Taking Big Steps

Mead Johnson Nutrition 2012 Annual Report

Ourmission
To nourish the worlds children for the best start in life

ourvision
To be the worlds leading nutrition company for babies and children

Ourvalues
Passionate pursuit of continuous improvement in all we do Uncompromising commitment to scientific rigor and product quality Unwavering integrity in every relationship we have and action we take An environment of openness, respect and high performance

message from THE chief executive officer

to our shareholders, colleagues AND business partners: The four years since our companys initial public offering have been challenging but highly successful, as we have developed and grown the business and delivered strong financial results. This past year was no exception with seven percent constant-dollar growth in sales and a ten percent increase in earnings per share, reported on a non-GAAP basis. Although these results fell short of our exceptional success in 2011, they are consistent with growth in our global industry and remain toward the high end of performance among consumer goods companies.
CHALLENGES AND SUCCESSES We are particularly proud of these results, given the continuing economic pressures in North America and Europe, as well as operational challenges in our two largest markets. A combination of factors related to category consumption and intense competition led to a growth slowdown in China. In the United States, unfounded media allegations involving our infant formula at the end of 2011 triggered a market share decline in 2012, despite confirmation of the safety of our products by U.S. government agencies. The U.S. team also had to manage through a weak domestic economy and the resultant lower birth rate and reduced consumption. However, more than offsetting these factors were very strong performances by the balance of our markets in Asia and Latin America, driving 12 percent constantdollar sales growth for this key segment of our business. Across these important and high-growth markets, we also recorded improvements in market share. Our continuous and rigorous productivity efforts minimized the impact of rising commodity and manufacturing costs on our gross margin. While we have a standing goal of achieving productivity savings equal to three percent of our cost of goods sold each year, our supply chain efficiency initiatives set a record by achieving savings of five percent in 2012. We also made excellent progress in reducing general and administrative costs as a percent of sales, and were able to reinvest much of the savings into the business to strengthen our brands and drive additional demand. The $50 million increase in advertising and promotion in 2012 is evidence of our commitment to drive sustainable business growth. It was important for us to leave 2012 with positive momentum to set the stage for strong performance in 2013. Marketplace innovations such as the introduction of several competitively superior liquid products in the U.S. and the enhancement of Enfagrow with expert-recommended levels of DHA in China improved our competitive standing as the year progressed. Both markets saw sales acceleration and share increases during the final quarter of the year.

armed with its inspiring mission, focused strategy, robust product portfolio and pipeline, outstanding reputation for quality and science, and effective production and sales infrastructures. Notably, our Enfa family of brands which was already the worlds leading brand franchise in pediatric nutrition reached a significant milestone in 2012, crossing the three-billion dollar mark in global sales. It remains a most trusted brand among parents and health care professionals for example, the number one brand that pediatricians recommend in the United States. TAKING BIG STEPS Of course, progress achieved in 2012 is not just about current year results. Throughout the year, we were also executing strategic decisions and making investments to lay an even stronger foundation for the next stage of our long-term growth. We have taken the big steps necessary to allow the business to thrive in 2013 and beyond. In March, we completed the acquisition of a majority share in the Beb business, adding the market-leading pediatric nutrition brand in Argentina to our portfolio. This transaction further strengthened our presence in Latin America and added two percent to our global sales growth in 2012. In July, we broke ground in Singapore on the largest capital project in company history, representing an investment of over $300 million. The project includes a state-of-the-art, spray-drying manufacturing plant our first in Asia

We have never had as strong a business platform, strategic plan and global leadership team
THE BIG PICTURE The attractive underlying long-term dynamics of our category and our business remain unchanged, despite the short-term challenges we overcame during the past year. Overall category growth is still extremely strong. Opportunities for increased consumption remain high, given low current rates relative to global averages in our key markets; and the global growth of the middle class is a demographic trend that will continue. Additionally, Mead Johnson is perfectly positioned to benefit from these trends

and a Mead Johnson Pediatric Nutrition Institute technology center, as well as a new Asia regional office. As I noted at the groundbreaking ceremony, The new facilities are not only an acknowledgement of the double-digit annual growth in demand for our products in Asia over the past decade, but also the strong prospects for future growth and expansion in the region. Establishing additional capacity and important technologies and capabilities here will help maintain our competitive advantage in the marketplace. During the second half of 2012, we adjusted our Europe region business model to the challenging economic and demographic trends that have prevailed there in recent years. We embarked on a new and more focused strategy to better support sustainable, profitable growth concentrating on our portfolio of specialty products in selected developed countries in Western Europe, while pursuing the expansion of our routine infant formula business in higher growth markets in Eastern Europe. Finally, there is no more important component of our solid foundation for the future than our talented team of Mead Johnson employees. Throughout 2012, we engaged in the ongoing development of our people, including the promotion of key players into new roles, and we added selective new talent from outside the company. This further strengthened our organizational capabilities to ensure that we continue to operate to the highest standards necessary to deliver superior performance. KEY TRANSITION All of these steps, as well as other investments and developments, give me tremendous confidence in the trajectory and success of our business going forward. We have never had as strong a business platform, strategic plan and global leadership team as we do today. It is in that context that we are preparing for my retirement from management and the expected appointment of Kasper Jakobsen as President and Chief Executive Officer

on the day of our upcoming Annual Meeting of Stockholders on April 30th in Chicago. In fact, the transition process is already well underway. Over the past year, as Chief Operating Officer, Kasper has led the companys Global Operating Committee and has played a prominent role with the Board, as well as with key external stakeholders, including our investors. Given his leadership qualities and 15 years of experience with the company, during which he has run all of our key businesses, I believe no one is better qualified than Kasper to lead Mead Johnson successfully into the future.

and charitable programs that focus upon infants and children in fragile and vulnerable circumstances. In addition to various country projects, we also launched orphannutrition.org a global website dedicated to providing information to help caregivers meet the unique and critical nutrition and feeding needs of children living in orphanages, group homes and institutions. There are those who would suggest that the creation of high-quality infant formula is somehow in conflict with breastfeeding, but nothing could be further from the truth. Our mission is to nourish the worlds children for the best start in life, and we are fully committed to supporting mothers in whatever feeding choice they make. Year in and year out, our products provide nourishment for millions of infants and children and save countless lives. From our medical specialty products that address life-threatening allergies and metabolic conditions to our routine formulations, we allow parents and health care professionals to have confidence in healthy nutritional outcomes for children who cannot or do not receive breast milk. This has inspired generations of Mead Johnson Nutrition employees and has been a keen source of pride and motivation for me personally throughout my career at the company. I truly believe that there is no higher professional calling than fulfilling the Mead Johnson mission and no greater honor that I have had in my career than leading a company and a team that make such a positive difference in the lives of children, parents and families, while also creating value for shareholders. A BRIGHT FUTURE I am proud of the transformation the company has undergone since I took over as president of the company in 2004. Mead Johnson has evolved from a division of a pharmaceutical company into a high-performance, independent, public company with a restructured global operating model, a focused strategy, a robust innovation pipeline and product portfolio, an expanded geographic

I truly believe that there is no higher professional calling than fulfilling the Mead Johnson mission.
DOING THE RIGHT THING One of Mead Johnsons core values is unwavering integrity in every relationship we have and action we take, and we are always seeking new ways to bring that to life. In 2012, we updated our supplier diversity statement, implemented an enhanced Supplier Code of Conduct and launched our Ethical Trade Initiative all to help ensure that our values carry over into all our interactions with our vendors and business partners and permeate our entire supply chain. We had previously defined a strategy to help minimize the environmental impact of our business and, a year ago, we introduced a set of long-term sustainability goals that we refer to as our Green Vision 2020. We are pleased with the progress we have made to date in reducing our greenhouse gas emissions, energy usage and water usage on a per unit basis, as well as the amount of waste our operations send to landfills. We also continued to expand our A Childs Best Start initiative, which serves as an umbrella for our social

2 / MEAD JOHNSON NUTRITION

footprint, and a strong organization with enhanced capabilities. Our employees have always been motivated to grow and develop a leading global business; and in recent years, they have also been energized by the opportunity to build value for our shareholders.

So while this represents my final correspondence to you as an officer of the company, you can understand my pride and excitement at having been nominated to continue serving on the Board of Directors following my retirement from management. I very

much look forward to maintaining my affiliation with Mead Johnson Nutrition.

Stephen W. Golsby President and Chief Executive Officer

message from THE Chairman of the board

For Mead Johnson Nutrition, 2012 marked another year of substantial growth and achievement, despite the marketplace challenges that are inherent in a competitive global industry. Sales and earnings grew, innovative new products were launched, and the company further expanded its global footprint consistent with the long-range strategic plan. The Board firmly believes the companys strategic initiatives and investments made over the past year have Mead Johnson well positioned for its next stage of growth and evolution. From the firming up of its core businesses in the United States and China to the expansion of its growing presence in South America to the establishment of new technical and production capabilities in Singapore, Mead Johnson is a company focused on the future. That includes advancing pediatric nutrition science and investing in Research and Development resources and capabilities. The Singapore investment will include a further expansion of the global Mead Johnson Pediatric Nutrition Institute (MJPNI) network. This past November, the MJPNI held its first international pediatric leaders summit, entitled The Future of Childrens Health Care, at its technology center in Guangzhou, China. Three dozen medical and scientific experts from around the world including fellow MJN Board Member and head of the world-renowned Childrens Hospital of Philadelphia, Dr. Steven Altschuler gathered to discuss ways to enhance pediatric health care delivery in China. They focused on the role that the PNI can play in connecting Chinese experts with global thought leaders and best practices. The reinforcement of our scientific leadership in pediatric nutrition further enhances both the Mead Johnson brand and the reputation of our products. Finally, a key Board accomplishment in 2012 was the successful preparation for the upcoming transition in company leadership and I can personally testify to the thoroughness and quality of that process. But first, a few words about Steve Golsby, who will retire as CEO at our upcoming Annual Meeting of Stockholders. To be considered a high-performing leader, you must leave an organization better and stronger than you found it. No matter what aspect of the Mead Johnson enterprise on which you choose to focus, there has been significant growth and development under Steves leadership. Since he became MJN President in 2004, when the company was still a subsidiary of Bristol-Myers Squibb, he has sharpened its mission, vision and strategy; focused and advanced its brand and product portfolio and its science; expanded its global presence; and enhanced its organizational capability and operational efficiency. During this same period, he also prepared and led Mead Johnson though a highly successful initial public offering and listing on the NYSE. In the subsequent four years, the value of MJN stock has more than tripled and the company has firmly established itself in the top half of the prestigious Standard & Poors 500 Index of most valuable public companies (#210 in 2012). In light of his experience and this performance, you can understand why we are so pleased to have nominated Steve to continue as a member of the Board of Directors after his retirement. But perhaps the most impressive part of Steves legacy is the global management team he has assembled and developed, and who have helped drive the accomplishments noted above. One key member of that team is CEOelect Kasper Jakobsen, who has worked closely with Steve for 15 years and with whom I have been impressed throughout our association, especially during the leadership transition process. Kasper has been an outstanding addition to the Board since his election in June of 2012, and all of the Directors have the utmost confidence in him and the rest of his Executive Committee and management team to lead Mead Johnson successfully into the future. Collectively, we as a Board stand ready to provide whatever counsel and support is necessary to help enable that success and to create additional value for Mead Johnsons investors and stakeholders.

James M. Cornelius Chairman of the Board

2012 ANNUAL REPORT / 3

INNOVATION

Unlocking the Future

Innovation is a catalyst for the growth of our business transforming scientific research into practical and beneficial nutrition solutions for our consumers but its impact extends far beyond the products consumers see on the shelves. As a world leader in pediatric nutrition, Mead Johnson has a unique obligation and opportunity to advance the science of infant nutrition and expand understanding of the essential role it plays in the growth and development of children the world over.

In 2011, we launched an innovative, ultra-concentrated liquid human milk fortifier; and this past year, the safety and benefit advantages of the product were highlighted in a study published in the esteemed journal Pediatrics confirming that it is well tolerated by premature infants and helped them achieve significantly higher growth than infants given our powdered fortifier. In fact, Mead Johnson participated in 100 different clinical trials with the potential to further build the reputation of current products and open doors to additional discoveries and new beneficial offerings for consumers.

2x
Mead Johnson doubled its participation in clinical studies increasing from 50 in 2011 to 100 in 2012

4 / MEAD JOHNSON NUTRITION

Early in the year, we celebrated the 70th anniversary of Nutramigen, and our competitive advantage with this unique product already the worlds leading brand for the management of cows milk allergy continues to increase. The sooner infants can build a tolerance to cows milk protein (CMP), the lower the risk of the allergy being persistent and the faster they transition to cows milk-based formulas and products. A new published study showed that the enhancement of Nutramigen with probiotics Enflora LGG caused significantly more infants to build an oral tolerance to CMP after both six and 12 months of use compared to infants fed Nutramigen without probiotics. This represents a significant potential for cost and healthcare savings as well as improved quality of life as, historically, children with the allergy do not develop a tolerance until three to five years of age. Mead Johnson continued adding to the growing body of knowledge connecting early-life nutrition to longer-term

3x
59 percent of infants using Nutramigen with LGG built up a tolerance to cows milk protein after just six months, versus just 21 percent who consumed the formulation without this beneficial probiotic a nearly three-fold increase.

digestive health and sponsored a series of academic exchange or poster sessions. The MJPNI also convened a symposium on Emerging Concepts in Pediatric Nutrition, which brought together researchers from nine countries to discuss the emerging science surrounding the linkage between the brain and the gut and the implications for infant nutrition. Finally, 2012 marked the culmination of a multi-year undertaking known as the Global Exploration of Human Milk or GEHM. Mead Johnson joined with the respected Cincinnati Childrens Hospital Medical Center to publish this landmark study that provides a comprehensive understanding of the composition and function of human milk and how it relates to infant development. This will be a unique resource for nutritional scientists and healthcare professionals worldwide seeking to further enhance the early-life nutrition and long-term well-being of infants and children.

developmental and health outcomes. In addition to hosting its first global summit The Future of Childrens Healthcare in Guangzhou, China the Mead Johnson Pediatric Nutrition Institute (MJPNI) participated in the 2012 World Congress of Pediatric Gastroenterology, Hepatology and Nutrition in Taiwan, where it delivered a symposium on advancing childrens

2012 ANNUAL REPORT / 5

PERFORMANCE

Raising the Bar

Performance at Mead Johnson is much more than numbers on an income or balance sheet it starts with our unmatched ability to advance the science of pediatric nutrition and talent for turning research results into products that save lives and benefit infants, children and parents.
$3.9

08 09 10

11

12

NET SALES
(in billions)

$3.08

08 09 10

11

12

*Non-GAAP results shown. Please refer to the table on the back inside cover for a reconciliation to GAAP data.

EARNINGS PER SHARE

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We brought new and enhanced products to market, primarily under the umbrella of our iconic Enfa brand. In a number of Asia and Latin America countries, we continued the rollout of enhanced toddler formulas and growing-up milks, increasing our already beneficial amounts of DHA the essential fatty acid shown to support brain and nerve development in newborns and infants to help meet new, even higher, expert-recommended intake levels. The results of recent research conducted relative to the impact that those DHA levels in Enfamil have on the cognitive development of babies showed that these infants spend more time in sustained attention when tested at four, six and nine months of age compared to past Enfamil formulations without DHA.

positively to the launch of our new AmazingBaby mobile application. The Asia and Latin America segment of our business continued to drive overall company growth, representing eight of our ten largest markets and accounting for a record 70 percent of global sales in 2012. These geographies have enormous potential going forward, and we have been investing accordingly. We expanded our footprint in Latin America through our majority-owned joint venture with SanCor Argentinas leading dairy producer and have combined our nutrition science with their leading brand to create Premium Beb Plus that is receiving enthusiastic consumer response across this fastgrowing market. In Asia, our $300-million production and technology center investment in Singapore marks the largest-ever capital project in company history and is aligned with expert estimates indicating Asia sales increases will account for more than half of pediatric nutrition category growth of approximately $12 billion at retail over the next five years. For Mead Johnson, this record commitment pushed our capital investments over the past nine years well over the $1 billion mark. Although economic and marketplace challenges led to overall lower results for the North America and Europe segment of our business, both regions exited

2012 on more positive trajectories. Our operational restructuring and distribution realignment in Europe have us better positioned for growth and sustainable profitability over the long term, and the previously mentioned product

$3B+
Global sales of Mead Johnsons Enfa brand reached a major new milestone in 2012
In the U.S., we launched a ready-to-drink version of Enfagrow, with an improved taste profile and new, easier-to-use packaging featuring plastic bottles with convenient twist caps. Parents also responded very

innovations in the U.S. contributed to overall sales and market share increases from the third to the fourth quarter. In fact, Mead Johnson grew its share in the U.S. for the full year among families with babies not covered by the governments food assistance program for women, infants and children, known as WIC. We also expanded our efforts to stay close to our consumers around the world, increasing our outreach efforts in terms of traditional advertising, but also expanding our social media efforts and hotline programs showing them that we understand their concerns, share their excitement and are responsive to their questions.

2012 ANNUAL REPORT / 7

responsibility

keeping our promises

As a leader in our industry and a significant corporate presence wherever we operate, Mead Johnson understands and embraces its commitments to its neighbors, communities and employees as well as to the millions of families that put their trust in our products. Our corporate social responsibility program is built on three pillars serving the marketplace, protecting the environment and nurturing our communities and we made significant strides in all three areas.

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MARKETPLACE One of our core values is unwavering integrity in every relationship, which includes how we select, evaluate and partner with our many vendors. In 2012, we strengthened our Supplier Diversity Policy and fully implemented a new Supplier Code of Conduct. In combination, they express our support for small, minority and women-owned businesses and reinforce our commitment to compliance; ethical dealings; labor and human rights; and health, safety and environmental standards. All our stakeholders benefit from these initiatives that help strengthen both our supply chain and our communities.

worldwide, as well as a definition of what success will look like. In 2012, we made notable progress and remained on track to reach all of our goals by 2020 or possibly ahead of schedule. For example, our operations in China have already achieved zero waste to landfills. In addition to measuring progress against our ambitious internal targets, we also utilize external yardsticks such as the Global Reporting Initiative and participate in respected thirdparty initiatives, including the Carbon Disclosure Project, the Sustainable Packaging Coalition and the EPA Waste Wise and Partners for Pollution Prevention programs.

In 2012 our energy reduction initiatives saved the equivalent of:

15,553
Barrels of oil

579,748 1,001 88

gallons of gasoline

0
In 2012 Mead Johnsons Guangzhou, China manufacturing facility eliminated all waste to landfills
ENVIRONMENT In last years annual report, we unveiled our long-term commitments to reduce greenhouse gas emissions, energy use, water usage, and waste generation. Green Vision 2020 provides a general roadmap for raising environmental awareness and strengthening sustainability practices across all Mead Johnson locations and operations

COMMUNITIES Mead Johnson supports and nurtures all the communities in which it operates, in terms of investment, employment, involvement and philanthropy. Our signature philanthropy program A Childs Best Start serves as an umbrella for all of our efforts to protect and help improve the lives of infants and children in fragile and vulnerable circumstances including a number of long-standing Mead Johnson programs. These include our annual Trip of Love in China, where we donate needed pediatric nutrition products and provide training to local medical caregivers working with children in poverty-stricken rural areas. In Thailand, our Helping Hand program restored three childrens centers that were damaged by severe flooding.

homes worth of electricity

tanker trucks of gasoline

Our Feeding Hope programs in the Philippines and Hong Kong included school hot meal and nutrition education initiatives, as well as nutritional training for teachers. In the U.S., we continued our long-standing practice of working with the American Red Cross in the aftermath of disasters by donating more than $200,000 worth of infant and children nutrition products to hard-hit communities of the U.S. after Superstorm Sandy barreled into the eastern seaboard.

50 Best Starts celebrates 50 years of leadership in the Philippines In celebration of the 50th anniversary of Mead Johnson operations in the Philippines, our colleagues there organized 50 Best Starts. Among the many efforts undertaken, seeking to improve the underserved in terms of nutrition, was their adoption of the Home of Joy Orphanage in Cavite, where they executed a comprehensive A Childs Best Start program. Through monthly visits, employee volunteer teams upgraded the facilitys kitchen and food preparation space and equipment, beautified its dining room furniture and amenities, and established gardens to increase availability of fresh and healthy produce. In fact, the 80 garden plots covering 800 square meters have been so prolific that the orphanage has been able to sell the excess vegetables at a farm stand to fund other facility needs. Similar plans for a fruit tree grove are currently under consideration.

2012 ANNUAL REPORT / 9

Thats not even counting extraordinary acts by individual employees, including medical sales representatives who personally drove into harms way to deliver desperately needed products requested by shelters and health care professionals. Another area of focus for us is orphan nutrition. From the products we supply to AIDS orphanages in Vietnam to facility fix-up efforts at infant and toddler facilities in Colombia and Peru to support of crisis nurseries and family shelters in Canada and the U.S., we strive to enable the best possible nutritional start in life for those infants and children without parents. In terms of global programming, we launched and subsequently expanded our global online nutrition resource OrphanNutrition.org to help address some of the unique nutritional needs and concerns of this especially fragile population. Originally launched in English, this site filled with best practice nutrition resources and training materials is now available in Mandarin, and a translation into Spanish is underway. All of our products are life sustaining, but none are more critical than our specialty

formulas addressing congenital and often rare metabolic diseases, such as Phenylketonuria (PKU) and Maple Syrup Urine Disease (MSUD). In many cases, in addition to being the difference between life and death, these products play a critical role in keeping impacted children on a normal, positive development track and strengthening quality of life for them and their families.

9,000
Number of infants born with PKU globally every year
In the U.S., where newborn screening for such metabolic conditions is a matter of routine, our longstanding Helping Hand for Special Kids program provides critical information to impacted families, as well as support to those who do not meet guidelines for federal assistance (WIC), but are experiencing financial hardship which hinders their ability to purchase specialty and/or tolerance formulas.

The Bloom of Hope fund, now overseen by the China Foundation for Poverty Alleviation, was jointly initiated and originally funded by Mead Johnson China. Each year, it expands to additional cities to provide assistance to impoverished families impacted by PKU; in 2012, it initiated activities in the city of Qingdao. Additionally, Mead Johnson works closely with Chinese officials and leading medical and educational centers to raise awareness of these conditions and expand newborn screening efforts across the country supporting related symposiums, training sessions and public awareness events. We continue to explore possible partnerships with medical associations and government health authorities in markets where screenings do not take place or are not routine, in order to replicate this model and provide needed information and other support to impacted families. Helping infants, children and families grow strong. Its been the cornerstone of Mead Johnson Nutrition for more than a century.

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networks

making new connections

In an industry as sensitive and personal as ours, staying close to our customers and always being ready to respond to their questions is critical to our ongoing success. Thats why Mead Johnson operates a number of Resource Centers from Asia to North America. For example, when parents in the United States have questions about nutrition for their infants and toddlers, they can get answers as easily as dialing 1-800-Baby123.

Exploring. Discovering. Connecting with our world. Mead Johnson understands that new parents often have more questions than they do hours of sleep in any given day. Thats why we keep our channels of communication open. We not only provide resources where parents can get answers to their nutrition questions; we do what we can to bring new parents together to share their own experiences, compare notes even engage in a little bragging. Because at Mead Johnson, we know that connections count.

Our AmazingBaby mobile app builds on the tremendous success of the ExpectingBaby app we launched in 2011. Designed for parents of babies from birth through six months, the app offers fun activities to help their babies reach important motor, cognitive, communication and social milestones. It allows parents to capture developmental progress through pictures and descriptions, and then share the accomplishments with friends and family on Facebook or by email. AmazingBaby even creates a timeline so parents can enjoy all of the activities played, milestones reached and memories created for years to come.

To support expecting and new parents navigate unfamiliar waters, Mead Johnson Canada introduced a digital resource filled with valuable information and advice the Enfamil Amazing Milestones video channel. The new series follows a Canadian media personality and new mother as she wrestles with the common concerns of parenthood. Filmed as a documentary/reality journal, the Enfamil Amazing Milestones channel helps answer the seemingly endless questions that expectant mothers and new parents encounter.

2012 ANNUAL REPORT / 11

Board of Directors
Top photo, pictured L-R

P. Kasper Jakobsen
Executive Vice President and Chief Operating Officer, Mead Johnson Nutrition Co. Bottom photo, Pictured L-R

Elliott Sigal, M.D., Ph.D. 4

Director, Executive Vice President and Chief Scientific Officer and President Research and Development, Bristol-Myers Squibb Company

Celeste A. Clark, Ph.D. 3, 4

Trustee, W.K. Kellogg Foundation and Former Senior Vice President Global Public Policy and External Relations, Kellogg Company

Steven M. Altschuler, M.D. 2, 4 

Chief Executive Officer, The Childrens Hospital of Philadelphia Director, Weight Watchers International, Inc.

Kimberly A. Casiano 1, 3
Former President and Chief Operating Officer, Casiano Communications Inc. Director, Ford Motor Company Director, Mutual of America

Peter G. Ratcliffe 1, 3
Former Chief Executive Officer, P&O Princess International Division, Carnival Corporation and PLC Middle photo, Pictured L-R

Robert S. Singer 1, 2 James M. Cornelius

Chairman of the Board Chairman and Former Chief Executive Officer, Bristol-Myers Squibb Company Director, Given Imaging Limited Former Chief Executive Officer, Barilla Holding, S.p.A. Director, Tiffany & Co. Director, Coty Inc.

Howard B. Bernick 1, 2
President, Bernick Advisory Limited, Former President and Chief Executive Officer, Alberto Culver Company
1. Audit Committee 2. Compensation and Management Development Committee 3. Nominating and Corporate Governance Committee 4. Nutrition Science and Technology Committee

Anna C. Catalano 2, 3
Former President, Amoco Orient Oil Company China Group; Former Vice President Marketing, BP plc Director, Willis Group Holdings Director, Chemtura Corporation Director, Kraton Performance Polymers

Stephen W. Golsby P  resident and Chief Executive Officer,

Mead Johnson Nutrition Company Director, Beam Inc.

Executive Committee
back row, pictured L-R

William C. PPool
Senior Vice President, General Counsel and Secretary

Stephen W. Golsby
President and Chief Executive Officer

P. Kasper Jakobsen
Executive Vice President and Chief Operating Officer

James Jeffrey Jobe

Senior Vice President, Global Supply Chain front row, pictured L-R

G. Ivonne Monteagudo 
Senior Vice President, North America and Global Marketing

Dirk H. Hondmann, Ph.D.

Senior Vice President, Global Research and Development

Peter G. Leemputte 
Executive Vice President and Chief Financial Officer

Charles M. Urbain
Senior Vice President, Stakeholder Relations and Chief Development Officer

12 / MEAD JOHNSON NUTRITION

PORTFOLIO MEETING WIDE-ranging pediatric nutritional needs Routine 40% For routine infant feeding

solutions 10%

For mild intolerance

~10%

specialty

For allergies, severe intolerance, prematurity and metabolic disorders

~40%

childrens

For childrens nutritional supplementation

Corporate and shareholder information

Corporate Office Mead Johnson Nutrition Company 2701 Patriot Boulevard, 4th Floor Glenview, Illinois 60026 United States 847.832.2420 www.meadjohnson.com Stock Exchange Mead Johnson Nutrition Company is listed and traded on the New York Stock Exchange under the ticker symbol MJN. registrar and transfer agent Computershare Shareowner Services LLC 480 Washington Boulevard Jersey City, New Jersey 07310 866.207.6566 (in U.S.) 201.680.6578 (outside U.S.) For the hearing impaired (TDD) 800.231.5469 www.computershare.com/investor Dividend Policy Dividends on Mead Johnson common stock are declared by the Board of Directors on a quarterly basis and are typically paid on or about the first day of January, April, July and October. Independent public accounting firm Deloitte & Touche LLP

non-gaap reconciliation of financial measures

SALES In millions except per share data GAAP (Net Sales /Earnings Per Share) Operating model changes and interest Specified items before income taxes Income tax impact on items above Effect of newly issued shares3 Adjusted non-GAAP results
1 2 1

EARNINGS PER SHARE 2011) $3,677.0) ) ) ) ) $3,677.0) 2012) $3,901.3) ) ) ) ) $3,901.3) 2008) $2.32) (0.33) 0.22) 0.08) (0.39) $1.90) 2009) $1.99) ) 0.40) (0.12) (0.04) $2.23) 2010) $2.20) ) 0.35) (0.13) ) $2.42) 2011) $2.47) ) 0.46) (0.14) ) $2.79) 2012) $2.95 0.18 (0.05) $3.08

2008) $2,882.4) (35.9) ) ) ) $2,846.5)

2009) $2,826.5) ) ) ) ) $2,826.5)

2010) $3,141.6) ) ) ) ) $3,141.6)

Adjustment of our 2008 results for comparability to our 2009 results include operating model changes primarily in Brazil and Europe. In Brazil, our ability to operate as a new stand-alone subsidiary was delayed from February 2009 to late September 2009. During that time, BMS distributed and recorded sales for our products and we conducted marketing activities. In Europe, we have transitioned to a third-party distributor model with BMS temporarily serving as our distributor. This reduced net sales by the amount of the distributors margin and lowered costs for the distribution-related expenses. In addition, our 2008 results were adjusted to reflect interest expense that would have been incurred had our capital structure as of December 31, 2008 been in place throughout that year. Adjustments for IT and other separation costs, severance and other costs, legal, settlement and related costs, IPO-related costs and gain on asset sale. Adjustments to conform number of shares outstanding to the post-IPO period.

2 3

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