Positive Forecast for 2004

Over 400 shareholders as well as representatives from shareholder associations and banks attended the meeting. All of the resolutions passed with very high majorities, with only very few abstentions or opposing votes. The actions of the Management and Supervisory Boards were ratified nearly unanimously.

As announced the year before, the distribution to the shareholders was significantly increased this year: A dividend of 40 cents, as well as an additional bonus in the amount of 30 cents, i.e. a total of 70 cents per dividend-entitled share of stock, will be paid to the shareholders from retained earnings (last year: 56 cents per share). Ernst & Young was elected to serve as the company’s new independent auditor.

In his review of the past year, Chief Executive Officer Wolfgang Dondorf again discussed the 2003 fiscal year, in which the company did sustain a moderate 4.6- percent decline in net sales but was nevertheless able to earn a respectable profit of € 12.8 million and a return on sales of 8.9 percent. The company anticipates that both sales and earnings will be up significantly in 2004. This view was prompted by the first quarter of 2004, in which sales revenues rose by 11.1 percent and net income by 52.7 percent year on year.

Also introduced at the Annual Shareholders Meeting was the company’s new Chief Financial Officer Manfred Bender, who has held executive positions with the company since 1998 and was appointed to the Management Board effective April 1, 2004.

During the general discussion, shareholders and representatives of the shareholders associations voiced positive comments about the company’s development and were extremely pleased about the higher dividend distribution.

Further information including voting results is available on the Internet.

Except for historical information contained herein, the statements made in this release constitute forward looking statements that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements, including those risks detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.