KENNAMETALINC.  / AR 2002 7 Kennametal’s management and Board of Directors take our roles as fiduciaries and representatives  of the shareowners very seriously. The new corporate governance requirement that independent directors compose a majority of the company’s board has been and will remain the practice of Kennametal. We have always put integrity and ethical behavior first in every facet of our business practices, and we always will. In closing, I want to thank our employees who are undisputedly this company’s greatest asset. The past year’s success is the product of a talented, smart, hard-working group, and I take great pride in being a part of this team. We are very fortunate to have this group of dedicated employees whose sacrifices and passion are shaping Kennametal. As always, we appreciate your confidence and will continue to work hard to earn and keep your trust.  VALUES >> INTEGRITY >> PERFORMANCE DRIVEN >> CUSTOMER FOCUS >> INNOVATION >> PEOPLE FOCUS >> COMPETITIVENESS >> COLLABORATION Sincerely, Markos I. Tambakeras Chairman, President and Chief Executive Officer Shareowner