Third Point Management Activist Presentation Deck

TIME TO MONETIZE L'ORÉAL Stake is financial, not strategic Shareholder agreement with Bettencourt family expired in March 2018 L'Oréal CEO (breaking with tradition) publicly expressed willingness to buy Nestlé's entire stake, signaling nature of relationship between the companies has changed THIRD POINT L'ORÉAL PARIS Nestle SORDNE STUDIO SECRETS possond geen ve Note: L'Oréal CEO comments from February 2018 public interview. Source: Third Point LLC; Google Images Resist, &Shine TITANIUM 7 PON COREA Glam Shine PH LOREAL STUDIO SECRES PROFESION 24

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