THE SHERWIN-WILLIAMS COMPANY HAS CONSISTENTLY  demonstrated its ability to generate significant operating cash. For the fourth year in a row, our company has generated in excess of $540 million in net operating cash. We protect and reward our shareholders by being good stewards of the cash we generate and returning a portion of the cash directly. We are thankful for the confidence you have placed in us and pledge our continued diligence in strengthening our company through wise and appropriate applications of the cash we generate.  innovations, acquisitions play an important role in growing our sales and profits and expanding our presence in the market. Over the past 25 years, we have made many additions to the Sherwin-Williams family of brands and products, many of which are referenced on the timeline above. These acquisitions have flourished, become integral parts of our company and made us stronger. In addition to the organic growth we achieve through new store openings and new product 16 STRATEGIC ACQUISITIONS 1996 1995 1988 1980 1984 1990 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 .04 .01 .05 .06 .10 .08 .12 .13 .16 .14 .18 .19 .22 .21 .25 .28 .35 .32 .40 .45 .54 .48 .58 .60 .62 .68 DIVIDENDS PER COMMON SHARE  (after adjustment for all common stock splits)