We wanted to update you on the progress that we are making towards the closing of our combination with Natura &Co. This week saw two important milestones. • On Tuesday, Natura &Co announced the appointment of three new members to their board of directors who are currently on the Avon board, marking the creation of a new corporate governance structure for the combined group. • Today, Natura &Co confirmed that it has now cleared the last remaining regulatory approvals required for closing.We are excited to let you know that clearing these two hurdles means that the transaction is likely to close on or around 3 January 2020. As we have said previously, the closing of the transaction will be marked with several global webcasts and celebrations for everyone to join, so be on the lookout for invitations and additional information from your managers.