French food-products multinational corporation

world leadership in fresh dairy products

Groupe Danone

World number 2 of cereals and biscuits baby foods, the biscuits the United States = Dannon, a subsidiary

of Groupe Danone (The Dannon Company).

bottled water: Volvic, Evian, and Badoit 56% net sales from dairy 28% from beverages 16% from biscuits and cereals

many water brands worldwide In Asia, Yili, Aqua (Indonesia) and Robust 51% holding in China's Wahaha Joint

Venture Company total market share of 20% the leading vendor of packaged water in

Asia

Key figures

Why investing?

2010 2011 changeSales (€ millions) 8 364 9 728 + 8,70 %Free cash flow (€ millions) 858 925 + 7,80 %Trading operating income (€ millions) 1 280 1 396 + 6,90 %Trading operating margin 15,30 % 14,35 % - 0,95 %Underlying net income (€ millions) 848 870 + 3,40 %

Trading operating marginby business line

2010 2011Fresh Diary Products 13,94 % 12,03 %Waters 13,70 % 13,85 %Baby Nutrition 19,19 % 19,82 %Medical Nutrition 19,90 % 21,41 %

Fresh Diary

Products

Waters Baby Nutrition

Medical Nutrition

0.00 %

5.00 %

10.00 %

15.00 %

20.00 %

25.00 %

20102011

Trading operating marginby geographical area

2010 2011Europe 16,26 % 14,02 %Asia 19,54 % 20,47 %Rest of World 11,55 % 11,96 %

Europe Asia Rest of World

0.00 %

5.00 %

10.00 %

15.00 %

20.00 %

25.00 %

20102011

Thanks for your attention! Bahar Cinar