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ANNUAL FINANCIAL REPORT

2 1

INFORMATION ABOUT THE ISSUER

AND INFORMATION ON THE REGISTRATION

DOCUMENT 5

1.1

Information about the issuer 6

1.2

Information about the Registration Document 7

1.3 Person responsible for the Registration Document 9 2

OVERVIEW OF ACTIVITIES, RISK

FACTORS

11

2.1 History 12

2.2

Presentation of Danone 13

2.3

Strategic priorities 14

2.4 Description and strategy of the Reporting entities 16 2.5

Other elements related to Danone"s activity

and organization 18 2.6 Simplified organizational chart as of December 31, 2018 23 2.7

Risk factors 24

2.8

Internal control and risk management 38

3

BUSINESS HIGHLIGHTS IN 2018

AND

OUTLOOK FOR 2019

45
3.1

Business highlights in 2018 46

3.2

Consolidated net income review 49

3.3

Free cash flow 54

3.4

Balance sheet and financial security review 56

3.5

Outlook 2019 60

3.6

Financial indicators not defined in IFRS 61

3.7

Changes in IFRS standards 62

3.8

Additional information 63

3.9

Documents available to the public 63

4

FINANCIAL STATEMENTS

65
4.1

Consolidated financial statements and notes

to the consolidated financial statements 66
4.2 Financial statements of Danone SA, the parent company 134 4.3

Information on payment terms granted to suppliers

and customers of the parent company,

Danone

SA 155
4.4 Information originating from third parties, expert opinions and declarations of interest 155
5

SOCIAL, SOCIETAL AND ENVIRONMENTAL

RESPONSIBILITY 157

5.1 Danone"s integrated vision of corporate responsibility 159 5.2

Offering safe, healthy products 171

5.3

Preserve and renew the planet"s resources 178

5.4

Building the future with Danone employees 192

5.5 Promoting sustainable, inclusive growth with suppliers 200 5.6

Methodology note 204

5.7 Report by one of the Statutory Auditors, appointed as an independent third party, on the non-financial statement included in the management report 210
6

CORPORATE

GOVERNANCE 215

6.1

Governance bodies 216

6.2 Positions and responsibilities of the Directors 240 6.3 Compensation and benefits of governance bodies 250 6.4 Detailed information on long-term and multi-annual compensation plans 262
6.5

DANONE shares held by the members of the Board of

Directors and the Executive Committee

282
6.6

Related party agreements and commitments 284

7

SHARE CAPITAL

AND OWNERSHIP 291

7.1

Share capital of the company 292

7.2 Treasury shares held by the Company and its subsidiaries 292 7.3

Authorizations to issue securities giving access

to the share capital 295
7.4 Financial instruments not representing share capital 298 7.5

Dividends paid by the Company 298

7.6

Shareholders" Meeting, voting rights 299

7.7 Crossing of thresholds, shares and share sales 301 7.8

Share ownership structure of the Company as of

December

31, 2018 and significant changes over

the past three years 302
7.9

Market for the Company"s shares 304

7.10

Factors that might have an impact in the event

of a public tender offer 305
7.11

Change of control 306

APPENDIX 309

Cross-reference tables 310

REGISTRATION

DOCUMENT

ANNUAL FINANCIAL REPORT

the items of the Annual Financial Report.

The French language version of this Registration Document (Document de Référence) was filed with the French financial markets autho-

rity (Autorité des Marchés Financiers, or AMF) on March 13, 2019, pursuant to Article 212-13 of its General Regulations. This Registration

Document may be used in support of a financial transaction if supplemented by a Securities prospectus (Note d"opération) authorized by

the AMF. This Registration Document was prepared by the issuer and its signatory is liable for its contents.

This is a free translation into English for information purposes only.

Copies of this Registration Document are available from Danone at: 17, boulevard Haussmann - 75009 Paris, on Danone's website:

www.danone.com and on the website of the Autorité des Marchés Financiers: www.amf-france.org. A PDF version for visually impaired readers is available at www.danone.com

DANONE

A FRENCH CORPORATION (SOCIÉTÉ ANONYME) WITH SHARE CAPITAL OF €171,263,800 REGISTERED OFFICE: 17, BOULEVARD HAUSSMANN, 75009 PARIS

PARIS CORPORATE REGISTER NUMBER: 552032534

DANONE

every day. We keep adjusting our ways of working and delivering efficien cy. And we adapt to the ever changing world around us. With Specialized Nutrition, Waters and our glo bal plant-based brands from WhiteWave continuing to post strong growth despite a very volatile envir onment, the year has seen the encouraging progress of our EDP business in Europe, which stabilized in the 4 th quarter last year. This

could not have happened without the multi-faceted reinvention of Activia, which shows that after years

of decline, embracing with no fear the new paradigms can turn around a l arge global brand.

I would like to thank our teams for their demonstrated ability last year to both deliver on our short-term commitments, and simultaneously

walk the path to our 2020 commitments and prepare the future, an imperat ive for those companies, like ours, that have a true am bition to thrive through the food revolution, with the support of many partners." Emmanuel FABER, Chairman and Chief Executive Officer +2.9% (a) 24.7
bn SALES of the Morocco boycott (a)

14.45 %

RECURRING OPERATING

MARGIN

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