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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 .. 33 HALF-YEAR FINANCIAL REPORT - L OR AL 30 JUNE 2017 - 3 HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2017 Half-year situation at 30 June 2017 The following statements have been examined by the Board of Directors of 27 July 2017 and have been the object of a limited review by the Statutory Auditors.

Activity Report HALF-YEAR FINANCIAL REPORT - L’ORÉAL 30 JUNE 2017 - 6 1.2.2. OPERATING PROFIT BY OPERATIONAL DIVISION The announcement, on 27 June 2017, of the signing of the contract for the sale of The Body Shop, means that the IFRS 5 accounting

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