2 – 2008 Luxottica Plan and Growth Platforms...Rolled-out Optomap Digital Retinal imaging technologies to 50% of locations in 2007; expecting additional benefits in 2008 Significantly

2 – 2008 Luxottica Plan and Growth Platforms

Andrea GuerraChief Executive Officer, Luxottica Group

Fabio d’AngelantonioHead of Marketing, Luxottica Group

Antonio MiyakawaEVP Wholesale and Marketing, Luxottica Group

Valerio GiacobbiEVP, Luxottica Retail North America

Kerry BradleyChief Operating Officer, Luxottica Retail North America

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Safe Harbor Statement

Certain statements in this investor presentation may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those that are anticipated. Such risks and uncertainties include, but are not limited to, the ability to successfully integrate Oakley’s operations, the ability to realize expected synergies from the merger with Oakley, the ability to successfully introduce and market new products, the ability to maintain an efficient distribution network, the ability to predict future economic conditions and changes in consumer preferences, the ability to achieve and manage growth, the ability to negotiate and maintain favorable license arrangements, the availability of correction alternatives to prescription eyeglasses, fluctuations in exchange rates, the ability to effectively integrate other recently acquired businesses, as well as other political, economic and technological factors and other risks referred to in Luxottica Group’s and Oakley’s filings with the U.S. Securities and Exchange Commission.

Although Luxottica Group believes its expectations are based on reasonable assumptions, it cannot assure the expectations reflected herein will be achieved. This forward-looking information may prove to be inaccurate and actual results may differ significantly from those anticipated if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized or if other unexpected conditions or events occur.

These forward-looking statements are made as of the date hereof and, under U.S. securities regulation, Luxottica Group undertakes no obligation to subsequently update or revise the forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation.

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2008: Plan introduction

Be ready to take advantage of good opportunities

Manage costs, be efficient, be highly flexible

Leverage strong fundamentals

Leverage brand portfolio

Execute streamlined operational plans

Take advantage of the great improvements made over the

past few years

Be quick, simple and flexible

Stay attuned to consumers and our customers

Improve efficiency and productivity all around

Uncertainties, backdrops,slowdown

A year of execution

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Well-balanced and significantly improved over the past few yearsNew licensesTerminating non-strategic brands

Continuously managing the balance of the brand portfolio, covering all segments

House vs. license brandsRegions and geographiesMen and womenSun and opticalDifferent price segments

Simply the best portfolio of brands in the industry

Leading category trends with Ray-Ban, Oakley and key luxury/fashion brands

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Great double-digit growth overall! Brand on fire in the US: + 30% in wholesale sales, exceeding best projections

…but most important, in strategic Rx line:43% global growth 4-fold increase in our retail sales

A great year in terms of growth A great year in terms of value

Ray-Ban: great results in 2007 and greater opportunities in 2008

AUR to all-time high in wholesale, still with huge potential in 2008 thanks to:

Titanium project in Rx Polarized focus in sun

Amazing reaction to the NEVER HIDE communication platformAbsolute leadership in global share of voice & still growing 180 shop-in-shop concepts in 2007 worldwide

A great year in terms of branding A great year in terms of consumers

Younger target buying into the brandCelebrities endorsing the brand spontaneously all over the world7.4 million visits to website; increase of 107% vs. 2006Wayfarer-mania re-ignited worldwide“Waiting list” for Ray-Ban ULTRA GOLD limited editions at US and UK Department Stores

Quentin Tarantino received the Ray-Ban Visionary Award during 2008 Sundance Film Festival

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The “New York Jeweler” Collection: timeless, classic designs above fashion

A luxury collection for the high-end, cultivated consumer inspired by Tiffany’s exclusive diamond and silver designs:

12 sun and 12 optical styles true to Tiffany’s long-standing values of superior quality and craftsmanship Premium Luxury pricing: Sun/Optical : US$380 - US$1,100

5 price points: US$380; US$430; US$480; US$600; US$1,100Core of the collection: US$380 - US$480

Asian-fitting line and styles specifically designed for Asian consumers

Luxury eyewear with a jeweler’s touch

Selective distribution in line with Tiffany’s values of luxury and exclusivity, targeting top space and top branding:

High-end department stores: Neiman Marcus and Saks Fifth AvenueTop independent opticiansILORISelected Tiffany stores worldwide

Worldwide distribution covering 70% of selected doors during full year 2008

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Extensive global coverage with successful business model adapted to local needsMature markets Emerging markets Asia and Japan

Powerful brand portfolio and strategy tailored to different consumer segmentsLuxuryPremium fashionFashionLifestyle

Excellence in product development

Stronger, more focused marketing organizationBrand managementPR activitiesTrade marketing

Differentiated strategy for different channels/customers, creating an even more efficient distribution

Strong platform already in place but still room for improvement

Key strengths / Long-term drivers for wholesale

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Mainstream independents

A great evolution in distribution approach

Traditional sales organization by brand

Standardized point of sale materials

Extensive distribution coverage

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Trend-setting independents



Selected by location and quality of the point of sale

Centrally-managed relationship

A customized, dedicated program of brand visibility

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Chains and buying groups




Annual planned sales and visibility program

Supply chain initiatives

Central and local key accounts-dedicated teams

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Travel retail





Worldwide sales channel management approach with a corporate-level dedicated team

Promoting eyewear in a multi-category environment

Tailor-made marketing and visibility activities

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Dept. stores


Travel retail




Dedicated sales teams in North America, Japan, Europe and the Middle East

Permanent high-quality fixture program

Sales associates brand-specific training program

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STARS


Dept. stores

Travel retail




Automatic replenishment service on store sell-out

Active management of product assortment

Dedicated trade marketing budget

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Lifestyle

Number of doors

100,000-140,000

Global coverage, selective distribution

200,000 doors worldwide, with a different distribution strategy by brand

Market coverage Distribution strategy by brand

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Lifestyle

Number of doors

100,000-140,000




Fashion 60,000-100,000

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Lifestyle

Number of doors

100,000-140,000




Fashion60,000-100,000

Premium Fashion

15,000-25,000

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Lifestyle

Number of doors

100,000-140,000




Fashion60,000-100,000

Premium Fashion

15,000-25,000

Luxury8,000-12,000

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Geographic specific opportunitiesCross opportunities

Highlights of 2008 growth drivers by geography

Another year of double-digit growth

Still-growing demand for eyewear as fashion accessory

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Growing distribution of Polo Ralph Lauren2

Launch of Tiffany in 14 countries3

Leverage Rx opportunity4

Strong marketing investment5

Europe: Execution excellence: strengthened and focused organizations Effectiveness: from customers to partners, right brands, right doors, right displays

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North America: Distribution coverageIn-store share of fashion segment

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Japan and Asia: Area-specific dedicated productsImprove display and brand experience at POS

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Emerging markets: Growing consumer purchasing power with strong demand for luxury and fashion productsFully utilize local presence to increase market penetration

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LensCrafters / PearleAcquired / integrated 157 stores (D.O.C/Canada)Opened 65 new stores (mostly LensCrafters)Remodeled / Relocated 76 stores (LensCrafters)New POS rollout (Pearle)New Central Lab (Columbus) and premium AR / Hydrophobic / DST lens technologies (Memphis, Dallas, Columbus)

Sunglass HutOpened 199 new storesRemodeled/relocated 249 stores

EyeMed Vision CareMore than 400 new clients, 23MM insured lives

ILORILaunched brand, opened 6 stores (New York / Los Angeles Flagships)

2007: busiest investment year yet

Retail North America

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Right brand positioning – now fully delivering each brand’s positioning / experience

Leverage 2004 – 2007 investments / efficiencies (stores, labs, IT)All brands new / consistent / integrated POS systemsCentral labs able to process all lens technologies in-houseMore Sunglass Hut and LensCrafters store environments “up-to-date”

Fewer “disruptive” initiatives (focus on running the business and execution)

Trim costs to improve profitability / flow-through; flex / adjust quickly to salesStore efficiencyManufacturing and supply chainSourcingWaste removal initiativesMore efficient advertising investments

Continue to grow / upgrade stores, but more selectively150 new stores (versus 410 in 2007)250 fully remodeled / relocated stores (versus 367 in 2007)> 125 sun

Focus, execute, grow


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Driving brand image with storesDramatic front doors to drive store traffic with trend and brand themes40 new stores and 125 full remodels planned for 2008 (double-digit comp sales improvement)200 partially retrofitted storeswith new Sunglass Hut design components in 200870% of in-line fleet will be new remodels (2006 or later) by end of 2008

Driving brand image with communicationPast Customer: direct mail and online email stream throughout the year to maintain an emotional connection New Customer: advertising in magazines, online, outdoor billboards, street “theaters” (subway, trains, taxis) in key markets (New York, Los Angeles, Miami)New website launched in January 2008, and working on e-commerce for June 2008

Continuous effort to introduce our customers to great brandsTiffany launch in March 2008Distinct marketing programs with strong brands such as Prada, Dolce & Gabbana, Bvlgari, Ray-Ban and Ralph Lauren

Create incremental sales with Sunglass Hut and Oakley programs

Sunglass Hut


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Focus on most prestigious real estate, protect the brand exclusivity with paced roll-out

Expect to have 30+ stores by end of year

Brand focus on building the store experience and development of the world’s best customer relations program

Creating a new luxury niche by connecting fashion eyewear with exclusive styles to the most sophisticated customers

Initial results better than expectations100% incremental to surrounding stores

ILORI


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30 new stores, 54 remodels / relocations

Expansion of tested “mind-blowing experience” merchandising and sales / service model

Merchandising by “look” (bold, etc.) vs. brand onlyStronger doctor role/connection: “eye health report”Host at entrance, lenses on sales floor, dispensing “triage”

News / Product / Service-oriented marketing messagesGuaranteeOakley / DST lensesMore segmentation by consumer type

New product initiativesOakley ophthalmic and sunPremium progressive lenses with digital surfacing technology

Drive conversion / units via more focused and flexible frame assortmentsEntry-priced framesMore “traditional” men’s stylesMore tailoring by store type, geography

Cost reduction (outside lab, lenses, damages, remakes, labor)

LensCrafters


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Execution

100% focus on executing “Trusted Eyecare” experience (following a 2007 of integrating / converting acquisitions, converting POS, etc.) to drive comp sales

OptomapRolled-out Optomap Digital Retinal imaging technologies to 50% of locations in 2007; expecting additional benefits in 2008Significantly higher patient satisfaction / intent to return

Pearle Vision


On-line eye appointments: new for 2008

Managed Vision Care: gaining access to more insurance lives

EyeMed (“share” initiatives)Other panels

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TargetStrong comp sales expectations (“simple / fun / in-style” model)Adding 30 new stores (326 by year-end)Target guests (and Target host) very happy with new model – now must focus on customer attraction

More aggressive front door messaging (“why pay more?”)Permission: Bring Your Rx, Buy Beyond Your Insurance

SearsFocus on profit maintenance in struggling host

Cost reductionMaintain comp sales

Expanding ESP (“Everyday Simple Pricing”) based on successful tests and consumer preference

BJ’sLicense agreement not being renewedBusiness not in alignment with Licensed brands strategy

Licensed brands


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Driving groups of customers to our retail stores – targeting record numbers in 2008!

More Customers with Vision Insurance23 million eligible insurance customers, up +8% versus 2007Relationships with Aetna, Wellpoint, Humana and other major insurance leadersAlso sell EyeMed direct: NY, Indiana and Illinois State Employees, American Express, Verizon, Lockheed Martin, JP Morgan, etc.

EyeMed

Also Growing Group “Discount Plans”AARP and AAA – exclusive relationshipsAdding discount plans for eyewear to HMOs with insured eye exams (~30%)

Growing Luxottica Retail Group-Directed CustomersDirect-to-employee marketing (new in 2008)Over 1,000 on-site visits to employers (health fairs, enrollments, etc.)

Managed Vision Care

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December 2007

905 LensCrafters in-store labs

8 central labs

Optical manufacturing central lab

•

•

•

••••

• ••

Winnipeg

Salt Lake City

Dallas

Memphis Knoxville #1

Knoxville #2

Richmond (closed)

Toronto (closed)

Columbus

Cincinnati


Covering all of North America

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Reduce outsourcing with increased internal capacity (+45% since 2005)Capacity is in place, reductions have started, and we are positioned to be self-sufficient. Represents a $30+MM annual opportunity within 2 years

Service and cost improvementConsistent 3 to 5-day service. Cost is continually improving. With new POS and SAP supply chain systems, there is a $20+MM annual opportunity over the next 2 to 3 years

Introduction of new technologiesOur labs are now equipped with state-of-the-art anti-reflective, super hydrophobic and digital surfacing (free form) technologies. With increased penetration, there are significant opportunities to increase the average transactionWe have ready access to lens and coating technologies and the ability to develop proprietary products

Optimize the lab networkTwo older plants have been closed and a new, modern plant built in Columbus, Ohio. Pearle labs have been removed from stores and stores are served from central labs. LensCrafters in-store labs are being leveraged to serve Sears and Pearle as well. We are well positioned to adjust our network as needed for customer advantage and emerging technologiesWe have opened our network to all Pearle franchisees

Strategies for optimizing our labs

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Australia/New Zealand: strong positioning

Successful multi-brand strategy: clear positioning for each brandOPSM as a stylish and fashionable destinationL&P, now the second-largest premium retail brand in Australia (“the eye people”)

Exploring new channelsExploring OPSM expansion through franchising in rural areasExclusive concession with Myer: L&P@Myer, 60 stores in the next three years

MarketingDemographic marketing with segmented approachThe “defining moments”

Improving lens offering, emphasis on education in eyecareOffering ultra-premium “free form” progressive lenses

Improving organizational structureGreat leadership and high-performance cultureUpgraded, talented organization

Retail Australia / New Zealand

Looking at a positive long-term trend, potential for opening 100-150 stores over the next three years

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FY08 sales expected to rise to €100 million, targeting breakeven

China: leadership from day one

Integration and rebranding completed in 2007Maintaining Ming Long brand in specific areas

A single organization now fully focused on in-store execution and expansionMuch stronger management teamBusiness routines; business-driven organization

Infrastructure now in placeCommon IT systemsSupply chain: labs and warehouses streamlined

2008: year of further expansionOpening 31 stores, €15 million expected capexEvaluating acquisitionsHeavy advertisement on LensCrafters brandLeverage 2008 Beijing Olympic Games (sun introduction: Oakley and Ray-Ban)

Retail China

Documents

2 – 2008 Luxottica Plan and Growth Platforms...Rolled-out Optomap Digital Retinal imaging technologies to 50% of locations in 2007; expecting additional benefits in 2008 Significantly