J A S O N D J A S O N DJ F M A M J J A S O N DJ F M A M J JJ F M A M J

2016 2017 2018 2019

LVMH CAC 40 rebased

100

400 (in euros)

350

300

250

200

150 0.4%Treasury stock

11.6% French institutional

investors

5.0%Individuals

Foreign institutional investors 35.8%

Arnault Family Group 47.2%

10 LVMH LETTER TO SHAREHOLDERS AUGUST 2019

THE LVMH SHARE

Comparison between the LVMH share price and the CAC 40 since July 1, 2016

LVMH shareholder structure (1) (December 2018)

CHANGES IN THE LVMH SHARE PRICE The main stock market indices performed very well in the first half of 2019, marking a strong rebound from a particularly challenging fourth quarter in 2018. After initially anticipating increases in key interest rates, the markets eventually reversed their predictions, in response to the conciliatory tone adopted first by the Federal Reserve and then by the ECB, with inflation remaining low. However, this rally in equity markets still seems fragile given the geopolitical uncertainties surrounding Brexit, US- China relations and renewed tensions in the Persian Gulf. Against this backdrop, and despite the solid performance delivered by companies as well as globally positive trends in indicators, investors have maintained their cautious stance on the global economic outlook, as evidenced by the recent increase in the price of gold. The CAC 40 and Euro Stoxx 50 indices ended the half- year period up 17% and 16%, respectively. The LVMH share price was up 45%, at 374.30, after reaching its all- time record high of 375.25 during trading on June 26, 2019. With a market capitalization of 189 billion as of end- June, LVMH is the largest company on the Paris stock exchange. LVMH is included in the main French and European indices used by fund managers: the CAC 40, DJ- Euro Stoxx 50, MSCI Europe and the FTSE Eurotop 100, as well as the Global Dow and the FTSE4Good, one of the key indices for socially responsible investing.

TOTAL SHAREHOLDER RETURN An LVMH shareholder who invested 1,000 on July 1, 2014 would have a capital of 3,240 on June 30, 2019, based on reinvested dividends. This represents a 224% gain, translating to a compound annual growth rate of around 27% over five years.

INTERIM DIVIDEND The Board of Directors approved the payment, on December 10, 2019, of an interim dividend of 2.20.

(1) Breakdown of voting rights: Arnault Family Group 63.3%; Other 36.7%.