Milan, Italy, May 4, 2005 – Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX) today announced that its
Board of Directors will propose to shareholders at the upcoming Shareholders’ Meeting a 9.5 percent
increase in the cash dividend to be paid for fiscal year 2004 to €0.23 per ordinary share, or €0.23 per
American Depositary Share (ADS) (one ADS represents one ordinary share). For fiscal year 2003,
shareholders approved the payment of a cash dividend of €0.21. The proposed dividend payout for fiscal
year 2004 is unchanged year-over-year, reflecting the growth in consolidated net income.

The Board of Directors has also scheduled the Company’s Shareholders’ Meeting for June 15, 2005, on
first call, and for June 16, on second call.
At the meeting, the Board of Directors will submit to shareholders for approval, in accordance with
Italian Law, Luxottica Group’s Italian GAAP statutory financial statements for fiscal year 2004. Italian
Law does not require the approval by shareholders of the Company’s Italian GAAP consolidated financial
statements. As announced on February 15, 2005, Luxottica Group posted, in accordance with U.S. GAAP,
the following results for fiscal year 2004:

• Consolidated net sales of €3,223.9 million;
• Consolidated operating income of €492.8 million;
• Net income of €286.9 million.

If approved, the cash dividend will be paid to holders of record of ordinary shares as of June 17, and to
holders of record of ADRs as of June 22. The ex-dividend date for both holders of ordinary shares and
ADRs will be June 20, 2005. Luxottica Group will make the dividend payable in Euro to holders of
ordinary shares on June 23, 2005. The Bank of New York, depositary of Luxottica Group’s ordinary
shares represented by ADRs, will make the dividend payable in U.S. Dollars to ADR holders on June 30,
2005, at the Euro/U.S. Dollar exchange rate of June 23, 2005. In addition, Luxottica Group indicated
that information regarding the tax regime applicable to the payment of its dividends will be available on
the Group’s website at www.luxottica.com.

As a result of the introduction of International Financial Reporting Standards (IFRS), Italian securities
regulation requires companies with traded financial instruments to update the financial community on
the status of their transition from Italian Generally Accepted Accounting Principles (Italian GAAP) to
IFRS. As a reminder, Luxottica Group's financial communication is and will continue to be made in
accordance with US GAAP. As a result, the introduction of the IFRS will thus have no impact on Luxottica
Group's financial communication.

According to IFRS 1, First Adoption of International Financial Reporting Standards, Luxottica Group is
required to prepare financial statements as of January 1, 2004, that : (i) Recognize only all the assets
and liabilities defined as such by the new accounting standards; (ii) Classify and evaluate assets and
liabilities with the value that would have been determinated if the new accounting standards had been
applied from the initial recognition (retrospective application); (iii) Reclassify items in accordance with
IFRS.

Luxottica Group’s financial statements for fiscal year 2004, which will be presented for approval at the
Group’s Shareholders’ Meeting in June of this year, will show the reconciliation between the previous
and the new accounting standards, in particular: (i) Reconciliation of net equity at January 1, 2004, and
December 31, 2004; (ii) Reconciliation of results of operations for fiscal year 2004.

The most significant impact on Luxottica Group’s financial statements for the first application of IFRS
are: (i) Past business combination will be re-opened and goodwill and intangible assets will be newly
evaluated (ii) The provision according to which goodwill cannot be amortized and recoverability is
tested at least annually (iii) the employees stock option plans accounting through profit and loss (iv) The
use of actuarial techniques for the evaluation of employees post employment benefits; (v) Treasury
shares accounted for as a reduction of equity.

About Luxottica Group S.p.A.

Luxottica Group is the world leader in the design, manufacture, marketing and distribution of
prescription frames and sunglasses in mid- and premium-priced categories. The Group’s products are
designed and manufactured in its six facilities in Italy and one in the People’s Republic of China. The
lines manufactured by Luxottica Group include over 2,450 styles in a wide array of colors and sizes and
are sold through 21 wholly-owned subsidiaries in the United States, Canada, Italy, France, Spain,
Portugal, Sweden, Germany, the United Kingdom, Brazil, Switzerland, Mexico, Belgium, Argentina,
South Africa, Finland, Austria, Norway, Japan, Australia and Poland; one 75%-owned subsidiary in Israel;
a 70%-owned subsidiary in Greece; three 51%-owned subsidiaries in the Netherlands, Turkey and
Singapore; one 49%-owned subsidiary in the United Arab Emirates; and one 44%-owned subsidiary in
India. In October 2004, Luxottica Group acquired Cole National Corporation, one of the largest U.S.
optical retailers, operating more than 2,100 retail locations through Pearle Vision, Sears Optical, Target
Optical and BJ’s Optical, and a leading provider of managed vision care services through Cole National
Managed Vision. Prior to that, in September 2003, the Group acquired control of OPSM Group, the
leading eyewear retailer in Australia, and, in March 2001, Sunglass Hut International, a leading sunglass
retailer with approximately 1,900 stores worldwide. This followed the acquisitions of the Bausch & Lomb
sunglass business, which includes the prestigious Ray-Ban®, Revo®, ArnetteTM and Killer Loop® brands,
in June 1999, and LensCrafters, the largest optical retail chain in North America, in May 1995. For fiscal
year 2004, Luxottica Group posted net sales and net income of €3,223.9 million and €286.9 million,
respectively. Additional information on the company is available on the web at www.luxottica.com.

Contacts

Luxottica Group S.p.A.

Luca Biondolillo, Head of Communications
Email: LucaBiondolillo@Luxottica.com

Alessandra Senici, Manager, Investor Relations
Email : AlessandraSenici@Luxottica.com

Tel.: +39 (02) 8633-4062