Else Nutrition and Danone Enter into a Binding Multi-Stage Collaboration

Vancouver, British Columbia - Newsfile Corp. - November 13, 2023 - ELSE NUTRITION HOLDINGS INC. (BABY) (BABYF) (0YL.F) ("Else" or the "Company"), is pleased to announce that it has agreed to a multi-staged collaboration with Danone S.A., a worldwide leading company specializing in fresh dairy products, plant-based, water and specialized nutrition. Else and Danone signed a letter of intent ("LOI") on November 13, 2023 providing for a multi-stage 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 License 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 Q1, 2024. About Danone S.A. Dedicated to bringing health through food to as many people as possible, Danone is a leading global food & 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 their vision - Danone, One Planet. One Health - 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 their 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^TM. With products sold in over 120 markets, Danone generated sales of €27.661 billion in 2022. Danone's portfolio includes brands present worldwide (Activia, Actimel, Alpro, Danette, Danonino, Danio, evian, Volvic, Nutrilon/Aptamil, Nutricia) and in their local markets (Aqua, Blédina, Cow & Gate, Bonafont, Horizon Organic, Mizone, Oikos, Silk). Listed on Euronext Paris and on the OTCQX market via an ADR (American Depositary Receipt) program, Danone is a component stock of leading social responsibility indexes including the Dow Jones Sustainability Indexes, Vigeo, the Ethibel Sustainability Index, MSCI Global Sustainability, MSCI Global SRI Indexes and the FTSE4Good Index. To delve deeper into Else Nutrition's offerings and its revolutionary approach to kids' nutrition, visit www.elsenutrition.comAbout Else Nutrition Holdings Inc. Else Nutrition Holdings Inc. (TSX: BABY, OTCQX: BABYF, FSE: 0YL) 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. Awards and Recognition:

• "2017 Best Health and Diet Solutions" award at Milan's Global Food Innovation Summit
  • #1 Best Seller on Amazon in the Fall of 2020 in the New Baby & Toddler Formula Category
  • "Best Dairy Alternative" Award 2021 at World Plant-Based Expo
  • Nexty Award Finalist at Expo West 2022 in the Plant-Based lifestyle category
  • During September 2022, Else Super Cereal reached the #1 Best Seller in Baby Cereal across all brands on Amazon

Investor Relations Contact:Crescendo Communications, LLC Alexandra Schilt Office: (212) 671-1020 Ext: 305Email: baby@crescendo-ir.comLytham Partners, LLC Mr. Ben Shamsian New York | Phoenix Office: (646)829-9701E: shamsian@lythampartners.comTSXNeither the TSX nor its regulation services provider (as that term is defined in the policies of the TSX) accept responsibility for the adequacy or accuracy of this release.Caution Regarding Forward-Looking StatementsThis press release contains statements that may constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "will" or similar expressions. Forward-looking statements in this press release include statements with respect to the anticipated dates for filing the company's financial disclosure documents. Such forward-looking statements reflect current estimates, beliefs, and assumptions, which are based on management's perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct. Forward-looking statements made in this press release assume, among others, the expectation that there will be no interruptions or supply chain failures as a result of pandemics or other global circumstances and that the manufacturing, broker, and supply logistic agreements with the company do not terminate. Actual results may differ from the estimates, beliefs, and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on any forward- looking statements, which reflect management's expectations only as of the date of this press release. The company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.Hashtag: #ElseNutrition

The issuer is solely responsible for the content of this announcement.