In our capacity as statutory auditor of Danone, and pursuant to a request from Danone, we hereby present our report on a selection of Nutrition and Health indicators selected by Danone and identified by the symbol in the document One Health Achievements 2016-2020 of Danone (hereinafter “the indicators”). The indicators were prepared under the responsibility of the Danone Alimentation Science Department in accordance with guidelines presented in the reporting tools of each Reporting Entity (hereinafter the “Guidelines”), available on request from the department. It is our responsibility, on the basis of our work, to express a limited assurance conclusion on the indicators selected by Danone. The conclusions expressed below are solely on the selected indicators and not on all the Nutrition and Health indicators published in the One Health Achievements 2016-2020. Nature and scope of our work We performed our work in accordance with the professional guidance issued by the French Institute of statutory auditors (Compagnie nationale des commissaires aux comptes) relating to this engagement and with ISAE 3000 (Assurance engagements other than audits or reviews of historical financial information). We conducted the following work resulting in a limited assurance conclusion that the Nutrition and Health indicators, taken as a whole are, in all material respects, fairly presented in accordance with the Guidelines. We have assessed the suitability of the Guidelines in terms of their relevance, completeness, reliability, neutrality and understandability at parent entity level. We have verified the implementation of data collection, compilation, processing and control process to reach completeness and consistency of the indicators, and obtain an understanding of the internal control and risk management procedures used to prepare the indicators. At parent entity level, we have performed analytical procedures on the indicators and verified, using sampling techniques, the calculations and the consolidation of the indicators. Conducted work was based on interviews with the Danone Alimentation Science Department, in charge of the establishment and application of guidelines and of the consolidation of the indicators. At the level of a representative sample of entities selected by us (Danone Germany (Germany), Font Vella (Spain), Danone de Mexico (Mexico), Nutricia Russia Baby (Russia), Danone Russia (Russia), Centrale Danone (Morocco), Bledina (France), Aqua (Indonesia)) on the basis of their activity, their contribution to the consolidated indicators, their location and a risk analysis: • we conducted interviews to verify that procedures and Guidelines are properly understood and applied; • we performed tests of details, using sampling techniques, in order to verify the calculations and reconcile the data with the supporting documents. The selected sample represents on average 20% of the consolidated turnover of the entities contributing to the selected Nutrition and Health indicators (which represents 82% of the Group total turnover). We believe that the sampling methods and sample sizes we have used, based on our professional judgement, are sufficient to provide a basis for our limited assurance conclusion; a higher level of assurance would have required us to carry out more extensive procedures. Due to the use of sampling techniques and other limitations inherent to information and internal control systems, the risk of not detecting a material misstatement in the indicators cannot be fully eliminated. Conclusion Based on the work performed, no material misstatement has come to our attention that causes us to believe that the selection of Danone Nutrition and Health indicators selected by Danone and identified by the symbol in the Group’s One Health Achievements 2016-2020 leaflet, are not presented fairly in accordance with the Guidelines. Observation Without calling into question the above conclusion, we draw your attention to the following point: Danone Alimentation Science Department has facilitated and reinforced its controls in 2020 by implementing a new reporting tool. However, at local level, entities still rely strongly on Danone Alimentation Science Department’s controls. Therefore, there is still a need to raise awareness on reporting indicators in accordance with the guidelines and to strengthen internal controls. Neuilly-sur-Seine, June 28th 2021, One of the Statutory Auditors PricewaterhouseCoopers Audit François Jaumain Sylvain Lambert Partner Partner in charge of the Sustainability Department This is a free translation into English of the statutory auditors’ report issued in French and is provided solely for the convenience of English speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.