Revlon 8K Departure of Directors or Principal Officers | REVRQ 30 Nov 06

EXHIBIT 99.2

PRO FORMA CAPITALIZATION

The following table sets forth the capitalization of Revlon, Inc. on a pro forma basis after giving effect to the transactions (including both the Proposed 2006 Credit Facilities and the planned $100 million rights offering):

PRO FORMA CAPITALIZATION AS OF SEPTEMBER 30, 2006
(Dollars in Millions)


Pro Forma Capitalization	As Reported				Adjustments				Pro Forma
Cash		$	24			$	11			$	35
Existing Term Loan		$	800				(800	)			—
Revolver Facility			51				(51	)			—
New Term Loan Facility			—				840				840
Short-Term Borrowings			10				—				10
Total Senior Secured Debt		$	861				($11	)		$	850
9½% Senior Notes Due 2011			387				—				387
Total Senior Debt		$	1,248				($11	)		$	1,237
8 5/8% Senior Sub. Notes Due 2008			217				(50	)			167
Total Debt		$	1,465				($61	)		$	1,404
Stockholders' Deficiency			(1,225	)			68				(1,157	)
Total Capitalization		$	240			$	7			$	247
LTM 9/30/06 Adjusted EBITDA⁽¹⁾		$	97							$	97
LTM 9/30/06 EBITDA (Per Credit Agreement)⁽²⁾⁽³⁾			200								200
LTM 9/30/06 Cash Interest Expense			135								110
Senior Secured Debt / LTM 9/30/06 EBITDA⁽³⁾⁽⁴⁾			4.3x								4.3x
Senior Debt / LTM 9/30/06 EBITDA⁽³⁾			6.2								6.2
Total Debt / LTM 9/30/06 EBITDA⁽³⁾			7.3								7.0
LTM 9/30/06 EBITDA / Interest Expense⁽³⁾			1.5								1.8


(1)	Adjusted EBITDA is a non-GAAP measure — see definition of Adjusted EBITDA under ‘‘Information Provided to Prospective Lenders’’ in this Current Report on Form 8-K. See attached reconciliations of Adjusted EBITDA to net income / (loss), its most directly comparable GAAP measure. EBITDA is defined differently under the credit agreement. ‘‘LTM’’ means last twelve months.


(2)	See below for a reconciliation of Revlon, Inc.'s Adjusted EBITDA to RCPC's EBITDA as defined under the credit agreement.


(3)	Reflects RCPC's EBITDA as defined under the credit agreement.


(4)	The Pro Forma senior secured debt calculation excludes Revolver borrowings.

REVLON, INC. AND SUBSIDIARIES
UNAUDITED ADJUSTED EBITDA RECONCILIATION⁽¹⁾

(Dollars in millions)


	LTM Ended Sept 30, 2006A (Unaudited)
Reconciliation to net income (loss):
Net loss			($181.5	)
Interest expense, net			142.7
Amortization of debt issuance costs			7.4
Foreign currency losses (gains), net			0.5
Loss on early extinguishment of debt			0.4
Miscellaneous, net			(1.5	)
Provision for income taxes			11.3
Depreciation and amortization			117.5
Adjusted EBITDA – Revlon, Inc.			96.8
Selling, general and administrative expenses			8.0
Interest income			(0.4	)
Provision for income taxes			0.3
Adjusted EBITDA – RCPC		$	104.7


(1)	Adjusted EBITDA is a non-GAAP measure. See definition of Adjusted EBITDA under ‘‘Information Provided to Prospective Lenders’’ in this Current Report on Form 8-K. EBITDA is defined differently under the credit agreement.

Reconciliation to Credit Agreement EBITDA
(Dollars in Millions)


	LTM 9/30/06
Revlon, Inc. Adjusted EBITDA⁽¹⁾		$	97
Public Co. Expenses			8
Vital Radiance Charges			47
Almay 2005 Returns			15
Restructuring Charges			23
Executive Severance Charges			6
Non-Cash Charges			1
Misc. – Other			3
RCPC EBITDA per Credit Agreement		$	200


(1)	Adjusted EBITDA is a non-GAAP measure. See definition of Adjusted EBITDA under ‘‘Information Provided to Prospective Lenders’’ in this Current Report on Form 8-K. EBITDA is defined differently under the credit agreement.

Revlon (REVRQ) 8-KDeparture of Directors or Principal Officers