Dear Fellow Shareholders:

2010 was another year of strong performance for Goodrich. Our balanced business mix and our focus on continuous improvement have enabled us to weather the economic downturn better than many of our peers and emerge poised to take advantage of the recovery.

In defense and space, we continued to enhance our presence in strategic growth areas. We received several new international contract awards for our market-leading DB-110 medium altitude airborne reconnaissance system. We delivered the 2,000th unit of our helicopter health and usage management system and the 500th laser detection system to the U.S. armed forces. In addition we made significant progress on Operationally Responsive Space (ORS), a new quick deployment reconnaissance satellite for the U.S. military. Goodrich is the lead systems integrator for the ORS program. In the important military retrofit market, we received a production contract from Lockheed Martin to supply 160 pylons for 40 U.S. Air Force C-5 Galaxy transport aircraft which are being upgraded in a Reliability Enhancement and Re-engining Program (RERP). In addition, we achieved qualification for our boltless wheels and carbon brakes for the U.S. Air Force’s C-130 fleet.

Continuing our global expansion to support our customers and our growth, we announced a joint venture with Turkish Technic to provide nacelle and thrust reverser support in Turkey and the surrounding region. We added to the repair capabilities at our Dubai MRO campus and signed long-term support agreements with several airlines. We broke ground on a new facility in Rsezsow, Poland, to supplement our existing landing gear manufacturing activity in Krosno. And we continue to invest in the U.S. manufacturing infrastructure – in June we broke ground on a 57,000 square foot expansion of our Sensors and Integrated Systems facility in Burnsville, Minnesota.

Goodrich celebrated its 140th anniversary in 2010. As we look back at our rich history of innovation, we recognize that it is truly part of our DNA. It has been a critical component of the company’s ongoing success and ability to adapt itself to a changing marketplace. Applying innovation to everything we do across the company will enable us to perpetuate our business for our employees, shareholders, customers and other stakeholders for the long-term.

Any company is only as good as its people. We are focused on developing leaders who perform to their full potential and lead our company now and in the future. Our robust talent management and succession planning process allows us to grow talent from within and fill the majority of key vacancies internally. A broad leadership training and development curriculum enables our employees to perform to the very best of their ability in their current role and prepare for future success.

I cannot close without thanking the people who make our success possible – the 25,000 highly skilled, hard-working men and women who make up the Goodrich family around the world. It is their dedication to our great company that brought us from small beginnings as a rubber manufacturer to the aerospace and defense leader that we are today, and will continue to sustain us into the future.

Marshall O. Larsen
Chairman, President and Chief Executive Officer
February 15, 2011