Dear Allegion Shareholders,

Five years ago, when Allegion became a standalone company, we set out to build a global business we could all be proud of: a company anchored in a long history with great people and brands. We established aspirations for a clear strategy, sustained, profitable growth and outstanding shareholder value. We have delivered on those aspirations and promises. I couldn’t be more proud of our company’s accomplishments over the past five years and am more excited than ever about our future.

By focusing on our five growth pillars, category-leading brands and core business strengths, Allegion has achieved remarkable results. As you read the enclosed 2018 Annual Report and companion 10-K, you will see the results of our first five years:

  • doubled earnings per share
  • delivered industry-leading total shareholder return
  • achieved industry-leading organic revenue growth, at a five-year CAGR of 5.6 percent
  • garnered industry-leading EBITDA margins
  • invested in innovation, especially in electronics and the Internet of Things
  • formed Allegion Ventures to supplement our internal innovation engine by investing in new technology and partnering to bring solutions to the market faster
  • completed a total of 20 acquisitions and equity investments
  • made a positive impact on the communities where we operate, through charitable giving and thousands of volunteer hours
  • achieved some of the best safety metrics in the industry

The “great eight” Allegion values serve as the lighthouse of our culture, and we continue to invest in employee engagement. Everywhere I go, employees love to share their favorite Allegion value and how it guides their decision making. Our employees are living our values and driving continuous improvement in everything they do. I applaud their collective efforts that speak loudly in our results.

As we look to the next five years, we have sharpened our company strategy in a way that complements our deep expertise while also positioning us for the digital, connected future. Allegion’s strength as a global security provider gives us leverage in a world that is moving toward connectivity and digitization. Access has always been an important part of our past and will be an even more important part of the future, as we connect the world through seamless access and smart devices.

In closing, remember that access opens everything. It opens a world of possibilities. It opens our future, and I believe it will define our next decade of success. Our executive leadership team, Board of Directors and I are committed to be a publicly traded company you are proud to own. Our future has never been brighter!

Sincerely,

David Petratis

Chairman, President and CEO

Allegion plc

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