EXECUTIVE SUMMARY

VERMEER OPERATING RESULTS
Sales Analysis
Manufacturing
Marketing and Distribution
North American Industrial Dealers
Corporate Leadership
Corporate Executives

VERMEER CORPORATE STRATEGY
New Technological Developments

VERMEER PRODUCT ANALYSIS
North American Machinery Production
North American Machinery Sales
Track and Trencher Division
Trenchers
Mini (Compact) Excavators
Environmental Division
Agricultural Division
Automatic Control Systems
Contract Division