LENDER PRESENTATION

SEPTEMBER 9, 2019

+

1

This presentation and some of our comments contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. ThePrivate Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of Edgewell Personal Care Company (“Edgewell”, “we” or “the Company”) or any of ourbusinesses. These statements are not based on historical facts, but instead reflect our expectations, estimates, or projections concerning future results or events, including, without limitation, the future earnings andperformance of the Company, the anticipated benefits of the proposed acquisition of Harry’s, and the timing of consummation of such acquisition. These statements are not guarantees of performance and areinherently subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannotassure you that any of our expectations, estimates or projections will be achieved. You should not place undue reliance on these statements. Forward-looking statements generally can be identified by the use ofwords or phrases such as “believe,” “expect,” “expectation,” “anticipate,” “may,” “could,” “intend,” “belief,” “estimate,” “plan,” “target,” “predict,” “likely,” “will,” “should,” “forecast,” “outlook,” or other similarwords or phrases and relate, in this presentation, without limitation, to: statements, beliefs, projections, and expectations regarding the proposed acquisition of Harry’s; the timing for completion of the transaction;the ability of the Company to close the transaction, on the anticipated terms or at all; key terms and anticipated benefits of the transaction; availability and terms of financing related to the transaction; and thetransaction’s impact on the Company’s business and financial results, including its go-forward management vision and strategy.

In addition, other risks and uncertainties not presently known to us or that we presently consider immaterial could significantly affect the forward-looking statements, including, but not limited to: the occurrence ofany event, change or other circumstances that could give rise to the termination of the definitive agreement to acquire Harry’s; the risk that the necessary regulatory approvals may not be obtained or may bedelayed or obtained subject to conditions that are not anticipated; the risk that the transaction will not be consummated in a timely manner; the risk that the Company will experience unanticipated delays ordifficulties and transaction costs in consummating the transaction; the risk that any of the closing conditions to the transaction may not be satisfied in a timely manner or at all; the risk related to disruption from thetransaction and the related diverting of management’s attention making it more difficult to maintain business and operational relationships; the failure to realize the benefits expected from the transaction or otherrelated strategic initiatives; the impact of the transaction on the Company’s share price and market volatility; the effect of the announcement of the transaction on the ability of the Company to retain customers andsuppliers, retain or hire key personnel, and maintain relationships with customers, suppliers and lenders; the effect of the transaction or the announcement and completion of related transactions on the Company’soperating results and businesses generally; the impact of any future acquisitions or additional divestitures, restructurings, refinancings, and other unusual items, including the Company's ability to raise or retire debtor equity and to integrate and obtain the anticipated benefits, results and/or synergies from these items or other related strategic initiatives; and the possibility of more attractive strategic options arising in thefuture. Additional information concerning these and other factors that could cause the Company’s actual results to vary is, or will be, included in the Company’s periodic and other reports filed with the Securities andExchange Commission. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither Edgewell nor any of its affiliates, representatives or advisors assumes any responsibility for, or makes any representation or warranty (express or implied) as to, the reasonableness, completeness, accuracy orreliability of the estimates and other information contained herein, which speak only as of the date identified on the cover page of this presentation. Edgewell and its affiliates, representatives and advisors expresslydisclaim any and all liability based, in whole or in part, on such information, errors therein or omissions therefrom. Neither Edgewell nor any of its affiliates, representatives or advisors intends to update or otherwiserevise the estimates and other information contained herein to reflect circumstances existing after the date identified on the cover page of this presentation, including to reflect the occurrence of future events evenif any or all of the assumptions, judgments and estimates on which the information contained herein is based change or are shown to be in error.

Industry, market and competitive position data described in this presentation were obtained from the Company’s own internal estimates and research, as well as from industry and general publications and research,surveys and studies conducted by third parties. While the Company believes its internal estimates and research are reliable and the market definitions are appropriate, such estimates, research and definitions havenot been verified by any independent source. You are cautioned not to place undue reliance on this data.

This presentation includes Non-GAAP financial measures, as defined under SEC rules. Reconciliations of these measures to the most directly comparable GAAP financial measures are included at the end of thispresentation.

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 arereferred to as “adjusted,” “organic” or “underlying” and exclude items such as impairment charges, costs associated with the acquisition and integration of Jack Black, L.L.C. (“Jack Black”), costs associated with theacquisition and integration of Harry’s, restructuring charges and amortization of intangibles. Reconciliations of Non-GAAP measures, including reconciliations of measures related to the Company’s fiscal 2019financial outlook, can be found in the Company’s earnings releases for the third quarter of fiscal 2019 and full year fiscal 2018. This Non-GAAP information is provided as a supplement to, not as a substitute for, or assuperior 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 investorsbecause 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 bemasked 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 informationprovides 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 2019 fiscal year and other materialsthat can be found on its Investor Relations website at http://ir.edgewell.com.

Agenda

INDUSTRY OVERVIEW1

EDGEWELL OVERVIEW2

HARRY’S OVERVIEW3

KEY CREDIT STRENGTHS5

FINANCIAL PERFORMANCE AND STRATEGY6

COMBINATION OF EDGEWELL AND HARRY’S4

7

2

HIGHLY CONFIDENTIAL

HIGHLY CONFIDENTIAL

INDUSTRY OVERVIEW

10%

21%

26%

39%

Personal Care HomeFurnishings

Apparel ConsumerElectronics

BRANDS NOT RESONATING WITH MODERN CONSUMERS

UNABLE TO CONNECT THROUGH DIRECT SALES CHANNELS

RESULTING IN SLOW GROWTH

Legacy brands built for a differentgeneration

Confusion at the shelf

Lack of innovation

2.5%

0%

10%

CPG Average

(1)Source: Statista and FactSet(1) Average based on S&P 500 Consumer Staples index, excluding Food & Staples retailing

CPG Industry is Facing a Number of Challenges

CY ’18-’20E CAGRE-Commerce Penetration% of Retail Sales

(1)

1

2

3

4

MEN'S GROOMING SEGMENT SIZE (USD MILLION)EURO MONITOR EST. FOR TOP 8 MARKETS (1)

Male Grooming Segment Continues to Grow

5

Trends Related to Potential Of Male GroomingMale Grooming is Projected to Reach $19.1B by 2022

Source: Euromonitor(1) Men’s grooming segment includes Wet Shave and Pre & Post shave products. Key markets include US, Canada, UK, Germany, France, China, Japan and Australia

6,339 5,927 6,231

1,513 1,790 2,144

3,159 3,874 4,793

2,144 2,495

2,859 1,990 2,475

3,112

2014 2018 2022

Shaving Bath & Shower Deodorants Hair Care Skin Care

$19,138

$16,560$15,144

Toiletries$8,805

$10,663$12,907

Top 8 Markets (1)

Proj. CAGR

Segment / Sub-segment 14-18 18-22

Total Grooming 2.3% 3.7%

Shaving (1.7%) 1.3%

Toiletries 4.8% 5.0%

Bath & Shower 4.3% 4.6%

Deodorants 5.2% 5.5%

Hair Care 3.9% 3.5%

Skin Care 5.6% 5.9%

Asian Male Beauty(Japan / S. Korea)

Maintaining Facial Hair(Western World)

Body Grooming(Global)

Our Aging Population(Global)

1

2

3

4

• New masculinity in Asia is men with fresh, clean, flawless and delicate-looking skin (“baby face”)

• Achieving a close, smooth shave remains important to maintain a groomed look

• Increasing desire for “clean shaven’ bodies

• Opportunity to understand the grooming habits and unmet needs of older men

Male grooming trends are key element of growth story

1

Wet Shave Remains an Attractive Category

6

Structurally Protected Through IP

Attractive Wet Shave Gross Margins(1)

■ Meaningful investments in manufacturing technology and infrastructure

■ 2,900+ granted global patents

■ 450+ pending patent applications

■ Manufacture of 10+bn blades annually

(1) Reflects fiscal year 2018

~60%

The Combination of Harry’s and EPC Has Been Taking Share of U.S. Wet Shave Over Time

Outperforming the category Meaningful share growth

Razors and Blades Have Few Established Brands, but Accelerating Brand Entry

$ Volume 2016-2018 CAGR

U.S. Men’s Wet Shave

Source: Nielsen xAOC

% Share 2016-2018

U.S. Men’s Wet Shave

7

Global (4+ Markets) 2-3 Markets

Global Sun Care Market Continues To Grow And Edgewell Has Leading Share

8

#1

#1

19%

10%

19%22%

3%1%

4%

6%

9%

18%

8%

5% 3%0%

5%

10%

15%

20%

25%

30%

35%

40%

US CA Mexico Australia Chile Spain UK Colombia

Edgewell SunCare Dollar Share & Market Position

BB HT

#1

#1

#1

#2

#3

#5

HT new in F19

China

BB new in F20eCom

#4 #4

EPC Sun holds #1 share in 3 markets – US, Australia, and MexicoBB plans to enter the largest, fastest growing market: China

Cat. $MM Size ’18 $2.1 $0.16 $0.22 $0.11 $0.07 $0.06 $0.4 $0.5 $1.0

% Chg (CAGR to ‘23) 3.1% 3.0% 7.9% 5.5% 3.4% 4.4% 6.5% 6.2% 10.3%

Source: Nielsen 52 weeks April 2019 EPC Sun Care Executive Topline reportEuromonitor: Total sun care incl. After Sun 4 year CAGR (19-23)

HIGHLY CONFIDENTIAL

HIGHLY CONFIDENTIAL

EDGEWELL OVERVIEW

Edgewell at a Glance

WET SHAVE

SUN & SKIN CARE

FEMININE CARE

INFANT CARE

EDGEWELL’S PORTFOLIO OF BRANDS

FY 2018 REVENUE MIX BY SEGMENT FY 2018 REVENUE MIX BY PRODUCT

60%20%

15%

6%

Sun & Skin

Femcare

Infant & Other

Wet Shave

FY 2018 Revenue: $2,234MGeographical Mix: 56% United States & 44% International

53%

15%

15%

6%

6%5%

Sun Care Products

Shaving Gels & Creams

Razors & Blades

Tampons, Pads & Liners

Infant & Other

Skin Care Products

10

11

Edgewell’s Strategic Overview and Initiatives

In An Evolving Industry Backdrop…

…We Took Proactive Steps to Drive Change

Project Fuel

■ Evolving categories creating new challenges and opportunities

■ New entrants, increased competition and pricing pressure

■ Accelerating shift to new channels, digital and customization

■ Constrained growth despite strong portfolio of competitive and profitable brands

■ Conducted comprehensive review of all business segments with assistance of external advisors

■ Thorough assessment of performance in challenging category environments and review of all value creation levers

■ Strengthened Board and management team

■ Implemented Project Fuel: enterprise-wide initiative to transform business and cost structure, enabling investment for growth and margin expansion

1

2

Focus on Fundamentals

■ Reposition and focus on Wet Shave – continue to innovate

■ Lower cost base in competitive environment

■ Transform ways of working to promote agility

■ Leverage unique portfolio and brands across all price tiers

Re-Configure Into Growth Opportunities

■ Drive eComm and digital across the portfolio

■ Accelerate Sun and Skin Care growth

■ International Expansion

Expect $225-240mm in annual gross savings by end of FY2021 to fund growth,

transformation and margin expansion

Fuel Growth

Reinvest in business

Growth through M&A:

Enhancing Shareholder Value Through Project FuelFUEL OBJECTIVES & EMPHASIS

Lower Cost Base in a Competitive Environment1

Transform Ways of Working to Promote Agility2

Reinvest in Areas of Strong Growth and Capability3

In Fiscal Year 2018, Total Company Spend was $1.9Bn , going forward our goal is to achieve $225mm in annual gross savings by the end of Fiscal Year 2021 to:

■ Reduce Cost of Goods Sold

■ Reduce SG&A and R&D

■ Increase Investments in our Brands through A&P, Trade and Price

■ Retain and sharpen external focus: consumer and customer

■ Streamline targeted enterprise wide-processes

■ Simplify organization, drive accountability and entrepreneurialism

■ Leverage digital to speed innovation, consumer insight and brand salience

■ Reposition and grow Wet Shave

■ Accelerate Sun and Skin Care growth via innovative new products

■ Expand market access through broader sales channels and international expansion

■ Drive eCommerce and digital throughout the portfolio

12

$170M

$115M

APPROXIMATELY 75% OF PROJECT SAVINGS WITHIN THE FIRST TWO

FULL FISCAL YEARS(1)

FISCAL 2019

Ops & Supply Chain A&PSG&A/R&D

$225-240M Annual Gross Savings

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

FISCAL 2020 FISCAL 2021

Delivering Rapid Return on One-Time Costs

■ One-Time Costs: $130M - $140M

■ CapEx: approx. $60M - $70M

■ Timing:

− Began implementation in 2018

− 80%+ incurred by end of FY 2019

TOTAL ESTIMATED COSTS AND CAPEX

APPROACH ON INVESTMENT AND MARGIN

■ Overcome rising inflation and other

commodity costs

■ Increase Brand investment

■ Margin expansion and value creation

ESTIMATED GROSS SAVINGS

13

Go Forward Strategy For Feminine And Infant Care Businesses

14

STRATEGIC BACKDROP GO FORWARD STRATEGY

■ In February 2019, Edgewell began a strategic review of its Feminine and Infant care businesses

■ The portfolios include well recognized brands with good innovation pipelines and stabilizing 2019 business trends

■ Despite declining trends, both businesses generate significant profit

■ Low tax basis and significant stranded costs in any potential divestiture a key consideration

■ After completing a lengthy review, including running a divestiture process, Edgewell has elected to retain the Feminine Care business. While the Company is still evaluating the Infant Care segment, a potential sale would not materially affect leverage. Rationale for keeping the Feminine Care Business includes:

− Improving top line trends and strong pipeline of programs and innovation not reflected in market value

− Meaningful EBITDA and cash flow contribution of existing business

− Complex carve out and TSA process anticipated, driving meaningful potential dis-synergies

− Potential to create synergies with Harry’s, as well as limiting internal disruption during integration

■ Beginning in fiscal 2020, Edgewell will run the Feminine Care business as a standalone, autonomous business with direction to stabilize top-line and optimize for profit and cash

2018A Segment Profit

9%

5%

Keeping Our Feminine Care Business Allows for aStronger Cash Flow Profile and Greater Deleveraging

EPC Group (excl. Feminine and Infant Care)

Feminine Care

Infant Care

HIGHLY CONFIDENTIAL

HIGHLY CONFIDENTIAL

HARRY’S OVERVIEW

Harry’s at a Glance

16

MEN WOMENPRIVATE

LABEL

HARRY’S PORTFOLIO OF BRANDS

HARRY’S HAS DEMONSTRATED GROWING PENETRATION IN RETAIL CHANNELS

FY 2018 Geographical Mix: 76% North America & 24% International

1% 2% 5% 7%

FY 2016 FY 2017 FY 2018 LTM AUGUST, 2019

Harry’s Retail Market Share Other Providers Market Share

Source: Nielsen

Harry’s Is Truly a Next Generation CPG Company

17

Harry’s Vision Have built a formidable platform to disrupt the CPG industry1

The Harry’s brand provides a playbook that is proven

and repeatable

Build brands that are aspirational yet relatable and accessible

DTC-led and enabled by omni-channel distribution capabilities

Leverage our credibility to expand across product adjacencies

Have successfully replicated our playbook in international markets

Have leveraged private label business to help fuel growth

2

3

4

5

6

Have built an effective, global organization

to executeBuilt the operational infrastructure to effectively support growth7

Plan to deploy playbook and capabilities across a wide

range of opportunities in CPG

Harry’s Labs is applying experience and know-how across a broader set of CPG categories

Have executed playbook with the Flamingo launch and extension into Men’s Health

Aspiration is to launch two new brands per year and cement status as a leader in CPG

8

9

10

Differentiated growth Have grown at ~30% CAGR since 201611

Harry’s Is A Successful Challenger Brand

2013CY’2019E Revenue

~$325mmRetail category share(1)

30%+

PHENOMENALGROWTH

TAKINGSIGNIFICANT SHARE

LAUNCHED

Across new category launches

#1 SKUs

SUCCESSFUL BRAND EXTENSIONS

20151 million DTC customers

2014 Acquired German factory

2017U.K. DTC launch

20162018

2019

2018

Source: Nielsen xAOC(1) At retailers where present

18

Driven by a Relentless Focus on what the Consumer Wants and an Imagination to Deliver Beyond

BUILD PRODUCTS AND BRANDS THAT RESONATE

DRIVING DEEP RELATIONSHIPS AND STRONG ADVOCACY

GET TO KNOW CUSTOMERS

Connect directly with customers and understand their needs

Brands that are relatable and everyday aspirational

51%

21%

Source: Shaving Market – Consumer Survey (3rd party research)

Percent highly likely to

recommend to a friend

Leading Competitor

19

Harry’s Has Developed a Fully Functional, Global Organization

20

Manufacturing capabilities Best-in-class Industrial Design

Soft product expertise Global operational footprint

• Ability to design high-performance products and packaging with modern design

• Includes numerous patents / registered designs and applications

• Vertically integrated in 2014, acquiring feintechnik, our razor blade facility in Germany

• Invested substantially to expand and upgrade its capabilities

• Advanced manufacturing technology

• Award-winning formulations and scents primarily designed in house and owned by Harry’s

• Global product development teams includes chemists, formula design, packaging, project management, and sourcing

• 850+ personnel across 5+ countries

• R&D and operational management with deep experience from top-tier CPG companies

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Strong DTC Platform Enables Harry’s to Better Connect with Consumers & Transition the Brand Across Channels

~4M cumulative DTC customers acquired

77% “Bill-through” rate on subscriptions

2M+ Direct CX contacts completed

50%

Combination of DTC and retail creates a compelling set of purchase options for consumers and drives meaningful impact with retailers

E-mail open rates (3x e-comm benchmark)

Leverage customer insights from DTC

Offer simple, straight-forward experience

Broad reach

Loyal subscriber base High engagement

Deep relationships

Engage customers

Offer theBest option

for them

Get to know them

Driveloyalty

+ repeat

Positive customer experiences and high satisfaction

BUILD RELATIONSHIPS THROUGH DTC ENABLES DISRUPTIVE PRESENCE AT RETAIL

69% of first-time retail customers

were already aware of Harry’s

Source: Harry’s proprietary data

21

Despite Being DTC led, Harry’s Realized that there was Significant Opportunity in Brick and Mortar

22

Most men buy their razors in-store……And we felt that incumbent shaving options were

not delivering for customers at retail

Source: Brand health survey, wall street research, euromonitor, public filings

“I like just going to the store when I need more blades so I'm not sure I’d switch to shop online”

“It’s just convenient to shop at stores, I’m there once a week with my family anyway”

85%

15%+

0%

20%

40%

60%

80%

100%

120%

Men's Shaving

In-Store Online

% Of U.S. men’s shave sales

Overpriced

Overdesigned/unrelatable brand

Confusing/ painful at shelf

$7 per cartridge

Strong omni-channel start;500k+ customers in 6 months;Top 3 handle SKUs at Target

Harry’s Playbook Has Been Proven Across New Markets and Categories

U.K. BODY & BAR WOMEN’S

#1 body wash SKU at Target;Achieved >10% share with 3

SKUs

>400k customers acquired; Successful launch at Boots

U.K.

U.S.

Indexed Post-Launch Cumulative Customers Acquired(1)

Months Since Launch

Source: Nielsen xAOC(1) Comparison of June 2017 to March 2018 for U.K. and March 2013 to December 2014 for U.S., normalized for populations (000’s)

23

HIGHLY CONFIDENTIAL

HIGHLY CONFIDENTIAL

COMBINATION OF EDGEWELL AND HARRY’S

Power of an Edgewell and Harry’s Combination

25

Unique Consumer Centric Platform to Launch New Brands and Products Across Personal Care

Combines Edgewell’s Leading Technology and Manufacturing Capabilities with Harry’s Best-in-Class Modern Branding and Design Capabilities

Ability to Accelerate Harry’s International Growth Using Edgewell’s Global Infrastructure

Leverage Harry’s DTC Know-How Combined with Edgewell’s Broader Channel Expertise

Leverage Shared Product Technology to Expand into Adjacent Categories

Compelling Cost Synergy Opportunities

Compatible Leadership Team with Shared Vision / Mission

1

2

3

4

5

6

7

Compelling Combination… …With Leading Market Positioning

Sh

ave

Sk

inS

un

#1 Japan Wet Shave

#2 U.S. Women’s Razors and Blades#2 U.S. Men’s Razors and Blades

#1 U.S. Men’s Pre / Post Shave

#1 U.S. Women’s Pre / Post Shave

#1 U.S. Sun Care

#2 W. Europe Wet Shave

Consumers Are Demanding a Differentiated Approach

CONSTANTLY INNOVATING TO MEET CONSUMER NEEDS

EXCEPTIONAL PRODUCTS BRANDS THAT CONNECT OMNI-CHANNEL MODEL

RELATABLE BRANDS THATSHARE CONSUMER BELIEFS

AVAILABLE HOW AND WHERE CONSUMERS WANT

26

Edgewell and Harry’s Bring Together the Capabilities to Better Meet Consumer Needs

WORLD-CLASS PRODUCT TECHNOLOGY

PORTFOLIO OF WELL-ESTABLISHED BRANDS

GLOBAL SCALE AND INFRASTRUCTURE

COST DISCIPLINE AND CASH FLOW TO DRIVE INVESTMENT

MODERN BRAND BUILDINGAND PRODUCT DESIGN

PERFORMANCE MARKETINGAND DATA ANALYTICS

STRONG DTC CAPABILITIES AND TECHNOLOGY COMPANY

DISRUPTIVE OMNI-CHANNEL APPROACH

COMBINATION IS HIGHLY COMPLEMENTARY AND TRANSFORMS EDGEWELL INTO A NEXT GENERATION CONSUMER PRODUCTS PLATFORM

27

Our Leadership Positions Allow us to Reshape and Grow in Attractive Core Categories

Proven ability to innovate and disrupt, driving category growth at key retailers

Greater combined scale and consumer insights enable an even more effective

approach to core categories

■ Highly attractive margin structure

■ Recurring spend driven by high degree of customer loyalty

■ Innovation and disruption driving increased attention to the aisle

■ Increasing focus on wellness and making sun care part of daily routine

■ Whitespace for new products and brands to meet needs and delight consumers

Source: Nielsen xAOCNote: Brand portfolio and position do not include feminine & infant care; category positions reflect $ share, unless otherwise noted

Category Attractiveness

#1 Japan Wet Shave#2 W. Europe Wet Shave

#2 US Women’s Razors & Blades#2 US Men's R&B

Key Brands

Leadership Positions

#1 US Men’s Pre / Post Shave#1 US Women’s Pre / Post Shave

#1 US Sun Care

SHAVE SKIN SUN

■ High average spend across category

■ Recurring spend and high customer loyalty

■ Natural synergy with Shave and Sun portfolios

28

We Have an Opportunity to Continue Disruption by Leveraging Our Combined Platform

29

Data and Analytics

Digital and Performance Marketing

R&d, Supply Chain and Distribution

Retail Relationships

Finance, Legal, It and People

Technology and Web Platform

Shopper Experience and Engagement

Traditional CPGCapabilities

New Brands

Common Platform

Modern CPGCapabilities

Millions of households accessing multiple brands

HARRY’S STRENGTHS

EPC’S STRENGTHS

Leveraging a Proven Playbook That is Better Together

BUILD A BRAND THAT CONNECTS WITH CONSUMERS

DEEPEN AND BROADEN RELATIONSHIPS WITH CONSUMERS THROUGH DTC

EXPAND INTO RETAILLEVERAGING SUCCESS IN DTC

REPLICATE SUCCESS INTERNATIONALLY

TAKE BRAND EQUITY INTONEW PRODUCT ADJACENCIES

Global, omni-channel, diversified consumer products company

30

Well-Positioned to Win in Core Categories and Launch New Products or Brands in Adjacencies

2018 US Category Sales (in $B)

Significant opportunity to address unmet needs across the personal care spectrum and distribution channels

–Men’s Razors and Blades–Men’s Shave Preps and

Associated Lotions –Body Wash and Bar Soaps

–Men’s Hair Products & Women’s Shave Products, Preps,

Waxes (Launched in 2019)

–Men’s Anti-Perspirant and Deodorant

–Additional Women’s Soft Products, including Lotions

Source: Euromonitor

$25

+$75 $100

Current Categories AdjacentPersonal Care Categories

Total Addressable

31

LABS

Harry’s Has Built a Formidable Platform to Disrupt the CPG Industry and the Retail Channels

32

PRODUCT DEVELOPMENT

DRIVEN BY REAL CONSUMER PAIN POINTS

MODERN AND RELATABLE BRANDS

BUILT FROM SCRATCH FOR TODAY’S

CONSUMER

FULLY INTEGRATED OMNI-CHANNEL

EXPERIENCE TO MEET CONSUMER

NEEDS

Understand modern consumers,their values and beliefs in a world

where legacy brands no longerresonate

Create differentiated, well designedproducts, taking stagnant

categories and returning them togrowth

Use DTC to build strong customerawareness and relationships that fuel

the success at retail

Opportunity to Accelerate International Expansion Through Edgewell’s Global Reach

33

We Have Developed a Detailed Integration Roadmap

34

• Make decisions on what to integrate vs. keep separate vs. redesign

• Set financial aspirations

• Define work streams to prepare designs / plans for NewCo

• Define Day 1 scope (what to prioritize)

• Set up governance

• Create bottom-up plans to deliver growth (at brand / customer level)

• Design organization for NewCo, including costing

• Make decisions on processes, systems and transition over time

• Prepare plans for Day 1 delivery

• Create integrated financial plan

June 2019 (~4 weeks) July-October 2019 (~4 months)

• Deliver seamless Day 1

• Execute growth plans

• Transition organization (including assessment / selection where appropriate), processes and systems

• Deploy plans / responsibilities to line owners (and set budgets)

• Track delivery vs. financial aspiration

Target end of Fiscal 2021 (~2 years)

Mobilization phase completed

on June 27

Execution: Delivering on Aspiration of the combination

(some elements starting in design)

Design: Workstreams designing NewCo and how to get there

Mobilization: Major framing of the combination

Strong Team Identified to Support the Integration

35

Commercial Functions

Transformational Value

Support Functions

Technical Functions

Have Identified 14 Key Areas To Drive Design and Planning for the NewCo and Assigned A Lead Resource to Each Area

Sun CareShave Brand Architect

and Product Technology

International Brand and Portfolio

NewCo Culture

Finance & Control IT Legal HR

US Sales US MarketingInternational

Commercial DesignGlobal Marketing

Operations Product Innovation

Integration Leads

Edgewell & Harry’s Executive Leadership

VP, Global Procurement (Edgewell)

COO (Harry’s)Steering

Committee

Sustainable Long-Term Growth Opportunities Enabled by Our Combined Set of Capabilities

5 Accelerate international growth on Edgewell’s global infrastructure

1

Leverage Edgewell’s broader channel expertise4

2 Improve Harry’s and Flamingo products with Edgewell’s technology

Leverage shared product technology to expand into adjacent categories

Apply modern branding and design capabilities across the portfolio

6

Build new brands that differentially meet consumer needs7

3 Build engaging DTC experiences for Edgewell brands on Harry’s platform

+

36

HIGHLY CONFIDENTIAL

HIGHLY CONFIDENTIAL

KEY CREDIT STRENGTHS

Key Credit Strengths

38

2 Industry-Leading Growth and Margin Profile

1 Compelling Combined Company Financial Profile

43 Meaningful Synergy Opportunities

44 Exceptional Leadership Team

45 Successful Global Footprint and Valuable IP

Compelling Combined Company Financial Profile

PROFILE DRIVERS

TOP-LINE ■ Mid-single digit growth algorithm ■ Accelerated growth outperforms CPG in

both core business and synergy capture

■ High 40s gross margin model(with synergies)

■ Mid to high teens EBITDA margin (with synergies)

■ Leveraging Edgewell scale and focus on productivity and efficiency

■ Growth in adjacent categories with attractive economics

■ Hyper growth driven by scale and mix

PROFIT

■ $200-$300 million of annual free cash flow

■ Ability to de-lever approximately one turn per year

■ Continued focus on free cash flow generation

■ Capital allocation prioritized on debt paydown and deployment of capital in support of growth objectives

■ Synergistic opportunities on capex

CASH FLOW

39

1

Our Combined Growth And Margin Profile Will be Industry-Leading

REVENUE GROWTH PROFILE GROSS MARGIN PROFILE

(1) Reflects fiscal year-end estimates(2) Average based on S&P 500 Consumer Staples index, excluding Food & Staples retailing. Revenue based on calendar year 2018 to 2020E CAGR; margin based on 2019E

(1)(2)

“Mid-Single Digits”

2.5%

CPG Average (1)(2)

“ High 40s”

44%

CPG Average

40

2

Meaningful Growth and Synergy Opportunity

Revenue and Cost Synergies of ~$40mm

ESTABLISH THE FOUNDATION EXECUTE ON ADDITIONAL OPPORTUNITIES

Significant additional upside from future revenue synergies

■ Bring together key functions and teams

■ Understand best practices across both companies

■ Positon brand portfolio for maximum impact

■ Production and supply chain optimization

■ Benefits from joint purchasing and distribution scale

■ Capital expenditures savings leveraging available Edgewell capacity and established distribution channels

■ Leverage Edgewell’s footprint

■ Accelerate Harry’s international expansion

■ Increase Edgewell’s value proposition, using Harry’s core capabilities

■ New brand and product category launches

■ Upgrade Harry’s and Flamingo products

Note: Reduction in Harry’s capital expenditures excluded from cost synergy estimate

41

3

Exceptional Commercial Leadership Team

NEW EXECUTIVE LEADERSHIP WITH REFRESHED PERSPECTIVES POISED TO DRIVE GROWTH ACROSS THE

ORGANIZATION

Strong public company and entrepreneurial experienceForward-thinking culture and approach

Ability to attract exceptional talent

Jeff Raider

Rod R. Little

Dan Sullivan

Andy Katz-MayfieldHarry’s Co-Founder and Co-CEO /

Co-President U.S.

President and CEO

Chief Financial Officer

Harry’s Co-Founder and Co-CEO /Co-President U.S.

Colin Hutchison

COO, Head of Int’l

42

4

8Edgewell Shave

2Sun & Skin

1Harry’s

3 R&D Centers

Global Manufacturing and R&D sites

Strong Global Infrastructure and Valuable IP

– 2,900+ granted global patents

– 450+ pending patent applications

– Best-in-class Industrial design

– Award winning formulations

– Global research and technology centers

– Over 5,000 dedicated colleagues

– Operations in 20+ countries

– Manufacture of 10+bn blades annually

– Vertically integrated R&B operations

– Advanced manufacturing technology

– Automated, AI learning technology

– Proven quality and consistency

– Productivity and efficiency focus

Leading Edge Innovations Global Reach Advanced Technology

43

5

HIGHLY CONFIDENTIAL

HIGHLY CONFIDENTIAL

FINANCIAL PERFORMANCEAND STRATEGY

Edgewell Historical Financials

45Note: Fiscal Year End September 30

($ in millions) LTM

2016 2017 2018 6/30/19

Wet Shave $1,426 $1,375 $1,330 $1,260

Sun and Skin Care 415 440 450 456

Feminine Care 389 352 330 313

Infant Care & All Other 132 131 125 122

Net Sales $2,362 $2,298 $2,234 $2,150

% Growth (2%) (3%) (3%) --

Cost of Goods Sold (1,202) (1,168) (1,198) (1,179)

Gross Profit $1,160 $1,131 $1,037 $971

% Margin 49% 49% 46% 45%

SG&A (413) (390) (392) (369)

Advertising & Sales (337) (318) (293) (255)

R&D (72) (68) (61) (54)

Impairments (7) (319) (24) (573)

Restructuring (37) (30) (39) (57)

Adj. Operating Income $352 $355 $322 $332

% Margin 15% 15% 14% 15%

Adj. EBITDA $440 $460 $414 $419

% Margin 19% 20% 19% 19%

Capital Expenditures ($70) ($69) ($62) ($59)

% Margin 3% 3% 3% 3%

Net Total Leverage 2.5x 2.2x 2.5x 2.3x

Gross Total Leverage 4.1x 3.3x 3.1x 3.0x

Harry’s Historical Financials

($ in millions)

2016 2017 2018

Total Net Sales $147 $174 $247

% Growth 40% 18% 42%

Adj. EBITDA ($24) ($23) ($7)

% Margin n.m n.m n.m

Capital Expenditures ($18) ($20) ($29)

% of Revenue 12% 11% 12%

Net Sales Growth:

Launched Harry’s at Walmart in Q2 2018

Growth in UK DTC business since launch in June 2017

Launch of Harry’s branded soft products (Face, Body)

Expansion into women’s shave with Flamingo brand which went online in Q4 2018

Adj. EBITDA Improvement:

Investments in productivity and efficiency programs at manufacturing facility and savings from value engineering and strategic sourcing initiatives

Increase in EBITDA from FY’17 to FY’18 driven primarily by significant Net Sales growth as well as operational leverage

Capital Expenditures:

Increase in Capex driven by expansion of manufacturing capacity, new product launches, and expanded office space

COMMENTARY

1

2

46Note: Fiscal Year End December 31

3

1

2

3

■ Reversal of $22mm one-time gain related to the sale of a minority investment in a direct-to-consumer personal wellness company

■ $27mm in expenses related to raw material and procurement substitutions to preserve distribution channels due to anticipated regulatory changes

■ $62mm restructuring and related costs is related to Project Fuel, comprises of ~$25mm related to employee severance and related benefit costs, ~$2mm related to asset impairment and accelerated depreciation, and ~$35mm of consulting, project implementation and exit costs

■ $549mm impairment charge related to a carrying value adjustment of goodwill and trade names of our Wet Shave Infant Care’s segments

Adjusted EBITDA Reconciliation

($ in millions)

LTM 12/31/18

Net Income ($6)

D&A 18

Stock Based Compensation 1

Taxes (0)

Interest Expense 1

EBITDA $15

Reversal of One Time Gain (22)

Adj. EBITDA ($7)

($ in millions)

LTM 6/30/19

Net Income ($374)

Income Tax Provision (13)

Interest expense, net 63

Depreciation and Amortization 93

EBITDA ($230)

Impairment charges 549

EBITDA (Post Impairment) $319

Restructuring and related costs 62

Sun Care reformulation costs 27

Pension settlement charges 5

Investor settlement expense 1

Jack Black acquisition and integration costs 1

Feminine & Infant Care evaluation costs 2

Harry's Acquisition and integration costs 2

Adjusted EBITDA $419

EDGEWELL PERSONAL CARE HARRY’S

1

2

3

4

3

4

1

2

COMMENTARY

47