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PROPRIETARY INFORMATIONDO NOT REPRODUCE
Investor Overview
September 2010
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Cautionary StatementInformation included in this presentation may contain statements, including earningsprojections, that are forward-looking in nature and, accordingly, are subject to risks anduncertainties regarding Snap-on’s expected results. Statements made that (i) are in the futuretense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” “plans,”“targets,” “estimates,” “believes,” or similar words that reference Snap-on or its management;(iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’sfuture outlook, plans, estimates, objectives or goals, are forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995. The company’s actual resultsmay 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 containedin the forward-looking statements include those found in the company’s reports filed with theSecurities and Exchange Commission, including the information under the “Safe Harbor” and“Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended January 2,2010, and under “Management’s Discussion and Analysis of Financial Condition and Resultsof Operations – Caution Regarding Forward-Looking Statements” in its fiscal 2010 QuarterlyReports on Form 10-Q, which are incorporated herein by reference. Snap-on disclaims anyresponsibility to update any forward-looking statement provided during this presentation,except as required by law.
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The most valued productivity solutions in the world
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Possessing Significant Global Scale & Reach»4,750 mobile stores»27,000 distributors»27 manufacturing locations…8 in the U.S.»14 distribution centers globally »Distribution to more than 130 countries»11,000 associates…about half outside the U.S.
Founded on Innovation; Positioned for the Future
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Founded on Innovation; Positioned for the Future
Serving a wide range of professionals in critical industries
•Auto Repair•Aviation •Aerospace•Natural Resources•Fleet Maintenance•Agriculture•Construction
•Mining•Power Generation•Heavy Equipment•Military & Government•OEM Dealerships•Vocational Schools
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Offering a broad, deep and specialized portfolio of unique productivity solutions•Professional Hand Tools•Diagnostic Hardware & Software•Power Tools•Electronic Parts Catalogs•Tool Storage•Customer Financing
•Tool Control Systems•Business Management Software & Services•Repair Information Software•Mobile Tool Cribs•Facilitation Services•Undercar Equipment
Founded on Innovation; Positioned for the Future
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SNAP-ON VALUE CREATION PROCESSESPrinciples & Processes We Apply to Create Value
Cell DesignSafety Culture and Practices
Quality Assurance
Customer Connection
Innovation & User Insight Process
Rapid Continuous Improvement
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Snap-on Value Creation: Safety Culture & Practices
Year-over-year improvements across the enterprise
Over 100 global locations reporting monthly
Well-established internal safety audit process
Top management review against defined objectives
Benchmark metrics and focus on severity
Safety Incident Rate
02468
101214
2004 2005 2006 2007 2008 2009
89% Reduction
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Snap-on Value Creation: Quality
U.S. auto techs rate Snap-on as the best in key tool categories
20%46%
11%68%
9%72%
9%76%
Next Leading Brand
Next Leading Brand
Next Leading Brand
HAND TOOLS
TOOL STORAGE
POWER TOOLS
Next Leading Brand
DIAGNOSTICS
The Martec Group 2009
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Snap-on Value Creation: Customer Connection4,750 mobile stores
Multiple direct sales forces
2,500 vocational schools
300,000 N. American vehicle repair shops
Utilize Snap-on capability to touch customers and workplaces
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Snap-on Value Creation: Innovation
Founded on innovation
Guided by unique customer contact
Centers for innovation established
New products driving growth
Innovation process formalized and repeatable
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Snap-on Value Creation: Innovation Improving Tool Technology
IMAGINGMATERIALS:POWER TO WEIGHT
INFORMATION:UNIQUE BREADTH & CLARITY
ERGONOMICSTORQUETOOL CONTROL
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Strong results from recent launchesMultiple awards & recognition
Snap-on Value Creation: Innovation
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Snap-on Value Creation:Rapid Continuous Improvement (RCI)
Enabling growth, flexibility and effectivenessDedicated resources deployed worldwideAccountability through metricsTop management support and participation in RCIInvolve all associates
Snap-on Hand ToolManufacturing Plant
Milwaukee
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Sales Trends
$2,281 $2,455
$2,841 $2,853
$2,363
2005 2006 2007 2008 2009
$ Millions
2009 sales declined 17% or $490 million
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Operating Earnings Trends
$163$201
$325
$389
$251
13.2%
10.4%
7.0%
8.0%
11.2%
2005 2006 2007 2008 2009
Operating Earnings ($ millions)
Operating Margin (%)
2006 excludes impact of $38.0 million legal settlement.
Maintained double-digit operating margin despite the downturn16
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Operating Earnings Trends
$2,281 $2,363
7.0%
10.4%
2005 2009
Net Sales ($ Millions)Operating Margin (%)
More profitable at similar volume
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Q2 2010 Results
Q2 2010 Q2 2009$
Variance%
Variance
Net Sales 647.6$ 590.0$ $57.6 9.8%
OI before financial services 79.0$ 53.7$ $25.3 47.1%
OI margin before financial services 12.2% 9.1% 310 bps
OI from financial services 1.7$ 16.6$
OI 80.7$ 70.3$ $10.4 14.8%
OI margin 12.2% 11.4% 80 bps
Diluted EPS 0.78$ 0.65$
($ in millions)
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Financial Services Transition
July 2009: Snap-on terminated Credit joint venture with CIT
Seamless transition to wholly-owned Snap-on Credit
Change transparent to customers
Protected franchisees by pre-funding future credit requirements
»$550 million of public debt
Temporary impact on profit
Financial Services profitability will return as transition completes
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Tailwinds remain
»Aging vehicle population
»Vehicle complexity increasing; variety expanding demand for
solutions that drive productivity
»Growing demand in emerging markets
»Significant opportunities in industries outside of vehicle repair
Strong strategic position to capitalize on tailwinds
2010 and Beyond
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Vehicle Service Market: ~70% Of SalesCommercial & Industrial
$900M
Snap-on Tools $940M
Repair Systems & Information
$780M
Financial Services
$60M
Vehicle ServiceMarket
~70% of Sales
Other Professional Service Markets~30% of Sales
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200
300
400
500
600
700
800
900
1,000
1,100
1,200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Mill
ions
of V
ehic
les
Source: IHS Global Insight Automotive, Inc., 06-10
Global Vehicle Population Growth Trends
Global2009-2014
CAGR: 2.9%
North America2009-2014
CAGR: 0.6%
~ 1 Billion!
300 million
India2009-2014CAGR 9.8%
E. Europe2009-2014CAGR 2.2%
China2009-2014
CAGR 16.1%
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Average Vehicle Age InYears
Source: R.L. Polk, Co
U.S. Vehicle Aging Drives Service Growth
Cars Are Aging: >40% Over 10 Yrs. Old
6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5
10.0 10.5
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U.S. Service Opportunity Continues
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
1975 1980 1985 1990 1995 2000 2005 2010e
Source: Automotive Aftermarket Industry Association (AAIA), 2011 Factbook. Excludes the Do-it-Yourself (DIY) market segment
($ Billions)
U.S. Vehicle Service Spending
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Vehicle Technology Provides Growth Opportunity
100’s of systems on vehicles»4000 repair illustrations»600 diagnostic codes»63 wiring diagrams
Test & re-programming requirements expandingMaintenance becoming more complexProductive shop management rising in importanceRepair information growing exponentially
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Electric Cars
Composites & Alternative
Materials
Hybrids
Low Emission Diesel
Increasing Vehicle Complexity
Emerging Vehicle Technologies
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2004 2005 2006 2007 2008 2009 2010 2011
U.S. Repair Moving Toward Independent (Non-OEM) Garages
Forecast
68.1%68.7%
69.3%69.9%
70.4%71.2%
71.7%Independent Garages Share of U.S. Repair
Source: Automotive Aftermarket Industry Association (AAIA) 2011 Fact Book
Snap-on has larger share in and higher value to independent segment
71.9%
Forecast
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Strategic Priorities Maintained Through the Downturn
Enhance the franchise network
Expand within the auto repair garage
Extend in critical industries
Build in emerging markets
Continuing investment in strategically decisive areas
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Enhance the Franchise Network: Counter the Downturn
Snap-on stimulus package
Product innovation
New systems and support
Expanded training
2006 2007 2008 2009
Franchisee/Van Terminations
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Enhance the Franchise Network: Growth Opportunities
Fill open routes
Expand in mid-tier
Improve productivity
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Expand Within the Auto Repair Garage
Drive imaging technology
Expand proprietary database
Grow product offering
Integrate offering
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Customers who require repeatable and reliable solutions:
»Traditional power generation
»Alternative energy and wind power
»Natural resource extraction
»Government and military
»Vocational education
»Aerospace and aviation
Extend Into Critical Industries
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Extend Into Critical IndustriesIndustry-focused product families:
Customized Kits
Large Tools
Tool Control Torque
Mobile Tool CribsTethered “Tools at Height”
Insulated Tools
Tool Storage
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Xiaoshan
Kunshan
Build in Emerging Markets: Asia Distribution
30 offices
Broadened distribution
» ~500 resellers
Integrated selling activities
Over 1,300 associates
» Distribution
» Sourcing
» Manufacturing & Assembly
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Building in Emerging Markets: Manufacturing
Kunshan #3: Tool Storage
Q3 2009
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Building in Emerging Markets: ManufacturingMinsk:
Metal Cutting ToolsQ4 2009
High speed steel wire
Bimetal strips
Band saws
Hole saws
Bimetal band saw loop welding
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Build in Emerging Markets: ManufacturingAsia: Kunshan
(184,000 ft2)Eastern Europe: Minsk
(115,000 ft2)
Asia: Wanda(630,000 ft2)
Plant 1(37,000 ft2)
Plant 2(50,000 ft2)
Plant 3(97,000 ft2)
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Building in Emerging Markets:Product Lines
Band saws
CT 561 impact wrench
Small tool storage boxes
Mid-tier wheel balancer
Mid-tier tire changer
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2009: Limited the impact; brought home the credit companySnap-on Value Creation Processes remain robustPositioned for growth:» Global Scale» Wide Customer Reach» Broad Capabilities
Future outlook: Substantial runway» Enhance the franchise network» Expand within the auto repair garage» Extend in critical industries» Build in emerging markets
Founded on Innovation; Positioned for the Future
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Thank You
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