PERNOD-RICARD_REGISTRATION_DOCUMENT_2017-2018

R E G I S T R A T I O N D O C U M E N T ô

I N C L U D I N G T H E A N N U A L F I N A N C I A L R E P O R T

C O N T E N T S

CONSOLIDATED FINANCIAL STATEMENTS ™ 5

151 152 153 154 156 157 158

PERNOD RICARD AT A GLANCE

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EXTRACTS FROM THE INTEGRATED ANNUAL REPORT 1

Consolidated income statement 5.1

Consolidated statement of comprehensive income 5.2

5 6 8

Consolidated balance sheet 5.3

Changes in consolidated shareholders’ equity 5.4

Message from the chairman & chief executive officer Our history: a social & entrepreneurial adventure Identifying experiences of conviviality around the world Our DNA: the Pernod Ricard mindset a winning spirit of conquest Our unique and dynamic portfolio: to meet local market needs Our organisation: decentralised to capture new business opportunities

Consolidated cash flow statement 5.5

Notes to the consolidated financial statements 5.6 Statutory auditors' report on the consolidated 5.7 financial statements

10

200

12

6

PERNOD RICARD SA FINANCIAL STATEMENTS ™ Pernod Ricard SA income statement 6.1 Pernod Ricard SA balance sheet 6.2 Pernod Ricard SA cash flow statement 6.3 Analysis of Pernod Ricard SA results 6.4

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205 206 207 209 210 212 225 226 227 228 229

16 18 20 22 24 26 28

Our consumer-focused strategy

Our S & R model: for sustainable growth

Board of directors

The executive committee and the executive board

Notes to the Pernod Ricard SA financial statements 6.5 Other elements relating to the financial statements 6.6 Financial results over the last five financial years 6.7 Dividends distributed over the last five financial years 6.8 Statutory Auditors’ report on the financial statements 6.10 Statutory Auditors’ special report on regulated 6.11 agreements and commitments Inventory of marketable securities 6.9

Creating shared value Our key financial figures

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CORPORATE GOVERNANCE AND INTERNAL CONTROL

31

Report of the Board of Directors on corporate 2.1 governance Internal control and risk management 2.2 ™ Financial and accounting reporting 2.3 ™ SUSTAINABILITY & RESPONSIBILITY ™ 3 Committed to the future while embracing our past A strategy built around the concept of “Créateurs 3.1 de convivialité”

33 80 82 83 84 85 88 94 97

232

COMBINED SHAREHOLDERS’ MEETING 7 Combined shareholders' meeting held on 7.1 21 november 2018 - Agenda

235

236

Presentation of the resolutions of the Combined 7.2 Shareholders’ Meeting held on 21 November 2018 237 Draft resolutions of the combined shareholders' 7.3 meeting held on 21 november 2018 240 Statutory Auditors’ report on the issuance of ordinary 7.4 shares or securities conferring entitlement to share capital, reserved for members of company saving plans Statutory Auditors' report on the issuance of ordinary 7.5 shares orsecurities conferring entitlement to share capital, with cancellation of preferential subscription rights ABOUT THE COMPANY AND ITS SHARE CAPITAL 8 247 248

Empower our employees 3.2 Promote responsible drinking 3.3

Develop communities and involve our partners 3.4

Protecting the planet 3.5

103

Presentation and implementation of 3.6 the monitoring plan Verifying non-financial information 3.7

117 121

Reference table for the united nations global compact 3.8 principles and the sustainable development goals (SDGs) Report by one of the Statutory Auditors, appointed 3.9 as independent third party, on the consolidated human resources, environmental and social information included in the management report

124

249 250 252

Information about Pernod Ricard 8.1 Information about THE share capital 8.2 ADDITIONAL INFORMATION TO THE REGISTRATION DOCUMENT 9

125

4

257 258 258 259

MANAGEMENT REPORT ™

129

Persons responsible 9.1 ™ Documents on display 9.2

Key figures from the consolidated financial 4.1 statements for the year ended 30 June 2018 Analysis of business activity and results 4.2

130 132 135 136 137 138 147

Reference tables 9.3

Net debt 4.3 Outlook 4.4

Definitions and RECONCILIATION of alternative 4.5 performance indicators with IFRS indicators

Risk management 4.6 Significant contracts 4.7

Items in the annual financial report (AFR) are clearly identified in the contents by the pictogram ™

2 0 1 7 2 O 1 8

R E G I S T R A T I O N D O C U M E N T INCLUDING THE ANNUAL FINANCIAL REPORT

This Registration Document was filed with the French Financial Markets Authority ( Autorité des Marchés Financiers – AMF) on 26 September 2018, in accordance with article 212-13 of its General Regulation. It may be used in support of a financial transaction if it is supplemented by a prospectus approved by the French Financial Markets Authority. This document has been prepared by the issuer under the liability of the signatories. Copies of the Registration Document are available from the Group Pernod Ricard, 12 place des États-Unis – 75783 PARIS Cedex 16, on the Pernod Ricard website: www.pernod-ricard.com and on the AMF website: www.amf-france.org.

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

PERNOD R I CARD AT A GLANCE

WORLD No. 1 for Premium and Prestige spirits (a)

RESULTS FOR FY18: VERY STRONG YEAR: BUSINESS ACCELERATING

86 MARKET

COMPANIES spread across three regions

Alexandre Ricard, Chairman & CEO, declared: “ &zϭϴ ǁĂƐ Ă ǀĞƌLJ ƐƚƌŽŶŐ LJĞĂƌ͘ ŽŶƐŝƐƚĞŶƚ ƐƚƌĂƚĞŐŝĐ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŚĂƐ ĞŶĂďůĞĚ ƵƐ ƚŽ ĚĞůŝǀĞƌ Ă ƐŝŐŶŝĨŝĐĂŶƚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ďƵƐŝŶĞƐƐ ƉĞƌĨŽƌŵĂŶĐĞ ǁŚŝůĞ ŝŶǀĞƐƚŝŶŐ ĨŽƌ ƚŚĞ ĨƵƚƵƌĞ͘ KƵƌ ^ĂůĞƐ ŚĂǀĞ ĂĐĐĞůĞƌĂƚĞĚ ĂŶĚ ĚŝǀĞƌƐŝĨŝĞĚ͕ ĂŶĚ ŽƵƌ ŵĂƌŐŝŶƐ ŝŵƉƌŽǀĞĚ͘ /Ŷ &zϭϵ͕ ŝŶ Ă Ɛƚŝůů ƵŶĐĞƌƚĂŝŶ ŐĞŽƉŽůŝƚŝĐĂů ĂŶĚ ŵŽŶĞƚĂƌLJ ĞŶǀŝƌŽŶŵĞŶƚ͕ ǁĞ ǁŝůů ĐŽŶƚŝŶƵĞ ĐŽŶƐŝƐƚĞŶƚůLJ ŝŵƉůĞŵĞŶƚŝŶŐ ŽƵƌ ƐƚƌĂƚĞŐLJ͘ KƵƌ ŐƵŝĚĂŶĐĞ ĨŽƌ &zϭϵ ŝƐ ŽƌŐĂŶŝĐ ŐƌŽǁƚŚ ŝŶ WƌŽĨŝƚ ĨƌŽŵ ZĞĐƵƌƌŝŶŐ KƉĞƌĂƚŝŽŶƐ ďĞƚǁĞĞŶ нϱй ĂŶĚ нϳй͘ ” Key Figures

85 % of affiliates have implemented at least one action to promote RESPONSIBLE DRINKING

93 production SITES (b)

'ƌŽƵƉ EĞƚ WƌŽĮƚ ĨƌŽŵ ZĞĐƵƌƌŝŶŐ KƉĞƌĂƟŽŶƐ (3)

WƌŽĮƚ ĨƌŽŵ Recurring KƉĞƌĂƟŽŶƐ

Group Net WƌŽĮƚ

Proposed dividend

Net sales

Φ ŵŝůůŝŽŶ

26.2% (1)

FY18

8,987

2,358

1,511

€2.36 per share (4)

Organic growth (2)

+6.0%

+6.3%

+10.3%

1,577

20 % reduction in water consumption (c)

+17%

Reported growth

0%

-2%

+2%

€2.02 per share

2,394 26.6% (1)

1,393

FY17

9,010

1,483

30 % reduction in CO Ж emissions (c)

;ϭͿ KƉĞƌĂƚŝŶŐ ŵĂƌŐŝŶ͘ ;ϮͿ KƌŐĂŶŝĐ ŐƌŽǁƚŚ ŝƐ ĚĞĨŝŶĞĚ ŽŶ ƉĂŐĞ ϭϯϳ ŽĨ ƚŚŝƐ ĚŽĐƵŵĞŶƚ͘

;ϯͿ 'ƌŽƵƉ EĞƚ WƌŽĨŝƚ ĨƌŽŵ ZĞĐƵƌƌŝŶŐ KƉĞƌĂƚŝŽŶƐ͗ WƌŽĨŝƚ ĨƌŽŵ ZĞĐƵƌƌŝŶŐ KƉĞƌĂƚŝŽŶƐ͕ ĂĚũƵƐƚĞĚ ĨŽƌ ĨŝŶĂŶĐŝĂů ƌĞƐƵůƚ ĨƌŽŵ ƌĞĐƵƌƌŝŶŐ ŽƉĞƌĂƚŝŽŶƐ͕ ƌĞĐƵƌƌŝŶŐ ŝŶĐŽŵĞ ƚĂdž͕ ƐŚĂƌĞ ŽĨ ŶĞƚ ƌĞƐƵůƚ ŽĨ ĂƐƐŽĐŝĂƚĞƐ͕ ƉƌŽĨŝƚ ĨƌŽŵ ĂƐƐĞƚƐ ŚĞůĚ ĨŽƌ ƐĂůĞ͕ ĂŶĚ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ͘ ;ϰͿ ŝǀŝĚĞŶĚ ƉƌŽƉŽƐĞĚ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ ^ŚĂƌĞŚŽůĚĞƌƐ͛ DĞĞƚŝŶŐ ŽĨ Ϯϭ EŽǀĞŵďĞƌ ϮϬϭϴ͘

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

AN INTERNATIONAL AND DECENTRALISED GROUP

€ ര 8,987 M in net sales

€ ര 2,358 M Group net profit

AMERICA

EUROPE

ASIA/REST OF THE WORLD

€2,546M

€2,792M

€3,648M

€735M

€626M

€996M

18,481 employees (d)

3,626 (d)

9,345 (d)

5,510 (d)

The decentralised model which characterises Pernod Ricard is a major strategic advantage that enables the Group to seize every opportunity for growth. This highly flexible organisation, based on proximity to consumers and customers, has proven its effectiveness. The Group is present in the three major regions of the world, both in mature and emerging markets. This is a real competitive advantage, making it well positioned to benefit from future growth drivers.

WORLD No. 2 for wines and spirits

;ĂͿ ^ŽƵƌĐĞ͗ ͞dŚĞ WĞƌŶŽĚ ZŝĐĂƌĚ DĂƌŬĞƚ sŝĞǁ͕͟ ďĂƐĞĚ ŽŶ /t^Z ǀŽůƵŵĞ ĚĂƚĂ Ăƚ ĞŶĚ ϮϬϭϳ͘ ;ďͿ EƵŵďĞƌ ŽĨ ƐŝƚĞƐ ŽƉĞƌĂƚŝŶŐ ĂƐ ŽĨ ϯϬ :ƵŶĞ ϮϬϭϴ͘ ;ĐͿ ZĞĚƵĐƚŝŽŶ ƉĞƌ ƵŶŝƚ ŽĨ ƉƌŽĚƵĐƚŝŽŶ ďĞƚǁĞĞŶ &zϭϬ ĂŶĚ &zϭϴ͘ ;ĚͿ ǀĞƌĂŐĞ ǁŽƌŬĨŽƌĐĞ ĚƵƌŝŶŐ ƚŚĞ &zϭϴ͘ ;ĞͿ ^ŽƵƌĐĞ͗ /ŵƉĂĐƚ ĂƚĂďĂŶŬ ϮϬϭϳ͕ ƉƵďůŝƐŚĞĚ ŝŶ DĂƌĐŚ ϮϬϭϴ͘ ;ĨͿ ^ŽƵƌĐĞ͗ ͞ŝ^ĂLJ͟ ƐƵƌǀĞLJ ϮϬϭϳ͘

16 BRANDS amongst the world’s top 100 ര (e)

A UNIQUE PORTFOLIO OF PREMIUM BRANDS Pernod Ricard has built a unique portfolio of Premium brands on an international scale that is one of the most comprehensive on the market. This portfolio is managed thanks to the “House of Brands”, a dynamic tool that allows our affiliates to more easily prioritise their marketing investments.

94 % of employees are PROUD to be part of PERNOD RICARD ര (f)

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

1 E X T R A C T S F R O M T H E I N T E G R A T E D A N N U A L R E P O R T

MESSAGE FROM THE CHAIRMAN & CHIEF EXECUTIVE OFFICER

OUR CONSUMER-FOCUSED STRATEGY

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6

OUR S & R MODEL: FOR SUSTAINABLE GROWTH

OUR HISTORY: A SOCIAL & ENTREPRENEURIAL ADVENTURE

20

8

BOARD OF DIRECTORS

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IDENTIFYING EXPERIENCES OF CONVIVIALITY AROUND THE WORLD

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THE EXECUTIVE COMMITTEE AND THE EXECUTIVE BOARD

24

OUR DNA: THE PERNOD RICARD MINDSET A WINNING SPIRIT OF CONQUEST

12

CREATING SHARED VALUE

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OUR UNIQUE AND DYNAMIC PORTFOLIO: TO MEET LOCAL MARKET NEEDS

OUR KEY FINANCIAL FIGURES

28

14

OUR ORGANISATION: DECENTRALISED TO CAPTURE NEW BUSINESS OPPORTUNITIES

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

MESSAGE FROM THE CHAIRMAN & CHIEF EXECUTIVE OFFICER

A L E X A N D R E R I C A R D

MESSAGE FROM T H E C H A I R M A N & C H I E F E X E C U T I V E O F F I C E R

The memory of France’s second FIFA World Cup victory in the summer of 2018 will remain with me for Ă ůŽŶŐ ƟŵĞ͘ tŚŝůĞ Ă ƌĞŵĂƌŬĂďůĞ ƐƉŽƌƟŶŐ ĂĐŚŝĞǀĞŵĞŶƚ ŝŶ ŝƚƐĞůĨ͕ ǁŚĂƚ ƌĞĂůůLJ ƐƚƌƵĐŬ ŵĞ ǁĂƐ ƚŚĞ ŵŝůůŝŽŶƐ ŽĨ ƉĞŽƉůĞ ǁŚŽ ĐĞůĞďƌĂƚĞĚ ƚŚĞ ǁŝŶ ǁŝƚŚ ƐƵĐŚ ĐŽůůĞĐƟǀĞ njĞĂů͘ ƌŽǁĚƐ ŽĨ ƉĞŽƉůĞ ƐƉŽŶƚĂŶĞŽƵƐůLJ ĐŽŶǀĞƌŐĞĚ ŽŶ ĞǀĞŶ ƚŚĞ ƐŵĂůůĞƐƚ ŽĨ ǀŝůůĂŐĞ ƐƋƵĂƌĞƐ͕ ƐƚƌĂŶŐĞƌƐ ďƌŽƵŐŚƚ ƚŽŐĞƚŚĞƌ ďLJ ƚŚĞŝƌ ƐŚĂƌĞĚ ƵƌŐĞ ƚŽ ĐĞůĞďƌĂƚĞ ƚŚŝƐ ĞdžĐĞƉƟŽŶĂů ĞǀĞŶƚ͘ ,Žǁ ĚŽ LJŽƵ ĞdžƉůĂŝŶ ƚŚŝƐ ĚĞƐŝƌĞ ƚŽ ďĞ ƵŶŝƚĞĚ ŝŶ ũŽLJ͍ dŚĞ ŽďǀŝŽƵƐ ĞdžƉůĂŶĂƟŽŶ ŝƐ ƚŚĂƚ ƚŚĞ ŶĞĞĚ ĨŽƌ ƐŚĂƌŝŶŐ ĂŶĚ ďĞŝŶŐ ƚŽŐĞƚŚĞƌ ŝƐ ƐŝŵƉůLJ ƉĂƌƚ ŽĨ ŚƵŵĂŶ ŶĂƚƵƌĞ͖ ŝƚ ďƌŝŶŐƐ ƵƐ Ă ƐĞŶƐĞ ŽĨ ǁĞůůďĞŝŶŐ͘ dŚĂƚ͛Ɛ ǁŚĂƚ ǁĞ ŵĞĂŶ ǁŚĞŶ ǁĞ ƐƉĞĂŬ ĂďŽƵƚ ͞ ĐŽŶǀŝǀŝĂůŝƚĠ͟ ʹ ĂŶĚ ǁŚĂƚ ŝƐ ŵŽƌĞ ĐŽŶǀŝǀŝĂů ƚŚĂŶ ƐŚĂƌŝŶŐ Ă ĚƌŝŶŬ ĂŶĚ ƐŚĂƌŝŶŐ ŐŽŽĚ ƟŵĞƐ ǁŝƚŚ ĨƌŝĞŶĚƐ ŽůĚ ĂŶĚ ŶĞǁ͍ EŽǁ ƚŚĞ ƉŽŝŶƚ ŚĞƌĞ ŝƐ ŶŽƚ ƚŽ ŐůŽƌŝĨLJ ĂůĐŽŚŽů͘ dŚĞƌĞ ŝƐ ŶŽ ĐŽŶǀŝǀŝĂůŝƚLJ ƚŽ ďĞ ŚĂĚ ŝŶ ĞdžĐĞƐƐ ʹ ƋƵŝƚĞ ƚŚĞ ĐŽŶƚƌĂƌLJ͕ ŝŶ ĨĂĐƚ͘ Ƶƚ ůŝŬĞ ƚŚĞ ƐŽĐŝĂů ĐŽŶŶĞĐƟŽŶƐ ŝƚ ŶƵƌƚƵƌĞƐ͕ Ă

ĐĞƌƚĂŝŶ Ăƌƚ ĚĞ ǀŝǀƌĞ ŝƐ ďŽƌŶ ƚŚƌŽƵŐŚ ŵŽĚĞƌĂƟŽŶ ĂŶĚ ŬĞĞƉŝŶŐ ƚŚŝŶŐƐ ŝŶ ďĂůĂŶĐĞ͘ This is precisely the meaning of our vision “Créateurs de convivialité”, and the underlying theme ŽĨ ŽƵƌ ĮƌƐƚ ĐŽƌƉŽƌĂƚĞ ĐĂŵƉĂŝŐŶ ƚŚĂƚ ǁŝůů ďĞ ĚĞƉůŽLJĞĚ ŽǀĞƌ ƚŚĞ ŶĞdžƚ ĮƐĐĂů LJĞĂƌ͘ dŽ ƉƌŽǀĞ ŽƵƌ ŚLJƉŽƚŚĞƐŝƐ͕ ǁĞ ƉƌŽĚƵĐĞĚ Ă ƐŚŽƌƚ ĚŽĐƵŵĞŶƚĂƌLJ ŝŶ ǁŚŝĐŚ ǁĞ ƚƌĂǀĞůůĞĚ ĂĐƌŽƐƐ ƚŚĞ ŐůŽďĞ ƚŽŵĞĞƚ ƌĞĂůͲůŝĨĞ ĐŽŶƐƵŵĞƌƐ͘ /ƌƌĞƐƉĞĐƟǀĞ ŽĨ ĐƵůƚƵƌĞ ĂŶĚ ƐŽĐŝĂů ŽƌŝŐŝŶ͕ ƚŚĞ Įůŵ ƌĞǀĞĂůƐ ƚŚŝƐ ƵŶŝǀĞƌƐĂů ĚĞƐŝƌĞ ƚŽ ĐŽŵĞ ƚŽŐĞƚŚĞƌ ĂŶĚ ƐŚĂƌĞ ŵŽŵĞŶƚƐ ŽĨ ƉƵƌĞ ĂŶĚ ĂƵƚŚĞŶƟĐ ũŽLJ͘ dǁĞŶƚLJ LJĞĂƌƐ ĂŌĞƌ ƚŚĞ ĚĞĂƚŚ ŽĨ ŵLJ ŐƌĂŶĚĨĂƚŚĞƌ ĂŶĚ 'ƌŽƵƉ ĐŽͲĨŽƵŶĚĞƌ WĂƵů ZŝĐĂƌĚ͕ ŚŝƐ ŵŽƩŽ ƚŽ ͞DĂŬĞ Ă ŶĞǁ ĨƌŝĞŶĚ ĞǀĞƌLJ ĚĂLJ͟ ŚĂƐ ĂĐƋƵŝƌĞĚ ŶĞǁ ƌĞůĞǀĂŶĐĞ ŝŶ ĂŶ ŝŶĐƌĞĂƐŝŶŐůLJ ĐŽŶŶĞĐƚĞĚ ĂŶĚ ǀŝƌƚƵĂů ǁŽƌůĚ͘ We have linked the achievement of our vision ͞ ƌĠĂƚĞƵƌƐ ĚĞ ĐŽŶǀŝǀŝĂůŝƚĠ͟ ƚŽ ŽƵƌ ĂŵďŝƟŽŶ͘ dŚĞ ĚĂLJ ǁŚĞŶ ŽƵƌ ƉƌĞŵŝƵŵ ďƌĂŶĚƐ ƵŶĚĞƌƉŝŶ Ăůů ŵŽŵĞŶƚƐ ŽĨ

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

“ ONLY COMPANIES THAT UNDERTAKE AN IN-DEPTH ORGANISATIONAL TRANSFORMATION WILL SUCCEED IN IMPROVING THEIR AGILITY AND PERFORMANCE, THEREBY MAKING THE MOST OF THIS CHANGING ENVIRONMENT. ”

ĐĞůĞďƌĂƟŽŶ͕ ŽĐĐĂƐŝŽŶƐ ĨŽƌ ƐŚĂƌŝŶŐ ĂŶĚ ŐĞƚͲƚŽŐĞƚŚĞƌƐ ĂŵŽŶŐ ĨƌŝĞŶĚƐ ʹ ŝŶ ƐŚŽƌƚ͕ ĞǀĞƌLJ ĞdžƉĞƌŝĞŶĐĞ ŽĨ ĐŽŶǀŝǀŝĂůŝƚLJ ʹ ŝƐ ƚŚĞ ĚĂLJ ǁĞ ǁŝůů ďĞĐŽŵĞ ƚŚĞ ĚĞ ĨĂĐƚŽ ŵĂƌŬĞƚ ůĞĂĚĞƌ͘ dŽ ƉƵƌƐƵĞ ƚŚŝƐ ĂŵďŝƟŽŶ͕ ǁĞ ŵƵƐƚ ƐƵĐĐĞĞĚ ŝŶ ŶĂǀŝŐĂƟŶŐ ĂŶ ŝŶĐƌĞĂƐŝŶŐůLJ ĐŽŵƉůĞdž ĞŶǀŝƌŽŶŵĞŶƚ ƚŽ ƐƵƌŵŽƵŶƚ ƚŚĞ ĨŽůůŽǁŝŶŐ ĮǀĞ ĐŚĂůůĞŶŐĞƐ͗ ϭ͘ ĚĚƌĞƐƐ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ĂŶĚ ƐĞŝnjĞ ƚŚĞ ŽƉƉŽƌƚƵŶŝƟĞƐ ŽĨ Ă ŶĞǁ ŐĞŽƉŽůŝƟĐĂů ĐŽŶƚĞdžƚ͕ ĐŚĂƌĂĐƚĞƌŝƐĞĚ ďLJ ƚŚĞ ƌŝƐĞ ŽĨ ƉƌŽƚĞĐƟŽŶŝƐŵ ĂŶĚ Ă ĚƌĂŵĂƟĐĂůůLJ ŶĞǁ ĐŽŶƐƵŵĞƌ ůĂŶĚƐĐĂƉĞ͖ Ϯ͘ dƌĂŶƐĨŽƌŵ ƚŚĞ ƚĞĐŚŶŽůŽŐŝĐĂů ƌĞǀŽůƵƟŽŶ Ͳ ŝŐ ĂƚĂ͕ ĂƌƟĮĐŝĂů ŝŶƚĞůůŝŐĞŶĐĞ͕ ĐŽŶŶĞĐƚĞĚ ŽďũĞĐƚƐ͕ ĞƚĐ͘ Ͳ ŝŶƚŽ Ă ŐƌŽǁƚŚ ĚƌŝǀĞƌ͖ ϯ͘ WƌĞͲĞŵƉƚ ƚŚĞ ĐŽŶƐƵŵƉƟŽŶ ƉĂƩĞƌŶƐ ŽĨ ŶĞǁ ĞŵĞƌŐŝŶŐ ĐůĂƐƐĞƐ ŝŶ ĐŽƵŶƚƌŝĞƐ ƵŶĚĞƌŐŽŝŶŐ ƌĂƉŝĚ ĚĞŵŽŐƌĂƉŚŝĐ ĂŶĚ ĞĐŽŶŽŵŝĐ ĚĞǀĞůŽƉŵĞŶƚ͖ ϰ͘ ^ĂƟƐĨLJ ƚŚĞ ĚĞƐŝƌĞ ĨŽƌ ŵŽƌĞ ĂƵƚŚĞŶƟĐŝƚLJ͕ ƚƌĂŶƐƉĂƌĞŶĐLJ͕ ƉƌŽdžŝŵŝƚLJ ĂŶĚ ĞŶǀŝƌŽŶͲ ŵĞŶƚĂů ƉƌŽƚĞĐƟŽŶ͖

ƉƌŽĮƚ ĨƌŽŵ ƌĞĐƵƌƌŝŶŐ ŽƉĞƌĂƟŽŶƐ ŝƐ ƵƉ ϲ͘ϯй͕ ĂŶĚ ǁĞ ŚĂǀĞ ƌĞĚƵĐĞĚ ĚĞďƚ ďLJ ŶĞĂƌůLJ ŽŶĞ ďŝůůŝŽŶ ĞƵƌŽƐ LJĞĂƌͲŽŶͲLJĞĂƌ͘ ĂƐĞĚ ŽŶ ƚŚĞƐĞ ƉŽƐŝƚŝǀĞ ĨŝŐƵƌĞƐ ǁĞ ĂƌĞ ŝŶĐƌĞĂƐŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ĚŝǀŝĚĞŶĚƐ͕ ǁŝƚŚ Ă ƉĂLJŽƵƚ ƌĂƟŽ ƌĞǀŝƐĞĚ ƚŽ ϰϭй͘ zĞƚ ŽƵƌ ĮŶĂŶĐŝĂů ĚŝƐĐŝƉůŝŶĞ ŚĂƐ ŶŽƚ ƉƌĞǀĞŶƚĞĚ ƵƐ ĨƌŽŵ ƉƌĞƉĂƌŝŶŐ ĨŽƌ ŽƵƌ ĨƵƚƵƌĞ͕ ĂƐ ƌĞŇĞĐƚĞĚ ŝŶ ƚŚĞ ƌŝƐĞ ŝŶ ŽƵƌ ŵĂƌŬĞƟŶŐ ĞdžƉĞŶĚŝƚƵƌĞ͘ On that note, what will tomorrow bring? Nothing ŝƐ ĐĞƌƚĂŝŶ͕ ĂŶĚ / ĚĂƌĞ ƐĂLJ ŝƚ͛Ɛ ƐƟůů ŽŶůLJ ƚŚĞ ďĞŐŝŶŶŝŶŐ͘ tŚŝůĞ ǁĞ ŚĂǀĞ ƐŽůŝĚ ĨŽƵŶĚĂƟŽŶƐ͕ ŵƵĐŚ ƐƟůů ŶĞĞĚƐ ƚŽ ďĞ ĚŽŶĞ ƚŽ ŬĞĞƉ ƵƉ ƚŚĞ ƉĂĐĞ ĂŶĚ ŝƚ ŐŽĞƐ ǁŝƚŚŽƵƚ ƐĂLJŝŶŐ ƚŚĂƚ ǁĞ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ƚƌĂŶƐĨŽƌŵŽƵƌ ŽƌŐĂŶŝnjĂƟŽŶ ĂŶĚ ĨŽĐƵƐ ŽŶ ŐƌŽǁƚŚ͘ dŚĞ ŶĞǁ ƚĂƌŐĞƚƐ ƚŚĂƚ ǁĞ ŚĂǀĞ ƐĞƚ ĨŽƌ ŽƵƌ ŵĂƌŬĞƚƐ ĚŝƌĞĐƚůLJ ƌĞŇĞĐƚ ƚŚŝƐ͕ ǁŝƚŚ ŽƌŐĂŶŝĐ ŐƌŽǁƚŚ ŽĨ ŽƵƌ ĐƵƌƌĞŶƚ ŽƉĞƌĂƟŶŐ ƉƌŽĮƚ ĞdžƉĞĐƚĞĚ ďĞƚǁĞĞŶ нϱйĂŶĚ нϳй͘ /Ŷ ŽƌĚĞƌ ƚŽ ĂƩĂŝŶ ƚŚŝƐ ŐŽĂů͕ ǁĞǁŝůů ĐŽŶƟŶƵĞ ƚŽ ŝŵƉůĞŵĞŶƚ ŽƵƌ ŬĞLJ ƐƚƌĂƚĞŐŝĐ ĚƌŝǀĞƌƐ ĐŽŶƐŝƐƚĞŶƚůLJ ĂĐƌŽƐƐ Ăůů ŽƵƌ

ŵĂƌŬĞƚƐ͗ ŽƉĞƌĂƚŝŽŶĂů ĞdžĐĞůůĞŶĐĞ͕ ŝŶǀĞƐƚŵĞŶƚƐ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ŽƵƌ ďƌĂŶĚƐ ĂŶĚ ŬĞLJ ŵĂƌŬĞƚƐ͕ ŝŶŶŽͲ ǀĂƚŝŽŶ͕ ĂŶĚ ĚLJŶĂŵŝĐ ƉŽƌƚĨŽůŝŽ ŵĂŶĂŐĞŵĞŶƚ͘ tĞ ĂƌĞ ĂůƐŽ ůĂƵŶĐŚŝŶŐ Ă ŶƵŵďĞƌ ŽĨ ŶĞǁ ŝŶŝƟĂƟǀĞƐ ƐƵĐŚ ĂƐ ͞dƌĂŶƐĨŽZ,ŵ͕͟ Ă ǁŚŽůůLJ ƌĞǀŝƐĞĚ ƚĂůĞŶƚ ŵĂŶĂŐĞŵĞŶƚ ƉŽůŝĐLJ͕ ĂƐ ǁĞůů ĂƐ ĂŶ ŽƉƚŝŵŝƐĞĚ ĨŝŶĂŶĐŝĂů ŵĂŶĂŐĞŵĞŶƚ ŵŽĚĞů ͞&ŝŶĂŶĐĞ ϰ͘Ϭ͕͟ ƚŚĞ ƐĞĂƌĐŚ ĨŽƌ ŶĞǁ ƐŽƵƌĐĞƐ ŽĨ ŐƌŽǁƚŚ ƚŚƌŽƵŐŚ ƚŚĞ ŵŽŶĞƟƐĂƟŽŶŽĨ ŽƵƌ ĞdžƉĞͲ

ϱ͘ ƩƌĂĐƚ͕ ƌĞƚĂŝŶ ĂŶĚ ĚĞͲ ǀĞůŽƉ ƚĂůĞŶƚƐ ďLJ ƌĞƚŚŝŶŬͲ ŝŶŐ ŽƵƌ ǁĂLJƐ ŽĨ ǁŽƌŬŝŶŐ͘ Only companies that undertake an in- depth organisational transformation ǁŝůů ƐƵĐĐĞĞĚ ŝŶ ŝŵƉƌŽǀŝŶŐ ƚŚĞŝƌ ĂŐŝůŝƚLJ ĂŶĚ ƉĞƌĨŽƌͲ ŵĂŶĐĞ͕ ƚŚĞƌĞďLJ ŵĂŬŝŶŐ ƚŚĞ ŵŽƐƚ ŽĨ ƚŚŝƐ ĐŚĂŶŐŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚ͘ dŚĞ'ƌŽƵƉ͛Ɛ džĞĐƵƟǀĞ ŽŵŵŝƩĞĞ ĂŶĚ / ŝŶŝƟĂƚĞĚ ƚŚŝƐ ƚƌĂŶƐĨŽƌŵĂͲ

ƟŽŶ ƚŚƌĞĞ LJĞĂƌƐ ĂŐŽ ǁŝƚŚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ Ă ŶĞǁ ĐŽŶƐƵŵĞƌͲĨŽĐƵƐĞĚ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐLJ ĂƐ ǁĞůů ĂƐ Ă ƉůĂŶ ĨŽƌ ŽƉĞƌĂƟŽŶĂů ĞdžĐĞůůĞŶĐĞ͕ ƚŚĞ ƌĞŽƌŐĂŶŝƐĂƟŽŶ ŽĨ ŽƵƌ ŬĞLJ ŵĂƌŬĞƚƐ ;hŶŝƚĞĚ ^ƚĂƚĞƐ͕ ŚŝŶĂ ĂŶĚ dƌĂǀĞů ZĞƚĂŝůͿ͕ ƚŚĞ ƌŽůůͲ ŽƵƚ ŽĨ ĂŶ ĂŵďŝƟŽƵƐ ĚŝŐŝƚĂů ƌŽĂĚŵĂƉ ĂŶĚ ůƵdžƵƌLJ ƐƚƌĂƚĞŐLJ͕ Ă ĨŽĐƵƐ ŽŶ ƉƌŽŵŝƐŝŶŐ ŝŶŶŽǀĂƟŽŶƐ ĂŶĚ ƚŚĞ ĐƌĞĂƟŽŶ ŽĨ WĞƌŶŽĚ ZŝĐĂƌĚ hŶŝǀĞƌƐŝƚLJ ĨŽƌ ŽƵƌ ĞŵƉůŽLJĞĞƐ͘ dŚŝƐ ŚĂƐ ďĞĞŶ ƉŽƐƐŝďůĞ ŽŶůLJ ďLJ ǀŝƌƚƵĞ ŽĨ ǁŚĂƚ / ĐĂůů ƚŚĞ ͞DŝŶĚƐĞƚ ĨŽƌ 'ƌŽǁƚŚ͕͟ ƚŚĞ ĂůůͲĐŽŶƋƵĞƌŝŶŐ ŵŝŶĚƐĞƚ ĚĞŵŽŶƐƚƌĂƚĞĚ ďLJ ĞĂĐŚ ŽĨ ŽƵƌ ϭϴ͕ϵϬϬ ĞŵƉůŽLJĞĞƐ͘ The results speak for themselves: accelerated growth, with sales up 6%comparedwith 3.6% last year. tŚĂƚ͛ƐŵŽƌĞ͕ ƚŚŝƐ ŐƌŽǁƚŚ ŝƐ ĚŝǀĞƌƐŝĮĞĚ ĂŶĚ ƐƉƌĞĂĚ ĂĐƌŽƐƐ Ăůů ŽƵƌ ƌĞŐŝŽŶƐ͘ KƵƌ ŵĂƌŐŝŶƐ ĂƌĞ ďĞŐŝŶŶŝŶŐ ƚŽ ŝŵƉƌŽǀĞ͕

ƌŝĞŶĐĞƐ͕ ĂŶĚ ůĂƐƚůLJ͕ ĚĞƉůŽLJŝŶŐ Ă ŶĞǁ ^ƵƐƚĂŝŶĂďŝůŝƚLJ ĂŶĚ ZĞƐƉŽŶƐŝďŝůŝƚLJ ƉůĂƞŽƌŵ ǁŝƚŚ ŶĞǁ ƚĂƌŐĞƚƐ ŝĚĞŶƟĮĞĚ ŝŶ ŽƵƌ ϮϬϯϬ ƌŽĂĚŵĂƉ͘ While the current monetary and geopolitical environment can only be described as uncertain, rest assured that we are primed and ready to go. ĨĞǁĚĂLJƐ ďĞĨŽƌĞ ƉƵďůŝƐŚŝŶŐ ƚŚŝƐ ĂŶŶƵĂů ƌĞƉŽƌƚ͕ ϯϬϬ ŽĨ ŽƵƌ ŵŽƐƚ ƐĞŶŝŽƌ ŵĂŶĂŐĞƌƐ ĨƌŽŵ ĂƌŽƵŶĚ ƚŚĞ ǁŽƌůĚ ĐĂŵĞ ƚŽŐĞƚŚĞƌ Ăƚ ŽƵƌ WĞƌŶŽĚ ZŝĐĂƌĚ hŶŝǀĞƌƐŝƚLJ ƚƌĂŝŶŝŶŐ ĐĞŶƚƌĞ͘ dŚĞ ŵŽƚƚŽ ĨŽƌ ŽƵƌ ŐĂƚŚĞƌŝŶŐ ƉĞƌĨĞĐƚůLJ ĞŶĐĂƉƐƵůĂƚĞƐ ŽƵƌ ĐŽŶƚŝŶƵĞĚ ĚĞƚĞƌŵŝŶĂƚŝŽŶ͗ ͞ ĞƚƚĞƌ͕ ĂŐŝůĞ͕ ƚŽŐĞƚŚĞƌ͗ ƚƌĂŶƐĨŽƌŵ ĂŶĚ ĂĐĐĞůĞƌĂƚĞ͘͟

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

2016 ĐƋƵŝƐŝƟŽŶ ŽĨ ŵĂũŽƌŝƚLJ ƐƚĂŬĞ ŝŶ ůĂĐŬ &ŽƌĞƐƚ ŝƐƟůůĞƌƐ 'ŵď,͕ ŽǁŶĞƌ ŽĨ ƚŚĞ ƐƵƉĞƌͲƉƌĞŵŝƵŵ ŐŝŶDŽŶŬĞLJ ϰϳ͘ ^ŝŐŶŝŶŐ ŽĨ ƚŚĞ hŶŝƚĞĚ EĂƟŽŶΖƐ ^ƵƐƚĂŝŶĂďůĞ ĞǀĞůŽƉŵĞŶƚ 'ŽĂůƐ͘ ϱϬ ƚŚ ĂŶŶŝǀĞƌƐĂƌLJ ŽĨ ƚŚĞ /ŶƐƟƚƵƚ KĐĠĂŶŽŐƌĂƉŚŝƋƵĞ WĂƵů ZŝĐĂƌĚ͘

2011 hƉŐƌĂĚĞŽĨ'ƌŽƵƉ͛ƐĐƌĞĚŝƚ ƌĂƟŶŐƚŽŝŶǀĞƐƚŵĞŶƚŐƌĂĚĞ͘ >ĂƵŶĐŚŽĨZĞƐƉŽŶƐŝď͛ >> ĂLJ͕ Ă ŐůŽďĂů ĂŶŶƵĂů ĞǀĞŶƚ ĚĞǀŽƚĞĚ ƚŽ ƐŽĐŝĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŝŶǀŽůǀŝŶŐ ƚŚĞ 'ƌŽƵƉ͛Ɛ ĞŶƟƌĞǁŽƌŬĨŽƌĐĞ͘ ƌĞĂƟŽŶŽĨĂZĞƐƉŽŶƐŝďůĞ WƌŽĐƵƌĞŵĞŶƚWŽůŝĐLJ͘

2014 ^ŝŐŶŝŶŐ ŽĨ ƵƌŽƉĞĂŶ ^Z ;ϭͿ ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ && d ;ϮͿ ͕ ŝŶ ĐŽůůĂďŽƌĂƟŽŶ ǁŝƚŚ ƚŚĞ t ;ϯͿ ͘ ĐƋƵŝƐŝƟŽŶ ŽĨ ŵĂũŽƌŝƚLJ ƐƚĂŬĞ ŝŶ ǀŝſŶ ƉƌĞŵŝƵŵ ƚĞƋƵŝůĂ͘

2005 ĐƋƵŝƐŝƟŽŶ ŽĨ ůůŝĞĚ ŽŵĞĐƋ͕ ĚŽƵďůŝŶŐ ƚŚĞ 'ƌŽƵƉ͛ƐƐŝnjĞƚŽďĞĐŽŵĞƚŚĞ ǁŽƌůĚ͛Ɛ ηϮtŝŶĞΘ ^ƉŝƌŝƚƐ ĐŽŵƉĂŶLJ͕ ǁŝƚŚ ďƌĂŶĚƐ ŝŶĐůƵĚŝŶŐDƵŵŵĂŶĚ WĞƌƌŝĞƌͲ:ŽƵģƚĐŚĂŵƉĂŐŶĞƐ͕ ĂůůĂŶƟŶĞ͛ƐǁŚŝƐŬLJ͕<ĂŚůƷĂ ĂŶĚDĂůŝďƵůŝƋƵĞƵƌƐ͕ ĂŶĚ ĞĞĨĞĂƚĞƌŐŝŶ͘ DĞŵďĞƌƐŚŝƉ ŽĨ ƚŚĞ /ŶƚĞƌŶĂƟŽŶĂů ůůŝĂŶĐĞ ĨŽƌ ZĞƐƉŽŶƐŝďůĞ ƌŝŶŬŝŶŐ ;/ Z ͕ ĨŽƌŵĞƌůLJ / WͿ͘

2007 ĚŽƉƟŽŶ ŽĨ Ă ĐŽĚĞ ŽĨ ĐŽŵŵĞƌĐŝĂů ĐŽŵŵƵŶŝĐĂƟŽŶƐ͘

2015 ƉƉŽŝŶƚŵĞŶƚ ŽĨ ůĞdžĂŶĚƌĞ ZŝĐĂƌĚ ĂƐ ŚĂŝƌŵĂŶΘ K͘

2012 ^ŝŐŶŝŶŐ ŽĨ ƚŚĞ tŝŶĞ Θ ^ƉŝƌŝƚƐ WƌŽĚƵĐĞƌƐ͛ ϱ ĐŽŵŵŝƚŵĞŶƚƐ ƚŽ ƉƌŽŵŽƚĞ ƌĞƐƉŽŶƐŝďůĞ ĚƌŝŶŬŝŶŐ͘

2017 ĐƋƵŝƐŝƟŽŶ ŽĨ ŵĂũŽƌŝƚLJ ƐƚĂŬĞ ŝŶ ŚŝŐŚͲĞŶĚ ďŽƵƌďŽŶ ƉƌŽĚƵĐĞƌ ^ŵŽŽƚŚ ŵďůĞƌ͕ ĂŶĚ ŝŶ Ğů DĂŐƵĞLJ ^ŝŶŐůĞ sŝůůĂŐĞ͕ ƚŚĞ ηϭŵĞnjĐĂů ŝŶ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘ 2018 EŽŵŝŶĂƟŽŶ ŽĨ WĞƌŶŽĚ ZŝĐĂƌĚ ĂƐ ŵĞŵďĞƌ ŽĨ 'ůŽďĂů ŽŵƉĂĐƚ > ;ϰͿ ͘

2003 ^ŝŐŶŝŶŐ ŽĨ ƚŚĞ hŶŝƚĞĚ EĂƟŽŶƐ 'ůŽďĂů ŽŵƉĂĐƚ͘

2008 ĐƋƵŝƐŝƟŽŶ ŽĨ sŝŶ Θ ^Ɖƌŝƚ͕ ŽǁŶĞƌ ŽĨ ďƐŽůƵƚ sŽĚŬĂ͘

2010 ĚŚĞƐŝŽŶ ƚŽ ƚŚĞ K tĂƚĞƌ DĂŶĚĂƚĞ͘

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

dŚĞ ďƐŽůƵƚ ŽŵƉĂŶLJ

/ƌŝƐŚ ŝƐƟůůĞƌƐ

ŚŝǀĂƐ ƌŽƚŚĞƌƐ

WĞƌŶŽĚZŝĐĂƌĚ 'ůŽďĂů dƌĂǀĞů ZĞƚĂŝů

WĞƌŶŽĚZŝĐĂƌĚ Headquarters WĞƌŶŽĚZŝĐĂƌĚ D രΘര> d D WĞƌŶŽĚ ^

DĂƌƚĞůů DƵŵŵ WĞƌƌŝĞƌͲ:ŽƵģƚ

രWĞƌŶŽĚZŝĐĂƌĚ NorthAmerica

ZŝĐĂƌĚ ^

,ĂǀĂŶĂ ůƵď /ŶƚĞƌŶĂƟŽŶĂů

IDENTIFYING E X P E R I E N C E S O F C O N V I V I A L I T Y AROUND THE WORLD

WĞƌŶŽĚ ZŝĐĂƌĚ͛Ɛ ďƌĂŶĚƐ ĂƌĞ ĚŝƐƚƌŝďƵƚĞĚ ƚŚƌŽƵŐŚ ŽƵƌ ϴϲ ĚŝƌĞĐƚ ĂĸůŝĂƚĞƐ ĂĐƌŽƐƐ ĮǀĞ ĐŽŶƟŶĞŶƚƐ͘ dŚĞ'ƌŽƵƉ͛Ɛ ŐĞŽŐƌĂƉŚŝĐĂů ƐĞŐŵĞŶƚĂƟŽŶ ŝƐ ĚŝǀŝĚĞĚ ŝŶƚŽ ƚŚƌĞĞ ƌĞŐŝŽŶƐ ʹ WĞƌŶŽĚ ZŝĐĂƌĚEŽƌƚŚ ŵĞƌŝĐĂ͕ WĞƌŶŽĚ ZŝĐĂƌĚ D Θ> d D͕ WĞƌŶŽĚ ZŝĐĂƌĚ ƐŝĂ ʹ ĂŶĚ WĞƌŶŽĚ ZŝĐĂƌĚ 'ůŽďĂů dƌĂǀĞů ZĞƚĂŝů͘ KƵƌ ĚĞĐĞŶƚƌĂůŝƐĞĚ ŽƌŐĂŶŝƐĂƟŽŶ ĞŵƉŽǁĞƌƐ ŽƵƌ ϭϴ͕ϵϬϬ ĞŵƉůŽLJĞĞƐ ƚŽ ďĞ ƚƌƵĞ ͞ĐŽŶǀŝǀŝĂůŝƚLJ ĂĐƟǀŝƐƚƐ͟ ʹ ŽŶ ƚŚĞ ŐƌŽƵŶĚ ĂŵďĂƐƐĂĚŽƌƐ ŽĨ ŽƵƌ ǀŝƐŝŽŶ ĂƐ ͞ ƌĠĂƚĞƵƌƐ ĚĞ ĐŽŶǀŝǀŝĂůŝƚĠ͘͟

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

WĞƌŶŽĚZŝĐĂƌĚ ƐŝĂ

WĞƌŶŽĚ ZŝĐĂƌĚ tŝŶĞŵĂŬĞƌƐ

Z E KDW E/ ^ , K&&/ ^ ƵďůŝŶ Ͳ /ƌĞůĂŶĚ ,ĂǀĂŶĂ Ͳ ƵďĂ >ŽŶĚŽŶ Ͳ hŶŝƚĞĚ <ŝŶŐĚŽŵ WĂƌŝƐ Ͳ &ƌĂŶĐĞ ^ƚŽĐŬŚŽůŵͲ ^ǁĞĚĞŶ ^LJĚŶĞLJ Ͳ ƵƐƚƌĂůŝĂ

D Z< d KDW E/ ^ , K&&/ ^ ,ŽŶŐ <ŽŶŐ Ͳ ŚŝŶĂ

WZK h d/KE^/d ^ /EϮϯ KhEdZ/ ^

ƌŐĞŶƟŶĂ ͬ ƌŵĞŶŝĂ ͬ ƵƐƚƌĂůŝĂ ͬ ƌĂnjŝů ͬ ĂŶĂĚĂ ͬ ŚŝŶĂ ͬ ƵďĂ ͬ njĞĐŚ ZĞƉƵďůŝĐ ͬ ŶŐůĂŶĚ ͬ &ŝŶůĂŶĚ ͬ &ƌĂŶĐĞ ͬ 'ĞƌŵĂŶLJ ͬ 'ƌĞĞĐĞ ͬ /ŶĚŝĂ ͬ /ƌĞůĂŶĚ ͬ /ƚĂůLJ ͬDĞdžŝĐŽ ͬ EĞǁĞĂůĂŶĚ ͬ WŽůĂŶĚ ͬ ^ĐŽƚůĂŶĚ ͬ ^ƉĂŝŶ ͬ ^ǁĞĚĞŶ ͬ hŶŝƚĞĚ ^ƚĂƚĞƐ

>ŽŶĚŽŶ Ͳ hŶŝƚĞĚ <ŝŶŐĚŽŵ EĞǁzŽƌŬ Ͳ hŶŝƚĞĚ ^ƚĂƚĞƐ WĂƌŝƐ͕DĂƌƐĞŝůůĞ͕ ƌĠƚĞŝů Ͳ &ƌĂŶĐĞ

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

OUR DNA T H E P E R N O D R I C A R D M I N D S E T A WINNING SPIRIT OF CONQUEST

KƵƌ ϭϴ͕ϵϬϬ ĞŵƉůŽLJĞĞƐ ĂƌĞ ŽƵƌ ŐƌĞĂƚĞƐƚ ĂƐƐĞƚ͕ ĂŶĚ ƚŚĞŝƌ ĞdžĐĞƉƟŽŶĂů ĐŽŵŵŝƚŵĞŶƚ ŝƐ ĂŶ ĞƐƐĞŶƟĂů ůĞǀĞƌ ĨŽƌ ŽƵƌ ƐƵĐĐĞƐƐ͘ dŚŝƐ ĐŽŵŵŝƚŵĞŶƚ ŝƐ Ă ƌĞƐƵůƚ ŽĨ Ă ĐŽůůĞĐƟǀĞ ƐƉŝƌŝƚ ŽĨ ĐŽŶƋƵĞƐƚ ʹ ǁŚĂƚ ǁĞ ĐĂůů ͞ƚŚĞ WĞƌŶŽĚ ZŝĐĂƌĚDŝŶĚƐĞƚ͘͟ ^ŚĂƌĞĚ ĂŶĚ ĐŽŵŵƵŶŝĐĂƚĞĚ ĂĐƌŽƐƐ ƚŚĞ 'ƌŽƵƉ͕ ƚŚŝƐ DŝŶĚƐĞƚ ĨŽƐƚĞƌƐ Ă ĐƵůƚƵƌĞ ƚŚĂƚ ƚƌƵůLJ ĞŶĐŽƵƌĂŐĞƐ ŽƵƌ ĞŵƉůŽLJĞĞƐ ƚŽ ĂůǁĂLJƐ ŐŽ ͞ƚŚĞ ĞdžƚƌĂ ŵŝůĞ͘͟

dŚĞ WĞƌŶŽĚ ZŝĐĂƌĚ DŝŶĚƐĞƚ ŝƐ Ă ƉŽǁĞƌĨƵů ĨŽƌĐĞ ƚŚĂƚ ƉĞƌŵĞĂƚĞƐ ĞǀĞƌLJ ĂƐƉĞĐƚ ŽĨ ŽƵƌ ĂĐƚŝǀŝƚLJ͕ ƚŚĞ ŵŽƐƚ ǀŝƐŝďůĞ ĞdžƉƌĞƐƐŝŽŶ ŽĨ Ă ĐƵůƚƵƌĞ ǁŚŽƐĞ ŵŝƐƐŝŽŶ ŝƐ ƚŽ ƉƌŽŵŽƚĞ ĐŽŶǀŝǀŝĂůŝƚLJ ĂƌŽƵŶĚ ƚŚĞ ŐůŽďĞ͘ EƵƌƚƵƌĞĚ ĂŶĚ ƐƉƌĞĂĚ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ WĞƌŶŽĚ ZŝĐĂƌĚ ĐŽŵŵƵŶŝƚLJ͕ ŝƚ ĚƌĂǁƐ ůĂƌŐĞůLJ ŽŶ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ ĨŽƵŶĚŝŶŐ ƉƌŝŶĐŝƉůĞ ŽĨ ĚĞĐĞŶƚƌĂůŝƐĂƟŽŶ͘ dŚŝƐ ƉŽůŝĐLJ ĞŶƐƵƌĞƐ ƚŚĂƚ ǁĞ ĂƌĞ ĂďůĞ ƚŽ ƌĞƐƉŽŶĚ ƚŽ ůŽĐĂů

ƐƉŝƌŝƚ ďĞ ŝŶŐƌĂŝŶĞĚ ƚŚƌŽƵŐŚŽƵƚ ĂŶ ŽƌŐĂŶŝƐĂƟŽŶ͘ tŚĂƚ ǁŽƵůĚ ďĞ ƚŚĞ ƉŽŝŶƚ ŽĨ ŝŶĚĞƉĞŶĚĞŶƚ ĂĸůŝĂƚĞƐ ŝĨ ƚŚĞLJ ǁĞƌĞ ŐŝǀĞŶ ŶŽ ĞŶƚƌĞƉƌĞŶĞƵƌŝĂů ĨƌĞĞĚŽŵ͍ >ŝŬĞǁŝƐĞ͕ŝŶŝƟĂƟǀĞƐĐĂŶŽŶůLJƐƵĐĐĞĞĚǁŚĞŶĂŵƵƚƵĂůƚƌƵƐƚ ĞdžŝƐƚƐ ďĞƚǁĞĞŶ ĂĸůŝĂƚĞƐ ĂŶĚ ĞŵƉůŽLJĞĞƐ͘ dŚŝƐ ƚƌƵƐƚ ůĂLJƐ ƚŚĞ ĨŽƵŶĚĂƟŽŶ ĨŽƌ ĂŶŽƉĞŶĂŶĚĚŝƌĞĐƚ ĚŝĂůŽŐƵĞ͕ ŽŶĞ ŝŶǁŚŝĐŚŽƵƌ ĞŵƉůŽLJĞĞƐĂƌĞŐŝǀĞŶĨƌĞĞƌĞŝŶƚŽĚĞǀĞůŽƉŝŶŝƚŝĂƚŝǀĞƐƚŚĂƚĂƌĞďĂƐĞĚ ŽŶ ƚŚĞŝƌ ĞdžƉĞƌŝĞŶĐĞƐ ĂŶĚ ŝŶƐŝŐŚƚƐ͘ ^ƵĐŚ ĂŶ ĂƉƉƌŽĂĐŚ ƌĞƋƵŝƌĞƐ

ŵĂƌŬĞƚ ŶĞĞĚƐ ĂƐ ƚŚĞLJ ƵŶĨŽůĚ͘ dŚĞ premise is simple: in respecting ƚŚĞ ŽƉĞƌĂƟŽŶĂů ĂƵƚŽŶŽŵLJ ŽĨ ŽƵƌ ĂĸůŝĂƚĞƐ͕ ǁĞ ŶŽƚ ŽŶůLJ ĞŶĐŽƵƌĂŐĞ ďƵƚ ĞŵƉŽǁĞƌ ŽƵƌ ĞŵƉůŽLJĞĞƐ ƚŽ ƚĂŬĞ ƚŚĞ ŝŶŝƟĂƟǀĞ ĨŽƌ ĮŶĚŝŶŐ ŶĞǁ ǁĂLJƐ ƚŽ ĞŶŐĂŐĞ ǁŝƚŚ ŽƵƌ ŵĂƌŬĞƚƐ͘ tŝƚŚ Ă ƚƌƵĞ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ local cultural and economic reality, ƚŚĞLJ ĂƌĞ ŝŶ Ă ŬĞLJ ƉŽƐŝƟŽŶ ƚŽ ďĞ ƚŚĞ ĮƌƐƚƚŽƐƉŽƚŶĞǁƚƌĞŶĚƐŽƌƐĞŝnjĞŶĞǁ

spontaneity, transparency, open Ͳ ŶĞƐƐ ƚŽ ŽƚŚĞƌƐ ĂŶĚ ƌĞƐƉĞĐƚ ĨŽƌ ĚŝīĞƌĞŶĐĞƐʹĂůůĞƐƐĞŶƟĂůĞůĞŵĞŶƚƐ ƚŽŽƵƌ ƐƚƌŽŶŐ ƐĞŶƐĞ ŽĨ ĞƚŚŝĐƐ͘ ^ŝŶĐĞ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŝŶĐĞƉƚŝŽŶ͕ ǁĞ ŚĂǀĞ ƉƌŽŵŽƚĞĚ ƚŚĞ ƵŶŝǀĞƌƐĂů ŚƵŵĂŶŝƐͲ ƟĐ ǀĂůƵĞƐ ŽĨ ƉĞƌƐŽŶĂů ĂŶĚ ƉƌŽĨĞƐͲ ƐŝŽŶĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ͕ ƚƌĂŶƐƉĂƌĞŶĐLJ ĂŶĚƌĞƐƉĞĐƚĨŽƌŝŶĚŝǀŝĚƵĂůƐĂŶĚĐƵůͲ

ŽƉƉŽƌƚƵŶŝƟĞƐ͕ Ăůů ǁŚŝůĞ ŝŵƉƌŽǀŝŶŐ ŽƵƌ ĐƵƐƚŽŵĞƌ ƉƌŽdžŝŵŝƚLJ͘ dŚŝƐDŝŶĚƐĞƚ ŚĂƐ ďĞĐŽŵĞ ǀŝƚĂů ƚŽ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ ŽƵƌ ƐƚƌĂƚĞŐLJ ĂŶĚ ƚŚĞ ĞĸĐŝĞŶƚ ŽƉĞƌĂƟŽŶ ŽĨ ŽƵƌ ŽƌŐĂŶŝƐĂƟŽŶ͘ /ƚ ŝƐ ƚŚĞďLJͲƉƌŽĚƵĐƚŽĨŽƵƌƚŚƌĞĞĐĂƌĚŝŶĂůǀĂůƵĞƐ͗ĂŶĞŶƚƌĞƉƌĞŶĞƵƌŝĂů ƐƉŝƌŝƚ͕ ŵƵƚƵĂů ƚƌƵƐƚ͕ ĂŶĚ Ă ƐƚƌŽŶŐ ƐĞŶƐĞ ŽĨ ĞƚŚŝĐƐ͘ dŽŐĞƚŚĞƌ͕ ƚŚĞƐĞ ĨŽƌŵƚŚĞ ĨŽƵŶĚĂƟŽŶŽĨ ŽƵƌ ĐƵůƚƵƌĂůŵŽĚĞů͘ dŚĞ WĞƌŶŽĚ ZŝĐĂƌĚ DŝŶĚƐĞƚ ĂůůŽǁƐ ƵƐ ƚŽ ůĞǀĞƌĂŐĞ ƚŚĞ ƉŽǁĞƌŽĨĂůĂƌŐĞŐƌŽƵƉĂŶĚƚŚĞĂŐŝůŝƚLJŽĨĂƐƚĂƌƚͲƵƉ͘ ƐƵĐĐĞƐƐĨƵů ĚĞĐĞŶƚƌĂůŝƐĞĚďƵƐŝŶĞƐƐŵŽĚĞůƌĞƋƵŝƌĞƐƚŚĂƚĂŶĞŶƚƌĞƉƌĞŶĞƵƌŝĂů

ƚƵƌĞƐ͘ ŌĞƌ Ăůů͕ ƚŚĞ ĐŽŶƋƵĞƐƚ ŽĨ ůĞĂĚĞƌƐŚŝƉ͕ ǁŚŝĐŚ ƌĞŵĂŝŶƐ ƚŚĞ'ƌŽƵƉ͛ƐĂŵďŝƟŽŶ͕ŝƐĐŽŶƟŶŐĞŶƚŽŶĞdžĞŵƉůĂƌLJďĞŚĂǀŝŽƵƌ͘ dŚĞƐĞ ǀĂůƵĞƐ͕ ĐŽŵďŝŶĞĚ ǁŝƚŚ ƚŚĞ WĞƌŶŽĚ ZŝĐĂƌĚ ƐƉŝƌŝƚ ŽĨ ĐŽŶǀŝǀŝĂůŝƚLJ͕ ĂƌĞ ǁŚĂƚ ŵĂŬĞ WĞƌŶŽĚ ZŝĐĂƌĚ ƐŽ ƵŶŝƋƵĞ͘ tĞ ĨŽƐƚĞƌ ƐŝŵƉůĞ͕ ĚŝƌĞĐƚ ƌĞůĂƟŽŶƐŚŝƉƐ ďĞƚǁĞĞŶ ƉĞŽƉůĞ͘ tĞ ĞŶĐŽƵƌĂŐĞ ƐŚĂƌŝŶŐ ĂŶĚ ĐŽůůĂďŽƌĂƟŽŶ͘tĞ ƐƚƌŝǀĞ ƚŽ ĞůŝŵŝŶĂƚĞ ƐŝůŽƐĂŶĚƚŽƐŚĂƌĞĞdžƉĞƌƟƐĞ͕ĨŽƐƚĞƌĚŝƐĐƵƐƐŝŽŶƐĂŶĚƐƚƌĞĂŵůŝŶĞ ƉƌŽĐĞĚƵƌĞƐ͘ ŶĚ ŝŶ ĚŽŝŶŐ ƐŽǁĞ ŚĂǀĞ Ă ĐůĞĂƌ ŐŽĂů ŝŶŵŝŶĚ͕ ƚŽ ĨŽĐƵƐ ŽŶ ŽƵƌ raison d’être ʹ ŽƵƌ ĐŽŶƐƵŵĞƌƐ͘

Scan the page with the Shazam app to discover the Pernod Ricard DŝŶĚƐĞƚ ŝŶ ĂĐƟŽŶ͘

_ 94 %

_ 95 % W H O L E H E A R T E D LY S H A R E T H E G R O U P ’ S V A L U E S

_ 88 % F E E L A S E N S E O F C O M M I T M E N T

O F O U R E M P L O Y E E S A R E P R O U D T O W O R K F O R P E R N O D R I C A R D

^ŽƵƌĐĞ͗ZĞƐƵůƚƐŽĨƚŚĞ /^ĂLJ ƐƵƌǀĞLJ͕:ƵŶĞϮϬϭϳ͕tŝůůŝƐdŽǁĞƌƐtĂƚƐŽŶ͘

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

OUR M O D E L F O R S U C C E S S

The Men and Women of Pernod Ricard

A M O D E L _ Decentralisation Placing decision-making closer to markets Fast response to consumer needs _

V A L U E S

_ Entrepreneurial

_ Mutual Trust Freedom to act Open dialogue Right to fail _

_ Sense of Ethics Respect Transparency Good stakeholder relations _

Spirit Autonomy Initiative-taking Audacity Appetite for risk _

A N A T T I T U D E _ Conviviality

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

OUR U N I Q U E A N D D Y N A M I C P O R T F O L I O TO MEET LOCAL MARKET NEEDS

tŝƚŚ ŽƵƌ ƵŶŝƋƵĞ ƉŽƌƞŽůŝŽ ŽĨ ŝŶƚĞƌŶĂƟŽŶĂů ƉƌĞŵŝƵŵ ďƌĂŶĚƐ ĞŶĐŽŵƉĂƐƐŝŶŐ ĞǀĞƌLJ ŵĂũŽƌ ĐĂƚĞŐŽƌLJ ŽĨ ǁŝŶĞƐ ĂŶĚ ƐƉŝƌŝƚƐ͕ WĞƌŶŽĚ ZŝĐĂƌĚ ŚĂƐ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƉŽƌƞŽůŝŽƐ ŝŶ ƚŚĞ ŵĂƌŬĞƚ͘ dŽ ĂůůŽĐĂƚĞ ŽƵƌ ƌĞƐŽƵƌĐĞƐ ŝŶ ƚŚĞ ďĞƐƚ ƉŽƐƐŝďůĞ ǁĂLJ͕ ǁĞ ŝŵƉůĞŵĞŶƚĞĚ Ă ŐƌŽƵƉͲǁŝĚĞ ŵŽĚƵůĂƌ ƉůĂŶŶŝŶŐ ƚŽŽů͕ ƚŚĞ ,ŽƵƐĞ ŽĨ ƌĂŶĚƐ͘ dŚŝƐ ƚŽŽů ĞŶĂďůĞƐ ŽƵƌ ĂĸůŝĂƚĞƐ ƚŽ ƉƌŝŽƌŝƟƐĞ ƚŚĞŝƌ ŝŶǀĞƐƚŵĞŶƚƐ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŐƌŽǁƚŚ ƉŽƚĞŶƟĂů ŽĨ ĞĂĐŚ ďƌĂŶĚ ŝŶ ƚŚĞŝƌ ůŽĐĂů ŵĂƌŬĞƚ͘

ůůŽĐĂƚŝŶŐ ƌĞƐŽƵƌĐĞƐ ŝŶ Ă ǁĂLJ ƚŚĂƚ ŝƐ ĂĚĂƉƚĞĚ ƚŽ ƚŚĞ ŶĞĞĚƐ ŽĨ ŽƵƌ ďƌĂŶĚƐ ŵĞĂŶƐ ǁĞ ĐĂŶ ďĞƐƚ ůĞǀĞƌĂŐĞ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ŽƵƌ ŝŶǀĞƐƚŵĞŶƚƐ͕ ƚŚĞƌĞďLJ ĨŽƐƚĞƌŝŶŐ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŐƌŽǁƚŚ͘ dŚĞ ,ŽƵƐĞ ŽĨ ƌĂŶĚƐ ĂůůŽǁƐ ƵƐ ƚŽ ƚĂŝůŽƌ ŽƵƌ ŝŶǀĞƐƚŵĞŶƚ ƉƌŝŽƌŝƚŝĞƐ ĂŶĚ ŽƌŐĂŶŝƐĞ ŽƵƌ ƉŽƌƚĨŽůŝŽ ŽĨ ƉƌĞŵŝƵŵ ďƌĂŶĚƐ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ůŽĐĂů ĐŽŶƚĞdžƚ ĂŶĚ ĐŽŶƐƵŵƉƟŽŶ ŚĂďŝƚƐ͕ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŐƌŽǁƚŚ ƉŽƚĞŶƟĂů ŽĨ ĞĂĐŚ ďƌĂŶĚ ŝŶ ĞĂĐŚ ŵĂƌŬĞƚ͘ dŚŝƐ ĚLJŶĂŵŝĐ ďƌĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ƚŽŽů ĂůůŽǁƐ ĞĂĐŚ ŵĂƌŬĞƚ ƚŽ ŝŶǀĞƐƚ ŝŶ ůŝŶĞǁŝƚŚ ƚŚĞ'ƌŽƵƉ͛Ɛ ƉƌŝŽƌŝƟĞƐ ;ǁŚĞƚŚĞƌ ŝŶ ^ƚƌĂƚĞŐŝĐ /ŶƚĞƌŶĂƚŝŽŶĂů ƌĂŶĚƐ͕ >ƵdžƵƌLJ͕ /ŶŶŽǀĂƚŝŽŶ͕ ^ƚƌĂƚĞŐŝĐ tŝŶĞƐ͕ Žƌ ^ƚƌĂƚĞŐŝĐ >ŽĐĂů ƌĂŶĚƐͿ ĂƐ ǁĞůů ĂƐ ŝƚƐ ůŽĐĂů ĐŽŶƚĞdžƚ ;ƐƵĐŚ ĂƐ ƚŚĞ ůŽĐĂů ŵŽŵĞŶƚƐ ŽĨ ĐŽŶƐƵŵƉƟŽŶ͕ Žƌ ƐƉĞĐŝĮĐ ĐŽŶǀŝǀŝĂůŝƚLJ ĞdžƉĞƌŝĞŶĐĞƐͿ͘ ŌĞƌ ŝĚĞŶƟĨLJŝŶŐ ƚŚĞ ƉŽƚĞŶƚŝĂů ŽĨ ĞĂĐŚ ďƌĂŶĚ ŝŶ ĞĂĐŚ ƐĞŐŵĞŶƚ͕ ƚŚĞ ŵĂƌŬĞƚ ĚĞƚĞƌŵŝŶĞƐ ŝƚƐ ůŽĐĂů ƐƚƌĂƚĞŐLJ ďĂƐĞĚ ŽŶ ƚŚƌĞĞ ƚLJƉĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŝŽƌŝƟĞƐ͗ ^ƚĂƌƐ͕ 'ƌŽǁƚŚ ZĞůĂLJƐ ĂŶĚ ĂƐƟŽŶƐ͘ &Žƌ ƚŚĞ ďƌĂŶĚƐ ƚŚĂƚ ĂƌĞ ĐĂƚĞŐŽƌŝƐĞĚ ĂƐ ^ƚĂƌƐ͕ ƚŚĞ 'ƌŽƵƉ ŝŶǀĞƐƚƐ ƐŝŐŶŝĮĐĂŶƚůLJ ŝŶ ƚŚĞŵ ƐŝŶĐĞ ƚŚĞLJ ĂĐƟǀĞůLJ

ĐŽŶƚƌŝďƵƚĞ ƚŽ ĐƵƌƌĞŶƚ ŐƌŽǁƚŚ͘ KƵƌ 'ƌŽǁƚŚ ZĞůĂLJ ďƌĂŶĚƐ͕ ƚŚĂƚ ĂƌĞ ƉƌŽŵŝƐŝŶŐ ĨƌŽŵĂ ĨƵƚƵƌĞ ƉĞƌĨŽƌŵĂŶĐĞ ƉĞƌƐƉĞĐƟǀĞ͕ ĂůƐŽ ďĞŶĞĨŝƚ ĨƌŽŵ ŝŶĐƌĞĂƐĞĚ ƌĞƐŽƵƌĐĞƐ ƚŽ ĐŽŶƚŝŶƵĞ ƉƌŽŵŽƟŶŐ ĚLJŶĂŵŝĐ ŐƌŽǁƚŚ ŝŶ ƚŚĞŵĞĚŝƵŵĂŶĚ ůŽŶŐͲƚĞƌŵ͘ DĞĂŶǁŚŝůĞ͕ ƚŚĞ ŐŽĂů ŽĨ ŽƵƌ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ŽƵƌ ŵĂƚƵƌĞ ďƌĂŶĚƐ Žƌ ďƌĂŶĚƐ ƚŚĂƚ ĂƌĞ ŝŶ Ă ǀĞƌLJ ĐŽŵƉĞƟƟǀĞ ƐĂůĞƐ ĐĂƚĞŐŽƌLJ͕ ƚŚĞ ĂƐƟŽŶƐ͕ ŝƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ƉƌŽƚĞĐƚ ƚŚĞŝƌ ƐĂůĞƐ ĂŶĚ ƉƌŽĮƚƐ͘ dŚŝƐ ƐĞŐŵĞŶƚĂƟŽŶ ŶŽƚ ŽŶůLJ ƉĞƌŵŝƚƐ ŐƌĞĂƚĞƌ ĂŐŝůŝƚLJ͕ ƚĂŬŝŶŐ ĨƵůů ĂĚǀĂŶƚĂŐĞ ŽĨ ůŽĐĂů ŵĂƌŬĞƚ ŬŶŽǁůĞĚŐĞ ǁŚŝůĞ ƐĞƌǀŝŶŐ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŽǀĞƌĂůů ƉĞƌĨŽƌŵĂŶĐĞ͕ ďƵƚ ĂůƐŽ ĐŽŶƚƌŝďƵƚĞƐ ƚŽ ŵĂŝŶƚĂŝŶŝŶŐ Ă ĐŽŶƐŝƐƚĞŶƚ ĂŶĚ ĐŽŚĞƌĞŶƚ ĚŝĂůŽŐƵĞ ďĞƚǁĞĞŶ WĞƌŶŽĚ ZŝĐĂƌĚ ,ĞĂĚƋƵĂƌƚĞƌƐ ĂŶĚ ĂĸůŝĂƚĞƐ ǁŚĞŶ ƌĞƐŽƵƌĐĞƐ ĂƌĞ ĂůůŽĐĂƚĞĚ͘ dŚĞ ,ŽƵƐĞ ŽĨ ƌĂŶĚƐ ŚĞůƉƐ ŵĂƌŬĞƚƐ ĮŶĚ ƚŚĞ ƌŝŐŚƚ ďĂůĂŶĐĞ ďĞƚǁĞĞŶ ƐŚŽƌƚ͕ ŵĞĚŝƵŵ ĂŶĚ ůŽŶŐͲƚĞƌŵ ďĞŶĞĮƚƐ ĂŶĚ ďĞƚǁĞĞŶ ŐƌŽǁƚŚ͕ ƉƌĞƐĞƌǀĂƟŽŶ ĂŶĚ ĚĞĨĞŶƐŝǀĞ ƐƚƌĂƚĞŐŝĞƐ͘

House of Brands

STRATEGIC INTERNATIONAL

Stars

Growth Relays

Bastions

LUXURY AND PRESTIGE

INNOVATION

WINES

STRATEGIC LOCAL

Stars

Growth Relays

Bastions

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

THE H O U S E O F B R A N D S

_

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^dZ d '/ t/E ^

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> K > Z E ^

/ůůƵƐƚƌĂƟǀĞƐĞůĞĐƟŽŶŽĨďƌĂŶĚƐ͘

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

OUR O R G A N I S A T I O N : DECENTRALISED TO CAPTURE NEW BUSINESS OPPORTUNITIES

ĞĐĞŶƚƌĂůŝƐĂƟŽŶ ŝƐ Ă ĨŽƵŶĚŝŶŐ ƉƌŝŶĐŝƉůĞ ŽĨ ŽƵƌ ŽƌŐĂŶŝƐĂƟŽŶ͘ &ƌŽŵ ƚŚĞ ŽƵƚƐĞƚ͕ WĞƌŶŽĚ ZŝĐĂƌĚ ŚĂƐ ŚĂƌŶĞƐƐĞĚ ƚŚĞ ƉŽƚĞŶƟĂů ŽĨ ĚĞĐĞŶƚƌĂůŝƐĂƟŽŶ ƚŽ ĞŶĐŽƵƌĂŐĞ ĐŽŶƐƵŵĞƌͲĐĞŶƚƌŝĐ ĚĞĐŝƐŝŽŶ ŵĂŬŝŶŐ ĂŶĚ ĂĚĚƌĞƐƐ ĐƵƐƚŽŵĞƌ ŶĞĞĚƐ ŝŶ Ă ƟŵĞůLJ ŵĂŶŶĞƌ͘ ĞĐĞŶƚƌĂůŝƐĂƟŽŶ ĐŽŶĨĞƌƐ Ă ĐŽŵƉĞƟƟǀĞ ĂĚǀĂŶƚĂŐĞ ŝŶ ĂŶ ƵŶĐĞƌƚĂŝŶ ĞŶǀŝƌŽŶŵĞŶƚ͕ ƌĞŶĚĞƌŝŶŐ ĐŽŵƉĂŶLJ ŽƉĞƌĂƟŽŶƐ ŵŽƌĞ ŇĞdžŝďůĞ͕ ĞĸĐŝĞŶƚ ĂŶĚ ĞīĞĐƟǀĞ͘ tŝƚŚ ĂŶ ŽƌŐĂŶŝƐĂƟŽŶ ďĂƐĞĚ ŽŶ Ă ƌĞƐƉĞĐƚ ĨŽƌ ĞĂĐŚ ĂĸůŝĂƚĞ͛Ɛ ŽƉĞƌĂƟŽŶĂů ĂƵƚŽŶŽŵLJ ĂŶĚ ƚŚĞ ŽǀĞƌĂůů ƐƚƌĂƚĞŐŝĐ ƉƌŝŶĐŝƉůĞƐ ĚĞĮŶĞĚ Ăƚ ƚŚĞ 'ƌŽƵƉ ůĞǀĞů͕ ǁĞ ĐĂŶ ĐŽŶĮĚĞŶƚůLJ ƌĞůLJ ŽŶ ƚŚĞ ĐŽŶƐƚĂŶƚ ŝŶƚĞƌĂĐƟŽŶ ďĞƚǁĞĞŶ ,ĞĂĚƋƵĂƌƚĞƌƐ͕ ƌĂŶĚ ŽŵƉĂŶŝĞƐ ĂŶĚ DĂƌŬĞƚ ŽŵƉĂŶŝĞƐ͘

/Ŷ Ă ǀŽůĂƟůĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ ĂĚĂƉƚĂďŝůŝƚLJ ŝƐ ĞƐƐĞŶƟĂů Ăƚ ĞǀĞƌLJ ůĞǀĞů ŝĨ ǁĞ ĂƌĞ ƚŽ ĐĂƉƚƵƌĞ ŶĞǁŵĂƌŬĞƚ ƚƌĞŶĚƐ ĂŚĞĂĚ ŽĨ ƚŚĞ ĐŽŵƉĞƟƟŽŶ͘ Ɛ ŽŶĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŬĞLJ ƐƚƌĞŶŐƚŚƐ͕ ĚĞĐĞŶƚƌĂůŝƐĂƟŽŶ ŚĂƐ ŝŶƐƟůůĞĚ Ă ĐƵůƚƵƌĞ ŽĨ ŽƉĞŶŶĞƐƐ ƚŽ

KƵƌ ĚĞĐĞŶƚƌĂůŝƐĞĚ ŽƌŐĂŶŝƐĂƟŽŶ ŝƐ ŽƌŐĂŶŝƐĞĚ ĂƌŽƵŶĚ ƚŚƌĞĞ ĞŶƟƟĞƐ͗ ,ĞĂĚƋƵĂƌƚĞƌƐ ʹ ǁŚŝĐŚ ĚĞĮŶĞƐ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƐƚƌĂƚĞŐLJ ĂŶĚ ŽǀĞƌƐĞĞƐ ŝƚƐ ŝŵƉůĞŵĞŶƚĂƟŽŶ͕ Ɛŝdž ƌĂŶĚ ŽŵƉĂŶŝĞƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞǀĞůŽƉŝŶŐ ƉƌŽĚƵĐƚƐ ĂŶĚ

ƚŚĞŝƌ ŵĂƌŬĞƚŝŶŐ ƉŽůŝĐŝĞƐ͕ ĂŶĚ ϴϲ DĂƌŬĞƚ ŽŵƉĂŶŝĞƐ ƌĞƐƉŽŶͲ ƐŝďůĞ ĨŽƌ ƚŚĞ ůŽĐĂů ĚŝƐƚƌŝďƵƟŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƉŽƌƞŽůŝŽ ŽĨ ďƌĂŶĚƐ͘ ĂĐŚ ĞŶƚŝƚLJ ŝƐ ŵĂŶĂŐĞĚ ĂƐ ĂŶ ŝŶĚŝǀŝĚƵĂů ƉƌŽĮƚ ĐĞŶƚƌĞ ĂŶĚ ƚŚƵƐ ĂīŽƌĚĞĚ ƐŝŐŶŝĮĐĂŶƚ ĂƵƚŽŶŽŵLJ͘ ĸůŝĂƚĞƐ ĂƌĞ ŽďůŝŐĞĚ ƚŽ ŽďƚĂŝŶ ƌĞƐƵůƚƐ ƚŚĂƚ ĂƌĞ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞ ĚĞĮŶĞĚ ƐƚƌĂƚĞŐLJ ĂŶĚ ƚŚĂƚ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŽǀĞƌͲ Ăůů ƐƵĐĐĞƐƐ͘ KƵƌ ŽƌŐĂŶŝƐĂƟŽŶĂů

ĐŚĂŶŐĞ ĂŶĚ ĐŽŶƐƚĂŶƚ ƚƌĂŶƐĨŽƌŵĂͲ ƟŽŶ ƚŚĂƚ ĂůůŽǁƐ ƵƐ ƚŽ ĐŽŶƐƚĂŶƚůLJ ŝŵƉƌŽǀĞ ŽƵƌ ĂŐŝůŝƚLJ͕ ƐƉĞĞĚ͕ ĂŶĚ ŽǀĞƌĂůů ĞĨĨŝĐŝĞŶĐLJ͘ /ƚ ĂĨĨŽƌĚƐ ƵƐ ƚŚĞ ďĞŶĞĨŝƚƐ ŽĨ ĞĐŽŶŽŵŝĞƐ ŽĨ ƐĐĂůĞ ŝŶŚĞƌĞŶƚ ƚŽ Ă ůĂƌŐĞ ŝŶƚĞƌŶĂͲ ƟŽŶĂů ŽƌŐĂŶŝƐĂƟŽŶ ǁŝƚŚ Ă ŐůŽďĂů ƐƚƌƵĐƚƵƌĞ ʹ ĨŽƌ ĞdžĂŵƉůĞ͕ ƚŚĞ ĂďŝůͲ ŝƚLJ ƚŽ ƉŽŽů ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƐŚĂƌĞ ĞdžƉĞƌƟƐĞ͕ ǁŚŝůĞ ĨƌĞĞŝŶŐ ĂĸůŝĂƚĞƐ ĨƌŽŵ ƚŚĞƐĞ ƐĂŵĞ ŽƉĞƌĂƚŝŽŶĂů ĐŽŶƐƚƌĂŝŶƚƐ͘ LJ ƌĞŵŽǀŝŶŐ Ăůů

ŽďƐƚĂĐůĞƐ ƚŚĂƚ ƉƌĞǀĞŶƚ ƵƐ ĨƌŽŵ ŵĂŬŝŶŐ ƐƚƌĂƚĞŐŝĐ ĚĞĐŝͲ ƐŝŽŶƐ Ăƚ Ă ůŽĐĂů ůĞǀĞů͕ ŽƵƌ ůŽĐĂů ŵĂƌŬĞƚƐ ĐĂŶ ĨŽĐƵƐ ŽŶ ƚŚĞ ĞƐƐĞŶƟĂů͗ ĐĂƉŝƚĂůŝƐŝŶŐ ŽŶ ŽƉƉŽƌƚƵŶŝƟĞƐ ĨŽƌ ŐƌŽǁƚŚ͘

ŵŽĚĞů ƌĞůŝĞƐ ŽŶ ƚŚĞ ĐŽŶƟŶƵŽƵƐ ĚŝĂůŽŐƵĞ ďĞƚǁĞĞŶ Ăůů 'ƌŽƵƉ ĞŶƟƟĞƐ ŝŶ ŽƌĚĞƌ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĚĞĐŝƐŝŽŶ ŵĂŬŝŶŐ ĂŶĚ ŽƉĞƌĂƟŽŶĂů ĞĸĐŝĞŶĐLJ͘

_ 86 D Z < d K D W E / ^ Z K h E d , t K Z >

_ 93 W Z K h d / K E ^ / d ^ ΈϭΉ

_ 4

^ d Z d ' /

D Z < d ^ ͗

h ^ ͕ , / E ͕ / E / E d Z s > Z d / >

;ϭͿKƉĞƌĂƟŶŐƐŝƚĞƐĂƐĂƚ:ƵŶĞϯϬ͕ϮϬϭϴ͘

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

PERNOD RICARD H E A D Q U A R T E R S _

,ĞĂĚƋƵĂƌƚĞƌƐ ĚĞĮŶĞƐ͕ ĐŽŽƌĚŝŶĂƚĞƐ ĂŶĚ ŽǀĞƌƐĞĞƐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ ƚŚĞ ŽǀĞƌĂůů ĐŽŵƉĂŶLJ ƐƚƌĂƚĞŐLJ ĂŶĚ ĞŶƐƵƌĞƐ ĂĸůŝĂƚĞƐ ĐŽŵƉůLJ ǁŝƚŚ ĐŽƌƉŽƌĂƚĞ ƉŽůŝĐŝĞƐ͘ /ƚƐ ŵĂŝŶ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ĂƌĞ͗ ŐŽǀĞƌŶĂŶĐĞ ĨƵŶĐƟŽŶƐ ;^ƚƌĂƚĞŐLJ͕ DĞƌŐĞƌƐ Θ ĐƋƵŝƐŝƟŽŶƐ͕ &ŝŶĂŶĐĞ͕ >ĞŐĂů īĂŝƌƐ͕ ŽƌƉŽƌĂƚĞ ŽŵŵƵŶŝĐĂƟŽŶ͕ dĂůĞŶƚ ĞǀĞůŽƉŵĞŶƚ͕ ^ΘZͿ͖ ĚŝƐƐĞŵŝŶĂƟŽŶ ŽĨ ďĞƐƚ ƉƌĂĐƟĐĞƐ ĂŶĚ ĐƌŽƐƐͲĨƵŶĐƟŽŶĂů ŝŶŝƟĂƟǀĞƐǁŝƚŚ ŚŝŐŚ ĂĚĚĞĚ ǀĂůƵĞ ;ĚŝŐŝƚĂů ŵĂƌŬĞƟŶŐ͕ ůƵdžƵƌLJ͕ ŝŶŶŽǀĂƟŽŶ͕ ĞƚĐ͘Ϳ͖ ĂŶĚ ƐƵƉƉŽƌƚ ĨƵŶĐƟŽŶƐ ;ƐƵƉƉůLJ ĐŚĂŝŶ͕ /d͕ ĞƚĐ͘Ϳ͘

B R A N D COMPANIES

M A R K E T COMPANIES

THE ABSOLUT COMPANY CHIVAS BROTHERS MARTELL MUMM PERRIER-JOUËT IRISH DISTILLERS PERNOD RICARD WINEMAKERS HAVANA CLUB INTERNATIONAL _ Based in the home country of each brand, the Brand Companies are responsible for developing the overall strategy for their respective brands, as well as activations that can be implemented by the Market Companies at the local level. They are also responsible for production and management of their industrial ĨĂĐŝůŝƟĞƐ͘

PERNOD RICARD NORTH AMERICA PERNOD RICARD ASIA W ZEK Z/ Z D രΘര> d Dര (1) PERNOD RICARD GLOBAL TRAVEL RETAIL

PERNOD SA RICARD SA _

The Market Companies are each linked to a region (Pernod Ricard North America, Pernod Ricard Asia or Pernod Ricard EMEA & LATAM), ǁŝƚŚ ƚŚĞ ĞdžĐĞƉƟŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƚǁŽ foundingMarketCompaniesinFrance, Pernod SA and Ricard SA, which are ĚŝƌĞĐƚůLJ ƌĞƉƌĞƐĞŶƚĞĚ ŽŶ ƚŚĞ džĞĐƵƟǀĞ ŽŵŵŝƩĞĞ͘dĂƐŬĞĚǁŝƚŚŝŵƉůĞŵĞŶƟŶŐ ƚŚĞ'ƌŽƵƉ͛ƐƐƚƌĂƚĞŐLJĂŶĚŬĞLJƉŽůŝĐŝĞƐŝŶ ƚŚĞŝƌƌĞƐƉĞĐƟǀĞŵĂƌŬĞƚƐ͕ƚŚĞϴϲDĂƌŬĞƚ ŽŵƉĂŶŝĞƐ͛ ƌŽůĞ ŝƐ ƚŽ ĂĐƚŝǀĂƚĞ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŝŶƚĞƌŶĂƟŽŶĂů ďƌĂŶĚ ƐƚƌĂƚĞŐŝĞƐ at the local level andmanage the local ĂŶĚ ƌĞŐŝŽŶĂů ďƌĂŶĚƐ ŝŶ ƚŚĞŝƌ ƉŽƌƞŽůŝŽ͘

;ϭͿ ƵƌŽƉĞ͕DŝĚĚůĞ ĂƐƚ͕ ĨƌŝĐĂĂŶĚ>ĂƟŶ ŵĞƌŝĐĂ͘

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

OUR CONSUMER-FOCUSED S T R A T E G Y

4 E S S E N T I A L S

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O P E R A T I O N A L E X C E L L E N C E ZĞĚƵĐĞ ĐŽŵƉůĞdžŝƚLJ Θ ĨŽƐƚĞƌ ĞĸĐŝĞŶĐLJ

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T A L E N T D E V E L O P M E N T _ ZĞĐƌƵŝƚ͕ ƌĞƚĂŝŶ Θ ĚĞǀĞůŽƉ ĚŝǀĞƌƐĞ ƚĞĂŵƐ

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^ h ^ d / E / > / d z Θ Z ^ W K E ^ / / > / d z Έ ^ Θ Z Ή _ >ĞĂĚ ƚŚĞ ŝŶĚƵƐƚƌLJ ŝŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJ Θ ƌĞƐƉŽŶƐŝďŝůŝƚLJ

_ _ ĂƉŝƚĂůŝƐĞ ŽŶ ŽƵƌ ŵĂŶLJ ĚŝīĞƌĞŶƚ ĚŝƐƚƌŝďƵƟŽŶ ĐŚĂŶŶĞůƐ ŝŶ ŽƌĚĞƌ ƚŽ ƌĞĂĐŚ Ăůů ŽĨ ŽƵƌ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ĐŽŶƐƵŵĞƌƐ Z K h d ͳ d K ͳ D Z < d ͬ K E ^ h D Z

Today’s consumers are no longer loyal to a single brand. They are increasingly demanding and more connected than ever. They choose from a range ŽĨ ďƌĂŶĚƐ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ŵŽŵĞŶƚ ŽĨ ĐŽŶƐƵŵƉƟŽŶ ;ŵĞĂů͕ ĂƉĞƌŝƟĨ͕ ĐĞůĞďƌĂƟŽŶͿ͕ ŝŶĐůƵĚŝŶŐ ǁŚĞŶ͕ ǁŚĞƌĞ ;ƌĞƐƚĂƵƌĂŶƚ͕ ŚŽŵĞ͕ ŶŝŐŚƚ ĐůƵďͿ͕ ĂŶĚ ǁŝƚŚ ǁŚŽŵ ƚŚĞLJ ĂƌĞ ;ĨĂŵŝůLJ͕ ĨƌŝĞŶĚƐ͕ ĐŽůůĞĂŐƵĞƐͿ͘ dŽ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ƵŶĚĞƌƐƚĂŶĚ ĂŶĚŵĞĞƚ ƚŚĞŝƌ ŶĞĞĚƐ͕ ǁĞ ŚĂǀĞ ƉůĂĐĞĚ ƚŚĞ ĐŽŶƐƵŵĞƌ Ăƚ ƚŚĞ ŚĞĂƌƚ ŽĨ ŽƵƌ ƐƚƌĂƚĞŐLJ͖ ĞǀĞƌLJƚŚŝŶŐ ǁĞ ĚŽ ƌĞǀŽůǀĞƐ ĂƌŽƵŶĚ ĐŽŶƐƵŵĞƌ ƐĂƟƐĨĂĐƟŽŶ͘ KƵƌ ƐƚƌĂƚĞŐŝĐ ŵŽĚĞů ŝƐ ďĂƐĞĚ ŽŶ ĨŽƵƌ ƐƐĞŶƟĂůƐ ĂŶĚ ĨŽƵƌ ĐĐĞůĞƌĂƚŽƌƐ͕ ĚĞĮŶŝŶŐ ŽƵƌ ƉƌŝŽƌŝƟĞƐ ĨŽƌ ƚŚĞ coming years.

KƵƌ ĨŽƵƌ ƐƐĞŶƟĂůƐ ĂƌĞ ďƵŝůƚ ŽŶ ŽƵƌ ŚŝƐƚŽƌŝĐ ĨƵŶĚĂŵĞŶƚĂůƐ͗ KƉĞƌĂƟŽŶĂů džĐĞůůĞŶĐĞ͗ ƐƚƌĞĂŵůŝŶĞ ŽƉĞƌĂƟŽŶĂů processes to produce, distribute and commercialise ŽƵƌ ƉƌŽĚƵĐƚƐ ŵŽƌĞ ĞīĞĐƟǀĞůLJ͕ ƚŚĞƌĞďLJ ĂĐƟŶŐ ǁŝƚŚ more speed and agility. dĂůĞŶƚ DĂŶĂŐĞŵĞŶƚ͗ capitalise on our solid entrepreneurial culture to develop our employees, ĞŶŚĂŶĐĞ ƚŚĞŝƌ ĐĂƌĞĞƌ ƉĂƚŚƐ ĂŶĚ ĂƩƌĂĐƚ ŶĞǁ ƚĂůĞŶƚ͘ ^ƵƐƚĂŝŶĂďŝůŝƚLJ Θ ZĞƐƉŽŶƐŝďŝůŝƚLJ ;^ΘZͿ͗ integrate S&R as an integral part of our brand strategy to drive ůŽŶŐͲƚĞƌŵ ƉŽƐŝƟǀĞ ĂŶĚ ƐƵƐƚĂŝŶĂďůĞ ŐƌŽǁƚŚ͕ ƐĞƌǀŝŶŐ Ăůů ŽƵƌ ĐŽŵŵƵŶŝƟĞƐ͘ ZŽƵƚĞͲƚŽͲDĂƌŬĞƚͬ ŽŶƐƵŵĞƌ͗ boost our brands ĂĐƌŽƐƐ Ăůů ĚŝƐƚƌŝďƵƟŽŶ ĐŚĂŶŶĞůƐ ʹ ĨƌŽŵ ƚƌĂĚŝƟŽŶĂů

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PERNOD RICARD REGI S TRATION DOCUMENT 2017/2018

At Pernod Ricard, conviviality is more than our profession, it’s our driving purpose. We strive to bring people together. As “Créateurs de convivialité,” the Group’s vision is to ensure that each of our brands are at the heart of every shared moment, transforming these social occasions ŝŶƚŽ ƚƌƵĞ ĞdžƉĞƌŝĞŶĐĞƐ ŽĨ ĐŽŶǀŝǀŝĂůŝƚLJ ʹ ƐŝŵƉůĞ͕ ŐĞŶƵŝŶĞ͕ ĚŝƌĞĐƚ ĂŶĚ ĂƵƚŚĞŶƟĐ ŵŽŵĞŶƚƐ ŽĨ ƐŚĂƌŝŶŐ͘ /Ŷ ƌĞĂůŝƐŝŶŐ ƚŚŝƐ ǀŝƐŝŽŶ ǁĞ ǁŝůů ĂĐŚŝĞǀĞ ƚŚĞ ĂŵďŝƟŽŶ ŽĨ ŽƵƌ ĨŽƵŶĚĞƌƐ WĂƵů ZŝĐĂƌĚ ĂŶĚ :ĞĂŶ ,ĠŵĂƌĚ ƚŽ ďĞĐŽŵĞ ƚŚĞ ǁŽƌůĚ ůĞĂĚĞƌ ŝŶ ƚŚĞ tŝŶĞ Θ ^ƉŝƌŝƚƐ ŝŶĚƵƐƚƌLJ͘

4 A C C E L E R A T O R S

_ _ WŽƐŝƟŽŶ ŽŶĞ ŽĨ ŽƵƌ ďƌĂŶĚƐ Ăƚ ĞĂĐŚ ĂŶĚ ĞǀĞƌLJ ƐŚĂƌĞĚŵŽŵĞŶƚ ŽĨ ĐĞůĞďƌĂƟŽŶ͕ ƌŽŽƚĞĚ ŝŶ ůŽĐĂů ƌĞĂůŝƟĞƐ P O R T F O L I O M A N A G E M E N T

_ _ WƌĞŵŝƵŵŝƐĞ ƚŚĞ ƉŽƌƞŽůŝŽ Θ ƐƚƌĞŶŐƚŚĞŶ ŽƵƌ ƉŽƐŝƟŽŶ ĂƐ ƚŚĞ ůĞĂĚĞƌ ŝŶ ůƵdžƵƌLJ ƐƉŝƌŝƚƐ P R E M I U M I S A T I O N A N D L U X U R Y

_ _ ƌĞĂƚĞ ďƌĂŶĚ ĞdžƉĞƌŝĞŶĐĞƐ ƚŚƌŽƵŐŚ ŶĞǁ ƉƌŽĚƵĐƚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ I N N O V A T I O N

_ _ ĐĐĞůĞƌĂƚĞ ƚŚĞ ŝŶƚĞŐƌĂƟŽŶ ŽĨ ĚŝŐŝƚĂů ŝŶƚŽ ĞǀĞƌLJƚŚŝŶŐ ǁĞ ĚŽ D I G I T A L A C C E L E R A T I O N

ĐŚĂŶŶĞůƐ ƚŽ ŶĞǁ ĞŵĞƌŐŝŶŐ ĐŚĂŶŶĞůƐ͕ ƐƵĐŚ ĂƐ ĞͲĐŽŵŵĞƌĐĞ ʹ ƚŽ ŽƉƟŵŝƐĞ ĚĞůŝǀĞƌLJ ŽĨ ŽƵƌ ƉƌŽĚƵĐƚƐ͘

dŚŝƐ ƐƚƌĂƚĞŐLJ ǁŝůů ĂůůŽǁ ƵƐ ƚŽ ǁŝŶ ŽŶ ƚŚĞ four ďĂƩůĞŐƌŽƵŶĚƐ ǁĞ ŚĂǀĞ ŝĚĞŶƟĮĞĚ ƚŽ ĂĐĐĞůĞƌĂƚĞ ŽƵƌ ŐƌŽǁƚŚ͗

KƵƌ ĨŽƵƌ 'ƌŽǁƚŚ ĐĐĞůĞƌĂƚŽƌƐ ůĞǀĞƌĂŐĞ ƚŚĞƐĞ ƐƐĞŶƟĂůƐ ƚŽ ŵĞĞƚ ŶĞǁ ĐŽŶƐƵŵĞƌ ŶĞĞĚƐ͗ WŽƌƞŽůŝŽDĂŶĂŐĞŵĞŶƚ͗ ƉŽƐŝƟŽŶ ŽŶĞ ŽĨ ŽƵƌ ďƌĂŶĚƐ in each moment of conviviality; WƌĞŵŝƵŵŝƐĂƟŽŶ ĂŶĚ >ƵdžƵƌLJ͗ encourage consumers to move upmarket and consolidate our leadership in the luxury spirits segment; /ŶŶŽǀĂƟŽŶ͗ ĚĞǀĞůŽƉ ŶĞǁ ƉƌŽĚƵĐƚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ͕ ĂŶĚ ĐƌĞĂƚĞ ŶĞǁ ďƌĂŶĚ ĞdžƉĞƌŝĞŶĐĞƐ͖ ŝŐŝƚĂů ĐĐĞůĞƌĂƟŽŶ͗ integrate digital technology into all our projects.

1 tŝŶŶŝŶŐ ŝŶ <ĞLJ DĂƌŬĞƚƐ

2 ƵŝůĚŝŶŐ WĂƐƐŝŽŶ ƌĂŶĚƐ

3 &ƵŶĚŝŶŐ ƚŚĞ :ŽƵƌŶĞLJ

4 ŶŚĂŶĐŝŶŐ WĞƌĨŽƌͲ ŵĂŶĐĞ ƵůƚƵƌĞ

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PERNOD RICARD REGISTR A TION DOCUMENT 2017/2018

O U R S & R M O D E L FOR SUSTAINABLE GROWTH

WĞƌŶŽĚ ZŝĐĂƌĚ ŚĂƐ ĂůǁĂLJƐ ďĞĞŶ Ă ƉŝŽŶĞĞƌ ŝŶ ĐŽƌƉŽƌĂƚĞ ŐůŽďĂů ƌĞƐƉŽŶƐŝďŝůŝƚLJ͘ More than 50 years ago, our founder Paul Ricard created the /ŶƐƟƚƵƚ KĐĠĂŶŽŐƌĂƉŚŝƋƵĞ WĂƵů ZŝĐĂƌĚ͕ just one example of his vision ĨŽƌ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƉůĂĐĞ ŝŶ ƚŚĞ ǁŽƌůĚ͘ dŽĚĂLJ͕ ŽƵƌ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ^ƵƐƚĂŝŶĂďŝůŝƚLJ Θ ZĞƐƉŽŶƐŝďŝůŝƚLJ ;^ΘZͿ ƌĞŵĂŝŶƐ Ă ĐŽƌŶĞƌƐƚŽŶĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͕ intrinsic to every aspect of our mission as “Créateurs de convivialité. ”

Pernod Ricard has dedicated itself to striking Ă ĐŽŶƐŝƐƚĞŶƚ ďĂůĂŶĐĞ ďĞƚǁĞĞŶ ďƵƐŝŶĞƐƐ ĞĨĨŝĐŝĞŶĐLJ͕ ĐŽŵŵƵŶŝƚLJ ǁĞůůͲďĞŝŶŐ ĂŶĚ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽƚĞĐƟŽŶ͘ As “Créateurs de convivialité, ” ǁĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ƵŶŝǀĞƌƐĂů ŚƵŵĂŶ ŝŶƐƟŶĐƚ ĨŽƌ ĐŽŶǀŝǀŝĂůŝƚLJ ŇŽǁƐ ŵŽƐƚ naturally and abundantly from a healthy social and physical environment. Sustainability & Responsibility ĂƌĞ ŝŶƚƌŝŶƐŝĐ ƚŽ ďŽƚŚ ŽƵƌ ǀŝƐŝŽŶ ĂŶĚ ŽƵƌ ĂŵďŝƟŽŶ͕ ŶŽŶͲ ŶĞŐŽƟĂďůĞ ͞ ƐƐĞŶƟĂůƐ͟ ĨŽƌ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ŽƵƌ ƐƚƌĂƚĞŐŝĐ

ƌŽŽƚĞĚ ŝŶ ůŽĐĂů ŶĞĞĚƐ͕ ǁŚŝůĞ Ăƚ ƚŚĞ ƐĂŵĞ ƟŵĞ ƐĞĐƵƌĞůLJ ƟĞĚ ƚŽ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŐůŽďĂů ƉƌŝŽƌŝƟĞƐ͘ tĞ ƚĂŬĞ ĂŶ ŽƉĞŶ ĂŶĚ ĨƌŝĞŶĚůLJ ĂƉƉƌŽĂĐŚ ǁŝƚŚ stakeholders, partners, and companies that support our ĂĐƟǀŝƟĞƐ ĂƌŽƵŶĚ ƚŚĞ ǁŽƌůĚ͘ /ƚ ŝƐ Ă ƐŽƵƌĐĞ ŽĨ ƉƌŝĚĞ ĨŽƌ us to protect and maintain the environmental heritage ƵŶŝƋƵĞ ƚŽ ĞĂĐŚ ŽĨ ŽƵƌ ƌĂŶĚƐ͘ ZĞŇĞĐƟŶŐ ŽƵƌ ĐŽŶƐƵŵĞƌ expectations for authenticity, transparency and ƚƌĂĐĞĂďŝůŝƚLJ͕ ǁĞ ĞŶĚĞĂǀŽƵƌ ƚŽ ĂĚŽƉƚ ƚŚĞŵŽƐƚ ƐƵƐƚĂŝŶĂďůĞ practices in developing our products. Looking at the global com-

model. These “Essentials” permeate each Brand’s strategy ĂŶĚ ďLJ ĞŶƐƵƌŝŶŐ ͞ ƌĂŶĚ WŽƐŝƟǀĞ Impact” each Brand is able to ĐŽŶƚƌŝďƵƚĞ ƚŽ Ă ďĞƩĞƌ ǁŽƌůĚ͘ At Group level, the Sustain- ability & Responsibility strategy ĐŽƌƌĞůĂƚĞƐ ĚŝƌĞĐƚůLJ ǁŝƚŚ ŬĞLJ ĐŚĂů - lenges our stakeholders have ĚĞĮŶĞĚ͘ dŚĞ ƐƚƌĂƚĞŐLJ ŝƐ ďĂƐĞĚ ŽŶ ĨŽƵƌ ƉƌŝŽƌŝƟĞƐ ;ƐĞĞ ŽƉƉŽƐŝƚĞͿ͗ ĞŵƉŽǁĞƌŝŶŐ ŽƵƌ ĞŵƉůŽLJĞĞƐ͕

ŵƵŶŝƚLJ͕ WĞƌŶŽĚ ZŝĐĂƌĚ ĮƌŵůLJ ƐƵƉ - ƉŽƌƚƐ ƚŚĞhŶŝƚĞĚEĂƟŽŶƐ ^ƵƐƚĂŝŶ - ĂďůĞ ĞǀĞůŽƉŵĞŶƚ 'ŽĂůƐ ;^ 'ƐͿ ĚĞĮŶĞĚ ŝŶ ϮϬϭϱ ƚŽ ĞŶĚ ƉŽǀĞƌƚLJ͕ protect the planet, and ensure peace and prosperity for all. /Ŷ ϮϬϭϴ͕ WĞƌŶŽĚ ZŝĐĂƌĚ͛Ɛ ^ΘZ ƐƚƌĂƚĞŐLJ ǁĂƐ ĂŐĂŝŶ ƌĞĐŽŐŶͲ ised at the highest level by non-

ƉƌŽŵŽƟŶŐ ƌĞƐƉŽŶƐŝďůĞ ĐŽŶƐƵŵƉƟŽŶ͕ ƉƌŽƚĞĐƟŶŐ ŽƵƌ ƉůĂŶĞƚ͕ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ŽƵƌ ůŽĐĂů ĐŽŵŵƵŶŝƟĞƐ ŝŶ ǁĂLJƐ that involve our business partners. DŽďŝůŝƐŝŶŐ ŽƵƌ ϭϴ͕ϵϬϬ ĞŵƉůŽLJĞĞƐ ŝƐ ĞƐƐĞŶƟĂů ƚŽ our strategy’s success. As frontline ambassadors, our ĞŵƉůŽLJĞĞƐ ƌĞĂĸƌŵ ŽƵƌ ĐŽŵŵŝƚŵĞŶƚƐ ŽŶ Ă ĚĂŝůLJ ďĂƐŝƐ ƚŚƌŽƵŐŚ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ŝŶŝƟĂƟǀĞƐ͘ /Ŷ ůŝŶĞ ǁŝƚŚ ŽƵƌ ƉƌŝŶĐŝƉůĞ ŽĨ ĚĞĐĞŶƚƌĂůŝƐĂƟŽŶ͕ ƚŚĞƐĞ ŝŶŝƟĂƟǀĞƐ ĂƌĞ ĂůǁĂLJƐ

ĮŶĂŶĐŝĂů ƌĂƟŶŐ ĂŐĞŶĐŝĞƐ͘ dŚĞ 'ƌŽƵƉ ǁĂƐ ƌĂŶŬĞĚ ηϭ ǁŽƌůĚǁŝĚĞ ŝŶ ƚŚĞ ďĞǀĞƌĂŐĞ ƐĞĐƚŽƌ ŝŶ ƚĞƌŵƐ ŽĨ ŽƌƉŽƌĂƚĞ Social Responsibility by Vigeo Eiris in May. According to EcoVadis, Pernod Ricard ranks among the top 3% ŽĨ ŐůŽďĂů ĐŽŵƉĂŶŝĞƐ ǁŝƚŚ ƚŚĞ ŵŽƐƚ ĂĚǀĂŶĐĞĚ ^Z commitments.

_ 92 % OF OUR EMPLOYEES BELIEVE THAT THEIR COMPANY IS SOCIALLY RESPONSIBLE IN THE COMMUNITY

_ 85 % DECLARE THAT THEY ARE ENCOURAGED TO ACT RES PONSIBLY WITHIN THEIR DEPARTMENT

_ 83 % ARE WELL AWARE OF PERNOD RICARD’S S&R MODEL AND ITS FOUR AREAS OF ENGAGEMENT

^ŽƵƌĐĞ͗ZĞƐƵůƚƐŽĨƚŚĞ ISay ƐƵƌǀĞLJͲ^ΘZƉŽůŝĐLJ͕:ƵŶĞϮϬϭϳ͕tŝůůŝƐdŽǁĞƌƐtĂƚƐŽŶ͘

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Empowering our employees _ Ɛ ĨƌŽŶƚůŝŶĞ ĂŵďĂƐƐĂĚŽƌƐ ŽĨ ŽƵƌ ĐŽŵŵŝƚŵĞŶƚƐ͕ ĞŵƉůŽLJĞĞƐ ĂƌĞ ĐĞŶƚƌĂů ƚŽ ŽƵƌ ^ΘZŵŽĚĞů͘ KƵƌ ĐƌĞĚŝďŝůŝƚLJ ĚĞƌŝǀĞƐ ĨƌŽŵƚŚĞŝƌ ĂĐƟŽŶƐ͘ ŶĚ ŝƚ ŝƐ ƚŚƌŽƵŐŚ ƚŚĞŝƌ ĞīŽƌƚƐ ƚŚĂƚ ŽƵƌ ^ΘZŵŽĚĞů͕ ďĂƐĞĚ ŽŶ ƚŚĞ'ƌŽƵƉ͛Ɛ ǀĂůƵĞƐ ʹ ĞŶƚƌĞƉƌĞŶĞƵƌŝĂů ƐƉŝƌŝƚ͕ ŵƵƚƵĂů ƚƌƵƐƚ ĂŶĚ Ă ƐƚƌŽŶŐ ƐĞŶƐĞ ŽĨ ĞƚŚŝĐƐ ʹǁŝůů ĞŶƐƵƌĞ WĞƌŶŽĚ ZŝĐĂƌĚ͛Ɛ ƐƵĐĐĞƐƐ͘ • ϵϰй ŽĨ ŽƵƌ ĞŵƉůŽLJĞĞƐ ĂƌĞ ƉƌŽƵĚ ƚŽ ǁŽƌŬ ĨŽƌ WĞƌŶŽĚ ZŝĐĂƌĚ ;ϭͿ ͘ ACTIONS • &Žƌ ƚŚĞ ϴ ƚŚ ĞĚŝƟŽŶ ŽĨ ZĞƐƉŽŶƐŝď͛ >> ĂLJ ;ϮͿ ͕ ƚŚĞ 'ƌŽƵƉ͛Ɛ ϭϴ͕ϵϬϬ ĞŵƉůŽLJĞĞƐ ĚĞĚŝĐĂƚĞĚ ƚŚĞ ĚĂLJ ƚŽ ŚĞůƉŝŶŐ ƚŚĞŝƌ ůŽĐĂů ĐŽŵŵƵŶŝƟĞƐ͘ Ɛ ǁĂƚĞƌ ĂŶĚ ďŝŽĚŝǀĞƌƐŝƚLJ ĂƌĞ ŬĞLJ ƚŽ ŽƵƌ ďƵƐŝŶĞƐƐ͕ Ăůů ŽĨ ƚŚĞ ƉƌŽũĞĐƚƐ ŝŶ ϮϬϭϴ ǁĞƌĞ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ hE ^ ' ŐŽĂůƐ ηϭϱ ;>ŝĨĞ ŽŶ >ĂŶĚͿ ĂŶĚ ηϲ ; ůĞĂŶtĂƚĞƌ ĂŶĚ ^ĂŶŝƚĂƟŽŶͿ͘

ĞǀĞůŽƉŝŶŐ ŽƵƌ ůŽĐĂů ĐŽŵŵƵŶŝƟĞƐ and involving our business partners _ LJ ĂƐƐŽĐŝĂƟŶŐ ŝƚƐ ďƵƐŝŶĞƐƐ ƉĂƌƚŶĞƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ ƚŽ ŝƚƐ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝŶŝƟĂƟǀĞƐ͕ WĞƌŶŽĚ ZŝĐĂƌĚ ŚĂƐŵĂĚĞ Ă ůŽŶŐͲƚĞƌŵĐŽŵŵŝƚŵĞŶƚ ƚŽ ƚŚĞ ůŽĐĂů ĐŽŵŵƵŶŝƟĞƐ ǁŚĞƌĞƚŚĞ'ƌŽƵƉĚŽĞƐďƵƐŝŶĞƐƐ͘ dŚĞĐŽŵƉĂŶLJŝƐĐŽŵŵŝƩĞĚ ƚŽĨŽƐƚĞƌŝŶŐĂĐƵůƚƵƌĞŽĨƐŚĂƌŝŶŐ ĂŶĚ ĂŶ ĞƚŚŽƐ ŽĨ ĚŝĂůŽŐƵĞ͘ ͻ ϵϲй ŽĨ ŽƵƌ ĂĸůŝĂƚĞƐ ŚĂǀĞ ŝŵƉůĞŵĞŶƚĞĚ Ăƚ ůĞĂƐƚ ŽŶĞ ůŽĐĂů ĐŽŵŵƵŶŝƚLJͬƉĂƌƚŶĞƌ ĞŶŐĂŐĞŵĞŶƚ ŝŶŝƟĂƟǀĞ͖ ͻ Ϯ͕ϰϴϯ ŽĨ ŽƵƌ ƐƵƉƉůŝĞƌƐ ŚĂǀĞ ďĞĞŶ ĂŶĂůLJƐĞĚ ďLJ ŽƵƌ ƐƵƉƉůŝĞƌ ŵĂŶĂŐĞŵĞŶƚ ƚŽŽů ƐŝŶĐĞ ϮϬϭϮ͘ ACTIONS භ <ĂŚůƷĂ ůĂƵŶĐŚĞĚ Ă ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝŶŝƟĂƟǀĞ ƚŽ ŐƌŽǁ ĐŽīĞĞ ŵŽƌĞ ĨĂŝƌůLJ ĂŶĚ ƐƵƐƚĂŝŶĂďůLJ ŝŶ sĞƌĂĐƌƵnj ;DĞdžŝĐŽͿ ǁŝƚŚ ƚŚĞ ŐŽĂů ŽĨ ƵƐŝŶŐ ϭϬϬй ƐƵƐƚĂŝŶĂďůĞ ĐŽīĞĞ ďLJ ϮϬϮϬ͘

WƌŽŵŽƟŶŐ responsible ĐŽŶƐƵŵƉƟŽŶ _

WƌŽƚĞĐƟŶŐ our planet _

dŚĞ'ƌŽƵƉ͛Ɛ ƉƌĞŵŝƵŵŝƐĂƟŽŶ ƐƚƌĂƚĞŐLJ ŚŝŶŐĞƐ ŽŶ ƉƌĞƐĞƌǀŝŶŐ ĂŶĚ ƉĂƐƐŝŶŐ ŽŶ ƚŚĞ ƵŶŝƋƵĞ ƚĞƌƌŽŝƌ ǁŚĞƌĞ ĞĂĐŚ ŽĨ ŽƵƌ ƌĂŶĚƐ ŝƐ ƉƌŽĚƵĐĞĚ͘tŝƚŚ Ăůů 'ƌŽƵƉ ƉƌŽĚƵĐƚƐ ĚĞƌŝǀŝŶŐ ĨƌŽŵ ĂŐƌŝĐƵůƚƵƌĂů ƌĂǁŵĂƚĞƌŝĂůƐ͕ WĞƌŶŽĚ ZŝĐĂƌĚ ŚĂƐ ŝŵƉůĞŵĞŶƚĞĚ ƐƚƌŝŶŐĞŶƚ ŝŶŝƟĂƟǀĞƐ ĞŵďŽĚŝĞĚ ŝŶ ĞĂĐŚ ĂĸůŝĂƚĞ͛Ɛ ĂĐƟŽŶ ƉůĂŶ͕ ƐƵƉƉŽƌƚĞĚ ďLJ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŐůŽďĂů ĞŶǀŝƌŽŶŵĞŶƚĂů ƌŽĂĚŵĂƉ͘ ZĞĚƵĐƟŽŶ ƉĞƌ ƉƌŽĚƵĐƟŽŶ ƵŶŝƚ͗ ͻ ϮϬй ƌĞĚƵĐƟŽŶ ŝŶ ǁĂƚĞƌ ĐŽŶƐƵŵƉƟŽŶ ;ϯͿ ͖ ͻ ϯϬй ƌĞĚƵĐƟŽŶ ŝŶ K Ϯ ;ϯͿ ĞŵŝƐƐŝŽŶƐ͘ ACTIONS ͻ WĞƌŶŽĚ ZŝĐĂƌĚ ŚĂƐ ďĂŶŶĞĚ ŶŽŶͲďŝŽĚĞŐƌĂĚĂďůĞ ƉůĂƐƟĐ ƐƚƌĂǁƐ ĂŵƉŽ sŝĞũŽ ŝƐ ĞdžƉĞƌŝŵĞŶƟŶŐ ǁŝƚŚ ƐƵƐƚĂŝŶĂďůĞ ǁŝŶĞŐƌŽǁŝŶŐ ƉƌĂĐƟĐĞƐ ŝŶ ƚŚĞŝƌ ǀŝŶĞLJĂƌĚƐ ŝŶ ƚŚĞ ZŝŽũĂ ƌĞŐŝŽŶ͖ ŝƚ ŝƐ ĂůƐŽ ^ƉĂŝŶ͛Ɛ ĮƌƐƚ ǁŝŶĞƌLJ ĐĞƌƟĮĞĚ ĂƐ ĐĂƌďŽŶͲŶĞƵƚƌĂů͘ ĂŶĚ ƐƟƌƌĞƌƐ ĨƌŽŵ ŝƚƐ ĞǀĞŶƚƐ͖ ͻ /Ŷ ^ƉĂŝŶ͕ WĞƌŶŽĚ ZŝĐĂƌĚ͛Ɛ

tĞ ƉƌŽŵŽƚĞ ƌĞƐƉŽŶƐŝďůĞ ĐŽŶƐƵŵƉƟŽŶ ŝŶ ƚŚƌĞĞ ƉƌŝŶĐŝƉĂů ǁĂLJƐ͗ ďLJ ƚĂƌŐĞƟŶŐ ĂƚͲƌŝƐŬ ďĞŚĂǀŝŽƵƌƐ ĂŶĚ ƉŽƉƵůĂƟŽŶƐ ;LJŽƵŶŐ ƉĞŽƉůĞ͕ ƉƌĞŐŶĂŶƚ ǁŽŵĞŶͿ͕ ďLJ ƚĂŬŝŶŐ ƉƌĞǀĞŶƟǀĞ ĂĐƟŽŶ ǀŝĂ ĞĚƵĐĂƟŽŶĂů ƉƌŽŐƌĂŵƐ ĂŶĚ ĚŝƌĞĐƚ ĂǁĂƌĞŶĞƐƐͲƌĂŝƐŝŶŐ ĐĂŵƉĂŝŐŶƐ ĨŽƌ ŽƵƌ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ͕ ĂŶĚ ďLJ ŚĂǀŝŶŐ ŽƵƌ ĂĸůŝĂƚĞƐ ĞŶŐĂŐĞ ĐůŽƐĞůLJǁŝƚŚ ƚŚĞŝƌůŽĐĂůĐŽŵŵƵŶŝƟĞƐƚŽĂĚĚƌĞƐƐ ůŽĐĂůŝƐƐƵĞƐĂŶĚĐŽŶĐĞƌŶƐ͘ ͻ ϴϱй ŽĨ ŽƵƌ ĂĸůŝĂƚĞƐ ŚĂǀĞ ŝŵƉůĞŵĞŶƚĞĚ Ăƚ ůĞĂƐƚ ŽŶĞ ŝŶŝƟĂƟǀĞ ƚŽ ƉƌŽŵŽƚĞ ƌĞƐƉŽŶƐŝďůĞ ĚƌŝŶŬŝŶŐ͘ ACTIONS භDŽƌĞ ƚŚĂŶ ϱϵϬ ͞ZĞƐƉŽŶƐŝďůĞ WĂƌƚLJ͟ ĞǀĞŶƚƐ ŚĂǀĞ ďĞĞŶ ŽƌŐĂŶŝƐĞĚ ŽǀĞƌ ƚŚĞ ƉĂƐƚ ĞŝŐŚƚ LJĞĂƌƐ͕ ƚŚƵƐ ƌĂŝƐŝŶŐ ĂǁĂƌĞŶĞƐƐ ŽĨ ŵŽƌĞ ƚŚĂŶ ϯϳϬ͕ϬϬϬ ƐƚƵĚĞŶƚƐ ŝŶ ϯϮ ĐŽƵŶƚƌŝĞƐ͘

Ɛ Ă ƉůĞĚŐĞ ŽĨ ŽƵƌ ŽŶͲŐŽŝŶŐ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚLJ͕ ŝŶ ϮϬϭϵ WĞƌŶŽĚ ZŝĐĂƌĚ ǁŝůů ĚĞƉůŽLJ Ă ŶĞǁ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ƉůĂƞŽƌŵ͕ ǁŝƚŚ ŶĞǁ ƚĂƌŐĞƚƐ ƚŽ ĂƩĂŝŶ ďLJ ϮϬϯϬ͘

;ϭͿ^ŽƵƌĐĞ͗ZĞƐƵůƚƐŽĨƚŚĞ /^ĂLJ ƐƵƌǀĞLJ͕:ƵŶĞϮϬϭϳ͕tŝůůŝƐdŽǁĞƌƐtĂƚƐŽŶ͘;ϮͿZĞƐƉŽŶƐŝď͛ >> ĂLJŝƐĂŶĂŶŶƵĂůŐůŽďĂůĞǀĞŶƚĨŽƌǁŚŝĐŚĂůůWĞƌŶŽĚZŝĐĂƌĚĞŵƉůŽLJĞĞƐĨƌŽŵĂƌŽƵŶĚƚŚĞǁŽƌůĚĚĞĚŝĐĂƚĞƟŵĞĂŶĚƌĞƐŽƵƌĐĞƐ ƚŽƐƵƉƉŽƌƚƚŚĞ'ƌŽƵƉ͛ƐŐůŽďĂůƐƵƐƚĂŝŶĂďŝůŝƚLJĐŽŵŵŝƚŵĞŶƚƐ͘;ϯͿ^ŝŶĐĞϮϬϬϵͲϭϬ͕ƚŚĞƐĞƚǁŽŝŶĚŝĐĂƚŽƌƐĂƌĞĚŽǁŶďLJͲϮϬйĂŶĚͲϯϬйƌĞƐƉĞĐƟǀĞůLJʹƚŚƵƐĂĐŚŝĞǀŝŶŐƚŚĞϮϬϮϬZŽĂĚŵĂƉŽďũĞĐƟǀĞƐĂŚĞĂĚŽĨƐĐŚĞĚƵůĞ͘

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B O A R D O F D I R E C T O R S

The Pernod Ricard Board of Directors oversees the Group’s governance in an ethical and transparent manner ǁŚŝůĞ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ƚŚĞ ďƵƐŝŶĞƐƐ ŝƐ ŵĂŶĂŐĞĚ ŝŶ ƚŚĞ ďĞƐƚ ŝŶƚĞƌĞƐƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ŝƚƐ ƐƚĂŬĞŚŽůĚĞƌƐ͘ dŚĞ ŽĂƌĚ ŵĞŵďĞƌƐ͕ ǁŚŽ ďƌŝŶŐ ƚŽŐĞƚŚĞƌ ĐŽŵƉůĞŵĞŶƚĂƌLJ ƐŬŝůůƐ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ͕ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ƉƵƌƐƵĞƐ ŝƚƐ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐLJ ǁŝƚŚ ƚŚĞ ƉƌŝŵĂƌLJ ŐŽĂů ŽĨ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͘

FY18 ĂĐƟǀŝƚLJ

KƌŐĂŶŝƐĂƟŽŶ

ŽŵŵŝƩĞĞƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ To assist the Board of Directors in its ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ͕ ĨŽƵƌ ƐƉĞĐŝĂůŝƐĞĚ ĐŽŵŵŝƩĞĞƐ ǁŽƌŬ ŽŶ ƐƉĞĐŝĮĐ ƐƵďũĞĐƚƐ ƚŽ ƉƌŽǀŝĚĞ ĂĚǀŝĐĞ ĂŶĚ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ͘ ƌĞĂƚĞĚ ĂŶĚ ƉƌĞƐŝĚĞĚ ŽǀĞƌ ďLJ ůĞdžĂŶĚƌĞ ZŝĐĂƌĚ ƐŝŶĐĞ ϮϬϭϱ͕ ƚŚĞ ^ƚƌĂƚĞŐŝĐ ŽŵŵŝƩĞĞ ƐƚƵĚŝĞƐ ŬĞLJ ƐƵďũĞĐƚƐ for Pernod Ricard SA and the Group, issues ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ŽŶ ĂĐƋƵŝƐŝƟŽŶƐ͕ ĚŝǀĞƐƟƚƵƌĞ ĂŶĚ ƉĂƌƚŶĞƌƐŚŝƉ ƉƌŽũĞĐƚƐ ĂŶĚ ĚĞĂůƐ ǁŝƚŚ Ăůů ƐƚƌĂƚĞŐŝĐŵĂƩĞƌƐ ŽĨ ŝŶƚĞƌĞƐƚ ƚŽ ƚŚĞ ŽŵƉĂŶLJ Žƌ ŝƚƐ 'ƌŽƵƉ͘ dŚĞ ƵĚŝƚ ŽŵŵŝƩĞĞ ƌĞǀŝĞǁƐ ƚŚĞ ŚĂůĨͲLJĞĂƌ ĂŶĚ ĂŶŶƵĂů ĚƌĂŌ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŵŽŶŝƚŽƌƐ ƚŚĞ 'ƌŽƵƉΖƐ ĐĂƐŚ ŇŽǁ and debt and assesses the Group's risk management and internal control systems. The Appointments, Governance, ĂŶĚ ^Z ŽŵŵŝƩĞĞ ƐĞůĞĐƚƐ ŶĞǁ ŝƌĞĐƚŽƌƐ ĂŶĚ ƌĞǀŝĞǁƐ ƚŚĞ ĐŽŵƉŽƐŝƟŽŶ ĂŶĚ ŽƉĞƌĂƟŽŶ of the Board, S&R issues and the Group's performance and talent-management policy. >ĂƐƚůLJ͕ ƚŚĞ ZĞŵƵŶĞƌĂƟŽŶ ŽŵŵŝƩĞĞ ĚĞĮŶĞƐ ƚŚĞ ƌĞŵƵŶĞƌĂƟŽŶ ƉŽůŝĐLJ ĨŽƌ ƚŚĞ 'ƌŽƵƉΖƐ džĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ͕ ƉƌŽƉŽƐĞƐ Ă ŐĞŶĞƌĂů ůŽŶŐͲƚĞƌŵ ƌĞŵƵŶĞƌĂƟŽŶ ƉŽůŝĐLJ ĂŶĚ ŝŵƉůĞŵĞŶƚƐ ĂŶ ĂŶŶƵĂů ƉůĂŶ ĨŽƌ ƚŚĞ ĂůůŽĐĂƟŽŶ ŽĨ ŽƉƟŽŶƐ ĂŶĚƉĞƌĨŽƌŵĂŶĐĞ ƐŚĂƌĞƐ͘

WĞƌŶŽĚ ZŝĐĂƌĚ ĨŽůůŽǁƐ ƚŚĞ & WͲD & ŽĚĞ of Corporate Governance for listed companies and applies the independence criteria established in the Code. The 13 Directors ʹ ŽŶĞ ŽĨ ǁŚŽŵ ƌĞƉƌĞƐĞŶƚƐ 'ƌŽƵƉ ĞŵƉůŽLJĞĞƐ ĂŶĚ Ɛŝdž ŽĨ ǁŚŽŵĂƌĞ ŝŶĚĞƉĞŶĚĞŶƚ͕ ŵĞĞƚ ĞŝŐŚƚ ƟŵĞƐ ƉĞƌ LJĞĂƌ ŽŶ ĂǀĞƌĂŐĞ ĨŽƌ ŵĞĞƟŶŐƐ ƚŚĂƚ are presided by the Chairman of the Board, ǁŚŽ ŝƐ ĂůƐŽ WĞƌŶŽĚ ZŝĐĂƌĚ͛Ɛ ŚŝĞĨ džĞĐƵƟǀĞ KĸĐĞƌ͘ dŚĞ ŽĂƌĚ ŝƐ ĂƐƐŝƐƚĞĚ ŝŶ ŝƚƐ ǁŽƌŬ ďLJ ĨŽƵƌ ƐƉĞĐŝĂůŝƐĞĚ ĐŽŵŵŝƩĞĞƐ ĂŶĚ the Chairman reports on the progress at the ŶŶƵĂů ^ŚĂƌĞŚŽůĚĞƌƐ͛ DĞĞƟŶŐ͘ dŚĞ ŚĂŝƌŵĂŶ ŝƐ ƚĂƐŬĞĚǁŝƚŚ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ͛Ɛ ďŽĚŝĞƐ ƌƵŶ ƐŵŽŽƚŚůLJ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ƉƌŽǀŝĚŝŶŐ ƚŚĞ ŝƌĞĐƚŽƌƐ ǁŝƚŚ ƌĞƐŽƵƌĐĞƐ ƚŚĞLJ ŶĞĞĚ ƚŽ ĨƵůĮů ƚŚĞŝƌ ĚƵƟĞƐ͘ /Ŷ ŽƌĚĞƌ ƚŽ ĨƵƌƚŚĞƌ ƌŽŽƚ ŝƚƐ ǁŽƌŬ ŝŶ ƚŚĞ 'ƌŽƵƉ͛Ɛ ĚĂŝůLJ ďƵƐŝŶĞƐƐ ŽƉĞƌĂƟŽŶƐ͕ the Board has access to the in-house social ŶĞƚǁŽƌŬ ĂŶĚ ŚŽůĚƐ ŽŶĞŵĞĞƟŶŐ ƉĞƌ LJĞĂƌ ŝŶ ĂŶ ŽƉĞƌĂƟŶŐ ĂĸůŝĂƚĞ͘

KǀĞƌ ƚŚĞ ĐŽƵƌƐĞ ŽĨ &zϭϴ͕ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŵĞƚ ϴ ƟŵĞƐ͕ ǁŝƚŚ ĂŶ ĂƩĞŶĚĂŶĐĞ rate of 100%. The average length of the ŵĞĞƟŶŐƐ ǁĂƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϯ ŚŽƵƌƐ͘ dŚĞŝƌ ŵĂŝŶ ĂĐƟǀŝƟĞƐ ǁĞƌĞ ƚŽ͗ ͻ ĂƉƉƌŽǀĞ ƚŚĞ ŚĂůĨͲLJĞĂƌ ĂŶĚ ĂŶŶƵĂů ĮŶĂŶĐŝĂů statements; ͻ ƌĞǀŝĞǁ ƚŚĞ ďƵĚŐĞƚ͖ ͻ ŽǀĞƌƐĞĞ ƚŚĞ ƉƌĞƉĂƌĂƟŽŶƐ ŽĨ ƚŚĞ ŶŶƵĂů ^ŚĂƌĞŚŽůĚĞƌƐ DĞĞƟŶŐ͖ ͻ ƌĞǀŝĞǁ ĂŶĚ ĂƉƉƌŽǀĞ ƚŚĞ ǁŽƌŬ ŽĨ ƚŚĞ ĨŽƵƌ ƐƉĞĐŝĂůŝƐĞĚ ĐŽŵŵŝƩĞĞƐ͖ ͻ ƌĞǀŝĞǁ ƉƌĞƐĞŶƚĂƟŽŶƐ ŽĨ ƚŚĞ ĂĐƟǀŝƟĞƐ ŽĨ ƚŚĞ ĨƵŶĐƟŽŶĂů ĚĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ĂĸůŝĂƚĞƐ͖ ͻ ƌĞǀŝĞǁ ŝƚƐ ŽǁŶ ĨƵŶĐƟŽŶŝŶŐ ĂŶĚ ƚŚĂƚ ŽĨ ŝƚƐ ĐŽŵŵŝƩĞĞƐ͘

50 % INDEPENDENT DIRECTORS

50 % EKEͳ&Z E , K Z DIRECTORS

42 % FEMALE DIRECTORS

100 % ATTENDANCE RATE

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

Board of Directors ( a s o f 2 6 S e p t e m b e r 2 0 1 8 )

IAN GALLIENNE Independent Director ^ƚƌĂƚĞŐŝĐ ŽŵŵŝƩĞĞ ŵĞŵďĞƌ ŽŵƉĞŶƐĂƟŽŶ ŽŵŵŝƩĞĞ ŵĞŵďĞƌ

ALEXANDRE RICARD Chairman & Chief džĞĐƵƟǀĞ KĸĐĞƌ ^ƚƌĂƚĞŐŝĐ ŽŵŵŝƩĞĞ Chairman

PIERRE PRINGUET Vice-Chairman of

NICOLE BOUTON Independent Director EŽŵŝŶĂƟŽŶƐ͕ 'ŽǀĞƌŶĂŶĐĞ Θ ^Z ŽŵŵŝƩĞĞ ŚĂŝƌǁŽŵĂŶ ŽŵƉĞŶƐĂƟŽŶ ŽŵŵŝƩĞĞ Chairman

WOLFGANG COLBERG Independent Director ƵĚŝƚ ŽŵŵŝƩĞĞ Chairman ^ƚƌĂƚĞŐŝĐ ŽŵŵŝƩĞĞ member

the Board of Directors ^ƚƌĂƚĞŐŝĐ ŽŵŵŝƩĞĞ member

EŽŵŝŶĂƟŽŶƐ͕ 'ŽǀĞƌŶĂŶĐĞ Θ ^Z ŽŵŵŝƩĞĞ ŵĞŵďĞƌ

CÉSAR GIRON Director ^ƚƌĂƚĞŐŝĐ ŽŵŵŝƩĞĞ ŵĞŵďĞƌ EŽŵŝŶĂƟŽŶƐ͕ 'ŽǀĞƌŶĂŶĐĞ Θ ^Z ŽŵŵŝƩĞĞ ŵĞŵďĞƌ

MARTINA GONZALEZ- GALLARZA Director

ANNE LANGE

PAUL-CHARLES RICARD Director WĞƌŵĂŶĞŶƚ ZĞƉƌĞƐĞŶƚĂƟǀĞ of Société Paul Ricard

GILLES SAMYN Independent Director ƵĚŝƚ ŽŵŵŝƩĞĞ member

Independent Director ^ƚƌĂƚĞŐŝĐ ŽŵŵŝƩĞĞ member

KORY SORENSON Independent Director ƵĚŝƚ ŽŵŵŝƩĞĞ ŵĞŵďĞƌ ŽŵƉĞŶƐĂƟŽŶ ŽŵŵŝƩĞĞ member

VERONICA VARGAS Director

STÉPHANE EMERY Employee Director

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THE E X E C U T I V E C O M M I T T E E A N D T H E E X E C U T I V E B O A R D

The Group’s general management is led by the ŚĂŝƌŵĂŶ Θ K͕ ǁŚŽ ŝƐ ĂƐƐŝƐƚĞĚ ďLJ ƚŚĞ džĞĐƵƟǀĞ ŽŵŵŝƚƚĞĞ͘ hŶĚĞƌ ŝƚƐ ĂƵƚŚŽƌŝƚLJ͕ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵŵŝƩĞĞ ŝŵƉůĞŵĞŶƚƐ ƚŚĞ 'ƌŽƵƉΖƐ ŵĂŝŶ ƉŽůŝĐŝĞƐ͘ dŚĞ džĞĐƵƚŝǀĞ ŽĂƌĚ ŝƐ ƚŚĞ ƉĞƌŵĂŶĞŶƚ ďŽĚLJ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĐŽŽƌĚŝŶĂƟŶŐ ĂŶĚ ůĞĂĚŝŶŐ ƚŚĞ 'ƌŽƵƉ͕ ŝŶ ĐŽŽƉĞƌĂƟŽŶ ǁŝƚŚ ƚŚĞ ŚĂŝƌŵĂŶ Θ K͕ ǁŚŽŵ ŝƚ ĂƐƐŝƐƚƐ ǁŝƚŚ ŚŝƐ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͘ dŚĞ džĞĐƵƟǀĞ ŽĂƌĚ ƌĞǀŝĞǁƐ Ăůů ĚĞĐŝƐŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ 'ƌŽƵƉ ĂīĂŝƌƐ ĂŶĚ ƐƵďŵŝƚƐ ǀĂƌŝŽƵƐ ŵĂƩĞƌƐ ƚŽ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ǁŚĞŶ ĂƉƉƌŽǀĂů ŝƐ ƌĞƋƵŝƌĞĚ͘ /ƚ ĂůƐŽ ŽƌŐĂŶŝƐĞƐ ƚŚĞ ǁŽƌŬ ŽĨ ƚŚĞ džĞĐƵƟǀĞ ŽŵŵŝƩĞĞ ĂŶĚ ĚĞĮŶĞƐ ŽďũĞĐƟǀĞƐ ĨŽƌ ŝƚƐŵĞŵďĞƌƐ͕ ŝŶ ƉĂƌƟĐƵůĂƌ ďLJ ƐŝŐŶŝŶŐ Žī ƚŚĞ ƚŚƌĞĞͲLJĞĂƌ ƉůĂŶ͕ ďƵĚŐĞƚ ĂŶĚ ƌĞŐƵůĂƌ ďƵƐŝŶĞƐƐ ƌĞǀŝĞǁƐ͘ dŚĞ džĞĐƵƟǀĞ ŽŵŵŝƩĞĞ͕ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŵĂŶĂŐŝŶŐ ďŽĚLJ͕ ŚĂƐ ϭϱ ŵĞŵďĞƌƐ ʹ ƚŚĞ ĮǀĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ džĞĐƵƟǀĞ ŽĂƌĚ ;ƐĞĞ ďĞůŽǁͿ ĂƐ ǁĞůů ĂƐ ƚŚĞ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂĸůŝĂƚĞƐ͘ dŚĞLJ ŵĞĞƚ ŽŶĐĞ ƉĞƌ

ŵŽŶƚŚ ;ϭϭ ƟŵĞƐ ĂŶŶƵĂůůLJͿ͕ ĞŝƚŚĞƌ Ăƚ ,ĞĂĚƋƵĂƌƚĞƌƐ Žƌ Ăƚ ĂŶ ĂĸůŝĂƚĞ ƐŝƚĞ͘ hŶĚĞƌ ƚŚĞ ĚŝƌĞĐƟŽŶ ŽĨ ƚŚĞ ŚĂŝƌŵĂŶ Θ K͕ ƚŚĞ ŽŵŵŝƩĞĞ ŚĞůƉƐ ƚŽ ĚĞĮŶĞ ƚŚĞ 'ƌŽƵƉ͛Ɛ strategy and plays an essential coordinating role ďĞƚǁĞĞŶ ,ĞĂĚƋƵĂƌƚĞƌƐ ĂŶĚ ƚŚĞ ĂĸůŝĂƚĞƐ͕ ĂŶĚ ĂŵŽŶŐ ƚŚĞ ĂĨĨŝůŝĂƚĞƐ ƚŚĞŵƐĞůǀĞƐ ; ƌĂŶĚ ŽŵƉĂŶŝĞƐ ĂŶĚ DĂƌŬĞƚ ŽŵƉĂŶŝĞƐͿ͘ dŚĞ ŽŵŵŝƩĞĞ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŽǀĞƌƐĞĞŝŶŐ ƚŚĞ 'ƌŽƵƉ͛Ɛ ďƵƐŝŶĞƐƐ ĂĐƟǀŝƟĞƐ ĂŶĚ ĞŶƐƵƌŝŶŐ ƚŚĂƚ ŝƚƐ ŵĂŝŶ ƉŽůŝĐŝĞƐ ĂƌĞ ĂƉƉůŝĞĚ͘ DŽƌĞ ƐƉĞĐŝĮĐĂůůLJ͕ ƚŚĞ ŽŵŵŝƩĞĞ ĂŶĂůLJƐĞƐ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ďƵƐŝŶĞƐƐ ŝŶ ƌĞůĂƟŽŶ ƚŽ ŝƚƐ ŵĂƌŬĞƚ ƉůĂŶ ;ďƵĚŐĞƚ ĂŶĚ ƚŚƌĞĞͲLJĞĂƌ ƉůĂŶͿ͖ ĂĐƟǀĞůLJ ƉĂƌƟĐŝƉĂƚĞƐ ŝŶ ƐĞƚƚŝŶŐ ĨŝŶĂŶĐŝĂů ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ŽďũĞĐƚŝǀĞƐ ;ĮŶĂŶĐŝĂů ƌĞƐƵůƚƐ͕ ĚĞďƚ ĂŶĚ ƋƵĂůŝƚĂƟǀĞ ŽďũĞĐƟǀĞƐͿ͖ ƉĞƌŝŽĚŝĐĂůůLJ ƌĞǀŝĞǁƐ ƚŚĞ ďƌĂŶĚ ĂŶĚŵĂƌŬĞƚ ƐƚƌĂƚĞŐŝĞƐ͖ ĂŶĂůLJƐĞƐ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ĞǀĂůƵĂƚĞƐ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ŽƌŐĂŶŝƐĂƟŽŶ ĂƐ ŶĞĞĚĞĚ͖ ĂƉƉƌŽǀĞƐ ĂŶĚ ĞŶƐƵƌĞƐ compliance with the Group’s main policies.

džĞĐƵƟǀĞ ŽĂƌĚ DĞŵďĞƌƐ ( a s o f 2 6 S e p t e m b e r 2 0 1 8 )

ALEXANDRE RICARD ŚĂŝƌŵĂŶ Θ ŚŝĞĨ džĞĐƵƟǀĞ KĸĐĞƌ͕ džĞĐƵƟǀĞ ŝƌĞĐƚŽƌ

HÉLÈNE DE TISSOT sW͕ &ŝŶĂŶĐĞ͕ /d Θ KƉĞƌĂƟŽŶƐ

CHRISTIAN PORTA DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ͕ 'ůŽďĂů ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ

AMANDA HAMILTON- STANLEY 'ĞŶĞƌĂů ŽƵŶƐĞů

CÉDRIC RAMAT sW͕ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ͕ ^ƵƐƚĂŝŶĂďŝůŝƚLJ Θ ZĞƐƉŽŶƐŝďŝůŝƚLJ

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PERNOD RICARD REGISTRATION DOCUMENT 2017/2018

džĞĐƵƟǀĞ ŽŵŵŝƩĞĞ DĞŵďĞƌƐ ( a s o f 2 6 S e p t e m b e r 2 0 1 8 )

CHRISTIAN PORTA DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ͕ 'ůŽďĂů ƵƐŝŶĞƐƐ ĞǀĞůŽƉŵĞŶƚ

AMANDA HAMILTON-STANLEY 'ĞŶĞƌĂů ŽƵŶƐĞů

ALEXANDRE RICARD ŚĂŝƌŵĂŶ Θ ŚŝĞĨ džĞĐƵƟǀĞ KĸĐĞƌ͕ džĞĐƵƟǀĞ ŝƌĞĐƚŽƌ

HÉLÈNE DE TISSOT sW͕ &ŝŶĂŶĐĞ͕ /d Θ KƉĞƌĂƟŽŶƐ

CÉDRIC RAMAT sW͕ ,ƵŵĂŶ ZĞƐŽƵƌĐĞƐ͕ ^ƵƐƚĂŝŶĂďŝůŝƚLJ Θ ZĞƐƉŽŶƐŝďŝůŝƚLJ

GILLES BOGAERT ŚĂŝƌŵĂŶ Θ K ŽĨ WĞƌŶŽĚ ZŝĐĂƌĚ ƵƌŽƉĞ͕

PAUL DUFFY ŚĂŝƌŵĂŶ Θ K ŽĨ WĞƌŶŽĚ ZŝĐĂƌĚ EŽƌƚŚ ŵĞƌŝĐĂ

PHILIPPE GUETTAT ŚĂŝƌŵĂŶ Θ K ŽĨ WĞƌŶŽĚ ZŝĐĂƌĚ ƐŝĂ

DŝĚĚůĞ ĂƐƚ͕ ĨƌŝĐĂ ĂŶĚ >ĂƟŶ ŵĞƌŝĐĂ

ANNA MALMHAKE ŚĂŝƌǁŽŵĂŶ Θ K ŽĨ dŚĞ ďƐŽůƵƚ ŽŵƉĂŶLJ

MOHIT LAL ŚĂŝƌŵĂŶ Θ K ŽĨ WĞƌŶŽĚ ZŝĐĂƌĚ 'ůŽďĂů dƌĂǀĞů ZĞƚĂŝů

CÉSAR GIRON ŚĂŝƌŵĂŶ Θ K ŽĨ DĂƌƚĞůů DƵŵŵ WĞƌƌŝĞƌͲ:ŽƵģƚ

JEAN-CHRISTOPHE COUTURES ŚĂŝƌŵĂŶ Θ K ŽĨ ŚŝǀĂƐ ƌŽƚŚĞƌƐ

CONOR M C QUAID ŚĂŝƌŵĂŶ Θ K ŽĨ /ƌŝƐŚ ŝƐƟůůĞƌƐ 'ƌŽƵƉ

BRUNO RAIN ŚĂŝƌŵĂŶ Θ K ŽĨ WĞƌŶŽĚ ZŝĐĂƌĚtŝŶĞŵĂŬĞƌƐ

PHILIPPE SAVINEL ŚĂŝƌŵĂŶ Θ K ŽĨ ZŝĐĂƌĚ ^ ĂŶĚ WĞƌŶŽĚ ^

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CREATING S H A R E D V A L U E

_ WƌŽĐƵƌĞ ŚŝŐŚͲƋƵĂůŝƚLJ ƌĂǁŵĂƚĞƌŝĂůƐ

_ ŐĞŝŶŐ Brands such as Martell ĂƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ K ͕ Ă ŐĞŽŐƌĂƉŚŝĐĂů ŝŶĚŝĐĂƟŽŶ that requires an ageing period to reach full maturity. Their ageing, storage and ďŽƩůŝŶŐ ĚĞŵĂŶĚ ƌĞĮŶĞĚ ĞdžƉĞƌƟƐĞ ƚŚĂƚ ƌĞƉƌĞƐĞŶƚƐ Ă ĐŽŶƐŝĚĞƌĂďůĞ ĐŽŵƉĞƟƟǀĞ advantage as well as a barrier to market entry.

_ ŶŚĂŶĐĞ ŽƵƌ ƉƌŽĚƵĐƟŽŶ ĐĂƉĂĐŝƚLJ tĞ ƚĂŬĞ ŐƌĞĂƚ ĐĂƌĞ ǁŚĞŶ ďŽƩůŝŶŐ our products and comply with all relevant quality and safety standards. ϵϵ͘ϯй ŽĨ ŽƵƌ ƐŝƚĞƐ ŚĂǀĞ ƌĞĐĞŝǀĞĚ /^K ϵϬϬϭ ĐĞƌƟĮĐĂƟŽŶ͘ ϯϬй ƌĞĚƵĐƟŽŶ ŝŶ K 2 ĞŵŝƐƐŝŽŶƐ ;^ĐŽƉĞ ϭнϮͿ ƉĞƌ ƵŶŝƚ ƉƌŽĚƵĐĞĚ ;ůŝƚƌĞ ŽĨ ĚŝƐƟůůĞĚ ĂůĐŽŚŽůͿ ƐŝŶĐĞ ϮϬϭϬ͘ ϮϬй ƌĞĚƵĐƟŽŶ ŝŶ ǁĂƚĞƌ ĐŽŶƐƵŵƉƟŽŶ ƉĞƌ ƵŶŝƚ ƉƌŽĚƵĐĞĚ ;ůŝƚƌĞ ŽĨ ĚŝƐƟůůĞĚ ĂůĐŽŚŽůͿ ƐŝŶĐĞ ϮϬϭϬ͘ _ /ŶŶŽǀĂƚĞ /ŶŶŽǀĂƟŽŶ ŝƐ Ă ƐƚƌĂƚĞŐŝĐ ƉƌŝŽƌŝƚLJ͕ ĂƐ ƌĞŇĞĐƚĞĚ ŝŶ ŽƵƌ ƌĞĂŬƚŚƌŽƵŐŚ /ŶŶŽǀĂƟŽŶ 'ƌŽƵƉ ; /'Ϳ and our Brand and Market Companies. KƵƌ ŐŽĂů ĨŽƌ ƚŚĞ ŵĞĚŝƵŵ ƚĞƌŵ ŝƐ ƚŽ ŽďƚĂŝŶ ϮϬй ƚŽ Ϯϱй ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŐƌŽǁƚŚ ƚŚƌŽƵŐŚ ŝŶŶŽǀĂƟŽŶ͘ _ ĐƟǀĞůLJ ŵĂŶĂŐĞ ŽƵƌ ƉŽƌƞŽůŝŽ dŚĞ 'ƌŽƵƉ ĂĐƋƵŝƌĞƐ ƉƌĞŵŝƵŵ ďƌĂŶĚƐ ǁŝƚŚ ŚŝŐŚ ƉŽƚĞŶƟĂů ĂŶĚ ĚŝƐƉŽƐĞƐ ŽĨ ŶŽŶͲƐƚƌĂƚĞŐŝĐ ĂƐƐĞƚƐ͘ ϭ͕ϲϵϯ ƐƵƉƉůŝĞƌƐ ŚĂǀĞ ƉůĞĚŐĞĚ ƚŽ ƌĞƐƉĞĐƚ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ƉƌŝŶĐŝƉůĞƐ ;ĂƐ ŽĨ ϯϭ :ƵŶĞ ϮϬϭϴͿ ďLJ ƐŝŐŶŝŶŐ ƚŚĞ ^ƵƉƉůŝĞƌƐ ^Z ŽŵŵŝƚŵĞŶƚ (1) . All of our products are made from agricultural rawmaterials, which is one of the reasons why we ĂƌĞ ĮƌŵůLJ ĐŽŵŵŝƩĞĚ ƚŽ ƉƌŽƚĞĐƟŶŐ ůŽĐĂů ŶĂƚƵƌĂů ƌĞƐŽƵƌĐĞƐ ǀŝƚĂů ƚŽ ƉƌŽĚƵĐŝŶŐ ŚŝŐŚͲƋƵĂůŝƚLJ ƉƌŽĚƵĐƚƐ ĂŶĚ ŵĂŶĂŐŝŶŐ ŽƵƌ ƌĂŶĚƐ͛ ĂƐƐĞƚƐ͘

Φϰ͘ϱ ďŝůůŝŽŶ ŝŶ ŵĂƚƵƌŝŶŐ ŝŶǀĞŶƚŽƌLJ͘

_ ,ŝŐŚͲƋƵĂůŝƚLJ ƉƌŽĚƵĐƚƐ

KƵƌ ƉƌŽĚƵĐƚƐ ŽīĞƌ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ƋƵĂůŝƚLJ͘ dŚĞLJ ďĞĂƌ ƚŚĞ ĂƵƚŚĞŶƟĐ ƐƚĂŵƉ ŽĨ ƚŚĞ regions where they are produced, ĂŶĚ ŽŌĞŶ ĐĂƌƌLJ ĂŶ ƉƉĞůůĂƟŽŶ ĚΖKƌŝŐŝŶĞ ŽŶƚƌƀůĠĞ ; K Ϳ͘

;ϭͿdŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐĚŽĐƵŵĞŶƚŝƐƚŽĞĚƵĐĂƚĞŽƵƌƐƵƉƉůŝĞƌƐĂďŽƵƚĂŶƵŵďĞƌŽĨŝŵƉŽƌƚĂŶƚƚŽƉŝĐƐ͗ůĂďŽƌĂŶĚŚƵŵĂŶƌŝŐŚƚƐ͕ŚĞĂůƚŚĂŶĚƐĂĨĞƚLJ͕ĞŶǀŝƌŽŶŵĞŶƚĂůŵĂŶĂŐĞŵĞŶƚ͕ ĞƚŚŝĐƐĂŶĚĨĂŝƌƚƌĂĚĞƉƌĂĐƟĐĞƐĂŶĚƌĞƐƉŽŶƐŝďůĞĐŽŶƐƵŵƉƟŽŶ͘

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