Snap-on Acknowledges 13-D Filing Made by Institutional Shareholder

KENOSHA, Wis.--(BUSINESS WIRE)--Nov. 16, 2000--Snap-on Incorporated (NYSE:SNA) acknowledged the Schedule 13-D filing made by First Manhattan Co. on November 15 with the Securities and Exchange Commission. Snap-on said its Board of Directors will consider the filing and the matters discussed in it.

Snap-on Incorporated is a leading global developer, manufacturer and marketer of tool and equipment solutions for professional tool users. Product lines include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software and other solutions for the transportation service, industrial, government, education, agricultural and other commercial applications, including construction and electrical. Products are sold through its franchised dealer van, company direct sales and distributor channels. Founded in 1920, Snap-on is a $2+ billion, S&P 500 company headquartered in Kenosha, Wisconsin and employs approximately 14,000 worldwide.

For additional information on Snap-on, visit www.snapon.com or:

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