Prestige Brands Holdings Inc NYSE PBH 1 Welcome

Prestige Brands Holdings, Inc. NYSE: PBH 1

Welcome 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 1995. These forward-looking statements involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from those stated or projected. 2 2

Agenda • Management Team Background • PBH Operating Model • Road Map for Success 3

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 4

Senior Management Team CPG Experience Years in Industry • Matt Mannelly, President, CEO • Cannondale, Nike, Quaker Oats • 25+ • Peter Anderson, CFO • Block Drug, Sara Lee, Sterling Drug • 30+ • David Talbert, SVP Sales • JB Williams • 30 • Charles Schrank, CMO • Block Drug • 30+ • Jean Boyko, SVP, Science & Technology • Purdue Pharma, Block Drug • 30 • Lieven Nuyttens, SVP, Operations • Mc. Kinsey, Boots, Block Drug • 20 • John Parkinson, SVP, International • Conagra • 30 • Charles Jolly, Gen. Counsel & Secretary • Chattem Drug, Miles Laboratories • 30+ Significant Industry Experience Across All Functions 5

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 6

The PBH Model Diversified Sales TTM September 30, 2009 Sales: $301. 8* ($ in millions) 3. 8% 36. 9% * Excludes Discontinued Operations 59. 3% 7

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

The PBH Model Attractive Margins and Capital Efficiency EBITDA Margin Cap. Ex (% of Sales) Free Cash Flow (% 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. 9

The PBH Model Strong Free Cash Flow • Average annual FCF of $59 mm from FY 2006 to FY 2009 • Relatively stable FCF excluding changes in working capital requirements ($ in millions) 10

The PBH Model Sound Financial Plan Going Forward • Business model and asset tax shield yield Free Cash Flow substantially higher than net income • Secure liquidity position • $30 mm 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 11

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

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

II. Provide Compelling Support for Core Brands 14

Continue to Build Brand Equity 15

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

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

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

Leveraging Our Brands Internationally 19

Improve Organizational Alignment and External Focus Revenue 20

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 21

Prestige Brands Holdings, Inc. NYSE: PBH