We have to define the scope of the acquisition with the client and then negotiate with him to make a financing offer. The key factors of the structuring of such a financing are the right combination of structure/price and our underwriting capabilities. This combination is all the more important in current market conditions.

Calyon participated in Pernod Ricard's previous two deals as a second tier bank. The financing of the acquisition of V&S is the first operation in which Calyon plays a leading role. The transaction gave Calyon an opportunity to develop and strengthen its relationships with Pernod Ricard. It also enabled the involvement of several Calyon business lines.

Our responsiveness and our underwriting capabilities! After a long phase of hesitation, the Swedish State suddenly accelerated the sale process of Absolut Vodka at the beginning of 2008. Following this acceleration, Calyon's syndication team proposed a financing structure to Pernod Ricard. After some days of discussion and negotiation, Calyon, together with another five banks, delivered a EUR 12 billion underwritten deal. The fact that Pernod Ricard was able to show the Swedish Government a signed loan documentation to back its proposal, together with a satisfactory price, were key in the success of Pernod to win the bid, in spite of an aggressive competition.