Sales Q3 2012

October 17th, 2012

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 DANONEs 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.

Sales growth analysis Q3 12 +5.0%

Like-for-like (1)

3.4% 0.1% 4.3% 1.6% +9.4%

Reported

5,257 mln

4,805 mln

Q3 2011

Currency

Scope

Volume

Value

Q3 2012

(1) Like-for-like : Based on constant scope of consolidation and constant exchange rates

Sales growth analysis 9M 2012 +5.6%

Like-for-like

3.6% 0.0% 2.7%

15,733 mln

2.0%

+8.3%
Reported

14,532 mln

9M 2011

Currency

Scope

Volume

Value

9M 2012

Total Group : Q2 sales growth continuing in Q3

Like-for-like sales growth
8.5% 7.8% 5.6% 5.9% 5.0% 5.0% 8.8% 7.8% 6.9%

FY 11

9M 12

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

A contrasted quarter again Emerging markets and North America continuing strong Further deterioration in Western Europe, driven by Southern Europe
5

Dual geographical dynamics

Like-for-like sales growth by region
3.7% 4.2% 0.1% 1.5% 0.9% -1.0% Q1 11 Q2 11 20.8% 18.0% Q3 11 19.6% Q4 11 22.0% 19.4% 17.2% 18.3% Q1 12 Q2 12 -1.5% Q3 12

EUROPE

ASIA

Q1 11 14.8%

Q2 11

Q3 11

Q4 11 14.4%

Q1 12

Q2 12

Q3 12

12.6%

11.5%

12.7%

REST OF THE WORLD

10.7%

10.5%

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12 6

Total Group : Resilient mix

Volume and Price/mix growth
Volume Growth Price / mix

3.5% 4.8% 3.6% 5.0% 3.0% FY 11 3.1% 2.0% 9M 12 Q1 11 Q2 11 1.5% Q3 11 2.2% Q4 11 2.2% Q1 12 2.1% Q2 12 1.6% Q3 12 5.7% 5.6% 4.4% 4.7% 2.9% 3.4%

Soft volume, mix remaining strong

Sales performance by division

FRESH DAIRY Further deterioration in Europe

Like-for-like sales growth
6.5% 5.5% 4.6% 3.8% 3.0% 2.2% 2.1% 0.7%

3.5%

FY 11

9M 12

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

CIS and North America : on plan and accelerating vs Q2 Continued outperformance in Latam and Africa Middle East Western Europe deteriorating further, sales decline exceeds 10% in Southern Europe

FRESH DAIRY Volume slightly negative

Volume and Price/mix growth
Volume Growth Price / mix

3.6%

4.7% 2.6% -0.1% -0.4% 2.9%

5.7%

5.0% 4.7% 3.9% 2.4% (1.5%) Q3 11 (0.1%) Q1 12 (0.3%) 1.4% (0.7%)

(0.2%) 9M 12 Q1 11 Q2 11

(1.7%) Q4 11

FY 11

Q2 12

Q3 12

Volume remaining slightly negative, impacted by further deterioration in Europe, while continuing to progress in CIS and North America
10

FRESH DAIRY US Continued share gains globally and on the Greek segment

x 2.1

Danone Greek(1) $ sales

YTD 2011

YTD 2012

31,9

Total Danone Competitor 1 Competitor 2 Danone Greek(1)

US
Value Market shares
Source : IRI Multi-Outlet with Walmart

27,0

16,3 8,5

Q4 2011
(1) Dannon + Stonyfield + Light & Fit Greek

Q3 2012 11

FRESH DAIRY CIS From integration in 2011 to growth in 2012

2011 priorities Integration Drive efficiency to invest behind brands Segment the portfolio 2012 agenda: Activating the key brands

Danone-Unimilk CIS % volume growth

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

12

FRESH DAIRY CIS Leveraging priority brands

+12%(1)

+19%(1)
Tma

Prostokvashino New identity since Q2

from a Dairy brand for babies to a Babyfood brand

(1) YTD September 2012 like-for-like growth - CIS

13

FRESH DAIRY Selected innovations

Breakfast Yogurt Big bottle (Poland)

Velout Fruix Kiss cup introduction (France)

#3 in Europe #25 Worldwide

Vitalinea PRO (Spain)

Densia Forte (Spain)

Danonki Single Cup (Poland)

14

WATERS Strong performance

Like-for-like sales growth
18.9% 15.7% 13.3% 10.5% 7.9% 4.6% 16.4% 12.3% 23.3%

FY 11

9M 12

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Continued strong underlying category dynamics Continued outperformance of Emerging markets & Aquadrinks Favourable 2011 comparables in Western Europe, but poor weather in July
15

WATERS Balanced growth

Volume and Price/mix growth
Volume Growth Price / mix

13.2% 6.9% 2.6% 5.2% 8.8% 5.3% FY 11 9M 12 Q1 11 Q2 11 10.7% 10.0% 3.0% 4.9% Q3 11 Q4 11 10.1% 7.7% 1.5% 3.1% Q1 12 Q2 12 8.9% 8.7% 6.9%

5.4% Q3 12

Solid volume growth Positive product mix brought by good performance of Western Europe & Aquadrinks
16

WATERS Selected innovations

Bonafont HOD 11L new PET format (Mexico)

Bonafont Kids - Jugo Mango (Mexico)

Font Vella Limited edition (Spain)

Mizone - Multipack new design (China)

17

BABY NUTRITION Continued excellent performance

Like-for-like sales growth

13.6% 10.7% 11.4% 11.2% 9.6% 10.5% 11.4% 9.0% 11.5%

FY 11

9M 12

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Continued great performance across the board, boosted by Asia China : good acceptance of the renovated Dumex range Positive mix from Milk outperformance vs Food decline
18

CHINA : Renovating Dumex

Danone value market shares Modern Trade Total milks (August 2012)

15.0 14.5

STAGE ENHANCED NUTRITION

YTD 2011

YTD 2012

19

BABY NUTRITION Selected innovations

Dumex Mamil PreciNutri Range (Malaysia) Milupa Aptamil Cereal (Turkey)

Malyutka Cereals with juices (Russia)

Mellin Affordable Format (Italia)

20

MEDICAL NUTRITION Soft performance

Like-for-like sales growth

9,4%

9,3%

9,8% 8,7%

9,8% 6,7% 4,9%

6,0%

6,4%

FY 11

9M 12

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Performance hit by deterioration in some European markets China, Turkey & Brazil outperforming

21

MEDICAL NUTRITION Selected innovations

Complan renovation (UK) Souvenaid Phased introduction in 4 countries

For the dietary management of early Alzheimers Disease For patients under medical supervision

Neocate LCP Special Recipe (China)

Vanilla

Strawberry

22

Balance sheet management

Completed : repurchase of 6 mln treasury shares given in payment to ex-minority shareholders in Danone Spain

500-700 mln Share Buy-Back in the next 4 months

23

OUTLOOK

24

2012 Objectives

Objectives 2012

Sales growth (1)

5-7%

Trading operating margin(1)

-50 bps

Free cash flow (2)

2 bn

(1) Like-for-like : Based on constant scope of consolidation and constant exchange rates (2) Free cash flow: Cash flow from operations less capital expenditure (net of disposals) and excluding business combinations fees

25

APPENDIX

26

Impact of currency and scope Q3 12

Dairy
Reported sales growth Currency Scope of consolidation

Waters +17.8% +5.1% +0.4% +12.3%

Baby Nutrition +17.2% +5.7% +0.0% +11.5%

Medical Nutrition +8.4% +3.7% (0.2)% +4.9%

Group +9.4% +4.3% +0.1% +5.0%

+4.5% +3.6% +0.2% +0.7%

Like-for-like sales growth

27

Impact of currency and scope 9M 2012

Dairy
Reported sales growth Currency Scope of consolidation

Waters +13.4% +3.0% (0.1)% +10.5%

Baby Nutrition +15.7% +4.3% +0.0% +11.4%

Medical Nutrition +9.0% +2.5% +0.5% +6.0%

Group +8.3% 2.7% +0.0% +5.6%

+4.3% +2.2% (0.1)% +2.2%

Like-for-like sales growth

28

Q3 2012 sales by business & geographical area

Like-for-like sales growth +0.7% +12.3% +11.5% +4.9% (1.5)% +18.3% +10.5%

mln

Q3 2011 2,785 816 906 298 2,661 740 1,404

Q3 2012 2,910 962 1,062 323 2,682 946 1,629

Fresh Dairy Products Waters Baby Nutrition Medical Nutrition Europe Asia Rest of World

GROUP

4,805

5,257

+5.0%
29

Q3 2012 like-for-like sales growth Breakdown volume/value

Like-for-like

Volume (0.7)% +5.4% +3.6% +5.9% (2.6)% +8.9% +5.0%

Value +1.4% +6.9% +7.9% (1.0)% +1.1% +9.4% +5.5%

Total +0.7% +12.3% +11.5% +4.9% (1.5)% +18.3% +10.5%

Fresh Dairy Products Waters Baby Nutrition Medical Nutrition Europe Asia Rest of World

GROUP

+1.6%

+3.4%

+5.0%
30

9M 2012 sales by business & geographical area

Like-for-like sales growth +2.2% +10.5% +11.4% +6.0% (0.6)% +18.2% +11.3%

mln

9M 2011 8,457 2,483 2,723 869 8,203 2,135 4,194

9M 2012 8,816 2,817 3,152 948 8,231 2,708 4,794

Fresh Dairy Products Waters Baby Nutrition Medical Nutrition Europe Asia Rest of World

GROUP

14,532

15,733

+5.6%
31

9M 2012 like-for-like sales growth Breakdown volume/value

Like-for-like

Volume (0.4)% +5.3% +4.8% +6.7% (2.6)% +12.4% +4.4%

Value +2.6% +5.2% +6.6% (0.7)% +2.0% +5.8% +6.9%

Total +2.2% +10.5% +11.4% +6.0% (0.6)% +18.2% +11.3%

Fresh Dairy Products Waters Baby Nutrition Medical Nutrition Europe Asia Rest of World

GROUP

+2.0%

+3.6%

+5.6%
32

Changes in exchange rates 40% of sales denominated in

9M 12 % total sales 9M 12 vs 9M 11 (avg) Q3 12 vs Q3 11 (avg)

Russian Ruble US Dollar Chinese Yuan Indonesian Rupee Mexican Peso British Pound Argentinean Peso Brazilian Real Polish Zloty Canadian Dollar Turkish Lira

10% 9% 6% 6% 5% 5% 5% 4% 3% 2% 2%

+2% +10% +13% +3% +0% +7% +1% (7)% (5)% +7% (1)%

+3% +13% +14% +2% +5% +11% +2% (9)% +0% +11% +9%
33