Trading Update

Reflexion Cosmetics PLC
16 June 2005

Reflexion Cosmetics plc (the 'Company') 
Trading Update 
16 June 2005

Since its shares began trading on AIM on 8 March 2004, the Company (AIM: RFX) 
has investigated a number of potential acquisitions, none of which have 
completed. This has significantly depleted the Company's cash and net asset 
position. In order to allow it to continue to seek to conclude an appropriate 
acquisition, Blue Star Capital plc has undertaken to underwrite certain 
transaction costs.

Nigel Robertson and John Vergopoulos, being Chairman and Non-executive Director 
respectively of both the Company and Blue Star Capital plc, have beneficial 
interests in Blue Star Capital plc of 32.2 per cent. and 7.6 per cent 
respectively.

Blue Star Capital plc do not currently have an interest in the issued share 
capital of the Company. 

Enquiries:

Tim Cofman, W.H. Ireland                  0121 6162101 

Mark Court, Buchanan Communications       0207 466 5000



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