Pernod Ricard to Operate as Corby Distilleries In Canada

and Corby Distilleries
Limited announced today that they have entered into an agreement concerning
the Canadian representation of Pernod Ricard's brands, production of Corby's
owned-brands, an exchange of certain assets and a combined strategic approach
to the Canadian market. Pernod Ricard owns 46% of the capital of Corby and is
considered to be Corby's ultimate parent. The transaction, expected to close
July 2, 2006, shall involve the reorganization of both companies' Canadian
operations.

Under the agreement, Corby acquired the exclusive right to represent
Pernod Ricard's brands in Canada for the next 15 years. As part of the
transaction, Corby would also acquire from Pernod Ricard the international
rights to Lamb's rum (excluding the Canadian rights, which Corby already owns)
and the Canadian rights to Seagram's Coolers. Corby intends to satisfy the
CAN$105 million purchase price by selling its 45% interest in Tia Maria to
Pernod Ricard. The companies also agreed upon the terms for continuation of
production of Corby`s owned-brands by Pernod Ricard at its production facility
in Walkerville, Ontario for the next 15 years, with agreement of a 10 year
term and five year extension possibility. The companies have further agreed
that Corby would manage Pernod Ricard's business interests in Canada,
including the Walkerville production facility.

"This transaction brings together the best of two extraordinary
organizations to the benefit of liquor boards, licensees and consumers in
every region of the country," explained Michel Bord, Chairman and Chief
Executive Officer of Pernod Ricard Americas. "This reorganization reflects our
corporate approach of having strong local roots combined with a global reach
and is supported by our common commitment to excellence and more precisely to
being the supplier of choice for all of our customers." Mr. Bord added that
Pernod Ricard's brands will be well served by Corby's expertise, strong
relationships and reputation in the Canadian market.

Corby anticipates that the transaction shall provide it with greater
assurance with respect to both earnings and production, in addition to the
leverage of a global player in Pernod Ricard and its brands. The transaction
is expected to add approximately CAN$24 million to Corby's revenue, in
addition to the approximately CAN$6 million of revenue that it maintains by
continuing Canadian representation of the former Allied Domecq brands, now
owned by Pernod Ricard. Krystyna Hoeg, President and Chief Executive Officer
of Corby, will continue to lead the reorganized company. André Hémard,
previously Chief Operating Officer of Pernod Ricard Canada is appointed to the
position of Chief Operating Officer of Corby. The announcement of the next
position of Armando de Medeiros, previously President and Chief Executive
Officer of Pernod Ricard Canada, will be communicated in the near future.

Following last year's acquisition of Allied Domecq, Pernod Ricard is the
world's second largest spirits and wine group and ranks second in the growing
North American market, composed of Canada, the U.S. and Mexico. The addition
of Pernod Ricard's brands solidifies Corby's number-two ranking in the
Canadian market, while further enhancing the company's premium portfolio.

Corby's portfolio of owned-brands include some of the most renowned and
respected brands in Canada, including Wiser's rye whiskies, Lamb's rum and
Polar Ice vodka. Through its affiliation with Pernod Ricard, Corby will
continue to represent leading international marques such as Ballantine's
scotch, Beefeater gin, Malibu rum, Kahlua liqueur and Mumm champagne. As a
result of this transaction, Corby will also represent such global brands as
Chivas Regal and The Glenlivet scotches, Jameson Irish whiskey, Havana Club
rum, Jacob's Creek and Wyndham Estate wines.

"We are pleased that discussions with Pernod Ricard have resulted in a
combined strategic approach to the Canadian market," stated Mrs. Hoeg. "We now
have responsibility for the management of every aspect of our business, from
sales and marketing to production and supply chain management. And, most
importantly, we have strengthened our portfolio in all categories - spirits,
wine and coolers."