Trian Partners Activist Presentation Deck
Disclosure Statement and Disclaimers
General Considerations
This presentation is for general informational purposes only, is not complete and does not constitute an agreement, offer, a
solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof
(whether on the terms shown herein or otherwise). This presentation should not be construed as legal, tax, investment, financial
or other advice. It does not have regard to the specific investment objective, financial situation, suitability, or the particular need
of any specific person who may receive this presentation, and should not be taken as advice on the merits of any investment
decision. The views expressed in this presentation represent the opinions of Trian Fund Management, L.P. ("Trian Partners")
and the funds and accounts it manages (collectively, the "Funds"), and are based on publicly available information with respect to
Danone (the "Issuer") and the other companies referred to herein. Trian Partners recognizes that there may be confidential
information in the possession of the companies discussed in this presentation that could lead such companies to disagree with
Trian Partners' conclusions. Certain financial information and data used herein have been derived or obtained from filings made
with the Securities and Exchange Commission ("SEC") or other regulatory authorities and from other third party reports.
Trian Partners has not sought or obtained consent from any third party to use any statements or information indicated herein as
having been obtained or derived from statements made or published by third parties. Any such statements or information should
not be viewed as indicating the support of such third party for the views expressed herein. Trian Partners does not endorse third-
party estimates or research which are used in this presentation solely for illustrative purposes. No warranty is made that data or
information, whether derived or obtained from filings made with the SEC or any other regulatory agency or from any third party,
are accurate.
Neither Trian Partners nor any of its affiliates shall be responsible or have any liability for any misinformation contained in any
third party, SEC or other regulatory filing or third party report. There is no assurance or guarantee with respect to the prices at
which any securities of the Issuer will trade, and such securities may not trade at prices that may be implied herein. The
estimates, projections, pro forma information and potential impact of the opportunities identified by Trian Partners herein are
based on assumptions that Trian Partners believes to be reasonable as of the date of this presentation, but there can be no
assurance or guarantee that actual results or performance of the Issuer will not differ, and such differences may be material.
This presentation does not recommend the purchase or sale of any security.
Trian Partners reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Trian
Partners disclaims any obligation to update the data, information or opinions contained in this presentation.
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