Third Point Management Activist Presentation Deck

PORTFOLIO STILL SUBOPTIMAL Too much exposure outside key categories Nestlé sales mix, % THIRD POINT Other categories 47% Coffee, Petcare, Water, Nutrition 53% Nestle Other categories structurally disadvantaged Less aligned with "nutrition, health and wellness" strategy Typically slower growth and lower margin Note: Nestlé sales mix disclosed at 2017 Investor Seminar. Source: Third Point LLC; Nestlé company materials Fewer barriers to entry 18

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