Ed Breen Quotations

We believe that separation is a logical next step in Tyco's evolution.

Should the valuation disconnect persist, we are prepared to take additional actions to address this,

Over the past three years, Tyco has come a long way. We have a strong and independent board, a rebuilt management team, outstanding corporate governance rankings and an operational culture that puts growth and operating excellence at the top of the management agenda.

Our balance sheet and cash flows are strong and many legacy financial and legal issues have been resolved. After a thorough review of strategic options with our board of directors, we have determined that separating into three independent companies is the best approach to enable these businesses to achieve their full potential.

Our organic revenue growth was 2% in the quarter, which was a bit stronger than expected in Fire and Security but weaker in Healthcare, primarily due to the challenges we are facing in our retail business. Electronics continued to grow at the 3% pace we had anticipated,

We now believe that we have identified all, or nearly all, of the remaining (accounting) issues.

We believe that Tyco's shares are undervalued and ... we have been an active purchaser of our equity,

We are very good at doing design and living next door to our customer. We've been moving with them. It's the reason we've got 30,000 Tyco electronics employees right now in China in 21 locations.

After a thorough review of strategic options with our board of directors, we have determined that separating into three independent companies is the best approach to enable these businesses to achieve their full potential.

Shelley has shown solid leadership within Tyco and in his previous roles. We look forward to his continued contributions to further strengthen the culture of excellence at Tyco. Under Shelley's leadership, we plan to build on the operational excellence success we've experienced over the past three years.

In the past several years, Tyco has come a long way.

For the past six months we have been putting plans in place to accelerate restructuring actions to address our high-cost footprint and we are now ready to implement those plans,