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TRANSLATION OF THE FRENCH

DOCUMENT DE RÉFÉRENCE

FISCAL YEAR ENDED DECEMBER 31, 2016

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CONTENTS

HISTORY1

FINANCIAL HIGHLIGHTS2

EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS 5 SIMPLIFIED ORGANIZATIONAL CHART OF THE GROUP AS OF DECEMBER 31, 2016 6

BUSINESS DESCRIPTION9

WINES AND SPIRITS10

FASHION AND LEATHER GOODS 14

PERFUMES AND COSMETICS16

WATCHES AND JEWELRY18

SELECTIVE RETAILING20

OTHER ACTIVITIES21

MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 23

LVMH GROUP23

PARENT COMPANY: LVMH MOËT HENNESSY-LOUIS VUITTON 47

HUMAN RESOURCES73

LVMH AND THE ENVIRONMENT 95

REPORT OF THE BOARD OF DIRECTORS ON THE COMPENSATION POLICY FOR SENIOR EXECUTIVE OFFICERS 111 REPORT OF THE CHAIRMAN OF THE BOARD OF DIRECTORS 115

FINANCIAL STATEMENTS131

CONSOLIDATED FINANCIAL STATEMENTS 131

PARENT COMPANY FINANCIAL STATEMENTS: LVMH MOËT HENNESSY-LOUIS VUITTON 201

OTHER INFORMATION231

GOVERNANCE231

GENERAL INFORMATION REGARDING THE PARENT COMPANY AND ITS SHARE CAPITAL;

STOCK MARKET INFORMATION 261

RESOLUTIONS FOR THE APPROVAL OF THE COMBINED SHAREHOLDERS MEETING OF APRIL13,2017 269 RESPONSIBLE COMPANY OFFICER; FINANCIAL INFORMATION 287

TABLES OF CONCORDANCE291

This document is a free translation into English of the original French Document de référenceŽ, hereafter referred to as the Reference DocumentŽ.

It is not a binding document. In the event of a conict in interpretation, reference should be made to the French version, which is the authentic text.

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14thcentury 1365 Domaine du Clos des Lambrays

16thcentury 1593 Château dYquem

18thcentury 1729 Ruinart

1743 Moët&Chandon

1765 Hennessy

1772 Veuve Clicquot

1780 Chaumet

19thcentury 1815 Ardbeg

1817 Cova

1828 Guerlain

1832 Château Cheval Blanc

1843 Krug

Glenmorangie

1846 Loewe

1849 Royal Van Lent

1852 Le Bon Marché

1854 Louis Vuitton

1858 Mercier

1860 TAG Heuer

Jardin dAcclimatation

1865 Zenith

1870 La Samaritaine

1884 Bvlgari

1895 Berluti

20thcentury 1908 Les Echos

1916 Acqua di Parma

1923 La Grande Épicerie de Paris

1924 Loro Piana

1925 Fendi

1936 Dom Pérignon

Fred

1944 Le Parisien-Aujourdhui en France

1945 Céline

1947 Parfums Christian Dior

Emilio Pucci

1952 Givenchy

Connaissance des Arts

1957 Parfums Givenchy

1958 Starboard Cruise Services

1959 Chandon

1960 DFS

1969 Sephora

1970 Kenzo

Cape Mentelle

1972 Parfums Loewe

1974 Investir-Le Journal des Finances

1975 Montres Dior

Ole Henriksen

1976 Benet Cosmetics

1977 Newton

1980 Hublot

1983 Radio Classique

1984 Thomas Pink

Marc Jacobs

Make Up For Ever

1985 Cloudy Bay

1988 Kenzo Parfums

1991 Fresh

1993 Belvedere

1998 Numanthia Termes

1999 Terrazas de los Andes

Cheval des Andes

21stcentury 2001 De Beers Diamond Jewellers

2004 Nicholas Kirkwood

2005 Edun

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 air 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 14thcentury to the present

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FINANCIAL HIGHLIGHTS

Key consolidated data

(EURmillions and percentage) 2016 2015 2014

Revenue 37,600 35,664 30,638

Profit from recurring operations 7,026 6,605 5,715

Net profit 4,363 4,001 6,105

(a)

Net profit, Group share 3,981 3,573 5,648

(a) Cash from operations before changes in working capital (b)

8,733 7,945 7,080

Operating investments 2,265 1,955 1,775

Free cash flow

(c)

3,974 3,679 2,832

Total equity

(d)

27,903 25,799 23,003

Net financial debt

(e)

3,265 4,235 4,805

Net financial debt / Total equity ratio 12% 16% 21%

(a) Of which 2,677million euros resulting from the distribution of Hermès shares. (b) Before tax and interest paid. (c) Net cash from operating activities and operating investments. (d) Including minority interests. (e) Excluding purchase commitments for minority interests included in Other non-current liabilities.

Data per share

(eneuros) 2016 2015 2014

Earnings per share

Basic Group share of earnings per share 7.92 7.11 11.27

(a)

Diluted Group share of earnings per share 7.89 7.08 11.21

(a)

Dividend per share

Interim 1.40 1.35 1.25

Final 2.60 2.20 1.95

Gross amount paid for fiscal year

(b) (c)

4.00 3.55 3.20

(a) Of which 5.34 euros per share before dilution (5.31 euros per share after dilution) resulting from the distribution of Hermès shares.

(b) For fiscal year 2016, amount proposed at the Shareholders" Meeting of April13, 2017.

(c) Gross amount paid for fiscal year, excluding the impact of the tax regulations applicable to the recipient.

Information by business group

(EURmillions) 2016 2015

(a) 2014
(a)

Revenue by business group

Wines and Spirits 4,835 4,603 3,973

Fashion and Leather Goods 12,775 12,369 10,828

Perfumes and Cosmetics 4,953 4,671 4,006

Watches and Jewelry 3,468 3,308 2,782

Selective Retailing 11,973 11,193 9,520

Other activities and eliminations (404) (480) (471)

Total 37,600 35,664 30,638

Profit from recurring operations by business group

Wines and Spirits 1,504 1,363 1,147

Fashion and Leather Goods 3,873 3,505 3,189

Perfumes and Cosmetics 551 524 413

Watches and Jewelry 458 432 283

Selective Retailing 919 940 884

Other activities and eliminations (279) (159) (201)

Total 7,026 6,605 5,715

(a) See Note 23.1 Information by business group to the consolidated financial statements.

22016 Reference Document

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Information by geographic region

(as %) 2016 2015 2014

Revenue by geographic region of delivery

France 10 10 10

Europe (excluding France) 18 18 19

United States 27 26 24

Japan 7 7 7

Asia (excluding Japon) 26 27 29

Other markets 12 12 11

Total 100 100 100

Revenue by invoicing currency

Euro 23 22 23

US dollar 32 32 29

Japanese yen 7 7 7

Hong Kong dollar 6 7 8

Other currencies 32 32 33

Total 100 100 100

Number of stores 2016 2015

(a) 2014

France 492 482 467

Europe (excluding France) 1,061 1,012 995

United States 703 732 708

Japan 387 407 412

Asia (excluding Japon) 991 951 870

Other markets 314 276 256

Total 3,948 3,860 3,708

(a) Including 68 stores for Donna Karan.

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42016 Reference Document

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