8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                                    May 3, 2004 (May 3, 2004)                                    

Date of Report (Date of earliest event reported)

                        Revlon Consumer Products Corporation                        

(Exact Name of Registrant as Specified in its Charter)

Delaware				33-59650				13-3662953
(State or Other Jurisdiction of Incorporation)				(Commission File No.)				(I.R.S. Employer Identification No.)

237 Park Avenue New York, New York				10017
(Address of Principal Executive Offices)				(Zip Code)

                                                (212) 527-4000                                                

(Registrant's telephone number, including area code)

                                                          None                                                      

(Former Name or Former Address, if Changed Since Last Report)

Item 9. Regulation FD Disclosure.

In connection with presentations being made to certain institutions by Revlon Consumer Products Corporation (the "Company"), the Company is disclosing certain financial and other information to such institutions (the "Presentation Information"). The Presentation Information includes management's forecasts, projections, estimates, objectives, vision, plans, strategies, beliefs, intent, destination, expectations, records and certain historical information regarding the Company and Revlon, Inc., the parent of the Company. Portions of the Presentation Information were prepared by the Company based upon, among other things, the anticipated future results of operations of the Company after giving affect to the implementation of various aspects of its strategic plan.

The Presentation Information is divided into the following major components: (i) an overview of the current state of the Company's and Revlon's business, presented in the Presentation Information under the heading "A Different and Stronger Revlon"; (ii) recent progress and development in operations and financial results, presented in the Presentation Information under the heading "Accelerating Business Momentum"; (iii) a breakdown of steps the Company and Revlon are taking to enhance profit margins, presented in the Presentation Information under the heading "Significant Margin Upside"; and (iv) certain financial information, including Adjusted EBITDA of Revlon under the heading "Financial Review."

Revlon is a public holding company with no business operations of its own. Revlon's only material asset is the outstanding capital stock of the Company, through which it conducts its business operations.

The major components are further broken down into sub-components. The component "A Different and Stronger Revlon" is divided into sub-components, including, among others: (1) an overview of sales by category and geography; (2) an overview of the growth of the United States and worldwide cosmetics mass market; (3) 2003 market share; (4) certain information as to certain of the non-cosmetics businesses; (5) an overview of international sales both by category and geography; (6) information as to the growth plan; (7) 2002 and 2003 net sales and Adjusted EBITDA data; (8) an overview of Revlon's recent debt-for-equity transactions; and (9) certain estimates under its Destination Model (i.e., the longer term target for various components of its income statement) with respect to key financial indicators such as gross sales, cost of goods, gross margin, Adjusted EBITDA and operating income.

The component "Accelerating Business Momentum" is divided into sub-components; including, among others: (1) an overview of steps taken to improve sales and margins; (2) a description of certain key characteristics of the Revlon brand; (3) a description of certain key characteristics of the Almay brand; (4) general information as to media spending; (5) a breakdown of the eight products launched in 2003 which placed in the ACNielsen Top 20 New Color Cosmetics Products of 2003; (6) information as to the second half of 2003 and first quarter of 2004 dollar consumption in certain United States accounts in connection with the "Company's Carded Eye Initiative"; (7) certain information regarding improved customer relationships; and (8) a breakdown of projected sales growth drivers for 2004 projected gross sales.

The component "Significant Margin Upside" is divided into sub-components, including, among others: (1) a schedule of margin improvement initiatives and the operating income margin improvements which each is expected to contribute to the "Destination Model"; and (2) details regarding three of the margin improvement initiatives: COGS reduction and sourcing, promotion redesign, and product life cycle management.

Financial information presented includes, among others: (1) 2000 through 2003 selected financial data on gross sales, net sales, gross profit, selling, general and administrative expenses, and Adjusted EBITDA, and projections as to 2004 results for certain of the foregoing; and (2) a breakdown of 2002, 2003 and 2004 projected annual net sales and Adjusted EBITDA, and 2003 and first quarter 2004 quarterly net sales and Adjusted EBITDA.

As certain financial information included within the Presentation Information consisted of non-GAAP amounts, such non-GAAP amounts are reconciled to the most directly comparable

2

GAAP measures in the accompanying financial tables (the "Reconciliation Information"). Such non-GAAP measures include Adjusted EBITDA (See "Basis of Presentation") as well as ongoing operations. As stated in the "Basis of Presentation", Revlon believes that Adjusted EBITDA is useful in understanding the financial operating performance and underlying strength of Revlon's business, excluding the effects of certain factors, including gains/losses on foreign currency transactions, gains/losses on the sale of assets, gains/losses on the extinguishment of debt, miscellaneous expenses and interest, taxes, depreciation, and amortization, and thus Revlon believes that Adjusted EBITDA is a financial metric that can assist Revlon and investors in assessing Revlon's financial operating performance and liquidity. Similarly, Revlon believes that information presented on an "ongoing operations" basis, which excludes the disposition of brands and businesses, restructuring, additional consolidation costs (primarily associated with the closing of Revlon's Phoenix and Canada facilities), executive severance and, where specifically indicated, expenses related to the acceleration of aspects of the implementation of Revlon's stabilization and growth phase of its plan, is useful to Revlon and investors in understanding Revlon's financial operating performance and underlying strength of Revlon's business without the impact of such items.

Statements made in the Presentation Information which are not historical are forward looking statements and are based on estimates, objectives, vision, projections, forecasts, plans, strategies, beliefs, intent, destinations and expectations of the Company's and Revlon's management, and thus are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company's and Revlon's actual results may differ materially from such forward looking statements for a number of reasons, including, without limitation, those set forth in the Company's filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

A copy of the Presentation Information is furnished herewith as Exhibit 99.1.

In accordance with general instruction B.2 of Form 8-K, the information in this report, including the exhibit, is furnished pursuant to Item 9 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section.

3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

REVLON CONSUMER PRODUCTS CORPORATION

By:  /s/ Robert K. Kretzman                

Robert K. Kretzman
Executive Vice President, General Counsel
and Chief Legal Officer

Date: May 3, 2004

4

EXHIBIT INDEX

Exhibit No.				Description
99.1				Presentation Information.

5

EX-99.1

Property of Revlon

May 2004

Property of Revlon

Forward-Looking Statements

This presentation relates to various aspects of Revlon, Inc.’s ("Revlon“) strategic, business and financial plans.  Statements made in this presentation which are not historical are forward-looking and based on management's estimates, objectives, vision, projections, forecasts, plans, strategies, beliefs, intent, destination and expectations, and thus are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The data contained herein are both audited and unaudited and have been prepared from Revlon's internal and external reporting information.  "P" denotes plan or projected; "E" denotes estimated.

Accordingly, Revlon's actual results may differ materially from such forward-looking statements for a number of reasons, including, without limitation, those set forth in the Company's filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  Access to these filings is available on the SEC's website at www.sec.gov.

Revlon does not generally publish or make publicly available its strategic plans or make external projections of its anticipated financial position or results of operations or the type of forward-looking information in this presentation.  Accordingly, Revlon undertakes no commitment to update or otherwise revise this presentation to reflect actual results of operations, changes in financial condition, changes in estimates, changes in expectations, changes in assumptions, changes in external sources of information, or other circumstances arising and/or existing since the preparation of the information contained herein or to reflect the occurrence of any future events.  Further, Revlon undertakes no commitment to update or revise any of this presentation to reflect changes in general economics or industry conditions or changes in specific industry categories in which Revlon operates.

Basis of Presentation

Revlon, Inc.  is a public holding company with no business operations of its own.  Revlon, Inc.'s only material asset is all of the outstanding capital stock of Products Corporation, through which it conducts its business operations.  As such, its net (loss) income has historically consisted predominantly of the net (loss) income of Products Corporation and in 2001, 2002 and 2003 included approximately $1.5 million, $4.7 million and ($0.2) million, respectively, in expenses primarily related to being a public holding company.  Unless otherwise noted, all references to data presented herein relate to Revlon, Inc.

The data contained herein are both audited and unaudited and have been prepared from Revlon's internal and external reporting information.  Certain of the data are presented on an "ongoing" basis, unless otherwise noted, and exclude (i) the disposition of brands or businesses, (ii) restructuring, (iii) additional consolidation costs, primarily associated with the closing of the Phoenix and Canada facilities and (iv) executive severance.  In addition, certain of the data presented, where indicated, also exclude expenses related to the acceleration of aspects of the implementation of the stabilization and growth phase of Revlon's plan.  Ongoing operations is unaudited and a non-GAAP measure that Revlon believes is useful for its management and the potential investors in understanding the financial operating performance and underlying strength of the business without the impact of such items.  Ongoing operations does not purport to represent the results of operations or our financial position that actually would have occurred had the foregoing transactions been consummated at the beginning of the periods presented.  Annexed to this presentation, and reflected in the Company’s Form 8-K filed on May 3, 2004, is a reconciliation of all non-GAAP financial measures contained in this presentation, including Adjusted EBITDA and "ongoing” operations, to their respective, most directly comparable GAAP measures.

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 extinguishment of debt, miscellaneous expenses and the items described above.  Adjusted EBITDA is a non-GAAP financial measure.  Revlon believes that Adjusted EBITDA is a financial metric that can assist Revlon and the potential investors in assessing its financial operating performance and liquidity.  Revlon believes that 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, gains/losses on the extinguishment of debt, miscellaneous expenses and the items described above.  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 currently in effect.  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.

All U.S. market share and market position data in this presentation are based upon retail dollar sales, which are derived from ACNielsen data, which is the aggregate of the drug channel, Target, Kmart, and Food and Combo stores.  ACNielsen measures retail sales volume of products sold in the U.S. mass-market distribution channel.  Such data represent ACNielsen's estimates based upon data gathered by ACNielsen from market samples and are therefore subject to some degree of variance.  Additionally, as of August 4, 2001, ACNielsen data do not reflect sales volume from Wal-Mart Inc.  In some instances, as noted, Revlon has estimated the total U.S. mass market, including Wal-Mart and regional MVRs.  In general, you should read the notes presented in conjunction with the data presented herein.  

Property of Revlon

The Revlon Story

♦ A Different and Stronger Revlon

• Large and attractive color cosmetics category

• Powerful brand equities

• Strong management team

• Strengthened market share position

• Improved customer relationships

• Strong sponsorship

• Dramatically improved capital structure

♦ Accelerating Business Momentum

• Translating to revenue growth

♦ Significant Margin Upside

• Improvements already achieved

• Actions to increase margins

1

A Different and Stronger Revlon
Business Overview

Property of Revlon

Powerful Brand Equities

2

®

®

Revlon’s Global Business

(1)   Includes Australia and South Africa.

*      See reconciliations of non-GAAP financial measures attached to this presentation.

2003 Gross Sales:  $1.6bn*

Sales by Geography

Sales by Category

3

Stable and Growing Category

Highly involved, winnable consumer

Brand matters

Important category to the retail trade

Key Characteristics:

U.S. mass market growing at almost twice the rate of the global market

Source:    Euromonitor and Company estimates; includes all color cosmetics
(mass, prestige, and direct).

Source:    ACNielsen Total U.S. All Outlets (drug channel, Kmart, Target and food
and combo stores) plus Wal-Mart and Regional MVRs based on Company
estimates after 2001.

Worldwide Total Category

U.S. Mass Market Category

4

($bn)

Strong Market Position in
Color Cosmetics

Revlon holds the #2 position in color cosmetics in the U.S.

Source:    Full year 2003 ACNielsen Total U.S. All Outlets (excluding Wal-Mart and Regional MVRs).

2003 U.S. Mass Market $ Share

5

$471mm category in mass; total category
$3.0bn including Prestige¹

Key Brands: Charlie, Ciara, Jean Naté

Jean Naté and Charlie consistently rank in
Top 10 mass brands and outperformed
category

$1.1bn category with Gels showing strong
growth (+14%)

Key Brands: Mitchum, Mitchum for Women,
Almay

Majority of Mitchum business is in gels

$240mm category with few competitors
(4 brands = 70% of category)

#1 Brand with 25% $ share

Highest brand awareness among consumers

#1 SKU across all major categories (e.g., #1
lash curler)

$1.0bn category with largest segment  
(permanents) growing as a portion of total
(77%)

Key Brands: Revlon ColorSilk, High
Dimension, Frost & Glow

Revlon leads $ category growth (+4%)

ColorSilk #1 unit share brand at Wal-Mart

Other North American Businesses

Highly profitable businesses in key related categories

Source:    Full Year 2003 ACNielsen Total U.S. All Outlets (excluding Wal-Mart and Regional MVRs).

(1) Mass includes ACNielsen Perfumes, Colognes, EDT 52 weeks ending 9/03; Total category includes ACNielsen plus NPD Prestige estimate of $2.7bn.

Hair Color

Beauty Tools

Women’s Fragrances

Anti-Perspirants & Deodorants

6

International Overview

(1)  Includes Australia and South Africa.     

*     See reconciliations of non-GAAP financial measures attached to this presentation.

2003 Gross Sales:  $462mm*

Sales by Geography

Sales by Category

7

A Different and Stronger Revlon

Significant Growth and
Profitability Improvements

Improved Customer Relationships

Strengthened Market Share Position

Strong Management Team

Powerful Brand Equities

Large and Attractive Category

Future Growth and
Margin Opportunity

8

What Held Revlon Back?

Inconsistent Execution

Lack of effective communication/execution
inside and outside of Revlon

Missed key dates with customers

Lost Share & Shelf Space

Lost 7.5 share points from 1998 to 2002

New product performance trailed competitors

Little New Product Success

Inconsistent Brand Position

5 tag lines in 6 years for Revlon brand

Inconsistent imagery

Over-Leveraged

Limited operating flexibility

9

Value Creation Continuum

S
u
s
t
a
i
n
a
b
l
e
  
B
u
s
i
n
e
s
s

M
o
d
e
l

Cost
Rationalization

Consolidated
Manufacturing/
Distribution

Reduced Overhead

2000-2001

Stabilize &
Begin To Grow

Restored
Consumer/Customer
Confidence

Reversed Market Share
Declines

Generated Top-Line
Growth

2002-2003

Continue
Growth
Momentum

Balance Top-Line Growth
with Margin Improvement

Develop and Implement
Transformation Initiatives

Significantly Strengthen
Balance Sheet

2004

Accelerated
Growth

2005-2006E

Accelerate Growth:

Accelerate Top-Line
Momentum

Significantly Improve   
Margins

A Different and Stronger Revlon:
The Success Journey

10

A Different and Stronger Revlon:Increased Market Share

Reversed declining trend, with Revlon and Almay growth outpacing
category growth since 2H 2002

Source:  ACNielsen Total U.S. All Outlets (excluding Wal-Mart and Regional MVRs).

-10.7%

-7.7%

-10.5%

0.1%

1.1%

4.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

1998

1999

2000

2001

2002

2003

Improved customer relationships

Increased and enhanced marketing

Leading new product innovation

Enhanced in-store execution

Revlon + Almay $ Consumption Growth vs. Category Growth

11

A Different and Stronger Revlon:
Improved Financial Performance*

(1) Presented on an ongoing basis and adjusted for Growth Plan charges.
*     See reconciliations of non-GAAP financial measures attached to this presentation.

12

2002

(1)

2003

(1)

Change

($ mm)

($ mm)

Net Sales

$1,195

$1,304

+9%

Adjusted EBITDA

$121

$157

+30%

% of Net Sales

10.1%

12.0%

+1.9pts

A Different and Stronger Revlon:
Strong Sponsorship

$155 million tendered in the
debt to equity exchange as
part of support agreements

Two independent directors
appointed to the Board

$188 million tendered in the
debt to equity exchange

Voluntary exchange

Over $1 Billion of Equity Invested and Committed

Through the balance sheet restructuring, the Company has created
significant operating flexibility

(1)

Includes $41 million of notes exchanged by Fidelity funds not part of the support agreements.

3^rd Party Bondholders ⁽¹⁾

Fidelity

MacAndrews & Forbes

13

$41 million purchase of Revlon
shares in rights offering (6/03)

$461 million tendered in the
debt to equity exchange

$55 million preferred shares
tendered in the debt to equity
exchange

$110 million additional equity
offering backstopped

$151 of additional unsecured
committed lines of credit

A Different and Stronger Revlon:
Dramatically Improved Capital Structure

14

(1)  Assumes 69.5 million fully diluted shares as of December 31, 2003 and a stock price of $2.24 (closing price on December 31, 2003).
(2)  Assumes 369.4 million fully diluted shares pro forma for debt for equity tender exchange offer, and a stock price of $3.08 (closing price on April 27, 2004).

*     See reconciliations of non-GAAP financial measures attached to this presentation.

Total Debt*

Equity Value

(1)

(2)

($mm)

A Different and Stronger Revlon:
The Margin Destination*

Significant Revenue

Growth Opportunity

(1)  Presented on an ongoing basis and adjusted for Growth Plan charges.

(2)  Includes Other Revenues.

*     See reconciliations of non-GAAP financial measures attached to this presentation.

Significant Margin Expansion Opportunity

15

Gross Sales

100%

100%

Destination

2003¹

Model (Est.)

Returns/Allowances/Discounts²

18%

17%

Cost of Goods

32%

29%

Gross Margin

50%

54%

SG&A

47%

40%

Adjusted EBITDA

10%

20%

Operating Income

4%

14%

Accelerating Business Momentum

Property of Revlon

Accelerating Business Momentum

Top-Line Growth

Margin Improvement

6% 2002-2004P Gross Sales CAGR*

10 pts. Margin Improvement
Over 3 – 5 Years

16

*  See reconciliations of non-GAAP financial measures attached to this presentation.

Accelerating Business Momentum: Enhanced
and Increased Advertising and Marketing

Extremely strong, powerful and
distinctive brand image

Resilient brand with very high brand
awareness (91%)

Confident and sexy positioning, with
superior color range/color authority
at mass

Viewed as industry innovator by both
retailers and consumers

Premium quality

Celebrities and glamour

Smart, intelligent and sophisticated

Reliable and trustworthy

Leverageable beyond color cosmetics

The Revlon Brand: Unique and valuable position with consumers

Key Characteristics

17

Accelerating Business Momentum: Enhanced
and Increased Advertising and Marketing

Lets you shine through

Enhances, not hides your beauty

Fresh, natural, vital look

High-quality, hypo-allergenic, skin-loving
ingredients

Optimistic, engaging, stylish

Trusted brand

The Almay Brand: Leader in the healthy beauty market segment

18

For Women Who Love Life and Are

Proud of Who They’ve Become

Almay:

Accelerating Business Momentum: Enhanced
and Increased Advertising and Marketing

Media Spending Now in Line with Competition

19

The Revlon “Belissimo” Campaign

U.S. Working Media Spend

Source:  CMR and ACNielsen.
(1)   Company estimate.

($mm)

SOV

SOM

0.7

0.7

0.9

0.9⁽¹⁾

Source:  CMR.

:

8 of the Top 20 New Color Cosmetics Products of 2003

Accelerating Business Momentum:
Leading New Product Innovation

Source:  ACNielsen U.S. All Outlets (excluding Wal-Mart and Regional MVRs).

#1Revlon ColorStay Overtime Lipstick

#6Revlon Moisturous Lipstick

#11Revlon ColorStay Stay Natural Foundation

#12Almay Nearly Naked Foundation

#13Revlon ColorStay Always On Nail Enamel

#14Almay Bright Eyes Mascara

#16Revlon LipGlide Sheer Lipcolor

#20Revlon Lash Fantasy Mascara

Strong 2004-2005 Pipeline

20

# of Products in Top 20

Ranking of Revlon Products

Accelerating Business Momentum:
Improved In-Store Execution

Enhanced in-store Wall presence
and effectiveness

Improved consumer experience

Reduced overall Wall costs

Maximized SKU productivity and
minimize damages / return

21

Strategy

Source:   ACNielsen U.S. and Wal-Mart POS.

Notes:     Excludes Lash Tint and New Products (Lash Fantasy & Eye Glide);

              2H 2003 results based on performance since reset.

Carded Eye Initiative

$ Consumption % vs. Prior Year
(Top 5 Accounts)

+

+

Accelerating Business Momentum:
Improved Customer Relationships

+$28 million in Gross Sales in 2004P

22

Accelerating Business Momentum:
Sales Growth Drivers

2004P Gross Sales*

23

North America

$1,719

$1,580

$44

$36

$23

$8

$28

2003

         Space Gains        

(All Businesses)

            Pricing               

(Color Cosmetics)

Marketing, Advertising,

Promotion

Effectiveness, i.e.,

increased market

share (All

Businesses)

      Category Growth     

(All Businesses)

International

2004P

($mm)

*     See reconciliations of non-GAAP financial measures attached to this presentation.

Significant Margin Upside

Property of Revlon

Significant Margin Upside:
Margin Transformation Initiatives*

*     See reconciliations of non-GAAP financial measures attached to this presentation.

24

$17mm Savings Planned in 2004

Operating Income Margin (% of Gross Sales)

Margin Transformation Initiatives:
COGS Reduction and Indirect Sourcing

Financial Impact:

Annualized Savings: 100 – 200 bps of Gross Sales
Achieved Over 3-5 Years

2004P Savings: $10mm

25

Focus on Reducing Cost of
Existing Products

Value Analysis

Objective:
Reduce Both Direct
and Indirect Costs

Streamline Componentry

Enhance Branding

Package Rationalization

Establish Expertise and Process
to Minimize Cost of Direct and
Indirect Purchasing

Strategic Sourcing

Margin Transformation Initiatives:
Promotion Redesign

Financial Impact:

Annualized Savings: 100 – 150 bps of Gross Sales
Achieved Over 3-5 Years

2004P Savings: $5mm

26

Displays

Assortments

Optimize Costs

Objective:
Deliver Promotions on
Strategy, on Time
and on Budget

Identify Next Generation
Promotional Strategy

Define and Implement
Efficient Promotional
Development Process

Margin Transformation Initiatives:
Product Life Cycle Management

Financial Impact:

Annualized Savings: 200 bps of Gross Sales
Achieved Over 3-5 Years

2004P Savings: $--

27

Birth – Smarter Sell-In of New
Products

Life – Active Retailer Inventory
Monitoring and Management

Retirement – Reduce Discontinuance
Cost

Reduce Returns

Optimize Wall Productivity

Maximize Effectiveness of Spend

Create New Business Model

Objective:
Extend Productive Life
of Products to:

Devise By Segment (Lip, Nail, Face,
Eye)

Determine Optimal Timing and
Sequence of New Products

Create Principles

Accelerating Business Momentum

Enhanced and increased
advertising and marketing

Leading new product innovation

Enhanced in-store execution

Improved customer relationships

Expanded retail footprint

Effected retail price increases

Promotion redesign

Product life cycle management

In-store merchandising

International supply chain

COGS reduction

Indirect sourcing

Top-Line Growth

Margin Improvement

6% 2002-2004P Gross Sales CAGR*

10 pts. Margin Improvement
Over 3 – 5 Years

*      See reconciliations of non-GAAP financial measures attached to this presentation.

28

Financial Review

Property of Revlon

Financial Performance

Note: All financial data presented on an ongoing basis and adjusted for Growth Plan charges.

(1)   Source: Company press release. Subject to minor rounding differences.
*      See reconciliations of non-GAAP financial measures attached to this presentation.

29

($ mm)

2000

2001

2002

2003

2004P

(1)

Gross Sales

$1,597

$1,537

$1,536

$1,583

$1,719

% vs. Prior Year

(4%)

--

3%

9%

Net Sales

1,265

1,261

1,195

1,304

1,407

% vs. Prior Year

--

(5%)

9%

8%

% Gross Sales

79%

82%

78%

82%

82%

Gross Profit

762

765

710

804

% Gross Sales

48%

50%

46%

51%

SG&A

693

665

696

745

% Gross Sales

43%

43%

45%

47%

Adjusted EBITDA

184

200

121

157

200

% Gross Sales

12%

13%

8%

10%

12%

Focus on operating margins and reduction in returns, discounts and
allowances*

Returns Trends

30

Returns Trends in North America

6.0%

16.0%

14.5%

11.5%

7.5%

7.2%

'99-'01 Average

2002

2003

2004P

As-Reported Returns (Including Growth Plan)

Ongoing Returns

Financial Performance*

On-track to meet 2004E EBITDA of $200mm

Quarterly Net Sales

Quarterly Adjusted EBITDA

31

($mm)

Net Sales

Adjusted EBITDA

Note: All financial data presented on an ongoing basis and adjusted for Growth Plan charges.

*     See reconciliations of non-GAAP financial measures attached to this presentation.

A Different and Stronger Revlon

Property of Revlon

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED SALES RECONCILIATION⁽¹⁾
(DOLLARS IN MILLIONS)

REVLON'S GLOBAL BUSINESS

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				GROWTH PLAN				ADJUSTED
Net Sales				$	1,299			$	—				5				1,304
Add: Returns allowances and discounts					281				—				(1	)			280
Gross Sales				$	1,580			$	—			$	4			$	1,584

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED INTERNATIONAL ADJUSTED SALES RECONCILIATION ⁽¹⁾
(DOLLARS IN MILLIONS)

INTERNATIONAL OVERVIEW

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				GROWTH PLAN				ADJUSTED
Net sales				$	409			$	—			$	—			$	409
Add: Returns allowances and discounts					53				—				—				53
Gross Sales				$	462			$	—			$	—			$	462

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL DATA (1)
(DOLLARS IN MILLIONS)

DIFFERENT AND STRONGER REVLON: IMPROVED FINANCIAL PERFORMANCE

				YEAR ENDED DECEMBER 31, 2002
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% NET SALES
Net sales				$	1,119			$	—			$	—			$	76			$	1,195				100.0	%
Gross profit					616				—				2				93				711				59.5	%
Selling, general and administrative expenses					717				—				(9	)			(11	)			697				58.3	%
Restructuring costs and other, net					14				—				(14	)			—				—				0.0	%
Operating income (loss)					(115	)			—				25				104				14				1.2	%
Adjusted EBITDA:
Operating income (loss)				$	(115	)		$	—			$	25			$	104			$	14				1.2	%
Depreciation and amortization					109				—				(1	)			(1	)			107				9.0	%
				$	(6	)		$	—			$	24			$	103			$	121				10.1	%

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% NET SALES
Net sales				$	1,299			$	—			$	—			$	5			$	1,304				100.0	%
Gross profit					798				—				1				5				804				61.7	%
Selling, general and administrative expenses					771				—				—				(26	)			745				57.1	%
Restructuring costs and other, net					6				—				(6	)			—				—				0.0	%
Operating income (loss)					21				—				7				31				59				4.5	%
Adjusted EBITDA:
Operating income (loss)				$	21			$	—			$	7			$	31			$	59				4.5	%
Depreciation and amortization					101								(1	)			(2	)			98				7.5	%
				$	122			$	—			$	6			$	29			$	157				12.0	%

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED TOTAL DEBT RECONCILIATION (1)
(DOLLARS IN MILLIONS)

A DIFFERENT AND STRONGER REVLON: DRAMATICALLY IMPROVED CAPITAL STRUCTURE

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				EXCHANGE OFFER PROFORMA ADJUSTMENTS*				PROFORMA
Short-term borrowings - third parties				$	28.0			$	—			$	28.0
Long term debt:
Credit facilities					217.3				2.1				219.4
12% Senior Secured Notes due 2005					356.3				—				356.3
8 1/8% Senior Notes due 2006					249.8				(133.7	)			116.1
9% Senior Notes due 2006					250.0				(174.5	)			75.5
8 5/8% Senior Subordinated Notes due 2008					649.9				(322.9	)			327.0
12% Senior Unsecured Multiple Draw Term Loan due 2005					106.6				(106.6	)			—
8% MacAndrews & Forbes Line of Credit due 2005					15.5				(15.5	)			—
Advance from affiliates					24.1				(24.1	)			—
Total indebtedness				$	1,897.5			$	(775.2	)		$	1,122.3

* Proforma adjustments to reflect the debt for equity exchange that took place on March 25, 2004 as if such transaction had occurred at December 31, 2003.

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED
FINANCIAL DATA (1)
(DOLLARS IN MILLIONS)

A DIFFERENT AND STRONGER REVLON: THE MARGIN DESTINATION

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% GROSS SALES
Gross sales				$	1,580			$	—			$	—			$	4			$	1,584				100	%
Returns, allowances and discounts					281				—				—				(1	)			280				18	%
Net sales					1,299				—				—				5				1,304				82	%
Cost of goods sold					501				—				(1	)			—				500				32	%
Gross profit					798				—				1				5				804				51	%
Selling, general and administrative expenses					771				—				—				(26	)			745				47	%
Restructuring costs and other, net					6				—				(6	)			—				—				0	%
Operating income					21				—				7				31				59				4	%
Adjusted EBITDA:
Operating income				$	21			$	—			$	7			$	31			$	59				4	%
Depreciation and amortization					101								(1	)			(2	)			98				6	%
				$	122			$	—			$	6			$	29			$	157				10	%

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED 2003 AS REPORTED TO 2004P RECONCILIATION OF SALES GROWTH (1)
(DOLLARS IN MILLIONS)

ACCELERATING BUSINESS MOMENTUM: SALES GROWTH DRIVERS

Full year 2003 net sales as reported				$	1,299
Add: return allowances and discounts					281
Full year 2003 gross sales as reported				$	1,580
Sales growth drivers:
Space gains (all businesses)					28
Pricing (color cosmetics)					8
Marketing, advertising and promotion effectiveness (all businesses)					23
Category growth (all businesses)					36
International growth:
cosmetics (UK, Australia, Europe distributor markets)					15
hair care (primarily Latin America)					18
beauty care					8
other cosmetics					3
Full year 2004P gross sales				$	1,719

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED OPERATING INCOME MARGIN RECONCILIATION (1)
(DOLLARS IN MILLIONS)

SIGNIFICANT MARGIN UPSIDE: MARGIN TRANSFORMATION INITIATIVES

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% GROSS SALES
Gross sales				$	1,580			$	—			$	—			$	4			$	1,584				100	%
Returns, allowances and discounts					281				—				—				(1	)			280				18	%
Net sales					1,299				—				—				5				1,304				82	%
Cost of goods sold					501				—				(1	)			—				500				32	%
Gross profit					798				—				1				5				804				51	%
Selling, general and administrative expenses					771				—				—				(26	)			745				47	%
Restructuring costs and other, net					6				—				(6	)			—				—				0	%
Operating income (loss)				$	21			$	—			$	7			$	31			$	59				4	%

				% GROSS SALES
2003 Operating income margin					4	%
Margin impact of:
Promotion redesign					1	%
Product life cycle management					2	%
In-store merchandising					2	%
International supply chain					1	%
Cost of goods sold reduction					1	%
Indirect sourcing					1	%
Departmental cost control					2	%
Destination plan (3-5 years) margin					14	%

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL DATA (1)
(DOLLARS IN MILLIONS)

FINANCIAL PERFORMANCE

				YEAR ENDED DECEMBER 31, 2000
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% GROSS SALES
Gross sales				$	1,750			$	(153	)		$	—			$	—			$	1,597				100.0	%
Returns, allowances and discounts					341				(9	)			—				—				332				20.8	%
Net sales					1,409				(144	)			—				—				1,265				79.2	%
Gross profit					835				(78	)			5				—				762				47.7	%
Selling, general and administrative expenses					765				(72	)			—				—				693				43.4	%
Restructuring costs and other, net					54				—				(54	)			—				—				0.0	%
Operating income (loss)					16				(6	)			59				—				69				4.3	%
Adjusted EBITDA:
Operating income (loss)				$	16			$	(6	)		$	59			$	—			$	69				4.3	%
Depreciation and amortization					121				(3	)			(3	)			—				115				7.2	%
				$	137			$	(9	)		$	56			$	—			$	184				11.5	%

				YEAR ENDED DECEMBER 31, 2001
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% GROSS SALES
Gross sales				$	1,554			$	(17	)		$	—			$	—			$	1,537				100.0	%
Returns, allowances and discounts					276				—				—				—				276				18.0	%
Net sales					1,278				(17	)			—				—				1,261				82.0	%
Gross profit					733				(7	)			39				—				765				49.8	%
Selling, general and administrative expenses					679				(9	)			(5	)			—				665				43.3	%
Restructuring costs and other, net					38				—				(38	)			—				—				0.0	%
Operating income					16				2				82				—				100				6.5	%
Adjusted EBITDA:
Operating income				$	16			$	2			$	82			$	—			$	100				6.5	%
Depreciation and amortization					109				(1	)			(8	)			—				100				6.5	%
				$	125			$	1			$	74			$	—			$	200				13.0	%

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL DATA (1)
(DOLLARS IN MILLIONS)

FINANCIAL PERFORMANCE

				YEAR ENDED DECEMBER 31, 2002
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% GROSS SALES
Gross sales				$	1,536			$	—			$	—			$	—			$	1,536				100.0	%
Returns, allowances and discounts					417				—				—				(76	)			341				22.2	%
Net sales					1,119				—				—				76				1,195				77.8	%
Gross profit					616				—				2				92				710				46.2	%
Selling, general and administrative expenses					717				—				(10	)			(11	)			696				45.3	%
Restructuring costs and other, net					14				—				(14	)			—				—				0.0	%
Operating (loss) income					(115	)			—				26				103				14				0.9	%
Adjusted EBITDA:
Operating (loss) income				$	(115	)		$	—			$	26			$	103			$	14				0.9	%
Depreciation and amortization					109				—				(1	)			(1	)			107				7.0	%
				$	(6	)		$	—			$	25			$	102			$	121				7.9	%

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCT- URING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% GROSS SALES				GROSS SALES GROWTH VS 2002				COMPOUNDED GROSS SALES GROWTH VS 2002
Gross sales				$	1,580			$	—			$	—			$	4			$	1,584				100.0	%			3	%			3	%
Returns, allowances and discounts					281				—				—				(1	)			280				17.7	%
Net sales					1,299				—				—				5				1,304				82.3	%
Gross profit					798				—				1				5				804				50.8	%
Selling, general and administrative expenses					771				—				—				(26	)			745				47.0	%
Restructuring costs and other, net					6				—				(6	)			—				—				0.0	%
Operating income					21				—				7				31				59				3.7	%
Adjusted EBITDA:
Operating income				$	21			$	—			$	7			$	31			$	59				3.7	%
Depreciation and amortization					101				—				(1	)			(2	)			98				6.2	%
				$	122			$	—			$	6			$	29			$	157				9.9	%

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL DATA (1)
(DOLLARS IN MILLIONS)

FINANCIAL PERFORMANCE

				YEAR ENDED DECEMBER 31, 2004P
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCT- URING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED				% GROSS SALES				GROSS SALES GROWTH VS 2003				COMPOUNDED GROSS SALES GROWTH VS 2002
Gross sales				$	1,719			$	—			$	—			$	—			$	1,719				100.0	%			9	%			6	%
Returns, allowances and discounts					312				—				—				—				312				18.2	%
Net sales					1,407				—				—				—				1,407				81.8	%
Gross profit					858				—				—				—				858				49.9	%
Selling, general and administrative expenses					759				—				—				—				759				44.2	%
Restructuring costs and other, net					—				—				—				—				—				0.0	%
Operating income					99				—				—				—				99				5.8	%
Adjusted EBITDA:
Operating income				$	99			$	—			$	—			$	—			$	99				5.8	%
Depreciation and amortization					102				—				—				—				102				5.9	%
				$	201			$	—			$	—			$	—			$	201				11.7	%

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL DATA (1)
(DOLLARS IN MILLIONS)

				YEAR ENDED DECEMBER 31, 2002
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED
Net sales				$	1,119			$	—			$	—			$	76			$	1,195
Gross profit					616				—				2				92				710
Selling, general and administrative expenses					717				—				(10	)			(11	)			696
Restructuring costs and other, net					14				—				(14	)			—				—
Operating (loss) income					(115	)			—				26				103				14
Adjusted EBITDA:
Operating (loss) income				$	(115	)		$	—			$	26			$	103			$	14
Depreciation and amortization					109				—				(1	)			(1	)			107
				$	(6	)		$	—			$	25			$	102			$	121

				YEAR ENDED DECEMBER 31, 2003
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED
Net sales				$	1,299			$	—			$	—			$	5			$	1,304
Gross profit					798				—				1				5				804
Selling, general and administrative expenses					771				—				—				(26	)			745
Restructuring costs and other, net					6				—				(6	)			—				—
Operating income					21				—				7				31				59
Adjusted EBITDA:
Operating income				$	21			$	—			$	7			$	31			$	59
Depreciation and amortization					101				—				(1	)			(2	)			98
				$	122			$	—			$	6			$	29			$	157

(1) Subject to minor rounding differences

RECONCILIATION OF CERTAIN NON-GAAP MEASURES TO GAAP

REVLON, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL DATA (1)
(DOLLARS IN MILLIONS)

				YEAR ENDED DECEMBER 31, 2004P
				AS REPORTED				BRAND AND FACILITIES SOLD				RESTRUCTURING COSTS AND OTHER, NET				GROWTH PLAN				ADJUSTED
Net sales				$	1,407			$	—			$	—			$	—			$	1,407
Gross profit					858				—				—				—				858
Selling, general and administrative expenses					759				—				—				—				759
Restructuring costs and other, net					—				—				—				—				—
Operating income					99				—				—				—				99
Adjusted EBITDA:
Operating income				$	99			$	—			$	—			$	—			$	99
Depreciation and amortization					102				—				—				—				102
				$	201			$	—			$	—			$	—			$	201

QUARTERLY FINANCIAL PERFORMANCE

				THREE MONTHS ENDED 2003																YEAR ENDED 2003				THREE MONTHS ENDED MARCH 31, 2004
NET SALES				MARCH 31,				JUNE 30,				SEPT 30,				DEC 31,
Net sales - as reported				$	292			$	322			$	317			$	369			$	1,300			$	308
Growth plan					6				10				(4	)			(7	)			5				—
Net sales				$	298			$	332			$	313			$	362			$	1,305			$	308
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA:
As reported net loss				$	(49	)		$	(38	)		$	(54	)		$	(13	)		$	(154	)		$	(58	)
Interest expense, net					41				41				43				45				170				44
Amortization of debt issuance costs					2				3				2				2				9				3
Foreign currency loss (gains), net					1				(3	)			(1	)			(2	)			(5	)			(1	)
Loss on early extinguishment of debt					—				—				—				—				—				32
Miscellaneous, net					—				—				—				—				—				—
Provision (benefit) for income taxes					1				(6	)			2				4				1				1
Depreciation and amortization					28				24				22				27				101				24
As reported adjusted EBITDA					24				21				14				63				122				45
Restructuring					—				—				1				5				6				(1	)
Growth plan					11				13				5				—				29				—
Adjusted EBITDA				$	35			$	34			$	20			$	68			$	157			$	44

(1) Subject to minor rounding differences