1. Déborah AISSA – Martin DELENS - Hortense GAUDIN

2. 1.Why HERMÈS did an IPO? What risks and rewards? 2.How did LVMH acquired Hermès shares & avoid the French regulations? 3.How the H51 will work and how long do you think it will last? 4.Recent development of the case QUESTIONS

3. INTRODUCTION

4. Created in 1837

5. In 1993 they listed 25% of its voting shares :  Support the long term development of the company  Make shares easier to trade for the shareholders Can we go a « little public » ? IPO  Open the door to news investors HERMÈS INTERNATIONAL IPO

7. French Regulations  The symbolic line of 5%  The Mercury Project  2006: the plan of Natixis (cash settled equity swaps)  2010: the official announcement THE 12 YEAR SECRET PLAN OF LVMH

10.  LVMH conviction: 8 millions euros fine by the AMF  Accusation: hidden all stages of a stake in the capital of Hermes  LVMH has decided to not appeal his conviction  A criminal complaint filed by Hermès against LVMH is under investigation RECENT NEWS

11. THANK YOU FOR YOUR ATTENTION