In North America, net sales of $856 million in 2004 were down 4% versus net sales of $891 million in 2003. This performance largely reflected higher returns, allowances, and discounts, due to the impact of the Company's more extensive new products program for 2005 (which drove higher returns and allowances in 2004 to make space at retail for the new items) and the comparatively lower returns provisions established in 2003, as well as increased brand support in the form of sales incentives. These factors were partially offset by modestly higher shipments in North America and the aforementioned increased licensing revenues for the full year.

International net sales of $442 million advanced 8% versus International net sales of $409 million in 2003. This growth primarily reflected the benefit of favorable foreign currency translation, partially offset by higher brand support that impacted net sales in the form of sales incentives. Excluding the benefit of favorable foreign currency translation, International net sales were up 1% in 2004.

Operating income for the full year of 2004 was $89 million, versus operating income of $21 million in 2003. This improvement was primarily driven by the achievement of operational efficiencies, as well as modestly higher shipments, the aforementioned increase in licensing revenues, lower total brand support, and the absence of growth plan charges in 2004. Partially offsetting these benefits were returns, allowances and discounts that were higher compared to the 2003 provision, which benefited from revisions to previous estimates.

Operating income in 2004 included approximately $7 million for restructuring and additional consolidation costs, while the full year of 2003 included charges totaling approximately $31 million associated with the Company's growth plan, as well as $7 million for restructuring and additional consolidation costs. Excluding the aforementioned growth plan and other charges, operating income in 2004 was $96 million, or 7.4% of net sales, versus operating income in 2003 of $59 million, or 4.6% of net sales.

Adjusted EBITDAin 2004 was $193 million, compared with Adjusted EBITDA of $122 million in 2003. Adjusted EBITDA in 2004 included approximately $6 million for restructuring, while Adjusted EBITDA in 2003 included approximately $29 million of expenses associated with the Company's growth plan, as well as charges totaling $6 million for restructuring. Excluding the aforementioned growth plan and restructuring charges, Adjusted EBITDA in 2004 was $199 million, up approximately 27% versus Adjusted EBITDA of $157 million in 2003.

Net loss in 2004 was $143 million, or $0.47 per diluted share, compared with a net loss of $154 million, or $2.47 per diluted share, in 2003. The 2004 performance included $91 million of expenses associated with the early extinguishment of debt associated with the Company's debt-for-equity exchange offers and subsequent refinancing activities. These expenses essentially offset the Company's improvement in operating income and significant reduction in interest expense stemming from the capital structure improvements achieved during the year. The diluted per share comparison was impacted by the Company's aforementioned exchange offers, which significantly increased common shares outstanding in the 2004 period.

Cash flow used for operating activities in 2004 was $94 million, compared with cash flow used for operating activities of $166 million in 2003.

Marketplace Results

In terms of U.S. marketplace performance, according to ACNielsen⁴, the color cosmetics category declined versus year-ago by 4.3% for the quarter and 2.5% for the full year. Market share for the quarter for Revlon and Almay combined totaled 20.8%, compared with 21.2% in 2003. For the year, combined market share totaled 21.5% in 2004, compared with 22.3% in 2003. The Company indicated that its share performance reflected less share contribution from new products in 2004 versus 2003, as the Company transitioned to its new, cross-functional new product development process. Importantly, market share on existing products advanced solidly for the quarter and the year.

In other key categories, the Company gained share for the quarter and the year in hair color and beauty tools, while market share declined modestly in anti-perspirants/deodorants.

Commenting on the Company's share performance, Mr. Stahl stated, "Our overall share results reflected our strategic decision in 2003 to completely revamp our new product development process

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and related go-to-market strategy, causing 2004 to be a transition year for us in new products. Our new cross-functional process brings together our world-class research and development capabilities with consumer and marketplace insights and the tremendous power of Revlon's brands. The first wave of new products borne from this new process was introduced earlier this year and to-date has been well received in the market. We remain confident in not only these new products but also the Company's ability to capitalize on marketplace opportunities and lead in innovation."

About Revlon

Revlon is a worldwide cosmetic, skin care, fragrance, and personal care products company. The Company's vision is to deliver the promise of beauty through creating and developing the most consumer preferred brands. Websites featuring current product and promotional information can be reached at www.revlon.com and www.almay.com. Corporate investor relations information can be accessed at www.revloninc.com. The Company's brands, which are sold worldwide, include Revlon®, Almay®, Ultima®, Charlie®, Flex®, and Mitchum®.

Investor Relations Contact:				Media Contact:
Maria A. Sceppaguercio				Catherine Fisher
(212) 527-5230				(212) 527-5727

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Footnotes to Press Release

¹ Adjusted EBITDA is defined as net earnings before interest, taxes, depreciation, amortization, gains/losses on foreign currency transactions, gains/losses on the sale of assets, gains/losses on the early extinguishment of debt, and miscellaneous expenses. Adjusted EBITDA is a non-GAAP financial measure. The Company believes that Adjusted EBITDA is a financial metric that can assist the Company and investors in assessing its financial operating performance and liquidity. The Company believes that, as a performance measure, Adjusted EBITDA is useful in understanding the financial operating performance and underlying strength of its business, excluding the effects of certain factors, including gains/losses on foreign currency transactions, gains/losses on the sale of assets and miscellaneous expenses. Adjusted EBITDA should not be considered in isolation, as a substitute for net income/(loss) or cash flow from/used for operating activities prepared in accordance with GAAP. Adjusted EBITDA does not take into account our debt service requirements and other commitments and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. EBITDA is defined differently for our credit agreement. Furthermore, other companies may define EBITDA differently and, as a result, our measure of Adjusted EBITDA may not be comparable to EBITDA of other companies.

In the accompanying tables, Adjusted EBITDA is reconciled to net income/(loss) to account for its use as a performance measurement and to cash flow from/used for operating activities to account for its use in assessing liquidity. Net income/(loss) and cash flow from/used for operating activities are the most directly comparable GAAP performance and cash flow measures, respectively.

The Company believes that Adjusted EBITDA excluding growth plan and restructuring-related expenses, which is reconciled in the accompanying tables to net income/(loss) to account for its use as a performance measurement and to cash flow from/used for operating activities to account for its use in assessing liquidity, is useful to the Company and investors in understanding its performance excluding such items. Likewise, the Company believes that operating income excluding growth plan and restructuring-related expenses, which is also reconciled in the accompanying tables to operating income, is useful to the Company and investors in understanding its performance excluding such items.

² The Company's growth plan, the implementation of which was accelerated in the fourth quarter of 2002, involves, among other things, increasing the effectiveness of the Company's advertising and in-store promotional marketing, increasing the effectiveness of its in-store wall displays, discontinuing select products and adjusting prices on several others, and further strengthening the Company's new product development process and other organizational capabilities to accelerate the execution of the plan. Over the 2002 to 2003 period, the Company incurred charges totaling approximately $135 million associated with the acceleration of its growth plan.

The Company believes that net sales excluding growth plan-related returns and allowances is useful in understanding net sales performance excluding the effect of growth plan charges which impacted the Company's performance in 2003.

³ North America includes the United States and Canada.

⁴ All market share and consumption data is U.S. mass-market dollar volume according to ACNielsen (an independent research entity). ACNielsen data is an aggregate of the drug channel, Kmart, Target and Food and Combo stores, and excludes Wal-Mart and regional mass volume retailers. This data represents approximately 70% of the Company's U.S. mass market dollar volume.

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Forward-Looking Statements

Statements in this press release which are not historical facts, including statements about the Company's plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made, and, except for the Company's ongoing obligations under the U.S. federal securities laws, the Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Such forward-looking statements include, without limitation, the Company's expectations and estimates about future events; the Company's belief that it emerged from the year a much stronger company, positioned to capitalize on the growth opportunities its strong brand portfolio and strengthened new product capability provide; the Company's plan in 2005 to utilize resources from its improved efficiencies and profit margins to increase marketing investment behind its key brands and new products, particularly in the early part of 2005 and that such investment will have an impact on the quarterly flow of results; the Company's optimism about its outlook for 2005 and beyond and its expectation to continue to take aggressive actions to position Revlon for achieving its objective of long-term, profitable growth and value creation; and the Company's belief in the strength of its new products launched with the benefit of its new product development process and the Company's ability to capitalize on marketplace opportunities and lead in innovation. Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the Company's filings with the Securities and Exchange Commission, including the Company's 2003 Annual Report on Form 10-K, the Company's Annual Report on Form 10-K for the year ended December 31, 2004 that it will be filing shortly with the SEC and 2004 Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC during 2004 and 2005 (which may be viewed on the SEC's website at http://sec.gov or on the Company's website at http://www.revloninc.com), as well as reasons including difficulties, delays, unexpected costs or the inability of the Company to capitalize on the growth opportunities or achieve its objective of long-term, profitable growth and value creation, such as by its inability to achieve its operating margin improvements or continued softness in the U.S. mass market color cosmetics category; less than anticipated acceptance of the Company's new products by retailers or consumers or less than expected benefits from the Company's new product development process; the Company's inability to generate sufficient funds from improved efficiencies and profit margins to increase marketing investment behind its key brands and products to the extent planned or other difficulties, delays or inabilities to increase such level of investment; the Company's inability to capitalize on marketplace opportunities and lead in innovation, such as by material shortages, supplier disruption or competitive actions; and unexpected charges or costs associated with the acceleration of the Company's growth plan. Factors other than those listed above could also cause the Company's results to differ materially from expected results.

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REVLON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in millions, except per share data)

				Three Months Ended December 31,								Year Ended December 31,
				2004				2003				2004				2003
Net sales				$	378.3			$	368.5			$	1,297.2			$	1,299.3
Cost of sales					131.9				137.3				485.3				501.1
Gross profit					246.4				231.2				811.9				798.2
Selling, general and administrative expenses					168.4				189.6				717.6				770.9
Restructuring costs					5.8				5.1				5.8				6.0
Operating income					72.2				36.5				88.5				21.3
Other expenses (income):
Interest expense					28.4				46.0				130.8				174.5
Interest income					(1.4	)			(1.2	)			(4.8	)			(4.3	)
Amortization of debt issuance costs					1.4				2.3				8.2				8.9
Foreign currency gains, net					(5.6	)			(1.8	)			(5.2	)			(5.0	)
(Gain) loss on early extinguishment of debt					(0.7	)			—				90.7				—
Miscellaneous, net					(0.4	)			0.4				2.0				0.5
Other expenses, net					21.7				45.7				221.7				174.6
Income (loss) before income taxes					50.5				(9.2	)			(133.2	)			(153.3	)
Provision for income taxes					4.3				3.4				9.3				0.5
Net income (loss)				$	46.2			$	(12.6	)		$	(142.5	)		$	(153.8	)
Basic net income (loss) per common share				$	0.12			$	(0.18	)		$	(0.47	)		$	(2.47	)
Diluted net income (loss) per common share				$	0.12			$	(0.18	)		$	(0.47	)		$	(2.47	)
Weighted average number of common shares outstanding:
Basic					370,117,944				69,806,060				301,053,334				62,327,726
Diluted					370,399,138				69,806,060				301,053,334				62,327,726

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REVLON, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(dollars in millions)

				December 31, 2004				December 31, 2003
ASSETS
Current assets:
Cash and cash equivalents				$	120.8			$	56.5
Trade receivables, net					200.6				182.5
Inventories					154.7				142.7
Prepaid expenses and other					69.7				33.9
Total current assets					545.8				415.6
Property, plant and equipment, net					118.7				132.1
Other assets					149.9				158.4
Goodwill, net					186.1				186.1
Total assets				$	1,000.5			$	892.2
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
Short-term borrowings - third parties				$	36.6			$	28.0
Current portion of long-term debt - third parties					10.5				—
Accounts payable					95.2				97.4
Accrued expenses and other					283.2				321.9
Total current liabilities					425.5				447.3
Long-term debt					1,308.2				1,869.5
Other long-term liabilities					286.7				301.0
Total stockholders' deficiency					(1,019.9	)			(1,725.6	)
Total liabilities and stockholders' deficiency				$	1,000.5			$	892.2

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REVLON, INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED EBITDA RECONCILIATION
(dollars in millions)

				Three Months Ended December 31,								Year Ended December 31,
				2004				2003				2004				2003
				(Unaudited)								(Unaudited)
Reconciliation to cash flows from operating activities:
Net cash provided by (used for) operating activities				$	41.1			$	17.5			$	(94.2	)		$	(166.4	)
Changes in assets and liabilities, net of acquisitions and dispositions					33.2				0.2				143.3				125.5
Gain (loss) on early extinguishment of debt - cash portion					(0.7	)			—				13.4				—
Interest expense, net					27.0				43.9				124.2				167.1
Foreign currency gains, net					(5.6	)			(1.8	)			(5.2	)			(5.0	)
Miscellaneous, net					(0.4	)			0.4				2.0				0.5
Provision for income taxes					4.3				3.4				9.3				0.5
Adjusted EBITDA					98.9				63.6				192.8				122.2
Restructuring costs					5.8				5.1				5.8				6.0
Growth plan charges					—				(0.6	)			—				28.5
Adjusted EBITDA, excluding restructuring costs and growth plan charges				$	104.7			$	68.1			$	198.6			$	156.7
Reconciliation to net income (loss):
Net income (loss)				$	46.2			$	(12.6	)		$	(142.5	)		$	(153.8	)
Interest expense, net					27.0				44.8				126.0				170.2
Amortization of debt issuance costs					1.4				2.3				8.2				8.9
Foreign currency gains, net					(5.6	)			(1.8	)			(5.2	)			(5.0	)
(Gain) loss on early extinguishment of debt					(0.7	)			—				90.7				—
Miscellaneous, net					(0.4	)			0.4				2.0				0.5
Provision for income taxes					4.3				3.4				9.3				0.5
Depreciation and amortization					26.7				27.1				104.3				100.9
Adjusted EBITDA					98.9				63.6				192.8				122.2
Restructuring costs					5.8				5.1				5.8				6.0
Growth plan charges					—				(0.6	)			—				28.5
Adjusted EBITDA, excluding restructuring costs and growth plan charges				$	104.7			$	68.1			$	198.6			$	156.7

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REVLON, INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED OPERATING INCOME RECONCILIATION
(dollars in millions)

				Three Months Ended December 31,								Year Ended December 31,
				2004				2003				2004				2003
				(Unaudited)								(Unaudited)
Reconciliation to operating income:
Operating income				$	72.2			$	36.5			$	88.5			$	21.3
Restructuring costs					5.8				5.1				5.8				6.0
Additional consolidation costs					1.0				0.3				1.6				0.9
Growth plan charges					—				—				—				31.2
Operating income, excluding restructuring costs, additional consolidation costs and growth plan charges				$	79.0			$	41.9			$	95.9			$	59.4

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REVLON, INC. AND SUBSIDIARIES
UNAUDITED NET SALES DATA
(dollars in millions)

Quarter Ended December 31, 2004:

				As reported				Growth plan				As reported without growth plan
North America				$	251.0			$	—			$	251.0
International					127.3				—				127.3
Net sales				$	378.3			$	—			$	378.3

Quarter Ended December 31, 2003:

				As reported				Growth plan				As reported without growth plan
North America				$	248.8			$	(8.8	)		$	240.0
International					119.7				1.4				121.1
Net sales				$	368.5			$	(7.4	)		$	361.1

Year Ended December 31, 2004:

				As reported				Growth plan				As reported without growth plan
North America				$	855.7			$	—			$	855.7
International					441.5				—				441.5
Net sales				$	1,297.2			$	—			$	1,297.2

Year Ended December 31, 2003:

				As reported				Growth plan				As reported without growth plan
North America				$	890.6			$	3.3			$	893.9
International					408.7				1.0				409.7
Net sales				$	1,299.3			$	4.3			$	1,303.6

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