This report presents LVMH environmental results in 2004 according to the following pattern :

- Preserving the environment : Vision and strategy

Relationship between LVMH and the environment

The Group and its stakeholders

Continued improvements in the environmental managements systems

Environmental reporting : improving the scope of coverage and refining the data

- Integrating environmental concerns in Group's products

Biodiversity, Health and the Group's products

Developing environmental awareness in product design

Strengthening environmental requirements with suppliers, service providers and subcontractors

- Environmental impacts of the Group's sites

Energy consumption

Water consumption

Air emissions and Transport

Water emissions and pollution prevention

Waste recovery

Soil use and integrated vine growing

Group environmental expenditures

- Objectives

Achievements versus 2004 objectives

Objectives for 2005 and beyondThe results of the Group's environmental worldwide reporting are presented sector by sector (Fashion & Leather Goods, Perfumes & Cosmetics, Wines & Spirits, Watches & Jewelry, Selective Retailing). It covers the Group's major environmental indicators, verified by LVMH Statutory Auditors :

- number of hours of environmental training

- number of environmental audits

- tons of packaging placed on the market (by sector and by material)

- water consumption in m3

- waste consumption in tons (Hazardous and non Hazardous waste)

- organic matters emitted in wastewater in Wines & Spirits and Perfumes & Cosmetics sectors (COD emitted after treatment in tons)

- % of waste recovery (reuse, recycling or incineration with energy recovery)

- energy consumption in MWh

- CO2 emissions due to energy consumption in CO2equivalent-tons.

The Group companies' objectives for the environment in 2005 and beyond are also presented as well as the achievements of the 2004 objectives announced in "LVMH 2003 environmental data" report.