Key Q3 event = Fonterra false alert

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2 2 Disclaimer 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 Annual Report (which is available on 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.

3 Key Facts 3

4 Key Q3 event = Fonterra false alert 2 nd August 2013 : some batches of ingredients manufactured by Fonterra suspected of containing Clostridium Botulinum New Zealand announces ban of China on New Zealand milk product Danone immediately recalls all finished products potentially related to incriminated batches Internal & external tests on recalled products : no sample shows any contamination 28 th August 2013 : New Zealand authorities lift the warning after concluding that there are no Clostridium Botulinum in any of the Fonterra batches concerned => Significant impact on 2013 Group results Sales Cost impact Cash impact Q3 170 mln -3.2% FY 350 mln FY 280 mln incl 170 mln one off FY 300 mln

5 5 Action plans in place to recover Recovery path Key action plans Monthly sales July 2013 July August September Inventory management focus & promotion activity Heavy communication campaign Business development acceleration Average of the 8 coutries impacted by recall

6 Q : Strong underlying dynamics Clear priorities Strong underlying growth trends Europe H H H Q (1.7)% (4.5)% (4.0)% (0.9)% Europe : Adapt & fix Savings & competitiveness Value for consumers CIS & NORAM 5.3% 8.2% 9.3% 11.1% H H H Q Growth markets : Invest & leverage ALMA* 16.7% 14.7% 15.9% 16.1% 16.1% Actual 6.0% * ALMA :AsiapacLatamMiddleEastAfrica Excluding 8 recall markets H H H Q

7 The right model to develop categories Western Europe Pcc in kg Eastern Europe North America growth Latin America Middle East and Africa Asia Pacific Nutricia Research in Utrecht Opening a new global research centre 7

8 Group sales performance 8

9 9 Solid sales growth in Q Like-for-like sales growth 5.6% 5.5% 6.9% 5.0% 5.0% 4.9% 5.6% 6.5% 4.2% 9M 12 9M 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q3 growth impacted by the Fonterra affair Acceleration of performance in other regions

10 10 Sales growth analysis Q % Like-for-like 2.6% 5,259 mln 5,257 mln (7.2)% 1.6% +0.0% Reported 3.0% Q Currency Scope & others Volume Value Q3 2013

11 11 Sales growth analysis 9M % Like-for-like 2.6% 2.9% 16,317 mln +3.7% Reported (4.1)% 2.3% 15,733 mln 9M 2012 Currency Scope & others Volume Value 9M 2013

12 12 Total Group Balanced growth Like-for-like sales growth Volume growth Price/mix growth 3.6% 2.6% 2.0% 2.9% 4.7% 2.9% 3.4% 2.2% 2.1% 1.6% 1.7% 2.6% 3.2% 3.0% 2.4% 4.1% 2.6% 1.6% 9M 12 9M 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Resilient volume trends Moderate increased pricing in selected regions

13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q Improved underlying dynamics Like-for-like sales growth by region EUROPE (0.5)% (2.8)% (3.8)% (5.1)% (5.1)% (3.0)% (0.9)% CIS & NORAM CIS+USA+Canada 9.7% 10.2% 11.1% 8.5% 6.8% 5.3% 5.3% 18.1% 15.4% 15.2% 14.2% 16.6% 15.3% ALMA 6.0% AsiapacLatamMiddleEastAfrica

14 Sales performance by division 14

15 15 FRESH DAIRY PRODUCTS - Further improvement across geographies Like-for-like sales growth 2.2% 2.6% 3.8% 2.1% 0.7% 1.3% 0.7% 2.6% 4.6% 9M 12 9M 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 CIS & North America : confirmed growth path Recovery starting in Europe Overall, highest growth in the past 9 quarters

16 FRESH DAIRY US - Confirmed market leadership with a solid growth in Greek segment New segments and moment of consumption Greek segment latest innovations Competitor 1 Greek yogurt segment Value market shares Danone 37.8% 31.1% Competitor 2 Competitor 3 9.5% 8.2% Source : IRI Multi Outlet YTD 2013

17 17 FRESH DAIRY CIS A robust growth equation Volume growth Série2 Price/mix growth CIS performance Série3 +28% YTD Like-for-like sales growth +18% YTD Like-for-like sales growth Q4 12 Q1 13 Q2 13 Q % YTD Like-for-like sales growth

18 FRESH DAIRY Europe Improvements confirmed Breakdown volume / value growth (%) Q Q Q Q Volume growth Price/mix growth Value market shares Spain Portugal Integrated management as of January 1st 2014 Italy France UK Germany Q4 12 Q1 13 Q2 13 Q

19 19 FRESH DAIRY PRODUCTS Balanced equation Volume and price/mix growth Volume growth Price/mix growth 2.9% 2.6% (0.4)% 0.7% 1.9% 3.9% (0.1)% 2.4% (0.3)% 1.4% 0.9% 0.2% 0.4% 0.5% (0.7)% 3.6% (1.0)% 1.7% Year-to-date, solid volume improvement in CIS / North America and better trends in Europe Selected price increases in Q3, in the context of milk inflation

20 FRESH DAIRY PRODUCTS Selected innovations Greek yogurt Oikos (Mexico) Danio (Brazil) Kids and tweens Danonino Bebe Dino Bottle (Roll out France,Russia, Canada and Poland) YO-Jelly (South Africa) Actimel Kids (Roll out in 7 European countries) Active Health Actimel Vitamine C (Russia) Indulgence Danonino Tubes (Mexico) Danette Tubes (Turkey)

21 21 WATERS Outstanding performance Like-for-like sales growth 16.4% 16.9% 10.5% 12.1% 12.3% 10.5% 8.5% 8.6% 4.6% 9M 12 9M 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 An outstanding performance driven by emerging markets, Aquadrinks and positive Europe Favorable comparables with positive weather conditions

22 22 WATERS A healthy volume growth Volume and Price/mix growth Volume growth Price/mix growth 5.2% 5.0% 8.7% 6.9% 0.6% 3.4% 7.5% 5.3% 7.1% 7.7% 1.5% 3.1% 5.4% 7.9% 4.0% 4.6% 7.1% 9.4% 9M 12 9M 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Strong volume trend Favorable mix driven by aquadrinks and positive Europe

23 23 WATERS Selected innovations and equity development Aquadrinks launch in Brazil Aquadrinks line extension Akmina new flavors (Turkey) Bonafont Kids (Mexico) Salus Cero (Uruguay) Bonafont Lévissé Evian sponsoring Packaging innovation Aqua Click n go (Indonesia)

24 24 BABY NUTRITION A temporary hit Like-for-like sales growth 17.1% 11.4% 13.6% 11.5% 12.1% 13.5% 9.0% 7.3% 9M 12 9M 13 Significant impact of the Fonterra affair Key focus to reinitiate local dynamics (8.6)% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

25 25 BABY NUTRITION Selected innovations IMF & GUM Milkuat EnerG (Indonesia) Milnutri GUM based on Nutriplanet Study (Brazil) Cereals Bobovita Cereals and Expert Cereals (Poland) Nutrilon HA and Comfort Pronutra (Argentina ) Bebelac Cereals (Turkey)

26 26 MEDICAL NUTRITION Sustained growth Like-for-like sales growth 6.0% 5.6% 6.4% 6.7% 4.9% 5.5% 6.3% 4.7% 5.8% 9M 12 9M 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 North America and ALMA driving growth on the back of Europe soft trend

27 27 MEDICAL NUTRITION Selected innovations Nutridrink Compact Protein (Russia) Forticare : bottle format upgrade (Turkey) PKU Anamix first spoon : expansion of metabolic control portfolio (Saudi Arabia)

28 2013 OUTLOOK 28

29 2013 objectives Previous 2013 objectives New 2013 objectives Sales growth (1) At least 5% 4.5% to 5% Trading operating margin (1) -30bps to -50bps - 80bps Free cash-flow excluding exceptional items (2) Around 2 bn 1.5 bn to 1.6 bn (1) Like-for-like : Based on constant scope of consolidation and constant exchange rates (2) Free cash-flow excluding exceptional items : cash flows provided or used by operating activities less capital expenditure net of disposals and excluding acquisition costs related to business combinations and before cash-flows related to initiatives that may be taken by the Group to deploy the plan to generate savings and adapt its organizations in Europe 29

30 30 APPENDIX

31 31 Impact of currencies and scope Q3 13 Dairy Waters Baby Nutrition Medical Nutrition Total Reported sales growth +0.1% +13.2% (13.0)% +3.0% +0.0% Currency (7.6)% (6.6)% (7.3)% (5.0)% (7.2)% Scope of consolidation +3.1% +2.9% +2.9% +2.2% +3.0% Like-for-like sales growth +4.6% +16.9% (8.6)% +5.8% +4.2%

32 32 Impact of currencies and scope 9M 13 Like-for-like sales growth Dairy Waters Baby Nutrition Medical Nutrition Total Reported sales growth +1.4% +9.4% +4.9% +4.9% +3.7% Currency (4.6)% (3.7)% (3.4)% (2.7)% (4.1)% Scope of consolidation +3.4% +1.0% +1.0% +2.0% +2.3% Like-for-like sales growth +2.6% +12.1% +7.3% +5.6% +5.5%

33 33 Sales by business & geographical area Q3 13 mln Q Q Like-for-like sales growth Like-for-like sales growth Fresh Dairy Products 2,910 2, % Waters 962 1, % Baby Nutrition 1, (8.6)% Medical Nutrition % Europe 2,089 2,068 (0.9)% CIS+Noram 1,116 1, % ALMA 2,052 2, % Total 5,257 5, %

34 34 Sales by business & geographical area 9M 13 mln 9M M 2013 Like-for-like sales growth Like-for-like sales growth Fresh Dairy Products 8,816 8, % Waters 2,817 3, % Baby Nutrition 3,152 3, % Medical Nutrition % Europe 6,439 6,228 (3.0)% CIS+Noram 3,317 3, % ALMA 5,977 6, % Total 15,733 16, %

35 35 Like-for-like sales growth Q3 13 Breakdown volume/value Like-for-like Volume Price/mix Total Fresh Dairy Products +1.7% +2.9% +4.6% Waters +9.4% +7.5% +16.9% Baby Nutrition (7.3)% (1.3)% (8.6)% Medical Nutrition +7.4% (1.6)% +5.8% Europe (0.4)% (0.5)% (0.9)% CIS+Noram +4.7% +6.4% +11.1% ALMA +0.9% +5.1% +6.0% Total +1.6% +2.6% +4.2%

36 36 Like-for-like sales growth 9M 13 Breakdown volume/value Like-for-like Volume Price/mix Total Fresh Dairy Products +1.9% +0.7% +2.6% Waters +7.1% +5.0% +12.1% Baby Nutrition +1.1% +6.2% +7.3% Medical Nutrition +5.7% (0.1)% +5.6% Europe (1.9)% (1.1)% (3.0)% CIS+Noram +6.1% +3.8% +9.9% ALMA +5.2% +7.4% +12.6% Total +2.9% +2.6% +5.5%

37 37 Changes in exchange rates 27.7% of 9M sales denominated in 9M 13 % total sales 9M 13 vs 9M 12 (avg) Q3 13 vs Q3 12 (avg) Russian ruble 10.2% (4.5)% (8.0)% US dollar 9.1% (2.7)% (5.5)% Chinese yuan 6.9% (0.2)% (2.0)% Indonesian rupiah 5.6% (10.0)% (15.9)% Mexican peso 5.5% 1.4 % (3.7)% British pound 4.7% (4.7)% (7.3)% Argentine peso 4.6% (17.7)% (22.0)% Brazilian real 4.3% (12.0)% (16.3)% Polish zloty 2.6% 0.2 % (2.6)% Moroccan Dirham 2.3% (0.5)% (1.1)%

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