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2

DANONE

REGISTRATION DOCUMENT 2015

KEY FIGURES

+17 bps

2015 like-for-like

Trading operating

margin growth

+8.4%

2015 recurring

EPS growth at constant

exchange rates

+4.4%

2015 like-for-like

Sales growth

13.6 13.1 13.7 13.0

12.1 12.8

15.2 15.0

17.0

19.3

20.9 21.3 21.1

22.4

0.58 0.61 0.68

0.85

1.00

1.10

1.20 1.20

1.30

1.39 1.45 1.45 1.50

1.60

Sales

(in € billions)

Dividend

(in € per share)

2014

2015

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2014

2015

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

“With organic growth of +4.4% and trading operating margin up +17 basis points like-for-like, our results

are very solid and perfectly aligned with our objectives. They confirm that we have taken this mission

to a new level, paving the way for strong, profitable and sustainable growth by 2020.

We have moved toward an optimal combination of more agility and discipline in our resource allocation

and decision processes.

Our choices in 2015 delivered these solid results, which came from the combination of our businesses

in both developed and emerging markets across all four of our categories.

In 2016, in a global context that remains volatile, Danone will continue to invest behind its brands and

will mark a further important step to develop a balanced model of strong, profitable and sustainable

growth.”

Emmanuel FABER, Danone Chief Executive Officer

“Bringing health through

food to as many people as possible”