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JEAN-PAUL AGONChairman & Chief Executive Officer

CHAMPIONING BEAUTY

IN A TIME OF CRISIS

DEUTSCHE BANK ACCESS GLOBAL

CONSUMER CONFERENCE9 June 2020

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Drastic health and security

measures on all workplaces

(factories, warehouses ….)

Limited number of people

infected. No fatalities

100% employment

& 100% fixed salary guaranteed till end-June

15 million units of hand sanitizers donated

>4 million of hand creamsdonated

In 40 countries

70% of our factories mobilized

Freeze receivables

from more than 100,000 small professional clients

and perfumeries

Shortening leadtime

of payments to

9,000 most vulnerable suppliers

PROTECTION & SOLIDARITY

PROTECTING OUR EMPLOYEES SUPPORTING CAREGIVERS SUPPORTING OUR PARTNERS

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1

BEAUTY IS RESILIENT AND

GROWTH WILL RESUME

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0%

1%

2%

3%

4%

5%

6%

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

SARS MERSFINANCIAL CRISIS9/11

1L’Oréal worldwide beauty market estimates, excluding razors, soaps and toothpastes. 2019 provisional estimates, at constant exchange rates.

THE BEAUTY MARKET IS RESILIENT

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CRISIS OF SUPPLY

MARKET DROP DUE TO LOCKDOWN SHOCK

SHUTDOWN OF HAIRDRESSERS, DEPARTMENT STORES,

PERFUMERIES, TRAVEL RETAIL STORES

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CHINA RETAIL IS RECOVERING

JAN / FEB MARCH APRIL

Garments -30.9% -34.8% -18.5%

Cosmetics -14.1% -11.6% +3.5%

Jewelry -41% -30% -12.1%

Home Appl -30% -29.7% -8.5%

Furniture -33.5% -22.7% -5.4%

Auto -37% -18% 0%

RETAIL IS RECOVERING COSMETICS IS LEADING THE RECOVERY

-25

-20

-15

-10

-5

0

5

10 +7.2% +8% +8%

-20.5% -20.5%

-15.8%

-7.5%

Oct 2019 Jan 2020 Apr 2020

Source: Tradingeconomics.com / National Bureau of Statistics of China YoY evolution (in %)

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CHINA

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

JAN FEB MAR APR

STRONG APPETITE FOR BEAUTY

THE BEAUTY MARKET IS KICKING UP ACCELERATION ONLINE

QUICK RECOVERY OFFLINE

SKINCARE

9%

-62%

-23%

11%20%

57%67%

58%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

JAN FEB MAR APR

OFFLINE(GFK – DS/Shopping Mall)

ONLINE(SmartPath - Tmall)Source: L’Oréal market estimates

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STRONG APPETITE FOR BEAUTY

ONLINE STRONG OFFLINE RECOVERING PROGRESSIVELY

YTD MAY 20

SKINCARE + 44%

FRAGRANCE + 58%

MAKE UP + 24%

HAIR + 34%

TOTAL BEAUTY + 38%

TOP BEAUTY CATEGORIES TRAFFIC RECOVERY %4000 MALLS IN CHINA

FEB. MAR. APR. MAY JUN. JUL.0%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

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BACK TO SALONS

STRONG APPETITE FOR BEAUTY

OF CONSUMERS WENT BACK

TO THEIR HAIRDRESSER

IN THE 1ST WEEK OF OPENING2/3

Survey France/US/Germany – May 2020

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-50%

-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

W/C 23.03 W/C 27.04 W/C 18.05

STRONG APPETITE FOR BEAUTY

EUROPE NOW IN RECOVERY

P4(23.03 / 20.04)

P5(21.04 / 19.05)

Total -4.8% +4.1%

Brick & Mortar -7.1% +0.8%

E-COM +121.5% +196%

-44.7%

-40.0%

-16.7%

Spain total mass beauty market (Nielsen)

TOTAL MASS MARKET EVOLUTION TOTAL MASS MARKET EVOLUTION

Italy total mass beauty market (Nielsen)

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2

L’ORÉAL IS CHAMPIONING

THE BEAUTY MARKET

C1 - Internal use 1L’Oréal worldwide beauty market estimates, excluding razors, soaps and toothpastes. Q1 2020 provisional estimates, at constant exchange rates. 2Q1 2020 like-for-like sales growth.

OUTPERFORMING IN Q1

BEAUTY

MARKETEST. Q1

2

≃-8%

-4.8%

1

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MORE CONNECTION

MORE COMMUNITY

+20% WEBSITE TRAFFIC

+15% BEAUTY CONVERSATIONS

2BnTIKTOK

DOWNLOADS

+70%LIVE USAGE

ON INSTAGRAM

+76% OF TIME SPENT ON

WHATSAPP WORLDWIDE

60BnDAILY CONVERSATIONS

ON WHATSAPP

FANTASTIC ACCELERATION OF DIGITALIZATION

MORE COACHING

MORE CONVERSATION

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INCREASED CONSUMER & CUSTOMER CENTRICITY IN ONLY A FEW WEEKS

MORE CONNECTION MORE SERVICES MORE CONVERSATION

L’ORÉAL, THE CHAMPION OF DIGITAL

X2.5 VIRTUAL

TRY-ONS

9 MINUTES TIME SPENT

TELECONSULTATION

SHOPPABLE

LIVE-STREAMING

NEW IN-STORE

VIRTUAL TESTER

MEDIA SHIFT:

77%1 digital media

FROM AWARENESS TO CONVERSION

IMPROVED ROI

NEW FORMATS

NEW TONE OF VOICE

1.2M2 CONVERSATIONS (+28%)

1In April

2In April, excluding Asia

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FANTASTIC ACCELERATION FOR E-COMMERCE

Source: Bank of America, US Department of Commerce, ShawSping Research

US E-COMMERCE PENETRATION % OF RETAIL SALES

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 APRIL 2020

10 YEAR’S GROWTH IN LESS THAN 10 WEEKS

5.6% 6.4%7.2%

8%8.8%

9.7%10.7%

11.8%13.2%

14.4%

16%

27%

C1 - Internal use 1Sales achieved in Q1 2020 on our brands’ own websites + estimated sales achieved by our brands corresponding to sales through our retailers’ websites (non-audited data)

ECOM BOOMING

+53%1 in Q1

SHARP ACCELERATION IN APRIL

>+60%

x2 IN WESTERN EUROPE AND IN THE USA2

OUTPERFORMANCE IN NORTH AMERICA

L’ORÉAL, CHAMPION OF E -COMMERCE

+221%1 growth

+58% new consumers

x2 increase conversion rate0%

5%

10%

15%

20%

25%

30%

2015 2016 2017 2018 2019 JAN FEB MAR APR

5% 6%8%

11%16% 17% 18%

25%

5X TOTAL BEAUTY MARKET Q1 D2C

0%

10%

20%

30%

40%

50%

60%

MARKET+11%

L’ORÉAL+49%

CPD VS TOTAL BEAUTY ECOMM

MARKET GROWTH - USA

WEIGHT OF E-COMMERCE INCREASING ALL DIVISIONS, ALL ZONES

1In April - Source: SFCC

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TOP 100 BRANDS

OTHER BRANDS

CHAMPIONING WITH WINNING BRANDS

50%

MARKET SHARE TOP BRANDS VS SMALLER BRANDS, MASS EU41

1 Weekly data

7 BRANDS IN THE TOP 20

STRONG TRUSTED ASPIRATIONAL BRANDS

PREVAIL IN TIMES OF CRISIS

EXCEPTIONAL QUALITY, SAFETY

TRUST, REASSURANCE

TRANSPARENCY

COMMITMENT TO SUSTAINABILITY

PURPOSE DRIVEN

STRONG CONSUMER ENGAGEMENT

40%

60%

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CHAMPIONING WITH HERO PRODUCTS

TOP 20 HERO SKUS REPRESENT 30% OF SALES

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SEIZING AND MAXIMIZING ALL OPPORTUNITIES

CATEGORY OPPORTUNITIES

BOOM IN NAILS STRONG GROWTH

IN DERMOCOSMETICS

+40%

+30%

P1 P2 P3 P4

+30.5%

+17.7%ESSIE

CATEGORY

2020 Vs 2019

Progression of the nail category & of essie

EXPLOSION IN HOME HAIRCOLOR

Source: Nielsen Q1 2020 like-for-like sales growth

-10%

-4% -5%-8%

3%

-8% -9%

-4%

13%

4%

20%17%

13%

22%

10%6%

11%

22%

09/03 -

15/03

16/03 -

22/03

23/03 -

29/03

30/03 -

05/04

06/04 -

12/04

13/04 -

19/04

20/04 -

26/04

27/04 -

03/05

04/05 -

10/05

MASS MARKET L'ORÉAL CPD

BEAUTY MASS MARKET VALUE SALES EVOLUTION YOY 2020-2019

48%

87%116%

148% 159%

113%127%

145% 138%68%

127%

162%

199% 204%

146% 153%165%

150%

09/03 -

15/03

16/03 -

22/03

23/03 -

29/03

30/03 -

05/04

06/04 -

12/04

13/04 -

19/04

20/04 -

26/04

27/04 -

03/05

04/05 -

10/05

HAIRCOLOR MARKET HAIRCOLOR L'ORÉAL CPD

HAIRCOLOR WEEKLY VALUE SALES EVOLUTION YOY 2020-2019

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CHAMPIONING THANKS TO INNOVATION

STRONG RELAUNCH PLAN

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CHAMPIONING THANKS TO INNOVATION

POWERFUL LAUNCHES FOR H2

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EACH COUNTRY IS A SPECIFIC CASE WITH DIFFERENT

SANITARY, ECONOMIC, RETAIL SITUATION

THAT REQUIRES OPTIMISATION AND MAXIMISATION

COUNTRY BY COUNTRY

PERFECTLY ADAPTED:

STRATEGICALLY CONCENTRATED / OPERATIONALLY DECENTRALIZED

CHAMPIONING THANKS

TO UNIQUE ORGANIZATION

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CHAMPIONING THANKS

TO DEDICATION OF OUR TEAMS

58,000 PEOPLE

TELEWORKING

ALL FACTORIES AND WAREHOUSES

OPENED DURING THE CRISIS

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CHAMPIONING THANKS TO HEALTHY

AND SOLID FINANCIAL SITUATION

ROBUST BALANCE

SHEET

STRONG NET

CASH POSITION €4.4Bn net cash end 2019 excluding

financial lease debt

Shareholders’ equity > €29Bn

2/3 of total balance sheet

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TRAVEL BAN AS OF MID-FEB TILL END-SEPTEMBER

STRICT CONTROL OF R&I BUDGET. IN LINE WITH BUSINESS ACTIVITY

SUSPENSION OF CONSULTING CONTRACTS

SYSTEMATIC TRANSFORMATION OF ON-SITE TRAINING TO E-LEARNING

CANCELLATION OF PHYSICAL MEETINGS AND SEMINAIRES

COLLECTIVE EVENTS DEFERRED.

DRASTIC ADJUSTMENT OF BUSINESS DRIVERS IN ALL ZONES TO REFLECT

THE STATE OF LOCKDOWN, IN PARTICULAR NON-DIGITAL EXPENSES

POINT OF SALE EXPENSES CUT

STRICT CONTROL OF INVESTMENTS

COST DISCIPLINE IN TIME OF CRISIS

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CHAMPIONING THANKS TO SUSTAINABILITY

1Ranking date December 2019

GENDER EQUALITY

OUR PERFORMANCE IS RECOGNIZED

ENVIRONMENT ETHICS

#1 WORLDWIDE ETHICALQUOTE REPUTATION INDEX1

LEADER IN GENDER EQUALITY

L’ORÉAL, ONLY COMPANY WITH 3“A” FOR THE 4th YEAR RUNNING

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CHAMPIONING THANKS TO SUSTAINABILITY

L’ORÉAL FOR THE FUTURE

A SOCIAL AND ENVIRONMENTAL

SOLIDARITY PROGRAMME

€150M

€100 MILLION

Environmental impact Investing

€50 MILLION

to help women in situations

of high vulnerability

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CLOSER TO OUR CONSUMERS

CLOSER TO OUR RETAIL PARTNERS

CLOSER TO OUR SUPPLIERS

CLOSER TO OUR COMMUNITIES

L’ORÉAL WILL EMERGE

STRONGER THAN EVER

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------------------------- Disclaimer -------------------------

"This document does not constitute an offer to sell, or a solicitation of an offer to buy, L’Oréal shares. If you wish to obtain more comprehensive information about L’Oréal,please refer to the public documents registered in France with the Autorité des Marchés Financiers (which are also available in English on our Internet site: www.loreal-

finance.com).This document may contain some forward-looking statements. Although the Company considers that these statements are based on reasonable hypotheses at

the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or

projected in these statements."