1. FINAL TRANSCRIPT DOV - Q1 2007 Dover Corporation Earnings Conference Call Event Date/Time: Apr. 25. 2007 / 8:00AM ET www.streetevents.com Contact Us 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

2. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call CORPORATE PARTICIPANTS Paul Goldberg Dover Corporation - Treasurer & Director, IR Ron Hoffman Dover Corporation - President & CEO Rob Kuhbach Dover Corporation - VP, Finance & CFO CONFERENCE CALL PARTICIPANTS Jack Kelly Goldman Sachs - Analyst Steve Tusa JPMorgan - Analyst John Inch Merrill Lynch - Analyst Alex Blanton Ingalls & Snyder - Analyst Chris Wells Robert W. Baird - Analyst Nigel Coe Deutsche Bank - Analyst Wendy Caplan Wachovia Securities - Analyst Ned Armstrong FBR & Co. - Analyst PRESENTATION Operator Good morning and welcome to the first-quarter 2007 Dover Corporation earnings call conference call. With us today are Ron Hoffman, President and Chief Executive Officer of Dover Corporation, and Rob Kuhbach, Vice President of Finance and Chief Financial Officer of Dover Corporation, and Paul Goldberg, Treasurer and Director of Investor Relations of Dover Corporation. After the speakers' opening remarks, there will be a question and answer period. (OPERATOR INSTRUCTIONS). As a reminder, ladies and gentlemen, this conference call is being recorded, and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time. Thank you. I would now like to turn the call over to Mr. Paul Goldberg. Mr. Goldberg, please go ahead, sir. Paul Goldberg - Dover Corporation - Treasurer & Director, IR Thank you, Nelson. Good morning and welcome to Dover's first-quarter earnings call. With me today are Ron Hoffman, Dover's President and Chief Executive Officer, and Rob Kuhbach, Dover's VP of Finance and CFO. Today's call will begin with some comments from Ron and Rob on Dover's operating and financial performance. We will then open the call up to questions. In the interest of time, we kindly ask that you limit your questions to one or two with a follow-up. www.streetevents.com Contact Us 1 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

3. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Please note that our current earnings release and associated presentation can be found on our website, www.DoverCorporation.com. This call will be available for playback through 5:00 PM May 9, and the audio portion of this call will be archived on our website for three months. The replay telephone number is 877-519-4471. When accessing the playback, you will need to supply the following reservation code, 865-5685. Before we get started, I would like to remind everyone that our comments today, which are intended to supplement your understanding of Dover, may contain certain 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 results to differ from these anticipated in any such forward-looking statements. Also, we undertake no obligation to publicly update or revise any forward-looking statements except as required by law. We would also direct your attention to our website where considerably more information can be found. With that, I would like to turn this call over to Ron. Ron Hoffman - Dover Corporation - President & CEO Thanks, Paul. Good morning, everyone. Thank you for joining today's conference call. I'm pleased to report that Dover posted the best first-quarter results in its history and set new records for sales, bookings and backlog. Our companies delivered solid results in light of a very soft start to the year that built sequentially during the quarter. As shown on slide three, 2007 is off to a very good start with record quarterly revenues of over $1.8 billion, up 18% with operational earnings of $232 million up 2% over the prior year. Dover posted its best ever first-quarter earnings per share from continuing operations at $0.67, up 5% over the prior year. All six subsidiaries posted revenue gains, and four generated double-digit earnings growth compared to the prior year period. Diversified, Electronics and Industries also recorded strong gains in operating leverage. First-quarter earnings records were established at the Process Equipment, Mobile Equipment, Oil and Gas Equipment, Fluid Solutions and Material Handling groups. These positive gains were partially offset by the continued headwinds of higher material prices, predominately aluminum, copper and high nickel content steel, one-time implementation costs for a new ERP system in the Product ID businesses, short-term margin weaknesses in the Food Equipment group and the expected slowdown in the Automation & Measurement group. Despite the tough market conditions facing the A&M companies, I was pleased to see the solid double-digit margins holding up well, supporting our expectation of decreased volatility in this group's operating margin. Incoming orders were at an all-time high, $1.9 billion, up 14% over last year, generating record backlogs of $1.5 billion, up 17% over last year. This was very encouraging and reflected continued strength in the Process Equipment, Mobile Equipment, Food Equipment and Oil and Gas Equipment markets. During the quarter, DEK, Heil Environmental, Waukesha Bearings, and Rotary Lift were awarded the 2006 Dover President's Award for meeting all five Dover Metrics. That is eight inventory turns, greater than 10% earnings growth, 15% margins or better, 20% or less working capital and over 25% after-tax return on investment. I applaud the success of these great companies as we continue to see significant operating improvements across the majority of our companies as they strive to achieve the Dover Metric goals. As highlighted on slide six, Dover met two of its five metrics during the quarter, and we are confident of additional progress throughout the year. During the quarter, Dover invested $118 million in three add-on acquisitions led by Pole/Zero that was added to our Microwave Products group. Pole/Zero is a leader in the development of specialty defense communications systems. We like the military focus of Pole/Zero to broaden the market base of the Microwave Products group. www.streetevents.com Contact Us 2 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

4. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Looking forward, the acquisition pipeline continues to be quite active, and we are being highly selective in this price competitive environment. Acquisition spending for the year continues to be targeted at roughly 10% of annual revenue, but we are prepared to step up our spending if significant value creating opportunities arise. The two large acquisitions of 2006, Paladin and Markem, as forecast in our last earnings call were dilutive to EPS. The first-quarter EPS dilution was $0.03. Paladin, though facing a decline in light and heavy construction, has focused on enlarging their Mexico facility while implementing their game plan for synergistic actions that will enhance the performance of this broad group of companies. Markem had a very solid first-quarter performance, and we are strongly encouraged by the opportunities for synergy and cost reduction across our product identification companies. Both of these acquisitions are expected to show improved performance during the year. During the quarter, Dover spent $24 million buying back 500,000 shares of stock to partially offset the dilution of our stock option program. We anticipate cash flow to improve during the second quarter and will focus our cash to support our CapEx requirements, invest in value-creating acquisitions that meet our investment criteria, pay down debt or continue to repurchase shares. As shown on slide eight, Dover's organic revenue growth rate was 3.8% for the quarter. However, the rate would have been over 6% absent the strong pullback in the Electronics sector. For the full year, we continue to anticipate organic growth in the 5 to 7% range, in line with our long-term objectives. We continue to be very excited about the level of new product initiatives being implemented across the majority of our companies. Acquisition growth was 12% of revenue, reflecting the impact of Paladin, Markem and Pole/Zero, while foreign currency accounted for 2% of our growth. Looking forward to the second quarter, we expect our businesses to show increased strength, particularly in the Product Identification, Mobile Equipment and Oil and Gas groups. The Oil and Gas Equipment group will continue to be our earnings leader even as the rate of growth moderates slightly. Each of these groups booked well, have strong backlogs and should have fewer onetime cost issues than experienced in Q1. Our A&M segment is expected to improve sequentially, but will still feel the effects of reduced demand compared to the prior year. In line with our normal seasonal trends and assuming the global economy remains healthy, we expect the second quarter to be significantly improved over this year's first quarter and up over the second quarter of last year. We also anticipate full-year revenue and earnings will once again be record-setting, substantiating the strength and global engagement of our market-leading companies. Now that the past two years work of optimizing our portfolio of companies is essentially behind us, Dover can now focus on refining its organizational structure and apply its energies and capital on more defined growth platforms. We are confident in our ability to grow the Company and build increased shareholder value. In closing, I want to congratulate our 34,000 employees around the world for their strong work ethic and dedication to continually improving Dover's results. Your efforts generated record first-quarter results in many areas, and we look forward to additional improvements in the upcoming quarter. I am confident that Dover employees truly understand that their performance counts. With that, I will turn it over to Rob Kuhbach for an overview of our subsidiary performance and financial highlights before we open up the call for your questions. Rob? Rob Kuhbach - Dover Corporation - VP, Finance & CFO Thanks, Ron. Good morning, everyone. Taking a closer look at each segment, starting with slide number nine, Dover Resources continued to build on its strong 2006 performance by setting records for revenue, earnings and bookings in the first quarter of 2007. The Material Handling group led the segment's revenue and earnings growth, which was driven by its acquisition of Paladin in August 2006. www.streetevents.com Contact Us 3 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

5. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call From a core business perspective, the Oil and Gas group continued to lead the way with double-digit growth in revenue and earnings as market conditions remain strong. Lastly, the Fluid Solutions group also had revenue and earnings increases, although margins were negatively impacted by acquisition integration costs. Dover Industries turned in the second-highest earnings contribution for the first quarter of 2007, due to strong energy, military and transport markets served by the Mobile Equipment companies. These improvements were somewhat offset by quarterly declines in revenue and earnings in the Service Equipment group due to weakness in the domestic automotive and carwash industries. Dover Technologies experienced revenue growth in the quarter due to the December 2006 Markem acquisition, which has exceeded our revenue and earnings expectations. However, core revenue and earnings comparisons were substantially impacted by a variety of factors, primarily softness in the general electronics market, initial purchase accounting expenses related to Markem, an unusually strong first quarter of 2006 and a major software system implementation project at Imaje. Excluding the impact of 2006 acquisitions, segment margins would have been over 10% on revenue down roughly 10% from the prior year period. The majority of the overall Technology segment earnings decline reflected lower A&M margins on reduced sales. Despite these factors that impacted the quarter-over-quarter comparisons, margins in both groups were solid double-digits and are expected to improve during the balance of 2007. Dover Diversified leveraged a 19% earnings increase on a revenue increase of 11% due to strong sales and earnings growth at the Process Equipment companies that served the broad heat exchanger and energy markets. The Industrial Equipment companies partially offset these increases due to a slowdown in the housing construction market and a decline in the aerospace MRO revenue. Restructuring costs in the aerospace business also impacted the group's earnings for the quarter. Dover Systems experienced strong revenue growth in the quarter due to higher sales in both groups in the segment. However, earnings at the Food Equipment companies which typically dominate this segment's results were negatively impacted by higher raw materials costs, which are being addressed by pricing initiatives, and by product mix. Although the segment's margins declined compared to the prior year, sequential margins were up 110 basis points, primarily due to the strong leverage generated in the Packaging Equipment companies. Dover Electronics had a strong first quarter of 2007 with solid growth at all of the component companies, particularly those serving the frequency controls and micro-acoustics markets. Overall more than half of the segment's revenue growth was organic in nature, and within the Components group, organic revenue growth was 10%. The Commercial Equipment companies, which are relatively small contributors to the segment's performance, made little contribution to year-over-year improvement as they had a mixed quarter with modest revenue growth and meaningful earnings declines in the ATM and Chemical Dispensing businesses. Here are some additional corporate data. Looking at our capitalization, Dover ended the quarter with a net debt to total capitalization of 28.1%, up from the 2006 year-end level of 26.8%. This largely reflects lower cash from operations and an increase in commercial borrowings. Free cash flow generated in the first quarter of 2007 was down about $76.3 million compared to the prior year period, impacted by higher payments for year-end incentive compensation, taxes and capital expenditures over the prior year. Capital expenditures are expected to moderate during the balance of the year, and cash tax payments are expected to rise over prior year amounts, reflecting higher earnings and ongoing resolution of tax issues. As was the case last year, full-year free cash flow was still expected to be in the range of 8 to 10% of revenue. Our tax rate for the quarter was 28.4%, favorably impacted by the extension of the US R&D credit and higher earnings from low-tax foreign jurisdictions. www.streetevents.com Contact Us 4 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

6. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Finally, we made three add-ons acquisitions in the quarter for a net cash outlay of about $118 million, and we finalized previously announced sales of two businesses resulting in proceeds of $29 million and a net loss of $1.6 million. With this overview, let me turn the call back to Paul for questions. Paul Goldberg - Dover Corporation - Treasurer & Director, IR Nelson, could you compile some questions, please? QUESTIONS AND ANSWERS Operator (OPERATOR INSTRUCTIONS). Jack Kelly, Goldman Sachs. Jack Kelly - Goldman Sachs - Analyst Just starting with Technologies, Ron, we got some detail from Rob on that. But as I look at this kind of three buckets, you have the ERP issues at Imaje, I guess new product issues at O'Neil, and then Everett Charles. Can you just give us some sense of how quickly you think things turn in those three buckets? It might be difficult with Everett Charles, but just some sense of when things might turn around? Ron Hoffman - Dover Corporation - President & CEO Jack, first of all, I would like to just make a comment if you would allow me. I understand this might be your last conference call covering Dover after your many years of service to Goldman Sachs, and I guess I would just like to say thank you for your long-term interest in Dover and coverage of Dover. I think it has been a nice relationship, and I wish you well as you head towards retirement down the road. Jack Kelly - Goldman Sachs - Analyst Thank you very much, Ron. I appreciate that. Ron Hoffman - Dover Corporation - President & CEO Referring to Technologies, certainly I think the thing that really stands out most is, as you recall the technology cycles traditionally, we do have our lowest period in the first quarter of the year. After we get past the holiday season, the electronics world tends to regroup after the Chinese New Year issues, and then we start to get a better barometer on the market. We are coming off of a very tough comp period. '06 was a very good year for the Technologies group in total, certainly in our A&M businesses. They had a greater than normal year. If you look back at two-year cycle, three-year cycles, whatever you will typically see this downturn in the A&M sector such that we saw, I think the thing, Jack, that we are pleased with and I think the thing that we shared is we were doing many of these divestitures in our Technology group. The companies that we have remaining tend to hold up better in the down cycles, tend to have better overall margins. And what we find in tracking our data is that even as we see these swings in first-quarter performance, many times the Technology sector, we're seeing these companies www.streetevents.com Contact Us 5 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

7. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call that we own, being DEK, Everett Charles and OK International, the margins are ratcheting up on those every time we go into one of these down cycles. If we look at the ERP spending at Imaje, it was really about a $0.01 impact relative to this ERP system we have put in. I think if we were managing purely for peak returns, knowing that we had the extensive write-offs of Markem in the first quarter, you would delay something like that. But we always take the long-term view, and we tend not to do that. So we felt it was in Imaje's best interest to go forward. I think what you're going to see is Imaje had a very good March, which is more indicative of what their long-term results have been. So they got off to a slow start, had these extra costs. I think the true Imaje showed itself back up again in March, and I don't have any real concern about them going forward. If we look at Everett Charles and let's just say the A&M companies in general, basically most of the semi-data is still sitting there reflecting roughly less than 85% utilization. Typically I think we've always said that we need to see that utilization get above 85% to generate robust change in the electronic equipment demand. That or the fact that there needs to be retooling of product, new test equipment for additional products. That has not surfaced yet. I think we will still fight some tough comps in the second quarter, but it will be improved over the first quarter. So I think that is still a reality. I don't think we can call the turn yet; other than I think we are encouraged at the activity level showing some additional life, but it is certainly not going to be back up to the levels of '06. So I think the sector we are still pleased to own properties in, if you recall now that we are sitting here talking about nice double-digit margin performance in a very down period and we have some very nice margin on the upside. So this group tends to perform very well in the uptick. As far as calling the turn, I am not concerned about Imaje or our Product ID businesses. I believe Markem got off to a great start. It had a lot of headwinds in the acquisition accounting costs. Those go away at the end of the first quarter. That is roughly about a $5 million swing that will go to earnings going forward. I think that's going to be very impacting. So I think we are kind of seeing in its worst-case at the moment. So don't over-read issues on the Product ID business. Jack Kelly - Goldman Sachs - Analyst Okay. Just the $5 million was just the Product ID hit between the ERP and Markem's dilution; is that it? Ron Hoffman - Dover Corporation - President & CEO The $5 million really reflects the impact of the usual first-quarter inventory write-down. Write-up and write-down, you recall when you do an acquisition (multiple speakers) that you have that write-up, write-down phenomenon. So that reflects that impact. That is a Q1 -- that is the first order of any acquisition. In this case it was about $5 million. So that goes away. There does (multiple speakers) Jack Kelly - Goldman Sachs - Analyst And then ERP goes away, right? Ron Hoffman - Dover Corporation - President & CEO ERP is -- yes, basically disappears. So that is on top of the $5 million. www.streetevents.com Contact Us 6 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

8. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Jack Kelly - Goldman Sachs - Analyst Got it. Just one last question on Hill PHOENIX. The margin pressure you had mentioned I guess raw material related, so it's copper, aluminum, etc., how much was recouped through the price increases? I guess really the thrust of the question, it sounds like there is a little bit of a repeat of what happened in the third quarter of last year, and then you implemented some price increases in the fourth. And now we are kind of -- it seems like you're just behind the curve in terms of implementing raw material price increases. Rob Kuhbach - Dover Corporation - VP, Finance & CFO Jack, you are always a little bit behind the curve. Quite traditionally you look at your cost all the time and you adjust your price relative to that. But I think we have seen certain commodities of price move faster than anticipated and maybe more continuous than anticipated. But I guess I would also like to direct that, yes, there were headwinds of some material cost issues relative to Hill PHOENIX. They have taken pricing actions that are going to be -- that basically being implemented as we roll into the second quarter. I would also say there was a bit of a mix issue at Hill PHOENIX between case and refrigeration that impacted the results of the group. And I think that that was maybe more impactful of what we would normally comment on. I think refrigeration is an area that we have performed quite well in, and that tends to be at the forefront of new store or rebuilds or -- excuse me, refurbs that go on in stores. That activity seemed to be in a bit of a wait and see attitude. I think what we are seeing going forward, though, is a real rebound in that sector of the business. So I think the issue is more one of price headwinds long-term. I think the mix issue of Hill PHOENIX is going to be better as you roll into second quarter, and I think it reflected much better results in the second quarter. Jack Kelly - Goldman Sachs - Analyst With that better compressor mix then on the refrigeration side, Ron, do you think Hill PHOENIX has a chance of hitting the Dover Metric in terms of margins this year? Because it sounds like the first quarter was hit pretty hard the other way. Ron Hoffman - Dover Corporation - President & CEO Well, I think they came back very much to the Dover Metric margins in the month of March, and they have always had good inventory turns, good working capital management. They were a Dover President Award winner in '06, and they slid down slightly on margins last year, but just barely fell underneath the wire. We are pretty strict on that. They were above, actually in the month of March, above our Dover Metric margins. So I'm very confident that they can be at 5 for 5 performer over time again. Rob Kuhbach - Dover Corporation - VP, Finance & CFO I think, Jack, just to add a little bit of flavor, this is a somewhat slower market overall this year. Last year remember the whole refrigeration business was very strong. This year it is starting out quite a bit slower. It is still up but not as strong as last year, and I think you are going to see some inevitable push-outs that we typically begin to experience. We had a slow quarter because of bad weather, and I think we expect this year to be somewhat more back end weighted than perhaps last year. So we don't see a -- last year's second quarter was very strong, you may recall, in the Food Equipment area. So the second quarter will probably not be a -- will not improve over last year an awful lot, but the back half of the year we think will be considerably stronger this year than last. www.streetevents.com Contact Us 7 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

9. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Operator Steve Tusa, JPMorgan. Steve Tusa - JPMorgan - Analyst Just a question, first of all, on Technologies. Your earnings were down about 40% year-over-year, yet Product ID was up about 40%, A&M was down 40%. I'm just trying to reconcile that. Are there extra costs there that you don't include in those two specific segments? I know that historically when you reported the Technologies business, there had been this extra amortization line or something like that. Are there extra costs there that you are not reflecting in the subsegment or the platform numbers? Ron Hoffman - Dover Corporation - President & CEO Well, certainly the acquisition premium goes into the corporate side of that subsidiary. So, if you look at the operating side of the businesses, they are actually performing pretty well. But they do have the additional AD&A costs. I think identified in the last answer, Steve, there is about a $5 million incremental ADA expense in the first quarter of '07 that will not repeat in the succeeding quarters. So I think that might be one item that is in there. Quite candidly, I think if there was a difference maybe in opinion between where we saw the business and maybe where the analysts saw the businesses, basically our A&M business came in pretty much where they anticipated coming in. They really -- if you think about the last year, we were down trending in the third and fourth quarter in that business and hopeful that we would see change roll in the first part of the year. I think we've not seen those positive signals of what is that new thrust in the Electronic market. Also, keep in mind the fact that the cellphone market growth rate has slowed a little bit, and that all impacts this industry. So the utilization was certainly a part of an issue. We're still waiting to see that improve. But I think maybe going back to your direct question, it may be this ADA expense that has not properly been dialed in. Steve Tusa - JPMorgan - Analyst Okay. And then lastly, you gave a little bit of commentary around the second quarter. I guess we talked about normal seasonality there. Given all the portfolio changes, not quite sure what normal seasonality is. But looking back over the last five years, it looks like your typical sequential increase has been in the 20 to 25% range. Just the guidance you gave last quarter was down from the fourth quarter but up from the first. And I think the street clearly got that wrong as we did as well. I'm just wondering if maybe you could give us a little bit more up from last year's second quarter is a pretty ambiguous comment. We would hope it will be up from last year's second quarter. Maybe you can just give us a little bit more commentary around what you expect to see in the second quarter. Ron Hoffman - Dover Corporation - President & CEO Steve, I think the direction we gave you guys was an accurate direction. I think maybe it is an amplitude issue that we're sitting here talking about. But I think (multiple speakers) we did give you the right direction. I think your math of that 20 to 25% improvement in the second quarter has been what our history has shown. I think we are optimistic that we should be seeing numbers in that range. www.streetevents.com Contact Us 8 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

10. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Steve Tusa - JPMorgan - Analyst Okay. That is perfect. One last thing on ATMs, is this business core? Looking at its ability to break into the bank market in the US, it does not appear to us that you have that competitive of a product there. Maybe there is emerging market opportunity there. But I'm just wondering -- it is a small business and it is not doing very well. I'm just wondering how core that business is longer-term? Ron Hoffman - Dover Corporation - President & CEO Well, I think you have to put everything into perspective, Steve. Triton, basically if you look at it relative to Dover, it is just barely above 1% of sales of Dover. So we're not talking about the core of Dover as we talk about Triton. Certainly there has been slower growth in the US retail sector of the market. I think there's also been some pricing challenges due to some imports. I think Triton continues to develop their products for the banking market. I think it's just a slower market in developing because they don't have long-term presence there. So they have to go in and they have to prove their ability. I think we in no way, shape or form are throwing the towel in and saying we don't think they can be successful there because we still have high confidence. But it is a longer-term process than what we were hoping for. I think the performance of the group is a little bit impacted by this slowing in the US retail sector for ATM. I don't want to use -- throw it all under, let's say, a saturation quite, but I think the retail market has certainly slowed. Rob Kuhbach - Dover Corporation - VP, Finance & CFO Steve, let me just be clear on this. When Ron mentioned the improvement first quarter to second quarter of 20 to 25%, we are talking this year's first quarter to this year's second quarter. Steve Tusa - JPMorgan - Analyst Yes absolutely, sequentially. Rob Kuhbach - Dover Corporation - VP, Finance & CFO Yes, I mean I just want to be clear about that. So if we are at $0.67, our expectation is up 20 to 25% is well within the range of what we are looking for. Steve Tusa - JPMorgan - Analyst Right. Ron Hoffman - Dover Corporation - President & CEO Yes, and I think if you look at Dover's historical curve, we always tend to have -- our second and third quarter tends to be our peak performance I think if you look at any long-term history of the Company. Operator John Inch, Merrill Lynch. www.streetevents.com Contact Us 9 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

11. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call John Inch - Merrill Lynch - Analyst I apologize. I missed the first part of the call. Did you say something with respect to Chinese New Year and whether the timing of which had any kind of impact? Just looking at other semiconductor kind of exposures in other companies, they don't seem to be calling that out. I'm just wondering what your view of this was. Ron Hoffman - Dover Corporation - President & CEO John, we did not make strong reference to the Chinese New Year. That is a reality that happens every year. Typically the Chinese New Year many times is a bellwether of what we think is going to be the activity level in that market. I would say right now we're still not seeing even after Chinese New Year appreciable change in, let's say, the incoming order rate in the sectors that serve Asia. So we have not used that as a reason. We just think there is a utilization issue and a utilization of existing equipment that is in the stream to serve the products that are out there. We think that is coupled with the fact that if you look at electronics demand, I think all electronic companies for the most part that are recording earnings and reporting their business levels this quarter are talking significant down, probably in numbers. I think the semi-data would say the market is down 23, 24%. We were down roughly about 21%, so somewhat in line with what the market is seeing in total. John Inch - Merrill Lynch - Analyst I guess, Ron, one of the things that might be considered a little bit surprising is you had -- really the premise was you had removed or divested most of the cyclical businesses. Yet when you look at this A&M result of revs down 16 and earnings down 44, that looks pretty cyclical. I guess the question is, is this something that we should be just expecting to be somewhat normative now of the remaining technology portfolio just given trends in macro along various quarterly lines? Ron Hoffman - Dover Corporation - President & CEO I think, John, last year we really had such great performance because of an unusually good year in Electronics that we did not see this traditional downcycle. But I think, if you look historically, you would see cycles swings like this. I think what we are most proud of in this change of portfolio in Electronics is the companies that we have left there to serve that market actually perform in a much tighter band of margins. So you still have the issue of when you downturn, typically you are always behind the curve of reducing the cost, letting people go and so forth and trying to predict how long the downturn is as you adjust your cost base. You do deleverage on the downside, and that did impact the quarter. I think if you look at this business, just take and think about it right now. If you were to annualize the first quarter alone, you're looking at a $600 million plus business at just below Dover Metric margins. That is not a bad business. Is it a swing from where it was last year? Yes. But I think it still a good business, a business we like being in. It will have some volatility based on the Electronics sector performance. But I think last year at this time we were talking about some stellar performance. Rob Kuhbach - Dover Corporation - VP, Finance & CFO I think, John, we're doing more analytics than we probably have in the past. I would say that it appears now at least from our perspective if there is somewhat of a two-year -- 2004 and 2006 were stronger years. 2005 and it appears 2007 is starting out to be somewhat slower years, and the relative earnings to margins volatility in our Companies, if we go back over time which we have been studying, is narrowing considerably. So on a 10 to 15% margin or sales increase, margins go up a factor of twice that. www.streetevents.com Contact Us 10 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

12. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call So I think what we are trying to figure out as a percentage change now -- I am talking about change in sales growth versus change in margin. So we're seeing less volatility on an absolute basis, but on a relative basis, it has still got more volatility than most of our other businesses. That is just a fact that they leverage up -- on an earnings revenue growth of 10%, they can leverage up 20 to 25%, which is somewhat higher than our typical industrial company where we don't get the same leveraging fact. But I would say as it is trending over the last four years that we have gone back and looked at this, the relative volatility of this group of A&M companies is coming down to a meaningful degree. John Inch - Merrill Lynch - Analyst That color is helpful. You cite in the press release I guess weak auto service and housing. Is there a way to quantify the impact of those items on the results this quarter? Ron Hoffman - Dover Corporation - President & CEO John, I'm sorry you said weak, and I lost you. John Inch - Merrill Lynch - Analyst I'm sorry. You think you site weak auto service and new housing issues in your release or one of the releases. I am just wondering if there's a way to quantify both of those issues in terms of the first-quarter results? Rob Kuhbach - Dover Corporation - VP, Finance & CFO Well, the weakness in auto service is just the fact that we did not see demand for auto service equipment pick up in the quarter appreciably, and certainly our carwash business was off. There seems to be a technology change going on I think in the carwash market that we have new products for that will change that long-term. Again, that sector is not a huge sector relative to Dover's overall performance, but I think it was a reality that we did see that down. I think talking more to the housing start issue, that is basically the level of construction activity, and certainly that is where Paladin and some of the other companies in our Material Handling section play in part of Dover Resources. As you know, we're really in our second-quarter performance with Paladin. The issues that we had there were related to the downturn in the housing starts impacted like construction but also impacted heavy construction and the fact that the rental yards seem to have enough equipment to satisfy their needs, and they tended to buy less product. So I think that was something that kind of surprised us a little bit. As we started thinking about housing starts, we thought, okay, we will see the light construction side probably be impacted most. But I think it did pour over into heavy construction a little bit more than we might have thought. But I do think there was also some unusual costs that Paladin had to deal with. They had to start up another facility in Mexico and expand that. They had to basically look at the manual reductions they had to do in their US facilities. They moved this business to Mexico, so they had some headcount reduction costs that were in there. They also are installing an ERP system in their business where they are just on the front-end side of that. Overall this group, if you look at the total performance, it was up, including with the Markem numbers in there, over 50%, and earnings were up over 29%. And we maintained margins above Dover Metric margins. So really a good performing group that probably had upside ahead of itself. We think some of this drag from Paladin is being addressed by Dave, Rob and the people at Paladin, and I think you're going to see some improved performance over time. But, keep in mind, we bought a large collection of companies there that had never had the right synergies applied to them. They just did not have the time to do that. That is www.streetevents.com Contact Us 11 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

13. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call what we are going to do under our watch is bring to bear the right level of, let's say, manning number of plants we are rationalizing right now of what facilities really should be there to serve the demands of that marketplace and what does the manning structure look like. So I think you're going to see the Paladin picture develop over the course of time. John Inch - Merrill Lynch - Analyst Yes, I know that is fair. And just last, are we still on track do you think for Diversified margins to exit the year closer to Dover Metrics? Ron Hoffman - Dover Corporation - President & CEO Well, they certainly showed some nice improvement in the first quarter. They did some nice leveraging, which we were pleased to see. I think we saw some improvements, even though the marketplace did not help us certainly at (inaudible), it serves the construction market. But we did see some favorable pricing actions that impacted the Florence plant, as well as some operational improvements. And basically I think some of the real drivers of improvement there has been SWEP, which serves the heat exchanger market and also with Waukesha because the strong Oil and Gas market has been there. The Power Gen market has shown pockets of improvement, and they also have some later in the year shipments into the Submarine market that will continue to buoy their performance. This group also tends to get more European content, so I think all that has worked well for them. Rob Kuhbach - Dover Corporation - VP, Finance & CFO We expect the margins at DDI to improve sequentially throughout the year, and I cannot tell you that it will exceed them by the end of year, exceed it for the full year, but we fully expect the latter half of the year for certain to exceed Dover-like margins. Operator Alex Blanton, Ingalls & Snyder. Alex Blanton - Ingalls & Snyder - Analyst I would like to start off with a philosophical question. Clearly and obviously your results were quite disappointing relative to analyst expectations of $0.73 for the quarter, and the guidance for the second quarter amounts to the 20 to 25% sequential improvement would be $0.80 to $0.84 versus $0.77. I believe the consensus currently is $0.87 for the second quarter. So I was wondering why in your press release and opening remarks you did not acknowledge that the results were below expectations? I mean you talked about it being a record, which it was factually, but it really was not up to what people were expecting, and you did not acknowledge that. Why was that? Ron Hoffman - Dover Corporation - President & CEO Well, because I would say again, we don't give guidance as you well know. And, quite candidly, we think the business has performed pretty much in line with what we saw their plans to be for the year. So I don't think that we have anything that we're going to apologize about. We produced the best first-quarter results in Dover's history, so I think that is something for us to celebrate internally. www.streetevents.com Contact Us 12 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

14. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call We're disappointed that the analysts' expectations got a little ahead of us this quarter. We don't like that any better than you like it, but at the same point in time, I do think we produced nice results. Again, we're building on period over period results. We're showing improvement in Dover long-term, and I think we still have that working for us. So, from that standpoint, I think we are still pleased with our progress. Again, we're managing for the long-term, not just quarter to quarter. Alex Blanton - Ingalls & Snyder - Analyst But given that the volatility that comes with earnings disappointments relative to expectations, given that volatility hurts the shareholders of Dover, why would you not provide guidance in a case where the analysts' expectations are well ahead of your own? Rob Kuhbach - Dover Corporation - VP, Finance & CFO I think we have frankly tried to give what we think is reasonable expectations. We comment very clearly on these calls and in the interim during other presentations we put on our website as to what we are expecting. And, frankly, I think that the challenge for us is to try to be accurate within the confines of what FD allows us to do. I guess we talked about some of -- the biggest single thing that I think most of the analysts were challenged on is how to predict what was going to happen in the technology space. If you look at the biggest single, I will call it miss on the part of people who are looking at Dover and trying to do some modeling, is the downturn in really the A&M business, which we talked about at the end of the fourth quarter, and we said we expected this thing to slow down. I cannot tell you for certain that we gave any sort of broad market index, but I think the thing that is probably still a bit of a calibration issue given the changes we did last year was what I will call the leveraging phenomenon that goes on in A&M. I think when we do well, when revenue is up 10% and we get a 30% improvement in relative margins and a very significant improvement in earnings, I think that is not always recognized. Contrary-wise, when there is a slowdown, I think we vastly improved our margin performance. But simplistically, if a business goes up 10% on a revenue basis and 20% on an earnings basis and then it reverses, I think there's some inherent dynamic that realistically we have got to work on continuing to educate the people that follow Dover as to how this works out over time. I think the other factor is we had some one-off items that may not have been fully appreciated in the sense that we did not -- we did talk about the impact of acquisitions, and I think that was another $0.02 or $0.03 that may have not been fully appreciated in the course of an analytic. So I mean we're not pleased that our ability to convey the story as we present it was not fully engaged on the part of those that follow Dover, and we will continue to work to improve that process. But the reality is we consciously don't give guidance because we think we're better off focusing on what we can actually perform. And, as we do every quarter, we try to give the best perspective for the next quarter. And I think what Ron said earlier about up 20 to 25% is within the range of what people are expecting anyway, and I think that is what we are comfortable talking about. Otherwise, I think we're not disappointed in our overall performance. In fact, as Ron said, we are encouraged by what we have accomplished, and we obviously will continue to try to work to improve our ability to communicate that story to our analyst community. www.streetevents.com Contact Us 13 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

15. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Alex Blanton - Ingalls & Snyder - Analyst Okay. I have another couple of follow-ups. But, yes, the 20 to 25% is within the range of the expectations. But that was from the prior number of $0.73 that people were expecting. I mean, as I said, the consensus is $0.87 for the second quarter. But I think it is very good that you have provided some guidance for the second quarter now. I think that is important. Now, on the point of the negative impact from the acquisitions, was there any negative impact from acquisitions last year on a comparable basis, or what was that if any last year -- in last year's quarter? Ron Hoffman - Dover Corporation - President & CEO I think if I recall, Alex, last year's first quarter did not have any significant acquisition because the acquisitions we did were all completed in August of 2005. And so they were all -- all those short-term inventory impacts would have affected the third and fourth quarters of last year. So we basically had the benefit of the earnings improvement that we got out of Knowles and Colder, which I think we estimated at somewhere between 5 to 7 or 6 to 8. There was clearly a positive impact in the '06 first quarter from those acquisitions above their in effect acquisition, their normalized AD&A expense. Alex Blanton - Ingalls & Snyder - Analyst Okay. So it is a negative impact year-over-year? Ron Hoffman - Dover Corporation - President & CEO It was clearly a negative impact this year over last year's first quarter. Alex Blanton - Ingalls & Snyder - Analyst And finally, Knowles, could we get an update on Knowles? How is their memory product doing for cellphones? Is it making penetration in the market and so on? And remind us which segment that is in. Ron Hoffman - Dover Corporation - President & CEO Alex, Knowles is in our Electronics segment; it is in our Electronic Components segment of Dover. Actually it continues to perform very very well. We're pleased with the year-over-year growth that we continue to see there. The hearing aid side of the business stepped up in the first quarter of this year. The acoustics business, which is the MEMS microphone for cellphone, continued to perform well. Just kind of giving you a bit of a global perspective there. Global Handset business grew about 12% in the first quarter roughly to about 226 million units. Typically the first quarter is the slow period for those type of products. If you look at our MEMS microphone business sales where the market was up about 12%, our unit sales were up about 27%. So we are still performing very well in that market with the products we've got. We feel there is continued headroom for growth, and we were glad to see the hearing aid business also pick up in the period. So we're very pleased with Knowles. Operator Robert McCarthy, Robert W. Baird. www.streetevents.com Contact Us 14 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

16. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Chris Wells - Robert W. Baird - Analyst It is actually [Chris Wells] in for Rob. I was wondering if we could go back to Paladin for a second. I was wondering if you could give us sort of a sense of how revenues have performed relative to the decline in residential construction? I'm assuming it is less than the 30% year-over-year declines we have been seeing in new housing starts. I'm just trying to get a sense of how to think about that going forward. Ron Hoffman - Dover Corporation - President & CEO Well, again the issue with Paladin, if you are talking about year-over-year, this Company did a lot of acquisitions in its history that stair-stepped in. So for us to look at combined year-over-year, it's kind of hard to put that in total perspective. But it was down I would say roughly 4% year-over-year, which is certainly less than the construction market in total. The mix of that was a little different because light construction and heavy construction were impacted somewhat. And I do think that we did have some integration costs in the period, and the cost of having to expand Mexico and put people on there did shelter the results there a little bit. But the business did not in overall, let's say, macro numbers perform as poorly as maybe with the construction -- excuse me, the construction sector did in the period. Chris Wells - Robert W. Baird - Analyst Got you. And how far along are we in shifting production to Mexico? (multiple speakers) does that remain a headwind? Ron Hoffman - Dover Corporation - President & CEO Well, we are continuing to move product there. I think we have made great strides in the first quarter, and I think now it is a matter of getting utilization up and absorbing it. So I would just have to say that the first quarter probably represented the lion's share of the cost transferred to Mexico with what we know now. However, as we learn more and more about the business and have the opportunity to look for synergies and look for opportunities, if those are good cost-effective decisions, we will continue to do that. But right now, with the information that Dave has shared with me, I think we've at least got off to the initial start. We would not anticipate the second quarter seeing as much offset for that, but again if those opportunities arise, we will take advantage of them. Chris Wells - Robert W. Baird - Analyst Got you. And acquisitions were a negative $0.03 impact in the quarter I think you said. Are you still expecting net neutral impact for the whole year? Ron Hoffman - Dover Corporation - President & CEO Well, I think, as we look at it right now, we are still I think trying to determine in our own mind where we think that will be. But we think we might could see another pending negative through the course of the year with the forecast we are looking at right now, but with any level of optimism, we may get back to that -- no further dilution. Chris Wells - Robert W. Baird - Analyst Got you. And tax rate for the quarter, is that a good assumption for the rest of the year? www.streetevents.com Contact Us 15 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

17. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Rob Kuhbach - Dover Corporation - VP, Finance & CFO Yes, we are at 28 %. I would say that is a good assumption, but I would again caution those listening that we have traditionally had some improvement in rate, meaning the rate has typically gone down in the latter part of the year usually by for sure in the fourth quarter and sometimes even in the third quarter, largely because we are a very current taxpayer domestically, and we are actively managing our tax situation so that the likelihood is that there will be some rate improvement in the third and fourth quarter as we resolve some discrete items going forward. Operator Nigel Coe, Deutsche Bank. Nigel Coe - Deutsche Bank - Analyst Just looking at the top line, you have given a little bit of guidance for second quarter, and I know you guys don't give guidance, but will you expect organic growth to get back in step by [the 5 to %7] by the second quarter? Perhaps if you could just follow-on with that with some comments on trends in the US business, national markets? Ron Hoffman - Dover Corporation - President & CEO Again, I guess I would say that I think I gave a comment in my dialogue that said absent the pullback of Electronics, we would have seen more like 6% organic growth in the rest of the businesses. So our confidence level is still reasonably high that we will see this 5% to 7% through the course of the year. I would say look at the economic climate kind of across the board. If you think of the broad markets that we serve, we are still seeing good order rates. I think I told you that we had our record order rates for the quarter. We saw some that even (inaudible) March was a very good month owning performance within orders. So we're encouraged by the economic climate. I don't think it is running away from us at this point in time. I think if anything we would anticipate some improvement in Electronics over time. We will have to say what the level of that might be. Diversified has booked well in some nice companies. Resources is very strong in the Oil and Gas. We will see them even perform better probably in the Material Handling sector going forward. Europe has certainly performed, let's say, the rate of growth has been better than the US, and we have taken advantage of that with the broad global companies that we have. Asia continues to be strong from the growth rate overall, but again our main play there is Electronics, which has been impacted. Nigel Coe - Deutsche Bank - Analyst Okay. Just a quick question on Packaging Equipment. I know they are quite a small company for you, quite a small platform, but up 29% in the quarter, up high-teens last year, really high margins there. What is driving that kind of growth range? Because the food manufacturers are not raising CapEx that much. How sustainable is that kind of growth rate? Ron Hoffman - Dover Corporation - President & CEO Well, again our play there is very narrow in overall, let's say, number of companies focused. But we have a company that makes can necking equipment, and this is large project work. I think, as we have commented in the past, as they have large shipments that go out for various can lines around the world, then we tend to benefit from that. Most of that activity is European in nature, Eastern European to be a little bit more specific. I think the order books of that Company continue to be pretty robust, a lot of activity of quoting. So we are pretty happy with the play in that market. www.streetevents.com Contact Us 16 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

18. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call We also in our packaging closure side typically the fourth quarter is a strong period for them. The first quarter held up pretty well for that particular market. So you will see ebbs and flows in that market depending on when these large necking systems ship. If one were to be delayed, let's say, from a margin in April, it would impact first-quarter results, and it would plus up the second quarter. It really has that much of a swing in that small segment. That whole segment overall is roughly about 3% of Dover. Nigel Coe - Deutsche Bank - Analyst Right. And then just a final one on Crenlo. I think you talked in the slides about improving shipments there. Are you just referencing their normal seasonal buildup sequentially in shipments, or are we talking about improving year-on-year trends? And is that being driven by US or international markets? Ron Hoffman - Dover Corporation - President & CEO Well, it is driven by US markets predominately, but I guess I would comment that last year in the fourth quarter, Caterpillar was one of the big customers to our Florence plant in Crenlo, was not taking some shipments due to an internal issue they were dealing with. So that delayed some shipments out of the first quarter -- excuse me, out of the fourth quarter of last year that came into the first quarter of this year. So that is some of the margin improvement. Keep in mind, this is a construction market company, so the trend should not have shown the improvement. But I think it was just a timing of shipment issue that came about. And then I think some of the continued improvements we are trying to work on our Florence plant came to fruit along with some pricing initiatives. We have been very, let's say, earnings challenged in Florence for sometime, and I think it had its best overall quarter. Operator Wendy Caplan, Wachovia Securities. Wendy Caplan - Wachovia Securities - Analyst Could we look at your PerformanceCOUNTS metrics a bit? The one that kind of stands out to me aside from the great returns is the working capital metric. Could you talk about, is that one that is -- I would guess I could be wrong -- you can tell me. Is that one that more companies have achieved than some of the others? And Rob, maybe if you could address where the opportunities are in working capital as we go through '07? Rob Kuhbach - Dover Corporation - VP, Finance & CFO You know, I think you have kind of identified it. We have had significant progress in working capital, and that is reflected in the improvement that we have had of inventory turn. I think again, if you look at the inventory turns that we show in this quarter, we went from 6.1 to 6.5. You might think that does not sound like a huge number, but that is huge in the amount of inventory involvement. And you're coming of a base of a couple of years ago where we were high 4s to low 5s on inventory turns. I think those actions, coupled with the fact that we're more efficient in the collection of our receivables, has improved our inventory turns. This is the one metric that we have talked about internally should we think of revising. If you do the math of what an 8 inventory turn company -- if all our companies were running at 8 inventory turns at the metric margins, we probably ought to be talking more about a 17% working capital target long-term. We have not identified that inside the company, but as an executive team, we continue to look at that and say that is one that mathematically we probably ought to think about redefining. www.streetevents.com Contact Us 17 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

19. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call I think we're very pleased with our progress of working capital. This was mid-20s, just not very far a long ago. We now have this thing below 20%. We have been sustaining it there. It is the one metric I really applaud because it is also one of the tougher ones to improve, to improve inventory turns and let that flow into working capital takes some significant work. And we did not do that, but it is not paying our bills and stuff like that. We have maintained good levels of how we run our companies, but we just did much better at velocity. There's room to improve in inventory turns. We're at 6.5 as we recorded in the first quarter. All of our companies continue to be dedicated to getting to 8 turns. I think we've had around 35 to 37% of our companies, of our revenue generated in 8 turn companies or better. We have seen the number of companies achieving 8 turns grow year-over-year for about three years in a row now. So I think we are encouraged that we will see that continue to improve, and that will drive our working capital down. That is also kind of coupled with our margins. I think as we get better with higher velocity, I think it allows us to serve our customers better, which increases our topline, which increases our margins overall. So it is all very intertwined. Wendy Caplan - Wachovia Securities - Analyst Thank you. So could you just -- I don't know if you share this information -- but how many companies right now are at the target in terms of inventory turns in working capital? Ron Hoffman - Dover Corporation - President & CEO I think last year we had companies that hit the 8 inventory turn. I think that is off the top of my head, Wendy. I hope I am not misleading you. But it's right in that same range of 10 or 11 companies. So some nice progress, and I think that is up from, let's say, two years ago we only had about 4, maybe 5 maximum, that were doing that. So some nice progress on our Company's part. I can assure you that that is a strong focus in strategy meetings as we meet with our companies. I went around the last two weeks and was giving out Dover President Awards to companies that achieved 8 inventory turns. And it literally amazes me how much change I see in these plants year-to-year as I go visit them. It is just amazing the level of change they have brought about in their processes to make this happen. So I think our focus on performance counts. Our focus on making these metrics important inside of Dover have really driven a different change in how we look at our world-class performance. So I'm pleased with that. I think we had 27 companies that basically were able to attain our working capital metric of 27% -- excuse me, 20% or less. Wendy Caplan - Wachovia Securities - Analyst Wow. Okay, thank you. And a quick one. The bookings, how much of the increase was core versus acquired companies? Can we have a sense of that? Rob Kuhbach - Dover Corporation - VP, Finance & CFO No, but we can get you that answer. I don't have that number right off the top of my head, but I would say the lion's share of it was core business by a long shot. www.streetevents.com Contact Us 18 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

20. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Wendy Caplan - Wachovia Securities - Analyst Okay. Great. Strategically you mentioned that the acquisition pipeline was full. You certainly have a lot of firepower in terms of acquisition capability financial capacity. Can you talk about the top two or three areas that you are focused on in terms of acquisitions? Conversely I know our large divestiture program is completed. Are there -- should we expect any kind of trimming of businesses going forward, or are we pretty happy with what we have at this point? Ron Hoffman - Dover Corporation - President & CEO I think we're pretty happy with what we have at this point. However, I would say that we continue to ask our operating -- excuse me, our subsidiary CEOs -- to continue to manage their portfolio to what they think are the best value-creating properties. So I'm not going to sit here and say we have closed the door on that process, but we feel it is essentially behind us now. I would say, as we look at acquisitions, certainly we have done more add-ons than stand-alones certainly historically. We have continued to do those the last couple of years, even though we have had some nice big value creators. If you look at our first quarter, those opportunities like the Pole/Zero where you can round out a portfolio and change maybe some of the volatility and the performance by getting in a different market sector. In this case, we went into some defense. Those things we will continue to look at. We like the Electronics core. Again, I'm talking about the Electronics Components. We like that area. We certainly like Product ID. We distinguished ourselves in that area last year, and we will continue to look for the right opportunities there. I think across the board and over time you will see us put a lot more visibility as to what we think the true growth drivers and platforms are at Dover, and I would rather hold that conversation until a later period. But I think we will give you some better clarity there. Wendy Caplan - Wachovia Securities - Analyst Okay, that is very helpful. Thank you. And finally, I would just like to say best wishes to Jack Kelly, too. He and I are some of the only ones that have been around as long as we have, and I just wanted to say congratulations on his retirement. Ron Hoffman - Dover Corporation - President & CEO Gosh and you are both such young people also, Wendy. With that, I think we have time for maybe one more question. Operator Ned Armstrong, FBR & Co. Ned Armstrong - FBR & Co. - Analyst Could you talk a little bit about your Oil Equipment and Materials Handling business as it relates to the non North American markets, the opportunities you are seeing there and how you might capitalize on those? www.streetevents.com Contact Us 19 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

21. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Ron Hoffman - Dover Corporation - President & CEO Well, we have always in our Oil and Gas businesses, we have always served the major drillers of the world, and those people, of course, use that product globally. I would say that South America has always been a focus for our sucker rod companies. They continue to do well in that region. They have explored other geographies also with their product. If you look at US Synthetic and Quartzdyne both, they are very global in where their shipments go. We consider those companies U.S.-based companies, but they are serving multinational companies that are actually using these products on a global basis. We don't have always the visibility of where these products go, but we're convinced that they are going into basically every major field that is out there, whether it is offshore or onshore. So I think actually the geographic diversity is probably part of the growth in Oil and Gas for us that we just have not been able to identify very appropriately because we don't have sight of where the end user uses it. But as far as our actual internal focus, I would say again the sucker rod people are talking to me about improved opportunities I think in South America, and I know they have done efforts in Russia and other geographies. I could not just tell you exactly where they are at. Ned Armstrong - FBR & Co. - Analyst And can you apply that same characterization to the Materials Handling companies that service the oilfields? Ron Hoffman - Dover Corporation - President & CEO Well, the Material Handling companies, again if you look at Texas Hydraulics, if you look at Tulsa Winch, it certainly would be impacted in that area. If you look at Heil Trailer, which has had some nice improvement from their petroleum traders, most all of that is domestic based, so I guess I should say North America based. It is really more United States, Canada, a little bit into Mexico would be the core of those companies. I would say the majority of their sales and the majority of their activity would be in those areas. Ned Armstrong - FBR & Co. - Analyst Okay. Good. Thank you. Operator Thank you. At this time I would like to turn the floor back over to Mr. Ron Hoffman for any closing remarks. Ron Hoffman - Dover Corporation - President & CEO Again, I think in closing I would like to say again we were pleased to have produced record first-quarter results in Dover. I think that we continue to be encouraged about the broad economy, the pace of the economy. I think there's a lot of upside going forward with some of the acquisition integration work that we have going on, and I think we look forward to coming back in the second quarter and talking about some improved results. With that, I guess we will conclude our call. Thank you very much for your interest. www.streetevents.com Contact Us 20 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

22. FINAL TRANSCRIPT Apr. 25. 2007 / 8:00AM, DOV - Q1 2007 Dover Corporation Earnings Conference Call Operator Thank you. This does conclude today's Dover Corporation first-quarter 2007 earnings conference call. You may now disconnect your lines, and have a wonderful day. DISCLAIMER Thomson Financial reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON FINANCIAL OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. 2007, Thomson Financial. All Rights Reserved. 1523671-2007-05-08T10:42:23.627 www.streetevents.com Contact Us 21 2007 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.