7 . 7.5.2.2.2. 10-year evolution of a portfolio of approximately €15,000 invested in L’Oréal shares with  reinvestment of dividends Date of transaction Nature of transaction Investment (€) Income (€) Number of shares after the transaction 31.12.2011 Purchase of 186 shares at €80.70 15,010.20 186 03.05.2012 Dividend: €2.00 per share 372.00 186   Reinvestment: purchase of 5 shares at €92.84 464.20 191 10.05.2013 Dividend: €2.30 per share 439.30 191   Reinvestment: purchase of 4 shares at €134.05 536.20 195 05.05.2014 Dividend: €2.50 per share 487.50 195   Reinvestment: purchase of 4 shares at €123.90 495.60 199 07.05.2015 Dividend: €2.70 per share 537.30 199   Reinvestment: purchase of 4 shares at €168.60 674.40 203 03.05.2016 Dividend: €3.10 per share 629.30 203   Reinvestment: purchase of 4 shares at €157.80 631.20 207 03.05.2017 Dividend: €3.30 per share 683.10 207   Reinvestment: purchase of 4 shares at €184.55 738.20 211 27.04.2018 Dividend: €3.55 per share 749.05 211   Reinvestment: purchase of 4 shares at €196.90 787.60 215 30.04.2019 Dividend: €3.85 per share 827.75 215   Reinvestment: purchase of 4 shares at €245.10 980.40 219 07.07.2020 Dividend: €3.85 per share 843.15 219   Reinvestment: purchase of 3 shares at €288.30 864.90 222 29.04.2021 Dividend: €4.00 per share 888.00 222   Reinvestment: purchase of 3 shares at €343.10 1,029.30 225 TOTAL 22,212.20 6,456.45 TOTAL NET INVESTMENT 15,755.75 Portfolio value at 31 December 2021 (225 shares at €416.95, price at 31 December 2021): € 93,813.75. The initial capital has thus been multiplied by 6.3 over 10 years (10-year inflation rate =  8.98% – Source: INSEE) and the final capital is 6 times the total net investment. The Total Shareholder Return of the investment is thus 19.8% per year (assuming that the shares are sold on 31 December 2021, excluding tax on capital gains). NOTE: Any income tax that may be paid by the investor as a result of the successive dividend payments is not taken into account. 396 L ’ ORÉAL I UNIVERSAL REGISTRATION DOCUMENT 2021 STOCK MARKET INFORMATION SHARE CAPITAL The L’Oréal share/the share market