© LVMH – September 2004

Welcome to LVMH

September 2004

© LVMH – September 2004

LVMH

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• LVMH today

• The LVMH story

• The Group’s business strategy

• LVMH’s management philosophy

Parfums Christian Dior

© LVMH – September 2004

LVMH todayThe world’s leading luxury products group

• A unique portfolio of 50 prestigious brands

• More than 1,600 stores worldwide

• 12 billion euros in sales in 2003

• 56,000 employees, 64% based outside France

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Kenzo

© LVMH – September 2004

Key figures

Sales

OperatingIncome

Net income from currentoperations

In millions of euros

2002 2001

12,229

1,560

334

12,693

2,008

818

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2003

11,962

2,182

1,023

S1 2004

5,678

996

539

© LVMH – September 2004

Group’s simplified structure

Groupe Arnault

LVMH

Fashion & Leather Goods

Perfumes & Cosmetics

Watches & Jewelry

Christian Dior SAChristian Dior

Couture

Selective Retailing

100%

DiageoWines & Spirits34%

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Dom Pérignon

© LVMH – September 2004

LVMH: a young group based on timeless brands

1854 Creation of Louis Vuitton

1971 Creation of Moët Hennessy

1987 Creation of Louis Vuitton Moët Hennessy

1989 Groupe Arnault becomes a major shareholder in LVMH

1997 Entry into the Selective Retailing market

1999 Entry into the Watches & Jewelry market

A YOUNG GROUP

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Louis Vuitton

© LVMH – September 2004

16th 1593 Château d’Yquem

18th1729 Ruinart1743 Moët & Chandon1765 Hennessy1772 Veuve Clicquot1780 Chaumet

19th 1828 Guerlain1843 Krug1846 Loewe1852 Le Bon Marché1854 Louis Vuitton1858 Mercier1860 Heuer1865 ZENITH1870 La Cote Desfossés1870 La Samaritaine1895 Berluti

A world-class portfolio of brands that bridgeshistory and innovation

1991 Fresh1991 StefanoBi1995 BeneFit Cosmetics2000 eLUXURY

21st

2001 De Beers LV2004 Moët Hennessy Wine Estates

20th1925 Fendi1925 OMAS1930 Acqua di Parma 1936 Dom Pérignon1936 Fred1945 Celine1947 Parfums Christian Dior1952 Givenchy1952 Connaissance des Arts1957 Parfums Givenchy1958 Emilio Pucci1960 DFS1963 Miami Cruiseline Services1970 Kenzo1972 MountAdam1973 Domaine Chandon1973 Sephora1974 Investir1976 Cape Mentelle1983 Radio Classique1984 Thomas Pink1984 Marc Jacobs1984 Donna Karan1984 Newton1985 Benedom - CD Montres 1985 Cloudy Bay1985 La Tribune de l’Economie1987 Christian Lacroix1987 Kenzo Parfums1987 Laflachère1989 Make Up For Ever

TIMELESS BRANDS

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© LVMH – September 2004

Parfums Christian Dior*Guerlain*Parfums Givenchy*Kenzo Parfums*BeneFit Cosmetics*Fresh*Make Up For Ever*Laflachère*Acqua di Parma*

Wines & Spirits

Fashion &Leather Goods

Perfumes & Cosmetics

Louis Vuitton*Loewe*Celine*Berluti*Kenzo*Givenchy*Christian Dior*Christian Lacroix*Marc Jacobs*Fendi*StefanoBiEmilio Pucci*Thomas Pink*Donna Karan*eLUXURY*

TAG Heuer*ZENITH*Benedom-Christian Dior Montres*Fred*Chaumet*OMAS*De Beers LV*

Watches &Jewelry

DFS*Miami Cruiseline Services*Sephora Europe*Sephora USA*sephora.com*Le Bon Marché*La Samaritaine*

SelectiveRetailing

Otheractivities

D.I Group* Investir Radio Classique La Tribune SID Presse / Défis / Salon des Entrepreneurs Le Monde de la Musique System TV Connaissance des Arts*

Business sectors: brands and companies

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*Asterisk signifies that this is also a company.Christian Dior is one of LVMH’s indirect shareholders.

Moët & Chandon*Dom PérignonMercierRuinartVeuve ClicquotPonsardin*KrugChâteau d’Yquem*Hennessy*Moët HennessyWine Estates*Cloudy BayCape MentelleNewtonMountAdamBodegas ChandonChandon do BrasilDomaine Chandon CaliforniaDomaine Chandon Australia

© LVMH – September 2004

Business strategy

1. Leadership is based on a balanced distribution of turnover, by:

• sectors of activity • geographical areas: 1/3 in Asia, 1/3 in the U.S.,

1/3 in Europe

2. Ambitious organic growth driven by: • a high level of product innovation

• control over the quality of distribution

• sustained advertising & promotion

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© LVMH – September 2004

Well-balanced portfolio of activities(% of 2003 sales)

Perfumes &Cosmetics

18%

Fashion &Leather Goods

35%

Watches & Jewelry4%

Wines & Spirits18%

Selective Retailing & Other activities25%

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© LVMH – September 2004

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Well-balanced geographical coverage(% of sales, June 30, 2004)

USA27%

Japan15%

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Rest of Europe 19%Franc

e17%

Asia Pacific16%

Other markets: 6%

© LVMH – September 2004

The Group’s management philosophy

Decentralized organization to maintain brand identities and company cultures as well as to preserve autonomy

Strong and continuous desire to renew: a management philosophy which encourages innovation

Constant search and development of internal and external talent

LVMH House

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© LVMH – September 2004

• Commitment to environmental protection

• Dynamic social policy

• Strong corporate citizenship commitment inculture, youth and humanitarian action

A strong commitment to sustainability

Domaine Chandon Australia

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© LVMH – September 2004

LVMH core values

Be creative and innovate

Aim for product excellence

Bolster the image of our brands with passionate determination

Act as entrepreneurs

Strive to be the best in all we do

Passionate about creativity

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Givenchy