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.

2

Deutsche Bank Conference June 2017

Name Title Experience Relevant Experience

CEO 34 years

CEO of Avon since April 2012

Former Vice Chairman of Johnson & Johnson’s

Executive Committee and Worldwide Chairman

of Johnson & Johnson’s Pharmaceutical Group

Education: B.S., University of Massachusetts, Dartmouth,

M.S., Princeton University, 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

Welcome to Avon

Jamie Wilson

Sheri McCoy

Founded in 1886, Avon was the first company to give women the opportunity to earn money through selling

beauty products within their own social networks.

Over 130 years later, we’re now one of the biggest

beauty brands in the world:

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

$6 billion in net sales2

6 million Active Representatives;

8 million Ending Representatives;

Over 50% of new appointments are under 35

Sales operations in 57 countries and territories,

with distribution in 15 more countries

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 2016 revenues.

Revenue by Segment1

North LatinAmerica

$0.8B15%

Europe Middle East

Africa$2.1B37%

Asia Pacific$0.6B10%

South LatinAmerica

$2.1B38%

Our Top 15 Markets Account for Nearly 80% of Revenues2

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 Colombia Argentina Turkey South AfricaPolandUK

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

Philippines

53 3 5+ 355+Skin Care 312

1 45+ 3 3 23Color Cosmetics 1

3 2 3 22 1 2 15+1Fragrance

Source: Euromonitor International Ltd., based on the 2017 April release

23

Compelling Product Portfolio

Beauty (~75% of Revenue) Fashion & Home

Key

Products

Category Skincare(including Personal Care)

Fragrance Color

Products

Key

Brands

Upper Mass

Mass

Value

Fashion Jewelry

Watches

Apparel & Footwear

Housewares

Children’s

Note: Figures based on Full Year 2016.

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

Focus on Top 40 Brands

Empowered Women

Empower Others

Self Reliance /

Earning Opportunity

for our Representative

Demonstrable Product

Quality and Value

for the Consumer

Beauty for a Purpose Creating More Positive Sentimentfor Avon…

Q4-16 data

AWARENESS OF BFAP:

14% 13% 19% 23%

63%

18% 9% 27% 17% 19%

82% 82% 77% 72%

36%

76% 79% 69% 76% 78%

MORE POSITIVE

LESS POSITIVE

NEUTRAL =

Base: Women, 15-64 (UK: 18-74)

Base: Among those Aware of BFAP Campaign

38% 29% 40% 21% 38% 6% 26% 24% 19% 28%

4% 5% 4% 5% 0% 6% 12% 4% 7% 3%

Source: Annual Global Brand Health Analysis, Ipsos

Brazil Mexico RussiaColombia Argentina Turkey PolandSouth AfricaUK Philippines

Avon is increasing Social

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)

#1 Word of Mouth Beauty Brand

40% higher than industry norm(offline and online)

Financial Trends

AVP - F$ Adjusted Operating Margin AVP - F$ Adjusted Operating Margin

C$ Full Year Revenue Growth C$ Quarterly Revenue Growth

Source: Company financials and filings

1%

0%

0%

1%

2%

FY FY FY FY FY

2012 2013 2014 2015 2016

-2%-3%

1%

3%4%

1%

-1%

0%

2%

4% 4%

1%

-1%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2014 2015 2016 2017

7.0%

9.4%

10.8%10.2%

6.5% 6.3%

3.9%

6.0%

4.2%

7.3% 7.0% 7.3%

2.9%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2014 2015 2016 2017

Need for Change

Our Representative experience is not differentiated

Overly complex processes for her

Our offering not evolving fast enough to meet her where she wants to be

We have allowed competition to catch up – time for a step change

Representative Engagement

Results of our Representative Satisfaction Survey

We received high scores on:

Likely to continue being an Avon Representative 1 year from now

I’m proud to be an Avon Representative

Avon is a company for people like me

Avon empowers women

Intend to grow my Avon business

Time to pay my invoice

Convenience of payment options

Scores were lower when it comes to:

Overall satisfaction

Earnings opportunity

Balance of time and effort with reward

Likely to recommend being an Avon Representative

Ease of returning products

Avon call center

Recognition

Source: Company quarterly survey of Top 10 markets from Q1 2017

Need for Change

Our Representative experience is not differentiated

Overly complex processes for her

Our offering not evolving fast enough to meet her where she wants to be

Opportunity to gain more traction with our high quality/good value content and

messaging

Awareness of our brand outpaces purchase

We have allowed competition to catch up – time for a step change

57

41 42 47

32 36

85

4861

35

50

Opportunity to Improve Conversion

Avon Brand Consideration (% who would consider in the next 3 months)

Brand

Consideration% Would Consider

in Next 3 Months

P3M Purch. (%) 49 38 34 35 28 16 70 44 53 26

Base: Women, 15-64 (UK: 18-74)

Total Awareness 100 99 99 100 100 99 100 100 97 99

PolandColombiaBrazil Mexico RussiaArgentina Turkey South AfricaUK Philippines

Need for Change

Our Representative experience is not differentiated

Overly complex processes for her

Our offering not evolving fast enough to meet her where she wants to be

Opportunity to gain more traction with our high quality/good value content and

messaging

Awareness of our brand outpaces purchase

Leverage leading innovation capabilities across price tiers

Appeal of market leading products such as Ultra Matte Lipstick

We have allowed competition to catch up – time for a step change

Innovation to Appeal to All Consumers

With a portfolio of brands that captures all major price tiers

Upper Mass

Mass

Value

Mass 50% - 60%

20% - 30%

10% - 15%

Need for Change

Our Representative experience is not differentiated

Overly complex processes for her

Not modernized our offering to meet her where she wants to be

Opportunity to gain more traction with our high quality/good value content and

messaging

Awareness of our brand outpaces purchase

Leverage leading innovation capabilities across price tiers

Appeal of market leading products such as Ultra Matte Lipstick

Barriers to entry are lower

New entrants in Beauty across all channels

We have allowed competition to catch up – time for a step change

Need for Change

Our Representative experience is not differentiated

Overly complex processes for her

Not modernized our offering to meet her where she wants to be

Opportunity to gain more traction with our high quality/good value content and

messaging

Awareness of our brand outpaces purchase

Leverage leading innovation capabilities across price tiers

Appeal of market leading products such as Ultra Matte Lipstick

Barriers to entry are lower

New entrants in Beauty across all channels

Execution has been inconsistent

We have allowed competition to catch up – time for a step change

Transformation Journey set out in January 2016

▪ Representative Engagement

▪ Brand and Beauty Categories

▪ Scale Social Selling

▪ Cerberus Investment

▪ Opportunistically Repay Debt

▪ Tax Planning

▪ Improve Operating Model

▪ Optimize Supply Chain

Network

Invest in

Growth

Drive Out

Cost

Strengthen

our Balance

Sheet

$/£

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

We Made Good Progress in 2016 …

Creating platform for future growth of the business

Key Priorities

Sold North America

Raised cash from Cerberus deal

Reduced balance sheet leverage

Extended maturity of debt portfolio

Achieved $180m of annualized savings

Moved corporate HQ to the UK

… Allowing Us to Move to The Next Stage

Refined the Invest for Growth pillar

Evaluated all areas starting with vision and purpose

Defined the key focus areas

Evaluated the detailed plans

Started putting in place the key enablers to drive the change

Ensure that we have the team to lead the change

Jamie joining at the start of the year

New General Counsel

Continuing to review

While remaining focused on driving out cost to meet our target and improvethe balance sheet

Avon’s Purpose & Vision

To Inspire & Create a World

with More EmpoweredWomen

To be the World's Leading

Roadmap to GROWTH

To Be The World’s Leading Social Beauty Company

Give Her the Right Products to Sell

Play and Win in theRight Geographies

Deliver a Seamless, Competitive

Representative Experience

Strengthen Our Balance Sheet Drive Out Cost$/£

Insightful Data & Analytics

Relentless Focus On Execution Capabilities

Rigorous Performance Management

Deliver a Seamless, CompetitiveRepresentative Experience

Ensure she receives

the right reward for

her effort

Give her the skills

to help her grow

her business

Make it easier

for her to do

business with Avon

Make her proud

to be part

of Avon

Ensure all sales

benefit her

1 2 543

FROM Complex, Inconsistent, Arduous and Sub optimal

TO Simplified, Compelling, Supportive, Empowerment and Pride

Give Her the Right Products to Sell

Drive activity across our

core categories to

ensure they remain

vibrant and deliver the

high quality / good value

message

Ensure innovation

is driven by her for her

customers, across the

portfolio

Become more agile at

merchandising by

campaign

Continue to build revenue

growth management

capability to optimise price,

volume, mix and

promotional frequency

and depth

Consider alliances to

support core categories

or enter white spaces

FROM Not enough value focus, Inflexible campaign planning and Tactical pricing

TODynamic product portfolio, Agile campaign planning across touch points

and Strategic pricing capability

21 53 4

Play and Win In the Right Geographies

Segment markets

based on future

performance

potential

Prioritize resources

for biggest returns

Explore expanding

in to new territories

Enhance our ability

to compete in both

urban and rural areas

Run more pilots and

ensure they are

measured to allow us to

expand them to

additional geographies

FROM Top 10 Market Focus, No Expansion, Rural Bias and Ad Hoc Pilots

TOFull Portfolio Management, Explore New Geographies, Enhanced Competiveness and

Targeted Use of Pilots

51 2 3 4

Four Geographic Quadrants

STABLE MARKETS

GROWTH MARKETS

Markets of >$50m revenue with

significant future potential growth

(e.g., mid-single digit) and double

digit operating margins

PROSPECT MARKETS

New or <$50m revenue markets

with the potential to deliver

significant growth within 3-5 years

Low single-digit revenue growth,

>15% operating margin

Negative or declining revenue

growth markets with <15%

operating margins

FIX MARKETS

Transformation Journey Supported by

Core Enablers

Complete the operating

model shift

Reduce

Cost

Build a reliable analytical

backbone which fuels

decision making across all

business functions and

markets

Implement rigorous

performance management

FROM Misaligned Cost Base, Inconsistent Data and KPIs

TOCorrectly Sized Cost Base, Single Analytics Business Service and Performance

Management Central to Running Business

431 2

Invest to Capture Identified Growth

Marketing investment on-line and off-line

Continue to support Beauty for A Purpose

Tactically behind innovation

Invest in Her

Training and Sales tools

Simplified processes (ordering, returns)

Invest in our associates

Revenue growth management skills

Merchandising

Invest in our systems

Improved digital communication (ordering, tracking, payments)

Front end experience

Supply Chain

-1%

1%

0%

-2%-3%

3%4% 4%

2%2%

Q1 Q2 Q3 Q4 Q1

2016 2017

Active Rep Growth Average Order Growth

2%

4% 4%

1%

-1%

Q1 Q2 Q3 Q4 Q1

2016 2017

So Where Are We?

C$ Revenue Growth

Source: Company filings. Active Representatives and Average Order Growth from Reportable Segments

F$ Operating Margin

4.2%

7.3% 7.0% 7.3%

2.9%

Q1 Q2 Q3 Q4 Q1

2016 2017

-191

6126

232

-80

Q1 Q2 Q3 Q4 Q1

2016 2017

Cash from OperationsActive Reps & Avg. Order Growth

Full Year External Guidance

2017 Full Year Guidance

Low single-digit Revenue growth (C$)

Flat to 1% Active Representative growth in 2H

100–140bps Adjusted Operating Margin expansion (F$)

Free cash flow slightly positive after the increased capital spending of approximately

$65m (F$)

On track to achieve 2017 cost savings target of $230 million (F$)

Long–Term Financial Targets

Minimum requirements to achieve our goals

2015 2016 2017

Actuals Actuals Guidance

Revenue Growth (C$) 1% 2% Low single-digit Mid single-digit C$ Revenue growth

Active Rep Growth1 1% -1% Flat to 1% for 2H 1 to 2% Active Representative growth

Adj. Operating Margin (F$) 5.7% 6.5% 7.5% to 7.9% Low double-digit Adj. Operating Margin

Long-Term Financial GoalsExpansion

+1pts to +2pts

+2pts to +3pts

+200bps to +250bps

Source: Company financials and filings

1. Active Representative Growth from Total Reportable Segments

Summary of the Change

Accelerating pace of change

Refined and executing against Growth Roadmap

Ensure leadership team is in place to drive growth

Continue to take out cost and optimize cash

Avon’s Vision

To be the World's Leading