THE GLOBAL HOUSE OF PRESTIGE BEAUTY

ANNUAL STOCKHOLDERS’ MEETINGNOVEMBER 14, 2017

FABRIZIO FREDA

PRESIDENT AND CHIEF EXECUTIVE OFFICER

FORWARD-LOOKING INFORMATIONThe forward-looking statements in this presentation, including those containing words and phrases like “will likely result,” “expect,” “believe,” “planned,” “may,” “should,” “could,” “anticipate,”

“estimate,” “project,” “intend,” “forecast” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These

statements include our expectations regarding sales, earnings or other future financial performance and liquidity, product introductions, entry into new geographic regions, information systems

initiatives, new methods of sale, our long-term strategy, restructuring and other charges and resulting cost savings, and future operations or operating results. Although we believe that our

expectations are based on reasonable assumptions within the bounds of our knowledge of our business and operations, actual results may differ materially from our expectations. Factors that could

cause actual results to differ from expectations include, without limitation:

(1) increased competitive activity from companies in the skin care, makeup, fragrance and hair care businesses;

(2) our ability to develop, produce and market new products on which future operating results may depend and to successfully address challenges in our business;

(3) consolidations, restructurings, bankruptcies and reorganizations in the retail industry causing a decrease in the number of stores that sell our products, an increase in the ownership concentration

within the retail industry, ownership of retailers by our competitors or ownership of competitors by our customers that are retailers and our inability to collect receivables;

(4) destocking and tighter working capital management by retailers;

(5) the success, or changes in timing or scope, of new product launches and the success, or changes in the timing or the scope, of advertising, sampling and merchandising programs;

(6) shifts in the preferences of consumers as to where and how they shop;

(7) social, political and economic risks to our foreign or domestic manufacturing, distribution and retail operations, including changes in foreign investment and trade policies and regulations of the

host countries and of the United States;

(8) changes in the laws, regulations and policies (including the interpretations and enforcement thereof) that affect, or will affect, our business, including those relating to our products or distribution

networks, changes in accounting standards, tax laws and regulations, environmental or climate change laws, regulations or accords, trade rules and customs regulations, and the outcome and

expense of legal or regulatory proceedings, and any action we may take as a result;

(9) foreign currency fluctuations affecting our results of operations and the value of our foreign assets, the relative prices at which we and our foreign competitors sell products in the same markets

and our operating and manufacturing costs outside of the United States;

(10) changes in global or local conditions, including those due to the volatility in the global credit and equity markets, natural or man-made disasters, real or perceived epidemics, or energy costs, that

could affect consumer purchasing, the willingness or ability of consumers to travel and/or purchase our products while traveling, the financial strength of our customers, suppliers or other contract

counterparties, our operations, the cost and availability of capital which we may need for new equipment, facilities or acquisitions, the returns that we are able to generate on our pension assets and

the resulting impact on funding obligations, the cost and availability of raw materials and the assumptions underlying our critical accounting estimates;

(11) shipment delays, commodity pricing, depletion of inventory and increased production costs resulting from disruptions of operations at any of the facilities that manufacture nearly all of our supply

of a particular type of product (i.e. focus factories) or at our distribution or inventory centers, including disruptions that may be caused by the implementation of information technology initiatives, or by

restructurings;

(12) real estate rates and availability, which may affect our ability to increase or maintain the number of retail locations at which we sell our products and the costs associated with our other facilities;

(13) changes in product mix to products which are less profitable;

(14) our ability to acquire, develop or implement new information and distribution technologies and initiatives on a timely basis and within our cost estimates and our ability to maintain continuous

operations of such systems and the security of data and other information that may be stored in such systems or other systems or media;

(15) our ability to capitalize on opportunities for improved efficiency, such as publicly-announced strategies and restructuring and cost-savings initiatives, and to integrate acquired businesses and

realize value therefrom;

(16) consequences attributable to local or international conflicts around the world, as well as from any terrorist action, retaliation and the threat of further action or retaliation;

(17) the timing and impact of acquisitions, investments and divestitures; and

(18) additional factors as described in our filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended June 30, 2017.

We assume no responsibility to update forward-looking statements made herein or otherwise.

NON-GAAPDISCLOSURES

These materials include some non-GAAP financial measures

relating to: constant currency; charges associated with

restructuring and other activities; goodwill and other intangible

asset impairments; changes in the fair value of contingent

consideration; and the China deferred tax asset valuation

allowance reversal. We use certain non-GAAP financial

measures, among other financial measures, to evaluate our

operating performance, which represent the manner in which

we conduct and view our business. Management believes that

excluding certain items that are not comparable from period to

period, or do not reflect our underlying ongoing business,

provides transparency for such items and helps investors and

others compare and analyze operating performance from period

to period. In the future, we expect to incur charges or

adjustments similar in nature to those listed above below;

however, the impact to our results in a given period may be

highly variable and difficult to predict. Our non-GAAP financial

measures may not be comparable to similarly titled measures

used by, or determined in a manner consistent with, other

companies. While we consider the non-GAAP measures useful

in analyzing our results, they are not intended to replace, or act

as a substitute for, any presentation included in the

consolidated financial statements prepared in conformity with

U.S. GAAP. Information about GAAP and non-GAAP financial

measures, including reconciliation information, is included on

the Investors area of the Company’s website,

www.elcompanies.com, under the heading “GAAP

Reconciliation.”

FISCAL 2017 HIGHLIGHTS

Grew net sales ahead of global prestige

beauty; gained share

Pivoted business to capture new consumers

Achieved strong double-digit sales growth

in key areas

Accelerated momentum in every quarter

throughout the year

Acquired Too Faced and BECCA

FISCAL 2017 FINANCIAL RESULTS

FISCAL 2017 VERSUS PRIOR YEAR

NET SALES (% IN CONSTANT CURRENCY) $11.8 BILLION +7%

OPERATING MARGIN 15.9% +30 BASIS POINTS

NET EARNINGS $1.3 BILLION +7%

EARNINGS PER SHARE (% IN CONSTANT CURRENCY) $3.47 +11%

CASH FLOW FROM OPERATIONS $1.9 BILLION +7%

Excludes restructuring and other charges and adjustments. Cash flow adjusted for cash costs of Leading Beauty Forward.

BROAD-BASED REGIONAL SALES GROWTHIN CONSTANT CURRENCY

AMERICAS

+2%ASIA / PACIFIC

+9%EUROPE,

THE MIDDLE EAST & AFRICA

+10%

EXCEPTIONAL GROWTH IN MAKEUP AND FRAGRANCEIN CONSTANT CURRENCY

SKIN CARE

+3%MAKEUP

+9%FRAGRANCE

+13%HAIR CARE

-2%

FISCAL 2017 STOCKHOLDER VALUE CREATED

$1.9 billion value appreciation

$413 million in share repurchases

$486 million dividends paid

Increased quarterly dividend by 13%

to $.34 per share

FISCAL 2018 FIRST QUARTER

FISCAL 2018FIRST QUARTER

VERSUS PRIOR YEAR

NET SALES (% IN CONSTANT CURRENCY) $3.3 BILLION +13%

OPERATING MARGIN 18.5% +270 BASIS POINTS

NET EARNINGS $0.5 BILLION +43%

EARNINGS PER SHARE (% IN CONSTANT CURRENCY)

$1.21 +41%

Excludes restructuring and other charges and adjustments.

NEAR AND LONG-TERM GOALS

FISCAL 2018 FY2018 TO FY2020

NET SALES GROWTHIN CONSTANT CURRENCY

+8% TO +9% +6% TO +8%

OPERATING MARGIN ~+50 BASIS POINTS ~+50 BASIS POINTS PER YEAR

DILUTED EARNINGS PER SHARE $4.04 TO $4.12 ----

EARNINGS PER SHARE GROWTHIN CONSTANT CURRENCY

+12% TO +14% DOUBLE-DIGITS

Excludes restructuring and other charges and adjustments.

$10.6 billion value appreciation

(through 11/10/17)

$45+ billion market capitalization

Increased quarterly dividend by

12% to $.38 per share

FISCAL 2018 STOCKHOLDER VALUE

TOTAL STOCKHOLDER RETURN

Twelve Months Ended November 10, 2017

S&P CONSUMER

STAPLES

ESTĒE LAUDER S&P 500

62%

22%

11%

ESTĒE LAUDER COMPANIES

PEER AVERAGE

S&P 500

S&P CONSUMER STAPLES

PEER AVERAGE

27%

Peer group includes L’Oreal, LVMH, Shiseido, AmorePacific and Coty.

PIVOTING TO TOMORROW

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

ENRICHING OUR BRAND PORTFOLIO

WE ARE A GROWTH COMPANY IN A DYNAMIC, GROWING INDUSTRY

AVERAGE NET SALES GROWTH

2011-2016

S&P CONSUMER

STAPLES

ESTĒE LAUDERGLOBAL PRESTIGE

5%

7%

2%

Source: ELC sales growth in constant currency for fiscal years 2012 – 2017. Euromonitor 2016 for premium skin care, makeup and fragrances. FactSet data for S&P 500 Consumer Staples sector.

Prestige beauty is one of the fastest growing

HPC industries

We have consistently outpaced the industry,

gaining global share

Our focus on prestige beauty helps us stay

ahead of the curve

WE HAVE STRENGTH IN MAKEUP AND SKIN CARE, OPPORTUNITY IN FRAGRANCE

Source: ELC net sales F2017 and growth in constant currency for fiscal years 2012 – 2017. Euromonitor 2016 retail sales for premium skin care, makeup and fragrances, excluding travel retail. Growth at constant 2016 exchange rates

GLOBAL PRESTIGE BEAUTY

$100 Billion

5 year CAGR +5%

SKIN CARE

MAKEUP

FRAGRANCE

HAIR CARE

ESTĒE LAUDER COMPANIES

$12 Billion

5 year CAGR +7%

41%

23%

9%

27%38%

43%

5%

14%

SUCCESSFULLY EXECUTING OUR WINNING STRATEGY

We recognize changes in the industry

and we have the courage to evolve and pivot

• Focusing on high growth channels and markets

• Embracing a digital-first mindset

• Reaching new consumers and building loyalty

• Strengthening our brand portfolio

• Increasing efficiency and nimbly allocating

resources

Our diversification helps us both manage

volatility and maintain sustainability

As a family company, we are focused on

the long-term

BRAND GEOGRAPHY

OUR MULTIPLE ENGINES OF GROWTH ARE POWERED BY OUR LONG-TERM STRATEGY

CATEGORY CHANNEL

DRIVING MOMENTUM AROUND THE WORLD

Reaching new consumers

Building demand in emerging markets

• Launching new brands

• Trading consumers up from mass

Attracting millennials in developed countries

Focusing on the biggest fast-growth

opportunities by region

APPLYING A DIGITAL-FIRST MINDSET

IN-HOUSE INFLUENCERS

Social ambassador programs

Granularity in artist placement

Artist communities

INFLUENCER ACTIVATIONS

Brand storytellers

Commercial partners

Long-term affiliations

SOCIAL MEDIA AMPLIFICATION

PLATFORM ACTIVATION

Global and local platforms

New opportunities / formats

Driving AI / bots innovation

OF THE MOMENT CONTENT

Global content amplification

Local content creation

New media buying approach

OTHER

PERFUMERIES

BRAND.COM

SPECIALTY-MULTI

FY2017FY2016*Other includes salons, spas, military and pharmacies

22% 18%

24%24%

12%14%

11% 11%

8% 11%

6% 7%5% 5%

12% 10%

STRENGTH ACROSS MULTIPLE CHANNELS

FREESTANDING RETAIL STORES

TRAVEL RETAIL

INT’L DEPT STORES

NA DEPT STORES

WINNING ONLINE

5 year CAGR ~25%, currently growing 30%+

Online penetration rose to 11% of

F2017 net sales

• Brand.com + Retailer.com

In nearly 40 countries with strong growth

across brand and retailer sites

Added 100+ sites in first quarter

Omnichannel opportunity

Increasing mobile commerce

GROWING DEMAND IN TRAVEL RETAIL

Travel retail is a high-growth channel

forecasted to represent ~20% of global

prestige beauty

Leveraging strong traffic growth to convert

travelers into shoppers

Diversifying our business across brands

and categories

Connecting with consumers from planning

a trip through the journey

Gaining share

GROWING DEMAND IN TRAVEL RETAIL

Travel retail is a high-growth channel

forecasted to represent ~20% of global

prestige beauty

Leveraging strong traffic growth to convert

travelers into shoppers

Diversifying our business across brands

and categories

Connecting with consumers from planning

a trip through the journey

Gaining share

GROWING DEMAND IN TRAVEL RETAIL

Travel retail is a high-growth channel

forecasted to represent ~20% of global

prestige beauty

Leveraging strong traffic growth to convert

travelers into shoppers

Diversifying our business across brands

and categories

Connecting with consumers from planning

a trip through the journey

Gaining share

SHOPPERS DRUG, CANADA DOUGLAS, GERMANY MECCA, AUSTRALIA BOOTS, UNITED KINGDOM

EVE AND BOY, THAILAND KICKS, SWEDEN SEPHORA, FRANCE ULTA BEAUTY, USA

GLOBAL SUCCESS IN SPECIALTY-MULTI RETAIL

FREESTANDING RETAIL STORES DRIVE OMNICHANNEL

We operate more than 1,400 stores globally

Integral to omnichannel experience

Adding >100 in FY18, primarily

for MAC, Jo Malone and Bobbi Brown in

international markets

New store formats

Enhancing retail capabilities

MAC

UNITED KINGDOM

FREESTANDING RETAIL STORES DRIVE OMNICHANNEL

We operate more than 1,400 stores globally

Integral to omnichannel experience

Adding >100 in FY18, primarily

for MAC, Jo Malone and Bobbi Brown in

international markets

New store formats

Enhancing retail capabilities

MITSUKOSHI, TAIWANMAGASIN DU NORD, DENMARK GALERIES LAFAYETTE, FRANCE SELFRIDGES, UNITED KINGDOM

MACY’S, USA SHANGHAI YAOHAN, CHINA LOTTE DAEGU, KOREA SIAM PARAGON, THAILAND

DEPARTMENT STORES REMAIN A CORE CHANNEL GLOBALLY

CREATIVITY AND INNOVATION UNDERPIN OUR SUCCESS

Innovating hero franchises

Trial vs. loyalty

Developing breakthrough formulations

and packaging

Creating trends

Improving speed to market

BREADTH OF SKIN CARE INNOVATION

CAPTURING & CREATINGMAKEUP TRENDS

EMOTIONAL ART OF FRAGRANCE

ADVANCES IN HAIR CARE

CREATING SUSTAINABILITY FOR THE LONG-TERM

INCREASING SPEED, EFFICIENCY ANDAGILITY

Completed modernization of key systems

• Now enabling cost savings

Continuing information technology

investment

Leading Beauty Forward initiative

• A growth program

• Lowers overhead cost base / increases sales

leverage

• Funds priority investments

• Annual net benefits $200M to $300M before tax

WORLD CLASS LEADERSHIP AND TALENT DEVELOPMENT

Leveraging our strengths

• Great brand builders

• Creativity and innovation capabilities

Digital-first mindset reflected in

hiring, development

COMMITMENT TOINCLUSION ANDDIVERSITY

22 Employee Resource Groups globally

High-Touch Inclusion Seminar delivered to

over 8,000 employees globally

I&D strategic plan and locally relevant

affiliate plans

Recognized for leadership in I&D

Strong female representation at all levels

CORPORATE CITIZENSHIP AND SUSTAINABILITY

Strong social and environmental

commitments

Invest in communities and causes that

create positive environmental and social

impacts across signature giving areas

Promote climate resilience by committing

to net-zero emissions by 2020

Commitment to safety

APPENDIX

RECONCILIATIONS OF FINANCIAL RESULTS

The following tables present a reconciliation of the Company’s financial results for the three months ended September 30, 2017 and 2016 and for the fiscal years ended June 30,

2017 and 2016 as reported in conformity with U.S. generally accepted accounting principles (“GAAP”) and those results adjusted to exclude certain items described above or within

each table. The Company uses certain non-GAAP financial measures, among other financial measures, to evaluate its operating performance, which represent the manner in which

the Company conducts and views its business. Management believes that excluding certain items that are not comparable from period to period, or do not reflect the Company’s

underlying ongoing business, provides transparency for such items and helps investors and others compare and analyze operating performance from period to period. In the future,

the Company expects to incur charges or adjustments similar in nature to those presented below; however, the impact to the Company’s results in a given period may be highly

variable and difficult to predict. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by, or determined in a manner consistent

with, other companies. While the Company considers the non-GAAP measures useful in analyzing its results, they are not intended to replace, or act as a substitute for, any

presentation included in the consolidated financial statements prepared in conformity with GAAP.

The Company operates on a global basis, with the majority of its net sales generated outside the United States. Accordingly, fluctuations in foreign currency exchange rates can

affect the Company’s results of operations. Therefore, the Company presents certain net sales, operating results and diluted earnings per share information excluding the effect of

foreign currency rate fluctuations to provide a framework for assessing the performance of its underlying business outside the United States. Constant currency information

compares results between periods as if exchange rates had remained constant period-over-period. The Company calculates constant currency information by translating current-

period results using prior-year period weighted average foreign currency exchange rates.

During fiscal 2016, as part of the Company’s ongoing initiative to upgrade and modernize its systems and processes, the Company transitioned its global technology infrastructure

(GTI) to fundamentally change the way it delivers information technology services internally. This initiative is expected to result in operational efficiencies and reduce the Company’s

information technology service and infrastructure costs in the future. The implementation of this initiative was substantially completed during fiscal 2016.

In May 2016, the Company announced a multi-year initiative (Leading Beauty Forward) to build on its strengths and better leverage its cost structure to free resources for investment

to continue its growth momentum. Leading Beauty Forward is designed to enhance the Company’s go-to-market capabilities, reinforce its leadership in global prestige beauty and

continue creating sustainable value. During the fiscal 2018 first quarter, the Company continued to approve specific initiatives under Leading Beauty Forward. The Company plans

to approve additional initiatives through fiscal 2019 and expects to complete those initiatives through fiscal 2021. The Company expects Leading Beauty Forward will result in

related restructuring and other charges totaling between $600 million and $700 million, before taxes. Once fully implemented, Leading Beauty Forward is expected to yield annual

net benefits of between $200 million and $300 million, before taxes, of which a portion is expected to be reinvested in future growth initiatives.

The Company recorded $1 million and $4 million of expense within selling, general and administrative expenses for the three months ended September 30, 2017 and 2016,

respectively, to reflect changes in the fair value of its contingent consideration related to its fiscal 2015 and 2016 acquisitions.

During the first quarter of fiscal 2018, the Company adopted a new accounting standard for share-based compensation that requires excess tax benefits and tax deficiencies related

to stock-based compensation awards be recorded as income tax benefit or expense in the income statement. As a result of the adoption of this new standard, the Company

recognized $23 million of excess tax benefits as a reduction to the provision for income taxes, which reduced the effective rate for income taxes by 420 basis points and added

approximately $.06 to diluted net earnings per share for the three months ended September 30, 2017.

FISCAL 2018 FIRST QUARTER

FISCAL 2018 FIRST QUARTER

FISCAL 2018 FIRST QUARTER

FISCAL 2018 FULL YEAR GUIDANCEISSUED NOVEMBER 1, 2017

FISCAL 2017

In June 2017, the Company revised and approved financial projections for certain of its fiscal 2015 and 2016 acquisitions. In the process, the Company noted that actual results and the most recent projections were lower during their respective earn-out measurement periods than the financial targets made at June 30, 2016 and it reassessed the likelihood of achieving those targets. As a result, the Company recognized a $58 million gain within selling, general and administrative expenses, to reflect the adjusted fair value of its contingent consideration, primarily related to the acquisitions of GLAMGLOW, Editions de Parfums Frédéric Malle and Le Labo as of June 30, 2017. The gain recognized for the 2017 full fiscal year was $57 million.

The Company performs annual impairment tests for each of its reporting units. In addition, the Company may perform interim impairment tests as a result of changes in circumstances and certain financial indicators. Such tests may conclude that the carrying value of certain assets exceed their estimated fair values, resulting in the recognition of impairment charges. During the fourth quarter of fiscal 2017, the Company recorded goodwill impairment charges related to the Editions de Parfums Frédéric Malle and RODIN olio lusso reporting units of $22 million and $6 million, respectively. Additionally, during the fourth quarter of fiscal 2017, the Company recognized impairment charges related to the RODIN olio lusso trademark, customer relationship and persona intangible assets of $3 million.

In the fourth quarter of fiscal 2017, China enacted a favorable change to its tax law that expanded the corporate income tax deduction allowance for advertising and promotional expenses. As a result of the new law, in the fourth quarter of fiscal2017, the Company released into income its previously established deferred tax asset valuation allowance of approximately $75 million related to its accumulated carryforward of excess advertising and promotional expenses.

FISCAL 2017

FISCAL 2017