DESCRIPTION OF THE SHARE REPUCHASE PROGRAM AUTHORIZED BY THE COMBINED GENERAL SHAREHOLDERS’ MEETING OF APRIL 22, 2021 AND IMPLEMENTED PURSUANT TO A DELEGATION FROM THE BOARD OF DIRECTORS’ MEETING OF APRIL 22, 2021

This description was prepared in accordance with Articles 241-1 and 241-2 of the General Regulations of the Autorité des marchés financiers and in accordance with the provisions of Delegated Regulation (EU) 2016/1052 of March 8, 2016.

1.   DATE OF THE GENERAL SHAREHOLDERS' MEETING THAT AUTHORIZED THE SHARE REPURCHASE PROGRAM AND ITS IMPLEMENTATION

The authorization for Kering to purchase its own shares under the share repurchase program was granted by the Combined General Shareholders’ Meeting of April 22, 2021 (fourteenth resolution). It is implemented pursuant to a delegation from the Board of Directors’ meeting of April 22, 2021.

2.   NUMBER OF SECURITIES AND PROPORTION OF SHARE CAPITAL HELD DIRECTLY OR INDIRECTLY

As of April 22, 2021, the number of shares held by Kering, directly or indirectly, was 267,723, i.e., 0,2% of the share capital.

3.   OBJECTIVES OF THE SHARE REPURCHASE PROGRAM

The objectives of the share repurchase program approved by the General Shareholders’ Meeting of April 22, 2021 are as follows:

• ensure the liquidity or support the secondary market of the shares through an investment services provider, acting independently pursuant to a liquidity agreement that complies with the Professional Code of Conduct recognized by the Autorité des marchés financiers; or
  
  
• use all or a portion of the shares acquired to meet obligations related to stock option plans, existing free share grant plans, share grants pursuant to employee profit-sharing schemes and any other share grants to employees or executive corporate officers, including the implementation of company savings plans for employees and executive corporate officers of the Company and/or companies, in France and/or outside France, that are or will be related to it under the terms and conditions provided for by law, and to sell or grant shares to them in accordance with French or foreign laws and regulations; or
  
  
• allow the completion of investments or financing through the subsequent delivery of shares (in exchange, as payment or otherwise) in connection with external growth transactions, mergers, spin-offs or contributions; or
  
  
• deliver shares upon the exercise of rights attached to securities granting a right to the allocation of shares in the Company by redemption, conversion, exchange, presentation of a warrant or in any other manner; or
  
  
• cancel all or a portion of the shares acquired under the conditions and within the limits provided for by Article L. 22-10-62 of the French Commercial Code.