LVMH reaches an agreement to acquire Tiffany & Co.

November 25, 2019

DISCLAIMER 2

Certain statements in this presentation may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of
1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-
looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or
current fact. Words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “projects,” or other similar expressions may identify such
forward-looking statements.

Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which
we have no control. These factors, risks and uncertainties include, but are not limited to, the following: (i) conditions to the completion of the
proposed acquisition, including stockholder approval of the proposed acquisition, may not be satisfied or the regulatory approvals required for
the proposed acquisition may not be obtained on the terms expected or on the anticipated schedule; (ii) the occurrence of any event, change or
other circumstance that could give rise to the termination of the merger agreement between the parties to the proposed acquisition; (iii) the
effect of the announcement or pendency of the proposed acquisition on the Company’s business relationships, operating results, and business
generally; (iv) risks that the proposed acquisition disrupts the Company’s current plans and operations and potential difficulties in the
Company’s employee retention as a result of the proposed acquisition; (v) risks related to diverting management’s attention from our ongoing
business operations; (vi) potential litigation that may be instituted against the Company or its directors or officers related to the proposed
acquisition or the merger agreement between the parties to the proposed acquisition; (vii) the amount of the costs, fees, expenses and other
charges related to the proposed acquisition; and (viii) such other factors as are set forth in the Company’s periodic public filings with the SEC,
including but not limited to those described under the headings “Risk Factors” and “Forward Looking Statements” in its Form 10-K for the fiscal
year ended January 31, 2019 and in its other filings made with the SEC from time to time, which are available via the SEC’s website at
www.sec.gov.

Forward-looking statements reflect the views and assumptions of management as of the date of this communication with respect to future
events. The Company does not undertake, and hereby disclaims, any obligation, unless required to do so by applicable securities laws, to
update any forward-looking statements as a result of new information, future events or other factors. The inclusion of any statement in this
communication does not constitute an admission by the Company or any other person that the events or circumstances described in such
statement are material.
LVMH REACHES AGREEMENT WITH TIFFANY & Co. 3

TRANSACTION DESCRIPTION
AT A GLANCE

| LVMH reaches an agreement for the acquisition of Tiffany & Co. (NYSE: TIF)

| LVMH and the Board of Tiffany agreed on a price of $135 per share in cash to acquire all outstanding
shares of Tiffany & Co.

• Equity value of $16.2 billion (i.e. c. €14.7 billion)

• Total Enterprise value of c. $16.9 billion (16.6x 2018A EBITDA as of January 31, 2019)

| Transaction subject to the approval of Tiffany’s shareholders and the clearance by the relevant regulatory
authorities

| Closing of the transaction expected after anti-trust clearances

LVMH REACHES AGREEMENT WITH TIFFANY & Co. 4

TIFFANY KEY FIGURES

A GLOBAL JEWELLER 2018 NET SALES BY CATEGORY

Designer Jewelry Other

| 2018 Sales = US$4,442 million
12% 8%

| 2018 EBITDA = US$1,019m (22.9% margin) Engagement

Jewelry
26% Jewelry
54%
Collections
| 2018 EBIT = US$790m (17.8% margin)

| 14,200 employees
2018 NET SALES BY REGION

| E-commerce representing 7% of total sales

Other
Europe
2%
| 321 company-operated stores in more than 20 countries 11%

Japan
15% 44%
Americas

28%
* For FY2018 ended January 31, 2019
APAC
(excl. Japan)
LVMH REACHES AGREEMENT WITH TIFFANY & Co. 5

TIFFANY: ICONIC GLOBAL JEWELRY BRAND SYNONYMOUS WITH

AMERICAN LUXURY
| Founded in 1837, when Charles Lewis Tiffany opened a store in downtown Manhattan

3/ A multifaceted
brand with a
balanced portfolio
across high jewelry,
engagement, and 4/ Global reach,
2/ Rich and
other beloved tightly
glamourous
collections controlled
cultural heritage
distribution

1/ Legendary American 5/ Vertically integrated

brand rooted in history with advanced
sustainability practices

LVMH REACHES AGREEMENT WITH TIFFANY & Co. 6

1) LEGENDARY AMERICAN BRAND ROOTED IN HISTORY

Tiffany & Co. is perceived as more than a

jewelry house - it has become a
destination for timeless designs and
unparalleled craftsmanship.

The Blue Box is a structural part of

Tiffany’s identity, having been used since
it sold its first diamond rings in 1886.

In 1961, the film Breakfast at Tiffany’s is released after the

Truman Capote novel published in 1958 and has been since
synonymous with New-York luxury.
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2) RICH & GLAMOROUS CULTURAL HERITAGE

Tiffany-made trophies have been at the center of American

sports since 1860 with the creation of a horse racing trophy.

In 1967, the National Football League awarded the

first Super Bowl trophy, designed by Tiffany.

In 1887, Charles Louis Tiffany purchased Tiffany’s blue book is published in January, and
the French Crown Jewels then set in a is a display of the most high end jewels, one of a
necklace sold to Mr. J.P. Morgan. kind creations handcrafted by artisans in
Tiffany’s workshop above the 5th Avenue
flagship store.

LVMH REACHES AGREEMENT WITH TIFFANY & Co. 8

3) A MULTIFACETED BRAND WITH A BALANCED PORTFOLIO ACROSS

HIGH JEWELRY, ENGAGEMENT, AND OTHER BELOVED COLLECTIONS

Other

Designer
8%
Jewelry
12%

Jewelry
54% Collections

Engagement 26%
Jewelry
LVMH REACHES AGREEMENT WITH TIFFANY & Co. 9

4) GLOBAL REACH, TIGHTLY CONTROLLED DISTRIBUTION

321 STORES IN PRESTIGIOUS LOCATIONS, GLOBALLY

11%
47 stores
44% EUROPE
124 stores

AMERICAS
28%
90 stores 15%
55 stores
APAC JAPAN
(exc. Japan)

2%
5 stores
OTHER
MARKETS*

% of total sales as at end FY 2018

* Incl Middle East and wholesale diamond sales

LVMH REACHES AGREEMENT WITH TIFFANY & Co. 10

5) VERTICALLY INTEGRATED WITH ADVANCED SUSTAINABILITY

PRACTICES
The majority of 
diamonds and raw 
precious metals 
are obtained 
through direct 
sourcing 
relationships and 
from known mines 
and sources which 
operate in 
environmentally 
and socially 
responsible ways 
 LVMH REACHES AGREEMENT WITH TIFFANY & Co. 11

TIFFANY: A PROMISING OPPORTUNITY FOR LVMH

| Leverage Tiffany’s iconic heritage and brand awareness

| Iconic collections

| Sustainable sourcing and Traceable provenance

| Long term opportunity for non-jewelry items

| Ability to accelerate ongoing Tiffany strategy as part of LVMH

LVMH REACHES AGREEMENT WITH TIFFANY & Co. 12

TIFFANY, A TRANSFORMING ACQUISITION FOR LVMH WATCHES &

JEWELRY DIVISION
BREAKDOWN OF SALES BREAKDOWN OF OPERATING PROFIT

Selective W&J W&J Selective Selective

Selective W&J W&J
retailing 9% 16% retailing Retailing
Retailing 7% 13%
& others & others & others
& others
28% 11% 10%
26% Wines &
Wines &
Spirits
Fashion & Spirits
15%
Wines & Fashion & 16% Fashion & Fashion &
LG
Wines & Spirits LG LG LG
39% P&C P&C
Spirits 10% 36% 59% 55%
7% 6%
11% P&C P&C
13% 12%

| LVMH would become a global player in fine jewelry

* Note: Estimates based on FY2018 results of LVMH and Tiffany and an USD/EUR exchange rate of 1.10
LVMH REACHES AGREEMENT WITH TIFFANY & Co. 13

FINANCING AND IMPACT ON LVMH

| Total equity value of the transaction: $16.2 billion (i.e. c. €14.7 billion)

| 2020E Net income accretion: estimated around 5%

| Acquisition financing secured through (i) a $8.5bn bridge, (ii) a $5.75bn CP back-up line and (iii) a €2.5bn
RCF, to be refinanced on bond markets

| Impact on LVMH’s leverage limited to +1.6x Net Debt/EBITDA in 2020E

| Tiffany’s quarterly dividend payment of 0.58$/share maintained before closing

LVMH REACHES AGREEMENT WITH TIFFANY & Co. 14

NEXT STEPS

Transaction subject to approval of Tiffany & Co. shareholders and customary regulatory approvals

 Preliminary proxy statement to be filed and reviewed by SEC (approx. 3 weeks)

 Tiffany Shareholders’ meeting to vote on transaction (est. 2 to 3 months)

 Regulatory approvals including anti-trust

Closing expected following anti-trust clearances (est. mid 2020)

LVMH REACHES AGREEMENT WITH TIFFANY & Co. 15

CONCLUSION

| Iconic global luxury brand with storied history

| Further balances LVMH's leading luxury portfolio across product and geography

| Reinforces LVMH's position within Watches & Jewelry

| Significant growth opportunities globally

| Perfectly aligned with LVMH's objective to combine tradition and modernity