Avon Products, Inc. announced that it has commenced an offer to purchase for cash (the Tender Offer) any and all of its outstanding 6.950% Notes due 2043 (the Notes). In connection with the Tender Offer, also soliciting the consents of the Holders of the Notes (the Consent Solicitation) to the adoption of certain amendments (the Proposed Amendments) to the indenture governing the Notes, which consists of the base indenture, dated as of February 27, 2008, by and between the Company and Deutsche Bank Trust Company Americas, as trustee (in such capacity, the Trustee), registrar and paying agent (the Base Indenture), as supplemented by an eighth supplemental indenture between the Company and the Trustee, dated as of March 12, 2013 (the Eighth Supplement Indenture) and a tenth supplemental indenture between the Company and the Trustee, dated October 2, 2019 (the Tenth Supplemental Indenture; the Base Indenture, as amended and supplemented by the Eighth Supplement Indenture, the Tenth Supplement Indenture and any other supplemental indenture is referred to as the Indenture) to eliminate substantially all of the covenants as well as certain events of default and related provisions contained therein. The Proposed Amendments require the consents (the Requisite Consents) of Holders of a majority in aggregate principal amount of the Notes outstanding.

Holders who tender their Notes pursuant to the Tender Offer will be deemed to have consented to the Proposed Amendments. Holders may not deliver consents to the Proposed Amendments without tendering the related Notes. The term "Holder" means a registered holder of Notes.

6.950% Notes due 2043; Principal Outstanding Amount: $216,085,000; Tender Offer Consideration: $1,187.50; Early Tender Payment: $50.0; Total Consideration: $1,237.50. The Tender Offer and related Consent Solicitation will expire at 5:00 p.m., New York City time, on August 7, 2023, unless extended or earlier terminated by (such time and date, as it may be extended or earlier terminated with respect to the Tender Offer and related Consent Solicitation, the "Expiration Date"). Holders who validly tender (and do not validly withdraw) their Notes and deliver (and do not revoke) their related consents to the Proposed Amendments at or prior to 5:00 p.m., New York City time, July 24, 2023, unless extended by (such time and date, as the same may be extended, the Early Tender Date), in the manner described in the Offer to Purchase will be eligible to receive the Total Consideration, which includes the Early Tender Payment with respect to the Notes, plus any Accrued Interest.

Holders who tender their Notes must consent to the Proposed Amendments. Holders cannot deliver consents to the Proposed Amendments without tendering the related Notes. Notes tendered may be withdrawn and consents delivered may be revoked at any time at or prior to 5:00 p.m., New York City time, July 24, 2023, unless extended by (such time and date, as the same may be extended, the Withdrawal Deadline), but not thereafter, except as may be required by applicable law.