1096752--11/25/2009--ENERGIZER_HOLDINGS

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{debt, indebtedness, cash}

{product, market, service}

{tax, income, asset}

{acquisition, growth, future}

{operation, international, foreign}

{cost, regulation, environmental}

{regulation, change, law}

{property, intellectual, protect}

{condition, economic, financial}

{cost, contract, operation}

{operation, natural, condition}

{customer, product, revenue}

{cost, operation, labor}

Energizer faces risks associated with the recent global recession and credit Energizer s failure to generate sufficient cash to meet our liquidity needs may affect our ability to service our indebtedness and grow our business. Energizer s indebtedness contains various covenants which limit management s discretion in the operation of the business and the failure to comply with such covenants could have a material adverse effect on the business, financial condition and results of operations. The recent credit crisis may impede Energizer s ability to successfully access capital markets and ensure adequate liquidity. Energizer s lenders may have suffered losses related to the weakening economy and may not be able to fund Energizer s borrowings. If Energizer cannot continue to develop new products in a timely manner, and at favorable margins, it may not be able to compete effectively. Competition in Energizer s industries may hinder our ability to execute our business strategy, achieve profitability, or maintain relationships with existing customers. Category growth and performance of the product categories in which we compete may be impacted by economic conditions, changes in technology, and device trends, which could directly impair Energizer s operating results and growth prospects. Changes in foreign, cultural, political and financial market conditions could impair Energizer s international operations and financial performance. Currency fluctuations may significantly increase Energizer s expenses and affect the results of operations as well as the carrying value of international assets on the balance sheet, especially where the currency is subject to intense political and other outside pressure. Changes in raw material costs or disruptions in the supply of raw materials could erode Energizer s profit margins and negatively impact manufacturing output and operating results. Energizer has a material amount of goodwill, trademarks and other intangible assets, as well as other long-lived assets, which, if they became impaired would result in a reduction in net income. Loss of any of our principal customers could significantly decrease our sales and profitability. Energizer s businesses are subject to regulation in the U.S. and abroad. Energizer s manufacturing facilities or supply channels may be subject to disruption from events beyond our control. Energizer s business involves the potential for product liability and other claims against us, which could affect our results of operations and financial condition. The level of returns on pension plan assets and the actuarial assumptions used for valuation purposes could affect Energizer s earnings and cash flows, and changes in government regulations could impact expenses and funding requirements of such plans. The resolution of Energizer s tax contingencies may result in additional tax liabilities, which could adversely impact our cash flows and results of operations. If Energizer fails to adequately protect its intellectual property rights, competitors may manufacture and market similar products, which could adversely affect our market share and results of operations. The cost reduction steps taken by Energizer may have weakened our competitive position. The anticipated benefits of Energizer s acquisition of Playtex could be impacted by a number of risks specific to the Playtex businesses. The success of Energizer s acquisition of the Edge and Skintimate shave preparation brands could be impacted by a number of risks specific to the brands, and our ability to successfully cross-market the shave preparation brands with our existing wet shave business may not be realized. We may not be able to continue to identify and complete strategic acquisitions and effectively integrate acquired companies to achieve desired financial benefits. We may incur significant restructuring and realignment charges in future periods, which would harm our operating results and cash position or increase debt.

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1096752--11/25/2009--ENERGIZER_HOLDINGS_INC