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Elliott Takes Stake In Pernod Ricard; Recommends Changes

Funds advised by Elliott Advisors (UK) Limited said it has informed Pernod Ricard S.A. (PDRDF.PK,PDRDY.PK,PRN.L) that it currently holds an economic interest in excess of 2.5% in the Company.

According to Elliott's view, Pernod possesses an outstanding portfolio of leading international spirits brands and offers one of the most attractive investment opportunities in the industry, with significant potential for improvement. Despite the favorable economic backdrop for the spirits industry over the last decade, the Company has lost market share across key segments within its portfolio, and underperformed its peers on several metrics.

Elliott said it has met with Alexandre Ricard, Pernod's CEO, and has written to the Company's Board to share its analysis and views on value creation. Elliott's recommendations include launching a more ambitious operational improvement plan to close the profitability gap with competitors, and aligning corporate governance with best-in-class peers.

Elliott said it looks forward to continuing its constructive dialogue with the Company, and working collaboratively in pursuit of these sustainable improvements.

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