Holdings, Inc. Morgan Stanley Conference November 2010

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1 Morgan Stanley Conference November 2010

2 Forward-Looking Statements This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, our expectations as to anticipated pre-tax restructuring charges and future cost savings, statements regarding anticipated advertising and promotional spending, the estimated impact of foreign currency movements (excluding Venezuela) and expected raw material and commodity costs. These statements generally can be identified by the use of forward-looking words or phrases such as believe, expect, anticipate, may, could, intend, belief, estimate, plan, likely, will, should or other similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties 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. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this document 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, without limitation: the preliminary nature of the estimates related to the restructuring initiatives, and the possibility they may change as management develops and finalizes its plans; Energizer s ability to timely implement the strategic initiatives in a manner that will positively impact our financial condition and results of operation; the impact of the strategic initiatives on Energizer s relationships with its employees, its major customers and vendors; Energizer s ability to improve operations and realize cost savings; Energizer s ability to continue planned advertising and other promotional spending may be impacted by lower than anticipated cash flows, or by alternative investment opportunities; predicting consumer consumption trends with respect to the overall battery category, although it is likely that they will continue to be significantly negatively impacted by declines in the proliferation or consumption of primary battery-powered devices; anticipating the impact of raw material and other commodity costs, as it is difficult to predict with any accuracy whether raw material, energy and other input costs, or unit volumes, will stabilize, since such costs are impacted by multiple economic, political and other factors outside of the Company s control, and volumes are impacted by consumption and category trends that are difficult to assess; the ability to obtain governmental approval of our acquisition of American Safety Razor on the proposed terms and schedule; Energizer s effective tax rate for the year could be impacted by legislative or regulatory changes by federal, state and local, and foreign taxing authorities, as well as by the profitability or losses of Energizer s various subsidiary operations in both high-tax and low-tax countries; estimating the impact of foreign currency exchange rates and offsetting hedges on Energizer s profitability for the year with any degree of certainty; and, prolonged recessionary conditions in key global markets where Energizer competes could result in significantly greater local currency movements and correspondingly greater negative impact on Energizer than what can be anticipated from the current spot rates. On the other hand, if concerted global stabilization measures achieve some degree of economic recovery, local currencies could be significantly strengthened relative to the dollar. 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 Energizer s publicly filed documents; including its annual report on Form 10-K for the year ended September 30, 2009.

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. 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 is 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.

Global, diversified consumer products company with market leading positions Demonstrated track record of driving growth organically and through acquisitions Iconic

4 Global, diversified consumer products company with market leading positions Demonstrated track record of driving growth organically and through acquisitions Iconic brands supported by continued innovation and investment Long-term history of delivering strong operating performance Seasoned management team with extensive industry experience

5 An Evolution to a Global, Diversified Consumer Products Company 2000 (post spin-off) 2005 (post Schick) 2010 (post PYX & Edge) Batteries 1 100% Razors and blades 31% Skin care 9% Feminine care 4% Infant care 5% Batteries¹ 69% Wet Shave 30% Batteries¹ 52% Source: Company filings Note: Market share positions based on Company estimates 1 Represents battery and lighting products

6 Breadth of Portfolio is Extensive Household Products Personal Care Products Household & Specialty Batteries #1 Global Wet Shave #1 / #2 Tampons #2 Lighting Products #1 Infant Care #1 Sun & Skin Care #1 Note: Market share position based on company estimates

7 Household Products

Segment Profitability as a % of sales $600 $400 $200 $0 30% $472 $489 $406 $438 $442 $451 $354 $370 $399 25% $235

8 Results Household Products Revenue ($mm) $3,000 $2,000 $1,694 $1,740 $1,800 $1,945 $2,059 $2,147 $2,376 $2,474 $2,110 $2,200 $1,000 $ % YOY Segment Profitability ($mm) Segment Profitability as a % of sales $600 $400 $200 $0 30% $472 $489 $406 $438 $442 $451 $354 $370 $399 25% $235 20% 15% 10% % 2010 YOY Source: Company filings Note: September fiscal year-end;

9 # of Devices Holdings, Inc. Current Situation Devices Growth rate of devices that use primary batteries has slowed, especially in Developed Markets, due to macro-economic softness and due to more devices using built-in rechargeable battery systems U.S. Device Inventory 1,500 1,000 Primary Powered Devices 500 Battery on Board ex Cell Phones Total Primary: AA/AAA/C/D/9V Data Labels are 8 rolling waves ending Wave 4

10 Current Situation - Category Household Battery Category trends have softened and Category has experienced deflation (lower selling price per unit) due to: - Free Batteries (Bonus Packs) from Manufacturers - Trade Down by Retailers (Private Label / Value Brands) - Inefficient Promotion by both Manufacturers and Retailers US FDMX Household Batts Category Trends Change versus Prior Year '05 '06 '07 '08 '09 YTD '10 Category EQ 0.7% 1.5% 2.3% -3.5% -4.4% 2.0% Category $ 0.7% 5.0% 7.1% -1.0% -5.7% -6.5% ENR $ Share Chg (0.2) ENR has grown market share with a diversified portfolio that meets consumer s needs Source: US FDMX Household Batts (calendar year basis)

Lower price per battery has not increased consumption Buying Households Purchase Occasions -2% -3% Pack Upsizing Causes Pantry Loading Reducing buying households and purchase

11 Lower price per battery has not increased consumption Buying Households Purchase Occasions -2% -3% Pack Upsizing Causes Pantry Loading Reducing buying households and purchase frequency Dollars per Household Incremental Dollars -6% -10% Price Gaps and Promotion Lower Price Driving down dollars per household and incremental sales Source: Nielsen Home Scan Panel

12 Average Price per EQ Change vs. YA Holdings, Inc. Lower price per battery has not increased market share for most retailers, so they aren t winning Dollar Share Point Change vs. YA As price goes down Retailer share does not necessarily go up = Individual retailer results Source: Nielsen FDMx

13 Current Situation Manufacturing Footprint Context since 1992 As Carbon Zinc is being replaced by Alkaline and as plants become more efficient... We ve adjusted our manufacturing footprint 24 Carbon Zinc production facilities closed 3 Alkaline production facilities closed As Lithium grew... We expanded to a second Lithium production facility 9 Global Mfg facilities: Asheboro, NC (Alkaline) Maryville, MO (Alkaline) St. Albans, VT (Lithium batteries) Bennington, VT (Specialty batteries) Switzerland (Alkaline) Singapore (Alkaline & Lithium) Indonesia (Carbon Zinc) China (Alkaline) China (Lights) 5 Local Mfg facilities: Malaysia (Carbon Zinc) Philippines (Carbon Zinc) Sri Lanka (Carbon Zinc) Egypt (Carbon Zinc) Kenya (Carbon Zinc)

.. And savings mostly in FY 2012 Vast majority of the costs associated with manufacturing capacity rationalization Actions

14 Current Situation - Restructuring Have Board authority to determine a restructuring in the range of $65M to $85M in costs... With projected savings of $25M to $35M per year Most of the costs will be recorded in FY And savings mostly in FY 2012 Vast majority of the costs associated with manufacturing capacity rationalization Actions will improve capacity utilization.. While maintaining needed flexibility to respond to seasonality demands, storms and global supply chain requirements

15 ENR Household Strategies Going Forward Grow Category Dollars for Retailers through: Recent announcement to retailers to eliminate pack upsizing in the U.S. during the second fiscal quarter of 2011 Decoupling C/D/9V from AA/AAA pricing environment through 7% price increase previously announced to retailers effective March 1, 2011 Focusing on improved category merchandising effectiveness Improving promotion efficiency Continued portfolio diversification... Emerging Technologies and Markets

16 Personal Care

17 Personal Care Revenues FY 2010 Total PC Sales $2,049 Infant Care 10% Feminine Care 10% Wet Shave 62% Skin Care 18%

Results Personal Care Revenue ($mm) $2,000 $1,857 $1,890 $2,049 $1,500 $1,000 $500 $0 $868 $931 $930 $989 +8% YOY 2004 2005 2006 2007 2008 2009 2010 Segment Profitability ($mm) $400

18 Results Personal Care Revenue ($mm) $2,000 $1,857 $1,890 $2,049 $1,500 $1,000 $500 $0 $868 $931 $930 $989 +8% YOY Segment Profitability ($mm) $400 $323 $341 $367 $200 $86 $108 $128 $156 $0 +8% YOY Source: Company filings Note: September fiscal year-end and financials include impact of acquisitions

19 Wet Shave Growth $625 Net Sales $745 $868 $931 $930 $989 $1,085 $1,118 $1,

20 True Category Innovation Drives Top Line Growth Women s Systems $135 $278 Men s Systems $297 $390 Disposables $252 $386

True Category Innovation Drives Top Line Growth Hydro Launch True Innovation Unique hydrating skin reservoir Unique skin guard technology Available in 5 and 3 blade 5-blade has flip trimmer Also

21 True Category Innovation Drives Top Line Growth Hydro Launch True Innovation Unique hydrating skin reservoir Unique skin guard technology Available in 5 and 3 blade 5-blade has flip trimmer Also launched shave preps Launched N.A. April 2010 Japan August 2010 Major European markets Fall 2010 High level of consumer satisfaction resulting in strong repeat purchases Men s share is at highest $ share in 6+ years since the launch of Hydro

22 American Safety Razor Acquisition Complimentary assets for the company s wet shave business Fourth largest global manufacturer and distributor of wet shave products Leading supplier of private label razors and blades Enhances our ability to provide total category solutions to retailers Combined scale enhances competitive position Purchase Price - $301 million, plus assumed liabilities NPV of assumed liabilities - ~$100 million Acquisition is pending regulatory approval in the U.S. and Germany Need regulatory approval by November 23

The Edge and Skintimate Acquisition Acquired June 2009 Compelling acquisition both strategically and economically Highly synergistic to existing razors and

23 The Edge and Skintimate Acquisition Acquired June 2009 Compelling acquisition both strategically and economically Highly synergistic to existing razors and blades business Launched Hydro Shave preps in conjunction with razor launch #1 market share position with 41% share for FY 2010, increased +5.1 pts since acquiring

24 Men s Shave Prep Market Share

25 Sun Care Holdings, Inc. Sun care category growth of 8% for FY 2010 Long-term category growth of 5% to 6% over past 5 years driven by: Increased consumer awareness of skin damage from sun Aging demographics and increasing concern about skin care Increased penetration of convenient sprays Sun Care sales up 10% in FY 2010 International sales increased 26% in FY 2010

26 Feminine Care Playtex Playtex is #2 tampon manufacturer with 21.9% dollar share of market Playtex Sport Double digit growth since launch Playtex Gentle Glide - Share under pressure from new products, competitive discounting and private label Objectives Stabilize Gentle Glide Aggressively Grow Sport Strategies: Re-launch Gentle Glide with Improved Positioning and Continued Aggressive In-Store Marketing Grow Sport Awareness and Trial Through the Fully- Integrated Be Unstoppable Campaign Expand Sport Distribution Through Filling Key Voids * Nielsen FDMx Dollar Sales for 52 weeks ended September 25, 2010.

27 Infant Care Sales up 2% in FY 2010, led by increases in Diaper Genie and Cups

28 Financial Outlook

29 Financial Outlook Outlook for FY 11 A & P 11.5% to 12% of sales continued support of Hydro as it is launched in Japan and select European markets.

30 Financial Outlook Outlook for FY 11 A & P 11.5% to 12% of sales Commodities - $20 to $30 million unfavorable for FY 11 primarily due to zinc and steel Zinc - 5% layered hedging strategy 16 months out Nickel, EMD and Steel Prices fixed through supplier agreements 3 to 12 months out

for FY 11 Currencies - $20 to $30 million favorable for FY 11

31 Financial Outlook Outlook for FY 11 A & P 11.5% to 12% of sales Commodities - $20 to $30 million unfavorable for FY 11 Currencies - $20 to $30 million favorable for FY 11 Five major currencies hedged out 15 months Euro Yen British pound $ Aussie $ Canadian

Strong Financial Position $544 million Free Cash Flow in FY 2010 $630 million of cash at September 30, 2010 Debt to EBITDA = 2.70 $2.3 billion in debt @ 5.

32 Strong Financial Position $544 million Free Cash Flow in FY 2010 $630 million of cash at September 30, 2010 Debt to EBITDA = 2.70 $2.3 billion in 5.1% average rate 92% fixed Free Cash Flow (FCF) is not a generally accepted accounting principle (GAAP) measure as defined by Regulation G of the rules of the Securities Exchange Commission. However, Energizer believes it is a useful addition to traditional GAAP measures as operating cash flow is the funding source of our capital investment projects. FCF should be considered as an alternative to, but not superior to or as a substitute for the comparable GAAP measure. FCF is defined as net cash provided by operating activities less capital expenditures. For FY 2010, net cash from operations was $652.4 million, and capital expenditures were million. This resulted in Free Cash Flow of $543.7 million.

Edgewell Personal Care. David Hatfield President and Chief Executive Officer

Edgewell Personal Care. David Hatfield President and Chief Executive Officer Edgewell Personal Care David Hatfield President and Chief Executive Officer 1 Forward-Looking Statements Unless the context otherwise requires, references in this presentation to Edgewell, Personal Care,