Third Point Management Activist Presentation Deck

NESTLÉ HAS BEEN LATE TO PARTICIPATE IN KEY TRENDS DRIVING GROWTH IN THE FOOD AND BEVERAGE INDUSTRY Source: Third Point LLC; Google Images THIRD POINT YAN Nestle Ella's kitchen a2 Milk La Croix BLUE → Missed large trends that drove growth across food & beverage, e.g. natural pet food, organic baby food, flavored sparkling water, etc. → Slow to renovate legacy brands with more modern attributes → Failed to leverage enormous R&D budget with successful innovation at scale → Not enough acquisitions of fast-moving smaller brands to better participate in growth NEWER BRANDS TOOK SHARE, WHILE NESTLÉ HAS FALLEN BEHIND 7

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