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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 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.

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3 3

Key Facts

Key Q3 event = Fonterra false alert

Sales

Cost impact

Cash impact

=> Significant impact on 2013 Group results

€170 mln

2nd 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

28th August 2013 : New Zealand

authorities lift the warning after

concluding that there are no

Clostridium Botulinum in any of

the Fonterra batches concerned

• FY €280 mln

incl €170 mln one off

• FY €300 mln

• Q3 -3.2%

€350 mln • FY

5

Action plans in place to recover

5

Inventory management focus & promotion activity

Heavy communication campaign

Business development acceleration

Key action plans Recovery path

0

20

40

60

80

100

120

July August September

Monthly sales July 2013

Average of the 8 coutries impacted by recall

Q3 2013 : Strong underlying dynamics

6

Europe :

Adapt & fix

– Savings & competitiveness

– Value for consumers

Growth markets :

Invest & leverage

Clear priorities Strong underlying growth trends

(1.7)% (4.5)% (4.0)% (0.9)%

H1 2012 H2 2012 H1 2013 Q3 2013

5.3% 8.2% 9.3%

11.1%

H1 2012 H2 2012 H1 2013 Q3 2013

16.7% 14.7% 15.9%

16.1%

H1 2012 H2 2012 H1 2013 Q3 2013

Europe

CIS &

NORAM

ALMA*

6.0%

16.1%

* ALMA :AsiapacLatamMiddleEastAfrica

Actual

Excluding

8 recall markets

7

The right model to develop categories

7

0

2

4

6

8

10

12

14

16

18

WesternEurope

EasternEurope

NorthAmerica

LatinAmerica

MiddleEast and

Africa

AsiaPacific

2008 08-13 growth

Pcc in kg

Nutricia Research in Utrecht –

Opening a new global research centre

8 8

Group sales

performance

6.9%

5.0% 5.0% 4.9%5.6%

6.5%

4.2%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

9

Solid sales growth in Q3 2013

9

Like-for-like sales growth

Q3 growth impacted by the Fonterra affair

Acceleration of performance in other regions

5.6% 5.5%

9M 12 9M 13

(7.2)%

3.0%

1.6%

2.6%

Q3 2012 Currency Scope & others Volume Value Q3 2013

10 10

Sales growth analysis – Q3 13

+0.0% Reported

+4.2% Like-for-like

€5,259 mln

€5,257 mln

(4.1)%

2.3%

2.9%

2.6%

9M 2012 Currency Scope & others Volume Value 9M 2013

11 11

Sales growth analysis – 9M 13

+3.7% Reported

+5.5% Like-for-like

€16,317 mln

€15,733 mln

2.2% 2.1% 1.6%3.2% 3.0%

4.1%

1.6%

4.7%

2.9% 3.4%1.7%

2.6%

2.4%

2.6%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

12 12

Like-for-like sales growth Volume growth

Price/mix growth

Total Group – Balanced growth

Resilient volume trends

Moderate increased pricing in selected regions

2.0%2.9%

3.6% 2.6%

9M 12 9M 13

18.1%

15.4% 15.2%14.2%

16.6%15.3%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

(0.5)%

(2.8)%(3.8)%

(5.1)% (5.1)%

(3.0)%

(0.9)%

5.3% 5.3%6.8%

9.7%8.5%

10.2%11.1%

13 13

Like-for-like sales growth by region

EUROPE

ALMA

AsiapacLatamMiddleEastAfrica

CIS & NORAM CIS+USA+Canada

Improved underlying dynamics

6.0%

14 14

Sales performance

by division

3.8%

2.1%

0.7%1.3%

0.7%

2.6%

4.6%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

15 15

Like-for-like sales growth

CIS & North America : confirmed growth path

Recovery starting in Europe

Overall, highest growth in the past 9 quarters

FRESH DAIRY PRODUCTS - Further improvement across

geographies

2.2%2.6%

9M 12 9M 13

37.8%

31.1%

9.5%8.2%

2011 2012 YTD 2013

Greek yogurt segment Value market shares

Source : IRI Multi Outlet

Competitor 1

Danone

Competitor 2

Competitor 3

Greek segment latest innovations

FRESH DAIRY US - Confirmed market leadership with a

solid growth in Greek segment

New segments and moment of consumption

Q4 12 Q1 13 Q2 13 Q3 13

Série2 Série3

17 17

FRESH DAIRY CIS – A robust growth equation

CIS performance +28%

YTD Like-for-like

sales growth

+18%

YTD Like-for-like

sales growth

Volume growth

Price/mix growth

+8%

YTD Like-for-like

sales growth

Integrated management

as of January 1st 2014

18 18

FRESH DAIRY Europe – Improvements confirmed

Breakdown volume / value growth (%)

Value market shares

Q4 2012 Q1 2013 Q2 2013 Q3 2013

Volume growth Price/mix growth

Q4 12 Q1 13 Q2 13 Q3 13

Spain

Portugal

Italy

France

UK

Germany

(0.1)%(0.3)%

(0.7)%0.4% 0.5%

3.6%

1.7%

3.9%

2.4%1.4% 0.9% 0.2%

(1.0)%

2.9%

19 19

Volume and price/mix growth Volume growth

Price/mix growth

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

FRESH DAIRY PRODUCTS – Balanced equation

(0.4)%

1.9%2.6%

0.7%

FRESH DAIRY PRODUCTS – Selected innovations

YO-Jelly

(South Africa) Danonino Bebe Dino Bottle

(Roll out France,Russia,

Canada and Poland)

Danette Tubes

(Turkey)

Actimel Vitamine C

(Russia)

Danonino Tubes

(Mexico)

Oikos

(Mexico)

Danio

(Brazil)

Actimel Kids

(Roll out in

7 European countries)

Greek yogurt

Indulgence

Active Health

Kids and tweens

16.4%

4.6%

12.3%

8.5% 8.6%

10.5%

16.9%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

21

Like-for-like sales growth

WATERS – Outstanding performance

An outstanding performance driven by emerging markets, Aquadrinks and

positive Europe

Favorable comparables with positive weather conditions

10.5%

12.1%

9M 12 9M 13

7.7%

3.1%5.4%

7.9%

4.6%7.1%

9.4%

8.7%

1.5%

6.9%0.6%

4.0%

3.4%

7.5%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

WATERS – A healthy volume growth

22

Volume and Price/mix growth

Strong volume trend

Favorable mix driven by aquadrinks and positive Europe

Volume growth

Price/mix growth

5.3%7.1%

5.2%

5.0%

9M 12 9M 13

WATERS – Selected innovations and equity development

23

Salus Cero

(Uruguay) Akmina new flavors

(Turkey) Bonafont Kids

(Mexico)

Aqua Click’n go

(Indonesia)

Bonafont

Lévissé

Aquadrinks launch in Brazil

Evian sponsoring

Aquadrinks line extension

Packaging innovation

9.0%

13.6%

11.5% 12.1%

17.1%

13.5%

(8.6)%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

BABY NUTRITION – A temporary hit

24

Like-for-like sales growth

Significant impact of the Fonterra affair

Key focus to reinitiate local dynamics

11.4%

7.3%

9M 12 9M 13

BABY NUTRITION – Selected innovations

25

Milkuat EnerG

(Indonesia)

Bebelac Cereals

(Turkey) Nutrilon HA and Comfort Pronutra

(Argentina )

Milnutri GUM

based on Nutriplanet Study

(Brazil) Bobovita Cereals and Expert Cereals

(Poland)

IMF & GUM Cereals

6.4% 6.7%

4.9%5.5%

6.3%

4.7%

5.8%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

MEDICAL NUTRITION – Sustained growth

26

Like-for-like sales growth

North America and ALMA driving growth on the back of Europe soft trend

6.0%5.6%

9M 12 9M 13

MEDICAL NUTRITION – Selected innovations

27

PKU Anamix first spoon : expansion of

metabolic control portfolio

(Saudi Arabia)

Forticare : bottle format upgrade

(Turkey)

Nutridrink Compact Protein

(Russia)

2013 OUTLOOK

28 28

-30bps to -50bps

Trading operating margin(1)

29

2013 objectives

(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

At least 5%

Previous

2013 objectives

Sales growth (1)

Around € 2 bn

29

Free cash-flow excluding

exceptional items (2)

- 80bps

4.5% to 5%

New

2013 objectives

€1.5 bn to €1.6 bn

30

APPENDIX

30

Impact of currencies and scope – Q3 13

31

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%

Dairy WatersBaby

Nutrition

Medical

NutritionTotal

Like-for-like

sales growth

32

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%

Dairy WatersBaby

Nutrition

Medical

NutritionTotal

Impact of currencies and scope – 9M 13

Sales by business & geographical area – Q3 13

Like-for-like

sales growth

33

€ mln

Fresh Dairy Products 2,910 2,913 +4.6%

Waters 962 1,089 +16.9%

Baby Nutrition 1,062 924 (8.6)%

Medical Nutrition 323 333 +5.8%

Europe 2,089 2,068 (0.9)%

CIS+Noram 1,116 1,183 +11.1%

ALMA 2,052 2,008 +6.0%

Total 5,257 5,259 +4.2%

Q3 2012 Q3 2013Like-for-like

sales growth

Sales by business & geographical area – 9M 13

Like-for-like

sales growth

34

€ mln

Fresh Dairy Products 8,816 8,936 +2.6%

Waters 2,817 3,080 +12.1%

Baby Nutrition 3,152 3,307 +7.3%

Medical Nutrition 948 994 +5.6%

Europe 6,439 6,228 (3.0)%

CIS+Noram 3,317 3,543 +9.9%

ALMA 5,977 6,546 +12.6%

Total 15,733 16,317 +5.5%

9M 2012 9M 2013Like-for-like

sales growth

35

Like-for-like sales growth – Q3 13

Breakdown volume/value

Like-for-like

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%

Volume Price/mix Total

36

Like-for-like sales growth – 9M 13

Breakdown volume/value

Like-for-like

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%

Volume Price/mix Total

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)%

Notes

38

Notes

39