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Edgewell Personal Care CompanySeptember 5, 2018

Barclays Global Consumer Staples Conference

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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.

Forward-Looking Statements

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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.

Non-GAAP Financial Measures

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Strategic Overview David Hatfield, CEO and Chairman

Project Fuel and Financials Rod Little, CFO

Reinvestment Priorities Colin Hutchison, COO

Agenda

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• Portfolio of competitive and profitable brandso Since the launch of Edgewell in July 2015, have gained market share in challenging

categorieso Innovating and launching compelling new productso Executing strategic growth initiatives

• Evolving categories create challenges and opportunitieso New entrants increase competition and pricing pressure o Accelerating shift to new channels, digital and customization

• Taking proactive steps to drive changeo Strengthened Board and management teamo Conducted a comprehensive review of the businesso 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

Today’s Key Messages

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FeminineCare

Infant Care

Strong Brands

Wet Shave

Sun & Skin Care

60%19%

15%

6%

Wet ShaveSun & Skin

Femcare

Infant & Other

24%

20%

25%

20%

11%

Private Label

Branded Men’s Systems

Branded Women’s Systems

Branded Disposables

Shave Prep

Wet Shave has strong representation across sub-segments*

Strong consumer brands across multiple segments*

Geographic Mix48% International52% USA

Overview of Edgewell

* Fiscal 2017 mix

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Fuel Growth

- Colleague Engagement- Enhanced Organizational Capabilities

- Systematic Cost Reduction- ZBS, Productivity

Re-configure into Growth Opportunities

- Grow Share in E-Retail, Growth Channels- Expand International Footprint / Scale

- Build E-Comm & Digital Capabilities- Enter New Growth Categories via M&A

Focus on the Fundamentals

- Build Brand Equity/ Consumer Engagement- Compelling Innovation

- Leverage the Full Portfolio- Category Solutions

Strategy for Growth

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Led by a Full Portfolio of InnovationFocus on the Fundamentals

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Bulldog / Jack Black

International Sun Care

International Expansion

eCommerce

Shave Innovation

Investments in Strategic Growth Initiatives are Working

Approx. 20% of EPC Sales (2018E) - International Expansion (1)- International Sun Care- eCommerce (all segments)- Bulldog/Jack Black

(1) Includes Latin America, Asia Pacific (excluding Japan and Australia), Eastern & Central Europe and Middle East & Africa.

Re-configure into Growth Opportunities

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25.6

27.0

Q3’15 Q3’18

U.S. Razors & Blades Share Global Razors & Blades Share(1)

24.9

26.0

Q3’15 Q3’18

U.S. Sun Care Share

22.8 22.9

Q3’18Q3’15

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.

Category growth-570bps

Category growth-300bps

Category growth+80bps

Increased Market Share in Core Segments, Despite Challenging Categories

+140 bps

+10 bps

+110 bps

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• 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

Driving Change

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Driving Improvement and Growth Through Project Fuel

Fuel Growth

Re-configure into Growth Opportunities

Focus on the Fundamentals

Executing on our strategic pillars

Faster Better Deeper

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Stephanie LynnVP, eCommerce

20+ years of eCommerce, digital marketing and database marketing experience

Previously served as VP of eCommerce for Vineyard Vines

Paul HibbertVP, Global Supply

Chain and Operations

25+ years of manufacturing, distribution, transportation, customer service, procurement and sales and operations planning experience

Previously served as EVP of Supply Chain for Safety-Kleen Systems, Inc.

Key Leadership Changes Over the Past 16 Months

Colin HutchisonChief Operating

Officer

30+ years of operational and leadership experience in consumer goods

13 years with Edgewell, previously serving as VP of Commercial International

John HillChief Human

Resources Officer

30+ years business, management, cross-functional and leadership experience

Previously led Edgewell’s North American commercial organization

Rod LittleChief Financial

Officer

20+ years ofglobal experiencein consumer goods organizations

Public companytrack record of driving results through business transformation

Marisa IasenzaChief Legal Officer

20+ years of experience in cross-border M&A, SEC reporting, corporate governance, corporate finance and compliance

Previously served as SVP, General Counsel and Secretary at Harman International Industries

Anne-Sophie GagetVP, Global Strategy

And Innovation

25+ experience in consumer goods industry, with marketing, general management and business transformation experience.

Previously served as regional VP for South Europe, Middle-East and Africa.

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

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David P. HatfieldCEO and Chairman of the Board

Edgewell Personal Care

• Leadership, strategy, M&A, marketing, advertising

• Began career in Eveready Battery division in 1988

Daniel J. HeinrichEVP, CFO (Retired)

The Clorox Company

• Strategy, business development, operations, financial management, accounting principles, financial reporting

• 34+ years of experience in CPG industry

James C. JohnsonGeneral Counsel (Retired)

Loop Capital Markets LLC

• Legal, compliance, risk management, corporate governance, executive compensation

• Extensive executive management and leadership experience

John C. HunterChairman, President and CEO (Retired)

Solutia, Inc.

• Risk management, corporate governance and regulatory, sustainability, executive compensation

• Extensive experience as a director in CPG companies

R. David HooverChairman and CEO (Retired)

Ball Corporation

• Operations, finance• CPG industry veteran with

insight into complex business, operational and financial issues

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

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

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

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

Carla HendraChief Executive

Ogilvy Consulting

• Brand strategy, digital marketing, data/analytics and long-term planning

• 25+ years of experience in global B2B and B2C marketing

New Members since 2015

Diverse, Experienced Board of Global Thought and Business Leaders

Effective October 1, 2018

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Faster Better Deeper

Driving Improvement and Growth Through Project Fuel

Re-configure into Growth

OpportunitiesFocus on the

Fundamentals

Executing on our strategic pillars

• Drive sustained revenue and profit growth

• Grow market share by winning with compelling innovation, increased agility, and digital transformation

• Generate increased shareholder value

Objectives

Fuel Growth$225M in Annual

Gross Savings

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Agenda

Strategic Overview David Hatfield, CEO and Chairman

Project Fuel and Financials Rod Little, CFO

Reinvestment Priorities Colin Hutchison, COO

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(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.

Sales Reported: -2.0%Organic: -3.5%(2)

2018 Estimate(1)

Adjusted Operating Margin Expansion

-120 basis points

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

Earnings-to-Free-Cash-Flow Conversion Rate(4)

100%+

Reported: -2.5%Underlying: Flat(2)(3)

2015 – 2017 (CAGR)

Increased

Increased

100%+

2018 Performance: A Mandate for Project Fuel

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2018 Sales Mix*

* Approximate sales mix based on 2018 Outlook as of August 7, 2018 earnings call

Net SalesGrowth Initiatives (Invest for Growth)

International Expansion International Sun Care

eCommerce Bulldog / Jack Black

Challenged Businesses(Optimize ROI)

N.A. Branded Men’s ShaveN.A. Shave Preps

Feminine Care

20%20%

60%

Stable Businesses(Maintain/Grow)

N.A. Sun CarePrivate Label Shave

N.A. Women’s and DisposablesInternational Shave (Developed Markets)

Infant/Other

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$250M$246M

$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.

Total Free Cash Flow(1)

Strong Free Cash Flow

Target: 100%+ of Net Earnings

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Invest in the Business Acquisitions Share Repurchase

Deleverage(2)

$60M

$70M

Fiscal 2016

Fiscal 2017

Fiscal 2018E

$70M

$124 million $660 million(1)

(1) Fiscal 4Q2015 through Fiscal 3Q2018.(2) Debt Leverage defined as Net Debt-to-EBITDA (as defined per the terms of the Credit Agreement).

Fiscal 1Q2017: 3.53 x

CapEx Spend $200 million8.8 million shares

Fiscal 3Q2018: 2.90 x

Capital Allocation Priorities

21 3

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Lower cost base in a competitive environment1

Transform ways of working to promote agility2

Reinvest in capabilities and growth areas3

Fuel Transformation Objectives

Project Fuel was Undertaken to Transform our Business and to Accelerate Growth and Value Creation

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COGS A&P R&D SG&A

COGS Mix52% Materials26% Overhead10% W&D8% Labor4% Other

Total Company Spend$1.9B

As of 2017 Fiscal Year

• Cost of Goods Sold

Project Fuel Spending Goals

• SG&A / R&D

• Brand Investment(A&P, Trade, Price)

Project Fuel Will Impact All Areas of the Business

Lower cost base in a competitive environment1

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$170M

$80M

Approximately 75% of project savings within the first

two fiscal years(1)

Fiscal 2019

Ops & Supply ChainA&P SG&A/R&D

$225M Annual Gross Savings

(1) Timing of project fuel savings between the 2019 and 2020 fiscal years may be refined as project plans are completed.

Project Fuel: Estimated Gross Savings

Fiscal 2020 Fiscal 2021

Total Estimated Costs and CapEx

• One-Time Costs: $120M - $130M

• CapEx: approx. $70M

• Timing: 80%+ incurred by end of fiscal 2019

Balanced Approach to Investment and Margin Expansion

• Overcome rising inflation and other Commodity costs

• Increase Brand Investment

• Margin Expansion

Project Fuel: Rapid Return on One-Time Costs

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• 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

Project Fuel: Building a More Agile and Modern CPG Company

Transform ways of working to promote agility2

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Project Fuel Will Provide Resources for Growth

Reinvest in capabilities and growth areas3

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Strategic Overview David Hatfield

Project Fuel Rod Little

Reinvestment Priorities Colin Hutchison

Agenda

Strategic Overview David Hatfield, CEO and Chairman

Project Fuel and Financials Rod Little, CFO

Reinvestment Priorities Colin Hutchison, COO

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Reposition and Grow Wet Shave

Focus on the Fundamentals

Re-configure into Growth Opportunities

Reinvestment Priorities

Drive eCommerce and Digital Across the

Portfolio

Accelerate Sun and Skin Care Growth

International Expansion

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5.9 6.2 5.87.9 8.4 9.1 8.4 9.0 9.4 9.4 8.9 9.1 8.8

1.2 1.1 0.9

18.5 19.017.9

17.8 17.417.6

17.6 17.418.3 17.2 17.2 17.6 18.2

Q3’15

Q3’16

Q1’16

Q4’15

25.6

Q2’16

Q2’17

26.4

Q4’16

Q1’17

Q3’17

Q3’18

Q4’17

Q1’18

Q2’18

24.625.7 25.8

26.7 26.1 26.427.7

26.6 26.1 26.7 27.0

Schick Private LabelWilkinson Sword

Nielsen Industry GrowthEPC $ Share of Razors and Blades Nielsen

Sources: Nielsen XAOCNote: Quarters are EPC fiscal year end September 30.

-4.0%

-5.2%

-6.1%

-9.1%

-10.1%

-7.7%-8.2%

-6.4%

-4.0%

-2.9%Q

3’16

Q4’17

Q2’17

Q4’16

Q1’17

Q1’18

Q3’17

2017

Q2’18

Q3’18

U.S. R&B xAOC

EPC U.S. R&B Share Performance Resilient: Investment Required for Growth Going Forward

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Exclusive Partnership

B&M & DTC

with

New Brands

Extend Frame of Reference: Hair

Leverage Unique Portfolio & BrandsAcross All Price Tiers

Ultimate Technologies – Performance Seekers

“Good enough” withPurposed Brand & Design

Millennials

ValuePragmatists

New

New

New Shave StrategyFocus on the Fundamentals

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Men’s: Hydro BodyWomen’s: Intuition f.a.b.

Disposables: Xtreme Pivot Ball Women’s: Bare by Schick

Leveraging cartridge technologies for more

consumer needs

Handle innovation that improves

consumer experience

Using hair & blades expertise to unlock new

consumer usage

Focus on the Fundamentals

Shave: Consumer-centric Innovation

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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

Shave: Lead Women InnovationFocus on the Fundamentals

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Unlimited customized handle options

Mach 3 fits reinvigoration plan:84% of trialists are repeaters (US)

More Exclusive Approach to Customers: B&M, online

Increased DTC partnerships

Largest blades tech portfolio

Entering new countries: Russia, India, South Korea,Brazil

New

Shave: More Customer SolutionsFocus on the Fundamentals

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Shave: Invest in Brands (“New Hydro”)Focus on the Fundamentals

Leverage Strong Technology

Enhanced Value Proposition

Build Brand Equity and Resonance

• Stronger brand purpose• New advertising that

leads with emotion• A digital-heavy 360

campaign

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Shave: Invest in Brands (“New Hydro”)Focus on the Fundamentals

• Stronger brand purpose• New advertising that

leads with emotion• A digital-heavy 360

campaign

Video

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Fun in the Sun“Better for you” Segment

Fewer Ingredients & Hypoallergenic

Aloha TherapyNature Inspired Anti Aging +

Mattifying Agents - Facial

Key New Product Initiatives, Customized to Local Needs

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

Re-configure into Growth Opportunities

Sun: Innovate Beyond Core

Body CareLeverage Brand DNA and

Fragrance Identity

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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

Lead Male Skincare GrowthRe-configure into Growth Opportunities

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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%

Lead Male Skincare GrowthRe-configure into Growth Opportunities

2018 Highlights

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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

Expand eCommerce ChannelsRe-configure into Growth Opportunities

(1) Expected fiscal year 2018 sales growth as of August 7, 2018 earnings call.

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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

Global Platform and Template• Easy roll-out of new brands and

countries

Upcoming Bulldog.com

eCommerce Growth Plan: DTCRe-configure into Growth Opportunities

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Grow China Enter New Markets With Customized Approach

• DTC player partnership in South Korea, Upcoming India

• Re-entered Argentina, with Sun then Shave in March 2018

• Re-entered Russia with Private Label

Bring Skin & Sun Brands to More Markets

Support International ExpansionRe-configure into Growth Opportunities

• 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

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Faster Better Deeper

Closing Thoughts

Re-configure into Growth

OpportunitiesFocus on the

Fundamentals

Executing on our strategic pillars

• Drive sustained revenue and profit growth

• Grow market share by winning with compelling innovation, increased agility, and digital transformation

• Generate increased shareholder value

Objectives

Fuel Growth$225M in Annual

Gross Savings

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Q&A

Barclays Global Consumer Staples Conference