2007 Analyst Meeting2007 Analyst Meeting

Delivering SuperiorDelivering SuperiorShareholder Value CreationShareholder Value Creation

Presentations by:Presentations by:Jim Craigie, CEO Jim Craigie, CEO Matt Farrell, CFOMatt Farrell, CFO

NYC NYC -- February 6February 6thth, 2007, 2007

Safe Harbor Statement

This presentation contains forwardThis presentation contains forward--looking statements relating, among others, to shortlooking statements relating, among others, to short--and longand long--term financial objectives, sales and earnings growth, margin impterm financial objectives, sales and earnings growth, margin improvement, rovement, marketing spending, new product introductions, the timing of newmarketing spending, new product introductions, the timing of new product launches, product launches, consumer demand for the Companyconsumer demand for the Company’’s products, the effect of the Orange s products, the effect of the Orange GloGloInternational, Inc. (International, Inc. (““OGIOGI””) acquisition, and earnings per share. These statements ) acquisition, and earnings per share. These statements represent the intentions, plans, expectations and beliefs of therepresent the intentions, plans, expectations and beliefs of the Company, and are subject Company, and are subject to risks, uncertainties and other factors, many of which are outto risks, uncertainties and other factors, many of which are outside the Companyside the Company’’s s control and could cause actual results to differ materially fromcontrol and could cause actual results to differ materially from such forwardsuch forward--looking looking statements. The uncertainties include assumptions as to market statements. The uncertainties include assumptions as to market growth and consumer growth and consumer demand (including the effect of political and economic events ondemand (including the effect of political and economic events on consumer demand), consumer demand), raw material and energy prices, the financial condition of majorraw material and energy prices, the financial condition of major customers, unanticipated customers, unanticipated delays in the transition of the delays in the transition of the OGIOGI business, and increased marketing spending. With business, and increased marketing spending. With regard to the new product introductions referred to in this presregard to the new product introductions referred to in this presentation, there is entation, there is particular uncertainty relating to trade, competitive and consumparticular uncertainty relating to trade, competitive and consumer reactions. Other er reactions. Other factors, which could materially affect the results, include the factors, which could materially affect the results, include the outcome of contingencies, outcome of contingencies, including litigation, pending regulatory proceedings, environmenincluding litigation, pending regulatory proceedings, environmental remediation and the tal remediation and the divestiture of assets. For a description of additional factors divestiture of assets. For a description of additional factors that could cause actual that could cause actual results to differ materially from the forward looking statementsresults to differ materially from the forward looking statements, see the Company, see the Company’’s s quarterly and annual reports filed with the SEC.quarterly and annual reports filed with the SEC.

This is Church and Dwight

Strong and Growing CapabilitiesGreat history

Iconic brands give us an advantage• Arm & Hammer • First Response• Trojan • OxiClean

Leading position in attractive markets• Laundry • Diagnostic Test Kits• Condoms • Pet Care

Strong operational track record

Successful M&A track record• Small market cap allows M&A to have

significant impact

Aggressive and committed management team

Delivering Strong Shareholder Value

CHD’s Total Shareholder Return (‘TSR’) is more than 2x the S&P 500 since 1996• 30% in 2006• 20% over last 5 years• 20% over last 10 years

Delivered outstanding TSR results while dramatically improving portfolio• Trojan• OxiClean• SpinBrush

High Free Cash Flow (FCF) generation

Strong financial discipline

Our Vision is Clear

To be a leading midTo be a leading mid--cap cap CPGCPGcompany, primarily with company, primarily with #1 #1 or #2 brandsor #2 brands or or defendable defendable nichesniches, with sustainable , with sustainable competitive advantages, competitive advantages, delivering top quartile delivering top quartile TSRTSRversus the versus the S&PS&P 500500

Competitive Strength

Competitive scale inCompetitive scale in key ckey categories:ategories:

MarketMarket PositionPositionCondomsCondoms #1#1Baking SodaBaking Soda #1#1Diagnostic KitsDiagnostic Kits #1#1Battery ToothbrushBattery Toothbrush #1#1PrePre--Wash AdditivesWash Additives #1#1Clumping Cat LitterClumping Cat Litter #2#2DepilatoriesDepilatories #2#2Laundry DetergentLaundry Detergent #3 (#1 in value)#3 (#1 in value)

Fun Facts About Our Company

CHD is Building a Strong Future

External Trans-

formation

InternalTrans-

formation

Our History

Small-cap household company with an iconic brand

Mid-cap consumer package goods company with portfolio of leading brands

Our Future

Strong financial discipline• Enhanced branding capabilities• Intense focus on innovation• Continued financial discipline

Proven M&A capabilities Continued M&A success/discipline

Good supply chain Great supply chain

Implicit shareholder value focus Explicit shareholder value focus

Superior Leadership and Functional ExcellenceSuperior Leadership and Functional Excellence

Top Quartile Total Shareholder Return

Top Quartile Total Shareholder Return

Drive ProfitableGrowth Improve Margins Maximize

Free Cash Flow

Financial StrategyFinancial StrategyPortfolioPortfolio Operational Excellence

Operational Excellence

Leading Brands

Focused on Value Creation

Embedding TSR in the Church & Dwight culture through training at the corporate and strategic business unit level

Evaluating plans and corporate decisions through an explicit TSR lens

Strong shareholder value linkages to incentives

Creating a TSR Focused Organization

Our Strategic Priorities Explicitly Support the TSR Drivers

Improve Brand PositioningAccelerate New

Product Development Increase

Global LeverageAchieve

Lowest CostCreate Value Through M&A

GrowthGrowth MarginsMarginsFree Free

Cash FlowCash Flow1

2

3

4

5

Improving Brand Positioning1

Driving category growth by changing consumer behavior

Building a unified mega-brand

Arm & Hammer is One of the Most Powerful Brands in America

1

Brand Expansion

Successfully expanded brand into multiple categories leveraging Successfully expanded brand into multiple categories leveraging deodorizing, whitening & cleaning benefits:deodorizing, whitening & cleaning benefits:

-- Laundry Detergent Powder Laundry Detergent Powder 19701970

-- Carpet DeodorizerCarpet Deodorizer 19821982-- Laundry Detergent Liquid Laundry Detergent Liquid 19821982

-- Toothpaste Toothpaste 19881988-- Underarm Deodorant Underarm Deodorant 19941994-- Cat Litter Cat Litter 19981998

-- Animal Nutrition Animal Nutrition 19781978

1

-- Fabric Softeners Fabric Softeners 19851985

-- Household Cleaners Household Cleaners 19981998

The A&H Trademark Is Highly Rated

Overall, the A&H trademark is on par with other leading Overall, the A&H trademark is on par with other leading consumer package goods companies and retailers.consumer package goods companies and retailers.

69%

55% 52% 52% 51% 51% 50% 49% 49% 48% 46%

25%

50%

Base:(202) (90) (98) (90) (59) (80) (56) (91) (94) (103) (90) (51) (88) Total/Asked Brand - Trademark Module

Average Impression Across 14 Attributes

1

Source: Millward Brown data Jan-Dec. 2006

No Other Brand Covers More Aisles Than Arm & Hammer

Deodorizers Household Cleaners

Laundry Products

Pet Supplies

Baking Supplies

Personal Care

1

Source: IRI Household Menu Analysis

57% of US households purchase Arm & Hammer products. Of those households…

59% buy one Arm & Hammer product exclusively

25% purchase two A&H products

15% purchase three or more brands—accounting for 36% of A&H volume and 39% of dollars

1A Brand With GreatGrowth Potential

“Carpet Deodorizer! I would use this . . .I just never saw it on the shelf before”

“I get it… Arm & Hammer is putting the benefits of baking soda into more products. Well, isn’t that smart!”

“Had I known that Arm & Hammer

made toothpaste, I would have

switched years ago.”

“My baby has skin allergies and I’ve been looking for alternatives to clean with. I had no idea that A&H made all

this stuff!”

1The Opportunity to Drive Multiple Purchases Became Very Clear

We are Building on Our “Strong Yet Gentle”Heritage via Holistic Marketing!

New creative for TV to drive multiNew creative for TV to drive multi--usage and build usage and build awareness in nonawareness in non––advertised categoriesadvertised categoriesMajor PR campaignMajor PR campaignA new look at RetailA new look at Retail——with consistent look and more with consistent look and more impactimpact--full packagingfull packagingJoint Trade Events and Consumer Promotions Joint Trade Events and Consumer Promotions

A MORE NATURAL WAY TO CARE FOR YOUR HOME AND FAMILY

1

1Arm & HammerMaster Brand Commercial

New A&H Products1

Arm & Hammer Megabrand Growth

1.1

4.0

6.3

0

2

4

6

8

2004 2005 2006

Annual Revenue Growth RatesAnnual Revenue Growth Rates% Revenue% RevenueGrowthGrowth

Increasing shares in baking soda, detergent and

clumping cat litter

1

Trojan Success Story

#1 Brand in North America; awareness & loyalty at #1 Brand in North America; awareness & loyalty at ““Icon StatusIcon Status””−− Over 73% share in U.S. for condoms Over 73% share in U.S. for condoms andand vibrating ringsvibrating rings

Trojan offers a range of targeted brands and subTrojan offers a range of targeted brands and sub--brands, designed brands, designed to meet the needs of different consumersto meet the needs of different consumers

1

In the United States: In the United States: 65 million people have an incurable STD65 million people have an incurable STD15 million people are infected with STDs each year15 million people are infected with STDs each year2/3 of STDs occur in people younger than 252/3 of STDs occur in people younger than 251 in 4 people will have an STD by age 251 in 4 people will have an STD by age 25STDs can cause genital warts, blisters, infertility, STDs can cause genital warts, blisters, infertility, spontaneous abortion, cancer and deathspontaneous abortion, cancer and death900,000 teen pregnancies occur each year (80% unwanted900,000 teen pregnancies occur each year (80% unwanted))

Source: CDC

1Increasing Health Benefits of Condom Use Requires Changing Consumer Behavior

“Condoms are the only effective means to help reduce the transmission of STDs, including AIDS.”

AND“Condoms are highly effective at preventing unwanted pregnancies.”

Sobering Statistics Imply There is Ample Room for Category Growth

…Yet only 25% of usage occasions

involve condom use!

1

Internet

College Newspaper Editors

Government Public Relations – 200MM

Healthcare Professionals

10M

Education Videos

Advertising

Advocacy & Engagement

Consumer Events + 400

Product Placement

Normalizing Sexual Health

Holistic Marketing 1

Trojan 2005 – 2006 Growth1

Trojan 2005 – 2006 Growth

2x 2x AdvertisingAdvertisingSpendingSpending

1

1

Trojan 2005 – 2006 Growth

2005 – 2006 CondomCategory Growth

1

4.5%5.2%

6.2%5.9%

3.0%

0.8%

-0.5%-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06 13 wks ending10/1

Historical Historical AverageAverage

Source: IRI, FDKTS 13wks ending 10/1/06Note: Sexual Health Includes Condoms and Rings

Condom Category 1985-2006Dollar Share

50

55

60

65

70

75

1985 1990 1995 2000 2006

Innovation and increased marketing support driving record share Innovation and increased marketing support driving record share

%

Record 73.4%

1

Trojan’s Future1

We are not satisfied!We are not satisfied!-- More innovative new productsMore innovative new products

Trojan’s Future

Upgrade 1/07 Upgrade 1/07

1

Expanded presence in adjoining categoriesExpanded presence in adjoining categories

Trojan’s Future1

Testing new TV commercials to continue to crack the code

Created dedicated New Product Development team working with all strategic business units

Increased investment in new products and fostering a culture of innovation

Actively developing alliances and joint ventures to enhance technology capabilities

2Accelerate New Product Development

Some of 2007’s New Products2

Expand core categories in existing marketsLaunch core categories into large emerging markets (Brazil/China)Develop sustainable niche strategies for local brandsGlobalize the R&D/Supply Chain functions

3

Increase Global Leverage

Acquisitions significantly increased Acquisitions significantly increased International scale International scale ---- stronger growth potentialstronger growth potential

InternationalInternational12%12%

20062006

DomesticDomestic88%88%

InternationalInternational20%20%

DomesticDomestic80%80%

20002000

3

Growing International Strength

Deliver 125 bp of gross margin improvement per year

Deliver SG&A growth less than sales growth

Reduce SKUs by 10% annually

4

Achieve Lowest Cost

CHD Will Continue to Utilize Prudent M&A Criteria

TSR accretive acquisitions TSR accretive acquisitions

Build strong market positions in our core categoriesBuild strong market positions in our core categories−− Above average growth and margin potentialAbove average growth and margin potential

Leverage existing capital base in manufacturing, Leverage existing capital base in manufacturing, logistics and purchasing (synergies)logistics and purchasing (synergies)

PlugPlug--in brands needing minimal incremental in brands needing minimal incremental SG&ASG&A

Acquire companies adding capability/infrastructureAcquire companies adding capability/infrastructure

5

Key New Brands Acquired Since 2001

5

20012001USA DetergentsUSA Detergents

2001 / 20042001 / 2004CarterCarter--WallaceWallace

20032003UnileverUnileverOral CareOral Care

20052005SpinBrushSpinBrush

20062006OrangeOrange

GloGlo

Acquisitions significantly increased CHDAcquisitions significantly increased CHD’’s Personal s Personal Care business with higher margins and growth potentialCare business with higher margins and growth potential

HouseholdHousehold60%60%

PersonalPersonalCareCare19%19%

OtherOther21%21%

HouseholdHousehold43%43%

PersonalPersonalCareCare44%44%

OtherOther13%13%

20002000 2006*2006*

* Includes results for SpinBrush and Orange Glo

New Portfolio Has GreaterGrowth Potential

5

Major New Acquisition: SpinBrush

Completed purchase of Completed purchase of SpinBrushSpinBrush batterybattery--powered toothbrush product line from P&G powered toothbrush product line from P&G 10/31/0510/31/05Purchase price $75Purchase price $75--105 million, depending on 105 million, depending on nearnear--term performance of the businessterm performance of the businessFY 2005 sales $110 million, over 80% in U.S. and FY 2005 sales $110 million, over 80% in U.S. and CanadaCanadaSpinBrushSpinBrush created batterycreated battery--powered toothbrush powered toothbrush market in 2000, and remains a category leader market in 2000, and remains a category leader with a range of products for adults and kidswith a range of products for adults and kidsAcquisition strengthens Acquisition strengthens CHDCHD’’ss strategically strategically important oral care business. It also creates important oral care business. It also creates China sourcing and other new capabilities.China sourcing and other new capabilities.

5

SpinBrush Growth Potential

$4 billion worldwide toothbrush market$4 billion worldwide toothbrush market

>60% of the market is manual toothbrushes>60% of the market is manual toothbrushes

BatteryBattery--powered toothbrushes provide superior benefitspowered toothbrushes provide superior benefits

−− 70% better plaque removal70% better plaque removal

−− Only slight premiumOnly slight premium

Prior category players concerned that growth of batteryPrior category players concerned that growth of battery--powered brushes would cannibalize highly profitable manual powered brushes would cannibalize highly profitable manual and rechargeable brushes, but we do not have the risk of and rechargeable brushes, but we do not have the risk of cannibalizationcannibalization

5

CHD Has Driven SpinBrushBack to Share Leadership

5

20

40

60

80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

20042004 20052005 20062006

Church & DwightAcquisition

Crest SpinBrushregains #1

share position

Share %Share % SpinBrushSpinBrush $ Share of Battery Toothbrushes & Refills$ Share of Battery Toothbrushes & Refills

Source: Nielsen Scantrack

New SpinBrush Products to Drive Continued Category and Share Growth

SpinBrush Slim

SpinBrushPro Recharge

SpinBrushPro Select

5

Completed purchase of Orange Glo Int’l. 8/7/06

Purchase price $325 million, structured as asset purchase

FY 2005 sales almost $200 million

OxiClean is the #1 brand in the laundry pre-wash additives segment

Premium priced product in a growth category

Acquisition strengthens CHD’s strategically important laundry business− Creates new direct marketing capabilities

5Major New Acquisition:Orange Glo International

OxiClean Growth Potential

$26 billion worldwide laundry detergent market$26 billion worldwide laundry detergent market(1)(1)

Cleaning efficacy has declined with consumer shift from powders Cleaning efficacy has declined with consumer shift from powders to to liquids and from premium to value brandsliquids and from premium to value brands

−− ~80/20 powder/liquid split in 1980~80/20 powder/liquid split in 1980’’s to ~20/80 split todays to ~20/80 split today

−− Value brand segment has doubled in past 10 years (Value brand segment has doubled in past 10 years (CHDCHD #1)#1)

OxiCleanOxiClean boosts cleaning power of liquids to powder levelsboosts cleaning power of liquids to powder levels

OxiCleanOxiClean also boosts cleaning power of value liquid brands to premium also boosts cleaning power of value liquid brands to premium liquid levelsliquid levels

−− Complements Complements CHDCHD’’ss leading value laundry detergent businessleading value laundry detergent business

OxiCleanOxiClean is entering fastis entering fast--growing ongrowing on--thethe--go spot stain remover marketgo spot stain remover market

5

(1) Nielsen

CHD Ownership Will MaximizeOxiClean Growth Potential

Close distribution voidsClose distribution voids

Improve inImprove in--store merchandising support by leveraging #1 store merchandising support by leveraging #1 status in growing value laundry segmentstatus in growing value laundry segment

Improve strong advertising support to drive greater Improve strong advertising support to drive greater household penetrationhousehold penetration

Launch innovative new products Launch innovative new products that leverage consumer trends that leverage consumer trends (e.g., Spray(e.g., Spray--AA--Way)Way)

Drive significant supply chain Drive significant supply chain synergiessynergies

5

OxiClean Advertising5

+0.7%+0.7%Annual dividend yieldAnnual dividend yield

+2%+2%

+10+10--12%12%

+2+2--3%3%

Debt reductionDebt reduction

Organic EPS growthOrganic EPS growth

TSRTSR accretion from acquisitionsaccretion from acquisitions

+60+60--70 b.p.70 b.p.-- MarginMargin

+8+8--10%10%Operating profit growthOperating profit growth+125 b.p.+125 b.p.Gross marginGross margin

+3+3--4%4%Net sales growthNet sales growth

Target Total ShareholderReturn Model

CHD plans to deliver top quartile TSR vs. S&P 500

**********

****

* Joined Church & Dwight over the last three years

Strong Management Team with Experience in CPG

FunctionCEOMarketingR&DFinanceSalesInternationalNew ProductsSpecialty ProductsOperationsLegalHR

NameJim CraigieBruce FlemingPaul SiracusaMatt FarrellLou TursiAdrian HunsSteve CugineJoe SipiaMark ConishSusan GoldyJackie Brova

Prior ExperienceKraft, SpaldingJohnson & JohnsonReckitt Benkiser, PlaytexAllied Signal, AlpharmaKraft, SpaldingCarter-Wallace, BootsFMCFMCCareer Church & DwightDechert, Delco RemyBethlehem Steel

CHD Does Not Have Common Executive PerksCHD Does Not Have Common Executive Perks

Superior Leadership andFinancial Leadership

1.1. Bonuses Tied 100% to Business Results:Bonuses Tied 100% to Business Results:-- 40% Net Revenue40% Net Revenue-- 40% Operating Margin40% Operating Margin-- 20% Free Cash Flow20% Free Cash Flow

2.2. Equity Compensation is 100% Stock Options:Equity Compensation is 100% Stock Options:-- Limited Restricted StockLimited Restricted Stock-- ØØ value if stock does not appreciatevalue if stock does not appreciate

3.3. Required to be heavily invested in company stock:Required to be heavily invested in company stock:-- CEO and CFO: 5X SalaryCEO and CFO: 5X Salary-- CEOCEO’’s Team: 3X Salarys Team: 3X Salary

CHD Management Team is 100% in the game

Note: As of December 2006; in descending order for 10 year TSR

CHD’s Historical TSR Compares Favorably to Other CPG Companies

10 Year 5 Year 1 YearChurch & Dwight 20.1% 20.1% 30.0%

Rank #1 #3 #3

Reckitt 15.7% 21.1% 24.0%Colgate 12.7% 4.3% 21.5%Unilever 12.3% 13.0% 34.1%Clorox 12.0% 12.4% 14.9%P&G 11.1% 12.5% 13.3%Avon 10.7% 9.1% 18.4%Pepsico 10.4% 6.9% 7.9%Kimberly Clark 6.2% 5.7% 17.5%Playtex 6.0% 8.1% 5.3%Coca-Cola 0.8% 2.8% 23.1%Energizer #N/A 30.1% 42.6%

Delivering Superior

Shareholder Value Creation

Matthew FarrellMatthew FarrellChief Financial OfficerChief Financial Officer

2006 Results2006 Results

Superior Leadership and Functional ExcellenceSuperior Leadership and Functional Excellence

Superior Shareholder Value Creation (TSR)

Superior Shareholder Value Creation (TSR)

Drive ProfitableGrowth Improve Margins Maximize

Free Cash Flow

Financial StrategyFinancial StrategyPortfolioPortfolio Operational Excellence

Operational Excellence

Leading Brands

Our Focus

FinancialDrivers

Sales GrowthSales Growth

Free Cash Free Cash Flow YieldFlow Yield

TSR TSR

TSR drivers Tactical programs

• Pricing initiatives• New product development• Marketing effectiveness• Ongoing cost reduction• M&A synergy realization

• Respectful steward of investor capital• Continued M&A discipline• Return of capital to investors (debt

retirement, dividends, repurchases) • Capital expenditures discipline• Working capital optimization

Margin Margin ImprovementImprovement

Goal: Top Quartile TSR Performance vs. the S&P 500

ValuationValuationMultipleMultiple

Addressing Operational Value Creation Levers

2006 Was a Great Year

Accomplishments in 2006

Excellent EPS growth

Expanding gross and operating margins

Successful acquisitions and integration

Strong free cash flow

Share price 12/31/2005 vs. 12/29/2006

33.03

42.65

0

10

20

30

40

50

Dec. 2005 Dec. 2006

$ per share 30% TSR

30% TSR

Income Statement – 4th Quarter

Significant Gross Margin Expansion

Net Sales

Gross Profit

Marketing Expense

SG&A Expense

Operating Income

431

140

43

65

32

100.0%

32.5%

10.0%

15.1%

7.4%

526

204

66

94

44

100.0%

38.8%

12.6%

17.8%

8.4%

$MM$MM %%20052005(1)(1)

$MM$MM %%20062006(2)(2)

(1) Includes plant restructuring charge of $11.8MM.(2) Includes intangible impairments of $11.6MM and stock-based compensation expense of $2.6MM.

Operating Income to EPS – Q4

Operating Income

Equity in Affiliates

Other Expense(1)

Income Before Tax

Taxes(2)

Net Income

EPS

2005

31.9

0.9

-12.0

20.8

-4.6

16.2

$0.25

2006

44.2

1.9

-14.2

31.9

-8.0

23.9

$0.36

(1) Other expense includes deferred financing charges: 2005 -- $1.2MM; 2006 includes interest associated with Orange Glo acquisition

(2) Taxes include the full year benefit of the R&D tax credit reinstated by Congress in Q4 2006; 2005 reflects tax liabilities in the quarter

($ in millions except EPS)

Income Statement – Full Year

(1) 2005 includes plant restructuring - $14.2MM, litigation expense - $8.3MM, and intangible impairments - $6.3MM(2) 2006 includes stock-based compensation expense - $10.6MM, and intangible impairments - $14.3MM

Net Sales

Gross Profit

Marketing Expense

SG&A Expense

Operating Income

1,737

637

183

241

213

100.0%

36.7%

10.5%

13.9%

12.3%

1,946

761

217

292

252

100.0%

39.1%

11.1%

15.0%

13.0%

$MM$MM %% $MM$MM %%20052005(1)(1) 20062006(2)(2)

Significant Gross Margin Expansion

13% EPS Growth in 2006

Op. Income to EPS – Full Year

Operating IncomeEquity in AffiliatesOther Expense(1)

Income Before TaxTaxes(2)

Net IncomeEPS

2005212.8

4.8-42.7174.9-52.0122.9$1.83

2006252.1

7.1-46.1213.1-74.2138.9$2.07

(1) Other expense includes deferred financing charges: 2005 -- $1.2MM; 2006 includes interest associated with Orange Glo acquisition

(2) Taxes in 2005 were favorably impacted by the reduction in tax liabilities

($ in millions except EPS)

Gross Margin Analysis(2005 vs. 2006)

Gross Margin Expansion (’06 vs. ’05)Explained by:

Raw Input Cost IncreasesCost SavingsPricing/Mix & Promotion EfficiencyPlant ChargesOtherSubtotalAcquisition SynergiesTotal

240

(290)190160

5020

130110240

Estimated Change(Basis Points)

Quarterly Sales Growth

2%2%12%12%$1,946$1,946TotalTotal3%3%22%22%$526$526Q4Q43%3%17%17%$519$519Q3Q30%0%4%4%$459$459Q2Q24%4%5%5%$442$442Q1Q1

OrganicOrganicReportedReported($MM)($MM)% Change% Change2006 Sales2006 Sales

Organic Growth Recovery in a Year of Expanding Margins

Product Line Sales

Household ProductsPersonal CareInternational

Total ConsumerSpecialty Products

Total Sales

$833556337

1,726220

$1,946

17%10%13%14%

0%12%

2006$MM % Change

Record Market Shares in Q4 2006

CondomsFirst ResponseA&H Baking SodaA&H Cat LitterA&H Liquid LaundryCrest SpinBrushClean ShowerOxiClean

73.9%21.6%83.2%18.6%6.0%

45.4%38.7%27.4%

Balance Sheet

$ 1,916$ 1,916

Ba1Ba1

$ 1,536$ 1,536

Ba2Ba2

Total Debt & EquityTotal Debt & Equity

Credit Rating (MoodyCredit Rating (Moody’’s)s)

866866697697EquityEquity227227209209Other LT LiabilityOther LT Liability

$ 823$ 823$ 630$ 630Net DebtNet DebtFinanced By:Financed By:

$ 1,916$ 1,916$ 1,536$ 1,536Total AssetsTotal Assets

(137)(137)1,7851,785

(132)(132)1,4681,468

Other S/T LiabilitiesOther S/T LiabilitiesOther AssetsOther Assets

$ 268$ 268$ 200$ 200Operating Working CapitalOperating Working Capital

12/31/0612/31/0612/31/0512/31/05

Total Debt to EBITDA: 2.7x

($ in millions)

3.7

2.9

2.42.2

2.4

0

1

2

3

4

5

2002 2003 2004 2005 2006

% of % of SalesSales

Capital Expenditures as % of Sales

CapexCapex$MM$MM $38.7$38.7 $30.7$30.7 $35.6$35.6 $37.7$37.7 $47.6$47.6

Responsible Capital Investment

High Free Cash Flow Conversion

Net Income

Net Cash from OperationsLess: CapexFree Cash Flow

Free Cash Flow as % of Net Income

2005123

191-38153

124%

2006139

186-48138

99%

($ in millions)

$144

$287

$348

0

150

300

450

2002 2004 2006

$ MM$ MM

24.7% CAGR

Adjusted EBITDA

Focused on Cash Generation

Prioritized Uses of Free Cash Flow

Debt reductionDebt reduction

New product developmentNew product development

CapexCapex for organic growthfor organic growth

TSRTSR--accretive accretive M&AM&A

Return of cash to shareholdersReturn of cash to shareholders

Capital Structure –as of December 31, 2006

2.4x2.4x

Ba1Ba1

Total Net Debt to Total Net Debt to EBITDAEBITDA

Credit Rating (MoodyCredit Rating (Moody’’s)s)

2.7x 2.7x Total Debt to EBITDATotal Debt to EBITDA$348$348EstEst’’d EBITDA (LTM)d EBITDA (LTM)$823$823Net DebtNet Debt110110Less: CashLess: Cash

$933$933Total DebtTotal Debt100100Convertible BondsConvertible Bonds250250Sr. Subordinated NotesSr. Subordinated Notes100100Asset Based SecuritizationAsset Based Securitization

$483$483Bank DebtBank Debt($ in millions)

Key Priorities for 2007

Organic revenue growthOrganic revenue growth−− Fund disciplined investment in new product Fund disciplined investment in new product

development and commercializationdevelopment and commercializationMargin improvementMargin improvement−− Cost reductionsCost reductions−− Acquisition synergiesAcquisition synergies−− Pricing disciplinePricing discipline

Free cash flow improvementFree cash flow improvement−− With an emphasis on overall inventory reductionWith an emphasis on overall inventory reduction−− SKU reductionSKU reduction

2007 Guidance

With regard to 2007, Mr. With regard to 2007, Mr. CraigieCraigie said, "We expect a strong year said, "We expect a strong year in 2007 and feel comfortable with an earnings per share goal of in 2007 and feel comfortable with an earnings per share goal of $2.34 to $2.36, which is equivalent to a 13%$2.34 to $2.36, which is equivalent to a 13%--14% increase over 14% increase over 2006 results. The cost synergies that we expect to be 2006 results. The cost synergies that we expect to be contributed by the contributed by the OGIOGI business in 2007 will enable us to business in 2007 will enable us to further increase our marketing spending and to build our brand further increase our marketing spending and to build our brand equity." Mr. equity." Mr. CraigieCraigie continued, "However, because of the price continued, "However, because of the price increases announced in early 2006 which drove exceptionally increases announced in early 2006 which drove exceptionally strong results in Q1 2006, we expect that the earnings growth instrong results in Q1 2006, we expect that the earnings growth in2007 will largely occur after the first quarter.2007 will largely occur after the first quarter.

Release 2/6/07