLIO 33

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