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

5.  SHARE BUY-BACK PROGRAM AND PROPOSED SUBSEQUENT DISPOSITIONS OF TREASURY
     SHARES

         The Board will submit to the holders of Ordinary Shares for approval a proposal to authorize a program to repurchase and dispose of up to 18,500,000 Ordinary Shares, representing 4% of the Company's issued and outstanding share capital. Such authorization of dispositions of treasury shares will also include 6,434,786 Ordinary Shares held by Arnette Optic Illusions Inc., a company controlled by the Company.

         The authorization requested is intended to provide the Company with treasury shares to efficiently manage the Company's capital and to implement the performance share plan as discussed under paragraph 4 above.

         The maximum and minimum price of the share repurchases will be equal to the market price of Ordinary Shares on the Milan Stock Exchange's Mercato Telematico Azionario (MTA) on the day preceding the relevant purchase, increased or decreased by 10%, respectively.

         The authorization to repurchase Ordinary Shares is effective for a period of 18 months beginning on the date that the shareholders' meeting approves the relevant resolution.

         The repurchases of Ordinary Shares will be carried out in compliance with provisions set forth in article 2357 of the Italian Civil Code within the limits of retained earnings and available reserves as recorded in the financial statements of the Company.

         The resolutions under sections 1, 2, 3, 4 and 5 above require the affirmative vote of the holders of a majority of Ordinary Shares entitled to vote at the meeting.

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4

         Set forth below is a description of the matters that will be submitted for approval at the extraordinary meeting: