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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

141

Note 17.5. Main fully consolidated companies in the Medical Nutrition Division

Group's control

Ownership

Main fully consolidated companies

(a)

Country

(in %)

(in %)

NUTRICIA GMBH

Germany

100.0

100.0

NUTRICIA AUSTRALIA PTY LTD.

(b)

Australia

100.0

100.0

NV NUTRICIA BELGIE

(b)

Belgium

100.0

100.0

SUPPORT PRODUTOS NUTRICIONAIS LTDA.

(b)

Brazil

100.0

100.0

NUTRICIA PHARMACEUTICAL (WUXI) CO. LTD.

China

100.0

100.0

NUTRICIA TRADING (SHANGHAI) CO. LTD.

China

100.0

100.0

NUTRICIA MIDDLE EAST DMCC

(b) (c)

United Arab Emirates

100.0

100.0

NUTRICIA SRL

Spain

100.0

100.0

NUTRICIA NORTH AMERICA INC.

United States

100.0

100.0

NUTRICIA NUTRITION CLINIQUE S.A.S.

France

100.0

100.0

NUTRICIA INTERNATIONAL PRIVATE LIMITED

India

100.0

100.0

NUTRICIA IRELAND LTD.

(b)

Ireland

100.0

100.0

NUTRICIA ITALIA SPA

Italy

100.0

100.0

NUTRICIA NORGE AS

Norway

100.0

100.0

NUTRICIA NEDERLAND B.V.

(b)

Netherlands

100.0

100.0

SORGENTE B.V.

(c)

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

NUTRICIA NORDICA AB

Sweden

100.0

100.0

NUMIL GIDA ÜRÜNLERI AS

(b)

Turkey

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 an early life nutrition activity presented in the financial statements of the Early Life Nutrition Division.

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

Note 17.6. Main investments in associates

Group's control

Ownership

Main investments in associates

(a)

Country

(in %)

(in %)

Fresh Dairy Products

ALSAFI DANONE COMPANY LTD

(b)

Saudi Arabia

50.1

50.1

INNER MONGOLIA MENGNIU DAIRY (GROUP) CO LTD

(b)

China

9.9

9.9

INNER MONGOLIA MENGNIU DANONE DAIRY CO LTD

(b)

China

20.0

20.0

DANONE PULMUONE COMPANY LTD

South Korea

50.0

50.0

STRAUSS HEALTH LTD

Israel

20.0

20.0

YAKULT HONSHA CO LTD

Japan

20.0

21.3

BROOKSIDE AFRICA LIMITED

(b)

Kenya

40.0

40.0

SOCIÉTÉ TUNISIENNE DES INDUSTRIES ALIMENTAIRES (STIAL)

Tunisia

50.0

50.0

Other

YASHILI INTERNATIONAL HOLDINGS LTD

China

25.0

25.0

BAGLEY LATINO-AMERICA SA

(b)

Spain

49.0

49.0

(a) Corresponds to the 10 largest companies in terms of the share of net assets. They accounted for more than 90% of Investments in associates in 2015.

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