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March 2009

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Pernod Ricard Paris, France Report Facts Company name: Pernod Ricard SA Fiscal year end: June 30, 2008 Report title: Annual Report 2007/2008 Chairman and CEO: Patrick Ricard Managing Director: Pierre Pringuet Number of books: 2 (incl. Reference Document) Report length: 124 + 192 pages Auditors: Deloitte, Mazars & Guérard Design: Terre de Sienne - Labrador E-mail: investor.relations@pernod-ricard.com	Report Rating 3.5/5 (Rating scale below) Profile-Products (Excerpts, as from the report) Pernod Ricard was created in 1975 out of the link-up of the two leading French anise-based spirits specialists.In the 2000’s, Pernod ricard shifted its strategic focus… to concentrate on wines and spirits. A series of acquisitions (part of Seagram, Allied Domecq, Vin&Spirit) have made the Group the world co-leader in the sector and the Number 1 in… quality spirits. Strategic brands include: Absolut Vodka, Jacob’s Creek, Ballantine’s, Ricard, Chivas Regal, Malibu, Martell... (Annual Report excerpts) (Italics are own company’s words) Key Figures Sales: EUR 6,589 million Recurring income: EUR 1,522 million Net profit: EUR 840 million Free cash flow: EUR 315 million Earnings per share: EUR 3.87 Dividends per share: EUR 1.32 Operating margin: 23.1% Number of employees: 17,625 (Source: 2008 figures sourced from the annual report) Some Competitors Diageo Fortune Brands Foster’s SABMiller E. & J. Gallo

Triple A > Strongly branded and well-organized profiling job, especially with such a number of brands to feature. See among others the To the rhythm of festivities year calendar. > Quantity and quality of illustrations, based on products, brands, people, charts, maps.

Double A > Lively, informative and sparkling review of brands and markets (see Selected Page). > Employee and human resource issues supported with facts and figures (e.g. length of service, turnover rate). > Transparency on governance mechanisms, also with regard to committees and limitation of powers). > Good review of a number of sustainability and responsibility issues, e.g. environmental indicators, supply-chain management, sponsorship activities.

Simple A > The report delivers better on the qualitative aspects than on a translation in actual figures (except for brands). > Share performance and indicators are in (and include a shareholder interview), yet are not sufficiently developed (virtually no ratios).

B Sides > A very low-calorie financial review: 7 pages mainly consisting of tables, and including less than half a page about Cash flow and funds (sic), not even analyzed separately. > Emphasizing more than 30 years of continued growth (Reference Document p 4) and not backing it with historical figures and ratios, at least for the last 3 to 5 years, is difficult to admit. Sure there has been external growth factors that make comparisons more complicated, but this is not an excuse. > The full PDF report download, which includes the legally binding Reference Document, is 300-odd pages long.

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Selected Page (p 16 of Pernod Ricard Annual Report 2008)	Rating Scale 5 First-Rate 4.5 Excellent 4 Very good 3.5 Sound 3 Average 2.5 Uneven 2 Common 1.5 Substandard 1 Poor 0.5 Uncompetitive The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.