Forward-Looking Statements

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2 Forward-Looking Statements The following presentation contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of Forward-looking statements are not based on historical facts but instead reflect our expectations concerning future results or events, including our expectations for our spin-off of the household products business, our growth, new product launches and strategic initiatives, including restructurings, and our outlook for future financial, operational or other potential or expected results. These statements are not guarantees of performance and are inherently subject to known and unknown risks and assumptions that are difficult to predict and could cause our actual results, performance or achievements to differ materially from those expressed in or indicated by those statements. The forward-looking statements included in this presentation are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including: Whether the spin-off of the Household Products business is completed and the timing of any such spin-off; Whether the operational, marketing and strategic benefits of the spin-off can be achieved; General market and economic conditions; Market trends in the categories in which we operate; The success of new products and the ability to continually develop and market new products; Our ability to attract, retain and improve distribution with key customers; Our ability to timely execute strategic initiatives, including restructurings, in a manner that will positively impact our financial condition and results of operations and does not disrupt our business operations; The impact of strategic initiatives, including the planned spin-off of the Household Products business as well as restructurings, on our relationships with employees, customers and vendors; In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of any such forward-looking statements. The list of factors above is illustrative, but by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Additional risks and uncertainties include those detailed from time to time in ENR s publicly filed documents, including its annual report on Form 10-K for the year ended September 30, 2014 and the Form 10-Q for the quarter ended December 31,

3 Trademarks and Brands We use Energizer and the Energizer logo as our trademarks. Product names and company programs appearing in this presentation are trademarks of Energizer Holdings, Inc. or its subsidiaries. This presentation also may refer to brand names, trademarks, service marks and trade names of other companies and organizations, and these brand names, trademarks, service marks and trade names are the property of their respective owners. Market and Industry Data Unless we indicate otherwise, we base the information concerning our industry contained in this presentation on our general knowledge of and expectations concerning the industry. Our market position and market share are based on our estimates using data from various industry sources and assumptions that we believe to be reasonable based on our knowledge of the industry. We have not independently verified data from industry sources and cannot guarantee its accuracy or completeness. In addition, we believe that data regarding the industry and our market position and market share within such industry provides general guidance but is inherently imprecise. Regulation G Non-GAAP Financial Measures For full reconciliation of non-gaap financial measures, visit About Energizer, Investor Relations, Presentations 3

4 Ward Klein Chief Executive Officer 4

5 Energizer Holdings, Inc. SPUN-OFF FROM RALSTON PURINA IN MARCH 2000 Fiscal Year Ending September 30, 2000 Net Sales FY 2000 Segment Profit FY 2000 $1.9 billion $436 million Share Price 4/3/2000 $

6 Financial Strategy Optimize battery business performance Generate strong cash flow Make opportunistic acquisitions SWS - utilize strong cash flows from battery and diversify into global categories that respond to innovation Playtex portfolio of #1 and #2 brands that expanded personal care holdings and leveragable scale Edge - #1 shave prep brands in North America, strong commercial synergies ASR - leading private label razor and blade manufacturer in the world J&J FemCare - North America feminine pads and liners. Combined with PYX tampons creates a strong fem care business in North America 6

7 Financial Strategy Optimize battery business performance Generate strong cash flow Make opportunistic acquisitions Return cash to shareholders Opportunistically repurchased 56.8 million shares at an average price of $48.60/share Initiated a dividend policy with total payments of $286 million 7

8 Billions EHI Financial Results Net Sales $4.4 billion CAGR Net Sales 6.2% Segment Profit 5.6% $1.9 billion Adjusted EPS 11.0% TSR 12.5% Over $3 billion in Cash Returned to Shareholders 8

9 Why Split Achieved Critical Mass on Both Businesses Focus on Distinct Commercial Opportunities Customize Allocation of Financial Resources Sharpen Management Focus Create Independent Equity Currencies 9

10 Separation Objectives Firmly establish both businesses for success Strong capital structures Positive business momentum in both businesses Emphasis on innovation Strong brand building spending Lean go-to-market footprints Effect spin by July 1,

11 Separation Status Project is complex Two comparably sized companies integrated outside the U.S. Companies in over 50 countries, 6 continents Restructuring, as a part of the spin, to right size the global footprint 11

12 Separation Status Project is complex Proceeding as planned Announced April 30, 2014 Geographic footprint defined Leadership selected in 2014 Form 10 filed on February 6, 2015 Capital Structure to be finalized by May Investor meetings planned for June Split targeted for July 1,

13 Introduction of New CEO s David Hatfield, CEO of Remain Co, existing Personal Care business Alan Hoskins, CEO of Spin Co, existing Household Products business 13

14 David Hatfield CEO of Remain Co, existing Personal Care business: Over 29 years with Energizer President and CEO, Energizer Personal Care since 2007 Previous positions include: Executive Vice President and Chief Marketing Officer, Energizer Battery from 2004 to 2007 Vice President, North American and Global Marketing, from 1999 to

15 Alan Hoskins CEO of Spin Co, existing Household Products business: 33 years with Energizer President and CEO of the Household Products Division since 2012 Previous positions include: Vice President, Asia-Pacific, Africa and Middle East 2008 to 2011 Vice President, North America Household Products Division from 2005 to

16 ZITHER2014\02 Presentations\03 Announcement Investor Presentation\DRAFT Project Hazel Announcement 15.pptx PERSONAL CARE David Hatfield, CEO 16

17 ZITHER2014\02 Presentations\03 Announcement Investor Presentation\DRAFT Project Hazel Announcement 15.pptx Energizer Personal Care: Who We Are Leading pure-play personal care company Presence in attractive categories Wet shave Sun care Feminine care Infant care Multi-national; Strong position in large and developed markets Business Mix 1 Infant Care 5% 2% Sun and Other Skin Care 16% Feminine Care 16% 13% 18% 61% 60% Wet Shave Latin America 7% 2% Other Asia EMEA US & Canada Revenue: $2.6 billion 1 For the Fiscal Year Ended 9/30/

18 ZITHER2014\02 Presentations\03 Announcement Investor Presentation\DRAFT Project Hazel Announcement 15.pptx We Operate in Attractive Consumer Categories Global categories forecasted to grow (Euromonitor FY13-16) Wet Shave: +2% Sun care +4% US Categories rebounding recently (Nielsen 1/10/15) Manual Shave Sun Care Fem Care Shave Preps Baby Care Total EPC Categories L12W -0.1% 4.9% 1.1% 3.7% 2.8% 1.2% L52W -2.1% 0.4% 1.2% -0.1% -1.8% -0.5% 18

19 ZITHER2014\02 Presentations\03 Announcement Investor Presentation\DRAFT Project Hazel Announcement 15.pptx We Have Strong Brands and Competitive Positions Category Brands Key Geographies Rank Wet Shave US, Canada, Japan, Germany #2 Globally Sun and Skin Care US, Mexico, Australia #1 Feminine Care 1 US and Canada #2,3 Infant Care US and Canada #1 1 #2 market share position of total tampons and #2 or #3 in liners and pads : US and Canada Nielsen 1/10/15 19

20 ZITHER2014\02 Presentations\03 Announcement Investor Presentation\DRAFT Project Hazel Announcement 15.pptx Organic growth and M&A have fueled topline over time Net Sales

21 ZITHER2014\02 Presentations\03 Announcement Investor Presentation\DRAFT Project Hazel Announcement 15.pptx Leadership Team Brings Experience and Continuity Executive Chairman of the Board: Ward Klein Brings 35+ years of experience in the consumer products industry, including 10 years of experience as the CEO of Energizer Holdings. He has overseen EPC since CEO: David Hatfield Brings 29 years of experience in the consumer products industry, primarily in marketing, global and strategic management roles. He has served as CEO of EPC since CFO: Sandy Sheldon Brings 29 years of experience at Energizer and Ralston Purina and is currently serving as the VP Finance for Energizer Holdings. She has served in EPC since 2004 and as VP Finance, EPC has been instrumental in all of its acquisitions including Schick-Wilkinson Sword. Leadership team Diverse team with extensive CPG experience. 7 of 9 have been with EPC since before

22 ZITHER2014\02 Presentations\03 Announcement Investor Presentation\DRAFT Project Hazel Announcement 15.pptx Looking Forward- Mission Remains: Challenge To Win 22

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24 Edgewell: Value Drivers Accelerate growth across categories Systematic Cost Reduction Continued disciplined approach to acquisitions Substantial free cash flow to enable investments and capital return 24

25 Edgewell: Value Drivers Accelerate growth across categories Meaningful Investment against Growth Brands Maintain Strong Innovation Roadmap Leverage Full Product Portfolio Continue International Expansion 25

26 Edgewell: Value Drivers Accelerate growth across categories Meaningful Investment against Growth Brands Maintain Strong Innovation Roadmap Leverage Full Product Portfolio Continue International Expansion 26

27 Edgewell Value Drivers: Innovation $450 $400 $350 $300 Hydro Franchise Retail Sales (US$ Million) $298 $375 Launch $405 Sensitive Launch $250 $200 $150 $100 $50 Power Select Launch Sensitive & Groomer Launch $- 12 Months ended Nov Months ended Nov Months ended Nov Men's Women's Disposables Source: AC Nielsen Global Track, 28 Markets 27

28 Introducing Playtex Sport Pads and Liners Addresses key unmet needs of active consumers High performance technologies from the J&J acquisition Strong performance equity of the Playtex Sport brand 28

29 Introducing Playtex Sport Combo Packshighly unique and appealing to consumers Tampons+ Pads Tampons+ Liners I love the combo pack. That is incredibly unique, and I usually need to use both during my cycle I like that everything I need would be in one box and it would fit my active life. Source: Nielsen BASES II,

30 Innovation Drives Razor and Blade Core Brands in F15 The only 2-in-1 razor and trimmer! Launching in North America and Asia Pacific Trade up with our best X3 performance ever. Launching in North America, Asia Pacific and Europe A citrus infused scent brings the revitalizing trend to the Intuition line. Launching in North America, Japan 30

31 Sun Care 2015 New Products New! 2 SKUs Upgrade: 5 SKUs Upgrade: 4 SKUs New! 4 SKUs New! 2 SKUs Upgrade: 2 SKUs The only product to offer a sand brushes off easily benefit Now with PowerStay technology Now with Argon Oil Uniquely brings indulgent sun care into the Sport segment Instant natural looking color Not only protects, but now also softens and leaves skin radiant 31

32 Edgewell: Value Drivers Accelerate growth across categories Meaningful Investment against Growth Brands Maintain Strong Innovation Roadmap Leverage Full Product Portfolio Continue International Expansion 32

33 Leverage Full Portfolio Price Blade Count / Performance 33

34 Edgewell: Value Drivers Accelerate growth across categories Meaningful Investment against Growth Brands Maintain Strong Innovation Roadmap Leverage Full Product Portfolio Continue International Expansion 34

35 International Expansion and Growth Sizable Presence in Developed Markets Track record of Growth in Developing Markets Significant opportunity remains in developing markets with renewed focus on investment and channel strategy 25% 20% 15% 10% 5% 0% Developing Markets Growth 1 Net Sales CAGR % 17.0% 9.0% Shave Sun EPC 1 Represents Net Sales CAGR from for Asia + Latin America, excluding Japan, Australia, Argentina, Venezuela. 35

36 Edgewell: Value Drivers Accelerate growth across categories Systematic Cost Reduction Continued disciplined approach to acquisitions Substantial free cash flow to enable investments and capital return 36

37 Edgewell: Value Drivers Accelerate growth across categories Systematic Cost Reduction Continued disciplined approach to acquisitions Substantial free cash flow to enable investments and capital return 37

38 Edgewell: Value Drivers Accelerate growth across categories Systematic Cost Reduction Continued disciplined approach to acquisitions Substantial free cash flow to enable investments and capital return 38

39 Substantial free cash flow to enable investments and capital return 600 Segment Profit ($mm)

40 HOUSEHOLD PRODUCTS Alan Hoskins, CEO 40

41 We re well positioned to deliver value to shareholders Strong foundation to build on for the future Good momentum heading into our spin-off Focused on delivering long-term shareholder value 41

42 Our business is built on strong global, iconic brands Strong consumer preference for trusted brands in category Recognized icons that connect with billions of consumers around the world brands consumers know and love Opportunity to leverage our brand equities to new products/licensing options 42

43 ZITHER2014\02 Presentations\03 Announcement Investor Presentation\DRAFT Project Hazel Announcement 15.pptx Our broad portfolio of products by brand and segment Established Broad Product Portfolio Premium Alkaline Lithium Performance Alkaline Rechargeable Value Alkaline Carbon Zinc Specialty Batteries Lighting products Uniquely positioned brands and product portfolio to compete in all consumer segments 43

44 Our Energizer and Eveready brands are #1 or #2 globally Our products are sold in over 140 markets around the world Household Products Net Sales (2014, % of net sales) Value share in country GB=21% CAN=39% FRA=27% ITA=30% SING=77% GRE=56% KOR=47% USA=32% EGP=82% HK=41% Household Products Segment Profit (2014, % of net sales) MEX=30% COL=41% ARG=54% MAL=75% AUS=71% NZL=72% North America Rest of World Source: Combined value share data from Nielsen Global Track, 52-weeks ending November 2014, including all Energizer and Eveready branded batteries. 44

45 Battery category driven by devices and demographics Large Installed Base of Over 1 Billion Devices* Top 20 Devices = ~55% of Battery Consumption Emerging Device Categories Home Automation Toys, Games 18% Remote Controls 13% Flashlights etc Smoke Alarms, Clocks 5% 7% Medical Digital Cameras 4% Wireless Mouse 3% Fitness Health** 3% Radio 2% *Source: 2014 TNS US Device Study, **Health = hearing aids and electronic toothbrushes * 2 Battery Consumption represents Total # Batteries Required per device divided by Total # Batteries Required by all devices Base: All household battery-powered devices 45

46 We create joint value for our channel partners Battery category is one of the largest and most profitable at retailers Profitable Large Scale Batteries can be found in more than 80% of all U.S. households Batteries provide healthy margins and are a basket builder for retailers High Household Penetration Source: Nielsen xaoc Strategic Planner 52 weeks ending 8/2/14. Basket Builder 46 46

47 We generate meaningful free cash flow Energizer Household Products Free Cash Flow % Sales (prior fiscal three-year average) Healthy Gross Margins Peer 1 EHP* Peer Successful Reductions in Working Capital Peer 3 Peer 4 Peer Low Capital Expenditure Requirements Peer 6 Peer Strong Free Cash Flow Peer Source: ENR and peer SEC filings, *EHP = Energizer Household Products Note: Peers comprised of the following household products companies (in alpha order): CHD, CLX, HELE, NWL, SMG, SPB, TUP, WD40 47

48 We re well positioned to deliver value to shareholders Strong foundation to build on for the future Good momentum heading into our spin-off Focused on delivering long-term shareholder value 48

49 Three core strategies focused on delivering value Lead Innovation Operate with Excellence Drive Productivity Gains Reinvest in the Business 49

50 Leader in innovation with a history of world s firsts with more to come in the future Energizer Max with Power Seal Technology Long lasting and maintains superior in-device leakage protection Energizer Ultimate Lithium The world s longest-lasting AA and AAA batteries in high-tech devices Energizer EcoAdvanced The world's first AA battery made with 4% recycled batteries and our longest-lasting alkaline launched 2/3/15 50

51 We ve increased investment behind our brands Household Products Global Advertising & Promotion Spend (as % of Sales) 6.3% 6.6% Investing behind our brands and supporting innovation are critical components of our future success 5.3%

52 We re building our business via quality distribution and investment in effective category fundamentals Optimize our broad, diversified distribution Maximize visibility, location and mix in the store Sporting Goods DIY Military Online Traditional Trade Hobby/ Craft Energizer Food/ Drug/ Mass Convenience Club Office Auto Home Center Dollar 52

53 We ve significantly reduced working capital to improve cash flow Household Products Working Capital as a % of Sales (average trailing four quarters) 12.7% 15.8% 20.0% 22.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Reduced working capital requirements by 10.2 percentage points since 2011, essentially freeing up over $185 million in cash Significant improvements in DSO and DPO 53

54 We continue to drive productivity gains to enhance our strong margins Household Products Restructuring Savings (in $ millions) 41.9% $185 Through FY14 Household Products Gross Margin (% of sales) + 90 bps Est. Total Project bps $ % Adjusted manufacturing footprint Streamlined global supply chain Created center-led purchasing function Rationalized and streamlined product portfolio and centralized the marketing organization

55 We re well positioned to deliver value to shareholders Strong foundation to build on for the future Good momentum heading into our spin-off Focused on delivering long-term shareholder value 55

56 Seasoned executive team with a wealth of experience Chairman of the Board: Pat Mulcahy Brings 40+ years of experience in the consumer products industry, and 20 years of experience as the former CEO of the battery business. He has served as Chairman of the Board of Energizer Holdings since CEO: Alan Hoskins Brings 33 years of experience at Energizer, with a wealth of global sales, marketing and operational experience. Alan previously led the North America and Asia-Pacific divisions. He has served as CEO of the battery business since CFO: Brian Hamm Brings 17 years of experience in the consumer products industry, currently serving as the Controller and Chief Accounting Officer. Led the enterprise-wide restructuring effort and was a driving force behind the Working Capital improvement initiative. Leadership team Diverse team with extensive global battery and CPG experience. 56

57 As we prepare for the spin-off, we are focused on Building on the momentum of our three core strategies Adapting global go-to-market footprint to adjust to the future strategies and scale of the business Centralizing certain back-office functions to increase efficiencies Outsourcing certain non-core transactional activities (ENR) Evaluating further productivity improvements 57

58 We will be prudent stewards of capital Deliver VALUE Relentless focus on delivering value to owners, customers and colleagues Reinvest in our business Return of capital Selective, Disciplined M&A Pillars to our Success Maximize Free Cash Flow Our Foundation 58

59 We re well positioned to deliver value to shareholders Strong foundation to build on for the future Good momentum heading into our spin-off Focused on delivering long-term shareholder value 59

60 Q&A 60

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