Third Point Management Activist Presentation Deck

OPPORTUNITY TO TAKE ADVANTAGE OF SIGNIFICANT VALUATION DISPARITY BETWEEN NESTLÉ AND L'ORÉAL L'Oréal now trades at significant premium THIRD POINT 40x Nestle 20x Ox 30.4x L'Oréal 20.2x Nestlé Monetizing stake could unlock value and drive mid-single digit % EPS accretion Market Cap CY18 Consensus Net Income 0% 4% 8% 9.0% 12% 13.5% Note: Multiples as of June 29, 2018; Nestlé owns 23.12% of L'Oréal; EPS accretion math assumes L'Oréal stake sold and Nestlé shares repurchased at market prices as of June 29, 2018. Source: Third Point LLC; Bloomberg 16% 25

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