Wvb Dossier Report Lvmh Moet Hennessy - Louis Vuitton Se

Home , Benefit Cosmetics, Berluti, Cape Mentelle Vineyards, Celine (brand), Cloudy Bay Vineyards, DFS Group

WVB DOSSIER REPORT LVMH MOET HENNESSY - LOUIS VUITTON SE

LVMH MOET HENNESSY - LOUIS VUITTON SE

Generated On 22 Dec 2020

COMPANY PROFILE BUSINESS SALES BREAKDOWN

WVB Number FRA000090103 Date 31-DEC-18 31-DEC-19

ISIN Number ARDEUT111929, FR0000121014, US5024412075 Currency EUR ('000) EUR ('000)

Status ACTIVE [ PUBLIC ] FASHION AND LEATHER GOODS 18,455,000 22,237,000 SELECTIVE DISTRIBUTION 13,646,000 14,791,000 Country of Incorporation FRENCH REPUBLIC (FRANCE) PERFUMS AND COSMETICS 6,092,000 6,835,000 Industry Classification WINE,BRANDY & BRANDY SPIRITS (2084) WINE & SPIRITS 5,143,000 5,576,000 Address 22 AVENUE MONTAIGNE, PARIS, PARIS WATCHES & JEWELRY 4,123,000 4,405,000 Tel +33 144132222 OTHER AND HOLDINGS 714,000 1,214,000 Fax +33 144132223 ELIMINATIONS -1,347,000 -1,388,000 Website www.lvmh.fr

Principal Activities The Company is a France-based luxury goods company. It owns a portfolio of luxury brands and GEOGRAPHIC SALES BREAKDOWN its business activities are divided into five segments: Wines and Spirits, Fashion and Leather Date 31-DEC-18 31-DEC-19 Goods, Perfumes and Cosmetics, Watches and Jewelry and Selective Retailing. Currency EUR ('000) EUR ('000)

ASIE (HORS JAPON) 13,723,000 16,189,000 DIRECTORS/EXECUTIVES ÉTATS-UNIS 11,207,000 12,613,000 EUROPE (HORS FRANCE) 8,731,000 10,203,000 Chairman YVES-THIBAULT DE SILGUY AUTRES PAYS 5,323,000 6,062,000 Chairman BERNARD ARNAULT FRANCE 4,491,000 4,725,000 Chief Executive Officer BERNARD ARNAULT JAPON 3,351,000 3,878,000 Chief Financial Officer JEAN-JACQUES GUIONY Secretary MARC ANTOINE JAMET KEY COMPETITORS Rank Company Name Sales USD Fiscal Year ADVISORS ('000) Auditor MAZARS 1 PERNOD RICARD SA 8,620,748 2020 Auditor ERNST & YOUNG AUDIT 2 TREASURY WINE ESTATES LIMITED 1,850,580 2020 3 EAST AFRICAN BREWERIES 710,182 2020 LIMITED 4 STOCK SPIRITS GROUP PLC 400,437 2020 5 SCHLOSS WACHENHEIM AG 380,086 2020 6 DELEGAT GROUP LIMITED 195,812 2020 7 AUSTRALIAN VINTAGE LTD 184,587 2020 8 FOLEY WINES LIMITED 36,062 2020 9 DIGITAL WINE VENTURES LIMITED 352 2020 10 WULIANGYE YIBIN COMPANY 6,157,943 2019 LIMITED

MAJOR SHAREHOLDERS % of Capital No of Shares ('000) % of Votes AUTRES 52.56 265,436 36.49 GROUPE FAMILIAL ARNAULT 47.44 239,591 63.51

SHARES OUTSTANDING Date:30-JUN-2020

Currency Nominal Value Shares Outstanding ('000) ORD EUR 0.30 EUR 0.30 505,027

INTERIM DATA

Date 30-JUN-11 30-JUN-12 30-JUN-13 30-JUN-14 30-JUN-15 30-JUN-16 30-JUN-17 30-JUN-18 30-JUN-19 30-JUN-20

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type CQ CQ CQ CQ CQ CQ CQ CQ CQ CQ

Months 6 6 6 6 6 6 6 6 6 6 INCOME STATEMENT Gross Sales 10,292,000 12,966,000 13,695,000 14,009,000 16,707,000 17,188,000 19,714,000 21,750,000 25,082,000 18,393,000 Adjustments/Excise Tax Net Sales 10,292,000 12,966,000 13,695,000 14,009,000 16,707,000 17,188,000 19,714,000 21,750,000 25,082,000 18,393,000 Other Revenues 25,000 2,000 13,000 2,000 Total Revenues 10,317,000 12,966,000 13,695,000 14,011,000 16,720,000 17,188,000 19,714,000 21,750,000 25,082,000 18,395,000 Costs of Goods and Services / Total -3,058,000 -4,018,000 -4,106,000 -4,181,000 -5,106,000 -5,100,000 -5,977,000 -6,220,000 -6,492,000 -4,657,000 Expenses Operating Income 7,259,000 8,948,000 9,589,000 9,830,000 11,614,000 12,088,000 13,737,000 15,530,000 18,590,000 13,738,000 Selling, General and Administrative -4,695,000 -5,794,000 -6,307,000 -6,612,000 -7,945,000 -8,339,000 -9,214,000 -9,984,000 -11,368,000 -9,728,000 Costs R and D Expense -34,000 -36,000 -37,000 -42,000 -51,000 -65,000 -59,000 Related and Associated Companies -3,000 -3,000 4,000 -1,000 12,000 8,000 -32,000 Earning Before Interest, Tax and 2,564,000 3,120,000 3,246,000 3,178,000 3,624,000 3,702,000 4,457,000 5,499,000 7,230,000 3,978,000 Depreciation Depreciation and Depletion -317,000 -386,000 -432,000 -491,000 -598,000 -609,000 -651,000 -717,000 -1,923,000 -2,140,000 Amortization -70,000 -94,000 -107,000 -117,000 -135,000 -157,000 -187,000 -208,000 -20,000 -216,000 Impairments Fixed Assets and -104,000 -32,000 -43,000 -66,000 1,000 -49,000 -103,000 Intangibles Total Depreciation, Depletion and -387,000 -584,000 -571,000 -651,000 -733,000 -766,000 -904,000 -924,000 -1,992,000 -2,459,000 Amortization Operating Income After Depr. and 2,177,000 2,536,000 2,675,000 2,527,000 2,891,000 2,936,000 3,553,000 4,575,000 5,238,000 1,519,000 Amort. Unusual/Exceptional Items 1,000 -3,000 -17,000 -8,000 3,000 3,000 Earnings Before Interest and Tax 2,177,000 2,537,000 2,672,000 2,527,000 2,891,000 2,919,000 3,545,000 4,578,000 5,241,000 1,519,000 Interest Income 29,000 26,000 28,000 115,000 24,000 36,000 113,000 130,000 Interest Expense -175,000 -110,000 -80,000 -85,000 -77,000 -54,000 -64,000 -85,000 -234,000 -234,000 Net Interest -175,000 -81,000 -54,000 -57,000 38,000 -30,000 -28,000 28,000 -104,000 -234,000 Other Financial Income and 80,000 137,000 -22,000 7,000 -297,000 -136,000 13,000 -50,000 -101,000 -230,000 Expenses Earnings Before Tax 2,082,000 2,593,000 2,596,000 2,477,000 2,632,000 2,753,000 3,530,000 4,556,000 5,036,000 1,055,000 Income Taxes -621,000 -705,000 -795,000 -756,000 -880,000 -890,000 -1,186,000 -1,264,000 -1,431,000 -511,000 Earnings After Tax 1,461,000 1,888,000 1,801,000 1,721,000 1,752,000 1,863,000 2,344,000 3,292,000 3,605,000 544,000 Minority Interest -153,000 -211,000 -229,000 -212,000 -172,000 -152,000 -225,000 -288,000 -337,000 -22,000 Preacquisition Profit Other After Tax Adjustments 2,000 4,000 5,000 Extraordinary Items After Tax Preferred Dividends Net Profit 1,310,000 1,681,000 1,577,000 1,509,000 1,580,000 1,711,000 2,119,000 3,004,000 3,268,000 522,000 Ordinary Dividends -671,000 -1,217,000 -1,011,576 -1,111,948 Dividend Share Capital Other

INTERIM DATA

Date 30-JUN-11 30-JUN-12 30-JUN-13 30-JUN-14 30-JUN-15 30-JUN-16 30-JUN-17 30-JUN-18 30-JUN-19 30-JUN-20

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type CQ CQ CQ CQ CQ CQ CQ CQ CQ CQ

Months 6 6 6 6 6 6 6 6 6 6 ASSETS Cash and Equivalent 3,349,000 2,601,000 1,888,000 2,050,000 2,231,000 2,882,000 8,449,000 3,813,000 3,999,000 14,426,000 Short-Term Investments 268,000 556,000 109,000 582,000 351,000 510,000 1,137,000 788,000 953,000 Accounts Receivable 1,399,000 1,581,000 1,769,000 1,943,000 2,086,000 2,161,000 2,271,000 2,738,000 3,004,000 2,378,000 Inventories 7,155,000 8,301,000 8,592,000 9,326,000 10,381,000 10,669,000 10,865,000 11,883,000 13,561,000 14,078,000 Prepayments and Advances 536,000 640,000 696,000 1,186,000 1,412,000 1,426,000 1,490,000 1,921,000 2,031,000 2,586,000 Other Current Assets 1,372,000 727,000 695,000 792,000 843,000 789,000 905,000 674,000 723,000 1,660,000 Current Assets 13,811,000 14,118,000 14,196,000 15,406,000 17,535,000 18,278,000 24,490,000 22,166,000 24,106,000 36,081,000 Property, Plant and Equipment at 12,012,000 14,112,000 14,968,000 16,730,000 18,799,000 20,170,000 21,551,000 24,314,000 28,134,000 31,435,000 Cost Net Revaluation / Impairment of PPE Accumulated Depreciation -5,035,000 -5,869,000 -6,079,000 -6,811,000 -8,102,000 -8,887,000 -9,411,000 -10,686,000 -11,909,000 -12,892,000 Net Property, Plant and Equipment 6,977,000 8,243,000 8,889,000 9,919,000 10,697,000 11,283,000 12,140,000 13,628,000 16,225,000 18,543,000 Goodwill 6,416,000 7,245,000 7,956,000 8,988,000 9,723,000 10,611,000 11,899,000 14,026,000 16,406,000 13,486,000 Other Intangibles 11,156,000 11,572,000 11,490,000 12,654,000 13,502,000 13,519,000 13,119,000 17,026,000 16,893,000 17,189,000 Goodwill and Intangibles 17,572,000 18,817,000 19,446,000 21,642,000 23,225,000 24,130,000 25,018,000 31,052,000 33,299,000 30,675,000 Leasing and Investment Properties 534,000 Long Term Investments 5,277,000 6,541,000 6,821,000 8,099,000 1,576,000 1,397,000 1,714,000 1,871,000 2,033,000 2,275,000 Other Long Term Assets 940,000 1,424,000 1,337,000 1,094,000 2,048,000 2,735,000 2,478,000 2,489,000 15,261,000 16,069,000 Total Assets 44,577,000 49,143,000 50,689,000 56,160,000 55,081,000 57,823,000 65,840,000 71,740,000 90,924,000 103,643,000 Redeemable Preferred Shares

INTERIM DATA

Date 30-JUN-11 30-JUN-12 30-JUN-13 30-JUN-14 30-JUN-15 30-JUN-16 30-JUN-17 30-JUN-18 30-JUN-19 30-JUN-20

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type CQ CQ CQ CQ CQ CQ CQ CQ CQ CQ

Months 6 6 6 6 6 6 6 6 6 6 LIABILITIES Accounts Payable 2,392,000 2,761,000 2,905,000 3,001,000 3,374,000 3,607,000 3,851,000 4,608,000 5,163,000 4,200,000 Short Term Debt 3,457,000 3,754,000 2,517,000 3,208,000 3,695,000 2,943,000 3,285,000 4,108,000 7,969,000 7,086,000 Current Portion of Long Term Debt 465,000 349,000 1,388,000 2,421,000 762,000 1,636,000 1,584,000 1,551,000 1,950,000 1,569,000 Taxes Payable 532,000 392,000 301,000 639,000 383,000 411,000 465,000 1,174,000 800,000 1,134,000 Other Current Liabilities 3,545,000 2,797,000 2,568,000 2,624,000 2,785,000 3,855,000 4,198,000 4,325,000 5,166,000 9,218,000 Total Current Liabilities 10,391,000 10,053,000 9,679,000 11,893,000 10,999,000 12,452,000 13,383,000 15,766,000 21,048,000 23,207,000 Long Term Debt 3,193,000 4,323,000 3,228,000 3,248,000 5,201,000 4,165,000 8,212,000 6,692,000 5,588,000 14,842,000 Long Term Convertible Debt Lease Obligation 717,000 10,139,000 Total Long Term Interest Bearing 3,910,000 4,323,000 3,228,000 3,248,000 5,201,000 4,165,000 8,212,000 6,692,000 15,727,000 14,842,000 Debt Minority Interest 897,000 1,075,000 1,044,000 1,060,000 1,313,000 1,411,000 1,444,000 10,953,000 11,701,000 9,918,000 Deferred Taxes 3,896,000 3,962,000 3,868,000 4,308,000 4,822,000 4,667,000 4,099,000 4,958,000 5,123,000 5,452,000 Provisions 1,226,000 1,401,000 1,751,000 1,830,000 2,354,000 1,996,000 2,304,000 2,562,000 1,400,000 1,439,000 Other Long Term Liabilities 3,965,000 4,686,000 5,660,000 6,277,000 7,260,000 8,470,000 9,550,000 819,000 2,247,000 12,974,000 Total Liabilities and Debt 24,285,000 25,500,000 25,230,000 28,616,000 31,949,000 33,161,000 38,992,000 41,750,000 57,246,000 67,832,000 Preferred Shares Common Stock/Shares 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 Participation Shares Share Capital 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 Addition Paid In Capital 3,776,000 3,836,000 3,860,000 3,886,000 2,669,000 2,619,000 2,643,000 2,332,000 2,319,000 2,299,000 Legal/Untaxed/Special Reserves Shareholders Reserve 15,566,000 18,439,000 20,268,000 22,418,000 19,080,000 20,451,000 22,462,000 24,493,000 31,618,000 33,754,000 Retained Earnings 1,310,000 1,681,000 1,577,000 1,509,000 1,580,000 1,711,000 2,119,000 3,292,000 Treasury Stock -512,000 -465,000 -398,000 -421,000 -349,000 -271,000 -528,000 -279,000 -411,000 -394,000 Other Equity Total Shareholders Equity 20,292,000 23,643,000 25,459,000 27,544,000 23,132,000 24,662,000 26,848,000 29,990,000 33,678,000 35,811,000 Total Liabilities and Equity 44,577,000 49,143,000 50,689,000 56,160,000 55,081,000 57,823,000 65,840,000 71,740,000 90,924,000 103,643,000

ANNUAL DATA

Date 31-DEC-10 31-DEC-11 31-DEC-12 31-DEC-13 31-DEC-14 31-DEC-15 31-DEC-16 31-DEC-17 31-DEC-18 31-DEC-19

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type C CR CR CR C C C CR C C INCOME STATEMENT Gross Sales 20,320,000 23,659,000 28,103,000 29,016,000 30,638,000 35,664,000 37,600,000 42,636,000 46,826,000 53,670,000 Adjustments/Excise Tax Net Sales 20,320,000 23,659,000 28,103,000 29,016,000 30,638,000 35,664,000 37,600,000 42,636,000 46,826,000 53,670,000 Other Revenues 3,000 25,000 5,000 14,000 3,000 3,000 6,000 Total Revenues 20,323,000 23,684,000 28,103,000 29,016,000 30,643,000 35,678,000 37,603,000 42,639,000 46,832,000 53,670,000 Costs of Goods and Services / Total -6,440,000 -7,220,000 -8,829,000 -8,878,000 -9,624,000 -11,009,000 -11,424,000 -12,901,000 -13,640,000 -13,615,000 Expenses Operating Income 13,883,000 16,464,000 19,274,000 20,138,000 21,019,000 24,669,000 26,179,000 29,738,000 33,192,000 40,055,000 Selling, General and Administrative -8,847,000 -10,344,000 -12,447,000 -12,996,000 -14,153,000 -16,591,000 -17,544,000 -19,584,000 -21,221,000 -24,091,000 Costs R and D Expense -46,000 -63,000 -69,000 -71,000 -79,000 -97,000 -111,000 -130,000 -130,000 -140,000 Related and Associated Companies -17,000 -44,000 -13,000 -15,000 -16,000 13,000 -17,000 Provisions (net) Earning Before Interest, Tax and 4,990,000 6,040,000 6,758,000 7,027,000 6,774,000 7,966,000 8,524,000 10,008,000 11,854,000 15,807,000 Depreciation Depreciation and Depletion -650,000 -702,000 -818,000 -909,000 -1,081,000 -1,266,000 -1,274,000 -1,422,000 -1,512,000 -4,060,000 Amortization -135,000 -182,000 -201,000 -215,000 -250,000 -297,000 -348,000 -400,000 -448,000 -422,000 Impairments Fixed Assets and 2,000 -12,000 -5,000 -20,000 -37,000 -58,000 -12,000 -52,000 Intangibles Total Depreciation, Depletion and -785,000 -882,000 -1,019,000 -1,136,000 -1,336,000 -1,583,000 -1,659,000 -1,880,000 -1,972,000 -4,534,000 Amortization Operating Income After Depr, and 4,205,000 5,158,000 5,739,000 5,891,000 5,438,000 6,383,000 6,865,000 8,128,000 9,882,000 11,273,000 Amort, Unusual/Exceptional Items -36,000 -4,000 7,000 1,000 1,000 39,000 -15,000 -5,000 Earnings Before Interest and Tax 4,169,000 5,154,000 5,739,000 5,898,000 5,439,000 6,384,000 6,904,000 8,113,000 9,877,000 11,273,000 Interest Income 877,000 33,000 57,000 50,000 3,281,000 147,000 20,000 285,000 31,000 Interest Expense -189,000 -232,000 -194,000 -170,000 -182,000 -143,000 -140,000 -202,000 -290,000 -472,000 Net Interest 688,000 -199,000 -137,000 -120,000 3,099,000 4,000 -120,000 83,000 -259,000 -472,000 Other Financial Income and -76,000 -43,000 123,000 -78,000 -152,000 -418,000 -312,000 -142,000 -129,000 -87,000 Expenses Gain/Loss Sale of Assets Other Losses and Expenses -8,000 Earnings Before Tax 4,781,000 4,912,000 5,725,000 5,700,000 8,378,000 5,970,000 6,472,000 8,054,000 9,489,000 10,714,000 Income Taxes -1,469,000 -1,453,000 -1,820,000 -1,753,000 -2,273,000 -1,969,000 -2,109,000 -2,214,000 -2,499,000 -2,932,000 Earnings After Tax 3,312,000 3,459,000 3,905,000 3,947,000 6,105,000 4,001,000 4,363,000 5,840,000 6,990,000 7,782,000 Minority Interest -287,000 -400,000 -485,000 -511,000 -457,000 -428,000 -382,000 -475,000 -636,000 -611,000 Preacquisition Profit Other After Tax Adjustments 7,000 6,000 4,000 Extraordinary Items After Tax Preferred Dividends Net Profit 3,032,000 3,065,000 3,424,000 3,436,000 5,648,000 3,573,000 3,981,000 5,365,000 6,354,000 7,171,000 Ordinary Dividends -1,030,348 -685,000 -914,000 -965,000 -990,000 -1,116,000 -1,319,000 -1,724,100 -2,020,000 -2,426,070 Dividend Share Capital Other

ANNUAL DATA

Date 31-DEC-10 31-DEC-11 31-DEC-12 31-DEC-13 31-DEC-14 31-DEC-15 31-DEC-16 31-DEC-17 31-DEC-18 31-DEC-19

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type C CR CR CR C C C CR C C ASSETS Cash and Equivalent 2,292,000 2,303,000 2,196,000 3,226,000 4,091,000 3,594,000 3,544,000 3,738,000 4,610,000 5,673,000 Short-Term Investments 219,000 145,000 602,000 171,000 253,000 385,000 374,000 515,000 666,000 733,000 Accounts Receivable 1,565,000 1,878,000 1,985,000 2,174,000 2,274,000 2,521,000 2,685,000 2,736,000 3,222,000 3,450,000 Inventories 5,991,000 7,510,000 8,080,000 8,492,000 9,475,000 10,096,000 10,546,000 10,888,000 12,485,000 13,717,000 Prepayments and Advances 700,000 1,001,000 680,000 1,034,000 1,278,000 1,502,000 1,470,000 2,126,000 1,907,000 2,168,000 Other Current Assets 432,000 430,000 730,000 874,000 739,000 852,000 779,000 1,058,000 661,000 769,000 Current Assets 11,199,000 13,267,000 14,273,000 15,971,000 18,110,000 18,950,000 19,398,000 21,061,000 23,551,000 26,510,000 Property, Plant and Equipment at 11,354,000 17,766,000 19,661,000 21,336,000 26,323,000 30,887,000 Cost Net Revaluation / Impairment of PPE Accumulated Depreciation -4,621,000 -7,379,000 -8,504,000 -9,197,000 -11,211,000 -12,353,000 Total Other Adjustments Fixed Assets Net Property, Plant and Equipment 6,733,000 8,017,000 8,769,000 9,621,000 10,387,000 11,157,000 12,139,000 13,862,000 15,112,000 18,534,000 Goodwill 5,027,000 6,957,000 7,806,000 9,058,000 8,810,000 10,122,000 10,401,000 13,837,000 13,727,000 16,034,000 Other Intangibles 9,104,000 11,482,000 11,510,000 12,596,000 13,031,000 13,572,000 13,335,000 16,957,000 17,254,000 17,213,000 Goodwill and Intangibles 14,131,000 18,439,000 19,316,000 21,654,000 21,841,000 23,694,000 23,736,000 30,794,000 30,981,000 33,247,000 Leasing and Investment Properties Long Term Investments 4,114,000 6,337,000 6,167,000 7,783,000 1,335,000 1,576,000 1,809,000 1,748,000 2,117,000 2,418,000 Other Long Term Assets 987,000 1,009,000 1,473,000 1,147,000 1,689,000 2,224,000 2,540,000 2,290,000 2,539,000 15,798,000 Total Assets 37,164,000 47,069,000 49,998,000 56,176,000 53,362,000 57,601,000 59,622,000 69,755,000 74,300,000 96,507,000

ANNUAL DATA

Date 31-DEC-10 31-DEC-11 31-DEC-12 31-DEC-13 31-DEC-14 31-DEC-15 31-DEC-16 31-DEC-17 31-DEC-18 31-DEC-19

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type C CR CR CR C C C CR C C LIABILITIES Accounts Payable 2,298,000 2,952,000 3,134,000 3,297,000 3,606,000 3,960,000 4,184,000 4,539,000 5,314,000 5,814,000 Short Term Debt 840,000 2,127,000 2,072,000 3,094,000 2,753,000 2,796,000 1,779,000 2,437,000 3,811,000 5,756,000 Current Portion of Long Term Debt 994,000 1,007,000 904,000 1,580,000 1,436,000 973,000 1,668,000 2,093,000 1,216,000 1,854,000 Taxes Payable 446,000 443,000 442,000 357,000 549,000 640,000 428,000 763,000 538,000 722,000 Other Current Liabilities 2,482,000 3,065,000 2,930,000 3,311,000 3,831,000 4,330,000 4,751,000 5,157,000 5,954,000 8,478,000 Total Current Liabilities 7,060,000 9,594,000 9,482,000 11,639,000 12,175,000 12,699,000 12,810,000 14,989,000 16,833,000 22,624,000 Long Term Debt 3,301,000 3,999,000 3,836,000 4,040,000 4,938,000 4,380,000 3,590,000 6,750,000 5,690,000 5,101,000 Long Term Convertible Debt Lease Obligation 131,000 133,000 109,000 116,000 131,000 342,000 296,000 315,000 Total Long Term Interest Bearing 3,432,000 4,132,000 3,836,000 4,149,000 5,054,000 4,511,000 3,932,000 7,046,000 6,005,000 5,101,000 Debt Deferred Taxes 3,354,000 3,925,000 3,960,000 4,280,000 4,392,000 4,685,000 4,137,000 4,989,000 5,036,000 5,498,000 Provisions 1,167,000 1,400,000 1,756,000 1,797,000 2,291,000 1,950,000 2,342,000 2,484,000 2,430,000 1,458,000 Other Long Term Liabilities 261,000 4,506,000 5,456,000 369,000 439,000 536,000 621,000 693,000 758,000 12,726,000 Redeemable Preferred Shares Preferred Shares Common Stock/Shares 147,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 Participation Shares Share Capital 147,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 152,000 Addition Paid in Capital 1,782,000 3,801,000 3,848,000 2,849,000 2,655,000 2,579,000 2,601,000 2,614,000 2,298,000 2,319,000 Legal/Untaxed/Special Reserves Shareholders Reserve 12,844,000 15,918,000 17,414,000 20,382,000 13,225,000 18,275,000 19,797,000 21,368,000 23,910,000 34,518,000 Retained Earnings 3,032,000 3,065,000 3,424,000 3,947,000 6,105,000 3,573,000 4,363,000 5,365,000 6,354,000 Treasury Stock -607,000 -485,000 -414,000 -451,000 -374,000 -240,000 -520,000 -530,000 -421,000 -403,000 Other Equity Total Liabilities and Equity 37,164,000 47,069,000 49,998,000 56,176,000 53,362,000 57,601,000 59,622,000 69,755,000 74,300,000 96,507,000

ANNUAL DATA

Date 31-DEC-10 31-DEC-11 31-DEC-12 31-DEC-13 31-DEC-14 31-DEC-15 31-DEC-16 31-DEC-17 31-DEC-18 31-DEC-19

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type C CR CR CR C C C CR C C CASHFLOW Net Income 4,189,000 5,215,000 5,739,000 5,947,000 5,457,000 6,384,000 6,922,000 8,138,000 9,882,000 11,263,000 Depreciation, Depletion and 788,000 999,000 1,299,000 1,435,000 1,895,000 2,081,000 2,143,000 2,376,000 2,302,000 5,108,000 Amortization Depreciation and Depletion 650,000 702,000 818,000 909,000 1,081,000 1,266,000 1,274,000 1,422,000 1,512,000 4,060,000 Amortization of Intangible Assets 135,000 182,000 201,000 215,000 250,000 297,000 348,000 400,000 448,000 422,000 Deferred Inc, Tax and Invest, Tax Credit Other Non-Cash Items -129,000 -77,000 75,000 -105,000 -272,000 -520,000 -332,000 -109,000 -219,000 -266,000 Funds from Operations Before WC 4,848,000 6,137,000 7,113,000 7,277,000 7,080,000 7,945,000 8,733,000 10,405,000 11,965,000 16,105,000 Charges and Extra Funds from Other Operating Activities -799,000 -2,230,000 -2,937,000 -2,563,000 -2,473,000 -2,311,000 -2,494,000 -3,433,000 -3,475,000 -4,457,000 Decrease/Increase in Receivables -13,000 -65,000 -147,000 -288,000 -22,000 -49,000 -113,000 -132,000 -171,000 -112,000 Decrease/Increase in Inventories -126,000 -768,000 -829,000 -769,000 -928,000 -569,000 -819,000 -1,006,000 -1,722,000 -1,604,000 Increase/Decrease in Accts, Payable 295,000 331,000 173,000 203,000 176,000 93,000 235,000 257,000 715,000 463,000 Increase/Decrease in Other Accruals 91,000 -32,000 -10,000 234,000 56,000 96,000 185,000 367,000 91,000 98,000 Decrease/Increase in Other -1,046,000 -1,696,000 -2,124,000 -1,943,000 -1,755,000 -1,882,000 -1,982,000 -2,919,000 -2,388,000 -3,302,000 Assets/Liabilities Net Cash Flow - Operating Activities 4,049,000 3,907,000 4,176,000 4,714,000 4,607,000 5,634,000 6,239,000 6,972,000 8,490,000 11,648,000 Capital Expenditure, Reval, Disp Incld -1,002,000 -1,624,000 -1,702,000 -1,581,000 -1,532,000 -1,739,000 -2,150,000 -1,889,000 -2,604,000 -2,860,000 Intangibles Increase/Decrease in Other Assets -1,752,000 -1,397,000 -140,000 -2,513,000 -495,000 -593,000 -152,000 -6,861,000 -989,000 -2,918,000 Increase/Decrease in Investments 62,000 5,000 177,000 20,000 -134,000 -45,000 143,000 154,000 -91,000 Net Cash Flow - Invest, Activities -2,692,000 -3,016,000 -1,842,000 -3,917,000 -2,007,000 -2,466,000 -2,347,000 -8,607,000 -3,439,000 -5,869,000 Increase/Decrease in Short Term -757,000 1,660,000 -458,000 2,038,000 307,000 -1,435,000 -1,221,000 4,171,000 -645,000 -1,160,000 Borrowing Increase/Decrease in Long Term -645,000 700,000 -296,000 313,000 905,000 -543,000 -579,000 3,114,000 -1,041,000 -904,000 Borrowing Net Proceeds from Sale/ Issue of 276,000 99,000 -99,000 -40,000 64,000 116,000 -247,000 30,000 -205,000 54,000 Common and Preferred Stock Common/Preferred Purchase, Ret, Conv, Redeem Cash Dividends Paid - Total -1,111,000 -1,258,000 -1,761,000 -1,721,000 -1,956,000 -1,899,000 -2,077,000 -2,370,000 -3,054,000 -3,548,000 Common Dividends (Cash) -809,170 -1,030,348 -685,000 -914,000 -965,000 -990,000 -1,116,000 -1,319,000 -1,724,100 -2,020,000 Preferred Dividends (Cash) Other Source/Use - Financing -185,000 -1,413,000 -67,000 -186,000 -175,000 -310,000 -353,000 327,000 -419,000 -80,000 Net Cash Flow - Financing -1,777,000 -912,000 -2,385,000 91,000 -1,760,000 -3,528,000 -3,898,000 2,158,000 -4,323,000 -4,734,000 Effect of Exchange on Cash 188,000 60,000 -42,000 47,000 27,000 -33,000 -47,000 -242,000 67,000 39,000 Increase/Decrease in Cash and Short -232,000 39,000 -93,000 935,000 867,000 -393,000 -53,000 281,000 795,000 1,084,000 Term Investments Cash and Equivalents at Beginning of 2,274,000 2,042,000 2,081,000 1,981,000 2,916,000 3,783,000 3,390,000 3,337,000 3,618,000 4,413,000 Year Cash and Equivalents at End of Year 2,042,000 2,081,000 1,988,000 2,916,000 3,783,000 3,390,000 3,337,000 3,618,000 4,413,000 5,497,000

KEY RATIOS

Date 31-DEC-10 31-DEC-11 31-DEC-12 31-DEC-13 31-DEC-14 31-DEC-15 31-DEC-16 31-DEC-17 31-DEC-18 31-DEC-19

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type C CR CR CR C C C CR C C PROFITABILITY RATIOS Return on Assets (ROA) 8.75 7.28 7.05 6.47 10.31 6.44 6.79 8.29 8.82 8.40 Return on Net Assets (RONA) 47.11 41.56 40.80 37.37 56.46 33.17 34.18 41.27 43.86 42.63 Return on Gross Assets (ROGA) 28.10 53.99 63.58 19.09 19.42 50.29 48.28 25.07 Return on Gross Investment (ROGI) 247.81 59.10 59.90 78.82 163.43 116.78 136.55 83.41 97.02 75.72 Return on Equity (ROE) 18.38 14.69 13.97 12.87 22.19 14.64 14.83 18.41 19.75 19.83 Return on Invested Capital (ROIC) 18.49 24.13 19.97 20.79 14.49 18.96 16.64 23.61 22.87 30.56 Operating Margin (%) 24.46 21.74 21.06 20.23 27.94 17.14 17.59 19.36 20.88 20.84 COGS/Sales (%) 31.69 30.52 31.42 30.60 31.41 30.87 30.38 30.26 29.13 25.37 Depreciation/Sales (%) 3.20 2.97 2.91 3.13 3.53 3.55 3.39 3.34 3.23 7.56 SG and A/Sales (%) 43.54 43.72 44.29 44.79 46.19 46.52 46.66 45.93 45.32 44.89 Net Profit Margin (%) 14.92 12.95 12.18 11.84 18.43 10.02 10.59 12.58 13.57 13.36 ASSET UTILISATION R and D/Sales (%) 0.23 0.27 0.25 0.24 0.26 0.27 0.30 0.30 0.28 0.26 Sales to Cash (%) 8.58 10.30 12.49 10.70 8.37 9.28 10.54 11.71 11.22 10.44 Sales to Accts Receivable (%) 13.46 13.74 14.55 13.95 13.78 14.88 14.44 15.73 15.72 16.09 Sales to Inventories (%) 3.49 3.50 3.61 3.50 3.41 3.64 3.64 3.98 4.01 4.10 Sales to Working Capital (%) 4.48 6.06 6.64 6.36 5.97 5.85 5.86 6.74 7.32 10.12 Sales to Fixed Assets (%) 3.16 3.21 3.35 3.16 3.06 3.31 3.23 3.28 3.23 3.19 Sales to Total Assets (%) 0.59 0.56 0.58 0.55 0.56 0.64 0.64 0.66 0.65 0.63 LIQUIDITY RATIOS Quick Ratio (equivalent to Acid Ratio) 0.58 0.45 0.50 0.48 0.54 0.51 0.52 0.47 0.50 0.44 Cash Ratio 0.36 0.26 0.30 0.29 0.36 0.31 0.31 0.28 0.31 0.28 Current Ratio 1.59 1.38 1.51 1.37 1.49 1.49 1.51 1.41 1.40 1.17 Gross Cash Flow to Current Liabilities 0.80 0.70 0.80 0.68 0.65 0.73 0.76 0.76 0.79 0.88 Free Cash Flow to Current Liabilities 0.44 -0.12 0.42 0.24 0.50 0.38 0.65 0.69 0.12 Interest Coverage -22.06 -22.22 -29.58 -34.69 -29.88 -44.64 -49.31 -40.16 -34.06 -23.88 Funded Capital Ratio 0.99 1.03 1.17 1.32 1.24 1.24 1.44 1.14 0.98 1.04 Days in Inventory 107.61 115.86 104.94 106.82 112.88 103.33 102.37 93.21 97.32 93.29 Days in Accts Payable 41.28 45.54 40.70 41.47 42.96 40.53 40.62 38.86 41.42 39.54 Days in Cash 41.17 35.53 28.52 40.58 48.74 36.78 34.40 32.00 35.93 38.58 Days in Receivables 28.11 28.97 25.78 27.35 27.09 25.80 26.06 23.42 25.11 23.46 CAPITAL STRUCTURE Financial Leverage 28.93 30.90 26.71 31.62 40.18 32.09 26.45 38.11 32.49 33.13 Debt to Capital at Book 0.14 0.15 0.14 0.16 0.17 0.14 0.12 0.17 0.15 0.13 Payout Ratio 0.34 0.22 0.27 0.28 0.18 0.31 0.33 0.32 0.32 0.34 Retention Ratio 0.66 0.78 0.73 0.72 0.82 0.69 0.67 0.68 0.68 0.66 Z-Score 1.76 1.66 1.79 1.66 1.67 1.71 1.79 1.69 1.82 1.40

KEY RATIOS

Date 31-DEC-10 31-DEC-11 31-DEC-12 31-DEC-13 31-DEC-14 31-DEC-15 31-DEC-16 31-DEC-17 31-DEC-18 31-DEC-19

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type C CR CR CR C C C CR C C 1 YR GROWTH RATES (%) Net Sales Growth Rate 19.16 16.43 18.78 3.25 5.59 16.40 5.43 13.39 9.83 14.62 Sustainable Growth Rate 12.14 11.41 10.24 9.25 18.30 10.07 9.91 12.49 13.47 13.12 Growth in Total Assets 15.75 26.65 6.22 12.36 -5.01 7.94 3.51 17.00 6.52 29.89 Growth in Gross Fixed Assets 11.05 -100.00 10.67 8.52 -100.00 17.34 Growth in Fixed Assets 9.66 19.07 9.38 9.72 7.96 7.41 8.80 14.19 9.02 22.64 Growth in Current Assets 2.04 18.47 7.58 11.90 13.39 4.64 2.36 8.57 11.82 12.56 Growth in Operating Current Assets 4.54 24.53 6.06 9.58 9.48 8.75 3.40 8.58 8.73 10.01 Growth in Working Capital -15.99 -11.26 30.44 -9.58 37.00 5.32 5.39 -7.83 10.64 -42.16 Growth in Operating Working Capital -12.82 25.91 13.99 12.88 3.05 4.52 1.26 3.79 1.89 -21.32 Growth in Gross Investment -3,552.05 211.59 -54.41 43.55 -65.50 145.12 -65.83 666.26 -84.89 901.80 Growth in Total Debt -8.97 37.98 -6.25 29.52 4.76 -10.42 -10.88 56.88 -4.70 15.22 Growth in Net Turnover 19.16 16.43 18.78 3.25 5.59 16.40 5.43 13.39 9.83 14.62 Growth in Cash Flow -30.82 -135.58 -460.00 -30.01 117.45 -19.66 70.14 -99.39 22,737.25 -77.28 Growth in EBITDA 29.17 21.04 11.89 3.98 -3.60 17.60 7.00 17.41 18.45 33.35 Growth in EBIT 31.89 23.63 11.35 2.77 -7.78 17.37 8.15 17.51 21.74 14.13 Growth in Net Profit 72.76 1.09 11.71 0.35 64.38 -36.74 11.42 34.77 18.43 12.86 Growth in NOPLAT 26.60 44.04 -5.61 11.13 -25.15 40.06 -8.08 59.97 9.34 17.78 Growth in Shareholder's Equity 23.12 29.16 8.49 9.40 -17.57 12.15 8.16 8.87 11.79 12.98

KEY RATIOS

Date 31-DEC-10 31-DEC-11 31-DEC-12 31-DEC-13 31-DEC-14 31-DEC-15 31-DEC-16 31-DEC-17 31-DEC-18 31-DEC-19

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type C CR CR CR C C C CR C C 3 YR GROWTH RATES (%) 3 yr Net Sales Growth Rate 11.72 16.29 16.96 7.76 4.74 12.25 8.56 10.36 10.56 12.49 3 yr Sustainable Growth Rate -44.59 -55.69 -60.15 -60.29 -40.90 -67.99 -61.99 -51.51 -53.97 -57.34 3 yr Growth in Total Assets 10.66 21.38 11.74 9.97 0.34 3.39 4.85 11.92 9.44 20.35 3 yr Growth in Gross Fixed Assets 57.86 -100.00 -100.00 57.59 8.93 -100.00 65.70 61.97 3 yr Growth in Fixed Assets 6.57 15.13 11.85 9.30 8.28 7.40 8.12 11.92 10.27 17.04 3 yr Growth in Current Assets 3.29 12.30 10.53 10.12 12.36 7.20 3.07 6.35 10.38 11.82 3 yr Growth in Operating Current 1.22 16.68 11.11 8.19 9.21 8.72 5.03 6.70 8.43 9.29 Assets 3 yr Growth in Working Capital -3.03 -13.50 14.04 1.56 18.24 13.53 5.27 -3.68 4.00 -30.09 3 yr Growth in Operating Working -9.02 10.90 16.55 12.65 6.00 3.98 2.30 2.92 2.49 -14.73 Capital 3 yr Growth in Gross Investment 137.21 128.72 -23.02 -6.96 -49.30 15.81 -41.41 98.36 -64.64 70.40 3 yr Growth in Total Debt -5.04 19.00 5.65 15.58 11.46 -5.72 -11.10 27.51 10.37 7.97 3 yr Growth in Net Turnover 11.72 16.29 16.96 7.76 4.74 12.25 8.56 10.36 10.56 12.49 3 yr Growth in Cash Flow -18.68 -151.07 99.60 47.65 41.72 6.49 29.34 -98.85 74.61 -44.66 3 yr Growth in EBITDA 15.52 21.67 13.98 6.34 -1.15 9.79 9.92 13.31 17.03 25.89 3 yr Growth in EBIT 15.57 23.85 14.31 5.38 -4.44 8.08 10.60 13.73 19.03 15.57 3 yr Growth in Net Profit 9.18 33.77 7.34 5.15 -15.21 12.45 4.73 30.14 20.66 14.26 3 yr Growth in NOPLAT 33.51 17.10 7.89 3.86 35.47 -15.31 -9.54 24.58 21.41 13.89 3 yr Growth in Shareholder's Equity 16.74 24.84 13.83 8.83 -9.70 0.90 9.13 8.39 10.44 12.07 5 YR GROWTH RATES (%) 5 yr Net Sales Growth Rate 17.66 24.91 32.15 22.79 16.29 21.24 16.75 21.43 21.08 24.01 5 yr Sustainable Growth Rate 19.40 13.35 2.73 -6.84 49.17 -15.06 -14.20 4.07 4.85 11.06 5 yr Growth in Total Assets 16.50 32.06 26.37 26.23 9.45 9.01 7.71 17.62 18.07 34.87 5 yr Growth in Gross Fixed Assets 112.22 -100.00 -100.00 -100.00 205.05 162.66 81.54 -100.00 54.68 57.25 5 yr Growth in Fixed Assets 13.94 23.76 22.68 22.47 19.32 16.34 16.56 21.24 20.59 30.88 5 yr Growth in Current Assets 8.95 18.64 18.81 21.57 24.35 17.60 11.87 12.64 16.51 21.08 5 yr Growth Operating Current Assets 7.65 22.25 19.42 21.21 20.08 17.69 13.38 14.19 15.23 17.38 5 yr Growth in Working Capital 12.97 -4.26 12.63 -0.92 29.76 25.11 18.08 4.05 6.42 -34.17 5 yr Growth in Operating Capital -2.87 13.63 19.77 25.37 19.53 12.88 7.26 6.18 5.17 -15.35 5 yr Growth in Gross Investment 217.54 253.12 22.44 35.11 -57.51 -4.23 -54.51 135.86 -58.48 138.19 5 yr Growth in Total Debt -4.28 23.08 10.89 29.93 23.54 2.41 -8.98 27.77 16.10 24.67 5 yr Growth in Net Turnover 17.66 24.91 32.15 22.79 16.29 21.24 16.75 21.43 21.08 24.01 5 yr Growth in Cash Flow -19.25 -137.33 38.79 5.05 104.30 46.72 59.41 -98.85 87.98 -51.97 5 yr Growth in EBITDA 20.96 30.88 31.19 22.52 7.22 15.23 15.04 24.17 31.34 45.93 5 yr Growth in EBIT 20.47 32.80 32.14 22.26 3.02 11.55 13.69 23.91 34.50 32.46 5 yr Growth in Net Profit 41.46 28.75 28.70 16.78 51.79 -6.69 -0.78 21.92 27.48 35.59 5 yr Growth in NOPLAT 14.87 42.03 22.54 23.83 -12.22 12.72 3.39 45.37 40.75 37.40 5 yr Growth in Shareholder's Equity 30.19 41.94 33.13 26.95 -2.64 2.60 7.22 12.52 20.38 22.65

KEY RATIOS

Date 31-DEC-10 31-DEC-11 31-DEC-12 31-DEC-13 31-DEC-14 31-DEC-15 31-DEC-16 31-DEC-17 31-DEC-18 31-DEC-19

Currency EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000) EUR ('000)

Report Type C CR CR CR C C C CR C C STRATEGIC RISK ITEMS RATIOS Capital (CAP) 27,417,000 35,284,000 37,776,000 43,134,000 38,693,000 42,036,000 43,780,000 51,823,000 55,028,000 74,537,000 Net Operating Profit Before Tax 4,146,928 5,089,373 5,677,327 5,838,718 5,388,622 6,335,836 6,819,379 8,072,471 9,805,626 11,143,832 (NOPBT) Net Operating Profit After Tax 2,677,928 3,636,373 3,857,327 4,085,718 3,115,622 4,366,836 4,710,379 5,858,471 7,306,626 8,211,832 (NOPAT) Cash Operating Profit After Tax 3,462,928 4,518,373 4,876,327 5,221,718 4,451,622 5,949,836 6,369,379 7,738,471 9,278,626 12,745,832 (COPAT) Total Gross Capital (TGC) 28,202,000 36,166,000 38,795,000 44,270,000 40,029,000 43,619,000 45,439,000 53,703,000 57,000,000 79,071,000 3 yr CAP Average 24,569,000 28,786,667 33,492,333 38,731,333 39,867,667 41,287,667 41,503,000 45,879,667 50,210,333 60,462,667 3 yr NOPBT Average 3,534,330 4,099,172 4,971,209 5,535,139 5,634,889 5,854,392 6,181,279 7,075,896 8,232,492 9,673,977 3 yr NOPAT Average 2,463,997 2,842,172 3,390,543 3,859,806 3,686,222 3,856,059 4,064,279 4,978,562 5,958,492 7,125,643 3 yr COPAT Average 3,169,330 3,632,172 4,285,876 4,872,139 4,849,889 5,207,725 5,590,279 6,685,896 7,795,492 9,920,977 3 yr TGC Average 25,274,333 29,576,667 34,387,667 39,743,667 41,031,333 42,639,333 43,029,000 47,587,000 52,047,333 63,258,000 3 yr Average Pre-Tax Return Risk (%) 0.14 0.14 0.15 0.14 0.14 0.14 0.15 0.15 0.16 0.16 3 yr Average After-Tax Return Risk 0.10 0.10 0.10 0.10 0.09 0.09 0.10 0.11 0.12 0.12 (%) 3 yr Average Total Gross Return Risk 0.13 0.12 0.12 0.12 0.12 0.12 0.13 0.14 0.15 0.16 (%) 5 yr CAP Average 23,320,200 26,256,200 29,353,400 33,454,000 36,460,800 39,384,600 41,083,800 43,893,200 46,272,000 53,440,800 5 yr NOPBT Average 3,406,333 3,826,404 4,273,938 4,762,712 5,228,194 5,665,975 6,011,976 6,491,005 7,284,387 8,435,429 5 yr NOPAT Average 2,424,133 2,723,004 2,977,138 3,293,912 3,474,594 3,812,375 4,027,176 4,427,405 5,071,587 6,090,829 5 yr COPAT Average 3,068,333 3,435,604 3,780,538 4,198,912 4,506,194 5,003,575 5,373,776 5,946,205 6,757,587 8,416,429 5 yr TGC Average 23,964,400 26,968,800 30,156,800 34,359,000 37,492,400 40,575,800 42,430,400 45,412,000 47,958,000 55,766,400 5 yr Average Pre-Tax Return Risk (%) 0.15 0.15 0.15 0.14 0.14 0.14 0.15 0.15 0.16 0.16 5 yr Average After-Tax Return Risk 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.11 0.11 (%) 5 yr Total Gross Return Risk (%) 0.13 0.13 0.13 0.12 0.12 0.12 0.13 0.13 0.14 0.15

SUBSIDIARIES Name Percentage (%) 1896 CORP 100.00 24 SEVRES 100.00 313- 317 N. RODEO LLC 100.00 319-323 N. RODEO LLC 100.00 420 N. RODEO LLC 100.00 456 NORTH RODEO DRIVE 100.00 461 NORTH BEVERLY DRIVE 100.00 468 NORTH RODEO DRIVE 100.00 598 MADISON LEASING CORP 100.00 ACQUA DI PARMA CANADA INC 100.00 ACQUA DI PARMA LLC 100.00 ACQUA DI PARMA LTD 100.00 ACQUA DI PARMA SRL 100.00 ALPHA TIME CORP. LTD 100.00 ARBELOS INSURANCE INC. 100.00 ARTECAD 100.00 ATELIERS MODELES SAS 100.00 ATEPELI – ATELIERS DE PONTE DE LIMA 100.00 ATLANTA BOUTIQUE LLC 100.00 AURELIA SOLUTIONS S.R.L 100.00 AVENUE HOCHE VAREJISTA LIMITADA 100.00 BARLOW INVESTMENTS S.A 100.00 BAYARD (SHANGHAI) INVESTMENT AND CONSULTANCY CO. LTD. 100.00 BELLE JARDINIERE 100.00 BELLE JARDINIERE SA 100.00 BENEFIT COSMETICS HONG KONG 100.00 BENEFIT COSMETICS IRELAND 100.00 BENEFIT COSMETICS KOREA 100.00 BENEFIT COSMETICS LLC 100.00 BENEFIT COSMETICS SAS 100.00 BENEFIT COSMETICS SERVICES CANADA INC 100.00 BENEFIT COSMETICS UK LTD 100.00 BENOIT DE GORSKI SA 100.00 BENTIM INTERNATIONAL SA 100.00 BERLUTI (SHANGHAI) COMPANY LTD 100.00 BERLUTI AUSTRALIA 100.00 BERLUTI DEUTSCHLAND GMBH MUNIC 100.00 BERLUTI HONG KONG COMPANY LTD 100.00 BERLUTI LLC 100.00 BERLUTI MACAU COMPANY LTD 100.00 BERLUTI MONACO 100.00 BERLUTI SA 100.00 BERLUTI SINGAPORE PRIVATE LTD 100.00 BERLUTI TAIWAN LTD 100.00 BERLUTI UK LTD 100.00 BHUS INC 100.00 BULGARI (DEUTSCHLAND) 100.00 BULGARI (TAIWAN) LTD. 100.00 BULGARI (THAILAND) LTD 100.00 BULGARI (UK) LTD. 100.00 BULGARI ACCESSORI SRL FLORENCE 100.00 BULGARI ASIA PACIFIC LTD. 100.00 BULGARI AUSTRALIA PTY. LTD. 100.00 BULGARI BELGIUM SA 100.00 BULGARI CANADA 100.00 BULGARI COMMERCIAL (SHANGAI) CO. LTD 100.00 BULGARI COMMERCIAL MEXICO 100.00 BULGARI CORPORATION OF AMERICA INC. 100.00 BULGARI DO BRAZIL LTDA 100.00 BULGARI ESPANA S.A 100.00 BULGARI FRANCE SAS 100.00 BULGARI GIOIELLI SPA 100.00

Name Percentage (%) BULGARI GLOBAL OPERATIONS SA 100.00 BULGARI HOLDINGS (THAILAND) LTD. 100.00 BULGARI HORLOGERIE SA 100.00 BULGARI INTERNATIONAL CORPORATION (BIC) NV 100.00 BULGARI IRELAND LTD. DUBLIN, IRLANDE 100.00 BULGARI ITALIA SPA 100.00 BULGARI JAPAN LTD. 100.00 BULGARI KOREA LTD. 100.00 BULGARI MONTECARLO S.A.M. 100.00 BULGARI NETHERLAND BV 100.00 BULGARI PANAMA INC 100.00 BULGARI PORTUGAL 100.00 BULGARI PRAGUE 100.00 BULGARI RUSSIA 100.00 BULGARI SA 100.00 BULGARI SAINT BARTH SAS 100.00 BULGARI SOUTH ASIAN OPERATIONS PTE LTD 100.00 BULGARI TURKEY LUKS URUN TICARETI LIMITED SIRKETI 100.00 BVLGARI (DEUTSCHLAND) 100.00 BVLGARI (MALAYSIA 100.00 BVLGARI (TAIWAN 100.00 BVLGARI (THAILAND 100.00 BVLGARI (UK) LTD 100.00 BVLGARI ACCESSORI 100.00 BVLGARI ASIA PACIFIC 100.00 BVLGARI AUSTRALIA 100.00 BVLGARI BELGIUM 100.00 BVLGARI COMMERCIAL (SHANGHAI) 100.00 BVLGARI COMMERCIAL MEXICO 100.00 BVLGARI DENMARK 100.00 BVLGARI DO BRAZIL 100.00 BVLGARI ESPANA 100.00 BVLGARI FRANCE 100.00 BVLGARI GIOIELLI 100.00 BVLGARI GLOBAL OPERATIONS 100.00 BVLGARI HOLDING (THAILAND 100.00 BVLGARI HORLOGERIE 100.00 BVLGARI INTERNATIONAL CORPORATION (BIC) 100.00 BVLGARI IRELAND 100.00 BVLGARI ITALIA 100.00 BVLGARI JAPAN 100.00 BVLGARI KOREA 100.00 BVLGARI MONTECARLO 100.00 BVLGARI PANAMA 100.00 BVLGARI PHILIPPINES 100.00 BVLGARI PRAGUE 100.00 BVLGARI ROMA 100.00 BVLGARI RUSSIA 100.00 BVLGARI SAINT-BARTH 100.00 BVLGARI VIETNAM 100.00 CELINE BOUTIQUE TAIWAN CO. LTD 100.00 CELINE INC 100.00 CHA LING 100.00 CHA LING HONG KONG LTD 100.00 CHA LING SCA 100.00 CHAUMET AUSTRALIA 100.00 CHAUMET HORLOGERIE SA 100.00 CHAUMET IBERIA SL 100.00 CHAUMET INTERNATIONAL SA 100.00 CHAUMET KOREA YUHAN HOESA LLC 100.00 CHAUMET LONDON LTD 100.00 CHAUMET MONACO 100.00 CHRISTIAN DIOR (THAILAND) CO. LTD 100.00 CHRISTIAN DIOR AUSTRALIA PTY LTD 100.00 CHRISTIAN DIOR AUSTRIA GMBH 100.00

Name Percentage (%) CHRISTIAN DIOR BELGIQUE 100.00 CHRISTIAN DIOR COMMERCIAL (SHANGHAI) CO.LTD 100.00 CHRISTIAN DIOR COUTURE 100.00 CHRISTIAN DIOR COUTURE AZERBAIJAN 100.00 CHRISTIAN DIOR COUTURE CANADA 100.00 CHRISTIAN DIOR COUTURE CZ 100.00 CHRISTIAN DIOR COUTURE FZE 100.00 CHRISTIAN DIOR COUTURE KAZAKHSTAN 100.00 CHRISTIAN DIOR COUTURE KOREA LTD 100.00 CHRISTIAN DIOR COUTURE LUXEMBOURG SA 100.00 CHRISTIAN DIOR COUTURE MAROC 100.00 CHRISTIAN DIOR COUTURE PANAMA INC 100.00 CHRISTIAN DIOR COUTURE STOLESHNIKOV 100.00 CHRISTIAN DIOR COUTURE UKRAINE 100.00 CHRISTIAN DIOR DO BRASIL LTDA 100.00 CHRISTIAN DIOR ESPANOLA 100.00 CHRISTIAN DIOR FAR EAST LTD 100.00 CHRISTIAN DIOR FASHION (MALAYSIA) SDN. BHD 100.00 CHRISTIAN DIOR FOURRURE M.C 100.00 CHRISTIAN DIOR GMBH 100.00 CHRISTIAN DIOR GUAM LTD 100.00 CHRISTIAN DIOR HONG KONG LTD 100.00 CHRISTIAN DIOR INC 100.00 CHRISTIAN DIOR ITALIA SRL 100.00 CHRISTIAN DIOR KK 100.00 CHRISTIAN DIOR NETHERLANDS BV 100.00 CHRISTIAN DIOR NEW ZEALAND LTD 100.00 CHRISTIAN DIOR PERFUMES LLC 100.00 CHRISTIAN DIOR S. DE R.L DE C.V 100.00 CHRISTIAN DIOR SAIPAN LTD 100.00 CHRISTIAN DIOR SINGAPORE PTE LTD 100.00 CHRISTIAN DIOR SUISSE SA 100.00 CHRISTIAN DIOR TAIWAN LIMITED 100.00 CHRISTIAN DIOR TRADING INDIA 100.00 CHRISTIAN DIOR UK LIMITED 100.00 COMETE GUAM INC 100.00 COMETE SAIPAN INC 100.00 COSMETICS OF FRANCE 100.00 COVA MONTENAPOLEONE S.R.L 100.00 CREARE SA LUXEMBOURG 100.00 CRISTALE 100.00 CRUISE LINE HOLDINGS CO 100.00 CYPRESS CREEK FARMS LLC 100.00 DAJBOG S.A 100.00 DELANO 100.00 DELPHINE SAS 100.00 DELTA 100.00 DFS AUSTRALIA PTY LTD 100.00 DFS GROUP LIMITED 100.00 DFS GROUP LTD 100.00 DIGITAL KENZO CHINA 100.00 DIOR MONTRES SARL 100.00 DOTCOM GROUP COMERCIO DE PRESENTES SA 100.00 DP SELDICO 100.00 DRAUPNIR SA 100.00 DUVAL LTD 100.00 DUVATEC LIMITED 100.00 ECHIDNA DISTRIBUTION COMPANY LLC 100.00 ELV SNC 100.00 EMILIO PUCCI (SHANGHAI) COMMERCIAL LTD 100.00 EMILIO PUCCI FRANCE SAS 100.00 EMILIO PUCCI HONG KONG CO LTD 100.00 EMILIO PUCCI SRL 100.00 EMILIO PUCCI UK LTD 100.00 EMILIO PUCCI, LTD 100.00

Name Percentage (%) EPCD 100.00 EPCD CZ & SK SRO 100.00 EPCD HUNGARIA 100.00 EPCD RO DISTRIBUTION SRL 100.00 EUPALINOS 1850 100.00 EUTROPE SAS 100.00 FA HUA FRAG & COSM TAÏWAN LTD 100.00 FA HUA FRAGANCE & COSMETIC CO 100.00 FENDI (SHANGHAI) CO LTD 100.00 FENDI (SINGAPORE) PTE LTD 100.00 FENDI (THAILAND) COMPANY LTD 100.00 FENDI ASIA PACIFIC LTD 100.00 FENDI AUSTRALIA PTY LTD 100.00 FENDI AUSTRIA GMBH 100.00 FENDI BRASIL- COMERCIO DE ARTIGOS DE LUXO 100.00 FENDI CANADA INC. 100.00 FENDI CHINA BOUTIQUES LTD 100.00 FENDI DENMARK APS 100.00 FENDI DIS TICARET LSI 100.00 FENDI FRANCE SAS 100.00 FENDI GERMANY GMBH 100.00 FENDI HONG KONG LTD 100.00 FENDI INTERNATIONAL SA 100.00 FENDI ITALIA SRL 100.00 FENDI KIDS SA 100.00 FENDI KOREA LTD 100.00 FENDI MACAU COMPANY LTD 100.00 FENDI MONACO S.A.M 100.00 FENDI NETHERLANDS BV 100.00 FENDI NORTH AMERICA INC 100.00 FENDI PRAGUE S.R.O. 100.00 FENDI PRIVATE SUITES SRL 100.00 FENDI RU LLC 100.00 FENDI SA 100.00 FENDI SILK SA 100.00 FENDI SPAIN S. L 100.00 FENDI SRL 100.00 FENDI TAIWAN LTD 100.00 FENDI TIMEPIECES SA 100.00 FENDI TIMEPIECES SERVICE INC. 100.00 FENDI TIMEPIECES USA INC. 100.00 FENDI UK LTD 100.00 FLAVIUS INVESTISSEMENTS SA 100.00 FLORIDA ALLIGATOR COMPANY LLC 100.00 FOLIO ST. BARTHS 100.00 FRANCE ARGENTINE COSMETICS SA 100.00 FRANCK & FILS SA 100.00 FRED INC 100.00 FRED LONDRES LTD 100.00 FRED PARIS SA 100.00 FRESH 100.00 FRESH CANADA 100.00 FRESH COSMETICS LTD 100.00 FRESH HONG KONG LTD 100.00 FRESH KOREA LTD 100.00 FRESH SAS 100.00 FURIOSO LLC 100.00 FUSION WORLD DALLAS LLC 100.00 FUSION WORLD DD LLC 100.00 FUSION WORLD HOUSTON LLC 100.00 GARMENTS TRADING 100.00 GCCL MACAU CO LTD 100.00 GFEC. SRL 100.00 GIVENCHY CHINA CO LTD 100.00 GIVENCHY CORPORATION 100.00

Name Percentage (%) GIVENCHY COUTURE LIMITED 100.00 GIVENCHY ITALIA SRL 100.00 GIVENCHY KOREA LTD 100.00 GIVENCHY SA 100.00 GIVENCHY SHANGHAI COMMERCIAL AND TRADING CO, LTD 100.00 GIVENCHY SINGAPORE 100.00 GIVENCHY TAÏWAN LTD 100.00 GLACEA SA 100.00 GOLFCODERS 100.00 GORGIAS SA 100.00 GRANDVILLE 100.00 GROUPE LES ECHOS SA 100.00 GUERLAIN (ASIA PACIFIC) LIMITED 100.00 GUERLAIN BENELUX SA 100.00 GUERLAIN CANADA LTD 100.00 GUERLAIN DE MEXICO SA 100.00 GUERLAIN GMBH 100.00 GUERLAIN INC 100.00 GUERLAIN KK 100.00 GUERLAIN LTD 100.00 GUERLAIN OCEANIA AUSTRALIA PTY LTD 100.00 GUERLAIN ORIENT – JLT 100.00 HENG LONG INTERNATIONAL LTD 100.00 HENG LONG LEATHER (GUANGZHOU) CO LTD 100.00 HENG LONG LEATHER CO (PTE) LTD 100.00 HEUER LTD 100.00 HL AUSTRALIA PROPRIETARY LTD 100.00 HLI HOLDING PTE. LTD 100.00 HUBLOT BOUTIQUE MONACO 100.00 HUBLOT CANADA 100.00 HUBLOT OF AMERICA, INC 100.00 HUBLOT SA GENEVE 100.00 HÔTEL DE LA PINÈDE SAS 100.00 INALUX SA 100.00 INDIA LUXCO RETAIL 100.00 INTERLUX COMPANY LTD 100.00 INTERNATIONAL CRUISE SHOPS LTD 100.00 INTERSERVICES & TRADING SA 100.00 INVESTIR PUBLICATIONS SAS 100.00 JOAILLERIE DE MONACO SA 100.00 JOHN GALLIANO SA 100.00 JOINT STOCK COMPANY « ILE DE BEAUTE» 100.00 KENDO BRANDS LTD 100.00 KENDO BRANDS SAS 100.00 KENDO HOLDINGS INC 100.00 KENDO HONG KONG LIMITED 100.00 KENZO BELGIQUE SA 100.00 KENZO ITALIA SRL 100.00 KENZO PARIS HONG KONG COMPANY 100.00 KENZO PARIS JAPAN KK 100.00 KENZO PARIS MACAU COMPANY LTD 100.00 KENZO PARIS NETHERLANDS 100.00 KENZO PARIS SINGAPORE PTE LTD 100.00 KENZO PARIS USA LLC 100.00 KENZO SA 100.00 KENZO UK LTD 100.00 L.P.M. SAS 100.00 LA FABRIQUE DE MAROQUINERIE LOUIS VUITTON 100.00 LA FABRIQUE DU TEMPS LOUIS VUITTON 100.00 LAFAYETTE ART I LLC 100.00 LBD HOLDING SA 100.00 LE BON MARCHE SA 100.00 LE PARISIEN LIBÉRÉ SAS 100.00 LES ATELIERS BIJOUX GMBH 100.00 LES ATELIERS HORLOGERS DIOR SA 100.00

Name Percentage (%) LES ATELIERS JOAILLIERS LOUIS VUITTON 100.00 LES ECHOS LÉGAL SAS 100.00 LES ECHOS MANAGEMENT SAS 100.00 LES ECHOS MEDIAS SAS 100.00 LES ECHOS PUBLISHING 100.00 LES ECHOS SAS 100.00 LES ECHOS SOLUTIONS 100.00 LES TOVETS SARL 100.00 LGCS INC 100.00 LIABILITY COMPANY 100.00 LISZT INVEST S.A. 100.00 LMP LLC 100.00 LOEWE 100.00 LOEWE ALEMANIA GMBH 100.00 LOEWE AUSTRALIA 100.00 LOEWE COMMERCIAL & TRADING (SHANGHAI) CO LTD 100.00 LOEWE FASHION 100.00 LOEWE HERMANOS SA 100.00 LOEWE HERMANOS UK LTD 100.00 LOEWE HONG KONG LTD 100.00 LOEWE ITALY 100.00 LOEWE LLC 100.00 LOEWE MACAU COMPANY 100.00 LOEWE TAIWAN LTD 100.00 LOUIS VUITTON (ARUBA) N.V 100.00 LOUIS VUITTON (BARBADOS) LTD 100.00 LOUIS VUITTON (CHINA) CO LTD 100.00 LOUIS VUITTON (PHILIPPINES) 100.00 LOUIS VUITTON AKTIEBOLAG SA 100.00 LOUIS VUITTON ARGENTINA SA 100.00 LOUIS VUITTON AUSTRALIA PTY LTD 100.00 LOUIS VUITTON B.V 100.00 LOUIS VUITTON BELGIUM 100.00 LOUIS VUITTON CANADA, INC 100.00 LOUIS VUITTON CANTACILIK TICARET ANONIM SIRKETI 100.00 LOUIS VUITTON CESKA S.R.O. 100.00 LOUIS VUITTON CHILE SPA 100.00 LOUIS VUITTON DANMARK A/S 100.00 LOUIS VUITTON DEUTSCHLAND GMBH 100.00 LOUIS VUITTON EDITEUR SAS 100.00 LOUIS VUITTON GUAM INC 100.00 LOUIS VUITTON HAWAII INC 100.00 LOUIS VUITTON HELLAS SA 100.00 LOUIS VUITTON HONG KONG LIMITED 100.00 LOUIS VUITTON HONG KONG LTD 100.00 LOUIS VUITTON HUNGARIA SARL 100.00 LOUIS VUITTON INDIA HOLDING & SERVICES PVT. LTD 100.00 LOUIS VUITTON INDIA RETAIL PRIVATE LIMITED 100.00 LOUIS VUITTON INTERNATIONAL 100.00 LOUIS VUITTON IRELAND LTD 100.00 LOUIS VUITTON ISRAEL 100.00 LOUIS VUITTON KAZAKHSTAN LLP 100.00 LOUIS VUITTON KOREA LTD 100.00 LOUIS VUITTON LTD 100.00 LOUIS VUITTON LUXEMBOURG SARL 100.00 LOUIS VUITTON MACAU COMPANY LTD 100.00 LOUIS VUITTON MALLETIER SA 100.00 LOUIS VUITTON MAROC SARL 100.00 LOUIS VUITTON MEXICO S DE RL DE CV 100.00 LOUIS VUITTON MONACO SA 100.00 LOUIS VUITTON NEW ZEALAND 100.00 LOUIS VUITTON NEW ZEALAND LIMITED 100.00 LOUIS VUITTON NORGE AS 100.00 LOUIS VUITTON NORTH AMERICA INC 100.00 LOUIS VUITTON OSTERREICH 100.00

Name Percentage (%) LOUIS VUITTON PACIFIC LTD 100.00 LOUIS VUITTON PANAMA 100.00 LOUIS VUITTON POLSKA SP. ZOO. 100.00 LOUIS VUITTON PORTUGAL MALEIRO LDA 100.00 LOUIS VUITTON REPUBLICA DOMINICA SRL 100.00 LOUIS VUITTON ROMANIA SRL 100.00 LOUIS VUITTON SAINT-BARTHELEMY 100.00 LOUIS VUITTON SAIPAN INC 100.00 LOUIS VUITTON SERVICES EUROPE SPRL 100.00 LOUIS VUITTON SINGAPORE PTE LTD 100.00 LOUIS VUITTON SOUTH AFRICA LTD 100.00 LOUIS VUITTON SUISSE SA 100.00 LOUIS VUITTON SUOMI 100.00 LOUIS VUITTON TAIWAN LTD 100.00 LOUIS VUITTON UK LTD 100.00 LOUIS VUITTON UKRAINE LLC 100.00 LOUIS VUITTON USA INC 100.00 LOUIS VUITTON VIETNAM COMPANY 100.00 LOUIS VUITTON VOSTOK LLC 100.00 LP MANAGEMENT SAS 100.00 LUXOLA (THAILAND) LTD 100.00 LUXOLA INDIA SERVICES PVT LTD 100.00 LUXOLA PTE LTD 100.00 LUXOLA SDN. BHD. (MALAYSIA) 100.00 LUXOLA TRADING PTE LTD 100.00 LV COLOMBIA SA 100.00 LV GROUP 100.00 LV INFORMATION & OPERATION SERVICES PTE LTD 100.00 LVMH (SHANGHAI) MANAGEMENT & CONSULTANCY CO. LTD 100.00 LVMH ASIA PACIFIC LTD 100.00 LVMH CANADA INC. 100.00 LVMH CLIENT SERVICES 100.00 LVMH COSMETICS KK 100.00 LVMH EU 100.00 LVMH FASHION GROUP BRASIL LTDA 100.00 LVMH FASHION GROUP FRANCE SNC 100.00 LVMH FASHION GROUP MALAYSIA 100.00 LVMH FASHION GROUP SERVICES SAS 100.00 LVMH FASHION GROUP SUPPORT SAS 100.00 LVMH FASHION GROUP TRADING KOREA LTD 100.00 LVMH FG SERVICES UK LTD 100.00 LVMH FINANCE BELGIQUE SA 100.00 LVMH FINANCE SA 100.00 LVMH FRAGRANCE BRANDS 100.00 LVMH FRAGRANCE BRANDS 100.00 LVMH FRAGRANCE BRANDS 100.00 LVMH FRAGRANCE BRANDS 100.00 LVMH FRAGRANCE BRANDS 100.00 LVMH FRAGRANCE BRANDS CANADA L 100.00 LVMH FRAGRANCE BRANDS GMBH 100.00 LVMH FRAGRANCE BRANDS HONG KONG 100.00 LVMH FRAGRANCE BRANDS LLC 100.00 LVMH FRAGRANCE BRANDS SA 100.00 LVMH FRAGRANCE BRANDS SINGAPORE PTE LTD 100.00 LVMH FRAGRANCE BRANDS WHD INC 100.00 LVMH FRAGRANCES & COSMETICS (SINPAGORE) PTE LTD 100.00 LVMH HOLDINGS INC 100.00 LVMH HOTEL MANAGEMENT SAS 100.00 LVMH INTERNATIONAL SA 100.00 LVMH INVESTISSEMENTS SAS 100.00 LVMH ITALIA SPA 100.00 LVMH KOREA LTD 100.00 LVMH METIERS D ART 100.00 LVMH MJ HOLDINGS INC 100.00 LVMH MJ LLC 100.00

Name Percentage (%) LVMH MOET HENNESSY - LOUIS VUITTON 100.00 LVMH MOET HENNESSY - LOUIS VUITTON BV 100.00 LVMH MOET HENNESSY - LOUIS VUITTON INC 100.00 LVMH MONTRES & JOAILLERIE FRANCE SA 100.00 LVMH P&C (SHANGHAI) CO 100.00 LVMH P&C ASIA PACIFIC LTD 100.00 LVMH P&C DE MEXICO 100.00 LVMH P&C DE MEXICO SA DE CV 100.00 LVMH P&C DO BRASIL 100.00 LVMH P&C KAZAKHSTAN LLP 100.00 LVMH P&C KOREA LTD 100.00 LVMH P&C LUXEMBOURG 100.00 LVMH P&C MALAYSIA SDN BERHAD INC 100.00 LVMH P&C MALAYSIA SDN. BERHAD 100.00 LVMH P&C SHANGHAI CO LTD 100.00 LVMH PARFUMS & KOSMETIK DEUTSCHLAND GMBH 100.00 LVMH PARTICIPATIONS BV 100.00 LVMH PERFUMES & COSMETICS (NEW ZEALAND) 100.00 LVMH PERFUMES & COSMETICS GROUP PTY LTD 100.00 LVMH PERFUMES & COSMETICS INC 100.00 LVMH PERFUMES & COSMETICS MACAU 100.00 LVMH PERFUMES E COSMETICA LDA 100.00 LVMH PUBLICA SA 100.00 LVMH RECHERCHE GIE 100.00 LVMH RELOJERIA Y JOYERIA ESPAÑA SA 100.00 LVMH REPRESENTAÇÕES LTDA 100.00 LVMH SERVICES BV 100.00 LVMH SERVICES LTD 100.00 LVMH SOUTH & SOUTH EAST ASIA PTE LTD 100.00 LVMH SWISS MANUFACTURES SA 100.00 LVMH WATCH & JEWELRY (SHANGHAI) COMMERCIAL CO 100.00 LVMH WATCH & JEWELRY AUSTRALIA PTY LTD 100.00 LVMH WATCH & JEWELRY CANADA LTD 100.00 LVMH WATCH & JEWELRY CAPITAL PTE LTD 100.00 LVMH WATCH & JEWELRY CENTRAL EUROPE GMBH 100.00 LVMH WATCH & JEWELRY FAR EAST LTD 100.00 LVMH WATCH & JEWELRY HONG KONG LTD 100.00 LVMH WATCH & JEWELRY INDIA PVT LTD 100.00 LVMH WATCH & JEWELRY ITALY 100.00 LVMH WATCH & JEWELRY JAPAN K.K. 100.00 LVMH WATCH & JEWELRY MACAU COMPANY 100.00 LVMH WATCH & JEWELRY MALAYSIA SDN BHD 100.00 LVMH WATCH & JEWELRY RUSSIA LLC 100.00 LVMH WATCH & JEWELRY RUSSIA SARL 100.00 LVMH WATCH & JEWELRY SINGAPORE PTE LTD 100.00 LVMH WATCH & JEWELRY TAIWAN LTD 100.00 LVMH WATCH & JEWELRY UK LTD 100.00 LVMH WATCH & JEWELRY USA INC 100.00 LVMH – MÉTIERS D’ART 100.00 LX HOLDING PTE LTD (SINGAPOUR) 100.00 LX SERVICES PTE LTD 100.00 LXEDIT (THAILAND) LTD 100.00 MAGAZACILIK ANONIM SIRKETI 100.00 MAKE UP FOR EVER 100.00 MAKE UP FOR EVER ACADEMY CHINA 100.00 MAKE UP FOR EVER CANADA LTD 100.00 MAKE UP FOR EVER LLC 100.00 MAKE UP FOR EVER SA 100.00 MAKE UP FOR EVER UK LIMITED 100.00 MANIFATTURA BERLUTI SRL 100.00 MANUFACTURAS LOEWE SL 100.00 MANUFACTURE DE MAROQUINERIE ET ACCESSOIRES LOUIS VUITTON 100.00 MANUFACTURE DE SOULIERS LOUIS VUITTON S.R.L. 100.00 MANUFACTURE DES ACCESSOIRES LOUIS VUITTON SRL 100.00 MANUFACTURES DIOR SRL 100.00

Name Percentage (%) MARITHÉ SA 100.00 MEADOWLAND FLORIDA LLC 100.00 MON MODA LUXE LLC 100.00 MYOLNIR SA 100.00 NAXARA SA LUXEMBOURG 100.00 NEW WORLD OF FUSION LLC 100.00 NYON LLC 100.00 NYON SERVICES LLC 100.00 OLE HENRIKSEN OF DENMARK INC 100.00 ON BOARD MEDIA INC 100.00 ONE EAST 57TH STREET LLC 100.00 OOO SELDICO 100.00 OSAKA FUDOSAN COMPANY LTD 100.00 OUTLET STORE ROERMOND 100.00 OUTSHINE MEXICO, S. DE RL DE C.V 100.00 P&C (SHANGHAI) 100.00 P&C INTERNATIONAL 100.00 PARDIOR 100.00 PARDIOR SA DE CV 100.00 PARFUMS CHRISTIAN DIOR 100.00 PARFUMS CHRISTIAN DIOR 100.00 PARFUMS CHRISTIAN DIOR 100.00 PARFUMS CHRISTIAN DIOR 100.00 PARFUMS CHRISTIAN DIOR (IRELAND 100.00 PARFUMS CHRISTIAN DIOR (IRELAND) LTD 100.00 PARFUMS CHRISTIAN DIOR (SINGAPORE) 100.00 PARFUMS CHRISTIAN DIOR (UK) LTD 100.00 PARFUMS CHRISTIAN DIOR AG 100.00 PARFUMS CHRISTIAN DIOR AS LTD 100.00 PARFUMS CHRISTIAN DIOR AUSTRIA 100.00 PARFUMS CHRISTIAN DIOR CANADA 100.00 PARFUMS CHRISTIAN DIOR DENMARK 100.00 PARFUMS CHRISTIAN DIOR FINLAND OY 100.00 PARFUMS CHRISTIAN DIOR HELLAS S.A. 100.00 PARFUMS CHRISTIAN DIOR HONG KONG LTD 100.00 PARFUMS CHRISTIAN DIOR JAPON K.K. 100.00 PARFUMS CHRISTIAN DIOR S.A.B. 100.00 PC PARFUMS COSMETIQUES SA 100.00 PC PARFUMS COSMETIQUES SA ZURI 100.00 PCD SAINT HONORÉ SAS 100.00 PCD ST HONORE 100.00 PCIS 100.00 PELLEFINA LLC 100.00 PERFUMES LOEWE SA 100.00 POLMOS ZYRARDOW LLC 100.00 PRIMAE SAS 100.00 PRONOS SA 100.00 PT FASHION INDONESIA TRADING COMPANY 100.00 PT LUXOLA SERVICES INDONESIA 100.00 PT MU AND SC TRADING 100.00 PT SEPHORA INDONESIA 100.00 RADIO CLASSIQUE SAS 100.00 RIMOWA GROUP GMBH 100.00 ROSSIMODA 100.00 ROSSIMODA ROMANIA SRL 100.00 ROSSIMODA SPA 100.00 RÉGIEPRESS SAS 100.00 S+ SAS 100.00 SAN DIMAS LUGGAGE COMPANY 100.00 SAS IPARKOS 100.00 SCI ANNABELL 100.00 SCI EDISON 100.00 SCI ROSE BLUE 100.00 SEGEP SNC 100.00 SEPHORA AUSTRALIA PTY LTD SYDN 100.00

Name Percentage (%) SEPHORA BAHRAIN WLL 100.00 SEPHORA BEAUTY CANADA INC 100.00 SEPHORA BULGARIA EOOD 100.00 SEPHORA COSMETICS LTD (SERBIA) 100.00 SEPHORA COSMETICS ROMANIA SA 100.00 SEPHORA CYPRUS LIMITED 100.00 SEPHORA DANMARK APS COPENHAGUE 100.00 SEPHORA DIGITAL (THAILAND) LTD 100.00 SEPHORA DIGITAL PTE LTD 100.00 SEPHORA EMIRATES LLC 100.00 SEPHORA GERMANY GMBH 100.00 SEPHORA GREECE SA 100.00 SEPHORA HOLDING SOUTH ASIA 100.00 SEPHORA HONG KONG LIMITED 100.00 SEPHORA KOREA LTD 100.00 SEPHORA KOZMETIK AS (TURQUIE) 100.00 SEPHORA LUXEMBOURG SARL 100.00 SEPHORA MEXICO S. DE R.L DE C.V 100.00 SEPHORA NEW ZEALAND LIMITED 100.00 SEPHORA POLSKA SP Z.O.O 100.00 SEPHORA PORTUGAL PERFUMARIA LDA 100.00 SEPHORA PUERTO RICO 100.00 SEPHORA SAS 100.00 SEPHORA SERVICES PHILIPPINES (BRANCH) 100.00 SEPHORA SINGAPORE PTE LTD 100.00 SEPHORA SRO 100.00 SEPHORA SWEDEN AB 100.00 SEPHORA SWITZERLAND SA 100.00 SEPHORA THAILAND COMPANY LTD 100.00 SEPHORA USA INC 100.00 SERVICIOS ZIPHORAH, SRLCV 100.00 SFPA SARL 100.00 SHANG PU ECOMMERCE (SHANGHAI) 100.00 SLF USA INC. 100.00 SNC DU 33 AVENUE HOCHE 100.00 SOCIEDAD DE TALLERES DE ACCESORIOS EN CUERO LV SL 100.00 SOCIETE DES ATELIERS LOUIS VUITTON SNC 100.00 SOCIETE DES MAGASINS LOUIS VUITTON FRANCE SNC 100.00 SOCIETE DU DOMAINE DES LAMBRAY 100.00 SOCIETE D’EXPLOITATION HOTELIERE DE LA SAMARITAINE 100.00 SOCIETE LOUIS VUITTON SERVICES 100.00 SOCIETE MONTAIGNE JEAN GOUJON SAS 100.00 SOCIÉTÉ DU DOMAINE DES LAMBRAY SARL 100.00 SOCIÉTÉ NOUVELLE SICAVIC 100.00 SOFIDIL SA 100.00 SOFIDIV ART TRADING LLC 100.00 SOFIDIV INC 100.00 SOFIDIV SAS 100.00 SOFIDIV UK LTD 100.00 SOFPAR 126 100.00 SOFPAR 128 100.00 SOMAREST SARL 100.00 STARBOARD CRUISE SERVICES, INC 100.00 STARBOARD HOLDINGS LTD 100.00 STARKE HOLDING LLC 100.00 STB SERVICI TECNICI PER BORDO 100.00 SUPPORT RETAIL MEXICO S.DE RL DE C.V. 100.00 SUSANNE LANG FRAGRANCE 100.00 TAG HEUER BOUTIQUE OUTLET STORE ROERMOND 100.00 TAG HEUER CONNECTED 100.00 TAG HEUER INTERNATIONAL 100.00 TAG HEUER INTERNATIONAL SA 100.00 TAG HEUER LIMITED 100.00 TANNERIES ROUX 100.00 TEAM DIFFUSION SAS 100.00

Name Percentage (%) TEAM MEDIA SAS 100.00 THE FLORIDA ALLIGATOR COMPANY 100.00 THOMAS PINK 100.00 THOMAS PINK 100.00 THOMAS PINK 100.00 THOMAS PINK AUSTRALIA 100.00 THOMAS PINK CANADA INC. 100.00 THOMAS PINK FRANCE SAS 100.00 THOMAS PINK HOLDINGS LTD 100.00 THOMAS PINK INC 100.00 THOMAS PINK IRELAND LTD 100.00 THOMAS PINK JAPAN 100.00 THOMAS PINK MANUFACTURING 100.00 THOMAS PINK MEXICO 100.00 THOMAS PINK SHANGHAI 100.00 TIMECROWN 100.00 TUMON ENTERTAINMENT LLC 100.00 TUMON GAMES LLC 100.00 UFILUG SA 100.00 UFINVEST SAS 100.00 UFIP (IRELAND) PRU 100.00 UFIPAR SAS 100.00 VERMONT 100.00 VEUVE CLICQUOT PROPERTIES, PTY LTD 100.00 VICUNA HOLDING SPA 100.00 VILLA FOSCARINI S.R.L. 100.00 VILLA JACQUEMONE SAS 100.00 WHITE 1921 COURCHEVEL SOCIETE D’EXPLOITATION HOTELIERE 100.00 ZENITH TIME COMPANY (GB) LTD 100.00 AVENUE M INTERNATIONAL SCA 99.00 BERLUTI JAPAN KK 99.00 CELINE COMMERCIAL & TRADING (SHANGHAI) CO LTD 99.00 CELINE CZECH REPUBLIC 99.00 CELINE DISTRIBUTION SPAIN S.L.U 99.00 CELINE GERMANY GMBH 99.00 CELINE HONG KONG LTD 99.00 CELINE MONTAIGNE SAS 99.00 CELINE MONTE- CARLO SA 99.00 CELINE PRODUCTION SRL 99.00 CELINE SUISSE SA 99.00 CELINE UK LTD 99.00 CPC MACAU COMPANY LIMITED 99.00 CÉLINE AUSTRALIA PTY LTD 99.00 CÉLINE DISTRIBUTION SINGAPORE 99.00 CÉLINE NETHERLANDS BV 99.00 CÉLINE SWEDEN AB 99.00 ENILEC GESTION SARL 99.00 FENDI JAPAN KK 99.00 FIRSTSHIP BV 99.00 GEBR. OLIE BEHEER BV 99.00 GREEN BELL BV 99.00 LVMH FASHION GROUP JAPAN KK 99.00 MAGASINS DE LA SAMARITAINE 99.00 MONTAIGNE KK 99.00 OGMNL BV 99.00 RC DIFFUSION RIVE DROITE SAS 99.00 RED BELL BV 99.00 ROYAL VAN LENT SHIPYARD BV 99.00 RVL HOLDING BV 99.00 SEPHORA MONACO SAM 99.00 TOWER HOLDING BV 99.00 VAN DER LOO YACHTINTERIORS BV 99.00 PT LOUIS VUITTON INDONESIA LLC 98.00 TUMON AQUARIUM LLC 97.00 SA DU CHATEAU D’YQUEM 96.00

Name Percentage (%) SC DU CHATEAU D’YQUEM 96.00 LOUIS VUITTON – JORDAN PCLS 95.00 LOUIS VUITTON – JORDAN PSC 95.00 IDMC MANUFACTURE 90.00 BOPEL 85.00 CDC ABU- DHABI LLC COUTURE 85.00 CDC KUWAIT FASHION ACCESSORIES WITH LIMITED LIABILITY 85.00 CDCG FZCO 85.00 CDCH SA 85.00 COU.BO SRL 85.00 LG DISTRIBUTION LLC 85.00 LORO PIANA 85.00 LORO PIANA 85.00 LORO PIANA & C. INC. 85.00 LORO PIANA (HK) 85.00 LORO PIANA (MACAU 85.00 LORO PIANA (MACAU) 85.00 LORO PIANA (SHANGHAI) COMMERCIAL CO 85.00 LORO PIANA (SHANGHAI) TEXTILE TRADING CO 85.00 LORO PIANA BELGIQUE 85.00 LORO PIANA CANADA 85.00 LORO PIANA CZECH REPUBLIC S.R.O. 85.00 LORO PIANA ESPAÑA S.L.U. 85.00 LORO PIANA FAR EAST PTE LTD 85.00 LORO PIANA FRANCE SARL 85.00 LORO PIANA GB LTD 85.00 LORO PIANA JAPAN LTD 85.00 LORO PIANA KOREA LTD 85.00 LORO PIANA MEXICO S.A DE C.V 85.00 LORO PIANA MONACO SARL 85.00 LORO PIANA MONGOLIA LTD 85.00 LORO PIANA NEDERLAND BV 85.00 LORO PIANA OESTERREICH GESMBH 85.00 LORO PIANA PERU S.A.C. 85.00 LORO PIANA SWITZERLAND 85.00 LORO PIANA TEXTILE TRADING LTD 85.00 LORO PIANA USA 85.00 LORO PIANA USA LLC 85.00 MANIFATTURA LORO PIANA 85.00 WARREN CORPORATION 85.00 CHRISTIAN DIOR COUTURE BAHRAIN 84.00 CHRISTIAN DIOR COUTURE QATAR LLC 82.00 SEPHORA (BEIJING) COSMETICS CO. LTD 81.00 SEPHORA (SHANGHAI) COSMETICS CO. LTD 81.00 SEPHORA (SHANGHAI) COSMETICS CO. LTD 81.00 SEPHORA XIANGYANG (SHANGHAI) COSMETICS CO., LTD 81.00 110 VONDRAU HOLDINGS INC 80.00 BK FOR JEWELRY AND PRECIOUS METALS AND STONES CO 80.00 BK FOR JEWELRY AND PRECIOUS METALS AND STONES CO. 80.00 CDC GENERAL TRADING LLC 80.00 DEMATIS SAS 80.00 DISTRIBUTION COMPANY 80.00 FUN FASHION QATAR LLC 80.00 GUERLAIN KSA 80.00 IN GOLD JEWELRY AND PRECIOUS STONES 80.00 LE JARDIN D’ACCLIMATATION 80.00 LUX JEWELS BAHRAIN WLL 80.00 LUX JEWELS KUWAIT FOR TRADING IN GOLD JEWELRY AND PRECIOUS STONES 80.00 MARC JACOBS COMMERCIAL & TRADING (SHANGHAI) 80.00 MARC JACOBS HOLDINGS LLC 80.00 MARC JACOBS HONG KONG DISTRIBUTION COMPANY 80.00 MARC JACOBS HONG KONG LTD 80.00 MARC JACOBS INTERNATIONAL 80.00 MARC JACOBS INTERNATIONAL (UK) LTD 80.00 MARC JACOBS INTERNATIONAL FRANCE 80.00

Name Percentage (%) MARC JACOBS INTERNATIONAL FRANCE SAS 80.00 MARC JACOBS INTERNATIONAL ITALIA 80.00 MARC JACOBS INTERNATIONAL LLC 80.00 MARC JACOBS JAPAN 80.00 MARC JACOBS TRADEMARK LLC 80.00 PASTICCERIA CONFETTERIA COVA S.R.L 80.00 RIMOWA AMERICA DO SUL MALAS DE VIAGEM LTDA 80.00 RIMOWA AUSTRALIA 80.00 RIMOWA AUSTRIA GMBH 80.00 RIMOWA CHINA 80.00 RIMOWA CZ SPOL S.R.O 80.00 RIMOWA DISTRIBUTION INC 80.00 RIMOWA ELECTRONIC TAG GMBH 80.00 RIMOWA FAR EAST LIMITED 80.00 RIMOWA FRANCE SARL 80.00 RIMOWA GMBH 80.00 RIMOWA GMBH & CO DISTRIBUTION KG 80.00 RIMOWA GREAT BRITAIN LIMITED 80.00 RIMOWA GROUP SERVICES 80.00 RIMOWA INC 80.00 RIMOWA INTERNATIONAL 80.00 RIMOWA ITALY SRL 80.00 RIMOWA JAPAN CO. LTD 80.00 RIMOWA KOREA LTD 80.00 RIMOWA MACAU LIMITED 80.00 RIMOWA MIDDLE EAST FZ- LLC 80.00 RIMOWA NETHERLANDS BV 80.00 RIMOWA NORTH AMERICA INC 80.00 RIMOWA ORIENT TRADING- LLC 80.00 RIMOWA SCHWEIZ AG 80.00 RIMOWA SINGAPORE 80.00 RIMOWA SPAIN SLU 80.00 FUN FASHION FZCO LLC 78.00 FUN FASHION INDIA PTE LTD 78.00 HAPPENINGCO SAS 78.00 CHRISTIAN DIOR PUERTO BANUS 75.00 MEDIA PRESSE SAS 75.00 PROXIMY SAS 75.00 GIVENCHY MIDDLE EAST FZ LLC 70.00 JEAN PATOU SAS 70.00 KVD BEAUTY LLC 70.00 SEPHORA MIDDLE EAST FZE 70.00 SEPHORA MOYEN ORIENT SA 70.00 REPOSSI 69.00 EMILIO PUCCI INTERNATIONAL BV 67.00 ALISTAIR GRAHAM LIMITED 66.00 ARDBEG DISTILLERY LIMITED 66.00 ARDBEG LTD 66.00 BODEGAS CHANDON ARGENTINA SA 66.00 BONDING AND TRANSPORT CO. LTD 66.00 CAPE MENTELLE VINEYARDS 66.00 CHAMFIPAR SA 66.00 CHAMPAGNE BERNARD BREUZON 66.00 CHAMPAGNE BERNARD BREUZON SAS 66.00 CHAMPAGNE DE MANSIN 66.00 CHAMPAGNE DES MOUTIERS 66.00 CHARLES MUIRHEAD & SON LIMITED 66.00 CHATEAU DU GALOUPET 66.00 CLOUDY BAY VINEYARDS 66.00 CLOUDY BAY VINEYARDS LTD 66.00 COMPAGNIE FRANCAISE 66.00 COMPAGNIE FRANCAISE DU CHAMPAGNE ET DU LUXE 66.00 DIAGEO MOET HENNESSY THAILAND 66.00 DOMAINE CHANDON 66.00 DOMAINE CHANDON (NINGXIA) MOËT HENNESSY CO, LTD 66.00

Name Percentage (%) DOMAINE CHANDON AUSTRALIA PTY LTD 66.00 DOUGLAS MACNIVEN & COMPANY LTD 66.00 E DESTILADOS 66.00 GIE MOËT HENNESSY INFORMATION SERVICES 66.00 GLENMORANGIE DISTILLERY CO LTD 66.00 GLENMORANGIE SPRING WATER 66.00 HENNESSY DUBLIN LTD 66.00 JAMES MARTIN & COMPANY LTD 66.00 MACDONALD MARTIN DISTILLERIES 66.00 MHCS SCS 66.00 MHD MOET HENNESSY DIAGEO 66.00 MHD MOET HENNESSY DIAGEO SAS 66.00 MOET HENNESSY 66.00 MOET HENNESSY (SUISSE) 66.00 MOET HENNESSY CO 66.00 MOET HENNESSY DANMARK 66.00 MOET HENNESSY DE MEXICO 66.00 MOET HENNESSY DIAGEO HONG KONG LTD 66.00 MOET HENNESSY DIAGEO MACAU LTD 66.00 MOET HENNESSY DIAGEO MALAYSIA 66.00 MOET HENNESSY DIAGEO SINGAPORE 66.00 MOET HENNESSY DISTRIBUTION 66.00 MOET HENNESSY DO BRASIL - VINHOS E DESTILADOS LTDA 66.00 MOET HENNESSY ENTREPRISE ADAPTEE 66.00 MOET HENNESSY ESPANA 66.00 MOET HENNESSY INC 66.00 MOET HENNESSY INDIA 66.00 MOET HENNESSY INTERNATIONAL SAS 66.00 MOET HENNESSY INVESTISSEMENTS 66.00 MOET HENNESSY OSTERREICH GMBH 66.00 MOET HENNESSY POLSKA SP Z.O.O. 66.00 MOET HENNESSY RUS LLC 66.00 MOET HENNESSY SERVICES SINGAPOR 66.00 MOET HENNESSY SHANGHAI LTD 66.00 MOET HENNESSY SUOMI OY 66.00 MOET HENNESSY SVERIGE 66.00 MOET HENNESSY TURKEY 66.00 MOET HENNESSY UK 66.00 MOET HENNESSY USA 66.00 MOET HENNESSY VIETNAM IMPORTATION CO LTD 66.00 MORANGIE MINERAL WATER COMPANY 66.00 MORANGIE SPRINGS LIMITED 66.00 MOËT HENNESSY (SUISSE 66.00 MOËT HENNESSY BELUX 66.00 MOËT HENNESSY DE MEXICO 66.00 MOËT HENNESSY DEUTSCHLAND GMBH 66.00 MOËT HENNESSY DEUTSCHLAND GMBH 66.00 MOËT HENNESSY DIAGEO CHINA COMPANY 66.00 MOËT HENNESSY ITALIA SPA 66.00 MOËT HENNESSY NEDERLAND 66.00 MOËT HENNESSY NIGERIA 66.00 MOËT HENNESSY NORGE 66.00 MOËT HENNESSY PORTUGAL 66.00 MOËT HENNESSY SERVICES UK 66.00 MOËT HENNESSY SERVICES UK LTD 66.00 MOËT HENNESSY SOUTH AFRICA PTY LTD 66.00 MOËT HENNESSY UK 66.00 NICOL ANDERSON & CO. LTD 66.00 POLMOS ZYRARDOW SP. Z O.O 66.00 RICHE MONDE (CHINA) 66.00 RUM ENTREPRISE 66.00 SAS CHAMPAGNE MANUEL JANISSON 66.00 SCI JVIGNOBLES 66.00 SOCIETE CIVILE DES CRUS DE CHAMPAGNE 66.00 SOCIETE VITICOLE DE REIMS 66.00

Name Percentage (%) SOCIÉTÉ VITICOLE DE REIMS 66.00 TARLOGIE SPRINGS LIMITED 66.00 THE GLENMORANGIE COMPANY 66.00 VEUVE CLICQUOT PROPERTIES 66.00 WOODINVILLE WHISKEY COMPANY LLC 66.00 BERLUTI EAU LLC 65.00 BERLUTI KOREA COMPANY LTD 65.00 BERLUTI ORIENT FZ LLC 65.00 CÉLINE MIDDLE-EAST FZ LLC 65.00 HENNESSY FAR EAST LTD 65.00 JAS HENNESSY & CO 65.00 JAS HENNESSY TAIWAN 65.00 LOUIS VUITTON BAHRAIN WLL 65.00 LOUIS VUITTON MIDDLE EAST 65.00 LOUIS VUITTON ORIENT LLC 65.00 MOET HENNESSY ASIA PACIFIC PTE 65.00 MOËT HENNESSY AUSTRALIA LTD 65.00 SODEPA 65.00 LOUIS VUITTON QATAR LLC 63.00 SCEV 4F 63.00 SEPHORA QATAR 63.00 FUN FASHION EMIRATES LLC 62.00 DFS BUSINESS CONSULTING (SHANGHAI) CO. LTD 61.00 DFS COTAI LIMITADA 61.00 DFS GROUP L.P. 61.00 DFS GROUP LIMITED – HK 61.00 DFS GROUP LIMITED – USA 61.00 DFS GUAM L.P. 61.00 DFS HOLDINGS LTD HAMILTON 61.00 DFS ITALIA SRL 61.00 DFS KOREA LIMITED 61.00 DFS KOREA LTD 61.00 DFS LIQUOR RETAILING LTD 61.00 DFS MANAGEMENT CONSULTING (SHENZHEN) COMPANY LIMITED 61.00 DFS MERCHANDISING LTD 61.00 DFS MIDDLE EAST LLC 61.00 DFS NEW ZEALAND LIMITED 61.00 DFS OKINAWA K.K. 61.00 DFS OKINAWA KK 61.00 DFS RETAIL (HAINAN) COMPANY LIMITED 61.00 DFS RETAIL (HAINAN) COMPANY LIMITED 61.00 DFS SAIPAN LIMITED 61.00 DFS SEOUL LTD 61.00 DFS SINGAPORE (PTE) LIMITED 61.00 DFS VENTURE SINGAPORE (PTE) LIMITED 61.00 DFS VENTURE VIETNAM COMPANY LIMITED 61.00 DFS VIETNAM LIMITED LIABILITY COMPANY 61.00 KINKAI SAIPAN LP 61.00 PARFUMS FRANCIS KURKDJIAN LLC 61.00 PARFUMS FRANCIS KURKDJIAN SAS 61.00 ROYAL HAWAIIAN INSURANCE COMPANY CO 61.00 TWENTY SEVEN - TWENTY EIGHT CORP 61.00 CHAUMET MIDDLE EAST FZCO 60.00 CHAUMET UAE 60.00 COLGIN CELLARS 60.00 GUERLAIN SAUDI LIMITED 60.00 KCO EVENTS 60.00 L’ECLAIREUR 60.00 PARFUMS CHRISTIAN DIOR ORIENT CO 60.00 PELHAM MEDIA 60.00 PELHAM MEDIA 60.00 PELHAM MEDIA PRODUCTION SAS 60.00 WORDAPPEAL 60.00 NEWTON VINEYARDS 59.00 SEPHORA KUWAIT CO. WLL 59.00

Name Percentage (%) COMMONWEALTH INVESTMENT COMPANY INC 58.00 FUN FASHION BAHRAIN WLL 58.00 ALDERANDE SAS PARIS, 56.00 GEORGE V EAU LLC 56.00 GIVENCHY TRADING WLL 56.00 PLAGE DES FLAMANDS SAS 56.00 SOCIETE D’EXPLOITATION HOTELIERE ISLE DE FRANCE 56.00 SOCIETE D’INVESTISSEMENT CHEVAL BLANC SAINT- BARTH ISLE DE FRANCE 56.00 LOUIS VUITTON SAUDI ARABIA LTD 55.00 MOËT HENNESSY SHANGRI-LA (DEQIN) WINERY COMPANY 53.00 WINERY COMPANY 53.00 CELINE EAU LLC 52.00 LOUIS VUITTON EAU LLC 52.00 NICHOLAS KIRKWOOD (USA) CORP 52.00 NICHOLAS KIRKWOOD CORP. 52.00 NICHOLAS KIRKWOOD LIMITED 52.00 NICHOLAS KIRKWOOD LLC 52.00 NICHOLAS KIRKWOOD LTD 52.00 NK WASHINGTON LLC 52.00 NK WLV LLC 52.00 SEPHORA ARABIA LIMITED 52.00 SEPHORA ARABIA LIMITED LLC 52.00 BENEFIT COSMETICS MALAYSIA SDN BHN 51.00 CASHMERE LIFESTYLE LUXURY TRADING LLC 51.00 GULF LUXURY TRADING LLC 51.00 HOLDING KENZO ASIA 51.00 KENZO PARIS SHANGHAI 51.00 L BEAUTY LUXURY ASIA INC 51.00 L BEAUTY PTE 51.00 L BEAUTY VIETNAM LLC 51.00 LC INVESTISSEMENTS 51.00 PT GUERLAIN COSMETICS INDONESIA 51.00 PT L BEAUTY BRANDS 51.00 SANIN 51.00 THELIOS ASIA PACIFIC LIMITED 51.00 THELIOS FRANCE 51.00 THELIOS USA INC 51.00 THÉLIOS 51.00 WAGNER CAPITAL SA 51.00 BULGARI HOTELS AND RESORTS MILANO SRL MILAN 50.00 FENTY BEAUTY LLC 50.00 FENTY SKIN LLC 50.00 PROJECT LOUD FRANCE 50.00 SEPHORA COSMETICOS ESPANA 50.00 SOCIETE CIVILE CHEVAL BLANC 50.00 LOUIS VUITTON NETHERLANDS 10.00

The Company is a luxury goods vendor, providing products ranging from champagne to perfumes to designer handbags. Its fashion and leather goods division includes such prominent brands as Louis Vuitton, Kenzo, Givenchy, and Céline, while its fragrance and cosmetics group distributes brands including Christian Dior, Givenchy, and Guerlain. LVMH's wine and spirits group includes such premium brands as Dom Pérignon, Hennessy, Krug, and Moët Chandon. The Company also owns luxury retailers, including a majority stake in DFS Group Ltd., a group of duty-free stores, and Sephora, a cosmetics and perfume chain. The Company sought to expand and diversify in the late 1990s through a number of acquisitions.

The Company is also listed on vienna ,berlin and italy stock exchange

The Company is a France-based luxury goods company. It owns a portfolio of luxury brands and its business activities are divided into five segments: Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, and Selective Retailing. The activities of the wines and spirits sector include the Champagne and Wines branch, and the Cognac and Spirits branch. The Fashion and Leather Goods group includes Louis Vuitton, Kenzo and Rossimoda among others. LVMH is present in the perfume and cosmetics sector through the French Houses Christian Dior and other brands. Watches and Jewelry sells such products as TAG Heuer, Zenith, Dior Watches, Chaumet and Fred, among others. Selective Retailing businesses operate in two segments: travel retail and the seleLVMH ctive retail concepts represented by Sephora and Le Bon Marche. In September 2013, The Company acquired majority stake in Nicholas Kirkwood, a British shoe designer company.

Key Dates:

1743: Claude Moët and his son, Claude-Louis, open Moët et Cie to sell wine. 1792: Claude Moët dies and leaves company to grandson Jean-Rémy. 1832: Jean-Rémy hands over control of the company to his son and son-in-law; business is renamed Moët et Chandon. 1854: Louis Vuitton opens his own packing and trunkmaking business in Paris. 1885: Louis Vuitton expands internationally by opening a store in London. 1969: Louis Vuitton enters the Asian market with a store in Tokyo. 1971: Moët et Chandon merges with Jas. Hennessy & Company, the largest cognac producer in France, and is renamed Moët-Hennessy. 1984: Louis Vuitton goes public. 1987: Louis Vuitton and Moët-Hennessy merge in a $4 billion deal. The Company was founded in 1987 as a result of the merger between Moët Hennessy and Louis Vuitton, which served to create the world leader in luxury goods. The Company inherited a long history, and brings together noble professions, with deeply-rooted traditions and a unique combination of internationally renowned brands. The companies which form part of the champagne, spirits and leather goods division are over a century old, and some were established more than two centuries ago. Moët & Chandon dates back to 1743, Veuve Clicquot Ponsardin to 1772, Hennessy to 1765; Johan-Joseph Krug founded his establishment in 1843, while Château d'Yquem and its wines go as far back as 1593. The House of Louis Vuitton was founded in 1854. In June 1987, the two companies Louis Vuitton and Moet Hennessy merged together. This merger allowed Lous Vuitton to expand its investments while saving Moet Henessy from the risk of takeover. The two companies formed the group named LVMH-Moet Henessy-Louis Vuitton.

This merger respected the independence of each company of the group in management and subsidiaries. As Möet-Hennessy was three times the size of Louis Vuitton, its president, Alain Chevalier, was named chairperson of the new group. And Racamier, president of Louis Vuitton, was named the executive vice president of the group LVMH.

After Several disputes and legal battles started between Racamier (Louis Vuitton) and Chevalier (moet henessy) over the management of the group, Racamier tried to seek the help of an external party, This person was Bernard Arnault, the young property developer and financial engineer who secured a controlling interest of LVMH stock for himself.

A new legal battle had started between Racamier and Arnault for 18 months. As Arnault was having the support of Moet Hennessy Family, Racamier lost this battle against Arnault.

After the court's judgement, Racamier stepped down to create another luxury goods conglomerate named Orcofi.

On the other side, Arnault who won the battle, had the support of Huge french investors as Paribas and l'Oréal. He managed to eliminate Louis Vuitton's top products and began to make his own luxury empire.

In the mid-1980s, Louis Vuitton had damaged its reputation as a status symbol, and both profits and sales declined in the early 1990s. The Company focused on growth and expansion in the mid-1990s and spent billions during 1996 and 1997 on acquisitions.

In 1996, Arnault invested in DFS Group Ltd., a specialty retailer that catered to international travelers. The purchase included boutiques in Asia, DFS's largest market. The Company also invested in winery Chateau D'Yquem and purchased the fashion companies Céline and Loewe.

In 1997, the Company acquired Sephora and invested in Douglas international, the french and german retailers of perfumes and beauty products. In 1997 and 1998, the Company suffered from declining sales. The Company was hit hard by the economic crisis in Asia, a market that accounted for about half of The Company 's total sales. The Company's investment in DFS in Asia, was a disappointment; during the first half of 1997, DFS profits declined 50%. And during the first nine months of 1998, group sales for the retailing division that included DFS and Sephora declined 22%.

In 1998, sales of the Company's fragrance and cosmetics division declined 3%. The wine and spirits segment was a slow-growing business, and The Company's sales of cognac had the most trouble in Asia as the market in Japan represented 20 % of the company's cognac sales.

From 1996 to 1998, Cognac sales to Japan fell 13%. Also, the Company spent a lot trying to beat its rivals: Guinness plc and Grand Metropolitan plc. This problem, coupled with the financial situation in Asia, led to a 38 percent drop in the Company's share price between July and November 1998. Despite the Company's struggles in the late 1990s, the Company remained confident that what was being experienced was only a temporary recession. Arnault stated that 1998 was a year of consolidation and restructuring, aimed to lay strong foundations for growth in 1999.

The Company continued to seek acquisitions. In 1998, the Company purchased Le Bon Marché, an exclusive specialty retailer in Paris. The Company also bought Marie-Jeanne Godard, a leading distributor of fragrances and cosmetics in France. The Company felt the Marie-Jeanne Godard acquisition was a perfect supplement to its Sephora stores, and during 1998 the Company converted 18 Marie-Jeanne Godard stores to the Sephora format.

The Company added to its champagne division in 1998 by acquiring the premium champagne brand Krug from Rémy Cointreau. The firm also upped its interest in Gucci, from 4.8 percent to 34.4 percent in early 1999, with the hopes of acquiring the company. French retailer Pinault Printemps Redoute SA beat out The Company in mid-1999, however, by gaining a majority stake in Gucci.

1999 was a strong year for the Company. Asian economies helped to boost the Company's sales. Between January and August, The Company's share price rose 77 percent. Though DFS continued to rack up losses, and the company felt strongly that DFS had hit a turning point. Though cognac and spirits also continued to struggle, other divisions made up for the loss-operating profits in

champagnes and wines rose 39%, perfumes and cosmetics increased 45 %, and fashion and leather goods climbed 15%.

Also in 1999, the Company expanded its fragrance and cosmetics holdings, in the United States and invested in four American beauty products companies: Hard Candy, which targeted female youths, Bliss Spa, BeneFit Cosmetics, and Make Up For Ever. The Company also established a new watch and jewelry division, which included Tag Heuer AG, a Swiss watch maker in which the Company gained a majority interest in September 1999. The Company also acquired luxury watch makers Zenith, Ebel, and Chaumet.

In October 1999, the Company partnered with Italian fashion company Prada, usually a competitor, to acquire a majority stake in fashion design house Fendi, an Italian competitor. Among the Company's other 1999 acquisitions were a majority interest in Thomas Pink, a British shirt maker, and the purchase of Phillips Auctioneers. The Company also increased its stake in Inter Parfums Inc., a perfume manufacturer, from 6.3 percent to 20 percent.

The Company's sales in 1999 reached a record up to 23% over the previous year. The Company appeared to have recovered. Champagne sales rose by more than 21 percent, and cognac sales fared better for the full year, with sales up by seven percent. By the end of 1999, the fashion and leather goods division consisted of 261 boutiques and 15 global stores. Louis Vuitton sales, which had suffered during 1998, did much better in 1999. Fragrance and cosmetics sales rose 24%, and sales in the selective retailing division increased 21%, indicating a more positive situation with DFS.

Sephora stores expanded aggressively during 1999, new stores were opened that year. In this year, the first store openned in Tokyo and began selling products via its Web site as well. The Company opened its U.S. headquarters in New York City in December 1999.

On March 2001, The Company was listed on Euronext.

On March 16, 2009, the Company announced the early redemption and cancellation of all the outstanding convertible bonds of the Company. On April 10, 2009, and the intention of the Company to apply to the Singapore Exchange Securities Trading Limited for the delisting of the Bonds after completion of the redemption and cancellation of all the outstanding Bonds. The Company has been notified by SGX-ST on May 22, 2009 that the Bonds have been delisted from the official list of SGX-ST.

On March 2, 2015, The Company has chenged name from LVMH MOET HENNESSY - LOUIS VUITTON SA to LVMH MOET HENNESSY - LOUIS VUITTON SE.

FIS-WVB Limited.©2016 Under no circumstances is this document to be used or considered as, an offer to sell or a solicitation of any offer to buy, any security. This research report is prepared for general circulation. It does not address the specific investment objectives, financial situation or the particular needs of any specific person or institution, who may use this report. While information contained herein has been obtained from sources believed to be reliable, FIS-WVB Limited does not represent that it is accurate or complete and it should not be relied upon as such. Opinions, even formulated as mathematical calculations, are opinions only and do not warranty any usefulness. Users should take account of the fact that past performance is not a guarantee of future performance. FIS-WVB Limited Brunei 4th Floor, Bangunan Wisma Raya 49/50 Jalan Sultan Omar Ali Saifuddien Bandar Seri Begawan BS 8811 Brunei Darussalam Correspondence Address Suite 3001, 30th Floor, Menara 2, Menara Kembar Bank Rakyat, No. 33 Jalan Rakyat, 50470 Kuala Lumpur, Malaysia Tel: +(603) 2276 4886 http://www.wvb.com [email protected]