2023 universal registration document

4.7.2. Reasonable assurance report of the Statutory Auditors on a selection of consolidated social, societal and environmental information for the year ended 31 December, 2023

This is a free translation into English of the original report issued in the French language and it is provided solely for the convenience of English speaking users. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

Year ended 31 December, 2023

To the chairman of the Board,

In our quality as Statutory Auditors of your Company (hereafter “Entity”) and further to your request, we have undertaken a reasonable assurance engagement on a selection of consolidated social, societal and environmental information (hereinafter, the “Information”), that the Entity has chosen to prepare in accordance with its protocols (hereinafter, the “Guidelines”), detailed in annex and in L’Oréal Group Universal Registration Document for the year ended on 31 December 2023.

Opinion in the form of reasonable assurance

In our opinion, the Information is prepared, in all material respects, in accordance with the Guidelines.

Preparation of the non-financial performance statement

The absence of a commonly used generally accepted reporting framework or a significant body of established practice on which to draw to evaluate and measure the Information allows for different, but acceptable, measurement techniques that can affect comparability between entities and over time.

Consequently, the Information need to be read and understood together with the Guidelines, available on request at the headquarters of the Entity.

Inherent limitations in preparing the Information

As stated in the Universal Registration Document, the Information may be subject to uncertainty inherent in the state of scientific or economic knowledge and the quality of external data used. Some information is sensitive to the methodological choices, assumptions, and/or estimates used in their preparation.

Entity’s responsibility

It is the responsibility of the Entity to:

• select or establish appropriate criteria for the preparation of the Information;
• prepare the Information in accordance with the Guidelines;
• design, implement and maintain the internal control procedures it deems necessary to ensure that the Information is free from material misstatement, whether due to fraud or error.

The Statement has been endorsed by the Board of Directors.

Responsibility of the Statutory Auditors

Our responsibility is:

• to plan and prepare the engagement to obtain a reasonable assurance that the Information is free from material misstatement, whether due to fraud or error;
• to express an independent opinion based on the evidence we have obtained;
• to communicate our opinion to the chairman of the Board of the Entity.

As we are engaged to form an independent conclusion on the Information as prepared by management, we are not permitted to be involved in the preparation of the Information as doing so may compromise our independence. It is not our responsibility to report on the entire Universal Registration Document for the year ended on the 31 December 2023 or on the compliance with other applicable legal provisions.

Professional standards applied

Our work was carried out in accordance with the international guidance ISAE 3000 (revised) standard "Assurance Engagements Other Than Audits or Reviews of Historical Financial Information" published by the IAASB (International Auditing and Assurance Standard Board).