REGIS CORPORATION

                              SERIES D SENIOR NOTE

No. D-1
ORIGINAL PRINCIPAL AMOUNT: $5,000.000
ORIGINAL ISSUE DATE: December 13, 1996
INTEREST RATE: 7.16% per annum
INTEREST PAYMENT DATES: January 2, April 2, July 2 and October 2
FINAL MATURITY DATE: January 2, 2002

    FOR VALUE RECEIVED, the undersigned, Regis Corporation (herein called the 
"Company"), a corporation organized and existing under the laws of the State 
of Minnesota, hereby promises to pay to The Prudential Insurance Company of 
America, or registered assigns, the principal sum of FIVE MILLION DOLLARS on 
the Final Maturity Date specified above with interest (computed on the basis 
of a 360-day year--30-day month) (a) on the unpaid balance thereof at the 
Interest Rate per annum specified above, payable on each Interest Payment 
Date specified above and on the Final Maturity Date specified above, 
commencing April 2, 1997, until the principal hereof shall have become due 
and payable, and (b) on any overdue payment (including any overdue 
prepayment) of principal, any overdue payment of Yield-Maintenance Amount and 
any overdue payment of interest, payable on each Interest Payment Date as 
aforesaid (or, at the option of the registered holder hereof, on demand), at 
a rate per annum from time to time equal to the greater of (i) 2% over the 
Interest Rate specified above or (ii) 2% over the rate of interest publicly 
announced by Morgan Guaranty Trust Company of New York from time to time in 
New York City as its prime rate.

    Payments of principal, Yield-Maintenance Amount, if any, and interest are 
to be made at the main office of Bank of New York in New York City or at such 
other place as the holder hereof shall designate to the Company in writing, 
in lawful money of the United States of America.

    This Note is one of a series of Senior Notes (herein called the "Notes") 
issued pursuant to a Private Shelf Agreement, dated as of July 25. 1995 
(herein called the "Agreement"), between the Company, on the one hand, and 
The Prudential Insurance Company of America and each Prudential Affiliate (as 
defined in the Agreement) which becomes party thereto, on the other hand, and 
is entitled to the benefits thereof.

    This Note is subject to optional prepayment, in whole or from time to 
time in part, on the terms specified in the Agreement.

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    This Note is a registered Note and, as provided in the Agreement, upon 
surrender of this Note for registration of transfer, duly endorsed, or 
accompanied by a written instrument of transfer duly executed, by the 
registered holder hereof or such holder's attorney duly authorized in 
writing, a new Note for the then outstanding principal amount will be issued 
to, and registered in the name of, the transferee. Prior to due presentment 
for registration of transfer, the Company may treat the person in whose name 
this Note is registered as the owner hereof for the purpose of receiving 
payment and for all other purposes, and the Company shall not be affected by 
any notice to the contrary.

    In case an Event of Default shall occur and be continuing, the principal 
of this Note may be declared or otherwise become due and payable in the 
manner and with the effect provided in the Agreement.

    Capitalized terms used and not otherwise defined herein shall have the 
meanings (if any) provided in the Agreement.

    This Note is intended to be performed in the State of Illinois and shall 
be construed and enforced in accordance with the internal law of such State.



                                       REGIS CORPORATION



                                       By: /s/ Frank Evangelist
                                          ---------------------------------
                                            Frank Evangelist
                                            Senior Vice President-Finance 
                                            and Secretary

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