PERNOD RICARD - 2018-2019 Universal registration document

4.

RISK MANAGEMENT Risk factors

Risk hierarchy

Risks relating to business activities

Pressure on prices Geopolitical and macroeconomic instability Negative media/social media campaign Cyberattack Brand portfolio challenges and non-adaptation to new trends (incl. inventory management) Product quality issues Supply disruption Talent management Fraud

Industrial and environmental risks

Climate change and environmental damage Loss of major site/strategic inventory Toxic contamination Human safety risk

Legal and regulatory risks

Regulatory changes Business ethics — Taxes and levies — Regulatory Environment — Major litigation Counterfeiting/IP rights

Financial risks

Financial risks: FX — Interest rates —

Credit — Pensions

Risk factors exist in a limited number of categories depending on their nature. Within each category, the most important risk factors are presented first.

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2018-2019

PERNOD RICARD UNIVERSAL REGISTRATIONDOCUMENT