L'Oréal Investor Presentation — February 2019

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Chairman & Chief Executive Officer

22February 2019THE POWER

CAGNY1Net profit, excluding non -recurring items after non -controlling interests . 2Net cash flow = Gross cash flow + changes in working capital -capital

expenditure.3Diluted earnings per share, based on net profit, excluding non -recurring items, after non -controlling interests. 4Based on 15 February

2019 closing price of 221.80€22February 2019KEY INDICATORS

NET CASH FLOW2EARNINGS PER SHARE3

MARKET CAPITALIZATIONSALES

NET PROFIT126.9 BILLION €

124 BILLION €47.08 € 3.9BILLION €OPERATING MARGIN

18.3%22February 2019I

DESIRE FOR BEAUTYA12018 L’ Oreal provisional estimates -Excluding razors , soaps and toothpastes , at constant exchange rates≃THE BEST GROWTH

22February 2019BEAUTY MARKET+10 % ≃ASIA PACIFIC

TRAVEL RETAILLUXURY DERMO -COSMETICS

+25 % ≃ +22 % ≃+11 % ≃ +6%≃SKINCARE

+9% ≃BY REGION1BY SECTOR1BY CATEGORY1

22February 2019KEY BOOSTERSACCELERATION DUE TOBEAUTY MARKET

12018 L’ Oreal provisional estimates -Excluding razors , soaps and toothpastes , at constant exchange rates22 February 2019+5.5%1THE MARKET HAS ACCELERATED

THANKS TO STRONG UNDERLYING TRENDS

2014 2015 2016 2017 2018≃ACCELERATION DUE TO

STRONG UNDERLYING TRENDSBEAUTY MARKET

12018 L’ Oreal provisional estimates -Excluding razors , soaps and toothpastes , at constant exchange rates22 February 2019ACCELERATION THANKS TO

STRONG UNDERLYING TRENDS

SELF -ESTEEM ConfidenceWell-beingEXCITING NEW BENEFITS

BETTER PERFORMANCE SUPERIOR

QUALITYCONSUMERS ARE READY

PREMIUMIZATIONACCELERATION THANKS TO

STRONG UNDERLYING TRENDS22February 20193

DIGITALACCELERATION THANKS TO

STRONG UNDERLYING TRENDSBEAUTY

EXPLOSION OF SHARING

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