Annual General Meeting and meeting of the board directors of April 26th 2005

- Approval of 2004 parent company and consolidated financial statements.
- Renewal of the tenure as director of Mrs Françoise BETTENCOURT MEYERS, Mr Peter BRABECK-LETMATHE and Mr Jean-Pierre MEYERS.
- Election as directors of Mr Werner BAUER and Mr Louis SCHWEITZER.
- Dividend: €0.82, up by +12.3%, paid on May 11th.



The Annual General Meeting, held on April 26th 2005, at the Carrousel du Louvre in Paris, under the chairmanship of Mr Lindsay OWEN-JONES, Chairman and Chief Executive Officer, approved the parent company and consolidated financial statements for 2004. The shareholders decided on a dividend of €0.82 per share, representing an increase of +12.3% compared with the dividend paid in 2004, which will be paid on May 11th 2005.

The Annual General Meeting renewed the tenure as director of Mrs Françoise BETTENCOURT MEYERS, Mr Peter BRABECK-LETMATHE and Mr Jean-Pierre MEYERS, and elected Mr Werner BAUER, Executive Vice-President of Nestlé, and Mr Louis SCHWEITZER, Chairman and Chief Executive Officer of Renault as new directors.

Furthermore, the Annual General Meeting renewed for 18 months the authorisation granted to the Board of Directors to buy back a number of the company's own shares not exceeding 10% of the number of shares forming the share capital.

The Annual General Meeting also granted an authorisation to the Board of Directors to raise, if necessary, the share capital up to €200 million by issuing new shares with preferential subscription right. This authorisation is valid for a period of 26 months.

The resolutions proposed to the Annual General Meeting were all adopted by a very large majority.

The Board of Directors, which met at the end of the Annual General Meeting has, in accordance with the authorisation granted to it by the Annual General Meeting of May 22nd 2003, cancelled the 17,300,000 shares bought back from June 29th 2004 to April 4th 2005. As a result, the share capital is now set at €131,752,432 divided up into 658,762,160 shares each with a par value of €0.20.

The next L'Oréal "Letter to Shareholders", which will be available on request and on the Internet site www.loreal-finance.com, will contain a summary of the Annual General Meeting. "This news release does not constitute an offer to sell, or a solicitation of an offer to buy, L’Oréal shares. If you wish to obtain more comprehensive information about L’Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers [which are also available in English on our Internet site: www.loreal-finance.com].
This news release may contain some forward-looking statements. Although the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements."

Contacts at L'ORÉAL

Shareholders and market authorities
M. Jean-Régis CAROF
Tel. : +33.1.47.56.83.02
http://www.loreal-finance.com

Analysts and institutional investors
Mme Caroline MILLOT
Tel. : +33.1.47.56.86.82
Fax : +33.1.47.56.80.02

Journalists
Mr Mike RUMSBY
Tel. : +33.1.47.56.76.71
http://www.loreal.com

Approbation des comptes (BALO 26/08/05, p. 22292) (french)

Droit de votes (BALO 04/05/05, p. 12256) (French)

Financial advertising in the press (French)

Notice to attend (BALO - 08/04/05, p. 5399)

Notice of meeting (BALO - 14/03/05, page 2763) (french)