ITW Reports 5 Percent Growth in Operating Revenues for Three Months Ended April 30, 2003; Company Maintains Forecast Range for Income Per Diluted Share From Continuing Operations in 2003 Second Quarter and Full Year

GLENVIEW, Ill., May 15, 2003 -- Illinois Tool Works Inc. today reported an operating revenue increase of 5 percent for the three months ended April 30, 2003. Operating revenues for the three month period consisted of 2 percent growth from acquisitions and a 6 percent contribution from currency translation, offset by a 3 percent decline in base business revenues. The Company's revenue growth for the three months continued to reflect stronger contributions from international businesses and weaker performance from North American operations.

On a manufacturing segment basis, the Company's three month moving average percentage change for operating revenues, comprised of base business and acquisitions, is provided below.

   (% change for 3 months ended April 2003 versus prior year period)
                                            April
   *Engineered Products/North America:       -1%
   *Engineered Products/International:       +6%
   *Specialty Systems/North America:         -6%
   *Specialty Systems/International:          0%

Based on one month of actual results in the 2003 second quarter, the Company continues to forecast that income per diluted share from continuing operations is expected to be in the range of 83 cents to 93 cents. For full- year 2003, the Company's forecast remains unchanged as income per diluted share from continuing operations is expected to be in the range of $3.02 to $3.42.

The statements regarding the Company's 2003 earnings estimates are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's second quarter and full year forecasts. These statements are subject to certain risks, uncertainties, and other factors, which could cause actual results to differ materially for those anticipated. Important factors that could cause actual results to differ materially from the Company's expectations are set forth in ITW's 2002 Form 10-K.

ITW is a $9.5 billion diversified manufacturer of highly engineered components and industrial systems. The company consists of approximately 600 decentralized operations in 44 countries and employs 48,700 people.