Snap-on Increases Quarterly Dividend

KENOSHA, Wis., Oct 25, 2002 (BUSINESS WIRE) -- The Snap-on Incorporated (NYSE:SNA) board of directors declared today a $0.01 per share increase in the company's quarterly dividend on its common stock. The new quarterly dividend of $0.25 per share represents an increase of 4.2 percent. The fourth-quarter dividend is payable December 10, 2002, to shareholders of record on November 19, 2002. Snap-on has paid consecutive quarterly cash dividends since 1939.

"We are committed to actively pursuing key initiatives that drive shareholder value. The board's action reflects confirmation of the progress being made and the company's long-term prospects for future profitable growth and continued strong cash flow," said Dale F. Elliott, Snap-on chairman, president and chief executive officer.

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tool, diagnostic and equipment solutions for professional tool users. Product lines include hand and power tools, diagnostics and shop equipment, tool storage, diagnostics software and other solutions for vehicle-service, industrial, government and agricultural customers, and commercial applications, including construction and electrical. Products are sold through its franchised dealer van, company-direct sales and distributor channels, as well as over the Internet. Founded in 1920, Snap-on is a $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin, and employs approximately 13,200 people worldwide.

CONTACT:
Snap-on Incorporated
Richard Secor, 262/656-5561 (Media)
Bill Pfund, 262/656-6488 (Investors)

www.snapon.com