Last Estimate

New York, 9th January 2012

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Pernod Ricard
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Annual Estimate #2 2011/2012 (LE#2)
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Guidelines & Instructions-------------------------------------------------

TABLE OF CONTENTS

Introduction 3
1. Timetable / Deadlines 3
2. FX Rates & PRISMA Input 3
3. Group Organic Growth 4
4. What’s New? 5
4.1. FX impact 5
4.2. WC Ratios 5
5. Business Profit 5
5.1. Intercompany Turnover & COGS 5
5.2. Intercompany flows denominated in currencies other than the entity functional currency 6
5.3. ManufacturingVariances 6
5.4. BMS / Transfer Price Policy (TPP) 7
5.5. Structure Costs 7
5.6. Risks & Opportunities 7
5.7. Non Recurring Items 7
6. Financial Result 8
7. Cash Generation 8
7.1. Cash on hand at the end of June 2012 8
7.2. Inter-company operating and financial accounts 9
7.3. Maturing spirits and wines Prisma appendix 9
7.4. Debt declaration 9
8. Comments 9
9. PRISMA -Appendices 10
10. PRISMA harmonization 11

Introduction

Unlike LE#1, LE#2 is a “full” estimate. All information is requested: detailed volumes and S/T P&L until DOST but also all intercompany flows, financial result, non recurring items and debt / cash.

Although no tax reporting is requested, an update of income tax payments and the current year tax impacts of any businessreorganisations projects implemented in the year should be taken into account for the LE#2 submissions.

Please note that alongside with December 2011 Group results publications, Paris will communicate to the market, on the 16th of February, an updated Group guidance for the full year 2011/2012. As the guidance will be based on this Estimate, we ask you to pay specific attention to the data submitted andthe respect of the deadline.

LE#2 should be built by adding the YTD December 2011 actual figures and an Estimate of the 6 remaining months (Jan-Jun 2012) in order to avoid major differences between Intercompany COGS at Distributors level and Brand Owner Net Sales.

1. -------------------------------------------------
Timetable / Deadlines

All deadlines are 1p.m. NYC time

*Volumes January 23rd
* Business Profit January 23rd
* Excel appendices #2 to #4 January 25rd
* Cash January 25th
* LE#2 DOST Comments January 25th
* LE#2 Cash Comments January 26th

2. -------------------------------------------------
FX Rates & PRISMA Input

* FX Rates
Annual and 6-month (Jan-Jun) forex rates tobe used are attached in Appendix 1

* PRISMA Input
* Data input available starting: January 4th, 2012
* Scenario to be used: V_ESTIMATE & F_ESTIMATE / FEB / 2012

3. -------------------------------------------------
Group Organic Growth

The brands excluded for pro-forma purposes are the following:

Brand / project | Entity impacted (if applicable) | List ofaccounts to be taken into account | Period to be used for impact calculation | PRISMA description |
Tia Maria | All excluding PR Argentina | All | Full year | Tia Maria |
Wild Turkey | All excluding PR Japan | All | Full year | Total Wild Turkey |
Bisquit | All | All | Full year | Bisquit |
Winter | All | All | Full year | Total Winter |
| All | All | Full year | Guaccero |
| All | All |Full year | Wines VS- Non detailed Total BID |
Palacio | All | All | Full year | Palacio |
Pacharan Zoco | All | All | Full year | Pacharan Zoco |
Marques de Arienzo | All | All | Full year | Marques de Arienzo |
“Bacchus” project | All | All | Full year | Total Bacchus |
Renault | All | All | Full year | Renault |
Seagram coolers | All | All | Full year | Seagram coolers |
GWS...