UNIVERSAL REGISTRATION DOCUMENT ANNUAL …

1 UNIVERSAL REGISTRATION DOCUMENTANNUAL FINANCIAL REPORT2020 KEY FIGURES 211 INFORMATION ABOUT THE ISSUER AND INFORMATION ON THE UNIVERSAL REGISTRATION DOCUMENT Information about the Issuer Information about the UNIVERSAL REGISTRATION DOCUMENT Person responsible for the UNIVERSAL REGISTRATION DOCUMENT 922 OVERVIEW OF ACTIVITIES, RISK FACTORS Presentation of Danone Strategic priorities Description and strategy of the Reporting Entities Other elements related to Danone s activity and organization Simplified organizational chart as of December 31.

2 2020 Risk factors Control environment Insurance and risk coverage 3733 BUSINESS HIGHLIGHTS IN 2020 AND OUTLOOK FOR 2021 Business highlights in 2020 Consolidated net income review Free cash flow Balance sheet and financial security review Outlook 2021 Financial indicators not defined in IFRS Documents available to the public 5644 FINANCIAL STATEMENTS Consolidated financial statements and notes to the consolidated financial statements Financial statements of Danone SA, the parent company Information on payment terms granted to suppliers and customers of the parent company, Danone SA Information originating from third parties, expert opinions and declarations of interest 14055 SOCIAL, SOCIETAL AND ENVIRONMENTAL RESPONSIBILITY An integrated approach of sustainable business model Offering safe.

3 Healthy products Preserve and renew the planet s resources Building the future with Danone employees Promoting sustainable, inclusive growth with suppliers Danone s social innovation Funds Vigilance plan Methodology note Report by one of the Statutory Auditors, appointed as an independent third party, on the consolidated non-financial information statement included in the management report 20166 CORPORATE GOVERNANCE Governance bodies Positions and responsibilities of the Directors Compensation and benefits of governance bodies Detailed information on long-term compensation plans DANONE shares held by the members of the Board of Directors and the Executive Committee Related party agreements 29077 SHARE CAPITAL AND OWNERSHIP Share capital of the company Treasury shares held by the

4 Company and its subsidiaries Authorizations to issue securities giving access to the share capital Financial instruments not representing share capital Dividends paid by the Company Shareholders Meeting, voting rights Crossing of thresholds, shares and share sales Share ownership structure of the Company as of December 31, 2020 and significant changes over the past three years Market for the Company s shares Factors that might have an impact in the event of a public tender offer Change of control 305 APPENDIX 307 Cross-reference tables 308 DANONE GOALS BY 20302020 UNIVERSAL REGISTRATION DOCUMENT ANNUAL FINANCIAL REPORTThis UNIVERSAL REGISTRATION DOCUMENT includes all the items of the ANNUAL Financial FRENCH CORPORATION (SOCI T ANONYME)

5 WITH SHARE CAPITAL OF 171,657,400 REGISTERED OFFICE: 17, BOULEVARD HAUSSMANN, 75009 PARISPARIS TRADE AND CORPORATE REGISTER NUMBER: 552 032 534 This UNIVERSAL REGISTRATION DOCUMENT was filed with the French Financial Markets Authority (Autorit des March s Financiers or AMF) on March 18, 2021, as the competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation. The UNIVERSAL REGISTRATION DOCUMENT may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the UNIVERSAL REGISTRATION whole is approved by the AMF in accordance with Regulation (EU) 2017 is a free translation into English for information purposes of this UNIVERSAL REGISTRATION DOCUMENT are available from Danone at.

6 17, boulevard Haussmann 75009 Paris, on Danone s website: and on the website of the Autorit des March s Financiers: PDF version for visually impaired readers is available at FIGURESESSENTIAL DAIRY & P L A N T-B A S E DSPECIALIZED NUTRITIONWATERS2020 Sales bn 7. 2 bn bn2020 Recurring Operating (a) Like-for-like.(b) On a reported basis.(c) Scores obtained as part of the CDP Climate Change, CDP Water security and CDP Forests questionnaires. (a) bps (b)RECURRING OPERATING MARGIN (b) RECURRING EPS bnFREE CASH DEBT / EBITDA PER SHAREAAA(c)FOR THE 2nd YEAR IN A ROW, ONE OF THE 10 COMPANIES WORLDWIDE AND THE ONLY FOOD COMPANY~50%OF SALES COVERED BY B CORPTM CERTIFICATIONDANONE UNIVERSAL REGISTRATION DOCUMENT 202023 DANONE UNIVERSAL REGISTRATION DOCUMENT 2020In millions of euros except if stated otherwise20192020 Reported ChangeLike-for-likeSales25,28723,620( )%( )%Recurring operating income (a)3,8463,317( )%( )%Recurring operating margin (a)

7 Bps-150 bpsNon-recurring operating income and expenses(609)(519)+89 Operating income3,2372,798( )%Operating 8 %-96 bpsRecurring net income Group share (a)2,5162 ,18 9( )%Non-recurring net income Group share(586)(233)+353 Net income Group share1,9291,956+1. 4%Recurring EPS (a) (in ) ( )%EPS (in ) +1. 2 %Free cash flow (a)2,5102,052( )%Cash flow from operating activities3,4442,967( )%(a) Financial indicator not defined in IFRS, see definition in section Financial indicators not defined in FIGURESKEYS FINANCIAL INFORMATION ABOUT THE ISSUER 6 Information concerning the Issuer 6 Statutory auditors INFORMATION ABOUT THE UNIVERSAL REGISTRATION DOCUMENT 7 Selected financial information 7 References and definitions 7 Incorporation by reference PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT 9 Person responsible for the UNIVERSAL REGISTRATION DOCUMENT 9 Statement by the person responsible for the UNIVERSAL REGISTRATION DOCUMENT 911

8 INFORMATION ABOUT THE ISSUER AND INFORMATION ON THE UNIVERSAL REGISTRATION DOCUMENTINFORMATION ABOUT THE ISSUER AND INFORMATION ON THE UNIVERSAL REGISTRATION INFORMATION ABOUT THE ISSUERDANONE UNIVERSAL REGISTRATION DOCUMENT INFORMATION ABOUT THE ISSUERINFORMATION CONCERNING THE ISSUERL egal name and trade name Danone (hereafter the Company ), having been changed by the Shareholders Meeting of April 23, 2009 from Groupe Danone Company REGISTRATION 552 032 534, Paris Trade and Companies RegisterAPE Industry code7010Z (activity of registered offices)Legal entity identifier969500 KMUQ2B6 CBAF162 (LEI code)Date of start of activityJanuary 1, 1908 Term of the CompanyApril 25, 2112, since its extension, in 2013, by the Extraordinary Shareholders MeetingRegistered office17, boulevard Haussmann, in Paris (75009), France.

9 Tel: +33 (0)1 44 35 20 Information that can be found on the Company s website is not an integral part of this DOCUMENT , except if incorporated by reference into said documentInformation about branches (Article of the French commercial code)Branch (secondary office) located at 152, boulevard Victor Hugo, Saint-Ouen (93487), France and at 17, rue des Deux Gares, Rueil-Malmaison (92500), FranceLegal form and applicable lawThe Company, a French corporation (soci t anonyme) with a Board of Directors, is subject to the provisions of Book II of the French commercial purposeIn accordance with Article 2 of its by-laws, Danone s purpose, whether directly or indirectly, in France and in any country, shall be: industry and trade relating to all food products; the performance of any and all property, real estate, industrial, commercial, and financial transactions relating to this purpose.

10 The by-laws are available on Danone s website (Section Investors/Governance/By-laws, rules of procedure of the Board of Directors and business conduct policies).Other informationDano