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Présentation Powerpoint US Field Trip Dallas - September 28, 2016 INTRODUCTION HUBERT SAGNIÈRES US Field Trip - September 2016 2 A Strong Mission is At the Heart of our Strategy Improving Lives by Improving Sight 7.2 billion people worldwide 63% in need of vision correction 100% in need of vision protection Source: Essilor – 2015 estimates US Field Trip - September 2016 3 A Powerful Strategy to Capture All Growth Opportunities PRESCRIPTION SUNGLASSES LENSES & READERS FAST-GROWING MARKETS 10-12% €12.7bn €10bn 3-4% 6-7% ONLINE €5.8bn 14% €5.8bn ~ €28.5bn 6-7% Innovation Consumer Focus and Branding Partnerships and Acquisitions Business Interconnections 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 US Field Trip - September 2016 4 On our Way to Reach our 2018 Ambition Growth-Enhancing Innovation > €200m p.a. Branding > €200m p.a. Acquisitions Breakdown of R&D expenses Breakdown of Essilor consumer in the optical industry marketing expenses Prescription Lenses Other Sun ~30 Industry c.25% Prescription Sunwear Players ~50 Online Essilor Online ~120 c.75% Fast-Growing Markets Source: Essilor New Models US Field Trip - September 2016 5 A Unique Combination Driving for Success A powerful mission Poor vision is the world’s A clear strategy largest disability Strong teams Innovation & partnerships Entrepreneurial & global Employees aligned with shareholders through employee shareholder program and Valoptec governance US Field Trip - September 2016 6 USA: A Growing ~$40bn Vision Care Industry Sell-out sales in USD billions 39.7 0.8 READERS 2.0 SURGERY 4.0 SUNGLASSES 4.6 CONTACT LENSES 5.9 EXAMS 9.6 FRAMES 12.6 LENSES 2009 2010 2011 2012 2013 2014 2015 Source: VisionWatch, Vision Council Consumer Barometer US Field Trip - September 2016 7 Our Expansion in the USA Will Contribute to Achieving our Objectives Eyewear Biggest Market Underdeveloped Market Room for Expansion In Value Expected growth in value Progressive Lenses(1) (CAGR 2015-2020, in %) 20 49% (1) Size proportional to 2015 39% Retail Value volume 30% 30m units India 15 ~$40bn China USA France New Zealand China 10 Indonesia (1) Iran Antireflective Lenses Costa Rica Ethiopia Egypt Essilor 2015 Revenue Kenya Philippines SerbiaGhana Malaysia 95% Thailand across all business divisions Poland Turkey Lebanon Morocco 68% Greece Colombia Mexico SerbiaCroatia 5 Chile Nigeria Argentina Angola Ukraine Canada 39% Kazakhstan South Africa Russia Brazil UAE Saudi Arabia UK ~$3.2bn Ireland USA Norway SwitzerlandTaiwan France Denmark Finland Netherlands Spain Italy Japan 0 USA Spain China 0,2 0,5 1 2 5 10 20 50 100 200 Volume in 2015 (millions of lenses) Penetration of total lens industry (1) Source: VisionWatch, Vision Council Source: Essilor estimates Consumer Barometer Source: Essilor estimates, Estin & Co. US Field Trip - September 2016 8 Many Recent Initiatives in Fast-Growing High-Value Segments PRESCRIPTION LENSES SUNWEAR ONLINE US Field Trip - September 2016 9 UNLOCKING US MARKET POTENTIAL ERIC LEONARD US Field Trip - September 2016 10 Building Strong Leadership in the US Revenue across all business divisions CAGR: ~12.5% ~$300m ~$1,100m ~$3,200m 1995 1996 2005 2007 2009 2010 2014 2015 Launch of Entry into the Acquisition of readers and Essilor Vision ECPs Alliances Foundation sunglasses Acquisition of Building of an unrivaled segment Gentex Optics network of local laboratories through partnerships Acquisition of Signet Armorlite Acquisition of Omega prescription Acquisition of laboratory Acquisition of Definity from J&J Entry intro the online channel Transitions Optical US Field Trip - September 2016 11 A Market Dominated by Optical Laboratories Consumer Segments Alliances Online Non-Optical Retail Other Independent ECPs Retail Optical Chains Wholesale Optical Labs Manufacturing Lens Manufacturers Fastest-growing channels US Field Trip - September 2016 12 Strong Independent Eye Care Professionals Served by a Fragmented Laboratory Network INDEPENDENT ~32,000 LABORATORIES INDEPENDENT ECPs INNOVATION ROUTE Full job delivery Open market (edge & mount) Delivery time High-end and branded Competitiveness products Local service etc. Strong loyalty to local Need for advanced labs technologies Room for flow Further room for streamlining consolidation US Field Trip - September 2016 13 Optical Chains Looking for Tailored Solutions to Meet their Specific Needs RETAIL CHAINS INTEGRATED LABORATORIES Upstream margin US-based manufacturing costs Risk of technology obsolescence Branded & private label products EXTERNAL SUPPLY Mid-tier positioning Up-to-date technology Resources allocation End-to-end supply chain offers Efficient sourcing needs Efficiency gains Business continuity Online development US Field Trip - September 2016 14 An Unrivaled Supply Chain Serving ~40,000 Points of Sale 1 ~10,000 employees 1 1 1 7 . Over 1,000 in customer-facing 1 services 1 . ~120 in R&D 1 3 MA: 2 1 RI: 3 1 4 CT: 4 Dallas: 1 of 3 HQ & Innovation and 2 5 3 NY: 5 2 Technology Centers in the world 2 3 1 3 2 12 1 2 5 plants 2 2 4 4 6 4 distribution centers 4 3 scale effects and supply chain security 3 1 2 2 7 2 125 prescription laboratories 1 scale effects and local service 3 IMPORT FROM... …MEXICO …CHINA Headquarters # Prescription laboratories 3 1 Plants # Export prescription laboratories Distribution Centers R&D facilities As of December 31, 2015 US Field Trip - September 2016 15 A Market Driven by Huge Consumer Needs Favorable Demographics Evolving Consumer Needs Myopia Epidemic Population growing above 1% Time on digital devices outstrips Highest prevalence in the 45y.+ growing the fastest TV/Radio/Print US vs. other regions 30 million people with vision Among <45y. it is 2-3X more, Expected to grow from 40% impairment still uncorrected with mobile quickly taking over today to 58% by 2050 Protection against harmful light already 4th largest consumer need US Field Trip - September 2016 16 Significant Potential Remains in Key Lens Categories Potential to replace bi/tri-focal Benchmarks suggest room with progressive lenses for growth in antireflective lenses % of 45+ year-old population wearing progressive or bi/tri-focal lenses % of prescription wearers with antireflective lenses 80% UK France USA Spain 83 60% Germany 65 Canada 40% 39 Italy 20% China 0% 50% 60% 70% 80% 90% 100% USA Canada Germany Progressive lenses share of progressive + bi/tri-focal lenses Source: Essilor estimates US Field Trip - September 2016 17 Meeting Consumer Needs with Superior Product Innovation US Field Trip - September 2016 18 A Compelling Strategy to Better Tap Market Opportunities Innovation Deployment Consumer Focus Trade Opportunities Catch-up potential Education and awareness Supply chain capabilities Leveraging all group Branding Business interconnections networks Consumer insights via New retail players Continuous innovation online models US Field Trip - September 2016 19 ENGAGING CONSUMERS CARL BRACY US Field Trip - September 2016 20 Engage Consumers with More Information and Education Raising awareness of good vision and the available solutions Tying the store into Essilor’s branded solutions Teaching ECPs to build multiple categories and better meet consumer needs US Field Trip - September 2016 21 “Think About Your Eyes” Awareness Campaigns Boosting Eye Exams and Demand Exam growth has outpaced population growth since launch TAYE campaigns go nationwide 2.8% 3.0% 2.0% 1.2% 1.2% 1.2% 1.1% 1.4% 1.6% 1.1% 1.1% 1.1% 1.0% 1.0% 1.1% 0.9% 0.9% 1.1% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Eye Exam Growth Population Growth US Field Trip - September 2016 22 Consistently Stepping Up Consumer Marketing Consumer marketing budget on prescription lens brands 95-'00 01-03 03-11 12-13 14-15 2016 US Field Trip - September 2016 23 Educating and Guiding Consumers: Leveraging AllAboutVision.com 45 MILLION BRANDS & PRODUCTS CONSUMERS “I-WANT-TO-KNOW...” UNIQUE VISITORS (visual health & correction solutions) Educate Guide Sales channels Traffic Trend (in million) Traffic Mix CAGR: 28% 45.0 27.7 83% Google driven 17.1 19.7 7.8 9.5 12.7 13.1 62% US visitors 60% mobile users 2008 2009 2010 2011 2012 2013 2014 2015 US Field Trip - September 2016 25 US Field Trip - September 2016 26 US Field Trip - September 2016 27 Engage Consumers with More Information and Education Raising awareness of good vision and the available solutions Tying the store into Essilor’s branded solutions Teaching ECPs to build multiple categories and better meet consumer needs US Field Trip - September 2016 28 Building Categories in a Professional Retail Environment STEP 1 Consumer directed to trained offices Leveraging traditional media nationally Digitally directing consumers locally STEP 2 Design the environment around the prescription Unparalleled team of sales representatives STEP 3 Doctor trained to prescribe during the eye exam Lens packages to combine brands Opticians trained on “human speak” In-store environment designed around education US Field Trip - September 2016 29 1 Guiding Consumers to our Preferred Partners THE BRAND ESSILOR WEBSITE POST-PURCHASE POINT OF SALES ECPECP LOCATORLOCATOR US Field Trip - September 2016 30 1 Consumer Directed to Trained Offices Traffic Spikes Banner Ads Dramatically Begin (Web 20% Traffic Jumps) 15% Traditional Media Starts Job per Day Growth 10% YOY Growth YOY 5% 0% October November December January
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