ENERGIZER 2000 ANNUAL REPOR T 20 REPORT OF INDEPENDENT ACCOUNTANTS RESPONSIBILITY FOR FINANCIAL STATEMENTS PricewaterhouseCoopers LLP St. Louis, Missouri October 31, 2000 The Board of Directors, through its Audit Committee consisting solely of nonmanagement directors, meets periodically with  management, internal audit and the independent accountants  to discuss audit and financial reporting matters. To assure  independence, PricewaterhouseCoopers LLP has direct access  to the Audit Committee. The report of PricewaterhouseCoopers LLP, independent account- ants, on their audits of the accompanying financial statements  is shown below. This report states that the audits were made in accordance with generally accepted auditing standards in the United States. These standards include a study and evaluation of internal control for the purpose of establishing a basis for reliance thereon relative to the scope of their audits of the financial statements. Energizer maintains accounting and internal control systems, which  it believes are adequate to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition  and that the financial records are reliable for preparing financial  statements. The selection and training of qualified personnel, the establishment and communication of accounting and administrative policies and procedures, and an extensive program of internal audits are important elements of these control systems. The preparation and integrity of the financial statements of Energizer Holdings, Inc. are the responsibility of its management. These state- ments have been prepared in conformance with generally accepted accounting principles in the United States, and in the opinion of management, fairly present Energizer’s financial position, results  of operations and cash flows. To the Shareholders and Board of Directors of  Energizer Holdings, Inc. In our opinion, the accompanying consolidated balance sheet and  the related consolidated statements of earnings and comprehensive income, of cash flows and of shareholders equity present fairly, in  all material respects, the financial position of Energizer Holdings, Inc. and its subsidiaries at September 30, 2000 and 1999, and the results of their operations and their cash flows for each of the three years in the period ended September 30, 2000, in conformity with accounting principles generally accepted in the United States. These financial statements are the responsibility of Energizer’s manage- ment; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States which require that we plan and perform the  audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management,  and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above.