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Letter to the Editor

Snap-on's Annual Meeting Highlights Achievements, Newly Elected Directors

At the Snap-on Incorporated Annual Meeting of Shareholders, president and chief executive officer, Dale F. Elliott outlined Snap-on's Driven to Deliver(TM) business process and updated progress on cost reduction initiatives, process improvements and growth opportunities.

"Snap-on is making progress in improving operating performance and cash flow, while continuing to invest in our key organizational strengths," Elliott said. He credits progress to date on the implementation and use of Snap-on's Driven to Deliver business process, which strengthens the foundation for value and sets the stage for continued expansion and growth.

Ongoing cost improvements are being realized through Operational Fitness initiatives and an expansion of Snap-on's continuous improvement program to all levels of the organization. Significant progress has also been made in the management of working investment, with a particular concentration on inventory, accounts receivable and payables. The company aims to build customer loyalty by extending its customer reach and accelerating the introduction of new high-tech vehicle-repair products. The "More Feet on the Street" program is expected to contribute to the expansion of the franchised dealer van network and help existing Snap-on dealers grow their businesses and better serve customers. Through Bahco, Snap-on is growing its base of professional tool users in construction, engineering, manufacturing, electronics and horticulture. It introduced its Bahco brand of premium tools in North America in late 2001. Elliott said initial interest in the new brand is high.

Continuing its technological advancement, Snap-on is using the Internet as a tool for productivity enhancement and customer relationship management. The company is also facilitating the professional advancement of its customers, offering technician training products online.

Elliott told shareholders, "Snap-on is well-positioned for the future. Our core business is solid. We have strong brands and unique competitive strengths. The long-term market trends are favorable, and we are well-positioned to take advantage of them."

During the business portion of the meeting, Snap-on Incorporated shareholders elected three directors to the corporation's board of directors. Dale F. Elliott, Snap-on's president and chief executive officer; Lars Nyberg, chairman of the board and chief executive officer of NCR Corporation; and, Richard F. Teerlink, retired chairman of the board of Harley-Davidson Incorporated. Elliott, Nyberg and Teerlink will serve for terms expiring at the 2005 annual meeting.

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