Dover Corporation First Quarter 2008 Conference Call

April 23, 20088:00 a.m. Eastern

2

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.

3

Dover’s Q1 2008 Performance

0.000.050.100.150.200.250.300.350.400.450.500.550.600.650.700.750.800.850.90

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Continuing Earnings Per Share

2005 2006 2007

$2.12

$2.88

$3.22

Revenue $1.9B $1.7B +8%

EPS $0.76 $0.65 +16%

Segment Margins 14.1% 13.5% 60 bps

Organic Growth 2.8% 4.0%

Acquisition Growth 1.8% 12.8%

Free Cash Flow $104M $18M 5.8x

• Business activity remains strong across the portfolio

• Book-to-bill was 1.06• Organic growth of industrial companies was 3.2%

• Energy, Fluid Solutions and Product ID platforms performing at a high level

• Positive leverage at 3 of 4 segments

• Historically strong 1st quarter free cash flow at 5.6% of revenue

• Share repurchase activities on target

Q1 ‘08 Q1 ‘07 Q/Q

‘08

4

Industrial Products

$551$583

Q1 2007 Q1 2008

$70

$76

Q1 2007 Q1 2008

Revenue($ in millions)

Operating Earnings($ in millions)

↑ 6%

• Mobile Equipment(13% of Dover)

– Revenue increase due to strong aerospace, military and oil field sales

– Earnings driven by volume and cost reductions

– Backlog up 15% vs. prior year, Book-to-bill of 1.09

• Material Handling(18% of Dover)– Business is mixed, strong

international, infrastructure and military sales; U.S. automotive and construction remains challenged

– CAMCO acquisition by De-Sta-Co: sales integration complete

– Lantec acquired by Tulsa Winch in March 2008 – integration begun

↑ 8%

5

Engineered Systems

$492$522

Q1 2007 Q1 2008

$51

$64

Q1 2007 Q1 2008

Revenue($ in millions)

Operating Earnings($ in millions)

↑ 6%

• Engineered Products(16% of Dover)– Strong performance in

refrigeration systems & cases, heat exchangers

– Tough comps in beverage can equipment

• Product Identification(12% of Dover)

– Revenue increase driven by double-digit gains in direct coding business

– Earnings reflect cost savings realized from Markem•Imaje integration activities, off- setting $3M in related expense

– Strong order backlog entering second quarter.

↑ 25%

6

Fluid Management

$359$401

Q1 2007 Q1 2008

$74$85

Q1 2007 Q1 2008

Revenue($ in millions)

Operating Earnings($ in millions)

↑ 12%

• Energy(12% of Dover)

– Results driven by growth in U.S. oil and gas drilling and worldwide demand for power generation

– Operational improvements and product mix increased earnings and margins

• Fluid Solutions(10% of Dover)– General strength across

most industrial markets – Business mix and

operational focus improved earnings and margins

– Backlog up 30%.

↑ 15%

7

Electronic Technologies

$321$352

Q1 2007 Q1 2008

$37 $36

Q1 2007 Q1 2008

Revenue($ in millions)

Operating Earnings($ in millions)

↑ 10%

• Electronic Technologies19% of Dover– Business activity is mixed

across the segment with book-to-bill of 1.02

– Continued investments in new products

– $3M restructuring charges in the quarter (primarily severance)

– Impact of restructuring should result in $7 million of savings for remainder of year

– Inflationary pressures in Asia (mainly China) from currency and other costs impacted margins by 100 bps

↓ 2%

8

Geographic Revenue Mix (Q1 2008)

Rest Of World 10.5%

ASIA 12.6%

Europe 21.5%

United States 55.4%

Dover Growth Rate: 8%

First QuarterFirst Quarter

Growth RateGrowth Rate

6.5%6.5%25.5%25.5%

6.1%6.1%

5.5%5.5%

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

9

Revenue Growth (Q1 2008)

Industrial Products

Engineered Systems

Fluid Management

Electronic Technologies

Total Dover

Organic 1.1% 2.4% 7.7% 1.0% 2.8%

Acquisition 3.6% 0.0% 1.5% 2.0% 1.9%

Currency 1.2% 3.8% 2.6% 6.5% 3.2%

Total 5.9% 6.2% 11.8% 9.5% 7.9%

10

PERFORMANCECOUNTS

Target Q1 2008 Q1 2007

Inventory Turns * 8 6.6 6.4

Earnings Growth 10% 8.8% 5.0%

Operating Margins 15% 14.1% 13.5%

WC as a % of Revenue 20% 19.1% 19.2%

ROI (Operating) 25% 25.8% 25.9%

* Dover has improved inventory turns four consecutive years

11

First Quarter 2008 Overview

• Net Debt to Capital Ratio– 28.0%: up 60 bps over 2007 year-end, reflective of higher total debt

level to fund share repurchase program

• Free Cash Flow– $103.7 million; 5.6% of revenue

• Historically high for the 1st quarter

• Effective Tax Rate– 29.5%, up 120 bps

• Prior year benefited from discrete event and extension of R&D credit.

• Acquisitions– One add-on by Tulsa Winch (Lantec Winch and Gear Inc.) for $22

million, net of cash acquired.

• Share Repurchase Program– Repurchased 3.6 million shares for $150 million.

12

2008 Outlook – Full Year

• Organic growth: mid single digits• Margin improvement: Full year up 50 – 75 bps• Capital expenditures: $150 – $175 million• Interest expense: $88 - $92 million• Full-year tax rate: 27% – 28% (quarterly variance)• Free cash flow for full year: 10% of revenue• Corporate expenses: $95 - $100 million• Share repurchases remaining: $312 million