Growing an unparalleled portfolio of health-focused categories

We capture the momentum of two businesses, bringing together two leaders with complementary portfolios in high growth, and some of the fastest growing, health-focused categories to support our 2020 goal of strong, sustainable, profitable growth. We aim to inspire better food & beverages choices through a wider variety of great-tasting products. Through this combination, we are developing a world-leading dairy and plant-based portfolio.

Building a global leader that leverages consumer trends and expectations for healthier and more sustainable eating and drinking options

Building from Danone and WhiteWave’s leading positions in high growth, health-focused categories, we will accelerate our 2020 profitable growth journey by offering consumers a wider choice of better-for-you and great-tasting food and beverages for a broader range of consumption moments.

We will reinforce our commitment to bringing health through food to as many people as possible, as well as dial up our dual project of efficient business practices and social responsibility.

We will amplify the purpose that fuels our business: changing the way the world eats to benefit both people’s and our planet’s health.

% CAGR 2011-2016 Global Retail Value Growth

Organic

Organic

2

0

4

6

8

Free from Gluten

Energy bar

Organic packaged

foods

Baby food

Enteral nutrition

Bottled water

Aquadrinks Fruit snacks

Vitamin & dietary

Dairy Ice cream

& frozen deserts

Confectionary Baked goods

Juice CSD

Breakfast cereals

Organic beverages

Milk alternatives

Danone leader positions (in value)

#1

*N°2 in volume

#1 #3*#2 #1DAIRY MEDICAL BABY FOOD WATERS PLANT-BASED

Create value and strengthen our position and footprint

• Extra +0,5% to +1% expected global sales growth like-for-like.

• Scale: Capacity to leverage our expertise to better serve customers and consumers in an evolving retail environment.

• Innovation capabilities in dynamic categories where consumer trends are constantly evolving.

• Greater efficiency by leveraging cost and revenue synergies of two complementary businesses.

Danone

Danone & WhiteWave

Based on 2016 net sales €21,9 billion

ALMA

CIS

Europe

NORAM ≈ $3 bn

ALMA

CIS

Europe

NORAM ≈ $6,5 bn

40% 39%

13%8%

35% 35%

25%6%

**Excluding cheese.

*Unaudited Pro forma Danone and WhiteWave for the fiscal year ended December 31, 2016.

Based on 2016 net sales €25,7 billion*

• North America: Doubling the size of our business and becoming DanoneWave, a U.S. top 15 food & beverage company and N°1 in refrigerated Dairy**.

• Europe: Benefiting from the largest plant-based market participant Alpro with a pan-European and multi-category reach with 43% market share.

DANONE x WHITEWAVE Accelerating our profitable growth journey by 2020

& driving the Alimentation Revolution

ALMA: Asiapac, LATAM, Middle East, AfricaCIS: Commonwealth of Independent States

Voting for a better world through every food and beverage choiceWe want to align our businesses even closer to our vision of the world, societal needs and consumer expectations.

www.danone.com

A complementary and future-driven portfolio

PLANT-BASED FOOD & BEVERAGES

FRESH DAIRY PRODUCTS

ORGANIC FOOD & BEVERAGES

NUTRITIONALS

COFFEE CREAMERS & BEVERAGES

With the Alimentation Revolution, we mean to change society, creating a better world through healthier and more sustainable eating habits.

“Alimentation” or nourishment is much broader than just food and beverages; it encompasses nutrition and taste; social and cultural aspects.

Our brands are driving this Alimentation Revolution forward by remaining closely focused on local consumers’ and communities’ needs and provide relevant solutions to the world’s health and sustainability challenges.

More meaningful food & beverages

We encourage healthier dietary practices while promoting a model of sustainable growth that creates economic and social value, and limiting our impact on the environment.

We are committed to embracing and promoting the circular economy to protect the planet’s resource cycles. Our main priorities are fighting climate change, improving packaging, managing water sustainably, respecting natural ecosystems and promoting sustainable agriculture.

The Alimentation Revolution calls for brands to engage in new ways with their communities of consumers:

• With the Dannon pledge for sustainable agriculture, naturality and transparency, we’re moving to non-GMO ingredients for three of our biggest brands in the U.S., Dannon, Danimals and Oikos, by the end of 2018.

• By 2020, evian will be a carbon-neutral brand.

As the largest Public Benefit Corporation in the U.S., DanoneWave will accelerate Danone’s growth and mission by pursuing social progress and profit-driven goals.

Acting more sustainably for the planet and society

With changing lifestyles, consumers are giving more thought to the food choices they make, and are looking for more nourishing, natural and sustainable products.

Danone is meeting the needs of the growing number of “flexitarians” who wish to diversify their protein sources and see plant-based options as a complement as well as consumers with dietary constraints or preferences (vegan vegitarian, dairy-free).

Danone is covering modern consumer need states with diverse brands and attributes: added health, quick and filling, nourishment, indulgence…

Bringing more consumer choice

WATERS

EARLY LIFE NUTRITION

ADVANCED MEDICAL NUTRITION