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.