We have audited the consolidated financial statements of Beiersdorf Aktiengesellschaft, comprising the balance sheet, income statement, statement of changes in shareholders’ equity, cash flow statement, and notes to the financial statements, for the fiscal year from January 1, 2003 to December 31, 2003. The preparation and the content of the consolidated financial statements are the responsibility of the Company’s management. Our task is to express an opinion, based on our audit, on whether the consolidated financial statements comply with International Financial Reporting Standards (IFRS).

We conducted our audit in accordance with German auditing regulations and the German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW, German Institute of Auditors), as well as in accordance with the International Standards on Auditing (ISA). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatements. The evidence supporting the amounts and disclosures in the consolidated financial statements is examined on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements give a true and fair view of the net assets, financial position, results of operations, and cash flows of the Group for the fiscal year in accordance with IFRS.

Our audit, which also extends to the management report on the Group and the Company prepared by the management for the fiscal year from January 1, 2003 to December 31, 2003, did not give rise to any objections. In our opinion, on the whole the combined Group management report/management report of Beiersdorf Aktiengesellschaft provides a suitable understanding of the position of the Group and the Company, and suitably presents the risks of future development.

In addition, we confirm that the consolidated financial statements and the Group management report for the fiscal year from January 1, 2003 to December 31, 2003 satisfy the conditions required for the Company’s exemption from its obligation to prepare consolidated financial statements and a Group management report in accordance with German law.

Hamburg, February 24, 2004