Exhibit 99.1
INGERSOLL-RAND COMPANY LIMITED
Business Review
Fourth Quarter and Twelve Months
(In millions except percentages)
UNAUDITED
		Three Months		Twelve Months
		Ended December 31,		Ended December 31,
		2003	2002	2003	2002
Climate Control
Revenues		$     752.0	$     697.2	$   2,648.9	$   2,466.4
Operating income/(loss)		71.7	35.0	219.1	137.0
	and as a % of revenues	9.5%	5.0%	8.3%	5.6%
Industrial Solutions
Air & Productivity Solutions
Revenues		361.2	340.6	1,363.6	1,279.0
Operating income		38.1	21.2	104.1	67.9
	and as a % of revenues	10.5%	6.2%	7.6%	5.3%
Dresser-Rand
Revenues		340.0	347.4	1,333.9	1,024.4
Operating income		25.3	24.3	43.4	33.2
	and as a % of revenues	7.4%	7.0%	3.3%	3.2%
Industrial Solutions
Revenues		701.2	688.0	2,697.5	2,303.4
Operating income		63.4	45.5	147.5	101.1
	and as a % of revenues	9.0%	6.6%	5.5%	4.4%
Infrastructure
Revenues		780.9	662.8	2,924.8	2,651.1
Operating income		80.5	41.6	317.3	238.7
	and as a % of revenues	10.3%	6.3%	10.8%	9.0%
Security & Safety
Revenues		431.8	380.6	1,605.0	1,470.1
Operating income		89.8	73.2	316.6	275.8
	and as a % of revenues	20.8%	19.2%	19.7%	18.8%
Total
Revenues		$   2,665.9	$   2,428.6	$   9,876.2	$   8,891.0
Operating income		305.4	195.3	1,000.5	752.6
	and as a % of revenues	11.5%	8.0%	10.1%	8.5%
Unallocated corporate expense		(40.2)	(30.4)	(130.4)	(114.0)
Consolidated operating income		$     265.2	$     164.9	$     870.1	$     638.6
	and as a % of revenues	9.9%	6.8%	8.8%	7.2%
SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION