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half - year FINANCIAL report - L OR AL 30 JUNE 2017 - 2 Contents 1 ACTIVITY report .. 4 The Group consolidated .. 4 Segment information .. 5 Important events during the 7 Risk factors and transactions between related parties .. 7 Prospects .. 8 Subsequent events .. 8 2 2017 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS .. 9 Compared consolidated income statements .. 10 Consolidated statement of comprehensive income .. 11 Compared consolidated balance sheets .. 12 Consolidated statements of changes in equity .. 13 Compared consolidated statements of cash flows .. 15 Notes to the condensed consolidated financial statements .. 16 3 STATUTORY AUDITORS REVIEW report ON THE 2017 half - year FINANCIAL INFORMATION .. 32 4 DECLARATION BY THE PERSON RESPONSIBLE FOR THE 2017 half - year FINANCIAL report .

Activity Report HALF-YEAR FINANCIAL REPORT - L’ORÉAL 30 JUNE 2017 - 4 1 Activity Report It should be noted that L’Oréal’s half-year results are not representative of the full-year

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