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## Bon Appétit! 

Consumers in France and other European markets enjoy CPW cereals such as Fitness and Chocapic, Green Giant  vegeta- bles, and Old El Paso Mexican foods. We see excellent oppor- tunities to expand household penetra- tion for these brands in interna- tional markets. 

## We’re building brands around the world. 

Over the past five years, International has been our fastest-growing business segment. If you include our proportionate share of joint-venture sales, we have nearly $4 billion in sales outside the U.S. today. We’re focused on building our four global product platforms: ready-to-eat cereal, super-premium ice cream, conve- nient meals, and wholesome snacks. 

Cereal is our biggest global business. 

In Canada, our category dollar share increased to 27 percent in 2010. Outside North America, our cereal business is Cereal Partners Worldwide (CPW), a joint venture with Nestlé. With distribution 

<img src='content_image/156948.jpg'>

in more than 130 countries, CPW now accounts for nearly a quarter of total cereal sales outside of the U.S. and Canada. Per capita consumption of cereal is low in many international markets, so we expect continued good growth for CPW in the years ahead. 

We’re growing in developed markets, and expanding our presence in emerging markets, too. In Western Europe, we’re increasing household penetration for Old El Paso  Mexican foods, Häagen-Dazs ice cream and Nature Valley  snack bars with increased media investment, in-store merchandising and new products. In Australia, innovative marketing programs are driving good growth for our Old El Paso Healthy Fiesta  line of better-for-you prod- ucts, and we recently introduced Nature Valley  snack bars in this market. 

## Ready-to-eat Cereal Annual per Capita Consumption 

(kilograms per person) 

<img src='content_image/156959.jpg'>

Source: 2009 Euromonitor International 

We see excellent opportunities to drive growth across the global cereal category, as per capita cereal consumption is still quite low in many countries. 

