x : : x NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED PARTIAL SETTLEMENT, AND HEARING THEREON

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1 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK In re LUXOTTICA GROUP S.p.A. SECURITIES LITIGATION x : : x No. CV (JBW) (MDG) NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED PARTIAL SETTLEMENT, AND HEARING THEREON If you tendered Sunglass Hut International, Inc. common stock pursuant to Shade Acquisition Corporation s March 5, 2001 tender offer, then you may be entitled to payment from a class action settlement. A federal court authorized this notice. This is not a solicitation from a lawyer. This Notice will tell you about your rights in a settlement that partially resolves a class action lawsuit. The partial settlement will provide a $3.75 million settlement fund for the benefit of investors who tendered shares of Sunglass Hut International, Inc. ( Sunglass Hut ) in connection with Shade Acquisition Corporation s ( Shade ) and Luxottica Group S.p.A s ( Luxottica ) March 5, 2001 tender offer ( Tender Offer ). The partial settlement resolves all claims against Sunglass Hut s former Chief Executive Officer and Chairman of the Board of Directors, and Sunglass Hut s Board of Directors (collectively, the Settling Defendants ) which were alleged to have breached their fiduciary duties in connection with the Tender Offer. The claims against Luxottica, Shade and Leonardo Del Vecchio (the controlling shareholder of Luxottica), (collectively, Luxottica Defendants and the Non-Settling Defendants ) arising out of the Tender Offer, are continuing. There is no settlement between plaintiffs and the Non-Settling Defendants for claims asserted by the plaintiffs against the Non-Settling Defendants. The Court has scheduled a hearing to consider the Non-Settling Defendants motions for summary judgment. The Court has also scheduled a trial of any claims against the Non-Settling Defendants that have not been dismissed for October 31, Your legal rights are affected whether you act, or do not act. Read this notice carefully. YOUR LEGAL RIGHTS AND OPTIONS IN THIS PARTIAL SETTLEMENT: SUBMIT A CLAIM FORM The only way to get a payment for your share of this partial settlement. EXCLUDE YOURSELF FROM THE CLASS ACTION BY OPTING OUT OBJECT GO TO A HEARING DO NOTHING Get no payment from this partial settlement or from any settlement or judgment in the class action. This option allows you to be part of another lawsuit against the Settling Defendants or the Non-Settling Defendants about any claims asserted against any of the Defendants in this Litigation. Write to the Court about why you do not like the partial settlement. Ask to speak in Court about the fairness of the partial settlement. Get no payment for the partial settlement, but give up no rights to any recovery against Non-Settling Defendants in this class action. These rights and options - and the deadlines to exercise them - are explained in this notice. Read the materials that follow which are more detailed and clearer than the above summary. The Court in charge of this case still has to decide whether to approve the partial settlement. Payments will be made if the Court approves the partial settlement and after any appeals are resolved. Please be patient. Statement of Plaintiff Recovery SUMMARY NOTICE Pursuant to the partial settlement described herein, a Settlement Fund consisting of $3.75 million in cash will be created. Plaintiffs estimate that there were approximately 35 million shares of Sunglass Hut common stock tendered in connection with the Tender Offer which are alleged to have been damaged. Plaintiffs estimate that the average recovery per share of Sunglass Hut common stock under the partial settlement is $.11 per share before deduction of Court-awarded attorneys fees and expenses. A Class Member s actual recovery will be its pro rata portion of the Net Settlement Fund based on the number of authorized shares which participate in the Settlement. Statement of Potential Outcome of Case The Plaintiffs and Settling Defendants disagree on both liability and damages and do not agree on the average amount of damages per share that would be recoverable if plaintiffs were to have prevailed on each claim alleged. The Settling Defendants deny that they are liable to the Plaintiffs or the Class and deny that Plaintiffs or the Class have suffered any damages.

2 Statement of Attorneys Fees and Costs Sought Lead Counsel is moving the Court to award attorneys fees not to exceed $562,500 (15%) of the Gross (Partial) Settlement Fund, and for reimbursement of expenses incurred in connection with the prosecution of this Action in the approximate amount of $275,000. The requested fees and expenses would amount to an average of $.03 per share in total for fees and expenses. Lead Counsel has expended considerable time and effort in the prosecution of this litigation on a contingent fee basis, and has advanced the expenses of the litigation, in the expectation that if they were successful in obtaining a recovery for the Class they would be paid from such recovery. In this type of litigation it is not uncommon for counsel to be awarded a percentage of the common fund recovery as their attorneys fees. Further Information Further information regarding the Litigation and this Notice may be obtained by contacting Lead Counsel: David L. Wales, Esq., or Matthew M. Guiney, Esq., Wolf Haldenstein Adler Freeman & Herz LLP, 270 Madison Avenue, New York, New York 10016, (212) Reasons for the Partial Settlement Lead Counsel believes that the principal reasons for the partial settlement are the benefits to be provided to the Class and to simplify the issues for trial against the Non-Settling Defendants. Lead counsel believes that the case will be simplified for trial because (i) the alleged aiding and abetting of the breach of fiduciary duty claim will be better focused on Luxottica and Del Vecchio s alleged misconduct allegedly inducing a breach of fiduciary duty, (ii) the aiding and abetting claim will be better focused on defendant James Hauslein and his alleged interaction with Luxottica and Del Vecchio, and (iii) there will probably be fewer defendants and counsel at trial. These benefits must be compared to the risk that no recovery might be achieved after a contested trial and likely appeals, possibly years into the future. [END OF COVER PAGE] 1. Why did I get this notice package? BASIC INFORMATION This Notice is given to you in the belief that you may be a member of the Class. To be a Class Member, you must meet all of the criteria listed above. If you do not meet the Class definition, the Notice does not apply to you. If you are uncertain whether you are a Class Member, contact Counsel for the Class (who is listed under question 18 below) or your own attorney. Class Members may be entitled to recover damages on the claims asserted. This Notice, however, is not intended to suggest any likelihood that Plaintiffs or members of the Class will be entitled to recover such damages. The Court directed that this Notice be sent to Class Members because they have a right to know that this case has been certified as a class action and about a proposed partial settlement of a class action lawsuit, and about all of their options, before the Court decides whether to approve the partial settlement. If the Court approves the partial settlement, and after objections and appeals are resolved, an administrator appointed by the Court will make the payments that the partial settlement allows. This package explains the lawsuit, the partial settlement, Class Members legal rights, what benefits are available, who is eligible for them, and how to get them. The Court in charge of the case is the United States District Court for the Eastern District of New York, and the case is known as the In re Luxottica Group S.p.A. Securities Litigation, No (JBW) (MDG). This case is assigned to Senior United States District Judge Jack B. Weinstein. The people who sued are called plaintiffs. The company and the persons they sued are known as the following: (i) Luxottica Group S.p.A., Leonardo Del Vecchio, and Shade Acquisition Corporation (collectively, the Luxottica Defendants and the Non-Settling Defendants ); (ii) James N. Hauslein ( Hauslein, Sunglass Hut s Chairman of the Board); and (iii) Rohit Desai, John Duerden, Robert Grayson, Michael McCadden and William Phillips (collectively, the Outside Director Defendants and, collectively with Hauslein, the Settling Defendants ). The Settling Defendants and the Non-Settling Defendants are referred to collectively as the Defendants throughout this Notice. The Settling Defendants and plaintiffs have entered into a partial settlement agreement. The Non-Settling Defendants and plaintiffs have not entered into any settlement agreement. 2. What is this lawsuit about? Commencing in May of 2001, several securities class actions were instituted on behalf of all persons and entities who tendered their Sunglass Hut shares in the March 5, 2001 tender offer by Luxottica and Shade, alleging violations of federal securities laws and breach of fiduciary duty. Plaintiff, Greenway Partners, L.P. (the Lead Plaintiff or Greenway ), was designated Lead Plaintiff by Memorandum and Order of the Court dated September 25, By order of the Court dated September 25, 2001, Goodkind Labaton Rudoff & Sucharow LLP (the Goodkind firm ) was appointed as Lead Counsel for the Class. Pursuant to an order of the Court dated October 22, 2004, Wolf Haldenstein Adler Freeman & Herz LLP ( Wolf Haldenstein ) was appointed as new Lead Counsel for the Class, replacing the Goodkind firm. On November 1, 2001, the Lead Plaintiff filed a First Amended Consolidated Class Action Complaint ( First Amended Complaint ), against the Settling Defendants and the Non Settling Defendants. 2

3 The First Amended Complaint was filed by the Lead Plaintiff on behalf of a proposed Class consisting of all persons and entities who tendered their Sunglass Hut shares in the March 5, 2001 tender offer by Luxottica and Shade. The First Amended Complaint alleges, inter alia, that the Luxottica Defendants offered and paid greater consideration to Hauslein than to other tendering Sunglass Hut shareholders as an inducement to Hauslein to support the tender offer and tender his shares, in violation of Section 14(d) of the Securities Exchange Act of 1934 and Rule 14d-10, commonly referred to as the Best Price Rule of the Williams Act. The First Amended Complaint further alleges that Hauslein breached his fiduciary duty in receiving the extra payments from Luxottica, totaling $15 million, and that the Luxottica Defendants aided and abetted Hauslein s breach of his fiduciary duties. The First Amended Complaint further alleges that the Outside Director Defendants breached their fiduciary duties by, inter alia, agreeing and acquiescing to Hauslein s acceptance of the $15 million payments from Luxottica, which was excessive and put Hauslein in a conflicted position at the time he was negotiating the tender offer price on behalf of Sunglass Hut. Defendants filed motions to dismiss the Complaint on April 12, By Memorandum and Order dated November 26, 2003, the Court denied in part and granted in part Defendants motion to dismiss the Complaint. Specifically, the Court granted the motion to dismiss the claim brought pursuant to Section 10(b) of the Securities and Exchange Act of The Court denied the motion to dismiss the claims brought based on violations of the Best Price Rule of the Williams Act and breach of fiduciary duty. On June 8, 2004, plaintiffs filed a Second Amended and Consolidated Complaint ( Second Amended Complaint ), adding a claim for control person liability, pursuant to Section 20(a) of the Securities Exchange Act of 1934, against Leonardo Del Vecchio. On June 25, 2004, Defendants answered the Second Amended Complaint. Defendants deny that they violated any laws or did anything wrong. They believe that their actions were proper under the federal securities laws and under state law. By Order dated December 23, 2004, the Court certified the Class as described above, with Greenway as Class Representative and Wolf Haldenstein as Lead Counsel. The claims asserted against the Non-Settling Defendants have not been settled, and remain contested in the United States District Court for the Eastern District of New York. The Non-Settling Defendants deny that there is a sufficient factual or legal basis for the claims asserted against them, have asserted a number of affirmative defenses to the claims, and have filed motions for summary judgment dismissing all claims. A hearing on the summary judgment motions has been scheduled. A trial on any claims against the Non-Settling Defendants that are not dismissed on their summary judgment motions is scheduled for October 31, The Settling Defendants have denied and continue to deny each and all of the claims and contentions alleged by Lead Plaintiffs in the Litigation against them. Settling Defendants expressly have denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the Litigation. Settling Defendants also have denied and continue to deny, inter alia, the allegations that Lead Plaintiff or the Class have suffered damage or that Lead Plaintiff or the Class were harmed by the conduct alleged against them in the Litigation. Specifically, the Settling Defendants contend that (a) the non-compete and consulting payments that Luxottica agreed to pay Hauslein were fair and reasonable given that Hauslein was giving up the prospect of employment with competitors at the peak of his career and in light of his proven track record of success; (b) the tender offer price was fair and reasonable to Sunglass Hut shareholders and that Sunglass Hut was not likely to be able to improve upon that offer; (c) Sunglass Hut negotiated the terms of the tender offer with Luxottica in an effective and rigorous manner with the full input of expert professional advisers; and (d) the Sunglass Hut board of directors approved the tender offer terms only after careful consideration and deliberation with the shareholders best interest paramount. Lead Counsel has actively litigated this matter, including but not limited to the following: (i) briefing and arguing all defendants motion to dismiss, which were denied in part and granted in part (this stage of the Litigation was undertaken by the Goodkind firm; (ii) briefed and argued various procedural motions; (iii) reviewed more than 50,000 pages of discovery from the Defendants and numerous thirdparties; (iv) conducted 20 days of depositions to date; and (v) consulted with expert witnesses. 3. Why is this a class action? In a class action, a Class Representative (in this case Greenway Partners L.P.), sues on behalf of people who have similar claims. All these people are a Class or Class Members. One court resolves the issues for all Class Members, except for those who exclude themselves from the Class. 4. Why is there a partial settlement? The Court did not decide in favor of Plaintiffs or Settling Defendants. Instead, Plaintiffs and Settling Defendants agreed to a partial settlement. That way, they avoid the risks and cost of a trial, and the people affected will get compensation. The Class Representative and the attorneys for the Class think the partial settlement is best for all Class Members. The Plaintiffs and Non-Settling Defendants have not reached a settlement, and continue to litigate the claims asserted against the Non-Settling Defendants. WHO IS IN THE PARTIAL SETTLEMENT To determine whether you will get money from this partial settlement, you first have to decide if you are a Class Member. 5. How do I know if I am part of the partial settlement? The Court decided that everyone who fits this description is a Class Member: all persons and entities that tendered common stock of Sunglass Hut in connection with Shade s March 5, 2001 Tender Offer. 3

4 6. Are there exceptions to being included? Excluded from the Class are the Defendants, members of the immediate family of each individual Defendant, any entity in which any Defendant has majority ownership, and the legal representatives, heirs, successors, predecessors in interest, or assigns of any Defendant. If one of your mutual funds tendered shares of Sunglass Hut common stock in connection with the Tender Offer, that alone does not make you a Class Member. You are a Class Member only if you directly tendered shares of Sunglass Hut common stock in connection with the Tender Offer. Contact your broker to see if you tendered Sunglass Hut common stock in connection with the Tender Offer. 7. What if I am still not sure if I am included? If you are still not sure whether you are included, you can ask for free help. You can call or visit for more information. Or you can fill out and return the claim form described below, in question 10, to see if you qualify. 8. What does the partial settlement provide? THE SETTLEMENT BENEFITS WHAT YOU GET In exchange for the partial settlement and dismissal of the Litigation against the Settling Defendants, Settling Defendants have agreed to create a $3.75 million fund to be divided, after fees, and expenses, among all Class Members who send in a valid Proof of Claim. 9. How much will my payment be? The Plan of Allocation provides that after the payment of the fees and expenses identified above, the Net Settlement amount will be distributed pro rata, based on the number of authorized shares which participate in the Settlement. Thus, the Net Settlement amount will be equally divided and distributed on a pro rata basis to all Authorized Claimants. 10. How can I get a payment? HOW YOU GET A PAYMENT SUBMITTING A CLAIM FORM To qualify for a payment, you must send in a Proof of Claim form. A Proof of Claim form is being circulated with this Notice. You may also get a Proof of Claim form on the Internet at Read the instructions carefully, fill out the Proof of Claim form, include all the documents the form asks for, sign it, and mail it postmarked no later than November 15, When would I get my payment? The Court will hold a hearing on October 3, 2005, at 11:00 a.m. in Courtroom 10 at the federal courthouse, 225 Cadman Plaza East, Brooklyn, New York to decide whether to approve the partial settlement. If the Court approves the settlement, there may be appeals. It is always uncertain how these appeals will be resolved, and resolving them can take time, perhaps more than a year. It also takes time for all the Proofs of Claim to be processed. Please be patient. 12. What am I giving up to get a payment or stay in the Class? Unless you exclude yourself by opting out, you are staying in the Class, and that means that, among other things, upon the Effective Date, you will release all Released Claims (as defined below) against the Released Persons (as defined below). Released Claims means any and all claims, rights or causes of action or liabilities whatsoever, whether based on federal, state, local, statutory or common law or any other law, rule or regulation, including both known and Unknown Claims, that have been or could have been asserted in any forum by or on behalf of the Releasing Parties (defined in the Stipulation), or any of its members, against the Released Persons, including all claims that were or could have been asserted in the Litigation, or any other claims relating to any of the events, transactions, allegations, or factual matter contained in the Second Amended Complaint. Specifically excluded from the definition of Released Claims are any claims asserted against the Non-Settling Defendants, including, but not limited to claims asserted under Section 14(d) of the Securities Exchange Act of 1934 and Rule 14d-10. Released Person or Released Persons means James N. Hauslein, Rohit M. Desai, John H. Duerden, Robert C. Grayson, Michael McCadden, William E. Phillips, the respective past or present subsidiaries, parents, member firms, related entities, divisions and affiliates, the past and present insurers (including National Union Fire Insurance Company of Pittsburgh, PA ( National Union )), reinsurers, attorneys, accountants, representatives of any of them, affiliates, successors and predecessors of each of the foregoing and all present and former members, partners, principals, administrators, officers, directors, shareholders, agents, employees, attorneys, advisors, investment advisors, insurers, auditors and accountants of any of them and any person, firm, trust, corporation, officer, director or other individual or entity in which they have a controlling interest or which is otherwise related to any of them and their legal representatives, heirs, successors in interest or assigns. Specifically excluded from the definition of Released Person or Released Persons are the Non-Settling Defendants. Unknown Claims means any Released Claims which any of the Releasing Parties does not know or suspect to exist in his, her, or its favor at the time of the release of the Released Persons which, if known by him, her or it, might have affected his, her or its settlement with and release of the Released Persons, or might have affected his, her or its decision not to object to this Settlement With respect to any and all Released Claims, the Releasing Parties, by operation of the Order and Final Judgment, shall have waived and relinquished, to the fullest extent permitted by law, the provisions, rights, and benefits of 1542 of the California Civil Code, which provides: 4

5 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. The Releasing Parties, by operation of the Order and Final Judgment, shall have waived any and all provisions, rights and benefits conferred by any law of any state or territory of the United States, or principle of common law, which is similar, comparable or equivalent to 1542 of the California Civil Code. By reference to the California Civil Code, the parties hereto do not agree or concede that California law is applicable to this litigation. Any Releasing Party may hereafter discover facts in addition to, or different from, those which he, she or it now knows or believes to be true with respect to the subject matter of the Released Claims, but each Releasing Party, by operation of the Order and Final Judgment, shall have fully, finally and forever settled and released any and all Released Claims, known or unknown, suspected or unsuspected, contingent or non-contingent, whether or not concealed or hidden, which now exist, or heretofore have existed, upon any theory of law or equity now existing or coming into existence in the future, including, but not limited to, conduct which is negligent, intentional, with or without malice, or a breach of any duty, law or rule, without regard to the subsequent discovery or existence of such different or additional facts. The parties hereto acknowledge that the foregoing waiver of Unknown Claims was bargained for and a key element of the Stipulation of Settlement (the Stipulation ) and settlement of which this release is a part. Bar Order - If the Court approves the Settlement, the Court will enter a Bar Order that will permanently bar (i) any action by any Non-Settling Defendant or third party against any Settling Defendant seeking contribution for any of the claims asserted in the Action, and (ii) any action by any Settling Defendant or third party against any Non-Settling Defendant or third party seeking contribution for any of the claims asserted in the Action. Any verdict or judgment that might be obtained against any Non-Settling Defendant or third party will be reduced by the greater of (i) an amount that corresponds to the percentage of responsibility of the Settling Defendants for the loss to the Class or (ii) the amount paid by the Settling Defendants to the Class in connection with this Settlement. The Bar Order will also permanently bar: (i) any Non-Settling Defendant or third party from filing any claim for indemnification, contribution, or otherwise against any of the Settling Defendants under state, federal or common law where the alleged injury to such Non-Settling Defendant or third party is that person s or entity s alleged liability to the Class; and (ii) any Settling Defendant or third party from filing any claim for indemnification, contribution, or otherwise against any Non-Settling Defendant or third party under state, federal or common law where the alleged injury to such Settling Defendant or third party is the Settling Defendant s alleged liability to the Class. The Bar Order will also provide that any verdict or judgment that might be obtained against Non-Settling Defendant or third party will be reduced by the greater of (i) an amount that corresponds to the percentage of responsibility of the Settling Defendants for the loss to the Class, or (ii) the amount paid by the Settling Defendants to the Class. Should the Court decline to enter the proposed Bar Order, the Settling Defendants may terminate the Settlement. The Court has made no final determination as to the precise terms of the Bar Order. Any person or entity that objects to the Bar Order may appear at the Settlement Hearing and be heard by the Court regarding why the Bar Order should not be entered by the Court. The Effective Date will occur when all of the following events occur: (a) Defendants have made or caused the contributions to be made to the Settlement Fund as required by 2.1 of the Stipulation; (b) the Court has approved the Stipulation in all material respects and has entered the Notice Order, or an order substantially in the form of Exhibit A attached to the Stipulation; (c) the Court has entered the Judgment, or a judgment substantially in the form of Exhibit B attached to the Stipulation, or a judgment in a form other than that provided in the Stipulation ( Alternative Judgment ) acceptable to National Union and all of the Settling Parties (as defined in the Stipulation), which judgment shall include entry of the Bar Order as set forth in 2.2 of the Stipulation; (d) (e) (f) the Settlement shall not have been terminated pursuant to 7.3 of the Stipulation; the Judgment or Alternate Judgment has become Final (as defined in the Stipulation); A Final order has been entered by the Court approving the Stipulation and settlement; and (g) A Final Judgment pursuant to Rule 54(b) of the Federal Rules of Civil Procedure has been entered in the district court dismissing all claims made against the Settling Defendants. In addition to the foregoing, by electing to remain in the Class (by deciding not to exclude yourself), you will be eligible to participate in this partial settlement and any future partial settlement with or recovery from the Non-Settling Defendants. However, by electing to remain in the Class, you also assume the risk that there will be no settlement with the Non-Settling Defendants, and the risk that there may be no recovery from the Non-Settling Defendants. If you remain a member of the Class, all of the Court s orders will apply to you and legally bind you, including any and all orders related to the continuation of this Litigation against the Non-Settling Defendants, whether or not the Litigation results in recovery for the Class from the Non-Settling Defendants. You may not elect to participate in the partial settlement with the Settling Defendants and subsequently exclude yourself or opt out from any future settlement or judgment with the Non-Settling Defendants. Unless you exclude yourself, you give up any rights to sue the Released Persons, the Settling Defendants, and the Non-Settling Defendants for any and all claims asserted against any and all Defendants. 5

6 EXCLUDING YOURSELF FROM THE SETTLEMENT If you do not want a payment from this partial settlement, but you want to keep any right you may have to sue or continue to sue the Settling Defendants and/or the Non-Settling Defendants for any of the claims brought against either party in this Litigation on your own, then you must take steps to opt out. This is called excluding yourself or is sometimes referred to as opting out of the settlement Class. Settling Defendants may withdraw from and terminate the partial settlement if claimants who collectively tendered more than a certain number of shares of Sunglass Hut common stock exclude themselves from the Class. Unless you exclude yourself, you are staying in the Class, which means that you can not sue, continue to sue, or be part of any other lawsuit against either the Settling Defendants or the Non-Settling Defendants about issues asserted against either party in this Litigation. Unless the Court otherwise directs, you may not elect to participate in the partial settlement with the Settling Defendants, and subsequently exclude yourself or 'opt out' of any future settlement with the Non-Settling Defendants. The Court may refuse to approve a settlement unless it affords a new opportunity to request exclusion by individual class members who had an earlier opportunity to request exclusion but did not do so. 13. How do I get out of the proposed partial settlement? To exclude yourself from the settlement Class, you must send a letter by mail stating that you request exclusion from the Class in the In re Luxottica Group S.p.A. Securities Litigation. Your letter should state the number(s) of shares of Sunglass Hut common stock tendered in connection with the Tender Offer. In addition, be sure to include your name, address, telephone number, and your signature. You must mail your exclusion request postmarked no later than September 19, 2005 to: In re Luxottica Group S.p.A. Securities Litigation Exclusions c/o The Garden City Group, Inc. Claims Administrator P.O. Box 9000 #6311 Merrick, NY You cannot exclude yourself by telephone or by . If you ask to be excluded from the class, you will not get any partial settlement payment, and you cannot object to the partial settlement. You will not be legally bound by anything that happens in this lawsuit, and you may be able to sue (or continue to sue) both the Released Persons and the Non-Settling Defendants in the future. 14. If I do not exclude myself, can I sue the other Released Persons, Settling Defendants or the Non-Settling Defendants for the same thing later? No. Unless you exclude yourself --i.e., opt out--, you give up any rights to sue the Released Persons, the Settling Defendants, and the Non-Settling Defendants for any and all claims asserted against any and all Defendants. If you have a pending lawsuit speak to your lawyer in that case immediately. You must exclude yourself from this Class to continue your own lawsuit against any party to this Litigation. Remember, the exclusion deadline is September 19, If I exclude myself, can I get money from the proposed partial settlement? No. If you exclude yourself, do not send in a claim form to ask for any money. But, you may exercise any right you may have to sue, continue to sue, or be part of a different lawsuit against the Released Persons, the Settling Defendants, and/or the Non-Settling Defendants. 16. Do I have a lawyer in this case? THE LAWYERS REPRESENTING YOU The Court appointed the law firm of Wolf Haldenstein Adler Freeman & Herz LLP in New York, New York, as Lead Counsel to represent all Class Members. This law firm is called Lead Counsel. You will not be separately charged for this law firm. If you want to be represented by your own lawyer, you may hire one at your own expense. 17. How will the lawyers be paid? Lead Counsel is moving the Court to award attorneys fees from the Settlement Fund in an amount not greater than $562,500 (15%) of the Gross Settlement Fund and for reimbursement of their expenses in the approximate amount of $275,000, plus interest on such expenses at the same rate as earned by the Settlement Fund. Lead Counsel, without further notice to the Class, may subsequently apply to the Court for fees and expenses incurred in connection with administering and distributing the settlement proceeds to the members of the Class and any proceedings subsequent to the Settlement Hearing. Upon conclusion of the case against Non-Settling Defendants, Lead Counsel may apply for fees out of any judgment against the Non-Settling Defendants. OBJECTING TO THE PARTIAL SETTLEMENT You can tell the Court that you do not agree with the partial settlement or some part of it. 18. How do I tell the Court that I do not like the proposed partial settlement? If you are a Class Member, you can object to the proposed partial settlement if you do not like any part of it. You can give reasons why you think the Court should not approve it. The Court will consider your views. To object, you must send a signed letter saying that you object to the proposed partial settlement in the In re Luxottica Group S.p.A. Securities Litigation. Be sure to include your name, 6

7 address, telephone number, and your signature, identify the date(s), price(s), and number(s) of shares of Sunglass Hut common stock tendered in connection with the Tender Offer, and state the reasons why you object to the proposed partial settlement. Your objection must be filed with the Court and served on all the following counsel on or before September 22, 2005: COURT LEAD COUNSEL Clerk of the Court United States District Court for the Eastern District of New York 225 Cadman Plaza East, Brooklyn New York SETTLING DEFENDANTS COUNSEL Michael D. Torpey, Esq. Steve Knaster, Esq. Kenneth P. Herzinger, Esq. Orrick Herrington & Sutcliffe LLP The Orrick Building 405 Howard Street San Francisco, CA David Lederkramer, Esq. Matthew J. Morris, Esq. Proskauer Rose LLP 1585 Broadway New York, NY David L. Wales, Esq. Matthew M. Guiney, Esq. Wolf Haldenstein Adler Freeman & Herz LLP 270 Madison Avenue New York, NY NON-SETTLING DEFENDANTS COUNSEL Eric Nelson, Esq. Winston & Strawn LLP 200 Park Avenue New York, New York What is the difference between objecting and excluding? Objecting is simply telling the Court that you do not like something about the proposed partial settlement. You can object only if you stay in the Class. Excluding yourself --i.e., opting out--, is telling the Court that you do not want to be part of the Class. If you exclude yourself from the class, you have no basis to object because the case no longer affects you. THE COURT S PARTIAL SETTLEMENT HEARING The Court will hold a hearing to decide whether to approve the proposed partial settlement. You may attend and you may ask to speak, but you do not have to. 20. When and where will the Court decide whether to approve the proposed partial settlement? The Court will hold a Settlement Hearing at 11:00 a.m. on Monday, October 3, 2005, at the United States District Court for the Eastern District of New York, Courtroom 10, 225 Cadman Plaza East, Brooklyn, New York At this hearing the Court will consider whether the partial settlement is fair, reasonable and adequate. If there are objections, the Court will consider them. The Court may listen to people who have asked to speak at the hearing. The Court may also decide how much to pay to Lead Counsel. After the hearing, the Court will decide whether to approve the partial settlement. We do not know how long these decisions will take. You should be aware that the Court may change the date and time of the hearing. Thus, if you want to come to the hearing, you should check with Lead Counsel before coming to be sure that the date and/or time has not changed. 21. Do I have to come to the hearing? No. Lead Counsel will answer questions the Court may have. But, you are welcome to come at your own expense. If you send an objection, you do not have to come to Court to talk about it. As long as you mailed your written objection on time, the Court will consider it. You may also pay your own lawyer to attend, but it is not necessary. Class Members do not need to appear at the hearing or take any other action to indicate their approval. 22. May I speak at the hearing? If you object to the partial settlement, you may ask the Court for permission to speak at the Settlement Hearing. To do so, you must include with your objection (see question 18 above) a statement saying that it is your Notice of Intention to Appear in the In re Luxottica Group S.p.A. Securities Litigation. Persons who intend to object to the partial settlement, the Plan of Allocation, and/or counsel s application for an award of attorneys fees and expenses and desire to present evidence at the Settlement Hearing must include in their written objections the identity of any witnesses they may call to testify and a copy of any exhibits they intend to introduce into evidence at the Settlement Hearing. You cannot speak at the hearing if you excluded yourself. 23. What happens if I do nothing at all? IF YOU DO NOTHING If you do nothing, you will get no money from this partial settlement. But, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Released Persons, the Settling Defendants, or the Non Settling Defendants about the Released Claims or any other claims asserted in this Litigation against any Defendant which have not settled. 7

8 24. Are there more details about the proposed partial settlement? GETTING MORE INFORMATION This notice summarizes the proposed partial settlement. More details are in a Stipulation of Settlement dated July 20, 2005 (the Stipulation ). You can get a copy of the Stipulation by visiting or by writing to Lead Counsel. You also can call the Claims Administrator at toll free; write to In re Luxottica Group S.p.A. Securities Litigation Settlement, c/o The Garden City Group, Inc., Claims Administrator, P.O. Box 9000 #6311, Merrick, NY ; or visit the website at where you will find answers to common questions about the settlement, a claim form, plus other information to help you determine whether you are a Class Member and whether you are eligible for a payment. 25. How do I get more information? For even more detailed information concerning the matters involved in this Litigation, reference is made to the pleadings, to the Stipulation, to the Orders entered by the Court and to the other papers filed in the Litigation, which may be inspected at the Office of the Clerk of the United States District Court for the Eastern District of New York, 225 Cadman Plaza East, Brooklyn, New York 11201, during regular business hours. PLAN OF ALLOCATION OF NET SETTLEMENT FUND AMONG CLASS MEMBERS The $3.75 million Cash Settlement Amount and the interest earned thereon shall be the Gross Settlement Fund. The Gross Settlement Fund, less all taxes, approved costs, fees and expenses (the Net Settlement Fund ) shall be distributed to members of the Class who submit acceptable Proofs of Claim ( Authorized Claimants ). The Plan of Allocation provides that after the payment of the fees and expenses identified above, the Net Settlement amount will be distributed pro rata, based on the number of authorized shares which participate in the Settlement. Thus, the Net Settlement amount will be equally divided and distributed on a pro rata basis to all Authorized Claimants. Class Members who do not submit acceptable Proofs of Claim will not share in the settlement proceeds. Class Members who do not either submit a request for exclusion or submit an acceptable Proof of Claim on a timely basis will nevertheless be bound by the partial settlement and the Order and Final Judgment of the Court partially dismissing this Litigation, and any and all future Orders associated with this Litigation, including any Orders with respect to the Non-Settling Defendants. Distributions will be made to Authorized Claimants after all claims have been processed and after the Court has finally approved the partial settlement. If sufficient funds remain in the Net Settlement Fund by reason of un-cashed distributions or otherwise, then, after the Claims Administrator has made reasonable and diligent efforts to have Class Members who are entitled to participate in the distribution of the Net Settlement Fund cash their distributions, any balance remaining in the Net Settlement Fund one (1) year after the initial distribution of such funds shall, if it is economically reasonable, be re-distributed to Class Members who have cashed their initial distributions and who would receive at least $10.00 from such re-distribution, after payment of any unpaid costs or fees incurred in administering the Net Settlement Fund for such re-distribution. If after six months after such re-distribution any funds shall remain in the Net Settlement Fund, then such balance shall be contributed to non-sectarian, not-for-profit, 501(c)(3) organization(s) designated by Lead Counsel and approved by the Court. Plaintiffs, Settling Defendants, their respective counsel, and all other Released Persons shall have no responsibility for or liability whatsoever for the investment or distribution of the Settlement Fund, the Net Settlement Fund, the Plan of Allocation or the determination, administration, calculation, or payment of any Proof of Claim or non-performance of the Claims Administrator, the payment or withholding of taxes owed by the Settlement Fund or any losses incurred in connection therewith. SPECIAL NOTICE TO SECURITIES BROKERS AND OTHER NOMINEES If you tendered common stock of Sunglass Hut in connection with the Tender Offer, for the beneficial interest of a person or organization other than yourself, the Court has directed that, WITHIN TEN (10) DAYS OF YOUR RECEIPT OF THIS NOTICE, you either (a) provide to the Claims Administrator the name and last known address of each person or organization for whom or which you purchased such stock during such time period or (b) request additional copies of this Notice and the Proof of Claim form, which will be provided to you free of charge, and within ten (10) days mail the Notice and Proof of Claim form directly to the beneficial owners of the securities referred to herein. If you choose to follow alternative procedure (b), the Court has directed that, upon such mailing, you send a statement to the Claims Administrator confirming that the mailing was made as directed. You are entitled to reimbursement from the Settlement Fund of your reasonable expenses actually incurred in connection with the foregoing, including reimbursement of postage expense and the cost of ascertaining the names and addresses of beneficial owners. Those expenses will be paid upon request and submission of appropriate supporting documentation. All communications concerning the foregoing should be addressed to the Claims Administrator: Dated: Brooklyn, New York August, 2005 In re Luxottica Group S.p.A. Securities Litigation c/o The Garden City Group, Inc. Claims Administrator P.O. Box 9000 #6311 Merrick, NY (800) By Order of the Court CLERK OF THE COURT 8