If there’s a better business to be in … Please, let us know

• 2003 results demonstrate our strong market position, strong industry demographics and overall strength of the lawn and garden category

  • Consumer purchases of Scotts products grew 8% at largest accounts
  • 12% POS growth in Northeast, despite record Spring rainfall
  • 46% growth at Scotts LawnService
  • Sales and market share gains in Europe, strong profit improvement

• Ability to overcome challenges was due to strong expense control, depth of management and the flexibility of our team

  • 20% increase in advertising ($10mm)
  • $5 million impact from stock option expenses
  • Investment in category and channel expansion ($10mm)
  • Poor April weather, missteps at Scotts LawnService

• Retailer recognition of outstanding customer service

  • Record customer service despite outsourcing challenges in logistics
  • “Vendor of the Year” at Home Depot, Wal-Mart, B&Q, OBI

Theme of 2003 Analyst Meeting and Annual Report proved true as Scotts reported record sales and earnings, as well as near-record levels of free cash flow

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