CNJ Cole National

Cole National's Stockholders Approve Merger with Luxottica Group MILAN, Italy, July 23 /PRNewswire-FirstCall/ -- Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX) today announced that yesterday stockholders of Cole National Corporation (NYSE:CNJ) approved the merger agreement between Luxottica Group and Cole National for a cash purchase price of US$ 27.50 per share, plus interest at the rate of four percent per annum from yesterday through the closing date of the merger. Votes cast in favor of the transaction were approximately 99.5 percent of Cole National's shares voting on the proposal, representing approximately 78 percent of the company's outstanding shares. As previously announced, the transaction remains subject to compliance with applicable U.S. antitrust clearance requirements and the satisfaction of other customary conditions. With respect to this, Luxottica Group and Cole National committed to the FTC not to close the transaction before September 30, 2004, without its consent. 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 seven 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 20 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 and Australia; two 75%-owned subsidiaries in Israel and Poland; a 70%-owned subsidiary in Greece; three 51%-owned subsidiaries in the Netherlands, Turkey and Singapore, one 49%-owned subsidiary in the Arab Emirates and one 44%-owned subsidiary in India. In September 2003, Luxottica Group acquired OPSM Group, the leading eyewear retailer in Australia. In March 2001, Luxottica Group acquired Sunglass Hut International, a leading sunglass retailer with approximately 1,900 stores worldwide. This followed the acquisitions of Bausch & Lomb sunglass business, which includes the prestigious Ray-Ban(R), Revo(R), ArnetteTM and Killer Loop(R) brands, in June 1999, and LensCrafters, the largest optical retail chain in North America, in May 1995. For fiscal 2003, Luxottica Group posted net sales and net income, respectively, of euro 2,824.6 million and euro 267.3 million. Additional information on Luxottica Group is available from http://www.luxottica.com/. DATASOURCE: Luxottica Group S.p.A. CONTACT: Sabina Grossi - Director, Investor Relations, Alessandra Senici - Investor Relations, or Luca Biondolillo - Director, Corporate Communications, all for Luxottica Group S.p.A., +39-02-8633-4665 or ; In the U.S. - Alexander Fudukidis of Breakstone & Ruth International, +1-646-536-7012, , for Luxottica Group S.p.A. Web site: http://www.luxottica.com/

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