LETTER TO SHAREHOLDERS

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1 LETTER TO SHAREHOLDERS April 2009_Number 45 True to its values, L Oréal is maintaining its course Dear Shareholders, In the eye of the storm, which is sparing no sector, L Oréal is staying on course and is further strengthening its worldwide leadership. Resolutely focused on the longterm, it accepts the constraints of the present while concentrating its efforts, in priority, on preparing for the future. The achievement of 2008 reflects both L Oréal s remarkable capacity for resilience and the quality of the management of Jean-Paul Agon and his teams. The proposal at the Annual General Meeting to pay a dividend of 1.44 euro per share is thus an expression of both our confidence in the solidity of L Oréal, and our legitimate concern to maintain the right balance. The confidence and loyalty of our shareholders are essential to implement a long-term strategy. As L Oréal prepares to celebrate i t s c e n t e n a r y, t h e B o a rd o f Directors has also chosen to propose to the Annual General Meeting a resolution enabling the payment of a dividend, increased by 10% for all registered shareholders of at least two years standing 1. This centenary of L Oréal is a symbol of continuity and confidence. Continuity in our business model, and confidence in our future, in our ability to reinvent ourselves every day, as well as in our teams. Sir Lindsay Owen-Jones Chairman 2009: realism, confidence and resolve These brands' annual sales are superior to 50 million euros. Dear Shareholders, In 2008, in a very difficult environment, L'Oréal has demonstrated its resilience and continued to grow in terms of sales, net earnings per share and market share. In a year when the downturn in markets was combined with the adverse impact of currency fluctuations and costs in raw materials, the group's net profit held up well, and we strengthened our business drivers to prepare for the future. Overall, net earnings per share increased by +3.8% based on published figures and by +6.8% at constant exchange rates 2. We are tackling 2009 with realism, confidence and resolve. Realism because the economic environment will certainly still be difficult. We are prepared for this. Confidence because the cosmetics market has always shown resilience at times of crisis, and because L'Oréal's fundamentals are strong and our financial situation is robust. But also resolve, because thanks to our product innovation momentum, the unique quality of our brand portfolio, our possibilities for geographic expansion and our determination to strengthen our business drivers and control our costs, we are confident in L'Oréal's ability to successfully weather this adverse economic climate and to even emerge stronger than before. All our teams, whom I would like to congratulate for their commitment, are determined to make sure that L Oréal will continue to grow and strengthen its leadership of the global cosmetics market. Jean-Paul Agon Chief Executive Officer 1 - With a limit of 0.5% of nominal capital per shareholder. From Based on constant translation rates: 2008 data at 2008 rates / 2007 data at 2008 rates.

2 02 Highlights In a difficult environment, L'Oréal is proving resilient and continues to grow > Increase in sales to 17.5 billion euros +2.8% based on reported figures +3.1% like-for-like +6.6% at constant exchange rates 1 > Rise in net earnings per share 2 to 3.49 euros +3.8% based on reported figures +6.8% at constant exchange rates 1 > Strengthened worldwide market share % (15.2% in 2007) > Growth in dividend 4 to 1.44 euro +4.3% L Oréal strengthens its worldwide positions In 2008, the cosmetics market slowed but remained positive. With annual sales growth of +6.6% at constant exchange rates 1, which was higher than the cosmetics market, the group s worldwide market share continued to progress to 15.8% 3. L Oréal strengthened its worldwide positions in each of its divisions. Consolidated sales (in millions of euros) 17,063 17, % L Oréal market share % 13.6% 13.8% 13.2% 12.4% 11.7% 11.0% like-for-like 15.8% % Operating profit holding up well 2008 net earnings per share 2 In a year with increased raw materials prices, negative monetary effects, a slowdown in markets, major difficulties in North America, and the dilutive consolidation of Yves Saint Laurent Beauté, operating profit held up well and L Oréal has strengthened its growth-drivers. Thanks to the spectacular progress made in purchasing and productivity, gross profit proved resilient. Research & Development expenses, which are today more than ever the priority for L Oréal rose, as did sales. Indeed, in 2008, the group registered an all-time record total of 628 patents. Advertising and promotional investments increased in the second half in order to support the brands despite the deterioration in the economic environment. Finally, on a comparable structure and exchange rate basis, selling, general and administrative expenses were practically stable as a percentage of sales. Overall, net profit after minority interests totalled 1,948 million euros. Net earnings per share amounted to 3.49 euros, an increase of +3.8% based on reported figures, i.e. +6.8% at constant exchange rates 1. The balance sheet structure is very robust, with shareholders equity representing 52% of total assets. The Board of Directors proposed at the Annual General Meeting on April 16 th, 2009 the payment of a dividend of 1.44 euro per share, an increase of +4.3% compared with The distribution rate has increased again reaching 41.3% 4. e3.36 $ % 2007 Dividend per share $ $ based on reported figures +6.8 % at constant exchange rates % 1 - Based on constant translation rates: 2008 data at 2008 rates / 2007 data at 2008 rates. 2 - Diluted net earnings per share, based on net profit excluding non-recurrent items after minority interests. 3 - L'Oréal estimate with YSL Beauté over a full year. Provisional estimates. 4 - Subject to approval by the Annual General Meeting on April 16 th,

3 New products 03 Génifique by Lancôme, the first youth gene activating skincare After ten years of research and seven patents registered, Génifique is the result of major advances in the sciences of genomics and proteomics, research fields in which the L Oréal laboratories have played a pioneering role. The group's scientists have made two conclusive discoveries: they identified firstly the family of proteins characteristic of young skin, and secondly the specific genes to the functioning of these proteins. In addition, a real first for a cosmetic product, they developed a unique in vivo measurement system to analyse the development of these proteins. Génifique's formula is a concentration of exclusive active ingredients which boost the activity of genes whose expression dwindles with age. Lancôme has therefore invented the first skincare product to relaunch youth genes. Colourants Reinvented red by L'Oréal Professionnel Visible Lift Serum Inside, the first foundation with anti-ageing serum L Oréal Paris has launched Visible Lift Serum Inside, the first foundation to contain an anti-wrinkle serum. It combines the most effective anti-ageing active ingredients elastin, collagen and hyaluronic acid for an immediate lifting effect from the first application. In just one month, results show 30% fewer wrinkles thanks to the integrated serum. Its formula ensures smoother and more radiant skin; it looks instantly and durably younger. With Linda Evangelista as its ambassadress, Visible Lift Serum Inside completes the Visible Lift skincare range and comes in 12 radiant shades. The L Oréal laboratories have developed Rubilane hair colourant, the result of 5 years' research and a thousand on-hair tests. This patented colourant makes it possible, for the first time, to achieve deep, longlasting coppery reds. L'Oréal Professionnel offers Rubilane in its two major professional ranges: Majirel, with Majirouge, and Luo Color. From copper through to burgundy red, the products offer deepdown colour and superior coverage that respects the hair fibre. XY Homme, tailor-made skincare In January 2009, the La Roche-Posay Laboratory launched XY, a skincare range adapted to the specific requirements of men's skin. The hydrating gel, shaving gel and shaving foam with soap-free emollients prevent ingrown hairs in sensitive skin from the first month's use. The brand preferred by dermatologists offers a comprehensive range of expert products for men, who are now more and more concerned about preserving their skin and their appearance. In four years, the number of men who frequently consult a dermatologist has doubled.

4 04 Growth relays South Africa L'Oréal number 1 in ethnic beauty SoftSheen Carson is the leading brand in the South African haircare market for products dedicated to African hair 1. In 2008, it further strengthened its position and grew by +28%, confirming its central role in the group s overall success in the country. Launch pad for Sub-Saharan Africa L Oréal has had a South African subsidiary since 1963, and most of the major international brands are marketed there. This powerful presence, notably with SoftSheen Carson, offers the group a portal to the whole of Sub-Saharan Africa. When L Oréal acquired Carson in 2000, the brand was leader in the South African market for products dedicated to African hair. Further to its merger with the American brand SoftSheen, the range now covers all market requirements from haircare products (relaxers, styling and haircare, and hair colourants) to hygiene (deodorants, etc.), the largest segment in this market. Dark and Lovely, the preferred brand for South Africans SoftSheen Carson meets all market expectations in terms of sophistication and price level. The flagship franchise, Dark and Lovely, is leader in relaxers with a 41% 1 share of the market. It has just been voted Preferred Haircare brand by a sample of 1,200 South Africans and enjoys a 96% brand awareness. In addition to Dark and Lovely, the brand also features Restore Plus, a line of highly affordable relaxers and haircare products, as well as Optimum Care, a premium offering of hightech relaxers and haircare products. SoftSheen Carson products are designed through a unique collaboration between the evaluation centre in Johannesburg, the L Oréal laboratories in Paris and the Research Center for Ethnic Hair and Skin in Chicago. A further key to its success is SoftSheen Carson s excellent brand image among professionals, due to locally available training programmes that have been running for several years. Nearly 50,000 hairdressers are trained each year in the brand s Academies or by a travelling team. SoftSheen Carson s position is set to be strengthened in 2009 thanks to local production and a robust launch plan. 1 - Source: Nielsen. Retail panel, market share value total.

5 Growth relays 05 New horizons for L Oréal In 2008, L'Oréal combined all its businesses in the Africa-Orient-Pacific zone under one management in a multidivisional zone, a major strategic step forward which will enable L Oréal to speed up its entry into the new markets of the Orient. We are determined to accelerate our geographical expansion. Firstly, by making faster inroads into new markets in which we already operate, and where positive consumption growth is set to continue. Secondly, by accelerating our moves into markets where we are a small-scale player at most, but which offer a high sales potential for our brands, such as the Middle East, African countries and Pakistan. Jean-Paul Agon Garnier: quick take-up of Even & Matte I n S e p t e m b e r, S o u t h Africa s women consumers discovered Even & Matte - the new Garnier range of facial care products. Specially developed for black skin, it helps to obtain a more even complexion and reduce shine. With its original f o r m u l a a n d h i g h l y affordable price, Even & Matte was an instant success. To communicate about the product, Garnier chose as its ambassadress Connie Ferguson, a very famous actress in South Africa. Backed by high-profile exposure in sales outlets and sampling campaigns, Even & Matte was a strong contributor to sales of Garnier skincare, which enabled the brand to grow nearly twice as fast as the market in L Oréal arrives in Egypt Matrix makes it in India In November 2008, L Oréal made a strategic advance by opening a multidivisional subsidiary in Egypt. In this country with a population of 80 million, the group s brands can build on ancient traditions of beauty, a growing middle class, an increa-sing appetite for international brands, and newly-forming distribution channels. The group aims to introduce L Oréal Professionnel and Kérastase brands in the leading hair salons and launch L Oréal Paris and Garnier for the mass market. As the ambassadress for its Color Naturals colourant line, Garnier has chosen the famous Egyptian actress Hend Sabry to boost the brand s success. At the beginning of 2009, L'Oréal created two new subsidiaries in Pakistan and Kazakhstan. Hair is a crucial aspect of Indian beauty. With its two brands, L'Oréal Professionnel launched in 1997 and Matrix introduced in salons in 2003, the Professional Products Division is helping to make the hairstyling channel a very real and booming branch of the fashion industry. The number 1 brand in North America, Matrix is stepping up its conquest of Indian salons by relying on a wide network of distributors. The brand is now present in 6,700 of India's 58,000 salons. Thanks to some in-depth technical and artistic training of hairdressers and an ingenious distribution system, the brand is growing rapidly (+29% in 2008). One of the driving forces behind this growth is the hair colourant sector, which is showing exceptionally strong growth, in particular with the Wonderbrown line, launched in July 2008.

6 06 Around the world Fully playing a true leadership role in the Russian market, the Professional Products Division provides the right solution for all salons from the most accessible to the most luxurious end of the market. L Oréal Professionnel was the first brand introduced in Russia in 1996, and is today ranked number 1 for image both by hairdressers and consumers*. To meet the needs of more affordable salons keen to provide the best value for money, the division launched Matrix in Russia: 40,000 hairdressers trained in 2008 The brand, whose sales grew by +53% in 2008, has already won over 5,600 salons, and is aiming to extend its network much further. In the luxury salon segment, Russian women appreciate highly advanced beauty services and rituals by Kérastase. Otherwise, the newly created brand Kéraskin Esthetics made its first appearance in a dozen high-end salons in Moscow and Saint Petersburg. The Professional Products Division is investing hugely in enhancing hairdressers technical skills and artistry, via its academy in Moscow, 17 technical centres in provincial Russia, and a large number of demonstrations and artistic shows, including Colour Trophy, which every year brings together the country s top hair colourant specialists. In all, these events and seminars generated more than 40,000 training contacts in Shu Uemura, a very globalised Japanese brand In 2008, Shu Uemura recorded its highest growth rate in Japan since it was acquired by L Oréal in Initially almost exclusively focused on Japan, Shu Uemura then moved into almost all Asian countries, with strong positions in Korea, Taiwan and Hong Kong. The brand generates over 70% of its sales outside its original market, and is now the Japanese brand with the greatest international reach. Germany: a strategic breakthrough in skincare Already the leader in mass-market make-up, the Consumer Products Division continued its strategic breakthrough in skincare. The combination of the premium L Oréal Paris range with Garnier, the accessible, natural brand, enables the division to reach out to different customer profiles and cover all segments and price levels. These two brands are positioned among the top three of the market. This achievement the result of many years of innovations and of systematically renewing major franchises strengthens the division in its ambition to capture top place in the German skincare market. Innovations are a decisive asset. Caffeine Eye Roll-on care became the leading eye care product on the market in just a few weeks. Ôscillation by Lancôme sets the US make-up world abuzz At the end of July 2008, a limited edition of the revolutionary vibrating powermascara, Ôscillation by Lancôme, featured in a preview launch at 12 carefully selected outlets and Lancôme boutiques, in addition to the Lancôme USA and Sephora websites. The 5,000 units available sold out in just one day. By the time the national launch took place in October, 32,000 women were already on the waiting list. Since its introduction, Ôscillation has been the number 1 mascara launch. Advice is vital in mass-market distribution. L Oréal Paris provides consumers with tools to self-diagnose their skin and choose the most appropriate product. As a result, sales have leapt by +20% in shops where these facilities are available. * Source: Image study, hairdressers and consumers, MASMI, 2008

7 L Oréal commitments 07 The eco-responsible approach at the core of our brands For the second year running, L'Oréal has been selected to appear in the list of the 100 most sustainable companies in the world by an independent panel of judges convened by Innovest, the largest non-financial company rating agency. The group's sustainable development initiative also came out on top of the "Cosmetics and Toiletries" sector in a survey carried out among US stakeholders. This level of performance was made possible thanks to an eco-responsible approach that runs to the core of the group, including within the brands. Here are five of the most representative examples of concrete initiatives conducted by five of our brands. The science of natural ingredients In its new Série Nature range, L Oréal Professionnel is committed to replacing chemical compounds by ingredients of natural origin whenever possible, without comprom i s i n g e f f i c a c y a n d cosmetic performance. Furthermore, all Série Nature products are developed at our factory in Burgos, which is equipped with solar panels and a rainwater and waste recycling system. Garnier reduces packaging The brand has joined forces with Eco- Emballages to lower the environmental impact of its products. The first initiative was to cut down on the packaging for Fructis, Ultra Doux and body lotions. On average, packs now weigh 18.5 grams each, compared with 24 grams in The average reduction of 5.5 grams per bottle represents a saving of 1,300 tonnes of CO 2 equivalent emissions each year. Garnier has also adopted cardboard certified by the FSC (Forest Stewardship Council) for its hair colourant and skincare product boxes. Kiehl s supports ecological initiatives In 2008, Kiehl s joined forces with Brad Pitt to launch a 100%-biodegradable and eco-efficient bodycare product. All profits from this cleansing product with aloe vera, certified Cradle to Cradle CM 1, will be passed on to JPF Eco Systems, a charitable foundation set up with Brad Pitt to support global ecological initiatives. The first project initiated by JPF Eco Systems supports the efforts of Make it Right, a charity which helps finance ecologically sustainable and financially affordable housing for the victims of hurricane Katrina. Strict dermatological and environmental standards The first active ingredient of the personal care products, La Roche- Posay thermal spring water is a rare and fragile natural resource. The brand is committed to closely monitoring activities around the spring on a daily basis, checking the quality of the water and protecting the environment. La Roche-Posay also offers its consumers a broad range of paraben-free products. The Body Shop: Increasingly fair trade 21 years ago, with the launch of its Community Trade programme, The Body Shop was the first company to bring fair trade to the cosmetics industry. Its unique initiative today enables it to work directly with local suppliers in 20 countries, providing some 25,000 people with access to essential resources such as education. 1 - Cradle to Cradle CM is an MBDC LLC (McDonough Braungart Design Chemistry) brand which certifies formulations that minimise environmental impact and optimise recycling, creating an eco-efficient product.

8 08 Shareholder information Loyalty bonus for registered shareholders Shareholder loyalty is an essential requirement for the implementation of a long-term strategy. The L Oréal Board of Directors has decided to offer shareholders a loyalty bonus by proposing to the Annual General Meeting held on April 16 th, 2009 an amendment to the Articles of Association enabling the payment of a preferential dividend of +10% for all shareholders having held registered shares (whether directly or managed 1 ) for at least two years. This preferential dividend applies to a limit of 0.5% of nominal capital per shareholder. The first preferential dividend will be paid in 2012, corresponding to the dividend for 2011, for holders whose shares have been held continuously in registered form (directly or managed 1 ) from December 31 st, 2009, until the payment of the dividend following the Annual General Meeting of Share price Six good reasons for choosing registered shares 1l Preferential dividend of +10% for shareholders holding registered shares for at least of two years 2. 2 l Full and personalised information (Shareholder Digest and Letters to Shareholders) sent directly to the shareholder. 3 l Easier access to the Annual General Meeting: notice to attend sent directly to the shareholder, with the possibility of online voting. 4 l No custody fees (directly registered shares). 5 l Dividend sent by cheque or credited to the shareholder s account, with no delay and no charge. 6 l Transfer fees met by L Oréal 3 (directly registered shares). 1 - A registered account managed by a financial intermediary. 2 - With a limit of 0.5% of nominal capital per shareholder. From 2012, subject to approval by the Annual General Meeting of April 16 th, With a limit of 50 and on presentation of proof of payment. To find out more about the different ways of holding shares, please consult: For any further information, please call from France from abroad Your diary dates Annual General Meeting on April 16 th 2009 at 10 a.m. at the Carrousel du Louvre, 99 rue de Rivoli Paris, France Shareholder meetings Rennes June 8 th Brussels Lille May 28 th December 15 th Paris Actionaria Fair November 20 th and 21 st Financial calendar April 21 st, 2009 Ex-date of the dividend* Annecy Lyon October 12 th September 17 th April 24 th, 2009 Payable date of the dividend* May 6 th, 2009 First quarter 2009 sales August 28 th, half-year results * Subject to approval by the Annual General Meeting of April 16 th, French solidarity tax on wealth (ISF) Nancy October 19 th Aix-en-Provence May 19 th For 2008 French ISF declarations, the value of your L Oréal shares can be estimated in either of the following ways: closing price on December 31 st, 2008: 62.30, average of last 30 days closing prices for 2008: /28/06 04/28/06 L'Oréal CAC 40 reindexed on L Oréal 06/28/06 08/28/06 10/28/06 12/28/06 02/28/07 04/28/07 06/28/07 08/28/07 10/28/07 12/28/07 02/28/08 04/28/08 06/28/08 08/28/08 10/28/08 12/28/088 2, pts 02/28/099 Photographs: Carole Bellaïche, Stéphane de Bourgies, Christian Vigier for Lancôme 2008, Ruven Afanador for L Oréal Paris, Dusan Reljin, Lothar Schmid, Konarzewski Wojtek, David Stanton, Hany Ramzy ATA/Eyedea Illustration, Marc Bonneville/Eyedea Illustration, Bhp Studios, Cyril Coussat/Eyedea Illustration, Gerardo Somoza/ Eyedea Illustration, The Body Shop, X. Registered in France as a "Société Anonyme" with registered capital of 119,689,042 euros RCS Paris NAF Code: 2042 Z 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 Shareholders' Corner on the Internet site or the mobile website mobile.loreal-finance.com from your mobile phone. SEITOSEI

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