The announcements of October 23, 2003 relating to the sale of a large portion of the shares held by Allianz marked the end of a phase lasting more than two years during which takeover rumors overshadowed the Company's real news. From that point on, the focus of the financial community shifted again to a discussion of Beiersdorf’s business results and business future.

To support this process and also intensify contacts with international investors, Beiersdorf held its first international roadshow following its financial analyst meeting in November. The discussions held by the CEO and CFO with a large number of institutional investors in London, Frankfurt, Paris, New York, and Boston mainly focused on our brand development plans and concrete measures for the further successful implementation of the Company’s strategy.

The presentation given at this roadshow has been included in the Investor Relations section of Beiersdorf's new website. It is available online along with all other key IR publications from recent years, plus facts and figures on the Beiersdorf share.

During the financial analyst meeting in autumn 2003 we provided information about a key change in our Group reporting structure: due to the introduction of a functionbased organizational structure for the Company, the former divisional structure no longer applies to periods after January 1, 2004. This also solves the difficulties involved in interpreting the former medical division because of its mixture of consumer and professional business. The new reporting structure will reflect the Company's strategy and its focus on branded consumer goods even more clearly in future.

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