Kifissia/Greece ? Rilken reported sales of 29,199 TEURO vs 24,155 TEURO in the corresponding period of 2002, a total increase of 20.9%. This increase is mainly due to the change of the distribution agreement into distribution under consignment as of January 1st, 2003. The organic growth was appr. 4.4%

The change of the distribution agreement between Rilken and Schwarzkopf & Rilken Hellas improved significantly the Gross Operating Profit of this period (28.0% increase) as well as the Selling Expenses. The Selling Expenses increased by 37.3% vs the corresponding period of 2002. This increase is mainly due to the distribution commission while the rest of selling expenses were kept on a lower level in comparison to previous year.

Profits before taxes are lower by 9.1% compared to the corresponding period of 2002 and reached 3,703 TEURO vs 4,075 TEURO.

For the Rilken Group, which consists of Rilken SA and its retail distribution company Schwarzkopf & Rilken Hellas S.A, consolidated net sales reached 32,418 TEURO. The decrease of 32.7% vs last year is the result of the new distribution structure. From January 1st, 2003, Rilken Group does not include Henkel Hellas cosmetics sales anymore, but only the commissions for the sale of these products through Schwarzkopf & Rilken Hellas.

Net Operating Profit of the Group decreased by 1,293 TEURO to 4,393 TEURO. Consolidated profits before taxes decreased by 1,420 TEURO to 3,994 TEURO. These decreases are due to the change of distribution agreement which resulted to higher cost of goods sold and increased allowances to the market, despite of the lower level of Operating Expenses in comparison to the corresponding period of previous year.

Rilken S.A. is an Athens based manufacturer and marketer of Cosmetics, specialized in Hair Care products. The company is a member of the Henkel Group which is the majority shareholder of Rilken S.A. via its subsidiary Henkel Hellas S.A.

The financial statements of Rilken S.A. for year 2003, including the consolidated financial statements, will be published on 27th February 2004.

Eleni Halkia

Tel.: +30 210 624 9830/ +30 210 624 9832

Fax: +30 210 807 9265