WELCOME TO THE ENERGIZER WORLD! THE NEW ENERGIZER CARRIES ON A RESPECTED REPUTATION FOR PRODUCTS OF THE HIGHEST QUALITY AND VALUE, AND A TRADITION OF TECHNOLOGY INNOVATION AND CONTINUOUS IMPROVEMENT IN BATTERIES AND LIGHTING PRODUCTS – BACKED BY WORLD-CLASS BRANDS, GLOBAL PRODUCTION AND BROAD GEOGRAPHIC DISTRIBUTION, AND 10,480 HIGHLY SKILLED ASSOCIATES. 

Chief Executive Officer J. PATRICK MULCAHY 

## ab r a n d new company with a century of experience 

To Our Shareholders On behalf of our directors, management and associates, I welcome you as shareholders of Energizer Holdings, Inc. – a new, 100-year-old company resulting from the April 1 spin-off from Ralston Purina Company. 

The new Energizer ranks as the largest independent, publicly traded primary battery and flashlight company in the world and boasts two of the world’s most recognized brand names – Eveready ® and Energizer ® . We sell products in virtually every market around the globe through our far-reaching distribution system, supported by our highly efficient operations with principal plants located in North America, Asia and Europe. 

Employee Ownership Among the key tenets of our new company is employee ownership, designed to drive perform- ance and instill accountability. Through creation of an Employee Stock Ownership Plan (ESOP), together with incentives for management to buy and hold company stock, Energizer employees currently own in excess of 5 percent of the outstanding common shares. The interests of our associates are, increasingly, linked directly to creating shareholder value. 

