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

Depreciation and amortization was Euro 144.3 million for the first six months of 2009 compared to Euro 132.8 million for the same period in 2008. Non-cash stock-based compensation expenses were Euro 6.1 million for the first six months of 2009 compared to Euro 23.0 million for the same period in 2008. The decrease in the first six months of 2009 compared to the same period of 2008 in non cash stock-based compensation was primarily attributable to the change in the vesting period for the 2006 performance plan (expense associated with this plan was Euro 2.0 million in the first six months of 2009 and Euro 18.1 million in the same period of 2008). The change in accounts receivable was Euro (107.5) million for the first six months of 2009 compared to Euro (169.7) million for the same period in 2008. The change is mainly due to the improvement of the Company’s days-of-sales-outstanding in addition to lower sales recorded in the first six months of 2009 as compared to the same period in 2008. The inventory change was Euro 37.7 million for the first six months of 2009, compared to Euro (5.3) million for the same period in 2008. The change is mainly due to the improvement in the production planning, which was implemented in 2008, which caused a better alignment between stock on hand and volumes of sales, and therefore optimized the inventory levels.  The change in accounts payable was Euro (4.8) million for the first six months of 2009 compared to Euro (27.8) million for the same period in 2008. The difference was primarily attributable to improved timing of payments. The change in prepaid expenses and other was Euro 136.9 million for the first six months of 2009 as compared to Euro 62.2 million for the same period in 2008. The change is mainly due to the collection of certain US tax receivables for approximately Euro 46.6 million and the utilization of tax prepayments of Euro 64.8 to offset the tax payments which came due during the first six months of 2009. The change in income taxes payable was Euro (8.1) million for the first six months of 2009 as compared to Euro 12.3 million for the same period in 2008. The difference is mainly due to the advances for taxes paid in 2008 by certain of our Italian subsidiaries, which were used in the current year and offset the tax

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Depreciation and amortization were Euro 264.9 million in 2008 as compared to Euro 232.8 million in 2007 and Euro 220.8 million in 2006. The increase in 2008 compared to 2007 was primarily attributable to amortization of the acquired Oakley trademarks of Euro 26.5 million in 2008 as compared to Euro 4.1 million in 2007. The increase in depreciation expense in 2007 as compared to 2006 was primarily attributable to increased fixed assets due to the acquisition of new stores that occurred in 2007, new investments (mainly leasehold improvements) in the wholesale segment and the acquisition of Oakley during 2007, which accounted for a Euro 7.7 million of the increase.

Deferred taxes were Euro 4.9 million in 2008 as compared to Euro (45.0) million in 2007 and Euro (72.5) million in 2006. The change in 2008 as compared to 2007 was primarily attributable to the business reorganization of certain Italian companies within the Group which resulted in the release of deferred tax liabilities partially offset by the increase in the 2007 tax charge due to a change in the Italian statutory tax rates which resulted in the reduction of deferred tax assets. The change in 2007 as compared to 2006 was primarily due to a benefit recorded in 2006 related to the revaluation of certain tangible and intangible assets in the retail division in Australia. Non-cash stock-based compensation expense was Euro 10.4 million in 2008 as compared to Euro 42.1 million in 2007 and Euro 48.0 million in 2006. The decrease in 2008 as compared to 2007 in non-cash expense was primarily attributable to the change in the vesting period for the 2006 performance plans (expense associated with these plans was Euro 3.0 million in 2008 and Euro 34.1 million in 2007). The decrease in 2007 as compared to 2006 in non-cash stock-based compensation was primarily attributable to the adoption of SFAS No. 123(R) for stock compensation expense with respect to two performance stock option grants in 2006. The change in accounts receivable of Euro 27.9 million in 2008 compared to Euro (55.7) million in 2007 and Euro (83.1) million in 2006 was mainly due to the improvement of the Company’s days-of-sales-outstanding resulting from an initiative in this area that started in late 2007 and continued the positive improvement throughout 2008. The inventory change was Euro 1.4 million in 2008 as compared to Euro (41.9) million in 2007 and Euro (27.7) million in 2006. The change in 2008 as compared to 2007 was mainly due to the Company’s focus on the planning of the production process to align production with the sales trend which led to a reduction in inventory on hand. The change in 2007 as compared to 2006 was primarily attributable to the growing inventory level experienced in 2006 to support the business. The change in accounts payable was Euro (19.4) million in 2008 as compared to Euro 33.0 million in 2007 and Euro 71.7 million in 2006. The change in 2008 compared to 2007 was mainly attributable to improved payment terms with vendors that were negotiated in 2006 as well as an overall decrease in purchases in 2008 as

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Depreciation and amortization were Euro 232.8 million in 2007 as compared to Euro 220.8 million in 2006. This increase was primarily attributable to increased fixed assets due to the acquisition of new stores that occurred in 2007, new investments (mainly leasehold improvements) in the wholesale segment and the acquisition of Oakley, which accounted for a Euro 7.7 million increase from the acquisition date.

Deferred taxes were Euro 45.0 million in 2007 as compared to Euro 72.5 million in 2006. This decrease was primarily attributable to the reorganization of certain Italian subsidiaries which resulted in the release of deferred tax liabilities, partially offset by the increase in our 2007 tax liability due to the change in the Italian statutory tax rates, which resulted in the reduction of deferred tax assets. Non-cash stock-based compensation expenses were Euro 42.1 million as compared to Euro 48.0 million in 2006. The decrease was primarily attributable to the completion in 2006 of the vesting period of the 2004 performance plan (expenses associated with this plan were none in 2007 and Euro 24.5 million in 2006), partially offset by the recognition of a full year of expense for the two 2006 performance plans granted in the second half of 2006 (expenses associated with these plans were Euro 34.1 million in 2007 and Euro 17.6 million in 2006). The lower increase in accounts receivable of Euro 55.7 million in 2007 as compared to Euro 83.1 million in 2006 was mainly due to the improvement of DSO (days of sale outstanding) in the wholesale segment. The inventory increase of Euro 41.9 million in 2007 (Euro 27.7 million in 2006) was mainly due to the growth in the inventory level caused by the slowdown in net sales experienced in the last months of the year. The decrease in accounts payable by Euro 31.0 million in 2007 was mainly caused by an improvement in the payment terms negotiated in 2006 with some vendors which accounted for the 2006 increase in accounts payable. Accrued expenses and other were Euro 9.4 million in 2007 as compared to Euro 25.2 million in 2006. The decrease was mainly due to the discontinuance in 2006 of the extended warranty sold separately by the retail division in North America. The decrease in income tax payable of Euro 92.1 million (increase of Euro 5.9 million in 2006) was primarily attributable to the timing of tax payments executed in 2007 as compared to 2006.

Depreciation and amortization were Euro 220.8 million in 2006 as compared to Euro 184.6 million in 2005. This increase was primarily attributable to increased fixed assets. Deferred taxes were Euro 72.5 million in 2006 as compared to Euro 91.3 million in 2005. This decrease was primarily attributable to the fact that deferred taxes in 2006 included a benefit due to the revaluation of certain tangible and intangible assets in the retail division in Australia, while in 2005 it included the effect of the adoption of an Italian tax law allowing for the step-up in tax basis of certain intangible assets. Non-cash stock-based compensation expenses were Euro 47.9 million in 2006 as compared to Euro 22.7 million in 2005. This increase was primarily attributable to the adoption of SFAS 123(R) for stock compensation expense on two new Company stock option performance plans implemented in July 2006. The use of cash associated with accounts receivable was Euro 83.1 million in 2006 as compared to Euro 33.6 million in 2005. The increase in accounts receivable balances, thus a use of cash, was primarily attributable to the increase in sales of our manufacturing and wholesale segment. Prepaid expenses and other was a source of cash of Euro 8.6 million in 2006, as compared to a use of cash of Euro 56.7 million in 2005, primarily attributable to advance payments of Euro 30.0 million made in 2005 by us to certain of our licensors and the timing of certain tax payments by foreign subsidiaries in 2005. Inventories were a use of cash in 2006 of Euro 27.7 million in 2006 compared to a source of cash of Euro 66.5 million in 2005, primarily attributable to growing inventory level to support the business. Cash provided by operating activities for accounts payable increased by Euro 26.4 million in 2006 as compared to the same period of 2005. The increase was primarily attributable to improved timing of payments. Cash provided by operating activities for accrued expenses decreased by Euro 6.7 million in 2006 as compared to the same period of 2005. The decrease was primarily attributable to a termination of sales of the retail division’s priced extended warranty contracts with terms of coverage of 12 months to 24 months in 2005. Income tax payable was a source of cash in 2006 of Euro 5.9 million as compared Euro 126.7 million for 2005. This decrease was primarily attributable to timing of tax payments, and to increased accruals for income taxes in 2005 due to the adoption of an Italian tax law to be paid in cash during fiscal 2006.