Slide 1: Fourth Quarter 2011 Earnings Conference Call
= DOVER | Fourth Quarter 2011 Earnings Conference Call January 25, 2012 - 9:00am CT
Slide 2: Forward Looking Statements
Forward Lool 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 r
Slide 3: Dover's Q4 2011 Performance
Dover’s Q4 2011 Performance Continuing Earnings Per Share a A Revenue $208] 16% | $80B] 20% $149 7 BIE sciusted coninuing earings pr share EPS(cont) | g112| 16% | sas | 23% 1.30 Booki y % $ (HE once oxevone jokings | $2.08 | 14% | $8.18 | 17% AP) Seg. Margins | 16.5% | - 50 bps =20 bps $1.40 Organic
Slide 4: Revenue
Revenue a4 201 1 ‘Communication Energy Engineered Printing & Technologies Systems Identification Energy Engineered Printing & Systems _Identification
Slide 5: Revenue and Bookings by Segment
Q411/ 0311 Revenue wo | em 2 sue %o $300 $650 Ga Gf ce gf $0 DCT Q3 DCTQ4 DEQ3 DEQS DES Q3 DESQ4 DPI.Q3 DPIQ4 Bookings won ass 8 $300 $603 $624 bs z ms z $0 DCT Q3 DcTa4 DEQ3 DEQS DES Q3 DESQ4 DPI.Q3 DPIQ4 BD Fluid Solutions ID Refrigeration & industrial
Slide 6: Energy Quarterly Comments
Quarterly Comments $ in millions . Reenueene earnings eon as | aa % were broad-based, especially 2011 | 2010 chance strong in production Revenue $510 $361 441% *Rig counts modestly grew and Earnings $122 $ 87 +40% shifted to oil providing strong Margin 23.9% 24.2% — -30 bps business climate Bookings
Slide 7: Engineered Systems
Engineered Systems ii Quarterly Comments Tal) + Revenue growth was broad- as a4 % based with strong performances 2011 2010 Change in fluids and refrigeration aS $731 $675 ase t equipmen’ Earnings $ 93 $79 417% Margin 12.7% 11.7% +100 bps * Strong earnings leverage and improved operating margin acros
Slide 8: Quarterly Comments
Quarterly Comments + Revenue and earnings decline driven by weak alternative energy and semi- con markets * Operating margin decline reflects volume decreases and product mix * Bookings reflect continued weakness in alternative energy and semi-con; bookings for businesses serving fast moving consume
Slide 9: Q4 2011 Overview
Q4 2011 Overview 10 Net Interest Expense Corporate Expense Effective Tax Rate (ETR) $29.0 million, up $3 million from last year, due to higher outstanding long-term debt $32.0 million, down $3 million from last year, and in-line with expectations 4 rate was 22.3%. Rate reflects $0.05 EPS benefit fro
Slide 10: FY 2012 Guidance — Revenue Growth by Segment
FY 2012 Guidance — Revenue Growth by Segment a 2012F 2012F Organic Acquisition Growth Growth* Total Communication Technologies 11% - 13% 10% - 12% 21%- 25% Energy 8% - 10% =2% 10% - 12% Engineered Systems 3%-5% =1% 4% - 6% Printing & Identification = Flat - = Flat Total 4%-7% = 3% 7%-10% * Includes
Slide 11: FY 2012 Guidance
FY 2012 Guidance a = Revenue: * Organic revenue: = 4.0% -7.0% * Acquisitions: = 3.0% + Total revenue: = 7.0% - 10% = Corporate expense: = $145 million = Interest expense: = $118 million = Full-Year Tax Rate: = 26.5% - 27.0% = Capital expenditures: ~ 3% of rev. = FCF for full year: = 10% of revenue c
Slide 12: 2011 EPS to 2012 EPS Bridge
= 2011 EPS — Continuing Ops $4.48 * Less 2011 tax benefits (1): ($0.22) = 2011 Adjusted EPS — Continuing Ops $4.26 * Volume, mix, price (inc. FX): $0.26 - $0.52 * Net benefits of productivity: $0.21 - $0.31 * Acquisitions: $0.18 - $0.22 * Investment / Compensation: ($0.20 - $0.30) * Corporate expens