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				Danone Analysts' Consensus
				April 4th 2013							Q1 2013, Q2 2013, H1 2013 & FY 2013
						Consensus				Consensus				Consensus
							Q1 2013				Q2 2013				FY 2013
						Median	Low	High		Median	Low	High		Median	Low	High
	Sales
		Fresh Dairy		€ mln		3,042	2,912	3,135		3,096	2,903	3,317		12,305	11,673	12,562
		volume growth		%		0.5%	(1.8)%	3.6%		1.2%	(1.2)%	5.4%		1.5%	(0.2)%	5.0%
		value growth		%		0.7%	(2.0)%	2.5%		0.9%	(3.1)%	2.3%		0.8%	(2.1)%	2.5%
		organic growth		%		1.0%	(1.5)%	2.3%		2.0%	0.0%	3.9%		2.4%	1.0%	3.5%
		Waters		€ mln		890	853	958		1,098	1,061	1,173		3,903	3,751	4,030
		volume growth		%		5.0%	1.0%	10.0%		6.0%	1.0%	12.0%		6.0%	1.0%	8.2%
		value growth		%		2.0%	(1.3)%	6.0%		4.0%	0.1%	6.3%		3.2%	0.8%	8.1%
		organic growth		%		7.0%	3.8%	11.0%		10.0%	7.0%	15.2%		8.6%	7.0%	10.9%
		Baby Nutrition		€ mln		1,113	1,055	1,159		1,160	1,107	1,210		4,628	4,444	4,810
		volume growth		%		6.0%	3.0%	9.0%		5.0%	1.1%	8.0%		6.0%	2.0%	9.0%
		value growth		%		4.5%	1.5%	6.5%		4.0%	1.5%	6.0%		4.0%	1.5%	6.3%
		organic growth		%		11.0%	7.0%	14.0%		9.5%	5.4%	12.0%		10.1%	6.0%	11.6%
		Medical Nutrition		€ mln		316	301	325		338	330	346		1,350	1,330	1,373
		volume growth		%		6.0%	4.0%	9.0%		6.0%	5.0%	8.6%		6.3%	5.0%	7.8%
		value growth		%		(1.0)%	(2.1)%	1.0%		(1.0)%	(2.1)%	1.0%		(0.5)%	(1.6)%	1.0%
		organic growth		%		5.2%	3.0%	7.0%		5.5%	4.0%	7.5%		5.8%	4.9%	7.2%
	Total Sales Danone			€ mln		5,358	5,203	5,513		5,709	5,512	5,883		22,218	1,337	22,449
	organic growth	volume growth		%		2.6%	1.5%	4.1%		3.0%	1.9%	5.3%		3.3%	2.4%	5.0%
		value growth		%		1.6%	0.3%	2.4%		2.0%	0.1%	3.0%		1.8%	0.4%	2.7%
		Organic growth		%		4.2%	2.3%	5.2%		5.4%	3.7%	6.4%		5.3%	4.5%	6.2%
		scope growth		%		2.5%	(1.0)%	3.6%		3.0%	0.0%	6.5%		2.9%	0.0%	3.3%
		forex growth		%		(2.0)%	(2.7)%	0.4%		(1.9)%	(3.5)%	0.0%		(2.0)%	(3.5)%	0.0%
		Reported growth		%		4.6%	1.4%	7.7%		6.2%	2.9%	9.8%		6.4%	2.7%	7.6%
										Consensus				Consensus
											H1 2013				FY 2013
										Median	Low	High		Median	Low	High
	Trading Operating Profit (EBIT)
		Fresh Dairy		€ mln						630	566	670		1,386	1,299	1,454
		Waters		€ mln						272	260	283		520	445	534
		Baby Nutrition		€ mln						455	426	469		909	871	932
		Medical Nutrition		€ mln						119	110	124		240	218	264
	Total EBIT Danone			€ mln						1,474	1,398	1,520		3,057	2,965	3,106
	Total EBIT Margin Danone			%						13.3%	12.9%	13.6%		13.8%	13.7%	14.0%
	Other operating items			€ mln						0	(250)	0		0	(500)	0
	Operating income			€ mln						1,470	1,247	1,520		3,047	2,508	3,092
	Cost of net debt			€ mln						(85)	(140)	(68)		(180)	(285)	(149)
	Other financial income/(expense)			€ mln						(60)	(68)	(42)		(120)	(132)	(84)
	Total financial cost			€ mln						(142)	(164)	(120)		(296)	(351)	(243)
	Income before tax			€ mln						1,327	1,103	1,400		2,751	2,217	2,814
	Income tax			€ mln						(376)	(409)	(313)		(788)	(841)	(680)
	Net income/(loss) of affiliates			€ mln						28	15	43		50	30	88
	Net income			€ mln						972	797	1,042		1,968	1,540	2,167
	- Group share			€ mln						896	712	998		1,844	1,265	2,059
	- Non controlling interest share			€ mln						74	33	99		145	65	181
	Basic EPS									1.50	1.12	1.67		3.12	2.37	3.47
	Average no. of shares to calculate basic EPS									595	586	604		594	586	604
	Diluted EPS									1.49	1.12	1.66		3.10	2.37	3.45
	Average no. of shares to calculate diluted EPS									598	587	604		595	587	604
	Cash Flow from operating activities			€ mln						1,167	1,025	1,337		2,390	2,213	2,858
	Net change in working capital			€ mln						58	13	180		97	(173)	493
	Capital expenditure			€ mln						(500)	(525)	(498)		(1,008)	(1,125)	(828)
	Disposal of tangible assets			€ mln						0	0	70		0	0	180
	Transaction fees			€ mln						0	0	0		0	0	470
	Free Cash Flow*			€ mln						750	680	897		1,550	1,213	2,096
	- All figures exclude exceptional items
	- Consensus is based on inputs from 26 analysts
	- Danone does not endorse these consensus numbers
	* Cash flow from operations less capital expenditure (net of disposals) and excluding business combinations fees

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