PERNOD-RICARD - URD 2020-21

____ 6. CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Changes made to outstanding stock options/shares during the year (period from 1 July 2020 to 30 June 2021) are described below:

Outstanding options at 30.06.2021

Presence of performance condition

Outstanding options at 30.06.2020

Allocated during the period

Cancelled during the period

Exercised during the period

Expired during the period

Type of options

Plan dated 06.11.2015 Plan dated 17.11.2016 Plan dated 09.11.2017 Plan dated 21.11.2018 Plan dated 08.11.2019 Plan dated 27.11.2020

Purchase Conditional

114,893

0

0

45,718

0

69,175

Purchase Conditional

124,502

0

6,677

41,953

0

75,872

Purchase Conditional

124,050

0

46,797

0

0

77,253

Purchase Conditional

109,492

0

5,863

0

0

103,629

Purchase Conditional

131,864

0

6,286

0

0

125,578

Purchase Conditional

0

136,711

0

0

0

136,711

Presence of performance condition

Outstanding shares at 30.06.2020

Allocated during the period

Cancelled during the period

Transferred during the period

Expired during the period

Outstanding shares at 30.06.2021

Type of shares

Plan dated 17.11.2016 Plan dated 09.11.2017 Plan dated 21.11.2018 Plan dated 08.11.2019 Plan dated 27.11.2020

Free Conditional

366,522

0

7,120 359,402

0

0

Free Conditional

200,523

0

14,178

0

0

186,345

Free Conditional

208,312

0

15,495

0

0

192,817

Free Conditional

175,706

0

9,286

0

0

166,420

Free Conditional

0 270,838

3,172

0

0

267,666

The average strike price of options exercised during FY21 was €104.24.

The assumptions used in calculating the fair values of the options and shares allocated over the financial year, using the binomial or Monte Carlo models and the terms under which the options/shares were granted, are as follows:

IFRS 2 fair value (€)

Type of options/ shares

Presence of performance condition

Initial share price (€) (1)

Expected dividend yield

Strike price (€)

Expected volatility

Risk-free interest rate

Plan dated 27.11.2020 Plan dated 27.11.2020 Plan dated 27.11.2020

Purchase Conditional

159.70

154.11

20.60%

1.97%

0.00%

23.53

Free Conditional

159.70

N/A

20.20%

1.97%

0.00%

91.46

Free Conditional

159.70

N/A

N/A

1.97%

N/A

147.60

N/A: not applicable Closing share price at grant date. (1)

The fair values are fixed upon implementation of each plan and do not vary year on year. In addition, only the values relating to the plans allocated during FY21 are presented above (information on previous plans is available in the previous universal registration documents).

From 2012 onwards, the volatility assumption used for the plans is based on a multi-criteria approach taking into consideration: historic volatility over a period equal to the duration of the options; implied volatility calculated on the basis of options available in financial markets.

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PERNOD RICARD UNIVERSAL REGISTRATION DOCUMENT 2020-2021