Morgan Stanley Investor Presentation — November 2017

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Morgan Stanley Global Consumer & Retail Conference

N o v e m b e r 2 0 1 7

This presentation contains certain “forward -looking” statements within the meaning of the Private Securities Litigation Reform A ct of

1995, such as statements regarding the Company’s expected financial performance, including revenue growth, adjusted EPS, and

adjusted free cash flow; the Company’s expected leverage and ability to de -lever; the market position and consumption trends for the

Company’s brands; the Company’s focus on brand -building; and the Company’s expectations regarding delivery patterns. Words such

as “trend, ” “continue, ” “will, ” “expect, ” “project, ” “anticipate, ” “likely, ” “estimate, ” “may, ” “should, ” “could, ” “would, ” a nd similar expressions

identify forward -looking statements. Such forward -looking statements represent the Company’s expectations and beliefs and involv e a

number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from th ose

expressed or implied by such forward -looking statements. These factors include, among others, general economic and business

conditions, regulatory matters, competitive pressures, supplier issues, disruptions to distribution, unexpected costs or liab ilities, and

other risks set forth in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10 -K for the year ended March 31, 2017. You

are cautioned not to place undue reliance on these forward -looking statements, which speak only as of the date this presentation .

Except to the extent required by applicable law, the Company undertakes no obligation to update any forward -looking statement

contained in this presentation, whether as a result of new information, future events, or otherwise.