Luxottica to modify the merger agreement with Cole National

Luxottica Group today announced that it has entered into an amendment to the previously announced merger agreement with Cole National Corporation. The amendment provides for Cole National's stockholders to receive interest on the original merger price, provided Cole National's stockholders approve the merger on or prior to July 20, 2004.

The interest, which is payable in cash together with the merger price of US$22.50 per share, would accrue at the rate of four percent per annum from and after the date on which Cole National's stockholders approve the merger agreement through the date of closing of the merger, which is subject to FTC approval.

Leonardo Del Vecchio, Chairman of Luxottica Group, commented: 'We are pleased that the Board of Cole National has accepted our proposal, which was aimed at providing clarity to the timing of the vote on the merger. As Cole National has announced, the vote is now scheduled to occur at Cole National's annual meeting of stockholders on July 20, 2004. Additionally, we note that Cole National's Board has at no time modified its recommendation to vote in favor of our merger agreement at the stockholders' meeting'.