14.

GUARANTOR FINANCIAL INFORMATION

Products Corporation's 9³/4% Senior Secured Notes are fully and unconditionally guaranteed on a senior secured basis by Revlon, Inc. and Products Corporation's domestic subsidiaries (other than certain immaterial subsidiaries) that guarantee Products Corporation's obligations under its 2011 Credit Agreements (the "Guarantor Subsidiaries").

The following Condensed Consolidating Financial Statements present the financial information as of March 31, 2012 and December 31, 2011, and for the three months ended March 31, 2012 and 2011 for (i) Products Corporation on a stand-alone basis; (ii) the Guarantor Subsidiaries on a stand-alone basis; (iii) the subsidiaries of Products Corporation that do not guarantee Products Corporation's 9³/4% Senior Secured Notes (the "Non-Guarantor Subsidiaries") on a stand-alone basis; and (iv) Products Corporation, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis. The Condensed Consolidating Financial Statements are presented on the equity method, under which the investments in subsidiaries are recorded at cost and adjusted for the applicable share of the subsidiary's cumulative results of operations, capital contributions, distributions and other equity changes. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.

Condensed Consolidating Balance Sheets

As of March 31, 2012


	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	50.9		$	0.1		$	36.5		$	—		$	87.5
Trade receivables, less allowances for doubtful accounts		78.4			18.4			93.2			—			190.0
Inventories		77.8			9.2			41.6			—			128.6
Deferred income taxes — current		39.7			—			10.6			—			50.3
Prepaid expenses and other		90.1			5.3			26.3			—			121.7
Intercompany receivables		909.6			459.3			371.5			(1,740.4	)		—
Investment in subsidiaries		(149.9	)		(190.1	)		—			340.0			—
Property, plant and equipment, net		84.3			0.9			13.2			—			98.4
Deferred income taxes — noncurrent		201.5			—			13.8			—			215.3
Goodwill, net		150.6			42.2			1.9			—			194.7
Other assets		66.3			24.2			31.3			—			121.8

Total assets	$	1,599.3		$	369.5		$	639.9		$	(1,400.4	)	$	1,208.3


LIABILITIES AND STOCKHOLDER'S DEFICIENCY
Short-term borrowings	$	—		$	4.6		$	3.9		$	—		$	8.5
Current portion of long-term debt		8.0			—			—			—			8.0
Accounts payable		59.0			5.8			26.8			—			91.6
Accrued expenses and other		133.3			11.5			72.1			—			216.9
Intercompany payables		572.8			612.5			555.1			(1,740.4	)		—
Long-term debt		1,105.4			—			—			—			1,105.4
Long-term debt — affiliates		107.0			—			—			—			107.0
Other long-term liabilities		239.5			4.6			52.5			—			296.6

Total liabilities		2,225.0			639.0			710.4			(1,740.4	)		1,834.0
Stockholder's deficiency		(625.7	)		(269.5	)		(70.5	)		340.0			(625.7	)

Total liabilities and stockholder's deficiency	$	1,599.3		$	369.5		$	639.9		$	(1,400.4	)	$	1,208.3

Condensed Consolidating Balance Sheets

As of December 31, 2011


	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	57.7		$	0.1		$	43.9		$	—		$	101.7
Trade receivables, less allowances for doubtful accounts		107.1			18.2			86.7			—			212.0
Inventories		68.3			8.4			34.3			—			111.0
Deferred income taxes — current		40.0			—			9.6			—			49.6
Prepaid expenses and other		78.3			4.2			25.1			—			107.6
Intercompany receivables		907.6			445.5			362.4			(1,715.5	)		—
Investment in subsidiaries		(164.2	)		(193.0	)		—			357.2			—
Property, plant and equipment, net		85.2			0.9			12.8			—			98.9
Deferred income taxes — noncurrent		206.9			—			14.5			—			221.4
Goodwill, net		150.6			42.2			1.9			—			194.7
Other assets		53.6			24.5			31.1			—			109.2

Total assets	$	1,591.1		$	351.0		$	622.3		$	(1,358.3	)	$	1,206.1


LIABILITIES AND STOCKHOLDER'S DEFICIENCY
Short-term borrowings	$	—		$	3.6		$	2.3		$	—		$	5.9
Current portion of long-term debt		8.0			—			—			—			8.0
Accounts payable		56.0			3.9			29.1			—			89.0
Accrued expenses and other		150.8			10.8			68.4			—			230.0
Intercompany payables		559.0			609.9			546.6			(1,715.5	)		—
Long-term debt		1,107.0			—			—			—			1,107.0
Long-term debt — affiliates		107.0			—			—			—			107.0
Other long-term liabilities		244.9			5.3			50.6			—			300.8

Total liabilities		2,232.7			633.5			697.0			(1,715.5	)		1,847.7
Stockholder's deficiency		(641.6	)		(282.5	)		(74.7	)		357.2			(641.6	)

Total liabilities and stockholder's deficiency	$	1,591.1		$	351.0		$	622.3		$	(1,358.3	)	$	1,206.1

Condensed Consolidating Statement of Income and Comprehensive Income

For the Three Months Ended March 31, 2012


	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Net Sales	$	218.5		$	23.0		$	134.3	$	(45.1	)	$	330.7
Cost of sales		99.0			10.3			51.5		(45.1	)		115.7

Gross profit		119.5			12.7			82.8		—			215.0
Selling, general and administrative expenses		99.7			9.9			59.7		—			169.3

Operating income		19.8			2.8			23.1		—			45.7

Other expenses (income):
Intercompany interest, net		0.3			(0.2	)		1.5		—			1.6
Interest expense		19.8			0.1			0.1		—			20.0
Amortization of debt issuance costs		0.8			—			—		—			0.8
Foreign currency losses, net		0.5			0.3			0.9		—			1.7
Miscellaneous, net		(12.3	)		(1.0	)		13.5		—			0.2

Other expenses (income), net		9.1			(0.8	)		16.0		—			24.3

Income from continuing operations before income taxes		10.7			3.6			7.1		—			21.4
Provision for income taxes		7.8			0.5			3.1		—			11.4

Income from continuing operations		2.9			3.1			4.0		—			10.0
Equity in income of subsidiaries		7.1			0.5			—		(7.6	)		—

Net income	$	10.0		$	3.6		$	4.0	$	(7.6	)	$	10.0

Other comprehensive income		5.0			10.1			11.7		(21.8	)		5.0

Total comprehensive income	$	15.0		$	13.7		$	15.7	$	(29.4	)	$	15.0

Condensed Consolidating Statement of Income and Comprehensive Income

For the Three Months Ended March 31, 2011


	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	219.2		$	17.9		$	136.5		$	(40.4	)	$	333.2
Cost of sales		94.4			8.1			51.2			(40.4	)		113.3

Gross profit		124.8			9.8			85.3			—			219.9
Selling, general and administrative expenses		103.8			9.0			60.3			—			173.1

Operating income		21.0			0.8			25.0			—			46.8

Other expenses (income):
Intercompany interest, net		—			(0.3	)		1.8			—			1.5
Interest expense		22.4			0.1			0.1			—			22.6
Amortization of debt issuance costs		1.1			—			—			—			1.1
Foreign currency losses (gains), net		0.3			0.3			(0.3	)		—			0.3
Miscellaneous, net		(9.3	)		(4.6	)		14.6			—			0.7

Other expenses (income), net		14.5			(4.5	)		16.2			—			26.2

Income from continuing operations before income taxes		6.5			5.3			8.8			—			20.6
Provision for income taxes		2.8			1.4			4.4			—			8.6

Income from continuing operations		3.7			3.9			4.4			—			12.0
Equity in income of subsidiaries		8.3			2.1			—			(10.4	)		—

Net income	$	12.0		$	6.0		$	4.4		$	(10.4	)	$	12.0

Other comprehensive income		—			2.6			1.9			(4.5	)		—

Total comprehensive income	$	12.0		$	8.6		$	6.3		$	(14.9	)	$	12.0

Condensed Consolidating Statement of Cash Flow

For the Three Months Ended March 31, 2012


	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$	(10.6	)	$	(0.8	)	$	(9.0	)	$	—	$	(20.4	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(3.0	)		—			(0.5	)		—		(3.5	)

Net cash used in investing activities		(3.0	)		—			(0.5	)		—		(3.5	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in short-term borrowings and overdraft		8.6			0.8			1.5			—		10.9
Repayment under the 2011 Term Loan Facility		(2.0	)		—			—			—		(2.0	)
Other financing activities		0.2			—			—			—		0.2

Net cash provided by financing activities		6.8			0.8			1.5			—		9.1

Effect of exchange rate changes on cash and cash equivalents		—			—			0.6			—		0.6

Net decrease in cash and cash equivalents		(6.8	)		—			(7.4	)		—		(14.2	)
Cash and cash equivalents at beginning of period		57.7			0.1			43.9			—		101.7

Cash and cash equivalents at end of period	$	50.9		$	0.1		$	36.5		$	—	$	87.5

Condensed Consolidating Statement of Cash Flow

For the Three Months Ended March 31, 2011


	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities	$	(8.5	)	$	36.7		$	(4.1	)	$	—	$	24.1

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(2.3	)		—			(0.1	)		—		(2.4	)
Acquisition		—			(39.0	)		—			—		(39.0	)

Net cash used in investing activities		(2.3	)		(39.0	)		(0.1	)		—		(41.4	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in short-term borrowings and overdraft		1.6			2.5			0.2			—		4.3
Repayment under the 2010 Term Loan Facility		(2.0	)		—			—			—		(2.0	)
Other financing activities		(0.1	)		—			(0.2	)		—		(0.3	)

Net cash (used in) provided by financing activities		(0.5	)		2.5			—			—		2.0

Effect of exchange rate changes on cash and cash equivalents		—			—			(0.2	)		—		(0.2	)

Net (decrease) increase in cash and cash equivalents		(11.3	)		0.2			(4.4	)		—		(15.5	)
Cash and cash equivalents at beginning of period		20.5			0.1			56.1			—		76.7

Cash and cash equivalents at end of period	$	9.2		$	0.3		$	51.7		$	—	$	61.2