20.10.05 —

Bensberg, October 20, 2005 – Girindus AG, a company listed in the Prime Segment of the German Stock Exchange and specialized in process development and the production of innovative drug and cosmetic actives, today corrected its targets for the current year.

The company's management believes that one of the reasons behind it having to take this step are the costs resulting from the majority acquisition of Girindus by Solvay Organics GmbH.

In addition to consulting and transaction costs as part of the acquisition offer, additional cost and charges were incurred and will also still arise in connection with restructuring of the company.

A further reason are the start-up costs for the new active cosmetic ingredients line. These further depressed earnings in the first nine months. The complex, time-consuming contractual negotiations which are currently being held with international cosmetics groups show that Girindus will only be able to count on larger income from marketing and production as of next year.

In total, the company's management believes that these factors will cause earnings before interest, tax, depreciation and amortization (EBITDA) to be around minus 3.5 million Euros at the end of the year. This differs from the original forecast, however it still represents a significant improvement over 2004 (minus 4.9 million Euros).

The new majority shareholder, Solvay Organics GmbH, will also provide the funds required for Girindus’ further growth.

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