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Management’s Report The financial statements that appear in this report were prepared by and are the responsibility of the Company’s management. These financial statements are in conformity with generally accepted accounting principles and, therefore, include amounts based on informed judgments and estimates. Management also accepts responsibility for the preparation of other financial information included in this document. The Company’s management has designed a system of internal control to safeguard its assets, ensure that transactions are properly authorized and provide reasonable assurance, at reasonable cost, as to the integrity, objectivity and reliability of financial information. Even an effective internal control system, regardless of how well designed, has inherent limitations and, therefore, can provide only reasonable assurance with respect to financial statement preparation. The system is built on a business ethics policy that requires all employees to maintain the highest ethical standards in conducting Company affairs. The system of internal control includes careful selection, training and development of financial managers, an organizational structure that segregates responsibilities and a communications program which ensures that Company policies and procedures are well understood throughout the organization. The Company also has an extensive program of internal audits, with prompt follow-up, including reviews of separate Company operations and functions around the world. The Company’s independent certified public accountants, KPMG Peat Marwick LLP, have audited the annual financial statements in accordance with generally accepted auditing standards. The Independent Auditors’ Report expresses an informed judgment as to the fair presentation of the Company’s reported operating results, financial position and cash flows. This judgment is based on the results of auditing procedures performed and such other tests that they deemed necessary, including consideration of the Company’s internal control structure. Recommendations made by KPMG Peat Marwick LLP and the Company’s internal auditors are considered and appropriate action taken with respect to these recommendations. The Company believes that its system of internal control is effective and adequate to accomplish the objectives discussed above. W. C. Steere, Jr., Principal Executive Officer D. L. Shedlarz, Principal Financial Officer H. V. Ryan, Principal Accounting Officer February 26, 1998

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