Dover CorporationSecond Quarter 2008

Conference CallJuly 23, 2008

8:00 a.m. Eastern

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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 10K 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.

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Dover’s Q2 2008 Performance

Continuing Earnings Per Share

2005 2006 2007

$2.12

$2.90

$3.30

Revenue $2.0B $1.8B +10%

EPS $0.98 $0.85 +16%

Segment Margins 15.8% 15.6% +20bps

Organic Growth 5.4% -1.2%

Acquisition Growth 1.3% 11.8%

Free Cash Flow $192M $211M -9%

•Strong performance at Electronics Technology segment and Energy, Fluid Solutions, Product ID platforms

• Positive leverage at Fluid Management and Electronic Technology segments

• Strong 2nd quarter free cash flow at 9.6% of revenue; YTD $301M (up 29%)

• Q2 share repurchases = $198M

•Continued momentum in synergy and integration programs

Q2 ‘08 Q2 ‘07 Q/Q

2008

YTD$1.74

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Industrial ProductsRevenue($ in millions)

Operating Earnings($ in millions)• Material Handling

– International and military sales were strong

– Earnings gain despite raw material cost increase

– Successful pricing initiatives alleviate cost increases

– Bookings up sequentially & YOY• Mobile Equipment

– Revenue growth from continued strength in domestic oilfield, military and solid waste markets and Rotary Lift acquisition

– Earnings decline due to one-time gain from property sale recorded in prior year ($5.3M); earnings growth of 8% without prior year gain

– Backlog up over PY; down sequentially

↑ 4%

↑ 6%↓ 1%

↑ 2%

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Engineered Systems

• Product Identification– Revenue increase driven by

double-digit gains in direct coding business

– Earnings reflect cost efficiency benefits from MARKEM•Imaje integration, net of $2 million related expense

– Bookings & backlog remains strong

• Engineered Products– Revenue increases in all

businesses except beverage can equipment

– Earnings impacted by business mix

– Refrigeration business continues to diversify customer base

– Bookings moderated from strong PY levels

Revenue($ in millions)

Earnings( $ in millions)

$539

↑ 6% ↑ 3%

↑ 6% ↑ 10%

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Fluid ManagementRevenue($ in millions)

Operating Earnings($ in millions)

• Energy– Results driven by

continued growth in global oil and gas drilling and worldwide demand for power generation

– Operational improvements and product mix increased earnings

– Bookings & backlog remain strong

• Fluid Solutions– General strength across

most industrial markets – Business mix and

operational focus improved earnings and margins

– Backlog up 28%.

↑23% ↑34%

↑17% ↑24%

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Electronic TechnologiesRevenue($ in millions)

Operating Earnings($ in millions)

• Electronic Technologies– Good business activity in the

quarter across the segment with a positive book-to-bill and organic growth of 5.2%

– MEMS microphones now being sold to all Tier-1 handset manufacturers

– Military programs continue to be growth drivers of ceramic and microwave product lines

– Impact of first quarter restructuring (ECT) is showing improvements in the results

– Inflationary pressures in Asia (principally China) from currency and other costs impacted margins by 1%

– Bookings & backlog are up sequentially and YOY

↑12% ↑13%

↑11% ↑6%

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Geographic Revenue Mix (YTD June 2008)

Dover Growth Rate: 9%

YTD

Growth Rate

9.2%27.8%

7.6%

5.2%

Growth in Asia was driven by increases in Electronic Technologies and Engineered Systems

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Revenue Growth (Q2 2008)

Industrial Products

Engineered Systems

Fluid Management

Electronic Technologies

Total Dover

Organic 3.0% 0.3% 16.5% 5.2% 5.4%

Acquisition 1.4% -- 4.0% -- 1.3%

Currency 1.2% 5.5% 2.5% 6.3% 3.5%

Total 5.6% 5.8% 23.0% 11.5% 10.2%

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PERFORMANCECOUNTS

Target Q2 2008 Q2 2007

Inventory Turns * 8 6.9 6.5

Earnings Growth 10% 7% 11.5%

Operating Margins 15% 15.8% 15.6%

WC as a % of Revenue 20% 18.5% 19.2%

ROI (Operating) 25% 26.1% 25.8%

* Dover has improved inventory turns four consecutive years

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Second Quarter and YTD Overview• Net Debt to Capital Ratio

– 28.8%: up 15 bps over 2007 year-end, reflective of higher total debt level to fund share repurchase program

• Free Cash Flow– QTR: $192.5 million; 9.6% of revenue– YTD: $300.9 million; 7.8% of revenue

• Effective Tax Rate– QTR: 29.3%, up 220 bps– YTD: 29.4%, up 170 bps

Prior year periods benefited from tax positions that were effectively settled.

• Acquisitions– Two add-ons in the quarter: Brady Mining & Construction Supply Co. (US

Synthetic) for $12 million, net of cash acquired and Neptune Chemical Pump Company (Pump Solutions Group) for $65 million, net of cash acquired.

• Share Repurchase Program– QTR: Repurchased 4 million shares for $198 million.– YTD: Repurchased 7.6 million shares for $347 million

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2008 Outlook – Full Year

• Organic growth: mid single digits• Margin improvement: Full year up 25 – 50 bps• Capital expenditures: $150 – $175 million• Interest expense: $98 - $103 million• Full-year tax rate: 27% – 28% (quarterly variance)• Free cash flow for full year: 10% of revenue• Corporate expenses: $100 - $105 million