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2019 Annual Financial Report 1 Executive and Supervisory Bodies, and Statutory Auditors As of December 31, 2019

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Translation of the French “Rapport financier annuel” Fiscal year ended December 31, 2019 Contents Management Report of the Board of Directors – Financière Agache group 3 1. The Financière Agache business model 3 2. Business overview, highlights and outlook 7 3. Business and financial review 27 4. Ethics and responsibility 43 5. Environment and sustainability 69 6. Attracting and retaining talent 87 7. Outreach and giving back 101 8. Financial and operational risk management and internal control 107 Management Report of the Board of Directors – Financière Agache SA 123 1. Results of Financière Agache SA 124 2. Information regarding the Company’s share capital 125 3. Matters to be voted upon 126 Board of Directors’ report on corporate governance 127 1. List of all corporate offices and positions held by company officers 128 2. Summary of existing delegations and financial authorizations and use made of them 130 3. Information on the related - party agreements covered by Article L. 225 - 37 - 4 2° of the French Commercial Code 131 Consolidated financial statements 133 1. Consolidated income statement 134 2. Consolidated statement of comprehensive gains and losses 135 3. Consolidated balance sheet 136 4. Consolidated statement of changes in equity 137 5. Consolidated cash flow statement 138 6. Notes to the consolidated financial statements 140 7. Statutory Auditors’ report on the consolidated financial statements 209 Parent company financial statements: Financière Agache 215 1. Income statement 216 2. Balance sheet 218 3. Notes to the parent company financial statements 219 4. Company results and other significant components over the last five fiscal years 229 5. Statutory Auditors’ reports 230 Statement by the person responsible for the Annual Financial Report 235 This document is a free translation into English of the original French “Rapport financier annuel”, hereafter referred to as the “Annual Financial Report”. 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. 2019 Annual Financial Report 1 Executive and Supervisory Bodies, and Statutory Auditors as of December 31, 2019 BOARD STATUTORY OF DIRECTORS AUDITORS Florian OLLIVIER ERNST & YOUNG et Autres Chairman and Chief Executive Officer represented by Gilles Cohen Nicolas BAZIRE MAZARS Group Managing Director represented by Loïc Wallaert and Guillaume Machin Representative of Groupe Arnault SEDCS (a) Pierre DE ANDREA Representative of Invry SAS Pierre DEHEN Representative of GA Placements SA (a) Lord POWELL of BAYSWATER (a) Renewal proposed at the Shareholders’ Meeting of June 4, 2020. 2 2019 Annual Financial Report Management Report of the Board of Directors – Financière Agache group 1. THE FINANCIÈRE AGACHE BUSINESS MODEL 1. Business overview 4 2. Group values 5 3. Operating model 5 2019 Annual Financial Report 3 Management Report of the Board of Directors – Financière Agache group The Financière Agache business model The Financière Agache group helps its Maisons grow over the long term, based on respect for their specific strengths and individuality, underpinned by common values and a shared business model. 1. Business overview Financière Agache is the only group that operates simultaneously, individuality, a differentiating factor for their followers in a highly through its Maisons, in all the following luxury sectors: competitive global market. At the same time, they are all driven by the same values: the pursuit of excellence, creativity, innovation Wines and Spirits: Based in Champagne, Bordeaux and other and complete control of their brand image. renowned wine - growing regions, the Group’s Maisons – some of which are hundreds of years old – all have their own unique Watches and Jewelry: The Maisons in Watches and Jewelry character, backed by a shared culture of excellence. The activities – the Financière Agache group’s youngest business group – of the Group in Wines and Spirits are divided between the operate in the high - quality watchmaking, jewelry and high Champagne and Wines segment and the Cognac and Spirits jewelry sectors. It features some of the most dynamic brands on segment. This business group focuses on growth in high - end the market, positioned to complement each other’s strengths. market segments through a powerful, agile international These Maisons rely on their outstanding expertise, creativity and distribution network. The Financière Agache group is the world innovation to surprise their customers all over the world and leader in cognac, with Hennessy, and in champagne, with an respond to their aspirations. outstanding portfolio of brands and complementary product Selective Retailing: The Group’s Selective Retailing brands all ranges. It also produces high - end still and sparkling wines from pursue a single objective: transforming shopping into a unique around the world. experience. From elegant interior design to a specialist selection Fashion and Leather Goods: The Group includes established of high - end products and services, combined with personalized Maisons with their own unique heritage and more recent brands relationships, customers are the focus of their attention on a with strong potential. Whether they are part of haute couture or daily basis. Operating all over the world, the Maisons are active luxury fashion, the Financière Agache group’s Maisons have in two spheres: selective retail and travel retail (selling luxury based their success on the quality, authenticity and originality of goods to international travelers). their designs, created by talented, renowned designers. All the Other activities: The Maisons in this business group are all Group’s Maisons are focused on the creativity of their collections, ambassadors for culture and a certain art de vivre that is building on their iconic, timeless lines, achieving excellence in emblematic of the Financière Agache group. This approach is their retail networks and strengthening their online presence, taken by Maisons including the Les Echos group, which – in while maintaining their identity. addition to Les Echos, the leading daily financial newspaper in Perfumes and Cosmetics: The Financière Agache group is a France – owns several business and arts titles; the Royal Van key player in the perfume, makeup and skincare sector, with a Lent shipyard, which builds and markets custom - designed portfolio of world - famous established names as well as younger yachts under the prestigious Feadship name; Belmond, which has brands with a promising future. Its Perfumes and Cosmetics a large portfolio of hotels, trains, cruise lines and safari lodges business group boasts exceptional momentum, driven by growing that combine heritage, expertise, authenticity and impeccable and securing the long- term future of its flagship lines as well as service; and the exceptional Cheval Blanc hotels, which operate boldly developing new products. The Maisons cultivate their worldwide. 4 2019 Annual Financial Report Management Report of the Board of Directors – Financière Agache group The Financière Agache business model 2. Group values In its quest for excellence, there are three fundamental values most noble and accomplished in the world of fine craftsmanship, that drive the Financière Agache group’s performance and they pay extremely close attention to detail and strive for ensure its long - term future. These are shared by everyone involved perfection: from products to services, it is in this quest for at the Group, and inspire and guide their actions. They are one excellence that the Group differentiates itself. of its Maisons’ keys to success, anchoring them in the modern Cultivating an entrepreneurial spirit: The Group’s agile, world and the society in which they operate. decentralized structure fosters efficiency and responsiveness. It Being creative and innovative: Creativity and innovation are encourages individuals to take initiative by giving everyone a part of the Group’s DNA; throughout the years, they have been significant level of responsibility. The entrepreneurial spirit the keys to the Maisons’ success and the basis of their solid promoted by the Group makes risk - taking easier and encourages reputations. These fundamental values of creativity and innovation perseverance. It requires a pragmatic approach and the ability are pursued in tandem by the Group’s Maisons as they focus on to mobilize staff towards achieving ambitious goals. achieving the ideal balance between continually renewing their The Financière Agache group and its Maisons put heart and offer while resolutely looking to the future, always respecting soul into everything they do. Each of the Group’s initiatives is their unique heritage. meaningful and reflects its commitment to the environment, the Delivering excellence: Within the Group, quality can never be community and diversity. compromised. Because the Maisons embody everything that is 3. Operating model The Financière Agache group’s operating model is based on the Creating synergies: Resources are pooled at Group level to create following six pillars: intelligent synergies while respecting each Maison’s independence and autonomy. Financière Agache’s shared strength as a Group Decentralized organization: The structure and operating is used to benefit each Maison individually. principles adopted ensure that Maisons are both autonomous and responsive. As a result, they are able to build close relationships Securing expertise for the long term: The Maisons that make
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