FINANCIAL ANALYSTS' MEETING

Viroflay, March 16, 2017

DAIRY ENVIRONMENT WORLDWIDE DAIRY CONTEXT STAGNATION OF MILK PRODUCTION

Stagnation of worldwide milk production in 2016, compared with historical growth of +15 to +20 billion liters per year

Chine

12 m 2016 : - 4,2%

STAGNATION OF MILK PRODUCTION

Stagnation of worldwide milk production in 2016, compared

with historical growth of +15 to +20 billion liters per year

Change in milk volumes within major regions Net increase for 20 countries + 0.4 billion liters

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