5
percent of OPSM Group shares, which is in excess of the compulsory acquisition
threshold. To
locate a doctor within the VSP network, customers need only visit
vsp.com

Insurance products and services are issued by Principal Life
Insurance Company, a member of The Principal.

acuity myopia

(NYSE: LUX; MTA: LUX) the worldwide leader in the eyewear sector, today
announced the start of the compulsory acquisition process for all remaining
shares in OPSM Group Limited (ASX: OPS) not already owned by Luxottica Group. At the close of the offer on February 7, 2005, Luxottica Group held 98.
Leonardo Del Vecchio, chairman of Luxottica Group, commented: "We are
pleased with the positive response to the offer by OPSM Group shareholders. The Principal
is pleased to widen the reach of this very beneficial discount
program," noted McConeghey.

(2) As of December 31, 2004

eyecare pediatricians

Securities and Exchange Commission.7 billion in
assets under management(2) and serves some 14.

sunglass dinapoli

Business Editors

DES MOINES, Iowa----The Principal
Financial Group (R) announces that beginning March 1, 2005, all new and
existing customers with insured dental and /or vision coverage with The
Principal(R) will automatically receive access to discounts on vision
services through the VSP(R) Access Plan. VSP is the nation's largest
provider of eye care benefits ."
Through the VSP Access Plan, members receive discounts on eye
exams, prescription glasses, contact lens exams (evaluations and
fittings) and laser surgery.

About the Principal Financial Group

The Principal Financial Group(R) (The Principal (R))(1) is a
leader in offering businesses , individuals and institutional clients a
wide range of financial products and services, including retirement
and investment services, life and health insurance and banking through
its diverse family of financial services companies.

myopia visor

3
million. Such risks and uncertainties include, but are not limited to,
fluctuations in exchange rates, economic and weather factors affecting
consumer spending , the ability to successfully introduce and market new
products, the ability to successfully launch initiatives to increase sales and
reduce costs, the availability of correction alternatives to prescription
eyeglasses, the ability to effectively integrate recently acquired businesses,
including Cole National, risks that expected synergies from the acquisition by
Luxottica Group of Cole National will not be realized as planned and that the
combination of Luxottica Group's managed vision care business with Cole
National's will not be as successful as planned, as well as other political,
economic and technological factors and other risks referred to in Luxottica
Group's filings with the U. "VSP provides a comprehensive network of private practice
eyecare doctors who discount their offerings at the point of service -
our customers receive their vision insurance benefits based on the
discounted cost of services received. The VSP network is so extensive that 90
percent of all Americans live within 10 miles of a VSP doctor.

eyeglasses visor

"Today OPSM Group is already a leading optical retailer in Australia and
enjoys a strong foothold in the important Hong-Kong market. Principal Financial Group, Inc.

lenses viser

These
forward-looking statements are made as of the date hereof and Luxottica Group
does not assume any obligation to update them.

sunglass visor

MILAN, Italy, Luxottica Group S.66).
"The VSP Access Plan offers our customers a valuable added
benefit.
VSP offers plans that range from comprehensive eye examinations
and eyewear to complete medical and surgical eyecare.

myopia eyecare

We now look
forward to maximizing opportunities for OPSM Group and the entire organization
in both the Australian market and the Asia-Pacific region . optical retailers, operating more than 2,100 retail locations
through Pearle Vision, Sears Optical , Target Optical and BJ's Optical, and a
leading provider of managed vision care services through Cole National Managed
Vision.

blindness eyeglasses

For fiscal 2003, Luxottica Group
posted net sales and net income respectively of euros 2,824. These benefits are available to members
of The Principal when they use eye doctors in the VSP network, with no
additional cost to the employer. is traded on the
New York Stock Exchange under the ticker symbol PFG.

pearle sunglasses

blindness visor

The compulsory acquisition process is expected
to complete on or shortly after March 23, 2005. Luxottica Group had offered
A$4.A.

acupressure visor

In
October 2004 , Luxottica Group acquired Cole National Corporation, one of the
largest U.

The Principal Financial Group Adds New Service for Dental and Vision Customers; Vision Discount Program Provides Added Value

alledgedly astigmatism

20 to reflect OPSM Group's declaration of a dividend of A$0.S. A member of the
Fortune 500 , the Principal Financial Group has $168.

viser lenses

With more than
39 million members nationwide, one in eight people in the United
States relies on VSP for eyecare health coverage.

barefoot eyeglasses

Luxottica Group Reaches 98 .5 Percent Holding in OPSM Group Starts Compulsory Acquisition of All Remaining Shares

"
Luxottica Group anticipates that the Australian Stock Exchange will
suspend trading in OPSM Group shares on or shortly after February 15, 2005,
and delist OPSM Group shares from the Australian Stock Exchange on the third
business day of the suspension. Prior to that, in September 2003 the Group acquired control of OPSM
Group, the leading eyewear retailer in Australia, and, in March 2001, Sunglass
Hut International, a leading sunglass retailer with approximately 1,900 stores
worldwide. Additional information on the company is available on the web at
http://www.S.

viser sunglasses

com. And because the program works in tandem with our insurance
coverage, it's especially attractive for our vision customers," said
Theresa McConeghey, dental and vision product director for The
Principal.com or call 800-877-7195 .

eyeglasses sunglasses

6 and euros 267.

glasses acuity

About Luxottica Group S.
"The VSP Access Plan has been available to our medical insurance
customers since January 2000, and we have experienced a tremendous
response from members taking advantage of the program.9 million customers
worldwide from offices in Asia, Australia, Europe, Latin America and
the United States.

viser pediatricians

The Group's products are designed and manufactured in its
six facilities in Italy and one in the People's Republic of China. This followed the acquisitions of the 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.

Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of
1995.

pediatricians blindness

p.p.
Luxottica Group is the world leader in the design, manufacture, marketing
and distribution of prescription frames and sunglasses in mid- and premium-
priced categories . Such statements involve risks, uncertainties and other factors that
could cause actual results to differ materially from those which are
anticipated. For more
information, visit www.

eyeglasses pearle

15 per share .

(1) "The Principal Financial Group" and "The Principal" are
registered service marks of Principal Financial Services, Inc., a
member of the Principal Financial Group.

pediatricians astigmatism

eyecare alledgedly

The total value of the offer for the shares not previously held by
Luxottica Group is approximately A$103 million, or approximately euros 62
million (at an exchange rate of euros 1 = A$1.

Information about eyeglasses, contact lenses , and sunglasses.

visco attaches

On January 4, 2005, Luxottica Group launched through its wholly-owned
subsidiary Luxottica South Pacific Pty Ltd an off-market takeover offer for
all the Australian Stock Exchange -listed OPSM Group shares it did not already
own.35 per share in cash for each OPSM Group share, which was adjusted to
A$4. The lines
manufactured by Luxottica Group include over 2,450 styles in a wide array of
colors and sizes and are sold through 21 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, Australia and Poland; one 75%-owned
subsidiaries in Israel; 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.luxottica.principal.