7 CHANGE IN THE L’ORÉAL SHARE PRICE COMPARED TO THE CAC 40 INDEX FROM 31 DECEMBER 2011 TO  28 FEBRUARY  2022 7.5.2.2. Total shareholder return Amongst the various economic and financial indicators used to measure value creation, L’Oréal has chosen to apply the criterion of Total Shareholder Return: (TSR). This indicator is a synthetic measurement that takes into account not only the value of the share but also the dividend income received (excluding tax credits before 1 January 2005). 7.5.2.2.1. Five-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 31.12.2016 Purchase of 87 shares at €173.40 15,085.80 87 03 .05.2017 Dividend: €3.30 per share 287.10 87   Reinvestment: purchase of 2 shares at €184.55 369.10 89 27 .04.2018 Dividend: €3.55 per share 315.95 89   Reinvestment: purchase of 2 shares at €196.90 393.80 91 30.04 .2019 Dividend: €3.85 per share 350.35 91   Reinvestment: purchase of 2 shares at €245.10 490.20 93 07.07 .2020 Dividend: €3.85 per share 358.05 93   Reinvestment: purchase of 2 shares at €288.30 576.60 95 29 .04.2021 Dividend: €4.00 per share 380.00 95   Reinvestment: purchase of 2 shares at €343.10 686.20 97 TOTAL 17,601.70 1,691.45 TOTAL NET INVESTMENT 15,910.25 Portfolio value at 31 December 2021 (97 shares at €416.95, price at 31 December 2021): €40,444.15. The initial capital has thus been multiplied by 2.7 over 5 years (5-year inflation rate =  5.47% – Source: INSEE) and the final capital is 2.5 times the total net investment. The Total Shareholder Return of the investment is thus 21.0% 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. L’Oréal CAC 40 indexed to L’Oréal 355.80€ 6,658.83 28/02/2022 40 90 140 190 240 290 340 390 440 490 €80.70 3,159.81 12/2011 12/2013 12/2016 12/2015 12/2014 12/2012 12/2020 12/2019 12/2018 12/2017 12/2021 L ’ ORÉAL I UNIVERS AL REGISTRATION DOCUMENT 2021 395 STOCK MARKET INFORMATION SHARE CAPITAL The L’Oréal share/the share market