FIRST PROSPECTUS SUPPLEMENT DATED 29 JULY 2022

TO THE BASE PROSPECTUS DATED 18 MAY 2022

DANONE

€13,000,000,000

Euro Medium Term Note Programme

This first prospectus supplement (the "First Prospectus Supplement") constitutes a first prospectus supplement to and must be read in conjunction with the base prospectus dated 18 May 2022 prepared by Danone (the "Issuer" or "Danone") in relation to its €13,000,000,000 Euro Medium Term Note Programme (the "Programme") which received approval number 22-159 from the Autorité des marchés financiers (the "AMF") on 18 May 2022 (the "Base Prospectus"). Unless the context otherwise requires, terms defined in the Base Prospectus have the same meaning when used in this First Prospectus Supplement.

Application has been made for approval of this First Prospectus Supplement to the AMF in its capacity as competent authority under Regulation (EU) 2017/1129 of the European Parliament and of the European Council of 14 June 2017 (the "Prospectus Regulation").

This First Prospectus Supplement has been prepared pursuant to article 23 of the Prospectus Regulation, for the purposes of (i) incorporating by reference the Issuer's 2022 Interim Financial Report and (ii) as a consequence, amending and supplementing the "Risk Factors", "Documents Incorporated by Reference" and "General Information" sections of the Base Prospectus.

Save as disclosed in this First Prospectus Supplement, there has been no other significant new factor, material mistake or material inaccuracy relating to information included in the Base Prospectus which may affect the assessment of the Notes since the publication of the Base Prospectus.

To the extent there is any inconsistency between (a) any statement in this First Prospectus Supplement and (b) any other statement in or incorporated by reference in the Base Prospectus, the statements in (a) above will prevail.

Copies of this First Prospectus Supplement (a) may be obtained, free of charge, during normal business hours at the registered office of the Issuer, (b) will be available for viewing on the website of the Issuer (www.danone.com), (c) will also be available on the website of the AMF (https://www.amf-france.org) and (d) will be available during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted) for inspection at the offices of the Fiscal Agent and each of the Paying Agents.

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TABLE OF CONTENTS

RISK FACTORS

page 3

DOCUMENTS INCORPORATED BY REFERENCE

page 4

GENERAL INFORMATION

page 12

PERSON RESPONSIBLE FOR THIS FIRST PROSPECTUS SUPPLEMENT

page 13

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RISK FACTORS

The paragraph below the heading "Risk Factors relating to the Issuer" on page 18 of the Base Prospectus is deleted and replaced as follow:

"Please refer to (i) pages 20 to 33 of the 2021 Universal Registration Document and (ii) page 9 of the 2022 Interim Financial Report (both as defined under "Documents incorporated by reference") which are incorporated by reference in this Base Prospectus and include the following:

  • strategic risks;
  • external environment risks; and
  • operational risks."

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DOCUMENTS INCORPORATED BY REFERENCE

The section "Documents Incorporated by Reference" appearing on pages 32 to 38 of the Base Prospectus is deleted in its entirety and replaced by the following:

"This Base Prospectus should be read and construed in conjunction with the following:

  1. the pages referred to in the table below included in the 2020 Universal Registration Document in the French language1, filed with the AMF on 18 March 2021 under No. D.21-0151, which contains the

audited consolidated

annual

financial statements of Danone

for the financial year ended

31 December 2020

(the

"2020

Universal

Registration

Document")

(https://www.danone.com/content/dam/danone-corp/danone-com/investors/fr-all-publications/2020/registrationdocuments/Danone_URD2020_FR.pdf);

  1. the pages referred to in the table below included in the 2021 Universal Registration Document in the French language1, filed with the AMF on 16 March 2022 under No. D.22-0109, which contains the

audited consolidated

annual

financial statements of Danone

for the financial year ended

31 December 2021

(the

"2021

Universal

Registration

Document")

(https://www.danone.com/content/dam/danone-corp/danone-com/investors/fr-all-publications/2021/registrationdocuments/danoneurd2021fr.pdf);

  1. the pages referred to in the table below included in the 2022 Interim Financial Report in the French language1 for the six-month period ended 30 June 2022 which is dated 27 July 2022 (the "2022 Interim Financial Report") (https://www.danone.com/content/dam/danone-corp/danone-com/investors/fr-all-publications/2022/interimfinancialreports/danonerapportfinanciersemestriel2022.pdf); and
  2. the terms and conditions of the notes contained in the base prospectuses of the Issuer dated 26 October

2012(https://www.danone.com/content/dam/danone-corp/danone-com/investors/fr-emtn- prospectus/2012/emtnprospectus/Danone_Prospectus_2012_EMTN.pdf, the "2012 EMTN Conditions"),

24 October 2014

(https://www.danone.com/en/emtn-

prospectus/2014/Prospectus_du_programme_EMTN_en_date_du_24_octobre_2014.pdf,

the

"2014

EMTN

Conditions"),

26 October

2015

(https://www.danone.com/en/emtn-

prospectus/2015/Danone_2015_Base_Prospectus.pdf, the "2015 EMTN Conditions"), 26 September 2016(https://www.danone.com/en/emtn-prospectus/2016/Update_Base_Prospectus.pdf, the "2016

EMTNConditions"),20 October 2017(https://www.danone.com/en/emtn- prospectus/2017/Danone_2017_Base_Prospectus.pdf, the "2017 EMTN Conditions"), 12 April 2019(https://www.danone.com/en/emtn-prospectus/2019/danone-2019_base-prospectus_visa.pdf, the "2019 EMTN Conditions"), 9 April 2020(https://www.danone.com/content/dam/danone-corp/danone-com/investors/fr-emtn-prospectus/2020/emtnprospectus/2020_EMTN_Base_Prospectus.pdf, the "2020 EMTN Conditions") and 21 April 2021(https://www.danone.com/content/dam/danone-corp/danone-com/investors/en-emtn-prospectus/2021/emtnprospectus/Danone_2021_Base_Prospectus.pdf, the "2021 EMTN Conditions" and, together with the 2012 EMTN Conditions, the 2014 EMTN Conditions, the 2015 EMTN Conditions, the 2016 EMTN Conditions, the 2017 EMTN Conditions, the 2019 EMTN Conditions and the 2020 EMTN Conditions, the "EMTN Previous Conditions"),

which shall be deemed to be incorporated by reference, save that any statement contained in a document which is incorporated by reference herein shall be deemed to be modified or superseded for the purpose of this Base Prospectus to the extent that a statement contained herein modifies or supersedes such earlier statement (whether expressly, by implication or otherwise).

1 For information purposes only, the English language translations of (i) the 2020 Universal Registration Document, (ii) the 2021 Universal Registration Document and (iii) the 2022 Interim Financial Report are available on the website of the Issuer (www.danone.com). For ease of reference, the page numbering of the English language translations of the documents incorporated by reference is identical to the French versions. These English language translations are not incorporated by reference herein.

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This Base Prospectus and copies of all documents incorporated by reference in this Base Prospectus shall be published on and may be obtained from the website of the Issuer (www.danone.com).

The non-incorporated parts of the documents incorporated by reference in this Base Prospectus shall not form part of this Base Prospectus and are either not relevant for the investors or covered elsewhere in this Base Prospectus.

Other than in relation to the documents which are incorporated by reference, the information on the websites to which this Base Prospectus refers does not form part of this Base Prospectus and has not been scrutinised or approved by the AMF.

For the purpose of the Prospectus Regulation, information can be found in the documents incorporated by reference in this Base Prospectus in accordance with the following cross-reference table (in which the numbering refers to the relevant items of Annex 7 of Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing the Prospectus Regulation, as amended, (the "Commission Delegated Regulation")).

Any information not listed in the cross-reference list below but included in the documents incorporated by reference shall not form part of this Base Prospectus and is not relevant for investors:

Commission Delegated Regulation - Annex 7

2022 Interim

2021 Universal

2020 Universal

Financial Report

Registration

Registration

Document

Document

2

STATUTORY AUDITORS

2.1

Names and addresses of the issuer's

auditors for the period covered by the

historical

financial

information

Page 6

Page 6

(together with their membership in a

professional body).

2.2

If auditors have resigned, been

removed or not been re-appointed

during the period covered by the

Not applicable

Not applicable

historical

financial

information,

details if material.

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RISK FACTORS

3.1

A description of the material risks

that are specific to the issuer and that

may affect the issuer's ability to fulfil

its obligations under the securities, in

a limited number of categories, in a

section headed 'Risk Factors'.

In each category the most material

risks, in the assessment of the issuer,

Page 9

Pages 20 to 33

offeror or person asking for

admission to trading on a regulated

market, taking into account the

negative impact on the issuer and the

probability of their occurrence, shall

be set out first. The risk factors shall

be corroborated by the content of the

registration document.

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Danone SA published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 17:43:14 UTC.