CONTENT

SR. NO PARTICULARS

1. INTRODUCTION

2. HISTORY

3. VISION

4. CORPORATE MISSION

5. OBJECTIVES

6. ORGANIZATIONAL CHART

7. BRANDS

8. EARNINGS

9. SWOT ANALYSIS

10. MARKETING

11. STATEGIES
 INTRODUCTION

Nestlé was founded in 1867 by pharmacist Henri Nestlé on the shores of Lake Geneva in
Vevey, Switzerland. One hundred and thirty-four years later, our headquarters are still in
Vevey, surrounded by the Swiss Alps in one of the world’s best-preserved environmental
settings. As they have grown from humble beginnings into the world’s largest food company,
they have attempted to take the fundamental cultural values of environmental preservation and
cleanliness into every country where they operate. Company has 468 Nestlé factories currently
in operation.

Nestlé’s products include baby food, bottled water, breakfast cereals, coffee, chocolates, drinks,
healthcare nutrition, sports nutrition, confectionery, culinary and frozen food, dairy products,
ice cream, pet foods and snacks. 29 of Nestlé’s brands have annual sales of over 1 billion Swiss
francs (about $ 1.1 billion), including Nespresso, Nescafé, KitKat, Smarties, Nesquik,
Stouffer’s, Vittel and Maggi. Nestlé has around 450 factories, operates in 86 countries, and
employs around 328,000 people. It is one of the main shareholders of L’Oreal, the world’s
largest cosmetics company.

-Company’s facilities reflect the environmental values basic to Nestle Company.

-Top management follow the Company’s environmental performance

-Company’s Environmental Officer reports directly to General Management to ensure there is

on-going awareness regarding environmental affairs.
 Nestlé Environmental Advisory Group meets regularly to review current environmental issues
and to anticipate potential concerns. This allows them to maximize control over their activities
and contribute to sustainable development in the countries where they operate. The Nestlé
Environment – Progress Report 2000 describes the results of continuous improvement in its
environmental practices and being a leader in environmental performance

HISTORY

1866-1905

In the 1860s Henri Nestlé, a pharmacist, developed a

food for babies who were unable to breastfeed. His
first success was a premature infant who could not
tolerate his mother's milk or any of the usual
substitutes. People quickly recognized the value of
the new product, after Nestlé's new formula saved
the child's life, and soon, Farine Lactée Henri Nestlé
was being sold in much of Europe.
1905-1918

In 1905 Nestlé merged with the Anglo-Swiss Condensed Milk Company. By the early 1900s,
the company was operating factories in the United States, Britain, Germany and Spain. World
War I created new demand for dairy products in the form of government contracts. By the end
of the war, Nestlé's production had more than doubled.

1918-1938

After the war Government contracts dried up and consumers switched back to fresh milk.
However, Nestlé's management responded quickly, streamlining operations and reducing debt.
 The 1920s saw Nestlé's first expansion into new products, with chocolate the Company's
second most important activity

1938-1944

Nestlé felt the effects of World War II immediately. Profits dropped from $20 million in 1938
to $6 million in 1939. Factories were established in developing countries, particularly Latin
America. Ironically, the war helped with the introduction of the Company's newest product,
Nescafé, which was a staple drink of the US military. Nestlé's production and sales rose in the
wartime economy.

1944-1975

The end of World War II was the beginning of a dynamic phase for Nestlé. Growth accelerated
and companies were acquired. In 1947 came the merger with Maggi seasonings and soups.
Crosse & Blackwell followed in 1960, as did Findus (1963), Libby's (1971) and Stouffer's
(1973). Diversification came with a shareholding in L'Oréal in 1974.

1975-1981

Nestlé's growth in the developing world partially offset a slowdown in the Company's
traditional markets. Nestlé made its second venture outside the food industry by acquiring
Alcon Laboratories Inc..

1981-1995

Nestlé divested a number of businesses1980 / 1984. In 1984, Nestlé's improved bottom line
allowed the Company to launch a new round of acquisitions, the most important being
American food giant Carnation.

1996-2002

The first half of the 1990s proved to be favorable for Nestlé: trade barriers crumbled and world
markets developed into more or less integrated trading areas. Since 1996 there have been
acquisitions including San Pellegrino (1997), Spillers Petfoods (1998) and Ralston Purina
(2002). There were two major acquisitions in North America, both in 2002: in July, Nestlé
merged its U.S. ice cream business into Dreyer's, and in August, a USD 2.6bn acquisition was
announced of Chef America, Inc.

2003 +

The year 2003 started well with the acquisition of Mövenpick Ice Cream, enhancing Nestlé's
position as one of the world market leaders in this product category. In 2006, Jenny Craig and
Uncle Toby's were added to the Nestlé portfolio and 2007 saw Novartis Medical Nutrition,
Gerber and Henniez join the Company.

“VISION”

Nestlé aim is to meet the various needs of the consumer every day by marketing and selling
food of a consistently high quality.

The confidences that consumers have in our brands is a result of our company’s many years of
knowledge in marketing, research and development, as well as continuity - consumers relate to
this and feel they can trust our products.

High quality and collaboration

Our objectives are to deliver the very best quality in everything we do, from primary produce,
choice of suppliers and transport, to recipes and packaging materials. Our operations and
collaboration in the Nordic countries gives us greater opportunities to be efficient and strategic
and to function well as an organization, both when it comes to the distribution chain and to
concentrating on joint product launches and campaigns.

Vision Statement of Nestle Milkpak:

The strategic priorities of Nestle Milkpak are focused on delivering shareholder value through
the achievement of sustainable, capital efficient and profitable long term growth. Improvements
in profitability will be achieved while respecting quality and safety standards at all times. In
line with this objective, Nestle Milkpak envisions to grow in the shortest possible time into the
number one food company in Pakistan with the unique ability to meet the needs of consumers
of every age group - from infancy to old age, for nutrition and pleasure, through development
of a large variety of food categories of the highest quality. Nestle Milkpak envisions the
company to develop an extremely motivated and professionally trained work force, which
would drive growth through innovation and renovation. It aspires, as a respected corporate
citizen, to continue playing a significant role in the social and environmental sectors of the
country.

OBJECTIVES

Nestlé’s purpose is to offer safe, tasty, convenient and nutritious foods to improve health and
well-being of consumers of all ages all over the world. To meet the needs and desires of
today’s and tomorrow’s consumers, Nestlé is strongly committed to Research and
Development (R&D) to improve existing products and develop new foods with specific health
benefits.

QUALITY MANAGEMENT

Our Quality Management System starts on farms. The Quality Management System not only
ensures the ongoing access to high quality raw materials but also enable farmers to protect or
even increase their income. Often the standard of living of entire rural communities is raised as
a result. The system helps address key global environmental and social issues.

Quality is built in during product development according to the requirements of the consumers
and following all food safety and regulatory requirements. Nestlé’s R&D network applies in
this “Quality by design” to all of product. Nestle apply internationally recognized Good
Manufacturing Practices (GMP) to ensure quality and food safety. GMP covers all aspects of
manufacturing, including standard operating procedures, people management and training,
equipment maintenance, and handling of material

Nestlé Quality Policy

Build trust by offering products and services that match consumer expectation and preference

Comply with all internal and external food safety, regulatory and quality requirements

Gain a zero-defect, no-waste attitude by everyone in our company

Make quality a group-wide objective

Nestlé Quality Management System

Quality Management System is the platform used globally to guarantee food safety, compliance
with quality standards and to create value for consumers. The internal Quality Management
System is audited and verified by independent certification bodies to prove conformity to
internal standards, ISO norms, laws and regulatory requirements.

QUALITY

Quality is the core competitive priority of nestle. They take quality in two ways.

High performance design

Consistent quality

Availability of its products

Customer satisfaction

Continuous improvement

Quality control
Employee involvement

EARNINGS

In 2003, consolidated sales were CHF87.979 billion and net profit was CHF6.213 billion.
Research and development investment was CHF1.205 billion.

Sales by activity breakdown: 27% from drinks, 26% from dairy and food products, 18% from
ready-prepared dishes and ready-cooked dishes, 12% from chocolate, 11% from pet products,
6% from pharmaceutical products.

Sales by geographic area breakdown: 32% from Europe, 31% from Americas (26% from US),
16% from Asia, 21% from rest of the world.

SWOT ANALYSIS

“STRENGTH”

It’s a company that does not depend on personalities.

Leaders in Dairy Products.

Long term experience.

Innovative products.
Designative packaging.

Innovative planning and ideas.

Wide variety of brands.

“WEAKNESSES”

Supply Chain

Exports

“OPPORTUNITIES”

High credibility

Ability to secure more credit.

Available means for expansion.

Improving trends

Industry leadership.

Consumer preference.

Fewer competitors.

Dedicated workforce

Untapped rural market.

“THREATS”

Highly competitive market (multinational companies are very organized and financially
strong).
Increasing prices of raw materials.

Competitors like Haleeb, Halla, Askari, Pure water, Nurpur dairies, and Prime yogurt.

MARKETING

Nestle hold strong reputation for high quality brands. In major markets, trade marketers are
frequently rated highly in customer surveys on professionalism and service. They don't believe
in 'one brand fits all', but with a strong, diversified global portfolio – well focused and defined
– offers a brand for all key consumer and market sectors.

They aim to satisfy consumers' demands, better and more profitably than their competitors.

STRATEGIES ADOPTED BY NESTLE

Business principle:
Nestlé is committed to the following Business Principles in all countries, taking into account
local legislation, cultural and religious practices:

Nestlé's business objective is to manufacture and market the Company's products in such a way
as to create value that can be sustained over the long term for shareholders, employees,
consumers, and business partners.

Nestlé does not favor short-term profit at the expense of successful long-term business
development.

Nestlé recognizes that its consumers have a sincere and legitimate interest in the behavior,
beliefs and actions of the Company behind brands in which they place their trust, and that
without its consumers the Company would not exist.

Nestlé believes that, as a general rule, legislation is the most effective safeguard of responsible
conduct, although in certain areas, additional guidance to staff in the form of voluntary
business principles is beneficial in order to ensure that the highest standards are met throughout
the organization.

Nestlé is conscious of the fact that the success of a corporation is a reflection of the
professionalism, conduct and the responsible attitude of its management and employees.
Therefore recruitment of the right people and ongoing training and development are crucial.

Nestlé continues to maintain its commitment to follow and respect all applicable local laws in
each of its markets.

Consumer perceptions and the future needs of society: As a global food manufacturer and
marketer, Nestlé takes into consideration local needs, cultural differences and consumer
preferences as well as attitudes concerning the use of ingredients derived from genetically
modified crops. Nestlé will continue to use ingredients derived from genetically modified crops
wherever appropriate.

Global commitment:
Nestlé firmly supports the principles of the United Nations Global Compact and is committed
to reflecting these in its business principles and practices. Search for trust:

Nestlé is the world's leading food and beverage company, with sales of about CHF 72 billion. It
has 230,000 employees world-wide and operates 520 factories in 82 countries. Its products are
available universally, including such remote markets as North Korea, and they are sold under a
number of brands such as Nestlé, Nescafe, Nestea, Maggie, Buitoni, Perrier and Friskies.
Company belongs to more than 200,000 shareholders, today; Nestlé is about twice the size of
its nearest competitor in the food and beverage sector. The company is in business for over 130
years. Since the days of its founder, brands have been a mainstay of company’s development
and its management strongly believes that is one of the key elements of company success. A
basic reason company has grown to be the world's largest food company is that consumers have
learned to trust its brands. The Nestlé’s challenge was the establishment of a clear hierarchy of
very few corporate strategic global brands that now cover almost all products, as well as the
parallel usage of regional and local product brands and product denominations.

Additionally company introduced the Nestlé Seal of Guarantee and emphasized corporate logo.
This Seal of Guarantee is a visible sign of company’s corporate responsibility for the safety and
quality of every product, which leads to maintain consumer confidence and trust in this
corporation. In order to be able to give this quality and safety assurance, company developed a
Nestlé Quality Management System, which collects the experience of our Research &
Development, on which we spend CHF 800 million a year. For a company such as Nestlé,
economic success depends on winning the public's approval every day in every country where
our products are sold.

They have always believed strongly that tobacco should never be marketed to youth. It should
only be marketed to adult smokers, in an appropriate way that takes account of the risks posed
to health. They also believe adults who have chosen to smoke should be able to receive
information about what they buy, and should be able to communicate responsibly with them
about their brands.
Nestle company’s Success is built on quality :

Quality is the cornerstone of company’s success. Everyday, millions of people all over the
world show their confidence in company by choosing Nestlé products. This confidence is based
on our quality image and a reputation for high standards that has been built up over many
years.

Every product on the shelf, every service and every customer contact helps to shape this image.
A Nestlé brand name on a product is a promise to the customer that it is safe to consume, that it
complies with all regulations and that it meets high standards of quality. Customers expect
company to keep this promise every time.

Under no circumstances company compromise on the safety of a product and every effort must
be made to avoid hazards to health. People, equipment and instruments are made available to
ensure safety and conformity of Nestlé products at all times.

The customer comes first:

Company does want to win and keep customers, distributors, supermarkets, hotels, shopkeepers
and the final consumers. They have very different requirements. Trade customers expect
excellent service, correct information and timely delivery. Consumers consider taste,
appearance and price when they make their choice. Company’s task is to understand what
customers want and respond to their expectations rapidly and effectively.

Company serves various groups of consumers and there is demand for products at different
levels of perceived quality and price. All customers expect good quality at a reasonable price.

Customers are central to company’s business and company always respects their needs and
preferences.

Quality is a competitive advantage:

Company lives in a competitive world and must never forget that their customers have a
choice. If they are not satisfied with a Nestlé product, they will switch to another brand.
Company’s goal is to provide superior value in every product category and market sector in
which it competes.

The pursuit of highest quality at any price is no guarantee for success, nor is a single-minded
cost-cutting approach. Lasting competitive advantage is gainedfrom a balanced search for
optimal value to customers, by simultaneous improvement of quality and reduction cost.

Quality units at different levels of the organization provide specific support, promote quality
awareness, assume guardianship and audit the system. Quality departments monitor operations
against agreed standards and must intervene in case of non-conformity.

Training and teamwork are crucial to the successful implementation of high quality standards.
Continuous training ensures that everyone understands his tasks and has the necessary skills to
carry them out. Teamwork allows us to achieve results that are greater than the sum of
individual efforts.

We motivate employees by demonstrating management commitment to Quality, by setting

challenging goals and by giving them responsibility and recognition. It is through employee
involvement that goals and targets can be achieved in the shortest time.

Quality must be a way of life for everyone in the company.

Progress is followed by listening to our customers and by measuring our performance.

Nestlé's Position on Gene Technology: From its inception more than 130 years ago, Nestlé has
built its business on successfully applying scientific breakthroughs and technological
innovations while taking full responsibility for the quality and the safety of its products.
Throughout these years Nestlé has been manufacturing and marketing products tailored to meet
the diverse needs and preferences of consumers all over the world. Nestlé has always strived to
respect these differences and to take them into account in its activities. Nestlé supports a
responsible application of gene technology for food production based on sound scientific
research.
Consumer information and labeling: Consumers confidence in the food they are buying is
supported by having access to information. Nestlé's Consumer Services are well equipped to
provide this access and thus are the first source of information, including the use of ingredients,
derived from genetically modified crops, in Nestlé products. Many governments now have
implemented or are considering regulations for the use

and labeling of these ingredients. In the absence of a global agreement on the labeling of
ingredients, derived from genetically modified crops, and recognizing governments
responsibility for the regulatory process, Nestlé strictly adheres to national laws and regulations
regarding their labeling.

MAIN FOCUS OF NESTLE

People first

Employees, people and products are more important at Nestle than systems. Systems and
methods, while necessary and valuable in running a complex organization, should remain
managerial and operational aids but should not become ends in themselves. It is a question of
priorities. A strong orientation toward human beings, employees and executives is a decisive, if
not the decisive, component of long-term success. Nestle in very much keen about TALENT
MANAGEMENT and there HR department works to hire and retain the best industry
personnel.

Quality products

Our focus is on products. The ultimate justification for a company is its ability to offer products
that are appealing because of their quality, convenience, variety and price — products that can
stand their ground even in the face of fierce competition.
Long-term view

Nestle makes clear a distinction between strategy and tactics. It gives priority to the long-range
view. Long-term thinking defuses many of the conflicts and contentions among groups — this
applies to employment conditions and relations with employees as well as to the conflicts and
opposing interests of the trade and the industry. Of course, our ability to focus on long-term
considerations is only possible if the company is successful in the struggle for short-term
survival. This is why Nestle strives to maintain a satisfactory level of profits every year.

Flexibility and simplicity

From a strictly organizational point of view, flexible, simple structures work best and
excessively large units should be avoided whenever possible. In both respects Nestle has a
natural advantage: Although it is a big company, it is spread out over many countries and each
of Nestle s factories has its own management and responsibility and simplicity

Uniformity

A very important concern at Nestle has to do with uniformity: how consistent Nestle ‘s
principles, policies, rules of conduct and strategies should be, and to what extent they should
differ depending on the country, subsidiary, region, branch or group of products. In general,
Nestle tries to limit the uniformity of its policy to a requisite minimum. This minimum is then
systematically enforced, unless there are compelling reasons in a given market that justify
deviation from policy.

Diversification
Nestle does not want to become either a conglomerate or a portfolio manager. Nestle wants to
operate only those businesses about which it has some special knowledge and expertise. Nestle
is a global company, not a conglomerate hodgepodge. We regard acquisitions and efforts at
diversification as logical ways to supplement our business, but only in the context of a carefully
considered corporate marketing policy.

Research and development

Foresight Nestle is probably unique in the food industry in having an integrated research and
development program that engages in applied and basic research in the fields of human
physiology, health, nutrition and raw materials. Our research and development program gives
us the capacity to create new types of products that we cannot even imagine today, especially in
the critical area where preventive medicine and food products overlap.

For Nestle, this is particularly important in packaging. Concern for the effects of packaging on
the environment is forcing us to look for new solutions and to consider their interaction with
our biological product – food.

Packaging

Nestlé carefully considers the environmental impact of packaging as an integral part of its
product design. Since the early 1990’s, we have been focusing on reducing the amount of
packaging we use through our global source reduction programme – eliminating unnecessary
packaging and reducing weight while ensuring product quality.

Nestlé’s diverse product range means we draw on a range of materials – including paper, wood,
metal, glass and plastic – for our packaging. Through our Packaging Policy we are focused on
reducing the environmental impact of our packaging, whilst not compromising on safety,
quality and consumer acceptance.
Packaging Policy

Nestlé and the Environment

Our overarching packaging strategy comes together around:

Working with our employees to develop the right procedures, the right behaviours and the right
skills.

Working with our consumers to encourage greater recycling and waste minimisation.

Working with our partners to ensure our suppliers are choosing the right materials.

This approach, along with our policy, is aligned with the New Zealand Packaging Accord and
the Australian National Packaging Covenant (NPC). These covenants are important in
establishing the framework for addressing the environmental impact of packaging across its full
lifecycle.

The challenges of packaging

Nestlé Oceania’s decisions about packaging are informed and influenced by many factors. Key
amongst them are the expectations of our consumers. While our consumers are becoming more
and more environmentally aware, adequate packaging remains a key concern, especially when
it comes to the freshness and safety of all products.
There is also a growing trend – reflecting smaller households in New Zealand and Australia
toward smaller pack sizes and multi-packs. This in turn contributes to the use of more
packaging per product.

Our response

Because packaging remains one of those challenging areas, our response is multi-dimensional.

First, we continue to focus on the areas where we have direct control, such as increasing the
recycled content of the packaging we use and increasing the recyclability of our products.

Second, while the amount of packaging we use is crucial, we also want to better understand the
‘full’ environmental impact of our packaging, from how and where the materials are sourced,
their transport and how they are eventually disposed. Our use of PIQET© (Packaging Impact
Quick Evaluation Tool) helps us do this and its application often challenges current thinking
when it comes to packaging decisions, and the trade-offs between material selection, packaging
sizes and weights, recyclability and recycled content and their true impact on the environment.

Third, we have a range of Key Performance Indicators (KPI’s) for our packaging performance.
We work with our suppliers to improve the accuracy and frequency of our packaging data and
to determine the most appropriate KPIs for our business.

Labelling
Environmental labelling is an important component of our packaging strategy. It helps our
consumers know what to do with our packaging when they have finished with it.
Environmental labelling is a requirement on all of our products.

Our labelling consists of information to assist in identifying if the packaging can be recycled or
how it should be disposed of.

ENVIRMENT OF THE COMPANY

MANAGEMENT

The executive board, a distinct entity from the board of directors, includes:

Peter Brabeck-Letmathe, Chairman & CEO

Carlo Donati, EVP, Chairman, and CEO of Nestlé Waters

Frits van Dijk, EVP of Asia, Oceania, Africa, Middle East divisions

Lars Olofsson, EVP of Strategic Business Units and Marketing

Francisco Castañer, EVP of Pharmaceutical and Cosmetic Products, Liaison with L'Oréal
Human Resources

Michael Powell, EVP of United Kingdoms Diivision

Paul Bulcke, EVP of Americas divisions

Paul Polman, EVP of Finance, Control, Legal, Tax, Purchasing, Export

Luis Cantarell, EVP of Europe divisions

Richard T. Laube, Deputy EVP of Nutrition Strategic Business units

Werner J. Bauer, EVP of Research and Development, Technical, Production, Environment.

Current members of the board of directors of Nestlé are: Günter Blobel, Peter Böckli, Daniel
Borel, Peter Brabeck-Letmathe, Edward George, Rolf Hänggi, Nobuyuki Idei, Andreas
Koopmann, André Kudelski, Jean Pierre Meyers, Carolina Müller-Möhl, Kaspar Villiger.
Secretary to the Board Bernard Daniel.

Corporate Governance

Nestlé's commitment to sound Corporate Governance goes back to its very early days.

This commitment is reflected and explained in several publications, such as the Corporate
Governance Report, Articles of Association, Committee charters etc. It is also visible in
Nestlé's day-to-day business behavior.

The Corporate Governance Report covers the following areas:

Group structure and shareholders

Capital structure

Board of Directors

Executive Board

Compensations, shareholdings and loans

Shareholders’ participation

Changes of control and defence measures

Auditors

Information policy
PORTER’S FIVE FORCES ANALYSIS

Five Forces Analysis helps the us to contrast a competitive environment. We analyze these five
forces for NESTLE.

Five forces analysis looks at five key areas namely the

q Threat of entry

q The power of buyers

q The power of suppliers

q The threat of substitutes and

q Competitive rivalry

Human Resource Management and Job design

The Recruitment Services team in the UK is recognized within Nestlé globally as the
benchmark in leading recruitment practices. That’s because we don’t just fill jobs. Instead, we
work with the business to proactively identify and fill their talent gaps. We constantly stand
back and work out new ways to attract the very best and keep ahead of the competition, but it
isn’t always easy.

Predominantly based in Croydon and York, we provide a service to Nestlé, Purina PetCare and
Nestlé Waters, managing the full recruitment cycle for management, staff and some factory
roles. Acting as internal consultants, our remit is comprehensive – initially taking the vacancy
briefing, defining the attraction strategy, designing the selection process and managing the
offer.
You won’t be surprised to know that the key to success in this team is great influencing and
stakeholder management skills coupled with the ability to ‘juggle lots of balls’. Ideally you’ll
combine recruitment agency and in-house experience. The pace can be hectic, but we do make
the time to inject innovative ideas into what we do and how we work, and have some fun along
the way!

So, if you want to join a hard-working, high-achieving team with a relentless drive to keep
getting better at what we do, this is the place to be.

As a member of the Talent Management and International HR Team, on the other hand, you’ll
focus on developing the potential and careers of all our employees, particularly those with high
levels of performance and potential who are likely to be Nestlé leaders of the future. Working
with the global Nestlé business, you and your team will develop the framework and processes
which enable us to identify and develop the potential of our employees. As part of this, the
team will support individuals with a clear career development plan to go on international
assignments out of the UK to locations such as Nestlé’s international headquarters in Vevey,
Switzerland, or to other Nestlé markets around the globe.

As a member of our Learning and Development Team, you’ll divide your time between
supporting HR Business Partners in the development of cutting-edge interventions and
supporting change through far-reaching development programmes. You’ll also help us create
and implement functional development programmes across the business, covering everything
from manufacturing to supply chain.
As a member of our Reward and Employee Relations Team, you’ll join one of two expert sub-
teams, each with specific responsibility for business-wide strategic and operational remits. As
part of the Employee Relations sub-team, you’ll provide business-wide advice and guidance to
line managers and the HR community on individual employee relations matters and to HR
Business Partners on broader employee relations and change management issues, as well as
developing and implementing our policies and procedures in this area and undertaking relevant
project work. As part of the Reward sub-team, on the other hand, you’ll focus on maximizing
our return on investment to deliver Reward that will motivate our employees to perform at the
highest level as well as managing our overall Reward principles and processes including base
salary, incentives and Flexible Reward.