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LVMH - Reference Document 2009

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TRANSLATION OF THE FRENCH DOCUMENT DE REFERENCE FISCAL YEAR ENDED DECEMBER 31, 2009

ContentsLVMH GROUPHistory FinancialHigHligHts ExEcutivEandsupErvisoryBodiEs;statutoryauditors simpliFiEdorganizationalcHart BusinEssdEscription

11 2 5 6 9

MANAGEMENT REPORT OF THE BOARD OF DIRECTORSlvmHgroup parEntcompany:lvmHmoEtHEnnEssy-louisvuittonsa HumanrEsourcEs lvmHandtHEEnvironmEnt

2323 49 67 83

REPORT OF THE CHAIRMAN OF BOARD OF DIRECTORS FINANCIAL STATEMENTSconsolidatEdFinancialstatEmEnts parEntcompanyFinancialstatEmEnts:lvmHmoEtHEnnEssy-louisvuittonsa

97 109109 179

OTHER INFORMATIONcorporatEgovErnancE gEnEralinFormationrEgardingtHEparEntcompany;stockmarkEtinFormation

205205 233

RESOLUTIONS FOR THE APPROVAL OF THE COMBINED SHAREHOLDERS MEETING OF APRIL15, 2010 RESPONSIBLE COMPANY OFFICER; FINANCIAL INFORMATION TABLES OF CONCORDANCEThis document is a free translation into English of the original French Document de Rfrence, hereafter referred to as the Reference Document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.

241 247 251

LVMH group

HistoRyAlthough the history of the LVMH Group began in 1987 with the merger of Mot Hennessy and Louis Vuitton, the roots of the Group actually stretch back much further, to eighteenth-century Champagne, when a man named Claude Mot decided to build on the work of Dom Prignon, a contemporary of LouisXIV; and to nineteenth-century Paris, famous for its imperial celebrations, where Louis Vuitton, a craftsman trunk-maker, invented modern luggage. Today, the LVMH Group is the worlds leading luxury goods company, the result of successive alliances among companies that, from generation to generation, have successfully combined traditions of excellence and creative passion with a cosmopolitan flair and a spirit of conquest. These companies now form a powerful, global group in which the historic companies share their expertise with the newer brands, and continue to cultivate the art of growing while transcending time, without losing their soul or their image of distinction.From the 16thcentury to the present:16thcentury 18thcentury

1573 WenJun 1593 Chteau dYquem 1729 1743 1765 1772 1780 1815 1828 1832 1843 1846 1849 1852 1854 1858 1860 1865 1870 1891 1893 1895 1908 1916 1925 1936 Ruinart Mot & Chandon Hennessy Veuve Clicquot Chaumet Ardbeg Guerlain Chteau Cheval Blanc Krug Loewe Royal Van Lent Le Bon March Louis Vuitton Mercier TAG Heuer Zenith La Samaritaine Montaudon Glenmorangie Berluti

19thcentury

20thcentury

LesEchos Acqua di Parma Fendi Dom Prignon Fred 1942 Rossimoda 1945 Cline

1947 Parfums Christian Dior Emilio Pucci 1952 Givenchy 1957 Parfums Givenchy 1960 DFS Domaine Chandon 1963 Miami Cruiseline 1969 Sephora 1970 Kenzo 1976 Cape Mentelle Benefit Cosmetics 1977 Newton 1980 Hublot 1984 Thomas Pink Marc Jacobs Donna Karan Make Up For Ever 1985 Cloudy Bay 1988 Parfums Kenzo 1991 Fresh StefanoBi 1993 Chopin 1996 Belvedere 1998 Numanthia Termes 1999 Terrazas de los Andes21stcentury

2001 DeBeers Diamond Jewellers 2003 Cheval des Andes 2005 10Cane

Reference Document 2009

1

LVMH groupFinancial highlights

Financial HigHligHtsKey consolidated data(EUR millions and percentage)

200917,053 3,352 1,973 1,755 3,928 748 14,785 2,994 20%

200817,193 3,628 2,318 2,026 4,096 1,039 13,793(2) 3,869 28%

200716,481 3,555 2,331 2,025 4,039 990 12,434(2) 3,094 25%

Revenue Profit from recurring operations Net profit Net profit, Group share Cash from operations before changes in working capital(1) Operating investments Total equity Net financial debt(3) Net financial debt/Total equity ratio

(1) Before tax and interest paid. (2) Restated to reflect the retrospective application as of January1, 2007 of IAS 38 Intangible assets as amended. See Note1.2 of the notes to the consolidated financial statements. (3) Net financial debt does not take into consideration purchase commitments for minority interests included in Other non-current liabilities. See Note17.1 of the notes to the consolidated financial statements for definition of net financial debt.

Data per share(EUR)

20093.71 3.70

20084.28 4.26

20074.27 4.22

Earnings per share Basic Group share of net profit Diluted Group share of net profit Dividend per share Interim Final Gross amount paid for fiscal year(4)(5)(4) Excludes the impact of tax regulations applicable to the beneficiary. (5) For fiscal year 2009, amount proposed at the Ordinary Shareholders Meeting of April15, 2010.

0.35 1.30 1.65

0.35 1.25 1.60

0.35 1.25 1.60

Information by business group(EUR millions)

20092,740 6,302 2,741 764 4,533 (27) 17,053

20083,126 6,010 2,868 879 4,376 (66) 17,193

2007(6)3,226 5,628 2,731 833 4,164 (101) 16,481

Revenue by business group Wines and Spirits Fashion and Leather Goods Perfumes and Cosmetics Watches and Jewelry Selective Retailing Other activities and eliminations Total Profit from recurring operations by business group Wines and Spirits Fashion and Leather Goods Perfumes and Cosmetics Watches and Jewelry Selective Retailing Other activities and eliminations Total(6) Restated after reclassifying La Samaritaine from Selective Retailing to Other activities.

760 1,986 291 63 388 (136) 3,352

1,060 1,927 290 118 388 (155) 3,628

1,058 1,829 256 141 426 (155) 3,555

2

Reference Document 2009

LVMH groupFinancial highlights

Information by geographic region2009Revenue by geographic region of delivery (%) France Europe (excluding France) United States Japan Asia (excluding Japan) Other markets Total Revenue by invoicing currency (%) Euro US dollar Yen Hong Kong dollar Other currencies Total Number of stores France Europe (excluding France) United States Japan Asia (excluding Japan) Other markets Total 353 620 531 307 470 142 2,423 331 596 531 256 485 115 2,314 306 523 463 253 409 94 2,048 30 27 10 5 28 100 32 28 10 4 26 100 31 30 11 4 24 100 14 21 23 10 23 9 100 14 24 23 10 20 9 100 14 23 25 11 19 8 100

2008

2007

Reference Document 2009

3

4

Reference Document 2009

LVMH groupExecutive and Supervisory Bodies; Statutory Auditors

ExEcutivE anD supERvisoRy BoDiEs; statutoRy auDitoRsBoardoFdirEctorsMembers as of December 31, 2009 Bernard Arnault Chairman and Chief Executive Officer Antoine Bernheim(1) Vice-Chairman Pierre God Vice-Chairman Antonio Belloni Group Managing Director Antoine Arnault Delphine Arnault Jean Arnault Nicolas Bazire Nicholas Clive Worms(1) Charles de Croisset(1) Diego Della Valle(1) Albert Frre Gilles Hennessy Patrick Houl Lord Powell of Bayswater Felix G.Rohatyn Yves-Thibault de Silguy(1) Hubert Vdrine(1) Nomination proposed at the Shareholders Meeting of April 15, 2010 Hlne Carrre dEncausse(1)

ExEcutivEcommittEEBernard Arnault Chairman and Chief Executive Officer Antonio Belloni Group Managing Director Pierre God Vice-Chairman Nicolas Bazire Development and Acquisitions Ed Brennan Travel retail Yves Carcelle Fashion and Leather Goods Chantal Gaemperle Human Resources Jean-Jacques Guiony Finance Christophe Navarre Wines and Spirits Patrick Ouart Advisor to the Chairman Philippe Pascal Watches and Jewelry Daniel Piette Investment Funds Pierre-Yves Roussel Fashion Mark Weber Donna Karan, LVMH Inc.

advisoryBoardmemberKilian Hennessy(1)

pErFormancEauditcommittEEAntoine Bernheim (1) Chairman Nicholas Clive Worms (1) Gilles Hennessy

gEnEralsEcrEtaryMarc-Antoine Jamet

nominationsandcompEnsation committEEAntoine Bernheim Chairman Charles de Croisset (1) Albert Frre(1)

statutoryauditorsDELOITTE & ASSOCIES represented by Alain Pons ERNST & YOUNG Audit represented by Jeanne Boillet and Olivier BreillotReference Document 2009

(1) Independent Director.

5

LVMH groupSimplified organizational chart of the Group as of January31, 2010

simpliFiED oRganizational cHaRt oF tHE gRoup as oF JanuaRy 31, 2010

LVMH SA Diageo 34% 66% Mot Hennessy 99.9% LVMH FASHION GROUP SA

100% Mot & Chandon Mercier 99% Hennessy Louis Vuitton 100% Guerlain 100% Fred 100% Parfums Christian Dior

100% Le Bon March 100%

Ruinart 100%

100%

Belvedere

Berluti

100%

Kenzo Parfums

100%

Chaumet

100%

Franck & Fils

Krug

100%

Glenmorangie

Cline

100%

Parfums Givenchy

100%

Sephora

100%

Veuve Clicquot

100%

Wen Jun Spirits

Kenzo

100%

Make Up For Ever

100%

La Samaritaine

57%

Montaudon

100%

100%

Numanthia Termes

Givenchy

100%

Cloudy Bay

100%

100%

10 Cane

Newton Vineyards

90%

Cape Mentelle

100%

6

Reference Document 2009

LVMH groupSimplified organizational chart of the Groupas of January31, 2010

100% SOFIDIV SAS

100% LVMH BV

100% LVMH Inc.

100% Groupe Les Echos SA

100% Other holding companies

100%

Fendi

100%

Loewe

Benefit Cosmetics

80%

100%

Miami Cruiseline

Les Echos

100%

Chteau dYquem

65%

96%

Pucci

90%

Royal Van Lent

Fresh

80%

61%

DFS US

Investir

100%

Chteau Cheval Blanc

50%

100%

Acqua Di Parma

Donna Karan

100%

100%

Sephora US

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