Luxottica Receives Ftc Clearance for Cole National Acquisition

Luxottica Group and Cole National Corporation, have jointly announced that the U.S. Federal Trade Commission (Ftc) cleared Luxottica Group's proposed acquisition of Cole National.

'Today is a happy day for Luxottica Group', said Leonardo Del Vecchio, chairman of Luxottica Group, 'as we prepare to welcome Cole National into our family and to begin in earnest with the integration of our North American retail operations'.

'We believe, as we have throughout this process, that the transaction will be positive for all of the constituencies of the combined companies: customers, suppliers, employees and stockholders. We are especially pleased that the Ftc has permitted it to go forward unconditionally'.

The transaction will close on October 4, 2004. In accordance with the terms of the January 2004 Luxottica Group-Cole National Merger Agreement, as amended, at the closing shares of Cole National's common stock will be converted into the right to receive US$27.72 per share, including the stipulated four percent per annum from July 22, 2004, the date of Cole National's stockholder approval of the merger, through the closing date.

Promptly following the closing date, Citibank, N.A., the paying agent appointed by Luxottica Group, will mail to Cole National stockholders transmittal instructions for the delivery of the shares of Cole National common stock to Citibank, N.A. and for receiving the US$27.72 per share in exchange for such shares.