Independent directors on Luxottica Group's board rise to five

Luxottica Group has announced that the number of independent directors on its Board has reached five.

In fact, at the Group's Ordinary and Extraordinary Meeting held in Milan, Italy, on September 14, shareholders approved the appointment of three additional directors to the Board, for a total of 12, as already provided in the Company's By-laws: Sergio Erede, Gianni Mion and Sabina Grossi. At the same time, shareholders confirmed, in accordance with Italian Law, the appointment of Andrea Guerra, chief executive officer, to Luxottica Group's Board of Directors.

Leonardo Del Vecchio, chairman of Luxottica Group, commented: 'The appointment to our Board of Sergio Erede and Gianni Mion as independent directors is yet another step in a process - launched already some time ago - to bring our corporate governance model in line with best practices. Among some of the more important initiatives, we should mention the launch of a comprehensive review of our internal control system to bring us in line with the guidelines of the Sarbanes-Oxley Act'.

Luxottica Group also announced that, in accordance with Italian Law, its Board of Directors approved the Group's Italian GAAP consolidated financial statements for the six-month period ended June 30, 2004. The Group has already reported results for the six-month period, in accordance with U.S. GAAP, on July 27, 2004. Highlights of the consolidated results for the period were as follows: net sales of € 1,563.9 million; operating income of € 259.2 million; and, net income of € 150.1 million.

Finally, Luxottica Group announced that its majority shareholder, Leonardo Del Vecchio, has allocated shares held through the holding company of the Del Vecchio family La Leonardo Finanziaria Srl representing 2.11 percent of Luxottica Group's current authorized and issued share capital to a stock options plan for top management of the Group. The stock options plan is subject to meeting certain economic objectives.