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 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 or (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"); or (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 November 2021

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: 123

TRANCHE NO: 1

Euro 700,000,000 0.520 per cent. Notes due November 2030

issued by Danone (the "Issuer")

Joint Lead Managers

CRÉDIT AGRICOLE CIB

HSBC

ING

MUFG

NATIXIS

SANTANDER CORPORATE & INVESTMENT BANKING

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 21 April 2021 which has received approval no. 21-116 from the Autorité des marchés financiers (the "AMF") on 21 April 2021, the supplement no. 1 to it dated 21 May 2021 which has received approval no. 21-171 from the AMF on 21 May 2021 and the supplement no. 2 to it dated 24 September 2021 which has received approval no. 21-415 from the AMF on 24 September 2021, 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:
    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

123

1

Not Applicable

Euro ("EUR")

EUR 700,000,000

EUR 700,000,000

100 per cent. of the Aggregate Nominal Amount

EUR 100,000

9 November 2021

9 November 2021

9 November 2030

0.520 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

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2

Change of Control Put Option

(further particulars specified below)

13

(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 18 February 2021 and decision of Mr. Juergen

Esser dated 2 November 2021

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14 Fixed Rate Note Provisions:

  1. Rate of Interest:
  2. Interest Payment Dates:
  3. Fixed Coupon Amount:

Applicable

0.520 per cent. per annum payable annually in arrear on each Interest Payment Date

9 November in each year commencing on

9 November 2022 and ending on the Maturity Date.

EUR 520 per Note of EUR 100,000 Specified Denomination

(iv)

Broken Amount:

Not Applicable

(v)

Day Count Fraction:

Actual/Actual (ICMA)

(vi)

Determination Dates:

9 November 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:

0.00 per cent. Federal Government Bond of the

Bundesrepublik Deutschland due 15 August 2030 with

ISIN DE0001102507

(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

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3

  1. Redemption Margin:
  2. Party, if any, responsible for calculating the principal and/or interest due (if not the Calculation Agent):
  3. Reference Dealers:
  1. Residual Maturity Call Option:
    1. Call Option Date:
    2. Notice period:
  3. Put Option:
  4. Clean-UpCall Option:
    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

of the Notes.

+0.15 per cent. per annum

Not Applicable

As per Condition 6(c)

Applicable

9 August 2030

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:

Dematerialised Notes

(i) Form of Dematerialised Notes:

Bearer form (au porteur)

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4

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Groupe Danone SA published this content on 27 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 December 2021 21:21:01 UTC.