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.

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33

Total Group - Solid start to the year

Like-for-like sales growth

Underlying trends continuing similarly to H2 2012

Baby Nutrition outperforming

8.5% 8.8%

5.9%

7.8%

6.9%

5.0% 5.0% 4.9%5.6%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

44

Sales growth analysis – Q1 13

(2.4)%+1.1%

+3.0%

+2.6%

Q1 2012 Currency Scope Volume Value Q1 2013

+4.3%Reported

+5.6%Like-for-like

€5,338 mln

€5,117 mln

55

Like-for-like sales growth Volume growth

Price/mix growth

Total Group - Balanced equation

Solid volume despite the leap day effect in Dairy

Positive mix boosted by Baby Nutrition outperformance

5.0%

3.1%

1.5%2.2% 2.2% 2.1% 1.6%

3.2% 3.0%

3.5%

5.7%

4.4%

5.6%4.7%

2.9% 3.4%1.7% 2.6%

66

Like-for-like sales growth by region

EUROPE

ALMA

AsiapacLatamMiddleEastAfrica

CIS-NoramCIS+USA+Canada

Different geographical dynamics

18.1%

15.4% 15.2%14.2%

16.6%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

5.3% 5.3%6.8%

9.7%8.5%

(0.5)%(2.8)% (3.8)%

(5.1)% (5.1)%

77

Sales performanceby division

88

Like-for-like sales growth

Similar dynamics to Q4 12, reduced by the 2012 leap day effect

CIS-Noram growing high-single digit

ALMA continuing to grow double-digit: Latam, Africa, Indonesia

Europe showing similar trends to Q4 2012

FRESH DAIRY PRODUCTS - Continued soft performance on high comps

6.5%

5.5%

3.5%3.0%

3.8%

2.1%

0.7%1.3%

0.7%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

99

FRESH DAIRY PRODUCTS - Volume keeps improving

Volume and price/mix growth Volume growth

Price/mix growth

2.9%

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

0.4% 0.5%

3.6%

5.7%5.0% 4.7%

3.9%

2.4% 1.4% 0.9% 0.2%

Volume keeps improving with CIS and ALMA accelerating

Price/mix is getting lower, on the back of price/promo investments in Europe and

limited price increases elsewhere

FRESH DAIRY PRODUCTS – Selected innovations

Danio (UK)

Plus - cooling laban(Saudi Arabia)

Danette Le Liégeois(France)

Ecolean Pouch(Portugal)

Activia Greek(USA)

Danet 3D(Spain)

Zakvaska(Russia)

Danone becomes majority shareholder of CentraleLaitière in Morocco

* On a exchange rate basis of 11.15 dirhams/1 euro 11

Oujda

Tetouan

Tanger

Fes

MeknesCasa / Mly SlimaneEl jadida

Mararkech

Laâyoune

FBS

Agadir

Safi

SaléRabat

Ouarzazate

Kenitra

2012 Sales : €604 Mln

2012 EBITDA margin : 15.8%

48%45%

7%

Milk Fresh dairy products Cheese & others

Fresh Dairy Products

Milk

Cheese & others

2012 Sales by segment

12

Like-for-like sales growth

WATERS – Strong performance

Europe resilient, despite cold weather in March

Emerging markets continuing very strong

Aquadrinks still the main driver

13.3%

18.9%

7.9%

23.3%

16.4%

4.6%

12.3%

8.5% 8.6%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

WATERS – Balanced equation

13

Volume and Price/mix growth

Solid volume despite unfavorable weather in Europe and Argentina

Positive mix from Aquadrinks and valorized formats

10.7% 10.0%

4.9%

10.1%7.7%

3.1%5.4%

7.9%

4.6%

2.6%

8.9%

3.0%

13.2%

8.7%

1.5%

6.9% 0.6%

4.0%

Volume growth

Price/mix growth

WATERS – Selected innovations

14

Bonafont Bebé (Mexico)

Aqua Reflections –sparkling water(Indonesia)

Levite Cero(Argentina)

Evian Baby Go(France)

BABY NUTRITION – Exceptional performance

15

Like-for-like sales growth

Outperformance driven by China, partly favored by Chinese new year

Europe strong; supported by overseas demand and good dynamics of milks, despite

continued weakness in food and Southern Europe

Latam developing well

11.2%

9.6%10.5%

11.4%

9.0%

13.6%

11.5%12.1%

17.1%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

BABY NUTRITION – Selected innovations

16

Aptamil Soja(Brazil)

Mellin Bakery line (Italy)

Dumex specials renovation(China)

Hi Q Yo-Kids(Thailand)

Nutrilon Pepti Lactose-free(Thailand)

MEDICAL NUTRITION – Stabilized performance

17

Like-for-like sales growth

Continuing soft in Europe

North America back to growth

ALMA getting traction on the division

9.3%8.7%

9.8% 9.8%

6.4% 6.7%

4.9%5.5%

6.3%

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

MEDICAL NUTRITION – Selected innovations

18

Nutrison Protein Plus & Protein Plus MF

(launch in 14 countries)

Infatrini Peptisorb(Roll out to 7 countries)

Nutilis complete expansion (launch in 12 countries)

2013 OUTLOOK

1919

20

2013-2014 Vision

2020

Europe :

Adapt & fix

– Savings & competitiveness

– Value for consumers

Growth markets :

Invest & leverage

Strong Sustainable

2013 a year of transition 2014 back to

-30bps to -50bpsTrading operating margin(1)

21

2013 Objectives

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

At least 5%

2013 objectives

Sales growth (1)

Around € 2 bn Ex exceptionnal items

Free cash-flow (2)

21(2) Free cash-flow: Cash flow from operations less capital expenditure (net of disposals) and excluding business combinations fees

22

APPENDIX

22

Impact of currencies and scope – Q1 13

Currency

Scope of consolidation

Reported sales growth

(2.8)%

(0.3)%

+5.5%

(2.6)%

+1.6%

(0.3)%

WatersDairyBaby

Nutrition

(1.6)%

+0.6%

+16.1%

Medical

Nutrition

+6.8%

(1.3)%

Total

+1.8%

(2.4)%

+4.3%

+1.1%

Like-for-like sales growth +8.6%+0.7% +17.1% +6.3% +5.6%

23

Sales by business & geographical area – Q1 13

Fresh Dairy

Baby Nutrition

Waters

Medical Nutrition

€ mln Q1 2013

Like-for-like sales growth

Total

24

Q1 2012

Europe

CIS+Noram

ALMA

2,952

1,177 +17.1%

+6.3%

+8.6%

+0.7%

887

322

2,960

1,014

841

302

5,338 +5.6%5,117

2,005

2,170

1,163

(5.1)%

+16.6%

+8.5%

2,116

1,917

1,084

25

+4.0%

+0.1%

+9.3%

+0.2%

+4.6%

+6.2%

+7.8%

+0.5%

(1.3)%

+8.4%

+3.6%

(3.8)%

+8.2%

+4.9%

Like-for-like Volume Price/mix Total

Like-for-like sales growth – Q1 13 Breakdown volume/value

Fresh Dairy

Baby Nutrition

Waters

Medical Nutrition

Europe

CIS + Noram

ALMA

Total +3.0% +2.6%

+17.1%

+6.3%

+8.6%

+0.7%

(5.1)%

+16.6%

+8.5%

+5.6%

26

Changes in exchange rates27.9% of sales denominated in €

US dollar 8.8%

4.6%Brazilian real

5.9%Indonesian rupiah

10.6%Russian ruble

5.4%

Mexican peso

1.7%Turkish lira

1.8%Canadian dollar

Polish zloty 2.6%

4.5%British pound

% totalQ1 13 sales

Q1 13 vsQ1 12 (avg)

(0.7)%

+1.9%

(0.1)%

(1.5)%

(12.1)%

(6.9)%

(1.4)%

+1.8%

(2.0)%

5.3%

Argentinian peso (14.0)%

Chinese yuan 6.7% +0.6%

Notes

27

Notes

28