L'OREAL : ANNUAL SHAREHOLDERS' MEETING

Clichy, Thursday March 16th 2006, 6.00 p.m.

ANNUAL SHAREHOLDERS' MEETING

2005 dividend: €1, up +22%

Renewal of the tenure of directors

Mr Jean Paul Agon proposed as director

The L'Oréal Board of Directors, under the chairmanship of Sir Lindsay Owen-Jones, met on Thursday March 16th 2006 to decide on the resolutions to be submitted to the Ordinary and Extraordinary Annual General Meeting of April 25th 2006.

The Board of Directors will propose a dividend for 2005 of €1 per share, up +22%. The payment date will be May 10th 2006.

The Annual Shareholders' Meeting will decide on the renewal of the tenure of
Lindsay Owen-Jones, in addition to Mr Francisco Castañer Basco, Mr Xavier Fontanet,
Mr Marc Ladreit de Lacharrière and Mr Franck Riboud as directors.

The Board will propose the appointment of Mr Jean Paul Agon as director.

Mr Jean Louis Dumas has decided not to request the renewal of his tenure as director. The Board expressed its gratitude for his involvement in the work of the Board and for the quality of his contribution.

The information and notices to attend the Shareholders' Meeting, as well as the other documents required for this Meeting, will be published or sent to Shareholders shortly.

"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 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 :

Individual Shareholders and market authorities

Mr. Jean-Régis CAROF

Phone. : 00.33.1.47.56.83.02

Fax : 00.33.1.47.56.86.42

http://www.loreal-finance.com

Analysts and institutional investors

Mrs Caroline MILLOT

Phone : 00.33.1.47.56.86.82

Fax : 00.33.1.47.56.42.02

Journalists

Mr. Lorrain KRESSMANN

Phone : 00.33.1.47.56.40.24

http://www.loreal.com

Standard

Phone : 00.33.1.47.56.70 00

Le communiqué dans son intégralité est disponible sur http://www.companynewsgroup.com