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“BRINGING HEALTH THROUGH FOOD

TO AS MANY PEOPLE AS POSSIBLE”

2015

REGISTRATION

DOCUMENT

ANNUAL FINANCIAL REPORT

This Registration 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 autho-

rity (Autorité des Marchés Financiers, or AMF) on March 17, 2016, pursuant to Article 212-13 of its general regulations. This Registration

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 signatories are 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