Danone // 2020 Universal Registration Document

4 133 DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 4.2 Financial statements of Danone SA, the parent company Note 18. Off-balance sheet commitments Main actuarial assumptions Year ended December 31 Retirement plan for senior managers (as a percentage, except for age in years) 2019 2020 Discount rate 1.2% 0.8% Expected return on plan assets 1.2% 0.8% Salary growth rate 3.0% 3.0% Retirement age 60-66 60-66 Commitments to management bodies and to the Board of Directors Post-employment benefit commitments for corporate officers and Executive Committee members As of December 31 (in € millions) 2019 2020 Supplementary benefits in addition to defined benefit retirement plans (a) Gross commitments 26 34 (a) Commitments measured using the actuarial method. Severance pay for Executive Committee members Severance pay for members of the Executive Committee in certain cases where they cease to continue their terms of office or exercise their functions were set at twice the annual gross compensation (fixed, variable, and in-kind) they received over the 12 months preceding the date on which they cease to continue their functions. NOTE 18. OFF-BALANCE SHEET COMMITMENTS Main commitments given directly and indirectly by the Company As of December 31 (in € millions) 2019 2020 Put options held by non-controlling interests over some of the Companyʼs direct and indirect equity interests (a) 482 363 Post-employment benefits (b) 458 528 Rents 114 117 Services provided 64 66 Derivative instruments (c) 2,021 4,806 Security interests (d) 2,000 2,000 Guarantees 16 2 Total 5,155 7,881 (a) Commitments given directly or indirectly by the Company (see details hereinafter in section Put options over the Company’s direct and indirect equity interests ). (b) Net commitments in respect of defined benefit retirement plans (see Note 17 of the Notes to the financial statements of the parent company Danone). (c) Corresponds to the nominal amount of cross-currency swaps for €4,806 million. (d) The Company acted as joint and several guarantor for Danone Finance International. Put options over the Company’s direct and indirect equity interests The Company or certain of its direct or indirect subsidiaries granted put options to third parties with non-controlling interests in certain consolidated subsidiaries, with these options giving the holders the right to sell part or all of their investment in these subsidiaries. Their exercise price is generally based on the profitability and financial position of the company concerned at the exercise date of the put option.