2021 UNIVERSAL REGISTRATION DOCUMENT

The lock-up agreements were concluded in application of Articles 787 B and 885 I bis of the French General Tax Code for a period of two years, tacitly renewable for one-year periods. They do not include any preferential rights for sales or acquisitions for the benefit of the signatories and do not constitute a concerted action vis-à-vis the Company.

Commitments of the Bettencourt Meyers family associated with their waiver granted by the AMF from the obligation to file a draft public offer for the L’Oréal shares⁽¹⁾

Following the repurchase by L’Oréal of 4% of its own shares held by Nestlé, and the consequent cancellation in February 2022 of the 22,260,000 shares thus repurchased by L’Oréal, the Bettencourt Meyers family crossed the thresholds of one third of the Company’s share capital and voting rights. The AMF granted the Bettencourt Meyers family a waiver from the obligation to file a draft public offer for the L’Oréal shares. Accordingly, the Bettencourt Meyers family has undertaken⁽²⁾, for a period expiring at the end of the Annual General Meeting of L’Oréal called in 2025 to approve the financial statements for the financial year ending 31 December 2024:

• not to acquire shares in L’Oréal beyond those they currently hold;
• to refrain from participating in decisions of L’Oréal’s governance bodies that could lead to a passive increase in the capital and voting rights of L’Oréal; and
• to refrain from exercising the proportion of its voting rights in excess of 33.33% of the voting rights of L’Oréal. 

The Company is not aware of any shareholders’ agreements affecting shares and its capital other than those described above.

(1) AMF Decision No. 221C3388.

(2) These commitments could be lifted early if there are significant changes to L’Oréal’s environment, situation or shareholding, provided that the Bettencourt Meyers family submits to the AMF in advance their intention to do so.