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TRANSLATION of the FRENCH DOCUMENT De Reference FISCAL YEAR ENDED DECEMBER 31, 2009 Contents

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TRANSLATION of the FRENCH DOCUMENT De Reference FISCAL YEAR ENDED DECEMBER 31, 2009 Contents TRANSLATION OF THE FRENCH DOCUMENT DE REFERENCE FISCAL YEAR ENDED DECEMBER 31, 2009 Contents LVMH GROUP 1 History 1 Financial higHligHts 2 ExEcutive and SupErvisory BodiEs; Statutory Auditors 5 simpliFiEd organizational cHart 6 BusinEss dEscription 9 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 23 LVMH Group 23 parEnt company: lvmh moEt hennEssy - louis vuitton SA 49 Human rEsourcEs 67 LVMH and the environmEnt 83 REPORT OF THE CHAIRMAN OF BOARD OF DIRECTORS 97 FINANCIAL STATEMENTS 109 consolidatEd financial statEmEnts 109 parEnt company financial statEmEnts: lvmh moEt hennEssy - louis vuitton sa 179 OTHER INFORMATION 205 corporate govErnancE 205 GenEral inFormation rEgarding the parEnt company; stock markEt inFormation 233 Resolutions for the approval of the combined shareholders’ meeting of April 15, 2010 241 RESPONSIBLE COMPANY OFFICER; FINANCIAL INFORMATION 247 TABLES OF CONCORDANCE 251 This document is a free translation into English of the original French “Document de Référence”, hereafter referred to as the “Reference Document”. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. LVMH group HistoRy Although the history of the LVMH Group began in 1987 with the merger of Moët Hennessy and Louis Vuitton, the roots of the Group actually stretch back much further, to eighteenth-century Champagne, when a man named Claude Moët decided to build on the work of Dom Pérignon, a contemporary of Louis XIV; and to nineteenth-century Paris, famous for its imperial celebrations, where Louis Vuitton, a craftsman trunk-maker, invented modern luggage. Today, the LVMH Group is the world’s leading luxury goods company, the result of successive alliances among companies that, from generation to generation, have successfully combined traditions of excellence and creative passion with a cosmopolitan flair and a spirit of conquest. These companies now form a powerful, global group in which the historic companies share their expertise with the newer brands, and continue to cultivate the art of growing while transcending time, without losing their soul or their image of distinction. From the 16th century to the present: 16th century 1573 Wen Jun 1947 Parfums Christian Dior 1593 Château d’Yquem Emilio Pucci 1952 Givenchy 18th century 1729 Ruinart 1743 Moët & Chandon 1957 Parfums Givenchy 1765 Hennessy 1960 DFS 1772 Veuve Clicquot Domaine Chandon 1780 Chaumet 1963 Miami Cruiseline 1969 Sephora 19th century 1815 Ardbeg 1970 Kenzo 1828 Guerlain 1976 Cape Mentelle 1832 Château Cheval Blanc Benefit Cosmetics 1843 Krug 1977 Newton 1846 Loewe 1980 Hublot 1849 Royal Van Lent 1984 Thomas Pink 1852 Le Bon Marché Marc Jacobs 1854 Louis Vuitton 1858 Mercier Donna Karan 1860 TAG Heuer Make Up For Ever 1865 Zenith 1985 Cloudy Bay 1870 La Samaritaine 1988 Parfums Kenzo 1891 Montaudon 1991 Fresh 1893 Glenmorangie StefanoBi 1895 Berluti 1993 Chopin 1996 Belvedere th 20 century 1908 Les Echos 1998 Numanthia Termes 1916 Acqua di Parma 1999 Terrazas de los Andes 1925 Fendi 1936 Dom Pérignon 21st century 2001 De Beers Diamond Fred Jewellers 1942 Rossimoda 2003 Cheval des Andes 1945 Céline 2005 10 Cane Reference Document 2009 1 LVMH group Financial highlights Financial HigHligHts Key consolidated data (EUR millions and percentage) 2009 2008 2007 Revenue 17,053 17,193 16,481 Profit from recurring operations 3,352 3,628 3,555 Net profit 1,973 2,318 2,331 Net profit, Group share 1,755 2,026 2,025 Cash from operations before changes in working capital (1) 3,928 4,096 4,039 Operating investments 748 1,039 990 Total equity 14,785 13,793 (2) 12,434 (2) Net financial debt (3) 2,994 3,869 3,094 Net financial debt/Total equity ratio 20% 28% 25% (1) Before tax and interest paid. (2) Restated to reflect the retrospective application as of January 1, 2007 of IAS 38 Intangible assets as amended. See Note 1.2 of the notes to the consolidated financial statements. (3) Net financial debt does not take into consideration purchase commitments for minority interests included in Other non-current liabilities. See Note 17.1 of the notes to the consolidated financial statements for definition of net financial debt. Data per share (EUR) 2009 2008 2007 Earnings per share Basic Group share of net profit 3.71 4.28 4.27 Diluted Group share of net profit 3.70 4.26 4.22 Dividend per share Interim 0.35 0.35 0.35 Final 1.30 1.25 1.25 Gross amount paid for fiscal year (4) (5) 1.65 1.60 1.60 (4) Excludes the impact of tax regulations applicable to the beneficiary. (5) For fiscal year 2009, amount proposed at the Ordinary Shareholders’ Meeting of April 15, 2010. Information by business group (EUR millions) 2009 2008 2007 (6) Revenue by business group Wines and Spirits 2,740 3,126 3,226 Fashion and Leather Goods 6,302 6,010 5,628 Perfumes and Cosmetics 2,741 2,868 2,731 Watches and Jewelry 764 879 833 Selective Retailing 4,533 4,376 4,164 Other activities and eliminations (27) (66) (101) Total 17,053 17,193 16,481 Profit from recurring operations by business group Wines and Spirits 760 1,060 1,058 Fashion and Leather Goods 1,986 1,927 1,829 Perfumes and Cosmetics 291 290 256 Watches and Jewelry 63 118 141 Selective Retailing 388 388 426 Other activities and eliminations (136) (155) (155) Total 3,352 3,628 3,555 (6) Restated after reclassifying La Samaritaine from Selective Retailing to Other activities. 2 Reference Document 2009 LVMH group Financial highlights Information by geographic region 2009 2008 2007 Revenue by geographic region of delivery (%) France 14 14 14 Europe (excluding France) 21 24 23 United States 23 23 25 Japan 10 10 11 Asia (excluding Japan) 23 20 19 Other markets 9 9 8 Total 100 100 100 Revenue by invoicing currency (%) Euro 30 32 31 US dollar 27 28 30 Yen 10 10 11 Hong Kong dollar 5 4 4 Other currencies 28 26 24 Total 100 100 100 Number of stores France 353 331 306 Europe (excluding France) 620 596 523 United States 531 531 463 Japan 307 256 253 Asia (excluding Japan) 470 485 409 Other markets 142 115 94 Total 2,423 2,314 2,048 Reference Document 2009 3 4 Reference Document 2009 LVMH group Executive and Supervisory Bodies; Statutory Auditors ExEcutivE anD supervisoRy BoDiEs; statutoRy auDitoRs Board of DirEctors ExEcutive Committee Members as of December 31, 2009 Bernard Arnault Bernard Arnault Chairman and Chief Executive Officer Chairman and Chief Executive Officer Antonio Belloni Antoine Bernheim (1) Group Managing Director Vice-Chairman Pierre Godé Pierre Godé Vice-Chairman Vice-Chairman Nicolas Bazire Antonio Belloni Development and Acquisitions Group Managing Director Ed Brennan Antoine Arnault Travel retail Delphine Arnault Yves Carcelle Jean Arnault Fashion and Leather Goods Nicolas Bazire Chantal Gaemperle (1) Nicholas Clive Worms Human Resources Charles de Croisset (1) Jean-Jacques Guiony (1) Diego Della Valle Finance Albert Frère Christophe Navarre Gilles Hennessy Wines and Spirits Patrick Houël Patrick Ouart Lord Powell of Bayswater Advisor to the Chairman Felix G. Rohatyn Philippe Pascal Yves-Thibault de Silguy (1) Watches and Jewelry (1) Hubert Védrine Daniel Piette Investment Funds Nomination proposed at the Shareholders’ Meeting of April 15, 2010 Pierre-Yves Roussel Hélène Carrère d’Encausse (1) Fashion Mark Weber advisory Board member Donna Karan, LVMH Inc. Kilian Hennessy (1) PerFormance Audit Committee GenEral sEcrEtary Antoine Bernheim (1) Marc-Antoine Jamet Chairman Nicholas Clive Worms (1) Gilles Hennessy nominations and CompEnsation statutory auditors committee DELOITTE & ASSOCIES Antoine Bernheim (1) represented by Alain Pons Chairman ERNST & YOUNG Audit Charles de Croisset (1) represented by Jeanne Boillet and Olivier Breillot Albert Frère (1) Independent Director. Reference Document 2009 5 LVMH group Simplified organizational chart of the Group as of January 31, 2010 simpliFied oRganizational cHaRt oF the Group as oF JanuaRy 31, 2010 LVMH SA Diageo 34% 66% 99.9% 100% LVMH FASHION SOFIDIV SAS Moët Hennessy GROUP SA 100% 100% 100% 100% Groupe Other holding LVMH BV LVMH Inc. Les Echos SA companies 100% 100% Moët & Chandon 99% 100% 100% 100% Parfums 100% 100% Benefit 80% 100% Miami 100% Château 65% Hennessy Louis Vuitton Guerlain Fred Le Bon Marché Loewe Les Echos Mercier Christian Dior Fendi Cosmetics Cruiseline d’Yquem 100% 100% 100% Kenzo 100% 100% 96% 90% 80% 61% 100% Château 50% Ruinart Belvedere Berluti Chaumet Franck & Fils Royal Van Lent Fresh DFS US Investir Parfums Pucci Cheval Blanc 100% 100% 100% Parfums 100% 100% 100% 100% 100% 100% 100% Krug Glenmorangie Céline Sephora Acqua Di Parma Donna Karan Sephora US Radio Classique Thomas Pink Givenchy 100% Wen Jun 100% Make Up 100% 57% 100% 96% 100% La Brosse 99% Veuve Clicquot Kenzo La Samaritaine Zenith Marc Jacobs SID Editions Spirits For Ever & Dupont 100% 100% Numanthia 100% 100% Connaissance 100% Montaudon Givenchy TAG Heuer Termes des Arts 100% 100% 100% Cloudy Bay 10 Cane Hublot Newton 90% 50% De Beers Vineyards Diamond Jewellers 100% 61% Brands and Holding Cape Mentelle DFS Asia trade names companies 6 Reference Document 2009 LVMH group Simplified organizational chart of the Groupas of January 31, 2010 LVMH SA Diageo 34% 66% 99.9% 100% LVMH FASHION SOFIDIV SAS Moët Hennessy GROUP SA 100% 100% 100% 100% Groupe Other holding LVMH BV LVMH Inc. Les Echos SA companies 100% 100% Moët & Chandon 99% 100% 100% 100% Parfums 100% 100% Benefit 80% 100% Miami 100% Château 65% Hennessy Louis Vuitton Guerlain Fred Le Bon Marché Loewe Les Echos Mercier Christian Dior Fendi Cosmetics Cruiseline d’Yquem 100%
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