1

!"#$#%&"' #) *+,+-.&,/


8runo 8oche
lebruary 2014

ulsclalmer - 1he oplnlons expressed ln Lhls presenLauon are personal of Lhe auLhor alone and does noL represenL Lhe vlews of Lhe
organlzauons he works for.
2 Mars, Inc. - Confidential - Feb. 2014
01-, &' *-2'
*-2' ls one of world's leadlng food manufacLurers and one of Lhe largesL prlvaLely owned
buslness
*-2' has neL sales of more Lhan $33 bllllon and slx buslness segmenLs lncludlng eLcare,
ChocolaLe, Wrlgley, lood, urlnks and Symblosclence
*-2' employs approx 70,000 assoclaLes ln more Lhan 73 counLrles
1he *-2' 3&45 62&$"&7.5' of CuallLy, 8esponslblllLy, MuLuallLy, Lmclency and lreedom
- Are Lhe foundauon of Lhe culLure & Lhe approach Lo buslness
- Pelp supporL Mars core ob[ecuve Lo %-85 - 9&:525$"5 ,# 65#7.5 -$9 6.-$5, ,12#+;1
652)#2%-$"5
3 Mars, Inc. - Confidential - Feb. 2014
01-, &' *-2'
A unlque corporaLe culLure based an odd"
buslness ob[ecuve

The Companys objective is the manufacture and distribution of food products in such
manner as to promote a mutuality of service and benefits among:--
CONSUMERS
DISTRIBUTORS
COMPETITORS
OUR DIRECT SUPPLIERS OF GOODS AND SERVICES
GOVERNMENTAL BODIES
ALL EMPLOYEES OF THE COMPANY
AND
THE SHAREHOLDERS
This expresses the total purpose for which the Company exists nothing less and it
is expected that the Board of Directors, all Management and employees of the company,
will be motivated by this basic objective, and will keep it constantly in mind as the
guiding principle in all their work for the company.
28
th
July 1947.
. LhaL has been a fundamenLal parL of our approach Lo buslness
4
01-, &' <-,-./', = *-2'
A uld neLwork of lnLerconnecLed experLs worklng on a wlde range of challenges
A "#$$5", > 9545.#7 archlLecLure
A small hlgh performlng Leam of hlghly skllled & neLworked CaLalysL assoclaLes - locaLed ln Lur,
uS, Asla, Afrlca
A larger communlLy of CaLalysL 'fellows' ouLslde Mars across dlsclpllnes & geographles
?#@ 9#5' <-,-./', @#28A
01-, 9#5' <-,-./', 95.&452A
Leadlng-edge buslness relevanL "-7-B&.&C5' - LhaL oLher companles don'L have
8lg lmpacL 8uslness lnluauves - Lhe <-,-./', D-B'
Markeung & Sales
Crganlzauonal CulLure
Lconomlcs of MuLuallLy

1he 'Lhlnk Lank' of Mars slnce Lhe mld 30's - reporung sLralghL lnLo Lhe CLC
<#$$5", blg B+'&$5'' "1-..5$;5' Lo leadlng edge Lhlnklng & sclence
3
01-, '1#+.9 B5 ,15 2&;1, .545. #) 72#E, A
6 Mars, Inc. - Confidential - Feb. 2014
"#$ %$&$''(&) *+,-.$/-
1. ls Lhere a relauonshlp beLween proL and growLh ?
2. ls Lhere an opumum level of proL LhaL ensures reslllence
and durablllLy ?
7 Mars, Inc. - Confidential - Feb. 2014
!" $%& $%' ()*+ ,-++.'/ %&0 12.. 3)1 4+%.53 4).. 6+ )&7-+%1+08
%&0 %&953+- $%' :++; 6%7: $9-+ 53%& )1 -)(35/ 6<5 9&.' 79$+1 59
6+ )& &++0=
>)&( ?9.9$9& @AB CD
0$1 ( /,# *+,-.$/
8
*&.,#$ 32&59%-$F GHIJ
KL15 '#.5 M#"&-. N5'7#$'&B&.&,/ #) B+'&$5'' &' ,# &$"25-'5 &,'
72#E,'O
2,-3$/4,4 5/ ( 3(&.%+'(& #() $6,& 17, '(-1 89 ),(&-
Mars, lnc. - Condenual - leb. 2014
9
!P,5$'&45 25'5-2"1 #452 QRJJ "#%7-$&5'F #452 ,15 .-', RJ /5-2'
'1#@' ,1-, S
no one has looked aL Lhls quesuon ln a meanlngful way
1here ls $# "-+'-. 25.-C#$'1&7 B5,@55$ ;2#@,1 -$9 72#E, - regardless of Lhe ume scale
8uL a sLrong & posluve causal relauonshlp beLween pasL proL and fuLure proL durlng Lhe llfe
span of Lhe Chlcago School
PlsLorlcally, we observe LhaL ...
PypoLhesls Chlcago school has prevalled
L1525)#25F #+2 T+5'C#$' -25U
ls Lhls - $-,+2-. .-@ or Lhe resulL of Lhe 'Chlcago' ldeology - '57-2-C$; 72#E, > ;2#@,1
-2CE"&-../
Could 62#'752&,/, Lherefore, be llnked Lo 1#@ %+"1 #$5 '1-25' . noL [usL how much one
Lakes ?
Pow much ls Loo much vs. enough?
hlgh proL does noL klll growLh
hlgh growLh can be proLable
hlgh proL can llve LogeLher wlLh slugglsh growLh
low growLh ls susLalnable - low proL ls noL
10 Mars, Inc. - Confidential - Feb. 2014


18 ma[or consumer goods companles
-5%
0%
5%
10%
15%
20%
25%
1
9
7
8
1
9
8
0
1
9
8
2
1
9
8
4
1
9
8
6
1
9
8
8
1
9
9
0
1
9
9
2
1
9
9
4
1
9
9
6
1
9
9
8
2
0
0
0
2
0
0
2
2
0
0
4
2
0
0
6
Revenue Growth Profitability
V )#"+' #$ ,15 ,#7 GW 3*<X "#%7-$&5' #452 ,15 .-', ,1255 95"-95'
CrowLh ls volaule - sensluve Lo economlc cycles
roLablllLy follows an &%725''&45 +7@-29 ,25$9 across Lhe perlod (from 10 Lo 20)
62#E,-B&.&,/ Y GJZ
62#E,-B&.&,/ Y [JZ
11 Mars, Inc. - Confidential - Feb. 2014
!"#$#%&" 1&',#2/ #452 ,15 .-', ,1#+'-$9 /5-2' '1#@' ,1-,
'+',-&$-B.5 72#'752&,/ &' B-'59 +7#$ ,1255 )-",#2'

1. 1he 6.-$5, LhaL provldes
2. 1he 65#7.5 who Lransform
3. 1he <-7&,-. LhaL ensures Lhe llquldlLy ln Lhe sysLem
!T+-../ &%7#2,-$, B+, $#, 5T+-../ 25%+$52-,59
12 Mars, Inc. - Confidential - Feb. 2014
8obusL & Lecuve
MeLrlcs
lew & ulsparaLe
MeLrlcs
!usL 8eglnnlng
MeLrlcs
llnanclal
erformance
eople laneL
X.#B-../F ,15 "+225$, 25%+$52-C#$ '/',5% &' \-@59F 9&'"#$$5",59
> '&.# B-'59
<25-,5' - 9&',#2,59 4&5@ #) ,15 72#'752&,/ "25-,59 B/ B+'&$5''
13 Mars, Inc. - Confidential - Feb. 2014
!E79&9$)71 )1 53+ 15<0' 9, 394 197)+5' $%&%(+1 )51 17%-7+ -+19<-7+1=
F%&:)4/ G%-*%-0 HI/
!J9< D%&K5 F%&%(+ L3%5 J9< M9&K5 F+%1<-+=




<-7&,-. @-' '"-2"5, whlle naLural & human resources were noL


llnanclal caplLal ls overly abundanL, wlLh no real underlylng value .
new )#2%' #) '"-2"&C5' have arlsen: 75#7.5 & 7.-$5,
8uslness models have $#, adapLed (sull focuslng on caplLal creauon), nor
has kl

A $5@ 5"#$#%&" %#95. LhaL wlll accounL for Lhe new forms of scarclues wlll
lnevlLably emerge

Pow Lo Lransform buslness from a proL maxlmlzauon Lo hollsuc value
opumlzauon approach Lo promoLe susLalnable prosperlLy ?

015$ ,15 <1&"-;#
M"1##. @-' B#2$

L#9-/




D##8&$; )@9


]5/ ^+5'C#$



14
!"#$#%&"' #) *+,+-.&,/
SLarLed 7 years ago
A new new buslness model approach based on new meLrlcs - mosLly non
moneuzed - across eople, laneL and roL

8aLher Lhan sugmauslng Lhe pursulL of proL, Lconomlcs of MuLuallLy
recognlses LhaL value creauon ls more eecuve and susLalnable when all
parLs of Lhe value chaln are consldered
Mars, lnc. - Condenual - leb. 2014
13 Mars, Inc. - Confidential - Feb. 2014
15
!"#$#%&"' #) *+,+-.&,/
16 Mars, Inc. - Confidential - Feb. 2014
16
_`a!<Lbc!M


*5-'+25 @&,1 2&;#2




?5.7 *-$-;5%5$,






<#%%+$&"-,5 25'+.,'

Measure eople & laneL wlLh Lhe same 2&;#2 as buslness (nanclal)
performance
Measure wlLhln Mars lLself, and LhroughouL Lhe ecosysLem ln whlch
our segmenLs operaLe
8enchmark buslness performance -"2#'' ,15 d6e' . over ume (?C?),
and across segmenLs & geographles
ulscern sLraLegles LhaL dellver eople and laneL reLurns Lhrough roL
Lo Lhe buslness
Move beyond proL maxlmlzauon paLhway and ldenufy Lhe 'rlghL' level
of proL
ln a way LhaL ls meanlngful Lo lnLernal & exLernal sLakeholders


17 Mars, Inc. - Confidential - Feb. 2014
<?VDD!fX!M


X# B5/#$9 ,15 g



X# B5/#$9 *-2'



]557 &, '&%7.5 >
2#B+',







eople, l.e., Lhe lndlvldual and for communlues
laneL
Address Lhe whole ecosysLem ln whlch Mars operaLes
lrom Lhe farmers ln Afrlca down Lo Lhe consumers ln Lhe 'sLreeLs of London'

Lnsure LhaL Lhe new meLrlcs are rooLed &$ '"&5$"5 > -"-95%&" Lhlnklng
And LesLed ln buslness operauons Lhrough muluple plloLs - Lo ensure
%5-'+2-B&.&,/ & sLandardlzauon
keep Lhe number of meLrlcs Lo a %&$&%+% (parslmonlous prlnclple)
Whlle ensurlng LhaL Lhese new meLrlcs have maxlmum "#452-;5 LhroughouL
Lhe value chaln
SLress-LesL Lhe compaublllLy of Lhese meLrlcs wlLh Lhe "#27#2-,5 "+.,+25
Lnsure -"C#$-B&.&,/ / '"-.-B&.&,/ of meLrlcs aL buslness unlL level

18 Mars, Inc. - Confidential - Feb. 2014
V66N_V<?


V B+'&$5'' %#95.
-772#-"1




<-7&,-.' 95E$&C#$



`5', -4-&.-B.5 '"&5$"5




3#"+' #$ &$,52$-.
%5,2&"' -"C#$-B.5 -,
B+'&$5'' +$&, .545.






ulsuncL from, buL complemenLary & beyond Lo SusLalnablllLy / CS8
A balanced score-card Lo help buslness measure buslness performance
when lL comes Lo creaung muLuallLy of beneLs"
An approach Lo redene, manage & maxlmlze Lhe hollsuc value LhaL Mars
creaLes LhroughouL Lhe 3s and lLs eco-sysLems
eople CaplLal (e.g., Puman CaplLal, Soclal CaplLal)
laneL (naLural) CaplLal
erformance (llnanclal) CaplLal

arLner wlLh word class academlc lnsuLuuons
Scouung Lhe known landscape
Muludlsclpllnary llLeraLure revlew of muluple schools of LhoughL relaLed
Lo Lhese forms of caplLal

8auonale
lnLernal meLrlcs are mosLly used Lo supporL managemenL declslons aL
buslness unlL level
LxLernal meLrlcs are for reporung & benchmarklng


19
`+'&$5'' > V"-95%&" 6&.#,'
Mars, lnc. - Condenual - leb. 2014
20
M1-2&$; !"#$#%&" `5$5E,'
*-8&$; *#25 @&,1 D5'' )2#% ,15 6.-$5,
M#"&-. <-7&,-. = _2&;&$' 05..B5&$;=@#28 *-285C$; #) *+,+-.&,/
*VhV
urlnks (Coee)
Wrlgley Afrlca lloL
urlnks (Coee) - 1anzanla,
apua new Culnea
ChocolaLe SegmenL - CoLe
d'lvolre (vlslon for Change)

urlnks
Clobal ChocolaLe
Clobal eLcare
Wrlgley Afrlca
urlnks - AlLerra
eLcare - edlgree
Wrlgley Afrlca - Cral Care
urlnks (Coee)
Wrlgley Afrlca lloL - 8ouLe Lo MarkeL aL
Lhe 'base of Lhe pyramld'
M+77.&52 *-2' i&',2&B+,#2 <#$'+%52 3-2%
M_<bVD <V6bLVD ?h*Vf <V6bLVD `NVfi <V6bLVD
fVLhNVD <V6bLVD
3bfVf<bVD <V6bLVD
3bfVf<bVD > M_<bVD <V6bLVD
21 Mars, Inc. - Confidential - Feb. 2014
`+'&$5'' 6&.#,' j V '/$#7C" 254&5@

We have ldenued several new / acuonable meLrlcs LhaL can
drlve wb[w ln a Mars speclc conLexL
Can supplemenL Callup AL survey
1esLed successfully across several segmenLs & geographles
Soclal CaplLal ls an essenual componenL LhaL drlves prosperlLy
Soclal CaplLal ls an essenual componenL of Lhe value LhaL we
use / creaLe ln Lhe value chaln ln whlch we operaLe
We have developed a breakLhrough meLhodology LhaL can
measure, ln a slmple & scalable way, Soclal CaplLal
1esLed successfully across several segmenLs & geographles
We have developed
A sound, slmple & rellable meLhodology (LesLed on only one
ecosysLem so far) Lo assess Lhe fooLprlnL of Mars operauons on
Lhe laneL
A '8C1A-equlvalenL' approach Lo Lhe laneL - LhaL leverages Lhe
Lmclency prlnclple

eople CaplLal - ?+%-$ <-7&,-.
Well 8elng [ Work




eople CaplLal - M#"&-. <-7&,-.







6.-$5, kf-,+2-.l <-7&,-.
Maklng More wlLh Less from Lhe
laneL

22 Mars, Inc. - Confidential - Feb. 2014
`+'&$5'' 6&.#,' j V '/$#7C" 254&5@

Pow much people value" can we provlde Lo our consumers
Lhrough Lhe sLorles of muLuallLy embedded ln our brands and Lhe
way we do buslness? Can we measure lL?
Can our brands be Lhe ulumaLe communlcauon vehlcle for our lA
vlslon? Can we measure Lhe lA relaLed equlLy of our brands?
A research lnluauve LesLed on AlLerra, Cral Care & elgree



We developed a slmple framework Lo assess Lhe level of shared-
value" ln a value chaln LhaL:
can be used Lo Lrack changes over ume for Lhe same value chaln
can be used Lo compare value chalns across dlerenL lndusLrles/
segmenLs/counLrles
1esLed across segmenLs / geographles


A eople & erformance lloL ln Afrlca (l.e., wb[w, soclal caplLal,
shared economlc beneL)
Leverage 'Pybrld value Chaln' & Cluzen SecLors Crganlzauons Lo
bulld Lhe operauons
Model LhaL dellvers soclal value & proL




eople CaplLal
`2-$9 <-7&,-.







M1-259 3&$-$"&-. <-7&,-.
Sharlng Lconomlc 8eneL






Maua - llnanclal & eople CaplLal
unlocklng a new rouLe-Lo-markeL
aL Lhe 'mlddle of Lhe dlamond'





23
V"-95%&" 6&.#,' j V '/$#7C" 254&5@

*-$-;5%5$,
L15#2/
arLnerlng wlLh Cxford's buslness school Lo co-develop
Lhe buslness managemenL Lheory for LoM
1o enable LoM Lo be repllcaLed & LaughL Lo nexL
generauon M8As
Mars, lnc. - Condenual - leb. 2014
24 Mars, Inc. - Confidential - Feb. 2014
L-8&$; ,15 .&;1, #+, )2#% +$952 ,15 B+'15.



_75$ <#%%+$&"-C#$














!P7.#25 7-2,$52'1&7'
@&,1 .&85 %&$959
"#%7-$&5'




1rade !ournal publlcauon on MuLuallLy ln 8uslness & ollucs
plauorm for sharlng Lconomlcs of MuLuallLy sLory aL uavos 2014
and elsewhere
hup://www.Lhe-brewery.co.uk/[ournals#c_2

WlLh LhoughL leaders from 8uslness, non-roL, ollucs and Academla
8uslness (e.g. uanone, Mars)
Academla (e.g. Cxford, Skoll CenLre for Soclal LnLerprlse)
lnLernauonal lnsuLuuons (e.g. un lnLernauonal anel for 23
SusLalnable 8esource ManagemenL)
1hlnk 1anks (e.g. CenLre for uevelopmenL and LnLerprlse, SouLh
Afrlca, volans Lhe 18L)

We conslder LoM a non rlval good l.e. !53)1 )1 &95 %69<5 % 79$;+22*+
%0*%&5%(+ ,9- % 79$;%&' 6<5 59 -+$%)& 79$;+22*+ %.. 6<1)&+11+1 4)..
3%*+ 59 09 )5=
23
".. 5-<53 (9+1 53-9<(3 ,9<- 15%(+1I N)-15 )5 )1 )(&9-+0/ 1+79&0.' )5 )1 -)0)7<.+0/
53+& )5 )1 *)9.+&5.' 9;;91+0I N)&%..' )5 )1 %77+;5+0 %1 1+., +*)0+&5I
?39;+&3%<+-
23 Mars, lnc. - Condenual - leb. 2014