Snap-on Board of Directors Responds to 13-D Filing by Institutional Shareholder

KENOSHA, Wis.--(BUSINESS WIRE)--Nov. 17, 2000--Snap-on Incorporated (NYSE:SNA) stated today that the Board of Directors of the company had reviewed and discussed the First Manhattan Co. Schedule 13-D filing of November 15, 2000. The company noted that the Board has been continuously reviewing value creation strategies. The Board currently believes that the business strategy of Snap-on, pursued as an independent public company, presents the best path for maximizing value for shareholders. The Board intends to pursue this path vigorously.

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.

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