Combined Shareholders’ Meeting

April 15, 2010

Haute Couture CollectionSpring-Summer 2010

HIGHLIGHTSCHRISTIAN DIOR GROUP

Resilience of the Christian Dior Groupin the context of the 2009 crisis

High level of profitability maintained

Sharp increase in available cash flow

Market share gains of star brands in key regions

Business activity rebound in the fourth quartery q

CONSOLIDATED FINANCIAL HIGHLIGHTSCHRISTIAN DIOR GROUP

(EUR millions)(EUR millions)

20092008

17,74517,933Revenue

6 8G i 11,32311,628Gross margin

3,3563,621Profit from recurring operations

1,9022,224Net profit

695796Net profit – Group share

CONSOLIDATED REVENUE BYBUSINESS GROUP (2008 → 2009)

CHRISTIAN DIOR GROUP

Fashion and

BUSINESS GROUP (2008 → 2009)

Leather Goods

34% → 36%

Selective Retailing

24% → 26%

Christian Dior Couture

Wines and Spirits

17% → 15%

4% → 4%

Perfumes and CosmeticsWatches and Jewelry16% → 15%5% → 4%

CONSOLIDATED REVENUE BY GEOGRAPHICREGION OF DELIVERY (2008 → 2009)

CHRISTIAN DIOR GROUP

REGION OF DELIVERY (2008 → 2009)

France

15% → 15%

Europe

24% → 22%

United States JapanU ted States

22% → 22%

J p

10% → 10%

Asia

20% → 23%Other markets

9% → 8% 20% → 23%9% → 8%

CONSOLIDATED REVENUE BY CURRENCY(2008 → 2009)

CHRISTIAN DIOR GROUP

(2008 → 2009)

Euro

32% → 30%

US Dollar

27% → 26%

Yen

10% → 10%

Other currencies

31% → 34%31% → 34%

Ready-to-Wear CollectionSpring-Summer 2010

(EUR billions)CONSOLIDATED CASH FLOWCHRISTIAN DIOR GROUP

(EUR billions)

Investments

Change in

working capital

2.8

(1.1)

Investments

0.2

g p

1.6

( )

Dividends

Other

(0.9)0.6

NET CASH

FROM OPERATIONS

NET CHANGE IN CASH

AND CASH EQUIVALENTSFROM OPERATIONS AND CASH EQUIVALENTS

CONSOLIDATED TOTAL EQUITY AND NET FINANCIAL DEBT(EUR billions)

CHRISTIAN DIOR GROUP

(EUR billions)

AS OF DECEMBER 31, 2008 AS OF DECEMBER 31, 2009

15.216.1

5.44.5

Gearing: 35.4 % Gearing: 27.7 %

TOTAL EQUITY (*) NET FINANCIAL DEBT

(*) Application of IAS 38 as amended en 2008

The “Lady Dior” bag

The “New Lock” bag

The “Granville” bag

The “Christal Tourbillon Rubis” watch

KEY STRATEGIC POINTSCHRISTIAN DIOR COUTURE

Strategy anchored on a heritage of excellence

Continually-enriched product lines

Global network with a reinforced presenceGlobal network with a reinforced presencein high-growth markets

Communication strategy that blends prestigewith innovation

CHRISTIAN DIOR COUTURE(EUR millions)

CHRISTIAN DIOR COUTURE

(EUR millions)

REVENUE PROFIT FROM

RECURRING OPERATIONS

717765

13

9

20092008 20092008

REVENUE BY BUSINESS GROUP

(2008 → 2009)

CHRISTIAN DIOR COUTURE

(2008 → 2009)

License royalties

5% → 5%

Wholesale revenue

Retail revenue

(and other)Wholesale revenue

21% → 19%

(and other)

74% → 76%

RETAIL REVENUE (and other) BY GEOGRAPHIC REGION OF DELIVERY

CHRISTIAN DIOR COUTURE

(2008 → 2009)(2008 → 2009)

Americas

13% → 11%

Asia

Europe

and Middle EastAsia

35% → 38%

and Middle East

52% → 51%

Ready-to-Wear CollectionSpring-Summer 2010

WINES AND SPIRITS(EUR millions)

LVMH

(EUR millions)

REVENUE PROFIT FROM

RECURRING OPERATIONS

2,7403,126

760

1,060

20092008 20092008

FASHION AND LEATHER GOODS(EUR millions)

LVMH

(EUR millions)

REVENUE PROFIT FROM

RECURRING OPERATIONS

6,3026,010

1 9861,9861,927

20092008 20092008

PERFUMES AND COSMETICS(EUR millions)

LVMH

(EUR millions)

REVENUE PROFIT FROM

RECURRING OPERATIONS

2,7412,868

291290

20092008 20092008

WATCHES AND JEWELRY(EUR millions)

LVMH

(EUR millions)

REVENUE PROFIT FROM

RECURRING OPERATIONS

764879

63118

20092008 20092008

SELECTIVE RETAILING(EUR millions)

LVMH

(EUR millions)

REVENUE PROFIT FROM

RECURRING OPERATIONS4,5334,376

388388

20092008 20092008

Haute Couture CollectionAutumn-Winter 2009 / 2010

DIVIDEND PER SHARECHRISTIAN DIOR SA

1.66 € (*)

1 61 €1 61 € 1.61 €

1.16 €

1.61 €1.41 €

0.97 €

200820072006 200920052004

(*) Gross amount proposed to the Shareholders’ Meeting( ) Gross amount proposed to the Shareholders Meeting

CONCLUSION AND OUTLOOKCHRISTIAN DIOR GROUP

High level of profitability

Group’s strengths

High value delivery strategy maintained

Combined Shareholders’ Meeting

April 15, 2010