The amount corresponding to the Distribution in Kind (i) will be determined by using the PUMA opening share price on May 16, 2018, on the Frankfurt stock exchange, and (ii) will not exceed the financial year’s result and retained earnings, in accordance with current laws and regulations, less the amount of the distribution of an annual ordinary dividend of €6.00 per share (representing a net total amount of €5,570 million as of December 31, 20177). In the event that the Distribution in Kind amount exceeds this authorized cap, the Board of Directors of Kering will have all powers to adjust the aforementioned distribution ratio so that the amount distributed does not exceed such cap; this would be the case if the PUMA opening share price on the Frankfurt stock exchange on the payment date would exceed €529.28 on the basis of a distributable amount of €5,570 million and assuming that 10,523,276 PUMA shares are distributed. In the event that the ratio for the Distribution in Kind is adjusted, Kering will publish a press release on the morning of the payment date, once the PUMA opening share price on the Frankfurt stock exchange is known.