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Rising - Emerson

Rising to the New Challenge 2016 Letter to Shareholders This 2016 Letter to Shareholders and our 2016 Form 10-K together constitute our annual report to shareholders within the meaning of SEC rules. You should read our 2016 Form 10-K. Please see Annual Report herein. NE W EM ER SO N PERF O RMANC E ADJUS TED BA SIS PERFO RMAN CE. Years ended September 30 Years ended September 30 Dollars in millions, percent Dollars in millions, percent except per share amounts 2015 2016 change except per share amounts 2015 2016 change Sales $16,249 $14,522 (11)% Sales $22,304 $20,232 (9)%.

2 | 2016 Emerson Letter to Shareholders To Our Shareholders: In fiscal 2016, Emerson made significant strides to transform the company into a more focused enterprise poised for stronger, long-term growth.

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