F r a n k J d E L L a q u i L a E xe c u t i v e V i c e P r e s i d e n t a n d C h i e f F i n a n c i a l O f f i c e r Perfect Execution is all these things On the following pages you will read more about it and the impact it has had on our customers and on Emerson This is just the beginning We are passionately committed to driving a cultural shift and a longterm process that creates value for our customers Perfect Execution builds stronger relationships of trust internally and externally and accelerates our trajectory as a global growth company It will ensure our continued relevance and drive sustained value creation for our shareholders Looking ahead we expect the global economic environment to improve slightly in 2014 as business confidence gradually strengthens Orders continue to trend positively supporting the outlook for underlying sales growth of 3 to 5 percent Margin expansion and solid cash generation will allow us to fund internal growth programs and invest in strategic acquisitions that will enhance our positioning in the markets we serve As always generating solid returns for shareholders through earnings growth and capital deployment remains our top priority I thank our Board of Directors for their exceptional leadership and continued support I would also like to express my gratitude for the global perspective and business acumen that Carlos Fernandez who retired in 2013 after 12 years of service on the Board brought to Emerson We also welcomed new director Jim Turley who recently retired after an impressive career at Ernst Young where he had served as Chairman and Chief Executive Officer Jim brings tremendous management experience integrity and business insight to the Board that I know will benefit Emerson and its shareholders for years to come On behalf of the Board of Directors and all of us at Emerson thank you for your support Sincerely David N Farr Chairman and Chief Executive Officer E m e r s o n 2 0 1 3 A n n u a l R e p o r t 5