Danone // 2020 Universal Registration Document

2.1 PRESENTATION OF DANONE 12 Activities 12 Main Markets 12 2.2 STRATEGIC PRIORITIES 13 Danone’s strategic framework 13 Adapting to a new world 14 2.3 DESCRIPTION AND STRATEGY OF THE REPORTING ENTITIES 15 Essential Dairy & Plant-Based (EDP) 15 Specialized Nutrition 16 Waters 17 2.4 OTHER ELEMENTS RELATED TO DANONE’S ACTIVITY AND ORGANIZATION 17 Distribution 17 Competition 18 Research and Innovation 19 Production sites and equipment 19 Raw materials purchasing 19 Regulatory environment 19 2.5 SIMPLIFIED ORGANIZATIONAL CHART AS OF DECEMBER 31, 2020 20 Parent company Danone SA 20 Subsidiaries 20 Main listed companies 20 2.6 RISK FACTORS 20 Identification and control policy of strategic risks 20 Main risk factors 21 Description of main risk factors 22 2.7 CONTROL ENVIRONMENT 33 Risk management 33 Internal control 33 Financial and accounting information 35 2.8 INSURANCE AND RISK COVERAGE 37