MAY 21, 2006 COSMETIC WORLD

FIT Presents:
5TH ANNUAL CAPSTONE

William Lauder, president and CEO of The Esteée Lauder Companies, delivered priceless advice to the graduating students of the Fashion Institute of Technology's Master of Professional Studies Program in Cosmetics & Fragrance Marketing Management at the program's annual Capstone presentation on May 17.

In his keynote speech, Mr. Lauder advised students to take care with the message they deliver to consumers. "You say one thing, but the consumer hears something else," he stated, "If the intended message is the one she receives, then you have succeeded in your mission."

The Esteée Lauder Companies sponsored the Capstone presentations, the graduating project that culminates the students' two years of studies. The company also sponsored a graduation breakfast the morning before, where the 15 - graduates met with Mr. Lauder in a roundtable like Setting.

In its' fifth year, the 2006 Capstone topics focused on innovation in the marketplace.

In addition to the presentations, The Capstone evening, included award announcements. Karen Young, adjunct professor of product development, received the first Esteée Lauder Companies' Faculty Leadership Award, presented by Evelyn Lauder. Graduate Melinda Hartley of Origins received the program's three highest honors; the Department Medal, the Victoria's Secret Beauty Recognition for Outstanding Leadership honor and the Outstanding Scholar Award. She shared the scholar award with Danielle Raymond of Victoria's Secret Beauty and Avon's Joanna Renea, whom all had 4.0 GPAs. Bettina Bamberger of P&G Prestige, Redken's Patricia Engle and The Esteée Lauder companies Renee Malinowski's each received academic achievement honors.

Caption:
Evelyn Lauder presented Karen Young with the first Esteée Lauder Companies Faculty Leadership Award