SECURITIES AND EXCHANGE COMMISSION,

WASHINGTON, D.C. 20549

SCHEDULE 13E-3

(RULE 13e-100)

TRANSACTION STATEMENT UNDER SECTION 13(e) OF THE SECURITIES EXCHANGE ACT

OF 1934 AND RULE 13e-3 THEREUNDER

The Stephan Co.

(Name of the Issuer)

Eastchester Enterprises, Inc., Gunhill Enterprises, Inc., Frank F. Ferola, Shouky A. Shaheen,

Thomas M. D’Ambrosio and John DePinto

(Name of Person(s) Filing Statement)

Common Stock

(Title of Class of Securities)

858603103

(CUSIP Number of Class of Securities)

Eastchester Enterprises, Inc.

Frank F. Ferola, Chief Executive Officer

1850 West McNab Road

Fort Lauderdale, Florida 33309

Telephone: (954) 971-0600

(Name, Address and Telephone Numbers of Persons Authorized to Receive Notices and Communications on Behalf

of Person(s) Filing Statement)

Copies to:

Lex A. Watson

Merritt & Tenney, LLP

200 Galleria Parkway, N.W., Suite 500

Atlanta, Georgia 30339

Telephone: (770) 952-6550

This statement is filed in connection with (check the appropriate box):

a.	x	The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.
b.	¨	The filing of a registration statement under the Securities Act of 1933.
c.	¨	A tender offer.
d.	¨	None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: x

Check the following box if the filing is a final amendment reporting the results of the transaction: ¨

CALCULATION OF FILING FEE

Transaction Valuation*	Amount of Filing Fee**
$14,669,870	$2,933.97

* The transaction valuation was determined based upon the product of 3,259,971 shares of common stock and the merger consideration of $4.50 per share.

** The amount of the filing fee, calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, was determined by multiplying the Transaction Valuation (calculated pursuant to the preceding sentence) by 1/50 of one percent.

x Check the box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a) (2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid: $2,933.97	Filing Party:	The Stephan Co.
Form or Registration No.: Preliminary Proxy Statement	Date Filed:	November 24, 2003

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SECTION 13E-3 TRANSACTION STATEMENT

INTRODUCTION

This Rule 13e-3 Transaction Statement on Schedule 13E-3 (this “Schedule 13E-3”) is being filed by: (1) Eastchester Enterprises, Inc. (“Eastchester”); (2) Gunhill Enterprises, Inc. (“Gunhill”) (3) Frank F. Ferola (“Ferola”), (4) Shouky A. Shaheen (“Shaheen”), (5) Thomas M. D’Ambrosio (“D’Ambrosio”), and (6) John DePinto (“DePinto”). Eastchester, Gunhill and Messrs. Ferola, Shaheen, D’Ambrosio and DePinto are referred to individually as a “Filing Person” and collectively as the “Filing Persons.” Messrs. Ferola, Shaheen, D’Ambrosio and DePinto are referred to as the “Acquisition Group.”

Pursuant to an Amended and Restated Agreement and Plan of Merger dated as of October 24, 2003 (the “Merger Agreement”) by and among Eastchester, a Florida corporation, Gunhill, a Florida corporation and a wholly-owned subsidiary of Eastchester, and The Stephan Company (“Stephan”), Gunhill will merge with and into Stephan. Under the terms of the Merger Agreement, upon the adoption and approval of the Merger Agreement by holders of Stephan common stock and the completion of the merger: (i) Gunhill Enterprises, Inc. will merge into Stephan, with Stephan continuing as the surviving corporation and (ii) each outstanding share of Stephan common stock will be canceled and converted into the right to receive $3.25 in cash and a promissory note in the principal amount of $1.25, except for shares of Stephan common stock held by Eastchester and the Acquisition Group. After the Merger, Stephan will be a privately held corporation, 100% of which will be beneficially owned by the Acquisition Group.

Concurrently with the filing of this Schedule 13E-3, Stephan is filing a preliminary proxy statement (the “Proxy Statement”) pursuant to Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which Stephan’s board of directors is soliciting proxies from holders of outstanding shares of Common Stock in connection with the Merger. The cross-reference sheet below is being supplied pursuant to General Instructions F and G to Schedule 13E-3 and shows the location in the Proxy Statement of the information required to be included in response to the Items of this Schedule 13E-3. The information set forth in the Proxy Statement, including all appendices thereto, is hereby incorporated herein by reference, and the responses to each Item in this Schedule 13E-3 are qualified in their entirety by the information contained in the Proxy Statement and the annexes thereto.

ITEM 1. SUMMARY TERM SHEET.

REGULATION M-A ITEM 1001

The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Summary Term Sheet” is incorporated herein by reference.

ITEM 2. SUBJECT COMPANY INFORMATION.

REGULATION M-A ITEM 1002

(a) The information set forth in the Proxy Statement under the caption “The Parties to the Merger – Stephan” is incorporated herein by reference.

(b) The information set forth in the Proxy Statement under the caption “Summary Term Sheet – The Special Meeting Date, Time and Place” and “Special Meeting – Voting Rights; Vote Required for Adoption and Approval” is incorporated herein by reference.

(c) The information set forth in the Proxy Statement under the caption “Comparative Market Price Data” is incorporated herein by reference.

(d) The information set forth in the Proxy Statement under the caption “Dividend Policy” is incorporated herein by reference.

(e) Not applicable.

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(f) Not applicable.

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON.

REGULATION M-A ITEM 1003

(a) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – The Special Meeting Date, Time and Place,” and “Summary Term Sheet – The Parties to the Merger” is incorporated herein by reference.

(b) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Summary Term Sheet – The Parties to the Merger” is incorporated herein by reference. During the past five years, neither Eastchester nor Gunhill have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) nor have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding violations with respect to such laws.

(c) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – The Parties to the Merger,” “Conflicts of Interest – Directors, Officers and Controlling Persons” is incorporated herein by reference. During the past five years, none of Messrs. Ferola, Shaheen, D’Ambrosio or DePinto have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding violations with respect to such laws.

Set forth below are the name, address and the present principal occupation or employment of any corporation or other organization in which such occupation or employment of each of the Filing Persons that are natural persons. Each person identified below is a United States citizen. Unless indicated otherwise, each person’s principal address and telephone number are 1850 West McNab Road, Fifth Floor, Fort Lauderdale, Florida 33309; Telephone: 954-971-0600.

Frank F. Ferola – The principal occupation of Mr. Ferola is (i) to serve as the Chairman of the Board of Directors and Chief Executive Officer of Stephan and (ii) to serve as the Chairman of the Board of Directors and the Chief Executive Officer of Eastchester, with which he has been associated since its inception in 2002.

Thomas M. D’Ambrosio – The principal occupation of Mr. D’Ambrosio is (i) to serve as a director of Stephan (since 1981), (ii) to serve as Vice President and Treasurer of Stephan and (iii) to serve as a director of Eastchester, with which he has been associated since its inception in 2002.

Shouky A. Shaheen – The principal occupation of Mr. Shaheen is (i) to serve as a director of Stephan (since 1998), (ii) to serve as president of Shaheen and Co. and (ii) to serve as a director of Eastchester, with which he has been associated since its inception in 2002.

John DePinto – The principal occupation of Mr. DePinto is (i) to serve as a director of Stephan (since 1981) and (ii) to serve as a director of Eastchester, with which he has been associated since its inception in 2002.

ITEM 4. TERMS OF THE TRANSACTION.

REGULATION M-A ITEM 1004

(a)(1) Not applicable.

(a)(2)(i) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Summary Term Sheet” is incorporated herein by reference.

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(a)(2)(ii) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Summary Term Sheet – Consideration to be Offered to Our Shareholders” is incorporated herein by reference.

(a)(2)(iii) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Special Factors – Background of the Merger,” “Special Factors – Opinion of SunTrust Robinson Humphrey,” “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors,” “Special Factors – Stephan’s Position as to the Fairness of the Merger” and “Special Factors – Purposes and Structure of the Merger” is incorporated herein by reference.

(a)(2)(iv) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Summary Term Sheet – The Special Meeting Date, Time and Place,” and “Special Meeting – Voting Rights, Vote Required for Adoption and Approval” is incorporated herein by reference.

(a)(2)(v) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Purposes and Structure of the Merger” “Special Factors – Purposes and Structure of the Merger”, “Payment of Merger Consideration and Surrender of Stock Certificates,” “The Notes” and “Comparison of Rights of Common Stock and the Notes” is incorporated herein by reference.

(a)(2)(vi) The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Accounting Treatment” and “Special Factors – Accounting Treatment” is incorporated herein by reference.

(a)(2)(vii) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Material Federal Income Tax Consequences to Our Stockholders,” and “Special Factors – Material Federal Income Tax Consequences to Our Stockholders” is incorporated herein by reference.

(c) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Purposes and Structure of the Merger,” “Summary Term Sheet – Consideration to be Offered to Our Stockholders,” “Special Factors – Purposes of and Structure of the Merger,” “Special Factors – Certain Effects of the Merger on the Acquisition Group” and “Payment of Merger Consideration and Surrender of Stock Certificates” is incorporated herein by reference.

(d) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Summary Term Sheet – Appraisal Rights,” and “Special Factors – Appraisal Rights” is incorporated herein by reference.

(e) None.

(f) Not applicable.

ITEM 5. PAST CONTRACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS

REGULATION M-A

ITEM 1005

(a)(1) None.

(a)(2) Not applicable.

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(b) and (c) The information set forth in the Proxy Statement under the caption “Special Factors – Background of the Merger” is incorporated herein by reference.

(e) Eastchester and Frank F. Ferola, Sr., Shouky A. Shaheen, individually and as trustee, Thomas M. D’Ambrosio, and John DePinto (collectively, the “Shareholders”) entered into a Shareholders’ Agreement (the “Agreement”) with respect to the securities of Stephan whereby each of the Shareholders is obligated to contribute his Common Stock to Eastchester for the purpose of effecting the Merger. After the Merger, Stephan will become a wholly-owned subsidiary of Eastchester. The Agreement prohibits the Shareholders from voluntarily or involuntarily transferring, assigning, selling or conveying any interest in his shares of Eastchester, whether now owned or hereafter acquired, except in accordance with the Agreement.

If any Shareholder desires to sell his shares during his lifetime, he must first submit a written request for approval from Eastchester. Eastchester has the first option to purchase all, but not less than all, of the shares of the transferor Shareholder for a price (the “Option Price”) equal to the lesser of (1) the price disclosed in the written notice to Eastchester or (2) a pre-determined price set forth in the Agreement. If Eastchester fails to exercise its first option to purchase the transferor Shareholder’s shares, then the other Shareholders have a second option to purchase pro rata all, but not less than all, of the shares of the transferor Shareholder for the Option Price. If neither Eastchester nor the Shareholders exercise their options, then the transferor Shareholder is free for a period of ninety (90) days to transfer his shares in accordance with the terms of the Agreement.

In addition, notwithstanding anything to the contrary contained in the Agreement, in the event that (i) a vote is taken with respect to certain items described in the Agreement for which the affirmative vote of 78% of the outstanding shares are needed for approval; (ii) such action is approved by at least 78% of the outstanding shares; and (iii) Thomas M. D’Ambrosio voted all of his shares against taking such action, then Mr. D’Ambrosio shall have the right and option during the ninety (90) day period following such vote, to require Eastchester to purchase all, but not less than all, of his stock in Eastchester for a pre-determined price set forth in the Agreement.

The Agreement also contains, among other things, provisions regarding the disposition of shares upon the death of a Shareholder, actions that may not be taken by or on behalf of Eastchester without the unanimous vote of the outstanding shares of Eastchester, the election of directors and the election of officers.

ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS

REGULATION M-A ITEM 1006

(b) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Purposes and Effects of the Merger,” “Summary Term Sheet – Consideration to be Offered to Our Stockholders,” “Special Factors – Purposes and Structure of the Merger,” “Special Factors – Certain Effects of the Merger” and “The Merger Agreement – Consideration to be Offered to Our Stockholders” is incorporated herein by reference.

(c)(1)-(8) The information set forth in the Proxy Statement under the “Summary Term Sheet – Purposes and Effects of the Merger,” “Special Factors – Purposes and Structure of the Merger,” “Special Factors – Certain Effects of the Merger,” and “The Merger Agreement – Generally” is incorporated herein by reference.

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ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS.

REGULATION M-A ITEM 1013

(a) and (b) The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Purposes and Structure of the Merger,” Special Factors – Background of the Merger,” “Special Factors – Reasons for the Recommendations of the Special Committees and Our Board of Directors,” “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger,” and “Special Factors – Purposes and Structure of the Merger” is incorporated herein by reference.

(c) The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Purposes and Structure of the Merger,” Special Factors – Background of the Merger,” “Special Factors – Reasons for the Recommendations of the Special Committees and Our Board of Directors,” “Special Factors – Recommendation of the Special Committee” and “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” is incorporated herein by reference.

(d) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Purposes and Structure of the Merger,” “Special Factors – Background of the Merger,” “Special Factors – Reasons for the Recommendations of the Special Committees and Our Board of Directors,” “Special Factors – Material U.S. Federal Income Tax Consequences of the Merger to Our Stockholders,” “Special Factors – Opinion of SunTrust Robinson Humphrey” and “Special Factors – Purposes and Structure of the Merger” is incorporated herein by reference.

ITEM 8. FAIRNESS OF THE TRANSACTION.

REGULATION M-A ITEM 1014

(a) and (b) Each of the Filing Persons believes that the Merger and its terms, as proposed, are fair to the shareholders of Stephan (other than the Acquisition Group). For a discussion of the factors considered by the Filing Persons in determining the fairness of the Merger, see the information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Special Factors – Background of the Merger,” “Special Factors – Opinion of SunTrust Robinson Humphrey,” “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors,” “Special Factors – Recommendation of the Special Committee,” “Special Factors – Stephan’s Position as to the Fairness of the Merger” and “Special Factors – The Acquisition Group’s Position as to Fairness of the Merger” that is incorporated herein by reference.

(c) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – The Special Meeting Date, Time and Place,” “Special Meeting – Voting Rights; Vote Required for Adoption and Approval,” “The Merger Agreement” and “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors” is incorporated herein by reference.

(d) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Opinion of SunTrust Robinson Humphrey,” “Special Factors – Background of the Merger,” “Special Factors – Opinion of SunTrust Robinson Humphrey,” “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors,” Special Factors – Recommendation of the Special Committee,” “Special Factors – Stephan’s Position as to Fairness of the Merger” and “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” is incorporated herein by reference.

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(e) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Special Factors – Background of the Merger,” “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors,” “Special Factors – Recommendation of the Special Committee,” “Special Factors – Stephan’s Position as to the Fairness of the Merger” and “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” is incorporated herein by reference.

(f) Not applicable.

ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS.

REGULATION M-A ITEM 1015

(a)-(c) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Special Factors – Background of the Merger,” “Special Factors – Opinion of SunTrust Robinson Humphrey,” “Special Factors – Reasons for Recommendations of the Special Committee and Our Board of Directors,” “Special Factors – Recommendation of the Special Committee,” “Special Factors – Stephan’s Position as to the Fairness of the Merger” and “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” is incorporated herein by reference. The written Opinion of SunTrust Robinson Humphrey, dated as of April 30, 2003, is attached to the Proxy Statement as Appendix B.

ITEM 10. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

REGULATION M-A ITEM 1007

(a)-(d) The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Financing the Merger” and “The Merger – Financing of the Merger; Fees and Expenses of the Merger” is incorporated herein by reference.

ITEM 11. INTEREST IN THE SUBJECT COMPANY SECURITIES.

REGULATION M-A ITEM 1008

(a) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – The Parties to the Merger,” “Summary Term Sheet – Conflicts of Interest – The Acquisition Group,” “Special Meeting – Voting Rights; Vote Required for Adoption and Approval,” “Special Factors – Background of the Merger,” “Conflicts of Interest – Directors, Officers and Controlling Persons” and “Security Ownership of Certain Beneficial Owners and Management” is incorporated herein by reference.

(b) Not applicable.

ITEM 12. THE SOLICITATION OR RECOMMENDATION.

REGULATION M-A ITEM 1012

(d) and (e) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Special Meeting – Voting Rights; Vote Required for Adoption and Approval,” “Special Factors – Background to the Merger,” “Special Factors – Reasons for Recommendation of the Special Committee and Our Board of Directors,” “Special Factors – Recommendation of the Special Committee,” “Special Factors – Stephan’s Position as to the Fairness of the Merger” and “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” is incorporated herein by reference.

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ITEM 13. FINANCIAL STATEMENTS.

REGULATION M-A ITEM 1010

(a) The information set forth in the Proxy Statement under the caption “Selected Financial Information” is incorporated herein by reference.

(b) Not applicable.

ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.

REGULATION M-A ITEM 1009

(a) and (b) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Special Meeting – Solicitation of Proxies,” “Special Factors – Background of the Merger,” “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” and “Opinion of SunTrust Robinson Humphrey” is incorporated herein by reference.

ITEM 15. ADDITIONAL INFORMATION.

REGULATION M-A ITEM 1011

(b) The information set forth in the Proxy Statement and appendices thereto is incorporated herein by reference.

ITEM 16. EXHIBITS.

REGULATION M-A ITEM 1016

(a) Preliminary Proxy Statement of The Stephan Company, filed on November 24, 2003, is incorporated herein by reference.

(b) Loan proposals regarding loans from General Electric Capital Business Asset Funding and Merrill Lynch Business Financial Services, Inc. referenced in Item 10 (incorporated by reference from Exhibit 2.1 of the Current Report on Form 8-K filed by Stephan on May 8, 2003).

Commitment letters regarding loans from General Electric Capital Business Asset Funding and Merrill Lynch Business Financial Services, Inc. referenced in Item 10, included as Exhibit B to the Amended and Restated Agreement and Plan of Merger which is included as Appendix A to the Proxy Statement and incorporated herein by reference.

WCMA Loan and Security Agreement, dated September 15, 2003, between The Stephan Co. and Merrill Lynch Business Financial Services, Inc. referenced in Item 10, included as Exhibit 10.1 of the Current Report on Form 8-K/A filed by The Stephan Co. on October 9, 2003 is incorporated herein by reference.

(c) Opinion of SunTrust Robinson Humphrey, dated April 30, 2003, included as Appendix B to the Proxy Statement and incorporated herein by reference.

Report of SunTrust Robinson Humphrey, dated April 30, 2003, is included as Exhibit A attached hereto.

(d) Amended and Restated Agreement and Plan of Merger, dated as of October 24, 2003, by and between The Stephan Co., Eastchester Enterprises, Inc. and Gunhill Enterprises, Inc., included as Appendix A to the Proxy Statement and incorporated herein by reference.

Shareholders’ Agreement by and among Eastchester Enterprises, Inc. and Frank F. Ferola, Sr., Shouky A. Shaheen, individually and as trustee, Thomas M. D’Ambrosio, and John DePinto referenced in Item 5(e) (incorporated by reference from Exhibit 3 to Schedule 13D filed by the Filing Persons on May 8, 2003).

(f) Not applicable.

(g) Not applicable.

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SIGNATURE

After due inquiry and to the best of their knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

/s/ Frank F. Ferola

Frank F. Ferola, President, Eastchester Enterprises, Inc.

/s/ Frank F. Ferola

Frank F. Ferola, President, Gunhill Enterprises, Inc.

/s/ Frank F. Ferola

Frank F. Ferola

/s/ Shouky A. Shaheen

Shouky A. Shaheen

/s/ Thomas M. D’Ambrosio

Thomas M. D’Ambrosio

/s/ John DePinto

John DePinto

Dated: November 24, 2003

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Investment Banking Presentation to the Board of Directors of THE STEPHAN CO. April 2003

SUMMARY OF PROPOSED TRANSACTION ANALYSIS OF PROPOSED TRANSACTION HISTORICAL AND PROJECTED FINANCIALS VALUATION SUMMARY STOCK PERFORMANCE AND OWNERSHIP ANALYSIS IMPLIED VALUATION BASED ON SELECTED PUBLIC REFERENCE COMPANIES IMPLIED VALUATION BASED ON SELECTED MERGERS AND ACQUISITIONS ACQUISITION PREMIUMS ANALYSIS AND IMPLIED VALUATION MERGERSTAT REVIEW PREMIUMS AND P/E MULTIPLES IMPLIED VALUATION DISCOUNTED CASH FLOW ANALYSIS Table of Contents I. II. III. IV. V. VI. VII. VIII. IX. X.

Section I

Each issued and outstanding share of Rinse (the “Company”) common stock shall be converted The promissory note will be an unsecured, non-transferable obligation of Gunhill The note will bear accrued interest payable semi- The equity value of this transaction totals approximately $20.2 and Directors consisting of will contribute a total of At $4.50 per share These four Officers and Summary of Proposed Transaction Transaction Summary into the right to receive $3.25 in cash and $1.25 in a promissory note for a total consideration per share of $4.50. Enterprises (the “Buyer”) or its parent company Eastchester Enterprises. interest at 4.50% per annum with equal payments of principal and annually over a 42-month period. million. Under the proposed transaction, four of the Company’s Officers Frank Ferola, Shouky Shaheen, Thomas D’Ambrosia and John DePinto 1,150,606 shares of common stock of the Company to Eastchester Enterprises. these shares have a combined value of approximately $5.2 million. Directors also own a total of 311,746 options exercisable at various prices ranging from $3.00 to $4.50 per share. Page 1

Section II

x x x 2004 P [3] 0.38 5.53 6.89 x x x 0.39 5.42 6.86 2003 P [3] LTM Low Price (8/14/02) $2.99 50.5% Fiscal x x x 0.40 5.06 6.44 2002 LTM High Price (8/16/02) $4.00 12.5% x x x Total Transaction Value as a Multiple of: 0.36 3.52 10.24 2001 90 Days $3.34 34.8% Total Transaction Value 10,139 Net Sales EBITDA [4] EBIT [4] 60 Days $3.27 37.6% 4 Weeks Prior $2.77 62.5% = x [2] Project Rinse ($            in Thousands) 19.87 3/31/03 Company Net Debt (10,125) Average Stock Price for Last 30 Days $3.14 43.1% $3.15 42.9% of 2004 P [3] 1 Week Prior Analysis of Proposed Transaction As + x Stock Price Before Announcement [5] Value 20.77 Transaction Equity $20,264 2003 P [3] 5 Days $3.03 48.6% 1 Day Prior $3.00 50.0% = Fiscal x x 36.82 0.55 4/25/03 $416 2002 $3.00 50.0% Options of Stock Price Net Value of In-the-Money as + x x 29.57 0.46 Equity Value $19,848 2001 = Transaction Equity Value as a Multiple of: [1] Current Shares Outstanding 4,411 x Assumes 4,410,577 shares outstanding as of March 14, 2003. Net debt equals short term and long term debt less cash and CD balances estimated by management as of 3/31/03. Projections provided by Rinse management. Includes $0.2 million, $0.1 million and $0.1 million in royalty income for FY ‘01, FY ‘02 and FY ‘03, respectively. Excludes $0.1 million and $0.1 million of extraordinary expense for FY ‘01 and FY ‘02, respectively. Based on announcement of management’s bid for the Company on April 16, 2002. Purchase Price Per Share $4.50 Analysis of Proposed Transaction at $4.50 Per Share Net Income [4] Book Value Actual Value Premium at $4.50 per Share Actual Value Premium at $4.50 per Share [1] [2] [3] [4] [5] Page 2

x x x 2004 P [4] 0.35 5.13 6.40 x x x 0.36 5.03 6.37 2003 P [4] LTM Low Price (8/14/02) $2.99 45.5% Fiscal x x x 0.38 4.70 5.97 2002 LTM High Price (8/16/02) $4.00 8.7% x x x Total Transaction Value [3] as a Multiple of: 0.33 3.26 9.51 2001 90 Days $3.34 30.3% Total Transaction Value 9,412 Net Sales EBITDA [5] EBIT [5] 60 Days $3.27 33.0% 4 Weeks Prior $2.77 57.0% = x Project Rinse ($            in Thousands) 19.15 Analysis of Proposed Transaction Company Net Debt As of 3/31/03 [2] (10,125) 2004 P [4] Average Stock Price for Last 30 Days $3.14 38.4% 1 Week Prior $3.15 38.1% + x Stock Price Before Announcement [6] Value 20.03 43.7% 45.0% Transaction Equity $19,537 2003 P [4] 5 Days $3.03 1 Day Prior $3.00 = Fiscal x x 35.50 0.53 4/25/03 $351 2002 $3.00 45.0% Options of Stock Price Net Value of In-the-Money as + x x 28.51 0.45 Equity Value $19,186 2001 = Transaction Equity Value [3] as a Multiple of: [1] Current Shares Outstanding 4,411 Analysis of Proposed Transaction at $4.35 Per Share [3] x Assumes 4,410,577 shares outstanding as of March 14, 2003. Net debt equals short term and long term debt less cash and CD balances estimated by management as of 3/31/03. Values the promissory note at 88% of its face value, or $1.10 per share; total transaction consideration amounts to $4.35 per share. Projections provided by Rinse management. Includes $0.2 million, $0.1 million and $0.1 million in royalty income for FY ‘01, FY ‘02 and FY ‘03, respectively. Excludes $0.1 million and $0.1 million of extraordinary expense for FY ‘01 and FY ‘02, respectively. Based on announcement of management’s bid for the Company on April 16, 2002. Purchase Price Per Share $4.35 Actual Value Premium at $4.35 per Share Net Income [5] Book Value Actual Value Premium at $4.35 per Share [1] [2] [3] [4] [5] [6] Page 3

Cumulative Exercise Price $360,000 $421,756 $628,156 $702,467 $927,467 $1,452,984 $1,537,620 $1,628,736 $5,171,586 Fully Diluted Shares Out.(1) 4,491,225 Net Value Of In-The-Money Options $350,819 Cumulative Options Outstanding 120,000 140,248 200,248 220,496 280,496 413,876 434,124 454,372 Additional Shares Issued 80,648 Cumulative Exercise Price $1,537,620 Price Aggregate $360,000 $61,756 $206,400 $74,310 $225,000 $525,517 $84,637 $91,116 $1,628,736 $3,542,850 $5,171,586 Options 434,124 Value Of Options $1,888,439 Page 4 Exercise In-The-Money Exercise Price $3.00 $3.05 $3.44 $3.67 $3.75 $3.94 $4.18 $4.50 $12.76 Cumulative Exercise Price $1,537,620 In-The-Money Options 434,124 Options Outstanding 120,000 20,248 60,000 20,248 60,000 133,380 20,248 20,248 454,372 277,748 732,120 Cash Deal Price $4.35 Cash Deal Price $4.35 (1) Assumes 4,410,577 shares outstanding as of March 14, 2003 and uses the treasury stock method. Analysis of Proposed Transaction Schedule of Outstanding Options As of 4/15/03

Section III

Growth (2003-2007) 3.0% 2.9% 0.0% 0.0% 1.7% 7.2% 3.0% 17,713 60.6% 39.4% 9,938 34.0% $1,869 6.4%—$1,8696.4% 225 66 $1,578 5.4% 500 $2,078 790 $1,289 2007 $29,229 $11,516 (1) 3.0% 17,197 60.6% 39.4% 9,648 34.0% $1,840 6.5%—$1,8406.5% 242 66 $1,532 5.4% 389 $1,921 730 $1,191 2006 $28,377 $11,181 3.0% 16,696 60.6% 39.4% 9,367 34.0% $1,829 6.6%—$1,8296.6% 260 82 $1,488 5.4% 248 $1,736 660 $1,076 2005 $27,551 $10,855 3.0% 16,183 60.5% 39.5% 9,094 34.0% $1,834 6.9%—$1,8346.9% 279 84 $1,471 5.5% 174 $1,645 625 $1,020 Projected Years Ending December 31, 2004 $26,748 $10,566 3.6% 7.2%—2% 300 93 5.7% 95 598 2003 $25,969 15,711 60.5% $10,258 39.5% 8,830 34.0% $1,872 $1,8727. $1,478 $1,573 $976 -11.4% 15,206 60.7% $9,861 39.3% 8,509 33.9% $1,927 7.7% 75 $2,0028.0% 334 93 $1,575 6.3% (101) $1,475 924 $550 2002 $25,067 Page 5 -9.1% 16,243 57.4% 42.6% 11,363 40.2% $2,759 9.7% 125 $2,88410.2% 395 1,500 $989 3.5% (118) $871 186 $685 2001 $28,296 $12,053 -9.4% 18,507 59.4% 40.6% 11,653 37.4% $2,869 9.2% 500 $3,36910.8% 423 1,292 $1,653 5.3% (147) $1,506 574 $932 2000 $31,138 $12,631 -1.4% 19,566 57.0% 43.0% 11,747 34.2% $5,327 15.5% 100 $5,42715.8% 508 1,266 $3,652 10.6% (516) $3,136 1,231 $1,905 Historical Year Ended December 31, 1999 $34,356 $14,789 28.5% 22,130 63.5% 36.5% 12,240 35.1% $2,206 6.3%—$2,2066.3% 407 1,208 $591 1.7% (595) ($4) (1) ($3) 1998 $34,835 $12,705 (5) (6) (3) (4) (5) (3) Projected financial data provided by Rinse Management. Includes royalty income. Includes royalty income and excludes nonrecurring expenses. Excludes nonrecurring expenses. Nonrecurring expenses taxed at 38.0%. 2002 net income excludes net charge of $6.8mm ($8.4mm pre-tax) for impairment loss on goodwill. % Growth % of Net Sales t        % of Net Sales        % of Net Sales (2)        % of Net Sales        % of Net Sales        % of Net Sales Historical and Projected Financial Information Income Statement (Dollars in Thousands) Total Net Sales Cost of Goods Sold Gross Profi SG&A Expenses (incl.depr. & amort) Amortization EBIT, adjusted (1) (2) (3) (4) (5) (6) EBITDA Nonrecurring Expenses EBITDA, adjusted Depreciation Net Interest Income/(Expense) Pre-Tax Income Income Tax Expense Adjusted Net Income

1,692 7,872 417 76—840 14,523 3,177 2,353—- $2,353 1,031—44 18,417 25,532 (1,352) -2007 $17,426 $27,484 $46,024 $42,641 $46,024 1,643 7,643 405 74—1,042 14,589 3,275 2,284—- $2,284 956—44 18,417 24,243 (1,352) -2006 $15,921 $25,687 $44,592 $41,352 $44,592 1,595 7,420 393 72 3,423 1,259 14,655 3,377 2,217—3,237 $5,455 881—44 18,417 23,052 (1,352) -2005 $14,303 $23,784 $46,497 $40,161 $46,497 Projected as of December 31, 1,549 7,192 382 70 4,533 1,491 14,737 3,481 2,152—1,110 $3,262 806 3,237 44 18,417 21,975 (1,352) -2004 $12,956 $22,149 $46,390 $39,085 $46,390 1,504 6,983 371 68 5,643 1,739 14,821 3,589 2,089—2,048 $4,137 731 4,347 44 18,417 20,955 (1,352) -2003 $12,564 $21,489 $47,280 $38,065 $47,280 1,451 7,624 358 65 6,753 2,004 14,914 3,700 2,018—1,496 $3,514 656 6,395 44 18,417 19,980 (1,352) -2002 $10,786 $20,285 $47,655 $37,089 $47,655 $8,409 1,809 9,286 266 345 7,585 2,308 23,432 3,621 2,560—1,507 $4,067 1,535 7,759 44 18,417 26,592 (1,352)—Page 6 2001 $20,116 $57,062 $43,701 $57,062 3,027 10,378 207 1,028—2,618 24,737 3,216 3,002—1,519 $4,521 1,678 9,124 44 18,477 26,336 (1,352) (60) 2000 $13,559 $28,199 $58,769 $43,446 $58,769 2,993 11,954 291 129—2,800 25,856 3,333 1,857 400 1,469 $3,725 1,443 10,418 47 19,405 26,076 (1,352) (327) Historical Year Ended December 31, 1999 $12,079 $27,447 $59,435 $43,849 $59,435 $8,082 3,699 15,286 220 675—3,121 27,086 2,432 3,127 400 1,805 $5,332 554 11,718 47 19,692 24,609 (1,352) -1998 $27,961 $60,600 $42,997 $60,600 Income Taxes Rec. and Other Current Assets Total Current Assets Certificate of Deposit Total Assets Note Payable to Bank Total Current Liabilities Deferred Income Taxes, Net Total Stockholders’ Equity Total Liabilities & Stockholders’ Equity Historical and Projected Financial Information Balance Sheet (Dollars in Thousands) Assets Cash & Cash Equivalents Accounts Receivable Inventory Prepaid Expenses Net PP&E Intangibles Other Long Term Assets Liabilities & Stockholders’ Equity Accrued Expenses & Accounts Payable Current Portion of LT Debt Long Term Debt Common Stock Additional Paid In Capital Retained Earnings Less Contingently Returnable Shares Less Treasury Stock

66 75 (2) 98 69 $1,289—1,289 $252—-—-—(49) (229) (12) 267 1,556—- (50)—(50)—-—-—- 1,506 $15,921 $17,426 2007 66 75 (2) 67 $1,191—1,191 $267—-—- 3,423 (48) (223) (12) 101 3,714 4,905—- (50)—(50) (3,237)—-—- (3,237) 1,618 $14,303 $15,921 2006 82 75 (2) 66 2005 $1,076—1,076 $282—-—- 1,110 (46) (228) (11) 104 1,431 2,507—- (50)—(50) (1,110)—-—- (1,110) 1,347 $12,956 $14,303 84 75 (2) 63 Projected Years Ending December 31, 2004 $1,020—1,020 $298—-—- 1,110 (45) (209) (11) 108 1,469 2,490—- (50)—(50) (2,048)—-—- (2,048) 392 $12,564 $12,956 93 75 (2) 71 2003 $976—976 $316—-—- 1,110 (52) 641 (13) 111 2,349 3,324—- (50)—(50) (1,496)—-—- (1,496) 1,778 $10,786 $12,564 [1] 93 81 2002 ($6,259) 6,809 550 $334 8,424—- (880) 833 277 1,663 (91) 280 (79) (542) 10,393 4,134—- (30)—(30) (1,374)—-—(353) (1,727) 2,377 $8,409 $10,786 78 2001 $608 685 $395 1,500—-—(143) 131 (7,585) 1,087 1,092 (59) 683 (551) (442) (3,894) (3,286)—- (85) (49) (134) (9,518)—8,140—(353) (1,730) (5,150) $13,559 $8,409 Page 7 98 84 15 - 2000 $622 310 932 $423 1,292—-—235—(230) 1,576 1,145 3,739 4,361—- (141) (71) (212) (1,644)—- (663) (362) (2,669) 1,480 $12,079 $13,559 62 16 47 - For the Fiscal Years Ended December 31, 1999 $1,843 1,905 $508 1,266—- 889—659 3,332 (71) (861) (1,270) 4,873 6,716—271 (305) (58) (92) (1,636)—- (615) (376) (2,627) 3,997 $8,082 $12,079 (3) 4 94—5 1998 ($3)—$407 1,208—- 286 122—2,222 (957) 132 (1,045) 791 788 339 (685) (85) (426) (14,305) (1,200) 15,100—(366) (771) (409) $8,491 $8,082 Assets 2002 net income excludes net charge of $6.8mm ($8.4mm pre-tax) for impairment loss on goodwill. Related to one-time cumulative effect of change in accounting principle. Historical and Projected Financial Information Cash Flow Statement (Dollars in Thousands) Stated Net Income/(Loss) Extraordinary Expense, Tax Effected Adj. Net Income/(Loss) Cash Flow From Operating Activities Depreciation Amortization Impairment Loss on Goodwill [2] Loss (gain) on Disposal of PPE Contingently Returnable Shares Deferred Income Taxes Provision for Doubtful Accounts Changes in Operating Assets and Liabilities net of effects of acquisitions Certificate of Deposit Accounts Receivable Inventories Prepaid Expenses and Other Current Assets Income Taxes Receivable and Other Other LT Assets Accounts Payable and Accrued Expenses Total Adjustments Net Cash Flows From Operating Activities Cash Flow From Investing Activities Cash Acquired from Acquisition Decrease in Cash on Deposit with Trustee Purchase of PPE Purchase of Intangible Assets Net Cash Flow Used in Investing Activities Cash Flow From Financing Activities Repayment of Debt Repayment of Note Payable to Trustee Proceeds from Notes Payable to Bank Acquisition of Treasury Stock Dividends Paid Net Cash Flow From Financing Activities Net increase (decrease) in Cash and Cash Equivalents Cash Beginning Cash Ending [1] [2]

Section IV

(2) (2) (2) Average $4.40 $4.00 $4.76 $4.00 $4.54 $4.20 $4.31 $2.89 $3.98 $4.12 $4.20 $4.76 $2.89 $1.45 $1.28 $1.43 NA NA NA NA NA $3.46 $1.91 $1.44 $3.46 $1.28 Low Implied Equity Value Per Share (1) $15.64 $11.87 $13.10 NA NA NA NA NA $4.83 $11.36 $12.49 $15.64 $4.83 High AVERAGE MEDIAN HIGH LOW Page 8 . Corp Data Multiples Securities Premiums P/E from Reported Reported Transactions Review Review Reference Mergerstat Mergerstat of Valuation Summary Average current trading multiples of selected small-cap Personal Care Product companies Average current trading multiples of selected non-nationally branded Personal Care Product companies Average premium 1 day prior to announcement date Average premium 1 week prior to announcement date Average premium 4 weeks prior to announcement date Historical Average premium 1 day prior—All Industries Historical Average 2002 P/E Multiple Discounted Cash Flow Analysis Analysis of Comparable Public Companies, Utilizing: Analysis of Mergers and Acquisitions, Utilizing: Multiples of recent disclosed Personal Care Product Industry transactions Analysis of Acquisition Premiums, Utilizing: Average Analysis of Acquisition P/E Multiples, Utilizing: (1) Based on 4,491,225 fully diluted shares outstanding. (2) Based on weighted average results. I. II. III. IV. V.

Section V

8,176 10,875 19,350 92,540 0 426,100 Close $3.00 3.02 3.02 3.01 3.09 3.15 3.13 3.19 3.12 3.20 3.25 3.18 3.17 3.16 3.14 3.07 3.13 3.11 3.18 3.15 3.12 3.18 3.19 3.12 3.15 3.20 3.16 3.22 Low $3.00 3.01 3.01 3.01 3.09 3.10 3.13 3.13 3.11 3.10 3.24 3.18 3.17 3.02 3.06 3.07 3.13 3.11 3.12 3.12 3.10 3.12 3.12 3.12 3.15 3.20 3.14 3.22 Average Daily Volume (# of shares): 90 Days 60 Days 30 Days High $3.00 3.02 3.02 3.09 3.15 3.15 3.13 3.25 3.20 3.26 3.25 3.23 3.17 3.16 3.14 3.11 3.28 3.13 3.24 3.16 3.15 3.24 3.25 3.13 3.15 3.24 3.16 3.26 5 Days High Volume: Low Volume: Page 9 $3.34 $3.27 $3.14 $3.03 $3.83 $3.00 PROJECT RINSE Trading Statistics April 25, 2002—April 25, 2003 Open $3.00 3.01 3.01 3.09 3.15 3.10 3.13 3.19 3.20 3.26 3.24 3.23 3.17 3.02 3.09 3.11 3.15 3.13 3.18 3.12 3.10 3.18 3.19 3.13 3.15 3.24 3.15 3.26 Volume 5,100 15,500 7,100 8,900 426,100 28,100 1,000 0 3,500 12,600 2,500 2,800 2,400 5,800 4,300 3,000 5,700 4,000 0 4,500 5,200 0 0 3,000 4,100 5,000 10,400 5,900 Date 25-Apr-2003 24-Apr-2003 23-Apr-2003 22-Apr-2003 21-Apr-2003 17-Apr-2003 16-Apr-2003 15-Apr-2003 14-Apr-2003 11-Apr-2003 10-Apr-2003 09-Apr-2003 08-Apr-2003 07-Apr-2003 04-Apr-2003 03-Apr-2003 02-Apr-2003 01-Apr-2003 31-Mar-2003 28-Mar-2003 27-Mar-2003 26-Mar-2003 25-Mar-2003 24-Mar-2003 21-Mar-2003 20-Mar-2003 19-Mar-2003 18-Mar-2003 Stock Performance and Ownership Analysis Average Closing Price ($): 90 Days 60 Days 30 Days 5 Days High Close: Low Close:

Close $3.26 3.25 3.25 3.26 3.40 3.30 3.36 3.40 3.40 3.37 3.46 3.37 3.44 3.33 3.32 3.40 3.40 3.32 3.42 3.43 3.40 3.45 3.40 3.32 3.50 3.50 3.38 3.40 3.50 3.55 3.49 3.47 3.51 3.45 3.50 3.51 3.40 Low $3.26 3.23 3.25 3.25 3.30 3.30 3.36 3.40 3.37 3.37 3.45 3.36 3.44 3.33 3.32 3.30 3.30 3.32 3.33 3.36 3.33 3.35 3.37 3.30 3.43 3.50 3.38 3.40 3.45 3.55 3.46 3.46 3.44 3.45 3.50 3.40 3.40 High $3.26 3.26 3.30 3.30 3.40 3.35 3.36 3.40 3.41 3.37 3.46 3.49 3.44 3.33 3.32 3.49 3.50 3.32 3.50 3.49 3.40 3.45 3.40 3.40 3.53 3.50 3.38 3.45 3.55 3.55 3.51 3.47 3.60 3.45 3.60 3.51 3.45 Page 10 PROJECT RINSE Trading Statistics April 25, 2002—April 25, 2003 Open $3.26 3.26 3.25 3.30 3.32 3.35 3.36 3.40 3.38 3.37 3.45 3.49 3.44 3.33 3.32 3.40 3.40 3.32 3.42 3.43 3.38 3.35 3.37 3.40 3.53 3.50 3.38 3.45 3.50 3.55 3.49 3.46 3.44 3.45 3.60 3.50 3.45 Volume 700 3,300 6,000 6,800 5,100 3,500 1,000 700 4,100 100 800 1,300 200 200 800 0 0 500 0 0 12,000 300 400 8,500 8,100 4,600 1,000 2,800 0 2,700 0 500 9,200 100 1,300 2,000 2,500 Stock Performance and Ownership Analysis Date 17-Mar-2003 14-Mar-2003 13-Mar-2003 12-Mar-2003 11-Mar-2003 10-Mar-2003 07-Mar-2003 06-Mar-2003 05-Mar-2003 04-Mar-2003 03-Mar-2003 28-Feb-2003 27-Feb-2003 26-Feb-2003 25-Feb-2003 24-Feb-2003 21-Feb-2003 20-Feb-2003 19-Feb-2003 18-Feb-2003 14-Feb-2003 13-Feb-2003 12-Feb-2003 11-Feb-2003 10-Feb-2003 07-Feb-2003 06-Feb-2003 05-Feb-2003 04-Feb-2003 03-Feb-2003 31-Jan-2003 30-Jan-2003 29-Jan-2003 28-Jan-2003 27-Jan-2003 24-Jan-2003 23-Jan-2003

Close $3.45 3.46 3.45 3.52 3.60 3.59 3.50 3.61 3.56 3.60 3.46 3.55 3.55 3.50 3.40 3.44 3.45 3.30 3.30 3.39 3.40 3.31 3.50 3.41 3.50 3.45 3.36 3.36 3.37 3.41 3.45 3.41 3.48 3.45 3.46 3.53 3.41 Low $3.45 3.46 3.45 3.52 3.46 3.50 3.50 3.56 3.56 3.46 3.46 3.55 3.55 3.41 3.40 3.34 3.34 3.30 3.30 3.28 3.40 3.30 3.41 3.41 3.45 3.45 3.36 3.30 3.37 3.41 3.45 3.40 3.48 3.45 3.45 3.45 3.41 High $3.46 3.46 3.52 3.52 3.60 3.59 3.50 3.61 3.56 3.60 3.60 3.58 3.58 3.59 3.50 3.54 3.45 3.40 3.30 3.50 3.45 3.40 3.59 3.41 3.50 3.46 3.36 3.36 3.41 3.41 3.54 3.41 3.48 3.45 3.46 3.60 3.41 Page 11 PROJECT RINSE Trading Statistics April 25, 2002—April 25, 2003 Open $3.46 3.46 3.51 3.52 3.46 3.50 3.50 3.56 3.56 3.46 3.60 3.58 3.58 3.50 3.40 3.34 3.40 3.40 3.30 3.39 3.44 3.40 3.50 3.41 3.45 3.46 3.36 3.30 3.41 3.41 3.54 3.41 3.48 3.45 3.45 3.53 3.41 Volume 4,500 4,300 3,400 1,000 600 200 2,000 2,900 100 1,100 3,700 5,100 5,100 0 14,000 8,100 800 4,600 300 0 1,100 4,300 0 500 500 3,000 300 1,500 4,100 1,000 900 5,000 1,400 200 200 0 700 Stock Performance and Ownership Analysis Date 22-Jan-2003 21-Jan-2003 17-Jan-2003 16-Jan-2003 15-Jan-2003 14-Jan-2003 13-Jan-2003 10-Jan-2003 09-Jan-2003 08-Jan-2003 07-Jan-2003 06-Jan-2003 06-Jan-2003 03-Jan-2003 02-Jan-2003 31-Dec-2002 30-Dec-2002 27-Dec-2002 26-Dec-2002 24-Dec-2002 23-Dec-2002 20-Dec-2002 19-Dec-2002 18-Dec-2002 17-Dec-2002 16-Dec-2002 13-Dec-2002 12-Dec-2002 11-Dec-2002 10-Dec-2002 09-Dec-2002 06-Dec-2002 05-Dec-2002 04-Dec-2002 03-Dec-2002 02-Dec-2002 29-Nov-2002

$3.41 3.50 3.40 3.48 3.45 3.48 3.49 3.46 3.40 3.46 3.36 3.40 3.43 3.42 3.36 3.38 3.44 3.37 3.45 3.39 3.45 3.40 3.56 3.51 3.55 3.50 3.50 3.44 3.50 3.55 3.48 3.40 3.31 3.30 3.35 3.40 3.29 Close $3.41 3.49 3.40 3.45 3.45 3.45 3.42 3.42 3.40 3.46 3.36 3.38 3.36 3.35 3.36 3.38 3.38 3.37 3.45 3.33 3.45 3.37 3.56 3.47 3.55 3.40 3.40 3.44 3.50 3.48 3.48 3.34 3.31 3.30 3.35 3.31 3.28 Low High $3.50 3.50 3.45 3.50 3.45 3.50 3.49 3.49 3.40 3.60 3.40 3.40 3.50 3.49 3.36 3.43 3.49 3.41 3.45 3.45 3.45 3.64 3.56 3.55 3.60 3.60 3.60 3.44 3.50 3.55 3.48 3.40 3.35 3.30 3.44 3.40 3.35 Page 12 PROJECT RINSE Trading Statistics April 25, 2002—April 25, 2003 Open $3.50 3.49 3.45 3.48 3.45 3.48 3.42 3.46 3.40 3.46 3.40 3.38 3.43 3.42 3.36 3.43 3.44 3.41 3.45 3.39 3.45 3.64 3.56 3.51 3.60 3.50 3.50 3.44 3.50 3.49 3.48 3.34 3.35 3.30 3.44 3.31 3.35 Volume 2,800 2,500 5,700 0 400 0 1,100 0 500 2,000 6,000 3,400 0 0 1,100 200 0 2,300 2,500 0 1,000 5,500 400 0 3,600 0 0 500 100 900 400 2,100 1,300 2,000 1,200 2,400 6,000 Stock Performance and Ownership Analysis Date 27-Nov-2002 26-Nov-2002 25-Nov-2002 22-Nov-2002 21-Nov-2002 20-Nov-2002 19-Nov-2002 18-Nov-2002 15-Nov-2002 14-Nov-2002 13-Nov-2002 12-Nov-2002 11-Nov-2002 08-Nov-2002 07-Nov-2002 06-Nov-2002 05-Nov-2002 04-Nov-2002 01-Nov-2002 31-Oct-2002 30-Oct-2002 29-Oct-2002 28-Oct-2002 25-Oct-2002 24-Oct-2002 23-Oct-2002 22-Oct-2002 21-Oct-2002 18-Oct-2002 17-Oct-2002 16-Oct-2002 15-Oct-2002 14-Oct-2002 11-Oct-2002 10-Oct-2002 09-Oct-2002 08-Oct-2002

Close $3.49 3.45 3.49 3.50 3.34 3.34 3.27 3.30 3.30 3.29 3.36 3.34 3.35 3.30 3.40 3.30 3.34 3.25 3.35 3.37 3.34 3.39 3.36 3.33 3.31 3.30 3.31 3.31 3.37 3.41 3.38 3.37 3.36 3.48 3.43 3.36 3.20 Low $3.49 3.45 3.40 3.30 3.28 3.28 3.27 3.30 3.28 3.29 3.35 3.34 3.32 3.30 3.40 3.26 3.30 3.25 3.35 3.34 3.34 3.33 3.32 3.31 3.31 3.30 3.30 3.30 3.36 3.36 3.31 3.37 3.36 3.40 3.40 3.00 3.10 High $3.49 3.45 3.58 3.50 3.40 3.40 3.30 3.30 3.30 3.34 3.40 3.34 3.35 3.31 3.40 3.34 3.34 3.40 3.35 3.40 3.34 3.45 3.39 3.33 3.31 3.30 3.32 3.37 3.37 3.45 3.45 3.50 3.40 3.55 3.43 4.00 3.20 Page 13 PROJECT RINSE Trading Statistics April 25, 2002—April 25, 2003 Open $3.49 3.45 3.49 3.30 3.34 3.34 3.29 3.30 3.28 3.32 3.40 3.34 3.32 3.31 3.40 3.30 3.30 3.32 3.35 3.37 3.34 3.39 3.36 3.31 3.31 3.30 3.30 3.37 3.36 3.41 3.38 3.50 3.40 3.48 3.43 3.19 3.10 Volume 100 300 0 1,000 0 0 9,700 1,800 6,100 14,300 5,100 300 6,300 3,000 600 0 1,200 31,500 2,000 0 300 0 0 1,500 2,400 1,000 12,100 3,400 7,500 0 0 3,800 1,100 0 29,000 191,100 2,800 Stock Performance and Ownership Analysis Date 07-Oct-2002 04-Oct-2002 03-Oct-2002 02-Oct-2002 01-Oct-2002 30-Sep-2002 27-Sep-2002 26-Sep-2002 25-Sep-2002 24-Sep-2002 23-Sep-2002 20-Sep-2002 19-Sep-2002 18-Sep-2002 17-Sep-2002 16-Sep-2002 13-Sep-2002 12-Sep-2002 11-Sep-2002 10-Sep-2002 09-Sep-2002 06-Sep-2002 05-Sep-2002 04-Sep-2002 03-Sep-2002 30-Aug-2002 29-Aug-2002 28-Aug-2002 27-Aug-2002 26-Aug-2002 23-Aug-2002 22-Aug-2002 21-Aug-2002 20-Aug-2002 19-Aug-2002 16-Aug-2002 15-Aug-2002

Close $3.00 3.25 3.45 3.35 3.40 3.40 3.45 3.45 3.42 3.35 3.44 3.44 3.38 3.30 3.35 3.30 3.45 3.44 3.43 3.42 3.42 3.42 3.41 3.40 3.47 3.41 3.49 3.50 3.50 3.55 3.65 3.66 3.67 3.66 3.66 3.71 3.72 Low $2.99 3.25 3.44 3.35 3.30 3.35 3.45 3.43 3.40 3.35 3.44 3.20 3.28 3.30 3.35 3.25 3.36 3.36 3.35 3.34 3.34 3.34 3.36 3.40 3.40 3.41 3.41 3.50 3.50 3.55 3.65 3.66 3.67 3.66 3.66 3.71 3.71 High $3.15 3.45 3.45 3.45 3.50 3.40 3.50 3.45 3.43 3.35 3.44 3.44 3.38 3.30 3.43 3.45 3.47 3.44 3.50 3.50 3.50 3.50 3.41 3.40 3.53 3.42 3.49 3.57 3.57 3.59 3.65 3.66 3.67 3.66 3.70 3.74 3.72 Page 14 PROJECT RINSE Trading Statistics April 25, 2002—April 25, 2003 Open $3.15 3.45 3.44 3.45 3.40 3.35 3.47 3.43 3.42 3.35 3.44 3.25 3.28 3.30 3.43 3.45 3.46 3.36 3.43 3.42 3.42 3.42 3.36 3.40 3.47 3.42 3.49 3.50 3.50 3.59 3.65 3.66 3.67 3.66 3.70 3.74 3.71 Volume 28,800 5,500 3,200 3,000 0 1,800 1,500 3,800 2,500 2,000 5,000 4,600 3,000 100 5,800 3,100 8,300 2,000 0 0 0 0 6,600 600 0 5,000 7,100 5,000 6,700 13,000 2,500 5,000 2,000 300 5,100 10,600 2,700 Stock Performance and Ownership Analysis Date 14-Aug-2002 13-Aug-2002 12-Aug-2002 09-Aug-2002 08-Aug-2002 07-Aug-2002 06-Aug-2002 05-Aug-2002 02-Aug-2002 01-Aug-2002 31-Jul-2002 30-Jul-2002 29-Jul-2002 26-Jul-2002 25-Jul-2002 24-Jul-2002 23-Jul-2002 22-Jul-2002 19-Jul-2002 18-Jul-2002 17-Jul-2002 16-Jul-2002 15-Jul-2002 12-Jul-2002 11-Jul-2002 10-Jul-2002 09-Jul-2002 08-Jul-2002 05-Jul-2002 03-Jul-2002 02-Jul-2002 01-Jul-2002 28-Jun-2002 27-Jun-2002 26-Jun-2002 25-Jun-2002 24-Jun-2002

Close $3.74 3.72 3.72 3.74 3.73 3.73 3.74 3.73 3.77 3.75 3.75 3.75 3.78 3.75 3.78 3.78 3.76 3.78 3.75 3.76 3.79 3.76 3.80 3.77 3.80 3.76 3.76 3.75 3.78 3.75 3.74 3.73 3.74 3.77 3.73 3.83 3.73 Low $3.74 3.72 3.72 3.74 3.73 3.73 3.74 3.73 3.75 3.75 3.75 3.75 3.76 3.75 3.76 3.76 3.76 3.76 3.75 3.76 3.79 3.76 3.80 3.77 3.76 3.76 3.76 3.75 3.78 3.74 3.74 3.73 3.73 3.77 3.73 3.72 3.72 High $3.74 3.74 3.74 3.74 3.73 3.73 3.75 3.75 3.79 3.75 3.75 3.76 3.79 3.76 3.80 3.80 3.76 3.80 3.76 3.77 3.79 3.77 3.80 3.80 3.80 3.77 3.76 3.76 3.78 3.75 3.74 3.75 3.74 3.77 3.80 3.83 3.73 Page 15 PROJECT RINSE Trading Statistics April 25, 2002—April 25, 2003 Open $3.74 3.74 3.73 3.74 3.73 3.73 3.75 3.75 3.77 3.75 3.75 3.76 3.78 3.76 3.78 3.78 3.76 3.78 3.76 3.77 3.79 3.77 3.80 3.80 3.76 3.77 3.76 3.76 3.78 3.75 3.74 3.75 3.73 3.77 3.80 3.72 3.73 Volume 200 15,200 9,000 5,000 1,800 4,900 5,200 3,100 0 100 8,500 5,100 0 16,800 0 0 2,900 0 10,200 52,000 200 55,700 9,100 6,400 4,200 17,000 100 4,800 1,000 0 300 1,300 2,600 300 1,200 2,100 9,200 Stock Performance and Ownership Analysis Date 21-Jun-2002 20-Jun-2002 19-Jun-2002 18-Jun-2002 17-Jun-2002 14-Jun-2002 13-Jun-2002 12-Jun-2002 11-Jun-2002 10-Jun-2002 07-Jun-2002 06-Jun-2002 05-Jun-2002 04-Jun-2002 03-Jun-2002 31-May-2002 30-May-2002 29-May-2002 28-May-2002 24-May-2002 23-May-2002 22-May-2002 21-May-2002 20-May-2002 17-May-2002 16-May-2002 15-May-2002 14-May-2002 13-May-2002 10-May-2002 09-May-2002 08-May-2002 07-May-2002 06-May-2002 03-May-2002 02-May-2002 01-May-2002

Close $3.73 3.78 3.75 3.78 Low $3.73 3.76 3.72 3.71 High $3.76 3.80 3.75 3.84 Page 16 PROJECT RINSE Trading Statistics April 25, 2002—April 25, 2003 Open $3.76 3.78 3.72 3.78 Volume 5,000 0 6,500 0 Date 30-Apr-2002 29-Apr-2002 26-Apr-2002 25-Apr-2002 Stock Performance and Ownership Analysis Source: Fact Set

Share Price 700 600 500 400 300 200 100 0 4/25/03 3/17/03 Announced FY ‘02 EPS of $0.12 vs. $0.14 Y-O-Y 2/4/03 12/23/02 11/12/02 Project Rinse Daily Price Volume Announced Q3 ‘02 EPS of $0.03 vs. $(0.02) Q-O-Q Page 17 April 25, 2002—April 25, 2003 Company announced mgmt’s bid raised to $4.50 ($3.25 cash, $1.25 note) 10/3/02 8/23/02 7/16/02 $3.00 $3.83 Announced Q1 ‘02 EPS of $0.05 vs. $0.09 Q-O-Q Announced Q2 ‘02 EPS of $0.07 vs. $0.07 Q-O-Q 6/5/02 4/25/02 Low Closing Price on 8/14/02—High Closing Price on 5/2/02 - Stock Performance and Ownership Analysis $3.97 $3.77 $3.57 $3.37 $3.17 $2.97 $2.77 $2.57 Thousands in Volume

4/25/03 3/17/03 Large-Cap Peer Group [2] 2/4/03 12/25/02 Small-Cap Peer Group [1] 11/14/02 REV Page 18 Project Rinse Daily Indexed Price Performance April 25, 2002—April 25, 2003 10/4/02 S&P 500 Stock Index 8/26/02 7/16/02 Russell 2000 Index 6/5/02 Stock Performance and Ownership Analysis 4/25/02 Rinse [1] Small-Cap Reference group includes: CHTT, DLI, RDEN, HELE, IPAR, PARL, [2] Large-Cap Reference group includes: ACV, AVP, CHD, CL, DL, EL, LORLY, NUS, PYX, PG, UL 120 110 100 90 80 70 60 50 40 Prices        %Indexed

4/25/03 12/25/02 Large-Cap Peer Group [2] 8/26/02 4/25/02 Small-Cap Peer Group [1] 12/25/01 REV Page 19 Project Rinse Daily Indexed Price Performance April 25, 2000—April 25, 2003 8/24/01 S&P 500 Stock Index 4/25/01 12/25/00 Russell 2000 Index 8/24/00 Rinse Stock Performance and Ownership Analysis 250 200 150 100 50 0 4/25/00 [1] Small-Cap Reference group includes: CHTT, DLI, RDEN, HELE, IPAR, PARL, [2] Large-Cap Reference group includes: ACV, AVP, CHD, CL, DL, EL, LORLY, NUS, PYX, PG, UL Prices        %Indexed

12.6% $3.75—$3.99 22.8% $3.50—$3.74 Project Rinse Daily Trading Volume Histogram April 25, 2002—April 25, 2003 Page 20 25.6% $3.25—$3.49 $3.00 $3.83 39.0% $3.00—$3.24 Stock Performance and Ownership Analysis 700 600 500 400 300 200 100 0 Based on 1,569,000 cumulative shares traded Low Closing Price on 8/14/02—High Closing Price on 5/2/02 - Thousands in Volume

0.6% $5.00—$5.99 7.6% $4.00—$4.99 Project Rinse Daily Trading Volume Histogram April 25, 2000—April 25, 2003 Page 21 76.5% $3.00—$3.99 $5.13 $2.71 15.2% $2.00—$2.99 Stock Performance and Ownership Analysis 3,200 2,800 2,400 2,000 1,600 1,200 800 400 0 Based on 3,808,000 cumulative shares traded Low Closing Price on 3/15/02—High Closing Price on 3/13/00, 3/14/00 and 6/15/00 - Thousands in Volume

% Held 4.9% 2.5% 11.8% 0.0% 0.0% 7.0% 0.0% 0.0% 0.0% 26.1% 26.1% 17.0% 56.9% 100.0% 216,714 108,204 518,630 0 1,000 307,058 0 0 0 1,151,606 1,151,606 749,636 2,509,335 4,410,577 Shares Date 9/30/02 9/30/02 9/30/02 9/30/02 9/30/02 9/30/02 9/30/02 9/30/02 9/30/02 [1] Thomas M. D’Ambrosia John DePinto Shouky Shaheen Insider Holdings [3] [4] Frank F. Ferola [5] Curtis Carlson Leonard Genovese Peter Ferola David Spiegel Franc Ferola All Directors and Executives Insider Ownership Institutional Ownership Retail Float Shares Outstanding % Held 10.3% 4.9% 1.7% 0.0% 0.1% 17.0% Page 22 Project Rinse 453,500 216,000 75,250 336 4,550 749,636 Shares 56.9% Shareholder Ownership Analysis Insiders Date 12/31/02 3/31/03 12/31/02 12/31/02 12/31/02 Institutions Ownership Summary 26.1% Retail Float DIMENSIONAL FD ADVISORS, INC 17.0% Based on 4,410,577 shares outstanding as of March 14, 2003. Institutional ownership figures are from Fact Set as of April 21, 2003. Insider ownership figures are from the Company’s preliminary proxy filed May 3, 2002 and Company documents. Excludes a total of 732,120 shares subject to exercisable options for all officers and directors as a group. Based on 532,935 shares held by Frank F. Ferola (from preliminary proxy filing excluding options), less 14,305 shares held in the name of his foundation which would not be rolled over in the transaction. Stock Performance and Ownership Analysis Ownership Analysis Institutional Ownership [2] FIDELITY MGMT & RESEARCH CO VANGUARD GROUP DALTON GREINER HARTMAN MAHER & CO TD ASSET MANAGEMENT INC Total Institutional Ownership [1] [2] [3] [4] [5]

Section VI

x* x 0.0 3.5 2.2 2.1 1.4 1.7 0.5 NM 1.9 1.9 x * * * * x x x Market/ Book 3.1 NM 3.6 86.9 13.1 4.9 1.1 1.9 96.0 7.8 4.0 3.1 4.5 2.5 3.3 0.4 $2.6 264.1 186.2 274.5 391.7 134.5 24.1 147.5 Market Cap $2,803.6 13,454.1 1,239.5 30,452.6 1,947.0 7,037.7 9,317.2 715.6 531.4 115,249.9 27,499.0 $13.2 7.9 19.1 9.1 23.2 28.2 19.0 10.0 51.8 Shares Out 58.4 235.3 40.0 537.3 95.4 232.3 676.0 80.9 61.2 1,292.9 2,911.0 4.4 x* x NA 10.4 NA 10.0 9.9 11.4 NA NM 10.4 10.2 x x x x 2004 16.3 19.8 15.2 20.8 14.3 21.1 NA 9.7 8.9 20.0 NA 16.2 16.3 14.5 14.3 13.2 x* x NA 11.9 NA 12.3 10.1 12.9 NA NM 11.8 12.1 x x x x P/E Ratio Calendar 2003 17.7 22.2 17.3 23.0 15.5 22.3 NA 10.2 9.9 20.8 21.3 18.0 19.3 16.2 16.4 13.8 x* x 0.3 14.1 10.7 15.2 11.2 15.1 4.7 NM 11.8 12.7 x x x x 2002 19.8 24.6 19.9 25.9 17.3 27.5 6.6 11.3 9.6 23.1 29.8 19.6 19.9 16.9 15.2 24.5 NA 1.32 NA 1.18 1.41 0.62 NA (2.31) 2004 $2.95 2.89 2.03 2.72 1.43 1.43 NA 0.91 0.98 4.46 NA $0.23 NA 1.16 NA 0.96 1.38 0.55 NA (3.63) EPS [1] Calendar 2003 $2.71 2.57 1.79 2.46 1.32 1.36 NA 0.87 0.88 4.28 0.44 $0.22 $0.99 0.98 1.90 0.78 1.24 0.47 0.51 (5.00) [5] 2002 $2.42 2.32 1.56 2.19 1.18 1.10 2.09 0.78 0.90 3.86 0.32 $0.12 *        % of High 3.7% 60.6% 80.7% 67.6% 93.3% 78.8% 77.4% 46.2% 72.1% 77.4% 82.9% 97.5% 84.9% 97.7% 90.9% 79.1% 87.4% 59.6% 60.9% 94.1% 91.3% 84.2% 87.4% 79.5% 81.8% 75.0% Page 23 Project Rinse $0.33 13.81 20.37 11.83 13.90 7.09 2.40 2.85 $48.00 57.17 30.98 56.68 20.40 30.30 13.78 8.85 8.68 89.14 9.45 $3.00 (In Millions, Except Per Share Amounts) Market Price 4/25/03 $0.15 11.50 16.24 8.50 8.20 5.18 1.43 1.85 8.40 6.95 7.19 Low $41.55 43.49 26.43 44.05 17.12 25.20 11.19 74.08 $2.99 52 Week 8.99 3.10 6.17 Market Comparison of Selected Personal Care Products Companies High $8.75 22.80 25.23 17.50 14.90 $57.91 58.65 36.50 57.99 22.45 38.30 15.77 14.86 14.25 94.75 10.35 $4.00 Multiples for ALU excluded from all calculations. LORLY stock price calculated using ADR price on the OTC. Latest Fin’ls 12/02 11/02 12/02 1/03 11/02 12/02 12/02 12/02 12/02 12/02 12/02 12/02 12/02 12/02 12/02 12/02 12/02 12/02 12/02 12/02 FYE MR NV DC JA FE DC MR DC SP DC DC DC DC JN DC DC DC JN DC DC 500mm) NM—Not meaningful $ 500mm) $ (< (> Companies Companies Company Name Allou Health & Beauty [2] Chattem, Inc. Del Laboratories, Inc. Elizabeth Arden, Inc. Helen Of Troy Inter Parfums, Inc. Parlux Frangrances, Inc. Revlon, Inc. Mean Median Alberto-Culver Company Avon Products, Inc. Church & Dwight Co., Inc. Colgate-Palmolive Company The Dial Corporation The Estee Lauder Companies Inc. L’Oreal SA [3] Nu Skin Enterprises Playtex Products, Inc. The Proctor & Gamble Company Unilever PLC [3] NA—Not available Products Mean Median Combined Mean Combined Median Rinse [4] Products Care Care Exchange AMEX NASDAQ AMEX NASDAQ NASDAQ NASDAQ NASDAQ NYSE Personal NYSE NYSE NYSE NYSE NYSE NYSE OTC NYSE NYSE NYSE NYSE Personal Implied Valuation Based on Publicly Traded Reference Companies Cap - Cap Earnings estimates are from First Call and Bloomberg as of April 26, 2003, except for CHTT, RDEN, CL and DL which are from STRH Research. ALU multiples excluded from averages due to company’s filing for Chapter 11 bankruptcy on April 9, 2003. Based on a currency exchange rate of $1.1037 U.S. dollars to the Euro, as of April 26, 2003. P/E multiples based on net income for FY 2002 and estimated FY 2003 and FY 2004 of $0.6 million, $1.0 million and $1.0 million, respectively, divided by 4,491,225 fully diluted shares. Excludes $0.1 million of extraordinary expenses. Ticker - Small ALU CHTT DLI RDEN HELE IPAR PARL REV * Excluded from average Highlighted companies included in “Non-Nationally Branded” grouping on Implied Valuation pages. [1] [2] [3] [4] [5] Large ACV AVP CHD CL DL EL LORLY NUS PYX PG UL

* NM NM NM 49.3% 19.5% NM NM 21.1% 5.6% 41.0% 10.0% NM NM 14.8% 2.5% 35.3% 10.8% 40.4% NM Net Income 103.3% 57.4% 49.3% 20.2% 14.8% 29.5% 20.3% * 3 Year CAGR 15.8% 1.2% 13.8% 44.3% 22.7% 13.3% 2.7% NM 16.3% 13.5% 11.4% 3.9% 23.1% 1.6% 9.1% 3.4% 6.2% 4.7% NM 0.4% 1.9% 6.5% 4.3% 10.2% 5.4% NM Rev x* * x x x x x EBITDA 7.1 8.2 6.0 6.3 7.3 5.6 4.4 104.4 6.3 6.3 10.0 13.8 11.6 14.7 8.6 11.1 3.6 5.3 8.0 13.6 6.0 9.7 10.0 8.5 8.1 1.8 x* x x x x x 7.7 9.1 7.3 8.4 8.3 6.4 5.6 NM 7.5 7.8 11.9 15.7 14.7 16.8 10.0 15.4 5.0 6.4 8.9 16.7 8.4 11.8 11.9 10.3 8.9 2.3 Firm Value to: EBIT x* * x x x x x 0.3 2.1 0.7 0.8 0.9 0.9 0.4 1.6 0.9 0.9 1.1 2.3 1.5 3.6 1.7 1.4 0.6 0.7 1.8 3.0 1.0 1.7 1.5 1.4 1.2 0.1 Rev * EBITDA Margin 4.9% 25.9% 11.7% 12.1% 12.3% 15.1% 9.4% 1.6% 12.6% 12.1% 10.7% 16.5% 12.6% 24.8% 19.9% 12.4% 17.5% 13.2% 23.1% 22.0% 17.0% 17.3% 17.0% 15.4% 14.2% 8.0% * 4.5% 23.3% 9.5% 9.1% 10.8% 13.4% 7.5% NM 12.3% 10.2% 9.0% 14.5% 10.0% 21.7% 17.1% 9.0% 12.4% 11.0% 20.7% 17.9% 12.2% 14.1% 12.4% 13.5% 12.2% 6.3% EBIT Margin [2] [3] [4] [5] [6] [7] [8] EBITDA $29.8 57.7 40.9 90.9 56.7 19.7 7.2 17.6 $293.8 1,029.1 132.4 2,309.6 254.6 609.5 2,758.7 127.4 166.2 9,232.0 7,764.8 $2.0 [2] [3] [4] [5] [6] [7] [8] $27.3 51.9 33.3 68.2 50.0 17.5 5.7 (101.3) $245.9 904.3 104.5 2,013.1 218.6 439.8 1,962.7 105.8 149.1 7,479.0 5,587.3 $1.6 Latest Twelve Months EBIT $612.7 223.1 350.7 752.0 461.9 130.4 76.2 1,119.4 6,228.3 1,047.1 9,294.3 1,282.2 4,905.9 964.1 719.1 $25.1 Project Rinse Rev $2,733.5 15,769.7 41,870.0 45,619.2 Page 24 (In Millions, Except Per Share Amounts) Total Firm Value [1] $211.3 473.3 244.7 574.2 414.7 111.4 31.8 1,836.8 $2,930.8 14,219.5 1,531.8 33,888.6 2,185.9 6,790.6 9,804.9 677.0 1,327.5 125,168.9 46,873.4 $3.6 $0.6 15.9 0.5 22.7 32.1 38.3 0.1 85.8 $195.7 606.8 76.3 167.9 219.6 654.8 2,445.9 120.3 31.6 5,106.0 3,882.8 $17.5 Multiples for ALU excluded from all calculations. Cash & Equiv Market Comparison of Selected Personal Care Products Companies * * * 221.3% 301.2% 71.2% 244.5% 19.4% 18.9% 14.8% NM 111.7% 45.3% 35.5% NM 106.0% 1028.8% 307.7% 28.5% 35.8% 21.1% 101.3% 340.9% 122.1% 103.7% 117.6% 86.2% 21.3% Debt/ Equity 14960.2% $209.3 225.2 59.0 322.4 55.0 15.3 7.8 1,775.1 $322.9 1,372.2 368.6 3,603.9 458.4 407.7 2,933.6 81.7 827.8 15,025.0 23,257.2 $7.9 Total Debt 500mm) $94.6 74.7 82.9 131.8 283.0 80.9 52.8 (1,640.8) 500mm) $908.6 (127.7) 347.6 350.3 149.0 1,432.7 8,191.4 386.5 5.5 14,836.0 6,822.1 $37.1 NM—Not meaningful Book $ $            Value (< (> Excludes $0.1 million in extraordinary expenses. Companies Companies NA—Not available Products Products Care Care Personal Personal Implied Valuation Based on Publicly Traded Reference Companies Cap Cap -—Total firm value equals market capitalization plus debt minus cash. Excludes approximately $7.4 million in loss of intangibles. Excludes approximately $13.6 million in restructuring charges. Excludes approximately $34.3 million in special charges. Excludes approximately $1.7 million in special income and asset sales. Excludes approximately $110.4 million in restructuring charges. Excludes approximately $7.6 million in restructuring charges. Includes $0.2 million in royalty income. Company Name Small Allou Health & Beauty Chattem, Inc. Del Laboratories, Inc. Elizabeth Arden, Inc. Helen Of Troy Inter Parfums, Inc. Parlux Frangrances, Inc. Revlon, Inc. Mean Median Large Alberto-Culver Company Avon Products, Inc. Church & Dwight Co., Inc. Colgate-Palmolive Company The Dial Corporation The Estee Lauder Companies Inc. L’Oreal SA Nu Skin Enterprises Playtex Products, Inc. The Proctor & Gamble Company Unilever PLC Mean Median Combined Mean Combined Median Rinse * Excluded from average Highlighted companies included in “Non-Nationally Branded” grouping on Implied Valuation pages. [1] [2] [3] [4] [5] [6] [7] [8]

$7.16 5.07 4.89 1.45 2.56 2.37 15.64 $5.59 4.40 4.89 $10.14 6.03 5.87 2.07 3.53 3.28 20.61 $7.36 5.69 5.87 Implied Equity Value per Share [4] Implied Equity Value per Share [4] $32,148 22,771 21,965 6,510 11,507 10,646 70,237 $25,112 19,766 21,965 $45,531 27,098 26,349 9,276 15,844 14,740 92,554 $33,056 25,576 26,349 Implied Equity Value [3] Implied Equity Value [3] $22,023 12,646 11,840 NM 1,382 521 60,112 $18,087 10,365 12,243 $35,406 16,973 16,224 NM 5,719 4,615 82,429 $26,894 15,621 16,599 Implied Firm Value Implied Firm Value x x 1.9 2.5 Market / Book Market / Book x x 2004 P/E 10.4 2004 P/E 14.5 Cal. x Cal. x 2003 P/E 11.8 2003 P/E 16.2 x x P/E 11.8 P/E 16.9 x x Project Rinse EBIT 7.5 Unweighted Mean Weighted Mean Median EBIT 10.3 Unweighted Mean Weighted Mean Median Page 25 LTM x Mean Multiples—All Reference Companies LTM x Mean Multiples—Small-Cap Personal Care Products EBITDA 6.3 EBITDA 8.5 (All Dollar Amounts in Thousands, Except Per Share Amounts) x x Implied Valuation Based on Publicly Traded Reference Companies Revenue 0.9 Revenue 1.4 Importance Weighting 10.0% 20.0% 20.0% 20.0% 15.0% 10.0% 5.0% Importance Weighting 10.0% 20.0% 20.0% 20.0% 15.0% 10.0% 5.0% Excludes $0.1 million in extraordinary expenses. $25,067 2,002 1,575 550 976 1,020 37,089 $25,067 2,002 1,575 550 976 1,020 37,089 Rinse Value [2] Rinse Value [2] Includes $0.1 million in royalty income. Projections provided by management. Implied firm value less net debt of $(10.1) million, estimated by management as of 3/31/03. Based on 4,491,225 fully diluted shares outstanding. Implied Valuation Based on Publicly Traded Reference Companies Valuation Parameter LTM Revenue [1] LTM EBITDA [1] LTM EBIT [1] LTM Net Income 2003 P Net Income 2004 P Net Income Book Value Valuation Parameter LTM Revenue [1] LTM EBITDA [1] LTM EBIT [1] LTM Net Income 2003 P Net Income 2004 P Net Income Book Value [1] [2] [3] [4]

$6.25 4.86 4.67 1.28 2.49 2.42 11.87 $4.83 4.00 4.67 Implied Equity Value per Share [4] $28,092 21,826 20,978 5,739 11,196 10,856 53,296 $21,712 17,948 20,978 Implied Equity Value [3] $17,967 11,701 10,853 NM 1,071 731 43,171 $14,249 8,700 11,277 Implied Firm Value x 1.4 Market / Book x 2004 P/E 10.6 Cal. x 2003 P/E 11.5 x P/E 10.4 x Project Rinse EBIT 6.9 Unweighted Mean Weighted Mean Median Page 26 LTM x Mean Multiples—Non-Nationally Branded Companies [5] EBITDA 5.8 (All Dollar Amounts in Thousands, Except Per Share Amounts) x Implied Valuation Based on Publicly Traded Reference Companies Revenue 0.7 Importance Weighting 10.0% 20.0% 20.0% 20.0% 15.0% 10.0% 5.0% Excludes $0.1 million in extraordinary expenses. $25,067 2,002 1,575 550 976 1,020 37,089 Rinse Value [2] Includes $0.1 million in royalty income. Projections provided by management. Implied firm value less net debt of $(10.1) million, estimated by management as of 3/31/03. Based on 4,491,225 fully diluted shares outstanding. Companies in average include: DLI, HELE, IPAR, & PARL. Implied Valuation Based on Publicly Traded Reference Companies Valuation Parameter LTM Revenue [1] LTM EBITDA [1] LTM EBIT [1] LTM Net Income 2003 P Net Income 2004 P Net Income Book Value [1] [2] [3] [4] [5]

Section VII

* EBITDA NA NA 15.3x NA NA NA NA NA 5.6x NA 6.0x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 9.0x 8.4x NA 2.5x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA * * Firm Value/ EBIT NA NA 22.1x NA NA NA NA NA 9.2x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 20.9x 10.8x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA [2] Sales NA NA 2.0x NA NA NA NA 2.8x 1.3x NA 1.9x NA NA NA NA NA NA NA NA NA 0.1x NA NA NA NA NA NA 0.5x 0.6x NA 0.5x NA NA NA NA NA 0.9x NA NA NA NA NA NA NA NA NA NA NA NA NA * * * * * Book Value NA NA 10.0 NA NA NA NA NA 3.5x NA 57.8x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 4.1x 1.5x NA NA NA NA NA NA NA 4.8x NA NA NA NA NA NA NA NA NA NA NA NA NA Equity Value/ * * * [3] [4] Net Income NA NA 45.6 NA NA NA NA NA 29.3x NA 5.6x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 40.0x 16.3x NA NA NA NA NA NA NA NA 11.9x NA NA 7.8x NA NA NA NA NA NA NA NA NA Firm Value [1] ($mil) NA NA $6,900.0 NA NA NA NA 450.0 1,074.1 NA 76.4 NA NA NA NA NA NA NA NA NA 12.0 NA NA NA NA NA NA 136.1 232.4 NA 225.0 NA NA NA NA NA 60.4 NA NA NA NA NA NA NA NA NA NA NA NA NA Equity Value ($mil) NA NA $5,800.0 NA NA NA NA NA 674.9 NA NA NA NA NA NA 1.0 NA NA NA NA 12.0 NA 4,950.0 NA NA NA NA 100.0 188.7 NA NA NA NA NA NA NA 54.3 160.0 NA NA 25.0 NA NA NA NA NA NA NA NA NA Page 27 Acquiror Name CSI East Thomas F. Frank Procter & Gamble Co Jason Natural Cosmetics Carrington Laboratories Sensient Technologies Corp Avalon Holdings Corp Andrew Jergens Co(Kao Corp) Samuel J Heyman Prime Pharmaceuticals Corp Chattem Inc Goldwell GmbH Alberto-Culver Co Zotos Intl Inc US Cotton LLC Alleghany Pharmcal Corp JM Smucker Co We Bassett Co Perio Products Inc Wella AG Hathi Group Body Shop International PLC Procter & Gamble Co Loreal USA Investor Group Headwaters Inc Jean Charles Inc Church & Dwight Co Sysco Corp Procter & Gamble Co French Fragrances Inc Henlopen Manufacturing Boots Co PLC Sally Beauty(Alberto-Culver) Pechiney SA LVMH Moet-Hennessy L Vuitton Tupperware Corp Andrew Jergens Co(Kao Corp) Beauty Systems Group Quigley Corp RP Scherer Corp Estee Lauder Co Inc Shiseido Co Ltd Helen of Troy Ltd eSalon Inc Chromatics Color Sciences Intl Cosmair Inc(L’Oreal SA) Elizabeth Arden Salon Holdings Hydrogiene Corp Starbase-1 Coffee Co Ltd Distributes beauty supplies Mnfr flavor,fragrance prod Mnfr personal care prod Mnfr perfumes and cosmetics Mnfr consumer prod beauty prod Mnfr perfumes,cosmetics Whl distrib of beauty prod Analysis of Selected Mergers and Acquisitions Since January 1, 1998 Target Business Description Mnfr, whl lip, eye, cosmetics Mnfr skin care prod Mnfr hair prod Mnfr hair, body prod Mnfr, whl health, beauty prod Mnfr cosmetics Mnfr organic personal care prod Mnfr, ret hair care prod Mnfr specialty chemicals Mnfr skin care prod Mnfr dandruff shampoo Mnfr hair care prod Mnfr hair care prod Mnfr cotton, foot care prod Mnfr personal hair care prod Mnfr, whl men’s shaving creams Mnfr spec personal care prod Mnfr,whl perfumes,cosmetics Mnfr hair and skin care prod Mnfr,whl skin care prod Mnfr soaps & detergents Mnfr soap,personal care prod Manufacture soap,detergent Mnfr,whl personal care prod Mnfr,whl eletric toothbrushes Manufacture cosmetics Pvd cosmetics packaging svcs Mnfr and whl skin care prod Distributes beauty supplies Mnfr cosmetics Mnfr,whl perfumes,fragrances Mnfr cosmetics,beauty aids Mnfr antiperspirant,deodorant Whls profssl Mnfr skin care prod Whl,dist hair prod Mnfr toiletry prod Mnfr,whl personal care prod Mnfr cosmetics Mnfr,whl hair, skin care prod Manufacture cosmetics Mnfr cosmetics Manufacture cosmetics Implied Valuation Based on Selected Mergers and Acquisitions Target Name Cosmolab Ecologique Inc Wella AG Shaman Beauty Products Creative Beauty Innov Cardre Inc Avalon Natural Products Inc John Frieda Professional Hair Care, Inc. International Speciality Products Nitrone Scientific Inc Abott Laboratories—Selsun Blue KMS Research Armstrong-McCall Joico Laboratories, Inc Amer Safety Razor-Cotton Lamaur Corp-Willow Lake Brand Intl Flavors & Fragrances Inc Pacer Tech-Cook Bates Prod Pfizer Inc-Barbasol Shave Graham Webb International Dial Corp-Spec Personal Care BSI USA Inc Bristol-Myers Squibb-Clairol BioMedic(Cosmetic Concepts) Carter-Wallace Inc-Consumer Hydrocarbon Technologies Inc Surrey Inc-Assets USA Detergents Inc Guest Supply Inc Dr Johns Products Ltd Elizabeth Arden Inc(Unilever) Moll Industries-Cosmetics Div Procter & Gamble-Clearasil B&H Supply Co Inc AMM Holdings-Cosmetics Div Fresh Inc BeautiControl Cosmetics Inc Chattem Inc-Ban Antiperspirant Davidson Supply Co Caribbean Pacific Natural Prod Advanced Polymer Sys Inc-Topic Bumble & Bumble Products LLC Bristol-Myers Squibb-Sea Tactica International Mercury Beauty Co Inc Gordon Laboratories Inc Matrix Essentials Inc Mario Tricoci Hair Salons Lifequest Inc Bar-Lor Cosmetics Date Announced 03/28/03 03/25/03 03/18/03 02/01/03 12/17/02 09/30/02 08/16/02 08/01/02 07/26/02 05/17/02 03/05/02 02/08/02 12/12/01 12/02/01 11/13/01 11/01/01 10/08/01 10/01/01 08/31/01 08/30/01 08/28/01 07/16/01 05/21/01 05/09/01 05/07/01 05/03/01 04/23/01 04/02/01 01/22/01 12/13/00 10/31/00 10/30/00 10/18/00 10/11/00 10/04/00 09/25/00 09/13/00 08/24/00 07/17/00 07/11/00 06/25/00 06/05/00 05/16/00 05/11/00 04/25/00 04/18/00 04/18/00 04/03/00 03/30/00 03/28/00

* * * EBITDA NA NA 58.9x NA NA NA NA NM NA 33.7x NA 5.4x NA NA 2.6x NA 58.4x 2.9x NA NA NA NA NA NA 6.9x NA NA NA NA NA NA NA NA NA NA NA 7.5x NA NA NA NA NA NA NA * * Firm Value/ EBIT NA NA NM NA NA NA NA NM NA 38.5x NA 8.1x NA NA 2.9x NA 107.1x 3.5x NA NA NA NA NA NA 9.7x NA NA NA NA NA NA NA NA NA NA 6.9x 9.9x NA NA NA NA NA NA NA * * * Sales NA NA 1.1x NA NA NA NA 6.0x NA 7.7x NA 0.8x NA NA 0.4x NA 13.3x 0.4x NA NA NA NA NA NA 1.0x NA NA NA NA NA NA NA NA NA NA 1.2x 0.8x NA NA NA NA NA NA NA * * * Book Value NA NA 1.2x NA NA NA NA NM NA 28.5x NA 0.5x NA NA 8.5x NA 2.1x 0.9x NA NA NA NA NA NA 2.8x NA NA NA NA NA NA NA NA NA NA 1.6x 6.8x NA NA NA NA NA NA NA Equity Value/ * Net Income NA NA NA NA NA NA NA NM NA 51.4x NA 10.8x NA NA 18.8x NA 15.2x 9.6x NA NA NA NA NA NA 15.3x NA NA NA NA NA NA NA NA NA NA 3.6x 12.9x NA NA NA NA NA NA NA [5] Firm Value [1] ($mil) NA NA 196.8 NA NA NA NA 238.9 NA 99,313.5 NA 47.0 NA NA 14.9 NA 5,419.9 30.4 NA NA NA NA NA NA 297.5 NA NA NA NA NA NA NA NA NA NA 21.0 90.6 NA NA NA NA NA NA NA Equity Value ($mil) NA NA 80.6 NA NA NA NA 125.7 NA 89,167.0 NA 29.4 NA NA 15.1 NA 5,050.7 42.9 90.0 NA NA NA 19.0 NA 173.1 NA NA 9.5 NA NA NA NA 185.0 NA 30.0 11.0 36.7 NA NA NA NA NA NA NA Page 28 Acquiror Name Diamond Products Co Alberto-Culver Co Cosmair Inc(L’Oreal SA) LVMH Moet-Hennessy L Vuitton Investor Group Roullier Group Beauty Systems Group Thermo Electron Corp Tristar Corp Pfizer Prestige Brands International North Shore Associates LP AKI Inc(AKI Holding Corp) LVMH Moet-Hennessy L Vuitton Tella-Tech Inc Estee Lauder Co Inc Johnson & Johnson LVMH Moet-Hennessy L Vuitton Playtex Products Inc LVMH Moet-Hennessy L Vuitton Allegheny Pharmacal Corp ProCyte Corp WD-40 Co Valley Products Co JW Childs Equity Partners LP Rexam PLC Erie Scientific Co French Fragrances Inc Johnson & Johnson Shansby Group Neiman-Marcus Grp(Harcourt) Heritage Marketing Corp Dial Corp Azurel Ltd Styling Technology Corp Zotos Intl Inc(Conair Corp) Henkel KGaA Color Me Beautiful Inc Derma Sciences Inc L’Oreal SA(Gesparal) Biomune Inc Carson Inc Revlon Inc Dial Corp Analysis of Selected Mergers and Acquisitions Since January 1, 1998 Target Business Description Mnfr shampoo Mnfr,whl personal care prod Mnfr hair,nail care prod Prod,whl cosmetics Mnfr cosmetics,pharmaceuticals Mnf hygiene prod Whl,mnfr beauty prod Mnfr personal care prod Prod,whl fragrances,cosmetics Health care, consumer prod Mnfr shampoos Mnfr perfumes,beauty prod Mnfr cosmetics Produce cosmetic prod Mnfr,whl health,beauty aides Mnfr,retail cosmetics Mnfr therapeutic health prod Whl men’s, women’s fragrances Mnfr infant bath related prod Mnfr cosmetics Manufacture haircare prod Mnfr skin care prod Mnfr hand cleaners Manufacture soap Mnfr,whl consumer prod Mnfr cosmetics Mnfr hand care prod Mnfr perfumes,cosmetics Mnfr dermatological prod Mnfr nail polish remover Mnfr cosmetics Mnfr cosmetics Manufacture bathroom prod Mnfr cosmetics and soap Mnfr hair,nail,skin care prod Manufacture shampoo Manufacture personal care prod Mnfr cosmetics Mnfr skincare prod Manufacture hair care prod Mnfr health,beauty,cosmetic Mnfr,whl hair care prod Whl hair care prod Mnfr cosmetic prod Implied Valuation Based on Selected Mergers and Acquisitions Target Name Gillette Co-White Rain Shampoo Pro-Line Corp Carson Inc Urban Decay Revlon Inc-Professional Prod A&L Laboratories Macon Beauty Supply ThermoLase Corp(ThermoTrex) Fragrance Impressions Ltd Warner-Lambert Co Procter & Gamble Co-Prell Parlux Fragrances Inc RetCom Holdings Ltd Benefits Cosmetics CCA Industries Inc Stila Cosmetics Inc Centocor Inc Inter Parfums Inc Baby Magic Hard Candy Playtex Prod-Intl Jhirmack NextDerm Inc Block Drug-Lava Heavy Duty Naimco Inc-Industrial Soap Ops American Safety Razor Co Sussex Plastics Inc Stahmer Weston & Co Inc Paul Sebastian Inc SC Johnson & Sons Inc-Skin Carson Inc-Cutex Business Gurwitch Bristow Products Color-Prelude Sarah Michaels(Bahrain Intl) Ben Rickert Inc Ft. Pitt Acquisition Inc Lamaur Corp-Professional Salon DEP Corp IVAX Corp Sunshine Products Inc Soft Sheen Products Rockwood Co LLC Johnson Products Co Inc AP Products Ltd Freeman Cosmetic Corp Date Announced 03/24/00 03/13/00 02/28/00 02/25/00 02/19/00 02/14/00 01/28/00 12/15/99 11/16/99 11/04/99 11/01/99 10/04/99 09/15/99 09/14/99 08/06/99 08/05/99 07/21/99 06/03/99 05/13/99 05/12/99 05/12/99 04/21/99 03/31/99 02/26/99 02/15/99 02/11/99 02/03/99 01/21/99 12/17/98 12/10/98 12/03/98 11/05/98 08/26/98 08/05/98 08/04/98 07/16/98 07/14/98 07/14/98 07/14/98 07/03/98 06/22/98 06/16/98 06/08/98 06/01/98

* EBITDA NA NA NA NA NA NA 7.2x NA NM NA NA NA NA 26.9x NA NA 5.8x 7.3 * Firm Value/ EBIT 4.1x NA NA NA NA NA 11.2x NA NM NA NA 6.9x NA 45.9x NA NA 7.6x 9.8 Sales 0.9x NA NA NA NA NA 0.9x NA 0.4x NA NA 1.8x NA 2.4x NA NA 1.1x 1.0x * Book Value 2.4x NA NA NA NA NA 1.2x NA NA NA NA NA NA 5.0x NA NA 1.6x 3.2 Equity Value/ Net Income 5.0x NA NA NA NA NA 18.6x NA NM NA NA NA NA NM NA NA 11.6x 15.2 Firm Value [1] ($mil) 5.1 21.8 3.2 NA NA NA 8.6 NA 8.6 NA NA 170.0 NA 267.4 NA NA Equity Value ($mil) 5.0 21.8 3.2 NA NA NA 11.8 NA 4.8 NA NA 170.0 NA 198.6 NA NA MEAN MEDIAN Page 29 Acquiror Name Styling Technology Corp Styling Technology Corp Styling Technology Corp Unilever NV Bellamy Retail Group PLC Del Laboratories Inc ACI Acquisition Partners Inc Andrew Jergens Co(Kao Corp) Pacer Technology French Fragrances Inc Estee Lauder Co Inc Chattem Inc Lion Corp Playtex Products Inc Bristol-Myers Squibb Co Fun Cosmetics Inc Target Business Description Mnfr nail care prod Mnfr foot pedicure spas Mnfr nail treatment prod Mnfr hygiene prod Mnfr,whl perfumes,cosmetics Mnfr face care prod Manufacture,whl cosmetics Mnfr cosmetics Mnfr beauty aids prod Mnfr,whl fragrances Manufacture cosmetics Mnfr deodorants Household, personal care prod Whl baby prod Mnfr cosmetics prod Mnfr,whl cosmetics NM—Not Meaningful Analysis of Selected Mergers and Acquisitions Since January 1, 1998 NA—Not Available Implied Valuation Based on Selected Mergers and Acquisitions Target Name Pro Finish USA Ltd European Touch II Ltd European Touch Co AmeriClean Systems Inc Body Shop International-US Bus Chattem-Corn Silk Oil Control Aloette Cosmetics Inc Bausch & Lomb-Skin Care Bus Cook Bates(London lntl Group) JP Fragrances Inc MAC(Estee Lauder Co Inc) Bristol-Myers-Ban Anti-Perspir JV-SC Johnson & Son, Lion Corp Personal Care Group, Inc. Redmond Products Inc Pentech Intl-Cosmetic Product *—Excluded from average [1] Firm value equals equity value plus total debt minus cash. [2] Sales figure as of Dec. 31, 2000. [3] Income figure as of Nov. 30, 1999. [4] Income figure as of Dec. 31, 1999. [5] Balance sheet data as of June 30, 1998. Income statement data as of Dec. 31, 1997. Sources: Mergerstat and SDC Platinum. Date Announced 05/26/98 05/26/98 05/20/98 05/13/98 05/12/98 05/12/98 04/14/98 04/07/98 03/04/98 02/27/98 02/26/98 02/23/98 01/31/98 01/29/98 01/27/98 01/09/98

$8.26 4.85 4.90 1.43 13.10 $6.51 4.76 4.90 Implied Equity Value per Share [3] $37,113 21,797 22,020 6,407 58,830 $29,233 21,400 22,020 Implied Equity [2] Value $26,988 11,672 11,895 NM 48,705 $24,815 12,204 19,441 Implied Firm Value x 1.6 Market / Book x Net Income 11.6 x 7.6 EBIT Unweighted Mean Weighted Mean Median LTM x Page 30 Project Rinse Mean Multiples—All Reference Transactions EBITDA 5.8 x (All Dollar Amounts in Thousands Except Per Share Amounts) Revenue 1.1 Implied Valuation Based on Reference M&A Transactions 10% 30% 30% 25% 5% Excludes $0.1 million of extraordinary expense for FY ‘02. Importance Weighting $25,067 2,002 1,575 550 37,089 Implied Valuation Based on Selected Mergers and Acquisitions Rinse Value Includes $0.1 million in royalty income for FY ‘02. Implied firm value less net debt of $(10.1) million, estimated by management as of 3/31/03. Based on 4,491,225 fully diluted shares outstanding. Valuation Parameter LTM Revenue [1] LTM EBITDA [1] LTM EBIT [1] LTM Net Income [1] Book Value [1] [2] [3]

Section VIII

• 56.0% 52.2% 46.7% 51.7% Weeks 4 • Week 45.0% 45.8% 41.3% 44.0% 1 • Valuation Day 26.2% 39.9% 34.5% 33.5% 1 • 31 • Implied Page • and [1] Million price. • Premia $150 purchase Analysis Products and Acquisition Care $10 disclosed a • Interest Personal Between with • Premiums—Present Paid (Non-Durables) Present Paid Present Paid Corporation. • Controlling Products—Products—Transactions—Above transactions Data • 1995 Premium 1998 Premium 1998 Premium of of Consumer Transactions Transactions M&A Transactions includes Securities Summary January 13 Average Consumer January 36 Average All January 667 Average Average Only • II. III. IV. Source: • Acquisition [1]

$4.00 $4.54 $4.20 Implied per Share Equity Value 33.5% 44.0% 51.7% Average Premium Paid $3.00 $3.15 $2.77 Rinse Stock Value Page 32 Valuation Parameter 1 Week Prior to Announcement [1] 4 Weeks Prior to Announcement [1] Based on announcement of management’s bid for the Company on April 16, 2002. Acquisition Premiums Analysis and Implied Valuation 1 Day Prior to Announcement [1] [1]

Section IX

2.9% 9.9% 5.2% 2.7% 1.9% 2.6% 3.1% 3.3% 3.6% 5.4% 6.4% % of Total Over 80% Through 100% 4 14 9 7 6 10 15 17 26 31 28 # of Deals 5.1% 13.4% 8.1% 10.8% 6.8% 8.9% 7.2% 9.0% 10.2% 12.7% 11.6% % of Total Over 60% Through 80% 7 19 14 28 22 34 35 46 74 73 51 # of Deals % of Total 20.4% 14.8% 19.7% 20.0% 17.0% 18.4% 17.2% 16.2% 20.3% 24.2% 20.5% 1991—2001 Over 40% Through 60% 28 21 34 52 55 70 84 83 147 139 90 Page 33 Project Rinse # of Deals % of Total 30.7% 29.6% 36.4% 34.2% 33.3% 30.7% 34.7% 30.5% 34.7% 26.7% 25.7% Distribution of M&A Premiums Offered [1] Over 20% Through 40% 42 42 63 89 108 117 169 156 251 153 113 # of Deals % of Total 36.5% 29.6% 27.2% 25.4% 32.7% 35.7% 35.1% 34.2% 24.8% 22.0% 23.2% Under 20% 50 42 47 66 106 136 171 175 179 126 102 # of Deals MergerStat Review Premiums and P/E Multiples Implied Valuation Year 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 [1] Only includes transactions with a publicly disclosed purchase price. All statistics are based on the stock closing price one day prior to announcement. Source: MergerStat Review

(Base) (113) (57) (64) (204) (235) 2001 56.3% 45.0% 44.2% 33.7% 45.0% (Base) (89) (72) (69) (344) (316) 2000 42.9% 38.0% 41.5% 41.4% 40.8% (Base) (86) (74) (106) (456) (380) 1999 35.5% 35.0% 34.9% 34.3% 33.4% (Base) (55) (54) (79) (323) (213) 1998 39.8% 34.7% 38.5% 27.5% 30.1% (Base) (52) (40) (63) (332) (191) 1997 36.9% 22.4% 26.6% 27.6% 25.8% (Base) (39) (56) (68) (218) (115) Page 34 Project Rinse 1991—2001 1996 32.2% 26.4% 27.3% 26.6% 26.7% (Base) (53) (53) (44) (174) (91) M&A Premiums by Deal Size[1] 1995 42.9% 24.4% 35.4% 29.0% 28.4% (Base) (45) (36) (53) (126) (59) 1994 42.9% 33.9% 27.8% 35.8% 36.8% (Base) (38) (28) (31) (76) (46) 1993 32.3% 36.7% 31.5% 32.0% 32.5% (Base) (35) (30) (22) (55) (35) MergerStat Review Premiums and P/E Multiples Implied Valuation 1992 33.3% 21.6% 32.3% 39.0% 29.6% Price: Median Percent Premium Offered $25.0 million or less $25.0 through $50.0 million $50.0 through $100.0 million $100.0 million or more 100% Cash Consideration [1] Only includes transactions with a publicly disclosed purchase price. All statistics are based on the stock closing price one day prior to announcement. Source: MergerStat Review Purchase

AVERAGE 43.5% 33.0% 2002 YTD 6,406 $388,633 58.2% 34.1% 8,290 $699,398 57.2% 40.5% 2001 9,602 49.2% 41.1% 2000 $1,395,500 9,277 43.3% 34.6% 1999 $1,372,500 7,928 40.7% 30.1% 1998 $1,240,800 7,800 35.7% 27.5% 1997 $657,063 5,848 36.6% 27.3% 1996 $494,962 Page 35 Project Rinse 3,510 44.7% 29.2% 1991—2002 YTD [1] 1995 $356,016 2,997 41.9% 35.0% 1994 $226,671 2,663 38.7% 33.0% 1993 $176,400 Summary of Recent Mergers and Acquisitions Activity 1992 2,574 $96,688 41.0% 34.7% MergerStat Review Premiums and P/E Multiples Implied Valuation 1991 1,877 $71,164 35.1% 29.4% Industries: YTD information as of 11/21/02 . Only includes transactions with a publicly disclosed purchase price. Total Number of Net Acquisition Announcements Total Dollar Value Paid [2] Average Premium Paid Over Market [2] Median Premium Paid Over Market [2] [1] [2] Source: MergerStat Review All

[4] [4] Implied Equity $4.31 Implied Equity $3.99 Value per Share Value per Share Implied Equity Value $19,338 Implied Equity Value $17,926 [3] [3] 1991-2002 YTD [1] Average Value Premium 1 Day Prior To Announcement 43.5% 1991-2002 YTD [1] Median Value Premium 1 Day Prior To Announcement 33.0% Page 36 Project Rinse Implied Valuation Analysis Utilizing Selected Premiums From M&A Transactions in General (Dollars in Thousands except Share Price) Rinse Value $3.00 Rinse Value $3.00 MergerStat Review Premiums and P/E Multiples Implied Valuation Valuation Parameter Stock Price 1 Day Prior to Announcement [2] Valuation Parameter Stock Price 1 Day Prior to Announcement [2] [1] YTD information as of 11/21/02. [2] Based on announcement of management’s bid for the Company on April 16, 2002. [3] Source: MergerStat Review. [4] Based on 4,491,225 fully diluted shares outstanding.

Average P/E Multiples 2002 23.4 20.8 23.6 17.2 2001 17.8 21.0 20.2 20.2 Page 37 Project Rinse M&A Average P/E Multiples 2001 & 2002 MergerStat Review Premiums and P/E Multiples Implied Valuation Deal Size $50.0M to $99.9M $25.0M to $49.9M $10.0M to $24.9M Under $10.0M Source: MergerStat Review

[2] [2] Implied Equity $3.08 Implied Equity $2.89 Value per Share Value per Share Implied Equity Value $13,842 Implied Equity Value $12,988 [1] [1] Average P/E Multiple 20.2 Average P/E Multiple 23.6 Project Rinse (Dollars in Thousands except Share Price) Rinse Value $685 Rinse Value $550 Page 38 Implied Valuation Analysis Utilizing Selected P/E Multiples From M&A Transactions in General Valuation Parameter Valuation Parameter MergerStat Review Premiums and P/E Multiples Implied Valuation 2001 Net Income 2002 Net Income [1] Source: MergerStat Review. [2] Based on 4,491,225 fully diluted shares outstanding.

Section X

$29,229 3.0% 17,713 11,516 39.4% 9,938 1,869 6.4% 291 $1,578 5.4% 38.0% $979 291 $1,270 $50 293 (69) $274 $995 2007 $28,377 3.0% 17,197 11,181 39.4% 9,648 1,840 6.5% 308 $1,532 5.4% 38.0% $950 308 $1,258 $50 284 (67) $268 $990 2006 $27,551 3.0% 16,696 10,855 39.4% 9,367 1,829 6.6% 342 $1,488 5.4% 38.0% $922 342 $1,264 $50 288 (66) $272 $992 2005 Projected Years Ending December 31, [1] $26,748 3.0% 16,183 10,566 39.5% 9,094 1,834 6.9% 363 $1,471 5.5% 38.0% $912 363 $1,275 $50 268 (63) $255 $1,020 2004 $25,969 3.6% 15,711 10,258 39.5% 8,830 1,872 7.2% 393 $1,478 5.7% 38.0% $917 393 $1,310 $50 (573) (71) ($594) $1,904 2003 $25,067 -11.4% 15,206 9,861 39.3% 8,509 2,002 8.0% 427 $1,575 6.3% 64.0% $587 427 $1,014 $30 (2,209) 542 ($1,637) $2,650 2002 Page 39 $28,296 -9.1% 16,243 12,053 42.6% 11,363 2,884 10.2% 1,895 $989 3.5% 21.6% $755 1,895 $2,650 $85 (2,933) 442 ($2,406) $5,056 Historical FYE Dec. 31, 2001 Excludes $125,000 and $75,000 of extraordinary expenses in 2001 and 2002, respectively. FLOWS: CASH Discounted Cash Flow Analysis (Dollars in Thousands, Except Per Share Amounts) Revenue Growth Gross Profit        % of Revenue        % of Revenue Depreciation and Amortization Expense        % of Revenue Effective Tax Rate Earnings Before Interest and After Taxes [3] Depreciation and Amortization Expense TOTAL SOURCES Capital Expenditures Plus: Increase (Decrease) in Current Assets Except Cash Plus: Decrease (Increase) in Current Liabilities Except Debt TOTAL USES Projections for 2003-2007 provided by Rinse management. Includes royalty income for 2001 thru 2003. Extraordinary expenses taxed at 38%. PROJECTED Revenue Cost of Goods Sold (includes depreciation expense) Selling, General and Administrative Expenses (includes d&a expenses) EBITDA [2] Earnings Before Interest and Taxes [2] CASH SOURCES: CASH USES: FREE CASH FLOW [1] [2] [3]

4,491 $4.83 4.57 4.35 4.15 3.98 3.83 3.70 6.0x $21,702 $20,531 $19,521 $18,645 $17,882 $17,216 $16,631 4,491 $4.57 4.35 4.15 3.98 3.83 3.70 3.58 5.0x $20,542 $19,517 $18,631 $17,861 $17,191 $16,603 $16,087 Equity Value per Share 4,491 $4.32 4.12 3.95 3.80 3.67 3.56 3.46 Discounted Present Value of Equity 4.0x $19,381 $18,502 $17,740 $17,078 $16,499 $15,991 $15,543 = = = = = = = Net Debt [3] 3/31/03 ($10,125) ($10,125) ($10,125) ($10,125) ($10,125) ($10,125) ($10,125) -—-—-—- 6.0x $6,964 $6,088 $5,340 $4,700 $4,150 $3,675 $3,264 Page 40 Present Value of Terminal Year EBITDA [2] 5.0x $5,804 $5,073 $4,450 $3,917 $3,458 $3,063 $2,720 Shares Outstanding [4] EQUITY 4.0x $4,643 $4,058 $3,560 $3,133 $2,767 $2,450 $2,176 OF VALUE + + + + + + + Present Value of $4,613 $4,318 $4,055 $3,820 $3,607 $3,415 $3,241 PRESENT Free Cash Flow [1] Discounted Cash Flow Analysis (Dollars in Thousands, Except Per Share Amounts) DISCOUNTED Discount Rate 10.0% 13.0% 16.0% 19.0% 22.0% 25.0% 28.0% [1] Discounted back to 12/31/02. [2] Based on average of M&A reference transactions. [3] Net debt equals short term and long term debt less cash and CD balances estimated by management as of 3/31/03. [4] Based on 4,491,225 fully diluted shares outstanding.