Trian Partners Activist Presentation Deck

Exposure to Attractive, High-Growth Categories Dairy (Yogurt) Danone almost 4x sales of nearest competitor - Brands that travel: Activia -€3b in sales globally - US fresh dairy per capita consumption 14lbs per year vs. approximately 30lbs in UK and 70-80lbs in France and Germany. - Milk Formula Vegetable/Fruit Juices Yogurt Bottled Water Biscuits Cheese Snacks Baby Food Ice Cream Chocolate Carbonates Pet Food Baked Goods Ready Meals 3.4% T ▪ Water - 4% Top 3 player but #1 in premium brands Danone: #1 positions in Mexico, Indonesia and among largest in China Estimated Global Annualized Category Growth Rate, 2011-2020 Consumption in emerging markets like China and Brazil ~70-80% below developed markets 4.5% 5.2% 5.1% 4.8% 6.7% 6.5% 6.3% 6.0% 5.8% 5.8% 8.7% 8% 8.5% ▪ Infant Nutrition -75% of sales in Emerging Markets Top 5 companies control. over 60% of global formula market 9% Minimal private label threat Leveraged to increasing number of births and growing global middle class 3% 5% 6% 7% Source: Euromonitor, Street research, Investor Presentations, Pfizer Nutrition Acquisition presentation. Note: Displaying all categories applicable to Danone plus those additional categories that represent 3% or more of total global packaged food & drink sales. - 8 - 12.1% Danone Category Danone is a leader in several of the fastest growing categories within global packaged food 10% 11% 12% 13%

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