2016 Results February 17, 2017

2016 Results 2

Hubert Sagnières – Chairman and Chief Executive Officer

1. 2016 Highlights

2016 Results 3

Improving and Protecting the Vision of 7.4 Billion People Worldwide

1. 2016 Highlights

2016 Results 4

2016 Key Figures

2016

5 years CAGR Change vs. 2015

Revenue €7,115m

5.9% CER

(1) 7.6%

11.2%

€1,321m Contribution from operations(2) 4.6% 12.1%

€3.79 Earnings per share 6.2% 9.2%

€900m Free Cash Flow(3) 3.8% 14.2%

(1)Growth at constant exchange rates

(2)Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses)

(3)Free cash flow = net cash from operating activities less change in WCR and capital expenditure

(4)To be submitted for shareholder approval at the May 11, 2017 Annual General Meeting

1. 2016 Highlights

€1.50 Dividend per share(4) 35.1% 12.0%

2016 Results 5

Growing in a Larger Playing Field

Lenses: New products, consumer marketing, integrated supply chain

Online: Enhanced consumer experience, acquisitions in Europe

Sunglasses & Readers: Brands and products, new information systems, acquisition in China

1. 2016 Highlights

2016 Results 6

Balanced and Resilient Geographic Performance

Europe up 9.2%(1): Consumer marketing, new products, online sales

Asia/M.-East/Africa up 8.9%(1): Strong demand for better vision

Latin America up 23.9%(1): Mid-tier, new models, new countries

North America up 4.1%(1): A stronger platform with new business models (1) 2016 combined revenue growth (like-for-like and bolt-on acquisitions) across all business divisions

Fast-growing countries include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America.

1. 2016 Highlights

2016 Results 7

Strong Differentiators to Create Value

A dynamic year for acquisitions and partnerships

Mission: awareness, new wearers

Innovation: correction, protection, prevention

1. 2016 Highlights

2016 Results 8

Significant Growth Potential

1. 2016 Highlights

7.4

billion

2016

Source: United Nations

World population

9.7 billion

2050

2016 Results 9

Untapped Global Opportunity

1. 2016 Highlights

€96bn

2015

c. €300bn

(1) Sell-out value for contact lenses, spectacle lenses, readers, sunglasses and frames

(2) Assuming 100% of vision correction and protection needs addressed and fast-growing country product mix in line with more advanced developing countries

Source: Essilor estimates

Size of the global optical market in value(1)

Global optical market value

with 100% vision needs covered(2)

2016 Results 10

Géraldine Picaud – Chief Financial Officer

2. 2016 Results

6,716

7,115

+5.9%

241

270 -112

2015 Revenue Like-for-likegrowth

Bolt-onacquisitions (1)

Currency effect 2016 Revenue

+3.6%

+4.0%

-1.7%

2016 Results 11

2016 Revenue Up 7.6% Excluding the Currency Effect

€ millions

(1) Local acquisitions or partnerships

+7.6%

2. 2016 Results

Q4 2016: +7.2%

Like-for-like growth: 3.0%

Bolt-on acquisitions: 4.0%

Currency effect: 0.2%

2016 Results 12

2016 Revenue by Division

2. 2016 Results

(1) Fast-growing countries include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America.

Like-for-likeAt constant

exchange ratesReported

Lenses & Optical Instruments 5,840 6,218 +3.9% +8.2% +6.5%

Sunglasses & Readers 673 685 +1.0% +3.5% +1.7%

Equipment 203 212 +4.7% +4.9% +4.8%

TOTAL 6,716 7,115 +3.6% +7.6% +5.9%

Fast-Growing Countries(1) 1,502 1,641 +8.1% +15.1% +9.3%

Developed Countries 5,214 5,474 +2.3% +5.5% +4.9%

Change

Reported revenue in € millions 2015 2016

2016 Results 13

2016 Lenses & Optical Instruments Revenue by Region

2. 2016 Results

Like-for-likeAt constant

exchange ratesReported

North America 2,587 2,707 +2.0% +4.8% +4.6%

Europe 1,777 1,905 +3.4% +9.4% +7.2%

Asia/Pacific/Middle East/Africa 1,071 1,138 +7.5% +8.5% +6.2%

Latin America 405 468 +8.0% +24.0% +15.6%

Lenses & Optical Instruments 5,840 6,218 +3.9% +8.2% +6.5%

Reported revenue in € millions 2015 2016

Change

2016 Results 14

18 Acquisitions Representing ~€304m in Full-Year Revenue

2. 2016 Results

Europe

3

Latin America

5 Asia/Pacific/

Middle East/Africa

5

North America

5

Vision Direct Opti-Port

Opticas

Place Vendôme One Vision

Optical

Icare Industries

Digital Lab

Summer Vision

Ocutec

Laboratorio

Axis Medical Group

Allaboutvision.com

US Optical

MyOptique

Mamtora(1) Thai Thanh Phat(1) SOI

SCL International

Jiangsu Creasky

Optical(1)

Photosynthesis

Group

Sun

Online

(1)These companies were not consolidated in 2016

2016 Results 15

Contribution from Operations(1) up 4.6%

(1)Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).

Revenue 6,716 7,115 +5.9%

Gross profit 4,012 4,181 +4.2%

% of revenue 59.7% 58.8%

Operating expenses (2,749) (2,860) +4.0%

% of revenue 40.9% 40.2%

Contribution from operations(1) 1,263 1,321 +4.6%

% of revenue 18.8% 18.6%

€ millions 2016 Change2015

2. 2016 Results

18.8%19.0%

18.6%

+0.2 %-0.1%

-0.3%

2015 Operatingleverage and

synergies

2016 before bolt-on acquisitions(2)

Bolt-onacquisitions excl.

online

Online bolt-onacquisitions

2016

2016 Results 16

Contribution from Operations(1) at 18.6% of Revenue

Contribution from operations as a percentage of revenue

(1) Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses)

(2) Local acquisitions or partnerships

2. 2016 Results

Trade up/Innovation

Efficiency gains

Synergies

Prepare the future

Headwinds

Vision Direct

MyOptique Group

Revenue 6,716 7,115 +5.9%

Contribution from operations ( 1 ) 1,263 1,321 +4.6%

Other income (expenses), net (80) (91) -

Operating profit 1,183 1,230 +3.9%

Financial income (expense), net (63) (66) -

Income tax (308) (285) -

Effective tax rate 27.5% 24.5% -

Net profit 813 880 +8.2%

Minority interests (56) (67) -

Profit attributable to equity holders 757 813 +7.4%

Earnings per share (in €) 3.57 3.79 +6.2%

Change€ millions 20162015

2016 Results 17

Profit Attributable to Equity Holders Up 7.4%

(1)Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).

2. 2016 Results

2016 Results 18

Capital Expenditure: Continuing to Invest in Long-term Growth

2. 2016 Results

192

232

285

227

321

273

100

150

200

250

300

350

2011 2012 2013 2014 2015 2016

4.6%

4.7%

5.6%

4.0%

4.8%

3.8%

XX% = As a percentage of revenue Capital expenditure in € million (net of disposals)

27 1031

754

119

41

294

1,202

8

2016 Results 19

Adjusted(1) Free Cash Flow(2) Up 11%

(1) Adjusted for the disbursement of the fine to the Bundeskartellamt (BKA) that was set aside in 2010, for a total amount of €63m, including accrued interest

(2) Free cash flow = Net cash from operating activities less change in WCR and capital expenditure.

(3) The theoretical 2015 dividend amounted to €237.1 million. However, the option to receive the dividend in shares was taken up by 67.6% of shareholders

and the cash dividend effectively disbursed amounted to €79.1 million

Operating cash flow

(excl. change in WCR)

Capital increase

Capital expenditure

Change in WCR

Dividends(3)

Net financial investments

€ millions

+900

Foreign exchange and other

2. 2016 Results

Share buybacks

Reported change in net debt

2016 Results 20

Net Debt as of December 31, 2016: 1.2x EBITDA

2. 2016 Results

Strong cash generation

BKA fine disbursement

Acquisitions

An active year

Earn-out & put options

2,1682,089

2,172

2,062

1.41.3 1.3 1.2

H1 2015 2015 H1 2016 2016

Net debt Net debt/EBITDA

2016 Results 21

Dividend per Share: 24th Consecutive YoY Increase

(a) To be submitted for shareholder approval at the May 11, 2017 Annual General Meeting

2. 2016 Results

172 177 185 198 216237

323

0.83 0.85 0.880.94

1.021.11

1.50(a)

2010 2011 2012 2013 2014 2015 2016

Payout (in € million) Dividend per share (in €)

2016 Results 22

Laurent Vacherot – President and Chief Operating Officer

3. Essilor in 2017

2016 Results 23

Further Developing Essilor in 2016 Despite Unexpected Headwinds

Unchanged Optical Industry Fundamentals

3. Essilor in 2017

Good performance in Europe

Improved position in Fast-Growing Countries

Solid performance of the Equipment division

Eyezen™ and Eye Protect System™ launch momentum

Dynamic year for acquisitions and partnerships

External factors:

USA: Industry slowdown from Q2 2016 & regulatory changes

Brazil: Challenging environment

Sunwear: Unfavorable weather conditions

Internal factors:

Transitions®: Increased decline in sales to other lens casters

Clearly™/Coastal™: Recovery longer than expected

Bolon™: Implementation of the new inventory management system

2016 key

achievements

Headwinds

2016 Results 24

A Clear Growth Strategy

Size and growth of industry segments by 2018 / Prescription sun lenses are included in prescription lenses

Fast-Growing Markets include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America

3. Essilor in 2017

Innovation

Consumer Focus and Branding

Partnerships and Acquisitions

Business Interconnections and Operational Efficiency

10-12%

FAST-GROWING

MARKETS

€5.8bn

~ €28.5bn 6-7%

€5.8bn 14%

ONLINE

€10bn

SUNGLASSES

& READERS

6-7%

€12.7bn 3-4%

PRESCRIPTION

LENSES

2016 Results 25

A New Organization to Meet Growing Operational Needs

3. Essilor in 2017

3 Business Committees:

Lenses, Sun & Readers, Online

33 members

11 different nationalities

Developing Talent

MANAGEMENT COMMITTEE

Hubert Sagnières

Chairman and CEO

Laurent Vacherot

President and COO

Eric Thoreux

Sun & Readers and China

Jean Carrier

COO

Bernhard Nuesser

Online

Paul du Saillant

COO

Jayanth Bhuvaraghan

Mission, Sustainability &

Communication

Frédéric Mathieu

Human Resources

Géraldine Picaud

Finance, M&A

Jeremy Teo

Strategy

2016 Results 26

Delivering Solid Growth in 2017

3. Essilor in 2017

Transitions® Online Sunwear US

2016 Results 27

The USA, More Resilient than it Looks

3. Essilor in 2017

Transitions® United-States Sunwear Online

(1) Penetration of total lens industry in volume in 2015, Source: Essilor estimates

US lens business

Good first-half

Slower second-half

Good momentum in December 2016 and January 2017

An attractive market

Underpenetration of Key

Categories(1)

New Players

Anti-reflective lenses

Progressive lenses

...

39% 65%

85% 100%

USA Canada Germany Japan

25% 30% 43% 49%

Brazil USA Denmark NewZealand

Avg

2013

-2016

Solid long term trends

despite volatility

US Lens market volume growth rates (in %)

Avg

2013

-2016

2.2% 2.2% 2.3% 1.9%

2.5%

-0.7% 0.4% 0.5%

Avg

2013

-2016

Avg

2013

-2016

Source: VisionWatch Surveys

Q4 Q1 Q2 Q3

2016 2016 2016 2016

2016 Results 28

A Comprehensive Strategy to Better Tap Market Opportunities

Education and awareness

Branding

Consumer insights via

online models

Innovation Deployment Consumer Focus Trade Opportunities

Supply chain offering

Category development

New partnerships formed

Increased interest from

new players

Catch-up potential

Leveraging all group networks

Continuous innovation

3. Essilor in 2017

Transitions® United-States Sunwear Online

Independent

ECPs

2016 Results 29

Leveraging Key Services Platforms to Boost Value Creation with Independent Eye Care Professionals

Accelerate category development and new product

penetration

Extend the product line (contact lenses, sunwear,

readers, etc.)

Enhance conversion rate*

Improve efficiency from manufacturers to PoS

Increase consumer reach

c.7,300 points of sales and counting…

3. Essilor in 2017

* According to the Vision Council survey (12-months ended June 2016), Independent ECPs provide 69% of eye exams but only 46% of prescription eyeglasses (in volume)

Unlocking the Full Power of Independent Eyecare Professionals

Transitions® United-States Sunwear Online

2016 Results 30

Accelerate 2 Major Programs Roll-Out for Independent Eyecare Professionals

3. Essilor in 2017

Frame assortment

Delivery time

Efficiency gains

Traffic building

Conversion

Category growth

~250 ECPs by year-end 2016

>1,000 ECPs by year-end 2017

>1,200 ECPs by year-end 2016

More than double by year-end 2017

Transitions® United-States Sunwear Online

2016 Results 31

Transitions Optical Snapshot

Group networks Sales to other lens casters

2016 volume growth: +3.5%

Product mix: Mainly progressive lenses,

limited penetration in single vision lenses

Geographic mix: ~50% US /~50% Rest

of the world

2016 volume growth: -8.5% (~€223m)

Geographic mix: Mainly US

4 main customers

2016 phenomena:

Increased use of alternative technologies

US market slowdown

Inventory impact

3. Essilor in 2017

Transitions® United-States Sunwear Online

Volume breakdown

2016 Results 32

An Organization Focused on Accelerating Momentum

3. Essilor in 2017

Results so far

H1 2016 H2 2016

Transitions volume growth

(Group networks)

+

~2%

~5%

Multi-brand advertising

Promotion & Mid-tier

offering

ECP training

In-store activation

Integrated Marketing

Incentive changes

Dedicated teams in key

countries

Sales force training

Clear and actionable

country tactical plans

Internal mobilization

Transitions® United-States Sunwear Online

Enhanced

properties more

appealing to

myopes

High level of

satisfaction among

consumer target(1)

Launch by the end

of the year

2016 Results 33

Unlocking Potential in Myopes and Young Wearers

Outstanding Potential

20%

6%

>45 years old <45 years old

Global penetration rate of

photochromic lenses in volume New dedicated

product forthcoming Online channel

3. Essilor in 2017

Activating multi-lever strategy

New colors

Transitions® United-States Sunwear Online

(1) Test of Transitions® Signature™ VII vs. New Transitions® led during 4 weeks among wearers of clear lens between 18 and 45 years old. Over 60% very satisfied with New Transitions® Lenses vs. Transitions® Signature™ VII and ~40% indicated they would definitely buy

2016 Results 34

Leverage Innovation and Increase Access with Segmented Products

3. Essilor in 2017

1990 1992 2000 2002 2004 2006 2008 2010 2012 1996 2014 2015 2017 2018

Gen. I Gen. II Gen. III Gen. IV Gen. V

Drivewear

Gen. VI

Xtractive Gen VII

Graphite

Green

New

Xtractive

Style

Colors

Eye Protect

System

Flash to

Mirror

Clear to

Polarized

2016

New

products...

Classic

Chinese partners’

offerings

Signet Armorlite

PhotoViews New products…

Transitions® United-States Sunwear Online

2016 Results 35

Big Step in Building Global Presence

3. Essilor in 2017

Over 3 billion people connected across the world(1)

Online optical industry: >14% CAGR

10-15% of the total optical retail industry by 2025(2)

Sources: Estin & Co 2014 estimates and analysis, Essilor International

(1) Source: Internet Live Stats (www.InternetLiveStats.com). Elaboration of data by International Telecommunication Union (ITU), World Bank, and United Nations Population Division.

(2) Includes online pure players and click & mortars / for spectacles, contact lenses and sunglasses

Transitions® United-States Sunwear Online

2016 Results 36

~€400m Annualized Online Revenue(1)

, Ahead of our Mid-term Ambition

3. Essilor in 2017

North America

44%

RoW

8%

Europe

48%

Contact

Lenses

+7%(3)

Prescription

Eyeglasses

+11%(3)

Sunwear

+21%(3)

2016 Sales Breakdown by Region 2016 Sales Breakdown by Category of Products

(1) Run-rate end of 2016 revenue including online sales of group sun brands (Bolon™, Costa® and FGX brands) / (2) At constant exchange rates / (3) 2016 like-for-like growth

Unaudited figures compiled from Group B2C website sales and the online sales of the Sunglasses & Readers division

>11%

like-for-like

growth

Q4: >+20%

Transitions® United-States Sunwear Online

€325m

Up 47%(2)

2016 Results 37

Accelerate Growth and Improve Profitability in 2017

3. Essilor in 2017

New website & consumer experience

Product/price positioning adjustments

First signs of improvement since new website launch

Improve

Clearly™/Coastal™

performance

Media push to reach new consumers

More convenient user experience

Accelerate the

Eyeglasses category

Procurement synergies

Regrouping platforms, starting with contact lenses

Cross-selling strategy

Develop synergies

and efficiencies

Bolon™: multichannel strategy

Costa®: new website & consumer experience Owned sun brands

A reinforced management team

under Bernhard Nuesser’s leadership Organization

Transitions® United-States Sunwear Online

2016 Results 38

Sunwear Industry: Clearly Segmented, Highly Fragmented

3. Essilor in 2017

“UNORGANIZED TRADE”

c.300m units

Performance

c.30m units

~50 brands

>500m units

Thousands of players

25-30m units

Luxury fashion

Entry/mid-tier

Retail

sell-out price

Functional use

Less than 25% of the world

population equipped

with sunglasses

~10% of eyeglasses

wearers equipped with

prescription sunglasses

Most sunglasses do not

offer the right vision

quality

Limited differentiation in

vision quality regardless

the price

An Underpenetrated Industry

Transitions® United-States Sunwear Online

2016 Results 39

Accelerating the Development of Successful Local Mid-tier Brands

3. Essilor in 2017

Countries where products are distributed

Lens Performance

Prescription Sun

Supply Chain Efficiencies

Consumer Access

Essilor Expertise

H2 2016: Back to Trend Growth

Sunglasses & Readers - 2016 like-for-like growth

-3.9%

+6.7% H1 2016

H2 2016

Transitions® United-States Sunwear Online

2016 Results 40

Leveraging Strong US Footprint for Global Expansion

3. Essilor in 2017

FGX Costa®

Popular-priced Positioning Performance

Target All Anglers... and water lovers of all kind

Price <$60 >$120

Main channels Mass/Drug/Department Stores Sport specialty/ECPs/Internet

2017 Action

Plan

Channel expansion in the USA:

Pilot, Bed, Bath & Beyond, shop-in-

shop, own store test, e-commerce

Category expansion: new

collections (Item8, Multi-Focus)

Internationalization

Channel mix diversification: sun

specialty, Internet (new website),

travel retail, doctor alliances

Category expansion: optical

Geographic expansion: US (North-

east coast & California) and abroad

Jeremie Beyou - Skipper -

Finished 3rd in the Vendée

Globe race

Transitions® United-States Sunwear Online

2016 Results 41

A Complementary Brand Portfolio to Capture the High-Growth Mid-Tier Sunglasses Segment in China and Asia

3. Essilor in 2017

BOLON™ MJS

Classic/Elegant/Fashionable Positioning Trendy

Target Female/Male/kids 20-30 years old

Price 700-800 RMB 400-800 RMB

Main channels ECPs (through wholesalers)

in Tier 1-5 cities

Franchised stores in shopping malls

in Tier 1-2 cities

2017 Action

Plan

Sell-through vs. sell-in management

New plant: start in Q1

New distribution channels &

Internationalization

Development of sun prescription

lenses

New ambassador: Hailey Baldwin

Continuing store expansion

in China

Development of online sales

Ongoing expansion in Southeast

Asia

Transitions® United-States Sunwear Online

2016 Results 42

Widening our Reach in the World’s Two Largest Optical Markets

Second biggest market in

value: ~€10bn(1)

A new organization under

Eric Thoreux’s responsibility

CHINA

Biggest market in value:

~€30bn(1)

New models

USA

3. Essilor in 2017

(1) Sell-out value for contact lenses, spectacle lenses, readers, sunglasses and frames

Source: Essilor estimates

2016 Results 43

Alain Riveline – Corporate Senior Vice President Global Marketing

4. Innovation and New Products

A New Consumer Segmentation Based on Life Cycle

Eye development

Learning life

5 consumer profile roadmap to support Innovation

KIDS & TEENS [0 - 18 years]

YOUNG ADULTS [19 - 44 years]

MIDLIFE [44 - 64 years]

SENIORS [65 & +]

NEXT GENERATION CONSUMERS

Myopia/hyperopia

Eye fatigue (non wearers)

Building life

Presbyopia appears

(long period of denial)

Managing life

Presbyopia stabilized

But cataract, AMD risk

Harvesting

4. Innovation and New Products 44

2016 Results 45

Developing Additional Tools to Get Consumer Insights

WEB/SOCIAL MEDIA LISTENING ONLINE COMMUNITIES

SELFIE VIDEOS HOUSE LAB

4. Innovation and New Products

46

Who are the 2017 Presbyopes?

4. Innovation and New Products 2016 Results

♀ ♂ 100

Thousands of inhabitants 40,000 80,000 40,000 80,000

Source: ONU, 2015

MADE UP OF 2 GENERATIONS:

BABY BOOMERS

GENERATION X

(born 1946-1964)

(born 1965-1980)

They start retiring

New presbyopes

& new comers

2016 Results 47

Generation X: New Presbyopes, Living Differently

4. Innovation and New Products

YOUNG

AND ACTIVE

~45% of the labor

force are Gen Xers LATE

PARENTS

Median age of first

time mothers delayed,

now standing at 30

FEEL

ALWAYS

RUSHED

They buy online twice

as much as baby

boomers,

to save time MULTITASKERS

"We want to balance it

all: career, family,

volunteerism"

CONNECTED

The first generation to

grow up with

computers

48

2016 Results 49

Reaching New Presbyopes Earlier and Better

ENLARGE THE POOL OF PROGRESSIVE WEARERS

~1.5 billion people worldwide

~100 million new presbyopes every year

GENERATION X

~1.2 billion people worldwide

BABY BOOMERS

4. Innovation and New Products

2016 Results 50

Starting in 2017, Reaching Full Speed in 2018

4. Innovation and New Products

Europe:

April 2017

Canada:

June 2017

Asia/Oceania

/Middle East/Africa

October 2017 United States:

September 2017

Latin America:

September 2017

Pricing

Strategy Price premium versus Varilux® S™ series

2016 Results 51

A Rich 18-Month Innovation Pipeline

4. Innovation and New Products

2016 Results 52

Laurent Vacherot – President and Chief Operating Officer

5. Outlook

2016 Results 53

In Brief

5. Outlook

Solid optical market prospects

A clear 2017 action plan: aligned and focused teams

Continuing to invest in long-term growth

Strong innovation pipeline for 2017 and beyond

Short term macro and industry uncertainties

2016 Results 54

Outlook for 2017

5. Outlook

(1) Contribution from operations = Revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).

(2) Excluding any additional strategic acquisitions.

Revenue Growth:

Like-for-like

Excluding currency effect

Contribution from operations(1)

as a percentage of revenue

Between 3% and 5%

Around 18.5%(2)

Between 6% and 8%

2016 Results February 17, 2017