An anonymous director reports

ELSE NUTRITION AND DANONE ENTER INTO A BINDING MULTI-STAGE COLLABORATION

Else Nutrition Holdings Inc. has agreed to a multistaged collaboration with Danone SA, a world-leading company specializing in fresh dairy products as well as plant-based, water and specialized nutrition.

Else and Danone signed a letter of intent (LOI) on Nov. 13, 2023, providing for a multistage collaboration, subject to the finalization of certain commercial terms. The LOI was entered into following Danone having completed extensive due diligence.

At the first stage of the collaboration, Else and Danone will enter into a licence agreement, whereby Else's products, which are plant based, soy-free and supported by clinical evidence, shall be included in Danone's specialized nutrition portfolio and manufactured, marketed and commercialized by Danone. In addition to the first stage, the parties shall negotiate other opportunities beyond product commercialization.

The parties anticipate signing the definitive agreement by the end of the first quarter of 2024.

About Danone SA

Dedicated to bringing health through food to as many people as possible, Danone is a leading global food and beverage company built on four businesses: essential dairy and plant-based products, waters, early-life nutrition, and medical nutrition.

Danone aims to inspire healthier and more-sustainable eating and drinking practices, in line with its vision, which reflects a strong belief that the health of people and the health of the planet are interconnected. Danone deliberately concentrates on high-growth and health-focused categories and commits to operating in an efficient, sustainable and responsible manner.

This unique approach, historically defined as its dual project, enables Danone to create both shareholder and societal value. Danone holds itself to the highest standards, as reflected by the ambition to become one of the first multinationals certified as B Corp.

With products sold in over 120 markets, Danone generated sales of 27.661 billion euros in 2022. Danone's portfolio includes brands present worldwide (Activia, Actimel, Alpro, Danette, Danonino, Danio, evian, Volvic, Nutrilon/Aptamil and Nutricia) and in its local markets (Aqua, Bledina, Cow & Gate, Bonafont, Horizon Organic, Mizone, Oikos and Silk).

About Else Nutrition Holdings Inc.

Else Nutrition Holdings is a food and nutrition company in the international expansion stage focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children and adults. Its revolutionary, plant-based, non-soy formula is a clean-ingredient alternative to dairy-based formulas. Since launching its plant-based complete nutrition for toddlers, made of whole foods, almonds, buckwheat and tapioca, the brand has received thousands of powerful testimonials and reviews from parents, gained national retailer support, and achieved rapid sales growth.

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