2022 Universal Registration Document

Risk identified	Our response
Risk identified The identification and assessment of these items are a key audit matter given that: the high level of Management’s judgment required to determine the risks to be provisioned and to assess with sufficient reliability the amounts to be provisioned; the potential significant impact of these provisions in your Group's income.	Our response We also conducted a retrospective analysis by comparing the amounts paid over the last few years with the amounts previously provisioned. We carried out, where necessary by integrating tax experts into our team, the following procedures: We examined procedural matters and/or tax or technical opinions issued by external advisors selected by Management, in order to assess the appropriateness of a liability; We carried out, on the basis of the items submitted to us, a critical review of the risk estimates and verified that the assessments used by Management are within these acceptable ranges; When relevant, we verified the permanence of the methods used for these evaluations. With regard to contingent liabilities, we examined, where appropriate by integrating tax experts, the procedural elements and/or the tax or technical opinions issued by external advisors chosen by Management in order to assess the appropriateness of a lack of provision. We assessed the appropriateness of the information given in the notes to the consolidated financial statements.

Risk identified

Our response

The identification and assessment of these items are a key audit matter given that:

the high level of Management’s judgment required to determine the risks to be provisioned and to assess with sufficient reliability the amounts to be provisioned;
the potential significant impact of these provisions in your Group's income.

We also conducted a retrospective analysis by comparing the amounts paid over the last few years with the amounts previously provisioned.

We carried out, where necessary by integrating tax experts into our team, the following procedures:

We examined procedural matters and/or tax or technical opinions issued by external advisors selected by Management, in order to assess the appropriateness of a liability;
We carried out, on the basis of the items submitted to us, a critical review of the risk estimates and verified that the assessments used by Management are within these acceptable ranges;
When relevant, we verified the permanence of the methods used for these evaluations.

With regard to contingent liabilities, we examined, where appropriate by integrating tax experts, the procedural elements and/or the tax or technical opinions issued by external advisors chosen by Management in order to assess the appropriateness of a lack of provision.

We assessed the appropriateness of the information given in the notes to the consolidated financial statements.

Specific Verifications

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations of the information relating to the Group given in the Board of Directors’ management report.

We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements.

We attest that the consolidated non-financial statement required by Article L. 225-102-1 of the French Commercial Code (Code de commerce) is included in the information relating to the Group given in the management report, it being specified that, in accordance with Article L. 823-10 of said Code, we have verified neither the fair presentation nor the consistency with the consolidated financial statements of the information contained therein. This information should be reported on by an independent third party.

Report on Other Legal and Regulatory Requirements

Format of preparation of the consolidated financial statements intended to be included in the annual financial report

We have also verified, in accordance with the professional standard applicable in France relating to the procedures performed by statutory auditor regarding the annual and consolidated financial statements prepared in the European single electronic format, that the preparation of the consolidated financial statements intended to be included in the annual financial report mentioned in Article L. 451-1-2, I of the French Monetary and Financial Code (Code monétaire et financier), prepared under the Chief Executive Officer’s responsibility, complies with the single electronic format defined in Commission Delegated Regulation (EU) No. 2019/815 of 17 December 2018. Regarding consolidated financial statements, our work includes verifying that the tagging thereof complies with the format defined in the above-mentioned regulation.

On the basis of our work, we conclude that the preparation of the consolidated financial statements intended to be included in the annual financial report complies, in all material respects, with the European single electronic format.

Due to the technical limitations inherent to the block-tagging of the consolidated financial statements according to the European single electronic format, the content of certain tags of the notes may not be rendered identically to the accompanying consolidated financial statements.

Furthermore, we have no responsibility to verify that the consolidated financial statements that will ultimately be included by your Company in the annual financial report filed with the AMF (Autorité des marchés financiers) agree with those on which we have performed our work.

Appointment of the Statutory Auditors

We were appointed as statutory auditors of L'Oréal by your annual general meeting of April 29, 2004 for DELOITTE & ASSOCIES and of April 21, 2022 for ERNST & YOUNG Audit.

As at December 31, 2022, DELOITTE & ASSOCIES was in the nineteenth year of total uninterrupted engagement and ERNST & YOUNG Audit in the first year.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.