Moulin International maker offers rival bid for Cole National

Cole National Corporation today announced that it received an unsolicited, non-binding offer on Thursday evening, April 15, 2004, from Moulin International Holdings Limited to acquire Cole National in a merger at a price of $25.00 per share in cash.

As previously announced, in January 2004 Cole National entered into a merger agreement with Luxottica Group SpA pursuant to which Luxottica would acquire Cole National in a merger at a price of $22.50 per share in cash.

Luxottica Group stated that is has been made aware of the offer received by Cole National from Moulin International and noted that Cole National has decided to postpone to a date to be announced the special meeting of stockholders scheduled for Tuesday, April 20, 2004, to vote on the Luxottica Group proposal. The postponement is necessary to permit Cole National to file and distribute to its stockholders updated proxy materials.

In addition, Luxottica Group noted that the recommendation by Cole National's Board of Directors to vote for the merger agreement executed with Luxottica Group last January remains in effect and has not been modified or changed.

Luxottica Group also stated that its Board of Directors has not deemed it necessary to take any action in connection with the matters referred to in Cole National's announcement and that it will be reviewing such matters in due course. Cole National's Board has only decided to review the Moulin International proposal, while reserving the right to make a determination whether to enter into discussions or negotiations with Moulin in accordance with the terms of the existing merger agreement with Luxottica Group.