The letter to shareholders - N°81 - Spring 2022

L’ORÉAL AND YOU

TOTAL SHAREHOLDER RETURN⁽¹⁾

Amongst the various economic and financial measures of value creation, L’Oréal prefers Total Shareholder Return (TSR).

This indicator is based on a range of criteria, including the share price and revenue received in the form of dividends excluding taxes on capital gains and dividends, based on the closing share price on 29 April 2022.

(1) Total Shareholder Return of the investment, assuming that the shares are sold at the closing price on29 April 2022.

€15,087, 166 SHARES: 2012 - +16.5%, per year - capital invested, x4.4 - €71,525, 205 SHARES: 2022

HYPOTHESIS

Total Shareholder Return over 10 years, for €15,000 invested in L’Oréal shares, including reinvestment of dividends, excluding bank charges and tax.

TOTAL ANNUAL RETURN

Based on the share price on 29 April 2022

+16.0%

OVER 5 YEARS

+16.5%

OVER 10 YEARS

+9.1%

OVER 20 YEARS

OVER 5 YEARS, THE L’ORÉAL SHARE HAS OUTPERFORMED THE CAC 40 INDEX

L’Oréal vs CAC 40 from 28 April 2017 to 29 April 2022⁽²⁾

(2) CAC40 index rebased on the L’Oréal share price since 28/04/2017 // Source : Refinitiv, share price on 29/04/2022.

120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 28/04/2017 28/10/2017 28/04/2018 28/10/2018 28/04/2019 28/10/2019 28/10/2020 28/04/2020 28/04/2021 28/10/2021 28/04/2022 L'Oréal CAC 40 re-basé depuis le 28/04/2017348,90 + 90,80 % 182,85 5 267,33 6 533,77+ 24,00 %

Change from 28 April 2017 to 29 April 2022

L’OREAL SHARE PRICE:

+90.80%

CAC 40 INDEX:

+24.00%

A TEAM THAT IS ATTENTIVE TO SHAREHOLDERS’ VIEWS

CHRISTIAN MUNICH

Director of Individual Shareholder and Market Authority Relation

ANGÉLIQUE FRUCHTENREICH

Individual Shareholder Relations Manager

relations_actionnaires_individuels@ loreal-finance.com

Tel. in France : 0 800 66 66 66

Tel. from outside France : + 33 1 40 14 80 50

AGENDA

28 July 2022 :

2022 Half-Year Results

For other key dates, please visit our website: loreal-finance.com

INDIVIDUAL SHAREHOLDER CONSULTATION COMMITTEE

Each year, one-third of the members of the Individual Shareholder Consultation Committee is renewed.

If you would like to join the committee, please apply on our website: loreal-finance.com/fr/comite-consultatif

THE CONNECTED SHAREHOLDER

Download the L’Oréal Finance app ⁽³⁾ here and keep up to date with live news about your company.

(3) Available for free on the App Store and Google Play.

To receive the Letter to Shareholders by e-mail, fill in your e-mail address at: loreal-finance.com/eng/keep-informed

Source : Refinitiv, share price on 29/04/2022.

Incorporated in France as a “Société anonyme” with registered capital of €107,082,474. 40 – 632 012 100 RCS Paris – NAF code: 2042 Z – ISIN code: FR0000120321 – Registered office: 14, rue Royale, 75008 Paris – Headquarters: 41, rue Martre, 92117 Clichy Cedex France– Freephone number (from France): 0 800 66 66 66. For further information, write to L’Oréal, Financial Communication Department, 41, rue Martre, 92117 Clichy Cedex France, consult the website www.loreal-finance.com , download the L’Oréal Finance mobile app, or contact us by e-mail at contact@loreal-finance.com . Photo credits: Alain Buu / L’Oréal (cover), Alain Buu / L’Oréal (p. 2), Alain Buu / L’Oréal, Julien Mignot Studio J’adore Paris / L’Oréal (p. 3), Ankalab (p. 4), Alain Buu / L’Oréal (p. 5), Stéphane de Bourgies / L’Oréal (p. 6), Julien Mignot Studio J’adore Paris / L’Oréal, L’Oréal (p. 7). Production: Makassar. This document has been printed with vegetable inks, using a water-based acrylic varnish by a printer who is a member of the papier Culture Association and Print Ethic and Ecovadis silver certified.