Holdings, Inc.

Morgan Stanley ConferenceNovember 2010

Holdings, Inc.

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 condi tion 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.

Holdings, Inc.

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.

Holdings, Inc.

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

Holdings, Inc.

An Evolution to a Global, Diversified

Consumer Products Company

Source: Company filings

Note: Market share positions based on Company estimates1Represents battery and lighting products

Batteries¹

52%

Skin care

9%

Batteries1

100%

2010 (post PYX & Edge)2000 (post spin-off) 2005 (post Schick)

Batteries¹

69%

Razors

and

blades

31%

Feminine

care

4%

Infant

care

5%

Wet

Shave

30%

Holdings, Inc.

Lighting

Products

#1

Household Products Personal Care Products

Household

&

Specialty

Batteries

#1

Global

Wet Shave

#1 / #2

Tampons

#2

Infant

Care

#1

Sun &

Skin Care

#1

Note: Market share position based on company estimates

Breadth of Portfolio is Extensive

Holdings, Inc.

Household Products

Holdings, Inc.

Revenue ($mm)

Source: Company filings

Note: September fiscal year-end;

$1,694 $1,740 $1,800$1,945 $2,059

$2,147$2,376 $2,474

$2,110 $2,200

$0

$1,000

$2,000

$3,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Segment Profitability ($mm)

$235

$354 $370$406 $438 $442

$472 $489

$399$451

$0

$200

$400

$600

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

10%

15%

20%

25%

30%

Results – Household Products

Segment Profitability as a % of sales

+4% YOY

+13% YOY

Holdings, Inc.

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

Data Labels are 8 rolling waves ending Wave 4

Primary Powered Devices

Battery on Board ex Cell

Phones

Total Primary: AA/AAA/C/D/9V

# o

f D

evic

es

U.S. Device Inventory

1,500

1,000

500

Current Situation – Devices

Holdings, Inc.

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

. . . ENR has grown market share with a diversified portfolio that meets

consumer’s needs

Source: US FDMX Household Batts (calendar year basis)

'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) 0.2 0.9 0.5 1.0 0.1

Change versus Prior Year

US FDMX Household Batts Category Trends

Current Situation - Category

Holdings, Inc.

Source: Nielsen Home Scan Panel

Pack Upsizing Causes Pantry Loading

Reducing buying households and purchase

frequency

-2% -3%

Buying

Households

Purchase

Occasions

Price Gaps and Promotion Lower Price

Driving down dollars per household and

incremental sales

-6% -10%

Dollars per

Household

Incremental

Dollars

Lower price per battery has not increased consumption

Holdings, Inc.

Lower price per battery has not increased market share for most retailers, so they aren’t “winning”

Source: Nielsen FDMx

Dollar Share Point Change vs. YAA

ve

rag

e P

ric

e p

er

EQ

Ch

an

ge

vs

. Y

A

= Individual retailer results

As price

goes down…

Retailer share does not

necessarily go up

Holdings, Inc.

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)

Current Situation –Manufacturing Footprint

Holdings, Inc.

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 2011 . . . 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

Current Situation - Restructuring

Holdings, Inc.

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

ENR Household –Strategies Going Forward

Holdings, Inc.

Personal Care

Holdings, Inc.

FY 2010 Total PC Sales – $2,049

Wet Shave

62%

Feminine Care

10%

Skin Care

18%

Infant Care

10%

Personal Care Revenues

Holdings, Inc.

$367

$86$108

$128$156

$323$341

$0

$200

$400

2004 2005 2006 2007 2008 2009 2010

Revenue ($mm)

Source: Company filings

Note: September fiscal year-end and financials include impact of acquisitions

$868 $931 $930 $989

$1,857 $1,890$2,049

$0

$500

$1,000

$1,500

$2,000

2004 2005 2006 2007 2008 2009 2010

Segment Profitability ($mm)

Results – Personal Care

+8% YOY

+8% YOY

Holdings, Inc.

$625

$745

$868 $931 $930

$989 $1,085 $1,118

$1,265

2002 2003 2004 2005 2006 2007 2008 2009 2010

Net Sales

Wet Shave Growth

Holdings, Inc.

2003 2010

Women’s Systems $135 $278

Men’s Systems $297 $390

Disposables $252 $386

True Category Innovation Drives Top Line Growth

Holdings, Inc.

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

True Category Innovation Drives Top Line Growth

Hydro Launch

Holdings, Inc.

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

American Safety Razor Acquisition

Holdings, Inc.

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

The “Edge” and “Skintimate” Acquisition

Holdings, Inc.Men’s Shave Prep Market Share

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

Sun Care

Holdings, Inc.

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.

Feminine Care

Holdings, Inc.

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

Infant Care

Holdings, Inc.Financial Outlook

Holdings, Inc.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.

Holdings, Inc.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

Holdings, Inc.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

Holdings, Inc.

$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 @ 5.1% average rate

– 92% fixed

Strong Financial Position

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 108.7 million. This resulted in Free Cash Flow of

$543.7 million.

Holdings, Inc.