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2008 ANNUAL REPORT OvERviEw Of THE GROUP - REviEw Of OPERATiONS

FiLiNg OF REgisTRATiON dOcUmENT wiTh ThE AUTORiTé dEs mARchés FiNANciERs This shelf-registration document, comprising Volume 1 and Volume 2 of the Annual Report, was filed with the Autorité des Marchés Financiers on 9 April 2009, in accordance with Article 212-13 of the AMF General Regulation. This document may be not used in support of a financial transaction unless accompanied by an offering circular approved by the AMF. This document is a free translation into English of the “Document de Référence”, originally prepared in French, and has no other value than an informative one. Should there be any difference between the French and the English version, only the French-language version shall be deemed authentic and considered as expressing the exact information published by Hermès.

Hermès International Partnership limited by shares with share capital of €53,830,506.12 - Commercial and Company Register of Paris no. 572 076 396 Registered office: 24, rue du Faubourg Saint Honoré 75008 Paris Tel.: + 33 (0)1 40 17 49 20 - Fax: + 33 (0)1 40 17 49 21 Legal filing: 2nd quarter 2009 - ISBN 978-2-35102-045-

volume 1

2008 ANNUAL REPORT OvERviEw OF ThE gROUP - REviEw OF OPERATiONs

chairmen’s message

overview of the group

**10. group management

12. management bodies
13. six generations of craftsmen
14. key figures
15. simplified organisation chart**

review of operations

**28. general trend

31. business activity by sector
32. business activity by region
33. environment
34. human resources
35. fondation d’entreprise hermès
36. risk management
37. consolidated results
38. outlook
39. summary consolidated financial** statements

volume 2

presentation of hermès international and émile hermès sarl corporate governance information on the share capital and on the shareholders property and insurance nre annexes: environmental information nre annexes: human resources consolidated financial statements parent company financial statements five-year summary of financial data annual general meeting of 2 june 2009 additional legal information cross-reference tables

- Tie in wool •

overview

of the group

11

Artistic Department

Pierre-Alexis Dumas Artistic Director

Pascale Mussard^3 Artistic Co-Director

The Executive Committee.

3 until 10 February 2009.

Management bodies

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The Supervisory Board exercises ongoing control over company management. For this purpose, it has

the same powers as the Statutory Auditors. The Supervisory Board determines the proposed earnings

appropriation for the financial year to be submitted to the General Meeting. The General Partner must consult

the Supervisory Board before taking any decisions pertaining to strategic options, to consolidated operating

and investment budgets, or to recommendations to the General Meeting with respect to the distribution of

share premiums, reserves and retained earnings. The Supervisory Board also submits to the General Partner

its considered recommendations on the appointment or revocation of the Executive Chairmen.

The Audit Committee ascertains that the consolidated financial statements fairly and accurately reflect the

Group’s financial position.

The Remuneration Committee’s role is to ascertain that the remuneration of the Executive Chairmen complies

with the provisions of the Articles of Association and the decisions made by the General Partner.

Supervisory Board

Jérôme Guerrand Chairman

Maurice de Kervénoaël Vice-Chairman

Ernest-Antoine Seillière Vice-Chairman

Charles-Éric Bauer 2 Matthieu Dumas 2 Julie Guerrand Renaud Momméja Robert Peugeot Guillaume de Seynes 2 Frédéric Dumas 1 Agnès Harth 1 Éric de Seynes 1

Audit Committee

Maurice de Kervénoaël Chairman

Charles-Éric Bauer Julie Guerrand Renaud Momméja 2 Robert Peugeot 2 Éric de Seynes 1

Remuneration Committee

Ernest-Antoine Seillière Chairman

Matthieu Dumas 2 Robert Peugeot 2 Bertrand Puech 1

1 until 3 June 2008. 2 since 3 June 2008.

Jérôme Guerrand Chairman of the Supervisory Board.

15

Thierry Hermès, a harness-maker, set up his business in Paris in 1837. Five generations of his descendants have worked to build up the Hermès Group. In 1880, his son transferred the family concern to a now-famous address, 24, Faubourg Saint-Honoré, where he branched out into saddlery. Soon, he was supplying saddles and harnesses to aristocratic stables all over the world.

In 1918, with the advent of the automobile, the founder’s grandson Émile Hermès foresaw the changes to come in transportation and envisioned a new kind of lifestyle. He launched a line of fine leather goods and luggage with “saddle stitching”. The Hermès style was born and soon extended to clothing, jewellery, silver, diaries, silk scarves, and other items. Émile Hermès also started a private collection, which was to become a source of inspiration for his designers.

During the 1950s, Émile Hermès’ sons-in-law Robert Dumas and Jean-René Guerrand took charge of the Company and further diversified its

Six Generations of Craftsmen

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Today, Hermès employs 7,894 people worldwide and has 286 exclusive stores, 165 of which are directly

operated. Although it has achieved international stature, Hermès has never lost its human touch and still

nurtures a tradition of fine craftsmanship.

operations, while taking care to uphold the brand’s integrity.

Beginning in 1978, and aided by other fifth- and sixth-generation members of the family, Jean-Louis Dumas brought renewed freshness to Hermès by expanding into new crafts and establishing a global network of Hermès stores.

Twenty-eight years later, he handed the reins to Patrick Thomas, Co-Executive Chairman of Hermès since September 2004 (and Managing Director of the Group from 1989 to 1997). The artistic directorship was passed to Pierre-Alexis Dumas and Pascale Mussard.

Today, Hermès is active in fourteen different métiers : Leather Goods, Scarves, Ties, Men’s and Women’s Ready-to-Wear, Perfumes, Watches, Diaries, Hats, Footwear, Gloves, Enamel, Art of Living, Tableware, and Jewellery. International in scope, Hermès has continued to grow while remaining a family firm with a uniquely creative spirit that blends precision manufacturing and traditional craftsmanship.

24 Faubourg Saint-Honoré, late nineteenth century, oil on wood, Émile Hermès collection.

17

• Harnesses

1867

• Saddles

Circa 1900

• Haut à courroies bag

1903

• Rocabar blanket

1922

• Belts

1923

• Dual-handled handbag

1924

• Fabric gloves with zipper

• First men’s garment
• Mallette à coins rapportés

1927

• Wristwatches
• Collier de chien belt
• Filet de selle bracelet

1928

• Ermeto watch

1929

• Development of women’s and men’s fashions

1930

• Diaries, Sac à dépêches briefcase

1937

• Silk scarves

1938

• Chaîne d’ancre bracelet
• First garment with “silk scarf ” pattern

For over 170 years, Hermès has been creating, inventing and innovating. Some of our models have never gone out of style, and are still popular today, decades after they were first designed. Reissued, reinterpreted and reinvented, these timeless creations have forged the identity of Hermès.

Hermès New Year catalogue. Hermès archives – Draeger Imprimeur © 1925

• Printed silk ties

1951

• Eau d’Hermès

1954

• Ashtrays
• Bath mats

1961

• Calèche fragrance for women

1968

• Twillaine : garment in knitwear and silk scarf

1969

• Constance handbag

1970

• Équipage fragrance for men

Constance mini bag in alligator.

18. six generations of craftsmen

• Nausicaa Bracelet

1972

• Hermès shoes for women

1974

• Amazone women’s fragrance

1975

• Kelly watch

1976

• First complete men’s ready-to-wear collection
• Enamel bracelets

1978

• Ghillie shoes

1979

• Eau de Cologne Hermès , renamed Eau d’orange vert e in 1997
• Pleated scarves

• John Lobb, ready-to-wear shoes

1983

• Clipper watch

1984

• Pivoines service in porcelain
• Parfum d’Hermès women’s fragrance

1985

• Silk gavroche scarf

1986

• Bel Ami fragrance for men
• Toucans service in porcelain
• Pippa furniture

1993

• Oxer saddle
• Cristal Saint-Louis, Bubbles crystal tableware

1994

• Soft bag range
• Touareg jewellery

• 24, Faubourg fragrance for women
• Fourre-tout bag
• Sadhou diamond ring

1996

• Fanfare crystal glasses
• Charnière steel flatware
• Harnais watch
• Puiforcat, Nantes flatware

1997

• Hermès shoes for men

1998

• Herbag bag
• Creation of new fabrics: Amazonia and Crinolin
• Twice-round watch strap
• Quick trainers
• Puiforcat, Wave flatware

1999

• Hiris fragrance for women

Pleated scarves. Ghillie Jill shoe. Kelly watch.