Investor Presentaiton

Nestlé 2023 Half-Year Results Thursday 27th July 2023 And then secondly, just on the margins and currencies, that was a 10 basis point negative for you in H1. Is that likely to be a bit greater in the second half given how strong the Swiss franc has been recently? François-Xavier Roger, Nestlé SA, Chief Financial Officer: So you said it, it will bring us probably to around 8% in terms of level in the second half. Is it going to continue increasing, that's the intention, indeed. We value the fact of investing behind our brands. I can't give you a normalized level because it's difficult to define especially so that I mean we get quite a lot of efficiencies through these programs as well. But clearly, the idea is to increase the level of spend by 100 basis points or more in H2, and then to continue increasing, certainly in the coming years as we see that as a good driver of growth and especially so after we expect to get less supply chain constraints, which was a limitation in our marketing spend last year. The currency development is always difficult to forecast. We had quite a lot of negative developments in H1. We are entering into a period later in the year 2023, where if I can say so, the comps are a little bit more favorable. So if foreign exchange rates on average were staying where they are today, we would not see a further deterioration of the negative contribution from Forex for the latter part of the year. But once again, I don't want to speculate because it's very difficult to forecast, and this is something that we do not control. Luca Borlini, Nestlé S.A, Head of Investor Relations: Next question is from Jeff Stent at Exane. Question on: Arrival of new CFO Jeff Stent, Exane BNP Paribas Just one question, and perhaps this has been disclosed somewhere but I missed it. But when will the new CFO will be joining Mark Schneider, Nestlé S.A. Chief Executive Officer: So when we made the announcement in late May, early June, we said that there was going to be a customary 12-month notice period for the new CFO. So that would make June 1, the latest potential join date. Obviously, we're very, very interested in having her join much sooner than that. And while I understand that, of course, we have to respect notice periods we have some hope that the London Stock Exchange would follow standard industry practice and potentially release her earlier. 25

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