To the Shareholders of
Richemont SA, Luxembourg
We have audited the accompanying annual accounts of Richemont SA, société anonyme holding, for the year ended 31 March 2005. These annual accounts are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these annual accounts based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the annual accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the annual accounts. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall annual accounts' presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the accompanying annual accounts give, in conformity with Luxembourg legal and regulatory requirements, a true and fair view of the financial position of Richemont SA, société anonyme holding, as of 31 March 2005 and of the results of its operations for the year then ended.
PricewaterhouseCoopers Sàrl
Réviseur d'Entreprises
represented by Luc Henzig
Luxembourg, 6 June 2005