Shearman & Sterling represented J.P. Morgan Securities Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated as representatives of the several underwriters in a dual tranche offering by Avon Products, Inc. (Avon) of $500 million of 5.625% Notes due 2014 and $350 million of 6.500% Notes due 2019. Avon is a global manufacturer and marketer of beauty and related products, having sales operations in 66 countries and territories and distributing products in 44 more. This transaction is the fifth securities offering that Shearman & Sterling has completed in connection with Avon that have raised over $2.2 billion aggregate net proceeds for the company.

The following Shearman & Sterling attorneys advised the underwriters in this transaction: partner Joel S. Klaperman (New York-Capital Markets) and associates Satoko Kato (New York-Capital Markets), Irene Shih (New York-Capital Markets), Joe M. Sasanuma (New York-Capital Markets) and G. Matthew Tsiaras (Washington, D.C.-Tax).

For additional information contact: Ron Brandsdorfer | New York | T +1.212.848.5081 |