A journey to sustainable value creation 25 March 2021 DISCLAIMER This presentation contains certain forward-looking statements relating to expected or anticipated results, performance or events. Such statements are subject to normal risks associated with the uncertainties in our business, supply chain and consumer demand along with risks associated with macro-economic, political and social factors in the markets in which we operate. Whilst we believe that the expectations reflected herein are reasonable based on the information we have as at the date of this presentation, actual outcomes may vary significantly owing to factors outside the control of the Company, such as cost of materials or demand for our products, or within our control such as our investment decisions, allocation of resources or changes to our plans or strategy. The Company expressly disclaims any obligation to revise forward-looking statements made in this or other presentations to reflect changes in our expectations or circumstances. No reliance may be placed on the forward looking statements contained within this presentation. 2 Welcome to our new strategy 3 Our journey to sustainable value creation We are a branded consumer goods company A clear strategy to return to sustainable, profitable revenue growth Investing in the resources we need to succeed Putting sustainability at the heart of everything we do We have already made a start 4 Agenda Growing Our Our Strategy Must Win Brands Enabling Transformation ▪ Welcome and introduction ▪ Carex ▪ Sustainability Kieran Hemsworth Jonathan Myers ▪ Learning from our past ▪ St. Tropez ▪ Culture, Leadership and ▪ Our new strategy Awie Newell Capabilities Q&A Jonathan Myers Matt Stripe ▪ Premier Daniel Gyefour ▪ Reducing complexity Sarah Pollard ▪ Financial framework Sarah Pollard ▪ Summary Jonathan Myers 5 Our business today £587m Revenue 4 Main markets United Kingdom Nigeria 3,600 Employees 4 Categories of leading brands Indonesia Australia & New Zealand Personal Care, Home Care, Food & Nutrition and Electricals 6 Our new and strengthened management team Matt Stripe Steve Noble Jan Hodges Chief Human Resources Officer Chief Supply Chain Officer Chief Information Officer Jonathan Myers Chief Executive Officer Kevin Massie Awie Newell Kieran Hemsworth General Counsel and Company Secretary Managing Director Beauty Managing Director UK Sarah Pollard Chief Financial Officer Key External appointment Panagiotis Katsis Dimitris Kostianis Rob Spence Internal talent Managing Director Africa Managing Director Asia Managing Director ANZ 7 Learning from our past 8 Our rich heritage - more than 130 years 9 We have declined in recent years And underinvested in our brands Revenue* Adjusted Profit Before Tax* Media & Consumer investment £108m - 6% £72m FY13 CAGR FY19 FY13 - 6% CAGR 1/3 £883m Dividend per share* reduction £603m FY19 7.39p + 2% 8.28p FY13 FY19 FY13 CAGR FY19 * As reported 10 Drivers of our decline Took our Lack of growth Diversified Internal Lost talent and eyes off the led to portfolio spread distraction of belief. We forgot consumer underinvestment resources too implementing how to win in our brands thinly large multinational model 11 Market concentration and brand strength in home markets Informs our ‘where to play’ choices 90% of revenue 90% of brands generated generate the majority in our 4 main of revenue from only markets 1 or 2 markets 12 Nigeria Considered an attractive but challenging opportunity Strong FMCG fundamentals Volatile macro economic drivers 209m $ Population to double by 2050 13 Nigeria portfolio Strong brand positions with established route to market Personal Care Home Care Electricals Food & Nutrition #1 #1 #1 #1 #1 #1 - Premier, Morning Fresh - Nielsen Nigeria MAT value share January 2021. Other brands - PZC internal data 14 Macro trends help define portfolio priorities Paving the way for strong growth potential 1 2 3 4 Accelerated focus on holistic Customisation and Polarisation between Sustainability is a health and wellbeing individual consumer needs premium and value key value driver for consumer brands 5 6 7 8 Emergence of new Insurgent brands Emerging markets driving Importance of channels and customers continue to challenge disruptive growth hygiene after Covid-19 15 Building brands for life. Today and for future generations. 16 Strategy Building brands for life. Where to play Today and for future generations. How to win Sustainability Culture Leadership and Capabilities Reducing complexity Financial framework Video link – click here Summary Building brands for life. Today and for future generations. 17 Strategy Building brands for life. Where to play Today and for future generations. How to win Sustainability We build brands to serve consumers better with Hygiene, Baby and Beauty at our core Culture Leadership and Capabilities Low to mid single-digit sustainable, profitable revenue growth Reducing complexity Financial framework Where to play How to win PZ Summary Cussons Growth Focus on leading brands PZ Cussons Wheel in priority markets Growth Wheel Sustainability Culture Leadership Capabilities Dramatically reduce complexity and enable transformation Building brands for life. Today and for future generations. 18 Strategy Our transformation journey Where to play How to win Sustainability Culture Leadership and Capabilities Reducing complexity Financial framework Summary Turnaround Sustained Growth Unlock Full Potential Fix the core Grow the core Expand from the core Sources of growth • Expansion into • Broaden into • Enter new • Add new brands adjacent categories new channels geographies Building brands for life. Today and for future generations. 19 Strategy Where to play Focus on leading brands How to win Sustainability in priority markets Culture Leadership and Capabilities Reducing complexity Financial framework Summary Building brands for life. Today and for future generations. 20 Strategy Balanced geographic footprint Where to play Combines growth potential with stability How to win Sustainability Developed Emerging Culture Leadership and Capabilities 55% Population size and growth Reducing complexity Revenue from Financial framework Developed markets GDP per capita Summary Category growth expectations 45% Volatility Revenue from Emerging markets PZ Cussons leading brand position High Medium Low Building brands for life. Today and for future generations. 21 Strategy Must Win Brands will be our priority Where to play Portfolio Brands still play key roles How to win Sustainability Culture Leadership and Capabilities Reducing complexity Financial framework Summary Building brands for life. Today and for future generations. 22 Strategy Priority support for Must Win Brands Where to play How to win Sustainability MUST WIN Culture Leadership BRANDSMUST WIN PORTFOLIO and Capabilities BRANDS BRANDS Reducing complexity Financial framework Summary • Competitive brand investment levels • Brilliant execution • Strong innovation pipeline • Clear role for each brand • FocusPORTFOLIO for commercial capabilities • Resources tailored to specific role • Validated,BRANDS repeatable Growth Wheel • ‘Incubator’ support for brands with • Robust, regular management review further potential Building brands for life. Today and for future generations. 23 Strategy The Must Win Brands are already making progress Where to play How to win Sustainability Culture Leadership and Capabilities Reducing complexity Financial framework 1/2 2/3 3/4 Media & Consumer Summary Revenue Gross Profit investment FY21 latest view Building brands for life. Today and for future generations. 24 Strategy Where to play PZ Cussons How to win Sustainability Growth Wheel Culture Leadership and Capabilities Reducing complexity Financial framework Summary Building brands for life. Today and for future generations. 25 Strategy Introducing the PZ Cussons Growth Wheel Where to play How to win Sustainability Culture Leadership and Capabilities Reducing complexity PZ Financial framework Cussons Summary Growth Wheel Building brands for life. Today and for future generations. 26 Strategy Consumability Where to play How to win Sustainability Assortment covers target consumers and trends Culture Leadership and Capabilities Product range delivers on usage needs and occasions Reducing complexity Innovation breaks down barriers to trial Financial framework Summary Develop products consumers want and desire Building brands for life. Today and for future generations. 27 Strategy Attractiveness Where to play How to win Sustainability Competitive offering for consumers Culture Leadership and Capabilities Value created with customers and distributors Reducing complexity Revenue Growth Management Financial framework Summary Good, Better, Best portfolios Deliver value for us, our consumers and retail partners Building brands for life. Today and for future generations. 28 Strategy Memorability Where to play How to win Sustainability Distinctive and purpose-led Culture Leadership and Capabilities Consistent execution Reducing complexity Effective activation Financial framework Summary Digital first Competitive levels of investment Build distinctive brands and strengthen consumer awareness Building brands for life. Today and for future generations. 29 Strategy Shoppability Where to play How to win Sustainability Win where the shopper shops Culture Leadership and Capabilities Multi-channel distribution Reducing complexity Market-leading execution in store Financial framework Summary Accelerate e-commerce Brilliant execution in all retail channels Building