Prestige Brands Holdings, Inc. NYSE: PBH Prestige Brands Holdings, Inc. NYSE: PBH

Statements in this presentation which are not historical facts, including, without limitation, reporting financial guidance for Fiscal 2010 and beyond, are forward-looking statements within the meaning of the Securities Litigation Reform Act of These forward-looking statements involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from those stated or projected. Statements in this presentation which are not historical facts, including, without limitation, reporting financial guidance for Fiscal 2010 and beyond, are forward-looking statements within the meaning of the Securities Litigation Reform Act of These forward-looking statements involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from those stated or projected. WelcomeWelcome 2

3 AgendaAgenda Management Team Background PBH Operating Model Road Map for Success

4 Matt Mannelly 25+ years in Consumer Products - Quaker Oats - Nike - U.S. Olympic Committee - Cannondale Bicycle Focus is on Brand Building - Cap’N Crunch - Gatorade - Cannondale Big company foundation, small company mentality - CEO of Cannondale Bicycle Corp., Chapter 11 turnaround

5 Senior Management Team Matt Mannelly, President, CEO Peter Anderson, CFO David Talbert, SVP Sales Charles Schrank, CMO Jean Boyko, SVP, Science & Technology Lieven Nuyttens, SVP, Operations John Parkinson, SVP, International Charles Jolly, Gen. Counsel & Secretary Cannondale, Nike, Quaker Oats Block Drug, Sara Lee, Sterling Drug JB Williams Block Drug Purdue Pharma, Block Drug McKinsey, Boots, Block Drug Conagra Chattem Drug, Miles Laboratories CPG Experience Years in Industry Significant Industry Experience Across All Functions

6 The PBH Operating Model Proven ability to grow niche brands Sales & marketing expertise Outsource key supply chain activities New product pipeline through contract manufacturers and labs Nimble: Small size advantage Acquisition integration FCF generation

7 Diversified Sales TTM September 30, 2009 Sales: $301.8* 3.8% 59.3% 36.9% ($ in millions) * Excludes Discontinued Operations The PBH Model

8 Impressive US Customer/Channel Base *DATA AS OF 9/30/09 * Excludes Discontinued Operations The PBH Model

9 Attractive Margins and Capital Efficiency Free Cash Flow (% of Sales) EBITDA Margin CapEx (% of Sales) Free cash flow = operating cash flow less capital expenditures. Note: Prestige TTM as of 9/30/09. All other companies are as per last annual report filing. Free cash flow = operating cash flow less capital expenditures. Note: Prestige TTM as of 9/30/09. All other companies are as per last annual report filing. The PBH Model

10 Strong Free Cash Flow ($ in millions) Average annual FCF of $59mm from FY2006 to FY2009 Relatively stable FCF excluding changes in working capital requirements The PBH Model

11 Sound Financial Plan Going Forward Business model and asset tax shield yield Free Cash Flow substantially higher than net income Secure liquidity position $30mm cash reserve in place Lower level of indebtedness significantly reduces cash interest expense FCF sufficiently handles any short-term working capital requirements FCF utilization on debt reduction and business growth opportunities The PBH Model

12 Road Map for Success I.Maximize growth of current brand portfolio through appropriate ongoing support of core brands.

13 Core Brand Extension Saf-T-Pops Packaging Saline Mist Saf-T-Pops Packaging Saline Mist 8 Hour Claim, Tears Max Spray, Green Tea & Liquid Center Lozenges Max Spray, Green Tea & Liquid Center Lozenges Provide Appropriate “News” for Key Brands Design for Environment

14 II.Provide Compelling Support for Core Brands

15 Continue to Build Brand Equity

16 Road Map for Success III.Combine organic growth and acquisitions to maximize long-term revenue

17 Past, Present, Future Iconic Brands Refinancing Successful Acquisitions ++

18 Road Map to Success IV.Better leverage the organization against International and Canadian business

19 Leveraging Our Brands Internationally

20 Improve Organizational Alignment and External Focus Revenue

21 Key Points 1.Experienced management team 2.Iconic brands: > 70% #1 or #2 in their category 3.Consistently strong FCF of $50-60 million per year 4.Renewed focus & appropriate strategy for moving forward

Prestige Brands Holdings, Inc. NYSE: PBH Prestige Brands Holdings, Inc. NYSE: PBH