GUARANTOR FINANCIAL INFORMATION

Products Corporation's 5.75% Senior Notes and 6.25% Senior Notes are fully and unconditionally guaranteed on a senior basis by certain of Products Corporation’s direct and indirect wholly-owned domestic subsidiaries, including Elizabeth Arden and certain of its subsidiaries (the "5.75% Senior Notes Guarantors" and the "6.25% Senior Notes Guarantors," respectively, and together the "Guarantor Subsidiaries").

The following Condensed Consolidating Unaudited Financial Statements present the financial information as of September 30, 2017 and December 31, 2016, and for each of the three months ended September 30, 2017 and 2016 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 5.75% Senior Notes and 6.25% Senior 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 Unaudited Financial Statements are presented on the equity method, under which the investments in subsidiaries are recorded at cost and adjusted to 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 September 30, 2017
	Products Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	0.2		$	7.1	$	71.9	$	—		$	79.2
Trade receivables, less allowances for doubtful accounts	68.3			142.8		248.3		—			459.4
Inventories	135.6			218.1		201.7		—			555.4
Prepaid expenses and other	164.8			22.1		57.3		—			244.2
Intercompany receivables	1,063.5			810.7		133.7		(2,007.9		)	—
Investment in subsidiaries	1,575.5			0.1		—		(1,575.6		)	—
Property, plant and equipment, net	171.4			72.6		105.1		—			349.1
Deferred income taxes	79.8			—		112.5		—			192.3
Goodwill	188.7			264.0		250.4		—			703.1
Intangible assets, net	45.4			143.2		412.3		—			600.9
Other assets	45.6			31.3		32.1		—			109.0
Total assets	$	3,538.8		$	1,712	$	1,625.3	$	(3,583.5	)	$	3,292.6
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	—	$	11.8	$	—		$	11.8
Current portion of long-term debt	256.7			—		0.1		—			256.8
Accounts payable	122.4			96.2		125.8		—			344.4
Accrued expenses and other	141.0			42.2		164.3		—			347.5
Intercompany payables	738.7			798.1		471.1		(2,007.9		)	—
Long-term debt	2,655.5			—		0.5		—			2,656
Other long-term liabilities	211.2			23.5		28.1		—			262.8
Total liabilities	4,125.5			960.0		801.7		(2,007.9		)	3,879.3
Stockholder’s deficiency	(586.7		)	752.0		823.6		(1,575.6		)	(586.7		)
Total liabilities and stockholder’s deficiency	$	3,538.8		$	1,712.0	$	1,625.3	$	(3,583.5	)	$	3,292.6



Condensed Consolidating Balance Sheets
As of December 31, 2016
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	20.0		$	34.3		$	132.5	$	—		$	186.8
Trade receivables, less allowances for doubtful accounts	104.6			104.8			214.5		—			423.9
Inventories	96.8			150.5			177.3		—			424.6
Prepaid expenses and other	155.3			15.1			47.2		—			217.6
Intercompany receivables	790.1			635.7			127.8		(1,553.6		)	—
Investment in subsidiaries	1,610.1			3.0			—		(1,613.1		)	—
Property, plant and equipment, net	142.1			84.0			94.4		—			320.5
Deferred income taxes	26.2			(1.1		)	111.0		—			136.1
Goodwill	188.7			251.7			249.1		—			689.5
Intangible assets, net	49.0			149.1			438.5		—			636.6
Other assets	50.8			29.4			22.9		—			103.1
Total assets	$	3,233.7		$	1,456.5		$	1,615.2	$	(3,166.7	)	$	3,138.7
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	—		$	—		$	10.8	$	—		$	10.8
Current portion of long-term debt	18.0			—			0.1		—			18.1
Accounts payable	99.7			90.7			106.5		—			296.9
Accrued expenses and other	183.0			63.5			136.2		—			382.7
Intercompany payables	554.5			530.9			468.2		(1,553.6		)	—
Long-term debt	2,662.6			—			0.5		—			2,663.1
Other long-term liabilities	222.7			20.3			30.9		—			273.9
Total liabilities	3,740.5			705.4			753.2		(1,553.6		)	3,645.5
Stockholder’s deficiency	(506.8		)	751.1			862.0		(1,613.1		)	(506.8		)
Total liabilities and stockholder’s deficiency	$	3,233.7		$	1,456.5		$	1,615.2	$	(3,166.7	)	$	3,138.7



Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income
Three months ended September 30, 2017
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	144.6		$	206.0		$	316.2		$	(0.3	)	$	666.5
Cost of sales	59.5			101.1			130.0			(0.3		)	290.3
Gross profit	85.1			104.9			186.2			—			376.2
Selling, general and administrative expenses	104.5			93.5			162.2			—			360.2
Acquisition and integration costs	11.0			0.9			0.8			—			12.7
Restructuring charges and other, net	(5.4		)	9.7			2.1			—			6.4
Operating (loss) income	(25.0		)	0.8			21.1			—			(3.1		)
Other expenses (income):
Intercompany interest, net	(1.3		)	0.4			0.9			—			—
Interest expense	38.4			—			0.2			—			38.6
Amortization of debt issuance costs	2.3			—			—			—			2.3
Foreign currency (gains) losses, net	(1.6		)	0.8			(2.3		)	—			(3.1		)
Miscellaneous, net	(10.3		)	(12.6		)	23.2			—			0.3
Other expenses (income), net	27.5			(11.4		)	22.0			—			38.1
(Loss) income from continuing operations before income taxes	(52.5		)	12.2			(0.9		)	—			(41.2		)
(Benefit from) provision for income taxes	(15.8		)	3.2			2.6			—			(10.0		)
(Loss) income from continuing operations, net of taxes	(36.7		)	9.0			(3.5		)	—			(31.2		)
Income from discontinued operations, net of taxes	—			—			0.4			—			0.4
Equity in loss of subsidiaries	5.9			4.4			—			(10.3		)	—
Net (loss) income	$	(30.8	)	$	13.4		$	(3.1	)	$	(10.3	)	$	(30.8	)
Other comprehensive income (loss)	1.4			(2.7		)	(2.1		)	4.8			1.4
Total comprehensive (loss) income	$	(29.4	)	$	10.7		$	(5.2	)	$	(5.5	)	$	(29.4	)



Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended September 30, 2016
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	184.7		$	168.5		$	242.3		$	9.3		$	604.8
Cost of sales	47.4			82.7			104.0			9.3			243.4
Gross profit	137.3			85.8			138.3			—			361.4
Selling, general and administrative expenses	119.1			56.3			108.0			—			283.4
Acquisition and integration costs	33.3			0.2			—			—			33.5
Restructuring charges and other, net	0.1			—			0.4			—			0.5
Operating (loss) income	(15.2		)	29.3			29.9			—			44.0
Other expenses (income):
Intercompany interest, net	(2.2		)	—			2.2			—			—
Interest expense	27.2			—			0.2			—			27.4
Amortization of debt issuance costs	1.7			—			—			—			1.7
Loss on early extinguishment of debt	16.9			—			—			—			16.9
Foreign currency losses (gains), net	0.4			(0.4		)	1.2			—			1.2
Miscellaneous, net	(10.3		)	(4.4		)	14.1			—			(0.6		)
Other expenses (income), net	33.7			(4.8		)	17.7			—			46.6
(Loss) income from continuing operations before income taxes	(48.9		)	34.1			12.2			—			(2.6		)
(Benefit from) provision for income taxes	(8.8		)	10.2			(1.0		)	—			0.4
(Loss) income from continuing operations, net of taxes	(40.1		)	23.9			13.2			—			(3.0		)
Loss from discontinued operations, net of taxes	—			—			(0.2		)	—			(0.2		)
Equity in loss of subsidiaries	36.9			3.1			—			(40.0		)	—
Net (loss) income	$	(3.2	)	$	27.0		$	13.0		$	(40.0	)	$	(3.2	)
Other comprehensive income (loss)	5.3			0.6			1.0			(1.6		)	5.3
Total comprehensive income (loss)	$	2.1		$	27.6		$	14.0		$	(41.6	)	$	2.1



Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income
For the Nine Months Ended September 30, 2017
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	493.2		$	529.2		$	886.5		$	(1.8	)	$	1,907.1
Cost of sales	185.5			257.4			382.5			(1.8		)	823.6
Gross profit	307.7			271.8			504.0			—			1,083.5
Selling, general and administrative expenses	341.1			270.6			456.5			—			1,068.2
Acquisition and integration costs	35.1			2.5			2.6			—			40.2
Restructuring charges and other, net	(9.1		)	14.7			5.7			—			11.3
Operating (loss) income	(59.4		)	(16.0		)	39.2			—			(36.2		)
Other expenses (income):
Intercompany interest, net	(5.7		)	1.1			4.6			—			—
Interest expense	109.9			—			0.4			—			110.3
Amortization of debt issuance costs	6.8			—			—			—			6.8
Foreign currency (gains) losses, net	(3.4		)	1.3			(14.7		)	—			(16.8		)
Miscellaneous, net	(45.0		)	(22.4		)	69.2			—			1.8
Other expenses (income), net	62.6			(20.0		)	59.5			—			102.1
(Loss) income from continuing operations before income taxes	(122.0		)	4.0			(20.3		)	—			(138.3		)
(Benefit from) provision for income taxes	(62.2		)	13.9			12.9			—			(35.4		)
(Loss) income from continuing operations, net of taxes	(59.8		)	(9.9		)	(33.2		)	—			(102.9		)
Income from discontinued operations, net of taxes	—			—			1.3			—			1.3
Equity in loss of subsidiaries	(41.8		)	2.3			—			39.5			—
Net (loss) income	$	(101.6	)	$	(7.6	)	$	(31.9	)	$	39.5		$	(101.6	)
Other comprehensive income (loss)	15.8			(9.7		)	0.7			9.0			15.8
Total comprehensive (loss) income	$	(85.8	)	$	(17.3	)	$	(31.2	)	$	48.5		$	(85.8	)



Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Nine Months Ended September 30, 2016
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	612.8		$	337.1		$	588.3		$	(4.9	)	$	1,533.3
Cost of sales	192.6			144.9			236.2			(4.9		)	568.8
Gross profit	420.2			192.2			352.1			—			964.5
Selling, general and administrative expenses	366.8			129.1			290.1			—			786.0
Acquisition and integration costs	38.9			0.2			0.4			—			39.5
Restructuring charges and other, net	0.1			0.7			1.5			—			2.3
Operating income	14.4			62.2			60.1			—			136.7
Other expenses (income):
Intercompany interest, net	(6.5		)	0.1			6.4			—			—
Interest expense	68.8			—			0.5			—			69.3
Amortization of debt issuance costs	4.6			—			—			—			4.6
Loss on early extinguishment of debt	16.9			—			—			—			16.9
Foreign currency losses (gains), net	2.5			(0.7		)	4.5			—			6.3
Miscellaneous, net	(45.0		)	(0.6		)	45.5			—			(0.1		)
Other expenses (income), net	41.3			(1.2		)	56.9			—			97.0
(Loss) income from continuing operations before income taxes	(26.9		)	63.4			3.2			—			39.7
(Benefit from) provision for income taxes	(17.3		)	36.4			(0.8		)	—			18.3
(Loss) income from continuing operations, net of taxes	(9.6		)	27.0			4.0			—			21.4
Loss from discontinued operations, net of taxes	—			—			(2.3		)	—			(2.3		)
Equity in loss of subsidiaries	28.7			(9.0		)	—			(19.7		)	—
Net income (loss)	$	19.1		$	18.0		$	1.7		$	(19.7	)	$	19.1
Other comprehensive income (loss)	13.7			(6.9		)	(7.2		)	14.1			13.7
Total comprehensive income (loss)	$	32.8		$	11.1		$	(5.5	)	$	(5.6	)	$	32.8



Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2017
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$	(204.1	)	$	(23.2	)	$	(46.9	)	$	—	$	(274.2	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities	$	(43.5	)	$	(2.9	)	$	(23.1	)	$	—	$	(69.5	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in short-term borrowings and overdraft	2.1			(1.1		)	0.2			—		1.2
Net borrowings under the 2016 Revolving Credit Facility	243.9			—			—			—		243.9
Repayments under the 2016 Term Loan Facility	(13.5		)	—			—			—		(13.5		)
Payment of financing costs	(1.1		)	—			—			—		(1.1		)
Tax withholdings related to net share settlements of restricted stock units and awards	(2.5		)	—			—			—		(2.5		)
Other financing activities	(1.1		)	—			(0.2		)	—		(1.3		)
Net cash provided by (used in) financing activities	$	227.8		$	(1.1	)	$	—		$	—	$	226.7
Effect of exchange rate changes on cash and cash equivalents	—			—			9.4			—		9.4
Net decrease in cash and cash equivalents	(19.8		)	(27.2		)	(60.6		)	—		(107.6		)
Cash and cash equivalents at beginning of period	$	20.0		$	34.3		$	132.5		$	—	$	186.8
Cash and cash equivalents at end of period	$	0.2		$	7.1		$	71.9		$	—	$	79.2



Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2016
	Products Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$	(16.9	)	$	(91.4	)	$	37.4		$	—	$	(70.9	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(23.6		)	(2.5		)	(7.0		)	—		(33.1		)
Business acquisition, net of cash acquired	(993.2		)	—			(35.5		)	—		(1,028.7		)
Proceeds from the sale of certain assets	0.1			0.4			—			—		0.5
Net cash used in investing activities	$	(1,016.7	)	$	(2.1	)	$	(42.5	)	$	—	$	(1,061.3	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft	(11.2		)	3.4			5.2			—		(2.6		)
Net borrowings under the 2016 Revolving Credit Facility	65.4			—			—			—		65.4
Repayments under the Acquisition Term Loan	(15.1		)	—			—			—		(15.1		)
Prepayments under the 2011 Term Loan	(11.5		)	—			—			—		(11.5		)
Repayment of Old Acquisition Term Loan	(658.6		)	—			—			—		(658.6		)
Repayment of 2011 Term Loan	(651.4		)	—			—			—		(651.4		)
Borrowings under the 2016 Term Loan Facility	1,791.0			—			—			—		1,791.0
Proceeds from the issuance of 6.25% Senior Notes	450.0			—			—			—		450.0
Payment of financing costs	(61.5		)	—			—			—		(61.5		)
Tax withholdings related to net share settlements of restricted stock units and awards	(2.6		)	—			—			—		(2.6		)
Other financing activities	(2.0		)	—			(0.2		)	—		(2.2		)
Net cash provided by financing activities	$	892.5		$	3.4		$	5.0		$	—	$	900.9
Effect of exchange rate changes on cash and cash equivalents	—			(0.5		)	4.1			—		3.6
Net decrease in cash and cash equivalents	(141.1		)	(90.6		)	4.0			—		(227.7		)
Cash and cash equivalents at beginning of period	$	141.5		$	93.0		$	92.4		$	—	$	326.9
Cash and cash equivalents at end of period	$	0.4		$	2.4		$	96.4		$	—	$	99.2