LETTER TO SHAREHOLDERS

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1 MARCH 2008 _ No. 42 LETTER TO SHAREHOLDERS The dividend has doubled in 5 years Dear Shareholders, 2007 marks a further very strong increase in the group's results, reflecting the quality of the management of Jean-Paul Agon and his teams. The level of results achieved enables us to propose another substantial increase in dividend of +16.9% to the Annual General Meeting on April 22 nd The pay-out ratio also has once again increased and now amounts to 41.1%. In the space of five years, the dividend has thus more than doubled. This is further proof of the group's confidence for the coming year. Furthermore, your Board of Directors, which is constantly striving to adapt its organisation to changes in the group, has split the Management and Remuneration Committee into two separate Committees, one responsible for selecting new Board members and corporate officers for nomination by the Board, and the other for determining the remuneration of senior executives. The creation of those two committees strengthens the already vigilant and balanced organisation which helps guarantee that the group's harmonious development will continue over the coming years. Sir Lindsay Owen-Jones Chairman of L'Oréal Further strong growth in 2007 annual results Dear Shareholders, The results of your group have once again advanced substantially and are of a very high quality. Sales growth accelerated significantly to reach +8% like-for-like, right at the top of our target range, and clearly faster than the growth of the worldwide cosmetics market. All divisions gained market share and your group improved its positions on all continents. Operating profitability has also grown strongly thanks to the improvement in gross profit and cost management. All divisions and all zones contributed to this achievement, particularly the "Rest of the World" whose profitability, in absolute value, has reached the same level as North America. As for 2008, we are optimistic despite the uncertainties of the economic environment. Firstly because our business has always proven extremely resilient during periods of economic uncertainty. Secondly because we intend to continue strengthening our positions and growing faster than the market. Finally, because the large proportion of our sales now made in new and very fastgrowing markets is providing a powerful relay for our global growth. For all these reasons, we are confident about our ability to once again achieve in 2008 high sales growth and a significant increase in our results. Jean-Paul Agon Chief Executive Officer of L'Oréal Tribute to Mr André Bettencourt Mr André Bettencourt passed away on November 19 th He was a Board member of L'Oréal and Vice-Chairman of the Board of Directors from 1980 to 1994, and Chairman and Chief Executive Officer of Gesparal from 1983 to In a tribute to him, Sir Lindsay Owen-Jones and Jean-Paul Agon said: "Mr Bettencourt always demonstrated a strong and sincere attachment to the company and its teams. He was approachable, warm-hearted and caring, reflecting the humanistic traditions of L Oréal which he encouraged. Our thoughts are with the Bettencourt-Schueller family, with whom we have a very close relationship, founded on great mutual trust and a common passion for the company."

2 02 _ HIGHLIGHTS Strong growth in 2007 annual results Substantial improvement in operating profit Strong growth in net earnings per share Strong increase in dividend Sales (1) (in millions of euros) Operating profit (in millions of euros) Net earnings per share (2) (in euro) Dividend (3) (in euro) +8.1% 17, % 2, % % 1.38 (1) Reported figures. (2) Diluted net earnings per share based on net profit excluding non-recurrent items after minority interests. (3) Proposed to the Annual General Meeting of shareholders of April 22 nd Sales growth by geographic zone* +4.8% +14.6% +4.1% +29.4% +15.4% +14.3% * Like-for-like growth. Project for strategic agreement between L'Oréal and PPR for the acquisition of YSL Beauté By courtesy of YSL Beauté. L Oréal has made a firm offer to the PPR group to acquire the shares of YSL Beauté including the Roger & Gallet brand. The offer, amounting to 1.15 billion, is also aimed at obtaining an exclusive and very long-term worldwide licence for the use of the Yves Saint Laurent and Boucheron brands in fragrances and cosmetics, and at taking over the licences for the Stella McCartney, Oscar de la Renta and Ermenegildo Zegna brands. YSL Beauté recorded sales of around 630 million in Two questions to Jean-Paul Agon Why do you want to buy YSL Beauté? "Yves Saint Laurent is a mythical French luxury brand which is admired the world over. It would fit in perfectly by joining Giorgio Armani, the cult Italian fashion brand, and Ralph Lauren, the number one American designer brand. This project for a strategic agreement would optimise our brand portfolio in the strategically important luxury beauty segment which is growing rapidly across the world." How will YSL Beauté benefit from integration in L'Oréal? "YSL Beauté has outstanding growth potential. We are convinced that its integration in our luxury products division will lead to an acceleration in its development. We will enable it to benefit from our geographical reach and our relationships with the major perfume distributors. The agreement provides a growth opportunity for our luxury businesses and for the L Oréal group as a whole." Acquisitions At a glance L Oréal acquires Canan which is in 4 th position in the Turkish mass-market haircare segment with its Ipek brand. L'Oréal is thus hoping to accelerate the growth of the Consumer Products Division's brands in a market with substantial development potential. Instrumental cosmetics collaboration agreement: L Oréal and the American company Light BioScience, leader in the medical research of LED (Light Emitting Diodes) Photomodulation have signed a scientific collaboration agreement for the development of skincare devices using Light BioScience's proprietary skin rejuvenation technology. L Oréal USA acquires Columbia Beauty Supply and is thus continuing to strengthen its positions in the distribution of professional products to American salons, after acquiring Beauty Alliance and Maly s West in April and July This acquisition demonstrates L'Oréal's determination to offer a better service to hair salons.

3 FOCUS ON OUR PRODUCTS _ 03 Shu Uemura Art of Hair: hair as a work of art A new professional haircare brand is born. Shu Uemura Art of Hair is synonymous with absolute luxury in the most prestigious hair salons on the planet. Taking its inspiration from the Japanese tea ceremony, Shu Uemura Art of Hair is a sensorial journey, with haircare and styling products formulated with rare, natural and precious ingredients rediscovered by science. The very favourable response in the most exclusive American and European salons suggests that growth prospects are very strong. With Crema Nera, Giorgio Armani becomes a global beauty brand It was in Pantelleria, off the southern coast of Sicily, an island known from ancient times as the "Black pearl of the Mediterranean", that Giorgio Armani found the pantellerite obsidian used in the composition of Crema Nera, his new luxury skincare range. Following its initial launch in the United States in July 2007, and then in Japan, Hong Kong and Europe, Crema Nera is proving a genuine success everywhere, enabling Giorgio Armani to become a global beauty brand. Aqualia Thermal much more than a moisturiser a fortifier Revitalift from L Oréal Paris, world number 1 in anti-wrinkle skincare For women looking for a product capable of correcting even the most pronounced lines, L Oréal Paris has created Revitalift Deep Set Wrinkle. This skincare repair line combines Pro-Retinol A, the proven anti-wrinkle active ingredient, with FibroPlastyl, a new ingredient which stimulates and regenerates the supporting fibres. This product makes the skin firmer. It protects the skin against sunlight thanks to an anti-uva filter and makes it brighter thanks to its gold and violet micropearls. With Andie MacDowell as its ambassador, the success of Revitalift Deep Set Wrinkle has spread across the world, strengthening the skincare range of Revitalift, world number one in the anti-wrinkle segment. Some 90% of women use a moisturiser on a daily basis. Laboratoires Vichy has designed Aqualia Thermal just for them. With this product, moisturising not only provides the skin with moisture, but also with minerals. Aqualia Thermal, which leaves the skin supple, fresh and velvety, is available in three formulas: light, rich and serum. The new range has produced very encouraging results in the highly dynamic moisturising segment, which represents around one-quarter of facial skincare sales in pharmacies.

4 04 _ AROUND THE WORLD L'Oréal becomes the number one cosmetics group in Russia As soon as the market opened up in the early 1990s, L Oréal rapidly rolled out its major brands. With sales of 540 million in 2007, Russia became the group's 7 th largest market. L Oréal's growth there is very strong. Thanks to the emergence of a new middle class, rapid growth in the ranks of the wealthy and the extension of modern retailing throughout the country, the cosmetics market should continue to prove dynamic. With its comprehensive and diversified brand portfolio, L Oréal became the market leader in 2007 and has substantial development potential over the coming years. The Garnier brand, which has successfully adapted its offering to appeal to Russian women, has become the number one consumer product brand in the skincare segment. $540 million of sales in % like-for-like growth in Under the spell of Giorgio Armani The Luxury Products Division is one of the most dynamic players on the Russian market. Thanks to the growing enthusiasm for luxury products, the selective retailing market is booming. One of the biggest success stories is Giorgio Armani. The brand has thus opened up a dedicated sales outlet at Gum, the celebrated department store on Moscow's Red Square. Affordable luxury with L'Oréal Paris For Russian women, L'Oréal Paris is synonymous with elegant and sophisticated beauty. They have made it the number one cosmetics brand, particularly because of its affordable luxury image.

5 AROUND THE WORLD _ 05 Active Cosmetics contributes to the modernisation of pharmacies The Professional Products Division takes the lead in the hair salon market The Color Trophy, a competition for the country's top hair colour specialists, has become a must for Russian hairdressers. Through hairdresser education and artistic seminars, the Division is contributing to the emergence of modern and dynamic salons. L Oréal Professionnel, Kérastase and Matrix are proving highly successful, making the Division number one in the market in Russian consumers like to buy their skincare creams in pharmacies. Vichy and La Roche- Posay have made a major contribution to modernising this channel, in which they are the undisputed leaders. Lastly, The Body Shop is building up its presence in the country. In 2007, the number of sales stores rose from 15 to 21. Never without make-up Russian women attach great importance to hairdressing and above all using make-up. 49% of them will not leave their homes without being sure both make-up and hair are just right, compared with only 20% of American women*. Almost all young women between the ages of 15 and 25 (97%) use make-up, with eye make-up and lipstick as the priorities. * Source: RISC International. N E W S Poland Natural success for The Body Shop In its seven stores opened in 2007 in Warsaw and three other cities in Poland, The Body Shop is making its mark, particularly with its make-up and fragrance ranges. The boom in the Polish market fully justifies the brand's goal of opening around fifty stores in Poland over the next five years. Dubai Viktor & Rolf, luxury rolls out its brands Launched in highly exclusive channels, the Viktor & Rolf brand has very rapidly succeeded in making FlowerBomb one of the top five women's fragrances in Dubai. The introduction of Viktor & Rolf, which perfectly embodies the modern luxury concept, is continuing in the luxury brand portfolio roll-out in this region. Spain Matrix displayed in 5,000 salons One year after the brand's launch in Spain, more than 5,000 hair salons have used Matrix p r o d u c t s : SoColor Beauty hair colourant and Biolage h a i r c a r e r a n g e s a r e proving highly s u c c e s s f u l. The American brands Matrix and Redken m e a n w h i l e are asserting their role as growth relays for the Professional Products Division in West European countries.

6 06 _ GROWTH RELAYS La Roche-Posay : the favourite brand of dermatologists Driven by growing demand for health in beauty products, La Roche-Posay is proving increasingly successful. Now the world number three dermocosmetics brand, its sales grew by +18.4% in 2007 and have more than doubled in the last five years. Its skincare, make-up and professional skincare products fully meet the efficacy and safety requirements of dermatologists, who have made the brand their preferred partner. Their growing role in aesthetic skincare has brought worldwide renown for La Roche-Posay, opening up very promising development prospects. Strong growth of new markets Brazil: second largest market in the world 3 rd global dermocosmetics brand. 25,000 dermatologists of all countries recommend the brand % like-for-like growth in % in Mexico, +49% in Eastern Europe, +90% in China. La Roche-Posay sales are skyrocketing worldwide thanks to the success of its new products, such as Substiane anti-ageing replenishing care, Iso Uréa smoothing regulating body milk, and Biomedic, a new range of peeling products exclusively for use by dermatologists, launched throughout Europe. Products for all kinds of skin, even the most sensitive Effaclar, Anthelios, Substiane just some of the core products of La Roche-Posay, which offers everyday skincare and make-up products recommended by dermatologists and in pharmacies for all kinds of skin, even the most sensitive. Formulated with La Roche-Posay thermal water - soothing and highly antioxidant - the products are hypoallergenic and non-comedogenic. In a country where the body and beauty are always centre stage, and where dermatologists are playing a constantly increasing role, La Roche-Posay is appealing to growing numbers of women. The brand's sales in Brazil grew by 28% last year. The growth drivers include sun products, and anti-ageing products, whose sales shot up by 50% in Brazil has become the 2 nd largest market in the world for La Roche-Posay. Preferred partner of dermatologists La Roche-Posay representatives visit more than 35,000 dermatologists worldwide. They share the brand's values, exchange views about the latest product innovations, and build up a special relationship. The objective: to be their number 1 partner. The brand supports dermatological research through an International Foundation. Each year, it grants a scholarship to a researcher for a specific project, and awards a prize for work in clinical or biological dermatology.

7 L'ORÉAL COMMITMENTS _ 07 Creation of the L'Oréal Corporate Foundation "Setting up a foundation means opening another door to the world. It means getting involved in the day-to-day struggle to try to make the world more just and, why not, a more beautiful place." Sir Lindsay Owen-Jones, Chairman of L Oréal, Chairman of the L'Oréal Corporate Foundation Launched in October 2007, ten years after the creation of the "For Women in Science" sponsorship programme, the L Oréal Corporate Foundation takes initiatives in three areas - Education, Science and Solidarity - as reflected in its three missions. L'Oréal amongst the 100 most responsible companies At the World Economic Forum in Davos, the value rating agency Innovest and the Canadian magazine Corporate Knights acknowledged L Oréal's position as one of the top 100 global companies in terms of sustainable development. The ranking includes companies from 17 countries covering all sectors of the economy. Encouraging knowledge Encouraging knowledge by scientific education, raising a w a r e n e s s a n d prevention. L'Oréal has committed itself t o A I D S p re v e n - tion by creating the worldwide "Hairdressers against AIDS" network. The Foundation will extend this educational initiative. It is also developing initiatives to raise awareness of environmental issues. Promoting scientific research P r o m o t i n g s c i e n t i f i c r e s e a r c h b y e n c o u r a - g i n g w o m e n i n s c i e n c e, by extending the "For Women in Science" programme created by L'Oréal in partnership with Unesco, through initiatives to foster scientific knowledge, and through the development of research and knowledge in beauty-related social sciences. Helping vulnerable people Helping people who are vulnerable (for reasons of health, exclusion, age or disability), by providing them with a sense of well-being through the use of cosmetics. The Foundation is a partner of the "Look Good Feel Better" programme, known in France as "La Vie, de plus Belle ", which helps women with cancer reclaim control of their image through make-up workshops. Extending existing programmes and making them permanent The goal of the L'Oréal Foundation is primarily to bring together and extend existing programmes (such as "For Women in Science", to promote the role of women in scientific fields, "Hairdressers against AIDS", and "La Vie, de plus Belle" for women with cancer), and ensure their continuing existence. while opening up to new projects A further goal of the L'Oréal Foundation is to open up to new projects serving the general interest in a realistic and effective way. The Foundation is also carrying out a corporate project to encourage the gradual involvement of group employees. The Foundation's actions: Initially, the Foundation's actions will be focused on women, in order to help them and foster the role they play in society in all their diversity. It is with this aim in mind that the Foundation is supporting the "Women of the World" exhibition by Titouan Lamazou at the Musée de l Homme and the "La Maison des Femmes" project in partnership with Samusocial. Titouan Lamazou: a new way of seeing beauty and diversity Over a period of 6 years, Titouan Lamazou travelled all over the world and met more than 200 women from different cultures and social origins. Titouan Lamazou painted, drew or took photographs of each woman he met, making moving portraits of women which provide an insight into the changes taking place in our societies. An exhibition is being held at the Musée de l'homme in Paris until May 15 th, This artistic and sociological project contributes to an understanding of the world, encouraging the emergence of a new way of seeing women and celebrating the diversity of beauty. La Maison des femmes: a specific approach to help the most vulnerable women La Maison des femmes aims to offer homeless women a suitable place to help break the pattern of repeated returns to the street and to emergency accommodation centres. This pilot project by Samusocial seeks to end their isolation and offer them a "life space" where they can rebuild their lives. This is an essential step towards considering a future where they will no longer live on the street. The house, at Montrouge in the Paris suburbs, has space for 14 women.

8 08 _ SHAREHOLDER GUIDE How to take part in the Annual General Meeting on April 22 nd 2008 Holder of bearer shares Request a certificate of participation from your bank or your custodian who will send it to BNP Paribas Securities Services. L'Oréal share price Attend the Annual General Meeting on April 22 nd /1/ /15/07 01/29/ /12/07 Holder of registered shares (directly or administered registered) Your notice to attend is sent to you automatically by BNP Paribas Securities Services. Return the entrance card request form to BNP Paribas Securities Services. BNP Paribas Securities Services will send you your entrance card. Attend AGM on April 22 nd 2008 at the Carrousel du Louvre 99, rue de Rivoli Paris, France BNP Paribas Securities Services L'Oréal Securities Services GCT Emetteurs - Assemblées Immeuble Tolbiac Paris Cedex 09 - France L'Oréal CAC 40* 02/26/ * Rebased on L'Oréal. 03/12/07 03/26/ /9/07 04/23/ /7/07 05/21/07 Holder of bearer shares Request a postal vote form or proxy form from your bank or custodian, or from BNP Paribas Securities Service /4/07 06/18/ /2/07 Vote at the Annual General Meeting on April 22 nd 2008 without attending Your choice is registered for the Annual General Meeting on April 22 nd /16/07 07/30/ /13/07 08/27/07 Holder of registered shares (directly or administered registered) Your notice to attend is sent to you automatically by BNP Paribas Securities Services. Choose one of the voting possibilities indicated on the form: - Give proxy to the Chairman; - Give proxy to your spouse or to another shareholder; - Cast a postal vote on the draft resolutions. Sign your voting form and return it no later than 3 working days before the Annual General Meeting to BNP Paribas Securities Services. For further information, contact us on /10/07 09/24/ /8/07 10/22/ /5/ /19/07 French solidarity tax on wealth (ISF) For French ISF declarations, the value of your L'Oréal shares can be estimated in two ways: 97.98: closing price on December 31 st 2007; 95.47: average of last 30 days' closing prices for DIARY DATES April 2008 First quarter 2008 sales release Tuesday, April 22 nd 2008 Annual General Meeting of Shareholders (Carrousel du Louvre, Paris) Wednesday, April 30 th 2008 Payment of the dividend* Monday, June 16 th 2008 Shareholders Meeting in Brussels Thursday, June 19 th 2008 Shareholders Meeting in Bordeaux July 2008 First half 2008 sales release Friday, August 29 th 2008 First half 2008 results release * Subject to the approval of the Annual General Meeting on April 22 nd /3/07 Vote at the Annual General Meeting via the Internet NEW: L'Oréal also offers its shareholders the possibility of voting online before the AGM on a dedicated secure site. (For details, see the Web site /17/07 12/31/ /14/08 01/28/ /11/ /25/ /10/08 03/25/ SEITOSEI Photographers: Firooz Zahedi represented by Tricia Burlingham/Artist Representation, Ben Backer, Carole Bellaïche, Maxime Avdeed & Boris Sissoev, Alain Bu, Marc Bonneville/Eyedea Illustration et Gamma, Jan Skarzynski, Nicolas Dumont/Gamma, Nacho Urbon/Eyedea Illustration, Xia Bin Ru, Douglas Engle/Eyedea Illustration, Craig Marais/Gamma, X. Registered in France as a "Société Anonyme" with registered capital of 122,157,722 euros 632,012,100 RCS Paris NAF Code: 245 C ISIN Code: FR Registered office: 14, rue Royale, Paris Headquarters: 41, rue Martre, Clichy - France Tel.: Please contact: L Oréal, Financial Communications Department, 41, rue Martre, Clichy or consult the Internet site its Shareholders Corner or the mobile website from your cell phone.

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