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REGISTRATION DOCUMENT

ANNUAL

FINANCIAL

REPORT

Welcome

to the

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AÉÃEIÊ

OUR CONVICTIONS

-GOOD HEALTH IS EVERYTHING TO ALL OF US- -FOOD IS HEALTH'S

MOST SIGNIFICANT PARTNER-

-HEALTH CANNOT LIVE LONG WITHOUT

PLEASURE

-FOOD IS THE WARMTH BEHIND EVERY

CULTURE-

-THE WEALTH OF NATIONS GROWS FROM A HEALTHY

PLANET-

-RESEARCH

IS OUR BEST ALLY-

-PREPARING FOR

TOMORROW IS THE BUSINESS OF TODAY-

MISSION IN ACTION

-FOR HEALTH AND WELL-BEING- -WITH THE BEST WE

CAN DO, ALWAYS

FOR EVERY INDIVIDUAL, AT EVERY AGE,

WITH PLEASURE

-FOR YOUR HOME, NOT

SOMEONE ELSE"S

-FOR OUR PLANET AND ITS LIVING HERITAGE -FOR WHAT IS INVENTED

AND WHAT STILL NEEDS TO BE INVENTED

NOT ALONE, BUT

WITH PARTNERS AND FRIENDS

REGISTRATION

DOCUMENT

ANNUAL FINANCIAL REPORT

This r

egistration document includes all the items of the Annual Financial report.

The French language version of this registration document (document de référence) was filed with the French financial markets

authority (Autorité des marchés Financiers, or AmF) on march 17, 2017, pursuant to Article 212-13 of its general regulations. This re-

gistration document may be used in support of a financial transaction if supplemented by a Securities prospectus (Note d'opération)

authorized by the AmF. This registration document was prepared by the issuer and its signatory is liable for its contents.

This is a free translation into English for information purposes only.

Copies of this Registration Document are available from Danone at: 17, boulevard Haussmann - 75009 Paris, on Danone's website:

www.danone.com and on the website of the Autorité des Marchés Financiers: www.amf-france.org A PDF version for visually impaired readers is available at www.danone.com

DANONE

A FrENCH CorporATIoN (SoCIÉTÉ ANoNymE) WITH SHArE CApITAl oF ?163,973,000 rEgISTErEd oFFICE: 17, boulEvArd HAuSSmANN, 75009 pArIS pArIS CorporATE rEgISTEr NumbEr: 552 032 534

DANONE REGISTRATION DOCUMENT 2016

“Wh t uon ai

o o Wt a, w wl sn s r a wl n a ei n cp r o

ry. Wl

w d ir a r u p l dg t a v y s o€ r u‚i€ Eƒ" g‚w va ly, a‚ p u i o a‹l y t s z csŒe‚ oŽo‚u ts a iŽre o e‘cn"".

•e cns aoc

a t b €i

i€ o t y

r wl d‚v hi- n t d etn a"oŠ o ei‚ o‚ t csŒe‚Š, a d‚vg csŠt

cˆ i r

Šoc

id t ar

Šs o e‘cn"" an i a

s

n u t sn b t a

‘cn

y. O t o bˆ r

Šoc

Š g

e‚t

f‚m h€h e‘cn"", o n iea d g‚w ... a iotn p‚c b‚n o b‚nŠ io a ei‚lˆ n l

eo r

en" wh ti‚ cŒmi e o c

sŒe‚Š, wc i t ce o t

•e d

oŽl m-t m g‚w ... a sr -t m e‘cn"" ans, l k bˆ o s

Šoc

u t r c bh o sr a m -t "o t b

e™t o t fu‚ Wt

o. O b l eci t m, I wl l—e t s r mˆ p‚d m, w a wl

Šo p‚d

t: b t f o h l ..., b t

E??a??e? F??E?, d??o?? C??e? E??c??i??? o?c??

2016
like-for-like

Sales growth

2016
like-for-like

Recurring operating

margin growth 2016
like-for-like

Recurring EPS

growth 2016

Dividend growth

in € per share ?bringing health through food to as many people as possible"

DANONE REGISTRATION DOCUMENT 2016

? 9?,1?? e??l??e?? ? r??u??i?? o? c??b?? i??e??i?? (a) o 5.1% (b) ? r??u??i?? o? w??e? i??e??i?? o? 1.3% i? 2??6 (c)

? r??k?? i? l??d??g s??i?? r??p??s??i??t? i??e??s: d?? J??e? S??t??n??i??t? I??e?, E??i??l S??t??n??i??t? I??e?, m??I a?? v??e?

(a) Grams of CO 2 equivalent per kilo of product sold.

(b) Based on constant scope of consolidation, constant methodology and on emissions under the direct responsibility of Danone (packaging,

industrial activities, logistics and end-of-life). (c) Related to industrial process, based on comparable scope and constant methodology. (a) In € millions. (b) Financial indicator not defined by IFRS, see definition in section 3.6

Financial indicators not defined by IFRS.

(c) In ? per share.

Key financial figures

26
Sales (a)

21,14422,41221,944

Like-for-like growth

(b) +4.7%+4.4%+2.9%

Recurring operating income

(a) (b)

2,6622,8923,022

Recurring operating margin

(b)

12.59%12.91%13.77%

Like-for-like growth

(b) -12 pbs+17 pbs+70 pbs

Net income

(a)

1,2531,3981,827

Recurring EPS

-(b)-(c)

2.622.933.10

EPS (c)

1.882.102.79

Free cash-flow excluding exceptional items

(a) (b)

1,4011,5291,786

Consolidated sales by Division

(in ? millions)

Fresh Dairy Products

Medical Nutrition

Early life Nutrition

Waters10 736

4 5745 0171 618

Consolidated sales by geographical area

(in ? millions) ALMA

Europe

CIS&North America

8-571 4-486 8-887 6 6 6 6 6 6 6 6 6 .2-1 7 7 7 8 9 9 OAO A

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DANONE rEgISTrATIoN doCumENT 2016

1.1

The Company's legal name is ?danone" (hereafter the ?Company"), having been changed by the Shareholders' meeting of April?23, 2009

from ?groupe danone". The Company is registered in the paris register of commerce and companies under number?552?032?534. The Company's ApE Industry code is 7010z, which corresponds to the activity of registered offices.

The Company business activities started on January 1, 1908. The Extraordinary Shareholders' meeting of April 25, 2013 extended the

term of the Company to April 25, 2112.

The Company's registered office is located at 17, boulevard Haussmann, in paris (75009), France. The telephone number of the registered

office is +33 (0) 1?44?35?20?20.

The Company has a branch (secondary institution) at 152, boulevard victor Hugo, Saint-ouen (93487), France.

The Company, a French corporation (société anonyme) with a board of directors, is subject to the provisions of book II of the French com-

mercial code. In accordance with Article?2 of danone's by-laws, the purpose of the Company, whether directly or indirectly, in France and in any country, shall be: industry and trade relating to all food products; the performance of any and all financial transactions and the management of any and all property rights and securities, whether listed or unlisted, French or foreign, together with the acquisition and the management of any and all real estate properties and rights. In general, the Company shall be entitled to effect any and all prop- erty, real estate, industrial, commercial and financial transactions relating directly or indirectly or possibly useful in any connection whatsoever to the Company in the fulfillment of its corporate purpose. It shall be entitled to act and to effect the aforementioned transac- tions directly or indirectly, in any form whatsoever, on its own behalf or on behalf of third parties, and whether alone or in a joint-venture, association, grouping or company involving any other individuals or companies. It shall also be entitled to acquire interests and holdings in any and all French and foreign companies and businesses, regardless of the purpose thereof, by means of the establishment of special companies, through asset contributions or subscriptions, through the acquisition of shares, bonds or other securities and any and all company rights and, in general, by any means whatsoever.

Ernst?&?Young Audit

member of the Compagnie Régionale des Commissaires aux comptes de Versailles

Tour First, 1, place des Saisons

TSA 14444

92037 paris-la défense Cedex

represented by Jeanne boIllET and pierre-Henri pAgNoN Start date of first term of office: April?22, 2010 Expiration date of terms of office: date of the Shareholders' meeting deliberating on the financial statements for the fiscal year ending december 31, 2021PricewaterhouseCoopers Audit member of the Compagnie Régionale des Commissaires aux comptes de Versailles

63, rue de villiers

92208 Neuilly-sur-Seine Cedex

represented by Anik CHAumArTIN and François JAumAIN

Start date of first term of office: may 21, 1992

Expiration date of terms of office: date of the Shareholders' meeting deliberating on the financial statements for the fiscal year ending december 31, 2021 OAO A

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DANONE rEgISTrATIoN doCumENT 2016

Auditex

Tour First, 1, place des Saisons

TSA 14444

92037 paris-la défense Cedex

Start date of first term of office: April?22, 2010 Expiration date of terms of office: date of the Shareholders' meeting deliberating on the financial statements for the fiscal year ending december 31, 2021Jean-Christophe GEORGHIOU

63, rue de villiers

92208 Neuilly-sur-Seine Cedex

Start date of first term of office: April?28, 2016 Expiration date of terms of office: date of the Shareholders' meeting deliberating on the financial statements for the fiscal year ending december 31, 2021 The financial information presented in section Key figures is extracted from section?3 Danone's business highlights in 2016 and outlook for

2017 and from danone's consolidated financial statements for fis-

cal year 2016 prepared in accordance with International Financial reporting Standards (IFrS). Consolidated financial statements and Notes to the consolidated financial statements for fiscal year 2016 are presented in section?4.1 Consolidated financial statements and Notes to the consolidated finan- cial statements. unless otherwise noted, all the references mentioned hereafter refer to the following elements:

ALMAAll references herein to the “ALMA" region refer to the Asia/Pacific, Latin America, Middle East and

Africa region;

CISCommonwealth of Independent States;

CompanyAll references herein to the “Company" refer to Danone as issuer;

Consolidated financial All references herein to consolidated financial statements and Notes to the consolidated financial

statements, Notes to the

consolidated financial statements refer to consolidated financial statements for the 2016 fiscal year;

statements

DanoneAll references to“Danone" or the “Group" refer to the Company and its consolidated subsidiaries;

DANONE call optionsAll references herein to DANONE call options refer to DANONE share purchase options subscribed by

the Company to hedge certain stock-option plans described in section 7.2

Treasury shares and DANONE

call options held by the Company and its subsidiaries; danone's market share and

market positionsAll references herein to Danone"s market shares or market positions are derived from third-party market studies and databases provided in particular by Nielsen, IRI, Euromonitor and Canadean institutes;

DivisionAll references herein to “Division" or “Divisions" refer to one or all of Danone"s Fresh Dairy Products, Waters, Early Life Nutrition and Medical Nutrition businesses;

Early Life NutritionAll references herein to “Early Life Nutrition" and the early life nutrition business or market refer to baby formula (infant milk formula, follow-on milk, growing up milks), milk- and fruit-based desserts, cereals, jars of baby food and ready-made baby food;

Emerging countriesAll references herein to “emerging countries" refer to countries other than mature countries where Danone is present;

EuropeEurope excluding CIS and including Turkey;

Fresh Dairy ProductsAll references herein to “Fresh Dairy Products" and the fresh dairy products business or market refer to processed dairy products and exclude cream and butter;

GPS

(Group performance shares)All references herein to GPS (Group performance shares) refer to DANONE shares subject to performance conditions granted to certain employees and corporate officers described in section

6.4 Detailed information on long-term and multi-annual compensation plans; GPU

(Group performance units)All references herein to GPU (Group performance units) refer to multi-annual compensation described in section 6.4 Detailed information on long-term and multi-annual compensation plans;

GroupAll references herein to the “Group" or “Danone" refer to the Company and its consolidated subsidiaries;

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marketsAll references herein to ?markets" for products in particular, or to market shares, refer to markets for

packaged products and exclude products that may be otherwise marketed or sold; market shares

and market positionsdata pertaining to market shares and market positions are based on the value of sales;

mature countriesAll references herein to ?mature countries" refer to Western Europe (particularly France and Southern Europe, including Spain, Italy and portugal), North America, Japan, Australia and New zealand;

medical Nutrition All references herein to ?medical Nutrition" and the medical nutrition business or market refer to adult or pediatric clinical nutrition products to be taken orally or through a tube in the event of malnutrition related to illness or other causes;

North AmericaAll references to the ?North America" region refer to the united States and Canada; put options granted

to non-controlling interestsAll references herein to ?put options granted to non-controlling interests" refer to put options granted by danone to certain non-controlling shareholders on all or part of their equity investment in certain consolidated subsidiaries described in section 3.4 Balance sheet and financial security review;

registration document All references herein to the ?registration document" refer to danone's registration document;

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