Ziegler, Ziegler & Associates LLP
Counselors at Law
555 Madison Avenue, 11th Floor
New York, New York 10022
(212) 319-7600
Telecopier (212) 319-7605
April 3, 2003
Deutsche Bank Trust Company Americas, as Depositary
60 Wall Street
New York, New York 10005
American Depositary Shares
evidenced by American Depositary Receipts
for deposited Shares of
LVMH Moet Hennessy Louis Vuitton SA.
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Dear Sirs:
Referring to the Registration Statement on Form F-6 relating to
the above-entitled American Depositary Shares ("ADSs") evidenced by American
Depositary Receipts ("ADRs") each ADS representing one-fifth of one common share
of LVMH Moet Hennessy Louis Vuitton SA. (the "Company"), a corporation
incorporated under the laws of France.
We are of the opinion that the ADSs covered by the Registration
Statement, when issued in accordance with the terms of the form of ADR attached
as Exhibit (a) to the Registration Statement, will, when sold, be legally issued
and will entitle the holders thereof to the rights specified in the form of ADR.
The foregoing opinion is limited to the Federal laws of the
United States and the laws of the State of New York, and we are expressing no
opinion as to the effect of the laws of any other jurisdiction.
We hereby consent to the use of this opinion as Exhibit d of the
above-mentioned Registration Statement. In giving such consent, we do not admit
thereby that we are within the category of persons whose consent is required
under Section 7 of the Securities Act of 1933, as amended.
Very truly yours,
/s/ Ziegler, Ziegler & Associates LLP