Annual Shareholders’ Meeting

May 15, 2008

Bernard Arnault Excellent performance in 2007

ƒ Strong organic revenue growth of 13 % ƒ Solid progress in historical markets ƒ Strong momentum in emerging countries ƒ Profit from recurring operations up 12% ƒ Double-digit growth for all business groups ƒ At constant exchange rates, profit from recurring operations up 20 % ƒ Further increase of current operating margin to 22 % ƒ Cash flow from operations grew 15 %

Further strengthen our foundations in 2007 despite a difficult currency environment

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Well-balanced contribution from all business groups

ƒ Strong vitality of major brands ƒ New star brands increased momentum and continued to improve their profitability ƒ Rapid development in emerging countries benefited all business groups ƒ Powerful Wines and Spirits brands reinforced their value creation strategy ƒ New record year for Louis Vuitton, which continues to generate exceptional level of profitability ƒ Market share gains for TAG Heuer, Parfums Christian Dior and Sephora

4 Annual Shareholders’ Meeting

Jean-Jacques Guiony Summarized income statement

In millions of euros 2006 2007 Change % Revenue 15 306 16 481 +8% Gross margin 9 825 10 695 +9% Selling expenses (5 364) (5 752) +7% Administrative expenses (1 289) (1 388) +8% Profit from recurring operations 3 172 3 555 +12% Other income and expenses (120) (126) Operating profit 3 052 3 429 +12% Net financial income (expense) (53) (252) Group share of net profit 1 879 2 025 +8%

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Profit from recurring operations increased 12 %

In millions of euros 2006 2007 Change %

Wines & Spirits 962 1 058 + 10% Fashion & Leather Goods 1 633 1 829 + 12% Perfumes & Cosmetics 222 256 + 15% Watches & Jewelry 80 141 + 76% Selective retailing 400 439 + 10% Others and eliminations (125) (168) - LVMH 3 172 3 555 + 12%

8 Profit from recurring operations increased 20 % at constant currency

In millions of euros Operational Currency improvements impact* + 638 -255 3 555 3 172

2006 2007

* incl.: Fashion and Leather Goods: -148M Wines & Spirits: -50M

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Solid financial structure

In billions of euros

30.7 30.7 ƒ Strong progress in equity

Total equity ƒ Rise in inventory level 41% Non current ƒ Increased business assets 66% ƒ Constitution of cognac inventories Non-current ƒ 34% liabilities Net financial debt reduction

Inventories 16%

25% Current Other current 18% liabilities assets

Assets Liabilities Dec. 31, 2007

10 Net debt and equity

Net debt In millions of euros Total equity

11 594 12 528 10 484

4 318 3 400 3 094

Dec. 31, 2005 Dec. 31, 2006 Dec. 31, 2007

Gearing 41% 29% 25%

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Share price performance since 2003

Share price base 100 at January 1, 2003 240

220

200 2005 2006 2007

180

160

140 LVMH : +111% 120

100

80

60 S1 2003 S2 2003 S1 2004 S2 2004 S1 2005 S2 2005 S1 2006 S2 2006 S1 2007 S2 2007 LVMH CAC 40 Source: JCF Group

12 2007 Dividend increased 14%

Net dividend per share In euros +14%

+22% 1.60 1.40 +21% +12% 1.15

0.95 0.85

2003 2004 2005 2006 2007

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Annual Shareholders’ Meeting Bernard Arnault

Results of the LVMH shareholder survey

ƒ LVMH strategy and perspectives ƒ Development in emerging countries

16 STRATEGY AND PERSPECTIVES An ambitious and consistent strategy

ƒ Prioritize investment in star brands

ƒ Grow other brands and raise their status

ƒ Reinforce our presence in historical markets

ƒ Adapt to the development of emerging clientele

ƒ Continue to focus on internal growth

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STRATEGY AND PERSPECTIVES Social and environmental policy

ƒ A dynamic social policy ƒ Develop excellent teams ƒ Perpetuate our rare and demanding “savoir-faire” ƒ Promote corporate social accountability

ƒ Strong commitment to protecting the environment ƒ Preserve our natural resources and design environment-friendly products ƒ Some initiatives within the Group: ƒ ISO 14001 certification and carbon footprint assessment for several brands ƒ Louis Vuitton “HEQ” (High Environmental Quality) logistic warehouse ƒ Development of eco-design (stores/packaging) ƒ Integrated grape growing (“viticulture raisonnée”) and protection of biodiversity strengthened

18 STRATEGY AND PERSPECTIVES Organic revenue growth in the first quarter of 2008: +12%

ƒ Double-digit organic revenue growth continued in Q1 2008

ƒ Another exceptional performance by Louis Vuitton

ƒ Strong growth momentum at Sephora, Parfums Christian Dior and TAG Heuer

ƒ Double-digit revenue growth in US (in $) and Asia

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STRATEGY AND PERSPECTIVES 2008 : continue to gain market share

ƒ An unfavorable currency environment and an uncertain economic climate ƒ Sustained innovation ƒ Effective communication ƒ Development of new clientele ƒ Continued focus on productivity improvement ƒ Expansion of store network

Objective of tangible growth in 2008 results

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DEVELOPMENT IN EMERGING COUNTRIES An important growth driver for the Group

Evolution of LVMH Group’s revenue in emerging countries

4 bil. € X 2 Greater China

Other Asian countries

Middle East 2 bil. €

Latin America

Central and Eastern Europe

2003 2007

As a % of total Group revenue 17 % 25 %

22 DEVELOPMENT IN EMERGING COUNTRIES A strong presence of LVMH in emerging countries

LVMH store network in emerging countries 445 stores at end 2007

41% Greater China

Other Asian countries

Middle East

6% Latin America

5% Central and Eastern Europe 4%

44%

Exceptional ability of LVMH to attract customers of all origins

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DEVELOPMENT IN EMERGING COUNTRIES Excellent growth outlook for LVMH

ƒ Buoyant macroeconomic environments ƒ Increasing appeal of luxury products to clientele from emerging countries ƒ Pioneering expansion strategy of LVMH, adapted to local culture and context ƒ Powerful and strong visibility of our brands ƒ Talented teams

LVMH well positioned to fully benefit from development in emerging countries

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Joint Auditors’ reports to the Annual Shareholders’ Meeting Reports on the Financial Statements (1st and 2nd resolutions)

ƒ Opinion on consolidated and parent company financial statements ƒ « (…) true and fair view of the financial position of the parent company and the Group (…) and the results of their operations for the period (…)

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Special Report on Related Party Transactions (3rd resolution)

ƒ Agreements authorized during the year ƒ Amendment to the service agreement entered into with the company Groupe Arnault SAS

ƒ Agreements authorized in previous years having a continuing effect during the year

28 Other Special Reports (11th and 12th resolutions)

ƒ Authorization to reduce the share capital ƒ No matters to report on the reasons and conditions thereof

ƒ Authorization to grant existing or future shares for no consideration to employees and company officers ƒ No matters to report on the proposed methods

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Other Special Reports (13th and 14th resolutions)

ƒ Authorization to issue shares and marketable securities with cancellation of preferential subscription rights

ƒ No matters to report on the proposed methods subject to later examination of issue terms

ƒ Advice on cancellation of preferential subscription rights will be given at the time of the issue price setting

ƒ Additional report on the conditions when the transaction takes place

30 Other Special Reports (15th resolution)

ƒ Authorization to increase the share capital with cancellation of preferential subscription rights reserved for employees members of a company savings scheme

ƒ No matters to report on the proposed methods subject to later examination of issue terms

ƒ Advice on cancellation of preferential subscription rights will be given at the time of the issue price setting

ƒ Additional report on the conditions when the transaction takes place

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