Annual General Meeting. Dividend: € 0.64, up by 18.5%, with an earlier payment date. Mrs Liliane BETTENCOURT re-elected to the Board of Directors

The L'OREAL Annual General Meeting of Shareholders was held at the Unesco headquarters on Thursday May 22nd 2003, under the chairmanship of Mr Lindsay OWEN-JONES, Chairman and Chief Executive Officer.

The AGM approved the parent company financial statements and the consolidated financial statements for 2002.

The AGM decided on a dividend of €0.64 per share to be paid on May 27th 2003. This represents an increase of 18.5% compared with the dividend paid in 2002.

The AGM renewed the term of office of Mrs Liliane BETTENCOURT as director.

Mr Edouard de ROYERE did not request the renewal of his term of office as a director; the Board of Directors, which held a meeting after the AGM, expressed its sincere appreciation of the high quality of Mr de ROYERE's contribution.

The AGM also renewed the authorisation regularly granted to the Board of Directors, for a duration of 18 months, to buy back, if necessary, the company's treasury shares up to the statutory limit of 10% of the number of shares forming the capital.

All the resolutions proposed at the Annual General Meeting were adopted by a very large majority.

A summary of the AGM proceedings will be provided in the next L'Oréal "Letter to Shareholders", which will be available on request and via the Internet.

04/04/03 : Notice of meeting for the 2003 General Meeting of Shareholders (B.A.L.O. n°41 of 04/04/2003, p.3800-3802)