Barclays Global Consumer

Staples Conference

Edgewell Personal Care Company

September 5, 2018

Page 1
Forward-Looking Statements

Unless the context otherwise requires, references in this presentation to “Edgewell,” “we,” “our,” and “the
Company” refer to Edgewell Personal Care Company, a Missouri corporation, and its consolidated subsidiaries.

Forward-looking statements are not based on historical facts but instead reflect the Company's
expectations, estimates or projections concerning future results or events, including, without limitation,
the future earnings and performance of the Company or any of its businesses. 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 the Company's actual results to differ materially
from those indicated by those statements. The Company cannot assure you that any of its expectations,
estimates or projections will be achieved. The forward-looking statements included in this presentation
are only made as of the date of this presentation and the Company disclaims any obligation to publicly
update any forward-looking statement to reflect subsequent events or circumstances. Numerous
factors could cause the Company's actual results and events to differ materially from those expressed or
implied by forward-looking statements.

In addition, other risks and uncertainties not presently known to the Company or that it considers
immaterial could affect the accuracy of any such forward-looking statements. 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 the Company's publicly filed documents,
including the Company's annual report on Form 10-K for the year ended September 30, 2017 and its
quarterly reports on Form 10-Q for the quarters ended December 31, 2017, March 31, 2018, and June 30,
2018.

Page 2
Non-GAAP Financial Measures

While the Company reports financial results in accordance with accounting principles generally accepted in
the U.S. ("GAAP"), this discussion also includes Non-GAAP measures. These Non-GAAP measures are
referred to as "adjusted“, "organic" or “underlying” and exclude items such as impairment charges, the
disposition of the Playtex gloves business, the impact of the Tax Cuts and Jobs Act (the "Tax Act"), costs
associated with the acquisition and integration of Jack Black, L.L.C. ("Jack Black"), restructuring charges
and amortization of intangibles. Reconciliations of Non-GAAP measures, including reconciliations of
measures related to the Company's fiscal 2018 financial outlook, can be found in the Company’s earnings
releases for the third quarter of fiscal 2018 and full year fiscal 2017.
This Non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to,
measures of financial performance prepared in accordance with GAAP. The Company uses this Non-GAAP
information internally to make operating decisions and believes it is helpful to investors because it allows
more meaningful period-to-period comparisons of ongoing operating results. The information can also be
used to perform analysis and to better identify operating trends that may otherwise be masked or
distorted by the types of items that are excluded. This Non-GAAP information is a component in
determining management's incentive compensation. Finally, the Company believes this information
provides a higher degree of transparency.

For definitions of these terms and reconciliations to GAAP measures, refer to the Company’s earnings
release for the third quarter of the 2018 fiscal year and other materials that can be found on its Investor
Relations website at http://ir.edgewell.com.

Page 3
Agenda

Strategic Overview David Hatfield, CEO and Chairman

Project Fuel and Financials Rod Little, CFO

Reinvestment Priorities Colin Hutchison, COO

Page 4
Today’s Key Messages
• Portfolio of competitive and profitable brands
o Since the launch of Edgewell in July 2015, have gained market share in challenging
categories
o Innovating and launching compelling new products
o Executing strategic growth initiatives

• Evolving categories create challenges and opportunities

o New entrants increase competition and pricing pressure
o Accelerating shift to new channels, digital and customization

• Taking proactive steps to drive change

o Strengthened Board and management team
o Conducted a comprehensive review of the business
o Implementing Project Fuel and Transformation
o Expect $225M in annual gross savings by the end of fiscal 2021 to fund
growth, transformation and margin expansion

Page 5
Overview of Edgewell
Strong Brands

Wet Shave Feminine

Care

Sun & Skin

Infant Care
Care

Strong consumer brands Wet Shave has strong representation

across multiple segments* across sub-segments*

Infant & Other Geographic Mix Shave Prep

Branded Men’s
6% 48% International
Femcare 52% USA 11% Systems

15% 24%

Private Label
20%

19% 60%
Sun & Skin Wet Shave
20%
Branded
Women’s Systems
25%
Branded Disposables
* Fiscal 2017 mix
Page 6
Strategy for Growth

Fuel Growth
- Colleague Engagement
- Enhanced Organizational Capabilities
- Systematic Cost Reduction
- ZBS, Productivity

Focus on the Fundamentals Re-configure into Growth Opportunities

- Build Brand Equity/ Consumer Engagement - Grow Share in E-Retail, Growth Channels
- Compelling Innovation - Expand International Footprint / Scale
- Leverage the Full Portfolio - Build E-Comm & Digital Capabilities
- Category Solutions - Enter New Growth Categories via M&A

Page 7
 Focus on the Fundamentals

Led by a Full Portfolio of Innovation

Page 8
 Re-configure into Growth Opportunities
Investments in Strategic Growth
Initiatives are Working

Approx. 20% of EPC Sales (2018E)

- International Expansion (1)
- International Sun Care
- eCommerce (all segments) Shave
- Bulldog/Jack Black Innovation
eCommerce

International
Expansion

International
Sun Care

Bulldog / Jack
Black

(1) Includes Latin America, Asia Pacific (excluding Japan and Australia), Eastern & Central Europe and Middle East & Africa.
Page 9
 Increased Market Share in Core Segments,
Despite Challenging Categories
U.S. Razors & Blades Share Global Razors & Blades Share(1)
+10
+140 bps
bps 27.0 22.8 22.9

25.6 Category Category

growth growth
-570bps -300bps

Q3’15 Q3’18 Q3’15 Q3’18

U.S. Sun Care Share

+110 26.0
bps
24.9
Category
growth
+80bps

Q3’15 Q3’18

Sources: Nielsen xAOC; Global defined as select EPC markets; Category growth 2015 thru 2018 Q3 YTD
(1) Understated due to exclusion of international private label.
Page 10
 Driving Change

• As part of the Company’s annual strategic review process, the Board and management
team considered rapidly changing consumer, competitive and retail trends, their impact
on Edgewell’s future performance, and potential opportunities created for Edgewell

• This review was conducted with the assistance of external advisors and included:
– A comprehensive review of all business segments, addressing performance in
challenging category environments
– Assessment of all value creation levers

• Following this review, the Edgewell Board and management team determined that
Project Fuel is the best path to drive value creation for all stakeholders

• Project Fuel is an enterprise-wide initiative to transform the Company's business and

cost structure, enabling investment for growth and margin expansion

• Management and the Board have been and will remain open minded and committed to
taking actions in the best interests of the Company and its shareholders

Page 11
Driving Improvement and Growth Through
Project Fuel

Executing on our strategic pillars

Faster Better Deeper

Fuel Growth

Focus on the Fundamentals Re-configure into Growth

Opportunities

Page 12
 A Refreshed Senior Leadership Team Focused on
Execution and Creating Value New to EPC

Key Leadership Changes Over the Past 16 Months

Rod Little Colin Hutchison Paul Hibbert Anne-Sophie Gaget Stephanie Lynn John Hill Marisa Iasenza
Chief Financial Chief Operating VP, Global Supply VP, Global Strategy VP, eCommerce Chief Human Chief Legal Officer
Officer Officer Chain and Operations And Innovation Resources Officer

20+ years of 30+ years of 25+ years of 25+ experience in 20+ years of 30+ years business, 20+ years of
global experience operational and manufacturing, consumer goods eCommerce, digital management, cross- experience in cross-
in consumer goods leadership experience distribution, industry, with marketing and functional and border M&A, SEC
organizations in consumer goods transportation, marketing, general database marketing leadership experience reporting, corporate
customer service, management and experience governance, corporate
Public company 13 years with procurement and sales business Previously led finance and
track record of Edgewell, previously and operations transformation Previously served as Edgewell’s North compliance
driving results serving as VP of planning experience experience. VP of eCommerce for American commercial
through business Commercial Vineyard Vines organization Previously served as
transformation International Previously served as Previously served as SVP, General Counsel
EVP of Supply Chain regional VP for South and Secretary at
for Safety-Kleen Europe, Middle-East Harman International
Systems, Inc. and Africa. Industries

Page 13
 Diverse, Experienced Board of Global Thought
and Business Leaders
David P. Hatfield
CEO and Chairman of the Board
Edgewell Personal Care
• Leadership, strategy,
M&A, marketing,
advertising
• Began career in Eveready
Battery division in 1988
James C. Johnson
General Counsel (Retired)
Loop Capital Markets LLC
• Legal, compliance, risk
management, corporate
governance, executive
compensation
• Extensive executive
management and leadership
experience
Daniel J. Heinrich
EVP, CFO (Retired)
The Clorox Company
• Strategy, business
development, operations,
financial management,
accounting principles, financial
reporting
• 34+ years of experience in CPG
industry
Elizabeth Valk Long
Executive Vice President (Retired)
Time Inc.
• Marketing, communications,
human resources, legal
• First female to be named
publisher at Time, Inc.,
extensive consumer
marketing, customer service,
distribution, production,
human resources, legal
affairs and communications
experience
Carla Hendra
Chief Executive
Ogilvy Consulting
• Brand strategy, digital
marketing, data/analytics
and long-term planning
• 25+ years of experience in
global B2B and B2C
marketing
Rakesh Sachdev
Chief Executive Officer
Platform Specialty Products Corporation
• Finance, strategy,
management, accounting,
financial reporting
• Nearly 30 years of
experience in leadership,
finance, strategy and
general management
R. David Hoover
Chairman and CEO (Retired)
Ball Corporation
• Operations, finance
• CPG industry veteran with
insight into complex
business, operational and
financial issues
Effective October 1, 2018
Joe O’Leary
President and COO (Retired)
Petsmart, Inc.
• Executive leadership,
operations, marketing,
logistics
• 20+ years of CPG
experience and expertise in
operations and logistics,
M&A and restructuring
New Members since 2015
John C. Hunter
Chairman, President and CEO (Retired)
Solutia, Inc.
• Risk management,
corporate governance and
regulatory, sustainability,
executive compensation
• Extensive experience as a
director in CPG companies
Gary K. Waring
Accounting Professional (Retired)
Ernst & Young
• Accounting, audit,
financial reporting,
corporate governance and
regulatory, M&A,
restructuring
• 35+ years of consulting
experience with increasing
leadership and operating
responsibilities
Page 14
Driving Improvement and Growth Through
Project Fuel

Executing on our strategic pillars Objectives

Faster Better Deeper
• Drive sustained revenue and profit
growth

Fuel Growth • Grow market share by winning

$225M in Annual with compelling innovation,
Gross Savings increased agility, and digital
transformation

Re-configure into • Generate increased shareholder

Focus on the Growth value
Fundamentals Opportunities

Page 15
Agenda

Strategic Overview David Hatfield, CEO and Chairman

Project Fuel and Financials Rod Little, CFO

Reinvestment Priorities Colin Hutchison, COO

Page 16
2018 Performance: A Mandate for Project Fuel

2015 – 2017 (CAGR) 2018 Estimate(1)

Reported: -2.5% Reported: -2.0%

Sales
Underlying: Flat(2)(3) Organic: -3.5%(2)

Adjusted Operating Margin

Increased -120 basis points
Expansion

-12%
Adjusted EPS Growth Increased At mid-point of outlook

Earnings-to-Free-Cash-
100%+ 100%+
Flow Conversion Rate(4)

(1) As of August 7, 2018 Earnings Presentation.

(2) Organic growth, excluding M&A, currency translation and Venezuela deconsolidation.
(3) 2-year CAGR of underlying net sales. Underlying net sales reflect organic net sales, excluding the $34m impact in fiscal 2016 from the Company’s “go-to-market” initiative.
(4) Free cash flow is defined as net cash flow from operating activities less capital expenditures. Free cash flow conversion is defined as free cash flow as a percentage of net earnings.

Page 17
2018 Sales Mix*

Net Sales
Challenged Businesses Growth Initiatives
(Optimize ROI) (Invest for Growth)
20% 20%
N.A. Branded Men’s Shave International Expansion
N.A. Shave Preps International Sun Care
Feminine Care eCommerce
Bulldog / Jack Black

60%

Stable Businesses
(Maintain/Grow)
N.A. Sun Care
Private Label Shave
N.A. Women’s and Disposables
International Shave (Developed Markets)
Infant/Other

* Approximate sales mix based on 2018 Outlook as of August 7, 2018 earnings call
Page 18
 Strong Free Cash Flow

Total Free Cash Flow(1) Target:

100%+ of Net
Earnings
$246M $250M

$107M(2)

Fiscal 2016 Fiscal 2017 Fiscal 2018E(3)

(1) Free cash flow is defined as net cash flow from operating activities less net capital expenditures and proceeds from divestitures.
(2) Includes $100M to fund International Pension Plans.
(3) As of August 7, 2018 Earnings Presentation.
Page 19
 Capital Allocation Priorities

1 Invest in the Business 2 Acquisitions 3 Share Repurchase

CapEx Spend $200 million $124 million $660 million(1)

$70M $70M 8.8 million shares
$60M

Deleverage(2)

Fiscal 1Q2017: 3.53 x

Fiscal Fiscal Fiscal
2016 2017 2018E Fiscal 3Q2018: 2.90 x

(1) Fiscal 4Q2015 through Fiscal 3Q2018.

(2) Debt Leverage defined as Net Debt-to-EBITDA (as defined per the terms of the Credit Agreement).
Page 20
Project Fuel was Undertaken to Transform our Business
and to Accelerate Growth and Value Creation

Fuel Transformation Objectives

1 Lower cost base in a competitive environment

2 Transform ways of working to promote agility

3 Reinvest in capabilities and growth areas

Page 21
Project Fuel Will Impact All Areas of the Business

1 Lower cost base in a competitive environment

Total Company Spend Project Fuel Spending Goals

$1.9B

• Cost of Goods Sold

• SG&A / R&D

COGS Mix
• Brand Investment
52% Materials (A&P, Trade, Price)
26% Overhead
10% W&D
8% Labor
4% Other

COGS A&P R&D SG&A

As of 2017 Fiscal Year

Page 22
Project Fuel: Rapid Return on One-Time Costs

Project Fuel: Estimated

Total Estimated Costs and CapEx Gross Savings
$225M Annual
• One-Time Costs: $120M - $130M
Gross Savings
Approximately 75% of
• CapEx: approx. $70M
project savings
• Timing: 80%+ incurred by end of within the first
fiscal 2019 two fiscal years(1)

$170M

$80M
Balanced Approach to Investment
and Margin Expansion
• Overcome rising inflation and
other Commodity costs
• Increase Brand Investment Fiscal 2019 Fiscal 2020 Fiscal 2021
• Margin Expansion
A&P SG&A/R&D Ops & Supply Chain

(1) Timing of project fuel savings between the 2019 and 2020 fiscal years may be refined as project plans are completed. Page 23
Project Fuel: Building a More Agile and Modern
CPG Company

2 Transform ways of working to promote agility

• Retain, sharpen external focus: consumer and customer

• Streamline targeted enterprise wide processes

• Simplify organization, drive accountability / entrepreneurialism

• Leverage digital to speed innovation, consumer insight, brand salience

Page 24
Project Fuel Will Provide Resources for Growth

3 Reinvest in capabilities and growth areas

Page 25
Agenda

Strategic
Strategic Overview
Overview David
David Hatfield, Hatfield
CEO and Chairman

Project
Project Fuel Fuel
and Financials Rod Little
Rod Little, CFO

Reinvestment
Reinvestment Priorities Colin Hutchison,
Priorities Colin COO
Hutchison

Page 26
Reinvestment Priorities

Focus on the
Re-configure into Growth Opportunities
Fundamentals

Reposition and Accelerate Sun and

Grow Wet Shave Skin Care Growth

Drive eCommerce
International
and Digital Across the
Expansion
Portfolio

Page 27
 EPC U.S. R&B Share Performance Resilient:
Investment Required for Growth Going Forward
EPC $ Share of Razors and Blades Nielsen Nielsen Industry Growth

Schick Wilkinson Sword Private Label U.S. R&B xAOC

27.7
26.4 26.7
26.1 26.4 26.6 26.1 26.7 27.0
25.6 25.7 25.8
24.6

18.3
17.6 17.4 17.2 17.6 18.2
17.4 17.6 17.2
19.0 17.8
18.5
17.9
-2.9%

-4.0% -4.0%

-5.2%
-6.1%
-6.4%
1.2 1.1 0.9
9.4 9.4 -7.7%
8.4 9.1 8.4 9.0 8.9 9.1 8.8 -8.2%
7.9
5.9 6.2 5.8
-9.1%
-10.1%
Q3’15

Q4’15

Q1’16

Q2’16

Q3’16

Q4’16

Q1’17

Q2’17

Q3’17

Q4’17

Q1’18

Q2’18

Q3’18

Q3’16

Q4’16

Q1’17

Q2’17

Q3’17

Q4’17

2017

Q1’18

Q2’18

Q3’18
Sources: Nielsen XAOC
Note: Quarters are EPC fiscal year end September 30. Page 28
 Focus on the Fundamentals

New Shave Strategy

Exclusive Partnership
Ultimate Technologies – Performance Seekers B&M & DTC
Extend Frame of
Reference: Hair with
New New Brands
Leverage Unique Portfolio & Brands
Across All Price Tiers

Value “Good enough” with

Pragmatists Purposed Brand & Design
Millennials
New

Page 29
 Focus on the Fundamentals

Shave: Consumer-centric Innovation

Leveraging cartridge Handle innovation Using hair & blades

technologies for more that improves expertise to unlock new
consumer needs consumer experience consumer usage

Men’s: Hydro Body Disposables: Xtreme Pivot Ball Women’s: Bare by Schick
Women’s: Intuition f.a.b.

Page 30
 Focus on the Fundamentals

Shave: Lead Women Innovation

f.a.b. Launch
 Staggered launch in 8 markets globally
 f.a.b. helping grow share/improve trends in 4 of 5
key markets
 Global $ growth of total intuition franchise +14%
across 14 markets

Looking Ahead: Driving Growth with f.a.b.:

 Improving packaging & optimizing marketing
mix based on year 1 learnings
 Expanding distribution to Central Europe and
Rest of Asia
 Line extensions

Page 31
 Focus on the Fundamentals

Shave: More Customer Solutions

Largest blades tech New More Exclusive Approach to

portfolio Customers: B&M, online

Increased DTC partnerships

Unlimited customized
handle options

Mach 3 fits reinvigoration

Entering new countries:
plan:
Russia, India, South Korea,
84% of trialists are repeaters
Brazil
(US)

Page 32
 Focus on the Fundamentals

Shave: Invest in Brands (“New Hydro”)

Leverage Strong Enhanced Value Build Brand Equity

Technology Proposition and Resonance

• Stronger brand purpose

• New advertising that
leads with emotion
• A digital-heavy 360
campaign

Page 33
 Focus on the Fundamentals

Shave: Invest in Brands (“New Hydro”)

• Stronger brand purpose

• New advertising that
leads with emotion
• A digital-heavy 360
campaign

Video

Page 34
 Re-configure into Growth Opportunities

Sun: Innovate Beyond Core

Key Global Sun Markets: EPC Outpaces Sun Category Dollar Sales 2x

Key New Product Initiatives, Customized to Local Needs

Fun in the Sun Aloha Therapy Body Care

“Better for you” Segment
Nature Inspired Anti Aging + Leverage Brand DNA and
Fewer Ingredients &
Mattifying Agents - Facial Fragrance Identity
Hypoallergenic

Page 35
 Re-configure into Growth Opportunities

Lead Male Skincare Growth

2018 Highlights
• U.K.: Fastest growing male skincare brand: +18%, over 17% market share
• Increased global footprint from 9 countries to 25 countries
• Launched sugarcane packaging & shower gel refills kits, reducing our environmental impact
• Revamped “Direct to Consumer” site in the U.K., upcoming in the U.S. in October 2018
• Extending brand from skincare to male grooming, with disruptive approach on high
penetration categories: Launched the first Bamboo razor line at Boots and Walgreens
Page 36
 Re-configure into Growth Opportunities

Lead Male Skincare Growth

2018 Highlights
Increased Sales Brand Investment
Driving Growth:

• #1 Position in Prestige:
Organic sales +10-17% (B&M)

• Distribution Gains:
New Doors in the US at ULTA,
DILLARDS and Sephora inside
JCPenney

• eCommerce Sales Boost (US):

e-channel: +49% , DTC: +34%

• International Expansion
Through e-Commerce:
China sales +57%

Page 37
 Re-configure into Growth Opportunities

Expand eCommerce Channels

Amazon Fiscal
2016 – 2018E(1)
CAGR
+35%

China e-commerce sales

increased 400% in fiscal
2018e(1)

Schick.com launched in
June’18 with Bulldog
coming in the U.S. in
October

(1) Expected fiscal year 2018 sales growth as of August 7, 2018 earnings call. Page 38
 Re-configure into Growth Opportunities

eCommerce Growth Plan: DTC

New
Schick.Com

New, Best in Class Functionality

• Chat
• Omnipresent e-mail collection
• Refer-a-friend
• Personalized subscription offerings:
men and women
• Exclusive offerings: ex. Bare by Schick

Consolidated Brand and Commercial

Sites
Upcoming
Global Platform and Template
Bulldog.com • Easy roll-out of new brands and
countries

Page 39
 Re-configure into Growth Opportunities

Support International Expansion

Bring Skin & Sun Brands to Enter New Markets With

More Markets
Grow China Customized Approach

• Japan: New Hydro Shave Prep
• Asia: Bulldog & Jack Black in +3 countries
• Australia: Hawaiian Tropic
• Germany: Hawaiian Tropic
• Latin America: Expand permanent
presence in Sun and Sport segment
• Hydro Launch in B&M
• eCommerce increased 4x with
boosted Schick presence at Tmall and
opening of JD.Com flagship
• Banana Boat and Jack Black launches
through Cross Border
• DTC player partnership in South
Korea, Upcoming India
• Re-entered Argentina, with Sun
then Shave in March 2018
• Re-entered Russia with Private
Label

Page 40
Closing Thoughts

Executing on our strategic pillars Objectives

Faster Better Deeper
• Drive sustained revenue and profit
growth

Fuel Growth • Grow market share by winning

$225M in Annual with compelling innovation,
Gross Savings increased agility, and digital
transformation

Re-configure into • Generate increased shareholder

Focus on the Growth value
Fundamentals Opportunities

Page 41
Barclays Global Consumer
Staples Conference

Q&A

Page 42