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Fourth Quarter 2019Earnings Conference Call

November 5, 2019

Emerson’s Helix Innovation and Research CenterDayton, Ohio

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Safe Harbor StatementOur commentary and responses to your questions may contain forward-looking statements, including our outlook for the remainder of the fiscal year, and Emerson undertakes no obligation to update any such statements to reflect later developments. Factors that could cause actual results to vary materially from those discussed today include those provided in our most recent Annual Report on Form 10-K and subsequent reports filed with the SEC as well as the pending Board of Directors Review of Operations, Portfolio and Capital Allocation announced on October 1st, 2019.

Non-GAAP MeasuresIn this call we will discuss some non-GAAP measures (denoted with *) in talking about our company’s performance, and the reconciliation of those measures to the most comparable GAAP measures is contained within this presentation or available at our website www.Emerson.comunder Investors.

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Fiscal Year 2019 Results

DELIVERED A SOLID YEAR BY RESPONDING QUICKLY TO A SLOWER THAN ANTICIPATED GROWTH ENVIRONMENT WITH $95M OF RESTRUCTURING ACTIONS

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NOVEMBER 2018 GUIDANCE

Net Sales Growth Automation SolutionsCommercial & Residential Solutions

Underlying Sales* Growth Automation SolutionsCommercial & Residential Solutions

GAAP EPS $3.55 to $3.70

ACTUAL

6% - 9%6% - 9%8% - 10%

6%7%3%

4% - 7%5% - 8%3% - 5%

3%5%

(1%)

Operating Cash FlowFCF Conversion*Dividend Payment (63rd Consecutive Year of Increases)

Share Repurchase

$3.2B>100%$1.2B$1.0B

$3.0B

105%

$1.2B

$1.25B

$3.71

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2018 2019

Fourth Quarter 2019 Results

EPS EXCEEDED GUIDANCE DUE TO LOWER TAX RATE AND NIMBLE OPERATIONAL EXECUTION ON LOWER SALES GROWTH

Underlying sales* were +3% in Q4; Sept 3-month underlying orders +1%

– Automation Solutions +5% underlying* in Q4 • Growth and profitability in-line with Q3 guidance• End market trends remained stable in the quarter

– Commercial & Residential Solutions (2%) underlying* • N.A. HVAC slowed due to cool, wet weather• Softer conditions in professional tools and cold chain

$55M of restructuring actions in the quarter and $95M for the full year

EPS $1.16 exceeded $1.10 guidance aided by $0.09 discrete tax benefitSolid cash flow generation

– Operating Cash Flow $1.2B, up 18%– Free Cash Flow conversion* of 140%

Completed $250M target share repurchase; Returned $550M to shareholders

SUMMARY GAAP EPS

$4.9B $5.0B

$0.97 $1.16

NET SALES

2%

Underlying Sales*: +3%

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T3M Orders, Excl. Acq / Div, Incl. FXJuly 0 to 5%Aug 0 to 5%Sept flat

20%

Underlying sales* +3%

Fourth Quarter 2019 P&L Summary

($M EXCEPT EPS) 2018 2019 Chg.

Sales $4,888 $4,971 2%

Gross profit $2,059 $2,128 3%% of sales 42.1% 42.8% +70 bps

SG&A expense ($1,181) ($1,109)

% of sales 24.1% 22.3% (180) bps

Other deductions, net ($94) ($153)

EBIT* $784 $866 11%

% of sales* 16.0% 17.4% +140 bps

Adj EBITDA* % of sales 20.7% 22.8% +210 bps

Tax Rate 15.7% 12.3%

Shares 631.9 617.5

GAAP EPS $0.97 $1.16 20%

EPS Excl. Discrete Tax Items* $0.89 $1.07 20%3

Favorable price-cost and solid operational execution

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Strong operational cost control and lower corporate expense

Lower corporate expenses; Modest operational improvement

Discrete tax benefits of $0.09 in 2019 and $0.08 in 2018

Primarily higher restructuring

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Underlying Sales GrowthFourth Quarter and Full Year 2019

DEMAND SLOWED IN NORTH AMERICA IN BOTH BUSINESS PLATFORMS; STRONG GROWTH CONTINUED IN ASIA, MIDDLE EAST & AFRICA;STRONGER DOLLAR REDUCED NET SALES GROWTH BY 2 POINTS IN 2019

Underlying sales* 3 %Acquisitions 1 ptFX impact (2) pt

Net sales 2%

3%5 pts

(2) pts6%

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FOURTH QUARTERUNDERLYING SALES GROWTH

Full Year 2019UNDERLYING SALES GROWTH

Europe, 5%

Americas, flat

Asia, Middle East & Africa, 6%

4%

3%

2%

Fourth Quarter 2019, Business Segment Earnings & Cash Flow

($M) 2018 2019 CHG.

Business segment EBIT* $934 $954 2%

% of sales* 19.1% 19.2% 10 bps

Stock compensation ($72) ($37)

Pension and postretirement costs $17 $27

Corporate and other ($95) ($78)

Interest expense, net ($46) ($40)

Pretax earnings $738 $826 12%

% of sales 15.1% 16.6% 150 bps

Operating cash flow $1,024 $1,204 18%

Capital expenditures ($303) ($199)

Free cash flow* $721 $1,005 40%

Trade working capital $2,893 $2,991

% of sales 14.8% 15.0% 20 bps 7

140% conversion of net earnings*

Adjusted segment margin* up +50 basis points to 20.2%

Updated Corporate & Other Reporting format

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Fourth Quarter 2019 Automation Solutions

STRONG PROCESS AND HYBRID MARKETS GLOBALLY; SOFT TRENDS IN DISCRETE AND NORTH AMERICA UPSTREAM CONTINUED;EXECUTED WELL TO DELIVER STRONG YEAR-OVER-YEAR LEVERAGE

North America was down slightly on softer discrete and upstream activity; Latin America growth was steadyEurope accelerated on strong backlog conversionAsia growth was strong, led by China. Middle East & Africa investment activity acceleratedLong-cycle growth continued: Final Control up 4%, Systems up 11% underlying*Margin +70 bps, and was up +140 bps excluding restructuring*

REPORTED NET SALES

2018 2019

$3,228M $3,368M

T3M Orders, Excl. Acq / Div, Incl. FXJuly 0 to 5%Aug 0 to 5%

Sept 0 to 5%

4%

Underlying Sales* 5%

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17.7% EBIT% 18.4%

Sept 3-month underlying orders were up 3%

UNDERLYING SALES CHANGE VS. PYThe Americas Flat

Europe 7%

Asia, Middle East & Africa 10%

Automation Solutions 5%

FX Impact (2) Pts

Acq Impact 1 pts

Reported Net Sales 4%

18.1% Adj EBIT%* 19.5%

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UNDERLYING SALES CHANGE VS. PYAmericas flatEurope (2%)Asia, Middle East & Africa (7%)

Commercial & Residential Solutions (2%)FX Impact (1) ptAcq Impact 0 pts

Reported Net Sales (3%)

Fourth Quarter 2019Commercial & Residential Solutions

AMERICAS REFLECTED MODEST GROWTH IN RESIDENTIAL OFFSET BY SLOWER COMMERCIAL AND AFTERMARKET. EUROPE AND ASIA, MIDDLE EAST & AFRICA SLOWED.

North America HVAC decelerated due to cooler, wet weather in key areasAsia, Middle East & Africa down 7% as sluggishness persisted across regionSofter global professional tools and cold chain markets as non-residential investments slowed.Margin (120) bps, and was down (110) bps excluding restructuring*

2018 2019

$1,655M $1,608M

Underlying Sales* (2%)

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22.0% 20.8%EBIT%

REPORTED NET SALES

T3M Orders, Excl. Acq / Div, Incl. FXJuly -5 to 0%Aug -5 to 0%

Sept -5 to 0%

Sept 3-month underlying orders were down 2%

(3%)

22.7% Adj EBIT%* 21.6%

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Fiscal Year 2020 Outlook

CHALLENGING MACROECONOMIC BACKDROP AND MUTED GROWTH IN 2020; FOCUS ON MARGIN EXPANSION TO ACHIEVE ADJUSTED EPS* OF $3.48 - $3.72

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GUIDANCE UPDATE

Guidance excludes impact of ongoing Board review announced Oct. 1

Macroeconomic outlook indicates muted growth

2020 Adj. EPS* $3.60 +/- $0.12 reflects operational improvement on flat sales

Significant non-controllable EPS headwinds in 2020

Strong cash flow in a challenged macro environment

Net Sales Growth (3%) – 1%

Acquisitions Impact flatFX Impact (1%)Underlying Sales* Growth (2%) – 2%

Automation Solutions (1%) – 3%Commercial & Residential Solutions (3%) – 1%

Operating Cash Flow ~$3.1B

Free Cash Flow* ~$2.5B, >100% Conversion*

Capital Expenditures ~$600M

Adjusted EPS* $3.48 to $3.72, down 2% at midpoint*

Excludes restructuring charges and discrete tax itemsTax Rate ~23%$1.5B Share Repurchase Target

$0.29 EPS Headwinds

à Higher stock comp due to higher stock priceà Higher pension expense due to lower discount ratesà Higher tax rate and unfavorable FX impact

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$3.71

$(0.14)

$0.12 $3.69

$(0.06)$(0.04)

$(0.19)

$0.08

$0.12 $3.60

2020 Adjusted EPS Bridge

OPERATIONAL EXECUTION, LOWER DEBT COST & STRONG, FLEXIBLE BALANCE SHEET DRIVE ~20 CENTS OF EPS IN 2020 ON FLAT TO DOWN SALES

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$3.48 to $3.72Midpt.

2019Adj EPS*

2020Adj EPS*

($0.29)

2020 EPS Headwind

Operational Performance

FXImpact Share Repo,

Interest

Adj 2019*: 21.6%2020E: ~23%

Increase due to higher stock price and lower

discount rates

2019EPS,

GAAP

RestructuringChargesDiscrete Tax

Benefits

~5% GROWTHOPS & BALANCE SHEET

Underlying Sales* Growth (2%) – 2%Automation Solutions (1%) – 3%Commercial & Residential Solutions (3%) – 1% Stock compensation up due to higher stock pricePension costs up due to lower discount rates

Stock Comp & Pension

Tax Rate

Excludes impact of ongoing Board review of operations, portfolio and capital allocation announced Oct. 1

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$0.74 $- $0.01 $0.75

$(0.02) $(0.01)

$(0.10)

$0.02 $0.03 $0.67

~7% GROWTHOPS & BALANCE SHEET

Q1 2020 Adjusted EPS Bridge

ALMOST HALF OF THE 2020 HEADWINDS ARE IN THE FIRST QUARTER. WE EXPECT 5 CENTS OF EPS FROM OPERATIONS, INTEREST AND SHARE REPURCHASES, IN-LINE WITH THE FULL YEAR EXPECTATION 12

Excludes impact of ongoing Board review of operations, portfolio and capital allocation announced Oct. 1

Q1’19GAAP EPS

Tax Rate

Stock Comp & Pension

OperationalPerformance

FXImpact Share Repo,

Interest 2019: 20.9%2020E: ~23%

Increase due to higher stock price and lower

discount rates

Q1’19Adj EPS*

Q1’20Adj EPS*

($0.13) Q1’20 EPS Headwind

RestructuringCharges

Discrete Tax Benefits

$0.65 to $0.69Midpt.

Q1’20 Adjusted EPS* $0.67 +/- $0.02Net Sales Growth ~1%Underlying Sales* Growth 1 – 2%Stock compensation up due to higher stock pricePension costs up due to lower discount rates

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(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

Oct

-15

Nov

-15

Dec

-15

Jan-

16F

eb-1

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ar-1

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ay-

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-17

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Jun-

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Aug

-17

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-17

Oct

-17

Nov

-17

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-17

Jan-

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-19

Oct

-19

Total Emerson Underlying Order TrendsTrailing 3-Month Average vs. Prior Year

UNDERLYING ORDERS TRENDS IMPACTED BY SLOWER INDUSTRIAL MARKETS AND SOFT NORTH AMERICAN UPSTREAM MARKETS; LARGE CAPITAL PROJECTS CONTINUE TO PUSH OUT 13

Orders data includes the Valves & Controls acquisition results in all periods presented, including on a pro forma basis for periods prior to the acquisition close April 28, 2017.

(1) Sept & Oct orders excludes two prior year fleetwide power customer modernization projects

Prelim Oct (1)

Commercial& Residential Solutions

Automation Solutions

Emerson

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25%21%54%

Long History of Expanding Market Position, Revenue Base and Margin Profile

WE ARE A SUPERIOR INDUSTRIAL OPERATOR ACROSS ECONOMIC CYCLES; WE HAVE BUILT MARKET-LEADING POSITIONS ACROSS OUR TWO CORE PLATFORMS

35%

23%

42%66%

34%

36%

EMERSON’SEVOLUTION(Reported)

CORE OPERATIONS(Revenue)

20102000 2019

40% 43%

$7bn

$18bn

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Growth CAGR of ~5% Through Economic Cycles

GrossMargin

AutomationSolutions

AutomationSolutions

AutomationSolutions

C&RS

C&RSC&RS

DivestedAssets

DivestedAssets

Target 44%+

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The Emerson Management Process and Active Board Engagement Delivers Superior Margins Across the Portfolio

DISCIPLINED MANAGEMENT OF COSTS AND INVESTMENTSDELIVER SUPERIOR MARGIN PERFORMANCE

Source: FactSet Market Data

AUTOMATION SOLUTIONS

COMMERCIAL & RESIDENTIAL SOLUTIONS

20% 21%

15%

25%

15% 16%

AutomationSolutions

PeerGroup

Comm'l &ResidentialSolutions

PeerGroup

Emerson WeightedAverage

Peers

EMERSONCONSOLIDATED

Emerson2019 EBITDA Margin*

15

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Digital Transformation, Modernization Capabilities and Our $118B Installed Base Are Driving Demand Creation

$6B$5B

$49B

$28B

$30B

PERVASIVESENSING

Core Wireless, Location Awareness, Corrosion

MODERNIZATIONS / UPGRADESCompetitive

Displacement Programs, Migration Tools and

Services

LIFECYCLE SERVICES PROGRAMS

Shutdowns / Outages, Long Term Service

Agreements, Connected Services, Walkdowns

ANALYTICS AND SERVICES

Plantweb Optics, Knet, Analytics, Insight, Data

Management, Consulting

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V&C Integration Update

Final Control: Strong Execution of Valves & Controls Integration Is Creating Shareholder Value

SIGNIFICANT PROGRESS ON INTEGRATION OF VALVES & CONTROLS;ADDITIONAL MARGIN UPSIDE OVER THE NEXT FEW YEARS

ü Integration of single sales & service channel in place globally

ü Supply chain savings

ü 11 manufacturing facilities closed

ü Headcount reduction to reduce mfg. and SG&A redundancy

ü Product SKU rationalization

ü 23 legal entities consolidated

ü Significant improvement in customer service received

ü Operating Model Transformation (OMT) unwind and systems strategy complete

Total Final Control EBITDA* ($mm)

Total Final ControlEBITDA* Margin

Total Final ControlFacilities

Total Final Control Working Capital % Sales

$391

$607

2017 2019

11%

16%

2017 2019

64

55

2017 2019

35%

26%

2017 2019

17

Pro Formaw/ V&C

Pro Formaw/ V&C

Pro Formaw/ V&C

Pro Formaw/ V&C

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EMERSON’S RETURN ON TOTAL CAPITALEMERSON CAPITAL ALLOCATION

Consistent Buybacks and Dividends, Acquisitions and Capital Spending Have Delivered Superior Returns

CAPITAL ALLOCATION STRATEGY HAS ENHANCED SHAREHOLDER VALUE OVER THE LONG-TERM

Last 10 Years

Capital Spending$6bn (16% total)

Acquisitions$10bn (27% total)

Dividends$12bn (31% total)

Buybacks$10bn (26% total)

ROTC > WACCValue Creation

43% ofTotal

57% ofTotal

18%

ROTC(10yr Avg.)

WACC

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The Global Growth Environment Continues to Slow and is Projected to Remain Challenging

KEY LEADING INDICATORS ARE POINTING TOWARD RECESSIONARY LEVELS

-15%

-10%

-5%

0%

5%

10%

G7 G7 w/ China

A Gross Fixed Investment <2%Is a Critical Distinction Point

1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2020F

2% GFI

Global Financial Crisis

Euro DebtCrisis

IndustrialRecession

GlobalSlowdown

Dot ComRecession

Near Term

Outlook

Source: IHS Markit

Gross Fixed Investment (% growth yoy)

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Globalization + Restructuring Repositioning + Restructuring

Strategic Acquisitions Runway & Incremental Actions Drive

Margins Above Peak

0

50

100

150

200

250

300

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Emerson Accelerates Restructuring Investments in Down Cycles

TAKING ACTION TO SUPPORT OPERATING LEVERAGE AND RETURN TO PEAK MARGIN WITH NEXT UPTURN

Incr

emen

tal R

estru

ctur

ing

($M

)

~$250M Incremental

Restructuring

~$100M Incremental

Restructuring

~$250M Incremental

Restructuring

Taking action – $35M Higher Restructuring in H2 2019;Board Review Underway;Historically ~$200-$300M

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Board of Directors Undertaking Comprehensive Review of Operational, Capital Allocation and Portfolio Initiatives

EXPECT FULL UPDATE AT FEBRUARY INVESTOR CONFERENCE

Operational

CapitalAllocation

Portfolio

Developing a comprehensive plan for cost savings, including manufacturing footprint, SG&A and corporate initiatives

Supported by a leading global consulting firm to complete an independent assessment

Evaluating all strategic alternatives to enhance shareholder value

Emerson has taken three major repositioning efforts since 2000, most recently its strategic repositioning completed during 2015 – 2016

Evaluating optimal capital structure, mindful of cycle context and balance sheet flexibility

Evaluating capital allocation strategy including opportunities to return additional capital to shareholders as well as M&A alternatives

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Reconciliation of Non-GAAP Measures

22

This information reconciles non-GAAP measures (denoted with a *) with the most directly comparable GAAP measure. (dollars in millions, except per share amounts)

Q4 2019 Underlying Sales Change Auto Solns Comm &

Res Solns Emerson Reported (GAAP) 4% (3)% 2%(Favorable) / Unfavorable FX 2% 1% 2%Acquisitions / Divestitures (1)% - (1)%Underlying* 5% (2)% 3%

2019 Underlying Sales Change Auto Solns Comm &

Res Solns Emerson Reported (GAAP) 7% 3% 6%(Favorable) / Unfavorable FX 2% 1% 2%Acquisitions / Divestitures (4)% (5)% (5)%Underlying* 5% (1)% 3%

FY2020E Underlying Sales Change Auto Solns Comm &

Res Solns Emerson Reported (GAAP) (2) - 2% (5) - (1)% (3) - 1%(Favorable) / Unfavorable FX ~ 1 % ~ 1 % ~1%Acquisitions / Divestitures ~ - % ~ 1 % ~ - %Underlying* (1) - 3% (3) - 1% (2) - 2%

Q1 FY2020E Underlying Sales Change Emerson Reported (GAAP) ~1%(Favorable) / Unfavorable FX ~1%Acquisitions / Divestitures ~ (0.5)%Underlying* 1 - 2%

This information reconciles non-GAAP measures (denoted with a *) with the most directly comparable GAAP measure. (dollars in millions, except per share amounts)

Reconciliation of Non-GAAP Measures

23

FY19E November 2018 Guidance Underlying Sales Change Auto Solns Comm &

Res Solns Emerson Reported (GAAP) 6 - 9% 8 - 10% 6 - 9%(Favorable) / Unfavorable FX ~ 2% ~ 1% ~ 2%Acquisitions / Divestitures ~ (3)% ~ (6)% ~ (4)%Underlying* 5 - 8% 3 - 5% 4 - 7%

Earnings Per Share Q4 FY18 Q4 FY19 ChangeEarnings per share (GAAP) 0.97$ 1.16$ 20%Discrete tax benefits (0.08) (0.09) -%Earnings per share excluding discrete tax benefits* 0.89$ 1.07$ 20%

EBIT Q4 FY18 Q4 FY19 ChangePretax earnings (GAAP) 738$ 826$ 12%Interest expense, net 46 40 (1)%Earnings before interest and taxes* 784 866 11%Corporate items 150 88 (9)%Business segment EBIT 934$ 954$ 2%

EBIT Margin Q4 FY18 Q4 FY19 ChangePretax margin (GAAP) 15.1% 16.6% 150 bpsInterest expense, net 0.9% 0.8% (10) bpsEarnings before interest and taxes margin* 16.0% 17.4% 140 bpsDepreciation, amortization, restructuring expense 4.7% 5.4% 70 bpsAdjusted EBITDA margin* 20.7% 22.8% 210 bps

This information reconciles non-GAAP measures (denoted with a *) with the most directly comparable GAAP measure. (dollars in millions, except per share amounts)

Reconciliation of Non-GAAP Measures

24

Business Segment EBIT Margin Q4 FY18 Q4 FY19 ChangePretax margin (GAAP) 15.1% 16.6% 150 bpsCorp. items & interest expense, net % of sales 4.0% 2.6% (140) bpsBusiness segment EBIT margin* 19.1% 19.2% 10 bpsRestructuring charges 0.6% 1.0% 40 bpsEBIT margin excluding restructuring* 19.7% 20.2% 50 bps

Automation Solutions Segment EBIT Margin Q4 FY18 Q4 FY19 ChangeAutomation Solutions Segment EBIT margin (GAAP) 17.7% 18.4% 70 bpsRestructuring impact 0.4% 1.1% 70 bpsAdjusted Automation Solutions Segment EBIT margin* 18.1% 19.5% 140 bps

Commercial & Residential Solutions Segment EBIT Margin Q4 FY18 Q4 FY19 ChangeCom & Res Sols Segment EBIT margin (GAAP) 22.0% 20.8% (120) bpsRestructuring impact 0.7% 0.8% 10 bpsAdjusted Com & Res Sols Segment EBIT margin* 22.7% 21.6% (110) bps

Cash Flow FY2020E Operating cash flow (GAAP) 3,100$ Capital expenditures ~ (600)Free cash flow* 2,500$

Cash Flow to Net Earnings Conversion FY2020E FY19 Q4 FY19

November 2018

Guidance Operating cash flow conversion (GAAP) ~ 145% 130% 168% ~ 140%Capital expenditures ~ (45)% (25)% (28)% ~ (40)%Free cash flow conversion* > ~ 100% 105% 140% > ~ 100%

Reconciliation of Non-GAAP MeasuresThis information reconciles non-GAAP measures (denoted with a *) with the most directly comparable GAAP measure. (dollars in millions, except per share amounts)

2019 EBITDA Margin Emerson Pretax margin (GAAP) 16%Interest expense, net, depreciation and amortization 5%EBITDA margin* 21%

2019 EBITDA Margin By Platform Auto Solns Comm &

Res Solns Segment EBIT margin (GAAP) 16% 21%Depreciation, amortization 4% 4%Segment EBITDA margin* 20% 25%

Final Control EBITDA FY17 PF FY19 Pretax earnings (GAAP) 211$ 419$ Depreciation, amortization 180 188 EBITDA* 391$ 607$

Final Control EBITDA Margin FY17 PF FY19 Pretax margin (GAAP) 6% 11%Depreciation, amortization 5% 5%EBITDA margin* 11% 16%

Q4 2019 Underlying Sales Change Final Control SystemsReported (GAAP) 2% 16%(Favorable) / Unfavorable FX 2% 2%Acquisitions -% (7)%Underlying* 4% 11%

This information reconciles non-GAAP measures (denoted with a *) with the most directly comparable GAAP measure. (dollars in millions, except per share amounts)

Adjusted Tax Rate Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 FY19 Tax rate (GAAP) 20.9% 22.3% 20.3% 12.3% 18.6%Discrete items -% 1.9% 2.4% 6.8% 3.0%Adjusted tax rate* 20.9% 24.2% 22.7% 19.1% 21.6%

Earnings Per Share FY19 FY20E

Midpoint Change Q1 FY19Earnings per share (GAAP) 3.71$ 0.74$ Discrete tax benefits (0.14) -Restructuring Charges 0.12 0.01 Adjusted earnings per share* 3.69$ 3.60$ (2)% 0.75$

2019 Quarterly Adjusted EPS Q1 Q2 Q3 Q4 2019Reported EPS (GAAP) $0.74 $0.84 $0.97 $1.16 $3.71

Reported Tax rate 20.9% 22.3% 20.3% 12.3% 18.6%

Less Discrete Tax Benefits -- ($0.02) ($0.03) ($0.09) ($0.14)Add Restructuring $0.01 $0.01 $0.03 $0.07 $0.12

Adjusted EPS* $0.75 $0.83 $0.97 $1.14 $3.69Adjusted Tax Rate* 20.9% 24.2% 22.7% 19.1% 21.6%

Reconciliation of Non-GAAP Measures

26References to underlying orders in this presentation refer to the Company's trailing three-month average orders growth versus the prior year, excluding currency, acquisitions and divestitures

References to underlying sales in this presentation exclude the impact of acquisitions, divestitures and currency translation.

References to trailing 3-month or T3M orders in this presentation refer to the Company's trailing three-month average orders growth versus the prior year, excluding acquisitions and divestitures