d a v i d n F a r r C h air man an d C h i e f E xe c u t i v e O f f i c e r To Our Shareholders As we conclude another year I am excited about how much we continue to learn about our businesses customers and the ever changing global environment in which we operate and our ongoing development as an organization In my years with Emerson Ive seen clearly how were confronted every day with new challenges and tremendous opportunities It is in how we understand design plan and execute in a dynamic world that makes the difference drives growth and delivers success for our shareholders customers and employees More than ever before our customers rely on us as a trusted partner to provide the solutions and services that enable them to respond to and excel in this changing world As global leaders in our industries our businesses must anticipate these developments and ensure that we always deliver on our promises To that end we are constantly seeking ways to evolve and improve to better respond to the dynamic markets we serve and to help our customers do the same This focus on evolving and improving matured this year into something we call Perfect Execution Perfect Execution is more than a program Its a challenge to everyone in the company to better understand our customers and then work and think in different ways and at new levels on their behalf In many ways it is a cultural transformation that reduces complexity breaks down silos and strengthens collaboration across our organization Perfect Execution is structured around not just satisfying but radically exceeding our customers expectations as we grow and develop winning solutions together Advancing this initiative was a significant milestone for Emerson in 2013 amid what continues to be a challenging business climate Global economic growth remained more limited than we had anticipated as weaker business investment reflected a lack of confidence and heightened uncertainty about the operating environment Despite these conditions Emerson achieved many successes in the past year delivering continued sales and earnings 2 E m e r s o n 2 0 1 3 A n n u a l R e p o r t