Sales Q3 2012

October 17th, 2012

2

Disclaimer

This document contains certain forward-looking statements concerning DANONE. AlthoughDANONE believes its expectations are based on reasonable assumptions, these forward-lookingstatements are subject to numerous risks and uncertainties, which could cause actual results todiffer materially from those anticipated in these forward-looking statements. For a detaileddescription of these risks and uncertainties, please refer to the section “Risk Factors” inDANONE’s Annual Report (which is available on www.danone.com). DANONE undertakes noobligation to publicly update or revise any of these forward-looking statements. This documentdoes not constitute an offer to sell, or a solicitation of an offer to buy, Danone shares.

4.3%

0.1% 1.6%

3.4%

Q3 2011 Currency Scope Volume Value Q3 2012

33

€ 4,805 mln

+5.0%Like-for-like (1)

Sales growth analysis – Q3 12

+9.4%Reported

€ 5,257 mln

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

2.7%

0.0% 2.0%

3.6%

9M 2011 Currency Scope Volume Value 9M 2012

4

Sales growth analysis – 9M 2012

4

€ 14,532 mln

€ 15,733 mln

+5.6%Like-for-like

+8.3%Reported

7.8%

5.6%

FY 11 9M 12

Like-for-like sales growth

Total Group : Q2 sales growth continuing in Q3

5

8.5% 8.8%

5.9%

7.8%6.9%

5.0% 5.0%

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

3.7% 4.2%

0.1%1.5% 0.9%

-1.0%-1.5%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

Dual geographical dynamics

6

EUROPE

ASIA

REST OF THE WORLD

Like-for-like sales growth by region

14.8%12.6% 11.5%

14.4%12.7%

10.7% 10.5%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

18.0%20.8%

19.6%22.0%

19.4%17.2% 18.3%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

5.0%

3.1%1.5%

2.2% 2.2% 2.1% 1.6%

3.5%

5.7%

4.4%

5.6%4.7%

2.9% 3.4%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

Volume and Price/mix growth

7

Total Group : Resilient mix

Soft volume, mix remaining strong

3.0%2.0%

4.8%

3.6%

FY 11 9M 12

Volume Growth

Price / mix

8

Sales performanceby division

8

6.5%

5.5%

3.5%3.0%

3.8%

2.1%

0.7%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

Like-for-like sales growth

FRESH DAIRY – Further deterioration in Europe

9

4.6%

2.2%

FY 11 9M 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

2.9%

(0.2%) (1.5%) (1.7%) (0.1%) (0.3%) (0.7%)

3.6%

5.7% 5.0%

4.7%3.9%

2.4%1.4%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

Volume and Price/mix growth

10

-0.1%-0.4%

4.7%

2.6%

FY 11 9M 12

Volume Growth

Price / mix

FRESH DAIRY – Volume slightly negative

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

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

DanoneGreek(1)

$ sales

x 2.1

11

Total Danone

Competitor 1

Competitor 2

Danone Greek(1)

(1) Dannon + Stonyfield + Light & Fit Greek 11

US Value Market sharesSource : IRI Multi-Outlet with Walmart

YTD 2011 YTD 2012

31,9

27,0

16,3

8,5

Q4 2011 Q3 2012

FRESH DAIRY CIS From integration in 2011 to growth in 2012

2012 agenda: Activating the key brands

1212

�Integration

Drive efficiency to invest behind brands

Segment the portfolio

2011 priorities

�

�

�

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

Danone-Unimilk CIS % volume growth

(1) YTD September 2012 like-for-like growth - CIS 13

FRESH DAIRY CIS – Leveraging priority brands

13

+19%(1)

Prostokvashino

New identity since Q2

Tëma

from a Dairy brand for babies to a Babyfood brand

+12%(1)

FRESH DAIRY – Selected innovations

14

Breakfast Yogurt – Big bottle(Poland)

Densia Forte(Spain)

Danonki Single Cup(Poland)

Velouté Fruix – Kiss cup introduction(France)

#3 in Europe#25 Worldwide

Vitalinea PRO (Spain)

13.3%

18.9%

7.9%

23.3%

16.4%

4.6%

12.3%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

15

Like-for-like sales growth

WATERS – Strong performance

15.7%

10.5%

FY 11 9M 12

Continued strong underlying category dynamics

Continued outperformance of Emerging markets & Aquadrinks

Favourable 2011 comparables in Western Europe, but poor weather in July

10.7% 10.0%

4.9%

10.1%7.7%

3.1%5.4%

2.6%

8.9%

3.0%

13.2%

8.7%

1.5%

6.9%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

WATERS – Balanced growth

16

Volume and Price/mix growth

Solid volume growth

Positive product mix brought by good performance of Western Europe & Aquadrinks

Volume Growth

Price / mix

8.8%

5.3%

6.9%

5.2%

FY 11 9M 12

WATERS – Selected innovations

17

Font Vella – Limited edition(Spain)

Bonafont HOD –11L new PET format

(Mexico)

Bonafont Kids - Jugo Mango

(Mexico)

Mizone - Multipack new design(China)

BABY NUTRITION – Continued excellent performance

18

Like-for-like sales growth

11.2%

9.6%10.5%

11.4%

9.0%

13.6%

11.5%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

10.7%11.4%

FY 11 9M 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

CHINA : Renovating Dumex

STAGE ENHANCED NUTRITION

14.5

15.0

YTD 2011 YTD 2012

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

19

BABY NUTRITION – Selected innovations

20

MellinAffordable Format

(Italia)

MilupaAptamil Cereal

(Turkey)

Malyutka Cereals with juices(Russia)

Dumex Mamil PreciNutri Range (Malaysia)

MEDICAL NUTRITION – Soft performance

21

Like-for-like sales growth

9,3%8,7%

9,8% 9,8%

6,4% 6,7%

4,9%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12

9,4%

6,0%

FY 11 9M 12

Performance hit by deterioration in some European markets

China, Turkey & Brazil outperforming

MEDICAL NUTRITION – Selected innovations

22

Complan renovation(UK)

Neocate LCP Special Recipe(China)

SouvenaidPhased introduction in 4 countries

StrawberryVanilla

• For the dietary management of early Alzheimer’s Disease

• For patients under medical supervision

23

Balance sheet management

2323

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

24

OUTLOOK

24

-50 bpsTrading operating margin(1)

25

2012 Objectives

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

5-7%

Objectives 2012

Sales growth (1)

€ 2 bnFree cash flow (2)

25(2) Free cash flow: Cash flow from operations less capital expenditure (net of disposals) and excluding business combinations fees 25

26

APPENDIX

Impact of currency and scope – Q3 12

27

Currency

Scope of consolidation

Reported sales growth

+5.1%

+0.4%

+17.8%

+3.6%

+0.2%

+4.5%

WatersDairyBaby

Nutrition

+5.7%

+0.0%

+17.2%

Medical Nutrition

+8.4%

+3.7%

Group

(0.2)%

+4.3%

+9.4%

+0.1%

Like-for-like sales growth +12.3%+0.7% +11.5% +4.9% +5.0%

Impact of currency and scope – 9M 2012

28

Currency

Scope of consolidation

Reported sales growth

+3.0%

(0.1)%

+13.4%

+2.2%

(0.1)%

+4.3%

WatersDairyBaby

Nutrition

+4.3%

+0.0%

+15.7%

Medical Nutrition

+9.0%

+2.5%

Group

+0.5%

2.7%

+8.3%

+0.0%

Like-for-like sales growth +10.5%+2.2% +11.4% +6.0% +5.6%

Q3 2012 sales by business & geographical area

29

Fresh Dairy Products 2,910

Baby Nutrition 1,062

Waters

Medical Nutrition

+11.5%

+4.9%

+12.3%

+0.7%

962

323

€ mln

Europe

Asia

Rest of World

2,682

1,629

946

Q3 2011 Q3 2012

Like-for-like sales growth

GROUP 5,257 +5.0%

2,785

906

816

298

2,661

1,404

740

4,805

(1.5)%

+10.5%

+18.3%

Q3 2012 like-for-like sales growthBreakdown volume/value

30

+6.9%

(1.0)%

+7.9%

+1.4%

+5.4%

+5.9%

+3.6%

(0.7)%

+1.1%

+5.5%

+9.4%

(2.6)%

+5.0%

+8.9%

Like-for-like

GROUP +1.6% +3.4%

Volume Value Total

Fresh Dairy Products

Baby Nutrition

Waters

Medical Nutrition

Europe

Asia

Rest of World

+11.5%

+4.9%

+12.3%

+0.7%

+5.0%

(1.5)%

+10.5%

+18.3%

9M 2012 sales by business & geographical area

31

Fresh Dairy Products 8,816

Baby Nutrition 3,152

Waters

Medical Nutrition

+11.4%

+6.0%

+10.5%

+2.2%

2,817

948

€ mln

Europe

Asia

Rest of World

8,231

4,794

2,708

9M 2011 9M 2012

Like-for-like sales growth

GROUP 15,733 +5.6%

8,457

2,723

2,483

869

8,203

4,194

2,135

14,532

(0.6)%

+11.3%

+18.2%

9M 2012 like-for-like sales growthBreakdown volume/value

32

+10.5%

+6.0%

+11.4%

+2.2%

+5.2%

(0.7)%

+6.6%

+2.6%

+5.3%

+6.7%

+4.8%

(0.4)%

+2.0%

+6.9%

+5.8%

(2.6)%

+4.4%

+12.4%

Like-for-like

GROUP +2.0% +3.6% +5.6%

Volume Value Total

Fresh Dairy Products

Baby Nutrition

Waters

Medical Nutrition

Europe

Asia

Rest of World

(0.6)%

+11.3%

+18.2%

Changes in exchange rates40% of sales denominated in €

33

US Dollar 9%

Polish Zloty 3%

4%Brazilian Real

10%Russian Ruble

6%Chinese Yuan

2%Turkish Lira

2%Canadian Dollar

Mexican Peso 5%

+10%

+13%

(1)%

+2%

(5)%

(7)%

+7%

+0%

5%British Pound +7%

9M 12 % total sales

9M 12 vs9M 11 (avg)

Q3 12 vsQ3 11 (avg)

6%Indonesian Rupee +3%

+13%

+14%

+9%

+3%

+0%

(9)%

+11%

+5%

+11%

+2%

5%Argentinean Peso +1% +2%