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DANONE

REGISTRATION DOCUMENT 2015

Danone's business highlights in 2015 and outlook for 2016

3.1 Business highlights in 2015

47

Other business activities in 2015

Acquisitions, disposal of Company shares

Main changes in fully consolidated companies

Ownership as of December 31

(in percentage)

Division

Country Transaction date

(a)

2014

2015

Main companies consolidated for the first time during 2015

Fan Milk group's companies

Fresh Dairy

Products

West Africa

December

49.0%

49.0%

Main consolidated companies with change in ownership percentage

Danone-Unimilk group

Fresh Dairy

Products

CIS

December

50.9%

70.9%

Danone Spain

Fresh Dairy

Products

Spain February/March

76.9%

92.4%

Centrale Danone

(b)

Fresh Dairy

Products

Morocco

December

90.9%

95.9%

Main companies that are no longer fully consolidated as of December 31

–

(a) Month of the fiscal year.

(b) Formerly Centrale Laitière. The company has been renamed Centrale Danone in 2015.

Main changes in investments in associates

Ownership as of December 31

(in percentage)

Division

Country Transaction date

(a)

2014

2015

Main companies accounted for using the equity method for the first time during 2015

Yashili

Early Life

Nutrition

China

February

–

25.0%

Main associates with change in ownership percentage

–

–

–

Main companies no longer accounted for using the equity method as of December 31

Fan Milk group's companies

(b)

Fresh Dairy

Products

West Africa

December

49.0%

49.0%

(a) Month of the fiscal year.

(b) Companies fully consolidated since December 2015 in application of IFRS10,

Consolidated financial statements.