Danone // 2020 Universal Registration Document

7 Share capital and ownership 7.2 Treasury shares held by the Company and its subsidiaries 295 DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 • the cancellation of shares within themaximum legal limit; and/or • supporting the market for shares in connection with a liquidity contract entered into with an investment service provider, in accordance with the market practice permitted by the French Financial Markets Authority. Share buybacksmay be carried out, in whole or in part, by acquisition, sale, exchange or transfer, on one or more occasions, by any means on any stock markets, including multilateral trading facilities (MTF), through a systematic internalizer or over the counter, including by acquisition or disposal of blocks of shares (without limiting the portion of the share repurchase program that may be completed this way). These means include the use of any financial contract or derivative instrument (including in particular any future or any option), except the sale of put options, in accordance with applicable regulations. These transactionsmay be carried out at any time during an 18-month period beginning April 29, 2021 (with the exception of periods of public tender offers on the Company’s shares) within the limits allowed by the applicable regulations. AUTHORIZATION TO CANCEL SHARES AND REDUCE THE SHARE CAPITAL FOLLOWING THE BUYBACK BY THE COMPANY OF ITS OWN SHARES The Shareholders’ Meeting of April 25, 2019 authorized the Board of Directors, for a period of 24 months, to cancel shares acquired in the context of a share buyback program, within a limit of 10% of the existing share capital as of the day of the Meeting. This authorization was not used in 2020. TRANSACTIONS ON COMPANY SHARES IN 2020 AND SITUATION AS OF DECEMBER 31, 2020 (number of shares) Situation as of December 31, 2019 Buybacks Sales/Transfers Delivery of shares Situation as of December 31, 2020 Acquisitions 30,769,360 − − − 30,769,360 Employee shareholding plans 700,174 – − (415,849) 284,325 Share cancelations − – − − − Treasury shares 31,469,534 − − (415,849) 31,053,685 Shares held by Danone Spain 5,780,005 − − − 5,780,005 Shares held by the Group 37,249,539 − − (415,849) 36,833,690 Treasury shares held by the Company as of December 31, 2020 As of December 31, 2020 Number of DANONE shares 31,053,685 Percentage of share capital 4.52% Value of DANONE shares held by the Company (in euros) Nominal value 7,763,421 Gross value 1,587,168,671 Market value of DANONE shares held by Danone and its consolidated subsidiaries As of December 31, 2020 Number of DANONE shares 36,833,690 Closing price (in euros) 53.76 Value of DANONE shares held by the Group (in euros) At the closing price 1,980,179,174