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L'Oreal SA

Ticker: OR

Meeting date: 17/04/2014

Meeting type: Annual/Special

Proposal Mgt rec Vote
Management proposals
1 Proposal Approve Financial Statements and Statutory Reports Mgt rec For Vote For
2 Proposal Approve Consolidated Financial Statements and Statutory Reports Mgt rec For Vote For
3 Proposal Approve Allocation of Income and Dividends of EUR 2.50 per Share Mgt rec For Vote For
4 Proposal Elect Belen Garijo as Director Mgt rec For Vote For
5 Proposal Reelect Jean-Paul Agon as Director Mgt rec For Vote Against
6 Proposal Reelect Xavier Fontanet as Director Mgt rec For Vote For
7 Proposal Approve Remuneration of Directors in the Aggregate Amount of EUR 1.45 Million Mgt rec For Vote For
8 Proposal Advisory Vote on Remuneration of Jean-Paul Agon, Chairman and CEO Mgt rec For Vote For
9 Proposal Authorize Repurchase of Up to 10 Percent of Issued Share Capital Mgt rec For Vote For
10 Proposal Approve Transaction with Nestle Re: Repurchase of 48,500 Million Shares Held by Nestle Mgt rec For Vote For
11 Proposal Authorize Decrease in Share Capital via Cancellation of Repurchased Shares Mgt rec For Vote For
12 Proposal Amend Article 8 of Bylaws Re: Age Limit of Directors, Election of Employee Representative, Director Length of Term, and Director Elections Mgt rec For Vote For
13 Proposal Authorize Filing of Required Documents/Other Formalities Mgt rec For Vote For
14 Proposal Approve Transaction Re: Sale by L Oreal of its Entire Stake in Galderma Group Companies to Nestle Mgt rec For Vote For


This page contains certain information as to the voting intentions of Norges Bank in its role as manager of the Government Pension Fund Global. This disclosure is provided to promote transparency as to Norges Bank’s engagement with investee companies, and in view of its approach to responsible investing. Norges Bank’s voting intention is an internal decision and has not been agreed with any third party. Please note the following:

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