Kathryn Chieger

Vice President
Investor Relations

2
 Safe Harbor Statement
Certain statements in these presentations are forward looking as defined in the
Private Securities Litigation Reform Act of 1995. These statements, which are
identified by words such as “expects,” “intends” and “believes,” involve certain risks
and uncertainties that may cause actual results to differ materially from expectations
as of the date of these presentations. These risks include, but are not limited to: (1)
the ability to sustain brand strength, particularly the Enfa family of brands; (2) the
effect on the company’s reputation of real or perceived quality issues; (3) the adverse
effect of commodity price increases; (4) increased competition from branded, private
label, store and economy-branded products; (5) the effect of an economic downturn
on consumers’ purchasing behavior and customers’ ability to pay for product; (6)
inventory reductions by customers; (7) the adverse effect of changes in foreign
currency exchange rates; (8) the possibility of changes in the Women, Infant and
Children (WIC) program, or increases in levels of participation in WIC; and (9) the
ability to develop and market new, innovative products. For additional information on
these and other factors, see the risk factors identified in the company’s periodic
reports, including the annual report on Form 10-K for 2008, quarterly reports on Form
10-Q and current reports on Form 8-K, filed or furnished to the Securities and
Exchange Commission, available upon request or at meadjohnson.com. The
company undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.

3
 Non-GAAP Financial Measures
These presentations contain adjusted non-GAAP (non-GAAP) financial measures,
including non-GAAP net sales, EBIT, earnings and earnings per share information,
adjusted for factors that affect comparability due to the impact of the company’s IPO.
The items included in GAAP measures, but excluded for the purpose of determining
non-GAAP net sales, EBIT, earnings and earnings per share, are the impact of
operating model adjustments and specified IPO and other costs. In addition, other
adjusted items include interest expense due to changes in the capital structure, the
effective tax rate due to the impact of specified IPO and other costs on the tax rate,
and the number of shares outstanding to reflect the increase in shares due to the
IPO. Non-GAAP net sales, EBIT, earnings and earnings per share information
adjusting for these items is an indication of the Company’s underlying operating
results and intended to enhance an investor’s overall understanding of the
Company’s financial performance. In addition, this information is among the primary
indicators the company uses as a basis for evaluating company performance, setting
incentive compensation targets, and planning and forecasting of future periods. This
information is not intended to be considered in isolation or as a substitute for financial
measures prepared in accordance with GAAP. The tables that reconcile GAAP to
non- GAAP disclosure are included in the appendix that follows these presentations.

4
5
 Steve Golsby
President and
Chief Executive Officer

6
 2009 – Historic Year for Mead Johnson

MJN

First Call
9 MONTH STOCK PERFORMANCE

7
 Mead Johnson Heritage and Focus

1st clinically supported infant

Edward Mead Johnson, Sr., feeding product in the U.S.
with his son, Ted (1911)

to create nutritional brands and products

Our Mission trusted to give infants and children the
best start in life

8
 Mead Johnson Today
A Global Leader in Pediatric Nutrition
INFANT NUTRITION (0–12 MONTHS) CHILDREN’S NUTRITION (>12 MONTHS)

Rank Company Rank Company

1 1 Nestlé

2 Abbott 2 Danone

3 Nestlé 3

4 Danone 4 Abbott

5 Wyeth 5 Wyeth

to be the world’s premier pediatric

Our Vision nutrition company

Source: Annual AC Nielsen Value Share (USD), 2008, which excludes Wal-Mart and other non-tracked channels.
9 Note: Global leadership based on markets in which Mead Johnson competes.
 Mead Johnson Formula for Growth
GROWTH INDUSTRY LEADING BRANDS

FINANCIAL PERFORMANCE GLOBAL REACH

Shareholder Value Creation

EXPERIENCED LEADERSHIP INNOVATION PIPELINE

10 QUALITY & PRODUCTIVITY

 Attractive Growth Industry
Global Pediatric Nutrition

$40

CAGR = 7%
$30
$ IN BILLIONS

$20

$10

$0
2009E 2010E 2011E 2012E 2013E 2014E

11 Source: ERC
 Large and Growing Industry
Asia/Latin America Driving Growth
$40

$32.2
$30 Contribution to
2009 - 2014E Growth
$23.1 57% Asia
$ IN BILLIONS

$20

$14.0 12% Latin America

$10 14% North America

12% Europe
$0 5% Other
2004 2009E 2014E

12 Source: ERC
 Industry Growth Drivers

Increasing
More women
middle-class births in
in the workforce
emerging countries

Consumers value the

Role of early nutrition in
nutritional benefits
lifelong health
of premium products

13
 Iconic Global Brands

Creating superior, innovative, science-

based nutritional products trusted to give
infants and children the best start in life for
more than 100 years.

Recommended by pediatricians and

trusted by moms to nourish every infant’s
and child’s potential

Providing superior nutritional solutions for

babies with severe cow’s milk protein
allergies

Complete nutrition for 100% peace of mind

14
 Iconic Global Brands
“Enfa” #1 Brand in Pediatric Nutrition

Emotional Benefit Rational Benefit

My nurturing and Enfamil’s nourishment makes Most advanced, highest quality nutrition for
me feel I am doing the best for my baby optimal mental and physical development

15
 The Enfa Brand Architecture
Prenatal to School Age

16
 Comprehensive Product Portfolio
Meeting All Pediatric Nutritional Needs

Routine
For routine feeding
50%

Solutions For mild intolerance/

10% allergies

Specialty For prematurity, severe

intolerance, allergies
10% and metabolic disorders

Children’s For children’s nutritional

30% supplementation

17
 Demand Creation
Medical / Consumer / Retail

18
 Our Geographic Profile
Portfolio of Stable Markets …

CANADA
EUROPE

USA
TAIWAN
HONG KONG

SINGAPORE

19
 Our Geographic Profile
Strength in Emerging Markets...

CHINA

MEXICO VIETNAM
THAILAND PHILIPPINES
VENEZUELA
MALAYSIA
COLOMBIA BRAZIL
INDONESIA
PERU

20
 Our Geographic Profile
… and Seed Markets

RUSSIA

INDIA

21
 Science Driven R&D
Partnering with Leading Organizations

BENEFIT PLATFORMS RESEARCH PARTNERS

Transmit GmbH/
University Marburg
Brain
Cincinnati Children’s Hospital
Immunity Cornell University
Harvard University
Allergy University of Berlin
University of Florida
Tolerance
University of Kansas
Healthy Growth University of North Carolina
University Peruana Cayetano

22
 R&D Investments
Expanding Capabilities
• Doubled R&D spending and
headcount in 5 years
• Transitioned from U.S.-centric
to global and regional model
– Global research
– Regional development
• R&D facilities in:
– United States
– Thailand
– China
– Mexico
– Netherlands

23
 Innovation
Making a Difference in 2009

Increased DHA and Enfamil LIPIL with Prebiotics: Nutramigen LIPIL

Prebiotics / Fiber Triple Health Guard with Probiotic LGG

Enfagrow with Enfagrow Night Time Powder Pouches for

Flavor Enhancement Gentlease for Hungry Babies Greater Value / Less Waste

24
 Commitment to Quality and Productivity
INDUSTRY-LEADING SYSTEMATIC COST
MANUFACTURING YIELDS IMPROVEMENTS

SYSTEM-WIDE FOCUS ON QUALITY

25
 Diverse and Experienced Leadership

Steve Golsby Kasper Jakobsen Lynn Clark Jeff Jobe

12 years 11 years 1 year 21 years
UK Denmark USA USA

Pete Leemputte Charles Urbain Dirk Hondmann Bill P’Pool

1 year 13 years 5 years 5 years
USA South Africa The Netherlands USA

26
 Leadership and Capabilities

• Experienced professional management

• World-class executional capabilities
• Unique culture – passion for our business

Working towards improving our
products, making them better at
providing nourishment for infants
or children … you’re striking at the
core of why we’re here.
Joaquin
Global Innovation
It’s a pleasure to tell people that you
work for Mead Johnson.
Catherine
U.S. Commercial Operations
Being able to provide the best start
in life to children is a great reason
to do what we do. It helps us to do
extraordinary things.
Lisa
Consumer Resource Center

27
 Compelling Financial Performance

$2.8 Sales in
Billions
$2.5
$2.3
$2.2 $2.20 – $2.25

$1.90
$1.72
$1.63
$1.53

Earnings
per Share

2005 2006 2007 2008 2009E

All data shown on a non-GAAP basis. Data for 2005 through 2008 adjusted for current capital structure and
share base. 2006 and 2007 data have been adjusted to exclude a $16 million and $18 million impairment charge
and bad debt write-off, respectively, as well as operating model adjustments from the IPO.
28
 Mead Johnson Formula for Growth
GROWTH INDUSTRY LEADING BRANDS

FINANCIAL PERFORMANCE GLOBAL REACH

Shareholder Value Creation

EXPERIENCED LEADERSHIP INNOVATION PIPELINE

29 QUALITY & PRODUCTIVITY

30
 Kasper Jakobsen
President,
Americas

31
 Large and Attractive Markets
The Americas

Infant Formula and Children’s Nutrition Births (Millions)

2009E MARKET SALES: $8 BILLION COUNTRY 2009E

LA US 4.3
20% Canada 0.3
Brazil 3.7
Mexico 2.2
Other LA 2.9
Total 13.4
NA
80%

Sources: Market sizes based on ERC; figures rounded Births based on US census and
32 international data. Other LA includes Colombia, Peru, Venezuela, Argentina and Chile.
 MJN U.S. Market Overview

U.S. Market Overview 2008 U.S. Revenue Contribution

• MJN’s largest operating unit

• Market leading position U.S.

38%

• Strong presence in hospital

and retail channels
ROW
62%
• History of innovation across
a diverse portfolio of routine
and specialty infant formula
brands

33
 Strong Consumer Loyalty Drives Business Model

TELEVISION HCP MATERIALS

Prenatal
“Acquisition”
Hospital
Experience
“Acquisition”

Post
Infant
“Extension”

DIRECT MAIL
Home SAMPLES
EMAIL Coming
“Acquisition”
Feeding
Problems
“Retention”

34
 Factors Affecting U.S. Performance
6.0%
CDC reports 4.0%
2.0%
Decline in declining 0.0%
-2.0%
-4.0%
U.S. Births U.S. births -6.0%
Q102 Q103 Q104 Q105 Q106 Q107 Q108

6% decline
U.S. Market in category
Contraction volume

WIC Infants % Change

(YOY)
WIC (000s)
Q3 2008 2,194 +1%
WIC Participation participation Q4 2008 2,185 +1%
has stabilized Q1 2009 2,165 0%
Q2 2009 2,173 (1%)

‘05 ’06 - ‘08 ‘09

Timing of U.S. Gap in
innovation
Innovations pipeline
Gentlease Premium

Sources: CDC, Nielsen.

35
 Four Pillars of U.S. Growth Strategy
1 Innovation
Increased innovation
activity

4 2

Children’s Nutrition Consumer Messaging

MJN 4 Pillar
Build a strong toddler Improve value
Growth
brand in a growing proposition with
Strategy
segment increased investment
behind strengthened
consumer messaging

3
Medical/Retail Execution
Best in class execution of
medical and retail strategies
supported by strong
leadership talent

36
 Increased Innovation Activity

Hospital Feeding
Experience Homecoming Problems Post-Infant
Acquisition Acquisition Retention Extending Usage

• Enfaport (2009) • Premium Launch • Night Time • Enfagrow Toddler

(2009) Formula (2009) Milk (2009)
• Amino Acid
Formula (2008) • Less Packaging • Nutramigen with
Waste - Better Probiotics (2009)
Value Box
(2009 test)

37
 Enfamil PREMIUM with Triple Health Guard

DHA levels 2x vs. the other leading brand

17mg

DHA LEVELS
8mg

Enfamil Other Leading Brand

Unique formula with proven brain development

benefits EFSA Endorsement of Visual Acuity
105.6

IQ (MDI)
98.3

Control* Enfamil LIPIL

Prebiotics and DHA supporting natural immunity

% OF INFANTS WITH ALLERGIC MANIFESTATIONS
55%

26%

Enfamil LIPIL Control*

* Same formulation but without DHA and ARA.

38
39
 Integrated Message across Touch Points
PRINT DIRECT MAIL SAMPLES 
ON­PACK

DIRECT
TV MAIL 

HCP MATERIALS
WEBSITE
EMAIL

40
 Enfamil Restfull – Satiety for Better Sleep

Enfamil® RESTFULL™ helps infants

feel full longer – enabling better sleeping

Thickens gently in baby’s stomach

Keeps babies satisfied
Helps babies get better sleep

41
 New Packaging Format in Test

42
 New Packaging Format in Test

„ Savings from packaging costs

being passed to consumers

„ Less packaging per ounce

„ Better shelf utilization for retailers

„ Test marketing through Q1 2010

43
 Children’s Nutrition

Nutrition Tailored for Toddlers™

First shipped in August 2009

44
 International Trends in Children’s Nutrition

U.S. Toddler Potential Based

Toddler* Share of Total Formula Sales
on International Development

Current $150MM
U.S. 4%

Europe 18% Est. $1B

Latin
29% Est. $2B
America

Asia 52%
Est. $5B

Source: Nielsen and MJN Analysis for 2008

* Also known as Stage 3 or 4 formulas and Growing Up Milks
45
 U.S. Growth Strategy

1 Investing at record levels

1 Innovation
Our message is resonating
2
with consumers

MJN 4 Pillar 3 Consumers responding

Toddler Consumer
4 Business Growth 2 Messaging positively to innovations
Strategy

4 Best-in-class execution in
hospitals and retail

Medical/Retail 5 Strengthened leadership in

3
Strategy
key functions

U.S. market share* stabilized in Q3 2009

46 * Nielsen Retail Audits 13 weeks ending Oct 24 2009

 Poised for Growth in Latin America

Latin America 2008 Infant Formula Growth Drivers

and Children’s Nutrition Revenue
CORE MJN IF/CN MARKETS
• Favorable demographics

• Growing economies

• “Substitution” of cow’s
Peru 3% milk fuels growth of infant
Full Cream
Argentina 4% formula and children’s
Milk
Chile 6% nutritional segments
Colombia 8%
Mexico • MJN well positioned in
38% key segments
Venezuela 12%
Brazil
• Developing allergy
29% related segment

$1.6 Billion
Sources: ERC, Nielsen.
47
 MJN in Latin America

Double-Digit Growth Brands

~$500

2004 2005 2006 2007 2008

SALES ($ IN MILLIONS)

48
49
50
51
 Key Messages

• MJN has market leading positions in countries across

the region
• Our global growth model works across geographies
• We are confident in the outlook for the U.S. business
• We are investing behind momentum in Latin America
• Growth opportunities exist across both regions of
the Americas
– Developing new segments
– Latin America economic prospects and demographic trends
favorable

52
53
 Charles Urbain
President,
Asia and Europe

54
 Attractive Markets/Strong Fundamentals
Asia and Europe

Infant Formula and Children’s Nutrition Key Market Fundamentals

PER CAPITA
2009E CONSUMPTION
2009E INDUSTRY SALES: $14 BILLION COUNTRY BIRTHS (MM) (EST)

U.S. 4.3 106

Europe
China 18.5 26
30%
India 25.1 11
Indonesia 4.5 48
Philippines 2.5 46
Malaysia 0.6 60
France 0.8 95
Asia
70% Spain 0.4 100
Russia 1.6 30

Sources: Industry - ERC; figures rounded. Births - U.S. Bureau of the Census. Per Capita – pounds per birth per year
55
 Asia is Characterized by Strong Growth

2009E Industry Sales: $10 Billion Asia Industry Growth

Rest of Asia
16 $15
20%
$14
CAGR

INDUSTRY SALES ($ IN BILLIONS)

$13
$12 Children’s
12 Nutrition
$11
$10 10%

Indonesia
12% China / 8

Hong Kong
46% Infant
Formula
India 8% 4 8%

Thailand 6%
Philippines 0
8% 2009E 2010E 2011E 2012E 2013E 2014E

Source: ERC
56
 MJN in Asia
Market Characteristics Proven MJN Model
• Strong socio-economic drivers
Deep understanding of consumer
supporting robust growth in Asia behavior and key influence drivers
• Working moms and urbanization
increase formula usage
Demonstrated success in
• Prominent consumer desire for attracting and retaining customers
superior nutrition

• Discerning consumers willing to Product innovation driven by

pay for the best products consumer needs

Proven, replicable model for

geographic expansion

57
 Strong Brand Portfolio
<5% ~40% ~55%
PRE-NATAL INFANT FORMULA CHILDREN’S NUTRITION

Global ~75%

Regional ~5%

Local ~20%

58
 MJN Business Model is Proven

Prenatal
“Acquisition”
Hospital
Experience
“Acquisition”

Children’s
Nutrition
“Extension”

Home
Coming
“Acquisition”
Feeding
Problems
“Retention”

59
 MJN Understands Consumer Decision Making

PRE-NATAL BIRTH YEARS 1-3 YEARS 3-5 YEARS 5+

Acquisition Retention Extension

Hospital Direct Mail TV & Print Commercials

Health Care Health Care Direct Mail
Professionals Professionals Retail Promotion
Sampling Marketing to Schools

Influence
in brand
choice
HCP Mom Child HCP Mom Child HCP Mom Child

60
 Enfa Innovation in Asia
Enfa Children’s Formula with 4X DHA
IN-STORE PROMOTIONS TV ADVERTISING PRINT ADVERTISING

61
62
 Sustagen Innovation in Asia
New Proposition Supports “100% Nutrition” Message
PROMOTION EVENT PR IN-STORE

SAMPLING & DETAILING PRINT ADVERTISING

63
64
 The China Opportunity
Market Characteristics MJN Approach
• Large Market
$4 billion category with 18 million births Talent
annually with 9 million in category today Acquisition/Retention
• One-Child Policy
Desire for “the best” has driven category Execution Excellence
to >60% premium
• Competitive and Fragmented
No one competitor with >15% Resonant Proposition
value share
• Geographically Vast
Significant opportunity in top-tier and Focused City
lower-tier cities Expansion

65 Source: ERC
 MJN in China
MJN China Growth Profile*
$322 MM
~30% 2001-2008 CAGR MJN China
Business Summary
• Launched operations
in 1994
$209 MM • EBIT break-even in 2000
• Systematic city expansion
• Strong operational
capabilities

$0

1995 1997 1999 2001 2003 2005 2007 2008

SALES

66 *Excludes Hong Kong.

 Growth Potential
NUMBER AVERAGE GDP
CITY TYPE EXAMPLES OF CITIES POPULATION PER CAPITA

• Beijing
Key • Shanghai 4 10,000,000 $6,200
Cities • Guangzhou
• Chengdu

• Shenzhen
A • Chongqing 30 3,000,000 $4,300
Cities

• Dongguan
B • Zhuhai 253 600,000 $3,000
Cities

• Nanxiong
C,D • Dianbai 2,009 100,000 $1,400
Cities

Towns/
>30,000 <10,000 <$1,000
Villages

67
 China Geographic Expansion
MJN China Growth Model

Systematic, step-by-step resourcing

Strategy and expansion of proven “optimum
operating model” into A and B cities

Sales force, hospital and retail

Resource Optimization coverage, advertising and consumer
promotion optimization

100+ cities by year end with an

Objective underlying “test-learn-adapt” mindset

68
 MJN Rest of Asia
MJN Rest of Asia*
MJN Key Highlights
~$740 MM • Nearly doubled sales
~15% 2004-2008 CAGR
• Consistent growth led by
Philippines, Thailand,
Malaysia and Vietnam

• 6 of top 10 markets are

in the “Rest of Asia”
• 5 of the top 6 “Rest of
Asia” markets grew in
double digits (2006-2008)
• Success underpinned by
market growth + share
gains
• Strong marketing/sales
execution of MJN
strategy
2004 2005 2006 2007 2008
SALES

69 *Includes Hong Kong.

 The India Opportunity
Market Characteristics MJN Approach
• Attractive Demographics
25 million annual births with growing Build Scale
middle class

• Complex, Highly Regulated Market

Multiple regulatory authorities and Optimize Cost
evolving food standards

• Significant Latent Demand Potential Develop Talent

Consumer evolution through
urbanization and women in the workplace

• 2009E Market Size Regulatory Approval

$800 million infant formula and
children’s nutrition market

Source: ERC
70
 Asia – Key Messages

• Exceptional demographics and socio-economic drivers

• MJN has a leading market position in Asia
• Our proven growth model works and is replicable across
the region
• China will remain a compelling story
• Rest of Asia is integral to our overall growth strategy
• We are investing now for long-term growth
• New market opportunities: geographies and products

71
 Europe -- Large and Profitable Market

2009E Industry Sales: $4 Billion Europe Industry Growth

Other
E. Europe
$6
5%
$5.2 CAGR
$5.0

INDUSTRY SALES ($ IN BILLIONS)

Poland 5% France $5 $4.8
23% $4.3 $4.5 Eastern
Italy 7% Europe
$4.1
$4
10%
Germany
9%
$3
Other
W. Europe Western
UK 10% $2
15% Europe
3%
$1

Russia 15%
Spain $0
11% 2009E 2010E 2011E 2012E 2013E 2014E

Source: ERC
72
 MJN -- Focused on Specialty Formula in Europe

Market Characteristics MJN Approach

• Highly developed, competitive Selective Growth in
market in Western Europe W. Europe

• Less developed with strong

Evaluating New
demographics in Eastern Europe Market Opportunities
(e.g., Russia)
• Category volume predominately MJN is a Leader in
routine infant formula and sold in Specialty & Pharmacy
food channel
• EU regulations are requiring
MJN Science Strength
stronger support for claims
(e.g., EFSA)

73
 The Russia Opportunity
Market Characteristics MJN Approach
• 2009E Market Size
$600 million infant formula Enfamil Launch
and children’s nutrition market

• Concentrated Population Build Distribution

Moscow, St. Petersburg and
surrounding cities comprise
Experienced Talent
>50% of the market

• Consumer Behavior Leading Science

Upper-middle-class Russian
mothers want Western brands
and listen to healthcare
professionals
Source: ERC
74