LVMH sold its remaining 11,565,648 Gucci shares to Credit Lyonnais following the agreement with Gucci and PPR concluded on 9 September 2001.

LVMH had obtained at that time a guarantee from Credit Lyonnais relating to the commitment made by PPR to launch a full public offer for Gucci at $101.50 per share. LVMH immediately receives 1.147 billion Euros (U.S.$1.02 billion) from this sale, enabling it to realize a significant capital gain this year.

JCK