Commentary & Deal Flow

Reoffer: 18m: 3mE+30bp / 100 5yr: MS+62bp / 100 / 4.091% 9yr: MS+93bp / 100 / 4.418%
Benchmark: 5yr: DBR 0% 15-Aug-31 TWIN @ 85.438% / B+82.2bp / HR 110% 9yr: DBR 2.6% 15-Aug-35 @ 93.79% / B+99.7bp / HR 100%

Tranche 1 (18m FRN): Final Books €1.7bn+. Peak book > €2bn
Tranche 2 (5yr): Final Books €1.75bn+. Peak book > €1.8bn
Tranche 3 (9yr): Final Books €1.45bn+. Peak book > €1.55bn

Launched:
18m: €500m @ 3mE+30bp - Books > €2bn
5yr: €500m @ MS+62bp - Books > €1.8bn
9yr: €500m @ MS+93bp - Books > €1.55bn
IPTs: 18m: 3mE+55/60bp 5yr: MS+90/95bp 9yr: MS+120/125bp

• Issuer: Danone (Ticker: BNFP, Country: FR)
• Issuer LEI: 969500KMUQ2B6CBAF162
• Issuer Ratings: Baa1 (Stable) / BBB+ (Stable) (Moody's / S&P)
• Exp. Issue Ratings: Baa1 / BBB+ (Moody's / S&P)
• Format: Senior Unsecured, Regulation S (CAT 2), Bearer Dematerialized Notes
• Joint Active Bookrunners: Credit Agricole CIB, HSBC, ING, MUFG, Natixis
• Pricing Date: 21-Sep-26
• Settlement Date: 28-Sep-26 (T+5)
• Issue Size:
  • 18m: €500m
  • 5yr: €500m
  • 9yr: €500m
• Issue Type:
  • 18m: 18-Month FRN
  • 5yr: 5-Year Fixed
  • 9yr: 9-Year Fixed
• Maturity Date:
  • 18m: 28-Mar-28
  • 5yr: 28-Sep-31
  • 9yr: 28-Sep-35
• Reoffer Spread:
  • 18m: 3mE+30bp
  • 5yr: MS+62bp
  • 9yr: MS+93bp
• Reoffer Yield:
  • 18m: -
  • 5yr: 4.091% annual
  • 9yr: 4.418% annual
• Reoffer Price:
  • 18m: 100
  • 5yr: 100
  • 9yr: 100
• Coupon:
  • 18m: 3mE+30bp Floating, Quarterly, ACT/360 (ICMA)
  • 5yr: 4.091% Fixed, Annually, ACT/ACT (ICMA)
  • 9yr: 4.418% Fixed, Annually, ACT/ACT (ICMA)
• Business Day Convention:
  • 18m: Modified Following, adjusted
  • 5yr: Following, unadjusted
  • 9yr: Following, unadjusted
• Par Call:
  • 18m: -
  • 5yr: 3-month
  • 9yr: 3-month
• Make whole Call:
  • 18m: -
  • 5yr: Yes / Bund+15 bp
  • 9yr: Yes / Bund+15 bp
• Reference Bund:
  • 18m: -
  • 5yr: DBR 0% 15-Aug-31 TWIN - DE0001102564
  • 9yr: DBR 2.6% 15-Aug-35 - DE000BU2Z056
• Bund Price / Reoffer Spread:
  • 18m: -
  • 5yr: 85.438% / B+82.2
  • 9yr: 93.79% / B+99.7
• Hedge Ratio:
  • 18m: -
  • 5yr: 110%
  • 9yr: 100%
• Hedge Deadline: 14.45 UKT / 15.45 CET
• Clean-up Call:
  • 18m: -
  • 5yr: Yes (75%)
  • 9yr: Yes (75%)
• Time of Execution:
  • 18m: 15.02 UKT
  • 5yr: 14.59 UKT
  • 9yr: 14.59 UKT
• Documentation: EMTN programme / Euronext Paris / French Law / Euroclear France / Change of Control (Put) / €100,000 + €100,000
• Use of Proceeds: General Corporate Purposes
• ISIN:
  • 18m: FR001401B3Y5
  • 5yr: FR001401B403
  • 9yr: FR001401B429
• B&D Bank:
  • 18m: ING
  • 5yr: Credit Agricole CIB
  • 9yr: Natixis
• Selling Restrictions: As per Base Prospectus dated 24-Mar-26
• Target Market: Manufacturer target market is eligible counterparties and professional investors (all distribution channels). No EEA PRIIPs key information document (KID), no disclosure document under the DISC or CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement Language: The Base Prospectus and First Supplement are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://www.danone.com/investors/debt-and-rating.html). The Final Terms, when available, will be published on the website of the Issuer (https://www.danone.com/investors/debt-and-rating.html).
• Free to Trade: 15.20 UKT