1

AGENDA

WelcomeAmy Greene, VP of Investor Relations

Open Up AvonJan Zijderveld, Chief Executive Officer

Rebooting Avon’s direct selling propositionMiguel Fernandez, Global President

Modernize Avon Jonathan Myers, Chief Operating Officer

Value creationJamie Wilson, Chief Financial Officer

2

Magdalena

Ferreira-LamasGM,

North Latin America

Matthieu ComardGM,

Western Europe

Angela CretuGM,

Central Europe

Louise ScottChief Scientific Officer

Closing remarks and Q&AJan Zijderveld, Chief Executive Officer

Forward-Looking Statements

3

This material contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private

Securities Litigation Reform Act of 1995, including statements relating to revenue trends, cost savings, efforts to implement

new digital and e-commerce strategies, improved Representative engagement and service, product launches and commercial

and digital spend. Because forward-looking statements inherently involve risks and uncertainties, actual future results may

differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include,

but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business

conditions in Avon’s markets as well as the other risks detailed in Avon’s filings with the Securities and Exchange

Commission. Avon undertakes no obligation to update any statements in this material after it is posted to the Investor

Relations section of our website.

once content is final

4

OPEN UP AVON

Jan Zijderveld, Chief Executive Officer

5

6

Our Vision for Avon is grounded by our

Strong Purpose

Avon’s current performance is not a market issue…

7

Beauty

Direct selling

Emerging markets

Part-time economy

+5%

+4% 2014

- 2017

+7%

25%2014

- 2017

2014

- 2017

2014

- 2017

It’s an Avon problem …we made it too hard for Her

8

From: Locked In To: Opened Up

Limited training and toolsBargain selling

Internally focused, silo cultureLargely do things in-house

Printed brochures“Mail plan” ordering systemHand delivery

Open up culture...Fit for purpose structure

Trained for assisted sellingDigital, motivated beauty advisors

Cumbersome and closed Nimble and open

Avon is famousBut not aspirational

Avon - anywhere, anytimeOffline + onlineFlexible delivery options

Accessible on trend beauty brand

Avon must leverage its strengths

9

Global leader in

social selling

People selling to People

Strong global

beauty brand

Strong purpose at

its heart

A movement of six million

brand ambassadors

A community of women,

by women, for women98% brand awareness

Avon must change to go forwardWhat got us here, won’t get us there…

10

PushMake it easier for Her to earn money

Pull Accessible, on-trend beauty brand

Unlock digitalAnytime, anywhere

Re-energize our purpose Empower women

H1 2018

• Identified root causes

• Put the “Boss” back at the heart

• Fixing service

• Focused on big countries

• Re-energized the field

• Faster innovation

• Kicked off 10 ‘must-win battles’ MWB

• Ready Reset Grow conference

• Strengthened balance sheet

11

We have already accomplished a lot

Visited 10

markets

Doubled

innovation

speed

Global sales

organization

New key

country

general

managers

>60K calls to

Representatives

Ready Reset

Grow – 150

leaders

10 MWB /

sprint teams

$240M debt

repaid

Build new performance culture and inject new talent

H2 2018

• Training and incentives for Her

• Commit to e-commerce;

E-Brochure and My Avon store

• Turnkey innovation

• Open up to partners

• Fuel for growth

• Strengthen Avon brand

• Inject new talent

12

We continue to move quickly….

Build new performance culture

Train

500K…1M

200 new

products /

50% faster

Relaunch

brand

Target $400M

fuel for growth

over 3 years

$10M Training

for Her

Multiple new

top executives

Improve

pricing focus

E-brochures in

+ 40 markets

Change takes time

13

It’s early in the process of change for most of our key markets.

New management, improvements in service and changes take time to implement.

Russia

Brazil

UK

South Africa

Mexico

Philippines

Turkey Colombia

Central Europe

Argentina

Level of change

Improvement Progress

Transformation journey

1

2

3

Strategic

breakouts

Restore

competitiveness

Modernize

the core

Cultural

transformation

15

Restore competitiveness modernize the core

• Re-boot social selling

• Fix service

• Modernize the brand and stronger innovation

• Unlock digital and e-commerce

• Open up and simplify

• Fuel for growth

• Drive performance culture

• Inject new talent and closer to markets

15

Restore

Financial

Strength

Modernize

our model

and value

proposition

Perform

100%

as one team

Must win

battles

1

16

More accessReach more consumers

More opportunitiesGrowing categories, geographies and channels

More openNew partnerships and fit for purpose infrastructure

More value Increase Her earnings

2 Breakout strategiesto open up Avon

17

More accessOpen access to Avon to all consumers; anywhere, anyplace

DON’T KNOW AVON

KNOW AVON

BUY FROM THE BROCHURE

Avon brand is

bigger than its

sales

1818

Avon Representative E-Representative

1:10 customers

sells from brochure

hand delivers

1:1000 customers

online and offline

flexible delivery

digital business

More accessAvon: anywhere, anytime

19

Avon

Competitor 3

Competitor 2

Competitor 1

Brazil Mexico Russia

Accessible beauty

doesn’t have to mean cheap

Low price point: room to tier up

Over promoted: 98% sold on promotion

Don’t price for innovation

More value

20

Levers to create value

Bundles and regimes

Win in all price tiers

Train with intent

Innovate to price

Less promotion

More opportunities

21

Enter fast growth markets

On-trend

categories

Geographies

Avon4China

Channels

Representative

driven e-commerce

More open

22

Embrace an open eco-system versus doing everything in-house

New partnerships and alliances

Fit for purpose assetsand infrastructure

New talent and capabilities

Fuel for growth

23

Reset performance culture • Execution rigor

Closer to the markets

Speed and agility• Halve innovation and brochure cycles

• Start up mentality

New capabilities and talent• Reboot social selling

• Digital and e-commerce

Thinking differently

3 Cultural transformation

Critical elements to transform Avon

24

Fix the leaks

Modernize the core

Strategic breakouts

Cultural transformation

The journey will take time, sequencing and prioritizing

25

Rebooting Avon’s

direct selling proposition

Miguel Fernandez, Global President

Embrace the power of direct selling

26

Re-establishing a trusted relationship with six million brand ambassadors

Bring more people

Keep them longer

27

Avon’s growth steps

Step 1

Step 2

Step 3

Segment – targeted support

Increase Her earnings

Training and tools to enable more value

Step 0 Fix service (pre-requisite)

Step 4

Retain Her Step 5

Recruit more

28

Improving box and

product damage

Understand Her

expectations

Segmented

service models

Testing next day

delivery in main cities

Transitioning from

‘mail plan’ ordering

Products

availability improved

>60KCalls to

Representatives

99%Fill rate in beauty,

F&H needs work

96%

97%Received in

good condition

Service is fundamental

Continued improvement in service is key to Avon’s ability to increase retention

Data from top 14 markets as of Sept 7th 2018

1. Recruit with an attractive narrative

29

From To

Short-term focus Invitation to a journey

Weak financial proposition

Same size fits all treatment

1:1 - 5

Tailored messaging and support

Scaled recruiting10:500 – 1000

Meaningful financialproposition

Beauty bestsellers kit Advanced beauty kit Pro beauty kit

£35 £90 £165

UK targeted starter kits

30

Matching the initial investment and product to her intent

Beauty fan Part-time Full-time

Aligning tools with Her intent and expectations from her first day

2. Segment to provide targeted support

31

She will make this a full-time job. She will

be an entrepreneur and grow Her business Full-time

She will use

the digital tools

to develop

and grow Her

business

E-RepShe loves beauty and our products but not

necessarily interested in building a career Beauty

enthusiast

She wants part-time earnings while having

fun and gaining beauty expertisePart-time

3. Tailored compensation models around the world will deliver meaningful income to Her

From To

Complex, ineffective Simplified and straight forward

Short term incentive driven

Full-time focused

High turn over, short term

Centered around part-time

Realistic, long term retention

Valued opportunity and brand

4. Training with intent

33

Product information

Innovation Selling toolsBusiness

development

In Q4 alone we are planning to train over 1M Representatives

Bundles and regimes expected to dramatically increase price points and loyal customers

34

Bundles group logical products together and regimes solve for specific concerns

Bundles

Summer must-haves

Regimes

1. Tightens 2. Night cream 3. Day cream

The daily face lift - stop the clock

+ +

Changing Her role from administratorto a beauty advisor

35

Skin analyzer21-day makeover app and

digital toolsAnew wrinkle testing strips

Selling tools will help Her to engage longer with her customers and deliver results for them

Assisted sales tools helping Her provide greater value to Her customers

The power of purpose and belonging to something bigger than herself

5. Recognition and belonging

36

Avon foundation has raised over $1B for causes that matter most to women over the past four decades

Despite the size of the two markets and brand awareness,

together they account for less than $100m in annual sales.

Capturing our share of growth in key markets

37

India and China are enormous markets where Avonhas been under-represented

China

69% brand recognition

~1B people are aware

of the Avon brand

E-commerce and digital go to market

India56% brand recognition

More than 500M people are aware

of the Avon brand

Injecting talent with direct selling, local and transformational experience

38

Markets with new leadership account for

more than 50% of revenue

Brazil, Jose Vicente Marino Direct selling, local and transformation experience

Eastern Europe, Anna YarvitsStrong track record in Russia and business

transformation

Asia Pacific, Bill RahnSeasoned direct selling APAC executive

Western Europe, Matthieu ComardLocal and transformation experience

Italy and Mediterranean, Marco BrandoliniSignificant direct selling local experience

India, Dronacharya Chakraborty

Track record in driving growth in direct selling

New global sales organization

The path to growth begins with the Representative

Returning the excitement and desirability

to being an Avon Representative

39

Step 1

Step 2

Step 3

Segment – targeted support

Increase Her earnings

Training and tools to enable more value

Step 0 Fix service (pre-requisite)

Step 4

Retain Her Step 5

Recruit more

40

Modernize Avon

Jonathan Myers, Chief Operating Officer

Modernize Avon; disrupting our own business model

41

1 More relevant brand

2 Sharper portfolio

3 Digital and data transformation

4 Agile, lean and open eco-system

1. Modernize the Avon brand: improve relevance to broaden appeal

50% consideration

Eroding beauty

credentials weaken

purchase intent

98% awareness

Women know Avon

Opportunity:

More relevant,

contemporary brand to

rebuild customer base

Avon Market research : Women 15-64, Top 10 Markets, Nov 1742

Unleash the Avon brand-democratizing beauty

43

2. Sharper portfolio

44

Strengthen the core

Capture growing trends

Closer to the market

Continual work on core

product lines

Avon portfolio – sharper, faster

45

Building a strong ‘fast beauty’ brand

On trend innovation

Faster growth segments

All price tiers

On trend innovation: fast beauty

46

Changing how we work in-house and with partners to bring trend products faster

Lip Tattoo K-BeautyAnew Gold Ultimate mask

23 weeks

launched Europe and Brazil

23 weeks

global launch

22 weeks

first launch Eastern Europe

Local Mexican blogger

designed fragranceNaturals with local ingredients

Brazil Q4 18

47

On trend innovation:shifting resources closer to our consumers

16 weeks

Win in all price tiers

48

Skin care: good – better – best

$13.30

$4.60

$37.70

$2.50

H2 Launches

Win in all price tiers

49

Skin care: good – better – best

Win in all price tiers: launch bundles

50

Increase Representative earnings

Relevant seasonal gifting opportunities

Local seasonal

Tips and products needed for a particular ‘look’ –

delivered through your door

Trends and tips

Deliver product performance and build beauty credentials

Enhance benefits

51

Fuel Her earnings and provide enhanced consumer experience

Win in all price tiers: enable assisted selling model

Mission Y1. Premium ‘Regime’, premium pricing,

growing J-Beauty segment

2. Training, tools and techniques to

support assisted selling

3. Representatives ‘qualify’ to become

‘licensed to sell’

4. Launch Central Europe in 4Q

3. Game changer: leverage digital and data

52

Increase access, reduce effort, improve Her earnings

Delivering digital tools

Unlock e-commerce

Unleashing data and analytics

Unlock e-commerce

53

Expand Representative reach beyond the physical brochure

Avon sold and delivered – anytime, anywhere

My Avon Store E-brochure Digital marketing

New digital tools to support assisted selling

54

Example: 21 day makeover app

Measureyour skin tone

Determine foundation shade match

Choose harmonized lipstick shades

Virtual tryon selections

Unleashing the power of data and analytics

55

Become a data and analytics driven company

Data rich company fueled

by direct connect to 6M

Representatives

Up-sell and cross-sell

Leverage data for

segmentation and

personalization

Launching the digital transformationInvestment - $230m capex

56

Modernize core

systemsAnalytics

Digitize tools –

e-commerceDigital marketing

Talent and

capabilities

On-trend K Beauty

Russia 2H 2018Global and local

Delivering solutions

with partners

4. Open up Avon’s eco-system

57

More open – not doing everything ourselves

External innovation Digital transformationPartnerships

Open up assets and infrastructure

58

Optimizing manufacturing and distribution

Today Future

Complex business modelSimpler, more agile

business model

Multiple manufacturing and under utilized distribution facilities

Leaner, more agile network with more partners

Anytime, anywhere - improved service

Simpler processes and systems

Rigid delivery options and mixed service results

Too many SKUs, materials and suppliers

Fit for purpose infrastructure: potential of $300m savings

Optimize

manufacturing

footprint

Optimize

warehousing

footprint

Procurement

savings

Reducing

complexityReducing

stock

More 3rd parties

and improve

efficiencies

Double

utilization

Leverage

purchase power

and injecting talent

25% reduction in

SKUsReduce

by 15%

59

60

Value creationJamie Wilson,

Chief Financial Officer

Value creation

61

How will we fund it?

How much will we invest?

How much will we save?

Financing the future

How will we progress?

$400M in cost reductions to fuel growth

62

Manufacturing/sourcing

Distribution/OH

Back office efficiency

Interest & Tax

Manufacturing footprint optimization, right sizing, outsourcing and targeted sourcing efficiencies

Zero based redesign of back office functions, facilities, real estate, and other discretionary spend optimization

Distribution footprint rationalization, right sizing, outsourcing and targeted OH efficiencies

$400m

savingsOver 3 years

Over 3 years 2019 - 2021

Invest ~$300M to support growth initiatives

63

Commercial Spend

Digital & IT Infrastructure

Underpinned by ~$230M of Digital and IT Capex spend over 3 years

Reinvest in Representative training and recognition

Avon brand modernization

Restore core category competitiveness

New categories and markets

Modernized systems environment

Digital talent

Digital tools and analytics

~$300M

Over 3 years 2019 - 2021

Commercial & Digital

Investment

Cash generated

Incremental cash from operations (CFO)

64

Commercial and

digital investment

Incremental CFO net of

savings and reinvestments

Cash generated from

cost reductions

+$290m +$565m -$275m

Over 3 years 2019 - 2021

Cash from operations and savings exceeds cost of initiatives No need for additional financing

65

Potential CTI

(Cost to implement)

net of disposed assets

Incremental CFO net of

savings and reinvestments

Capex

Working capital

improvements

+$290m +$120m

-$130m-$230m

+$50mCash generation is

sufficient to cover

investment

Over 3 years 2019 - 2021

Reset

▪ Restore basics

▪ Talent injection

▪ New performance

culture

Stabilize

▪ Stabilize revenue

▪ Slight margin

improvement

Accelerate

▪ Low single digit

revenue growth

▪ Low double digit

margin

Avon, big value creation opportunity to be unlockedBut, it will take time

66

2018 2019 2020 2021

Momentum

▪ Mid single digit

revenue growth

▪ Mid double digit

margin

Future

67

Closing remarks

Jan ZijderveldChief Executive Officer

Critical elements to transform AvonThe journey will take time, sequencing and prioritizing along the way

Hi-impact

Hi-touch Hi-tech

Hi-access

68

Fix the leaks

Modernize the core

Strategic breakouts

Cultural transformation

6M Representatives

30M Brochures

100M consumers

Hand delivery

98% on promo

69

VALUE

ACCESS

Open Up Avon

70

VALUE

ACCESS

6M Representatives

30M Brochures

100M consumers

Hand delivery

98% on promo

Hi-impact

Hi-touch Hi-tech

Hi-access

We are building a new Avon…

71

Our vision:

The digital

social selling

beauty company

The company for women

• Changing lives of our beauty entrepreneurs

• Democratizing beauty for our consumers

72