Revlon Adjusted EBITDA Margin Reconciliation

Basis of Presentation & Disclaimer This presentation (the "Presentation"), references to which and to any information contained herein, shall be deemed to include any information whether or not in writing, supplied in connection herewith or in connection with any further inquiries, has been prepared based on information provided by the Revlon, Inc. (together with its subsidiaries, the "Company") and/or any of its affiliates or their respective directors, officers, employees, representatives, advisors or agents (collectively, "Representatives"). Neither the Company nor its affiliates, nor any of their respective Representatives makes any representation or warranty, express or implied, nor shall any of them, so far as permitted by law, have any responsibility or liabilities whatsoever in respect of the accuracy or completeness of, or omissions from, this Presentation or any other document or information, written or oral, supplied at any time or in respect of any opinions or projections expressed therein or omitted therefrom. In addition, no party is under any obligation to update this Presentation or correct any inaccuracies in or omissions from it which may exist or become apparent. No responsibility or liability is accepted, and any and all responsibility and liability is expressly disclaimed, so far as permitted by law, by the Company and/or any of its affiliates and their respective Representatives for any errors, misstatements or misrepresentations in, or omissions from, this Presentation or any other such document or information supplied at any time to the recipient or its advisors in the course of the recipient's evaluation of the Company's financial results, operations or related matters. The projected financial information, forecasts, targets, prospects, estimates and other forward-looking statements contained in this Presentation are based on subjective estimates and assumptions made by the Company's Representatives and about circumstances and events that have not yet taken place, and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control. Throughout this Presentation, "A" indicates amounts actually achieved for completed reporting periods; "F" reflects management's forecasted results; and "E" reflects management's estimated results. Note: Rounding may cause immaterial differences. Accordingly, no representations are made by the Company and its affiliates or any of their respective Representatives as to the accuracy of such information and there can be no assurance that the forecasted results are attainable or will be achieved. Actual results may vary significantly from anticipated results and such variations may be material. No representations or warranties are made by Revlon or its Representatives as to the accuracy or reasonableness of such assumptions or the forward-looking statements based thereon. This Presentation does not provide accounting, tax or legal advice. Any statement herein regarding any U.S. federal income tax is not intended or written to be used, and cannot be used, by the recipient or its Representatives for the purpose of avoiding any penalties. Recipient should seek advice based on the recipient's particular circumstances from an independent tax advisor. Certain of the financial data contained in this Presentation is unaudited and has been prepared from the Company's internal management reporting information, which may not be prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Accordingly, certain income statement and other financial data has been excluded from this Presentation that would otherwise be required for such information to have been prepared in accordance with GAAP. Such information may not reflect all costs to operate the Company's business. This Presentation includes references to certain non-GAAP measures (the "Non-GAAP Measures"), such as the Company's Adjusted EBITDA margin which in certain years is adjusted for unusual one-time items that do not reflect the Company's underlying operating performance. Revlon's Adjusted EBITDA is defined as income from continuing operations before interest, taxes, depreciation, amortization, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses (the foregoing being the "EBITDA Exclusions"). To reflect the impact of non-cash stock compensation expense and certain other non-operating items that are not directly attributable to the Company's underlying operating performance (the "Non-Operating Items"), the Company presents its Adjusted EBITDA to exclude these Non-Operating Items and to exclude the impact of certain unusual items impacting the comparability of the Company's period-over-period results as seen through the eyes of management (the "Unusual Items"). The Company excludes the EBITDA Exclusions, Non-Operating Items and Unusual Items, as applicable, in calculating the Non-GAAP Measures because the Company's management believes that some of these items may not occur in certain periods, the amounts recognized can vary significantly from period to period and these items do not facilitate an understanding of the Company's underlying operating performance. The Company's management utilizes the Non-GAAP Measures as operating performance measures (in conjunction with other GAAP and non-GAAP measures) as an integral part of its reporting and planning processes and to, among other things: (i) monitor and evaluate the performance of the Company's business operations, financial performance and overall liquidity; (ii) facilitate management's internal comparisons of the Company's historical operating performance of its business operations; (iii) facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of the Company's management team and, together with other operational objectives, as measures in evaluating employee compensation and bonuses; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments. The Company's management believes that the Non-GAAP Measures are useful to third parties to provide them with disclosures of the Company's operating results on the same basis as that used by the Company's management. Additionally, the Company's management believes that the Non-GAAP Measures provide useful information about the performance of the Company's overall business because such measures eliminate the effects of unusual or other infrequent charges that are not directly attributable to the Company's underlying operating performance. Additionally, the Company's management believes that providing the Non-GAAP Measures to the recipient enhances comparability in assessing the Company's financial results. Accordingly, the Company believes that the presentation of the Non-GAAP Measures, when used in conjunction with GAAP financial measures, is a useful financial analysis measure for the recipient, that is used by the Company's management, as described above, and therefore can assist the recipient in assessing the Company's financial condition, operating performance and underlying strength. The Company's Non-GAAP Measures should not be considered in isolation or as a substitute for their most directly comparable as reported measures prepared in accordance with GAAP, such as net income/loss. Other companies may define such Non-GAAP measures differently. Also, while Adjusted EBITDA as used in this Presentation is defined differently than Adjusted EBITDA for RCPC's credit agreements and indentures, certain financial covenants in its borrowing arrangements are tied to similar measures. These Non- GAAP Measures, as well as the other information in this Presentation, should be read in conjunction with the Company's financial statements and related footnotes contained in documents filed with the U.S. Securities and Exchange Commission. This Presentation does not constitute or form part of any offer for any business relationship nor shall it constitute the basis of any contract which may be concluded for such relationship. Recipient expressly understands that (a) this this Presentation is not intended to, and does not, constitute an agreement or obligation on the part of Revlon, recipient or any other party to consummate or move forward with any transaction or to enter into any definitive agreements in connection therewith and (b) Revlon, recipient and their respective affiliates will have no rights or obligations of any kind whatsoever relating to any transaction by virtue of recipient's receipt and/or review of this Presentation or as a result of any other written or oral communication by their respective Representatives unless and until Revlon, recipient and/or their respective affiliates have executed and delivered definitive written agreements covering such matters. This Presentation is subject to the disclaimer and qualifications specified above. This Presentation does not purport to contain all of the information that may be required or relevant to the recipient's evaluation of the Company's financial results, operations or related matters and recipient should make its own investigations and analysis and should not act on the basis of any matter specified, discussed, or referred to in this Presentation. This Presentation does not constitute an offer or solicitation in any jurisdiction. Distribution of this Presentation in or from certain jurisdictions may be restricted or prohibited by law. 18 REVLON