- Mr Jean-Paul Agon appointed Chief Executive Officer and elected as a company board member.

- Sir Lindsay Owen-Jones Chairman of the Board of Directors.

- Renewal of the tenure as directors of Sir Lindsay Owen-Jones, and of Mr Francisco Castañer Basco, Mr Xavier Fontanet, Mr Marc Ladreit de Lacharrière and Mr Franck Riboud.

The Ordinary and Extraordinary Annual General Meeting, held on April 25th 2006 at the Carrousel du Louvre in Paris, under the chairmanship of Sir Lindsay Owen-Jones, Chairman and Chief Executive Officer, approved the parent company and consolidated financial statements and the distribution of a net dividend of 1 euro per share. The dividend will be paid on May 10th 2006.

The AGM renewed the tenure as directors of Sir Lindsay Owen-Jones and of Mr Francisco Castañer Basco, Mr Xavier Fontanet, Mr Marc Ladreit de Lacharrière and Mr Franck Riboud, and appointed Mr Jean-Paul Agon as a new board director.

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

In accordance with the succession plan proposed by Sir Lindsay Owen-Jones on February 17th 2005, the Board of Directors met at the close of the AGM, and appointed Mr Jean-Paul Agon as Chief Executive Officer of the company, with Sir Lindsay Owen-Jones remaining as Chairman of the Board of Directors.

On behalf of the whole Board, Mrs Liliane Bettencourt took the opportunity to underline the exemplary nature of the succession plan, as one that, in the spirit of the group's strategy and results, has allowed for a smooth and transparent change of generation. She expressed her sincere gratitude to Sir Lindsay Owen-Jones for his outstanding accomplishments and for his consistent and unfailing achievements throughout his 21 years as the group's Chief Executive Officer, of which 18 years he has spent as Chairman and Chief Executive Officer.

Speaking on behalf of the Board, Mrs Liliane Bettencourt and Mr Peter Brabeck-Letmathe emphasised the competence, expertise and great human qualities of Mr Jean-Paul Agon and expressed full confidence and support to him in his new position.

Furthermore, and in accordance with the authorisations granted to it by the Annual General Meetings of May 22nd 2003 and April 25th 2006, the Board has decided to cancel 19 229 250 shares.

The next "Letter to Shareholders", which will be available on request and on the Internet site www.loreal-finance.com, will include a summary of the AGM of April 25th.
"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.
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'OREAL

Individual shareholders and market authorities
Mr Jean-Régis CAROF
Tel. : +33.1.47.56.83.02
http://www.loreal-finance.com

Financial analysts and institutional investors
Mrs 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 n°52 du 01/05/06) (french)