-81 bps-50 bps+53 bps +61 bps +3 bps +20 bps

…20152014

Source: Euromonitor

(1) Danone : including Stonyfield and YoCrunch Source: IRI Multi Outlet

≈ ≈≈

+1 ptSource: Nielsen / IRI Data

+1pt

≈

> +30%

> +20%

≈ +10%

> +20%

> +30%

≈

≈

…20152014

Q1 15 Q2 15 Q3 15

HEADWINDS WITHIN

SOME MARKETS

≈

≈

CAPITAL DISCIPLINE

• Reinforce expertise & ability to support the business

• Improve Compliance

• Leverage scale and efficiency through transversality

≈

≈

≈

EFFICIENT

OPERATIONSRIGHT

PORTFOLIO

PRGM