Press releases

Paris, 23 November 2006 – Pernod Ricard launched on 23 November 2006 their inaugural dual tranche EUR 850 million bond transaction. Key highlights of the deal are as follows :

Tranche 1 : EUR 300m FRN due June 2011	Tranche 2 : EUR 550m 4.625% due December 2013
Amount :  EUR 300 million Maturity : 4 years and a half Final maturity : 6 June 2011 Settlement : 6 December 2006 Format : Floating Rate Notes Coupon : Euribor 3 months + 50 bp Reoffer price : 99.876 Reoffer spread : 53 bp over 3month-Euribor	Amount :  EUR 550 million Maturity : 7 years Final maturity : 6 December 2013 Settlement : 6 December 2006 Format : Fixed Rate Notes Coupon : 4.625 % Reoffer price : 99.526 Reoffer spread : 80bp over the 7 year fixed swap rate

Pernod Ricard's senior long term debt is rated BB+ by Standard & Poor's and Baa3 by Moody's.

The transaction has been very well received by the market with nearly a 4 time global oversubscription within the morning.  The initial price guidance on both tranches have been revised during the process and the final spread on each tranche has been finally set on the tight end of the revised spread talk.

This transaction was envisaged at the time of the Allied Domecq acquisition financing and is aimed at refinancing part of the credit facility put in place in August 2005. It allows the Group to diversify its financing sources.

PERNOD RICARD has appointed HSBC, IXIS-CIB, Natixis, Royal Bank of Scotland and Société Générale CIB as Joint Bookrunners to lead manage and place this inaugural issue.

Contacts Pernod Ricard
Francisco de la VEGA/ Communication VP  Tel: +33 (0)1 41 00 40 96
Denis FIEVET/ Financial Communication - Investor Relations VP  Tel: +33 (0)1 41 00 41 71
Patrick de BORREDON/ Investor Relations Advisor  Tel: +33 (0)1 41 00 41 71
Florence TARON / Press Relations Manager Tel: +33 (0)1 41 00 40 88

Important disclaimer:

Announcement made in accordance with the regulations of the Autorité des Marchés Financiers (French Markets Authority).

This press release does not, and shall not, in any circumstances constitute a public offering or an invitation to the public in connection with any offering of any the bonds specified in this press release.

This press release is for information purposes only. The bonds specified in this press release are intended for distribution in France only to (i) providers of investment services relating to portfolio management for the account of third parties and (ii) qualified investors ("investisseurs qualifiés") to the exclusion of individuals all as defined in, and in accordance with, Articles L. 411-1, L. 411-2, D. 411-1 to D. 411-3 of the French Code monétaire et financier and any bonds specified in the press release may only be offered or sold to such providers of investment services relating to portfolio management and to qualified investors.

This press release does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States or by U.S. persons. The bonds mentioned herein have not been and will not be offered or sold in the United States or to, or for the account or benefit of U.S. persons, and may not be so offered unless they are registered or exempt from registration under the United States Securities Act of 1933, as amended. Pernod Ricard does not intend to offer or register any portion of the offering in the United States.

In the United Kingdom, this press release is directed only at, and for distribution only to, investment professionals, high net worth companies, partnerships, associations or trusts and investment personnel of any of the foregoing within the meaning of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005) and any other persons to whom it may be communicated lawfully ("relevant persons"). The bonds specified in this press release are available only to, and any offer or agreement to subscribe, purchase or otherwise acquire such bonds may be engaged only with, relevant persons. No other person should act or rely on this press release or its contents. Persons distributing this press release must satisfy themselves that it is lawful to do so.

The distribution of this press release in certain countries may constitute a breach of applicable law. In addition to the above, the information contained in this press release does not constitute an offer of securities for sale in Canada or Japan.

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