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OTCQX CASE STUDIES DANONE S.A. (NYSE Euronext Paris: BN; OTCQX: DANOY) ABOUT DANONE S.A.

COMPANY FACTS ON OTCQX

Danone S.A. is the parent company of an international group of companies in the food and beverage industry.

NYSE Euronext Paris Ticker: BN

Danone operates in four lines of business: fresh dairy

OTCQX Ticker:

DANOY

Market Capitalization*:

$44.8 Billion

Sector:

Food Products

Reporting:

International Reporting—



NYSE Euronext Paris

Depositary Bank:

JP Morgan

products, beverages, baby nutrition and medical nutrition. The company’s portfolio of brands include Activia, Actimel, Evian, Bonafont, Aptamil, Dumex, Nutricia and SHS. Danone upgraded to the OTCQX marketplace in May 2011 after de-listing from the New York Stock Exchange (NYSE) and trading on OTC Pink. A network of U.S. media and data partners distribute news and disclosure on Danone through

*Data as of March 31, 2014

its ADR, helping to drive valuation and global liquidity. Share volumes in the company’s ADR grew to account for

KEY EVENTS

10% of the company’s total trading in the second half of 2013 and in Q1 2014.

June 29, 1989

•A  DR program established for Danone

November 20, 1997

•B  egan trading ADR on NYSE

As a global brand with a global shareholder base, we want

with ticker DA

to ensure that all investors have timely access to our

January 1, 2005

•A  dopted International Financial Reporting Standards (IFRS)

company information and news. Through OTCQX, we have July 5, 2007

increased our ability to make our information easily acces-

•D  e-listed ADR from NYSE and establishes Level 1 ADR program

sible to our investors in the United States, and we’ve seen a

to trade on OTC Pink

rise in the global liquidity of our ADR program. That’s very

May 6, 2011

•B  egan trading ADR on OTCQX

telling about what the value of OTCQX has been for us.

with ticker DANOY March 31, 2014

—Marion Cazenave, Investor Relations Officer, Danone S.A.

•A  DR share volumes traded on OTCQX account for 10% of the company’s total trading volume in Q1 2014

SUMMARY OF TRADING ACTIVITY OF DANONE S.A. ADR Marketplace

OTCQX

OTC Pink

NYSE

Time Period

Q2 2011 to Q1 2014

Q3 2007 to Q1 2011

Q4 1997 to Q2 2007

28.3 Million

12.8 Million

15.0 Million

4.42%

1.36%

1.85%

Average Quarterly Share Volume Share of Company Trading Volume in ADR

*If the marketplace changed within the quarter, the quarter is designated as that where the company traded for the majority of that period. **Bloomberg

DANONE S.A. (NYSE Euronext Paris: BN; OTCQX: DANOY) DANOY PRICE AND SHARE VOLUME Closing Price

Volume on NYSE

Volume on OTC Pink

QUOTING AND TRADING DANOY ON OTCQX Volume of OTCQX

24 broker-dealers quote and trade DANOY on OTC Link® ATS* Most Active Broker-Dealers in 2013 Broker-Dealer

MPID

J.P. Morgan Securities LLC

JPMS

Share Volume**

46,194,913

Archipelago Trading Services, Inc. ARCA

12,626,122

Knight Execution & Clearing Services LLC

NITE

10,853,420

Citigroup Global Markets Inc.

SBSH

9,527,110

Jane Street Markets, LLC

JANE

8,975,404

*As of May 31, 2014 **1 ADR = 0.2 Ordinary Shares

*If the marketplace changed within the quarter, the quarter is designated as that where the company traded for the majority of that period

INSTITUTIONAL INVESTORS IN ADR Institutional investors hold $1.25 billion in Danone S.A. shares through DANOY.

Top Institutional Investors in DANOY* Shares**

Value (USD, mm)

Fiduciary Management, Inc.

52,762,914

748.71

Milwaukee, WI

Loomis Sayles & Company, L.P.

13,651,620

193.72

Boston, MA

John W. Bristol & Company

7,205,784

102.25

New York, NY

Fidelity Management & Research Company

3,480,200

49.38

Boston, MA

Columbia Management Investment Advisers

3,397,199

48.21

Boston, MA

Institution Name

*Source: ipreo; Data as of March 31, 2014

Investment Center

**1 ADR = 0.2 Ordinary Shares

CONTACT INFORMATION Corporate Services // 212.896.4420 // [email protected] // www.otcmarkets.com ABOUT OTC MARKETS GROUP INC. OTC Markets Group Inc. operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. To learn how OTC Markets Group creates better informed and more efficient financial marketplaces, visit www.otcmarkets.com. OTC Link® ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC registered Alternative Trading System. Follow us: