L'Oreal (IRS)
23 February 2006

                                     L'OREAL

23 February 2006

                      RESPONSE TO RECENT PRESS SPECULATION

L'Oreal notes the recent movement in Body Shop International Plc's ('Body Shop') 
share price. L'Oreal's management is continually evaluating a wide range of 
strategic alternatives that may add value to its shareholders including a 
possible offer for Body Shop. Any offer, if made, is likely to be solely in cash. 
However, no decision has been made regarding any offer, L'Oreal's Board has not 
been consulted and no approach has been made to Body Shop.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 
'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 
1% or more of any class of 'relevant securities' of Body Shop all 'dealings' in 
any 'relevant securities' of that company (including by means of an option in 
respect of, or a derivative referenced to, any such 'relevant securities') must 
be publicly disclosed by no later than 3.30 pm (London time) on the London 
business day following the date of the relevant transaction. This requirement 
will continue until the date on which the offer becomes, or is declared, 
unconditional as to acceptances, lapses or is otherwise withdrawn or on which 
the 'offer period' otherwise ends. If two or more persons act together pursuant 
to an agreement or understanding, whether formal or informal, to acquire an 
'interest' in 'relevant securities' of Body Shop, they will be deemed to be a 
single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant 
securities' of Body Shop by L'Oreal, or by any of their respective 'associates', 
must be disclosed by no later than 12.00 noon (London time) on the London 
business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant 
securities' 'dealings' should be disclosed, and the number of such securities in 
issue, can be found on the Takeover Panel's website at 
www.thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic 
exposure, whether conditional or absolute, to changes in the price of securities. 
In particular, a person will be treated as having an 'interest' by virtue of the 
ownership or control of securities, or by virtue of any option in respect of, or 
derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the 
Panel's website. If you are in any doubt as to whether or not you are required 
to disclose a 'dealing' under Rule 8, you should consult the Panel



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