Third Point Management Activist Presentation Deck

FURTHERMORE, INTERNAL PROBLEMS HAVE YET TO BE SUFFICIENTLY ADDRESSED STRATEGY Strategy vaguely defined and raises questions about focus and capital allocation Source: Third Point LLC THIRD POINT Nestle PORTFOLIO Management not moving quickly enough to exit underperforming and non-strategic businesses ORGANIZATION Insular, complacent, and bureaucratic organization is overly complex, moves glacially, and misses too many trends 14

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