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

Consolidated results for both periods reflect the sale of the Things Remembered business in September of this year, which is reported under U.S. GAAP as a discontinued operation. Consequently, results of the Things Remembered business for the three- and nine-month periods ended September 30, 2005 and 2006 are not included in the Group’s consolidated sales, operating income and net income from continuing operations reported today.

Financial highlights for the respective periods were as follows:

Third quarter of 2006(1)

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Leonardo Del Vecchio, chairman of Luxottica Group, commented: “Our North American retail business is today on track to deliver strong results for 2006, yet we believe that there continue to be opportunities for significant additional growth in that market. The D.O.C Optics transaction represents another key step in our long-stated strategy to maximize growth opportunities for our optical retail brands, including LensCrafters and Pearle Vision.”

D.O.C Optics stores operate in Michigan, Ohio, Missouri, Wisconsin, Florida and Illinois with a majority of its retail locations in and around the Detroit metropolitan area. D.O.C Optics is projected to post system revenues for fiscal year 2006 in excess of US$100 million.

Luxottica Group has long admired the D.O.C Optics business, founded by Dr. Donald Golden in 1946.  With the Golden family, the Group shares a commitment to quality, innovation and customer service. D.O.C Optics is deeply rooted in the community, with a brand image, customer profile and existing focus on fashion already aligned with those of the Group’s retail operations in the region. This makes the combination of D.O.C Optics and Luxottica Group’s existing retail operations an excellent fit for expanding the Group’s presence in the Midwest.

In connection with this asset transaction, Luxottica Group expects the total purchase price, net of expected tax benefits, to approximate US$90 million.  The closing of the transaction is expected to occur during the first quarter of 2007, subject to customary closing conditions and U.S. regulatory approvals.

The Group will discuss this transaction on its regularly-scheduled quarterly investor conference call scheduled for Monday, November 6 and available via webcast through the investor relations section of Luxottica Group’s website at www.luxottica.com.

This business, which had been acquired in October 2004 through the acquisition of Cole National, was non-core for Luxottica Group and, since the acquisition, the Group managed it separately from its eyewear retail business through a separate corporate structure. Things Remembered is a U.S.- based personalized gift retail chain that serves customers through 653 locations nationwide, catalogs and the Internet.

The closing of the sale took place simultaneously with the signing of the purchase agreement with GB Merchant Partners and BRS.

The sale of the Things Remembered business is not expected to have an impact on the Group’s 2006 results. As a result, Luxottica Group confirms its previously announced earnings forecast for fiscal year 2006 of between €0.93 and €0.94 per share (or between US$1.16 and US$1.17 per American Depositary Share), including results of Things Remembered’s discontinued operations through today.

At the Meeting, shareholders also approved:

·                  The Group’s statutory financial statement and IFRS consolidated financial statements for fiscal year 2005, in accordance with Italian law

·                  The increase in the number of Directors to serve on the Board to 14

·                  The appointment of the Board of Directors and the Board of Statutory Auditors for the three-year term through the fiscal year to end December 31, 2008

·                  The appointment of Deloitte & Touche as the Group’s independent auditors for the fiscal years 2006 through 2011

·                  And, a capital increase in an amount up to a maximum nominal value of €1.2 million to be reserved for grants under the 2006 Stock Options Plan to employees of the Group and its subsidiaries for terms up to nine years.

Shareholders approved the appointment of Luxottica Group’s Board of Directors as follows: Leonardo Del Vecchio, Luigi Francavilla, Andrea Guerra, Roger Abravanel, Tancredi Bianchi, Mario Cattaneo, Enrico Cavatorta, Roberto Chemello, Claudio Costamagna, Claudio Del Vecchio, Sergio Erede, Sabina Grossi, Gianni Mion and Lucio Rondelli. Shareholders also approved the appointment of the Group’s Board of Statutory Auditors as follows: Marco Reboa (chairman), Giorgio Silva, and Enrico Cervellera.

Further, at a meeting held immediately following the Annual General Meeting of Shareholders the newly appointed Board confirmed Mr. Del Vecchio as chairman, Mr. Francavilla as vice chairman and Mr. Guerra as chief executive officer. Additionally, the Board appointed the Internal Control and Human Resources committees.

Regarding the cash dividend, it will be paid to holders of record of ordinary shares as of June 16, and to holders of record of American Depositary Receipts (ADRs) as of June 21. The ex-

dividend date for both holders of ordinary shares and ADRs will be June 19, 2006. Luxottica Group will make the dividend payable in Euro to holders of ordinary shares on June 22, 2006. Deutsche Bank Trust Company Americas, the depositary bank of Luxottica Group’s ordinary shares represented by ADRs, will make the dividend payable in U.S. Dollars to ADR holders on June 29, 2006, at the Euro/U.S. Dollar exchange rate of June 22, 2006. Information regarding the tax regime applicable to the payment of Luxottica Group dividends is available from the Group’s corporate website at www.luxottica.com.