Notice of the Annual General Meeting, Tuesday May 26, 1998

The Annual General Meeting (AGM) will be held at 10 a.m. on Tuesday 26 May at L'OREAL headquarters at 41, rue Martre, 92117 Clichy, France(1). Further information about the agenda may be obtained by consulting the French official journal (Bulletin d'Annonces Légales Obligatoires dated of 15th April 1998) or by visiting the L'OREAL financial website at

To be eligible to attend or to appoint a representative at the AGM, holders of registered shares and voting right certificates must be shareholders of record at least five days before the AGM. Proof of identity will be required for admission to the Meeting.

Holders of bearer shares must, at least five days before the AGM, lodge a certificate issued by the custodian of their shares to the effect that said shares are placed in a blocked account until the date of the AGM.

The attendance register will be approved by the Officers of the Meeting at 10.30 a.m. at the latest.

Shareholders and holders of voting right certificates, may only be accompanied by other authorised participants who have duly fulfilled the above mentioned legal requirements.

Shareholders may also request a proxy form allowing them to vote by mail or to appoint a representative to attend the AGM. The certificate and the proxy form should be sent to one of the following financial institutions:

· Banque Nationale de Paris - 16, boulevard des Italiens - 75009 Paris;
· Crédit Lyonnais - 19, boulevard des Italiens - 75009 Paris;
· Société Générale - 29, boulevard Haussmann - 75009 Paris;
· Crédit Agricole - 96, boulevard Haussmann - 75008 Paris