Cécile Cabanis Chief Financial Officer

Deutsche Bank Access Global Consumer Conference

Paris – June 9,2015

DISCLAIMER

2

This document contains certain forward-looking statements concerning Danone. Although Danone believes its expectations are based on reasonable assumptions, these forward-looking statements are

subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in these forward-looking statements. For a detailed description of these risks and uncertainties, please refer to the section “Risk Factors” in Danone’s Registration Document (which is available on www.danone.com). Danone undertakes no obligation to publicly update or revise any of these forward-looking statements. This document does not constitute an offer to sell, or a solicitation of an offer to buy DANONE shares.

This document refers to financial indicators that are not defined by IFRS. For a detailed description of these indicators, please refer to the section "Financial indicators not defined in IFRS" of the press releases on its results published by Danone (which are available on www.danone.com). Due to rounding, the sum of values presented in this document may differ from totals as reported. Such differences are not material.

2015: A FIRST STEP TOWARDS 2020

3

… 2015 2014

4

2015: ENHANCE OUR STRENGTHS AND KEEP BUILDING A

SUSTAINABLE MODEL

4

OPTIMIZE INVEST

BUILD NURTURE

Margin

categories

GEOGRAPHICAL DYNAMICS

AsiapacLatamMiddleEastAfrica

USA+Canada+CIS

5

EUROPE

NORAM

CIS

ALMA

0.5% 0.1%

2.8%

4.8%

2.9%

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

7.8% 7.0%

3.3%

2.0% 2.8%

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

0.5%

2.0%

13.5% 14.0%

8.0%

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

(3.7)%

(7.4)% (7.1)% (7.8)%

(4.8)%

7.6% 9.8% 7.8%

6.8% 5.0%

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

FRESH DAIRY PRODUCTS – KEEP REINFORCING ALL

PLATFORMS

6

Volume

Price/mix Like-for-like sales growth

3.9% 2.4%

0.7%

(1.0)%

0.2%

7

FRESH DAIRY PRODUCTS – INVEST IN PRODUCT

SUPERIORITY

7

PRODUCT UNIQUENESS CATEGORY EXPANSION

FRESH DAIRY PRODUCTS EUROPE – ANCHOR A NEW

GROWTH MODEL

8

(12.0)%

(8.0)%

(4.0)%

0.0%

4.0%

8.0%

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

Volume

Price/mix

SALES GROWTH BREAKDOWN KEY TRANSFORMATION INITIATIVES IN EUROPE

RIGHT

PORTFOLIO

EFFICIENT

SOURCING

EFFICIENT

OPERATIONS

RIGHT

ORGANIZATION

&

PROCESS

10%

20%

30%

40%

2011 2012 2013 2014 YTD 2015

(May)

FRESH DAIRY PRODUCTS NORAM & CIS – CARRY ON

GROWTH AGENDA

9

(1) Danone : including Stonyfield and YoCrunch

Average value market shares

Source: IRI Multi Outlet

Danone(1)

Competitor 1

Competitor 2

NORTH AMERICA CIS

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

> +10%

> +15%

> +25%

5.4% 7.0%

8.3% 9.0%

6.6%

3.5%

6.1% 3.5% 3.3%

2.0%

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

WATERS – STRONG GROWTH TO SUPPORT CATEGORY

EXPANSION

10

Like-for-like sales growth

13.1%

8.9%

11.8% 12.3%

8.6%

Volume

Price/mix

WATERS – KEEP BUILDING THE CATEGORY

11

DW Market Share Value (%)

2013 2014 2010 2011 2012

GAINING MARKET SHARE YEAR ON YEAR A RELEVANT MISSION

SOLID PLAIN WATERS PLATFORM CONTINUED GROWTH IN THE AQUADRINKS SEGMENT

>50% of 2014 total Waters sales >+20% growth in 2014

WATERS 360° ACTIVATION – INVEST FOR BETTER

PRODUCT ACTIVATION & DEVELOP BRAND EQUITIES

12

A STRONG PIPELINE OF INNOVATIONS

DIGITAL: CLOSER CONSUMER INTERACTIONS

Online gaming

and e-commerce

activation

Mizone blueberry

national launch on

a dedicated app

Evian Spiderman “The Amazing Baby & Me 2”

> 20 mln views on Youtube

(4.8)% (7.9)%

9.9% 11.5%

4.4%

(2.9)%

(1.3)%

9.3%

16.6%

7.2%

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

EARLY LIFE NUTRITION – BUILD SUSTAINABLE GROWTH

13

Like-for-like sales growth

(7.7)% (9.2)%

19.2%

28.1%

11.6%

Volume

Price/mix

14

EARLY LIFE NUTRITION – CONTINUE BUILDING OUR

CATEGORIES

14

ESSENTIAL ROLE OF EARLY LIFE NUTRITION

• Science-driven innovations adapting to allergy &

specials needs

A KEY FOCUS ON R&D AND SCIENTIFIC EXPERTISE

DANONE NUTRIPLANET SURVEYS

A UNIQUE AND RELEVANT APPROACH TO BABIES

• Opening a new global research centre in Utrecht

x2 Hospital admissions for severe allergic reactions

over the last decade in developed countries

EARLY LIFE NUTRITION – REVIEW OF CHINESE BUSINESS

15

1-2y & 2y+ Pregnancy 0-6m 6m-1y

Local brands

International

brands

4.3% 6.2% 5.6% 6.3%

3.5%

0.9%

1.1%

4.5% 2.4%

5.6%

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15

MEDICAL NUTRITION – VERY RESILIENT DYNAMICS

16

Like-for-like sales growth

5.2%

7.3%

10.1%

8.7%

Volume

Price/mix

9.1%

2015: A FIRST STEP TOWARDS 2020

17

… 2015 2014

2015 GUIDANCE: ANCHOR THE NEW SUSTAINABLE MODEL

(1,027)

18

2015 objectives

Sales growth(1) 4% to 5%

Trading operating margin(1) Slightly up

(1) Like-for-like: excludes the impact of changes in the basis for comparison, which include exchange rates and scope of consolidation

APPENDIX questions & answers

19