Regional conference call Christian Porta Chairman & CEO

March 22nd, 2018

1 Strong H1 FY18 sales with Emerging Markets key drivers of growth

Continued momentum in Continued double-digit EMEA & LATAM +7% Germany with strong performance growth in Russia +15% +6% of growth relays

Good performance in Poland in environment that Continued dynamic growth +7% remains competitive in the UK +8%

Rebound in Italy after Spain market decelerating several years of decline following post-crisis +2% rebound and Catalonia -4% political situation Double digit growth in Turkey Strong performance in driven by improved economic Mexico driven by Strategic context and political stability, International Brands and +12% +39% enhanced by favourable price increases comparison basis

Brazil rebound in improved Still solid growth in SSA Continuation of strong macroeconomic conditions driven by South Africa growth in Argentina, partly though uncertainty remains, with +7% favoured by inflation, in an +11% favourable comparison basis improving environment

Note: figures reflect H1 FY18 Sales organic growth 2 All categories very dynamic Strategic International Brands growing +8%, in particular Absolut, Chivas and Jameson

Double-digit growth in LATAM, Dynamic growth driven Softer in decelerating Spain Good growth across the UK, South Africa, Middle East & mainly by Turkey, Russia and but strong in Middle East, region, mainly in Russia and Russia LATAM Eastern & Central Europe South Africa +11% +9% +5% +12% #1 #2 #2 #2 Premium vodka Super Premium Premium Scotch Premium Scotch Whisky Whisky non-Scotch Whisky

Soft in Spain but double-digit Growth mainly driven by Dynamic growth with strong growth in many markets Germany, Russia and Mexico contribution from emerging while softer in Spain and Italy markets Strategic International Brands +8%

+3% +3% +13% Strategic Wines +6%

#1 #1 #2 Strategic Premium Plus Premium Plus Super Premium Local Brands +5% Gin Rum Malts Note: figures reflect H1 FY18 Sales organic growth Source: Ranking from IWSR Pernod Ricard Market View, ending 2016. Ranking among International Players on International Western Style Spirits, in volume 3 Innovation and Luxury delivering strongly

Accelerating successful innovations Acceleration of Prestige • Flexible and diverse portfolio covering all moments of convivialité Absolut Mixt • Tailor-made activations in Iconic locations • Absolut RTD range launched in • Dedicated expert teams in key markets Scandinavia Russia +12% Germany +16% • Iconic bottle format to recruit new generation of Absolut consumers Summer Tour • A 360 launch campaign Monkey 47 +53% Successful development across region in particular in SPEAR’s business club Wealth Tailor-made activation of Perrier- UK and Germany Management Awards by Chivas Jouët in top accounts Monkey 47 Lodge in London Ultis Greece +14% Italy +16% Lillet • Distribution expansion +52% • Strong performance in Germany

Jameson NPDs Premium extensions to capitalise on craft trend with High-energy activations of Absolut Elyx Havana Club activation in Milan’s Caskmates Stout & IPA in Mykonos Iconic hotels

Note: figures reflect H1 FY18 Sales organic growth 4 Emerging markets Strong contribution from Emerging Markets thanks to focused investment behind Strategic International Brands

A&P investment increased by more than 40% since H1 FY15

LATAM Africa & Middle East Eastern Europe

Total Total Total +16% +12% +18%

Strategic International Brands Strategic International Brands Strategic International Brands (50% LATAM Sales) (88% Africa & Middle East Sales) (65% of Eastern Europe Sales) +17% +13% +21%

Note: figures reflect H1 FY18 Sales organic growth 5 Russia: successful strategy driving double-digit growth

Double-digit growth in a very dynamic market 2017* Value MAT • Market Evol. Market Share  Continued focus on Strategic H1 Sales +15% Premium+ brands, while Premium+ +12.6% 24.6% Flat leveraging a strong portfolio of Strategic Standard +11.2% 4.7% -0.8pt local brands International +18% Brands Total +11.8% 13.0% -0.4pt Effective activations and L3F execution H1 Sales SOM  H1 Sales SOM  H1 Sales SOM  H1 Sales SOM  +14% +1.0pt +20% +0.4pt +24% +1.2pt +12% -1.2pt True Music New advertising campaign “Born in the Strong growth in H1 Brand building & differentiation • Boiler Room Music campaign activation streets of Dublin” • Special events and staff incentive in strategy in a very competitive • Collaboration with Present Perfect Festival • Strongly differentiating from market the on-trade category • Series of True Music regional events environment • High season push in the off-trade • 130th anniversary (Press tour) • Fastest growing Premium Blended Whisky • 360 campaign launched in Sept17 • “Toast” campaign (off-trade, cultural sponsorship) • Digital CRM platform • Mentoring (new brand ambassador)

Present Perfect Festival

Source: Nielsen National Urban Russia + Metro, MAT Value share, data ending Dec 17. Total market share excl. Vodka & Champagne. Jameson and Ballantine’s on Whisky Premium; Chivas Regal on Whisky Super Premium Plus Non-Malt; Ararat on Brandy Standard Plus. * Change of perimeter by Nielsen vs. last year 6 SSA: dynamic growth (+7%) driven by Premium+ Spirits despite some political uncertainty across the region in H1

Successful pan-African campaigns Continued solid growth in South Africa Value MAT 2017  Mumm – • Continued double-digit #DareWinCelebrate performance of Jameson Market Evol. +9.6% Bring to life Mumm's essence (inc. Caskmates) Market Share 12.0% -0.2pt of #DareWinCelebrate through • Strong contribution from growth a spectacular experience by relays in particular Absolut, taking over the sponsorship of SOM Sun Met, the richest day of Ballantine’s and Prestige racing in Africa • Increased pricing pressure from 29.4% +1.7pt Ballantine’s – Beat of competitors Africa H1 Sales 34.6% +0.4pt 360 campaign in 6 Strategic 10.6% markets: South Africa, International +9% +1.2pt Angola, Cameroon, Brands Zambia, Mozambique, DRC 8.5% -0.4pt

Contrasted picture in other markets Absolut – One source campaign • Good H1 in West Africa and South Central Africa Thinking locally in a global • Softer start in East Africa (political uncertainty in Q1 in Kenya) and in Nigeria way (difficult economic environment)

Source: Aztec, Off-trade, MAT Value share, data ending December 2017. Jameson on Whisky Super Premium; Absolut on Vodka Premium, Ballantine’s on Whisky Premium, Chivas on Whisky Super Premium 7 Turkey: consolidating our leadership position in Imported Spirits and further developing our growth relays

Strong double digit growth in an improved economical and market context • All channels growing with rebound of on-trade and hotels Value MAT 2017*  • Favorable comparison basis last year Market Evol. +31% • Pernod Ricard continues to gain market share and to increase prices Market Share 43.3% +2.4pts

Successful development of growth relays

H1 Sales SOM  H1 Sales SOM  H1 Sales SOM  +32% +2.6pts +51% +2.8pts +33% +3.4pts House of brothers Champions League Absolut #NightsByYou Offers a unique and super premium Off-trade driven strategy, focused on sales team High energy event sponsorships with maximized online experience incentives and customer loyalty programs. coverage with Instagram influencers via #nightsbyyou platform

Source: Retail Audit (Supermarket + traditional) Nielsen MAT Value share, data ending December 17. Chivas on Super Premium whisky; Ballantine’s on Premium Scotch whisky; Absolut on Premium Vodka. Total Market Share on Spirits excluding Rakı and VFM vodka * Change of perimeter by Nielsen vs. last year (traditional off trade incl.) 8 Mexico: acceleration thanks to continued strategic refocus on international brands

Market share stabilisation after full business reset and resource reallocation

• New organisation model aligned with H1 Sales Value MAT 2017*  refocused portfolio strategy Strategic • Over-investment driving acceleration of International +23% Market Evol. +8.9% Strategic International Brands Brands Market Share 7.7% -0.1pt • Bold price increases (H1 price effect +13%)

Accelerating on Absolut and Martell, stabilising Chivas Market Share 2017 Market Share 2017 Market Share 2017 32% +0.3pt 8% -0.1pt 54% +1.6pt

• Launch of new advertising campaign “A night • Focusing on Mexico city and Guadalajara • Martell VSOP: key touchpoints activated for change” • Selecting the right media: open TV and OOH “Campestres” and Fairs • Based on global concept, developed and • Targeting the top selling stores for Whisky SP+ • Martell VS Single Distillery: launch supported produced locally • Activating the on-trade by on-trade activations and regional fairs

• New Martell VSOP launched mid- February 2018: “True elegance lies in its perfect balance”

Source: Nielsen, Wholesalers + Modern Trade, MAT Value share, data ending December 2017. Absolut on Total Vodka; Chivas Regal on Super Premium Blended Scotch; Martell on Cognac * Market share below last year due to perimeter effect (disposal of Domecq brandies) 9 Brazil: gaining market share in a context of economic rebound (uncertainties remain)

Resuming with growth and market share gains H1 Sales • Restart of strong brand building investment after cuts during crisis Strategic Value MAT 2017  International +11% • Focus on Strategic International Brands, also Brands Market Evol. +2.3% leveraging a strong portfolio of local brands Market Share 22.7% • Favorable comparison basis last year +0.5pt • Positive price effect (H1 +4%)

Growth coming both from Strategic International Brands and Local Brands

H1 Sales SOM  H1 Sales SOM  H1 Sales SOM  H1 Sales SOM 

+6% +2.0pt +14% +0.4pt +12% +2.7pts +23% +1.5pt

+17% -1.9pt

Art resistance Stay True Campaign “Win together, celebrate together”

Source: Nielsen, Scantrack, MAT Value share, data ending December 2017, Chivas on Super Premium Plus Whisky, Absolut on Premium Vodka, Ballantine’s on Premium+ Whisky, Passport on Standard Whisky, Orloff on Standard Vodka 10 Mature markets Consolidating leadership in mature markets with tight resource management

A&P investment optimization resulting in slight reduction of A&P / Net Sales ratio over the past 3 years Strict monitoring of structure costs

Mature markets +2% Strategic International Wine Strategic Local Other products Brands Brands +1% +7% -2% +4%

Notes: figures reflect H1 FY18 Sales organic growth Mature markets including Iberia, Western Europe, Southern Europe, UK, Northern Europe, Central Europe Management Entities 11 Spain: defending our leadership in a context of market deceleration

Resilient in a decelerating market • Market deceleration following post crisis rebound and Catalonia political situation Value MAT 2017  H1 Sales -4% • Beefeater Pink Gin launched in Feb18 Market Evol. +2.2% • Increased pricing pressure especially in Whisky Market Share 23.7% -0.4pt • Soft summer leading to wholesalers destocking

Strong activations Market Share 2017 Market Share 2017 Market Share 2017 13.4% +0.5pt 26.4% -0.5pt 24.7% -2.1pt Seagram’s Gin Hotel Campaign • Monetising experiences - Timeless and authentic experiences Music projects Strong investment in C&C and WHS and content directly from • Experiential events with the best international DJs NYC • Weekly Ballantine’s radio program • Rehearsal studios & concerts for new music bands Experiential event in Madrid

Source: Nielsen On+Off-trade, MAT Value share, data ending ON17, Ballantine’s on Premium Whisky, Beefeater and Seagram’s on Total Gin 12 Germany: strengthening our leadership in a premiumising market

Continued momentum

• Dynamism driven by growth Market Evol. Market Share  relays and Prestige H1 Sales +6% Imported Spirits +1.7% 12.1% flat • Positive price/mix (H1 + 3%) Total -1.1% 8.6% +0.1pt

Strengthening strong brands and growth relays

Market Share 2017 Lillet – Integrated campaign H1 Sales for a strong push 10% +0.4pt +14% 24% -1.2pt Absolut Nights@Lollapalooza 17% Stable +50%

Absolut Nights over all 27% +4.8pts +16% touchpoints Prestige

Source: Nielsen Grocery + Drugstores + C&C, MAT Value share, data ending December 17. Absolut on Total Vodka; Havana Club on Total Rum; Jameson on Total Irish Whiskey; Ballantine’s on Total Whisky; Ramazzotti on Total Bitters; Lillet and Rosato on Total Aperitif. Imported Spirits: Whisky, Vodka, Rum, Liqueurs, Aperitifs. 13 UK: successful implementation of strategy focused on key brands

Strong growth with market share gains H1 Sales • Sharpened portfolio strategy Value MAT 2017  • Benefit from April 2017 price increases Market Evol. +4.3% • Market Share Strategic International Spirits and Strategic International Champagne: Wines: 8.4% +0.2pt Wines strongly contributing to growth Spirits: +8% -24% +9% Strong momentum on both spirits and wines

Market Share 2017 Building a strong gin portfolio with inspiring activations and local campaigns Market Share 2017 40% +2.2pts 21% +1.1pt 12% +0.4pt • Campo Cava launch across grocery market PRUK Xmas portfolio campaign focusing • Campo Blanco sampling at Waitrose on 2 big bets Absolut and Jameson Beefeater Winter Drinks Festival gin garden • Featuring Campo to gain visibility in the Impulse channel Launch of Monkey 47 Plymouth Fruit London Cup in Summer Cocktail Week 2018

Source: Nielsen Off-trade (ending 31/12/17) + CGA On-trade (ending 31/12/17), MAT Value share. Absolut on Premium Vodka; Jameson on Total Non-Scotch Whiskey; Campo Viejo on Spanish Light Wines; Total Market Share on Spirits Standard+ 14 Conclusion: an effective resource reallocation strategy

✓ Strong growth delivered by Emerging Markets thanks to an acceleration of A&P investments focused on Strategic International Brands

✓ Leadership consolidated in mature markets with tight resource management

15 Q&As

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