snap-on to acquire proquest business...

SnapSnap--on to Acquire on to Acquire ProQuestProQuest Business SolutionsBusiness SolutionsAccelerates SnapAccelerates Snap--on’s Profitable Growth Strategyon’s Profitable Growth Strategy

andand

SnapSnap--on Announces 2006 Thirdon Announces 2006 Third--quarter Resultsquarter Results

October 23, 2006October 23, 2006

Cautionary StatementCautionary Statement

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These slides should be read in conjunction with comments from a conference call held on October 23, 2006.

Statements made during the October 23, 2006, conference call and/or information included in this presentation may contain statements, including earnings projections, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results. Statements made that (i) include the words “expects,” “plans,” “targets,” “estimates,”“believes,” “anticipates,” or similar words that reference Snap-on or its management; (ii) are specifically identified as forward-looking; or (iii) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company’s actual results may differ materially from those described or contemplated in the forward-looking statements. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and Risk Factors”headings in its Annual Report on Form 10-K filing dated February 21, 2006, its Form 10-Q filing dated July 26, 2006, and in its Form 8-K filing dated July 27, 2005, all of which are incorporated herein by reference, and Snap-on’s and ProQuest Company’s ability to complete all conditions to the closing of Snap-on’s acquisition of ProQuest Business Solutions, including receipt of all regulatory approvals, and Snap-on’s ability to successfully integrate this business. Snap-on disclaims any responsibility to update any forward-looking statement provided during the October 23, 2006, conference call and/or included in this presentation.

ProQuestProQuest Business Solutions OverviewBusiness Solutions Overview

Jack Michaels Jack Michaels Chairman, President and CEOChairman, President and CEO

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Acquisition of Acquisition of ProQuestProQuest Business SolutionsBusiness SolutionsCompelling Strategically and FinanciallyCompelling Strategically and Financially

Fits with SnapFits with Snap--on’s Diagnostic & Information Group strategy of providing on’s Diagnostic & Information Group strategy of providing integrated shop diagnostics and information solutionsintegrated shop diagnostics and information solutionsUndeterred focus on Commercial & Industrial initiatives and implUndeterred focus on Commercial & Industrial initiatives and implementation ementation of Snapof Snap--on Tools Group strategies, which continue to show positive resulon Tools Group strategies, which continue to show positive resultstsProQuestProQuest Business Solutions provides:Business Solutions provides:

Expanded valueExpanded value--added offering for global automotive OEM dealership segment and added offering for global automotive OEM dealership segment and power equipment and power sports dealership service markets power equipment and power sports dealership service markets

Electronic parts catalogsElectronic parts catalogs

Warranty management systemsWarranty management systems

Dealership operating/financial analyticsDealership operating/financial analytics

New customer relationshipsNew customer relationships

Expanded product integration opportunities with existing diagnosExpanded product integration opportunities with existing diagnostics and information tics and information capabilitiescapabilities

Strong management team and industry experienceStrong management team and industry experience

Accretive to earnings and cash flowAccretive to earnings and cash flowSnapSnap--on’s financial strength and liquidity flexibility maintainedon’s financial strength and liquidity flexibility maintained

Attractive Global Market Segments and Expanded Product Growth Opportunities

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OEMs and Their Dealerships are Important OEMs and Their Dealerships are Important Service SegmentsService Segments

OEMs require integrated solutions partnersOEMs require integrated solutions partnersVehicle Design, Manufacturing, Supply Chain, Sales, Parts Vehicle Design, Manufacturing, Supply Chain, Sales, Parts and Serviceand Service

Dealership afterDealership after--warranty repair strategies are being executedwarranty repair strategies are being executedParts and service are the most profitable businesses within OEM Parts and service are the most profitable businesses within OEM dealershipsdealershipsTheir business processes and tools are increasing in sophisticatTheir business processes and tools are increasing in sophisticationion

Our Strategy is to be the Global OEM Partner of Choice –ProQuest Business Solutions is a Positive Move in that Direction

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Automotive OEM Dealership Share of Service Automotive OEM Dealership Share of Service is Growingis Growing

In the U.S., dealerships are 27% of automotive In the U.S., dealerships are 27% of automotive service spendingservice spending

Outside the U.S., dealerships have an even larger shareOutside the U.S., dealerships have an even larger shareDealership service growth is expected to exceed Dealership service growth is expected to exceed growth in global vehicle PARCgrowth in global vehicle PARC

Global vehicle PARC forecasted to grow 2.7% annually over Global vehicle PARC forecasted to grow 2.7% annually over next five yearsnext five yearsChina expected to grow 11.2%; India 9.3% over the same periodChina expected to grow 11.2%; India 9.3% over the same period

Source: 2006 Lange Marketing Report and 2006 Global Insight Automotive

Brings Strong OEM Relationships in Large and Growing Market Segment

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Parts and Service Critical to Success of Parts and Service Critical to Success of Dealerships and OEM Service StrategyDealerships and OEM Service Strategy

U.S. professional service parts market is $80 billion; growing iU.S. professional service parts market is $80 billion; growing in n excess of 3.4% annually excess of 3.4% annually Parts and service of U.S. dealerships is 12% of sales but 58% ofParts and service of U.S. dealerships is 12% of sales but 58% ofprofitsprofits

Efficiency and profitability significantly improved by electroniEfficiency and profitability significantly improved by electronic c parts catalog parts catalog

Opportunity to integrate Opportunity to integrate ProQuestProQuest Business Solutions’ parts Business Solutions’ parts information and diagrams with Snapinformation and diagrams with Snap--on’s diagnostics and on’s diagnostics and service informationservice information

Source: 2005 Automotive Aftermarket Industry Association and 2006 National Automobile Dealers Association

Provides Snap-on Added Capabilities to Serve Large and Growing Segments

Strong Strategic FitStrong Strategic Fit

Tom WardTom WardPresident President –– Diagnostics & Information GroupDiagnostics & Information Group

SnapSnap--on’s Diagnostics & Information Group Todayon’s Diagnostics & Information Group Today

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Brands:Brands:

Growth Drivers:Growth Drivers: Increasing complexity of vehicles with advanced electronicsIncreasing complexity of vehicles with advanced electronicsWorldwide markets producing more sophisticated vehiclesWorldwide markets producing more sophisticated vehiclesNew markets and applications New markets and applications –– global opportunityglobal opportunityHardware to software solutions transitionHardware to software solutions transitionNew products and technological advancesNew products and technological advancesExpansion/renovation of OEM dealershipsExpansion/renovation of OEM dealerships

Distinctive Distinctive Competencies:Competencies: Instrumentation with informationInstrumentation with information

Product and customer application knowledgeProduct and customer application knowledgeEasy to learn Easy to learn –– easy to apply knowledgeeasy to apply knowledge--onon--demand solutionsdemand solutionsInnovative and productivityInnovative and productivity--enhancing solutionsenhancing solutionsWired and wireless vehicle diagnosticsWired and wireless vehicle diagnosticsStrong relationships with premium OEMsStrong relationships with premium OEMs

CustomersCustomers ProductsProducts TTM 9/30/06 Financial Metrics TTM 9/30/06 Financial Metrics

•• Vehicle service and repair shop Vehicle service and repair shop owners and managersowners and managers

•• Vehicle repair techniciansVehicle repair technicians•• National and regional service chainsNational and regional service chains•• Vehicle dealershipsVehicle dealerships•• Vehicle manufacturersVehicle manufacturers

•• Handheld diagnosticsHandheld diagnostics•• Engine analyzersEngine analyzers•• Vehicle service informationVehicle service information•• Diagnostics software Diagnostics software •• Business management systemsBusiness management systems•• OEM program facilitationOEM program facilitation

($ in millions)($ in millions)

•• Total Revenue: $481Total Revenue: $481-- 72% U.S. 72% U.S. -- 28% Non28% Non--U.S.U.S.

•• Operating Earnings: $53Operating Earnings: $53

ProQuest Business Solutions TodayProQuest Business Solutions Today

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Parts and ServiceParts and Service -- “must“must--have" have" EPCsEPCs, , related technical information, accessory related technical information, accessory catalogs and eCommerce solutionscatalogs and eCommerce solutions

15 Automotive OEMs, 15 Automotive OEMs, 33,000 Dealerships33,000 Dealerships

40 Power Equipment OEMs, 40 Power Equipment OEMs, 75,000 Dealerships75,000 Dealerships

13 Power Sports OEMs, 13 Power Sports OEMs, 10,300 Dealerships10,300 Dealerships

Performance MeasurementPerformance Measurement -- collect, collect, manage, analyze and report key decision manage, analyze and report key decision support information, enabling OEMs to support information, enabling OEMs to measure dealership effectivenessmeasure dealership effectiveness

25 Automotive, Power Equipment, 25 Automotive, Power Equipment, Power Sports OEMs, Power Sports OEMs, 28,000 Dealerships

$129

$8

$45

Automotive Parts & ServicePower Equipment/Sports Parts & ServicePerformance Measurement

2005 Revenue Mix($ millions)

28,000 Dealerships

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ProQuest Business Solutions Customer ProQuest Business Solutions Customer Relationships*Relationships*

Parts and ServiceParts and ServiceAutomotive:Automotive: Acura, DaimlerAcura, Daimler--Chrysler, Ford, Chrysler, Ford, General Motors, Honda, Hyundai, Isuzu, Lexus, General Motors, Honda, Hyundai, Isuzu, Lexus, Mazda, MercedesMazda, Mercedes--Benz, Nissan, Saturn, Subaru, Benz, Nissan, Saturn, Subaru, Suzuki, Toyota, Volvo Suzuki, Toyota, Volvo Power Equipment/Sports:Power Equipment/Sports: Alamo, Arctic Cat, BMW, Alamo, Arctic Cat, BMW, BRP, Ducati, HarleyBRP, Ducati, Harley--Davidson, Hitachi Construction, Davidson, Hitachi Construction, Honda, JCB, John Deere, Kawasaki, Kawasaki Honda, JCB, John Deere, Kawasaki, Kawasaki Engines, Kawasaki Loaders, Komatsu, Kohler Engines, Engines, Kawasaki Loaders, Komatsu, Kohler Engines, KTM, Mercury Marine, Metso Minerals, MitsubishiKTM, Mercury Marine, Metso Minerals, Mitsubishi--Caterpillar, MTD, Polaris, Stihl, Suzuki, Tecumseh, Caterpillar, MTD, Polaris, Stihl, Suzuki, Tecumseh, Terex, Triumph, Volvo Construction, YamahaTerex, Triumph, Volvo Construction, Yamaha

Performance MeasurementPerformance Measurement: : BMW,BMW, Ford/PAG/Mazda, Honda, Fiat, Mitsubishi, Ford/PAG/Mazda, Honda, Fiat, Mitsubishi, Porsche, PSA, Toyota/Lexus, Renault/Nissan, Volvo, Porsche, PSA, Toyota/Lexus, Renault/Nissan, Volvo, Volvo Truck, VW GroupVolvo Truck, VW Group

*Select examples only

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Automotive OEM Dealership Repair ProcessAutomotive OEM Dealership Repair ProcessLinking and integrating information, functions and products in tLinking and integrating information, functions and products in the OEM repair shophe OEM repair shop

Parts Information at the Center of the Repair Process

Opportunity For Deeper Integration Across Processes

COMPLAINTTrigger, Contact,

Ingest

CURERepair & Test,

Close & Handoff,Evaluate

CONNECTIONCommunicate

CAUSEDiagnose, Estimate,

Order

PARTSINFORMATION

Complementary Skills, Products and RelationshipsComplementary Skills, Products and Relationships

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Strong automotive OEM relationshipsExpanded power sports and power equipment OEM relationships

Strong automotive aftermarket penetration

Electronic parts catalogsElectronic repair and service information

Essential diagnostics development for OEMsVehicle diagnostics capabilities

Strong technology and technical capabilitiesStrong technology and technical capabilities

Deep integration with major global dealer management system providers

Leader in integration of shop management, information and diagnostics systems

Financial HighlightsFinancial Highlights

Marty EllenMarty EllenSenior Vice President and CFOSenior Vice President and CFO

Transaction OverviewTransaction Overview

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Purchase PriceCash of approximately $480 million plus Cash of approximately $480 million plus assumption of $19 million of debtassumption of $19 million of debt

$180 million in cash $180 million in cash $300 million from existing credit facilities at closing$300 million from existing credit facilities at closing

Funding Expect to term fund $250 million of the credit facility Expect to term fund $250 million of the credit facility shortly after closing shortly after closing

Financial strength and liquidity flexibility maintainedFinancial strength and liquidity flexibility maintained

Standard regulatory approvals including HSRStandard regulatory approvals including HSRNo financing conditionsNo financing conditionsApprovals and ClosingExpected to close by the end of November 2006 Expected to close by the end of November 2006

A Straightforward Transaction that Can be Completed Quickly

Important Financial ConsiderationsImportant Financial Considerations

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Accretive to earnings and cash flow in early 2007Accretive to earnings and cash flow in early 2007Expect $5 Expect $5 -- $10 million of growth spending in 2007$10 million of growth spending in 2007

Debt to capital ratio of 34% at closing Debt to capital ratio of 34% at closing Free cash flow available for debt reduction estimated to be Free cash flow available for debt reduction estimated to be in excess of $100 million annuallyin excess of $100 million annually

Balance sheet liquidity and flexibility maintainedBalance sheet liquidity and flexibility maintainedNo change expected in dividend policyNo change expected in dividend policyNo change in focus or funding for strategic and other No change in focus or funding for strategic and other growth initiatives in the Commercial & Industrial and growth initiatives in the Commercial & Industrial and SnapSnap--on Tools Groupson Tools Groups

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Pro forma Financial InformationPro forma Financial Information(Unaudited)(Unaudited)

(1)

(2)

(2)(4) (3)(3)

($ in millions) Stand-alone Pro formaSnap-on Combined

Sales 2,335$ 2,520$

EBITDA 236$ 295$ 10.1% 11.7%

Depreciation/Amortization 50$ 72$

Interest Expense 19$ 37$

Cash 246$ 68$ Total Assets 2,169$ 2,564$ Total Debt 216$ 535$ Total Equity 1,031$ 1,031$ Gross Debt/Equity 17.3% 34.2%

TTM June 2006

As of 9/30/06

(1) Pro forma data combines Snap-on and ProQuest Business Solutions. ProQuest Business Solutions’ results adjustedto reflect results on a stand-alone basis from ProQuest Company.

(2) Excludes the effect of the DCS acquisition announced in September 2006. It is expected that the DCS acquisition will add annual sales of $17 million and EBITDA of $10 million.

(3) Excludes $38 million legal settlement recorded by Snap-on in Q2-2006.(4) Earnings before interest, taxes, depreciation and amortization.

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Acquisition of Acquisition of ProQuestProQuest Business SolutionsBusiness SolutionsCompelling Strategically and FinanciallyCompelling Strategically and Financially

Fits with SnapFits with Snap--on’s Diagnostic & Information Group strategy of providing on’s Diagnostic & Information Group strategy of providing integrated shop diagnostics and information solutionsintegrated shop diagnostics and information solutionsUndeterred focus on Commercial & Industrial initiatives and implUndeterred focus on Commercial & Industrial initiatives and implementation ementation of Snapof Snap--on Tools Group strategies, which continue to show positive resulon Tools Group strategies, which continue to show positive resultstsProQuestProQuest Business Solutions provides:Business Solutions provides:

Expanded valueExpanded value--added offering for global automotive OEM dealership segment and added offering for global automotive OEM dealership segment and power equipment and power sports dealership service marketspower equipment and power sports dealership service markets

Electronic parts catalogsElectronic parts catalogs

Warranty management systemsWarranty management systems

Dealership operating/financial analyticsDealership operating/financial analytics

New customer relationshipsNew customer relationships

Expanded product integration opportunities with existing diagnosExpanded product integration opportunities with existing diagnostics and information tics and information capabilitiescapabilities

Strong management team and industry experienceStrong management team and industry experience

Accretive to earnings and cash flowAccretive to earnings and cash flowSnapSnap--on’s financial strength and liquidity flexibility maintainedon’s financial strength and liquidity flexibility maintained

Attractive Global Market Segments and Expanded Product Growth Opportunities

Quarterly Financial ReviewQuarterly Financial ReviewThird Quarter 2006Third Quarter 2006

Consolidated Results Consolidated Results –– 33rdrd QtrQtr

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($ in millions, except per share data)($ in millions, except per share data) 20062006 20052005 ChangeChange

Net salesNet sales $ 599.5$ 599.5 $ 554.1$ 554.1 8.2 % 8.2 %

Gross profitGross profit% of sales% of sales

Operating expensesOperating expenses% of sales% of sales

$ 260.2$ 260.243.4 %43.4 %

$ 217.0$ 217.036.2 %36.2 %

$ 247.2$ 247.244.6 %44.6 %

$ 208.0$ 208.037.5 %37.5 %

5.3 %5.3 %

4.3 %4.3 %

Operating earningsOperating earnings% of revenues% of revenues

$ 46.2$ 46.27.6 %7.6 %

$ 42.8$ 42.87.5 % 7.5 %

7.9 %7.9 %

Financial services revenueFinancial services revenueFinancial services operating earningsFinancial services operating earnings

11.311.33.03.0

13.113.13.63.6

(13.7)%(13.7)%(16.7)%(16.7)%

Net earningsNet earningsDiluted EPSDiluted EPS

$ 28.2$ 28.2$ 0.48$ 0.48

$ 21.0$ 21.0$ 0.36$ 0.36

34.3 %34.3 %33.3 %33.3 %

Sales up $45.4 million (includes $8.8 million of currency translation); sales per employee up 2.5% to $206KSnap-on Tools sales essentially flat; International sales up 2.1%Higher sales in the OEM equipment solutions business, emerging market growth, increased sales of under-car

equipment and sales to U.S. industrial customers Operating Earnings up $3.4 million or 7.9%

Higher sales and pricing; benefits of $18.7 million from productivity and cost reduction initiatives Higher stock-based and performance-based incentive compensation expense of $9.7 millionHigher strategic growth costs of $7.8 million, including $5.5 million for Snap-on Tools’ initiativesIncreased production and material costs of $5.9 million

2005 net earnings includes $2.8 million ($0.05 EPS) of additional income tax expense from repatriation of foreign earnings

SnapSnap--on Tools Group on Tools Group –– 3rd Qtr3rd Qtr

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($ in millions)($ in millions) 20062006 20052005 ChangeChange


$ 107.2$ 107.244.0 %44.0 %

$ 109.1$ 109.144.6 %44.6 %

(1.7)%(1.7)%


$ 91.5$ 91.537.6 %37.6 %

$ 89.0$ 89.036.4 %36.4 %

2.8 %2.8 %

Segment salesSegment salesOrganic salesOrganic salesCurrency translationCurrency translation

$ 243.9$ 243.9(2.5)(2.5)1.61.6

$ 244.8$ 244.8 (0.4)%(0.4)%(1.0)%(1.0)%0.6 %0.6 %

Operating earningsOperating earnings% of sales% of sales

$ 15.7$ 15.76.4 %6.4 %

$ 20.1$ 20.18.2 % 8.2 %

(21.9)%(21.9)%

Sales down $0.9 millionNorth American franchisee sales down 1%U.S. sales per franchisee up 2.0%, despite a 3.9% year-over-year decline in the average numberof U.S. franchisees in the quarterInternational sales up 2.1%, due primarily to U.K. sales growth and currency translation

Operating earnings down $4.4 millionHigher planned costs of $5.5 million to improve the franchise system and supply chain; YTD spendof $11.1 millionLower sales and a less favorable sales mixHigher 2006 production and material costs of $3.4 millionSavings and enhanced productivity from rapid continuous improvement actionscontributed $6.1 million

Commercial & Industrial Group Commercial & Industrial Group –– 3rd Qtr3rd Qtr

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$ 103.5$ 103.536.1 %36.1 %

$ 94.6$ 94.636.1 % 36.1 %

9.4 %9.4 %


$ 80.2$ 80.228.0 %28.0 %

$ 76.8$ 76.829.3 % 29.3 %

4.4 %4.4 %


$ 287.0$ 287.018.518.5

6.16.1

$ 262.4$ 262.4 9.4 %9.4 %7.0 %7.0 %2.4 %2.4 %


$ 23.3$ 23.38.1 %8.1 %

$ 17.8$ 17.86.8 % 6.8 %

30.9 %30.9 %

Sales increased $24.6 million or 9.4%; includes $6.1 million of favorable currency translationGrowth in emerging marketsHigher U.S. sales of power tools and tools for industrial applications, increased sales of under-car equipment

Operating earnings up $5.5 million or 30.9%Increased sales and pricingContributions from productivity and rapid continuous improvement initiatives of $5.1 million

Increased production and sourcing of materials from lower-cost regions and facilitiesBenefits from prior restructuring initiatives

Higher production and material costs of $1.9 millionHigher strategic spending of $1.4 million to support growth initiatives

Diagnostics & Information Group Diagnostics & Information Group –– 33rdrd QtrQtr

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$ 49.5$ 49.537.6 %37.6 %

$ 43.5 $ 43.5 43.3 %43.3 %

13.8 %13.8 %


$ 33.0$ 33.025.1 %25.1 %

$ 31.7 $ 31.7 31.5 %31.5 %

4.1 %4.1 %


$ 131.7$ 131.730.030.0

1.31.3

$ 100.4$ 100.4 31.2 %31.2 %29.9 %29.9 %1.3 %1.3 %


$ 16.5$ 16.512.5 %12.5 %

$ 11.8$ 11.811.8 % 11.8 %

39.8 %39.8 %

Sales up $31.3 million or 31.2%Sales increase driven by higher sales in the OEM equipment solutions business

Increased sales of handheld diagnostics and information productsOperating earnings up $4.7 million or 39.8%

Increased sales; benefits from rapid continuous improvement actions of $2.1 millionGross profit impacted by a shift in product mix that included higher sales in the OEM equipment solutions business (lower relative gross margin)Includes strategic growth spending of $0.9 million

Financial Services Financial Services –– 33rdrd QtrQtr

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Segment revenuesSegment revenues $ 11.3$ 11.3 $ 13.1 $ 13.1

$ 3.6 $ 3.6

$130.6$130.6

(13.7)% (13.7)%

OriginationsOriginations $128.9$128.9 (1.3)%(1.3)%

Operating earningsOperating earnings $ 3.0$ 3.0 (16.7)%(16.7)%

Lower revenue and earningsRising interest ratesLower yields on certain new financing programs

Originations down 1.3% Lower lease and dealer finance originations

Balance Sheet Balance Sheet –– As of September 30, 2006As of September 30, 2006

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Total Debt of $215.8 million; Cash of $246.0 millionTotal Debt of $215.8 million; Cash of $246.0 millionNet debt position is $162.6 million lower than 3Net debt position is $162.6 million lower than 3rdrd quarter 2005quarter 2005Repaid $100 million of debt in 4Repaid $100 million of debt in 4thth quarter of 2005quarter of 2005

Inventories Inventories -- $312.6 million$312.6 millionUp $29.4 million from year end due to seasonal builds and $10.2 Up $29.4 million from year end due to seasonal builds and $10.2 million million of currency translationof currency translationDown $15.0 million from 3Down $15.0 million from 3rdrd quarter 2005 quarter 2005 Inventory turns of 4.2 vs. 3.9 as of 3Inventory turns of 4.2 vs. 3.9 as of 3rdrd quarter 2005 quarter 2005

Receivables Receivables -- $502.4 million$502.4 millionUp $16.5 million from year end; includes $15.2 million of currenUp $16.5 million from year end; includes $15.2 million of currency translationcy translationDown $8.6 million from 3Down $8.6 million from 3rdrd quarter 2005quarter 200575 days outstanding compared with 77 days as of 375 days outstanding compared with 77 days as of 3rdrd quarter 2005quarter 2005

Cash FlowCash Flow

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33rdrd QuarterQuarter Year to dateYear to date($ in millions)($ in millions) 20062006 20052005

$ 76.9$ 76.9

28.228.211.811.8

32.032.0

$ 65.6$ 65.6

21.021.012.212.2

33.433.4

$ (8.8)$ (8.8)

Free cash flowFree cash flow $ 65.3$ 65.3 $ 56.8$ 56.8 $119.4$119.4 $ 88.9$ 88.9

$ (11.6)$ (11.6)

$ 47.7$ 47.7

$ (11.6)$ (11.6)

$ (12.8) $ (12.8)

$ 55.9$ 55.9

2006 2006 20052005

Shareholder distributions, netShareholder distributions, net

Net cash provided by operating activitiesNet cash provided by operating activitiesNet cash due to:Net cash due to:

Net earningsNet earningsDepreciation and amortizationDepreciation and amortizationChanges in operating assets, liabilities and Changes in operating assets, liabilities and

deferred income taxesdeferred income taxes

$ (56.9)$ (56.9)

$150.9$150.9

62.162.137.037.0

40.640.6

$ 116.7$ 116.7

65.565.539.639.6

13.4 13.4

Capital expendituresCapital expenditures $ (31.5)$ (31.5) $ (27.8)$ (27.8)

$ (41.5)$ (41.5)

Increase in cashIncrease in cash $ 75.6$ 75.6 $ 28.3$ 28.3

Free cash flow – Net cash provided by operating activities less capital expendituresShareholder distributions, net

Purchase of treasury stockProceeds from stock purchase and option plansCash dividends paid

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snap-on to acquire proquest business...

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