L'Oréal Investor Presentation — February 2020

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CHAIRMAN & CHIEF EXECUTIVE OFFICER

FOR THE DECADE AHEAD1Source: WWD, Beauty’s Top 100, May 2019. 2Net profit, excluding non -recurring items after non -controlling interests . 3Operating cash flow = Gross cash flow + changes in

working capital -investments. 4Diluted earnings per share, based on net profit, excluding non -recurring items, after non -controlling interests. 5Based on 02.18.2020

MARKET CAPITALIZATION

21 February 2020BEST GROWTH

2019 like-for-likesales growth .

21 February 2020+5.0 %/ +5.5 %

W O R L D W I D E B E A U T Y M A R K E T

21 February 2020 Source: L’Oréal 2019 estimates . Excluding razors , soaps and toothpastes . At constant exchange rates.MIDDLE & UPPER CLASSES

AGEING POPULATIONMEN’S CONSUMPTION

ECONOMIC, DEMOGRAPHIC & SOCIOLOGICAL

fundamental evolutions

21 February 2020DIGITAL REVOLUTION

21 February 2020LEAPFROG

21 February 2020YOUNG

Appetite for beauty of3

21 February 2020STRONG PREMIUMIZATION

21 February 2020ASIA PACIFIC

21 February 2020 1Source: L’Oréal 2019 estimates . Excluding razors , soaps and toothpastes . At constant exchange rates.OUR STRATEGY

to concentrate on the

fastest growing segments

and to outperform them

HAS BEEN VERY SUCCESSFUL

21 February 2020LUXURYG R O W T H E N G I N E 1

21 February 2020 1Source: L’Oréal 2019 estimates . Excluding razors , soaps and toothpastes . At constant exchange rates.22019 like-for-likesales growth .4 BILLIONAIRE BRANDS

2G R O W T H E N G I N E 1 L U X U R Y

DIGITAL AT THE CENTER OF

21 February 202012019 combined like-for-likesales growth .22019 like-for-likesales growth .3Sales achieved on ourbrands’ own websites

+ estimated sales achieved by ourbrands corresponding to sales through ourretailers ’ websites (non -audited data).DERMOCOSMETICSG R O W T H E N G I N E 2

21 February 2020 1Source: L’Oréal 2019 estimates . Excluding razors , soaps and toothpastes . At constant exchange rates.22019 like-for-likesales growth .G R O W T H E N G I N E 2 D E R M O C O S M E T I C S

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