Safilo Group — Interim / Quarterly Report 2016

May 10, 2016

Q1 2016 Trading Update

1

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.

Q1 2016 ECONOMIC AND FINANCIAL HIGHLIGHTS

• Net Sales and Adj. ¹ economic performance affected by BRANDS WE STOPPED/ WILL STOP SERVICING • MORE CHALLENGING MACRO CONDITIONS IN A NUMBER OF EMERGING MARKETS • POSITIVE PERFORMANCE OF GOING FORWARD BRANDS IN EUROPE AND NORTH AMERICA • SUBDUED CARRERA AND POLAROID, SMITH ON TRACK
• SUBDUED DELIVERY PERFORMANCE
• SOUND BALANCE SHEET

Q1 2015 Q1 2016

2

Q1 2016 – NET SALES PERFORMANCE

Key downside: decline of brands we stopped/ will stop servicing

Going forward brands portfolio

+1.0% @ cfx

Going forward brands portfolio +1.0% @ cfx vs Q1 2015, driven by

• France and Italy top performing countries

• Solid wholesale business in all key channels

• Solstice retail stores performance still subdued

• Weak business in Greater China and Japan

• Positive trends in Australia and Southeast Asia

• Very tough comps base

• Ongoing positive performance in Middle East & Africa
• Brazil challenging

4

Q1 2016 - GROSS MARGIN PERFORMANCE

in millions of Euro

KEY DRIVERS

• Positive price/mix impact
• Lower obsolescence costs
• Negative exchange rates impact

Q1 2016 - ADJ.¹ EBITDA PERFORMANCE

in millions of Euro

KEY DRIVERS

• Higher dilution from retail business (-50 bps)
• Negative operating leverage

GROUP NET DEBT

7

Appendices

¹Q1 2016 adjusted EBITDA does not include non-recurring costs for Euro 5.4 million of which Euro 4.2 million related to overhead cost saving initiatives, such as for example the planned integration of Vale of Leven (Scotland) Polaroid lens production into Safilo's China based corporate supply network, and Euro 1.2 million related to commercial restructuring costs in the EMEA region.

Q1 2015 adjusted EBITDA did not include non-recurring costs for Euro 1.2 million related to commercial restructuring costs in the EMEA region.

in millions of Euro

	Q1 2016	%	Q1 2015	%	% Change
Net sales	301.6	100.0	324.3	100.0	-7.0%
Gross profit	184.2	61.1	196.6	60.6	-6.3%
EBITDA	19.8	6.6	31.4	9.7	-36.8%
Adjusted1 EBITDA	25.2	8.4	32.6	10.0	-22.6%

Net sales performance

in millions of Euro

Net sales by geographical area	Q1 2016	%	Q1 2015	%	Change %	Change % (*)
Europe	130.1	43.1	132.9	41.0	-2.1%	-1.7%
North America	127.2	42.2	132.9	41.0	-4.3%	-5.6%
Asia Pacific	26.7	8.9	37.5	11.6	-28.7%	-28.3%
Rest of the world	17.6	5.9	21.1	6.5	-16.3%	-6.0%
Total	301.6	100.0	324.3	100.0	-7.0%	-6.6%
Net sales by distribution channel	Q1 2016	%	Q1 2015	%	Change %	Change % (*)
Wholesale	284.9	94.4	304.6	93.9	-6.5%	-6.0%
Retail	16.8	5.6	19.7	6.1	-15.2%	-17.0%
Total	301.6	100.0	324.3	100.0	-7.0%	-6.6%

(*) at constant exchange rates

Exchange Rates

	As of			(Appreciation)/ Depreciation	Avgerage for		(Appreciation)/ Depreciation
Currency	Code	March 31, 2016	December 31, 2015	%	March 2016	March 2015	%
US Dollar	USD	1.1385	1.0887	4.6%	1.1022	1.1261	-2.1%
Hong-Kong Dollar	HKD	8.8282	8.4376	4.6%	8.5689	8.7339	-1.9%
Swiss Franc	CHF	1.0931	1.0835	0.9%	1.0960	1.0722	2.2%
Canadian Dollar	CAD	1.4738	1.5116	-2.5%	1.5136	1.3957	8.4%
Japanese Yen	YEN	127.9000	131.0700	-2.4%	126.9926	134.1206	-5.3%
British Pound	GBP	0.7916	0.7340	7.8%	0.7704	0.7434	3.6%
Swedish Krown	SEK	9.2253	9.1895	0.4%	9.3264	9.3800	-0.6%
Australian Dollar	AUD	1.4807	1.4897	-0.6%	1.5283	1.4313	6.8%
South-African Rand	ZAR	16.7866	16.9530	-1.0%	17.4416	13.2283	31.9%
Russian Ruble	RUB	76.3051	80.6736	-5.4%	82.3563	70.9608	16.1%
Brasilian Real	BRL	4.1174	4.3117	-4.5%	4.3016	3.2236	33.4%
Indian Rupee	INR	75.4298	72.0215	4.7%	74.4313	70.0867	6.2%
Singapore Dollar	SGD	1.5304	1.5417	-0.7%	1.5463	1.5273	1.2%
Malaysian Ringgit	MYR	4.4078	4.6959	-6.1%	4.6204	4.0772	13.3%
Chinese Renminbi	CNY	7.3514	7.0608	4.1%	7.2107	7.0231	2.7%
Korean Won	KRW	1,294.8800	1,280.7800	1.1%	1,324.3034	1,240.1602	6.8%
Mexican Peso	MXN	19.5903	18.9145	3.6%	19.8959	16.8275	18.2%
Turkish Lira	TRY	3.2118	3.1765	1.1%	3.24567	n.a.	n.a.
Dirham United Emirates	AED	4.1794	3.996618	4.6%	4.04611	4.1354	-2.2%

• Polaroid YOU'LL SEE	D ior	JIMMY CHOO	swatch the oo eyes	BANANA REPUBLIC
CARRERA EYEWEAR SINCE 1956	CÉLINE	MARC JACOBS	havaianas	Juicy Couture los angeles, california
SMITH	FENDI	ELIE SAAB	BOBBI BROWN	Liz claiborne
	GIVENCHY PARIS	GUCCI	MAX&Co.
	MaxMara	kate spade NEW YORK	pierre cardin PARIS	- Jaks Avenue
SAFIIO OCCHIALI DAL 1934	HUGO BOSS	TOMMY HILFIGER	ISSUE Nº FOSSIL 1954	JACK SPADE