“First-half growth of 4.6% and half a percentage point rise in margin are fully in line with our roadmap. With a still volatile overall context,
we remain focused on our priorities: consolidating our model for profitable, sustainable growth and enhancing our brands and
businesses’ ability to serve our consumers’ needs. In Europe, where margins rose significantly, we are executing an overhaul of our
Fresh Dairy Products business and finalizing the conditions necessary for a return to growth. In China, we are strengthening our Early
Life Nutrition business model, building on the success of our international brands and reinforcing our partnership with Mengniu and
Yashili. In the CIS and in North America, we are guiding our operations carefully through the current transition, to get growth back on
track while pursuing investments to develop the category. In each region, half-year results confirm the efficient execution of our plans
and the excellent work done by our 100,000 employees. Building on our unique culture, brands, geographical platforms, talent of our
teams and trust of our partners, we work every day to lay the foundations for sustainable, profitable growth and are moving to deploy
our Danone 2020 transformation plan for economic and social value creation serving Danone’s corporate mission.”