Safilo Groupat a glance

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DISCLAIMER

This presentation may contain forward looking statements based on

current expectations and projects of the Group in relation to future

events. Due to their specific nature, these statements are subject to

inherent risks and uncertainties, as they depend on certain

circumstances and facts, most of which being beyond the control of

the Group. Therefore actual results could differ, even to a significant

extent, with respect to those reported in the statements.

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SAFILO AT A GLANCE

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• €1.179m Net sales in 2014

31 commercial

subsidiariesand a network of

independent

distributorsreaching more than

90,000 selected sales storesall over the world

• 35m Frames per year

7 owned plants and a network of external suppliers

The second largest eyewear creator, manufacturer and worldwide distributor

of sunglasses, optical frames and sports eyewear, with superior craftsmanship

experience dating back to 1878.

WHO WE ARE

PRODUCTION SITESLongarone (Italy)

Martignacco (Italy)

S.Maria di Sala (Italy)

Ormoz (SLO)

Salt Lake City (USA)

Suzhou (RPC)

Vale (U.K.)

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WHO WE ARE

A wholesale business model, incorporating the entire value chain, from

design, innovation and product creation, to global product supply and

distribution, brand building and marketing, up to sales.

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WHO WE ARE

A portfolio of proprietary brands and licensed brands, which are selected

based on their competitive positioning and international presence by way of a

precise strategy of market segmentation.

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WHERE WE PLAY

16€ bn

20€ bn

CAGR

3,8%

CAGR

3-4%

CAGR

3,5%

CAGR

3%

CAGR

4,3%

CAGR

5%

14€ bn

2011 2014 2020

Frames Sunglasses

GLOBAL WHOLESALE EYEWEARE MARKET(size and expected trends)

Key growth drivers:

• Demographics

• Penetration

• Premiumization

• Education

• Retail evolution

• Urban transition & megacities

Sources: company management estimates

A LARGE AND GROWING INDUSTRY

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WHERE WE PLAY

GLOBAL WHOLESALE EYEWEARE MARKET(size and expected trends)

A LARGE AND GROWING INDUSTRY

16€ bn

20€ bn

CAGR

3,8%

CAGR

3-4%

CAGR

6,4%

CAGR

6-7%

CAGR

2,2%CAGR

2-3%

14€ bn

2011 2014 2020

Sources: company management estimates

Emerging Developed

EMERGING MARKETS

TO CONTINUE OUTPERFORMING

- Asia, driven by China and India

- Latin America growth

- Middle East developing

DEVELOPED MARKETS

- Global travel retail high growth

- North America very solid

- Western Europe sustained

In all regions, branded eyewear

expected to grow faster

~8% in emerging markets

~3% in developed countries

WHERE WE PLAY

MARKET SEGMENT OPPORTUNITIES

DistributionProduct

Exclusive

Mass

Crafted/

high-price

Mass produced/

low price

100€

30€

300€

Consumer ExpectationEssential Be different

CompliantPerformance Lifestyle

ActiveExpert Be different

Detached Fashion Addicted

ATELIER

FASHION LUXURY

CONTEMPORARY FASHION & LIFESTYLE

SPORT & OUTDOOR

MASS/ COOL

FASHION LUXURYSPORT &

OUTDOOR

MASS / COOL

CONTEMPORARY FASHION

& LIFESTYLE

ATELIER

Market AttractivenessTra

de B

rands

Safilo Position

Market Attractiveness

Safilo Position

Market Attractiveness

Safilo Position

Market Attractiveness

Safilo Position

Market Attractiveness

Safilo Position

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OUR STRENGTHS, CHALLENGES AND OPPORTUNITIES

STRENGTHS

Brands + Product + Depth of Global Reach

Healthy Balance Sheet

Culture of Creativity & Resilience

CHALLENGES

Brand Balance Supply Chain

Kering Exit

Information Systems

OPPORTUNITIES

Portfolio Balance

Supply Network Re-Invention

Brand Building Commercial Strategy

IT Enabled Transformation (EyeWay)

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KEY 2014 INTERVENTIONS

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Brands

• Brand Building science and clear product strategies 5Y plans on Proprietary Brands

• Strengthened License Portfolio Renewals (T. Hilfiger, J. Choo) and New (Givenchy)

• Managed exit of Gucci into 4Y product partnership (from 2017) & 90MM EUR indemnity

Commercial

• New Global Commercial Organization solid Sales growth in 2014

• New Commercial Strategy step-changed quality of sales

Capabilities• Started set-up of a new global design studio network world-class design ideas

• Product Creation act as a catalyst in building unique collections of eyewear

• Talent Development Strategy to build and nurture a high-performing organization

Corporate

• Purpose, Values, Principles, Competencies guide who we want to be and how we act

• Targets & Choices to make delivery happen

HOW WE ARE ORGANIZED TODAY

Licensed Brands Proprietary Brands GLOBAL COMMERCIAL

North

America

Latin

America

Asia

PacificChina

Europe Top 5Middle East

& Africa

Central

Northern

Europe

Global Travel Retail

Global Sport & Lifestyle

Global Accounts

Licensor DOS

Global Product Supply

Global Design Studios Network

Product Creation

Corp. Functions: Finance & Accounting, HR, Legal, IT, Communications

7 Regions

5 Global

Channels

Department Stores

Corporate Marketing

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2020 STRATEGIC PLAN OVERVIEW

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WHERE WE WANT TO GO

“We will be a leading Global Eyewear Creator with a balanced

Portfolio of superior brands that will delight the world’s consumers,

create mutual value with our partners and reward Safilo with leadership

shareholder value creation.”

By 2020:

• Grow Net Sales by 6% Year on-Year

• Grow EBITDA at 2x Sales Growth

• Strengthen Safilo corporately: – Increase the share of proprietary brands to 40% portfolio share only 25% today

– Rebalance License Portfolio to maximize its full potential too reliant on few, big licenses

– Simplify & Reduce Costs of Supply Chain and Overheads

–Globally integrated modern capabilities and leadership

–As independent wholesale Pure Player

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OUR 4 KEY STRATEGIES

BALANCE

to underpin Sustainable Growth

FOCUS

to build Breakthrough Capability

SIMPLIFY

to save Cost and

enhance Control

DIFFERENTIATE

to lead with Relevant Impact

• across Market Segments

• between Proprietary

and Licensed Brands

• within Licensed Brands

• across Geographies/Channels

• Brand Building

• Commercial Strategy

• Design Studios Network

• Digital

• Supply & Logistics Network

Re-invention

• Product Creation

• Global work processes integration – EyeWay

• Disproportionately drive Big Accounts

• Kids Eyewear Strategy

• Talent development

• Optical Strategy

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BRAND PORTFOLIO ROADMAP

Proprietary Brands

Double Sales by 2020• SMITH going global

• Carrera re-stage

• Polaroid Mass/Cool Megabrand

• Safilo Optical Future Core

Leverage Potential• Integrated Marketing

• Distribution

Rockets

Grow Exponentially• Expand Presence

• Innovation

Licensed Brands

Foundation

Execution Benchmark

• Quality of product, distribution & execution

• Dior Homme & Optical as key opportunities

Double-digit Sales CAGR

High single-digit Sales CAGR Double-digit Sales CAGR

Mid to high

single-digit

Sales CAGR

WINNING PORTFOLIO COVERING KEY CONSUMER SEGMENTS

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BRAND BUILDING Organization & Strategy

Consumer & Market

Knowledge

• Uncover insights

• Identify key trends

• Qualify before invest

• Measure and monitor

brand development

Brand Building Pillars

• Qualify communication prior to investment and track Brand Health

• Digital at the core for efficient brand-building “Know and only pay for what works”

• World-class agency partners to develop breakthrough Ideas and Brand Platforms

Digital Marketing

“End-to-End Ecosystem”

• Catch with innovation

• Connect with relevant

content

• Close with simplicity

Advertising

Development

• Brand platforms

• Advertising Campaigns

• Agency partnership

• Endorsements

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PROPRIETARY BRANDS Key Targets

The true alternative in the

Contemporary Fashion segment

The leader in the fast growing

Mass/Cool segment

The new brand of choice in the

Sport and Outdoor segment

x2x3x2

2014 20202014 2020 2014 2020

• Apply a Democratic Design Philosophy to

inspire product development the IKEA of

eyewear

• Expand geographically, multi-channel and

multi-category to be available EVERYWHERE

• Leverage «YOU’LL SEE» campaign behind

strong marketing investments

• Delight and engage consumers with

unexpected creativity

• Implement competitive pricing strategy in line

with Carrera’s equity position.

• Brand ambassadors to create relevant digital

contents and spread the story online

• Execution of a focused merchandising program

to activate the brand in store

• Exploit qualified “OUT THERE” campaign behind

2x marketing investments

• Increase door productivity in Core markets and

expand distribution in key high potential

markets

• Transform Smith into a Global Eyewear Brand

• Methodical distribution expansion outside NA,

leveraging Safilo multichannel commercial

organization (e.g. Optical USA)

• Reapply Google test learning in select global

markets

• Focus on sports with high participation rates

and clear product “right to win” (e.g. bike)

• Fully leverage current and future pipeline of

innovation (eg ChromaPop lenses 5-fold

increase in 2014)18

LICENSED BRANDS Key Targets

• Selective distribution acceleration

• Double digit growth productivity expected in the next 5 years

• “Dior Montaigne” new optical stand-alone collection just launched

• Dior Homme: conquer whitespaces in the dynamic male segment

• Continued significant and integrated communication investments

FOUNDATION KEY ACTION FORWARD

5Y PLAN CAGR:

mid to high-single digit

FUTURE CORE KEY ACTION FORWARD

5Y PLAN CAGR:

high single digit

• Expand distribution in all Regions, increasing focus on Asia and Latin America

• Innovation: +15% novelties

• Investments focused on integrated marketing projects

• Licensor’s stores network, showcase for the category Goal: sales 3x

• Man and optical segment: two key assets for growth

ROCKETS KEY ACTION FORWARD

5Y PLAN CAGR:

Double digit

• Expand presence in all Regions via high-qualitative distribution network

• Increasing focus on Asia, BRIC and Middle East

• Innovation: +10%

• Over proportional investments in integrated marketing projects

• Optical segment: a key asset for growth

• Male segment: a new opportunity most of all for Asian customers

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GEOGRAPHY PORTFOLIO ROADMAP

PRESENT CORE:

Italy, Iberia, North America,

Global Accounts

mid single digit CAGR

FUTURE CORE :

France, UK, DACH, Global Travel

Retail, Sport, Japan, Korea

mid to high single-digit CAGR

EMERGING ROCKETS:

China, Brazil, Mexico, Russia

double-digit CAGR

WHITESPACES:

+~1% additional CAGR

DEVELOPED EMERGING

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COMMERCIAL Organization & Strategy

1. Region and Channel Design:

- 7 Regions vs. 3 Companies before

- 5 Global Channels & Accounts

- 5 big EMEA focus markets

2. Multifunctional Organization Design:

- Sales, Trade Mktg, Sales Op’s, PR, Finance, HR

3. Leadership and Accountability

- Significant Leadership talent regeneration

- Leadership diversity: gender, nationality

industry

1. Integrated Trade Terms

2. Quality of Distribution Coverage

3. Shopper Experience

4. Winning Collections and Portfolio

5. Customer Service

Hard-wired into sales fundamentals KPI’s:

1. Brand Penetration 2. Distribution 3. POS productivity 4. Customer Sell Out

G2M Organization designed to deliver Commercial G2M Strategy

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GO-TO-MARKET Key Targets

CHOICES

DEVELOPED MARKETS:

• Focus on markets to fair share (Eg.

Germany, UK, France)

• Balance the portfolio

• Differentiate channels and customers

• Simplify operations

EMERGING MARKETS:

• Diversify the portfolio across:

• Brand penetration

• Licensed brands strength in Asia

• Keep proprietary brands mix in LA

• Continue distribution expansion in white

space markets

• Eg. Latin America and MEA

Market 2-3% ~3%

Safilo mid single digit

Europe NA

Market 5-6% 8-10% 4-5% 4-5%

Safilo high single to double digit

LA China APAC MEA

DEVELOPED MARKETS SALES GROWTH EMERGING MARKETS SALES GROWTH

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DISTRIBUTION NETWORK

MANUFACTURING FLOWS & TECHNOLOGIES

MADE IN SAFILO

SUPPLY NETWORK Strategy

• Own/Ext: 30/70

• Cost of ext sourcing: BASE

• Current system performance

• Insourcing of finished products

• Insourcing of semi-finished product

• Differentiated design quality

• End-to-end product flows in one plant

• Innovative processes and technologies

• Operational Excellence

• Global footprint upgrade

• Operational Excellence

• Benchmarking to Best in Class

• Prod. completion/plant: 25%

• Indirect labor: BASE

• Lead time: BASE

• Tot system efficiency: BASE

• Inventory: BASE

• number of Distr. Centers: >20

• Order cycle time: as is

• Own/Ext: 70/30

• Cost of ext sourcing: -50%

• AQL for each product segment

• Prod. completion/plant: 75%

• Indirect labor: -40%

• Lead time: -75%

• Tot system efficiency: +38%

• Inventory: -15% DOH

• number of DC: 3-6

• Order Cycle Time: <4 hours

2020 GOALS2014

DESIGN AN AGILE, SYNCHRONIZED AND DIFFERENTIATED END-TO-END SUPPLY NETWORK

KEY ACTION FORWARD KEY PERFORMANCE INDICATORS

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Superior responsiveness and quality, shorter lead time, lower cost and cash

IT Strategy

5 PILLARS FOR A UNIQUE GLOBAL FRAMEWORK

PRODUCT CREATION PRODUCT SUPPLYCORPORATE

FUNCTIONS

MARKETING &

DIGITAL

CAPABILITIES

COMMERCIAL

ENABLING

New Platform

for collaborative

design &

development

Integrated system

for planning,

production &

logistics

Process

simplification

& standardized

operations

New Digital

Strategy

to foster innovation

and business growth

Standardized

Platform

to improve sales

planning &

capabilities

Simplification and standardization of work globally for Stability and Control

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FINANCIAL Strategy

SALES

GROWTH

EBITDA

MARGIN

EXPANSION

CASH FLOW &

ASSET

EFFICIENCY

1.600 – 1.700 Mio€

+~6% CAGR vs.2014

1.4x Sales vs. Today

~14%

+~400bps vs. 2014

2x EBITDA vs. Today

ROIC: >15%** (by 2020)

FCF: +~350-400 Mio€

Net Cash Positive from 2017

2020 GOALS*

Market Growth

Share Growth

Whitespaces

KEY DRIVERS

Sales Growth > IC Growth

Working Capital Discipline

CapEx stable as % of Sales

Overhead Productivity

Gross Margin Improvement

Marketing Investments

1

2

3

*at 2014 FX** excluding goodwill

MAIN GOALS AND DRIVERS

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APPENDICES

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5YR ECONOMIC AND FINANCIAL HIGHLIGHTS

Net sales EBITDA

Net result Net financial position

* 2014 adjusted economic results do not include the non-recurring expenses for Euro 7.7 million, mainly related to the voluntary exit incentives as the solidarity contarcts came to an end, reorganization costs, includingexecutive officers succession plans and the relocation of the Smith Optics business. Net of the fiscal effect, the total impact was equal to Euro 5.4 million. Adjusted 2013 results do not include non-recurring costs for a total amount of Euro 24.1 million (Euro 23.4 million net of the tax effect), mainly related to the CEO succession plan occured in October 2013, to some restructuring expenses and a provison for fiscal risks. 27

FY 2014 BUSINESS REVIEW

LAYING THE FOUNDATION FOR LONG-TERM SUSTAINABLE GROWTH:

• Quality of sales and distribution driving ASP growth

• Investments into capabilities to support strategic choices

• Cash Flow from operations held back by stock absorption

EBITDA

EBIT

Gross profit

Group net result

Total sales

(*) % change at constant exchange rates

in millions of Euro

Adjusted1 EBITDA

Adjusted1 EBIT

Adjusted1 Group net result

683.7 +5.1%

111.7 -0.9%

74.7

718.6

110.7

75.2

FY 2013FY 2014 Change

+0.7%

15.539.0 n.s.

1,121.5 +5.1%1,178.7

(*)

+5.9%

121.8 -2.8%118.4

84.8 -2.1%83.0

39.044.5 +14.1%

Group Net Debt 182.5 -10.5%163.3

Free Cash Flow 28.4(12.4)

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Q1 2015 BUSINESS REVIEW

EBITDA

EBIT

Gross profit

Group net result

Total sales

(*) at constant exchange rates

in millions of Euro

Adjusted1 EBITDA

Adjusted1 EBIT

Adjusted1 Group net result

184.0 +6.8%

35.4 -11.5%

26.8

196.6

31.4

22.1

Q1 2014Q1 2015 % Change

-17.5%

16.51.4 -91.2%

293.2 +10.6%324.3

(*)

+0.8%

35.4 -8.2%32.6

26.8 -13.1%23.3

16.52.3 -86.3%

Group Net Debt 207.5 -38.2%128.3

Free Cash Flow (24.6)32.1

ORGANIC SALES GROWTH AND OPERATING RESULTS IN LINE WITH PLAN:

• Revenue growth while business transformation continue

• Strong comp base vs ’14; supply network efficiencies skewed to H2

• Positive FCF for the first time in Q1, beyond Euro 30M compensation from Kering

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SHARE CAPITAL

On 19th October 2009 the Board of Directors approved a recapitalization plan for the Company which was

executed in connection with an investment agreement underwritten by HAL Holding N.V., Only 3T S.p.A and

Safilo. In March 2010, with the positive conclusion of the plan, Multibrands Italy B.V. (a subsidiary of HAL Holding

N.V.) became the reference shareholder of Safilo Group, and it now owns 41.7% of its share capital.

GENERAL INFORMATION

Type of shares: Common stock

ISIN code: IT0004604762

Market: MTA (Italian Market)

Index: FTSE Italia Mid Cap

Bloomberg: SFL.IM

Reuters: SFLG.MI

Par Value: 5 euro (Reverse stock split on May 10, 2010)

Share capital: Euro 312,674,825.00 fully paid-up

Shares outstanding: 62.534.965

SHAREHOLDER BASE (as of April 27, 2015)

49.2%Free Float

9.1%Only 3T S.r.L.

41.7%HAL Holding N.V.

(through its subsidiary Multibrands Italy B.V.)

* As of April 27, 2015, BDL Capital Management and M&G

Investments held over 2% of Safilo’s share capital.

*

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SAFILO MILESTONES

1934 1980s 1994 19961970s 20022001 2003 2005 2006-8 2009-10 2012 20152013-14

The first Italian industrial complex

for producing lenses and frames, active

from 1878 in Calalzo di Cadore, is bought and merged into Safilo in 1934

by GuglielmoTabacchi.

Acquisition of US eyewear company

Starline Optical Corp (then Safilo

USA).

In 1987, Safilo is the first eyewear

group to be listed in Milan

Acquisition of Carrera and

American Smith Sports Optics

LBO Refinancing

CSFB Private Equity steps in with 49% stake

New IPO at Milan Stock Exchange

Restructuring andRecapitalization plan.

In March 2010, Multibrands Italy B.V. (a subsidiary of HAL

Holding N.V.) becomes Safilo’s reference shareholder, with 37.2% of its share

capital.

CEO’s succession and management

reorganization

€300M Refinancing

2020 STRATEGIC BUSINESS

PLAN

Safilo opens sales offices in various

European countries, patents the Elasta

hinge and introduces the successful UFO

model of sunglasses

Opening of SafiloFar East branch

Chairman Vittorio Tabacchi’s Public

Tender Offer,acquiring full

ownership of Safilo.Delisting of Safilo

shares (LBO)

€300M HYB Offering

€400M Refinancing

Retail chains acquisitions

POLAROID’sacquisition

Giorgio Armani’s

licences not renewed

Anticipated end of Gucci license to Dec’16 and new 4yr strategic product partnership

with Kering until Dec’20 + €90m compensation.

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SAFILO PVPC

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PURPOSE VALUES

PRINCIPLES COMPETENCES

INTEGRITY

RESPECT

ACCOUNTABILITY

SIMPLICITY

INTERDEPENDENCE

SUSTAINABILITY

We are the globally leading Italian eyewear creator and trusted

partner Brand led, Design inspired.

We are passionate about creating unexpected, innovative

eyewear brands firmly rooted in our unmatched savoir-faire of

craftsmanship, selling them across the world reflecting each

brand’s unique identity and inspiring people the world over to

desire and wear them with pride.

We cultivate long-term partnerships built on trust to create mutual

value and consistently exceed expectations among ourselves

as employees and with our customers and stakeholders, and

ultimately deliver lasting superior shareholder value.