Luxottica Group, S.p.A. (LUX)

ANNEX A

WARNING ABOUT TAXATION OF DIVIDENDS
PAYABLE BY LUXOTTICA GROUP S.p.A.

May 2005

Dear Holder of American Depositary Shares,

         As noted in the enclosed Proxy Statement, at the ordinary shareholders' meeting of Luxottica Group S.p.A. (the "Company") which will be held on June 15, 2005 on first call (or on June 16, 2005 on second call), the Board of Directors of the Company will submit to shareholders a proposal to adopt a resolution for the distribution of a cash dividend in the amount of Euro 0.23 per American Depositary Share (each American Depositary Share represents one Ordinary Share).

         The Company will pay the dividend to all holders of ADSs of record on June 22, 2005. In order to be a holder of record on June 22, 2005 and thus be entitled to such dividend, you must purchase the ADSs on or before June 17, 2005.

         The dividend will be paid on June 23, 2005 in Euro, by Monte Titoli S.p.A., authorized intermediary, to all depository banks of the shareholders. For the holders of ADSs, the dividend will be paid to The Bank of New York, as depositary of the Ordinary Shares and the issuer of the ADSs, through UniCredito Italiano S.p.A., as custodian under the Deposit Agreement. The Bank of New York anticipates that dividends will be payable to all the ADS holders commencing from and after June 30, 2005 upon satisfaction of the documentation requirements referred to below, at the U.S. Dollar/Euro exchange rate in effect on June 23, 2005.

         The ADSs listed on the New York Stock Exchange will be traded ex-dividend on June 20, 2005.

         Dividends paid to beneficial owners who are not Italian residents and do not have a permanent establishment in Italy to which the shares are effectively connected, are generally subject to a 27.0 percent substitute tax rate. Accordingly, the amount of the dividend paid to The Bank of New York, as depositary of the Ordinary Shares and the issuer of the ADSs, through UniCredito Italiano S.p.A., as custodian under the Deposit Agreement, will be subject to such Italian substitute tax. Therefore, the amount of the dividends that the holders of ADSs will initially receive will be net of such substitute tax.

         All owners of ADSs will be given the opportunity to submit to The Bank of New York, in accordance with the procedure set forth by it, the documentation attesting their residence for tax purposes in Italy or in countries which have entered into tax treaties with Italy, pursuant to which reduced/NIL tax rates might become directly applicable. Please find attached to this Annex a document and necessary forms setting forth the detailed procedure to be used by ADS holders for the purpose of obtaining the direct application of the reduced/NIL tax rate.

         All ADS holders who are Italian residents for tax purposes, should deliver by July 5, 2005 to The Bank of New York the documentation, dated before June 23, 2005, attesting to the applicable tax regime. For Italian resident ADS holders please complete Form A to G "Dichiarazione Beneficiario Dividendo" depending on the beneficial owner status (attached to this Annex).

         Also, ADS holders who are not Italian residents for tax purposes, should deliver by July 5, 2005 to The Bank of New York the documentation, signed before June 23, 2005 attesting to their residence for tax purposes in countries which have entered into tax treaties with Italy, pursuant to which reduced tax rates might become directly applicable. For US resident ADS holders please complete Form 8802 (attached to this Annex). For ADS holders who are residents of other countries having anti-double taxation treaties with the Republic of Italy please obtain certification from your appropriate tax authority by completing the applicable Form A-4 "Tax Relief Form for Dividends for non-U.S. resident holders"

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depending on whether you are an individual or a company (attached to this Annex). Please note that Forms 8802 and A-4 need to be signed by the relevant tax authority before June 23, 2005.

         As soon as the required documentation is delivered by The Bank of New York to UniCredito Italiano, such bank shall endeavor to effect repayment of the entire 27.0 percent withheld or the balance between the 27.0 percent withheld at the time of payment and the rate actually applicable to the ADS holder, as the case may be. By way of example, Italy and United States (as well as many other countries) are parties to a tax treaty pursuant to which the rate of the tax applicable to dividends paid by an Italian resident company to a U.S. resident entitled to the benefits under the treaty may be reduced to 15.0 percent. Therefore, U.S. resident ADS holders have the opportunity to be repaid a further 12.0 percent of the gross dividend, that is the difference between the 27.0 percent withheld at the time of payment of the dividend and the 15.0 percent substitute tax provided for by the Italy—U.S. tax treaty.

         In the past, many ADS holders have been unable to provide the required certificates before the deadline, because the tax authorities can take two months or more to release such documents. Therefore, the Company advises you, if you expect to be a holder of ADSs of record on June 22, 2005 and are interested in implementing the procedure to obtain the application of the reduced substitute tax rate, to start such procedure well in advance of June 23, 2005 by completing the appropriate form attached to this Annex (Form A to G for Italian residents, Form 8802 for U.S. residents, Form A-4 for residents of other countries), which needs to be signed, for non-Italian residents only, by the relevant tax authority before June 23, 2005. The procedure established by The Bank of New York and UniCredito Italiano contemplates that, once the ADS holder has delivered the proper documentation to The Bank of New York, the latter will make it available to UniCredito Italiano and consequently the additional dividend amount will be payable to the ADS holders.

         Please note that in order for ADS holders to take advantage of the accelerated tax refund (Quick Refund), the certification by the respective tax authority must be dated before June 23, 2005 (the dividend payment date in Euro) and The Bank of New York should receive the certification on or before July 5, 2005.

         The Company recommends that all ADS holders who are interested in taking advantage of such an opportunity request more detailed information as to the exact procedure to be followed from The Bank of New York (ADR Department, telephone +1-212-815-2726; fax +1-212-571-3050, attn. Bob Kellett) or directly from the Company's headquarters in Italy (Investor Relations Department, telephone +39.0437.644256; fax +39.0437.63840).

         ADS holders are further advised that, once the amounts withheld are paid to the Italian tax authorities, the ADS holders who are entitled to a reduced tax rate may only apply to the Italian tax authorities to receive the reimbursement of the excess tax applied to the dividends received from the Company. Such procedure customarily takes years before the reimbursement is actually made. Therefore, the above-mentioned procedure for direct application of reduced withholding rate was established by Luxottica Group in the best interest of its shareholders.

         Best regards,

         LUXOTTICA GROUP S.p.A.

6

ANNEX A

WARNING ABOUT TAXATION OF DIVIDENDS
PAYABLE BY LUXOTTICA GROUP S.p.A.

May 2005

Dear Holder of American Depositary Shares,

         As noted in the enclosed Proxy Statement, at the ordinary shareholders' meeting of Luxottica Group S.p.A. (the "Company") which will be held on June 15, 2005 on first call (or on June 16, 2005 on second call), the Board of Directors of the Company will submit to shareholders a proposal to adopt a resolution for the distribution of a cash dividend in the amount of Euro 0.23 per American Depositary Share (each American Depositary Share represents one Ordinary Share).

         The Company will pay the dividend to all holders of ADSs of record on June 22, 2005. In order to be a holder of record on June 22, 2005 and thus be entitled to such dividend, you must purchase the ADSs on or before June 17, 2005.

         The dividend will be paid on June 23, 2005 in Euro, by Monte Titoli S.p.A., authorized intermediary, to all depository banks of the shareholders. For the holders of ADSs, the dividend will be paid to The Bank of New York, as depositary of the Ordinary Shares and the issuer of the ADSs, through UniCredito Italiano S.p.A., as custodian under the Deposit Agreement. The Bank of New York anticipates that dividends will be payable to all the ADS holders commencing from and after June 30, 2005 upon satisfaction of the documentation requirements referred to below, at the U.S. Dollar/Euro exchange rate in effect on June 23, 2005.

         The ADSs listed on the New York Stock Exchange will be traded ex-dividend on June 20, 2005.

         Dividends paid to beneficial owners who are not Italian residents and do not have a permanent establishment in Italy to which the shares are effectively connected, are generally subject to a 27.0 percent substitute tax rate. Accordingly, the amount of the dividend paid to The Bank of New York, as depositary of the Ordinary Shares and the issuer of the ADSs, through UniCredito Italiano S.p.A., as custodian under the Deposit Agreement, will be subject to such Italian substitute tax. Therefore, the amount of the dividends that the holders of ADSs will initially receive will be net of such substitute tax.

         All owners of ADSs will be given the opportunity to submit to The Bank of New York, in accordance with the procedure set forth by it, the documentation attesting their residence for tax purposes in Italy or in countries which have entered into tax treaties with Italy, pursuant to which reduced/NIL tax rates might become directly applicable. Please find attached to this Annex a document and necessary forms setting forth the detailed procedure to be used by ADS holders for the purpose of obtaining the direct application of the reduced/NIL tax rate.

         All ADS holders who are Italian residents for tax purposes, should deliver by July 5, 2005 to The Bank of New York the documentation, dated before June 23, 2005, attesting to the applicable tax regime. For Italian resident ADS holders please complete Form A to G "Dichiarazione Beneficiario Dividendo" depending on the beneficial owner status (attached to this Annex).

         Also, ADS holders who are not Italian residents for tax purposes, should deliver by July 5, 2005 to The Bank of New York the documentation, signed before June 23, 2005 attesting to their residence for tax purposes in countries which have entered into tax treaties with Italy, pursuant to which reduced tax rates might become directly applicable. For US resident ADS holders please complete Form 8802 (attached to this Annex). For ADS holders who are residents of other countries having anti-double taxation treaties with the Republic of Italy please obtain certification from your appropriate tax authority by completing the applicable Form A-4 "Tax Relief Form for Dividends for non-U.S. resident holders"

5

depending on whether you are an individual or a company (attached to this Annex). Please note that Forms 8802 and A-4 need to be signed by the relevant tax authority before June 23, 2005.

         As soon as the required documentation is delivered by The Bank of New York to UniCredito Italiano, such bank shall endeavor to effect repayment of the entire 27.0 percent withheld or the balance between the 27.0 percent withheld at the time of payment and the rate actually applicable to the ADS holder, as the case may be. By way of example, Italy and United States (as well as many other countries) are parties to a tax treaty pursuant to which the rate of the tax applicable to dividends paid by an Italian resident company to a U.S. resident entitled to the benefits under the treaty may be reduced to 15.0 percent. Therefore, U.S. resident ADS holders have the opportunity to be repaid a further 12.0 percent of the gross dividend, that is the difference between the 27.0 percent withheld at the time of payment of the dividend and the 15.0 percent substitute tax provided for by the Italy—U.S. tax treaty.

         In the past, many ADS holders have been unable to provide the required certificates before the deadline, because the tax authorities can take two months or more to release such documents. Therefore, the Company advises you, if you expect to be a holder of ADSs of record on June 22, 2005 and are interested in implementing the procedure to obtain the application of the reduced substitute tax rate, to start such procedure well in advance of June 23, 2005 by completing the appropriate form attached to this Annex (Form A to G for Italian residents, Form 8802 for U.S. residents, Form A-4 for residents of other countries), which needs to be signed, for non-Italian residents only, by the relevant tax authority before June 23, 2005. The procedure established by The Bank of New York and UniCredito Italiano contemplates that, once the ADS holder has delivered the proper documentation to The Bank of New York, the latter will make it available to UniCredito Italiano and consequently the additional dividend amount will be payable to the ADS holders.

         Please note that in order for ADS holders to take advantage of the accelerated tax refund (Quick Refund), the certification by the respective tax authority must be dated before June 23, 2005 (the dividend payment date in Euro) and The Bank of New York should receive the certification on or before July 5, 2005.

         The Company recommends that all ADS holders who are interested in taking advantage of such an opportunity request more detailed information as to the exact procedure to be followed from The Bank of New York (ADR Department, telephone +1-212-815-2726; fax +1-212-571-3050, attn. Bob Kellett) or directly from the Company's headquarters in Italy (Investor Relations Department, telephone +39.0437.644256; fax +39.0437.63840).

         ADS holders are further advised that, once the amounts withheld are paid to the Italian tax authorities, the ADS holders who are entitled to a reduced tax rate may only apply to the Italian tax authorities to receive the reimbursement of the excess tax applied to the dividends received from the Company. Such procedure customarily takes years before the reimbursement is actually made. Therefore, the above-mentioned procedure for direct application of reduced withholding rate was established by Luxottica Group in the best interest of its shareholders.

         Best regards,

         LUXOTTICA GROUP S.p.A.

6