Business Editors

PARIS----LVMH Moet Hennessy Louis
Vuitton, the world's leading luxury products group is preparing its
financial statements in accordance with international financial
reporting standards (IFRS) for all future accounting periods,
effective January 1, 2005.

Current operating income or operating income before "other
operating income and expenses" decreases by around 2% to 2372
million euros under IFRS due mainly to the inclusion of a
charge relating to stock option plans. These brands include Johnnie Walker, Guinness, Smirnoff,
J +B, Baileys, Cuervo, Tanqueray, Captain Morgan, Crown Royal, Beaulieu
Vineyard and Sterling Vineyards wines. For more information about Diageo, its people,
brands, and performance, visit us at http: //www.

Business Editors

PARIS----LVMH Moet Hennessy Louis
Vuitton, the world's leading luxury products group, reported organic*
sales growth of 11% in the first quarter of 2005, which comes on top
of a 10% increase in organic sales for the same period in 2004.
The sales growth momentum since the beginning of the year is
impressive with almost all business groups recording double-digit
organic sales growth.
The new collections unveiled at the Basel Watch Fair by TAG Heuer,
Zenith, Chaumet and Dior Watches confirmed the creative potential of
these brands and all enjoyed strong orders. In the US, Sephora continued to record double-digit sales
growth on a comparable store basis for the first quarter 2005.
Forward-looking statements with regard to the Company's businesses
involve a number of important factors that are subject to change, as
are mentioned under "Risk Factors" in the Company's Form 20-F for the
year ended December 31, 2002 which is on file with the United States
Securities and Exchange Commission".

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"

About Diageo
Diageo (Dee-AH -Gee-O) is the world's leading premium drinks business with
an outstanding collection of beverage alcohol brands across spirits, wines,
and beer categories.
Its Fashion and Leather Goods division includes Louis Vuitton, the
world's leading luxury brand, as well as Celine, Loewe, Kenzo,
Givenchy , Thomas Pink, Fendi, Emilio Pucci, Donna Karan, Marc Jacobs,
Berluti, StefanoBi as well as eLUXURY , the authoritative online source
for luxury goods on the Internet.

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Its Fashion and Leather Goods division includes Louis Vuitton, the
world's leading luxury brand, as well as Celine , Loewe, Kenzo,
Givenchy, Thomas Pink, Fendi, Emilio Pucci, Donna Karan, Marc Jacobs,
Berluti, StefanoBi as well as eLUXURY, the authoritative online source
for luxury goods on the Internet. "As we look
ahead, we are confident that they are well positioned to help us realize the
potential of the premium drinks business in Nebraska and we look forward to a
very successful relationship .
Within an unfavourable monetary environment, the tourism sector
has witnessed a sustained recovery and both the US and Asian economies
are in full expansion.

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The application of the new standards does
not modify the Group's financial performance measures: the net debt to
equity ratio does not significantly change and the profit and loss
statement is mainly impacted by the reversal of goodwill amortization ,
thereby increasing 2004 net income by 18%.

Selected Options

The key options selected by the LVMH Group for reporting financial
results are as follows:

-- The restatement of acquisitions undertaken prior to 2004, in
order to allocate the price paid at the time of the
acquisition in compliance with IFRS.

-- And finally, the expensing of all stock option plans for which
the vesting period remained open.
"We chose Sterling Distributing Company based on their long-standing
position in the marketplace and on the quality of their business proposal,"
said Ivan Menezes , President + CEO of Diageo North America. Based on our
business needs in Nebraska, they were the best choice as the strategic
distributors for our brands. The company is listed on both the New York Stock Exchange (DEO) and the
London Stock Exchange (DGE).
Celebrating life, every day, everywhere , responsibly.
LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian
Dior , Guerlain, Parfums Givenchy, Parfums Kenzo, Perfumes Loewe as well as
other promising cosmetic companies (BeneFit Cosmetics, Make Up For Ever, Acqua
di Parma and Fresh). A return to growth
has been achieved in Japan and the Asian markets are progressing
strongly, driven by growing tourism, notably from China.

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Noteworthy restatements
behind this change include:

-- The deduction of LVMH treasury shares,

-- Minority purchase commitments, which, for the part
accounted for in minority interests , are no longer
classified as equity, but rather as non current
liabilities,

-- The revaluation of vineyards as well as, very partially,
the Louis Vuitton brand, which offset to a large extent
the two impacts described above. As of July 1, 2005, Sterling Distributing
Company will also begin distributing LVMH brands including Moet + Chandon and
Hennessy.

About LVMH

LVMH Moet Hennessy Louis Vuitton is the world's leading luxury
goods group.

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-- The application, beginning in 2004, of the standards relating
to the accounting for financial instruments (IAS 32 and 39). Nevertheless, the
Group wishes to make clear that certain rules could be modified by the
IASB between now and the publication of the 2005 consolidated
accounts.

Timetable

The Group, in accordance with the recommendations of the Autorite
des Marches Financiers (AMF), will report its first quarter and first
half net sales as well as its first half results for 2005 under IFRS
standards with a basis of comparison for the same periods in 2004
reported under the same standards."
Christophe Navarre, CEO of Moet Hennessy, said: "I am certain that
Sterling Distributing Company will serve our brands very well.
Diageo is a global company, trading in more than 200 countries around the
world.

Wines + Spirits delivered organic sales growth of 13% during the
first quarter 2005.
Sephora continued to win market share in Europe and in France in
particular, thanks to the excellent response to the brand's innovative
services. Against this backdrop, LVMH will continue to
pursue growth in 2005 by taking advantage of the strength of its
brands, new product launches and penetration of new markets.

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No undue
reliance should therefore be based on any such information, it being
also agreed that we undertake no commitment to amend or update it
after the date hereof.
Sterling Distributing Company will continue to distribute brands such as
Baileys, Crown Royal, Captain Morgan and the wines of the Chalone Wine Group. Moet + Chandon had a good start
to the year in Europe. TAG Heuer and Zenith grew at a double-digit rate despite a
strong comparison period last year. Chaumet and Fred also had a good
start to the year . Progress in each of
these areas enables the Group to confirm its objective of another
tangible increase in operating income for 2005. LVMH is also active in selective retailing through
DFS, Sephora in Europe and the United States, Le Bon Marche and La
Samaritaine.

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This 1% decrease is due mainly to
the reclassification of certain operating charges. To date, Diageo has selected
strategic distributors in 39 states and the District of Columbia, representing
more than 80% of the company 's business.

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Going forward, "Current
operating income" will be the level of result highlighted by
the Group in its financial results communications,

After the impact of "other operating income and expenses",
operating income under IFRS amounts to 2 173 million euros,

Net income rises by 18% to 1. We are excited to work with these companies not only on the sale
and marketing of their brands but also on our joint commitment to social
responsibility. LVMH is also active in selective retailing through DFS,
Sephora in Europe and the United States, Le Bon Marche and La Samaritaine .
Sales over Chinese New Year also increased. The Company's businesses include
its wines and spirits , fashion and leather goods, fragrances and
cosmetics, watches and jewelry, and selective retailing activities,
and its outlook is predominantly based on its interpretation of what
it considers to be the key economic factors affecting these
businesses.

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lvmh.com
at the beginning of today's workshop. and PARIS, Diageo North
America and Moet Hennessy are pleased to announce that Sterling Distributing
Company has been selected as the strategic distributor for the companies'
spirits and wines in the state of Nebraska.
LVMH's Watches and Jewelry division comprises TAG Heuer, Chaumet , Christian
Dior Watches, Zenith, Fred, the prestigious Italian writing instruments
company of Omas and De Beers LV, a joint venture created with the world's
leading diamond group.com.

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lvmh.
Increasing market share and the profitability of our leading brands,
as well as improving the performance of our developing companies and
cash generation, remain LVMH's top priorities.

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2 billion euros under IFRS as a
result of the removal of goodwill amortisation.

About LVMH

LVMH Moet Hennessy Louis Vuitton is the world's leading luxury
goods group.

By business group , the evolution was as follows:

In millions of Euros Variation
Q1 2005 Q1 2004 Q1 2005 / Q1 2004
IFRS IFRS Reported Organic*
------------------------------------------------------- ------------
Wines + Spirits 510 430 + 19% + 13%
--------------- ----------------------------------------------------
Fashion + Leather Goods 1 135 1 067 + 6% + 10%
-------------------------------------------------------------------
Perfumes + Cosmetics 506 475 + 6% + 8%
--------------------------------------- ----------------------------
Watches + Jewelry 122 112 + 8% + 21%
-------------------------------------------------------------------
Selective Retailing 823 730 + 13% + 15%
------------------------------------------------------------ -------
Other Activities + eliminations (13) (6)
-------------------------------------- -----------------------------
Total 3 082 2 808 + 10% + 11%
-------------------------------------------------------------------

* with a comparable structure and constant exchange rates. BeneFit Cosmetics recorded double-digit sales
growth in dollar terms . LVMH is present in the Perfumes and
Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums
Givenchy, Parfums Kenzo, Perfumes Loewe as well as other promising
cosmetic companies (BeneFit Cosmetics, Make Up For Ever, Acqua di
Parma and Fresh).

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6
billion euros under French accounting standards and are 12.

All the selected options and the applied accounting treatments
have been reviewed by the LVMH Group's auditors, who judged them to be
in line with the current IFRS, and in particular with IFRS 1 relating
to the transition to the new accounting framework.
As of June 13, 2005, they will begin distributing additional Diageo brands
including Smirnoff, Jose Cuervo , Johnnie Walker, Tanqueray, Beaulieu Vineyard
and Sterling Vineyards wines.
Watches + Jewelry followed its strong progress in 2004 by
recording strong organic sales growth of 21% for the first quarter
2005.

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LVMH's Watches and Jewelry division comprises TAG Heuer,
Chaumet, Christian Dior Watches, Zenith, Fred, the prestigious Italian
writing instruments company of OMAS and De Beers LV , a joint venture
created with the world's leading diamond group.
Following its acquisition at the start of the year, Glenmorangie
contributed to the group's sales growth. Sales progressed across all regions, with
accelerating momentum in Asia and Europe.
In Selective Retailing, DFS had a good start to the year in line
with the momentum recorded in 2004 and benefiting from the continuing
recovery in Asian tourism, which has been driven by the weak dollar.

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The Group is represented in Wines and Spirits by a
portfolio of brands that includes Moet + Chandon, Dom Perignon, Veuve
Clicquot Ponsardin, Krug, Ruinart, Chateau d'Yquem, Chandon Estates,
Hennessy, Glenmorangie, Belvedere and Chopin. Sterling Distributing Company Selected for Spirits and Wines

NORWALK, Conn .

Excellent Start to the Year for the LVMH Group; Organic Sales Growth for the First Quarter of 2005: +11%

Notably, China confirmed
its growing potential as an important market for our brands. In addition, the Group
strengthened its range of premium brands and has just launched a new
prestige rum brand, 10 Cane.
Among the other fashion brands, Celine, Marc Jacobs, Pucci and
Berluti all enjoyed a good start to the year and Fendi achieved
double-digit sales growth in its stores.

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(ii) Consolidated Balance Sheet

-- Total consolidated stockholders' equity, amounting to 8. LVMH is present in the Perfumes and
Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums
Givenchy, Parfums Kenzo, Perfumes Loewe as well as other promising
cosmetic companies (BeneFit Cosmetics, Make Up For Ever, Acqua di
Parma and Fresh).
Consolidated sales were 3,082 million Euros for the first quarter
2005.
In Perfumes + Cosmetics, Parfums Christian Dior continued to grow
well in the quarter, driven by the success of Pure Poison and its
skincare products.

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Main Effects of IFRS

On the Group's financial statements for the period ending December
31 , 2004, the impact of the transition to IFRS can be summarised as
follows:

(i) Profit + Loss Statement:

Minimal impact on consolidated net sales, which were 12.
Certain information included in this release is forward looking
and is subject to important risks, uncertainties and factors beyond
our control or our ability to predict, that could cause actual results
to differ materially from those anticipated, projected or implied.com.
For additional information, please visit http:/ /www.
For the first time LVMH is releasing quarterly sales under IFRS
with comparisons against the first quarter of 2004.
In Fashion + Leather Goods, Louis Vuitton continued to achieve
double -digit organic sales growth in the first quarter 2005.

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The Group is represented in Wines and Spirits by a
portfolio of brands that includes Moet + Chandon, Dom Perignon, Veuve
Clicquot Ponsardin , Krug, Ruinart, Chateau d'Yquem, Chandon Estates,
Hennessy, Glenmorangie, Belvedere and Chopin.

"Certain information included in this release is forward looking
and is subject to important risks and uncertainties that could cause
actual results to differ materially.

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7
billion euros under IFRS falls by 5% relative to its level
under French accounting standards. The Dom Perignon, Krug and Veuve Clicquot
champagne brands performed very well.

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Growth
for the brand continues in the US after an excellent 2004 and it has
also enjoyed a good start to the year in Europe. Guerlain is maintaining its
renewed momentum thanks to the continued success of l'Instant and of
its make-up products .

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5
billion euros under IFRS.

-- Net consolidated debt rises by around 5% under IFRS due mainly
to the integration of securitization operations in respect of
client receivables, for which the amount had been deducted
from accounts receivable, appeared in the notes to the
consolidated accounts under French standards.
Detailed information will be available on the website www.diageo . Hennessy enjoyed an impressive start as well,
with strong sales growth in the US and Asia.

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LVMH is also active in selective retailing through
DFS, Sephora in Europe and the United States, Le Bon Marche and La
Samaritaine. It
only reflects our views as of the date of this presentation."
Greg Alevizos, CEO of Sterling Distributing Company said, "We are pleased
to have signed this agreement and are confident that Diageo and Moet
Hennessey's premium array of brands will add significant value to our
business.

About LVMH
LVMH Moet Hennessy Louis Vuitton is the world 's leading luxury goods
group. The Group's brands did particularly well in the US,
Asia and in France. LVMH's Watches and Jewelry division comprises TAG Heuer,
Chaumet, Christian Dior Watches , Zenith, Fred, the prestigious Italian
writing instruments company of OMAS and De Beers LV, a joint venture
created with the world's leading diamond group.

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Transition to IFRS accounting standards for LVMH; Positive impact on 2004 net income: +18% Limited impact on stockholders' funds and net financial debt

Diageo and Moet Hennessy Sign Strategic Distributor in Nebraska

The Group is represented in Wines and Spirits by a portfolio of brands
that includes Moet + Chandon, Dom Perignon, Veuve Clicquot Ponsardin, Krug,
Ruinart Chateau d'Yquem, Chandon Estates, Hennessy, Glenmorangie, Belvedere
and Chopin. The start of
the year was marked by the huge success of the new Monogram Cerises
line which should continue throughout 2005.