PERNOD-RICARD - URD 2020-21

____ 2. CORPORATE GOVERNANCE COMPENSATION POLICY

Details of performance conditions

The shares will be definitively awarded if the average achievement of the Group’s annual objectives for profit from recurring operations, restated for scope and exchange rate effects, over three consecutive financial years, is greater than 95 % of the Group’s budgeted annual objectives for profit from recurring operations for these financial years: if the average level of achievement over the three financial years of the budgeted profit from recurring operations is less than or equal to 0.95: no performance shares will vest; if the average level of achievement is between 0.95 and 1: the number of performance shares vesting will be determined on a straight-line basis according to the percentage achievement between 0% and 100%; and if the average level of achievement is 1 or more: 100% of performance shares will be vested. The determination of the final number of shares awarded will be assessed over a period of three consecutive financial years (including the year in which the shares were allocated). The final number of shares awarded is determined on a straight-line basis according to the percentage achievement between 0 and 100. The number of performance shares that vest will be determined by the positioning of the overall performance of the Pernod Ricard share (TSR) compared to that of the Panel of 12 peers over a period of three years following the allocation of the plan, in accordance with the following: below the median (8 th to 13 th position), no performance shares will vest; The Board of Directors has decided that, in addition to Pernod Ricard, the Panel shall comprise the following 12 companies: AB InBev, Brown Forman, Campari, Carlsberg, Coca-Cola, Constellation Brands, Danone, Diageo, Heineken, LVMH, PepsiCo and Rémy Cointreau. The composition of the Panel may be modified depending on changes in the companies, particularly in the event of acquisition, absorption, dissolution, spin-off, merger or change of activity, subject to maintaining the overall consistency of the sample and enabling application of the external performance condition in accordance with the performance objective set on allocation. The number of performance shares that vest will be determined based on the achievement of the following criteria assessed over a period of three consecutive financial years (including the year during which the shares were allocated): Carbon: implementation of the roadmap to reduce the direct CO 2 emissions generated by our sites in order to achieve zero net emissions by 2030. Water: implementation of the roadmap, which aims to reduce the water consumption of our distilleries by 20% by 2030. Responsible consumption: Pernod Ricard’s strategic brands will launch marketing campaigns focused on responsible drinking, with the aim of ramping this up each year over the next five years. Employees: objective of achieving gender diversity in our Top Management (at least 40% of each gender) by 2030. The Board of Directors will determine, at the time of each allocation, the quantified objectives to be achieved for each of these four criteria. Number of shares that vest: if no objectives are achieved: no shares will vest; at the median (7 th position), 66% of the shares will vest; if in 6 th , 5 th or 4 th position, 83% of the shares will vest; and if in 3 rd , 2 nd or 1 st position, 100% of the shares will vest.

PRO (Profit from Recurring Operations)

TSR (Total Shareholder Return)

CSR (Corporate Social Responsibility)

if one objective is achieved: 25% of the shares will vest; if two objectives are achieved: 50% of the shares will vest; if three objectives are achieved: 75% of the shares will vest; if four objectives are achieved: 100% of the shares will vest.

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PERNOD RICARD UNIVERSAL REGISTRATION DOCUMENT 2020-2021