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4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Statutory auditors' report on the consolidated financial statements

DANONE

REGISTRATION DOCUMENT 2015

143

III – Specific verification

As required by law, we have also verified, in accordance with professional standards applicable in France, the information presented in

the Group's management report.

We have no observations to make as to its fair presentation and consistency with the consolidated financial statements.

Neuilly-sur-Seine and Paris La Défense, March 7, 2016

The Statutory auditors

PricewaterhouseCoopers Audit

Ernst & Young et Autres

Anik CHAUMARTIN

Philippe VOGT

Gilles COHEN

Pierre-Henri PAGNON