Expansion through acquisition. As the timeline below illustrates, acquisitions help drive Carlisle's growth. Carlisle has made more than 40 acquisitions in the past 11 years. Many of these were "bolt-ons" with complementary technology and product lines that were fully integrated into an existing business. Others were "stand-alones" that supplemented Carlisle businesses and added to Carlisle's diversification.

The year 2000 was one of our busiest periods for acquisitions and joint ventures. The ten companies acquired are bolt-ons that significantly bolster existing successful businesses. Red River, for example, enlarges Trail King's array of custom-built trailers and provides entry into the large asphalt market of highway construction. Our investment in Icopal A/S provides an important foothold in the European roofing market. Zimmer Corporation, with its apparatus for producing whey and other milk powder, enables Carlisle Process Systems to broaden its customer base for cheese-making equipment.

Carlisle will continue to pursue growth internally and through acquisitions. Carlisle seeks profitable, fairly priced and well-managed companies with strong positions in their respective niche markets or with the potential to be a niche market leader. Typically, the new companies prosper and become our best ambassadors, introducing Carlisle to additional candidates for acquisition and growth.

1 9 9 0

Brookpark Plastics: compression-molded plastic auto parts for Carlisle Engineered Products and melamine dinnerware for Carlisle FoodService Off-Highway Braking Systems division of B.F. Goodrich: braking and actuation systems for Carlisle Industrial Brake & Friction

1 9 9 2 - 9 3

SiLite International: foodservice equipment and supplies for Carlisle FoodService Altec: remanufactured brakeshoes for aftermarket for Carlisle Motion Control

1 9 9 4 - 9 5

Quaker Construction Products waterproofing unit: coatings and waterproofing for Carlisle SynTec Sparta Brush: specialized brushes and cleaning tools for Carlisle FoodService Trail King and Ti-Brook: Trailers for Trail King Walker Stainless Equipment: Trailers for Trail King and storage and processing equipment for Carlisle Systems & Equipment

1 9 9 6

Hartstone: ceramic tableware and accessories for Carlisle Home Products Engineered Plastics Division of Johnson Controls: automotive parts for Carlisle Engineered Products Scherping Systems: cheese-processing equipment for Carlisle Process Systems Intero and Unique Wheel: steel and aluminum rims and wheels for auto and trailer markets for Carlisle Tire & Wheel (CT&W) Insul-Foam: roofing technologies and material for Carlisle SynTec

1 9 9 7 - 9 8

Industrial Tire Products: off-road tire and wheel assemblies for CT&W Tilden, Conestoga, Wheeltech, Neilson, City Machine & Wheel for CT&W Quality Microwave Interconnects: RF/microwave coaxial connectors and cable assemblies for Tensolite Vermont Electromagnetics: precision high speed cable assemblies for Tensolite Hardcast Europe: adhesives and sealants for European construction market for Carlisle SynTec Zimmerman Brush: industrial brushes for Carlisle FoodService

1 9 9 9

Cragar Industries: specialty steel wheels for CT&W Marko International: table coverings and accessories for Carlisle FoodService Innovative Engineering: cheese-making equipment for Carlisle Process Systems Johnson Truck Bodies: custom truck bodies for food delivery for Johnson Truck Bodies Global Manufacturers: stamped and styled steel auto wheels for CT&W

2 0 0 0

Red River: custom trailers for Trail King Zimmer: evaporators for processing milk and by-products for Carlisle Process Systems Moody Parts: joint venture to distribute spare parts for dairy industry for Carlisle Process Systems UniTrek: RF assemblies and complex harnesses for Tensolite Process Controls Engineering: software and controls for dairy industry for Carlisle Process Systems Titan's Consumer Tire and Wheel Division: off-road tires and wheels for CT&W Extract Technologies: biotechnology and pharmaceutical systems for Carlisle Life Sciences Dura-Ware: cookware, servingware for Carlisle FoodService Damrow: cheese-making equipment for Carlisle Process Systems Dynair: HVAC accessories for Carlisle SynTec Icopal A/S: leading European roofing manufacturer a minority interest for Carlisle SynTec Bontech: processing powder dryers for Carlisle Process Systems

FINANCIAL SUMMARY LETTER TO SHAREOWNERS APPROACH TO SUCCESS Accelerating Growth Entrepreneurial Spirit Success Factors BUSINESS SEGMENT REVIEW Construction Materials Industrial Components Automotive Components General Industry

MANAGEMENT'S DISCUSSION & ANALYSIS FINANCIALS Earnings & Shareholder's Equity Balance Sheets Cash Flows Notes to Financial Statements Segment Financial Data Quarterly Financial Data SIX-YEAR SUMMARY INVESTOR INFORMATION