Trian Partners Activist Presentation Deck
Strong Emerging Market Presence
■
In the US, companies with relatively higher Emerging Market exposure have
delivered differentiated top-line growth and receive premium valuations (e.g.
Heinz, Mondelez)
▪ Danone has greater Emerging Market exposure at 52% than most of its peers
and is growing at similar or better rates in these markets
% Emerging Market Exposure
Mead Johnson
Unilever
Danone
Mondelez
Nestle
Heinz
Kellogg
Hershey
General Mills
Con Agra
Campbell 3%
Kraft Foods 0%
9%
6%
14%
11%
21%
44%
40%
54%
52%
66%
Emerging Market Share of Future Growth
Over the Next Decade
70%
94%
Share of Population
Growth
Emerging Markets
72%
Share of Consumption
Growth
0% 10% 20% 30% 40% 50% 60%
Source: Danone and Unilever investor presentations, SEC filings, Annual Reports, conference call transcripts.
Note: Danone emerging market exposure as of June 30, 2012. Kellogg emerging markets pro forma for Pringles acquisition. Estimates 6% for ConAgra: foreign net sales were 12% of
total in FY 12, and assumes 50% of foreign sales were to emerging market economies.
9 -
Developed MarketsView entire presentation