L'Oréal received two Grand Prix awards and four nominations during the prestigious "Investor Relations Magazine Awards" ceremony in Amsterdam. The British magazine called upon five hundred financial analysts and mutual fund managers covering the Euro zone to distinguish those companies with the highest achievements in financial communications in 2002.

Grand Prix:

• Best Communication of Shareholder Value - Euro 100



• Best Annual Report

Nominations:

• Grand Prix for Best Overall Investor Relations



• Best Board Communication



• Best Financial Advertising



• Best Corporate Governance