The Annual General Meeting of Shareholders of L'ORÉAL S.A., chaired by Mr. Lindsay OWEN-JONES, Chairman and Chief Executive Officer, was held on Thursday 12 June 1997.

The Meeting approved the Parent Company accounts and examined the Consolidated accounts for the 1996 financial year. Consolidated sales stood at FF 60.3 billion. Net profit before capital gains and losses and after minority interests amounted to FF 3.7 billion, with net earnings per share and investment certificate of FF 55.15, an increase of 10.3%.

The Meeting agreed the distribution of a net dividend of FF 14 per share and investment certificate, a 15.8% increase on total dividends paid out in 1995, in view of the 1996 one for ten bonus share allocation. The dividend will be payable as of Tuesday 1 July 1997 from any French paying agent.

The Meeting agreed to renew the terms as Directors of Mr. François DALLE, Mr. Guy LANDON and Mr. Jean-Pierre MEYERS for a four year period, expiring at the close of the Annual General Meeting called to approve the accounts for the year 2000, and to renew the term of Mr. Jacques-Pierre VIZIOZ for two years, until the Meeting in 1999.

The Meeting also renewed the authorization granted to L'ORÉAL to purchase its own shares up to the limit laid down by law.

In addition, the Meeting agreed to appoint Mrs. Françoise BETTENCOURT MEYERS, the granddaughter of Eugène SCHUELLER, L'ORÉAL's founder, as well as Mr. Peter BRABECK-LETMATHE, Managing Director of NESTLÉ, as Company Directors for a period of four years.