Athens, November 20th, 2003. Folli Follie announces strong financial results for the nine month period ended 30 September 2003. More specifically, consolidated sales for the period January 1st 2003 to September 30th 2003 reached 111.9 M euros compared to 92.8 Meuros of the same period in 2002, thus showing an increase of 21%. Consolidated Earnings Before Taxes after Minority Rights was 44 M euros, an 82% increase compared to 24.1 M euros for the nine months ended September 2002.

It should be stressed at this point that the above amount includes the company's 25% participation to the Hellenic Duty Free Shops (HDFS). Hellenic Duty Free Shops (HDFS) was consolidated using the Equity Method and its contribution reaches the amount of 12.5 M euros, including a 5.2 M euros dividend from 2002.

Group's Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) for the examined period accounted for 37.4 M euros compared to 27.6 M euros for the previous year, showing an increase of 36%.

A significant improvement is noted on Folli Follie?s basic profit margins. More specifically, gross margin increased to 64.2% of sales, compared to 60.5% in 2002. On the EBITDA level, the profit margin reached 33.4%, versus 29.8% in the corresponding period of 2002.

Parent company Folli Follie S.A. also demonstrated a growth in the financial results reaching 24.9 M euros of consolidated sales, increased by 2% in comparison to the same period in 2002. Earnings Before Tax grew by 100% from 5 M euros in 2002 to 10 M euros this year.

In an analysis of total sales by looking at each region, it appears that Japan accounted for 24%, the rest of Asia 42%, Greece 7%, the rest of Europe 15% and Travel Retail operations reached 12%. According to the sales per product category, jewellery account for 64% of sales, watches account for 28% and accessories account for 8%.

Mr George Koutsolioutsos, Vice President of Folli Follie, commenting on the company's consolidated results, said: 'Financial results of the first nine months of 2003 confirm the success of the strategic choices we have made, as these figures are characterized by high growth rates, reflecting at the same time the company's future dynamics. We are particularly proud that the brand awareness of a Greek company reaches every angle of the world and we promise to continue our intensive and consistent efforts in order to strengthen even more our presence internationally'.

Folli Follie is a Greek company which designs, manufactures and distributes jewellery, watches and fashion accessories under the Folli Follie brand. The Folli Follie brand?s core values are 'affordable, fashionable luxury'. Nowadays, Folli Follie is active in more than 20 countries, has over 230 points of sale, and continues to develop new strategically important markets around the world while strengthening its presence in existing ones.