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4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 17. List of subsidiaries as of December 31, 2015

DANONE

REGISTRATION DOCUMENT 2015

140

Note 17.4. Main fully consolidated companies of the Early Life Nutrition Division

Group's control

Ownership

Main fully consolidated companies

(a)

Country

(in %)

(in %)

MILUPA GMBH

Germany

100.0

100.0

NUTRICIA-BAGO SA

(b)

Argentina

51.0

51.0

NUTRICIA AUSTRALIA PTY LTD.

(b)

Australia

100.0

100.0

SUPPORT PRODUTOS NUTRICIONAIS LTDA.

(b)

Brazil

100.0

100.0

NUTRICIA EARLY LIFE NUTRITION (SHANGHAI) CO. LTD.

China

100.0

100.0

NUTRICIA MIDDLE EAST DMCC

(b) (c)

United Arab Emirates

100.0

100.0

HAPPY FAMILY HOLDING COMPANY

(c)

United States

91.9

91.9

BLÉDINA

France

100.0

100.0

DANONE NUTRICIA AFRICA & OVERSEAS

France

100.0

100.0

PT NUTRICIA INDONESIA SEJAHTERA

Indonesia

100.0

100.0

PT SARIHUSADA GENERASI MAHARDHIKA

Indonesia

100.0

100.0

MELLIN SPA

Italy

100.0

100.0

DANONE DUMEX (MALAYSIA) SDN. BHD.

Malaysia

100.0

100.0

NUTRICIA NEDERLAND B.V.

(b)

Netherlands

100.0

100.0

NUTRICIA POLSKA SP Z.O.O.

(b)

Poland

100.0

50.0

NUTRICIA LTD.

(b)

United Kingdom

100.0

100.0

JSC ISTRA-NUTRICIA BABYFOODS

(c)

Russia

100.0

100.0

DUMEX LTD.

(b)

Thailand

98.9

98.9

NUMIL GIDA ÜRÜNLERI AS

(b)

Turkey

100.0

100.0

DANONE NUTRICIA EARLY LIFE NUTRITION (HONG KONG) LTD

Hong Kong

100.0

100.0

(a) Corresponds to the 20 largest companies of the Division in terms of net sales (non-Group sales). They generated more than three-fourths of the Division's

sales in 2015.

(b) This company also has a medical nutrition activity presented in the financial statements of the Medical Nutrition Division.

(c) For this consolidated company, the business is spread over several legal entities in its country.