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

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2 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 April 1st, 2015 which is available on Kering s website at may cause actual figures to differ materially from projected figures: any unfavourable development affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by the Luxury Goods and Sport & Lifestyle 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 2015 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. READERS ARE ADVISED TO REVIEW THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION

3 FRANÇOIS-HENRI PINAULT CHAIRMAN AND CEO

4 ANALYSIS OF RESULTS JEAN-MARC DUPLAIX G R O U P C H I E F F I N A N C I A L O F F I C E R

5 2015 OPERATING PERFORMANCE GROUP REVENUE DYNAMICS GROUP REVENUE BREAKDOWN Change in % FY 13 FY 14 FY 15 By region, and comparable growth in % 15.4% RoW 10% (+3%) Western Europe 31% (+10%) 4.0% 4.5% 4.6% 4.0% Asia Pacific 26% (-1%) FY15 revenue 11.6bn 0.1% Comparable growth * Reported growth Japan 10% (+9%) North America 23% (+3%) TRENDS BY ACTIVITY DISSIMILAR QUARTERS Comparable growth in % Comparable growth in % 3.5% 5.6% 4.6% 2.8% 5.3% 4.1% 5.3% 6.4% 5.9% 9.8% 7.7% 8.0% 8.0% 7.2% 7.1% 3.1% 3.1% 3.7% 3.4% Group Luxury Sport & Lifestyle * : at constant scope and exchange rates H1 15 H2 15 FY % -2.6% Group Luxury Sport & Lifestyle Q1 15 Q2 15 Q3 15 Q

6 2015 OPERATING PERFORMANCE GROUP RECURRING OPERATING INCOME In m, change and recurring operating margin in % GROUP EBITDA In m, change and EBITDA margin in % 1, % -1% +27 1,647 +3% 1, % % 2, % 14.2% 17.8% 19.8% 2014 H1 change H2 change H1 change H2 change 2015 Real estate disposal impact 326 FREE CASH FLOW FROM OPERATIONS In m H1 14 H1 15 H2 14 H2 15 FY 14 FY

7 LUXURY ACTIVITIES X%: comparable growth 2015 revenue: +16.4% reported; +4.1% comparable Solid operating performance 6, % +2% +7% -3% 0% 7,865 In m 2015 Reported change Revenue 7, % Recurring operating income Recurring operating income margin 1, % +2.5% -2.9pt EBITDA EBITDA margin 2, % +5.5% Gross CAPEX % 2014 FX impact Scope Retail Wholesale Royalties and others 2015 Full Year revenue up 16% reported Boosted by FX Driven by good retail momentum (+7%), notably in Western Europe and Japan Comparable revenue up 7% in Q4 (+16% reported) Sharp rise in retail, up 9%, with mature countries up 12% and emerging markets up 4% Wholesale turns positive, up 4% Higher EBITDA and recurring operating income First-Half resilience Recurring operating income up 5% in H2, reflecting: - Stability at Gucci & Bottega Veneta - Sharp rise at Saint Laurent - Contained drop at Other Brands Lower margin dilution in H2 Ongoing CAPEX selectivity 5.0% of revenue vs. 5.5% in

8 DETAILED PERFORMANCES OF LUXURY BRANDS GUCCI r e v e n u e : % c o m p a r a bl e BOTTEGA VENETA r e v e n u e : % c o m p a r a bl e In m 2015 Reported change In m 2015 Reported change Revenue 3, % Revenue 1, % Recurring operating income Recurring operating income margin 1, % -2.2% -3.7pt Recurring operating income Recurring operating income margin % +4.8% -2.5pt Q4 Revenue: 1,100m y-o-y change: % reported, +4.8% comparable Q4 Revenue: 333m y-o-y change: + 4.3% reported, -3.1% comparable SAINT LAURENT r e v e n u e : % c o m p a r a bl e OTHER LUXURY BRANDS r e v e n u e : % c o m p a r a bl e In m 2015 Reported change In m 2015 Reported change Revenue % Revenue 1, % Recurring operating income Recurring operating income margin % +60.3% +2.4pt Recurring operating income Recurring operating income margin % -9.9% -2.5pt Q4 Revenue: 287m y-o-y change: % reported, +27.4% comparable Q4 Revenue: 495m y-o-y change: % reported, +10.6% comparable

9 SPORT & LIFESTYLE ACTIVITIES 2015 revenue: +13.5% reported; +5.9% comparable Confirmed growth trajectory X%: comparable growth 3,245 +3% +6% -1% +12% +9% 3,683 In m 2015 Reported change Revenue 3, % Recurring operating income Recurring operating income margin EBITDA EBITDA margin % % -31.1% -1.6pt -15.8% Gross CAPEX % 2014 Western Europe North America Japan Asia Pacific RoW 2015 Division benefiting from acceleration at Puma Puma comparable growth rate doubled vs Reflecting success of repositioning and new products, notably Footwear (+10% comparable) and solid Apparel performance (+6%) Balanced growth across regions, sharp rebound in Europe Strong Q4 (+12% comparable) and solid order book trends Puma growth investments affecting operating performance Currency fluctuations weighing on margins Milder operating margin drop in H2: -70bp vs. -260bp in H1 Contained growth of CAPEX Puma store openings: focus on emerging markets Other brands still impacted by unfavorable Action Sports market environment

10 FINANCIAL PERFORMANCE In m Revenue 11,584 10,038 Gross Margin 7,074 6,296 Recurring operating income 1,647 1,664 Other non-recurring operating income and expenses Net financial charges Corporate income tax Share in earnings of associates Net result from discontinued operations (394) (249) (322) (2) 41 (112) (197) (326) (1) (479) Consolidated net income Of which net income, Group share Net income, Group share, from continuing operations excluding non-recurring items 1,017 1,177 Net income, Group share, per share (in euro) Net income per share from continuing operations, Group share, excluding nonrecurring items (in euro)

11 FREE CASH FLOW FROM OPERATIONS CHANGE In m , Change from operations (Luxury, Sport, Corporate) Change from exceptional real estate operations Hedging impact Eyewear early termination payment

12 CHANGE IN NET FINANCIAL DEBT BRIDGE In m and net debt / EBITDA ratio 4, , , x 2.2x 2.3x Net debt at December 31, 2014 Free cash flow from operations Net interest paid and dividend received Dividend paid Purchase of Kering shares and financial investments Discontinued activities Translation impact foreign currency denominated debt Net debt at December 31,

13 2015 BALANCE SHEET HEALTHY FINANCIAL STRUCTURE CONDENSED BALANCE SHEET LIQUIDITY OVERVIEW (in m) 23.8bn 11.6bn Equity 1,770 Non-current assets 18.5bn 3.1bn 3.3bn Non-current liabilities Current liabilities Current assets 4.2bn 5.8bn Gross debt Cash 1.1bn Assets Actif Liabilities Passif 2016* 2017** 2018** 2019** 2020** au-delà** Beyond** Equity: 49% of total balance sheet Debt-to-equity ratio: 41% Average maturity lengthened Further reduction in cost of financing in 2015 * Gross debt minus cash & cash equivalents ** Gross debt

14 UNCHANGED DIVIDEND DIVIDEND PER SHARE (in ) * DIVIDEND PAYOUT (in %) 102.2% 41.8% 59.8% 61.6% 64.0% 37.3% 38.5% 42.9% 59.4% 49.6% 2011** 2012** 2013** * % du of RNPG recurring poursuivi net income, courant group share % du of cash available flow cash disponible flow * Subject to 29 April, 2016 AGM approval. Interim payment of 1.50 paid on January 25, 2016 ** Published not restated

15 STRATEGY AND OUTLOOK FRANÇOIS-HENRI PINAULT C H A I R M A N A N D C E O

16 OUR STRATEGIC VISION: FOUR PILLARS 1 MULTIBRAND MODEL 2 ORGANIC GROWTH 3 VALUE CREATION BY GROUP AND BRANDS Balanced portfolio: - of complementary brands - built through acquisitions and developed through organic growth Business model and management aimed at leveraging: - differentiated cycles and degrees of maturity - growth dynamics specific to each brand Foundation: Secular growth of our markets Capital: Attractiveness of our brands Growth lever: Same-store performance Accelerator: Online presence Edge provided by integrated, specialized group (industrial operations, logistics, real estate,licensing...) Optimization of organizations and processes Growth in Free Cash Flow from operations Improving return on invested capital 4 SUSTAINABILITY Social responsibility (Women in the workplace, gender parity ) Environmental responsibility (ep&l, sourcing, industrial operations ) Creativity and leadership

17 OUR STRATEGIC VISION: FOUR PILLARS 1 MULTIBRAND MODEL PHASE I CONSTRUCTION Balanced portfolio: SOFT LUXURY HARD LUXURY SPORT&LIFESTYLE - of complementary brands - built through acquisitions and developed through organic growth Business model and management aimed at leveraging: Flagship brand Pillar brands Gucci BV YSL Balenciaga Jewelry Boucheron Pomellato Dodo Qeelin Generalist Puma - differentiated cycles and degrees of maturity - growth dynamics specific to each brand Emerging brands AMQ SMC Brioni CK Watches Ulysse Nardin Girard-Perregaux Specialist Volcom PHASE II ORGANIC GROWTH Nurture and magnify the growth potential of each brand Clear, coherent positioning Focused or streamlined product offerings Organization in place, multiple synergies Supply chain undergoing optimization Ongoing adaptation of DOS network Ability to grow in changing environment

18 OUR STRATEGIC VISION: FOUR PILLARS 2 ORGANIC GROWTH CAPITAL LEVER ACCELERATOR BRAND ATTRACTIVENESS SAME-STORE PERFORMANCE ONLINE PRESENCE Creation: energy, audacity Products: quality, innovation, collections Customer experience & service: distinctiveness Communications: coherence, visibility Develop productivity and sales density Optimize in-store product allocations Extensive transversal retail excellence program Enhanced CRM & clienteling Constantly review and upgrade store locations Store opening criteria, selectivity & arbitrage A fundamental vector to build, disseminate & maintain image of our brands Further develop channel & functionalities to offer seamless, high-end service to current and future clients

19 STRATEGY AND OUTLOOK JEAN-FRANÇOIS PALUS G R O U P M A N A G I N G D I R E C T O R

20 GUCCI UPDATE: REJUVENATION ON TRACK P R O D U C T P O S I T I O N I N G B R A N D P E R C E P T I O N B R A N D E X P E R I E N C E Simplified offering High-impact product identity Reinvented merchandising Gradual renovation according to product categories New, energetic creative vision Contemporary design Revisited communications Enhanced desirability New online presence, coherent & integrated Deployment of new store concept & window displays Focus on retail excellence & clienteling Adaptation of DOS network

21 GUCCI UPDATE: REJUVENATION ON TRACK STREAMLINED OFFERING (# SKUs, Leather Goods, Shoes, RTW, index 100) EXPANDED CLIENT BASE FASHION AUTHORITY RESTORED -60% -21% -32% Local clientele returning in our stores: France, Italy, Germany, UK New, younger clients Regained sales momentum: RTW, Shoes Improving traffic trends Carryover Newness Total Spring/Summer 2015 Fall/Winter 2015 Cruise 2016 SWIFT EXECUTION 34 stores converted to new concept in 2015 ca.60 additional overhauls scheduled for 2016 Launch of new website in North America with favorable impact on customer conversion Europe & Asia roll-out in 2016 INSTANT RECOGNITION Enthusiastic reception from media, professionals & influencers Alessandro Michele named International Designer of the Year by British Fashion Council

22 CONCLUSION AND OUTLOOK OUR STRATEGIC VISION: FOUR PILLARS 3 VALUE CREATION Focus on organic growth R E V E N U E Slower network expansion Optimization of geo-pricing OPERATIONS CAPITAL EMPLOYED R E T U R N W O R K I N G C A P I T A L Higher store productivity Supply Chain Management Adaptation of organizations New planning & inventory management tools Focus on W orking Capital optimization Enhanced CAPEX allocation I m p r o v e d r e t u r n o n i n v e s t e d c a p i t a l & g e n e r a t i o n o f f r e e c a s h f l o w f r o m o p e r a t i o n s C A P E X Reduction of store development costs Lower investments in exceptional real estate projects USE OF CASH M & A a n d F I N A N C I A L S T R U C T U R E No major acquisitions in 2016 Dividend a priority Gradual deleveraging N e t d e b t r e d u c t i o n

23 Q&A

24 2015 ANNUAL RESULTS A P P E N D I C E S

25 2015 REVENUE Change In m, continuing operations m % Gucci Bottega Veneta Saint Laurent Other brands 3, , , , , , % +13.7% +37.7% +20.0% Luxury 7, , , % Puma 3, , % Other brands % Sport & Lifestyle 3, , % Corporate & Others % Kering 11, , , %

26 LUXURY ACTIVITIES 2015 revenue: 7,865m +16.4% reported; +4.1% comparable Revenue breakdown by region Revenue Q1 15 y-o-y change In m % comparable % reported 1, % +10.9% Asia Pacific 30% RoW 7% Western Europe 33% Q2 15 2, % +24.6% Q3 15 Q4 15 1,889 2, % +7.2% +14.0% +16.0% Japan 10% North America 20% Number of directly operated stores Western Europe North America Japan Emerging markets Year end 2014: 1,186 Year end 2015: 1,

27 GUCCI X%: comparable growth 3, % Retail (82% of sales): +3% -6% +1% +9% 2015 revenue: +11.5% reported; +0.4% comparable Growth momentum gaining traction +12% -10% -12% 3,898 In m 2015 Reported change Revenue 3, % Recurring operating income Recurring operating income margin 1, % -2.2% -3.7pt EBITDA EBITDA margin 1, % +0.6% Gross CAPEX % 2014 Western Europe North America Japan Asia Pacific RoW Wholesale Royalties and others : back to comparable revenue growth Retail up 3% Offsetting lower wholesale (-10%), due to deliberate reduction in number of doors Acceleration of comparable growth in Q4, up 5% Driven by retail (+6%), in mature countries (+8%) & emerging markets (+3%) Wholesale turns positive (+4%) Enthusiastic response to new collections, accounting for slightly over 30% of revenues Limited drop in recurring operating income and margin Contained dilution in H2 Despite ongoing negative impact of combined FX/hedging Targeted CAPEX More than 30 stores converted to new concept in 2015, as announced Confirming slowdown in pace of new openings, and further optimization of DOS network

28 GUCCI 2015 revenue: 3,898m +11.5% reported; 0.4% comparable Revenue breakdown by region Revenue Q1 15 y-o-y change In m % comparable % reported % +3.7% Asia Pacific 35% RoW 7% Western Europe 26% Q2 15 1, % +19.9% Q3 15 Q , % +4.8% +8.6% +13.4% Japan 10% North America 22% Number of directly operated stores Western Europe North America Japan Emerging markets Year end 2014: 505 Year end 2015:

29 BOTTEGA VENETA X%: comparable growth +31% Retail (81% of sales): +4% -8% +10% 2015 revenue: +13.7% reported; +3.2% comparable Performance remains solid, with contrasts across regions -9% > x2 +1% +21% 1,286 In m 2015 Reported change Revenue 1, % 1,131 Recurring operating income Recurring operating income margin % +4.8% -2.5pt EBITDA EBITDA margin % +6.4% Gross CAPEX % 2014 Western Europe North America Japan Asia Pacific RoW Wholesale Royalties and others 2015 Full-year revenue growth moderating, with sharp differences across regions and quarters In Western Europe & Japan, brand benefited in Q2/Q3 from considerable tourism flows, slower in Q4 In North America, trends impacted by lower tourist purchases due to stronger USD; in Asia Pacific pricing differential & deteriorating conditions in HK & Macau weighed on performance Q4 revenue down 3% Recurring operating income up and significant profitability, despite: Less favorable geographic mix & negative hedging impact Continued brand investments CAPEX still below 4% of revenue Selective store openings Gradual arbitrage to optimize network and adapt selling areas to expanding product range

30 BOTTEGA VENETA 2015 revenue: 1,286m +13.7% reported; +3.2% comparable Revenue breakdown by region Revenue y-o-y change In m % comparable % reported RoW 4% Western Europe 30% Q1 15 Q % +9.3% +15.6% +23.5% Asia Pacific 38% Q3 15 Q % -3.1% +13.2% +4.3% Japan 15% North America 13% Number of directly operated stores Western Europe North America Japan Emerging markets Year end 2014: 236 Year end 2015:

31 SAINT LAURENT X%: comparable growth % Retail (64% of sales): +29% +20% +24% +60% 2015 revenue: +37.7% reported; +25.8% comparable Outstanding performances +5% +21% +19% 974 In m 2015 Reported change Revenue % Recurring operating income Recurring operating income margin % +60.3% +2.4pt EBITDA EBITDA margin % +58.8% Gross CAPEX % 2014 Western Europe North America Japan Asia Pacific RoW Wholesale Royalties and others 2015 Revenue growth remains exceptional ( CAGR: +29%), bringing the sales closer to billion euro mark Growth consistent across all key regions, sales channels, and product categories, reflecting enthousiasm for the brand and coherent positioning Growth confirmed in Q4 (+27%) Retail sales up more than 30%, wholesale up 25% Double-digit growth in Leather Goods, RTW and Shoes Sharp increase in recurring operating margin, at 17.3% Excellent gross margin momentum, offsetting negative impact of hedging Operational leverage Reasonable CAPEX growth CAPEX 6.5% of revenue, reflecting controlled brand expansion with strengthened presence in Japan (Omotesando flagship) and Latin America; continued store renovation program

32 SAINT LAURENT 2015 revenue: 974m +37.7% reported; +25.8% comparable Revenue breakdown by region Revenue y-o-y change RoW 7% Q1 15 Q2 15 In m % comparable % reported % +33.8% % +42.5% Asia Pacific 22% Western Europe 39% Q3 15 Q % +27.4% +36.9% +37.4% Japan 8% Number of directly operated stores North America 24% Western Europe North America Japan Emerging markets Year end 2014: 128 Year end 2015:

33 OTHER LUXURY BRANDS X%: comparable growth 2015 revenue: +20.0% reported; +3.1% comparable Very positive trends in Couture and in Jewelry 1,424 +7% +9% +16% -5% +1% 1,708 In m 2015 Reported change Revenue 1, % Recurring operating income Recurring operating income margin % -9.9% -2.5pt EBITDA EBITDA margin % -1.3% Gross CAPEX % 2014 FX impact Scope Retail Wholesale Royalties and others 2015 In 2015, comparable revenue growth driven by Couture & Jewelry Double-digit retail increases at Couture & Leather Goods brands (Balenciaga, Alexander McQueen, Stella McCartney) Jewelry sales also up double-digit (Boucheron, Pomellato, Qeelin). Watches still penalized by adverse market conditions Lower recurring operating income Unfavorable hedging and appreciating CHF impacting profitability of Watches Limited drop in H2, thanks to strict cost control and ongoing reorganization & optimization initiatives Acceleration in Q4 (+11%) Both in Couture & Leather Goods and Watches & Jewelry Contained CAPEX, adapted to specifics of each brand CAPEX down despite unfavorable FX translation effect

34 OTHER LUXURY BRANDS 2015 revenue: 1,708m +20.0% reported; +3.1% comparable Revenue breakdown by region Revenue y-o-y change RoW 11% Q1 15 In m % comparable % reported % +14.4% Asia Pacific 17% Western Europe 45% Q % +28.6% Q3 15 Q % +10.6% +16.5% +20.4% Japan 8% Number of directly operated stores North America 19% Western Europe North America Japan Emerging markets Year end 2014: 317 Year end 2015:

35 SPORT & LIFESTYLE ACTIVITIES 2015 revenue: 3,683m +13.5% reported; +5.9% comparable Revenue breakdown by region Revenue Q1 15 y-o-y change In m % comparable % reported % +12.7% Asia Pacific 15% RoW 21% Western Europe 27% Q % +18.6% Q3 15 Q4 15 1, % +9.8% +8.4% +15.5% Japan 8% North America 29% Number of directly operated stores Western Europe North America Japan Emerging markets Year end 2014: 677 Year end 2015:

36 2015 RECURRING OPERATING INCOME Change In m m % Gucci Bottega Veneta Saint Laurent Other brands 1, , (23.7) (14.6) -2.2% +4.8% +60.3% -9.9% Luxury 1, , % Puma (35.6) -27.8% Other brands (7.1) -74.7% Sport & Lifestyle (42.7) -31.1% Corporate & Others (156.1) (139.1) (17.0) -12.2% Kering 1, ,664.0 (17.3) -1.0%

37 2015 EBITDA Change In m m % Gucci Bottega Veneta Saint Laurent Other brands 1, , (2.7) +0.6% +6.4% +58.8% -1.3% Luxury 2, , % Puma (27.9) -15.6% Other brands (2.3) -18.3% Sport & Lifestyle (30.2) -15.8% Corporate & Others (130.1) (119.7) (10.4) -8.7% Kering 2, , %

38 2015 NET FINANCIAL COSTS AND INCOME TAX In m Cost of net debt Other financial income and expenses (129) (120) (151) (46) Financial costs (net) (249) (197) In m Tax on recurring income Tax on non-recurring items (337) 15 (268) (58) Total tax charge (322) (326) Effective tax rate 32.0% 24.0% Recurring tax rate 24.0% 18.3%

39 2015 FREE CASH FLOW FROM OPERATIONS In m Cash flow before taxes, dividends and interests Change in working capital requirement (excluding taxes) Corporate income tax paid 1,845 (219) (331) 1,844 (160) (423) Net cash flow from operating activities 1,295 1,261 Acquisition of fixed operating assets Sale of fixed operating assets (672) 37 (551) 368 Free cash flow from operations 660 1,

40 2015 CONDENSED CONSOLIDATED BALANCE SHEET In m Goodwill, brands and other intangible assets - net Other net non-current assets Net current assets Provisions 15, (382) 14, (394) Capital Employed 16,302 15,628 Net assets held for sale 0 25 Shareholders Equity 11,623 11,262 Net debt 4,679 4,

41 Gucci Bottega Veneta Saint Laurent Alexander McQueen Balenciaga Stella McCartney Christopher Kane Brioni Girard-Perregaux JeanRichard Boucheron Pomellato Dodo Qeelin Ulysse Nardin PUMA Cobra Puma Golf Volcom Electric

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