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Welcome to you both. Chris,

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to you first.
What role does sustainability play in

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Mondelēz's growth strategy?

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At Mondelēz,
sustainability is one of our four pillars

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of our growth strategy for the company.

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We announced that back in 2022.

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And so for us, it's just an integrated
into how we do business.

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It's an integral part of all of our
business plans, our financial plans,

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etcetera, as well as our goals and metrics that we

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use for incentives for our senior leaders.

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At a time of, Alejandro, cost pressures, instability.

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There's a lot of volatility around at the moment.

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Have you seen, obviously not at Mondelēz,
but elsewhere perhaps ESG is slightly

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dropped off the agenda?

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So I wouldn't say it's dropped off the
agenda, but the narrative is shifted.

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It's less about decarbonization and impact,

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more about future-proofing your business,
ensuring security of supply.

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We see huge variability, for example,
in the prices of crops because of

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climate-driven impacts in cocoa,
coffee—I mean 200 to 400 percent price increases.

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So companies are really thinking about
how to make their supply chains resilient

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in the face of climate-driven effects,
as well as geopolitics.

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So the linkage between business value and
sustainability,

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I think is now the real catalyst driving ESG,

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more so than the pure impact and purpose focus.

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We've seen that at Mondelēz as well,
where when I said it's a core part of our

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business strategy,
specifically programs like our Cocoa Life

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program, helping to make our farmers not have as

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as much of a crop loss as maybe we've
seen in some of the countries overall.

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So it's really is about building that resilience.

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That's how you get the value.

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Exactly.

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What does it take, Chris,

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to build a strong internal culture around
sustainability?

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What have you done at Mondelēz?

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I think it's back to showing like why
does it matter for the business.

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And then showing that integration in
terms of, you know,

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why it helps drive value, growth agenda.

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And then making it really clear how—I
always say that sustainability is a team sport.

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So what is it that each role—everybody
has a role to play and how people can

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really make a contribution—I think builds
a lot of engagement and pride in the organization.

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Building on what you said, Chris,
I think there's maybe three things I see

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being very effective.

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One is really upscaling all of your teams
across every single function,

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making sure they understand how
sustainability—how their decisions impact

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sustainability at the corporation.

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I think the second point is around KPIs
and incentives.

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So really setting clear targets
internally around sustainability,

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cascading those, for example,
for internal carbon pricing is very important.

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And last but not least,
I think it's harnessing the energy,

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the passion,
and the power of the young generations

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for whom sustainability is a core value.

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Wake up every day trying to, you know,
do good for the world as well as do good

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for the business that they're joining.

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Thank you so much for your time. Pleasure.

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Thank you.