CORPORATES

CREDIT OPINION EssilorLuxottica 1 August 2019 Update to credit analysis following affirmation of A2

Update Summary On 31 July, EssilorLuxottica announced that it had reached an agreement with HAL to acquire its 76.72% stake in GrandVision - a leading optical retailer based in the Netherlands. Pursuant to the take over - which EssilorLuxottica expects could take up to two years to close - the company will also initiate a mandatory tender offer for the outstanding minority RATINGS shares. At the current offering price of €28 per share (€28.42 per share if closing exceeds 12 EssilorLuxottica months), GrandVision will have an enterprise value of around €8 billion. The acquisition will Domicile France have a negative impact on the company’s credit metrics, however, issuance of equity-like Long Term Rating A2 instruments of up to €2 billion will mitigate the negative effect on its balance sheet. In its A2 Type LT Issuer Rating - Fgn Curr rating, EssilorLuxottica already benefited from a lot of cushion for discretionary spending. Outlook Stable Exhibit 1 Please see the ratings section at the end of this report We expect EssilorLuxottica's credit metrics to rapidly recover following closing of transaction for more information. The ratings and outlook shown reflect information as of the publication date. Debt/EBITDA (LHS) RCF/Net Debt (RHS) 3.0x 60.0%

2.5x 50.0%

Contacts 2.0x 40.0% Knut Slatten +33.1.5330.1077 VP-Senior Analyst 1.5x 30.0% [email protected] 1.0x 20.0% Yasmina Serghini +33.1.5330.1064 Associate Managing Director 0.5x 10.0% [email protected]

0.0% CLIENT SERVICES 2018 PF 2019F 2020F 2021F Note: 2018PF includes 12-months contribution of Essilor and Luxottica. Americas 1-212-553-1653 Source: Moody's Financial Metrics, Moody's estimates Asia Pacific 852-3551-3077 EssilorLuxottica's A2 rating continues to reflect (1) its position as the global leader in Japan 81-3-5408-4100 corrective lenses and eyewear market by a large distance to its competitors, illustrating the EMEA 44-20-7772-5454 group's strong innovation capabilities and strong brand portfolio; (2) the group's wide offering within its product category and its vertical integration, allowing it to cater to all customers and develop strong relationships with opticians; (3) a very solid track record of steady growth and resilient operating performance; and (4) the group's strong financial profile, underpinned by a healthy free cash flow (FCF) generation.

EssilorLuxottica's A2 rating also factors in (1) the group's concentration of sales generated by its corrective lenses and frames business, as well as relative concentration in the US market; (2) the still subdued economic environment in some of the group's key markets, which can MOODY'S INVESTORS SERVICE CORPORATES

weigh on lenses' renewal rates or result in some trading down by consumers; (3) the risk of a competitor making a breakthrough innovation and; (4) some uncertainty around appetite for future external growth.

Credit strengths » Increased scale and enhanced business diversity following Essilor and Luxottica combination

» Global leader in corrective lenses and frames

» Strong innovation capabilities

» Acquisition of GrandVision will strengthen European retail and network and better balance the company's already wide customer and geographical diversification

» Track record of resilient operational performance and cash flow generation

Credit challenges » Acquisition of GrandVision follows rapidly after completed combination of Essilor and Luxottica and will weaken company's credit metrics

» Execution risks related to the integration of Essilor and Luxottica's activities exist, notably the potential differences in corporate culture

» Revenue concentration in the eyewear market and some degree of geographical concentration in the US market, although GrandVision will better mitigate geographical footprint

» Active acquisition strategy, which could weaken the group's financial profile

Rating outlook The outlook on the ratings is stable and reflect our expectations that EssilorLuxottica will successfully deleverage its capital structure following completion of the transaction so that its leverage moves below 2.5x Moody’s adjusted debt/ EBITDA. Moreover, the stable outlook also reflects our expectations that Essilor and Luxottica will continue to make good progress on the integration of the combined entity. Factors that could lead to an upgrade » Upward pressure on EssilorLuxottica's A2 rating is unlikely in the short term in view of the negative impact that the transaction with GrandVision will have on the company’s balance sheet. Over time, upward pressure on the A2 rating could develop if the company successfully executes its integration plan, including GrandVision. In addition, we would expect to see a commitment to a higher rating and a longer track record of operating as one entity. Quantitatively, upward pressure could build on the rating if the company maintains a ratio of retained cash flow (RCF)/net debt above 35% and a ratio of (gross) Moody's adjusted debt/EBITDA below 1.5x on a sustainable basis.

Factors that could lead to a downgrade » Downward rating pressure on the A2 rating could develop if the performance of the company weakens sharply resulting in RCF/ net debt declining to below 25% and (gross) debt/EBITDA moving above 2.5x for a prolonged period of time (including Moody's adjustments).

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

2 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2 MOODY'S INVESTORS SERVICE CORPORATES

Key indicators

EssilorLuxottica

2021E 2020E(3) 2019E 2018PF(2) 12/31/2018(1) Total Sales (EUR Billion) 22.8 17.6 16.8 16.2 10.8 EBIT Margin 16.6% 17.9% 17.3% 16.7% 13.7% Debt / EBITDA 2.1x 2.6x 1.4x 1.5x 2.9x RCF / Net Debt 31.8% 26.1% 50.6% 56.5% 27.5% EBIT / Interest Expense 7.1x 10.7x 12.8x 13.5x 8.1x

(1) The 2018 consolidated financial statements reflect the acquisition of Essilor by Luxottica (reverse acquisition), therefore; the figures represent 12 months of Luxottica's and three months of Essilor's contribution. (2) Pro forma figures include 12-month contribution of Essilor and Luxottica. (3) 2020 includes financing of the acquisition of GrandVision (but no EBITDA). (4) All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. Source: Moody's Financial Metrics

Profile EssilorLuxottica, a publicly listed company headquartered in France, is the holding company of Essilor (100%) and Luxottica (100%). It is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and eyewear. For 2018, EssilorLuxottica had nearly 150,000 employees and pro forma consolidated revenue of around €16 billion.

Essilor designs, manufactures and markets a wide range of lenses to improve and protect eyesight. It also develops and markets equipment, instruments and services for eye-care professionals. Essilor reported consolidated revenue of €7.5 billion in 2018.

Luxottica has leading positions in the frames and eyewear retail market. Its portfolio includes Ray-Ban and Oakley eyewear brands, and the Sunglass Hut and LensCrafters's retail brands, as well as product licensing agreements under brands such as Prada, Chanel, Burberry and Ralph Lauren. Luxottica reported consolidated revenue of €8.9 billion in 2018. Detailed credit considerations Acquisition of GrandVision will strengthen EssilorLuxottica's European retail network, however, its credit metrics will weaken The acquisition of GrandVision will strongly enhance EssilorLuxottica’s footprint within the European retail environment and better balance its retail/wholesale model. By acquiring GrandVision, the company acquires the largest player in the European market and thereby rapidly strengthens its continental presence and leads to a better geographic diversification profile. Pro-forma for the transaction, around 47% of EssilorLuxottica's revenues will emanate from its retail operations with European stores representing 35% of the company's total stores (against 10% prior to the envisaged GrandVision transaction).

Moreover, we also believe that there transaction will entail both revenue and cost synergies over time. However, we consider that the transaction does come with some elements of risk as some of the company’s customers may seek to shift suppliers of lenses as EssilorLuxottica develops into a more important competitor in the European retail market. In addition, we caution that the transaction is announced during a period when EssilorLuxottica is still working on its integration following the combination of Essilor and Luxottica that was announced last year. We would also expect this transaction to be subject to a thorough anti-trust review.

Following the completion of the acquisition of GrandVision, we expect EssilorLuxottica's credit metrics to be somewhat weak during the first 12 months after closing. However, issuance of up to €2 billion worth of equity or equity-like instruments will mitigate the impact on the company's balance sheet. Underpinned by a strong free cash flow (after dividends), which we estimate will amount to around €1.2 billion after closing, we expect EssilorLuxottica will rapidly de-leverage while at the same time be able to continue its strategy of bolt-on acquisitions amounting to around €500 million on an annual basis. We note, however, that GrandVision's FCF in recent years has been constrained by relatively large amounts of capital expenditures as the company has expanded rapidly.

Essilor and Luxottica's businesses are complementary but subject to integration risks Essilor and Luxottica have complementary businesses that provide the opportunity to offer customers combined solutions including Essilor's lenses and Luxottica's frames, thereby driving the value of their products. These combined offers provide the advantage

3 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2 MOODY'S INVESTORS SERVICE CORPORATES

of faster delivery times to customers and an easier order process. For example, a Ray-Ban frame and Varilux lens would help the performance of both prescription glasses and prescription sunglasses. In addition, Luxottica has gained access to Essilor's network of independent opticians for the sale of their frames and sunglasses. In the US, Essilor has a wide network of independent prescription laboratories to ensure that its products reach local customers. Similarly, Essilor will increase the penetration of its brands within Luxottica's extensive network. In the first quarter of 2019, Essilor reported higher penetration of the antireflective and Transitions lenses into the LensCrafters network, which supported the optical chain's results during the period.

We also expect the combination to generate cost synergies as both entities converge their business model. The company envisages around €420 million-€600 million of synergies split between revenue and cost synergies within the next three to five years. Revenue synergies are expected in the range of €200 million-€300 million as a result of cross-selling opportunities. Cost synergies are expected to come in the range of €220 million-€300 million from the combined supply chain optimization, general and administrative rationalization, and sourcing of savings. The company expects synergies to further accelerate once it is operating as a fully integrated structure. The company has put in place an integration committee led by the Executive Chairman and the Executive Vice Chairman of EssilorLuxottica to identify and execute the different areas of synergies.

Exhibit 3 Exhibit 4 EssilorLuxottica's revenue breakdown by segment EssilorLuxottica's revenue breakdown by geography

Latin America 6% Asia, Oceania and Africa Lenses and Retail 17% optical 36% instruments 39%

North America 52%

Sunglasses and readers 5% Europe 25% Wholesale Equipment 19% 1%

Based on pro forma 12 months revenues of Essilor and Luxottica Based on pro forma 12 months revenues of Essilor and Luxottica Source: EssilorLuxottica's 2018 annual report Source: EssilorLuxottica's 2018 annual report

The combination of Essilor and Luxottica is highly complementary as Essilor will gain access to Luxottica’s leading global retail network of around 9,100 stores (as of the end of December 2018 and excluding GrandVision), including the Sunglass Hut and LensCrafters franchises, and its strong brand portfolio in the eyewear segment including Ray-Ban and Oakley, as well as licensing agreements under brands such as Prada, Chanel, Burberry and Ralph Lauren.

4 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2 MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 5 Strong portfolio of retail brands with a large geographical presence

North America Asia pacific Greater China Europe Africa and Middle East Latam Sunglass Hut

LensCrafters

Target Optical

GMO

Salmoiraghi & Viganò

OPSM

Oakley retail locations

Sears Optical

Ray-Ban

Others (including franchising)

0 500 1000 1500 2000 2500 3000 3500 Number of stores Source: Group information

We expect the combined entity to generate free cash flow of around €1 billion excluding exceptional costs related to the transaction, which should provide it with sufficient financial firepower to continue to invest in organic growth and bolt-on acquisitions. EssilorLuxottica aims to progressively ramp up synergies of €420 million-€600 million over the next three to five years.

However, the merger also carries a certain degree of event risk linked with the integration of the combined entities. Essilor's research- driven corporate culture may also differ from that of Luxottica, which is more oriented toward consumer brands and fashion, while the combined entity have a joint management structure where the EssilorLuxottica Executive Chairmen and Executive Vice Chairman have equal powers. Since the combination was completed, EssilorLuxottica's credit profile has been riddled by several issues related to its corporate governance. Whereas there is limited evidence that these issues have hurt the combined company's operating performance thus far, the disputes are hurting the company's credit profile and, going forward, we would expect to see incremental evidence of the company operating as one entity, both at an operational level and at an executive level. Lastly, the loss of revenue or margin pressure, or both, could arise as Essilor becomes more active in the retail segment, which may not go down well with some of its current customers. This risk will clearly be present as EssilorLuxottica enter into the European retail segment on a wider scale.

EssilorLuxottica is a global leader in corrective lenses, frames and eyewear, with a strong distribution network Essilor benefits from its long-standing position as the global leader in corrective lenses, as well as its status as the most integrated group in the optical manufacturing market. Essilor's leading position and geographical spread give it an unparalleled scale within the corrective lenses and eyewear markets. Following the combination with Luxottica, the combined entity became the number one group by a large distance to its main competitors Hoya Corporation and Carl Zeiss Vision in the optical instruments market, and Safilo S.p.A. (B2 negative), Marcolin S.p.a. (B2 stable) and De Rigo S.p.A. in the eyewear and prescription frames market. With the full control of Transitions Optical in 2014, Essilor has become the leader in photochromic lenses, a highly technical product that it developed with PPG Industries (A3 negative). Essilor's leadership position is intricately related to the group's strategic focus on R&D, which historically has represented 3.0%-3.5% of its sales (on a standalone basis).

Luxottica operates through two main segments: (1) manufacturing and wholesale distribution, and (2) retail distribution. As of year-end 2018, the manufacturing and wholesale distribution segment accounted for 36% of total revenue and involved the entire process from designing to distribution of mid- to premium-priced eyewear and prescription frames. These products are sold to optical retail chains, department stores and online shops across more than 150 countries. In 2018, Luxottica derived more than half of its revenue from its retail segment, which sells in-house manufactured prescription frames and eyewear, as well as frames, lenses and other ophthalmic products manufactured by other companies. This segment operates primarily through its retail brands, such as LensCrafters, GMO and Sunglass Hut. In addition, Luxottica operates e-commerce websites, which allows it to complement its retail and wholesale network sales. As of year-end 2018, Luxottica generated about 58% of its revenue in North America. Luxottica's fairly high concentration in this market renders it vulnerable to economic and currency fluctuations. Luxottica had six production facilities in Italy, three in China, one in Brazil, one in Japan and one in the US, distributing products to its extensive retail network comprising around 9100 stores worldwide, including franchising, as of December 2018.

5 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2 MOODY'S INVESTORS SERVICE CORPORATES

Revenue concentrated in the eyewear market, despite a wide customer and geographical diversification EssilorLuxottica's revenue continues to be concentrated in the eyewear market. While Essilor expects the corrective lenses market to maintain volume growth of 3%-4% over the medium term and the eyewear market to grow at 6%-7%, we believe the high concentration in those product categories creates some risks. The market remains fragmented and competitive pressures may increase over time, as consolidation takes place or if breakthrough innovations are made by EssilorLuxottica's competitors, although this risk is mitigated by the very strong innovation track record of the group.

The product concentration is partly mitigated by a wide customer and geographical diversification, although high exposure to the US market remains a relative weakness. The group markets its products globally, with the North American segment representing 52% of 2018 pro forma revenue of Essilor and Luxottica, followed by Europe (25%), Asia-Pacific/the Middle East/Africa (17%) and Latin America (6%). The acquisition of GrandVision will better balance the geographic footprint as it will reduce the total exposure to North America. In its annual report for 2018, EssilorLuxottica reported that it did not have any significant concentration of credit risk. We do not expect customer concentration to materially change in the future.

We view risks related to product substitution as limited in the foreseeable future. Contact lenses are increasingly able to address more complex vision impairments. However, the prevailing share of prescription glasses in the developing world and the fact that a portion of the population still has difficulties wearing contact lenses mitigate substitution risks. Similarly, the high cost of refractive surgery and intraocular lenses makes them a marginal competitor to Essilor's lenses business.

Track record of resilient operational performance and cash flow generation We expect EssilorLuxottica's operational performance to remain resilient over the next 12-18 months, in line with the historical pattern. The group has over the years built a very solid track record of steady growth and resilient operating performance, helped by its increasingly diversified geographical spread.

For the six months ended June 2019, EssilorLuxottica's revenue grew 3.9% at constant currencies (+7.3% as reported) driven by the good performance of both subsidiaries, Essilor and Luxottica. Essilor delivered 5.2% sales growth at constant currencies and its performance was driven by both the lens business and the sunglasses business, which grew by 4.9% and 8.4% at constant currencies, respectively. For Luxottica, revenue grew 2.9% at constant currencies, with wholesale growing 1.7% and retail 3.6% (both at constant currencies). The company's reported operating margins was down by 50bps to 17.2% reflecting mainly a combination of increased holding costs due to the dual structure, and investments in new growth initiatives. EssilorLuxottica confirmed its outlook for the full year, and expects sales growth in the range of 3.5%-5% and adjusted operating profit of 0.8x-1.2x sales.

In 2018, the combined pro forma revenue of EssilorLuxottica amounted to €16 billion. Essilor's revenue was up 5.1% at constant rate to €7.5 billion. Lenses and optical division grew 4.2% (on a like-for-like basis) driven by North America. Sales in this region increased by 3.2%, supported by recent product launches such as the Ultimate Lens Package and Transitions Style Colors. While sales in Canada slightly contracted, e-commerce activities, particularly the sale of prescription eyeglasses and contact lenses, further boosted the results. Essilor's good performance was also driven by strong growth in the sunglasses and readers division (+8.1%, on a like-for-like basis), especially in China. Revenue of the Equipment division rose by 4.5% in 2018 to €227 million. This strong performance reflected a positive response across all regions to the latest generations of surfacing machines. Essilor's gross margin was up 40 basis points to 58.6% in 2018 because of efficiency gains and the product-mix effect from Essilor’s key lens brands including Varilux, Crizal and Transitions.

Luxottica's net sales in the 12 months ended December 2018 increased by 1.5% in constant currencies (reported sales were down by 2.8% because of negative currency impact of the US dollar, Australian dollar and Brazilian real). The sales growth was supported by the retail segment (+3% at constant currencies), which helped offset the slight decline in the wholesale segment (-1.1% at constant currencies). The growth in the retail segment was fueled by Sunglass Hut and the e-commerce platforms. In 2018, sales from Luxottica’s e-commerce platforms were up 14% at constant exchange rates driven by the introduction of Persol and Vogue Eyewear online platforms in the US and Canada. The slower sales performance and the foreign-exchange negative impact led to a reported decrease in Luxottica's adjusted operating income margin to 15.1% from 15.7% in 2017. Despite the decline in sales growth, the wholesale operating income margin was up 40 basis points, driven by the price mix effect and improved cost efficiencies. The retail segment operating income margin was also up 20 basis points.

6 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2 MOODY'S INVESTORS SERVICE CORPORATES

In 2018, the combined entities generated free cash flow, per Moody's definition, of € 1 billion and the company's net debt reached €1.9 billion. We would expect the combined entity to progressively improve profitability, supported by synergies of €420 million-€600 million per annum. Both Essilor and Luxottica have historically generated strong FCF on a standalone basis. We expect the combined entity to maintain a healthy FCF generation, with FCF of around €1 billion in 2019 for then to steadily increase thereafter.

Exhibit 6 We expect EssilorLuxottica to generate strong positive FCF over the next 12 to 18 months FCF before Moody's adjustments

Cash Flow from Operations Capital Expenditures Dividends Free Cash Flow 4000

3000

2000

1000

0 EURMillion -1000

-2000

-3000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018PF 2019E For the years until the year 2017, Free cash flow reflects Essilor on a standalone basis as per Moody's definition (that is, after dividends). 2018 figures reflect Moody's estimates of Essilor and Luxottica's cash flows on a full year pro forma basis. Sources: Essilor (historical), EssilorLuxottica 2018 annual report, Moody's Investors Service forecasts

Acquisitions form an important part of the strategy Both Essilor and Luxottica have a track record of supplementing organic growth with external growth, generally through small bolt- on acquisitions (although Luxottica also has done some more transformative deals). Essilor has often acquired majority ownerships (particularly when it acquires prescription labs), leaving a minority stake in the hands of the group's management. It values the continuing involvement of these entrepreneurs in their business and their local knowledge. We adjust the debt figure for the amount of put options owned by minority shareholders, given that the group could be subject to material cash outflows in case of a simultaneous exercise of the put options (each individual put option reflects a rather small amount). Nevertheless, we note that these puts have rarely been exercised in the past and consider that they have a low probability of being exercised at once in our qualitative analysis. The payment of acquisitions can also include deferred amounts in the form of earnouts: when they relate to businesses that Essilor fully consolidates in its accounts, we include these amounts in our adjusted debt calculation. The increase in debt is related to put options over non-controlling interests, representing EssilorLuxottica’s obligation or potential obligation to purchase against cash all remaining Luxottica shares not already held by the group as of 31 December 2018. Subsequently, the remaining shareholders were squeezed out for a combination of stocks issuance and cash consideration of around €640 million.

7 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2 MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 7 Components of EssilorLuxottica's adjusted debt As of 31 December 2018

9000 2050 8501

8000 25

7000 2250

6000

5000 459 4000 3767 EUR millionEUR 3000

2000

1000

0 Moody's unadjusted debt Pensions Operating leases Put Options Others Moody's adjusted debt

Source: Moody's financial Metrics

Liquidity analysis We expect EssilorLuxottica to display an excellent liquidity profile over the next 12 months. As of 30 June, the company had €1.5 billion of cash and €1.8 billion of current liabilities. A further liquidity cushion is provided by access to €2.3 billion worth of undrawn bank facilities. We expect EssilorLuxottica to produce healthy free cash flows (after dividends) of around €1 billion in 2019 for then to continue to grow thereafter.

To finance the envisaged transaction of GrandVision, EssilorLuxottica has put in place a committed bridge financing facility of around €8 billion.

Structural considerations EssilorLuxottica has become a holding company of Essilor (100%) and Luxottica (100%). Essilor's operating activities and assets have been transferred in 2017 into an existing wholly owned entity that was renamed Essilor International SAS (Essilor International), but Essilor's current capital market debt instruments (existing eurobonds and private placements) remain at the level of EssilorLuxottica. There will be no upstream guarantees from Essilor International to EssilorLuxottica, and we understand that Essilor International will have no debt except a limited quantum at the local affiliates' level because the case may be under local legislation requirements. Luxottica's current debt instruments remain at the level of Luxottica.

We, therefore, believe that there will be a degree of structural subordination of debt at EssilorLuxottica versus the existing debt held at Luxottica. However, EssilorLuxottica's creditors will continue to benefit from full access to Essilor's cash flow, as well as a claim over Luxottica's shares; they will only be subordinated to Luxottica's creditors in respect of Luxottica's cash flow. The current rating and outlook assume no increase in structural subordination. We expect subordination to reduce over time as the group has publicly stated that it will aim to concentrate treasury management at the level of EssilorLuxottica and ensure a pari passu treatment of all creditors. A future debt issuance for the combined group is therefore expected to take place at the level of EssilorLuxottica.

8 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2 MOODY'S INVESTORS SERVICE CORPORATES

Rating methodology and scorecard factors In assessing the credit quality of Essilor, we apply our Consumer Durables Industry rating methodology, updated in April 2017.

Exhibit 8 Rating factors EssilorLuxottica

Current Moody's 12-18 Month Forward View Consumer Durables Industry Grid [1][2] FY 12/31/2018 As of 7/30/2019 [3] Factor 1 : Scale (20%) Measure Score Measure Score a) Total Sales (USD Billion) $12.8 A $24 - $25 Aa Factor 2 : Business Profile (25%) a) Competitive Position A A A A b) Brand Strength A A A A Factor 3 : Profitability (5%) a) EBIT Margin 13.7% Baa 15% - 16% Baa Factor 4 : Leverage and Coverage (35%) a) Debt / EBITDA 2.9x Baa 2.3x - 2.5x Baa b) RCF / Net Debt 27.5% Baa 30% - 35% Baa c) EBIT / Interest Expense 8.1x A 6x - 7x Baa Factor 5 : Financial Policy (15%) a) Financial Policy A A A A Rating: a) Scorecard-indicated outcome A3 A3 b) Actual Rating Assigned A2 A2

(1) All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. (2) As of 12/31/2018 and represents 12 months of Luxottica's and three months of Essilor's contribution. (3) This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures. The estimates reflect Essilor, Luxottica and GrandVision on a pro forma basis. Source: Moody's Financial Metrics

Ratings

Exhibit 9 Category Moody's Rating ESSILORLUXOTTICA Outlook Stable Issuer Rating A2 Senior Unsecured A2 Commercial Paper P-1 Other Short Term -Dom Curr (P)P-1 Source: Moody's Investors Service

9 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2 MOODY'S INVESTORS SERVICE CORPORATES

© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER. Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.” Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1188065

10 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2 MOODY'S INVESTORS SERVICE CORPORATES

CLIENT SERVICES

Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454

11 1 August 2019 EssilorLuxottica: Update to credit analysis following affirmation of A2