High rates of growth characterize Folli Follie?s financial results for the first quarter ending on March 31st 2004. Consolidated sales for the period January 1st 2004 to March 31st 2004 increased by 33% reaching 47,2 M euros versus 35,55 M euros of the same period in 2003. Consolidated Earnings Before Taxes after Minority Interests was 16,12 M euros, a 44% increase compared to 11,19 M euros in March 2003.

The previous amount includes the company's 25% participation to the Hellenic Duty Free Shops (HDFS). Hellenic Duty Free Shops (HDFS) was consolidated using the Net Equity Method. The contribution of the Hellenic Duty Free Shops (HDFS) to the total earnings reached 1,1 M euros. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 22% to 16,16 M euros versus 13,23 M euros in the previous year. On the EBITDA level, the profit margin reached 34,2%, versus 37,2% in 2003. With regard to the parent company Folli Follie S.A., financial results also demonstrated impressive growth rates in the first quarter of 2004, reaching 11 M? of consolidated sales, increased by 11% in comparison to the same period in 2003. Earnings Before Tax grew by 61% from 2,6 M euros in 2003 to 4,2 M euros in 2004. In an analysis of total sales by looking at each region, it appears that Japan accounted for 21%, the rest of Asia 42%, Greece 7%, the rest of Europe 15% and Travel Retail operations reached 15%. According to the sales per product category, jewellery account for 65% of sales, watches account for 28% and accessories account for 7%.

As regards to the period January 1st 2003 to December 31st 2003, Consolidated sales increased by 22% reaching 160.6 M euros versus 131.6 M euros of the same period in 2002. Consolidated Earnings After Taxes after Minority Interests was 43,5M euros, a 69% increase compared to 25,75 M euros in December 2002. The Board of Directors plans the distribution of 0,18? per share, which equals to a 50% increase in relation to the company?s dividend in the previous year. Folli Follie is a Greek company which designs, manufactures and distributes jewellery, watches and fashion accessories under the Folli Follie brand. Nowadays, Folli Follie is active in more than 20 countries, has over 250 points of sale, and continues to develop new strategically important markets around the world while strengthening its presence in existing ones.