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 - Seite 2

4.   MAXIMUM PROPORTION OF SHARE CAPITAL, MAXIMUM NUMBER, CHARACTERISTICS AND MAXIMUM PURCHASE PRICE OF SHARES AND MAXIMUM MONETARY AMOUNT ALLOCATED TO THE PROGRAM

As of April 22, 2021, Kering's share capital amounted to €500,071,664, divided into 125,017,916 shares.

The General Shareholders’ Meeting of April 22, 2021 set the maximum proportion of share capital that Kering may hold at any time at 10% of the number of shares making up the share capital, i.e., to date, a maximum of 12,501,791 shares. Given the number of Kering treasury shares held as of
April 22, 2021, Kering could acquire 9,8% of its own shares.

The maximum purchase price set by the General Shareholders’ Meeting is €700 per share, excluding acquisition costs, bringing the total maximum amount allocated to the share repurchase program to €8,751,253,700.

5.   TERM OF THE SHARE REPURCHASE PROGRAM

The term of the program is set at 18 months as from the Annual General Shareholders’ Meeting of April 22, 2021, i.e., until October 22, 2022.

6.   OVERVIEW OF THE PREVIOUS REPURCHASE PROGRAM

Under the previous share repurchase program authorized by the General Shareholders' Meeting of June 16, 2020 (sixteenth resolution), the Board of Directors decided to implement a share repurchase program for up to 10% of the share capital, over a period of 18 months, at a maximum unit purchase price of €600. Under this program, 389,802 shares were repurchased at an average price of €556,93 per share, representing 0,31% of the share capital, and 125,579 shares were sold at an average price of €561,09 per share, representing 0,10% of the share capital.

In addition, 1,261,406 shares were canceled on December 18, 2020. These shares were purchased between October 29, 2018 and July 31, 2019 pursuant to the previous authorizations granted at the Annual General Meetings of April 26, 2018 (tenth resolution) and April 24, 2019 (tenth resolution).


7.   LIQUIDITY AGREEMENT

Kering entered into a liquidity agreement that came into force on February 13, 2019 for a 12-month period and was renewed every year by tacit agreement. This liquidity agreement complies with the regulations relating to liquidity agreements and with the Professional Code of Conduct established by the Association Française des Marchés Financiers (AMAFI), approved by the Autorité des marchés financiers.