Jan Zijderveld, CEOand

Jamie Wilson, CFO

2 August 2018

Q2 EARNINGS

1

Non-GAAP Reconciliation

This material will reference certain non-GAAP financial

measures, which we believe to be useful to investors, although they

should not be considered superior to the measures presented in

accordance with GAAP.

A reconciliation of these non-GAAP financial measures

to their comparable GAAP measures is included in the appendix and

in our earnings release, located on the Investor Relations section of

our website.

Note: This material will reference constant-dollar revenue

rates. Foreign currency impact is determined as the difference

between actual growth rates and constant-dollar growth rates. Actual

growth rates including foreign currency impact, are included in our

earnings release, located on the Investor Relations section of our

website.

Forward-Looking Statements

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, annualized tax rate, efforts to

implement new digital strategies, improved representative

engagement and service, product launches and advertising

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.

Non-GAAP Reconciliationand Forward-Looking Statements

2

Jan Zijderveld

2 August 2018

Q2 EARNINGS

Opening & Agenda

• Q2 Financial Highlights

• Business Update

• Short Term Fixes

• Regaining Competitive

Momentum

• Summary3

Review of Q2

Financial Results

Jamie Wilson

2 August 2018

Q2 EARNINGS4

Q2

As Reported

Like-for-Like

(LFL)

Reportable Segments C$ revenue growth 2% -2%

Reportable Segments GAAP revenue growth -3% -7%

Total Avon gross margin 60.1% 63.4%

Total Avon Adjusted SG&A % of revenue 54.4% 57.6%

Total Avon Adjusted operating margin 5.7% 5.8%

Total Avon Adjusted Diluted EPS ($0.03) ($0.03)

LIKE-FOR-LIKE PROVIDES

COMPARABLE YEAR OVER YEAR

FIGURES THAT EXCLUDE

THE IMPACT OF THE ADOPTION

OF THE NEW ACCOUNTING

STANDARD ON REVENUE

RECOGNITION

Format –The following pages will use Like-for-Like comparisons for Constant $ (C$) revenue and Adjusted non-GAAP information for the quarter

Adjusted Operating Margin Improved 70 bps

LFL Despite Soft Revenue

5

Q2 LFL Revenue Declined by 2%

We expect revenue trends to continue to modestly improve through 2018

Revenue management

improved

1. Revenue from Reportable Segments

Note – Reported figures: Constant dollar revenue1 growth = 2%; Active Representatives = -4%;

Average Order = 6%; Ending Representatives = -4%; Price/Mix = 6%; see appendix for reconciliation

-4%Active &

Ending

Reps

+2%Average

Order

+2%Price/Mix

Excluding Brazil

trucker strike,

Revenue1 ~ -1%

Active Reps ~ -3%

Impacted by Brazil Trucker Strike

Revenue1 Growth

-2%Constant

Dollar

6

1

Q1 C$

Revenue

Growth

Q2 C$

Revenue

Growth

Comments

Brazil (12.4%) (11.2%)Excluding truck strike, Q2 revenue declined by 5%,

underlying challenges continue

Mexico (6.3%) 0.1%Higher average order driven by F&H, improved service,

promotions and communication

Russia (3.7%) (0.5%) Higher average order driven by fragrance

Argentina 19.1% 24.5%Improved revenue growth management,

including inflationary pricing

Philippines (2.7%) 0.4%Revenue stabilized toward the end of Q2 after Q1

stock availability and service issues

Q2 LFL

3 of Top 5 Markets Growing

7

Q2 LFL

Adjusted Operating Margin Improved

Tracking to meet 2018 cost saving target of $65M and focused on

generating additional opportunities to fund new H2 growth investments

Note – Reported figures: Q2 2018 F$ Adjusted operating margin = 5.7%; see appendix for reconciliation8

$4M 70 bps

Q2 2017F$ ADJ.OM

ADJ.GM ADJ.SG&A LFL Q2 2018F$ ADJ.OM

5.1% 5.8%100bps

(30bps)

Q2 LFL

Note – Reported figures: Adj. Income tax provision = ($31.2m); Cash from Operating Activities = ($107m); Adj. EPS = ($0.03)

2018 2017 Variance

Q2 QTD – Adjusted Income Tax Provision ($31.2M) ($34.4M) $3.2M

Q2 YTD – Cash Flows from Operating Activities ($107M) $11M ($118M)

Q2 QTD – Adjusted Diluted EPS ($0.03) ($0.03) $0.00

June 30th – Gross Debt $1.64B $1.89B ($250M)

Balance Sheet Strengthened

by Debt Repayment and Improved Tax

Cash flow affected by

Brazil trucker strike ($30M)

– all cash collected in July

FX Headwind in Q2 $10M

(50bps) on adjusted operating

margin and (4%) on Revenue

On track to deliver 15%

reduction in annualized

tax rate to ~65% for 2018

9

Business Update

Jan Zijderveld

2 August 2018

Q2 EARNINGS10

Brazil a Primary Focus

Service Quality

Performance Culture

Short Term Fixes

1

2

3

11

1

Appoint a new General Manager and begin to stabilize H2

Brazil a Primary Focus

• Lost: 1 campaign,

7% Representatives

• Higher Inventory, delayed

collections - all collected in July

• Net impact - LFL revenue down

6%

Q2 Truckers’ Strike

• Improved service

• Launched segmentation model

• H2 sales leader incentives

• Restarted training

• Improved digital tools &

payment methods, credit checks

Re-energize Representatives Stronger Marketing Plans

• 2 new fragrance launches

• Relaunch Encanto & Sun-care

• New mascara launch

• E-brochure

• Increase media by $10M

12

Trained distribution centers

and tight KPI monitoring

12%

3%

Week 1 Week 11

Launched reinforced &

compartmentalized boxesWorking to improve demand

forecasting process

98%

99%

Making good progress – measured by Representatives

ACTION: Focus on improving

Fashion & Home forecasting

2 Service Quality Step Up

93%

96%

Week 1 Week 11

Beauty F&H

Week 1 Week 11

Over 25,000 calls

to Representatives

in 9 weeks

Reductionin Damaged Products

Reductionin Damaged Boxes

ImprovedFill Rate

30% reduction

in 11 weeks

13

3

New Ways of Working

X-functional sprint teams

Leverage 3rd parties to accelerate innovation

Execute with Speed

Innovation time cut by >50%

E-Brochure <3 months

Campaign planning time <50%

Performance Rigor

Accountability for monthly market performance

improved reporting & scorecards

Institute a Performance Culture

14

Regaining Competitive

Momentum

Reinvest in Representatives

Strengthen the Core Innovation Plans

Do More Innovation, Faster

Accelerate Digital

Injecting Talent & Capabilities

New Ways of Working

1

2

3

4

5

6

15

DifferentiateNew Segmentation Model

MotivateH2 Growth Incentives

TrainLaunch New Sales Academy

• Aligning and activate the

organization around the

segmented approach

• Differentiated solutions by

segment: tools, training,

compensation and service

Massive energizing

events in all countries

1 Re-ignite and Re-energize our Representatives

Brazil

UK

Philippines

Invest to train 500,000 Representatives in H2

16

ColorNew elastic mascara

Investing additional $30M in advertising behind the core in H2

New Male

Segno

Fragrance

Big & Extreme Mascara

first to market proprietary

stretch technology

Globally Scaled Launches

FragranceTwo new global launches

Skin CareNew technology eye booster

2

New Avon Life

Colour designed

by Kenzo Takada

Premium eye wrinkle

booster now available

by Avon

Strengthen The Core Innovation Plans

17

Global

launch

20 countries

UK & Central Europe

Launch in

major market

Cutting cycle time in half

3 Do more Innovation, Faster

Over 200 new products launching in H2 in addition to original plan

Lip Tattoo23 Weeks

Ultimate Gold Mask23 Weeks

Korean Beauty22 Weeks

18

What is it? H2 ScalingLaunched it Fast

• Digital brochure via social media

• Free for Representatives,

expands reach to more consumers

• Customizable – with real time

promotions

• 26 countries in 3 months

• 70 versions tested for

learning & optimization

• Expand to all markets

• Drive Representative adoption

First generation e-brochure in less than 3 months

4 Step change Digital

Significantly expands reach to consumers beyond the paper brochure

19

Align Top LeadersTo energize around change

New Digital& Marketing Leaders

New General Managers ~50% of revenue refreshed

Global Leader Meeting

130 Top Leaders

To Re-ignite Market Growth

Chief Digital OfficerBenedetto Conversano

Global Sales Organization LeaderRichard Pinnock

Global Brand Marketing – Skincare and

Personal CareAnna Chokina

Global Brand Marketing – Fashion &

HomeElena Degtyareva

New head of Forecast & Planning Rob Lowndes

New head of Investor RelationsAmy Greene

General Manager Asia PacificBill Rahn, seasoned direct selling executive

General Manager Italy and MediterraneanMarco Brandolini, significant direct selling

experience

General Manager RussiaAnna Yarvits, strong track record in business

transformation

General Manager BrazilTo be announced soon

5

Injecting capabilities to drive performance

Injecting New Talent & Capabilities

20

• Focused manufacturing network

• Review under-utilized production,

logistics and office facilities

• Embracing alliances & partners

• Reduced complexity

• Strategic use of partners to increase

pace of innovation

• Flexible operating model to adapt

to market demands

• Move more activities closer to the

markets

Smarter use of assets, external alliances and simplification

OptimizeAssets

MoreOpen Culture

Streamline Systems& Process

6 New Ways of Working & Simplify

21

Brazil

Focus

Fix Service

Quality

Performance

Culture

Re-Invest in

Representatives

Strengthen

Core PlansMore & Faster

Innovation

Accelerate

Digital

What’s Different?

New Ways

of Working

Sharper

Strategy

Bolder

Moves

Performance

Culture

22

Injecting New

Talent

Investor DaySeptember 21st

Investor Day

OPEN UP

AVON

Friday, September 21, 2018

9:00 a.m. – 1 p.m.

New York

If you have questions, please contact

investor.relations@avon.com

SAVE THE DATE

23

Appendix

2 August 2018

Q2 EARNINGS24

444

920

100

376

Cash & CashEquivalents

Q2 '18

1X Cash &Timing - collected

in July

Available CreditFacility

AvailableLiquidity

Maintain strong liquidity and focus on debt reduction

Liquidity

Q2

Liquidity Remains Strong after

Debt Prepayment

1H17 CfO Op Profit Non CashAdj.

Timingand one-

timepayments

WorkingCapital

Other 1H18 CfO

($107m)$11m

FY cash conversion levels are expected to be similar to 2017

Cash From Operations

Timing temporary

– reverses in Q3

Increased inventory for operational

reasons to protect service – expect

to normalize in Q3

2 August 2018

Q2 EARNINGS25

1

2

1. June 30 balance lowered by $249M due to costs associated with prepaying 2019 bond

2. $400M secured revolving credit facility less outstanding letters of credit

Q2 Non-GAAP Reconciliations

26

Increased inventory for operational reasons to

protect service – expect to normalize in Q3

($110m)$11m

Cash From Operations

Timing temporary

– reverses in Q3

12

One-time return of Brazilian IPI deposit

Q2 Non-GAAP Reconciliations

Impact of change in revenue recognition standard

27

Increased inventory for operational reasons to

protect service – expect to normalize in Q3

($110m)$11m

Cash From Operations

Timing temporary

– reverses in Q3

12

One-time return of Brazilian IPI deposit

Q2 Non-GAAP Reconciliations

Impact of change in revenue recognition standard, continued

28

Increased inventory for operational reasons to

protect service – expect to normalize in Q3

($110m)$11m

Cash From Operations

Timing temporary

– reverses in Q3

12

One-time return of Brazilian IPI deposit

Q2 Non-GAAP Reconciliations

Impact of change in revenue recognition standard, continued

29

Increased inventory for operational reasons to

protect service – expect to normalize in Q3

($110m)$11m

Cash From Operations

Timing temporary

– reverses in Q3

12

One-time return of Brazilian IPI deposit

30