The Executive Board of Beiersdorf AG

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					                                  The Executive Board
                                  of Beiersdorf AG

                                  Letter from the Chairman
                                  Ladies and Gentlemen,

                                  2004 was a difficult year, but Beiersdorf again generated record sales and earnings.
                                  The Executive Board and Supervisory Board will be proposing a dividend of €1.60 for
                                  each share entitled to dividend to the Annual General Meeting, the same as last year.

                                  Our worldwide sales rose by 2.5 %. On a comparable basis, the increase was 4.5 %.
                                  A number of European markets were weak, but we exceeded our long-term target
Dr. Rolf Kunisch                  of 8 % growth in all other regions. With a profit after tax of €302 million we also
Born in 1941 in Arolsen           achieved a new record level despite the financing cost for the share buyback.
Member of the Executive Board     The power of our innovations, the strength of our brands, and the expertise of our
since 1991                        employees make me confident that we will meet our further sales targets while
Chairman of the Executive Board   further improving our earnings margins. Not only do we pursue a clear strategy,
since 1994                        but we also work hard on executing it well in all countries worldwide.

Corporate Development/            This successful execution is largely due to the commitment and expertise of our
Corporate Communication           employees. They use our global strategy as a basis for their work in all parts of the
                                  world, implement it by using their local knowledge, and are proud of the success
                                  in their countries.

                                  Pride in our local success, the quality of our strategic brand management, and the
                                  expertise and desire for innovation of our research and development people
                                  guarantee the long-term success of our brands. If the secret to “eternal youth”
                                  were ever found, then it would be by us ...

                                  On a personal note: after eleven years as Chairman of the Executive Board of
                                  Beiersdorf AG, I will be retiring at the end of the 2005 Annual General Meeting.
                                  My successor, Thomas-Bernd Quaas, has been an Executive Board member since
                                  1999 and will bring new ideas and fresh energy for the future while preserving the
                                  continuity that distinguishes our Company. This will generate Beiersdorf’s further
                                  continuous growth.

                                  The Executive Board wants to extend its thanks to all employees and their represen-
                                  tatives around the world for their constructive cooperation. We thank our customers
                                  and our shareholders for their loyalty, and our business partners for their support.

                                  Sincerely,




                                  Rolf Kunisch
                                  Chairman of the Executive Board




6                                                                                                 Beiersdorf Annual Report 2004
                                                                                   Overview
                                                                                   Executive Board
                                                                                   Execution Counts
                                                                                   Investor Relations
                                                                                   Corporate Governance
                                                                                   Management Report
                                                                                   Group Financial Statements
                                                                                   Additional Information




                                Peter Kleinschmidt

                                Born in 1950 in Rostock
                                Member of the Executive Board since 2003

                                Human Resources: HR/Administration/Environmental
                                Protection




                                Thomas-Bernd Quaas

                                Born in 1952 in Glauchau
                                Member of the Executive Board since 1999

                                Supply Chain: Procurement/Production/Logistics




                                Rolf-Dieter Schwalb

                                Born in 1952 in Giessen
                                Member of the Executive Board since 2000

                                Finance: Finance/Controlling/IT




                                Uwe Wölfer

                                Born in 1943 in Berlin
                                Member of the Executive Board since 1994

                                Brands: Marketing/Research & Development/Sales




Beiersdorf Annual Report 2004                                                                        7