Regional conference call Gilles Bogaert Chairman & CEO

November 28th, 2019

1 In a Nutshell

CENTRAL & EASTERN EUROPE 11 Management Entities 2x 7x WESTERN EUROPE Affiliates 56 5x Gin Hub 6x

19 Production Sites

28% of Group Sales

AFRICA & MIDDLE-EAST

2x 64% EMEA LATAM Sales from Strategic International Brands

LATAM 90% Engagement Rate (iSay 2019) 2x House of Tequila 6x # Management Entities

# Global Brand Companies

# Production Sites

Sales figures reflect FY19 on EMEA LATAM’s scope that excludes Global Travel Retail and France/Ireland/Iceland 2 Main People changes in the Management Teams since Jan 19

Regional Executive Committee Regional Management Teams

Colin KAVANAGH Mark HARRISON Marketing Director Operations Director Constanza BERTORELLO Fadil TASGIN EMEA & LATAM EMEA & LATAM Managing Director Managing Director Argentina & Uruguay Austria

David HAWORTH Sergey NAZARCHUK Sandra HEITMANN Managing Director Managing Director Managing Director UK Laurent PILLET Eastern Europe Operations Swiss Managing Director Eastern Europe

Guillaume GIRARD-REYDET Tim PAECH Mikayel TOVMASYAN Ana BERIASHVILI Managing Director Managing Director Managing Director Iberia Western Europe Managing Director Kazakhstan Yerevan Brandy Company & Armenia

Paul-Robert BOUHIER Managing Director Axel HERPIN Benoît LAUG Sub-Saharan Africa + South Africa Managing Director Managing Director Belgium & Nederland South Latam

19% 29 63% 25%

Female Nationalities Non-French Positions renewed From 15% at end of CY18 since Jan19 3 Strong start of the year in the wake of Dynamic Topline Growth in FY19 demonstrating Business Acceleration

H1 FY19 FY19 Q1 FY20

Organic Solid Growth Dynamic Growth Strong Start +3% +5% Strong contribution of tier 2 markets +6% Return to good growth in Western Soft Western Europe in H1 sales Acceleration in LATAM/SSA in H2 Europe

Operating Strengthened Operating Profit organic growth profit Solid Price/mix (+4%) and good resource monitoring

Operating Strong Operating Leverage margin ahead of Group medium term Ambition

4 Strategic Update

Clear Brand / Market Gain share in LATAM, Africa Grow Jameson and Absolut and Consolidate our leadership and Middle East leveraging Strategic in Central and Eastern Europe Area, leverage the Aperitif Whiskies, Absolut and Mainstream Roadmap in particular in Whiskies opportunity in Western Europe Whisky expansion (SSA) continuing to deliver Solid and Diversified Fast track in buoyant Gin and Tequila categories Growth… Drive strong topline growth through Innovation

Leverage Prestige to drive contributive margin growth

Actively manage our Portfolio

5 Strategic Update Constant Efficient Evolution of Operational Brand … Supported Route-to- Excellence Building by the ongoing Market execution of clear Transversal TROI

Initiatives RADAR

+ Brand Equity Monitoring and + Customized Channel Strategy + Revenue Growth Management Social Listening by Geography Pricing, Trade Terms, Promotional + Portfolio Management by + Specific Route-To-Market and Effectiveness Touchpoint and Geographic Focus, Ways of Working, in particular + Cost of Goods and Supply Chain guiding resource allocation and Prestige Optimization arbitration + E-Commerce Opportunity S&OP (process & tool), Procurement, + A&P Effectiveness and Efficiency through E-retail and Market Place Value Engineering + Organization Improvements Synergies across Management Entities, Mutualization, Back-Office Digitalization, IT hubs, Global Consumer Insights organization

6 Sustainability & Health & Safety Circular Design Responsibility Responsible Procurement & Packaging Strategy

4 commitments and an ambition for 2030 with specific Transversal Regional

Priorities Biodiversity

7 FY19 Sales Strategic International Brands Strong Sales growth of +5% +6% driven by Strategic +10% +3% +10% +9% +9% International #2 #1 #2 #2 #2 Super Premium Premium Premium Premium Premium+ Brands and very Scotch Whisky Vodka Scotch Whisky non-Scotch Whisky Gin dynamic Specialty Brands Specialty Strategic Local Strategic Brands Brands Wines

+17% +5% -5%

Note: Figures reflect FY19 Sales Organic Growth vs. last year Source: IWSR Pernod Ricard Market View, ending 2018 / International Players on International Western Style Spirits, in volume 8 FY19 Sales

Strong 200 x5 Beefeater Pink k9lc In FY19 and vs. FY18 contribution of 23 Beefeater Blood Orange Innovation In 5 months in UK only Flavoured Gins Flavoured k9lc From Feb to June 2019 driving over one Beefeater Pink Beefeater Blood Orange Global Launch UK Launch in Feb 19 third of Sales growth…

+2% Incremental Growth In FY19 vs. LY Shaking up the Jameson Caskmates Martell Blue Swift Chivas XV

Stout & IPA Editions Finished in Bourbon casks Finished in Cognac casks Category Conventions Category Sales +45% Sales x3.3 Launched in all Management Entities

Note: Figures reflect FY19 Sales Organic Growth vs. last year 9 FY19 Results

Turkey Absolut Elyx - Ammo Beach Club, Florianópolis … and continued +50% strong growth of Prestige

Brazil +45%

Chivas 18 – Terrace of the “House of Brothers”, Turkey Ararat – Aznavour Limited Edition

Caribbean +35% x1.5 Total Portfolio Sales Growth vs. LY Russia +23%

Martell Blue Swift - Launch Perrier-Jouët - Nikki Beach St Barth

Note: Figures reflect FY19 Sales Organic Growth vs. last year of the Prestige Brands portfolio 10 Strong start of the year demonstrating Business Acceleration

+6% Sales Organic Growth in Q1 FY20

11 Q1 FY20 Update

Whisky brands are leading the growth thanks to a strong performance in Ballantine’s “Stay True” campaign Jameson’s Dublin-based Experience Chivas “Success is a Blend” campaign Absolut Rainbow, “Create an Open is building on its success in Poland World Tour, LX Factory in Lisbon Partnership w/ Manchester United World” campaign - Milan, Italy Emerging (Portugal) - Sept 2019 Markets

Double-Digit growth in Mexico, Brazil and Africa

Strong growth in Double-Digit growth in Double-Digit growth in Western Europe +6% Africa, Brazil, Central Africa, Eastern Europe, Strong growth in Central Q1 Sales growth vs. LY and Eastern Europe UK and Germany and Eastern Europe (Ballantine’s, Jameson, Chivas)

Note: Figures reflect Q1 FY20 Sales Organic Growth vs. last year 12 Beefeater’s New Campaign Pernod Ricard’s latest Gin Acquisition Q1 FY20 Update The Spirit of London South Africa

Pernod Ricard is expanding and leveraging its diversified Gin

Portfolio to seize Malfy Gin Acquisition Monkey Kiosk Tour the Category Italy Bar Convent, Berlin Boom

Double Digit Q1 Sales growth vs. LY Total Gin Portfolio*

Brazil UK Germany Mexico Italy Spain Poland South Africa x2.3 +23% +34% +61% +23% Stable +59% +46% * Q1 sales growth excluding Malfy and Inverroche sales Note: Figures reflect Q1 FY20 Sales Organic Growth vs. last year 13 Q1 FY20 Update Lillet Activations Continued Launch in Spain outstanding performance for Lillet expanding beyond its current Stronghold

+45%

Q1 Sales growth vs. LY Lillet

+47% +34% +53% +20% +23%

Note: Figures reflect Q1 FY20 Sales Organic Growth vs. last year 14 Q1 FY20 Market Western Europe Performance Stable Stable w/ acceleration Continued Market Share in last 3 Months Share Gains Market Share Gain on Gin Sales New Brand Campaigns Strong Q1 Activations in Festivals Successful Innovation improvement +62% driven by Sales +6% Beefeater Beefeater Blackberry UK Brand Seagram’s UK Launch in Sept 19 Spain bouncing back in Highlights Germany +1% Absolut – Lollapalooza, Berlin Beefeater Std +29% Spain Absolut +13% Ceder’s Germany Jameson Non-Alcoholic UK Gin

+5% CONJOINT Operational Q1 Sales growth vs. LY Marketing Effectiveness Pricing / Promotions IT Organization Excellence Tool Implementation Tool Implementation Mutualization - 1st Wave

FY20 Conjoint Q1 H2 FY19 Vista GO LIVE

Note: Figures reflect Q1 FY20 Sales Organic Growth vs. last year 15 Q1 FY20 Very Dynamic Eastern/Central Growth… +13% +11% Europe +7% Double-Digit +8% Growth thanks to … Driven by Whiskies Chivas – Grand opening of Syreni Śpiew Club, Warsaw Dynamic +94% Strategic International Brands and Solid

Ararat Wyborowa Growth of Local contributing to contributing to 75% 15% Brands of Armenia of Poland Local Brands Q1 Sales Q1 Sales Contributing Growth Growth to Growth +13%

Q1 Sales growth vs. LY New Ararat Apricot for summer New Wyborowa launching campaign “Unboxing” 6 YO ARARAT brandy and delicate apricot taste New Bottle Design, Celebrity Endorsement: Maciej Zakościelny (famous Polish actor) Note: Figures reflect Q1 FY20 Sales Organic Growth vs. last year 16 Q1 FY20 +30% +28% Africa Middle East Transform and Accelerate our Organization Expand our Whisky Portfolio

From Chivas Solid Q1 to a full Whisky Portfolio West Africa Angola x2.3 +24% +23% Growth driven by South Central Nigeria +16% +93% New Campaign the Expansion of Imperial Blue +33% our Whisky Portfolio +25%

+9% New Campaign South Africa

Sub-Saharan Africa +49% +7% Organization (Johannesburg) Organization Turkey started the portfolio activation Q1 Sales growth vs. LY “Month of Malts” including The Glenlivet, Aberlour, Mutualization Scapa and Chivas Ultis +58%

South Africa Organization (Cape Town)

Note: Figures reflect Q1 FY20 Sales Organic Growth vs. last year 17 Q1 FY20 Sales +0.5pt LATAM Decline Share Gain* +16% Driven by phasing Imported Premium+ Spirits

Chivas – Chivas XV Launch, Mexico Performance +27% Pursuing and Brand Transformation Highlights in LATAM competitive +80% Total Chivas – Brazil Brand Ambassador, Taís Araújo markets Brand

Pursuing Transformation Brand Factory Transform our ways or working aiming at Boost Growth Relays thanks to a Organization more agility and efficiency New Incubation Model Stable Transformation +53% Q1 Sales growth vs. LY New Route-To-Market Deleveraging of Assets Fit for purpose organization in line Adapt organization and Industrial with business size and ambition footprint to declining volume

*Value Share Gain for Pernod Ricard total portfolio on the specified category over the last 3 month period vs. Last Year Note: Figures reflect Q1 FY20 Sales Organic Growth vs. last year 18 Conclusion

Solid FY19 ▪ Business acceleration in Q1 driven by Western Europe, with in particular the rebound of Germany Performance ▪ Continued strong growth in Russia and Emerging Markets confirmed by ▪ Margin Improvement (strong price/mix and tight resources Acceleration in Q1 management)

Clear ▪ Innovation, Prestige, Gin / Tequila fast track ▪ Active Portfolio Management Strategic ▪ Operational Excellence Roadmap ▪ Active talent management while injecting more diversity

Pernod Ricard EMEA & LATAM well positioned to keep delivering Good Top Line Growth and Margin Improvement

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