A4:

In terms of pressing challenges, retail environments that used to power our growth are now slowing and we are again facing headwinds as we try to reach more shoppers at the point of purchase. It is clear that for us to regain our momentum we will have to focus on driving our power brands very aggressively in the channels that are successful: e-commerce, convenience stores and small supermarkets and small stores. These retail environments are very different to those we used to focus on. It will take time to retrain our sales organization and our commercial teams, and adapt our marketing plans and our product portfolios, but we are moving fast.

Our plan comprises three key strategies: 1. Accelerating the growth of our core business, which is our global, iconic Power Brands; 2. Filling in consumer and geographic white spaces where we do not have a presence today; 3. Building our sales and routeto-market capabilities, including e-commerce. At the same time, we intend to become the global leader in well-being snacks, with 50 percent of our portfolio in the well-being space by 2020— up from more than onethird today. We are simplifying the ingredients and enhancing the nutritional profile of our core products while also focusing on breakthrough innovations. Over the next five years, we expect to focus 70 percent of our new product development efforts on well-being snacks.