Dover Corporation · NYSE:DOV

Dover — Investor Day (June 2013)

71 slides from Dover's investor day presentation, Jun 3, 2013

1. Slide 1: Technology Tour Ft. Worth, TX - Los Angeles, CA

   Technology Tour Ft. Worth, TX - Los Angeles, CA June 3 – 4, 2013

2. Slide 2: Forward Looking Statements

   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 ou

3. Slide 3: Opening Comments

   Opening Comments 3  Global market review  Segment review • Energy is on track for growth in 2013 driven by international growth in production and downstream • Engineered Systems seasonally growing as expected • Communication Technologies on track for Q2 growth; well-positioned for 2H product launc

4. Slide 4: Spin Off of Knowles

   Spin Off of Knowles 4  Transaction will allow Knowles to pursue a more aggressive growth strategy • Invest to expand technology and manufacturing leadership • Commitment to innovation  Dover continues to be focused on its key industrial end-markets • Energy, Engineered Systems and Product Identifi

5. Slide 5: Technology & Innovation

   Technology & Innovation 5  Dover continues to win in its markets through customer-focused innovation and product development  Innovation drives customer intimacy, resulting in a fair price for value delivered • We win when our customers win  Norris Production Solutions is a great example of acqui

6. Slide 6: Bill Spurgeon, Chief Executive Officer - Dover Energy

   Bill Spurgeon Chief Executive Officer - Dover Energy

7. Slide 7: Energy revenue by end-market and key brands

   Energy 7 Printing & Identification 12% Energy 26% 19% 54% 27% Revenue by End-Market Drilling Production Downstream Key Brands Communication Technologies 19% Drilling Production Downstream Engineered Systems 43% DOVER 2013F REVENUE $8.7 - $8.9B 2012

8. Slide 8: Attractive Long Term Markets – Energy Demand

   Attractive Long Term Markets – Energy Demand 8  Energy demand in non-OECD to double by 2040  Electricity generation drives significant portion of demand growth – NG leading the way  Continued development of heavy and shale oil  Accelerating depletion driving increased need for artificial lift to

9. Slide 9: Energy Market Sectors

   Energy Market Sectors 9  Drilling is continually becoming more efficient  International Shale Development  Fracking – no broad based restrictions anticipated  Increased need for Artificial Lift Systems (ALS)  Growth in compression driven by enhanced oil recovery (EOR) and continuing pipeline bu

10. Slide 10: Drilling and Production Revenue Becoming Less Correlated to NA Rig Counts

    Drilling and Production Revenue Becoming Less Correlated to NA Rig Counts 10  US rig count up only 2% while wells drilled up almost 10% in 2012  New technologies – pad drilling, quicker rig assembly/disassembly, walking drill rigs  Faster rates of penetration  Extended horizontal laterals – up t

11. Slide 11: Growing Downstream - Roadmap for Growing the OPW Platform

    Growing Downstream - Roadmap for Growing the OPW Platform 11 Market Retail/ Commercial Fueling Clean Energy Industrial Fueling Fluid Transfer Current Offering • Nozzle & accessories • Piping and containment • Fuel control systems • Tank Gauge • Vapor recovery systems • Underground storage equipment

12. Slide 12: Long-Term Growth

     Consistently outperform market growth • Total growth 2x rig count • Significantly outpacing global GDP • Organic growth – 12%  Continued growth outpacing market • Artificial lift • International expansion • Downstream growth • New technologies Long-Term Growth 2002 2003 2004 2005 2006 2007 2008 2

13. Slide 13: Dan Newman, President - Norris Production Solutions

    Dan Newman President - Norris Production Solutions

14. Slide 14: Key Messages

    Key Messages Artificial Lift is an attractive growth space:  Unconventional resources, such as shale and heavy oil, are altering energy investment strategies  Aging wells around the world are driving demand for artificial lift  Customers increasingly value broader artificial lift solutions and ex

15. Slide 15: What is Artificial Lift?

    What is Artificial Lift?  Artificial lift refers to the use of artificial means to increase the flow of liquids (oil, water) from a production well  Artificial lift is needed when there is insufficient pressure in the reservoir to naturally lift liquids to the surface- over 90% of active wells are

16. Slide 16: Artificial Lift Market Overview

    Artificial Lift Market Overview Artificial Lift Market 2012 ($10.9 B) Rod Lift/PCP/Plunger/Gas Market NPS Market Share ~20% Plunger Lift 4% Gas Lift 5% PCP 7% Other 4% Rod Lift 29% ESP 49% Hydraulic 2% North America 57% EurAsia 16% MEA 4% Asia Pacific 13% Sources: ALS Market (Markets and Markets), S

17. Slide 17: Artificial Lift Portfolio Approach

    Artificial Lift Portfolio Approach  Build broad portfolio of artificial lift technologies that add customer value  Acquire technologies to drive: • International growth • Penetration of new markets  Expand automation technologies that lower operating costs for customers and improve asset performa

18. Slide 18: Artificial Lift: Business Evolution

    Artificial Lift: Business Evolution 1 9 5 5 1 9 6 2 1 9 6 3 1 9 8 8 2 0 0 0 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 •Sucker Rods •Valves •Sucker Rod Guides •Sinker Bars •Coiled Rod •Automation Recent Acquisitions •Rod Pumps •Field Service •PC Pumps •PC Top Drives •Gas

19. Slide 19: Broad Portfolio Of Artificial Lift Technologies

    Wireless Monitoring Automatio n Equipment Motor Valve Flow Meter Down-hole Equipment Plunge r Arriva l Senso r Liquid Level Monitoring Automatio n Equipment Flow Meter Pressure Monitoring Wellhead Valves Wireless Monitoring Broad Portfolio Of Artificial Lift Technologies Well Service Equipment & Art

20. Slide 20: Technology and Operational Advantage Over Competition

    Technology and Operational Advantage Over Competition 20 Our Technology Competition How We Win  Quality, reliability, performance and availability  Optimized design and application engineering  Quality, reliability, performance and availability  Application and Solutions engineering  Technology

21. Slide 21: Solutions for Complete Production Life Cycle of a Well

    Solutions for Complete Production Life Cycle of a Well 21 Generate Revenues Through Well’s Production Cycle XSPOC [Theta] RodstarD [Theta] Xrod [Theta] Rod pump System [HF, Norris] PCP [Oil Lift, AOT] Gas Lift [PCS] Plunger Lift [FB, PCS] Surface Equipment [Norriseal, CPSC] Service Equipment [C-Tech

22. Slide 22: Technology Value Advantage - Rod Lift Solutions

    Technology Value Advantage- Rod Lift Solutions Our Sucker Rod Products  Quality, reliability, performance and availability  Strong design and application engineering Our Reciprocating Pumps  Quality, reliability  Application and Solutions engineering Vendor Value Map – Sucker Rods Vendor Value M

23. Slide 23: Technology Value Advantage - Theta Mobile Access

    Technology Value Advantage - Theta Mobile Access Our Rod Pumping Optimization Software  Leading SCADA for artificial lift systems- XSPOC  Over 40,000 wells being monitored and analyzed globally  Supports multiple forms of artificial lift  Easy use and set-up  Can be run internally to the custom

24. Slide 24: Automation Reduces Operating Costs

    Automation Reduces Operating Costs 24 Smart systems optimize production so customers get the most from wells The 3DSO™ Plunger Arrival Sensor - optimizing plunger lift operations  Eliminating false arrivals  Long-term durability  maintenance-free operation  Patent pending  Increased sales 2X in

25. Slide 25: Technology Value Advantage - Top Drives and Rod Lock BOPs

    Technology Value Advantage- Top Drives and Rod Lock BOPs for PCP Lift Solutions 25 Our Top Drive Products Our Rod Lock BOP Products Solutions for optimizing production from sandy and heavy oil wells Rod Lock© BOPs The BOP That Clamps •Reduce Life Cycle costs • Service any PC drive head without a rig

26. Slide 26: NPS International Growth

    NPS International Growth 26 NPS has a network of manufacturing, service and sales across North America and a growing presence overseas; positioned to capture strategic markets Expanding NPS Presence

27. Slide 27: Expanding Our Reach - Middle East & Africa

    Expanding Our Reach - Middle East & Africa 27 Market Opportunity  Light oil reserves depleting quickly  Estimates as high as 971 billion barrels of heavy oil deposits in Middle East  Growing heavy oil production in Oman, Egypt and Kuwait  Heavy oil production recovery techniques require artifici

28. Slide 28: Expanding Our Reach - Latin America

    Expanding Our Reach - Latin America 28 Market Opportunity  Oil production peaked at 10.7M Bbls/day and is declining roughly 0.6% per year while consumption has grown to 8.3MBB  Large ALS Market – 10% global market  Approximately 70,000 producing wells  Focus investments with highly fractured and

29. Slide 29: Expanding Our Reach - SE Asia & Australia

    Expanding Our Reach - SE Asia & Australia 29 Market Opportunity  Significant Coal bed methane reserves  ~1,500 wells drilled during the last five years with plans to add another 18,000 by 2020 to meet LNG commitments  All wells require artificial lift – rapidly growing PCP market  Service elemen

30. Slide 30: Summary

    Summary  Artificial lift – attractive growth space within energy segment  Aging wells and unconventional plays – drive artificial lift growth  Acquired technologies help us drive: • International growth • Penetration of new markets  Investments in regional infrastructure and local application kn

31. Slide 31: David Martin, Managing Director - Harbison-Fischer

    David Martin Managing Director - Harbison-Fischer

32. Slide 32: Business Overview – Harbison Fischer

    Business Overview – Harbison Fischer  Founded in 1933  Acquired by Dover - January, 2011  Market leader in down-hole rod- pumps  Manufacturing and distribution  >500 employees  36 field warehouses 32 l l l l l ll l l l l l l ll l l l ll l ll l l l l l l l l l l l l l l l l l l l Harbison-Fisch

33. Slide 33: HF Business Model

    HF Business Model 33 30% 70% Well Age New Existing 20% 80% Well Type Gas Oil Strong recurring revenues at 70%  Multiple channels to market • Indirect - 80% • Direct - 20%  Direct delivery of product to oil / gas fields  Sales team influences well-site production decisions Business Model

34. Slide 34: Pumps: Broad Product Mix

    Pumps: Broad Product Mix 34 Pump Part Types % of Value Barrel ~35% Plunger ~20% Valves Cages Ball and Seats ~20% 10% 10% Fittings ~25%

35. Slide 35: How Do I Choose a Pump For a Well?

    How Do I Choose a Pump For a Well? 35 Well Data Sheet Volume Depth Tubing size Pumping unit size Particulate size and type Corrosive properties Fluid levels Rod string design Products highly engineered to meet diverse customer needs

36. Slide 36: Harbison-Fischer's Strategy To Differentiate

    Harbison-Fischer’s Strategy To Differentiate 36 Local Availability  36 field warehouses, serving hundreds of “pump shop” locations  Significant inventory in field  Top well operator concern is availability during work-over period Application Engineering to Optimize Well Performance  Mix componen

37. Slide 37: Technology Focused on Improving Production Efficiency

    Technology Focused on Improving Production Efficiency 37 “Sand Flush” Plunger Data Management: Pump Tracker Innovative Stuffing Boxes “Sand Pro” Plunger • Patent Pending • Leading edge of plunger designed to pull particulates away barrel- plunger interface. Fluid discharge ports located at leading e

38. Slide 38: Synergies Captured Under Dover Ownership

    Synergies Captured Under Dover Ownership 38 Direct materials savings Back-office savings Production optimized Facility leverage Increased market access Sales force leverage New vendor sourcing Human capital ERP Ongoing activities  Lean Manufacturing  Disciplined Management  Focused Growth Strateg

39. Slide 39: Harbison-Fischer Growth Strategies

    Harbison-Fischer Growth Strategies 39 International growth with NPS 18% CAGR 2010-13F • Bakken & Eagleford Facilities & Sales Growth • New Channel Partners • National Accounts • NPD

40. Slide 40: Leveraging Business Model and Synergies to Drive Strong Results

    Leveraging Business Model and Synergies to Drive Strong Results 40 2010 2013E Revenue 10% CAGR Growth  International penetration  Growth in existing channels  Product line expansions  Increased margins through productivity gains

41. Slide 41: Tom Giacomini, Chief Executive Officer – Dover Engineered Systems

    Tom Giacomini Chief Executive Officer – Dover Engineered Systems

42. Slide 42: Engineered Systems revenue by end-market and key brands

    32% 45% 23% Revenue by End-Market Industrial Refrigeration & Food Equipment Fluid Solutions Engineered Systems 42 DOVER 2013F REVENUE $8.7 - $8.9B Printing & Identification 12% Energy 26% Communication Technologies 19% Engineered Systems 43% Key Brands Fluid Solutions Refrigeration and Food Equipmen

43. Slide 43: Geography and Product Mix

    Geography and Product Mix 43  Drive profitable growth in emerging economies • Fluids growing double digits in emerging markets • Strong market opportunities for Industrial companies as productivity and safety become more important in China and Brazil • Refrigeration global positioning significantly

44. Slide 44: Tailwinds – Positioning For Growth

    Fluid Solutions Food & Refrigeration Industrial           International/ Developing Economies Global energy demand Sustainability Consumer product safety Tailwinds – Positioning For Growth 44

45. Slide 45: Developing Economy Growth: Fluids in Asia

    Developing Economy Growth: Fluids in Asia Fluids growing in Asia...  Pump sales in China grew from $6M in 2008 to $50M in 2012  Maag, Red Screw & Ebsray acquisitions significantly enhance pump position in Asia  New / expanded facility hosting PSG, Maag and Hydro  Multiple new product introductio

46. Slide 46: Driving Growth Through Energy Efficiency and Productivity - Lowest TCO

    Driving Growth Through Energy Efficiency and Productivity - Lowest TCO 46 1% 1% ESG - Half Pack Freedom VSG - Shock Wave PSG - Pro-Flo Shift Hillphoenix - Pure View  27% payload increase vs. competition  22% improvement in fuel economy  33% increase in homes/hour  IP protected, integrated frame

47. Slide 47: Bill Johnson, President - Hillphoenix

    Bill Johnson President - Hillphoenix

48. Slide 48: Market Drivers - Refrigeration

    Market Drivers - Refrigeration 48 Refrigeration $1.5B  Global retail refrigeration market: $12B  Addressable market: $4.6B  North American market growth rates: 2%-3% • Rate of adoption of close the case will accelerate growth  Market Drivers • Energy efficiency / green solutions • Regulations •

49. Slide 49: Refrigeration History

    1999 2003 2007 2004 2008 2010 2001 2005 2002 2006 2009 1996 1994 1997 1998 1995 2000 Barker acquisition gives HP leading specialty case business HP solidifies core case business through Tyler Refrigeration acquisition HP enters Walk Ins business through Natl. Cooler purchase EDC acquired; electrical

50. Slide 50: Overview: Market Trends

    Overview: Market Trends Equipment Door Systems Aftermarket Services International Key Customers 2013 FCST Walmart Target Publix Costco Wegmans Kroger Others Sales: 62% OEM Case Mfg’s Walmart Target 7/11 Quick Trip Sales: 16% Walmart Walgreens, Harris Teeter Publix Oxxo Sales: 13% Walmart Soriana TES

51. Slide 51: Global Refrigeration Locations

    Global Refrigeration Locations 51 South Africa (Licensee for Cases/Glass) China (Glass / Doors) Denmark (CO2 Transcritical Systems) US (Systems, Cases, Specialty, Power, Walk-Ins, Glass) Canada (Aftermarket Services) Mexico (Turn key provider of cases, systems and aftermarket services) Brazil (Sales

52. Slide 52: Refrigeration – Growth and Profitability Strategy

    Refrigeration – Growth and Profitability Strategy 52  Continue to shift and improve portfolio mix towards higher margin, higher growth segments through product development • Drive energy leadership for case (PureView), systems, specialty products and door systems • Establish our position as the lea

53. Slide 53: Refrigeration – How We Are Growing in 2013

    Refrigeration – How We Are Growing in 2013 53  Increasing presence in core domestic markets • Secured commitments in 2012 leading to 2013 growth • New major programs at key customers around R-22 phase out • New products (PureView door cases) / energy efficiency (CO2 Transcritical)  Further penetra

54. Slide 54: Raising the Bar – HP and Anthony Low Energy Case / Door Solution

    Raising the Bar – HP and Anthony Low Energy Case / Door Solution 54  IP protected, integrated frame design – “heart of energy reduction” benefit  Anthony Low Energy Door part of package  Infinity edge “wall of glass” door design – aesthetically pleasing and best in energy (low and medium temperat

55. Slide 55: New Refrigeration Products Creating Superior Customer Value

    New Refrigeration Products Creating Superior Customer Value 55 Our Total Solution • Low Energy Door • Low Energy Door Frame • ECM Fan motors • Clearvoyant/Other LED’s • NRG High Efficiency Coil As compared to competitor “Best In Class” offering (5-door case example) Regional Retail Store – 56,000 Sq

56. Slide 56: Refrigeration Technology Development

    Refrigeration Technology Development 56 More Less More Energy Efficiency Size of Bubble Indicates Relative Total Cost of Ownership Green 56

57. Slide 57: New Hillphoenix Site – Consolidated Georgia Operations

    New Hillphoenix Site – Consolidated Georgia Operations 57 Insert rendering Facility consolidation brings new Hillphoenix Design Center and Unified Brands together to help customers with merchandising and food preparation solutions.

58. Slide 58: Aftermarket Services Platform

    Aftermarket Services Platform  85% of stores are 4 years or older  Typical medium temp cases are open design  Typical glass doors on low temp cases require heat  80% utilize R-22 Market Opportunities  R-22 Change outs Strategic Products & Services  Product Opportunities  Low Temp Door Replace

59. Slide 59: Jeff Clark, President - Anthony International

    Jeff Clark President - Anthony International

60. Slide 60: Anthony History

    2003 2007 2004 2008 2010 2001 2005 2002 2006 2009 Flying Glass Acquired from Carrier; swing, slider door mfg Acquired from Carrier; door and lighting player Specialty glass mfg Entered Europe Re-skinning PVC slider door mfg Entered Asia Continued specialty glass roll-up Canadian re- skinner 2012 BIG

61. Slide 61: Anthony's Products are Key Customer Touch Points

    Anthony’s Products are Key Customer Touch Points 61  Refresh the shopping experience  Drive product merchandising  Improve retailer financial performance  Reduce energy consumption  Improve food safety

62. Slide 62: Overview of Anthony's Global Facilities - Sylmar, CA

    Campus - Sylmar, CA Overview of Anthony’s Global Facilities 62  Design, engineering & test  Manufacturing Facility: Glass, Door, Coating, QC, Metal Fabrication, Maintenance, Tool and Die departments  State-of-the-art showroom

63. Slide 63: Other Global Facilities

    Other Global Facilities 63  Glass production and administrative facilities – Madison, GA  Re-skinning of refrigerated display cases – Audubon, IA  Re-skinning of refrigerated display cases – Brantford, Ontario  Flat, curved glass and door manufacturing – Lucca, Italy  Glass production for curve

64. Slide 64: Customers & Markets Served

    Customers & Markets Served 64 Supermarkets Convenience Stores Big Box & Others Americas Europe Asia Americas Europe Americas Europe Asia Asia

65. Slide 65: Product Offerings

     Double-pane, Low-E energy- efficient glass  Slim 1” aluminum rail construction  Reversible left and right swing Vista C Product Offerings  Thin all-glass doors for ultimate product visibility  Heated, laminated glass prevents condensation  Tempered glass for shopper safety  Durable sleek des

66. Slide 66: New Product Offerings

    Infinity 090  Contemporary, all-glass-face door with slim 0.90” Infinity border  Double-pane, Low-E energy-efficient glass  93% Energy Savings vs. Typical Heated Door  4% More Visible Area vs. Typical Heated Door  Available in black, gray, anodized or custom colors New Product Offerings Thin Do

67. Slide 67: New Products Offerings

    New Products Offerings 67 Product Features Benefits Slide Lids for Island Cases • Low-E energy-efficient glass • Consistent product temperature from top to bottom • Models to fit wide or narrow islands, centers or ends, and single-deck wall cases • 50% energy savings with closed low- temp island cas

68. Slide 68: Anthony Refresh Group

    Anthony Refresh Group • Over 50 years of dependability • From concept to completion • Complete Project Management • Global Experience • Complete project services that meet your needs Dover is the only company that offers a turnkey One-Stop-Shop for Close The Case projects and R-22 refrigerant conver

69. Slide 69: Aftermarket Services Re-Skin

    • Replacement parts available for the majority of OEM cases • Proprietary data base (30 years) case designs • Together with HP we have unmatched scalability for scoping and installations Re-skin your existing cases and save up to 75% over replacement! Anthony manages it all, with no store disruption

70. Slide 70: Open Cases vs. Closed Cases

    Open Cases vs. Closed Cases Individual stores can save up to 65% annually per case when cases are closed. • Reduce Costs • Increase Profits • Enhance Customer Satisfaction & Retention • Improve Food Safety • Lower Product Shrink Before 65% % Savings on Energy Aftermarket Services Before Close The Ca

71. Slide 71: Value of Anthony Plus Hillphoenix

    Value of Anthony Plus Hillphoenix  Positions Anthony … • Expands brand • Enhanced close the case capabilities • Aftermarket services / R-22 conversion - industry leader • Distribution network • Technology  Positions Hillphoenix … • Utilizing Anthony’s strong convenience store position to pull thro

Dover — Investor Day (June 2013) on 6ix