Luxottica Group and Oakley complete merger, beginning a journey that will make the business significantly stronger going forward

Milan, Italy and Foothill Ranch, California, November 14, 2007 - Luxottica Group S.p.A.
(NYSE: LUX; MTA: LUX), a global leader in eyewear, and Oakley, Inc. (NYSE: OO), a worldwide specialist in sport performance optics, announced today the completion of the merger between the two companies for a total purchase price of approximately US$2.1 billion.
Oakley will now be a wholly-owned subsidiary of Luxottica Group and, as a result of the completion of the merger, Oakley's shares will cease to trade on the New York Stock Exchange at the close of the market today.

Today marks the launch of a new Group with extraordinary potential, including expected consolidated pro forma net revenues for fiscal year 2007 of €5.7 billion and consolidated pro forma EBITDA for the same period of approximately €1.2 billion.
Luxottica Group expects that the transaction will result in approximately €100 million per year in operating synergies within three years, driven by revenue growth and efficiencies.

Commenting on the merger, Andrea Guerra, CEO of Luxottica Group S.p.A., said, "We are extremely pleased with the closing of the merger with Oakley, with whom we have been partners for a long time. We have long admired the Oakley brand, products, and corporate culture. Joint teams from the two companies have been focusing for months on the tremendous business opportunities we have ahead, which will become operating plans by year-end. Today represents the beginning of a new phase for all of us, a journey which will make our Group much stronger going forward."

Scott Olivet, CEO of Oakley, Inc., commented, "The fact that Luxottica and Oakley had similar beginnings, share the same values around the importance of brand and product, and have individuals around the world who have worked closely for years, gives us a very strong foundation for success.
While we have tremendous work in front of us, our early integration planning efforts give us confidence that the value of this combination can, in fact, be realized.
We are excited to begin the next chapter in our history."

In accordance with the terms of the June 2007 merger agreement, Oakley's outstanding shares of common stock have been converted into the right to receive US$ 29.30 per share, in cash.
Citibank has been appointed as the paying agent for Luxottica Group.

Luxottica Group and Oakley will hold a brief joint conference call to discuss the completion of the merger with the investment community on Thursday, November 15, 2007, at 7:00 AM PT (10 AM ET, 3 PM GMT and 4 PM CET).

The audio webcast will be also available at Luxottica Group's corporate website at www.luxottica.com/english/investor_relations/webcast.html and on Oakley's investor website at investor.oakley.com.

A replay of the conference call will be available starting on November 16 at 9:00 AM PT (12:00 AM ET, 5:00 PM GMT and 6 PM CET), calling from USA: +1 (866) 583 1039, UK: +44 (208) 196 1998 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 website at www.luxottica.com/english/investor_relations/presentation.html and on Oakley's investor website at investor.oakley.com shortly before the start of the audio Web cast.