Barclays Multi-Industry Poster 2014

Scott R. Davis, CFA +1 212 526 5580 [email protected]

Source: Barclays Research Estimates, Company Data Printed on 12 February 2014

This poster and any information derived from its use is provided to you by the Corporate and Investment Banking Division of Barclays Bank PLC and its affiliates (collectively and each individually, "Barclays")for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the securities mentioned in it. No representation is made that any returns will be achieved.Past performance is not necessarily indicative of future results. This information is subject to change without notice. The securities mentioned may not be eligible for sale in some states or countries, norsuitable for all types of investors. Barclays does not warrant the accuracy, completeness, reliability, fitness for a particular purpose, or merchantability of this information. Barclays shall have no liability forthe use, misuse, or distribution of this information to unauthorized recipients. 2014 Barclays Bank PLC. All rights reserved. Additional information is available on request. Please contact a Barclays entity inyour home jurisdiction. USP14-0024

Equity ResearchIndustrials | U.S. Multi-Industry

February 2014

Industrials Group End Markets Estimated Distribution of Sales, 2014Discrete Automation including Robotics

Global & Broadly DefinedProcess Automation

Global & Broadly DefinedLarge Gas Turbines

Global, 5-yr Average by MWWind Turbines

GlobalLighting

North America

35%

2%

3%

3%

3%

4%

5%

11%

12%

21%

0.0% 5.0% 10.0% 15.0% 20.0%

Other

Bosch Rexroth

OMRON

ABB

Yaskawa

Schneider

Rockwell

FANUC

Mitsurbishi

Siemens

41.2%

2.2%

2.7%

3.5%

5.2%

5.8%

6.3%

9.4%

11.2%

12.5%

0% 2% 4% 6% 8% 10% 12%

Other

Schneider

GE

Invensys

Honeywell

Yokogawa

Rockwell

Emerson

ABB

Siemens

10%

4%

11%

32%

43%

0% 10% 20% 30% 40% 50%

Other

Alstom

Mitsubishi

Siemens

GE

29%

5%

6%

6%

7%

8%

10%

14%

16%

0% 10% 20% 30% 40%

Other

Guodian United

Xinjiang Goldwind

Gamesa

Suzlon

Enercon

Siemens

Vestas Wind Systems

General Electric

50%

6%

11%

14%

19%

0% 10% 20% 30% 40% 50% 60%

Other

Hubbell

Eaton

Philips

Acuity

Source: ARC, Barclays Research Source: ARC, Barclays Research Source: McCoy, Barclays Research Source: Bloomberg Source: Company Information, Barclays Research

Commerical Aircraft EnginesGlobal

Industrial Distribution MarketNorth America

Medical Diagnostic Imaging(CT, MRI, Ultrasound), United States

Oil & Gas Artificial LiftGlobal

Oil & Gas Subsea EquipmentGlobal

2%

10%

18%

70%

0% 20% 40% 60% 80%

Other

Rolls Royce

Pratt & Whitney

GE & GE Safran JV

Unit Shipments Market Share

88.4%

0.4%

0.5%

0.5%

0.6%

0.6%

0.6%

0.9%

1.0%

1.0%

1.6%

1.6%

2.3%

0.0% 1.0% 2.0% 3.0%

Other N.A. Distributors

Edgen Group

MSC Industrial Supply

Applied Industrial

McMaster-Carr

B/E Aerospace

Fastenal

Motion Industries

Airgas

MRC Global Corp.

HD Supply

WW Grainger

Furgeson/Wolseley

15%

10%

21%

22%

32%

0% 10% 20% 30% 40%

Other

Toshiba

Siemens

Philips

GE

22%

6%

7%

14%

14%

14%

23%

0% 5% 10% 15% 20% 25%

Other

BORETS

Dover

GE

Schlumberger

Baker Hughes

Weatherford

11%

2%

4%

5%

10%

12%

12%

18%

26%

0% 10% 20% 30%

Other

NKT Flexibles

Dril-Quip

Oceaneering

GE

Cameron International

Aker Solutions

Technip

FMC Technologies

Source: Airline Monitor, Barclays Research Source: MDM, Barclays Research Source: Frost & Sullivan Source: Spears & Associates Source: Company Information, Barclays Research

Scott R. Davis, CFA+1 212 526 [email protected]

Michael A. Stein, CFA+1 212 526 [email protected]

Lauren Giugliano+1 212 526 [email protected]

Jeremy Milim+1 212 526 [email protected]

Alexander Yuan+1 212 526 [email protected]

Scott R. Davis, CFA +1 212 526 5580 [email protected]

Equity ResearchIndustrials | U.S. Multi-Industry

February 2014

Industrials Group End Markets Estimated Distribution of Sales, 2014End Markets % of Revenues ADT CFX DHR DOV EMR ETN FAST GE GWW HDS HON HUB IR ITT LII MMM MSM ROK ROP RXN SPW ST TYC WCC WSO XYL

Avg. (Sales-Weighted)

Infrastructure

Commercial Aerospace 1% 2% 5% 16% 17% 11% 2% 6% 1% 2% 8%Powergen 22% 9% 8% 6% 14% 4% 8% 3% 20% 7%Oil & Gas 18% 26% 16% 2% 14% 14% 13% 3% 10% 8% 12% 2% 9%T&D 3% 6% 2% 14% 22% 3% 6% 13% 2%Water 10% 3% 1% 14% 2% 5% 14% 16% 40% 2%Alternative Energy 1% 4% 1% 2% 2%Rail 3% 1% 1%Other Infrastructure 20% 2% 8% 2% 7% 1% 4% 6% 1% 8% 6% 10% 14% 6% 7% 15% 3%Total Infrastructure 0% 60% 11% 42% 34% 21% 7% 56% 4% 28% 37% 23% 0% 36% 0% 10% 6% 25% 30% 39% 48% 9% 17% 13% 0% 40% 35%

Industrial/Capex Driven

Telecom Equipment 2% 6% 5% 2% 3% 13% 1%Product ID/ RF Tech 8% 6% 2% 22% 1%HVAC 2% 11% 3% 35% 59% 8% 10% 49% 3%Other Industrial 21% 23% 12% 21% 9% 64% 0% 55% 5% 13% 27% 15% 29% 22% 75% 25% 20% 36% 18% 8% 27% 38% 17% 37% 13%Total Industrial 0% 21% 33% 20% 37% 9% 64% 0% 55% 5% 18% 27% 50% 29% 59% 27% 75% 25% 42% 36% 29% 21% 27% 51% 66% 37% 18%

Consumer/Medical

Food Equipment 19% 1% 23% 1% 21% 5% 11% 21% 8% 2%Healthcare/ Biotech 46% 1% 4% 12% 7% 1% 1% 15% 6% 6% 22% 2% 9%Electronics and Tech 5% 8% 9% 1% 1% 2% 6% 2%Consumer Misc. 100% 8% 2% 6% 2% 12% 29% 5% 19% 7% 9% 3% 10% 5%Total Consumer 100% 0% 51% 28% 15% 15% 0% 15% 19% 29% 2% 0% 5% 3% 23% 41% 13% 36% 27% 11% 21% 3% 10% 2% 8% 0% 18%

ConstructionResidential Constr. 2% 9% 9% 2% 13% 7% 8% 9% 13% 3% 4% 10% 1% 15% 8% 4%Commercial Constr. 11% 4% 2% 4% 21% 25% 2% 25% 12% 37% 21% 5% 2% 8% 26% 28% 11% 12% 7%Total Construction 0% 11% 4% 3% 13% 30% 25% 2% 2% 38% 19% 45% 30% 0% 18% 5% 0% 0% 0% 12% 0% 0% 36% 29% 26% 20% 11%

FinanceCommercial Finance 14% 5%Consumer Finance 11% 4%Total Finance 0% 0% 0% 0% 0% 0% 0% 24% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 9%

Auto / TruckAutomotive 1% 7% 8% 21% 13% 11% 1% 65% 3%Truck & Transport Equip. 6% 5% 11% 2% 15% 11% 3% 1% 2%Total Auto 0% 6% 0% 5% 1% 18% 0% 0% 0% 0% 10% 0% 15% 31% 0% 13% 0% 14% 0% 0% 2% 65% 0% 0% 0% 0% 5%

GovernmentMilitary 2% 2% 2% 3% 3% 5% 12% 1% 2% 2% 3%Gov't Misc. 5% 1% 13% 2% 4% 4% 6% 8% 5% 1%Total Gov't 0% 2% 2% 2% 0% 3% 5% 4% 18% 0% 14% 4% 0% 1% 0% 4% 6% 0% 0% 0% 0% 2% 10% 5% 0% 0% 4%

Ag Total Ag 0% 0% 0% 0% 0% 4% 0% 0% 2% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 2% 0% 0% 0% 0% 0% 3% 0%

Geo MixNorth America 100% 21% 42% 49% 40% 56% 96% 42% 88% 100% 56% 89% 66% 40% 82% 32% 97% 56% 64% 64% 48% 37% 48% 97% 99% 36% 51%Europe / EMEA 0% 35% 22% 18% 20% 20% 0% 21% 4% 0% 27% 8% 16% 39% 10% 24% 3% 20% 21% 17% 17% 29% 27% 0% 0% 36% 20%ROW 0% 44% 36% 33% 40% 24% 4% 37% 8% 0% 18% 3% 18% 21% 8% 44% 0% 23% 14% 19% 35% 34% 25% 3% 1% 28% 29%

Cyclicality

Early 6% 5% 15% 20% 30% 10% 32% 12% 42% 18% 12% 29% 27% 13% 41% 10% 23% 20% 4% 3% 68% 20% 1% 49% 9% 25%Mid 16% 24% 36% 29% 30% 30% 17% 25% 13% 29% 25% 42% 33% 82% 23% 30% 35% 30% 39% 45% 19% 10% 21% 7% 3% 23%Late 77% 23% 47% 47% 30% 40% 35% 30% 45% 39% 59% 29% 38% 5% 17% 40% 36% 20% 55% 52% 11% 25% 71% 4% 48% 35%N/A 100% 2% 47% 3% 4% 10% 20% 16% 33% 15% 4% 2% 19% 20% 6% 30% 2% 2% 45% 7% 40% 40% 17%

FinancialStats (2013A)

Credit Rating BB- BB A+ A A A- N/A AA+ AA+ B+ A A BBB BBB- BBB- AA- N/A A BBB N/A BB+ BB A- BB N/A BBBSales (Mil. $) 3,309 4,132 19,118 8,730 24,669 22,046 3,326 146,240 9,438 8,541 39,055 3,184 13,894 2,480 3,199 30,871 2,458 6,352 3,272 2,009 4,815 1,981 10,647 7,514 3,720 3,837Op. Margin 23% 10% 17% 16% 17% 11% 21% 16% 14% 6% 16% 15% 11% 11% 9% 22% 16% 18% 27% 14% 6% 25% 11% 6% 7% 12%Net Margin 12% 5% 13% 10% 11% 9% 13% 12% 9% -2% 10% 10% 7% 7% 6% 15% 10% 13% 17% 5% 4% 19% 8% 4% 5% 8%Net Debt/Cap 43% 25% 9% 25% 18% 35% -8% -4% 2% 115% 10% -14% 24% -204% 40% 19% 13% -5% 31% 79% 32% 44% 15% 46% 4% 20% 11%FCF as % of NI 109% 91% 120% 106% 116% 86% 65% 126% 93% NA 89% 100% 133% 97% 79% 98% 99% 115% 143% 168% 141% 85% 84% 79% 136% 109% 109%Working Capital / Sales -2% 15% 18% 17% 16% 18% 31% 8% 19% 15% 19% 18% 16% 17% 16% 18% 26% 20% 17% 23% 26% 17% 14% 17% 19% 24% 14%ROE 9% 10% 12% 18% 25% 13% 27% 14% 26% -8% 28% 19% 14% 20% 37% 27% 19% 36% 14% 56% 8% 29% 18% 16% 17% 14% 18%ROIC 6% 9% 9% 13% 20% 7% 28% 6% 19% 7% 17% 20% 10% 11% 21% 18% 15% 24% 9% 9% 5% 16% 12% 6% 15% 12% 11%

Scott R. Davis, CFA+1 212 526 [email protected]

Michael A. Stein, CFA+1 212 526 [email protected]

Lauren Giugliano+1 212 526 [email protected]

Jeremy Milim+1 212 526 [email protected]

Alexander Yuan+1 212 526 [email protected]

Source: Barclays Research Estimates, Company Data, S&P Printed on 12 February 2014

This poster and any information derived from its use is provided to you by the Corporate and Investment Banking Division of Barclays Bank PLC and its affiliates (collectively and each individually, "Barclays")for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the securities mentioned in it. No representation is made that any returns will be achieved.Past performance is not necessarily indicative of future results. This information is subject to change without notice. The securities mentioned may not be eligible for sale in some states or countries, norsuitable for all types of investors. Barclays does not warrant the accuracy, completeness, reliability, fitness for a particular purpose, or merchantability of this information. Barclays shall have no liability forthe use, misuse, or distribution of this information to unauthorized recipients. 2014 Barclays Bank PLC. All rights reserved. Additional information is available on request. Please contact a Barclays entity inyour home jurisdiction. USP14-0024

Documents

Barclays Multi-Industry Poster 2014