Commentary & Deal Flow

Guidance: 4yr: MS+55-60bp 8yr: MS+85-90bp 6.5yr: UKT+85-90bp
Combined books €7.15bn+ & £1.45bn+

IPTs: 4yr: MS+90/95bp 8yr: MS+120/125bp 6.5yr: G+105/110bp

• Issuer: Danone SA (Ticker: BNFP; Country: FR)
• Issuer Ratings: Baa1/BBB+ by Moody's/S&P (stable/stable)
• Exp Ratings of the Notes: Baa1/BBB+ by Moody’s/S&P
• Issuer LEI: 969500KMUQ2B6CBAF162
• Format: Senior, Unsecured, Reg S (Cat 2) Bearer Dematerialised Notes
• Joint Active Bookrunners: Barclays, BNP Paribas, Citi, J.P. Morgan (B&D), NatWest, Santander
• Pricing Date: 25-Mar-26
• Settlement Date: 01-Apr-26 (T+5)
• Size:
• • 4yr: €700m
  • 8yr: €500m
  • 6.5yr: £350m
• Maturity Date:
• • 4yr: 01-Apr-30
  • 8yr: 01-Apr-34
  • 6.5yr: 01-Oct-32
• Coupon:
• • 4yr: Fixed, Ann., ACT/ACT ICMA
  • 8yr: Fixed, Ann., ACT/ACT ICMA
  • 6.5yr: Fixed, Ann., ACT/ACT ICMA, Short First Coupon
• Par Call:
• • 4yr: 2-month
  • 8yr: 3-month
  • 6.5yr: 3-month
• Clean-up call:
• • 4yr: Yes (75%)
  • 8yr: Yes (75%)
• Documentation: EMTN programme (Base prospectus dated 24-Mar-26) / French Law / MWC / CoC / Euronext Paris
• Denominations:
• • 4yr: €100,000 + 100,000
  • 8yr: €100,000 + 100,000
  • 6.5yr: £100,000 + 100,000
• MWC:
• • 4yr: Bund + [●] bps
  • 8yr: Bund + [●] bps
  • 6.5yr: Gilt + [●] bps
• Benchmark:
• • 4yr: DBR 0.000% 15-Feb-30
  • 8yr: DBR 2.200% 15-Feb-34
  • 6.5yr: UKT 4.250% 07-Jun-32
• Use of Proceeds: General Corporate Purposes
• ISIN:
• • 4yr: FR0014017HN6
  • 8yr: FR0014017HO4
  • 6.5yr: FR0014017HM8
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As per Base Prospectus
• Advertisement: The Base Prospectus is available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (www.danone.com). The Final Terms, when available, will be also published on the website of the AMF (http://www.amf-france.org) and of Danone (www.danone.com).
• Timing: Books open, today’s business
• Books Subject: 12:15 UKT / 13:15 CET