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REV News Revlon Announces Successful Completion of Amendment to Bank Credit Agreement

NEW YORK--(BUSINESS WIRE)--Revlon, Inc. (NYSE: REV) today announced that its wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("RCPC"), has successfully consummated the previously-announced amendment to its bank credit agreement.

The amendment enables RCPC to add back to the bank credit agreement's definition of EBITDA up to $75 million of charges related to the Company’s previously-announced organizational streamlining and discontinuance of its Vital Radiance brand.

Commenting on the announcement, Revlon President and CEO David Kennedy stated, "We are pleased with the continued demonstration of support from our lenders. This amendment provides us with flexibility we need to reduce our cost structure and improve our margins, while simultaneously continuing to invest in our established brands to drive profitable growth."

Revlon is a worldwide cosmetics, skin care, fragrance and personal care products company. The Company's vision is to deliver the promise of beauty through creating and developing the most consumer preferred brands. Websites featuring current product and promotional information can be reached at www.revlon.com, www.almay.com and www.mitchumman.com. Corporate and investor relations information can be accessed at www.revloninc.com. The Company's brands include Revlon(R), Almay(R), Ultima(R), Charlie(R), Flex(R) and Mitchum(R).

Forward-Looking Statements

Statements in this press release which are not historical facts, including statements about the Company's plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made, and, except for the Company's ongoing obligations under U.S. federal securities laws, the Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Such forward-looking statements include, without limitation, the Company's expectations and estimates about future events, including the Company's plans to reduce its cost structure, improve its margins and drive profitable growth. Actual results may differ materially from forward-looking statements for a number of reasons, including those set forth in the Company's filings with the SEC, including the Company's 2005 Annual Report on Form 10-K, Form 10-Qs and Form 8-Ks filed with the SEC during 2006 (which may be viewed on the SEC's website at http://www.sec.gov or on Revlon, Inc.'s website at http://www.revloninc.com), as well as reasons including difficulties, delays or the inability of the Company to reduce its cost structure, improve its margins and/or drive profitable growth, such as due to higher than anticipated expenses, the Company's productivity initiatives or cost reduction actions being less effective than planned, less than anticipated revenues, such as due to less than expected retailer or consumer acceptance of the Company's marketing plans and actions, increased cost of goods sold or greater than expected returns. Factors other than those listed above could also cause the Company's results to differ materially from expected results. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, the Company's websites or other websites referenced herein shall not be incorporated by reference into this release.