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L'Oréal, April 18th, 2019

ITEM 6: the 2019 remuneration policy does not comprise any change compared to 2018. Thus it carries the same weaknesses (excessive potential amounts and potential vesting in case of underperformance). Thus, we do not support item 6.

ITEM 7: for the first time, the company discloses individual achievement rates of the annual bonus financial criteria. However, it still does not disclose targets to be achieved, for confidentiality reason. We could hear this argument for an a priori disclosure, but in the case of a past fiscal year, this is not admissible. Moreover, it does not disclose either LTI performance criteria targets for the granted LTI or the vested LTI, which does not allow shareholders to estimate whether they are sufficiently challenging. For these reasons, and considering amounts at stake (€9.5 M), we do not support item 7.

L'Oreal S.A.

L'Oreal acts as a holding company. Through its subsidiaries, Co. plays a strategic coordination role and scientific, industrial and marketing coordination role on a global basis. Co. develops, manufactures and commercializes products for Skin care, Hair care, Make-up, Perfumes, Toiletries and deodorants, and Oral cosmetics. Co. has three branches: Cosmetics, Body shop and Dermatology. Co.'s principal activities comprise four divisions: Professional Products, Consumer Products, L'Oreal Luxe and Active Cosmetics. The Body Shop branch offers various cosmetics and toiletry products. The Dermatology branch offers topical dermatology prescription, and corrective and aesthetic dermatology.


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