Danone : Report from the Mission Committee

This is the fourth Mission Committee report since Danone adopted the Société à Mission status under French law in 2020.

In a nutshell, we are satisfied with the way Danone "walks the talk" with regard to its extra-financial performance commitments, an assessment that is in line with our previous reports on both process and substance.

As far as process is concerned (i.e. discussion of Danone's ambition around its objectives), the Committee worked throughout the year with Danone's top management to follow and understand business developments in so far as they impact the trajectories where extra-financial objectives have been committed to (environment, health, and social - inside and outside the Company). These interactions took place in a spirit of cooperation and mutual respect. The Committee members consider check points, raise questions, and make suggestions. Danone's management provides the necessary answers and, after discussion, decides on any necessary adjustments to the targets and KPIs.

As far as substance is concerned (i.e. the monitoring of implementation), we can conclude that the level of ambition in the four domains covered as expressed by the targets and KPIs has been sustained, and that the 2023 milestones have all been met. This

is confirmed by the independent third party's report which is annexed.

Recommendations appearing in our previous reports have also been correctly followed:

• The metrics now reflect outcomes more than inputs, thus measuring results better.
• Organizational changes are taking place in order to embed Danone's Société à Mission ambitions as near as possible to the operational level of the Company.
• Danone's 2023 Impact Journey is aligned with its Société à Mission endeavors.

Allow me to add that the Committee was informed that the court case regarding plastics initiated against Danone by NGOs has been suspended, as both parties have agreed to initiate a mediation process, which is ongoing.

Looking ahead, our next step in 2024 will be to prepare for the post-2025 trajectories in order to ensure continuity, a smooth transition to the next cycle up to 2030, and, of course, adjustments when necessary to keep moving forward. I will make sure that this does not distract us from our annual surveillance duty.

Let me conclude by thanking my colleagues for their dedication, Danoners for their hard work, and the independent third party for their sensible approach. At a time when ESG is losing traction in some constituencies, our Committee can assure the Company's stakeholders - including shareholders - that Danone is keeping the flag flying.

PASCAL LAMY

Chair of the Mission Committee

DANONE'S PURPOSE AND OBJECTIVES

AS A SOCIÉTÉ À MISSION

AN OVERVIEW OF THE

MISSION COMMITTEE

THE MISSION COMMITTEE'S MAIN AREAS OF

FOCUS IN 2023

THE WORK OF THE INDEPENDENT THIRD PARTY AND THE OUTCOMES OF THE VERIFICATION OF DANONE'S PROGRESS

DANONE'S SOCIÉTÉ À MISSION AGENDA

PROGRESS TOWARDS 2025 TARGETS

REPORT OF THE INDEPENDENT THIRD-PARTY ORGANIZATION ON THE VERIFICATION OF THE FULFILMENT OF SOCIAL AND ENVIRONMENTAL OBJECTIVES

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LEGAL FOUNDATION

The French Société à Mission status is defined by articles L.210-10et sq. of the French Commercial Code, introduced by the May 22nd, 2019 law, commonly known as the "PACTE" law. It requires that a company adopting this status:

define a purpose (raison d'être) and write it into the company's by-laws.

include in its by-laws social and environmental objectives aligned with that purpose.

create a mission committee responsible for monitoring progress made towards achieving these objectives.

appoint an independent third party to verify that the mission is carried out.

PURPOSE AND OBJECTIVES

Danone's dual project of pursuing both business success with social progress has given rise to major sustainability commitments and innovations since Antoine Riboud's 1972 speech. In 2020, adopting the Société à Mission status was a logical and natural step for Danone. Within this new status, Danone confirmed "bringing health through food to as many people as possible" as its purpose (raison d'être).

The social and environmental objectives that Danone adopted as a Société à Mission (called the "mission") are aligned with the United Nations' Sustainable Development Goals, and cover four themes related to health, environment, social topics, and inclusiveness.

Each statutory objective is broken down into operational objectives, and into medium- and long-term trajectories, with annual milestones. These are aligned with the mid- to long-term objectives defined in the Danone Impact Journey, the company's sustainability strategy published in February 2023.

The mission statutory objectives are as follows:

Impact people's health locally, with a portfolio of healthier products, with brands encouraging better nutritional choices, and by promoting better dietary habits.

Preserve and renew the planet's resources, by supporting regenerative agriculture, protecting the water cycle, and strengthening the circular economy of packaging across its entire ecosystem in order to contribute to the fight against climate change.

Entrust Danone's people to create new futures: building on a unique social innovation heritage, give each employee the opportunity to impact the decisions of the Company, both locally and globally.

Foster inclusive growth, by ensuring equal opportunities within the Company, supporting the most vulnerable partners in its ecosystem, and developing everyday products accessible to as many people as possible.

Danone maintained focused and steady progress towards its 2025 Société à Mission objectives in 2023. Following the adjustments that took place in 2022 on baselines and reporting systems, and the establishment of management systems, 2023 was a year of tracking progress, confirming Danone's confidence in meeting its objectives by 2025.

2023 was also an opportunity to reinforce the roadmaps and processes necessary to sustain trajectories and meet objectives in line with the implementation of the Danone Impact Journey, Danone's new sustainability roadmap launched in February 2023. Thanks to this new framework, Danone was able to accelerate programs, partnerships, and engagement directly linked to and supporting Société à Mission trajectories and objectives.

This enabled Danone's sustainability journey - with the Société à Mission status at its heart - to be further embedded in the company's Renew Danone strategy and across the business. Annual milestones and trajectories were included in regional and local business plans, ensuring they receive the necessary focus and resources.

Throughout 2023, the Mission Committee continued to work closely with Danone management and teams in a spirit of open and constructive exchange. During the March and July Committee meetings, Danone gave in- depth presentations of its reframed global sustainability roadmap, the Danone Impact Journey. This confirmed that its ambition as well as many of its short to mid-term objectives were consistent with its status as a Société à Mission.

In these meetings, the Committee was also updated on Danone's progress in a number of different domains. This included a more ambitious plan for the regenerative agriculture objective, with an expansion of the scope to keep the objective relevant and bold. Danone additionally enlarged the scope of the digital literacy KPI to bring together all e-learning capabilities to prepare employees for the jobs of tomorrow, focusing on manufacturing Danoners. Danone also presented a deep dive into B Corp certification and the framework for new standards; the launch of the Water Access Acceleration Fund by Danone, Inconfin, and other partners; and an overview of several social objectives, including priorities that came out of the global employees' survey conducted by Danone (Danone People Survey).

As in previous years, workshops were also organized in the last quarter of the year to offer Mission Committee members the opportunity to informally exchange with Danone experts. Danone presented projects and programs in the conception and development phases, including an overview of Danone's social program for employees and communities, and its program for nature and biodiversity preservation and regeneration. Danone also continued to keep the Mission Committee closely informed of

the company's drive for the transition to a low-carbon economy, notably through the publication of its Climate Transition Plan in December 2023.

Operational objective

1 Provide better products for children's health

2 Positively impact children's health

3 Enable people to make informed nutritional choices

2025 Targets

KPI 1: >95% of volume sold of Dairy and Plant-Based Kids Portfolio will have ≤ 10 g total sugars/100 g

KPI 2: >95% % of volume sold of formula milks with added sugar:

• 1.25 g/100 kcal for toddler milks intended for 1-3-year-olds
• 2.0 g/100 kcal for milks intended for

4-5-year-olds

KPI 1: 5 projects to address iron deficiency

KPI 2: 3 projects to support women's choice of breastfeeding

>95% of volume sold of Dairy and Plant- Based + Aquadrinks products with on pack/ online interpretative nutritional information

2023 results (milestones met )

62.2% of volume sold of Dairy and Plant-Based Kids with ≤ 10 g total sugars/100 g

99% of volume sold of toddler milks for 1-3-year-olds with added sugars ≤ 1.25 g/100 kcal

94.5% of volume sold of milks for

4-5-year-olds with added sugars ≤ 2.0 g/100 kcal

2 projects to address iron deficiency/ anemia

1 project to support women's choice of breastfeeding

40.5% of volumes sold of dairy, plant- based and Aquadrinks products with on-pack/online interpretative nutritional information