Third Point Management Activist Presentation Deck

PORTFOLIO - RECOMMENDATION: BE BOLDER IN RE-SHAPING THE PORTFOLIO Segment portfolio into three buckets: focus, develop, divest Divest as much as 15% of sales to better align portfolio around key categories Source: Third Point LLC THIRD POINT Nestle Monetize non-core financial stake in L'Oréal Use proceeds from divestitures for acquisitions and share repurchases 21

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