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Baird 2012 Industrial Conference Chicago, IL – November 7, 2012 Bob Livingston
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Forward Looking Statements We want to remind everyone that our comments may contain forward-looking statements that are inherently subject to uncertainties. We caution everyone to be guided in their analysis of Dover Corporation by referring to our Form 10-K for a list of factors that could cause our results to differ from those anticipated in any such forward-looking statements. We would also direct your attention to our internet site, www.dovercorporation.com, where considerably more information can be found. 2
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3 Agenda Our Strategy Business Update • Capital Allocation
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Our Strategy Our track record of success is based on: • Core technological advantages • Leading brands in the markets we serve • Commitment to industry leadership through innovation and scale • Strong focus on the customer Our deep understanding of the customer and our exceptional capabilities in providing solutions enable us to win Our technologies and innovative products are enablers for our customers to win 4 10-year revenue CAGR: 10% Track Record of Success Free cash flow generation consistently 10% of revenue or better Strong segment operating margins; 10-year earnings CAGR: 14% 57 continuous years of raising annual dividend
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Strategy – Continue to Expand in 5 Key Growth Markets 5 . Electronics Alternative Energy Semi Aerospace/Industrial/Military Telecom Alignment and focus around key end-markets Strong leverage of resources and expertise within and between segments Well-positioned for profitable growth Refrigeration & Food Equipment Drilling Production Downstream Industrial Fast Moving Consumer Goods Handsets Medical & Life Sciences Industrial Fluid Solutions
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Increasing living standards Infrastructure build-out International/ Developing Economies Global energy demand Increasing demand, depleting resources Emerging market growth Sustainability Energy efficiency Environmentally friendly products Consumer product safety Product identification Traceability Food safety Mobile devices Infrastructure Communications Strategy – Leverage Tailwinds in 5 Key Growth Markets 6 Growth Market • Energy • Refrigeration • Energy • Product ID • Fluids • Product ID • Refrigeration • Handsets • Refrigeration • Energy • Product ID • Fluids • Handsets Tailwinds
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59% 19% 15% 7% Geographic Revenue Mix North America Asia Europe Rest of World 7 Strategy - Geographic Expansion and the Benefits of Common Ownership YTD 2012 revenue Total Sales in Asia as % of Total Dover 13.6% 13.5% 14.2% 17.4% 19.0% 19.0% 2007 2008 2009 2010 2011 YTD 2012 Continue to leverage the strength of Dover • Operational Excellence • Shared Facilities & Services • Talent Development Expand geographic presence outside traditional core markets
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Update - Q4 Markets and Businesses Energy remains solid Sound Solutions improving Industrial businesses performing well Strengthening our Portfolio and Capital Allocation Electronics equipment market continues to be inconsistent and highly volatile • Plan to divest these businesses Share repurchase activity continues • Additional $1B program approved • Repurchase to be completed over next 12 - 18 months Acquisition program continues 8
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Update - Energy Production and downstream markets remain solid • Continued completion of drilled wells • Constructive oil price • Strong transportation and retail refueling demand Drilling has moderated with North American rig count Outlook • Q4 results largely consistent with Q3 • Expect production and downstream markets to drive solid growth in 2013 9
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Update - Sound Solutions Sound Solutions making good progress exiting Q3 • Ramp costs associated with manufacturing improvements substantially completed • Share of demand increasing on improved yields and OEM’s desire for multiple suppliers Strengthened management team • Experienced Knowles management team in place and focused on operational improvements • New Sound Solutions President brings deep industry knowledge and strong experience in component production Outlook • Expect sequential Q4 revenue and earnings improvement • Working on many new design opportunities for 2013 10
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Update - M & A Pipeline Deals continue to mature • Several are actionable • A couple of opportunities may close in Q4 Strategic focus continues in five key growth spaces • Near-term focus on investing in Refrigeration, Pumps and Product Identification • Continue with small add-ons in Energy production and downstream markets • Communication Technologies deals are secondary to Sound Solutions execution 11
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Capital Allocation – Priorities Remain Intact 12 Grow and support existing businesses Grow annual dividend • August annual increase was 11% Acquisitions focused on 5 growth spaces Share Repurchases • Additional $1B program
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Questions 13