Nicolas Hieronimus
CEO & Director

Ladies and gentlemen, dear shareholders, dear friends, it is a great pleasure to see you all here at the Palais des Congrès for our Annual General Meeting. For me, this gathering holds a special significance. It has now been 20 years since I had the privilege and pleasure of serving this assembly, and it is now with the same emotion that I welcome you today for the 21st consecutive year.

First of all, I would like to thank you for your presence and your loyalty, and I welcome all those joining us for the first time. Every year, more and more of you choose to be part of the L'Oréal adventure. We now have nearly 430,000 individual shareholders which is the largest number of our history and a remarkable increase of over 10% in just 1 year. I would also like to thank the shareholders who voted by mail and those following remotely for the live broadcast at this Annual General Meeting. Finally, I thank the members of your Board of Directors who are all present in the front row, and I would like to extend my greetings to them. I would like to remind you that this meeting is open to the public through its live broadcast on the L'Oréal website.

As I say every year, it is intended to be friendly, warm and courteous as it has always been. As we know, this annual gathering is important, and we wanted to be as informative and enjoyable as possible. After the various presentations, you will have the opportunity to ask questions about any topics you would