MONTREAL, October 30, 1998 – The Seagram Company Ltd. announced today that its registration statement relating to the tender offer for shares of PolyGram N.V. has been declared effective by the U.S. Securities and Exchange Commission (SEC). Seagram also announced that the shelf registration statement for up to $4.5 billion of guaranteed debt securities of Joseph E. Seagram & Sons, Inc. has been declared effective by the SEC as well. Seagram anticipates commencing the tender offer next week.

This announcement does not constitute the making of a tender offer for PolyGram shares. Seagram’s obligation to commence the tender offer is subject to customary conditions, including preparation of the offering documents, and the absence of defined materially adverse changes or events. The tender offer will also be subject to several customary conditions, including that 95 percent of PolyGram’s issued share capital be tendered and the absence of defined materially adverse changes or events. Offering documents, including the Notice of Offer (in Dutch: biedingsbericht), required under the applicable Dutch rules and regulations, will be made available at the time the tender offer is commenced.

The Seagram Company Ltd. operates in two global business segments: spirits and wines; and entertainment. The spirits and wine businesses are engaged principally in the production and marketing of distilled spirits, wines, coolers, beers and mixers throughout more than 190 countries and territories. The entertainment company, Universal Studios, Inc., produces and distributes motion picture, television and home video products, and recorded music; and operates theme parks and retail stores. Headquartered in Montreal, Seagram employs 25,000 people worldwide. The Company’s corporate website is located at www.seagram.com.