2013 Jean-Marc Duplaix, CFO

Hong-Kong, March 2013

I n v e s t o r

P r e s e n t a t i o n

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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 notably 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 21, 2012 which is available on PPR*’s website at www.ppr.com 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 Retail brands or for Luxury Goods, 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; the impact of current or future public regulations; exchange rate and other risks related to international activities; risks arising from current or future litigation. PPR* 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 have been selected by the Group’s executive management to inform about the 2012 full year results. This document has not been independently verified. PPR* makes no representation or undertaking as to the accuracy or completeness of such information. None of the PPR* 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 PPR* 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.

Disclaimer

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*PPR will become Kering, subject to approval of the annual general meeting on 18 June 2013.

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Empowering Imagination

Kering

Jean-Marc Duplaix Group CFO

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Unique combination of global luxury and premium sports & lifestyle brands, enjoying:

– Leading positions in their respective segments

– Broad consumer appeal as self-fulfillment and indulgence increasingly drive buying decisions

– Considerable organic growth potential

Management experienced in propelling brands and operations beyond their instinctive limits while giving them autonomy and creative freedom

Central organization realigned to create value above and beyond what operating units can generate independently

Unique combination

Management

Central organization

I n v e s t m e n t

Thesis (1/2)

5

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Strong human values at the core of our success and transformation

Mastering the entire value chain of our brands – Flexible production and distribution infrastructure

– Total control over design, development and brand characteristics

Financial and operational disciplines – Relentless monitoring & challenging of business and financial plans

– Strong cash flow generation, robust capital structure to support long-term growth

I n v e s t m e n t

Thesis (2/2)

6

Human values

Value chain

Financial and operational

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Young company celebrating its 50th birthday this year

– Longstanding heritage in specialized distribution

• Unique expertise in assessing consumer tastes, expanding retail concepts, developing new formats, channels

and brands

– Entered the Luxury goods universe in 1999 with an initial stake in Gucci;

• Gained full control over the House and its portfolio built around it in 2004

– Initiated a second strategic pillar in premium Sport & Lifestyle brands with the acquisition of a controlling

interest in Puma in 2007

In 2012, we further accelerated the transformation and streamlining of our organization to

enable all our brands to fully benefit from the power of the Group

In 2013, we change the name of our Group, to better reflect the achievement of this

transformation.

W h o

We are

In 2013, PPR becomes Kering*

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*PPR will become Kering, subject to approval of the annual general meeting on 18 June 2013.

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Our mission

– To empower our brands to reach their full global potential in a sustainable and responsible way

• Two coherent product areas: apparel and accessories

• Two fast-growing market segments: Luxury Goods and Sport & Lifestyle

Our management principles

– Freedom within a framework

• Empower the development of our key assets – the brands – and help them reach beyond their limits

– We are a group and act as a group

• A single worldwide corporate team

• PPR Asia and PPR Americas to bring corporate support closer to the brands

• HR talent development driving the Group forward

– New governance

• Expanded Executive Committee

O u r

Mission & management principles

Streamlined, more operational,

closer to our customers 8

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Strategic joint venture with Yoox in Luxury

– Development of monobrand e-commerce sites

Sustainable development guidelines

Group strategies: human resources, real estate, brand marketing…

Shared service centers

K e r i n g E f f e c t

A better integrated Group

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L u x u r y d i v i s i o n

Drivers of future growth and profitability

Pertinent multibrand business model

– Well-rounded ensemble of complementary brands:

• Designs, manufactures and markets leather goods, shoes, ready-to-wear, jewellery & watches

• Highly differentiated positioning between brands, substantial organic growth potential

A Group…

– …Characterized by

• The exceptional quality of its products

• A unique talent pool, from design to craftsmanship, from marketing to retail

• A highly controlled distribution network and a rigorous communication policy

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S p o r t & L i f e s t y l e d i v i s i o n

Drivers of future growth and profitability

Puma

– THE ultimate sportlifestyle brand

• One of the worlds’ largest providers of athletic footwear, apparel & accessories

• A business characterized by a brand value where product categories originating in sports are continued and

amplified in lifestyle and on to fashion

• Rigorous and energetic Transformation Plan being implemented in 2013

Volcom

– A global action sports brand

• An iconic apparel and accessories brand with a heritage in skateboarding, surfing and snowboarding

– Synergies and complementarity with Puma & considerable growth potential

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An excellent year

2012

Jean-Marc Duplaix Kering Group CFO

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Excellent operating and financial performances – Group consolidated revenue up 21% in reported terms

– Recurring net income, Group share: +28%

– Net debt / EBITDA ratio down to 1.2x

Strategic transformation nearing completion – Further consolidation around the Group’s two strategic pillars

– Full exit of retail assets on track

I n 2 0 1 2

We sped up the pace of our transformation

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Another year of strong growth in revenue and results for the Luxury brands

Transition year in Sport & Lifestyle; rigorous and energetic transformation plan at Puma

Balanced growth across regions

– Mature countries (62% of revenue), up 9% comparable, of which North America up 12%

– Rapid-growth markets (38% of revenue), up 14% comparable, of which Asia Pacific up 13%

2 0 1 2 , a h i g h l y

Successful year

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in €m Revenue

Change Recurring

Operating

Income Change

Recurring

operating

margin Reported Comp.

Luxury 6,212 +26.3% +15.1% 1,612 +27.6% 25.9%

Sport & Lifestyle 3,532 +11.9% +3.3% 305 +12.1% 8.6%

Corporate & Others (8) (125)

Total PPR 9,736 +20.8% +10.6% 1,792 +19.3% 18.4%

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C o n c l u s i o n &

Outlook

Solid fundamentals – Aligned with consumer aspirations driving today’s buying decisions

– Powerful brands and flexible business models

Confidence for 2013 – Another year of solid progression in revenue and profits

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FY 2012 f igures

Appendix

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Ke r i n g H e r i t a g e

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2007 PPR holds 62.1% of PUMA at the end of successful offer process

1999 42% stake in Gucci Group

2000 Acquisition of Boucheron

2001 Acquisition of Bottega Veneta, Balenciaga, Stella McCartney and Alexander McQueen

2002 Disposal of Guilbert ‘mail order activity’, Finaref and Facet (credit subs)

2003 Disposal of Pinault Bois & Matériaux and Guilbert ‘contract activity’

2004Stake in Gucci Group raised to 99.4%

Disposal of Rexel

Disposal YSL Beauté

Acquisition of 23% stake in Girard Perregaux watch brand manufacturer2008

IPO of 58% of CFAO

Disposal of the remaining 42% stake in CFAO; disposal of Redcats US Announced process to de-merge Fnac

Acquisition of Qeelin

Acquisition of Christopher KanePPR becomes Kering

2009

2012

2013

Acquisition by Puma of Cobra2010

Sale of Conforama to Steinhoff

F-H Pinault appointed PPR group CEO 2005

2006 Disposal of Printemps department stores

Acquisition of Volcom, Inc. Stake in Girard Perregaux raised to 50.1% 2011

Announced acquisition of Brioni (closed in Q1 12)

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O p e r a t i n g p e r f o r m a n c e

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in €m

CONTINUING OPERATIONS 2012 2011 Change

Revenue 9,736 8,062 +20.8%

Gross profit 5,960 4,976 +19.8%

Gross profit margin 61.2% 61.7%

Recurring operating income 1,792 1,501 +19.3%

Recurring operating income margin 18.4% 18.6%

EBITDA 2,067 1,739 +18.8%

EBITDA margin 21.2% 21.6%

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F in a n c i a l p e r f o r m a n c e

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in €m 2012 2011 Change

Recurring operating income 1,792 1,501 +19.3%

Other non-recurring operating income and expenses (25) (24)

Financial charges (148) (202)

Corporate income tax (298) (295)

Income from equity affiliates 37 47

Net income from discontinued operations (276) 19

Consolidated net income 1,082 1,046 +3.5%

Of which net income – Group share 1,048 986 +6.3%

Net income, Group share, from continuing

operations excluding non-current items 1,269 990 +28.2%

Net income per share in € 8.35 7.82 +6.4%

Net income per share from continuing operations,

Group share, excluding non-current items in € 10.07 7.85 +28.3%

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F in a n c i a l c h a r g e s

I n c o m e t a x e s

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in €m 2012 2011

Cost of net indebtedness (212) (210)

Other financial charges (net) 64 8

Financial charges (net) (148) (202)

in €m 2012 2011

Current tax (expense) / Income (360) (297)

Tax on on-current items 62 2

Total tax (298) (295)

Effective tax rate 18.4% 23.1%

Current tax rate 21.9% 22.9%

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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

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in €m 2012 2011

Cash flow before taxes, dividends and interest 2,001 1,696

Change in working capital requirement (before taxes) (273) (181)

Coporate income tax paid (362) (336)

Net cash flow from operating activities 1,366 1,179

Acquisition of fixed operating assets (442) (252)

Sale of fixed operating assets 6 4

Free cash flow from operations 930 931

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N e t f i n a n c ia l i n d e b t e d n e s s

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in €m 2012

Net indebtedness at December 31, 2011 3,396

Free cash flow from operations (930)

Net interest paid and dividend received 162

Dividends paid 473

Purchases of PPR shares 15

Purchases of Puma shares 120

Other disposals & acquisitions (653)

Other (91)

Net indebtedness at December 31, 2012 2,492

NET DEBT / EBITDA DOWN TO 1.2X AS OF 2012 YEAR END

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D iv i d e n d

3.30 3.30

3.50 3.50

3.75

2008 2009 2010 2011 2012*

In €

+ 6.1%

Dividend* per share (cash dividend, excl. Fnac shares to be distributed*)

Dividend payout

* Subject to June 18, 2013 AGM approval.

** Published not restated.

47.7%

58.6%

47.6% 41.8%

37.3%

63.2%

48.3% 52.9%

59.8% 61.6%

2008** 2009** 2010** 2011** 2012*

% of recurring net income, Group share, from continuing operations % of free cash flow

26

+ 7.1%

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2 0 1 2 R e ve n u e

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in €m 2012 2011

Change

€m %

Gucci 3,638.8 3,143.2 495.6 +15.8%

Bottega Veneta 945.1 682.6 262.5 +38.5%

Yves Saint Laurent 472.8 353.7 119.1 +33.7%

Other brands 1,155.6 737.5 418.1 +56.7%

Luxury 6,212.3 4,917.0 1,295.3 +26.3%

Puma 3,270.7 3,009.0 261.7 +8.7%

Other brands 261.2 146.7 114.5 +78.1%

Sport & Lifestyle 3,531.9 3,155.7 376.2 +11.9%

Corporate & others (7.9) (10.4) 2.5 -

PPR 9,736.3 8,062.3 1,674.0 +20.8%

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2 0 1 2 R e c u r r i n g o p e r a t i n g i n c o m e

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in €m 2012 2011

Change

€m %

Gucci 1,126.4 947.7 178.7 +18.9%

Bottega Veneta 300.1 204.6 95.5 +46.7%

Yves Saint Laurent 65.0 40.9 24.1 +58.9%

Other brands 120.1 69.4 50.7 +73.1%

Luxury 1,611.6 1,262.6 349.0 +27.6%

Puma 290.0 333.2 (43.2) -13.0%

Other brands 14.8 13.5 1.3 +9.6%

Sport & Lifestyle 304.8 346.7 (41.9) -12.1%

Corporate & others (124.9) (107.9) (17.0) -

PPR 1,791.5 1,501.4 290.1 +19.3%

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in €m 2012 2011

Goodwill, brands & other intangible assets - Net 14,361 14,546

Other net non-current assets (467) 115

Net current assets 757 278

Provisions (365) (364)

CAPITAL EMPLOYED 14,286 14,575

Net asset held for sale 325 570

SHAREHOLDERS’ EQUITY 12,119 11,749

NET INDEBTEDNESS 2,492 3,396

C o n d e n s e d c o n s o l i d a t e d b a la n c e s h e e t

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5,510

4,367

3,781

3,396

2,492

2.57 2.44

2.03

1.78

1.21 11,051,11,151,21,251,31,351,41,451,51,551,61,651,71,751,81,851,91,9522,052,12,152,22,252,32,352,42,452,52,552,62,652,72,752,82,852,92,9533,053,13,153,23,253,33,353,43,453,53,553,63,653,73,753,83,853,93,954

1 700

2 700

3 700

4 700

5 700

6 700

2008* 2009* 2010* 2011* 2012

NFD NFD/EBITDA

* Published not restated

In €m

So l ve n c y

30

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4,024

(486)

993 822

26

360

777

Confirmedundrawn credit

lines

2013* 2014** 2015** 2016** 2017** beyond**

NFD 2,492 M€

In €m

* Gross debt minus cash & cash equivalents and financing of customer loans

** Gross debt 31

L iq u i d i t y

31

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Alexandre de BRETTES

+33 (0) 1 45 64 61 49

alexandre.debrettes@kering.com

Edouard CROWLEY

+33 (0) 1 45 64 63 28

edouard.crowley@kering.com

C o n t a c t s

Kering Financial Communications Team

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GUCCI · BOTTEGA VENETA · YVES SAINT LAURENT · ALEXANDER McQUEEN

BALENCIAGA · BRIONI · STELLA McCARTNEY · SERGIO ROSSI · BOUCHERON

GIRARD-PERREGAUX · JEANRICHARD · QEELIN · CHRISTOPHER KANE

PUMA · VOLCOM · COBRA · ELECTRIC · TRETORN

PPR will become Kering, subject to approval of the annual general meeting on 18 June 2013.