Kerry Group Plc · EURONEXT:KRZ

Kerry — Investor Day (2021)

77 slides from Kerry's investor day presentation, 2021

Slide 1: Winning With Authentic Taste
Winning With Authentic Taste
Slide 2: Winning With Authentic Taste
Winning With Authentic Taste Enabling Sustainable Nutrition Through Great Taste © Kerry 2021 | 2 |
Slide 3: #1 in Savoury Taste Solutions for Meat and Snacks
#1 in Savoury Taste Solutions for Meat and Snacks
Slide 4: Leading Market Dynamics in Savoury Meat & Snacks
Leading Market Dynamics in Savoury Meat & Snacks © Kerry 2021 | 4 |
Slide 5: Our #1 Positioning in Savoury Taste for Meat & Snacks
Our #1 Positioning in Savoury Taste for Meat & Snacks Technology Area Smoke #1 Grill #1 Dairy Taste #1 Fermentation Global Leader (Umami & Kokumi) Stocks Global Leader Savoury Flavours / Global Leader Reaction Flavours Meat & Snack Systems Global Leader The combination of these leading positions dif
Slide 6: Create a consumer preferred taste in customer's chicken sandwich
Customer Challenge Create a consumer preferred taste in our customer’s Chicken Sandwich that will make their stores the destination of choice © Kerry 2021 | 6 |
Slide 7: Delivering a Consumer Preferred Chicken Sandwich
Delivering a Consumer Preferred Chicken Sandwich Why you pick it up: Core taste Optimising Nutrition: Modulation Descriptive Intrigue: Characterising taste Why you can’t put it down: Deliciousness = Consumer Preferred © Kerry 2021 | 7 |
Slide 8: Leading Partner in Taste Solutions for Nutritionally Optimised Products
Leading Partner in Taste Solutions for Nutritionally Optimised Products
Slide 9: Market Dynamics Driving an Acceleration in Nutritionally Optimised Products
Market Dynamics Driving an Acceleration in Nutritionally Optimised Products © Kerry 2021 | 9 |
Slide 10: Our Leading Portfolio of Taste Solutions for Nutritionally Optimised Products
Our Leading Portfolio of Taste Solutions for Nutritionally Optimised Products Technology Area Proprietary processing and Modulation – Sugar ✓ technology Combination of scientific Masking & Mouthfeel ✓ knowledge and proprietary technology Global leadership in fat and dairy Modulation – Fat ✓ taste an
Slide 11: Customer Challenge: vegan, salt reduced, dairy-type crisp
KERRY Customer Challenge: How to create market winning Taste in a vegan, salt reduced, dairy-type crisp
Slide 12: Creating a winning nutritionally optimised dairy-type crisp
_ > Creating a winning nutritionally optimised dairy-type crisp d — ie = overall Profile Bland Poor Aroma Bitter S, Cereal cL a 2 - es © cae = Low Cheese Impact Cardboard © Kerry 2021 | 12| Fatty
Slide 13: Creating a winning nutritionally optimised dairy-type crisp
Creating a winning nutritionally optimised dairy-type crisp © Kerry 2021 | 13| Balanced No Bitterness Neutral Low Aroma Fatty
Slide 14: Creating a winning nutritionally optimised dairy-type crisp
Creating a winning nutritionally optimised dairy-type crisp © Kerry 2021 | 14 | Middle Tast Creamy Cultured Dairy Umami Delicious
Slide 15: Creating a winning nutritionally optimised dairy-type crisp
Creating a winning 4 nutritionally optimised 4 dairy-type crisp T Creamy Dairy Impact Cheese Salty © Kerry 2021 | 15]
Slide 16: Creating a winning nutritionally optimised dairy-type crisp
Creating a winning nutritionally optimised dairy-type crisp © Kerry 2021 | 16 | Dairy Creamy Deliciousness Cheesy Umami Balanced Strong Aroma
Slide 17: Global Leader in Natural Taste Solutions for Beverages
Global Leader in Natural Taste Solutions for Beverages
Slide 18: Market Dynamics Leading to Growth in Natural Beverages
Market Dynamics Leading to Growth in Natural Beverages © Kerry 2021 | 18 |
Slide 19: Our Leading Portfolio of Natural Taste Solutions for Beverage
Our Leading Portfolio of Natural Taste Solutions for Beverage Technology Area Global leader in Citrus Oils, natural extracts Extracts & Flavours ✓ Broadest range of extracts in Coffee Extracts ✓ the industry Global leader in Cocoa Extracts ✓ low/no alcohol solutions Botanical Extracts ✓ Proprietary
Slide 20: Customer Challenge: consumers want the real thing
KERRY Customer Challenge: Consumers want the real thing - the tingling, bitterness & burn of alcohol, in a sophisticated drink that does not compromise their wellness goals.
Slide 25: Winning With Authentic Taste: Enabling Sustainable Nutrition Through Great Taste
Winning With Authentic Taste Enabling Sustainable Nutrition Through Great Taste Breadth and depth Leading Technical Unique market across our leading Expertise at the access Technology Portfolio intersection of Taste & Nutrition © Kerry 2021 | 25 |
Slide 26: A Radicle Approach To Plant-Based Innovation
A RadicleTM Approach To Plant-Based Innovation
Slide 27: Dynamic Plant-Based Market - Accelerating Growth
Dynamic Plant-Based Market - Accelerating Growth €3.2bn 2021 1 +12% CAGR 2021-2026 1 €32.6bn Consumer Market 2021 © Kerry 2021 | 2 | 1Data reflects Kerry addressable plant-based ingredients market
Slide 28: Consumer Drivers - Shaping the Future of Plant-Based
Consumer Drivers - Shaping the Future of Plant-Based Sustainability >60% of European consumers cite ethical and environmental issues Taste Clean Label as key motivators Experience US consumers expect plant-based Most important products to be made attribute for plant- with real and based food and rec
Slide 29: A Radicle Approach to Plant-Based Products
A RadicleTM Approach to Plant-Based Products • Taste, nutrition and functionality • 20+ years in plant-based products • Food science & nutrition experts • Building blocks and total solutions • Rich meat and dairy heritage • End-to-end collaborative approach • Unrivalled innovation capability • Globa
Slide 30: Radicle by Kerry - An Unparalleled Portfolio for Plant-Based
Radicle™ by Kerry - An Unparalleled Portfolio for Plant-Based Modulation Broad Range of Shelf-life Solutions Diverse Portfolio of Sustainably Nutritional Optimisation/Enabling TasteSense™: - Extension & Food Safety Sourced Proteins Sustainable Taste Masking | Mouthfeel - Clean label & conventional a
Slide 31: Leadership in Culinary Craft and Science
Leadership in Culinary Craft and Science 40+ years experience in authentic from-food- for-food heritage 70+chefs across 16 20+ countries years in plant-based © Kerry 2021 | 6 | 11+ global sensory locations
Slide 32: The Fully Integrated Radicle Approach
The Fully Integrated Radicle™ Approach Consumer Plant-Based Portfolio Fundamentals & Drivers Differentiators Meat Alternatives Taste Experience Food Craft & Dairy Alt Beverage (Taste, Texture, Mouthfeel) Culinary Expertise Chef-led from- Cheese food-for-food approach Nutritional, Clinical Expertise
Slide 33: Future Proofing – Our Winning Approach to Plant-Based
Future Proofing – Our Winning Approach to Plant-Based Enabling & Market Knowledge Investing Product Innovation Globally connected, Technology, Next generation locally led capability and of plant-based sustainability solutions © Kerry 2021 | 8 |
Slide 34: Solving The Food Waste Challenge
Solving The Food Waste Challenge
Slide 35: There is enough food to feed the world
There is If the world reversed the current trend of enough food food loss and waste, we would to feed the preserve enough food to world feed 2 billion people Food waste impacts our ability to nourish people 3x That's three times the amount of undernourished people on the planet today – 693 million p
Slide 36: The Time to Solve the Challenge is Now
The Time to Solve the Challenge is Now One-third New F&B launches with a food waste/upcycling claim of global consumers of all food produced ends up as waste 78% associate food waste with sustainability¹ 700 600 Indexed number of launches (Apr 2016 – Mar 2017 = 100) $936bn 500 food loss and waste co
Slide 37: Where Does Food Waste Come From in The Supply Chain?
Where Does Food Waste Come From in The Supply Chain? Production Post Consumer losses harvest Processing/ Distribution/ losses handling/ packaging retail storage FOOD LOSS FOOD WASTE Food loss is highest in Food waste is highest in emerging markets developed markets Most influenced by: • Supply chain
Slide 38: Where is the Opportunity to Improve?
Where is the Opportunity to Improve? The average American of consumer food In emerging markets Many sources of consumer wastes 1 waste could be 60% food loss can be 10x more food annually than 2 prevented by extra shelf-life of food waste occurs 1:1 directly addressed by early in the supply the same
Slide 39: Bakery and Meat are the Highest Food Waste Categories
Bakery and Meat are the Highest Food Waste Categories In 2020 Kerry and Niacet extended Bakery is the highest the shelf-life of volume category of food waste globally ~72 billion loaves of bread by up to 75% Meat is the highest #1 Provian® can value category of food waste globally category for consu
Slide 40: Kerry's Shelf Life Portfolio
Kerry’s Shelf Life Food Loss Days Reduction Uniformity Portfolio Process Replacement / Uniform Appearance Helps Yield Supply Enhancement Customers Chain Resilience Reduce Food Process Food Waste Optimisation Waste Spoilage Inhibition Reduction Beyond Heat Stability Preservation Food Safety Anti-Stal
Slide 41: Bettering Buns for Quick Service Burgers
Bettering Buns for Quick Service Burgers Sustainable Innovation Match / Extend shelf-life Improve consumer Regulatory Customer Need & reduce discards product appeal expertise UpGrade™ Biobake™ Process Emulsifiers Preservation ingredients Fermentation Kerry Value Add & shelf-life studies expertise te
Slide 42: Reaching Craveable Refrigerated Plant Protein
Reaching Craveable Refrigerated Plant Protein Sustainable Innovation Improved taste Globally Solve for extended connected, Customer Need refrigerated shelf-life at end of shelf- locally led life regulatory Multi- ingredient Expertise to Sodium-free Science-backed Solution Kerry Value Add improve pro
Slide 43: Kerry Food Waste Reduce & Reuse Solutions – Market Opportunity
Kerry Food Waste Reduce & Reuse Solutions – Market Opportunity Market Opportunity > €3.0bn Enzymes Circular Stocks Attainable technology opportunity for Kerry to help customers formulate to Emulsifiers Protein reduce their food waste CUSTOMER conversion Where we can't reduce food waste, we can Flavo
Slide 44: Delivering on Circular Economy: Authentic Taste for Stocks and Broths
Delivering on Circular Economy: Authentic Taste for Stocks and Broths Sustainable Innovation High protein Authentic Trusted Zero waste Customer Need to landfill bone broth Taste source Circular Economy: Purchasing from Creating an organic Bones Authentic chicken broth, fat turned into Kerry Value Ad
Slide 45: Kerry is Leading in Creating a World of Sustainable Nutrition
Kerry is Leading in Creating a World of Sustainable Nutrition Food Waste is We have the The potential for an attractive, high Capabilities and Sustainable Nutrition growth market Solutions to help Impact is endless our customers end to end © Kerry 2021 | 12 |
Slide 46: Health & Bio-Pharma
Health & Bio-Pharma
Slide 47: Food for Health, for Life
Food for Health, for Life Wellness | Nutrition | Prevention | Treatment © Kerry 2021 | 2 |
Slide 48: Success in HEALTH Requires Differentiated Capabilities
Success in HEALTH Requires Differentiated Capabilities • Science backed products • Trusted & validated clinical data • Superior regulatory & quality standards • Strong product and ingredient brands • Nutrition empowered by taste Wellness | Nutrition | Prevention | Treatment © Kerry 2021 | 3 |
Slide 49: Evolution of the Health Market & Industry Response
Evolution of the Health Market & Industry Response Major CPG customers are acquiring emerging brands to play in the functional space Proactivity Toward Health 6 in10 motivated to buy proactively seek a healthy lifestyle 37% 11% added functional growth in annual product after benefits from their laun
Slide 50: Consumer Health & Wellness Need States
Consumer Health & Wellness Need States Supplements Market Functional F&B Market Retail Values Retail Values Immune Immune Weight Health Management Health Weight $16.4bn $16.4BManagement Digestive Size $16.4bn $95bn Health Size $75bn Joint Digestive Health Joint Health $8.6bn Health Heart $11bn $15bn
Slide 52: Leading portfolio of science-backed branded ingredients
Leading portfolio of science-backed branded ingredients Our Technology Portfolio & Capabilities Bring Unrivalled Value to Our Customers Cognitive Digestive Immune Joint Heart Women’s Health (Stress/Sleep) HAS-II Digestive Immunity Cognitive (Stress/Sleep) #1 The only probiotic in the world approved
Slide 54: Kerry Pharma – Charting New Territories to Create a Healthier World
Kerry Pharma – Charting New Territories to Create a Healthier World Oral Solid Dose (OSD) Customer Partnerships Vaccines Global Market Reach Diagnostics Leading Market Positions Biotechnology & Integrated Biologics Pharmaceutical Solutions Global Regulatory Knowledge Portfolio Renal Disease APIs Pro
Slide 55: Science & Technology – Underpinning Growth Through Innovation
Science & Technology – Underpinning Growth Through Innovation Discovery Proprietary probiotics, bioactives, Globally recognised scientific postbiotics, proteins, enzymes, thought leadership botanicals, artificial intelligence digital tools Delivery & Bioavailability Screening Platforms Excipients, c
Slide 56: Market Leading Immune Health Functional Beverage
Market Leading Immune Health Functional Beverage Dry Beverage Nutrition Empowered by Taste Solution Non-GMO Consumer Immune project Consumer Customer Need & category support preferred verified insights technology taste ingredients Integrated Solution Delivery Kerry Value Add system Natural Taste tec
Slide 57: Global Partnership to deliver mastitis care innovation
Global Partnership to deliver mastitis care innovation for breastfeeding mothers New Category Innovation Consumer/ Convenient Strong Innovation Customer Need category delivery clinical at pace insights format validation Integrated Solution Clinically- Probiotic Kerry Value Add Global backed applicat
Slide 58: Protecting the Public's Health
Protecting the Public’s Health Vaccinations represent the most effective strategy to prevent infectious diseases Kerry’s cell media technology supports superior growth performance and vaccine protein expression Kerry’s Superior #1 global provider Validated Cell Media of protein superior Global Best
Slide 59: Food for Health, for Life: Kerry is the Partner of Choice
Food for Health, for Life Kerry is the Partner of Choice Consumer and Nutrition Clinically Global Customer empowered backed footprint focus/insights by Taste technology portfolio © Kerry 2021 | 14 |
Slide 60: Winning Locally in Emerging Markets
Winning Locally in Emerging Markets
Slide 61: The Dynamic Evolving Consumer in Emerging Markets
The Dynamic Evolving Consumer In Emerging Markets Home to over 6.7 Billion Dynamic and Love for Local Authentic Taste Premium Value Equation Rapidly Evolving Consumers Health & Wellbeing Sustainable Consumption Digital Convenience Trust & Transparency © Kerry 2021 | 2 |
Slide 62: The Opportunity Ahead in Emerging Markets
The Opportunity Ahead In Emerging Markets 80% 85% World’s World’s Countries Population 70% 40% World’s Younger Urban Population Population Size of the Middle Class 2020 2030 3.2bn 4.9bn © Kerry 2021 | 3 | Source: Ashmore Group
Slide 63: The Opportunity Ahead: China and Southeast Asia
The Opportunity Ahead In Emerging Markets 80% 85% World’s World’s Countries Population China 92% of the US economy in 70% 40% World’s Younger Population the next 5 years, up from 72% Urban Population in 2020 Size of the Middle Class Southeast Asia 2020 2030 3.2bn 4.9bn th 5 in the next 5 years large
Slide 64: The Opportunity Ahead: Russia
The Opportunity Ahead In Emerging Markets 80% 85% World’s World’s Countries Population 70% 40% World’s Younger Urban Population Population Size of the Middle Class Russia 2020 2030 3.2bn 4.9bn 3rd largest retail market in Europe +€40bn in the © Kerry 2021 | 5 | Source: Ashmore Group next 5 years
Slide 65: The Opportunity Ahead: India
The Opportunity Ahead In Emerging Markets 80% 85% World’s World’s Countries Population 70% 40% World’s Younger Urban Population Population Size of the Middle Class India 2020 2030 3.2bn 4.9bn +163 million households in the next 10 years © Kerry 2021 | 6 | Source: Ashmore Group
Slide 66: The Opportunity Ahead: Africa
The Opportunity Ahead In Emerging Markets 80% 85% World’s World’s Countries Population 70% 40% World’s Younger Urban Population Population Size of the Middle Class Africa Youngest continent 2020 2030 median ages 3.2bn 4.9bn <20 years 40%+ Urbanisation © Kerry 2021 | 7 | Source: Ashmore Group
Slide 67: The Opportunity Ahead: LATAM
The Opportunity Ahead In Emerging Markets 80% 85% World’s World’s Countries Population 70% 40% World’s Younger Urban Population Population Size of the Middle Class LATAM 2020 2030 Most urbanised continent in the world 3.2bn 4.9bn 80% living in cities Large packaged food headroom - per capita © Kerry
Slide 68: Winning Locally
Winning Locally In Emerging Markets Our Proven Our Winning Our Strategy Track Record Business Model in Action & The Opportunity Solving Customer Winning Locally Ahead Challenges © Kerry 2021 | 9 |
Slide 69: Our Proven Track Record
Our Proven Track Record Deep Local In Emerging Markets Deployment Building Teams Target €1.6bn +10% Volume growth 1Kerry +10% CAGR Relationships Investing Local Understanding Kerry’s locally-led approach – successfully deployed over 25 years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 © Kerry
Slide 70: Our Presence Today The Future
Our Presence Today The Future In Emerging Markets + €1bn over the next 5 years RD&A Centres Manufacturing Facilities Sales Offices continuing to outperform the market 27 42 33 8,200+ 700+ RD&A Manufacturing Sales Total RD&A Centres Facilities Offices Employees Employees
Slide 71: Winning Locally
Winning Locally In Emerging Markets Our Proven Our Winning Our Strategy Track Record Business Model in Action & The Opportunity Solving Customer Winning Locally Ahead Challenges © Kerry 2021 | 12 |
Slide 72: Our Winning Model – Solving Customer Challenges
Our Winning Model – Solving Customer Challenges In Emerging Markets Innovation Authentic Speed to Tasting Products Local Consumer, Authentic Local Market Market & Customer Taste Insights Preference Sustainable Improving Practices Nutrition Multi-Channel Strength of Expertise & Differentiated Custome
Slide 73: Winning Locally
Winning Locally In Emerging Markets Our Proven Our Winning Our Strategy Track Record Business Model in Action & The Opportunity Solving Customer Winning Locally Ahead Challenges © Kerry 2021 | 14 |
Slide 74: Immunity Coffee into the Convenience Channel
Immunity Coffee into the Immunity Boosting Convenience Channel Technology Sustainable Nutrition Immunity Consumer Single use Speedy Customer Need insights enhancing packaging innovation technology Integrated Beverage & Service Solution Beverage Kerry Value Add channel model applications expertise fl
Slide 75: Natural Preservation enabling Salt Reduction
Natural Preservation Natural Preservation enabling Salt Reduction Technology Sustainable Innovation Reduced Natural Salt Shelf-Life Customer Need preservation reduction extension environmental impact Integrated Meat Taste & Product Solution Kerry Value Add application functionality process expertise
Slide 76: Local Consumer Insight Authentic Local Taste
Local Consumer Insight Multi- Application Authentic Local Taste Taste Authentic Local Taste Consumer Category Full solution Speedy Customer Need insights knowledge support innovation Integrated Multi- Solution Kerry Value Add category Recipe formulation Taste applications Triangle approach Integrate
Slide 77: Winning Locally in Emerging Markets
Winning Locally in Emerging Markets Our Proven Our Winning Our Strategy Track Record Business Model in Action The opportunity Solving customer Winning locally ahead challenges © Kerry 2021 | 18 |

Kerry Group — Investor Day (2021) on 6ix

Kerry — Investor Day (2021)

Slide 1: Winning With Authentic Taste

Slide 2: Winning With Authentic Taste

Slide 3: #1 in Savoury Taste Solutions for Meat and Snacks

Slide 4: Leading Market Dynamics in Savoury Meat & Snacks

Slide 5: Our #1 Positioning in Savoury Taste for Meat & Snacks

Slide 6: Create a consumer preferred taste in customer's chicken sandwich

Slide 7: Delivering a Consumer Preferred Chicken Sandwich

Slide 8: Leading Partner in Taste Solutions for Nutritionally Optimised Products

Slide 9: Market Dynamics Driving an Acceleration in Nutritionally Optimised Products

Slide 10: Our Leading Portfolio of Taste Solutions for Nutritionally Optimised Products

Slide 11: Customer Challenge: vegan, salt reduced, dairy-type crisp

Slide 12: Creating a winning nutritionally optimised dairy-type crisp

Slide 13: Creating a winning nutritionally optimised dairy-type crisp

Slide 14: Creating a winning nutritionally optimised dairy-type crisp

Slide 15: Creating a winning nutritionally optimised dairy-type crisp

Slide 16: Creating a winning nutritionally optimised dairy-type crisp

Slide 17: Global Leader in Natural Taste Solutions for Beverages

Slide 18: Market Dynamics Leading to Growth in Natural Beverages

Slide 19: Our Leading Portfolio of Natural Taste Solutions for Beverage

Slide 20: Customer Challenge: consumers want the real thing

Slide 21: Cold Brew / Scotch Whiskey (No Alcohol)

Slide 22: Cold Brew / Scotch Whiskey (No Alcohol)

Slide 23: Cold Brew / Scotch Whiskey (No Alcohol)

Slide 24: Cold Brew / Scotch Whiskey (No Alcohol)

Slide 25: Winning With Authentic Taste: Enabling Sustainable Nutrition Through Great Taste

Slide 26: A Radicle Approach To Plant-Based Innovation

Slide 27: Dynamic Plant-Based Market - Accelerating Growth

Slide 28: Consumer Drivers - Shaping the Future of Plant-Based

Slide 29: A Radicle Approach to Plant-Based Products

Slide 30: Radicle by Kerry - An Unparalleled Portfolio for Plant-Based

Slide 31: Leadership in Culinary Craft and Science

Slide 32: The Fully Integrated Radicle Approach

Slide 33: Future Proofing – Our Winning Approach to Plant-Based

Slide 34: Solving The Food Waste Challenge

Slide 35: There is enough food to feed the world

Slide 36: The Time to Solve the Challenge is Now

Slide 37: Where Does Food Waste Come From in The Supply Chain?

Slide 38: Where is the Opportunity to Improve?

Slide 39: Bakery and Meat are the Highest Food Waste Categories

Slide 40: Kerry's Shelf Life Portfolio

Slide 41: Bettering Buns for Quick Service Burgers

Slide 42: Reaching Craveable Refrigerated Plant Protein

Slide 43: Kerry Food Waste Reduce & Reuse Solutions – Market Opportunity

Slide 44: Delivering on Circular Economy: Authentic Taste for Stocks and Broths

Slide 45: Kerry is Leading in Creating a World of Sustainable Nutrition

Slide 46: Health & Bio-Pharma

Slide 47: Food for Health, for Life

Slide 48: Success in HEALTH Requires Differentiated Capabilities

Slide 49: Evolution of the Health Market & Industry Response

Slide 50: Consumer Health & Wellness Need States

Slide 51: Partnering with Kerry – Our Holistic Approach

Slide 52: Leading portfolio of science-backed branded ingredients

Slide 53: Market Trends in Pharma Driving Innovation

Slide 54: Kerry Pharma – Charting New Territories to Create a Healthier World

Slide 55: Science & Technology – Underpinning Growth Through Innovation

Slide 56: Market Leading Immune Health Functional Beverage

Slide 57: Global Partnership to deliver mastitis care innovation

Slide 58: Protecting the Public's Health

Slide 59: Food for Health, for Life: Kerry is the Partner of Choice

Slide 60: Winning Locally in Emerging Markets

Slide 61: The Dynamic Evolving Consumer in Emerging Markets

Slide 62: The Opportunity Ahead in Emerging Markets

Slide 63: The Opportunity Ahead: China and Southeast Asia

Slide 64: The Opportunity Ahead: Russia

Slide 65: The Opportunity Ahead: India

Slide 66: The Opportunity Ahead: Africa

Slide 67: The Opportunity Ahead: LATAM

Slide 68: Winning Locally

Slide 69: Our Proven Track Record

Slide 70: Our Presence Today The Future

Slide 71: Winning Locally

Slide 72: Our Winning Model – Solving Customer Challenges

Slide 73: Winning Locally

Slide 74: Immunity Coffee into the Convenience Channel

Slide 75: Natural Preservation enabling Salt Reduction

Slide 76: Local Consumer Insight Authentic Local Taste

Slide 77: Winning Locally in Emerging Markets