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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

139

Note 17.3. Main fully consolidated companies of the Waters Division

Group's control

Ownership

Main fully consolidated companies

(a)

Country

(in %)

(in %)

DANONE WATERS DEUTSCHLAND GMBH

Germany

100.0

100.0

AGUAS DANONE DE ARGENTINA SA

(b)

Argentina

100.0

100.0

DANONE WATERS BENELUX

Belgium

100.0

100.0

DANONE LTDA.

Brazil

100.0

100.0

DANONE (CHINA) FOOD & BEVERAGE CO. LTD.

(b)

China

92.0

92.0

DANONE (GUANGDONG) DRINKING WATER CO. LTD.

(b)

China

92.0

92.0

SHENZHEN DANONE YILI DRINKS CO. LTD.

(b)

China

100.0

100.0

AGUAS FONT VELLA Y LANJARON SA

Spain

94.4

91.6

DANONE WATERS OF AMERICA INC.

United States

100.0

100.0

ÉVIAN RESORT

(c)

France

100.0

100.0

SAEME SOCIÉTÉ ANONYME DES EAUX MINÉRALES D'ÉVIAN

France

100.0

100.0

PT TIRTA INVESTAMA

(b)

Indonesia

74.0

74.0

BONAFONT SA DE CV

Mexico

100.0

100.0

GRUPO CUZCO INTERNATIONAL S DE RL DE CV

(b)

Mexico

70.0

70.0

ZYWIEC ZDROJ SA

Poland

100.0

100.0

DANONE WATERS (UK & IRELAND) LTD.

United Kingdom

100.0

100.0

EVIAN-VOLVIC SUISSE SA

Switzerland

100.0

100.0

DANONE HAYAT IÇECEK VE GIDA SA

Turkey

100.0

100.0

SIRMAGRUP IÇECEK AS

Turkey

50.1

50.1

COMPANIA SALUS SA

Uruguay

94.1

94.1

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

(c) Évian Resort operates the Évian casino. In that capacity, it is subject to the control of the FrenchMinistry of the Interior and all regulations applicable to games

of chance in casinos.