L'Oreal: L'Oréal: News Release: "First-half 2014 results"

          L'Oreal: L'Oréal: News Release: "First-half 2014 results"

Clichy, July 31^st, 2014 at 6:00 pm

                           First-half 2014 results

                              A SOLID FIRST HALF

                                      

                   GOOD OPERATING PROFITABILITY PROGRESSION

                        GROWTH CONTRASTED BY DIVISION

  oOperating profitability at 18.2% of sales, a profit of 2.029 billion euros
  oSales: 11.17 billion euros

+3.8% like-for-like
-1.5% based on reported figures

  oVery strong performance continues at L'Oréal Luxe and Active Cosmetics
    Division
  oGradual improvement of the Professional Products Division
  oConsumer Products Division held back by a sluggish market in the United
    States

  *Confidence in another year of sales and profit growth

Commenting on the  figures, Mr Jean-Paul  Agon, Chairman and  CEO of  L'Oréal, 
said:

"A good progression in operating profitability was once again achieved in  the 
first half,  at  18.2%  of  sales,  further  illustrating  the  robustness  of 
L'Oréal's strong value-creating business model.

First-half sales showed  contrasts by  distribution channel.  L'Oréal Luxe  is 
growing rapidly,  driven by  the vitality  of the  novel brands  Urban  Decay, 
Kiehl's and Clarisonic and by the success of fragrances with Lancôme, "La  Vie 
est Belle"  and  Giorgio Armani,  "Sì".  The Active  Cosmetics  Division  also 
delivered a very good  performance thanks to La  Roche-Posay, which this  year 
once again is growing very strongly, the continuing recovery of Vichy, and the
roll-out of SkinCeuticals.  The Professional Products  Division is  confirming 
its  gradual  improvement  across  all  its  brands.  The  Consumer   Products 
Division's growth is held back by a sluggish American market and, to a certain
extent, by a slowdown in the New Markets, but remains solid in Western Europe.

In an uncertain  economic and monetary  environment, we are  confident in  the 
Group's ability  to once  again outperform  the  market in  2014 and  to  post 
another  year  of  like-for-like  sales  growth,  improved  profitability  and 
increased net earnings per share.

Following the finalisation  on July  8^th, 2014 of  the strategic  transaction 
between L'Oréal and Nestlé, the Group will record this year a capital gain  of 
more than 2 billion euros. The  cancellation of 48.5 million shares will  have 
an accretive impact of more than 5% on  net earnings per share on a full  year 
basis."

Note: The announcement  on February  11^th, 2014, of  the disposal  of 50%  of 
Galderma leads  to  account  for  this business  in  accordance  with  IFRS  5 
accounting rule  on  discontinued  operations.  In  accordance  with  IFRS  11 
accounting rule,  Inneov has  been  consolidated under  the equity  method  of 
January 1^st,  2014.  All  figures  for earlier  periods  have  been  restated 
accordingly.



A - First-half 2014 sales

Like-for-like, i.e. based  on a  comparable structure  and identical  exchange 
rates, the sales growth
was +3.8%.
The net impact of changes in consolidation was -0.2%.
Currency fluctuations had a negative impact of -5.1%. If the exchange rates at
June 30^th, 2014, i.e.
€1 = $1.366,  are extrapolated up  to December 31^st,  the impact of  currency 
fluctuations on sales would be approximately -3.5% for the whole of 2014.
Growth at constant exchange rates was +3.6%.
Based on reported figures, the Group's  sales at June 30^th, 2014 amounted  to 
11.17 billion euros, a decrease of -1.5%.

              Sales by operational Division and geographic Zone

The announcement on February 11^th, 2014,  of the disposal of 50% of  Galderma 
leads to account for this business  in accordance with IFRS 5 accounting  rule 
on discontinued operations. In accordance with IFRS 11 accounting rule, Inneov
has been  consolidated under  the equity  method of  January 1^st,  2014.  All 
figures for earlier periods have been restated accordingly.

                      2^nd quarter 2014                1^st half 2014
                                Growth                          Growth
                  €m    Like-for-like Reported    €m    Like-for-like Reported
By operational
Division
Professional      769.9         +2.2%    -1.2%  1,505.1         +3.0%    -1.7%
Products
Consumer        2,722.6         +2.8%    -2.8%  5,481.5         +2.0%   - 4.2%
Products
L'Oréal Luxe    1,442.5         +7.5%    +2.7%  2,903.3         +7.4%    +2.7%
Active            413.5         +7.4%    +2.4%    920.9         +8.1%    +3.2%
Cosmetics
Cosmetics       5,348.5         +4.3%    -0.8% 10,810.8         +4.0%    -1.5%
Divisions total
By geographic
Zone
Western Europe  1,961.0        +2.8%    +2.9%  3,980.9         +2.8%    +2.4%
North America   1,327.1         +2.4%    -3.3%  2,622.3         +0.9%    -4.4%
New Markets, of 2,060.4         +7.0%    -2.5%  4,207.6         +7.3%    -3.1%
which:
-Asia,       1,055.5                  +0.4%  2,221.9         +6.6%    -0.8%
Pacific                         +6.3%
-Latin         466.1         +7.6%    -7.8%    876.9         +7.8%    -8.9%
America
-Eastern       397.5         +5.9%    -6.4%    824.3         +6.1%    -6.2%
Europe^(1)
-Africa,       141.3        +14.0%    +7.9%    284.5        +14.5%    +9.3%
Middle East^(1)
Cosmetics       5,348.5         +4.3%    -0.8% 10,810.8         +4,0%    -1.5%
Divisions total
The Body Shop     187.4          0.0%    +0.3%    363.8         -1.7%    -1.4%
Group total     5,536.0         +4.1%    -0.7% 11,174.6         +3.8%    -1.5%

(1) As of July 1^st, 2013,  Turkey and Israel, which were previously  included 
in the Africa, Middle East Zone, were transferred to the Eastern Europe  Zone. 
All figures for earlier periods have been restated to allow for this change.

  

  1) Cosmetics sales

    PROFESSIONAL PRODUCTS

The Professional Products  Division has posted  growth of +3.0%  like-for-like 
and -1.7% based on reported figures. The Division's growth was weaker in Asia,
but has been confirmed in Western Europe and the United States.

  oHaircare, driven by the new Biolage by Matrix, and hair colourants,
    boosted by the further success of ODS^2 technology, are the main
    contributors to growth. Styling is growing strongly, thanks to the
    relaunch of TecniArt by L'Oréal Professionnel and Redken's styling range.
    
  oThe return to growth in mature markets has been confirmed. The Division is
    maintaining good momentum in the New Markets (excluding Japan), which are
    still dynamic, especially in India, Russia and Brazil.

    CONSUMER PRODUCTS

The Consumer  Products Division  recorded growth  of +2.0%  like-for-like  and 
-4.2% based on reported figures.  Well-positioned to benefit from the  gradual 
improvement in European markets, the Division was nevertheless held back by an
American mass market that has been slow to pick up, and, to a certain  extent, 
by slower growth of the market in the emerging countries.

  oRecent launches, which have provided a strong boost in hair where the
    Division is continuing to win market share, have been less effective in
    facial skincare in the first part of the year. The Division is maintaining
    its very good momentum in haircare, particularly in China, in Europe with
    the launches of Fibralogy by L'Oréal Paris and Ultimate Blends by Garnier,
    and in the United States with sustained growth on both L'Oréal Paris
    Advanced Haircare and Garnier Fructis. In hair colourants, the roll-out of
    Garnier Olia continues. In make-up, L'Oréal Paris is expanding well, and
    is innovating with Butterfly and Miss Manga mascaras.
    
  oAmongst the geographic Zones, North America has been held back by a
    sluggish market and a high comparison base. The Division has posted solid
    growth in Western Europe and Brazil. The Division continues to be dynamic
    in Southern Asia, Eastern Europe and Africa, Middle East, where it is
    gaining market share.

    L'ORÉAL LUXE

The sales  of L'Oréal  Luxe grew  by +7.4%  like-for-like and  +2.7% based  on 
reported figures at end-June. The Division is continuing to make strong market
share gains.

  oUrban Decay, the Californian L'Oréal Luxe brand, driven by its cult Naked
    Palette product, is recording very strong growth, and the same is true of
    the American alternative brands Kiehl's and Clarisonic. Giorgio Armani,
    with its women's fragrance "Sì", Yves Saint Laurent, with its lip make-up,
    and Ralph Lauren, thanks to its fragrances Polo Red and Midnight Romance,
    are maintaining their dynamism. Lancôme's fragrance "La Vie est belle" is
    now number one, both in the French market and in the five major European
    markets combined, and the brand has successfully launched Visionnaire
    Crème.
    
  oThe Division is expanding in all its strategic categories and is gaining
    market shares across all geographic Zones, particularly in the New
    Markets, notably China, and in the United States and Western Europe.

    ACTIVE COSMETICS

In the  first half,  the  Active Cosmetics  Division continued  its  sustained 
growth at +8.1% like-for-like and +3.2% based on reported figures.

  oThe first-half headline was the very good start made by sun protection,
    both at Vichy (Capital Soleil) and at La Roche-Posay (Anthelios). Vichy is
    maintaining its momentum with the launch of Aqualia Thermal and the
    roll-out of Teint Idéal.
    La Roche-Posay has posted once again double-digit growth on every
    continent. Note the launch of Effaclar Duo[+], an anti-blemish corrective
    skincare line that unclogs pores and targets marks. It is strengthening
    the Effaclar franchise for acne-prone skin, one of the main reason of
    dermatological consultations. Roger&Gallet successfully launched a new
    fresh fragrance, Gingembre Rouge, in the second quarter.

  oAll the geographic Zones are contributing to growth, with strong market
    share gains in France, Russia, Brazil and China.

  Multi-division summary by geographic Zone

    WESTERN EUROPE

In Western  Europe,  the  Group  is maintaining  its  growth  trend  at  +2.8% 
like-for-like  and  +2.4%  based  on  reported  figures.  All  the   Divisions 
contributed to growth. The strong market share gains made by L'Oréal Luxe  and 
the Active Cosmetics Division are worth noting. The Consumer Products Division
is winning market share in haircare and hair colourants, and is continuing  to 
prove dynamic with market share gains in Spain and Portugal.

NORTH AMERICA

In the first  half, L'Oréal  posted growth  of +0.9%  like-for-like and  -4.4% 
based on  reported figures.The  Professional Products,  Active Cosmetics  and 
L'Oréal Luxe Divisions are gaining market shares.
Urban Decay is growing  very strongly, establishing itself  as the number  two 
L'Oréal Luxe brand, after  Lancôme. In a sluggish  mass market environment  in 
the first half of 2014, the Consumer  Products Division was faced with a  high 
2013 comparison base.In  hair, L'Oréal  Paris Advanced  Haircare and  Garnier 
Fructis are winning market share, while L'Oréal Paris make-up is strengthening
its position thanks to the new Butterfly mascara.


NEW MARKETS

  *Asia, Pacific: L'Oréal recorded growth of +6.6% like-for-like and -0.8%
    based on reported figures. The market in this Zone is still dynamic,
    despite a slight slowdown, and the Group is continuing to win market
    share. The first half was marked by very good performances from the
    Kiehl's, Yves Saint Laurent, Giorgio Armani, La Roche Posay and Clarisonic
    brands. By country, India, Hong Kong and Australia are contributing
    particularly strongly to this performance. Magic Holdings, the recent
    acquisition in China, posted solid sales growth over the period.
    
  *Latin America: In the first half, L'Oréal recorded growth of +7.8%
    like-for-like and -8.9% based on reported figures. The growth of the
    Consumer Products Division is being driven by the good performances of
    Elsève and Maybelline. The three selective Divisions are performing well,
    with double-digit growth for L'Oréal Luxe and the Active Cosmetics
    Division. Growth is being driven by the success of L'Oréal Professionnel
    hair colourants, sun protection in all the Active Cosmetics brands, and
    fragrances at L'Oréal Luxe, such as "La Vie est Belle", Polo Red and "Sì".
    
  *Eastern Europe: The Zone has posted growth of +6.1% like-for-like and
    -6.2% based on reported figures. L'Oréal Luxe and the Professional
    Products Division are proving highly dynamic in almost all countries in
    this Zone. The Consumer Products Division is winning market share across
    the Zone as a whole, reflecting the leadership now attained in hair
    colourants and the strong dynamism of deodorants.
    
  *Africa, Middle East: The Zone achieved growth of +14.5% like-for-like and
    +9.3% based on reported figures, outperforming the market in the region.
    The good growth figures in Egypt, Pakistan and Saudi Arabia, and the
    acceleration in Nigeria and South Africa, are worth noting.
    Market share gains are also accelerating in fragrances for L'Oréal Luxe,
    and in hair colourants and make-up for the Consumer Products Division. The
    Active Cosmetics brands are also recording strong growth in the Middle
    East.

2) The Body Shop sales

At end-June, The  Body Shop recorded  sales of -1.7%  like-for-like and  -1.4% 
based on reported figures. Business in Europe, North America, the Middle East,
Africa and Brazil, was driven by innovations. The strategic priority given  to 
skincare is delivering, driving growth in this category. Asia is still  facing 
challenges in certain markets, that are affecting performances.
At June 30^th, 2014, The Body Shop  has 3,041 points of sale, including  those 
of Emporio Body Store.

B - Important events during the period 04/01/14 to 06/30/14

  oOn April 8^th, 2014, the acquisition of Magic Holdings was finalised. This
    move marks L'Oréal's largest investment to date in the Chinese beauty
    market.
    
  oOn April 17^th, 2014, the Annual General Meeting of L'Oréal shareholders
    renewed the tenure of Mr Jean-Paul Agon as Director. The Board of
    Directors, which met at the end of the Annual General Meeting, decided to
    renew the duties of Mr Jean-Paul Agon as Chairman and Chief Executive
    Officer.
    
  oOn April 30^th, 2014, the acquisition of the Decléor and Carita brands was
    finalised. The new brands provide the Professional Products Division with
    a key position in the worldwide professional skincare market in beauty
    institutes, spas and hair salons.
    
  oOn June 18^th, 2014, L'Oréal announced the signing of a definitive
    agreement to acquire NYX Cosmetics, a mass market brand rooted in
    professional make-up artistry with its headquarters in Los Angeles.

C - First-half 2014 results

The half-year consolidated accounts have undergone a limited examination by
the Statutory Auditors.

The announcement on February 11^th, 2014,  of the disposal of 50% of  Galderma 
leads to account for this business  in accordance with IFRS 5 accounting  rule 
on discontinued operations. In accordance with IFRS 11 accounting rule, Inneov
has been  consolidated under  the equity  method of  January 1^st,  2014.  All 
figures for earlier periods have been restated accordingly.

1) Operating profitability at 18.2% of sales
Consolidated profit and loss account: from sales to operating profit.

(2013 figures restated in accordance with IFRS 5 and IFRS 11 accounting rules)

                                     12/31/13                          Change
   In € million     06/30/13 As % of          As % of 06/30/14 As % of H1-2014
                              sales            sales            sales    vs.
                                                                       H1-2013
Sales               11,342.4  100.0% 22,124.2  100.0% 11,174.6  100.0%   -1.5%
Cost of sales       -3,212.7   28.3% -6,379.4   28.8% -3,151.2   28.2%
Gross profit         8,129.7   71.7% 15,744.8   71.2%  8,023.4   71.8%   +10bp
R&D expenses          -364.4    3.2%   -748.3    3.4%   -367.2    3.3%
Advertising and     -3,400.5   30.0% -6,621.7   29.9% -3,270.9   29.3%
promotion expenses
Selling, general
and administrative  -2,338.9   20.6% -4,614.4   20.9% -2,356.2   21.1%
expenses
Operating profit     2,025.9   17.9%  3,760.4   17.0%  2,029.0   18.2%   +30bp

Gross profit, at 8,023 million euros, has come out at 71.8% of sales, compared
with 71.7% in the first half of 2013, representing an improvement of 10  basis 
points.

Research and  Development expenses  have  increased from  3.2%  to 3.3%  as  a 
percentage  of  sales.   This  increase  illustrates   the  Group's   constant 
determination to support its Research and Innovation effort.

Advertising and promotion  expenses came out  at 29.3% of  sales, which is  70 
basis points below the first-half 2013 level, as announced at the beginning of
the year.

Selling, general and administrative expenses, at 21.1% of sales, have come  to 
a higher level, by 50 basis points, compared to the first half of 2013.

Overall, the operating profit at 2,029  million euros, has grown by 0.2%,  and 
amounts to 18.2% of sales. At constant exchange rates, operating profit growth
would have been +4.5%.

2) Operating profit by operational Division

(2013 figures restated in accordance with IFRS 5 and IFRS 11 accounting rules)

                            06/30/13          12/31/14          06/30/14
                          €m    % of sales   €m      % of      €m      % of
                                                     sales             sales
By operational Division
Professional Products     307.3      20.1%   609.5     20.5%   294.7     19.6%
Consumer Products       1,190.2      20.8% 2,166.7     19.9% 1,157.2     21.1%
L'Oréal Luxe              566.2      20.0% 1,174.2     20.0%   590.6     20.3%
Active Cosmetics          247.1      27.7%   342.6     21.7%   259.5     28.2%
Total Divisions         2,310.8      21.1% 4,293.0     20.2% 2,302.0     21.3%
before non-allocated
Non-allocated^(1)        -294.8      -2.7%  -604.5     -2.8%  -275.7     -2.6%
Total Divisions         2,016.1      18.4% 3,688.5     17.3% 2,026.3     18.7%
after non-allocated
The Body Shop               9.8       2.7%    71.9     8.6 %     2.7      0.8%
Group                   2,025.9     17.9 % 3,760.4    17.0 % 2,029.0     18.2%

(1) Non-allocated  expenses =  Central  Group expenses,  fundamental  research 
expenses, stock option  and free  grant of shares  expenses and  miscellaneous 
items. As a % of total Divisions sales.

With the exception of the Professional Products Division, whose  profitability 
has declined from 20.1% to 19.6%,  the profitability of each of the  Divisions 
has increased during the first half:

- The Consumer Products Division, from 20.8% to 21.1%, representing a rise  of 
30 basis points.

- L'Oréal Luxe, from 20.0% to 20.3%, representing plus 30 basis points.

- And the  Active Cosmetics Division,  from 27.7%  to 28.2%, that  is plus  50 
basis points.

The Body Shop makes most  of its profit in the  second half, as it does  every 
year. The first-half trend is therefore not significant.

3) Net profit from continuing operations

Consolidated profit and loss account: from operating profit to net profit
excluding non-recurring items.

(2013 figures restated in accordance with IFRS 5 and IFRS 11 accounting rules)

                                                                     Change
         In € million           06/30/13    12/31/13    06/30/14   H1-2014 vs.
                                                                     H1-2013
Operating profit                   2,025.9     3,760.4     2,029.0       +30bp
Financial revenues and
expenses                             -12.9       -31.4        -8.1
excluding dividends received
Sanofi dividends                     327.5       327.5       331.1
Profit before tax and
associates excluding               2,340.4     4,056.6     2,352.0
non-recurring items
Income tax excluding                -564.8    -1,018.1      -575.4
non-recurring items
Net profit excluding
non-recurring items of equity         +0.6        -3.0        -1.5
consolidated companies
Non-controlling interests             -1.7        -3.2        -1.6
Net profit from continuing
operations, excluding
non-recurring items,               1,774.5     3,032.4     1,773.5
attributable to owners of the
company^(1)
Net EPS^(2) (€)                       2.92        4.99        2.92      -
Net profit attributable to         1,708.9     2,958.2     1,734.8       +1.5%
owners of the company
Diluted earnings per share
attributable to owners of the         2.81        4.87        2.85       +1.5%
company (€)
Diluted average number of      607,829,132 608,001,407 607,667,507
shares

(1) Net profit from continuing operations, excluding non-recurring items after
non-controlling interests  does  not  include  capital  gains  and  losses  on 
disposals of long-term assets, impairment  of assets, restructuring costs,  as 
well as competition litigation, and tax effects or non-controlling  interests. 
(2) Diluted  earnings  per share  of  continuing operations,  attributable  to 
owners of the company, excluding non-recurring items.

Overall finance  costs  amounted to  8.1  million euros,  compared  with  12.9 
million euros in the first half of 2013. This decline reflected the continuing
strengthening of our financial structure in the first half.

The Sanofidividends amounted to 331 million euros.

Income tax  excluding  non-recurring  items amounted  to  575  million  euros, 
representing a taxation rate  of 24.5%, slightly above  the rate of the  first 
half of 2013, which came out at 24.1%.

Net  profit  from  continuing   operations,  excluding  non-recurring   items, 
attributable to  owners of  the  company, which  amounted to  1,773.5  million 
euros, is flat compared to that of the first half of 2013.

Net EPS, calculated at  this stage without taking  into account the impact  of 
the strategic transaction  with Nestlé,  amounted to  2.92 euros.  It is  flat 
compared to that of the first half of 2013.

Net profit attributable to owners of the company, amounted to 1,734.8  million 
euros, an increase of 1.5%.

4) Net earnings per share^(4): 3.17 euros, up by +7.5%
It is the comparison of net  profit per share, excluding non-recurring  items, 
attributable to owners of the company - as it was reported in 2013 - with  the 
net profit per share, excluding non-recurring items, attributable to owners of
the  company,  for  the  first  half  of  2014,  adjusted  for  the  strategic 
transaction between L'Oréal and Nestlé as from January 1^st, 2014.

                                                                       Change
   In € million         06/30/13          12/31/13        06/30/14     H1-2014
                                                                         vs.
                                                                       H1-2013
Net profit from
continuing
operations,
excluding                     1,774.5          3,032.4         1,773.5
non-recurring
items, attributable
to owners of the
company
2013 contribution
of Galderma to net                                     
profit                           15.4             85.1 -
excluding
non-recurring items
Reported net profit
excluding
non-recurring             1,789.9^(1)      3,117.5^(1)     1,773.5^(2)
items, attributable
to owners of the
company
Theoritical net
financial costs                       
linked with the      - -                          -3.3
strategic
transaction
Net profit
excluding
non-recurring           -         1,770.2
items, attributable -
to owners of the
company
EPS (€)                      2.94^(3)         5.13^(3)        3.17^(4)   +7.5%
Diluted average
number of shares          607,829,132      608,001,407     559,167,507
used to calculate
the EPS

(1) Reported net profit excluding non-recurring items, attributable to  owners 
of the company at June 30^th, 2013 and Dec.31^st, 2013.
(2) Net  profit from  continuing  operations, excluding  non-recurring  items, 
attributable to owners of the company, for the first half of 2014.
(3) Diluted  earnings  per  share  based  on  reported  net  profit  excluding 
non-recurring items, attributable to owners of the company.
(4) Diluted earnings per share based  on net profit of continuing  operations, 
excluding non-recurring items, attributable to owners of the company, adjusted
for the strategic transaction as from January 1^st, 2014.

5) Operating cash flow and balance sheet

Gross cash flow amounted to 2,108 million euros, up by 2.2% compared with  the 
first half of 2013.

As is the case each year in the first half, the change in working capital  has 
increased significantly. In this half, the  increase is very close to that  of 
the first half of 2013, at 598 million euros.

Investments at 484 million euros, represent 4.3% of sales.

Operating cash flow has come out at 1,025 million euros, up by 5.9%.

After payment  of the  dividend  and acquisitions,  consisting mainly  of  the 
acquisitions of Magic  Holdings, Decléor  and Carita, the  residual cash  flow 
amounts to -1,346 million euros.

At June 30^th, 2014, net cash is positive at 922 million euros.

The balance sheet  structure is particularly  robust, as shareholders'  equity 
amounted to 22.9 billion euros,  has been strengthened compared with  December 
31^st, 2013.


6) Post-closing events

  *The strategic transaction with Nestlé announced on February 11^th, 2014,
    was finalised on July 8^th, 2014: the buyback and cancellation by L'Oréal
    of 48.5 million of its own shares (representing 8% of its share capital)
    and the disposal by L'Oréal to Nestlé of its stake in Galderma. The sale
    of Galderma will result, in the second half, in a capital gain net of tax
    of about 2.1 billion euros.
  *The acquisition of NYX Cosmetics, a mass market brand rooted in
    professional make-up artistry with its headquarters in Los Angeles,
    announced on June 18^th, 2014, was finalised on July 30^th, 2014.

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"This news release does not constitute an offer to sell, or a solicitation  of 
an offer  to buy  L'Oréal shares.  If you  wish to  obtain more  comprehensive 
information about L'Oréal, please refer to the public documents registered  in 
France with the Autorité des Marchés Financiers, also available in English  on 
our Internet site www.loreal-finance.com.
This news release  may contain some  forward-looking statements. Although  the 
Company considers that these statements are based on reasonable hypotheses  at 
the date of publication of this release,  they are by their nature subject  to 
risks and uncertainties which could cause actual results to differ  materially 
from those indicated or projected in these statements."

This a  free translation  into English  of the  First Half  2014 results  news 
release issued  in  the  French  language  and  is  provided  solely  for  the 
convenience of English speaking  readers. In case  of discrepancy, the  French 
version prevails.

Contacts at L'Oréal (switchboard: +33147567000)

Individual shareholders and market authorities
Mr Jean Régis CAROF
Tel: +33 1 47 56 83 02
jean-regis.carof@loreal.com

Financial analysts and Institutional investors
Mrs Françoise LAUVIN
Tel: +33 1 47 56 86 82
francoise.lauvin@loreal.com

Journalists
Mrs Stephanie CARSON-PARKER
Tel: +33 1 47 56 76 71
stephanie.carsonparker@loreal.com

For  more  information,  please  contact   your  bank,  broker  or   financial 
institution (I.S.I.N. code: FR0000120321), and consult your usual  newspapers, 
and    the     Internet    site     for    shareholders     and     investors, 
http://www.loreal-finance.com, alternatively,call +33.1.40.14.80.50.

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News Release of July 31, 2014

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: L'Oreal via Globenewswire
HUG#1844933
 
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