LVMH LETTER TO SHAREHOLDERS AUGUST 2019 3

WINES & SPIRITS STRONG MOMENTUM IN CHINA AND THE UNITED STATES

The Wines & Spirits business group recorded organic revenue growth of 6%. Profit from recurring operations increased by 6%. The business group pursued its value strategy based on a strong policy of innovation and targeted investments in communication. The momentum was particularly strong in the United States, Asia and emerging markets. In the Champagne business, prestige vintages saw strong growth, while the price increase policy continued throughout the range. Hennessy cognac, which recorded solid growth, became the leading international premium spirits brand. The acquisition of Château du Galoupet, a prestige Côtes-de-Provence classified vintage wine, marks LVMH s entry into quality rosé wines.

Hennessy

REVENUE

2,486m + 6% (1)

PROFIT FROM RECURRING OPERATIONS

772m +6%

OPERATING MARGIN

31.1% (1) With comparable structure and constant exchange rates.

On a reported basis, revenue growth was 9 %.