DISCLAIMER

This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction.

Certain information contained in this document may include projections and forecasts. They express objectives based on current assessments and estimates of the Group’s executive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figures and assessments may differ significantly from projected figures. The following factors among others set out in the Reference Document (Document de Référence) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on March 28, 2018, which is available on ’s website at www.kering.com, may cause actual figures to differ materially from projected figures: any unfavorable development affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by our Luxury brands, the events, crises, fears, and resulting costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; exchange rate and other risks related to international activities; risks arising from current or future litigation. Kering gives no commitment to updating and/or revising and/or commenting any projections and forecasts, or their impact on the results and perspectives of the Group, which may be contained in this presentation.

The information contained in this document has been selected by the Group’s executive management to present Kering’s Full year 2018 results. This document has not been independently verified. Kering makes no representation or undertaking as to the accuracy or completeness of such information. None of the Kering or any of its affiliates representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

IN NO WAY DOES KERING ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED IN THIS PRESENTATION. INFORMATION IN THIS PRESENTATION, INCLUDING FORECAST FINANCIAL INFORMATION, SHOULD NOT BE CONSIDERED AS ADVICE OR RECOMMENDATION TO INVESTORS OR POTENTIAL INVESTORS IN RELATION TO HOLDING, PURCHASING OR SELLING SECURITIES OR OTHER FINANCIAL PRODUCTS OR INSTRUMENTS AND DOES NOT TAKE INTO ACCOUNT YOUR PARTICULAR INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR NEEDS. BEFORE ACTING ON ANY INFORMATION YOU SHOULD CONSIDER THE APPROPRIATENESS OF THE INFORMATION HAVING REGARD TO THESE MATTERS, ANY RELEVANT OFFER DOCUMENT AND IN PARTICULAR, YOU SHOULD SEEK INDEPENDENT FINANCIAL ADVICE. ALL SECURITIES AND FINANCIAL PRODUCT OR INSTRUMENT TRANSACTIONS INVOLVE RISKS, WHICH INCLUDE (AMONG OTHERS) THE RISK OF ADVERSE OR UNANTICIPATED MARKET, FINANCIAL OR POLITICAL DEVELOPMENTS AND, IN INTERNATIONAL TRANSACTIONS, CURRENCY RISK. READERS ARE ADVISED TO REVIEW THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION.

12.02.2019 2 INTRODUCTION

FRANÇOIS-HENRI PINAULT CHAIRMAN & CEO 2018, AN EXCELLENT YEAR FOR KERING

A FAVORABLE… BUT COMPLEX ENVIRONMENT

HEALTHY, BALANCED AND PROFITABLE GROWTH

VISION, STRATEGY, EXECUTION, FINANCIAL DISCIPLINE

POWERFUL CULTURE AT THE ROOT OF OUR INCREASE IN REVENUE +€2.8BN SUCCESS

INCREASE IN EBIT +€1.3BN VALUE CREATION AND SHAREHOLDER RETURN

12.02.2019 4 ANALYSISANALYSIS OFOF RESULTSRESULTS

JEAN-MARCJEAN-MARC DUPLAIX GROUPGROUP CHIEF CHIEF FINANCIALFINANCIAL OFFICER OFFICER PERFORMANCESPERFORMANCESPERFORMANCESPERFORMANCES OPÉRATIONNELLES OPÉRATIONNELLES OPÉRATIONNELLES OPÉRATIONNELLES REMARQUABLES REMARQUABLES REMARQUABLES REMARQUABLES

CHIFFRECHIFFRECHIFFRECHIFFRE D’AFFAIRES D’AFFAIRES D’AFFAIRES D’AFFAIRES GROUPE GROUPE GROUPE GROUPE (en (en M€)(en (enM€) M€) M€)

13 66513 6651313 665 665 AutresAutresAutres paysAutres pays pays pays EuropeEuropeEurope deEurope l’Ouestde l’Ouestde de l’Ouest l’Ouest 7% 7%(+23%) 7%(+23%)7% (+23%) (+23%) 33%33% (+24%)33% (+24%)33% (+24%) (+24%) 10 81610 8161010 816 816 13 13665 1366513 M€665 665 M€ M€ M€ AsieAsie PacifiqueAsie PacifiqueAsie Pacifique Pacifique +29,4%+29,4%+29,4%+29,4% 32%32% (+34%)32% (+34%)32% (+34%) (+34%) +26,3%+26,3%+26,3%+26,3% en enpublié enpublié en publié publié +34,0%+34,0%+34,0%+34,0% +29,4%+29,4%+29,4%+29,4% en encomparable encomparable en comparable comparable AmériqueAmériqueAmériqueAmérique du Nord du Nord du du Nord Nord JaponJaponJaponJapon 20%20% (+38%)20% (+38%)20% (+38%) (+38%) 8% 8%(+24%) 8%(+24%)8% (+ 24%)(+24%) 20172017 retraité*2017 2017retraité* retraité* retraité* 2018201820182018 % croissance% croissance% croissance% comparable**croissance comparable** comparable** comparable** % du% CA du% et CA du%(% et duCA croissance (% CA et croissance (%et (% croissance comparable)croissance comparable) comparable) comparable) PERFORMANCESOUTSTANDING OPÉRATIONNELLES OPERATINGPERFORMANCES PERFORMANCES REMARQUABLESOPÉRATIONNELLES REMARQUABLES RÉSULTATRÉSULTATRÉSULTATRÉSULTAT OPÉRATIONNEL OPÉRATIONNEL OPÉRATIONNEL OPÉRATIONNEL COURANT COURANTPERFORMANCES COURANT COURANT (en (en M€)(en (enM€) M€) M€) OPÉRATIONNELLES REMARQUABLES +400pb+400pb+400pb+400pb • •Progression•Progression• ProgressionProgression exceptionnelle exceptionnelle exceptionnelle exceptionnelle de de l’EBIT de l’EBIT de l’EBIT l’EBIT CHIFFREGROUP REVENUE D’AFFAIRES (€m) GROUPECHIFFRE (en M€) D’AFFAIRES GROUPE (en M€)3 9443 9443 9443 944 et etde etde laet de la profitabilitéde laprofitabilité la profitabilité profitabilité AutresRoW pays WesternAutres Europe pays 3 9443 9443 M€3944 944 M€ M€ M€ CHIFFRE D’AFFAIRES2 6912 691 2GROUPE 6912 6911313,665 665 (en M€)28,9%28,9%28,9%28,9% 13 665 Europe de l’Ouest Europe de l’Ouest 7%7% (+23%)(+23%) 7%33%33% (+23%) (+24%) (+24%) 33% (+24%) en encroissance encroissanceen croissance croissance de de 47% de 47% de 47% 1010,81647% 816 10 816 •• Doublement• Doublement• Doublement Doublement du durésultat durésultat du résultat résultat opérationnel opérationnel opérationnel opérationnel courant courant courant courant 24,9%24,9%24,9%24,9% 13 665 Autres pays Europe de l’Ouest €13,665m13 665 M€ vs.vs. 2017vs. 2017vs. 2017retraité 2017 retraité retraité retraité13 665 M€ AsieAsia PacifiquePacific en endeux endeuxen deuxans deux ans ans ans 7% Asie (+23%) Pacifique 33% (+24%) 10 816 32%32% ((+34%)+34%) 32% (+34%) +26.3%+26,3% reporteden publié +26,3% en publié +29,4%+29.4% +29,4% 13 665+34,0%+34.0% M€ +34,0% •• Effet• Effet• Effetvertueux Effet vertueux vertueux vertueux du dulevierAsie dulevier du Pacifiquelevier opérationnellevier opérationnel opérationnel opérationnel +29.4% comparable 20172017 retraité*2017 2017retraité* retraité* retraité* 2018201820182018 32%North (+34%) America +29,4% en comparable +29,4% en comparable Japan +29,4% Amérique du Nord Amérique du Nord 12.02.2019 ** ** À taux de changeet comparables périmètre 5 IFRS la norme à conformément abandonnées, activités en reclassés été ont Kane Christopheret McCartney Stella Volcom, * , Japon Japon +26,3% en publié RésultatRésultat RésultatopérationnelRésultat opérationnel +34,0%opérationnel opérationnel courant courant en courant M€courant en et M€ enmarge et enM€ marge M€ et en margeet % enmarge % en en% % 20% (+38%)

12.02.2019 20% ** ** À taux de changeet comparables périmètre 5 IFRS la norme à conformément abandonnées, activités en reclassés été ont Kane Christopheret McCartney Stella Volcom, * Puma, 8% (+24%) (+38%) 20% (+38%) en comparable 8% (+24%) 8% (+24%) RÉSULTAT OPÉRATIONNELM€) (en COURANT Un FCF FCF Un GÉNÉRATION DE FCF ET DETTE NETTE M€)(en vs.2017 retraité en M€ 3 944 un ratio de 0,4x EBITDA de 0,4xun ratio baisse,ennette Une dette +29,4% +29,4% +26,3% M€ 665 13 D’AFFAIRESCHIFFRE M€) (en GROUPE Amérique du Nord 20172017 restated*retraité* 20182018 2017 retraité* 2018 Japon RÉSULTAT OPÉRATIONNELM€) (en COURANT Un FCF FCF Un GÉNÉRATION DE FCF ET DETTE NETTE M€)(en vs.2017 retraité en M€ 3 944 un ratio de 0,4x EBITDA de 0,4xun ratio baisse,ennette Une dette +29,4% +26,3% M€ 665 13 D’AFFAIRESCHIFFRE M€) (en GROUPE 20% (+38%) % %croissance comparable comparable** growth** %As du a %CA of et revenue (%% croissancecroissance and (% comparable)comparable**comparable growth) 8%% du(+24%) CA et (% croissance comparable) GÉNÉRATIONGÉNÉRATIONGÉNÉRATIONGÉNÉRATION DE DE FCFDE DEFCF FCFET FCF ET DETTE ET DETTEET DETTE DETTE NETTE NETTE NETTE NETTE (en (en M€)(en (enM€) M€) M€) croissancede 47% 2017 retraité* 2018croissancede 47% CASHCASHCASH FLOWCASH FLOW FLOW LIBREFLOW LIBRE LIBRE LIBRE ENDETTEMENTENDETTEMENTENDETTEMENTENDETTEMENT% croissance comparable** % du CA et (% croissance comparable) en comparable en publié OPÉRATIONNELOPÉRATIONNELOPÉRATIONNELOPÉRATIONNEL FINANCIER de FINANCIERFINANCIERFINANCIER NET NET NET NET GROUP RECURRING OPERATING INCOME (€m) en comparable en publié RÉSULTAT OPÉRATIONNEL COURANTRÉSULTAT (en OPÉRATIONNEL M€) COURANT de (en M€) x1,3x1,3x1,3x1,3 -1 705-1 705M€-1 705M€-1 705 M€ M€ • •CAPEX•CAPEX• CAPEXCAPEX groupe groupe groupe groupe : 828 : 828 : M€828: 828M€ soit M€ soitM€ 6,1%soit soit6,1% 6,1% du6,1% du CA du CA du CA CA +400pb+400bp M€ 2 955 +400pb UnUn FCFUn FCFUn deFCF FCF de2 955 de2 de 955 2 M€ 2955 955M€ M€ M€ M€ 2 955 RÉSULTAT OPÉRATIONNEL2 9552 9552 9553,9442COURANT 955 (en •M€)Progression• exceptionnelle• Le• LeFCF• LeFCF Le FCFopérationnel FCF opérationnel opérationnel opérationnel de• Progressionl’EBIT avoisine avoisine avoisine avoisine 3exceptionnelle Mds€3 Mds€3 3Mds€ Mds€ de l’EBIT UneUne detteUne Unedette dettenette dette nette netteen nette enbaisse, enbaisse, en baisse, baisse, 3 944 • Exceptional3increase 944 in EBIT and +400pbet de la profitabilité•• À 1• À • 7111 À À7111 M€,1711 711M€, laM€, M€,la la etla de la profitabilité €3,944m unun ratioun ratioun ratiode ratio de 0,4x de 0,4x de EBITDA0,4x 0,4x EBITDA EBITDA EBITDA2,691 2 2062 2062 2062 206 margin •detteProgressiondettedette nettedette nette nette estnette est divisée exceptionnelleest diviséeest divisée divisée par par par par de l’EBIT 3 944 M€ 3 9442 M€ 691 28,9%28.9% 0,9x2 6910,9x0,9x0,9x 1,1x1,1x1,1x1,1x 0,4x0,4x0,4x30,4x 28,9%944 et de la profitabilité PERFORMANCES OPÉRATIONNELLESREMARQUABLES upen 47%croissance de 47% en croissance de 47% • Doublement du deuxrésultatdeuxdeuxdeux opérationnel• Doublement courant du résultat opérationnelPERFORMANCES OPÉRATIONNELLESREMARQUABLES courant 3 944 M€24.9% • EBIT doubled over two years fromvs. 20172017 retraité restated vs. 201724,9% retraité 2 24,9%691 en deux ans 28,9% en deux ans en croissance2017 2017de retraité*2017 47%2017retraité* retraité* retraité* 2018 2018 2018 2018 2017201720172017 2017 2017 retraité* 2017 2017retraité* retraité* retraité* 2018 2018 2018 2018 • Doublement du résultat opérationnel courant 24,9% • Virtuous operating leverage vs. 20172017 restated* retraité 2018 • Effet vertueux du levier opérationnel•en Effet deux vertueux ans du * Puma,* Puma,* Puma,Volcom,* Puma, Volcom, Volcom, StellaVolcom, Stella McCartneyStella Stella McCartney McCartney McCartney 2017et Christopher et retraité* Christopher et etChristopher Christopher Kane Kane ont Kane Kane ontété ontétéreclassés ont étéreclassés été reclassés reclassés en2018 activitésen activitésen 2017en activités abandonnées,activités retraité* abandonnées, abandonnées, abandonnées, conformément conformément conformément conformément à la à norme la 2018à norme laà lanormeIFRS norme IFRS 5 IFRS IFRS5 5 5 levier opérationnel

** À** taux À** taux **Àde Àtaux changede taux changede de change et change périmètre et périmètre et etpérimètre périmètre comparables comparables comparables comparablesGroupRésultat recurring opérationnel operating courant 2018 income en retraité* 2017 M€ in €met marge and margin en % in % Résultat opérationnel courant en M€ et marge en % 07rtat*2018 retraité* 2017 • Effet vertueux du levier opérationnel 2017 retraité* FLOWCASH LIBRE 2018 CASH FLOWCASH LIBRE 2 206 OPÉRATIONNEL 2 206 12.02.201912.02.201912.02.201912.02.2019 RésultatOPÉRATIONNEL opérationnel courant en M€ et marge en % 6 6 6 6 FCFGÉNÉRATION AND NET DEDEBT FCF (€m) ET DETTEGÉNÉRATION NETTE (en DE M€) FCF ET DETTE NETTE (en M€) 2017 retraité* 2017 2017 retraité* 2017 2017 retraité* 2017 2017 retraité* 2017 +34,0% x1,3 10 816 10

FCF FROM 2 691 24,9% CASH FLOW LIBRE ENDETTEMENT +34,0% CASH FLOW LIBREx1,3 ENDETTEMENT GÉNÉRATION DE FCF ET DETTENET DEBT NETTE (en M€) 816 10 2 691 OPÉRATIONNELOPERATIONS FINANCIEROPÉRATIONNEL NET FINANCIER24,9% NET x1,3x1.3 CASH -1-FLOW€1,705m 705x1,3 M€ LIBRE • CAPEX ENDETTEMENTgroupe : 828 M€ soit 6,1%• CAPEX du CA groupe : 828 M€ soit 6,1% du CA FCF of €2,955m 2 955 -1 705 M€

Un FCF de 2 955 M€ Un FCF de 2 955 M€ OPÉRATIONNEL2 955 • Group CAPEX:FINANCIER €828m, NET 6.1% of revenue Net debt down 22,955 955 2 955 • Le FCF opérationnel avoisine• 3 Le Mds€ FCF opérationnel avoisine 3 Mds€

Résultat opérationnel courant en M€ et marge en % Résultatmarge opérationnelet courant en M€ • 828 M€ soit 6,1% du CA Une dette nette en baisse, Une dette nette en baisse, x1,3 -1 705 M€ CAPEX groupe : • en % Résultatmarge opérationnelet courant en M€ Debt-to-EBITDA Un FCF de 2 955 M€ Operating FCF close to €3bn un ratio de 0,4x EBITDA 22,206 un206 ratio de 0,4x EBITDA 2 206 2 955 • À 1 711 M€, la dette nette est• divisée• Le À 1FCF 711 par opérationnel M€, la dette netteavoisine est divisée3 Mds€ par ratio of 0.4x Une dette nette en baisse,0.9x0,9x 1.1x1,1x 0,4x0.4x • Net debt0,9x halved1,1x at €1,711m0,4x +400pb

deux +400pb deux un ratio de 0,4x EBITDA 2 206 • À 1 711 M€, la dette nette est divisée par 0,9x 1,1x 0,4x 20172017 restated*retraité* 2018 2017201720172017 2017 restated* retraité*retraité* 20182018 2018 2017 2017 retraité* 2018 deux 0721 erié 2018 retraité* 2017 2017 0,9x 0721 erié 2018 retraité* 2017 2017 0,9x % croissance comparable**

2017 retraité* 2018 2017 2017 retraité* 2018 % croissance comparable** FINANCIER NETFINANCIER

* PUMA,Puma, Volcom,Volcom ,Stella Stella McCartney McCartney et and Christopher Christopher* Puma, Kane Kane ontVolcom, have été reclassésbeen Stella reclassified McCartney en activitésunder et Christopherabandonnées,discontinued Kane conformémentoperations ont été reclassés, in àaccordance laENDETTEMENT norme en activités IFRS with 5IFRSabandonnées, 5 conformément à la norme IFRS 5 FINANCIER NETFINANCIER ** AtÀ tauxconstant de change scope etand périmètre exchange comparables rates ** À taux de change et périmètre comparables ENDETTEMENT +29,4% 13 665 13 3 944 * Puma, Volcom, Stella McCartney et Christopher Kane ont été reclassés en activités abandonnées, conformément28,9% à la norme IFRS 5 2018 2018 +29,4% 13 665 13 3 944 28,9% 2018 12.02.2019 ** À taux de change et périmètre comparables 2018 6 12.02.2019 12.02.2019 1,1x 6 6 1,1x -1 705 M€ 705 -1

12.02.2019 M€ 705 -1 6 0,4x 0,4x Effet vertueuxdu • Doublement du résultatopérationnel courant • • • À 1 711 M€,la • Le • • Effet vertueuxdu • Doublement du résultatopérationnel courant • • À 1 711 M€,la • Le • % du CA croissanceet(% comparable) 7% 7% pays Autres 8% 8% Japon 32% 32% Pacifique Asie en deuxans profitabilité de la et Progression exceptionnelle CAPEX groupe: deux % du CA croissanceet(% comparable) 7% 7% pays Autres 8% 8% Japon 32% 32% Pacifique Asie Progression exceptionnelle en deuxans profitabilité de la et CAPEX groupe: deux (+ (+23%) FCF opérationnel3 Mds€ avoisineFCF ( (+ (+23%) +34%) 24%) FCF opérationnel3 Mds€ avoisineFCF ( +34%) 24%) dette netteest diviséepar dette dette netteest diviséepar dette levier opérationnel levier opérationnel 828 M€ soit 6,1%828 M€ du CA 828 M€ soit 6,1%828 M€ du CA Amérique du Nord du Amérique Europede l’Ouest de l’EBIT Amérique du Nord du Amérique Europede l’Ouest de l’EBIT 20% 20% 33% 20% 20% 33% (+38%) (+24%) (+38%) (+24%) 6 6 ANOTHER YEAR OF SIGNIFICANT PROFITABLE GROWTH

GROUP REVENUE

+36.6% +27.5% +31.5% +24.2% • Sustained growth throughout the year… +35.8% +34.0% +37.1% +29.7% • …on top of high comps +4.0% +6.9% +10.5% +10.4% Q1 Q2 Q3 Q4 2016 nonnon retraité-restated 2017 retraitérestated 2018 % comparable growth

LUXURY

+37% +32% +33% +31% +31% +26% +27% Revenue: €13,247m +23% • Eight consecutive quarters of 20%+ +26.0% reported comparable growth +29.1% comparable • Continuing clear sector outperformance Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

% comparable growth Luxury industry % organic growth

REVENUE AND RECURRING OPERATING INCOME

In €m Recurring Recurring Recurring operating income operating income Revenue operating income reported change margin (%) (%)

Luxury 13,247 4,191 +44.8% 31.6%

Corporate & other 418 (247) -20.9% n.a

Kering 13,665 3,944 +46.6% 28.9%

12.02.2019 7 LUXURY ACTIVITIES

RECORD REVENUE AND PROFITABILITY 2018 REVENUE: +26.0% REPORTED, +29.1% COMPARABLE In €m X%: comparable change In €m +24% +10% 13,247 Reported +31% 2018 change

10,513 Revenue 13,247 +26.0%

-2% Recurring operating income 4,191 +44.8% Recurring operating income margin 31.6% +4.1pt

Gross CAPEX 610 +29.6% As % of revenue 4.6% +0.1pt 2017 restated FX Retail Wholesale Royalties 2018 and others

2018: EXCEPTIONAL GROWTH RECURRING OPERATING INCOME UP 45% • Fueled by retail (+31%) and across all regions • Strong operating leverage at , Saint Laurent • E-commerce up 71% and • FX impact negative in H1 (-7pt), neutral in H2 • repositioning underway • Investments to bolster our growth drivers

Q4: +23% ON TOP OF HIGH COMPS BEST-IN-CLASS OPERATING INCOME MARGIN: 31.6% • Retail +25%, double-digit growth in all regions • Significant increase: +4.1pt SELECTIVE CAPEX UNDER CONTROL

12.02.2019 8 GUCCI

EXCELLENT PERFORMANCE UNDERSCORING BRAND MOMENTUM 2018 REVENUE: +33.4% REPORTED, +36.9% COMPARABLE

In €m In €m Reported X%: comparable change 2018 change Retail (85% of sales): +38%

+31% +14% 8,285 Revenue 8,285 +33.4% +45% +30% +44% +36% +29% 6,211 Recurring operating income 3,275 +54.2% Recurring operating income margin 39.5% +5.3pt

2017 Western North Japan Asia RoW Wholesale Royalties 2018 Gross CAPEX 313 +25.8% Europe America Pacific and others As % of revenue 3.8% -0.2pt Q4 18 comparable +19% +29% +26% +42% +6% +21% +37% TOTAL growth +28%

2018: REVENUE TOPS €8BN RECURRING OPERATING INCOME UP 54% PASSES • Very strong growth on top of extremely high comps since THE €3BN MARK H2 2016 • Positive impact from higher gross margin (distribution mix, • Well-balanced performance across product categories and production organization, higher sell-through) clientele segments • Highly favorable operating leverage • Retail up 38% under particularly healthy conditions (stable • Ongoing investments to sustain momentum (stores, network, full-price sales, higher traffic and productivity); communications, CRM, digital) e-commerce up 70% RECORD OPERATING MARGIN AT 39.5% Q4: REVENUE UP 28% • Retail up 29%, wholesale up 21% TARGETED CAPEX • Further deployment of new store concept

12.02.2019 9 SAINT LAURENT

EXECUTION OF STRATEGY AND GROWTH TRAJECTORY 2018 REVENUE: +16.1% REPORTED, +18.7% COMPARABLE

In €m In €m Reported X%: comparable change 2018 change Retail (68% of sales): +19% +21% +10% 1,744 Revenue 1,744 +16.1% +21% +19% +27% +20% +11% 1,502 Recurring operating income 459 +21.9% Recurring operating income margin 26.3% +1.2pt

2017 Western North Japan Asia RoW Wholesale Royalties 2018 Gross CAPEX 89 +21.9% Europe America Pacific and others As % of revenue 5.1% +0.2pt Q4 18 comparable +20% +22% +18% +22% +30% +14% +14% TOTAL growth +19%

2018: SUSTAINED GROWTH ONGOING RECURRING OPERATING INCOME UP 22% • On very high comps after seven consecutive years of 20%+ • Critical mass provides room to combine operating leverage growth and further strategic investments • Retail up 19% on like-for-like and openings OPERATING MARGIN ABOVE 26% • Very favorable reception of Ready-to-Wear; strong appeal of accessories, in particular Leather Goods (carryover and • Solid and more gradual margin progression on mix of growth newness) (like-for-like/openings) • Wholesale up 21% CAPEX STEADY AROUND 5% OF REVENUE Q4 UP 19% • Store opening and renovation plans • Retail and e-commerce up 21% • Double-digit growth of wholesale

12.02.2019 10 BOTTEGA VENETA

TOWARDS A NEW PHASE OF GROWTH 2018 REVENUE: -5.7% REPORTED, -3.4% COMPARABLE

In €m In €m Reported X%: comparable change 2018 change Retail (82% of sales): -5% 1,176 Revenue 1,109 -5.7% +2% +3% +2% 1,109 -12% -1% -1% -3% Recurring operating income 242 -17.7% Recurring operating income margin 21.8% -3.2pt

2017 Western North Japan Asia RoW Wholesale Royalties 2018 Gross CAPEX 69 +34.5% Europe America Pacific and others As % of revenue 6.2% +1.9pt Q4 18 comparable -8% -9% 0% -3% +1% +2% +8% TOTAL growth -3%

2018: LOWER REVENUE REDUCED RECURRING OPERATING INCOME • Retail down 5% • Operating deleverage mitigated by cost control • Europe impacted by lower tourist spend; mixed performances • Targeted increase in investments to accompany brand in other regions, particularly Asia Pacific repositioning and strengthen product development capabilities • Reset of product offering initiated towards year end OPERATING MARGIN AT 21.8% Q4 DOWN 3% CAPEX FOCUSED ON NETWORK IMPROVEMENT • Retail down 4% • Selective store openings • Wholesale up 2% • Iconic projects, including new high-visibility flagships (Madison • Very encouraging reception of Daniel Lee’s initial Avenue, Ginza, Dubai Mall) and store renovations Spring/Summer pieces and Pre-Fall collection

12.02.2019 11 OTHER HOUSES

MAJOR GROWTH DRIVERS 2018 REVENUE: +29.8% REPORTED, +32.1% COMPARABLE

In €m In €m Reported X%: comparable change 2018 change +24% +4% 2,109 +44% 1,624 Revenue 2,109 +29.8%

Recurring operating income 215 +114.0% Recurring operating income margin 10.2% +4.0pt

Gross CAPEX 139 +42.1% As % of revenue 6.6% +0.5pt 2017 restated Retail Wholesale Royalties 2018 and others

2018 REVENUE EXCEEDS €2BN RECURRING OPERATING INCOME MORE THAN • Growth fueled by Couture & Leather Goods, led by Balenciaga DOUBLES and Alexander McQueen • Remarkable operating leverage at Balenciaga due to scale • Second consecutive year of growth in Watches, with promising • Ongoing development plans, notably at Alexander McQueen new initiatives; solid performance from Jewelry and • Retail now the main distribution channel OPERATING MARGIN ABOVE 10% Q4 REVENUE UP 25% CAPEX FOCUSED ON NETWORK EXPANSION • Sharp increases across all regions on top of high comps • Openings and retailization, notably at Balenciaga, Alexander • Balenciaga’s exceptional momentum continues McQueen and Boucheron • Alexander McQueen: sequential acceleration

12.02.2019 12 CORPORATE & OTHER

In €m In €m 2018 2017 495

418 27 Total recurring operating result (247) (204) 391 Underlying result (183) (170) -104 Corporate Long-term incentive plan (64) (34)

Gross CAPEX 218 134

2018 KEYE Royalties and 2018 KEYE Other revenue 2018 Total external sales intragroup consolidated sales Corporate eliminations and Other

KERING EYEWEAR: OUTSTANDING PERFORMANCE GOOD CONTROL OVER UNDERLYING RECURRING • Consolidated revenue of €391m, up 46% comparable OPERATING RESULT • Very strong growth of Gucci • Positive contribution from KEYE, up from 2017 • Cartier launch resounding success • Disciplined management of corporate costs (ex. LTI) in the context of ambitious transformation projects • Enthusiastic reception of initial Balenciaga and Montblanc collections (available early 2019) CAPEX: STRENGTHEN OUR GROWTH PLATFORM Q4: FURTHER ACCELERATION, UP 72% • Accelerated modernization of IT systems, expansion of Group COMPARABLE logistics capabilities, KEYE investments (logistics center) • Double-digit growth in all regions and distribution networks • Includes final installment of Safilo compensation, paid in 2018

12.02.2019 13 FINANCIAL PERFORMANCE

In €m 2018 2017* Revenue 13,665 10,816

Gross margin 10,198 7,916

Recurring operating income 3,944 2,691

Other non-recurring operating income and expenses (222) (164) Finance costs, net (207) (220) Income tax expense (868) (551) Share in earnings of equity-accounted companies 12 (4)

Net income from continuing operations 2,659 1,752 Net income from discontinued operations 1,095 1 113 1

Net income of consolidated companies 3,754 1,865 Mainly PUMA contribution: net Of which net income, Group share 3,715 1,786 income and net capital gain of Net income, Group share, from continuing 2,817 1,887 €1.18bn operations excluding non-recurring items

Net income, Group share, per share (in euro) 29.49 14.17 Net income per share from continuing operations, 22.36 14.97 Group share, excluding non-recurring items (in euro)

* PUMA, Volcom, Stella McCartney and Christopher Kane have been reclassified under discontinued operations, in accordance with IFRS 5. Reminder: PUMA IFRS 5 from January 1 to May 16, 2018 and Equity-accounted since May 16, 2018.

12.02.2019 14 FREE CASH FLOW FROM OPERATIONS

In €m 2018 2017*

Cash flow before taxes, dividends and interests 4,392 3,125 Change in working capital requirement (52) (36) Income tax paid (562) (316)

Net cash flow from operating activities 3,778 2,773

Acquisition of fixed operating assets (828) (605) Sale of fixed operating assets 5 38

Free cash flow from operations 2,955 2,206

* Restated data

12.02.2019 15 CHANGE IN NET FINANCIAL DEBT

2017-2018 CHANGE

IN €M AND NET DEBT / EBITDA RATIO

367 3,049

94 22 1,711 168 0.9x 780

187 0.4x

-2,955

Net debt at Restatement for Free cash Net interest paid and Dividend paid Purchase of Other acquisitions Other movements Net debt at Dec. 31, 2017 discontinued flow from dividend received Kering shares and disposals Dec. 31, 2018 operations as of operations Jan.1, 2018

12.02.2019 16 BALANCE SHEET AND OPERATING WORKING CAPITAL

In €m Dec. 31, 2018 Dec. 31, 2017 Operating Working Capital (in €m and as % of revenue) Intangible Assets 9,793 14,580 18.4% Tangible Assets 2,229 2,268 Other Non-current Assets (Liabilities) 654 (1,349) Total Non-current Assets 12,676 15,499

Operating Working Capital 2,518 2,825 Other Current Assets (Liabilities) (3,404) (2,275) Total Current Assets (Liabilities) (886) 550 Net Assets held for sale 350 - Provisions (367) (374)

Capital employed 11,773 15,675

Shareholders’ Equity 10,062 12,626 Net Debt 1,711 3,049

Debt-to-equity ratio Total Sources 11,773 15,675 17.0%

12.02.2019 17 IFRS 16 – LEASES

MAIN CHANGES IMPACT ON PERFORMANCE MEASUREMENTS

EBITDA, Recurring operating income, Operating income • Replaces IAS 17 as from January 1, 2019 First application of IFRS 16 in H1 2019 financial statements Finance costs Debt as accounted for in balance sheet and associated ratios • General principles Net cash from operating activities Henceforth, lease contracts* must be accounted for by lessees as follows: Net cash from financing activities

Affecting a number of KPIs used to effectively monitor operating performance

BALANCE SHEET P&L BEFORE AFTER BEFORE AFTER Opex Variable lease FIRST INDICATIONS Assets expense + rental charges Right-of-use • Fixed rent (capitalized): 45% of total rental expense (actualized value D&A Off-balance sheet of fixed rents) Rental expenses right-of-use • Variable rent (still in Opex): commitments 55% of total rental expense in Opex amortization (non actualized) • Application of the modified retrospective approach as of Jan. 1, Liabilities Net finance costs 2019 (note 2.2.4 to the consolidated financial statements) Associated lease Interest expense liability relating to lease liability • Estimated impact on debt of around €3.7bn**

• Publication of Alternative Performance Measures to enable better readability of financial statements

* Excluding leases with initial term of one year or less or leases with a low-value ** based on current stage of contracts review underlying asset

12.02.2019 18 OUR MODEL

FRANÇOIS-HENRI PINAULT CHAIRMAN & CEO A UNIQUE GROWTH & PERFORMANCE MODEL

Strengthen our Organic growth competitive advantages & value creation

LONG TERM FINANCIAL PERFORMANCE

Creative, responsible, nimble, innovative, Growth platform quality of execution

12.02.2019 20 ACHIEVE OUR VALUE CREATION POTENTIAL GUCCI – MEDIUM-TERM LEVERS & AMBITIONS

MERCHANDISING RETAIL METRICS DISTRIBUTION

Newness Sales / sq.m. (€) 30% Carryover % of 70% FY18 40k+ Prior +84 New sales concept concept > 30k in 2018 W&J 56% 44% 4% c.20k Other 7% Leather 2018 Goods % of 57% # DOS YE 2018 : 540 18% FY18 YE 15 YE 17 YE 18 sales E-commerce 70% growth in 2018 RTW TRAFFIC 14% c.6% retail sales CONVERSION Strong double-digit growth in all Openings in untapped countries product categories RETENTION and increased penetration

Sales / sq.m.(€) # DOS stable • Maintaining content c.50k Selective buybacks and store in new introductions enlargement c.45k • Support to existing pillars Travel Retail opportunities • Maximize the efficiency of the 2019 & (organic growth, buybacks, product assortment BEYOND Ambition Best-in-class new openings) • Development in High Jewelry 10% of sales in medium term TRAFFIC • Further potential in Fragrance E-commerce and Cosmetics CONVERSION €1bn sales in medium term RETENTION

12.02.2019 21 ACHIEVE OUR VALUE CREATION POTENTIAL GUCCI – MEDIUM-TERM LEVERS & AMBITIONS

CLIENT METRICS DIGITAL LEADERSHIP SUPPLY CHAIN 62% of sales with Millennials

Growth from all age groups and all nationalities 55% Ongoing Other of media allocated to digital 6% internalization 2018 Other Asian Chinese 19% 35% gucci.com 367.5m visits (own factories + supervised % of 57+ million social media followers production) Japanese FY18 6% sales

European American 12% 22%

CRM, clienteling tools and initiatives >60% Adaptation to higher volumes of media spend allocated to digital in 2019 & Customer Hub across channels 2019 / MT Reduction of lead time BEYOND Launch in EMEA end 2018, Native digital Better control over quality US live mid 2019, content and value chain full rollout 2020

COHERENT AND SUSTAINABLE DEVELOPMENT REVENUE €10BN / EBIT MARGIN 40%+ MEDIUM TERM

12.02.2019 22 ACHIEVE OUR VALUE CREATION POTENTIAL SAINT LAURENT – MAINTAINING MOMENTUM

PRODUCT OFFERING AND MERCHANDISING

ONGOING WORK ON • Iconic, essentially Parisian Ready- to-Wear fueling desirability BALANCE ACROSS CATEGORIES • Driving Leather Goods and Shoes

LIKE-FOR-LIKE GROWTH

CONTINUING • New tools and initiatives deployed to enhance client engagement IMPROVEMENT IN SALES DENSITY • Unique client experience

NETWORK EXPANSION

• Openings, notably in EMEA, North America and Greater China, travel 219 DOS AT 2018 YE retail opportunities

• Relocations

COMMUNICATIONS AND IMAGE • Significant investments in and around LEVERAGE BRAND fashion shows, key drivers of brand image TERRITORY & NARRATIVE • Unique aesthetic interpreted across all supports, with growing digital presence

IN LINE WITH MT/LT AMBITIONS PRESENTED IN 2017 REVENUE €2BN THEN €3BN / EBIT MARGIN 25%, THEN 27%

12.02.2019 23 ACHIEVE OUR VALUE CREATION POTENTIAL REPOSITIONING BOTTEGA VENETA

PRODUCT OFFERING AND MERCHANDISING

ESTABLISHED • Reinvention of Ready-to-Wear LEGITIMACY IN ACCESSORIES • Renewed Leather Goods offering

DISTRIBUTION

• Relocations, enlargements, 279 DOS AT 2018 YE new flagships

CLIENTS

LOYAL CLIENTELE, • Expansion of client base MODEST ACQUISITION (nationalities, demographics) RATIO

COMMUNICATION

IMPACT AND BRAND • Strengthened communications, AWARENESS STILL new messaging, expanded digital RESTRICTED presence

NEXT STEPS FEBRUARY 2019: F/W FASHION SHOW – LATE Q 2 2019: FALL COLLECTION IN STORES

12.02.2019 24 ACHIEVE OUR VALUE CREATION POTENTIAL OTHER HOUSES

COUTURE & LEATHER GOODS

• Build on the Houses’ creative codes and their distinctive RTW positioning to grow the other categories, and transform them into global brands • Expansion of store networks − Balenciaga: 156 DOS at 2018 YE (+35), flagship opening in via Montenapoleone and buybacks (U.A.E., China, Thaïland, Malaysia, Australia) − AMQ: 63 DOS at 2018 YE (+7), London Old Bond Street flagship open • Sharp growth in 2018 and ambitious expansion plans • Balenciaga, 4th Group brand, to pass €1bn mark in 2019 • AMQ target: doubling retail network in medium term

JEWELRY

• Investment plan underway to reinforce the notoriety and presence of the brand

• Jewelry / High Jewelry collections emphasizing bold creative inspiration

• Spectacular renovation of Hôtel de Nocé, place Vendôme, reopening of flagship in December

• Target openings in Asia in 2018 and beyond, renovation of existing network

12.02.2019 25 POWERFUL CULTURE UNITING AN ENSEMBLE OF COMPLEMENTARY HOUSES

PURSUE GROWTH INVEST IN DEVELOPMENT • Ensure gradual normalization of growth • Levers: untapped markets, expanded trajectory distribution networks, broadened product offering • Progressive elevation of operating margin • Opex & Capex investments • Substantial FCF generation, normative Capex level ENTREPRENEURIAL • Significant potential to raise margins in short / CULTURE medium term - • Future growth drivers SUSTAINABLE DEVELOPMENT - TALENT

TRANSFORM AND RELAUNCH STRENGTHEN AND MONITOR • New Creative Directors • Precision watchmaking product positioning • In-depth work on positioning, product offering, • Offering and distribution enhancement distribution network, supply chain underway • Investments required in the short term • Implementation of cost synergies • Significant operating leverage in medium term • Gradual recovery of profitability ongoing

12.02.2019 26 TRANSFORMATION & GROWTH PLATFORM

JEAN-FRANÇOIS PALUS GROUP MANAGING DIRECTOR TRANSFORM TO STRENGTHEN OUR COMPETITIVE ADVANTAGES

Anticipate and adapt to evolutions in our business, Client-centric strategy markets, clients and Houses

IN-STORE DATA, CRM EXPERIENCE & AI

AMBITIONS CHALLENGES AND MEANS SUPPLY CHAIN & LOGISTICS INNOVATION CLIENT

Transform SOCIAL CLIENT SERVICE and personalize Boost top-line momentum, COMMERCE client relationship raise profitability, E-COMMERCE reduce working capital & OMNICHANNEL Develop new expertise CRM & AI factory, Innovation cell

Adapt logistics capabilities Improve operating efficiency Modernize IT systems

12.02.2019 28 E-COMMERCE VALUE CHAIN INTERNALIZATION

GOALS MEANS BENEFITS

• Take full control of client • New technological e-commerce • 360° vision of client and client experience, online and offline platform journey

• Exceed client expectations • New integrated logistics setup • New omnichannel capabilities, improved client service • of client service and • Implement full Integration Larger product assortment, improved omnichannel relationship with media agencies availability, shorter delivery time strategy and deploy new functionalities • Internalization of back-office • Increased financial contribution functions from e-commerce • Improve financial profile of e-commerce activities − Higher revenue, gradual absorption of cost • Creation of e-commerce center of base, inventory optimization excellence − End of profit sharing, neutral impact from 2021, then accretive • 2018-20 Opex and Capex ramp up • Exit venture at expiration date SCOPE AND TIMELINE : Zero impact on debt and earnings

2018 2019 H1 2020 Decision and overall design of project Technical and operational implementation, Launch start of migration

12.02.2019 29 CLIENT AT THE HEART OF DIGITAL ECOSYSTEM

IN ON REMOTELY STORE LINE

EVENING

Saint Laurent Spring Summer View thisemail in yourbrowser

Saint Laurent Evening

LUCE LUMIÈRE KERING SIGNATURE Deployment of application for Sales • Use data to boost relevance and – CLIENT SERVICE Associates personalization of communications • Take expertise in-house to provide • Personalize client relationship • Adapt our strategy to the specifics of clients with tailor-made services at each step of their journey • Increase efficiency of SAs various digital platforms, notably in • Improve client engagement China • Significantly improve performance • Reach 100% of DOS by end of H1 • Raise conversion rate • In time, provide coverage through five 2019 at Gucci, YSL, BV and AMQ regional hubs • Increase of average ticket

12.02.2019 30 DEVELOPMENT OF NEW EXPERTISE

• Artificial Intelligence as additional performance lever • Deployment of a team of data scientists, first pilots launched in 2019 AI FACTORY • Projects underway: − Target high-potential customers − Optimize sell through − Reduce inventory shortages

• Creation of Group CRM center of excellence

• Support CRM initiatives of our brands and raise their CRM FACTORY efficiency • Create and implement new customer journeys to generate incremental sales

• Business models

• Client experience INNOVATION CELL • New innovative materials

• Technologies

12.02.2019 31 ADAPT OUR LOGISTICS INFRASTRUCTURE

OPERATING LOGISTIC LOGISTIC MODELS SYSTEMS TOOLS

Adapt to growth of activity

Reduce lead time – Improve service

Develop omnichannel functions – Optimize inventory

Optimize return logistics

Take better advantage of Free Trade Agreements

Reduce unit logistical costs

12.02.2019 32 MODERNIZATION OF INFORMATION SYSTEMS

SALES & CLIENTS ERP Lumière Luce

Data Analytics INTELLIGENCE BUSINESS Point of Sales SUPPLY CHAIN Sales & Operations Planning Allocation & Replenishment E-COMMERCE INTERNALIZATION Front-end platform Order Management System MASTER DATA MANAGEMENT HR New collaborative tools DISTRIBUTION

FINANCE

12.02.2019 33 MAINTAIN STEADY, SUSTAINABLE GROWTH MOMENTUM

• Attractive brands, desirable • Increase productivity of products stores and systems

• Organic growth • Continuous adaptation of organizations • Ongoing market share gains • Cost control • Leverage potential of our Houses according to their maturity level • Invest for growth: products, client experience, talents,…

SUSTAIN …PROFITABLE LONG-TERM… GROWTH

BALANCED STRONG CAPITAL CASH FLOW ALLOCATION GENERATION

• Manage brand portfolio • Raise margins • Straightforward shareholder return policy • Optimize Working Capital

• Debt reduction • Pursue Group investments

• Room to seize opportunities • Improve ROCE

12.02.2019 34 DIVIDEND UP 75%

DIVIDEND PER SHARE (in €) +75%

10.50

6.00 4.60 3.75 4.00 4.00

2013 2014 2015 2016 2017 2018 Proposed to April 24, 2019 AGM €3.5 per share interim dividend paid on January 17, 2019 €7.0 per share balance to be paid on May 6, 2019

DIVIDEND PAYOUT (in %) in % of recurring net income, Group share in % of available cash flow

102.2%

64.0% 59.4% 57.1% 49.6% 45.3% 40.1% 47.0% 47.8% 38.4% 42.9% 37.3%

2013* 2014 2015 2016 2017* 2018

* Restated data

12.02.2019 35 Q&A Appendix REVENUE

Reported change

in €m 2018 2017* €m %

Gucci 8,284.9 6,211.2 2,073.7 +33.4% Saint Laurent 1,743.5 1,501.4 242.1 +16.1% Bottega Veneta 1,109.1 1,176.3 (67.2) -5.7% Other Houses 2,109.2 1,624.4 484.8 +29.8%

Luxury – Total Houses 13,246.7 10,513.3 2,733.4 +26.0%

Corporate & Other 418.5 302.6 115.9 +38.3%

Kering 13,665.2 10,815.9 2,849.3 +26.3%

* Restated data

12.02.2019 39 LUXURY ACTIVITIES

2018 REVENUE €13,247m +26.0% REPORTED, +29.1% COMPARABLE

Revenue breakdown by region y-o-y change

in €m % comparable % reported RoW Western Europe 6% 33%

Q1 18 2,998 +36.9% +27.6% Asia Pacific Q2 18 3,211 +31.3% +26.2% 32% Q3 18 3,318 +27.1% +27.2% Japan Q4 18 3,720 +23.3% +23.5% 9% North America 20%

NUMBER OF DIRECTLY OPERATED STORES

YE 2017 restated: 1,335 YE 2018: 1,439

606 533

350 362 251 210 220 242

Western Europe North America Japan Emerging markets

12.02.2019 40 GUCCI

2018 REVENUE €8,285m +33.4% REPORTED, +36.9% COMPARABLE

Revenue breakdown by region y-o-y change

in €m % comparable % reported RoW Western Europe 6% 29%

Q1 18 1,867 +48.7% +37.9% Asia Pacific Q2 18 1,986 +40.1% +34.3% 36% Q3 18 2,096 +35.1% +34.9% Japan Q4 18 2,336 +28.1% +28.0% 8% North America 21%

NUMBER OF DIRECTLY OPERATED STORES

YE 2017: 529 YE 2018: 540

222 229

116 116 119 115 72 80

Western Europe North America Japan Emerging markets

12.02.2019 41 SAINT LAURENT

2018 REVENUE €1,744m +16.1% REPORTED, +18.7% COMPARABLE

Revenue breakdown by region y-o-y change

in €m % comparable % reported RoW Western Europe 6% 35%

Q1 18 408 +19.6% +12.0% Asia Pacific Q2 18 400 +19.8% +15.5% 28% Q3 18 447 +16.1% +16.5% Q4 18 488 +19.4% +20.0% Japan North America 8% 23%

NUMBER OF DIRECTLY OPERATED STORES

YE 2017: 184 YE 2018: 219 99 78

54 47 29 34 30 32

Western Europe North America Japan Emerging markets

12.02.2019 42 BOTTEGA VENETA

2018 REVENUE €1,109m -5.7% REPORTED, -3.4% COMPARABLE

Revenue breakdown by region y-o-y change

in €m % comparable % reported RoW Western Europe 6% 28%

Q1 18 261 +0.7% -6.8% Asia Pacific Q2 18 291 -2.3% -6.1% 39% Q3 18 259 -8.4% -7.8% Japan Q4 18 298 -3.2% -2.4% North America 16% 11%

NUMBER OF DIRECTLY OPERATED STORES

YE 2017: 270 YE 2018: 279

120 125

61 62 59 59

30 33

Western Europe North America Japan Emerging markets

12.02.2019 43 OTHER HOUSES

2018 REVENUE €2,109m +29.8% REPORTED, +32.1% COMPARABLE

Revenue breakdown by region y-o-y change

in €m % comparable % reported RoW Western Europe 9% 46%

Q1 18 +38.6% +31.6% 462 Asia Pacific Q2 18 534 +34.7% +30.6% 21% Q3 18 516 +32.2% +32.2% Japan North America Q4 18 597 +25.5% +26.0% 9% 15%

NUMBER OF DIRECTLY OPERATED STORES

YE 2017 restated: 352 YE 2018: 401

153 126 130 113 81 80

32 38

Western Europe North America Japan Emerging markets

12.02.2019 44 RECURRING OPERATING INCOME

Reported change

in €m 2018 2017* €m %

Gucci 3,275.2 2,124.1 1,151.1 +54.2% Saint Laurent 459.4 376.9 82.5 +21.9% Bottega Veneta 242.0 294.0 (52.0) -17.7% Other Houses 214.4 100.2 114.2 +114.0%

Luxe – Total Houses 4,191.0 2,895.2 1,295.8 +44.8%

Corporate & Other (247.2) (204.5) (42.7) -20.9%

Kering 3,943.8 2,690.7 1,253.1 +46.6%

* Restated data

12.02.2019 45 EBITDA

Reported change

in €m 2018 2017* €m %

Gucci 3,514.6 2,331.0 1,183.6 +50.8% Saint Laurent 502.8 422.1 80.7 +19.1% Bottega Veneta 284.3 337.3 (53.0) -15.7% Other Houses 296.8 161.2 135.6 +84.1%

Luxe – Total Houses 4,598.5 3,251.6 1,346.9 +41.4%

Corporate & Other (162.8) (128.8) (34.0) -26.4%

Kering 4,435.7 3,122.8 1,312.9 +42.0%

* Restated data

12.02.2019 46 NET FINANCIAL COSTS AND INCOME TAX

in €m 2018 2017*

Cost of net debt (77) (110) Other financial income and expenses (130) (110)

Financial costs (net) (207) (220)

in €m 2018 2017*

Tax on recurring income (904) (557) Tax on non-recurring items 36 6

Total tax charge (868) (551)

Effective tax rate 24.7% 23.9%

Tax rate on recurring income 24.2% 22.6%

* Restated data

12.02.2019 47 STEADY SHAREHOLDER RETURN

SHARE REPURCHASE PROGRAM Up to 1% of outstanding share capital 0.3% repurchased at YE 2018

EXCEPTIONAL DISTRIBUTION IN KIND of PUMA shares 2013-18: ≈ €36 per share +23% average p.a. as of May 16, 2018

DIVIDEND GROWTH LINKED TO GROUP PERFORMANCE

Payout target of 50%*

SUSTAINED GROWTH AND FINANCIAL PERFORMANCE

*Target of 50% on average of recurring net income, Group share and available cash flow

12.02.2019 48 Gucci • Saint Laurent • Bottega Veneta • Balenciaga • Alexander McQueen • Boucheron • • Dodo • • • Girard-Perregaux Kering Eyewear