2016 RESULTS

February 15, 2017

Emmanuel Faber, CEO

Ccile Cabanis, CFO
 DISCLAIMER
This document contains certain forward-looking statements
concerning Danone.
Although Danone believes its expectations are based on
reasonable assumptions, these forward-looking statements are
subject to numerous risks and uncertainties, which could cause
actual results to differ materially from those anticipated in
these forward-looking statements.
For a detailed description of these risks and uncertainties,
please refer to the section Risk Factors in Danones
Registration Document (the current version of which is
available on www.danone.com).
Subject to regulatory requirements, Danone does not
undertake to publicly update or revise any of these forward-
looking statements. This document does not constitute an offer
to sell, or a solicitation of an offer to buy DANONE shares.
All references in this presentation to like-for-like changes,
recurring operating income, recurring operating margin,
recurring net income, recurring income tax rate, recurring EPS,
free cash-flow, free cash-flow excluding exceptional items, and
net financial debt correspond to financial indicators not defined
by IFRS used by Danone, which are defined at the end of this
presentation.
Due to rounding, the sum of values presented in this document
may differ from totals as reported. Such differences are not
material.

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 Ccile Cabanis Emmanuel Faber
2016 FINANCIAL RESULTS DANONE PROGRESS REPORT

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 Ccile Cabanis
2016 FINANCIAL RESULTS
 2016: year of robust performance leading to very strong EPS growth

net sales recurring

operating
Profitable growth margin
(1)
+2.9% +70 bps (1)

recurring free cash

EPS flow
Discipline on financial metrics (1) (2)
+9.3% +16.8%

(1) Like-for-like (2) Excluding exceptional items I5I

 2016: year of major progress in building profitable model of growth

LFL sales growth Recurring operating margin(1)

+4.7% +4.4% +70 bps

+2.9%
+17 bps
-12 bps
FY 2014 FY 2015 FY 2016 FY 2014 FY 2015 FY 2016

GROWTH PROFIT
AGILITY CONSISTENCY

Priority to profitable growth Discipline on financial metrics

(1) Like-for-like I6I

 leading to very strong delivering on EPS and cash

Recurring EPS FCF(2)

+16.8%
+9.3%(1)
+6.5%(1) +9.2%

1,786
3.10 1,529
2.93 1,401
2.62

FY 2014 FY 2015 FY 2016 FY 2014 FY 2015 FY 2016

Ensure consistent EPS growth Convert profitable growth into cash

(1) Like-for-like (2) Excluding exceptional items I7I

 2016 key highlights

recurring
sales recurring
growth operating
margin EPS

Reported -2.1% 13.77% 3.10

+ 87 bps +5.6%

Like-for-like +2.9% +70 bps +9.3%

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 2016 Like-for-like sales growth of +2.9%

Reported -2.1%
22,412 mln
Like-for-like +2.9%

21,944 mln
(5.5)%
3.1%

0.5% (0.2)% Value

Currency Scope & others Volume

FY 2015 FY 2016

Q4 2016 like-for-like sales growth: +2.1% / reported growth: -0.5%

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 Regional dynamics(1)

NORAM
EUROPE ALMA
CIS AsiapacLatamMiddleEastAfrica
USA+Canada+CIS

0.0%
5.7% 8.0% 6.8%
5.1% 4.8% 6.3%
(0.2)% 5.4%
(2.7% (2.9)% 2.8%

Q1 16 Q2 16 Q3 16 Q4 16 Q1 16 Q2 16 Q3 16 Q4 16 Q1 16 Q2 16 Q3 16 Q4 16

FY 2016: -1.4% FY 2016: +4.6% FY 2016: +6.7%

(1) Like-for-like sales growth I 10 I

 Fresh dairy products: continuous progress
in anchoring profitable growth

Sales growth Recurring operating margin

+3.0%
+2.2% +0.7% + 82 bps since 2014
+2.3%
(at constant exchange rate)
+5.2% +4.5% +4.6%
+4.4%
Price/mix
Volume (2.1)% (2.2)% (2.3)% 9.95% 10.09%
(3.9)%

FY 2015 FY 2016
Q1 16 Q2 16 Q3 16 Q4 16

FY 2016: + 2.0% LFL FY 2016: +38 bps LFL

> Acceleration in NORAM, successful transformation in CIS, slower turnaround of Europe

> Structural improvement of profitability across markets

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 Waters: sustained strong profitable growth,
transition in China in progress

Sales growth Recurring operating margin

+3.9% +6.3%
+2.7%

+6.4% +5.5% (0.1)% +6.7%

Price/mix 0.0%
11.37% 11.38%
Volume (2.5)% (2.8)% (0.1)% (0.4)%

FY 2015 FY 2016
Q1 16 Q2 16 Q3 16 Q4 16

FY 2016: + 2.9% LFL +15 bps LFL

w/o China: Mid to High SD
> Strong performance across markets, market share protection in China
> Operating margin increase despite mix effect of China

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 Early Life Nutrition: solid fundamentals of profitable growth,
continued transition in China towards sustainable model of growth

Sales growth Recurring operating margin

+7.2%

+4.8%
+5.3%
+3.5% +1.7%
+0.6% 21.91%
19.32%
Price/mix +1.3% +1.9% +2.1%
+1.1%
Volume (0.4)% (0.5)%
FY 2015 FY 2016
Q1 16 Q2 16 Q3 16 Q4 16

FY 2016: + 3.5% LFL +167 bps LFL

FY w/o indirect China: MSD

> Solid growth outside China, volatility in China driven by e-commerce conversion
> Operating margin increase driven by growth and mix, positive reverse of 2015 one off costs

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 Medical Nutrition: sustaining very strong profitable growth

Sales growth Recurring operating margin

+9.7%

+7.1% +3.7%
+6.6% +6.1%
Price/mix +1.4% +2.9% +2.1%
19.71%
Volume 17.95%
+6.0%
+5.2% +4.2% +4.0%

FY 2015 FY 2016
Q1 16 Q2 16 Q3 16 Q4 16

FY 2016: +7.4% LFL +93 bps LFL

> Very strong growth accross markets and segments

> Operating margin increase driven by growth and mix

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 2016 key highlights

recurring
sales recurring
growth operating
margin EPS

Reported -2.1% 13.77% 3.10

+ 87 bps +5.6%

Like-for-like +2.9% +70 bps +9.3%

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 Very strong improvement in recurring operating margin

Reported +87 bps

Like-for-like +70 bps Margin from operations

Efficiencies + 50 bps
(88) bps
+116 bps Portfolio management + 30 bps
+43 bps
+10 bps +6 bps
Reinvest Others Input Costs + 40 bps
Forex Margin
Scope from
operations
13.77%
12.91%

2015 2016
Reported Reported

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 2016 key highlights

recurring
sales recurring
growth operating
margin EPS

Reported -2.1% 13.77% 3.10

+ 87 bps +5.6%

Like-for-like +2.9% +70 bps +9.3%

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Very strong Like for Like recurring EPS growth illustrating major progress
in strengthening the model

Reported +5.6%

Like-for-like +9.3%

+0.5% +0.3%

Taxes
FR + (5.2)%
+5.5% Others
+1.5%
Forex Scope
+2.9% Margin
3.10
Net Sales
2.93

2015 2016
Recurring Recurring
EPS EPS

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 FCF: very strong cash delivery
Cash delivery
Free cash-flow excluding exceptional items ( mln)
+16.8%
+9.2%

1,786
1,529
1,401

FY 2014 FY 2015 FY 2016

Strong level of Working Capital/Sales Continued rhythm of investment

Working Capital/Sales (%) Capex/Sales (%)
FY 2014 FY 2015 FY 2016

(7.0)% (7.1)% 4.7% 4.2% 4.2%

(8.8)%

FY 2014 FY 2015 FY 2016

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 Change of Net debt
bn

(0.3)

+0.3
(1.8) Others
+1.1
+0.1
FCF M&A Dividends
Puts
7.8 7.5

Net debt Net debt

2015 2016

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 Balance sheet
Assets (1) bn
Liabilities
Dec. 2015 Dec. 2016 Dec. 2015 Dec. 2016

12,669 13,194
15,803
Intangible assets 15,779 Shareholders equity

7,799 7,472 Net debt(2)

Other assets 9,022 9,372

2,772 2,960 Other liabilities

6,193 6,513
Working capital 4,632 4,964 Working capital

29,433 30,139 29,433 30,139

(1) Excluding assets included in net debt
(2) Net of cash, cash equivalents, marketable securities,
other short-term investments and financial instrument assets I 21 I
Dividend: + 6.3% increase reflecting firm
commitment to shareholders
Dividend proposed at the next AGM on April 27, 2017
> 1.70 per share (+6.3% ; +10 cts vs. 2015)
> Payment in either cash or shares at shareholders option

1.70
1.60
1.50
1.39 1.45 1.45
1.30
1.20 1.20
1.10
1.00
0.85
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

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 2017: decoupling growth and efficiency agenda

2015 2016 2017

EPS
>5%(1)
Consistent EPS growth

(1) Like-for-like I 23 I
 Emmanuel Faber
DANONE PROGRESS REPORT
The revolution towards changing the way people eat and drink

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 We continue to assemble and grow an unparalleled portfolio
of healthy diet categories
% CAGR 2011-2016 Global Retail Value Growth
8
Danone leader positions
(in value)
Organic

6
*
#1 #3
Organic

* Num 2 in volume
4

#2 #1
#1
2

Free Energy Organic Baby Enteral Bottled Organic Milk Aquadrinks(2) Fruits Vitamin Dairy(3) Ice cream Confectionary Baked Juice CSD Breakfast
from bar packaged food nutrition(1) water beverages alternatives snack & dietary & frozen goods cereals
Gluten foods deserts

Sources: Euromonitor. Retail Sales 2011 - 2016 ; Constant 2016 prices; (1) Source: Kalorama Information 2012 Note: Allergy category not included in this
data (2) Source for aquadrinks: Canadean 27 countries, Date: 2008 2014, (3) Aggregation of butter and margarine, drinking milk products, cheese,
yoghurt and sour milk drinks, and other dairy products. I 26 I
 Successes and still some challenges

Challenges Successes

Volatility in key Reignite growth

emerging markets
Build resilience & protect margin

Inflation of raw materials

Generate Strong Profitable Growth

Dairy Europe turnaround Capture new consumer trends

Develop a direct model

Expand tailored nutrition

Very strong margin increase

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 2016: a year of significant progress

2014 2015 2016

net sales recurring

operating
margin

+2.9% +70 bps

(1) (1)

+4.7% +4.4%

LFL sales growth(1)

FY 2014 FY 2015
recurring free cash
EPS flow
Recurring operating margin(1)

+9.3% +16.8%
(1) (2)
FY 2014 FY 2015

(1) Like-for-like (2) Excluding exceptional items I 28 I

 WhiteWave
A perfect combination to strengthen Danone 2020 plan

2016
+
Changing the way the world
eats for the better

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 WhiteWave
A perfect combination to strengthen Danone 2020 plan
TAKING THE SUSTAINABILITY EQUATION DOUBLING THE SIZE
OF DAIRY AND PLANT-BASED OF DANONE IN THE US
TO THE NEXT LEVEL ABOVE $6 BN

Combine world-class research on Dairy

and Plant-based fermentation

+
Fastest growing food & beverage
company in the US(1)
Opportunities within Danone 2020 plan
to reduce agricultural impact Entering the US top 15
food & beverage league(2)
Improve nutritional density of global portfolio

Creating the US #1 refrigerated

Cross-fertilize R&D with Danone in fermenting
vegetal local protein bases
Use Danone's expertise to broaden adoption
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dairy company(3)
Sources: Euromonitor, Nielsen
(1) Nielsen AOC last 52 weeks period ended 6/27/2015; Top 25 manufacturers in Edible
Departments (grocery, dairy, deli, frozen, bakery, produce, meat)
(2) Based on Euromonitor ; Retail Value in Packaged Food + Soft Drink, 2015 figures
(3) Nielsen AOC last 52 weeks: including butter, cream/creamers, margarine and spreads, milk,
whipped toppings and yogurt and excluding cheese
 WhiteWave
A perfect match to accelerate strong sustainable profitable growth

Strong Value Creation

Superior growth categories in stable Like-for-like sales growth

geographies Extra +0.5% to +1%

Ebit margin
Significant synergies Accretive year 2

EPS
Accretive to Danone Solid accretion from Year 1
equation >10% accretion (1)

(1) Based on run-rate synergies I 31 I

 Stronger empowerment and collaboration to enable speed,
relevance and consistency

> Increased focus and speed

A TIGHTER EXCOM 12 8 > Team work and integration
> Delegation

A NEW TEAM > Closer to markets, faster decisions

> Empowered on global decisions
MADE OF OUR 15 REGIONAL LEADERS > Regional alignment and collaboration

> Backbone for key functions

ONE DANONE / 30 clusters live > Localised relevance
> Mutualization of expertise

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Step up our ability to seize consumer opportunities
and work more efficiently
2 NEW ROLES

> Drive seamless cooperation process among all topline

and innovation functions
EVP, growth > Provide framework and platforms for category growth
and innovation
& innovation > Identify and drive transversal / cross category
opportunities

> Drive transversal spend efficiency

EVP, resources > Balance short/mid/long-term efficiency/sustainability
efficiency > Integrate operations into Strategic Resources Cycles
> Provide resources and sourcing for Manifesto Brands

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 Decoupling Danones mid term growth transformation agenda
and our immediate efficiency agenda

2020

EFFICIENCY

GROWTH

2017
Consistent
EPS growth

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Alimentation Revolution calling for brands engaging in a new way
with their communities of consumers

DANONE PLEDGE FOR

NATURALITY & NON GMO

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Alimentation Revolution calling for a new marketing model

Proliferation of smaller brands

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Alimentation Revolution calling for a marketing
and innovation transformation
New Growth and Innovation board

R&D Marketing Sales Digital Cycles & Ops.

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 Danone: a unique position and culture
to lead the Alimentation Revolution

Superior Healthier Community

experience choice relevant

> Danone B Corp 2015 partnership

Zero net Trusted Sustainable > Danone & WhiteWave expected

carbon origin agriculture to combine US-based activities > 45,000 Danoners
into a public B-Corp
> 7,000 users online at least once a day
> Danone Spain accredited B-Corp > 600 to 700 active groups/day

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 Launching a comprehensive, company-wide program
to maximize efficiency

Disciplined
Choices Maximize Efficiency PROGRAM
Sustainably
PROTEIN
BUY BETTER SCOPE

SPEND BETTER professional services

sales & marketing spendings
WORK BETTER operations spendings

Invest To build muscle 1 BN

For Impact SAVINGS
Reinvest in growth projects

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 Delivering efficiency and resources
for the short, mid and long term

Short term Mid term Long term

Program PROTEIN
Global procurement organization
New CPO Role

Strategic
Resources
Cycles &
Operations
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 Decoupling Danones growth & efficiency agendas

2020

EFFICIENCY

GROWTH

2017
Consistent Fuel the growth
EPS growth model

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 Keep building a stronger model of growth

2015 2016 2017

Consistent EPS growth

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APPENDIX
 Q4 & FY 2016 impact of currencies & scope

Q4 2016 Fresh Dairy Products Waters Early Life Nutrition Medical Nutrition Total
Reported sales growth (0.2)% (1.0)% (1.1)% +0.9% (0.5)%
Currency (2.5)% (7.0)% (1.1)% (3.4)% (3.1)%
Scope of consolidation +1.6% (0.3)% (0.6)% (1.8)% +0.5%
Like-for-like sales growth +0.7% +6.3% +0.6% +6.1% +2.1%

FY 2016 Fresh Dairy Products Waters Early Life Nutrition Medical Nutrition Total
Reported sales growth (2.9)% (4.1)% +0.5% +1.5% (2.1)%
Currency (6.3)% (6.9)% (3.0)% (4.0)% (5.5)%
Scope of consolidation +1.4% (0.1)% (0.0)% (1.9)% +0.5%
Like-for-like sales growth +2.0% +2.9% +3.5% +7.4% +2.9%

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 Changes in exchange rates

% total FY 16 sales FY 16 vs FY 15 (avg) Q4 16 vs Q4 15 (avg)

United States Dollar 12.4% 0.2% 1.6%

Russian Ruble 6.6% -7.9% 6.7%

Chinese Renminbi 6.3% -5.2% 5.6%

Indonesian Rupiah 6.2% 1.0% -33.2%

British Pound 5.4% -11.4% -16.9%

Mexican Peso 4.8% -14.7% 18.6%

Argentine Peso 4.4% -37.1% -14.1%

Brazilian Real 4.0% -4.0% -5.1%

Moroccan Dirham 2.8% -0.3% 0.4%

Polish Zloty 2.4% -4.1% -2.6%

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 Recurring operating margin by geographical area

min FY 2015 FY 2016 Like-for-like change

Fresh Dairy Products 9.95% 10.09% +38 bps
Waters 11.37% 11.38% +15 bps
Baby Nutrition 19.32% 21.91% +167 bps
Medical Nutrition 17.95% 19.71% +93 bps

Europe 17.26% 17.64% +45 bps

CIS + Noram 8.67% 10.26% +161 bps
ALMA 10.71% 11.82% +79 bps

Total 12.91% 13.77% +70 bps

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 From operating income to EPS

mln 2015 recurring 2016 recurring Non-recurring items 2016

Recurring operating income 2,892 3,022 - 3,022
Other operating items - (99) (99)
Operating income 2,892 3,022 (99) 2,923
Total financial expenses (282) (280) (13) (293)
Income tax (818) (852) 48 (804)
Net income of affiliates 123 129 (128) 1
Net income 1,915 2,019 (191) 1,827
of which Non-controlling interests 125 108 - 107
Net income Group share 1,791 1,911 (191) 1,720

Fully diluted number of share mln 610 617

Fully diluted underlying EPS 2.93 3.10

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 Cash bridge

744 (852)

Depreciation (280) 44
Taxes
Financial (1) W cap var
results (925)
Others 33
3,022 Capex Sales of (26)
2,632
assets and Plan for
Transaction 1,786 savings and 1,760
Fees adaptation
in Europe
Recurring Cash from FCF excl FCF
Operating operating European reported
income activities plan

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 Tax rate development

mln 2015 2016

Total income tax (reported) (626) (804)
Reported tax rate 32.5% 30.6%
Non-current income tax(1) 193 48
Current income tax (818) (852)
Underlying tax rate 31.3% 31.1%

(1) Tax related to non-current items I 50 I

 Cash-flow statement

2015 2016
Operating income 2,892 3,022
Financial income (282) (280)
Income tax (818) (852)
Non-current income (493) (64)
Depreciation and amortization 1,217 786
Net change in provisions / Deferred taxes (31) (15)
Dividend reveived from equity accounted affiliates 40 53
Net change in interest income (expense) (30) 0
Expense related to stock options and GPS 27 24
Other items 30 (60)
Cash flow provided by operating activities,
excluding changes in net working capital
2,552 2,615

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 Cash-flow statement

2015 2016
Cash flow provided by operating activities,
excluding changes in net working capital
2,552 2,615
Change in working capital (182) 37
Cash flow from operations 2,369 2,652
Capital expenditure (937) (925)
Proceeds from the sale of industrial assets 31 27
Business acquisitions and other investments, (596) (66)
net of cash and cash equivalent acquired
Proceeds from the sale of business 2 110
Change in long-term loans and other long-term assets (19) 6
Cash flow used in investing activities and disposals 1,519 (848)

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 Cash-flow statement
2015 2016
Cash flow used in investing activities and disposals 1,519 (848)
Increase in capital and additional paid-in capital 39 46
Purchases of treasury stock (net of disposal) 198 32
Dividends paid to Danone shareholders (314) (985)
Transactions with non controlling interests* (2,029) (383)
Settlement of debt hedge financial instruments 22 50
Bonds issued or raised during the period 2,049 11,237
Bonds repaid during the period (603) (638)
Increase (decrease) in other current and non-current financial debt (101) (442)
Increase (decrease) in other short-term investments (242) (10,531)
Cash flow used in financing activities (982) (1,616)
Exchange rate differances and others (228) (151)
Increase (decrease) in cash (361) 38
* Including dividends and capital increase
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 Stock price & shareholding
Danone 2016 stock price evolution(1) Danone 2016 stock performance(1)

> Absolute -3.3%

> Relative vs. CAC 40 -8.2%
> Relative vs. Eurostoxx 50 -4.0%

Total shareholder composition(2) Institutional shareholders by geography(2)

Others Rest of the World
Individual 5% 6% 1%
shareholders & FCPE 11% Switzerland 8%
Shares held by the 6% Asia Pacific 9%
Company and its subsidiaries
78% Institutional shareholders United Kingdom 47% North America
11%
Rest of Europe
France 18%

(1) At 31/12/2016
(2) Based on the survey conducted by Danone of its identifiable shareholders in December 2016 I 54 I
 2016 ADR program
DRs Outstanding as a % of Total Shares Outstanding
220 Data as of December 31, 2016 6%
DRs Outstanding (Mln)

200

180 5%

160
4%
140

120
3%
100

80
2%
60

40 1%
20

0 0%
01/01/2016 02/15/2016 03/29/2016 05/11/2016 06/23/2016 08/05/2016 09/19/2016 11/01/2016 12/14/2016

DRs Outstanding % Total Shares Outstanding

> Ticker: DANOY

> CUSIP Number: 23636T100
> Exchange: OTC QX (www.otcqx.com/qx/market/quote?symbol=DANOY)
> Ratio (ADR: ord): 5:1
> Depositary Bank: J.P. Morgan
> ADR Depositary Bank contact: Jim Reeves +1 212 552 8928 / DRX_depo@jpmorgan.com
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 Financial indicators not defined in IFRS

Like-for-like changes in Sales, Recurring operating income, Recurring operating margin, Recurring net income and recurring EPS reflect Danone's organic
performance and essentially exclude the impact of:
changes in consolidation scope with indicators related to a given fiscal year calculated on the basis of previous-year scope;
changes in applicable accounting principles;
changes in exchange rates, (i) with both previous-year and current-year indicators calculated using the same exchange rates (the exchange rate used is a
projected annual rate determined by the Company for the current year and applied to both previous and current year), and (ii) correcting differences
caused by the exceptional volatility of inflation in countries that are structurally subject to hyperinflation, which would otherwise distort any interpretation of
Danone's organic performance.

Recurring operating income is defined as Danones operating income excluding Other operating income and expenses. Other operating income and expenses
is defined under Recommendation 2013-03 of the French CNC (format of consolidated financial statements for companies reporting under international reporting
standards), and comprises significant items that, because of their exceptional nature, cannot be viewed as inherent to its recurring activities. These mainly
include capital gains and losses on disposals of fully consolidated companies, impairment charges on goodwill, significant costs related to strategic restructuring
and major external growth transactions, and costs related to major crisis and major litigations. Furthermore, in connection with of IFRS 3 (Revised) and IAS 27
(Revised) relating to business combinations, the Company also classifies in Other operating income and expenses (i) acquisition costs related to business
combinations, (ii) revaluation profit or loss accounted for following a loss of control, and (iii) changes in earn-outs relating to business combinations and
subsequent to acquisition date.

Recurring operating margin is defined as the Recurring operating income over Net sales ratio.

I 56 I
 Financial indicators not defined in IFRS
Non-recurring results from associates include significant items that, because of their exceptional nature, cannot be viewed as inherent to the recurring activity
of those companies and distort the reading of their performance. They include primarily (i) capital gains and losses on disposal and impairment of Investments in
associates, and (ii) when material, non-recurring items as defined by Danone included in the net income from associates.

Recurring net income (or Recurring net income Group Share) corresponds to the Group share in the Total Recurring net income. Total Recurring net income
measures Danones recurring performance and excludes significant items that, because of their exceptional nature, cannot be viewed as inherent to its recurring
performance. Such non-recurring income and expenses mainly include capital gains and losses on disposals and impairments of Investments in associates and
in other non-fully-consolidated and tax income and expenses related to non-recurring income and expenses. Such income and expenses excluded from Net
income are defined as Total Non-recurring net income and expenses.

Recurring income tax rate measures the income tax rate related to Danones recurring performance and corresponds to the Total Recurring net income over tax
income and expenses related to non-recurring income and expenses.

Recurring EPS (or Recurring net income Group Share, per share after dilution) is defined as the Recurring net income over Diluted number of shares ratio.

Free cash-flow represents cash-flows provided or used by operating activities less capital expenditure net of disposals and, in connection with of IFRS 3
(Revised), relating to business combinations, excluding (i) acquisition costs related to business combinations, and (ii) earn-outs related to business combinations
and paid subsequently to acquisition date.

Free cash-flow excluding exceptional items represents free cash-flow before cash-flows related to initiatives deployed within the framework of the plan to
generate savings and adapt Danones organization in Europe.

Net financial debt represents the net debt portion bearing interest. It corresponds to current and non-current financial debt (i) excluding Liabilities related to put
options granted to non-controlling interests and (ii) net of Cash and cash equivalents, Short term investments and Derivatives assets.
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