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A Diversified Technology Company

November 11, 2014

Baird Industrial Conference

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A Diversified Growth Company

2

Safe Harbor Statement

The information provided in this presentation contains forward-looking statements within the meaning of the

federal securities laws. These forward-looking statements include, among others, statements regarding

operating results, the success of our internal operating plans, and the prospects for newly acquired businesses

to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements

may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should,"

"will," "believes" or "intends" and similar words and phrases. These statements reflect management's current

beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause

actual results to differ materially from those contained in any forward-looking statement. Such risks and

uncertainties include our ability to integrate our acquisitions and realize expected synergies. We also face other

general risks, including our ability to realize cost savings from our operating initiatives, general economic

conditions, unfavorable changes in foreign exchange rates, difficulties associated with exports, risks associated

with our international operations, difficulties in making and integrating acquisitions, risks associated with newly

acquired businesses, increased product liability and insurance costs, increased warranty exposure, future

competition, changes in the supply of, or price for, parts and components, environmental compliance costs and

liabilities, risks and cost associated with asbestos related litigation and potential write-offs of our substantial

intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory

compliance for new and existing products. Important risks may be discussed in current and subsequent filings

with the SEC. You should not place undue reliance on any forward- looking statements. These statements speak

only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new

information or future events.

We refer to certain non-GAAP financial measures in this presentation. Reconciliations of these non-GAAP

financial measures to the most directly comparable GAAP financial measures can be found within this

presentation.

Engineered Content for Diverse Niche Markets

Creating Shareholder Value

Strategy Results

Significant Growth Platforms

• Leadership in Favorable Markets

• Diverse End Markets, Broad Customer Base

Significant Growth; Compelling Cash Flow

Outstanding Cash Flow/Conversion

• Strong and Sustainable Margins

• High Incremental Operating Profit

Cash Deployment Creates Value

• Internal Growth Initiatives

• Disciplined Acquisitions and Successful Integration

3

High Gross Margins

Recurring Revenue

Strong Operations Management

Superior Operating Profits

Excess Free Cash Flow

Strategic Reinvestment of Cash

R&D, Internal Growth, Acquisitions



4

Consistent Execution of Strategy

» $386 million in operating cash flow generated

» $513 million in acquisition investment with primary

focus on instrumentation and imaging niches

1998-2002

» Governance processes enhance organic growth; focus on

asset-light businesses and free cash flow

» $1.6 billion in operating cash flow generated

» $2.6 billion in acquisitions building platforms in water,

transportation, and medical

2003-2008

Joined S&P

MidCap 400

» IPO Feb. 1992 with $70M Revenue, $14M EBITDA

» $149M in operating cash flow generated

» $205M in acquisition investment, including Compressor

Controls, propels growth

1992-1997

Joined S&P

Small Cap

600

» $2.9 billion in operating cash flow generated

» $3.7 billion in acquisition investment in medical,

application software, and SaaS businesses

2009-2013

Joined

S&P 500

1992-2002

Operating

Cash Flow:

$535M

Acquisition

Investment:

$718M

2003-2013

Operating

Cash Flow:

$4,507M

Acquisition

Investment:

$6,294M

Governance Process Enhances Growth and Drives Financial Discipline

» Operating Reviews with Detailed Performance Analysis

» Break-Even Analysis

» Sales & Operating Leverage

» Working Capital Efficiency

» Product, Placement, Hit Rate Analysis

» Cash Return on Investment Metrics

Simple Ideas; Powerful Results 5



CRI Discipline Drives Cash Flow

Net Income + D&A –

Maintenance Cap-Ex

Net Working Capital +

Gross PP&E

= ash

eturn on

nvestment

» Common Metric Throughout Roper Businesses

» Focuses Enterprise on Cash Flow Growth & Disciplined

Asset Investment

» Drives Lower Gross Fixed Investment

» Encourages Internal Growth

C

R

I

6

Asset-Light Business Model (2009)

Slide from Roper’s 2009 Baird Presentation 7

Asset-Light Business Model (2013)

Continued Execution of Roper’s High Margin, Asset-Light Model

Gross Profit % of Sales

EBITDA% of Sales

Fixed Asset Turnover*

Source: S&P Capital IQ. Publicly available 2013 GAAP financial information.

30%

S&P 500

Industrials ROP S&P 500

37%

58%

17% 18%

32%

S&P 500


17% 18%

3.6x 2.5x

28.4x

S&P 500


Fixed Asset Turnover = Sales / Net Fixed Assets

2013 GAAP Annual Data:

8

$2,386

$2,797

$3,003

$3,272

$3,493

2010 2011 2012 2013 Q3'14TTM

Sales Growth & Margin Expansion

Governance Processes Drive Nimble Execution

Revenue*

$ In Millions

9

53.4% 54.2%

56.0%

58.6% 59.3%

26.7%

28.7%

30.8%

32.8% 33.6%

0.2

0.25

0.3

0.35

0.4

0.45

0.5

0.55

0.4

0.45

0.5

0.55

0.6

0.65

2010 2011 2012 2013 Q3'14TTM

Gross

Margin*

EBITDA

Margin*

*Figures are Provided on an Adjusted Basis, See Appendix for Reconciliation from GAAP to Adjusted Results



10

Energy Systems & Controls

Oil & Gas

» Control Systems, Software and Service for

Compressors & Turbines in LNG, Pipeline and

Upstream Applications

» Analytical Instrumentation Serving Refining &

PetroChem

» Diesel Engine Safety Shut-Off Valves

» Vibration Analysis & Measurement Technologies

Industrial / Nuclear

» Sensors & Instruments for Process Industries

» Non-Destructive Testing Systems for Nuclear

Power Facilities

36%

17%

* Excluding Corporate Expenses

Percent of Q3’14 Roper

EBITDA*

EBITDA Margin: 32%



11

Industrial Technology

Water Meter & Technology

» Automatic Meter Reading & Water Meter Devices

Instrumentation

» Instrumentation & Consumables for Material

Analysis

Fluid Handling

» Pumps for Energy, Water, Agriculture and

Industrial Applications

» Valves for Cold Storage & Food Processing

Facilities

36%

21%



EBITDA*

EBITDA Margin: 33%



12

RF & Software Technology

Toll & Traffic

» Leading Provider of Electronic Tolling Solutions,

including Design, RF Tags, Operations & Service

» RF Tags: Rail, Asset Tracking, & Parking Control

Software

» Freight Matching SaaS Network

» SaaS Trading Network & Business Intelligence

Solutions for the Food Industry

» Application Software for Cashless Payments,

Access Control and Food Service Solutions for

Universities, Hospitals & K-12

RF Products

» Utility Network Pressure and Flow Monitoring &

Communication

» Wireless Sensors for Security & Submetering

36%

26%



EBITDA*

Results are presented on an Adjusted (Non-GAAP) basis. See appendix of this presentation for reconciliations from GAAP to Adjusted results.

EBITDA Margin: 35%



13

Medical & Scientific Imaging

Medical

» Leading Provider of Laboratory Software Solutions for

Large Hospitals, IDNs, and Anatomic Pathology

» Leading Provider of Services and Technologies to

Alternate Site Healthcare Markets

» Ultrasound & Intubation Devices for Hospitals, Acute

Care, Urology

» Minimally-Invasive Surgical Products and

Consumables

» Patient Positioning Devices for Medical Imaging and

Radiation Oncology

Scientific Imaging

» Cameras, Filters and Accessories for Microscopy in

Life Science Research

» Precision Cameras for Spectroscopy in Physical

Science Research


36%

36%


EBITDA*

Results are presented on an Adjusted (Non-GAAP) basis. See appendix of this presentation for reconciliations from GAAP to Adjusted results.

EBITDA Margin: 43%

Acquisitions Expand Growth Opportunities

» Asset Light Businesses; Low CapEx

» Focus on Market Structure/Driving Forces

» Management Continuity Valued

» Incentives Linked to Commitments

» Preserve Core Values; Stimulate Progress

» Grow What You Buy

» Governance Processes Drive Operational & Integration Successes

Proven Ability to Drive Higher Performance; Accelerate Growth 14

Free Cash Flow Conversion

15

We Believe Cash is the Best Measure of Performance

» On Track for 17th

Consecutive Year of

Free Cash Flow > Net

Income

» Free Cash Flow

Conversion of 139%

from 2004-2013

$0

$100

$200

$300

$400

$500

$600

$700

$800

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Net Income

Free Cash Flow

$ In Millions

Free Cash Flow defined as Operating Cash Flow less Capital Expenditures

Roper – A Diversified Technology Company

» Leadership Positions in Diverse Niche Markets

» Broad Customer Base

» Superior Profitability Through Outstanding Execution

» Asset Light Businesses Allow Nimble Execution

» Compelling Cash Conversion

» Cash Deployment Creates Additional Shareholder Value

» Our Diverse Technology Businesses Provide for Exceptional Investment Opportunities

16

Simple Ideas; Nimble Execution; Powerful Results

Creating Shareholder Value

17

A Proven Growth Strategy

Comparison of Cumulative Total Shareholder Return

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

IPO 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Roper Industries, Inc. S&P 500

Note: Chart depicts $100 invested in IPO vs. S&P 500.

Appendix

18



19

Reconciliations I

(All Numbers are In Thousands)

Adjustments

2013 Full Year

GAAP

Sunquest Fair Value

Adjustment to Acquired

Deferred Revenue

MHA Purchase

Accounting Adjustment

for Acquired Revenue

2013 Full Year

Adjusted

Net Sales $3,238,128 $6,980 $26,433 $3,271,541

Cost of Sales 1,355,200 - - 1,355,200

Gross Profit 1,882,928 6,980 26,433 1,916,341

FY’13 Reconciliation of GAAP to Non-GAAP; Revenue and Gross Margin

FY’12 Reconciliation of GAAP to Non-GAAP; Revenue and Gross Margin


Adjustment

2012 Full Year

GAAP

Sunquest Fair Value


Deferred Revenue

2012 Full Year

Adjusted

Net Sales $2,993,489 $9,082 $3,002,571

Cost of Sales 1,321,772 - 1,321,772

Gross Profit 1,671,717 9,082 1,680,799



20

Reconciliations II

FY’13 Reconciliation of EBITDA


EBITDA Reconciliation

Adjustments

2013 Full Year

GAAP

Sunquest Fair Value


Deferred Revenue

MHA Purchase

Accounting Adjustment

for Acquired Revenue

Vendor-Supplied

Component Quality

Issue

2013 Full Year

Adjusted

Net Earnings $538,293 $4,537 $17,181 $5,915 $565,926

Taxes 215,837 2,443 9,252 3,185 230,717

Interest 88,039 - - - 88,039

Depreciation 37,756 - - - 37,756

Amortization 151,434 - - - 151,434

EBITDA 1,031,359 6,980 26,433 9,100 1,073,872



Adjustments

2012 Full Year

GAAP

Sunquest Fair Value


Deferred Revenue

Sunquest

Acquisition-Related

Expenses

Debt Extinguishment

Charge

2012 Full Year

Adjusted

Net Earnings $483,360 $5,903 $4,100 678 $494,041

Taxes 203,321 3,179 2,208 365 209,073

Interest 67,525 - - - 67,525

Depreciation 37,888 - - - 37,888

Amortization 116,860 - - - 116,860

EBITDA 908,954 9,082 6,308 1,043 925,387




21

Reconciliations III



Adjustment

2011 Full Year

GAAP

Remeasurement Gain

on Intercompany Debt

2011 Full Year

Adjusted

Net Earnings $427,247 (4,698) $422,549

Taxes 177,740 (2,211) 175,529

Interest 63,648 - 63,648

Depreciation 36,780 - 36,780

Amortization 103,363 - 103,363

EBITDA 808,778 (6,909) 801,869




2010 Full Year

GAAP No Adjustments

2010 Full Year

Adjusted

Net Earnings $322,580 - $322,580

Taxes 125,814 - 125,814

Interest 66,533 - 66,533



EBITDA 637,948 - 637,948




22

Reconciliations IV



2009 Full Year

GAAP No Adjustments

2009 Full Year

Adjusted

Net Earnings $239,499 - $239,499

Taxes 100,287 - 100,287

Interest 58,544 - 58,544



EBITDA 501,778 - 501,778




23

Reconciliations V

(in Thousands) FY 2013

Margin Reconciliation Industrial

Technology

Energy Systems &

Controls

Medical & Scientific

Imaging RF Technology

GAAP Revenue $779,564 $651,920 $902,281 $904,363

Add: Sunquest Fair Value Adj. to

Acquired Deferred Revenue 0 0 6,980 0

Add: MHA Purchase Accounting Adj.

for Acquired Revenue 0 0 26,433 0

Adjusted Revenue 779,564 651,920 935,694 904,363

GAAP Operating Profit 223,053 183,679 268,172 253,532

Add: Sunquest Fair Value Adj. to

Acquired Deferred Revenue 0 0 6,980 0

Add: MHA Purchase Accounting Adj.

for Acquired Revenue 0 0 26,433 0

Add: Vendor-Supplied Component

Quality Issue 9,100 0 0 0

Adjusted Operating Profit 232,153 183,679 301,585 253,532

Add Amortization 10,648 16,351 74,004 50,431

EBITA 242,801 200,030 375,589 303,963

Add Depreciation 10,903 5,002 11,173 10,159

EBITDA 253,704 205,032 386,762 314,122



24

Reconciliations VI

(in Thousands) FY 2009


Technology

Energy Systems &

Controls



GAAP Revenue $536,219 $440,919 $354,776 $717,754



EBITA 137,133 103,986 86,436 187,090


EBITDA 148,595 111,524 90,874 197,613



25

Reconciliations VII


Adjustments

TTM Q3’14

GAAP

SHP Purchase

Accounting

Adjustment to

Acquired Deferred

Revenue

IPA Acquisition

Related Inventory

Step-up Charge

FoodLink Purchase

Accounting

Adjustment to

Acquired Deferred

Revenue

TTM Q3’14

Adjusted

Net Sales $3,492,522 $766 - $180 $3,493,468

Gross Profit $2,069,378 $766 $424 $180 $2,070,748

Net Earnings $625,800 $498 $276 $117 $626,691

Taxes 268,943 268 148 63 269,422

Interest 79,467 - - - 79,467

Depreciation 39,929 - - - 39,929

Amortization 157,403 - - - 157,403

EBITDA $1,171,542 $766 $424 $180 $1,172,912

TTM Q3’14 Reconciliation of GAAP to Adjusted; Revenue, Gross Profit, and EBITDA

(1) For the three adjustments, the company used a 35% tax rate as these adjustments are US-based items and 35% is the statutory tax rate in the United States.



26

Reconciliations VIII

(in Thousands) Q3 2014


Technology

Energy Systems &

Controls



GAAP Revenue $205,688 $170,765 $268,809 $238,860

Add: SHP Purchase Accounting

Adjustment to Acquired Deferred Revenue 0 0 766 0

Add: FoodLink Purchase Accounting


Adjusted Revenue 205,688 170,765 269,575 239,040


Add: SHP Purchase Accounting


Add: FoodLink Purchase Accounting


Add: IPA Acquisition Related Inventory

Step-up Charge 0 0 424 0

Adjusted Operating Profit 62,046 49,033 92,417 69,531


EBITA 64,319 53,424 113,218 81,750


EBITDA 67,390 54,917 116,126 84,521

A Diversified Technology Company

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