GROUP ARNAULT ESTABLISHES E500M INTERNET COMPANY Submitted By: FTI Consulting Wednesday, 30 June 1999

GROUP ARNAULT ESTABLISHES E500M INTERNET COMPANY Submitted by: FTI Consulting Wednesday, 30 June 1999

Europ@web will invest in Internet Opportunities in Europe and the US Paris, France, June 30, 1999 - Group Arnault, the private holding company of French businessman Bernard Arnault, which controls the luxury group LVMH Moët Hennessy Louis Vuitton, today established a company to pursue Internet investment opportunities in the European marketplace. The new company will be capitalised initially with e500 million. Europ@web will create links with other European players such as Vivendi. Europ@web will take strategic positions in Internet operating company investments with attractive growth potential. It will make investments in european internet companies and the European subsidiaries of U.S. internet companies, and facilitate their working together where synergies or other benefits can be achieved. Mr Arnault will head the board of directors, which will include Managing Directors for Europe and the U.S as well as outside talents. Europ@web will be headquartered in Europe, with activities taking place in the Silicon Valley area of California and throughout Europe. Europ@web will comprise some of the existing internet investments of Group Arnault alongside future acquisitions. It is anticipated that, at an appropriate time, Europ@web will offer shares to the public. "As we have become actively involved in Internet companies, we have recognised that the European market presents a major area of untapped opportunity," Mr. Arnault said. "We have put together an outstanding combination of talented people to help identify, invest in and cultivate the development of Internet companies throughout Europe. This is an exciting and, we believe, unique opportunity." Group Arnault has emerged as one of the most active Internet and e-commerce investors in the U.S. and Europe. Its investments already include portfolio participations in public companies such as @home, cisco, e-bay, as well as strategic stakes in more than 20 startups and fast growing companies such as among others: Datek Online Holdings, the fourth largest online brokerage; 1-800 Flowers, a flower and gift website; Planet Rx, which markets pharmaceutical and health care products over the Internet; Webvan, the premier grocery website; e-loan, a leading provider of on-line mortgages; and icollector, the online auctioneer. Group Arnault also recently joined forces with leading UK retailer Kingfisher PLC to launch libertysurf, the leading Internet access service in France. And LVMH recently announced the introduction of sephora.com, to be launched in September, which promises to be the preeminent prestige beauty products site on the Internet. Group Arnault controls LVMH Moët Hennessy Louis Vuitton, the luxury goods group. LVMH’s brands include Dom Pérignon, Moët & Chandon, Veuve Cliquot, Krug, and Pommery Champagnes, Hennessy and Hine cognacs; Chateau d’Yquem fine wine; Louis Vuitton, Loewe, and Céline luggage, leather goods and accessories; Christian Dior, Givenchy, Kenzo and Guerlain perfumes and cosmetics; Sephora, Marie-Jeanne Godard, and Le Bon Marché in selective retailing; Fred in Jewellery; and Givenchy, Christian Lacroix, and Kenzo in couture and fashion. In addition LVMH owns Desfossés Group which comprises of leading

Page 1 media properties: French financial newspaper La Tribune, and financial magazine Investir. LVMH also controls DFS, the leader in luxury goods retail. Additional information on LVMH can be accessed on the company’s home page: www.lvmh.com. Contact: Group Arnault Hugh Morrison, Financial Dynamics Tel: 0171 831 3113

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