June 7, 2024, The Estée Lauder Companies Inc. entered into a senior unsecured credit agreement (the ?Agreement?) among the Company, the Eligible Subsidiaries of the Company party thereto from time to time, as defined therein (the ?Eligible Subsidiaries?), the lenders party thereto (the ?Lenders?), and JPMorgan Chase Bank, N.A., as administrative agent. The Facility (as defined below) created by the Agreement replaced, and is substantially similar to, the Company?s $2.5 billion revolving credit facility entered into on October 22, 2021. On June 7, 2024, there were no loans outstanding under such facility.

The Agreement provides for a 5-year revolving credit facility (the ?Facility?) to the Company and the Eligible Subsidiaries (collectively, the ?Borrowers?), in the amount of $2.5 billion, of which the entire amount is currently undrawn and available. The proceeds of the loans made under this Agreement will be used by the Borrowers for general corporate purposes as shall be determined by the Company from time to time. The Facility commenced on June 7, 2024 and expires by its terms on June 7, 2029, unless extended for up to two additional years in accordance with terms set forth in the Agreement.

Up to the equivalent of $750 million of the Facility will be available for multicurrency loans in Pounds Sterling, Euros, Japanese Yen and Swiss Francs. A portion of the Facility not to exceed $150 million will be available for the issuance of letters of credit. The Facility may be increased, at the election of the Company, by up to $500 million in accordance with the terms set forth in the Agreement.

The Company will guarantee the obligations of the Borrowers, other than itself, under the Agreement, pursuant to the terms set forth in the Agreement. Interest and fees payable under the Agreement shall be determined pursuant to the terms set forth in the Agreement. The Agreement also contains certain affirmative and negative covenants customary for facilities of this type, including, furnishing to Lenders periodic financial information of the Company and all reports, proxy statements and registration statements filed with the Securities and Exchange Commission; paying and discharging, at or before maturity, material obligations and liabilities; maintenance of corporate existence and ability to do business; use of proceeds; limitations on ability to consolidate, merge or sell, lease or otherwise transfer all or substantially all assets; limitations on the incurrence of liens; limitations on the incurrence of debt by subsidiaries of the Company; and limitations on transactions with affiliates.

The Agreement also contains certain events of default customary for facilities of this type (with customary grace periods), including nonpayment of principal, interest, fees or other amounts when due; material inaccuracies of representations and warranties; violations of covenants; the occurrence of certain bankruptcy events; certain ERISA events; material judgments; changes of control; or the invalidity of the guaranty provided by the Company. Upon the occurrence of an event of default, any outstanding loans under the Agreement may be accelerated and/or the Lenders? commitments may be terminated; provided, however, that upon the occurrence of certain insolvency or bankruptcy related events of default, all amounts payable under the Agreement will automatically become immediately due and payable, and the Lenders?

commitments will automatically terminate.