Trian Partners Activist Presentation Deck slide image

Trian Partners Activist Presentation Deck

Health-Focused Portfolio Large-cap food companies covet health & wellness businesses Nestle acquisition of Pfizer Infant Nutrition for 19.8x EBITDA October 2012 Whitewave IPO (organic milk): trading -24x 2013 EPS Developed market grocers (Whole Foods / Fresh Market) north of ~30x forward EPS ■ ▪ While some peers are moving to nutritionally-focused portfolios, Danone is already there... Example 1: Nestle "In the last [few] years, we have really been aligning the whole company very strongly behind our agenda, which is nutrition, health and wellness... -Paul Bulcke, CEO, Sept 2012 Nestle's Less Healthy Brands... Chocolate Ice Cream Frozen Butterfinger Dreyers DIGIORNO CRUNCH Xtreme KitKat Cailler Häagen-Dazs KE CREAM Nestle 99 HOT POCKETS Stouffers TOMBSTONE Source: Investor presentations, conference call transcripts. Example 2: PepsiCo "Big trend, health and wellness this is no longer a trend or a fad. This is here to stay. Profound changes are underway... " -Indra Nooyi, CEO, Feb 2011 Pepsi's Less Healthy Brands... Salty Snacks CSD PEPSI Mountary - 10- Doritos Nacho Cheese Lay's Classic Danone: Health-Focused FRESH DAIRY PRODUCTS Developing a well being category worldwide ACTIVIA BABY NUTRITION Supporting growing children Every step of the way AD Aptamil WATERS Hydratation and elimination Bring health through food to the largest number of people evian MEDICAL NUTRITION Nutritional support for persons in fragile health Fortima neocate
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