Letter to Shareholders

Board of Directors

Nolan D. Archibald
Executive Chairman of the Board, Stanley Black & Decker

John G. Breen
Lead Independent Director, Retired Chairman & Chief Executive Officer, The Sherwin-Williams Company

George W. Buckley
Chairman, President & Chief Executive Officer, 3M Company

Patrick D. Campbell
Senior Vice President & Chief Financial Officer, 3M Company

Carlos M. Cardoso
Chairman, President & Chief Executive Officer, Kennametal, Inc.

Virgis W. Colbert
Former Executive Vice President, Miller Brewing Company

Robert B. Coutts
Retired Executive Vice President, Lockheed Martin Corporation

Manuel A. Fernandez
Chairman Emeritus, Gartner, Inc.

Benjamin H. Griswold, IV
Chairman, Brown Advisory

Eileen S. Kraus
Retired Chairman, Fleet Bank, Connecticut

John F. Lundgren
President & Chief Executive Officer, Stanley Black & Decker

Anthony Luiso
Retired President—Campofrio Spain, Campofrio Alimentacion, S.A.

Marianne Miller Parrs
Retired Executive Vice President & Chief Financial Officer, International Paper Company

Robert L. Ryan
Retired Senior Vice President & Chief Financial Officer, Medtronic, Inc.

Lawrence A. Zimmerman
Vice Chairman & Chief Financial Officer, Xerox Corporation