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TRANSLATION of the FRENCH DOCUMENT De Référence FISCAL YEAR ENDED DECEMBER 31, 2010 CONTENTS

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TRANSLATION of the FRENCH DOCUMENT De Référence FISCAL YEAR ENDED DECEMBER 31, 2010 CONTENTS TRANSLATION OF THE FRENCH DOCUMENT DE RÉFÉRENCE FISCAL YEAR ENDED DECEMBER 31, 2010 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 51 Human rEsourcEs 69 lvmH and the environmEnt 87 REPort OF THE CHAIRMAN OF BOARD OF DIRECTORS 101 FINANCIAL statements 115 consolidatEd financial statEmEnts 115 parEnt company financial statEmEnts: lvmH moEt hennEssy - louis vuitton sa 185 OTHER information 211 corporatE govErnancE 211 gEnEral inFormation rEgarding tHE parEnt company; stock markEt inFormation 237 RESOLUTIONS FOR THE APProval OF THE COMBINED SHAREHOLDERS’ MEETING OF MARCH 31, 2011 245 RESPONSIBLE COMPANY OFFICER; FINANCIAL information 261 TABLES OF CONCORDANCE 265 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 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 1945 Céline 1593 Château d’Yquem 1947 Parfums Christian Dior Emilio Pucci th 1729 Ruinart 18 century 1952 Givenchy 1743 Moët & Chandon 1957 Parfums Givenchy 1765 Hennessy 1960 DFS 1772 Veuve Clicquot Domaine Chandon 1780 Chaumet 1963 Miami Cruiseline 19th century 1815 Ardbeg 1969 Sephora 1828 Guerlain 1970 Kenzo 1832 Château Cheval Blanc 1976 Cape Mentelle 1843 Krug Benefit Cosmetics 1846 Loewe 1977 Newton 1849 Royal Van Lent 1980 Hublot 1852 Le Bon Marché 1984 Thomas Pink 1854 Louis Vuitton Marc Jacobs 1858 Mercier Donna Karan 1860 TAG Heuer Make Up For Ever 1865 Zenith 1985 Cloudy Bay 1870 La Samaritaine 1988 Parfums Kenzo 1893 Glenmorangie 1991 Fresh 1895 Berluti 1996 Belvedere 1998 Numanthia Termes th 20 century 1908 Les Echos 1999 Terrazas de los Andes 1916 Acqua Di Parma 1925 Fendi 21st century 2001 De Beers Diamond 1936 Dom Pérignon Jewellers Fred 2003 Cheval des Andes 1942 Rossimoda 2005 10 Cane Reference Document 2010 1 LVMH GROUP Financial highlights Financial HigHligHts Key consolidated data (EUR millions and percentage) 2010 2009 2008 Revenue 20,320 17,053 17,193 Profit from recurring operations 4,321 3,352 3,628 Net profit 3,319 1,973 2,318 Net profit, Group share 3,032 1,755 2,026 Cash from operations before changes in working capital (1) 4,848 3,928 4,096 Operating investments 1,002 748 1,039 Net cash from (used in) operating activities and operating investments (free cash flow) 3,073 2,205 1,331 Total equity 18,204 14,785 13,793 (2) Net financial debt (3) 2,678 2,994 3,869 Net financial debt/Total equity ratio 15% 20% 28% (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 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 notes to the consolidated financial statements. Data per share (EUR) 2010 2009 2008 Earnings per share Basic Group share of earnings per share 6.36 3.71 4.28 Diluted Group share of earnings per share 6.32 3.70 4.26 Dividend per share Interim 0.70 0.35 0.35 Final 1.40 1.30 1.25 Gross amount paid for fiscal year (4) (5) 2.10 1.65 1.60 (4) Excludes the impact of tax regulations applicable to the beneficiary. (5) For fiscal year 2010, amount proposed at the Shareholders’ Meeting of March 31, 2011. Information by business group (EUR millions) 2010 2009 2008 Revenue by business group Wines and Spirits 3,261 2,740 3,126 Fashion and Leather Goods 7,581 6,302 6,010 Perfumes and Cosmetics 3,076 2,741 2,868 Watches and Jewelry 985 764 879 Selective Retailing 5,378 4,533 4,376 Other activities and eliminations 39 (27) (66) Total 20,320 17,053 17,193 Profit from recurring operations by business group Wines and Spirits 930 760 1,060 Fashion and Leather Goods 2,555 1,986 1,927 Perfumes and Cosmetics 332 291 290 Watches and Jewelry 128 63 118 Selective Retailing 536 388 388 Other activities and eliminations (160) (136) (155) Total 4,321 3,352 3,628 2 Reference Document 2010 LVMH GROUP Financial highlights information by geographic region 2010 2009 2008 Revenue by geographic region of delivery (%) France 13 14 14 Europe (excluding France) 21 21 24 United States 23 23 23 Japan 9 10 10 Asia (excluding Japan) 25 23 20 Other markets 9 9 9 Total 100 100 100 Revenue by invoicing currency (%) Euro 28 30 32 US dollar 27 27 28 Yen 9 10 10 Hong Kong dollar 6 5 4 Other currencies 30 28 26 Total 100 100 100 Number of stores France 364 353 331 Europe (excluding France) 646 620 596 United States 570 531 531 Japan 303 307 256 Asia (excluding Japan) 518 470 485 Other markets 144 142 115 Total 2,545 2,423 2,314 Reference Document 2010 3 4 Reference Document 2010 LVMH GROUP Executive and Supervisory Bodies; Statutory Auditors ExEcutivE anD supERvisoRy BoDiEs; statutoRy auDitoRs board of DirEctors ExEcutive CommittEE Bernard Arnault Bernard Arnault Chairman and Chief Executive Officer Chairman and Chief Executive Officer Antoine Bernheim (1) Antonio Belloni Vice-Chairman Group Managing Director Pierre Godé (2) Pierre Godé Vice-Chairman Vice-Chairman Antonio Belloni (2) Nicolas Bazire Group Managing Director Development and Acquisitions Antoine Arnault Ed Brennan Delphine Arnault (2) Travel retail Nicolas Bazire (2) Yves Carcelle Fashion and Leather Goods Bernadette Chirac (1) Chantal Gaemperle Nicholas Clive Worms (1) Human Resources, Synergies Charles de Croisset (1) (2) Jean-Jacques Guiony Diego Della Valle (1) (2) Finance Albert Frère Christophe Navarre Gilles Hennessy (2) Wines and Spirits Marie-Josée Kravis (1) (2) Patrick Ouart Advisor to the Chairman Lord Powell of Bayswater Philippe Pascal Felix G. Rohatyn Watches and Jewelry (1) Yves-Thibault de Silguy Daniel Piette Hubert Védrine (1) Investment Funds advisory Board member Pierre-Yves Roussel Fashion Patrick Houël (2) Mark Weber pErFormance Audit CommittEE Donna Karan, LVMH Inc. (1) Antoine Bernheim general secretary Chairman Marc-Antoine Jamet Nicholas Clive Worms (1) Gilles Hennessy nominations and CompEnsation statutory auditors committEE ERNST & YOUNG et Autres Antoine Bernheim (1) represented by Olivier Breillot and Gilles Cohen Chairman DELOITTE & ASSOCIES Charles de Croisset (1) represented by Thierry Benoit Albert Frère (1) Independent Director. Reference Document 2010 5 (2) Nomination / renewal proposed at the Shareholders’ Meeting of March 31, 2011. LVMH GROUP Simplified organizational chart of the Group as of January 31, 2011 simpliFiED oRganizational cHaRt oF tHE gRoup as oF JanuaRy 31, 2011 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 Chaumet Le Bon Marché Loewe Les Echos Mercier Christian Dior Fendi Cosmetics Cruiseline d’Yquem 100% 100% 100% Kenzo 100% 96% 90% 80% 61% Investir 100% Château 50% Ruinart Belvedere Berluti Fred Franck & Fils Royal Van Lent Fresh DFS US Parfums Pucci Le Journal Cheval Blanc des Finances 100% 100% 100% 100% Parfums 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% 99% 96% 100% Veuve Clicquot Kenzo La Samaritaine Zenith Marc Jacobs SID Editions Spirits For Ever 100% 100% 100% Numanthia 100% Connaissance 100% Cloudy Bay Givenchy TAG Heuer Termes des Arts Newton 90% 100% 10 Cane 100% Vineyards Hublot 100% 50% De Beers Cape Mentelle Diamond Jewellers 61% Brands and Holding DFS Asia trade names companies 6 Reference Document 2010 LVMH GROUP Simplified organizational chart of the Group as of January 31, 2011 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 Chaumet Le Bon Marché Loewe Les Echos Mercier Christian Dior Fendi Cosmetics Cruiseline d’Yquem 100% 100% 100% Kenzo 100% 96% 90% 80% 61% Investir 100% Château 50% Ruinart Belvedere Berluti Fred Franck & Fils Royal Van Lent Fresh DFS US Parfums Pucci Le Journal Cheval Blanc des Finances 100% 100% 100% 100% Parfums 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% 99% 96% 100% Veuve Clicquot Kenzo La Samaritaine Zenith Marc Jacobs SID Editions Spirits For Ever 100% 100% 100% Numanthia 100% Connaissance 100% Cloudy Bay Givenchy TAG Heuer Termes des Arts Newton 90% 100% 10 Cane 100% Vineyards Hublot the group also holds a 20% investment in Hermès international (paris, France).
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