Trian Partners Activist Presentation Deck slide image

Trian Partners Activist Presentation Deck

Danone: A Compelling Value Trian believes Danone is significantly undervalued with significant potential upside over the long term ■ ▪ In our view, management has, on the whole, run Danone well and takes pride in performance CEO Franck Riboud, since taking over in 1996, has transformed Danone from an unfocused company to having one of the best positioned portfolios in the large-cap food space ▪ While there are cultural and corporate governance differences in France versus the US or UK, we believe there are opportunities to improve performance that can drive increased shareholder value - Continue to push for leaner cost structure to offset headwinds in Europe and allow for core investments in R&D and marketing (unlike slower-growth peers watching every dollar spent, Danone has been able to rely more on top-line) Adopt balanced approach to driving value (both sales AND EPS growth) Refrain from dilutive M&A ▪ We look forward to engaging management in a constructive dialogue Source: Company website. - 14 -
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