L'Oréal has this year won the first prize for quality and transparency of information and communication, awarded by the economic and financial newspaper L'Agefi.

In the Corporate Governance Grands Prix, organised by the newspaper L'Agefi, in partnership with the law firm Latham & Watkins, L'Oréal was awarded first prize for Quality and Transparency of Information and Communication on June 25th 2008. The main criteria applied in making the award are:

1. The wealth, quality and accessibility of information provided, particularly via the Internet site.

2. Responsiveness and availability of the management team. In an article in its "Corporate Governance Grands Prix" special issue, L'Agefi quotes the co-president of individual shareholder rights group APAI, Vivianne Neiter, who explains: "L'Oréal tries to anticipate shareholders' expectations. In fact, its senior executives engage in dialogue at the earliest opportunity, which prevents a great many misunderstandings, and makes their positions extremely clear."

3. Definition and dissemination of a strategy which is both explicit and clearly visible.

L'Agefi also awarded L'Oréal second prize for the operation of its corporate bodies (Board of Directors, Executive Committee, specialised committees, etc.).

June 30, 2008