text: **Dear Shareholders:**
  
  We, the members of the HON INDUSTRIES Board of Directors, believe that integrity is central to good corporate governance. This belief is 
  
  reflected in the HON INDUSTRIES vision statement (shown on the back of this annual report), adopted many years ago. Our Vision statement 
  
  represents much more than a traditional “mission,” and it goes much deeper than company policy. The beliefs and values represented in that 
  
  document are the very foundation of our corporate culture, and guide the attitude and actions of every member, every day. 
  
  From its beginnings, HON INDUSTRIES has sought to implement its vision through sound policies and practices, and by maintaining 
  
  a strong Board composed predominantly of outside directors. We are fully committed to executing our responsibilities, and we will continue to 
  
  maintain the company’s long-standing tradition of an independent, well-informed, active, and engaged Board of Directors. 
  
  Our board meetings and procedures have been developed and refined to encourage open and informed communication. The company’s 
  
  accounting policies have always been conservative and straightforward. The Board’s three committees — Audit; Human Resources and 
  
  Compensation; Public Policy and Corporate Governance — have consisted entirely of non-management directors for many years. 
  
  During 2003, we have given significant attention to the newly released rules emanating from the Sarbanes-Oxley Act of 2002 and the 