Corporate Governance Code of the Company was approved by the decision of the Board of Directors JSC Concern “Kalina” on November, 3, 2004. This step is a sequel to company’s policy of conforming to high international norms of corporate governance and transparency.

The complete version of Company’s Corporate Governance Codeyou may find on our web-site:

www.kalina.org

About the company.JSC concern “Kalina “ is one of the leading Russian perfumery and cosmetics producers. The leading brands of the company are “Black Pearl”, ”Clean Line” and “MIA” among the skin-care products, “32”, “Forest Balsam”- on the mouth-care market, ‘Angelica Varum” - among perfumes.

Concern “Kalina” consists of the parent enterprise in Ekaterinburg, Omskiy factory of detergents, subsidiary "Pallada Ukraine" (Ukraine), "Novoplast", Kalina Overseas Holding B. V. (Netherlands)

Further information you may get from the press-secretary of the JSC Concern ‘Kalina”- Kazantsev Sergey, tel./fax.(343) 365 83 06, e-mail: pressa@kalina.org.