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

Timetable

The transaction is expected to close in the second half of 2007. This acquisition is subject to the approval of Oakley’s shareholders and the satisfaction of other customary conditions, including various governmental approvals.

Luxottica and Oakley will hold a joint conference call to discuss the proposed transaction with the investment community on Thursday, June 21, 2007, at 8:00 AM PDT/11:00 AM EDT/4:00 PM GMT/5:00 PM CET. The audio Web cast will be also available at Luxottica Group’s corporate Web site at www.luxottica.com/english/investor_relations/webcast.html and on Oakley’s investor Web site at investor.oakley.com.  A replay of the conference call will be available starting on June 22 at 12:00 AM EDT, calling from USA: +1 (866) 583 1035, passcode 699162#. Members of the media may participate in the call in a “listen-only” mode. Please note that a slide presentation will be available for download from Luxottica Group’s investor relations corporate Web site at www.luxottica.com/english/investor_relations/presentation.html and on Oakley’s investor Web site at investor.oakley.com shortly before the start of the audio Web cast.

Oakley, Inc. will file a proxy statement and other relevant documents concerning the proposed merger with the U.S. Securities and Exchange Commission.  Oakley, Inc. shareholders are urged to read the definitive proxy statement when it becomes available because it will contain important information regarding this transaction.  Shareholders may obtain, free of charge, a copy of the definitive proxy statement (when it becomes available) and other documents filed by Oakley, Inc. with the SEC (www.sec.gov).  In addition, documents filed with the SEC by Oakley, Inc. will be available free of charge from the company.  Oakley, Inc. and its directors and executive officers and certain other of its employees may be soliciting proxies from stockholders

(1)           The forecast of the pro forma ratio of net debt to EBITDA for fiscal year 2007 is not a measure of performance under generally accepted accounting principles in the United States (U.S. GAAP).

of Oakley, Inc. in favor of the proposed transaction.  Information concerning the participants in the proxy solicitation will be set forth in the proxy statement when it is filed with the SEC.

Luxottica Group received investment advice from Rothschild Inc. and legal advice from Winston & Strawn LLP.  Oakley received investment advice from Goldman Sachs & Co. and legal advice from Skadden, Arps, Slate, Meagher & Flom LLP.