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 Markets

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