Dear Fellow Shareholders: Goodrich delivered strong performance once again in 2008, despite an increasingly challenging macroeconomic environment. We met or exceeded all our financial goals, with solid sales growth in all three of our major market channels – commercial aerospace original equipment, commercial aerospace aftermarket, and defense and space. Our focus on lean operations and continuous improvement enabled us to enhance our quality and delivery performance with our customers around the world. These results are due to the hard work put in every day by our 25,000 employees around the world to deliver on our three strategic imperatives of balanced growth, leveraging the enterprise and operational excellence – my thanks goes out to all of them.

Our Goodrich values of ethical behavior, customer-focused improvement, accountability and teamwork, and openness and trust underpin everything that we do. Our values combine with our Goodrich People Philosophy, which assumes that the majority of people come to work every day to do a good job, and our continuous improvement operating approach to form a unique culture which I believe is at the heart of our continuing success.

Several key program awards and other business actions in 2008 enabled us to further solidify our positions in commercial aerospace and defense. Airbus selected us to provide the wheels and brakes, as well as the air data and ice protection systems for its new A350 XWB aircraft, and Pratt & Whitney selected us to provide the nacelles for its innovative new PurePower PW1000G engine. We completed an engine controls joint venture with Rolls-Royce, which will accelerate the innovation, development and implementation of new technology for an increasingly important propulsion market. We continued to invest in our global network of service centers with expansions in Singapore and Scotland, and we received approval from our Board of Directors for a new facility in Tianjin, China. In defense and space, we completed the acquisitions of Skyline Industries, TEAC and Recon/Optical, and were awarded several new contracts that support our continued growth in the key strategic areas of intelligence, surveillance and reconnaissance and helicopters.

Despite the current uncertain global economic environment, our strong balance sheet and solid cash flow provide us with flexibility to satisfy our near-term debt obligations and provide us with excellent access to credit. Our solid financial position allows Goodrich to be poised to take advantage of market opportunities for further growth and expansion.

Given our excellent positioning, we believe that we can continue our track record of strong financial performance in 2009. Even though global airline capacity is expected to contract in 2009, we have excellent product content on the newer, more fuel-efficient aircraft that are least likely to be removed from service. We believe that this will allow us to grow our commercial aftermarket sales above market trends. We are developing products for the right planes of tomorrow, including the Boeing 787 Dreamliner, the Airbus A350 XWB, the Bombardier CSeries and the Mitsubishi Regional Jet. These new programs are expected to generate significant new revenues for Goodrich for many years to come. We expect our diversified portfolio of defense and space products to continue to grow, fueled by our product positions on helicopters and the F-35 Lightning II Joint Strike Fighter; our leadership positions in optical intelligence, surveillance and reconnaissance systems; and product offerings like our vehicle health management systems, which improve safety and operational availability, and reduce operating costs.

Customer-focused improvement will be a key priority for us in 2009. Although we made very good progress in 2008 in improving our quality and delivery performance, we are reviewing performance measures at all of our businesses to ensure that they align with our customers' expectations to drive further progress in 2009 and beyond.

In closing, I want to again thank our highly skilled, motivated global workforce for their continuing dedication to our company. Their efforts combined with our positioning on new and existing platforms, a balance across market sectors and a customer-focused approach to managing our business, should enable Goodrich to perform well in the current economic environment and emerge an even stronger company in the future.

MARSHALL O. LARSEN
Chairman, President and Chief Executive Officer
February 17, 2009