BN Danone

Etude de l'AG du 27/04/2017

ITEM 9: Danone is currently in the process of acquiring Whitewave Foods Company, global leader in organic foods, plant-based milks and related products. Therefore, the election of Mr Engles, Chairman and CEO of Whitewave is proposed. Although his expertise would be welcome, the board does not have a majority of independent members. Hence, we do not support his election.

ITEM 13: Although the company indicates that in 2017, the enhanced chairmanship of Mr Riboud will end, and, consequently, his remuneration will be severely revised, no amount is disclosed. Hence, we do not support it.

ITEM 14: The company indicates that in 2017, pluri-annual remuneration (Group performance units) could be removed to simplify Mr Faber’s remuneration policy. The long-term remuneration (Group performance shares) could increase, but however, it should remain in line with our recommendations.

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Food & Beverage - France

Danone SA is engaged in holding directly or indirectly companies, and coordination of the main functions and activities. The Company operates through four segments: Fresh Dairy Products Division, Waters Division, Early Life Nutrition Division and Medical Nutrition Division. The Fresh Dairy Products Division produces and markets yogurts, fermented fresh dairy products and specialized dairy products. The Waters Division comprises the natural waters business along with Aquadrinks (waters flavored and vitamin-enriched with natural fruit juice extracts, fruit juice and vitamins). The Early Life Nutrition Division focuses on the right nutrition in the first 1,000 days from the start of pregnancy to two years of age, and produces and distributes specialized foods for babies and young children to complement breast-feeding. The Medical Nutrition Division produces and distributes specialized food for people afflicted with certain illnesses or frail elderly people.

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