CEO Avon Products, Inc.

Presented At

January 10, 2017

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Welcome to Avon

Name TitleYears of

ExperienceRelevant Experience

CEO 34 years

CEO of Avon since April 2012

Former Vice Chairman of Johnson & Johnson’s Executive Committeeand Worldwide Chairman of Johnson& Johnson’s Pharmaceutical Group

Education: B.S., University of Massachusetts, Dartmouth, M.S., PrincetonUniversity, MBA, Rutgers University

EVP, CFO35 years

CFO of Avon since January 2017

Former CFO of SABMiller and Main Board Director of SABMiller PLC

Education: LLB, University of Edinburgh Law School

EVP, COO28 years

COO of Avon since January 2016; former CFO of Avonfrom March 2015 to December 2016;

Former CFO and COO of J. Crew

Former EVP – Human Resources & Strategic Planning at Saks Inc.

Education: B.A., Siena College

Sheri McCoy

Jim Scully

Jamie Wilson

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Avon at-a-glance

We are the world’s #1 Direct Selling Beauty Company

$6 billion in net sales2

6 million Active Representatives; 8 million Ending Representatives

Sales operations in 57 countries and territories, with distribution in 15 more countries

North LatinAmerica

$0.9B15%

Europe Middle East

Africa$2.2B38%

Asia Pacific$0.6B10%

South LatinAmerica

$2.1B36%

Revenue by Segment1LTM 9/30/16

Avon proudly stands for Beauty, Innovation, Optimism, and above all for Women

Source: Euromonitor International Ltd.; Company financials and filings.

1. Percentages do not add to 100% as regional revenues exclude revenue from other operating segments and business activities, and due to rounding.

2. Based on rounded LTM September 30, 2016 revenues.

Our Top 10 markets account for nearly 70% of revenues2

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Attractive and Growing Industry

Beauty & Personal Care industry:

Reached $426B in annual sales globally in 2015

Continues to grow steadily at 5% annually

Direct Selling industry:

Reached $131B in sales in 2015

5% growth annually for the last five years

Beauty is the #1 Direct Selling category

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All channels(retail & direct selling)

Leadership Positions in Key Markets and Categories

Top 10 Markets

Avon holds strong Market Share positions globally

Brazil Mexico Russia ColombiaArgentina Turkey South AfricaPolandUK

#2#1 #1#1#2 #1 #1#1#1Direct Selling #1

Philippines

33 3 5 235+Skin Care 122

1 35+ 1 3 22Color Cosmetics 1

3 2 1 32 1 2 25+1Fragrance

Source: Euromonitor International Ltd. - Represents 2015 data

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Compelling Product Portfolio

Beauty (75% of Revenue) Fashion & Home

Key

Products

Category Skincare(including Personal Care)

Fragrance Color

Sample

Products

Key

Brands

Upper Mass

Mass

Value

Fashion Jewelry

Watches

Apparel & Footwear

Housewares

Children’s

Note: Figures based on LTM September 30, 2016.

Source: Company website, Company filings, and other publicly available information.

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8 Million RepresentativesThe Largest Direct Selling Force in the World

Avon added over 10 million

Representatives in 2015

In our Top 10 Markets

over half of all new

appointments in 2015

were under 35 years old

More women join each year A strong tenured base

70%

60%

50%

40%

30%

20%

10%

0%

< 4 Months ~

% o

f S

ale

s

Representative Tenure

~ 5 to 18 Months > 18 Months

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Strong Building Blocks to Drive Sustainable Growth

Iconic, Purpose-Driven Beauty Brand

Attractive and Growing Industry

Leadership Positions in Key Geographies

and Beauty Categories

Innovative Products Fueled by Strong R&D Capabilities

Unparalleled Representative Base

Transformation Plan Underway to Drive Profitable

Growth and Improved Financial Performance

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2016 Total Avon – YTD Q3 Actuals

YTD Q3 2016 vs YTD Q3 2015 – F$MM

Revenue

Top Markets growing ahead

of ROW

Adj. Operating Profit

Continue to make progress

with cost take out and

pricing, more than offsetting

390bps of FX headwinds

Net Debt

Debt reduction of $235

million, continue to make

progress on cash conversion

1. Constant Currency Revenue year over year change (C$2016 rates).

2. 2015 YTD Q3 GAAP Op profit = $102 adjusted for: $28 CTI, $118 Venezuela special item, $6 pension settlement charge

2016 YTD Q3 GAAP Op profit = $215 adjusted for: $70 CTI, ($27) Legal settlement

$1,519 $1,436

Q3'15 Q3'16

$4,553 $4,150

YTD Q3'15 YTD Q3'16

$255 $258

YTD Q3'15 YTD Q3'16

$90 $80

2016 Target YTD Q3'16

Net DebtCost Savings

Revenue Growth Adj. Operating Profit2

($83M)

5.6% Adj. OM 6.2% Adj. OM

+60 bps

-9%

+3%1

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Creating Shareholder Value

Cerberus Partnership

Catalyst for change

Improve Operational Discipline & Execution

SeparateNA business

Unlock Valuein International Growth Markets

c

Transformation Plan

Disciplined execution

Invest in Growth

Improve Financial Resilience

Drive out Cost

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Three-year Transformation Plan

Implementation of Operating Model and Supply ChainImprovements(annual run-rate benefit)

$350M

Strengthen Balance Sheet

2015 2016 2017 2018

Media Investments & Social Selling Implementation

IT & Service Model Evolution

$150M

$200M

Description

Invest in Growth ($350M)

Invest in our Brand & Beauty Categories

Improve Representative Engagement

Bring Social Selling to Scale

Drive out Cost ($350M)

Improve Operating Model

Optimize Supply Chain Network

Improve Financial Resilience

Cerberus Investment

Dividend Suspension

Opportunistically Repay Debt / De-lever

Tax Planning

Primary focus to fuel growth

Continued focus to fund

Transformation

Focus builds

into 2017

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Continue to build innovative pipeline

Invest in Growth

Focus on our top 40 Brands

Strengthen the Avon Brand

Execute disciplined pricing

Color Skincare Fragrance

Invest in Beauty & Brands

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Strengthen the Brand by telling the whole Avon story

Increase media investment and

shift more focus to Digital

25% growth in total global

social media reach

(Dec. ’16 – YoY)

280 Million Video Views(+49% YoY)

L’Oreal – 661M / Natura – 170M Oriflame 31M

Instagram doubled growth speed

(from 53% to 98%) and reached

1.9M followers

Avon is the #3 Beauty Brandon Facebook with 20M fans

(+ 4% in 2016)

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Strong Innovation Pipeline

COLORAVON TRUE

FRAGRANCEAVON LIFE

SKINCAREANEW Ultimate Supreme

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Invest in Growth

Build brands across

3 tiers to meet

consumer

needs

Upper Mass

Mass

Value

Color Category

40 Brands account for 80% of Revenue

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Executing Disciplined Pricing

Price through innovation and mixIncreased Revenue

Advertising

Activation

Price Up

Superior Products

Price strategically

Price to inflation

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Improve Representative Engagement

Top Market Focus

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Join Avon

Place your

order

‘anywhere’

Place your

order

‘anytime’

Receive your

order

‘any place’

Process your

return

electronically

Pay Avon

through any

channel

Be supported

through entire

process

Service Model Journey Underway…

… Leading to Integrated Social Selling Platform

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2016 Accomplishments

Note: Based on YTD September 30, 2016 performance

Key Priorities Status

Sale and separation North America business

Improved performance in top 10 markets

1-2% Active Representative growth

Invest in the brand – Roll out Beauty for a Purpose

Pricing discipline

Evolve our Service Model

IT infrastructure to HPE

$70 million in cost savings in 2016

Resolution for our China business

Improve our balance sheet

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Accomplished Progress made/ongoing work

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Drive consistent and sustainable performance across Top Markets

Strengthen talent base and build capabilities for the future

Invest in Avon brand

Grow and improve the engagement of our Representatives

Continue to drive pricing discipline

Evolve our Service Model

Continue to drive out cost

Continue to strengthen balance sheet

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Our Long-term Financial Goals

Metrics Long-Term Financial Goals

Revenue Growth Mid single-digit C$ Revenue growth

Representative Growth 1 to 2% Active Representative growth

Adjusted Operating Margin Low double-digit Adjusted Operating Margin

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