1 . NET DEBT 31.12.2019 31.12.2020 31.12.2021 Net cash position = Net cash or net debt (in € million)   (1) 2,399.3 (2) +3,859.4 (2) -3,586.4 (2) Net debt ratio (Net financial position/ Equity) n/a n/a 15.2% (1) Net cash or net debt = cash and cash equivalents – current and non–current  financial debt. (2) Including IFRS 16 lease debt for €2,035.9 million in 2019, €1,681.6 million in 2020 and €1,670.3 million in 2021. SHORT-TERM RATINGS A1 + Standard & Poor’s DECEMBER 2021 PRIME – 1 Moody’s DECEMBER 2021 A SOLID BALANCE SHEET (€ MILLION) 1.2.3. The beauty market, a strong recovery in 2021 Warning: the competitive positions and market share held by the Group’s Divisions and brands mentioned in this Document are based on studies, panels and polls obtained from specialised organisations and companies, or, in the absence of comprehensive studies, are the result of estimates made by L’Oréal on the basis of available statistical data. WORLDWIDE COSMETICS MARKET FROM 2000 TO 2021 (1) (1) Source: L’Oréal estimates of the global cosmetics market based on net manufacturer prices excluding soap, toothpaste, razors and blades, evolution excluding currency fluctuations. 2021 2020 2019 29,893.3 13,916.5 5,286.0 Non-current assets Total assets and liabilities Total assets and liabilities Current assets 2021 2020 2019 29,426.0 1,877.7 43,809.8 9,619.4 43,809.8 Current liabilities 2,886.7 ASSETS EQUITY & LIABILITIES Including cash and cash equivalent Shareholders' equity Non-current liabilities Debts 43,013.4 29,046.8 14,560.1 6,405.9 43,606.9 28,998.8 2,174.7 2,546.5 9,886.9 30,937.6 12,075.8 2,713.8 43,013.4 23,592.6 6,300.3 11,541.0 1,579.5 43,606.9 4.9% 4.3% 4.6% 4.0% 3.4% 3.8% 4.9% 5.0% 2.9% 1.0% 4.2% 4.6% 4.6% 3.8% 3.6% 3.9% 4.0% 4.9% 5.5% 5.0% to 5.5% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2021 2019 8.0% 2020 -8.0% 22 L ’ ORÉAL I UNIVERSAL REGISTRATION DOCUMENT 2021 PRESENTATION OF THE GROUP INTEGRATED REPORT Business model: Economic and corporate excellence to  create lasting value for all