Danone // 2020 Universal Registration Document

Share capital and ownership 7.8 Share ownership structure of the Company as of December 31, 2020 and significant changes over the past three years DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 302 As of December 31, 2020, the portion of the Company’s share capital held by shareholders in registered formon the Company share regis- ter ( nominatif pur ) and in registered form on the books of a financial intermediary ( nominatif administré ) and pledged was not material. To the Company’s knowledge, on the basis of threshold crossing disclosures made to the French Financial Markets Authority, no shareholder other than MFS and BlackRock held a stake of more than 5% in the Company’s share capital or voting rights as of December 31, 2020. Shares held by members of the Board of Directors and Executive Committee See section 6.5 DANONE shares held by the Board of Directors and the Executive Committee. SIGNIFICANT CHANGES IN THE COMPANY’ S SHARE OWNERSHIP DURING THE PAST THREE FISCAL YEARS Year ended December 31 2020 2019 2018 Shareholders Number of shares % of total shares % of net voting rights (a) Number of shares % of net voting rights % of net voting rights (a) Number of shares % of total shares % of net voting rights (a) MFS 63,789,281 9.3% 8.1% 50,550,484 7.4% 6.4% 53,523,938 7.8% 6.7% BlackRock 42,295,309 6.2% 6.3% 39,411,681 5.7% 5.8% 37,997,485 5.5% 5.6% Amundi Asset Management 23,500,862 3.4% 3.5% 23,227,264 3.4% 3.4% 24,930,152 3.6% 3.7% First Eagle Investment Management 21,573,145 3.1% 3.0% 16,455,341 2.4% 2.4% 16,991,351 2.5% 2.5% Norges Bank 15,145,141 2.2% 2.2% 13,209,935 1.9% 1.9% 11,933,570 1.7% 1.8% Groupe CDC 13,718,885 2.0% 2.0% 10,866,611 1.6% 1.6% 11,235,862 1.6% 1.6% Lyxor 9,741,908 1.4% 1.4% 10,151,692 1.5% 1.5% 11,770,974 1.7% 1.7% Employee shareholding –“Fonds Danone” investment fund 9,002,865 1.3% 2.6% 8,666,386 1.3% 2.5% 8,897,524 1.3% 2.5% Groupe Sofina 7,250,793 1.1% 1.8% 8,838,293 1.3% 2.5% 14,163,293 2.1% 4.1% Treasury shares held by the Company 31,053,685 4.5% − 31,469,534 4.6% − 32,001,985 4.7% − Treasury shares held by Danone Spain subsidiary 5,780,005 0.8% − 5,780,005 0.8% − 5,780,005 0.8% − Other 443,777,721 64.6% 69.0% 467,493,580 68.1% 71.8% 455,829,061 66.5% 69.9% Total 686,629,600 100% 100% 686,120,806 100% 100% 685,055,200 100% 100% (a) This percentage excludes treasury shares held by the Company and its subsidiaries, which have been stripped of voting rights. Ownership interest held by MFS From 2018 to 2020, the ownership interest held by Massachusetts Financial Services (“MFS”) in the Company’s share capital has decreased then increased to represent 9.3% of the share capital as of December 31, 2020. MFS indicated to the Company that the number of (gross and net) voting rights that it holds in the Company is less than the number of shares it owns, as certain of its clients retain voting rights to the shares whose management is assigned to MFS. Thus, as of December 31, 2020, MFS informed the Company that it held 63,789,281 DANONE shares (approximately 9.3% of the share capi- tal), including 54,821,389 shares (approximately 8.1% of the share capital) for which MFS exercises voting rights and 8,967,892 shares (approximately 1.3% of the share capital) for which MFS clients have retained voting rights. Ownership interest held by BlackRock In the fiscal years 2018 to 2020, the BlackRock group maintained its ownership interest in the Company’s share capital beyond the 5% threshold and held approximately 6.2% of the Company’s shares as of December 31, 2020. Other significant changes during the past three fiscal years In May 2018, J.P. Morgan Securities disclosed several crossings in both directions of the 5% threshold for share ownership or voting rights (see disclosures No. 218C0834, No. 218C0856, No. 218C0873). As of December 31, 2018, J.P. Morgan Securities indicated that it held less than 0.5% of the Company’s shares. In July 2020, Citigroup Inc. disclosed two crossings of the 5% threshold for share ownership or voting rights, first above and then below (see disclosures No. 220C2469 and No. 220C2547). As of December 31, 2020, Citigroup Inc. indicated that it held 0.07% of the Company’s shares. No other disclosures regarding the crossing of statutory thresholds pertaining to the Company’s share capital or voting rights were pu- blished by the French Financial Markets Authority in fiscal year 2020. In addition, since the end of 2020, ArtisanPartners LimitedPartnership has increased its stake in Danoneʼs share capital. It thus informed the Company that it held 3.7% of its shares and 3.5% of its voting rights as of February 25, 2021. To the best of the Company’s knowledge, no other significant changes in the Company’s shareholding structure have taken place during the past three fiscal years.