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2015 ANNUAL REPORT 2015 Annual Report Revlon Revlon 2015 Annual Report 1

Dear Shareholders, 2015 was a transformative year for Revlon, as we completed our acquisition of The Colomer Group. in October 2013 to enhance the overall value of our combined Company. This acquisition reunited the Revlon brand globally and expanded Revlon back into the professional channel. The combination of these two companies represents an opportunity to grow our portfolio of brands and products, increase our global presence, challenge the status quo and boost our innovation capabilities.

As we move forward to achieve meaningful synergies by leveraging these opportunities to deliver the best of both businesses, we have a clear new vision, redefined values and an impactful strategy designed to create value for our shareholders.

VISION To establish Revlon as the QUINTESSENTIAL and most INNOVATIVE beauty company in the world by offering products that make consumers feel ATTRACTIVE and BEAUTIFUL 2015 Annual Report Revlon 2 REVLON Revlon 2015 Annual Report 1 2015 Annual Report

VALUES ACHIEVEMENT: We are here to win. Achievement is the passionate desire to win in the marketplace and to grow the business.

INNOVATION: We are innovators.

Innovation is the creation of new and better solutions to build our competitive advantage.

DRIVE: We drive to success. To drive is about hav-

ing a team that is personally committed to implementing the Company’s decisions to achieve results with velocity and excellence.

We have a strong team in place and an opportunity to look at the business in a new way. We are excited to move forward with our refreshed Company vision and our key focus for 2014 will be to successfully integrate the two companies and prepare a foundation for achieving profi table growth. We believe in the future of Revlon.

In closing, I would like to thank our employees around the world for their continued accountability, collaboration, communication and execution throughout 2013. I also thank our Board of Directors for their leadership, counsel and support and our shareholders for their continued support and interest in Revlon.

LORENZO DELPANI, President & Chief Executive Officer 2015 Annual Report Revlon Revlon 2015 Annual Report 3 REVLON 2

MEASURES (a) Non-GAAP Financial Measures: Adjusted EBITDA, pro forma results and free cash fl ow are non-GAAP fi nancial measures that are reconciled to their most directly comparable GAAP measures in the accompanying fi nancial tables, including, respectively, net income and net cash provided by operating activities.

For comparison purposes, pro forma nonGAAP results are being presented that refl ect the fi nancial results of both the Company and The Colomer Group (TCG) as if they were a combined company for the periods presented and exclude the Unusual Items as referred to below. Such pro forma results include segment net sales, total Company net sales and total Company Adjusted EBITDA that make certain adjustments or exclude certain charges and gains that are identifi ed in the reconciliation table of GAAP to pro forma non-GAAP information provided at the end of this footnote. Management believes that this pro forma non-GAAP information.

Pro forma non-GAAP results are unaudited and are not prepared in accordance with GAAP and may not be comparable to nonGAAP information used by other companies.

Pro forma non-GAAP information should not be viewed as a substitute for other results prepared in accordance with GAAP. Unless identifi ed as “pro forma” results or as one of the non-GAAP measures referred to in this footnote, the results are presented on an as reported basis pursuant to GAAP. For additional information regarding the Company’s and TCG’s pro forma results stated on a GAAP basis, please refer to the Company’s 2013 Form 10-K fi led with the SEC. Effective for the year ended December 31, 2013, the Company modified Adjusted EBITDA to be 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 “Non-Operating Exclusions”), as well as to exclude certain other unusual items that are not directly attributable to the Company’s underlying operating performance (the “Unusual Items”) as referred to below.

xxxxxxx xxxxxxx xxxxxxx xxxxxxx xxxxxxx xxxxxxx

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PERFORMANCE GRAPH The following graph compares the cumulative total stockholder return on shares of the Company’s Class A Common Stock with that of the S&P 500 Index – Total Returns, the S&P 500 Household Products Index and the S&P 500 Personal Products Index through December 31, 2013. The comparison for each of the periods presented below assumes that $100 was invested on December 31, 2008 in shares of the Company’s ClassACommon Stock and the stocks included in the relevant indices, and that all dividends, if any, were reinvested. These indices, which reflect formulas for dividend reinvestment and weighting of individual stocks, do not FIVE-YEAR TOTAL STOCKHOLDER RETURN REVLON, INC. VS. S&P INDICES

Comparison of 5-Year Cumulative Total Return Assumes Initial Investment of $100 December 2014

NOTES:

The dollar amounts listed below have been rounded down to the nearest whole dollar. Yearend dates give effect to the last trading day for each respective year.

SUMMARY

12/31/09

12/31/10

12/31/11

12/31/12

12/31/13

12/31/14

Revlon, Inc. Class A Common Stock

$100

$225

$147

$222

$217

$374

S&P 500 Index Total Returns

$100

$126

$145

$148

$172

$228

S&P 500 Personal Products Index

$100

$143

$169

$162

$162

$204

S&P 500 Household Products Index

$100

$106

$114

$126

$137

$171

Source: Zacks Investment Research, Inc.

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(a) Non-GAAP Financial Measures: Adjusted EBITDA, pro forma results and free cash fl ow are non-GAAP fi nancial measures that are reconciled to their most directly comparable GAAP measures in the accompanying fi nancial tables, including, respectively, net income and net cash provided by operating activities.

For comparison purposes, pro forma nonGAAP results are being presented that refl ect the fi nancial results of both the Company and The Colomer Group (TCG) as if they were a combined company for the periods presented and exclude the Unusual Items as referred to below. Such pro forma results include segment net sales, total Company net sales and total Company Adjusted EBITDA that make certain adjustments or exclude certain charges and gains that are identifi ed in the reconciliation table of GAAP to pro forma non-GAAP information provided at the end of this footnote. Management believes that this pro forma non-GAAP information provides investors with additional information to assess the Company’s operating performance by making certain adjustments or excluding certain costs or gains and assists investors in comparing the Company’s operating performance to prior periods. Management uses this pro forma non-GAAP information, along with GAAP information, in evaluating the combined Company’s historical performance.

Pro forma non-GAAP results are unaudited and are not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. Pro forma non-GAAP information should not be viewed as a substitute for other results prepared in accordance with GAAP. Unless identifi ed as “pro forma” results or as one of the non-GAAP measures referred to in this footnote, the results are presented on an as reported basis pursuant to GAAP. For additional information regarding the Company’s and TCG’s pro forma results stated on a GAAP basis, please refer to the Company’s 2013 Form 10-K fi led with the SEC. Effective for the year ended December 31, 2013, the Company modified Adjusted EBITDA to be 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 “Non-Operating Exclusions”), as well as to exclude certain other unusual items that are not directly attributable to the Company’s underlying operating performance (the “Unusual Items”) as referred to below.

The Company excludes the Non-Operating Exclusions and the Unusual Items, as applicable, in calculating Adjusted EBIT

(USD millions) Income/(Loss) 2014 Net charge for restructuring and related actions Expenses related to TCG’s acquisition and integregation

$(4.5) $(25.4)

Insurance gain related to the 2011 fire in Venezula

$26.4

Charge for estimated costs to clean-up the Venezula facility

$(7.6)

Insurance recovery for costs related to resolving litigation related to the Company’s 2009 exchange offer

$(1.8)

Inventory purchase accounting adjustment related to TCG

$(8.5)

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BOARD OF DIRECTORS

GLOBAL LEADERSHIP TEAM

Ronald O. Perelman Chairman of the Board, Revlon, Inc.; and Chairman and Chief Executive Officer, MacAndrews & Forbes Holdings Inc.

Lorenzo Delpani President Chief Executive Officer Lawrence Alletto*

Alan S. Bernikow (1,2) (a) Retired Deputy Chief Executive Officer, Deloitte & Touche LLP Diana F. Cantor (1) Partner, Alternative Investment Management, LLC Lorenzo Delpani* President and Chief Executive Officer, Revlon, Inc. Viet Dinh (3) Partner, Founding Partner, Bancroft PLLC Meyer Feldberg (1,3) (b) Dean Emeritus, Columbia Business School; and Senior Advisor, Morgan Stanley David L. Kennedy Vice Chairman of the Board (non-executive), Revlon, Inc.; and President, Chief Executive Officer and Vice Chairman, Scientific Games Corporation Robert K. Kretzman (2) Retired, Former Executive Vice President, Revlon, Inc. Ceci Kurzman (2) President and Founder, Nexus Management Group, Inc. Debra L. Lee (3) Chairman and Chief Executive Officer, BET Networks

Executive Vice President Chief Financial Officer Chief Administrative Officer

Javier Asarta Executive Vice President Chief Marketing Officer – Revlon Pro Brands Xavier Garijo Executive Vice President Chief Supply Chain Officer Alan Meyers Executive Vice President Chief Science Officer Sennen Pamich Executive Vice President Global President – Revlon Professional Division Gianni Pieraccioni Executive Vice President Global President – Revlon Consumer Division Lucinda Treat Executive Vice President General Counsel

1. Audit Committee member.

2. Compensation Committee member.

3. Nominating and Corporate Governance Committee member. (a) Audit Committee Chairman; Compensation Committee Chairman. (b) Nominating and Corporate Governance Committee Chairman. Executive Officer

Tamara Mellon President, TMellon Enterprises LLC Barry F. Schwartz (3) Executive Vice Chairman, MacAndrews & Forbes Holdings Inc. Kathi P. Seifert (1,2) President, Katapult, LLC Cristiana Falcone Sorrell Senior Adviser to the Chairman, World Economic Forum

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CORPORATE AND INVESTOR INFORMATION The Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 5, 2015, is available without charge upon written request to: Revlon, Inc. 237 Park Avenue New York, NY 10017 Attention: Investor Relations A printable copy of such report is also available on the Company’s corporate website at: www.revloninc.com, as well as the SEC’s website at: www.sec.gov.

INVESTOR RELATIONS AND MEDIA CONTACT Larry Alletto, Executive Vice President, Chief Financial Officer and Chief Administrative Officer 212-527-5181

CONSUMER INFORMATION CENTER 1-800-4-Revlon ( 1-800-4 73-8566) VISIT OUR WEBSITES AT: For investors: www.revloninc.com For consumers: www.revlon.com The product and brand names used throughout this report are registered or unregistered trademarks of Revlon Consumer Products Corporation, other than Llongueras, which is licensed to the Company from a third party.

Printed in the U.S.A. © 2015 Revlon, Inc.

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