^* In 2019, the adjusted economic results exclude: (i) the impairment of the entire goodwill allocated to the Group’s cash generating units of Euro 227.1 million, (ii) the write-down of deferred tax assets of Euro 22.4 million, (iii) the write-down of fixed assets of Euro 9.0 million for the restructuring plan in Italy, announced on December 10, 2019, (iv) non-recurring costs of 39.4 million, related to the above-mentioned restructuring plan in Italy for Euro 21 million, to the cost saving program undertaken by the Company during the year, and to activities linked to acquisitions and divestitures, and (v) non-recurring items related to the retail discontinued operations for Euro 18.6 million. At the net result level, there was a positive tax effect on the non-recurring costs themselves of Euro 1.9 million.

In 2018, the adjusted economic results exclude non-recurring costs for Euro 5.8 million, mainly related to the CEO succession plan and reorganization costs in North America and Europe, and include an income of Euro 39.0 million, annual portion of the total Euro 90 million accounting compensation for the early termination of the Gucci license.

In 2017, the adjusted economic results exclude: (i) an impairment charge on the goodwill allocated to the Group’s cash generating units for Euro 192.0 million and (ii) non-recurring costs for a total of Euro 15.3 million (Euro 15.2 and 12.5 million, respectively on EBITDA and Net result) related to the reorganization of the Ormoz plant in Slovenia, cost saving and restructuring initiatives, and to some legal litigations; include: (i) an income of Euro43 million, annual portion of the total Euro 90 million accounting compensation for the early termination of the Gucci license.

In 2016, the adjusted economic results exclude: (i) an impairment loss on the goodwill allocated to the Far East cash generating unit for Euro 150.0 million and (ii) non-recurring restructuring costs for a total of Euro 9.8 million (Euro 7.9 and 7.5 million, respectively on EBITDA and Net result) due for Euro 8.6 million to overhead cost saving initiatives, such as the integration of Vale of Leven (Scotland) Polaroid lens production into Safilo’s China based corporate supply network and for Euro 1.2 million to commercial restructuring costs in the EMEA region; include: (i) an income of Euro 8 million related to part of the total Euro 90 million accounting compensation for the early termination of the Gucci license, and (ii) an expense of Euro 4 million related to the final acceleration to P&L of Gucci prepaid royalties.

In 2015, the adjusted economic results exclude: (i) an impairment loss on the goodwill allocated to the Far East cash generating unit for Euro 40.5 million, (ii) commercial restructuring costs in the EMEA region for Euro 1.2 million, other non-recurring costs for Euro 1.8 million mainly related to the consolidation of the Group’s North American distribution network into its Denver facility and Euro 17.0 million for a provision for other risks and charges in relation to the investigation of the French Competition Authority.

^°°In H1 2018, before non-recurring costs for Euro 3.5 million, mainly related to the CEO succession plan and reorganization costs in North America. In H1 2018, economic results include an income of Euro 19.5 million, as pro-rata portion of the accounting compensation for the early termination of the Gucci license, equal to Euro 39 million for the full year 2018.

In H1 2017, before non-recurring costs of Euro 3.7 million, mainly related to the reorganization of the Ormoz plant in Slovenia and other overhead cost saving initiatives (Euro 3.0 on the Net result). In H1 2017, economic results included an income of Euro 21.5 million as a pro-rata portion of the accounting compensation for the early termination of the Gucci license, equal to Euro 43 million for the full year 2017.

In H1 2016 before non-recurring items of which Euro 4.9 million related to overhead cost saving initiatives, such as the planned integration of Vale of Leven (Scotland) Polaroid lens production into Safilo’s China based corporate supply network, and Euro 1.2 million to commercial restructuring costs in the EMEA region.

In H1 2015 before non-recurring items related to commercial restructuring costs in the EMEA region for Euro 1.2 million and other non recurring costs for Euro 1.2 million mainly related to the consolidation of the Group’s North American distribution network into its Denver facility.

In H1 2014 before non-recurring items related to employees due to both reorganization costs and the voluntary exit agreements for some employees of the Italian plants.

^° The new accounting standard IFRS 15 regarding “Revenue from contracts with customers” entered into effect starting from 1 January 2018. Following the fully retrospective approach chosen by the Group, the application of the principle to the first nine months of 2018, had an adjustment effect on the sales and cost of goods sold of the same period of 2017 equal to Euro 7.2 million, with a neutral effect on the gross profit. Consequently, 9M 2017 total net sales were adjusted to Euro 790.5 million.

^*In 9M 2018, the adjusted EBITDA excludes non-recurring costs for Euro 4.4 million, mainly related to the CEO succession plan and reorganization costs in North America, and includes an income of Euro 29.3 million, as pro-rata portion of the accounting compensation for the early termination of the Gucci license, equal to Euro 39 million for the full year 2018.

In 9M 2017, the adjusted EBITDA excludes non-recurring costs of Euro 4.4 million, mainly related to the reorganization of the Ormoz plant in Slovenia and other overhead cost saving initiatives, and includes an income of Euro 32.3 million as a pro-rata portion of the accounting compensation for the early termination of the Gucci license, equal to Euro 43 million for the full year 2017.

In 9M 2016, the adjusted EBITDA excludes non-recurring costs for Euro 6.4 million of which Euro 5.2 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.

In 9M 2015, the adjusted EBITDA excludes non-recurring costs related to the commercial restructuring costs in the EMEA region for Euro 1.2 million and other non-recurring costs for Euro 1.2 million mainly related to the consolidation of the Group’s North American distribution network into its Denver facility.

In 9M 2014, the adjusted EBITDA excludes non-recurring costs for Euro 3.0 million related to both reorganization costs and the voluntary exit agreements for some employees of the Italian plants.

^° The new accounting standard IFRS 15 regarding “Revenue from contracts with customers” entered into effect starting from 1 January 2018. Following the fully retrospective approach chosen by the Group, the application of the principle to 2018 had an adjustment effect on the sales and cost of goods sold of Q4 2017 equal to Euro 4.4 million, with a neutral effect on the gross profit.

^*In Q4 2018, the adjusted EBITDA excludes non-recurring costs for Euro 1.3 million and includes an income of Euro 9.8 million, as pro-rata portion of the annual accounting compensation for the early termination of the Gucci license

In Q4 2017, the adjusted EBITDA excludes non-recurring costs for a total of Euro 10.9 million related to cost saving and restructuring initiatives and to some legal litigations, and it includes an income of Euro 10.8 million, as a pro-rata portion of the accounting compensation for the early termination of the Gucci license, equal to Euro 43 million for the full year 2017.

In Q4 2016, the adjusted EBITDA excludes non-recurring restructuring costs for a total of Euro 1.5 million and includes an income of Euro 8 million related to part of the total Euro 90 million accounting compensation for the early termination of the Gucci license, and an expense of Euro 4 million related to the final acceleration to P&L of Gucci prepaid royalties.

In Q4 2015, the adjusted EBITDA excludes non-recurring costs for Euro 17.0 million related to a provision for other risks and charges in relation to the litigation with the French Competition Authority, and other non recurring costs for Euro 0.7 million mainly related to the consolidation of the Group’s North American distribution network into its Denver facility. The adjusted economic results also exclude an impairment charge on goodwill for Euro 40.5 million.

In Q4 2014, the adjusted EBITDA excludes non-recurring costs for Euro 2.2 million related to Executive Officers succession plans and to Smith Sport Optics restructuring for 2.5 million Euro.