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2009

Annual Results

February 4, 2010

Bernard Arnault

3

Good resistance of LVMH

in the context of 2009 crisis

Business rebound in fourth quarter,

brought 2009 revenue to 17.1 billion euros

Significant performance improvement

for all businesses in fourth quarter

Record revenue reached in December

Profit from recurring operations down 8 %

Adjusted costs to environment

Maintained high level of profitability

Strong growth of free cash flow

Rigorous inventory management

Targeted investments

4

Strengthened star brands in 2009

Market share gains of star brands in key regions

Increasing success with Asian clientele

Exceptional momentum of Louis Vuitton

Double-digit revenue growth

Exceptional level of profitability

Good resilience at Hennessy and Parfums Christian Dior due to ongoing product innovation Growth at Sephora in revenue and profit from recurring operations 5

2010: continue to reinforce

our competitive strengths

In a context marked by:

Uncertainty of the vigor of the recovery

Increasing selectivity by clientele

LVMH will pursue:

Qualitative innovation and sustained communication

Targeted geographic expansion

Flexibility and reactivity of brands

and take advantage of our assets:

Quality and durability

Heritage

Creativity

Know-How

LVMH: an excellent position to continue

to reinforce leadership in luxury market

Jean-Jacques Guiony

7

Revenue by business group

-4%-1%17 05317 193Total LVMH

--(27)(66)Others and eliminations+ 1%+ 4%4 5334 376Selective retailing- 19%- 13%764879Watches & Jewelry-5%-4%2 7412 868Perfumes & Cosmetics+ 2%+ 5%6 302 6 010 Fashion & Leather Goods- 14%- 12%2 7403 126Wines & Spirits

Organic

growthReported growth

20092008In millions of euros

8 +6% +6% +3% -3%+1% +1% -7% -7% -3%+1%Q1 2009 Q2 2009 Q3 2009 Q4 2009

Currency impactPerimeter impactOrganic growth

Quarterly evolution of 2009 revenue

9 -4%+ 1%-6%Total LVMH

+ 1%+ 4%-Selective retailing- 19%+ 5%- 28%Watches & Jewelry-5%+ 2%-7%Perfumes & Cosmetics+ 2%+ 3%+ 1%Fashion & Leather Goods- 14%-6%- 18%Wines & Spirits

2009Q4 20099 months 2009

Fourth quarter 2009 revenue

by business group

Organic revenue growth

versus same period of 2008 10

2009 revenue breakdown by region

France

14%

Europe (excl. France)

21%

United States (inc. Hawaii)

23%
Japan 10%

Other markets

9%

Asia (excl. Japan)

23%

In % of total revenue

11 * excl. Hawaii

Revenue change by region

-5%+ 7%- 19%- 12%

9 months 2009

+ 10%+ 19%Asia

EuropeJapan

US*LVMH Group

-3% - 18% + 3%Q4 2009 -7% - 19%2009 -4%

Evolution in local currencies

versus same period of 2008 12

Summarized income statement

- 15%1 9732 318 Net profit before minority interests (342)(281)Net financial income (expense) (849)(893)Income taxes

37Equity investment income

-1%(6 051)(6 104)Selling expenses + 3%(1 486)(1 449)Administrative expenses - 13%1 7552 026 Group share of net profit (218)(292)Minority interests -9%3 1613 485Operating profit (191)(143)Other income and expenses -8%3 3523 628Profit from recurring operations-3%10 889 11 181Gross margin-1%17 05317 193Revenue % Change20092008In millions of euros 13

Profit from recurring operations

by business group -8%3 352 3 628 Total LVMH

ns(136) (155) Others and eliminations-388388Selective retailing- 47%63118Watches & Jewelry+ 0.3%291290Perfumes & Cosmetics+ 3%1 9861 927Fashion & Leather Goods- 28%7601 060Wines & Spirits

% Change20092008In millions of euros 14

Half-year changes in 2009

profit from recurring operations -8%-5%- 12%LVMH -8%-2%- 15%LVMH at constant currency

-+ 9%- 15%Selective retailing- 47%-2%- 73%Watches & Jewelry+ 0.3%+ 8%-8%Perfumes & Cosmetics+ 3%-0.2% + 7%Fashion & Leather Goods- 28%- 20%- 41%Wines & Spirits

2009H2 2009H1 2009% Change

15

Change in net financial expense

-61(342)(281) Net financial expense -2(15)(13)Other items - net-147(94)53Income relating to investments, assets

and other financial instruments+18(46)(64)Ineffective portion of currency hedge +70(187)(257)Cost of net financial debt

Change

(M€)

20092008In millions of euros

16

Liabilities

Dec. 31, 2009

32.1 32.1

Assets

66%46%

35%

Growth of total equity

Decline in net debt

Decreased inventory levels

Solid financial structure

In billions of euros

Non current

assets

Inventories

Other current

assets19%18%

16%Total equity

Non current

liabilities

Current

liabilities 17

Analysis of cash flow from operations

+82191(730)Working capital requirements
+218(729)(947)Operating investments
+8742 205 1 331Free cash flow*
-1652 8433 008Net cash from operations before changes in working capital -34(900)(866)Income taxes paid+37(185)(222)Net interest paid -1683 9284 096Cash from operations before changes in working capital

Change

(M€)

20092008In millions of euros

Dividend per share of 1.65 euro, an increase of 3 %.

* Before available for sale financial assets and investments, transactions relating to equity and financing activities

18 5 283 4 318 3 400

3 0943 869

2 994 1 297 2 205 1 506

1 3151 5391 331

20%61%

25%

29%28%41%

Dec. 31, 2004 Dec. 31, 2005 Dec. 31, 2006 Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2009

Net financial debtFree cash flowGearing

Net financial debt and

free cash flow

In millions of euros

Antonio Belloni

PERFUMES & COSMETICS

21

PERFUMES & COSMETICS

20082009

In millions of euros

Revenue -4%

Profit from recurring operations + 0.3%

Organic growth - 5%

20082009

2 8682 741

290
291

Key figures

22

PERFUMES & COSMETICS

2009 Highlights

Market share gains and improved current operating margin at 11%

Strategy of excellence, rigorous management

Revenue by region (in local currencies): +9% in Asia ;

US, Europe and Travel retail in decline

Parfums Christian Dior: maintained aggressive strategy rooted in the fashion universe

Continued excellent performance of J'adore

Successful relaunch of Miss Dior Chérieand Eau Sauvage Success in make-up of new foundation Diorskin Nudeand

Sérum de Rougelipstick

Pursued growth of Capture Totaleskincare

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