Building Long-Term Valuethat Transcends Multiple IndustriesDigital TransformationOrganizations that successfully implement automationtechnologies see game-changing returns, but knowingwhere to start is key to success. Emerson understands thatcustomers aren’t looking for a one-size-fits-all approach.That’s why we help create customizable, scalable solutionsthat deliver a meaningful return on investment.Industry StewardshipThe industries we serve are facing changing regulations,shifting economic landscapes and a widening skilled tradesgap – a trifecta of challenges. With our breadth of industryexperience and depth of domain expertise, we are uniquelyqualified and highly motivated to help our customers succeed.Performance CultureA disciplined management style and drive to execute tothe highest of our abilities are ingrained in Emerson’s DNA.We are developing our workforce and our organizationin strategic areas to ensure our continued success.

FINANCIAL HIGHLIGHTSNetSales 18.4BOperatingCash Flow 3.0B 63 Years of 3.71Increased DividendsEARNINGSPER SHAREEmerson’s people, processes andinvestments are focused on buildingsustainable long-term value forshareholders – 63 years and counting. 1.96DIVIDENDSPER SHARE195620192019 Emerson Annual Report 2

Digital TransformationAt Emerson, we leverage our domain expertise and broad foundation ofdevices and software to help customers digitally transform their operations toboost production, improve reliability, enhance safety and minimize energy usage.CLOUD APPLICATIONS &CONNECTED SERVICESCONTROL SYSTEMS& SOFTWAREFIELD DEVICES& SENSORSDigital ecosystems, combined with our industryexpertise and consulting methodologies,transform business objectives into practical,scalable strategies that enable companiesto achieve top performance.Combined with field device data,systems and software provideactionable information tooptimize operations.Pervasive sensingtechnologies, deployedacross a customer’sassets and infrastructure, capturereal-time data.

‘As a technologyleader, we are buildingon our software andanalytics capabilitiesto create high-valuesolutions andprofitable growth.’David N. FarrChairman and Chief Executive Officer2 2019 Emerson Annual Report

Dear Shareholders,As Emerson prepares to celebrate 130 years since its founding, we arelooking back on a year full of opportunities and unique challenges. Despiteshifting global market conditions, we performed well in 2019 and drove keyinitiatives that will put us in a position of even greater strength going into2020 and beyond.We delivered a solid year in 2019: 6% salesgrowth, or 3% on an underlying basis, and7% earnings per share growth. With 43% grossmargin and 21% EBITDA margin, our profitabilityremains among the highest of our peers. Wecontinue to create value with our investments,delivering a 19.5% return on total capital in2019. Our operating cash flow of 3 billionwas up 4%, and free cash flow was up 6% to 2.4 billion. At the same time, our dividendsas a percent of free cash flow improved by4 points to 50% in 2019 – a critical milestonethat supports continued dividend per shareincreases in the future.Our disciplined management process hashelped to create a culture dedicated to strongand consistent performance: 2019 marked our63rd consecutive year of increased dividends.This same rigorous process – and deepcommitment to our shareholders, customers,partners, employees and their families, andcommunities – is the foundation of a longhistory of taking decisive action and executingchanges to strengthen our organization for thefuture. Even as we continue performing well, werecognized early in 2019 that uncertainty wasclouding the macroeconomic picture and thatglobal markets were slowing as we headed intothe second half of the fiscal year.To stay ahead of this global trend and ensurethe continued strength of our organization,in mid-2019, the Board of Directors activateda process in which we are very well versed:a comprehensive review of our operational,capital allocation and portfolio initiatives. OurBoard is leading this review in collaboration witha leading consulting firm and independent legaland financial advisors to enhance shareholdervalue and position Emerson for both near- andlong-term success. We have met and continueto meet with shareholders throughout thisreview. As always, we are driven by doing whatis right by our many stakeholders.Our drive to understand and anticipate industrydirection is part of our disciplined approachto value creation. As our customers exploreways to digitally transform, we’re leading thecharge – helping them navigate the latestautomation capabilities to realize measurableresults and reach high levels of safety,productivity, reliability and reduced emissionsand energy use.2019 Emerson Annual Report 3

Letter to Shareholders (continued)In 2019, Emerson’s Automation Solutionsplatform launched a dedicated digitaltransformation business that combines ourunique sensing technology, operationalanalytics and broad services footprint to delivertargeted digital solutions to real customerproblems. This unique approach of focusing onmeasurable results is working – the business isgreater than a half billion in annual revenue andgrew at a mid-teens underlying rate in 2019.‘ We’re putting datato work acrossthe organizationto empower ourcustomers and to helpwith critical needs likeprotecting food qualityand advancing theindustries that are thebackbone of daily life.’As a technology leader, we are building on oursoftware and analytics capabilities to createhigh-value solutions and profitable growth.Through strategic, bolt-on acquisitions, weoffer the broadest automation portfolioand operational analytics capability to ourcustomers. This year, we welcomed GeneralElectric’s Intelligent Platforms business; Zedi’scloud software and automation business;KnowledgeNet (KNet) analytics software;Bioproduction Group (Bio-G) modeling4 2019 Emerson Annual Reportsimulation and scheduling software; andiSolutions Inc. data management consultinggroup. These acquisitions enhance our abilityto help customers use data to optimizetheir operations.Data is just one piece of the digitaltransformation process. It’s what we helpcustomers do with that data through strong,informative analytics that truly enables theindustry to reach its highest potential. We’reputting data to work across the organization toempower our customers and to help with criticalneeds like protecting food quality and advancingthe industries that are the backbone of daily life.As we build on our technology capabilities, weare also making investments to help cultivateour strong and engaged workforce, the mostvaluable asset to our sustained success. We haveproactively advanced our diversity and inclusionefforts, and more than 9,000 of our employeeshave gone through unconscious bias awarenesstraining to date. Our employee resource groups– including Women in STEM, Blacks ReinforcingDiversity, Veterans and LBGTQ Allies – havealso played an integral role in building a strongsupport network for our inclusive workforce.We rely on employee feedback to ensure weare providing the tools that our nearly 90,000employees need to grow their careers, shareideas, deliver excellent work and maintain ahigh quality of life. In fact, Supporting OurPeople is one of Emerson’s core values. Thisyear, employees were invited to participate in aworkplace culture survey, and we were gratefulto receive thoughtful perspectives from morethan 19,500 employees. We learned that 8 outof 10 people are proud to work at Emerson, and3 out of 4 say their job gives them a sense ofaccomplishment. While we strive to improvethese numbers further, the positive resultscoming from a vast majority are encouraging.

ONE-YEAR PERFORMANCEYears ended September 30Dollars in millions,20182019except per share amountspercentchangeSales 17,408 18,3726%Gross profit 7,432 7,8155%EBIT 2,826 3,0337%EBITDA 3,584 3,8558%Net earnings 2,203 2,3065%Earnings per share 3.46 3.717%Dividends per share 1.94 1.961%Operating cash flow 2,892 3,0064%Free cash flow 2,275 2,4126%54%50%Dividends as a percentof free cash flow6%Sales Growth7%Earnings Per ShareGrowth16.4%Operating Cash Flowas a Percent of SalesTHREE-YEAR PERFORMANCEYears ended September 30Dollars in millions,2016*2019except per share amountspercentchangeSales 14,522 18,3728%Gross profit 6,262 7,8158%EBIT 2,504 3,0337%EBITDA 3,072 3,8558%Net earnings 1,590 2,30613%Earnings per share 2.45 3.7115%Dividends per share 1.90 1.961%Operating cash flow 2,499 3,0066%Free cash flow 2,052 2,4126%60%50%Dividends as a percentof free cash flow*2016 results are presented on a continuing operations basis‘Employee engagementis a critical buildingblock to deliveringbest-in-classsolutions tocustomers.’2019 Emerson Annual Report 5

Letter to Shareholders (continued)I firmly believe employee engagement is acritical building block to creating a destinationworkplace and, by extension, delivering best-inclass solutions to customers.on as co-chair to the National Association ofManufacturers “Creators Wanted” campaignto inspire and drive more Americans to pursuecareers in modern manufacturing.We’ve prioritized partnerships with publicorganizations and academia to help prepare theworkforce of the future. The new PerformanceLearning Platform at Ranken Technical Collegein St. Louis, Mo., and the Energy and ChemicalsTraining Centre built in partnership withSingapore Polytechnic are just two of manyinvestments made in 2019 that reinforce ourcommitment to infuse digitally powered skillsetsinto classroom curriculum. And to show mypersonal passion for this issue, in July, I signedWe’re also leading enhanced sustainabilityefforts to better care for our world. Emersonhas a role to play in the global effort to reducegreenhouse gas (GHG) emissions and to manageenergy effectively. Since 2006, we’ve reportedour GHG emissions for our manufacturingfacilities as part of the Carbon Disclosure Project,and recently expanded our reporting to includeall Emerson facilities. This year, we activelyengaged environmental experts to evaluate theleading GHG reporting protocols, industry bestOffice of the Chief ExecutiveTop: Robert T. Sharp, S. Lal Karsanbhai, Katherine Button Bell,Michael H. Train Middle: Mark J. Bulanda, Sara Yang Bosco,Steven J. Pelch Bottom: Frank J. Dellaquila, David N. Farr6 2019 Emerson Annual Report

Return on Total CapitalSales by GeographicDestination(After Tax)22.8%20.6%19.5%15.5% 15.3%Asia,Middle East& ractices and our current global operationsto develop a long-term strategy with goals toreduce greenhouse gas emissions from ouroperations. We announced a new goal to reduceour GHG emissions by 20%, normalized to sales,across our global manufacturing facilities by theyear 2028. This target was developed alongsideleading environmental experts to demonstrateour progress toward reducing emissions, whileaccounting for growth across our dynamicglobal business.None of this would be possible without thework and guidance of our exceptional Board,which has welcomed four new Directors inthe last three years. I want to extend a specialwelcome to our newest Board members:Martin S. Craighead, former chairman, presidentand chief executive officer of Baker Hughes,who was elected in June; and Mark A. Blinn,former president and chief executive officerof Flowserve Corporation, who was recentlyelected in November. Together, these keyadditions bring to our Board a breadth ofexecutive and board leadership experienceand expertise in energy and automationend markets.On behalf of the Board of Directors and the fullteam at Emerson, we thank our shareholdersfor your continued support and trust. We areachieving incredible things together – and youhave a role in helping us leave the world in abetter place than we found it.Thank you, and all the best for a safe andhealthy 2020.David N. FarrChairman and Chief Executive Officer2019 Emerson Annual Report 7

Independent Board GuidanceEvaluating Strategy and Identifying RisksEmerson Lead Independent Director Dr. ClemensA.H. Boersig provides insight and perspective on theCompany’s commitment to bring value to shareholders.Q: What is the role of the Board in helping Emersonbalance its responsibility to shareholders, employeesand the communities it serves?A: Emerson is known for its disciplined managementprocess and forward-looking focus on recognizingand executing changes to ensure the continuedstrength of the business. An engaged, effective Boardof Directors is key to providing inputs and guidingdecisions around strategy to help drive both near- andlong-term success.As an organization, Emerson feels a strongresponsibility to all stakeholders: investors,employees and their families, customers, partnersand communities. The Board views every decisionthrough this critical lens to ensure our actions alignwith our constituencies.Q: How does the Board complement Emerson’sleadership?A: Emerson’s Board is comprised of individualswith deep expertise in their respective industriesand extensive business leadership. Emerson’smanagement team, including Chairman andCEO David Farr, has a thorough understanding of theday-to-day business of the organization. The collectiveknowledge of the Board helps Emerson determineand align on strategic priorities. The Board’s wealthof insight can help navigate the organization throughchanging global trends, while providing strategicdirection that will enable the Company to continuedelivering value into the future.Q: How does Emerson’s Board help inform strategyand evaluate risks?A: We lead a thorough planning cycle each year inJune to set strategy and identify and evaluate risk. Ourcomprehensive process includes a multi-day strategyworkshop to determine and prioritize the top financialand operational threats and opportunities facing theCompany and evaluate key investments