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

Under the 2008 program, launched on September 21, 2009, Luxottica Group S.p.A. purchased an aggregate amount of 1,325,916 treasury shares, on the Milan Stock Exchange’s Mercato Telematico Azionario (MTA) at an average unit price of Euro 17.13, for an aggregate amount of Euro 22,714,251.

In parallel, Luxottica Group’s subsidiary Arnette Optics Illusions Inc. sold during the same period on the MTA an aggregate amount of 1,177,517 treasury shares, at an average unit price of Euro 17.34, for an aggregate amount of Euro 20,412,346.

Luxottica Group S.p.A. also announced today the launch on November 16, 2009, of the new share buyback program approved at the Shareholders’ Meeting on October 29, 2009, which, like the 2008 program, is intended to provide the Company with treasury shares to efficiently manage its share capital and to implement its Performance Shares Plan. The 2009 program provides for the buyback of a maximum of 18,500,000 ordinary shares in the Company, currently representing 3.99% of the share capital, for a maximum aggregate amount of Euro 370,000,000, for a period of 18 months.

In parallel with the purchases of shares by the Company, Arnette Optics Illusions Inc. will sell on the MTA the 5,257,269 Luxottica Group’s treasury shares it still owns.

As a result, Luxottica Group will have direct control of a number of shares equal to those currently indirectly controlled through its subsidiary. The transactions will be substantially neutral from an economic and financial standpoint.

In parallel, Luxottica Group’s subsidiary Arnette Optics Illusions Inc. sold during the month of October on the MTA an aggregate amount of 448,413 treasury shares, at an average unit price of Euro 17.77, for an aggregate amount of Euro 8,022,426.

From the beginning of the program, Luxottica Group purchased an aggregate total amount of 565,916 treasury shares, at an average unit price of Euro 17.77, for an aggregate amount of Euro 10,053,596. In parallel, Luxottica Group’s subsidiary Arnette Optics Illusions Inc. sold an aggregate total amount of 677,517 treasury shares, at an average unit price of Euro 17.89, for an aggregate amount of Euro 12,120,881.

Third quarter 2009

In parallel, Luxottica Group’s subsidiary Arnette Optics Illusions Inc. sold during the month of September on the MTA an aggregate amount of 229,104 treasury shares, at an average unit price of Euro 17.889 and for an aggregate amount of Euro 4,098,455.

Andrea Guerra, chief executive officer of Luxottica Group, commented: “During the first eight months of this year, the Group posted positive results and strong cash flow generation, including a record Euro 260 million for the second quarter alone. This performance further strengthened our balance sheet and puts us in a position to look more positively towards the year-end. Consequently, we believe that this is the right time for our shareholders to share in these results, since they believed in our Group even during a year as challenging as 2009.”

The Board of Directors today scheduled the Company’s Ordinary Shareholders’ Meeting for October 29, 2009, on first call, and for October 30, 2009, on second call. At the Meeting, the Board of Directors will propose to shareholders the payment of a dividend of €0.22 per ordinary share, resulting in a total dividend payment of over €100 million.

Based on the timetable established by Borsa Italiana, the Milan Stock Exchange, once approved by Shareholders, the dividend will be paid in Euro to holders of ordinary shares on November 26, 2009. Deutsche Bank Trust Company Americas, the depositary of Luxottica Group’s ordinary shares represented by American Depositary Receipts (ADRs), will pay the dividend in U.S. dollars to ADR holders on December 4, at the Euro/U.S. dollar exchange rate of November 27, 2009. The ex-dividend date for both holders of ordinary shares and ADRs will be November 23, 2009.

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Luxottica Group also announced the launch on September 21, 2009, of the share buyback program approved by Shareholders at the May 13, 2008, Shareholders’ Meeting to implement its Performance Shares Plan. The program will allow the purchase on the Milan Stock Exchange’s Mercato Telematico Azionario (MTA) by the Company, in accordance with Article 144-bis, paragraph 1, letter b) of the Regulations for Issuers released by Consob under Resolution no. 11971/99, of a number of shares equivalent to the 6,434,786 treasury shares currently held by its subsidiary Arnette Optics Illusions Inc. (Arnette). In parallel with the purchases of shares by the Company, Arnette will sell on the MTA the 6,434,786 Luxottica Group treasury shares it currently holds. As a result, Luxottica Group will have direct control of a number of shares equal to those currently indirectly controlled through its subsidiary. The transactions will be substantially neutral from an economic and financial standpoint.

The original Shareholders resolution, which authorized the buyback of up to a maximum of 18,500,000 ordinary shares and will expire on November 13, 2009, was intended to provide the Company with treasury shares to efficiently manage its share capital and to implement its Performance Shares Plan. Consequently, at the upcoming Meeting the Board of Directors will submit to Shareholders for approval the extension of the authorization to buyback up to a maximum of 18,500,000 ordinary shares, currently representing 3.99

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First quarter 2009(1)

Following the presentation by the Board of Directors of the results for fiscal year 2008 and having heard the favorable opinion by the statutory auditors, the Meeting voted to allocate net income for fiscal year 2008 to the Extraordinary Reserve, thereby suspending for the time being the payment of dividends to further strengthen the Company’s equity structure. The Board of Directors deferred the matter of the payment of dividends for 2008 to a possible Shareholders’ Meeting to be called in the second half of 2009.

The Meeting then approved the appointment of the following 15 directors to the Board of Directors: Leonardo Del Vecchio, Luigi Francavilla, Andrea Guerra, Roger Abravanel, Mario Cattaneo, Enrico Cavatorta, Roberto Chemello, Claudio Costamagna, Claudio Del Vecchio, Sergio Erede, Sabina Grossi, Marco Mangiagalli, Gianni Mion and Marco Reboa (from a list submitted by controlling shareholder Delfin S.a.r.l.) and Ivanhoe Lo Bello (from a list submitted by certain institutional shareholders).

Roger Abravanel, Mario Cattaneo, Claudio Costamagna, Marco Mangiagalli, Gianni Mion, Marco Reboa and Ivanhoe Lo Bello declared themselves qualified to act as independent directors as defined by Article 148, Clause 3, of the Italian Consolidated Finance Act (Testo Unico della Finanza) and Listed Companies Code of Ethics (Codice di Autodisciplina delle Società Quotate). Detailed curriculums for these directors are available at www.luxottica.com.

The Meeting also appointed to the Board of Statutory Auditors Francesco Vella, as chairman, and Enrico Cervellera and Alberto Giussani, as permanent auditors. Mario Magenes and Alfredo Macchiati were appointed as alternate auditors. Francesco Vella and Alfredo Macchiati were selected from a list submitted by certain institutional shareholders. Enrico Cervellera, Alberto Giussani and Mario Magenes were selected from a list submitted by Delfin S.a.r.l.

The Meeting also established monthly gross compensation for the entire Board of Directors in the amount of Euro 101,497.50. The term for the members of the Board is three years, until the approval of the statutory financial statements for the fiscal year ended December 31, 2011 by the Annual General Meeting of Shareholders called to approve this matter. Similarly, the Meeting established annual gross compensation for the chairman of the Board of Statutory Auditors in the amount of Euro 105,000 and of Euro 70,000 for each of the permanent auditors. The term for the members of the Board of Statutory Auditors, which will carry out the functions of the Audit Committee as defined by the U.S. Sarbanes-Oxley Act, is three years, until the approval of the statutory financial statements for the fiscal year ended December 31, 2011 by the Annual General Meeting of Shareholders called to approve this matter.

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