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_$150

_$100

_$50

_$0

2007 2012

RECONCILIATION OF NON-GAAP FINANCIAL

MEASURES (Dollars in millions, except per share amounts)

2011 2012

Underlying sales (non-GAAP) 3 %

Foreign currency translation (2)%

Acquisitions and divestitures, net – %

Net sales 1 %

Operating profit (non-GAAP) $4,332

Operating profit margin % (non-GAAP) 17.7%

Goodwill impairment, interest expense and

other deductions, net 1,217

Pretax earnings $3,115

Pretax earnings margin % 12.8%

Net earnings per share $ 3.27 2.67

Goodwill impairment 0.03 0.72

Net earnings per share excluding

goodwill impairment charge (non-GAAP) $ 3.30 3.39

COMPARISON OF FIVE-YEAR

CUMULATIVE SHAREHOLDER RETURN

SEPT SEPT SEPT SEPT SEPT SEPT

2007 2008 2009 2010 2011 2012 CAGR

Emerson 100 78 80 108 87 105 1.0%

S&P 500 Index 100 78 73 80 81 105 1.1%

Dow Jones

US Electrical

Components

& Equipment Index 100 75 78 89 84 112 2.2%

$100 invested on 9/30/07 in stock or index, including reinvestment of

dividends. Fiscal year ending September 30.

standards-poors)

SAFE HARBOR STATEMENT

This Annual Report contains various forward-looking

statements and includes assumptions concerning

Emerson’s operations, future results and prospects.

These forward-looking statements are based on current

expectations, are subject to risk and uncertainties, and

Emerson undertakes no obligation to update any such

statements to reﬂect later developments. In connection

with the “safe harbor” provisions of the Private Securities

Litigation Reform Act of 1995, Emerson provides the

following cautionary statement identifying important

economic, political and technological factors, among

others, changes in which could cause the actual results

or events to differ materially from those set forth in

or implied by the forward-looking statements and

related assumptions.

Such factors include, but are not limited to, the following:

(1) current and future business environment, including

interest rates, currency exchange rates and capital and

consumer spending; (2) competitive factors and compet-

itor responses to Emerson initiatives; (3) development

and market introduction of anticipated new products;

(4) ability to defend or protect our intellectual property

rights; (5) favorable environment for acquisitions, domestic

and foreign, including regulatory requirements and

market values of candidates; (6) integration of acquisitions;

(7) favorable access to capital markets; (8) availability of

raw materials and purchased components; (9) stability of

governments and business conditions in foreign countries,

including emerging economies, which could result in

nationalization of facilities or disruption of operations;

(10) potential volatility of the end markets served;

(11) outcome of pending and future litigation, including

environmental compliance; (12) U.S. and foreign

government laws and regulations, including taxes and

restrictions; (13) penetration of emerging economies;

and (14) execution of cost-reduction efforts.

; Emerson; Emerson Network Power; Emerson

Industrial Automation; Emerson Process Management; Emerson

Climate Technologies; Emerson Commercial & Residential Solutions;

Trellis; Intelligent Store; Copeland Scroll; CHARMS; Smart Wireless;

RIDGIDConnect; RIDGID; Metro; and their related designs and logo-

types are trademarks, service marks and/or trade names of Emerson,

its subsidiaries, afﬁliates, investments or joint ventures.