Disclaimer

Forward-Looking Statements and Non-GAAP Financial Information

Statements in this presentation that are not historical facts may be "forward-looking statements" within the meaning of the federal securities laws that involve potential

events, risks and uncertainties that could cause actual results to differ materially. Words such as “projects,” “estimates,” “forecasts,” “believes,” “intends,” “expects,”

“anticipates,” and similar expressions (including their negative counterparts) are intended to identify many of these forward-looking statements. Such forward-looking

statements are based upon information currently available to management and management's perception thereof as of the date hereof. The events, risks and

uncertainties relating to these forward-looking statements are detailed from time to time in reports filed by Avon Products, Inc. with the Securities and Exchange

Commission, including Forms 8‐K, 10‐Q, and 10‐K. Some forward‐looking statements in this presentation include and concern our outlook and performance, cost and

cost savings, competitive advantages, various strategies and initiatives (including our transformation plan), strategic partnerships and transactions, and organization

and structure. These forward‐looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or

achievement of Avon to be materially different from any future results expressed or implied by such forward‐looking statements. These risks and uncertainties include,

but are not limited to, our ability to improve our financial and operational performance, the possibility of business disruption, competitive uncertainties and general

economic and business conditions in our markets, including fluctuations in foreign currency exchange rates. Any forward‐looking statements speak only as of the date

they are made.

Forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate

indications of the times at or by which any such performance or results will be achieved. As a result, actual outcomes and results may differ materially from those

expressed in forward-looking statements. The Company does not undertake to update any such forward‐looking statements to reflect future events or developments.

This presentation contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company's financial

performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP

in the statement of income, balance sheet or statement of cash flows of the company. Avon has provided in the appendix to this presentation a reconciliation of non-

GAAP financial measures to the most directly comparable GAAP financial measures. Please see the appendix at the end of this presentation for a reconciliation of

certain non-GAAP financial measures included in this presentation.

2

CEO Avon Products, Inc.

Presented At Barclay's

September 6, 20163

Strengthen Avon’s position

as a leader in beauty,

unleash the power of the Avon

network, and

introduce a new

generation of women to a

brand we know they will love.

4

5

6

We are the world’s #1 Direct Selling Beauty

Company

$6 billion in net sales

6 million active Representatives

Sales operations in 57 countries and territories,

with distribution in 15 more countries

We sell 2.7 billion units annually, fulfilling

104 million orders

Our Top 10 markets account for nearly

70% of revenues

Avon at-a-glance

North LatinAmerica$0.9Bn

15%

Europe Middle East

Africa$2.2Bn

38%

Asia Pacific$0.6Bn

10%

South LatinAmerica$2.1Bn

36%

Revenue by Region LTM 6/30/16

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

7

Growing categories and industry

Beauty & Personal Care categories:

Reached $426Bn in annual sales globally in 2015

Grown for 15+ consecutive years

Continues to grow steadily at 5% annually

Direct Selling industry:

Reached $131Bn in sales in 2015

Has grown at 5% annually for the last five years

Beauty is the #1 Direct Selling category

8

Leadership in Key Markets and Categories

Top 10 Markets

Avon holds strong Market Share positions globally

All channels(retail & direct selling)

Brazil Mexico Russia Colombia Argentina Turkey South AfricaPolandUK

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

Philippines

2133 3 4 235+Skin Care 1 22

1 35+ 1 32 33Color Cosmetics 1

3 2 132 1 2 25+1Fragrance

1

9

Fashion & Home26% of Portfolio

by Sales

Compelling Product Portfolio

Beauty 74% of Portfolio by Sales

Key

Products

Category Skincare Fragrance Color

Sample

Products

Key

Brands

Upper Mass

Mass

Value

Fashion Jewelry

Watches

Apparel & Footwear

Housewares

Children’s(including Personal Care)

10

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 ~ ~ 5 to 18 Months > 18 Months

% o

f S

ale

s

Representative Tenure

11

12

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

13

Three-Year Transformation Plan

2015 2016 2017 2018Description

$350MM

Drive out Cost

Improve Operating Model

Drive Sourcing Initiatives

Optimize Supply Chain Network

Primary Focus to Fuel Growth

Improve Financial Resilience

Cerberus Investment

Dividend Suspension

Opportunistically Repay Debt

Tax Planning

Strengthen Balance SheetContinued Focus to

Fund Transformation

Media Investments & Social

Selling Implementation

Invest in Growth

Invest in our Brand & Beauty

Categories

Improve Representative Engagement

Bring Social Selling to Scale IT & Service Model Evolution

$150MM

$200MM

Focus Builds into 2017

$70MM in 2016

14

Invest in our Brand & Beauty

Categories

Improve Representative

Engagement

Bring Social Selling to Scale

15

Invest in Brand & Beauty

Strengthen the Avon brand

Continue to build innovative pipeline

Grow our top 40 Brands

Execute disciplined pricing

16

Strengthen the Avon Brand

Build brand relevance

and affinity with

Develop engaging content

to tell the Avon Story

Increase media investment and

shift more focus

to Digital

16% growth

in total global social media

reach in just 6 months!

105 Million Video Views

Instagram is Avon’s fastest growing

network with 53% growth with

nearly 1 Million followers

Avon is the #3 Beauty Brandon Facebook with 18.7M fans

17

Invest in Growth – Innovation pipeline

We are investing across our three Beauty Categories

Color Skincare Fragrance

18

NEW Perfectly Matte Lipstick100% true matte look with lasting comfort

BUILT 100% MATTE FROM START TO FINISHLightweight formula never cakes, cracks or compromises

INNOVATION Top Performer

Color

19

A uniquely positioned fragrance

that drives the cues of real

magnetism

Specially constructed olfactives

to generate attraction

Testing conducted with real life

couples that proves it works!

“Avon Attraction

made me feel more

attractive” “Avon Attraction

made me feel sexy

and spontaneous”

INNOVATION Top Performer

Fragrance

20

A joint force against signs of aging

Aging skin

Oil supplements skin’s natural lipids

& strengthen moisture barrier to help

improve skin’s outer structure

Serum with Celluvive acts within skin cells,

to stimulate cellular purification, to help improve

the signs of aging

Healthy young skin

VS

INNOVATION Skincare

3Q-4Q16

launch

21

We are investing in our Innovation Pipeline

Existing Product

Development

Big breakthrough

innovation ideas

Sustained Support

for Top Performers

22

VIDEO PLAYS HERE

Avon Big Define

23

VIDEO PLAYS HERE

Avon Encanto

24

Grow our Strongest Brands

40 Brands account for 80% of Revenue

25

Invest in Growth

Build brands

across

3 tiers to meet

consumer

needs

Upper Mass

Mass

Value

26

Strong Pipeline –Innovation for the Color Loyalist

Avon True

THERE CAN’T BE BEAUTY

WITHOUT TRUTH.

Only through true beauty can

women be truly empowered.

93% of women

believe that beauty companies

deliberately overpromise

what their products do.

27

Strong Pipeline – Innovation for the Color Enthusiast

mark.

BIG & CUSTOM-EYESthe most versatile mascara

EVER!

28

Invest in Growth – Disciplined Pricing

Price through innovation and mixIncreased Revenue

Advertising

Activation

Price Up

Superior Products

Price strategically

Price to inflation

29

r

Improve Representative Engagement

30

Ending Representatives

Quarterly YoY Growth (%)

-1%

0%

1%

2%

3%

Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16

Trending Up

Six quarters of Improvement

in Ending Representatives

31

She needs…

32

Top Market Focus

33

Driving strong MX results vs prior year:

Revenue growth +7.5%

Average order +2.5%

Ending Representatives +1.2%

Onboarding to drive retention

Example: Mexico

34

Segmentation and Support

2.0X Minimum Wage

for Each Hour

Invested

Part-Time Earnings15 hours per week

provides meaningful

supplemental income

Full-Time Income 25 hours per week

provides median income

Wealth Creation40 hours per week

provides 2-3x median

income

Casual Sellers and “Junior” Leaders

Top Sellers and Leaders

Top Leadership Roles

Tim

e S

pe

nt

on

Avo

n B

us

ine

ss

Earnings Potential from Avon

Products at a

Discount

“Customer” Representatives

Stronger earnings link directly to higher retention and greater life-time value

Progression Based Upon Ambition and Time Commitment

35

Service

Avon’s Service Model Evolution Framework

Representative and Customer-facing Processes Avon Back End Processes

Representative

Engagement

“Anywhere

Ordering

Channel

“Anytime”

Order

Submission

Payment

& Credit

Customer

Care

Order

Capture

Order

Fulfilment

“Anyplace”

Order

Delivery

Product

Returns

Delivering Anytime, Anywhere, Anyplace service to our Representative and her customers

Top markets will have completed evolution over the next three years. Representative and customer-facing improvements come first.

36

Invest In Growth – Social Selling

Bring Social Selling to Scale

1886

Door-to-Door

1902

Door-to-Door

Telephone

1948

Door-to-Door

Telephone

TV

1984

Door-to-Door

Telephone

TV

Cell Phone

2005

Door-to-Door

Telephone

TV

Cell Phone

Social Media

2007

Door-to-Door

Telephone

TV

Cell Phone

Social Media

Smartphone

TODAY

Door-to-Door

Telephone

TV

Cell Phone

Social Media

Smartphone

Customer Analytics

# c

onta

cts

in h

er

netw

ork

Individual Clout

37

COO, CFOAvon Products, Inc.

38

Avon’s Revenue and Adjusted Operating Profit

Historical Financial Performance – Total AVP

Ad

juste

d O

pera

ting P

rofit

Reve

nu

es

Revenues increased in constant currency,

driven by Top 10 markets, partially offset by

other markets

This growth was significantly impacted by F/X,

resulting in declines on a floating currency basis

C$ F$

Top 10 Markets +2.2% (13.4%)

Other Markets (2.0%) (17.6%)

Total AVP +0.7% (14.9%)

Revenue and Adjusted Operating Profit

(F$MM)

Highlights

Revenue CAGR (2013 – 2015)

8,497

7,648

6,161 5,784

774714

352 311

-

200

400

600

800

1,000

1,200

1,400

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2013 2014 2015 LTM Q2'16

Revenue Adjusted Operating Profit

= Constant Currency Revenue year over year Growth by Reportable Segment (C$2016 rates).

(0%) +2% +3%

(10%)

(19%)

39

Avon’s Q2 2016 Performance Update

Historical Financial Performance – Total AVP

Q2 2016 Highlights

$1,565$1,434

$99 $105

Q2 '15 Q2 '16

Revenue Adjusted Operating Profit

(8%)

+5%

Revenue and Adjusted Operating Profit

(Q2 2016 vs. Q2 2015 – in F$MM)

Q2 2016 AVP Revenue andAdjusted Operating Profit (F$MM)

= Constant Currency Revenue year over year Growth by Reportable Segment (C$2016 rates).

C$ revenue increased 5% year over year, excluding the

divestiture of Liz Earle

Total revenue from reportable segments increased 5%

in constant dollars, driven by:

− Active Representatives: +1%

− Average Order: +4%

− Ending Representatives: +2%

F$ Adjusted Operating Profit increased slightly year over

year as the Transformation Plan begins to take hold

despite the F/X headwinds

F$ Adjusted Operating Profit margin expanded

nearly100 basis points, from 6.3% to 7.3%

Free cash flow outlook raised to an estimated $50 - $75

million for FY 2016

40

6%6%

Other Currencies

88%

38%

36%

15%

10%1%

Based on recent trends, we expect the impact of F/X to decrease

Historical Financial Performance – F/X Impact

$110

$135

$110 $105

$135

$100

$70

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Quarterly YoY F/X Impact on Adjusted Operating Profit (F$MM)

79.2

70

85

100

Dec-14 Dec-15

Weighted Average Top 10 Markets F/X RatesIndex = 100; base = December 31, 2014

US (USD)

WeightedAverage Top 10currencies

(21%)

4%

SOLA

NOLA

APACOther

EMEA

~10% of AVP revenues are in GBP and Euros (~30% of EMEA)

Revenue by Currency

Euro MarketsU.K.

Currency trends appear to be stabilizing in Q2 2016… …Resulting in lower year over year F/X loss

We have limited exposure to Euros and GBP

Revenue by Region

99.3

86

93

100

107

6/22 6/26 6/30 7/4 7/8 7/12 7/16 7/20 7/24 7/28

Top 10 Markets F/X RatesIndex = 100; base = Day before Brexit (6/22)

Top 10

Markets

As a result, Brexit did not affect our mix of currencies

June-16

41

Extended Maturity Profile and Maintain Substantial Liquidity

318282

450500

250

400

500

2016 2017 2018 2019 2020 2021 2022 2023 2043

Debt Maturities ($MM)

Senior Unsecured Notes Secured Revolving Credit Facility ($400MM)

Senior Secured Notes

Highlights of Recent Transactions

Issued $500 million secured first lien

notes due 2022 at a coupon of 7.875%.

Recent tender resulted in approximately

$300 million of bonds being retired.

These two financing transactions

resulted in a modest extension

of our maturity profile.

We continue to evaluate strategies to use

approximately $450 million in cash left to

spend on debt reduction and improving

the maturity profile.

Maturity pre tender offer

500

500

350

400

42

What to Expect Near Term

Key Priorities Status

Sale and separation North America business Closed March 1st

Improved performance in top 10 markets 9 of Top 10 markets grew in Q2

1-2% Active Representative growth On track

Invest in the brand Beauty for a Purpose positioning at a local level

Pricing discipline Pricing flow through in Q2 quarter in Average Order

Evolve our Service Model On track

IT infrastructure to HPE On track

$70 million in cost savings in 2016 Identified all cost savings and execution on track

Resolution for our China business Stabilize China business, evaluating strategic alternatives

Improve our balance sheet On going

AccomplishedProgress Made

Ongoing Work

Not yet

Accomplished

43

Our Long-Term Financial Goals

Metrics Long-Term Financial Goals

Revenue Growth Mid single-digit C$ revenue growth

Representative Growth Low single-digit Active Representative growth

Adjusted Operating Margin Low double-digit adjusted operating margin

44

…To Drive Long Term, Sustainable Growth

Leadership Positions in Key International Markets

and Beauty Categories

Attractive Industry and Distribution Model

Iconic, Purpose-Driven Beauty Brand

Innovative Products Fueled by Strong R&D Capabilities

Unparalleled and Growing Representative Base

Transformation Plan Underway to Drive Profitable

Growth and Improved Financial Performance

45