The Board of Directors, applying the resolution approved by the Annual General Meeting of 29th April 2004, decided in its meeting on June 15th 2004 to carry out share buybacks in an amount not exceeding one billion euros over the next twelve months.

The shares thus bought back will be cancelled, except for any which may be allocated to stock option plans.

This decision is in line with a general policy of good financial management, in view of the cash flow generated by L’Oréal. This programme could of course be interrupted if a strategic opportunity were to arise.