Danone : Communique AMF CP. CP22859607

MiFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ELIGIBLE

COUNTERPARTIES ONLY TARGET MARKET - Solely for the purposes of each manufacturers' product approval process, the target market assessment in respect of the Notes, taking into account the five

1. categories referred to in item 18 of the Guidelines published by ESMA on 5 February 2018, has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU, as amended ("MiFID II"); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.

PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive 2016/97/EU, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation"). Consequently, no key information document required by Regulation (EU) No 1286/2014, as amended (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

PROHIBITION OF SALES TO UK RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom ("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129, as it forms part of UK domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of UK domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

PROHIBITION OF SALES TO CONSUMERS IN BELGIUM - Notes issued under the Programme are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, "consumers" (consument/consommateur) within the meaning of the Belgian Code of Economic Law (Wetboek van economisch recht/Code de droit économique), as amended.

Final Terms dated 5 September 2022

Danone

Euro 13,000,000,000

Euro Medium Term Note Programme

for the issue of Notes

Due from one month from the date of original issue

SERIES NO: 124

TRANCHE NO: 1

Euro 600,000,000 3.071 per cent. Notes due September 2032

issued by Danone (the "Issuer")

Joint Lead Managers

BARCLAYS

BNP PARIBAS

CITIGROUP

J.P. MORGAN

NATWEST MARKETS

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 18 May 2022 which has received approval no. 22-159 from the Autorité des marchés financiers (the "AMF") on 18 May 2022 and the supplement no. 1 to it dated 29 July 2022 which has received approval no. 22-327 from the AMF on 29 July 2022, which together constitute a base prospectus (the "Base Prospectus") for the purposes of Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation"). This document constitutes the Final Terms of the Notes described herein for the purposes of the Prospectus Regulation and must be read in conjunction with the Base Prospectus in order to obtain all the relevant information. The Base Prospectus is available for viewing on the website of the AMF (www.amf-france.org) and of Danone (www.danone.com) and printed copies may be obtained from Danone at 17, boulevard Haussmann, 75009 Paris, France.

1 Issuer:

2

1. Series Number:
2. Tranche Number:
3. Date on which the Notes become fungible:

1. Specified Currency:
2. Aggregate Nominal Amount:
3. 1. Series:
   2. Tranche:
4. Issue Price:
5. Specified Denomination:

7

1. Issue Date:
2. Interest Commencement Date:

1. Maturity Date:
2. Interest Basis:
3. Redemption Basis:
4. Change of Interest Basis:
5. Put/Call Options:

Danone

124

1

Not Applicable

Euro ("EUR")

EUR 600,000,000

EUR 600,000,000

100 per cent. of the Aggregate Nominal Amount

EUR 100,000

7 September 2022

7 September 2022

7 September 2032

3.071 per cent. per annum Fixed Rate (further particulars specified below)

Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity Date at 100 per cent. of their nominal amount.

Not Applicable

Make-Whole Redemption by the Issuer

Residual Maturity Call Option

Clean-Up Call Option

Change of Control Put Option

(further particulars specified below)

A48989752

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	(i)	Status of the Notes:	Unsubordinated
	(ii)	Date of Board approval for
		issuance of Notes obtained:	Decision of the Conseil d'administration of Danone
			dated 22 February 2022 and decision of Mrs. Florence
			Saliba dated 31 August 2022
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14	Fixed Rate Note Provisions:	Applicable
	(i)	Rate of Interest:	3.071 per cent. per annum payable annually in arrear on
			each Interest Payment Date

1. Interest Payment Dates:
2. Fixed Coupon Amount:

7 September in each year commencing on 7 September 2023 and ending on the Maturity Date.

EUR 3,071 per Note of EUR 100,000 Specified Denomination

	(iv)	Broken Amount:	Not Applicable
	(v)	Day Count Fraction:	Actual/Actual (ICMA)
	(vi)	Determination Dates:	7 September in each year
15	Floating Rate Note Provisions:	Not Applicable
16	Zero Coupon Note Provisions:	Not Applicable

17 Inflation Linked Notes - Provisions

	relating to CPI or HICP Linked
	Interest:	Not Applicable
PROVISIONS RELATING TO REDEMPTION
18	Call Option:	Not Applicable
19	Make-Whole Redemption by the
	Issuer:	Applicable
	(i)	Notice period:	As per the Conditions
	(ii)	Reference Security:	1.7 per cent. Federal Government Bond of the
			Bundesrepublik Deutschland due 15 August 2032 with
			ISIN DE0001102606
	(iii)	Similar Security:	Reference bond or reference bonds issued by the
			German Federal Government having an actual or
			interpolated maturity comparable with the remaining
			term of the Notes that would be utilised, at the time of
			selection and in accordance with customary financial
			practice, in pricing new issues of corporate debt
			securities of comparable maturity to the remaining term
			of the Notes.
	(iv)	Redemption Margin:	+0.25 per cent. per annum

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1. Make-WholeCalculation Agent:
2. Reference Dealers:

1. Residual Maturity Call Option:
2. 1. Call Option Date:
   2. Notice period:
3. Put Option:
4. Clean-UpCall Option:
5. 1. Clean-UpPercentage:
   2. Clean-UpRedemption Amount:
6. Change of Control Put Option:
7. Final Redemption Amount of each Note:
   Inflation Linked Notes - Provisions relating to the Final Redemption Amount:
8. Early Redemption Amount:

Aether Financial Services

As per Condition 6(c)

Applicable

7 June 2032

As per the Conditions

Not Applicable

Applicable

75 per cent.

EUR 100,000 per Note of EUR 100,000 Specified Denomination

Applicable

EUR 100,000 per Note of EUR 100,000 Specified Denomination

Not Applicable

1. Early Redemption Amount of each Note payable on redemption for taxation reasons (Condition 6(j)), for illegality (Condition 6(n)) or on event of default (Condition 9):
2. Redemption for taxation reasons permitted on days others than Interest Payment Dates:
3. Unmatured Coupons to become void upon early redemption (Materialised Bearer Notes only):

EUR 100,000 per Note of EUR 100,000 Specified Denomination

Yes

Not Applicable

GENERAL PROVISIONS APPLICABLE TO THE NOTES

26 Form of Notes:

1. Form of Dematerialised Notes:
2. Registration Agent:
3. Temporary Global Certificate:
4. Applicable TEFRA exemption:

Dematerialised Notes Bearer form (au porteur) Not Applicable

Not Applicable

Not Applicable

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