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Overview of activities, risk factors

2.6 Simplified organizational chart as of December 31, 2015

DANONE

REGISTRATION DOCUMENT 2015

22

Social and environmental responsibility

See sections 5.1

Danone's social, societal and environmental responsibility approach

, 5.2

Information concerning Danone's social, societal and

environmental responsibility in compliance with the Grenelle II law

, and 5.3

Funds sponsored by Danone

.

Financial risk management

See section 2.7

Risk factors

.

2.6 SIMPLIFIED ORGANIZATIONAL CHART AS OF DECEMBER 31, 2015

The following simplified organizational chart presents the structure of Danone's overall legal organization. Some subsidiaries may

nevertheless have a different parent company.

Parent company Danone

Danone SA is the parent company of the Danone group. The company has mainly a role of (i) holding directly or indirectly companies of

the Group, and (ii) coordination of the main functions and activities, with an average number of employees of 798 in 2015.

Consolidated subsidiaries

The lists, by Division, of the 20 largest, fully consolidated subsidiaries in terms of net sales are presented in Note 17 of the Notes to the

consolidated financial statements.

The list of Danone's consolidated subsidiaries by country is presented in the Appendix to this Registration Document.

Danone SA

(France)

Compagnie Gervais

Danone SA

(France)

Holding Internationale

de Boissons SAS

(France)

Danone Baby &

Medical Holding SAS

(France)

Dan Investments SAS

(France)

Fresh Dairy Products

Division subsidiaries

Waters Division

subsidiaries

Early Life Nutrition

and Medical Nutrition

Division subsidiaries

Other subsidiaries

and other investments