First Day of Dealings

Reflexion Cosmetics PLC 8 March 2004 FOR IMMEDIATE RELEASE 8 March 2004 Reflexion Cosmetics PLC First Day of Dealings on the Alternative Investment Market ('AIM') Reflexion Cosmetics (AIM: RFX), the company set up to acquire businesses in the toiletries and cosmetics sector, is pleased to announce its flotation on the Alternative Investment Market (AIM) of the London Stock Exchange today. • Reflexion Cosmetics has been established as the initial step in the creation of an international cosmetics and toiletries business through the acquisition of and development of under-performing beauty product brands. • Reflexion Cosmetics has a strong management team led by Ratan Daryani, Chief Executive. Ratan has worked in cosmetics retailing for the past 15 years, including key positions at The Virgin Cosmetics Company Ltd and The Body Shop International plc. He was a main board director of Victory Corporation plc, the AIM traded holding company of Virgin Cosmetics Ltd. • Nigel Robertson, the founder and former Chief Executive of scoot.com, is the Company's Non-Executive Chairman. • It is intended that Reflexion Cosmetics will concentrate on 'contemporary' brands, which are affordable but which meet consumers' aspirations for quality and luxury. The Company will seek to identify acquisition opportunities among businesses that have strong branding and distinctive product ranges but which lack finance or business skills to fulfil their potential. • In 2002, the worldwide cosmetics and toiletries market was valued at US$180 billion and is expected to continue to grow. The UK market is a substantial market in its own right and alone was valued at £5.8 billion in 2002. • £375,000 (after expenses) was raised for Reflexion Cosmetics via a Placing at the Placing price of 13p per Ordinary Share (the 'Placing Price') by W.H. Ireland Ltd. • W.H Ireland is the Company's nominated advisor and broker. Ratan Daryani, Chief Executive of Reflexion Cosmetics, commented: 'I am very pleased with the response to the flotation. We are confident that we have the right corporate strategy and management to develop the business moving forward. We will seek appropriate acquisitions to enable us to deliver value to our shareholders.' PLACING STATISTICS* Number of Ordinary Shares in issue prior to the Placing 5,000,000 Placing Price 13p Number of new Ordinary Shares being issued under the Placing 3,846,154 Percentage of the enlarged issued share capital of the Company held by New Shareholders following completion of the Placing 43% Number of Ordinary Shares in issue immediately following completion of the Placing and Admission 8,846,154 Gross proceeds of the Placing £500,000 Estimated net proceeds of the Placing £375,000 * assuming full subscription in respect of the Placing. ENDS For further information contact: Reflexion Cosmetics Tel: 07748 146 839 Ratan Daryani, Chief Executive Officer W.H. Ireland Tel: 0121 616 2101 Tim Cofman, Nicola Rayner Buchanan Communications Tel: 020 7466 5000 Mark Court, Mary-Jane Johnson This information is provided by RNS The company news service from the London Stock Exchange This information is provided by RNS The company news service from the London Stock Exchange