© LVMH – September 2004 Welcome to LVMH September 2004

© LVMH – September 2004 LVMH 2/14 LVMH today The LVMH story The Group’s business strategy LVMH’s management philosophy Parfums Christian Dior

© LVMH – September 2004 LVMH today The 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 ,000 employees, 64% based outside France 3/14 Kenzo

© LVMH – September 2004 Key figures Sales Operating Income Net income from current operations In millions of euros ,229 1, ,693 2, / ,962 2,182 1,023 S ,

© LVMH – September 2004 Group’s simplified structure Groupe Arnault LVMH Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Christian Dior SA Christian Dior Couture Selective Retailing 100% DiageoWines & Spirits 34% 5/14 Dom Pérignon

© LVMH – September 2004 LVMH: a young group based on timeless brands 1854Creation of Louis Vuitton 1971Creation of Moët Hennessy 1987Creation of Louis Vuitton Moët Hennessy 1989Groupe Arnault becomes a major shareholder in LVMH 1997Entry into the Selective Retailing market 1999Entry into the Watches & Jewelry market A YOUNG GROUP 6/14 Louis Vuitton

© LVMH – September th 1593 Château d’Yquem 18th 1729 Ruinart 1743 Moët & Chandon 1765 Hennessy 1772 Veuve Clicquot 1780 Chaumet 19th 1828 Guerlain 1843 Krug 1846 Loewe 1852 Le Bon Marché 1854 Louis Vuitton 1858 Mercier 1860 Heuer 1865 Z ENITH 1870 La Cote Desfossés 1870 La Samaritaine 1895 Berluti A world-class portfolio of brands that bridges history and innovation 1991 Fresh 1991 StefanoBi 1995 BeneFit Cosmetics 2000 eLUXURY 21st 2001 De Beers LV 2004 Moët Hennessy Wine Estates 20th 1925 Fendi 1925 OMAS 1930 Acqua di Parma 1936 Dom Pérignon 1936 Fred 1945 Celine 1947 Parfums Christian Dior 1952 Givenchy 1952 Connaissance des Arts 1957 Parfums Givenchy 1958 Emilio Pucci 1960 DFS 1963 Miami Cruiseline Services 1970 Kenzo 1972 MountAdam 1973 Domaine Chandon 1973 Sephora 1974 Investir 1976 Cape Mentelle 1983 Radio Classique 1984 Thomas Pink 1984 Marc Jacobs 1984 Donna Karan 1984 Newton 1985 Benedom - CD Montres 1985 Cloudy Bay 1985 La Tribune de l’Economie 1987 Christian Lacroix 1987 Kenzo Parfums 1987 Laflachère 1989 Make Up For Ever TIMELESS BRANDS 7/14

© 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* StefanoBi Emilio Pucci* Thomas Pink* Donna Karan* eLUXURY* TAG Heuer* Z ENITH * 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* Selective Retailing Other activities 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 8/14 *Asterisk signifies that this is also a company. Christian Dior is one of LVMH’s indirect shareholders. Moët & Chandon* Dom Pérignon Mercier Ruinart Veuve Clicquot Ponsardin* Krug Château d’Yquem* Hennessy* Moët Hennessy Wine Estates* Cloudy Bay Cape Mentelle Newton MountAdam Bodegas Chandon Chandon do Brasil Domaine Chandon California Domaine 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 9/14 Zenith

© LVMH – September 2004 Well-balanced portfolio of activities (% of 2003 sales) Perfumes & Cosmetics 18% Fashion & Leather Goods 35% Watches & Jewelry 4% Wines & Spirits 18% Selective Retailing & Other activities 25% 10/14

© LVMH – September Well-balanced geographical coverage (% of sales, June 30, 2004) USA 27% Japan 15% 11/14 Rest of Europe 19% France 17% Asia Pacific 16% 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 12/14

© LVMH – September 2004 Commitment to environmental protection Dynamic social policy Strong corporate citizenship commitment in culture, youth and humanitarian action A strong commitment to sustainability Domaine Chandon Australia 13/14

© 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 14/14 Givenchy