NEWS RELEASE JANUARY 30, 2003 PAGE 1 OF 4 NEWELL RUBBERMAID REPORTS FOURTH QUARTER AND FULL YEAR 2002 RESULTS

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1 NEWS RELEASE JANUARY 30, 2003 PAGE 1 OF 4 NEWELL RUBBERMAID REPORTS FOURTH QUARTER AND FULL YEAR 2002 RESULTS Q4 Reported EPS of $0.36 Up 33% Over Fourth Quarter 2001 Q4 Internal Sales Growth of 4.3%; Versus 4.0% in Q Net Sales of $7.5 Billion Sets Record, Up 8% From Free Cash Flow of $392 Million Equals 2001 Record Performance Freeport, Illinois Securities Listed NYSE Common Stock (Symbol: NWL) FREEPORT, Ill. January 30, 2003 (NYSE: NWL) today announced its fourth quarter and full year 2002 results, reporting record net sales and fourth quarter earnings growth of 33%, including charges. Fourth Quarter Results Net sales in the fourth quarter 2002 were a record $2.0 billion, an increase of 11% compared to the fourth quarter of Excluding charges and other non-recurring items, net income in the fourth quarter increased 28% to $132.3 million, versus $103.3 million in the fourth quarter Diluted earnings per share, calculated on the same basis, increased 26% to $0.49 in the fourth quarter 2002, versus $0.39 in the fourth quarter Internal growth, which excludes the impact of material acquisitions and divestitures, was 4.3%. The company cited solid sales growth of 13% at its Calphalon Home Group led by a 42% increase in Calphalon cookware and cutlery sales. The company also pointed to 5% sales growth at its Sharpie Group with sales of Sharpie writing instruments up 24%. We are very encouraged with our performance and remain committed to delivering consistent sales and earnings growth over the long-term, said Joseph Galli, Newell Rubbermaid s chief executive officer. Our strategies have taken hold as evidenced by our results, and we continue to control our destiny in a difficult economic environment. At Newell Rubbermaid: Jesse Herron Director, Investor Relations Phone: Fax: Victoria Gilbert Manager, Corp. Communications Phone: Fax: As part of its previously announced restructuring plan, the company recorded a fourth quarter pre-tax restructuring charge and other one-time charges of $54.6 million ($36.5 million after taxes) related primarily to facility exit costs in connection with the company s streamlining and productivity initiatives. Including restructuring and one-time charges, net income in the fourth quarter 2002 was $95.8 million versus $70.7 million in the fourth quarter Diluted earnings per share, calculated on the same basis, were $0.36 in the fourth quarter 2002 versus $0.27 in the fourth quarter 2001, up 33%.

2 NEWS RELEASE JANUARY 30, 2003 PAGE 2 OF 4 For the quarter, the company recorded free cash flow of $177 million versus $167 million generated in the fourth quarter of last year. The company defines free cash flow as cash generated from operations, net of capital expenditures and dividends. Improved earnings were the most significant factor in the increased free cash flow. Full Year Results Net sales for the full year 2002 were a record $7.5 billion, up 8% from full year 2001, and included $318.3 million in sales from American Tool, which was acquired in April of Internal sales growth was 3.3% for the full year 2002, with sales growth across all four of its business segments. Excluding charges and other non-recurring items, net income for 2002 was $423.2 million versus $319.4 million for Diluted earnings per share, calculated on the same basis, were $1.58 for 2002 versus $1.20 for 2001, an increase of 32%. As previously disclosed, during the first quarter of 2002 the company adopted the new accounting standard for Goodwill and Other Intangible Assets (SFAS Rule No. 142). As a result, the company recorded a $514.9 million one-time, after-tax, non-cash charge to write-off impaired goodwill in the first quarter. During the first quarter, the company also adopted the non-amortization provision of SFAS Rule. No. 142, which eliminates the amortization of goodwill. For comparative purposes, amortization expense for the full year 2001 was $62.4 million. In addition, for the full year 2002, as part of its previously announced restructuring plan, the company recorded a pre-tax restructuring charge and other one-time charges of $167.6 million ($111.7 after taxes) related primarily to severance and facility exit costs in connection with the company s streamlining and productivity initiatives. Including these charges, the company reported a diluted earnings per share loss of $0.76 for the full year Diluted earnings per share, calculated on the same basis, were $0.99 for the full year Freeport, Illinois Securities Listed NYSE Common Stock (Symbol: NWL) At Newell Rubbermaid: Jesse Herron Director, Investor Relations Phone: Fax: Victoria Gilbert Manager, Corp. Communications Phone: Fax: For the year, the company recorded free cash flow of $392 million, equaling last year s performance. The company pointed to improved earnings and better working capital management as important contributors to cash flow performance. The company appointed Dr. Thomas Clarke to its board of directors. Dr. Clarke currently serves as president, new business ventures for Nike Inc. The company added that Dr. Clarke s extensive global brand management, marketing and product development expertise and organizational development experience will be instrumental in contributing to the strategic direction of Newell Rubbermaid.

3 NEWS RELEASE JANUARY 30, 2003 PAGE 3 OF 4 Pension Liabilities The recent decline in U.S. equity markets reduced the value of the company s pension plan assets. As a result, the company s pension plan, which historically has had an over-funded position, was underfunded at year-end As a result, on December 31, 2002, the company recorded a fourth quarter non-cash charge to shareholders equity of $71.0 million. This charge did not impact earnings or cash flow in Outlook The company reiterated that it expects full year 2003 internal sales growth of 2% - 4% and diluted earnings per share, excluding charges, to be in the range of $ $1.87. For the first quarter 2003, the company expects diluted earnings per share, excluding charges, to be in the range of $ $0.29. The company added that it expects pre-tax restructuring charges and other one-time charges for 2003 to be in the range of $125 - $150 million, which is consistent with the company s previously announced guidance. Conference Call The company s fourth quarter and full year 2002 earnings conference call is scheduled for today, January 30 at 11:00 ET. To participate on the call, please RSVP domestically at (800) or internationally at (706) A dial-in number will be provided at that time. To listen to the web cast, use the link provided under Investor Relations on Newell Rubbermaid s corporate home page at A replay will be available approximately two hours after the call concludes through February 28, 2003 and may be accessed domestically at (800) or internationally at (706) Conference call identification number is required to access the replay. Freeport, Illinois Securities Listed NYSE Common Stock (Symbol: NWL) At Newell Rubbermaid: Jesse Herron Director, Investor Relations Phone: Fax: Victoria Gilbert Manager, Corp. Communications Phone: Fax: Forward-Looking Statements The statements contained in this press release that are not historical in nature are forward-looking statements. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward looking statements. For a list of major factors that could cause actual results to differ materially from those projected, refer to Newell Rubbermaid s third quarter 2002 Form 10-Q, Exhibit 99, filed with the Securities and Exchange Commission.

4 NEWS RELEASE JANUARY 30, 2003 PAGE 4 OF 4 About the Company Newell Rubbermaid is a global marketer of consumer products with 2002 sales of over $7 billion and a powerful brand portfolio including Sharpie, Paper Mate, Parker, Waterman, Colorific, Rubbermaid, Stain Shield, Blue Ice, TakeAlongs, Roughneck, Calphalon, Little Tikes, Graco, Levolor, Kirsch, Shur-Line, BernzOmatic, Goody, Vise-Grip, Quick-Grip, Irwin and Lenox. The company is headquartered in Freeport, Illinois and employs approximately 48,000 employees worldwide. Company Contacts Jesse Herron, Director Investor Relations, (815) Victoria Gilbert, Manager Corporate Communications, (815) This press release and additional financial information about the company s 2002 fourth quarter and full year results are available on the company s web site at Freeport, Illinois Securities Listed NYSE Common Stock (Symbol: NWL) At Newell Rubbermaid: Jesse Herron Director, Investor Relations Phone: Fax: Victoria Gilbert Manager, Corp. Communications Phone: Fax:

5 As Reported CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in millions, except per share data) Three Months Ended December 31, Twelve Months Ended December 31, % Change % Change Net sales $2,013.6 $1, % $7,453.9 $6, % Cost of products sold 1, , , ,046.6 GROSS INCOME % 2, , % % of sales 28.3% 29.2% 27.6% 27.0% Selling, general & administrative expense % 1, , % % of sales 16.7% 18.2% 17.5% 16.9% Restructuring costs Goodwill amortization and other OPERATING INCOME % % % of sales 9.0% 8.1% 8.4% 8.3% Nonoperating expenses: Interest expense Interest income (0.4) (0.9) (4.8) (4.0) Other INCOME BEFORE TAXES % % % of sales 7.1% 6.1% 6.3% 6.0% Income taxes Effective rate 33.0% 36.0% 33.5% 36.4% NET INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE $95.8 $ % $311.5 $ % % of sales 4.8% 3.9% 4.2% 3.8% Cumulative effect of accounting change $0.0 $0.0 ($514.9) $0.0 NET INCOME / (LOSS) $95.8 $70.7 NA ($203.4) $264.6 NA % of sales 4.8% 3.9% -2.7% 3.8% EARNINGS PER SHARE BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE: Basic $ 0.36 $ % $ 1.17 $ % Diluted $ 0.36 $ % $ 1.16 $ % EARNINGS PER SHARE CUMULATIVE EFFECT OF ACCOUNTING CHANGE: Basic $ - $ - NA $ (1.93) $ - NA Diluted $ - $ - NA $ (1.92) $ - NA EARNINGS PER SHARE: Basic $ 0.36 $ % $ (0.76) $ 0.99 NA Diluted $ 0.36 $ % $ (0.76) $ 0.99 NA Average shares outstanding: Basic % % Diluted (3)% %

6 Excluding charges CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in millions, except per share data) Three Months Ended December 31, Twelve Months Ended December 31, % Change % Change Net sales $2,013.6 $1, % $7,453.9 $6, % Cost of products sold 1, , , ,039.2 GROSS INCOME % 2, , % % of sales 28.4% 29.4% 27.8% 27.1% Selling, general & administrative expense % 1, , % % of sales 16.7% 17.7% 17.4% 16.7% Restructuring costs Goodwill amortization and other OPERATING INCOME % % % of sales 11.7% 11.0% 10.4% 9.5% Nonoperating expenses: Interest expense Interest income (0.4) (0.9) (4.8) (4.0) Other INCOME BEFORE TAXES % % % of sales 9.8% 8.9% 8.5% 7.3% Income taxes Effective rate 33.1% 36.0% 33.5% 36.4% NET INCOME $132.3 $ % $423.2 $ % % of sales 6.6% 5.7% 5.7% 4.6% EARNINGS PER SHARE: Basic $ 0.49 $ % $ 1.58 $ % Diluted $ 0.49 $ % $ 1.58 $ % Average shares outstanding: Basic % % Diluted % %

7 CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in millions) December 31, December 31, Assets: Cash and cash equivalents $ 55.1 $ 6.8 Accounts receivable, net 1, ,298.2 Inventories, net 1, ,113.8 Other current assets Total Current Assets 3, ,850.7 Other Long-Term Investments Other Assets Property, Plant and Equipment 1, ,689.1 Goodwill and Other Intangibles 2, ,353.7 Total Assets $ 7,388.9 $ 7,266.1 Liabilities and Stockholders' Equity: Notes payable $ 25.2 $ 19.1 Accounts payable Accrued liabilities and other 1, ,206.0 Current portion of long-term debt Total Current Liabilities 2, ,533.9 Long-Term Debt 1, ,365.0 Company-Obligated Mandatorily Redeemable Convertible Securities of a Subsidiary Trust Other Long-Term Liabilities Stockholders' Equity 2, ,433.4 Total Liabilities and Stockholders' Equity $ 7,388.9 $ 7,266.1

8 CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (in millions) For The Twelve Months Ended December 31, Operating Activities: Net income $ (203.4) $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Cumulative effect of change in accounting Deferred taxes and other Changes in current accounts, excluding the effects of acquisitions: Accounts receivable 2.8 (104.8) Inventories Other current assets (42.0) (6.8) Accounts payable Accrued liabilities and other Net cash provided by (used in) operating activities $ $ Investing activities: Acquisitions, net $ (242.2) $ (107.5) Expenditures for property, plant and equipment (252.1) (249.8) Disposals of non-current assets and other Net cash provided by (used in ) investing activities $ (486.5) $ (303.5) Financing Activities: Proceeds from issuance of debt $ $ Payments on notes payable and long-term debt (901.5) (819.0) Proceeds from exercised stock options and other Cash dividends (224.4) (224.0) Net cash provided by (used in ) financing activities $ (334.9) $ (575.9) Exchange rate effect on cash $ 0.8 $ (1.7) Increase (decrease) in cash and cash equivalents 48.3 (15.7) Cash and cash equivalents at beginning of year Cash and cash equivalents at end of period $ 55.1 $ 6.8