FIRST HALF 2019 RESULTS

JULY 24, 2019 Louis

DISCLAIMER 2

This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in LVMH’s Reference Document which is available on the website (www..com). These forward looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward looking statements only reflect LVMH’s views as of the date of this document, and LVMH does not undertake to revise or update these forward looking statements. The forward looking statements should be used with caution and circumspection and in no event can LVMH and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in LVMH or an invitation or inducement to engage in any other investment activities. FIRST HALF 2019 RESULTS 3 EXCELLENT FIRST HALF FOR LVMH

| Another double-digit increase in revenue and profit from recurring operations

| Strong growth in Asia, the United States and Europe, especially in which saw a rebound in Q2

| Good start to the year for Wines & Spirits

| Remarkable momentum at Louis Vuitton; profitability remains at exceptional level

| Remarkable performance at Christian Couture

| Rapid growth for iconic LVMH Perfume & brands

| Rapid progress in Jewelry, especially for Bvlgari

| Strong growth of offline and online sales at

| Solid development of DFS, especially in Europe, which benefits from the rise of international travelers

| Completed acquisition of Belmond hotel group in April; activity to be consolidated in Q3 2019

BUSINESS GROUPS REVIEW Louis Vuitton Louis FIRST HALF 2019 RESULTS

WINES & SPIRITS Dom Pérignon

FIRST HALF 2019 RESULTS 6 WINES & SPIRITS KEY FIGURES

In millions of euros Champagne and Wines Cognac and Spirits

• REVENUE + 9%

Organic growth + 6%

H1 2019 960 1526 2 486

H1 2018 903 1368 2 271

• PROFIT FROM RECURRING OPERATIONS + 6%

H1 2019* 214 558 772

H1 2018 197 529 726

* Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 7 WINES & SPIRITS H1 2019 HIGHLIGHTS

Strong momentum in China and the US; improved mix for Champagne and solid volume growth for Cognac

| CHAMPAGNE & WINES • Champagne: volumes -1 % • Good revenue growth in all regions • Excellent performance of prestige cuvées, Dom Pérignon in particular • Performance of Estates & Wines mainly driven by pricing actions

| COGNAC & SPIRITS • : volumes +8 % driven by VS and VSOP qualities • Sustained growth in the US and China • Impact of new marketing campaign directed by Sir Ridley Scott • Reinforced development of Glenmorangie and Belvedere in high-end products

FIRST HALF 2019 RESULTS 8 WINES & SPIRITS 2019 OUTLOOK

| Maintain value creation strategy in an uncertain business environment

| Product innovations, new ways to consume and online communication to win over new consumers

| Integrate a new category of wines, high-end rosé, with the acquisition of Château du Galoupet

| Intensify consideration of the environment in our development, especially through sustainable viticulture

| Develop production facilities to support future growth FIRST HALF 2019 RESULTS

FASHION & LEATHER GOODS Christian Dior Dior Couture Christian

FIRST HALF 2019 RESULTS 10 FASHION & LEATHER GOODS KEY FIGURES

In millions of euros

• REVENUE + 21%

Organic growth + 18%

H1 2019 10 425

H1 2018 8 594

• PROFIT FROM RECURRING OPERATIONS + 17%

H1 2019* 3 248

H1 2018 2 775

* Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 11 FASHION & LEATHER GOODS H1 2019 HIGHLIGHTS

| Louis Vuitton: excellent momentum, combining modernity and desirability • Success of iconic lines and new designs • Qualitative transformation of store network • New leather goods workshop in France to meet growing demand | Christian Dior Couture: exceptional growth in all product categories • Strong demand from all clientele • Successful launch of 30 Montaigne line • Great success of exhibitions in London and Dallas | : tribute to Karl Lagerfeld through several events in Shanghai, and Rome | : new personalized service for shoes and temporary shop in New York | : arrival in stores of Hedi Slimane’s new collections | : great success of new collections | and : further growth and development of store network | Launch of new fashion house created by Rihanna

FIRST HALF 2019 RESULTS 12 FASHION & LEATHER GOODS 2019 OUTLOOK

| Maintain strong creative momentum at Louis Vuitton • Continue innovation in all product categories supported by high profile events • Qualitative development of store network • Further expansion of production capacity

| Christian Dior Couture: new store on Avenue des Champs-Elysées while the historic store on Avenue Montaigne undergoes major renovation

| Fendi: new partnerships with the world of art and music

| : new artistic director

| Agreement with Maison Stella McCartney

| Continue to reinforce creative talent and to invest in the other brands FIRST HALF 2019 RESULTS

PERFUMES & COSMETICS Parfums Christian Dior

FIRST HALF 2019 RESULTS 14 PERFUMES & COSMETICS KEY FIGURES

In millions of euros

• REVENUE + 12%

Organic growth + 9%

H1 2019 3 236

H1 2018 2 877

• PROFIT FROM RECURRING OPERATIONS + 6%

H1 2019* 387

H1 2018 364

* Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 15 PERFUMES & COSMETICS H1 2019 HIGHLIGHTS

| Parfums Christian Dior: excellent momentum • Vitality of perfumes J’Adore, Miss Dior and Sauvage • Continued success of Rouge Dior lipstick and its Ultra-Rouge version • Sustained growth of skincare line Prestige, especially in Asia

| : strong growth of lipstick line Rouge G and skincare line Abeille Royale

| : success of makeup in Asia, especially China, and of fragrance L’Interdit

| Benefit: continued development of Eyebrow Collection with Gimme Brow and Precisely; international expansion of brow bars, particularly in China

| Fresh: success of iconic lines Rose, Black Tea and Lotus

| by Rihanna: strong impact of communication on social media

| Maison Francis Kurkdjian: launch of two fragrance variations for Gentle Fluidity

FIRST HALF 2019 RESULTS 16 PERFUMES & COSMETICS 2019 OUTLOOK

| Strong innovative and creative momentum in a rapidly changing environment

| Parfums Christian Dior: support of iconic and new products in line with Couture and its roots in Grasse • Several innovations in makeup and strong digital activation • Roll-out of concept store Maison Christian Dior in all regions • Continued focus on premium skincare

| Guerlain: relaunch of Mon Guerlain fragrance

| Givenchy: relaunch of iconic Le Rouge lipstick and new version of L’Interdit fragrance

| Kenzo: launch of new eau de parfum in Kenzo World range

| : new fragrance and interior candle lines, renovation of iconic store in Milan FIRST HALF 2019 RESULTS

WATCHES & JEWELRY Bvlgari

FIRST HALF 2019 RESULTS 18 WATCHES & JEWELRY KEY FIGURES

In millions of euros

• REVENUE +8%

Organic growth + 4%

H1 2019 2 135

H1 2018 1 978

• PROFIT FROM RECURRING OPERATIONS + 5%

H1 2019* 357

H1 2018 342

* Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 19 WATCHES & JEWELRY H1 2019 HIGHLIGHTS

| Rapid progress in Jewelry, especially in directly operated stores; growth of and continued repositioning of TAG Heuer

| Bvlgari: good momentum and market share gains • Success of iconic lines Serpenti, B.Zero1, Diva, Lvcea and Fiorever • Monaco boutique renovated and new temporary stores in Paris and Macao

| TAG Heuer: developed iconic lines Carrera, Aquaracer and Formula 1; success of Golf connected watch; celebrated 50th anniversary of Monaco

| Hublot: solid growth driven by Classic Fusion and Big Bang lines, and by remarkable development of Spirit of Big Bang

| : success of Bee My Love collection and iconic lines Liens and Joséphine; temporary store during renovation of historic place Vendôme location

FIRST HALF 2019 RESULTS 20 WATCHES & JEWELRY 2019 OUTLOOK

| Continue programs dedicated to enhancing quality and productivity of distribution

| Target and strengthen marketing investments, in particular online

| Bvlgari: roll-out of new high jewelry collection Cinemagia; new exhibition at Sant'Angelo Castle in Rome

| Open flagship stores on « 1881 Heritage » site in Hong Kong for Chaumet and Hublot

| Increase presence in China for and Fred

| Preparation of first exhibition of LVMH’s Swiss watchmaking Maisons, scheduled in January 2020 at Bvlgari Resort Dubai FIRST HALF 2019 RESULTS

SELECTIVE DISTRIBUTION DFS

FIRST HALF 2019 RESULTS 22 SELECTIVE RETAILING KEY FIGURES

In millions of euros

• REVENUE + 12%

Organic growth + 8%

H1 2019 7 098

H1 2018 6 325

• PROFIT FROM RECURRING OPERATIONS + 17%

H1 2019* 714

H1 2018 612

* Incorporating for the first time the effects of the application of IFRS 16 Leases FIRST HALF 2019 RESULTS 23 SELECTIVE RETAILING H1 2019 HIGHLIGHTS

|SEPHORA • Strong growth in revenue and market share gains in all regions • Rapid progress of online sales • Continued store network expansion; innovative renovation of stores in La Défense (Paris) and Times Square (New York) • New communication « We belong to something beautiful » rolled-out in the US |DFS • Demand still strong in Hong Kong and Macao despite a slowdown in recent months • Excellent performance of Venice Galleria in Italy • Logistics agreement with Chinese company Shenzhen Duty Free • « Mini-programs » on WeChat to better engage travelers |LE BON MARCHÉ • Opening of « salons particuliers » for a personalized shopping service • 24 Sèvres digital platform renamed 24S

FIRST HALF 2019 RESULTS 24 SELECTIVE RETAILING 2019 OUTLOOK

|SEPHORA • Continue geographic expansion and market share gains • Open first stores in South Korea, Hong-Kong and New Zealand • Innovation in products and develop exclusive services |DFS • Complete renovations of iconic flagship stores in Hong Kong and Macao, and at San Francisco International Airport • Open a beauty store in Hong Kong in Mong Kok district • Prepare opening of Galleria in Paris at scheduled for 2020 |LE BON MARCHÉ • Ongoing transformation of main store’s ground floor • Organize punk-themed exhibition in autumn CONSOLIDATED KEY FIGURES H1 2019 Louis Vuitton Louis

FIRST HALF 2019 RESULTS 26 IFRS 16 STANDARD RELATED TO LEASES APPLIED SINCE JANUARY 1st, 2019

| Applied to leases involving fixed payments, mostly related to boutiques at LVMH

| Financial statements not restated as of December 31 and June 30, 2018, in accordance with the standard

| Negligible impact on net result • Impact on profit from recurring operations: + €77 million, mainly on Selective distribution and Fashion & Leather Goods • Impact on financial result: - €145 million (interest on lease liabilities) • Impact on result before tax: - €68 million

| Impact on balance sheet: +€12 billion • As a liability: recognition of a lease liability, measured at the discounted present value of future payments • As an asset: right-of-use asset depreciated over the lease term • Impact not significant on shareholders’ equity

| No impact on cash flow statement other than its presentation FIRST HALF 2019 RESULTS 27 H1 2019 REVENUE BY BUSINESS GROUP

Reported Organic In millions of euros H1 2018 H1 2019 growth growth*

WINES & SPIRITS 2 271 2 486 + 9% + 6%

FASHION & LEATHER GOODS 8 594 10 425 + 21% + 18%

PERFUMES & COSMETICS 2 877 3 236 + 12% + 9%

WATCHES & JEWELRY 1 978 2 135 + 8% + 4%

SELECTIVE RETAILING 6 325 7 098 + 12% +8%

OTHERS & ELIMINATIONS (295) (298) - -

TOTAL LVMH 21 750 25 082 + 15% + 12%

* With comparable structure and exchange rates. The exchange rate impact for the Group is +3%.

FIRST HALF 2019 RESULTS 28 REVENUE EVOLUTION BY BUSINESS GROUP

Organic growth versus same period of 2018 Q1 2019 Q2 2019 H1 2019 WINES & SPIRITS + 9% + 4% + 6%

FASHION & LEATHER GOODS + 15% + 20% + 18%

PERFUMES & COSMETICS + 9% + 10% + 9%

WATCHES & JEWELRY + 4% + 4% + 4%

SELECTIVE RETAILING + 8% + 7% + 8%

TOTAL LVMH + 11% + 12% + 12% FIRST HALF 2019 RESULTS 29 H1 2019 REVENUE BREAKDOWN BY REGION

In % of total revenue

17%

9% EUROPE 23% (excl. France) FRANCE UNITED STATES 33% 7% (inc. Hawaii) JAPAN ASIA (excl. Japan)

11%

OTHER MARKETS

FIRST HALF 2019 RESULTS 30 REVENUE EVOLUTION BY REGION

Organic growth versus same period of 2018 Q1 2019 Q2 2019 H1 2019

UNITED STATES* + 8% + 8% + 8%

JAPAN + 9% + 11% + 10%

ASIA (EXCL. JAPAN) + 17% + 18% + 18%

EUROPE + 7% + 13% + 10% * Excl. Hawaii. FIRST HALF 2019 RESULTS 31 INCOME STATEMENT SUMMARIZED

In millions of euros H1 2018 H1 2019* % Change REVENUE 21 750 25 082 + 15% GROSS MARGIN 14 620 16 635 + 14% Marketing and selling expenses (8 305) (9 563) + 15% General and administrative expenses (1 679) (1 789) + 7% Equity investment income 12 12 PROFIT FROM RECURRING OPERATIONS 4 648 5 295 + 14% Other operating income and expenses (70) (54) OPERATING PROFIT 4 578 5 241 + 14% Net financial income (expense) (22) (205) Income taxes (1 264) (1 431)

NET PROFIT BEFORE MINORITY INTERESTS 3 292 3 605 + 10%

Minority interests (288) (337)

GROUP SHARE OF NET PROFIT 3 004 3 268 + 9%

* Incorporating for the first time the effects of the application of IFRS 16 Leases.

FIRST HALF 2019 RESULTS 32 PROFIT FROM RECURRING OPERATIONS BY BUSINESS GROUP

In millions of euros H1 2018 H1 2019* % Change

WINES & SPIRITS 726 772 + 6%

FASHION & LEATHER GOODS 2 775 3 248 + 17%

PERFUMES & COSMETICS 364 387 + 6%

WATCHES & JEWELRY 342 357 + 5%

SELECTIVE RETAILING 612 714 + 17%

OTHERS AND ELIMINATIONS (171) (183) ns

TOTAL LVMH 4 648 5 295 + 14%

* Incorporating for the first time the effects of the application of IFRS 16 Leases. FIRST HALF 2019 RESULTS 33 INCREASE IN PROFIT FROM RECURRING OPERATIONS

In millions of euros

Organic Currency effect

+ 644 + 3 5 295

4 648

H1 H1 2018 2019*

* Incorporating for the first time the effects of the application of IFRS 16 Leases.

FIRST HALF 2019 RESULTS 34 CHANGE IN NET FINANCIAL INCOME (EXPENSE)

In millions of euros H1 2018 H1 2019* Change (M€)

COST OF NET FINANCIAL DEBT (56) (51) + 5

INTEREST ON LEASE LIABILITIES - (145) n.a.

COST OF CURRENCY DERIVATIVES (68) (102) - 34

FAIR VALUE ADJUSTMENT OF AVAILABLE 95 101 + 6 FOR SALE FINANCIAL ASSETS

OTHER ITEMS - NET 7 (8) - 15

NET FINANCIAL INCOME (EXPENSE) (22) (205) - 183

* Incorporating for the first time the effects of the application of IFRS 16 Leases. FIRST HALF 2019 RESULTS 35 SOUND FINANCIAL STRUCTURE

Changes versus December 31, 2018 In billions of euros

|Effect of first application of IFRS16 90.9 90.9 • Right-of-use assets accounted for under assets • Leases liabilities under liabilities Total 39% equity Non current 73% | Increase in intangible and tangible fixed assets assets due to consolidation of Belmond and revaluation of purchase 38% Non current commitments for minority interests liabilities

| Increased inventories resulting from growth in the Group’s Inventories 15% businesses Other current 23% Current assets 12% liabilities |Increased total equity primarily linked to strong results ASSETS LIABILITIES

|Increase of net debt mainly due to Belmond acquisition June 30, 2019*

* Incorporating for the first time the effects of the application of IFRS 16 Leases.

FIRST HALF 2019 RESULTS 36 ANALYSIS OF CASH FLOW FROM OPERATIONS

In millions of euros H1 2018 H1 2019* Change (M€)

CASH FROM OPERATIONS BEFORE CHANGES 5 464 7 399 + 1 935 IN WORKING CAPITAL Cost of net financial debt: interest paid (73) (37) + 36 Lease liabilities: interest paid - (109) - 109 Tax paid (907) (1 191) - 284 Change in working capital (1 323) (1 873) - 550 NET CASH FROM OPERATING ACTIVITIES 3 161 4 189 + 1 028 Operating investments (1 204) (1 423) - 219 Repayment of lease liabilities - (1 071) - 1 071 OPERATING FREE CASH FLOW** 1 957 1 695 - 262 * Incorporating for the first time the effects of the application of IFRS 16 Leases. ** Before available for sale financial assets and investments, transactions relating to equity and financing activities.

An interim dividend of €2.20 per share to be paid on December 10th, 2019. FIRST HALF 2019 RESULTS 37 NET FINANCIAL DEBT

In millions of euros

8 684

7 153 7 359

5 303 5 487 4 235 3 850 3 244 25% 20% 24% 23% 16%

12% 14% 16% * 31/12/2015 30/06/2016 31/12/2016 30/06/2017 31/12/2017 30/06/2018 31/12/2018 30/06/2019 Net financial dabt Gearing

* Incorporating for the first time the effects of the application of IFRS 16 Leases.

CONCLUSION Louis Vuitton Louis FIRST HALF 2019 RESULTS 39 CAUTIOUSLY CONFIDENT FOR 2019 SECOND HALF

| Despite buoyant demand, vigilance maintained in an uncertain geopolitical context

| Continue creative momentum of brands, combining tradition and modernity, excellence and responsibility

| Enriching experience offered to our customers in our stores and online

| Emphasis on entrepreneurial spirit • Agility of our organization • Commitment and involvement of our teams

Objective of LVMH REINFORCE OUR LEADERSHIP POSITION IN GLOBAL LUXURY GOODS MARKET