8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 17, 2014

________________________________

DOVER CORPORATION

(Exact name of registrant as specified in its charter)

________________________________

State of Delaware	1-4018	53-0257888
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
3005 Highland Parkway
Downers Grove, Illinois		60515
(Address of principal executive offices)		(Zip Code)

(630) 541-1540

(Registrant’s telephone number, including area code)

______________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 17, 2014, Dover Corporation (i) issued the Press Release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended March 31, 2014; and (ii) posted on its website at

http://www.dovercorporation.com the presentation slides attached hereto as Exhibit 99.2 for the quarter ended March 31, 2014.

The information in this Current Report on Form 8-K, including exhibits, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished as part of this report:

99.1 Dover Corporation Press Release dated April 17, 2014.

99.2 Presentation Slides posted on Dover Corporation’s website at http://www.dovercorporation.com.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	April 17, 2014	DOVER CORPORATION
		(Registrant)
		By:	/s/ Ivonne M. Cabrera
			Ivonne M. Cabrera
			Senior Vice President, General Counsel & Secretary

EXHIBIT INDEX

Number	Exhibit
99.1	Press Release of Dover Corporation dated April 17, 2014
99.2	Presentation Slides posted on Dover Corporation’s website at http://www.dovercorporation.com

EX-99.1

Exhibit 99.1

CONTACT:

Paul Goldberg

Vice President - Investor Relations

(212) 922-1640

DOVER REPORTS FIRST QUARTER2014 RESULTS AND REAFFIRMS 2014 GUIDANCE

• Reports quarterly revenue of $1.9 billion, an increase of 7% over the prior year

• Delivers quarterly diluted earnings per share from continuing operations of $1.02, an increase of 7% over prior year

• Achieves adjusted quarterly diluted earnings per share from continuing operations of $1.01, excluding minor tax benefits, up 9% from an adjusted prior year

• Reaffirms 2014 full year revenue growth of 6% to 7% and diluted earnings per share from continuing operations in the range of $4.60 to $4.80.

Downers Grove, Illinois, April 17, 2014 — Dover (NYSE: DOV) announced today that for the first quarter ended March 31, 2014, revenue was $1.9 billion, an increase of 7% over the prior year. The revenue increase was driven by organic growth of 4% and an increase of 3% from acquisitions. Earnings from continuing operations were $176.3 million, or $1.02 diluted earnings per share (“EPS”), compared to $167.2 million, or $0.95 EPS, in the prior year period, representing increases of 5% and 7%, respectively. EPS from continuing operations for the quarter ended March 31, 2014 and 2013 include discrete tax benefits of $0.01 and $0.02 EPS, respectively. Excluding these items, adjusted EPS from continuing operations for the first quarter of 2014 was $1.01, reflecting an increase of 9% over an adjusted EPS of $0.93 in the prior year period.

Commenting on the first quarter results, Dover's President and Chief Executive Officer, Robert A. Livingston, said, “Our strong first quarter results were highlighted by solid revenue growth, broad-based bookings growth, and building momentum as we moved through the quarter. Revenue growth was led by Fluids and Engineered Systems, along with solid growth in Energy. Our book-to-bill of 1.09 was driven by strong order activity at Refrigeration & Food Equipment, Fluids and Engineered Systems. The combination of a strong first quarter, growing bookings and backlog, and our positioning with customers give me great confidence that Dover will have an outstanding year."

“In addition to our strong results, we also completed several important initiatives in the first quarter. We successfully spun off Knowles, completed our $1 billion share repurchase program, and realigned our businesses into a new segment structure organized around our key end-markets to better focus on growth strategies. Our new structure will also provide greater opportunities to leverage scale and capitalize on productivity initiatives.”

“Looking forward, our view of 2014 remains unchanged. We continue to expect full year organic revenue growth of 3% to 4%, complemented by growth from completed acquisitions of 3%, resulting in total revenue growth of 6% to 7%. Our full year segment margin expectations of around 18% are also unchanged. As a result, we are re-affirming our full year EPS to be in the range of $4.60 to $4.80.”

Net earnings for the first quarter of 2014 were $160.1 million or $0.93 EPS, compared to net earnings of $210.0 million, or $1.20 EPS, for the same period of 2013. 2014 results reflected a

loss from discontinued operations of $16.2 million, or $0.09 EPS, which included $25.8 million in spin off costs. 2013 results included earnings from discontinued operations of $42.8 million, or $0.24 EPS.

Dover will host a webcast of its first quarter 2014 conference call at 10:30 A.M. Eastern Time (9:30 A.M. Central Time) on Thursday, April 17, 2014. The webcast can be accessed on the Dover website at www.dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover’s first quarter results and its operating segments can also be found on the Company’s website.

About Dover:

Dover is a diversified global manufacturer with annual revenues of$8 billion. We deliver innovative equipment and components, specialty systems and support services through four major operating segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve.  Recognized for our entrepreneurial approach for nearly 60 years, our team of 27,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible.  Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.” Additional information is available at www.dovercorporation.com.

Forward-Looking Statements:

This press release contains “forward-looking” statements within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, operating and strategic plans, income, earnings, cash flows, changes in operations, operating improvements, industries in which Dover businesses operate and the U.S. and global economies. Statements in this press release that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “expects,” “believes,” “indicates,” “suggests,” “will,” “plans,” “supports,” “projects,” “should,” “would,” “could,” “forecast” and “management is of the opinion,” or the use of the future tense and similar words or phrases. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, the state of the worldwide economy and sovereign credit; political events; the impact of natural disasters and their effect on global supply chains and energy markets; current economic conditions and uncertainties in the credit and capital markets; instability in countries where Dover conducts business; the ability of Dover's businesses to expand into new geographic markets and to anticipate and meet customer demands for new products; increased competition and pricing pressures in the markets served by Dover's businesses; the terms and timing of the sale of any business in discontinued operations; the impact of loss of a single-source manufacturing facility; changes in customer demand or loss of a significant customer; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; increases in the cost of raw materials; domestic and foreign governmental and public policy changes including environmental regulations, conflict minerals disclosure requirements, and tax policies (including domestic and international export subsidy programs, R&E credits and other similar programs); protection and validity of patent and other intellectual property rights; the ability to identify and successfully consummate value-adding acquisition opportunities; Dover's ability to achieve expected savings from integration, synergy and other cost-control initiatives; unforeseen developments in contingencies such as litigation; international economic conditions including interest rate and currency exchange rate fluctuations; possible future terrorist threats and their effect on the worldwide economy; and a downgrade in Dover's credit ratings. Dover refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks

and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover undertakes no obligation to update any forward-looking statement, except as required by law.

INVESTOR SUPPLEMENT - FIRST QUARTER2014

DOVER CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)(in thousands, except per share data)

	Three Months Ended March 31,
	2014			2013
Revenue	$	1,884,647		$	1,763,977
Cost of goods and services	1,148,438			1,082,359
Gross profit	736,209			681,618
Selling and administrative expenses	452,282			416,437
Operating earnings	283,927			265,181
Interest expense, net	32,665			30,284
Other expense (income), net	356			(2,889		)
Earnings before provision for income taxes and discontinued operations	250,906			237,786
Provision for income taxes	74,582			70,573
Earnings from continuing operations	176,324			167,213
(Loss) earnings from discontinued operations, net	(16,186		)	42,790
Net earnings	$	160,138		$	210,003
Basic earnings per common share:
Earnings from continuing operations	$	1.04		$	0.96
Earnings (loss) from discontinued operations, net	(0.10		)	0.25
Net earnings	0.94			1.21
Weighted average shares outstanding	169,750			173,448
Diluted earnings per common share:
Earnings from continuing operations	$	1.02		$	0.95
Earnings (loss) from discontinued operations, net	(0.09		)	0.24
Net earnings	0.93			1.20
Weighted average shares outstanding	172,013			175,567
Dividends paid per common share	$	0.375		$	0.350

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(unaudited)(in thousands)

	2014			2013
	Q1			Q1			Q2			Q3			Q4			FY 2013
REVENUE
Energy	$	478,773		$	462,679		$	465,906		$	467,688		$	457,580		$	1,853,853
Engineered Systems
Printing & Identification	263,533			237,869			250,616			256,565			276,672			1,021,722
Industrials	386,245			367,456			388,810			385,640			374,934			1,516,840
	649,778			605,325			639,426			642,205			651,606			2,538,562
Fluids	345,009			273,638			310,137			309,241			343,822			1,236,838
Refrigeration & Food Equipment	411,493			422,468			517,574			521,322			426,476			1,887,840
Intra-segment eliminations	(406		)	(133		)	(632		)	(245		)	(430		)	(1,440		)
Total consolidated revenue	$	1,884,647		$	1,763,977		$	1,932,411		$	1,940,211		$	1,879,054		$	7,515,653
NET EARNINGS
Segment Earnings:
Energy	$	118,968		$	118,708		$	109,662		$	119,086		$	112,193		$	459,649
Engineered Systems	92,320			83,283			102,804			111,850			101,511			399,448
Fluids	57,942			47,601			58,768			63,056			55,098			224,523
Refrigeration & Food Equipment	44,862			52,110			82,177			86,446			46,574			267,307
Total Segments	314,092			301,702			353,411			380,438			315,376			1,350,927
Corporate expense / other	30,521			33,632			34,860			32,532			28,752			129,776
Net interest expense	32,665			30,284			30,232			30,236			29,920			120,672
Earnings from continuing operations before provision for income taxes	250,906			237,786			288,319			317,670			256,704			1,100,479
Provision for income taxes	74,582			70,573			30,261			91,435			74,138			266,407
Earnings from continuing operations	176,324			167,213			258,058			226,235			182,566			834,072
Earnings (loss) from discontinued operations, net	(16,186		)	42,790			71,991			42,879			11,397			169,057
Net earnings	$	160,138		$	210,003		$	330,049		$	269,114		$	193,963		$	1,003,129
SEGMENT OPERATING MARGIN
Energy	24.8		%	25.7		%	23.5		%	25.5		%	24.5		%	24.8		%
Engineered Systems	14.2		%	13.8		%	16.1		%	17.4		%	15.6		%	15.7		%
Fluids	16.8		%	17.4		%	18.9		%	20.4		%	16.0		%	18.2		%
Refrigeration & Food Equipment	10.9		%	12.3		%	15.9		%	16.6		%	10.9		%	14.2		%
Total Segment	16.7		%	17.1		%	18.3		%	19.6		%	16.8		%	18.0		%
DEPRECIATION AND AMORTIZATION EXPENSE
Energy	$	25,575		$	24,448		$	24,714		$	24,707		$	25,206		$	99,075
Engineered Systems	18,977			17,450			17,885			18,110			18,137			71,582
Fluids	16,366			11,361			11,570			11,790			14,091			48,812
Refrigeration & Food Equipment	17,212			16,585			16,611			16,962			17,070			67,228
Corporate	869			858			1,029			1,030			944			3,861
	$	78,999		$	70,702		$	71,809		$	72,599		$	75,448		$	290,558

DOVER CORPORATION

QUARTERLY SEGMENT INFORMATION

(continued)

(unaudited)(in thousands)

	2014			2013
	Q1			Q1			Q2			Q3			Q4			FY 2013
BOOKINGS
Energy	$	478,469		$	515,388		$	416,892		$	481,021		$	440,261		$	1,853,562
Engineered Systems
Printing & Identification	282,867			237,291			259,380			256,210			270,392			1,023,273
Industrials	427,557			405,555			396,886			344,764			371,797			1,519,002
Eliminations	(17		)	(82		)	(129		)	(5		)	279			63
	710,407			642,764			656,137			600,969			642,468			2,542,338
Fluids	362,943			303,609			298,817			307,729			351,767			1,261,922
Refrigeration & Food Equipment	493,731			482,742			515,320			433,426			450,850			1,882,338
Intra-segment eliminations	(506		)	(560		)	(708		)	(416		)	734			(950		)
Total consolidated bookings	$	2,045,044		$	1,943,943		$	1,886,458		$	1,822,729		$	1,886,080		$	7,539,210
BACKLOG
Energy	$	210,846		$	274,733		$	218,764		$	233,820		$	206,790
Engineered Systems
Printing & Identification	136,309			95,353			103,864			105,699			100,032
Industrials	414,979			415,478			421,834			379,457			374,008
	551,288			510,831			525,697			485,155			474,040
Fluids	328,617			222,255			228,212			228,880			310,330
Refrigeration & Food Equipment	431,298			417,246			412,366			324,042			347,004
Intra-segment eliminations	(374		)	(385		)	(526		)	(387		)	(592		)
Total consolidated backlog	$	1,521,675		$	1,424,680		$	1,384,513		$	1,271,510		$	1,337,572

DOVER CORPORATION

QUARTERLY EARNINGS PER SHARE

(unaudited)(in thousands, except per share data*)

	2014			2013
	Q1			Q1		Q2		Q3		Q4		FY 2013
Basic earnings (loss) per common share:
Continuing operations	$	1.04		$	0.96	$	1.51	$	1.33	$	1.07	$	4.87
Discontinued operations	(0.10		)	0.25		0.42		0.25		0.07		0.99
Net earnings	0.94			1.21		1.93		1.58		1.14		5.86
Diluted earnings (loss) per common share:
Continuing operations	$	1.02		$	0.95	$	1.49	$	1.31	$	1.06	$	4.81
Discontinued operations	(0.09		)	0.24		0.42		0.25		0.07		0.97
Net earnings	0.93			1.20		1.91		1.56		1.13		5.78
Adjusted diluted earnings per common share (calculated below):
Continuing operations	$	1.01		$	0.93	$	1.13	$	1.25	$	1.02	$	4.33
Net earnings (loss) and average shares used in calculated earnings (loss) per share amounts are as follows:
Net earnings (loss):
Continuing operations	$	176,324		$	167,213	$	258,058	$	226,235	$	182,566	$	834,072
Discontinued operations	(16,186		)	42,790		71,991		42,879		11,397		169,057
Net earnings	160,138			210,003		330,049		269,114		193,963		1,003,129
Average shares outstanding:
Basic	169,750			173,448		171,111		170,544		170,027		171,271
Diluted	172,013			175,567		173,097		172,734		172,265		173,547

Note:
Earnings from continuing operations are adjusted by discrete tax items and other one-time gains to derive adjusted earnings from continuing operations and adjusted diluted earnings per common share as follows:
	2014		2013
	Q1		Q1		Q2		Q3		Q4		FY 2013
Adjusted earnings from continuing operations:
Earnings from continuing operations	$	176,324	$	167,213	$	258,058	$	226,235	$	182,566	$	834,072
Gains from discrete and other tax items	2,541		4,343		61,477		7,751		6,084		79,655
Other one-time gains, net of tax	—		—		—		2,866		—		2,866
Adjusted earnings from continuing operations	$	173,783	$	162,870	$	196,581	$	215,618	$	176,482	$	751,551
Adjusted diluted earnings per common share:
Earnings from continuing operations	$	1.02	$	0.95	$	1.49	$	1.31	$	1.06	$	4.81
Gains from discrete and other tax items	0.01		0.02		0.36		0.04		0.04		0.46
Other one-time gains, net of tax	—		—		—		0.02		—		0.02
Adjusted earnings from continuing operations	$	1.01	$	0.93	$	1.13	$	1.25	$	1.02	$	4.33
* Per share data may not add due to rounding.

DOVER CORPORATION

QUARTERLY FREE CASH FLOW

(unaudited)(in thousands)

	2014			2013
	Q1			Q1			Q2			Q3			Q4			FY 2013
Cash flow from operating activities	$	39,778		$	57,713		$	249,053		$	279,375		$	418,280		$	1,004,421
Less: Additions to property, plant and equipment	(33,402		)	(26,326		)	(32,017		)	(39,644		)	(47,579		)	(145,566		)
Free cash flow	$	6,376		$	31,387		$	217,036		$	239,731		$	370,701		$	858,855
Free cash flow as a percentage of earnings from continuing operations	3.6		%	18.8		%	84.1		%	106.0		%	203.1		%	103.0		%
Free cash flow as a percentage of revenue	0.3		%	1.8		%	11.2		%	12.4		%	19.7		%	11.4		%

EX-99.2

Earnings Conference Call First Quarter 2014 April 17, 2014 – 9:30am CT

2 Forward looking statements We want to remind everyone that our comments may contain forward-looking statements that are inherently subject to uncertainties and risks. We caution everyone to be guided in their analysis of Dover Corporation by referring to the documents we file from time to time with the SEC, including our Form 10-K for 2013 and our Form 10-Q for the first quarter of 2014, 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 website, dovercorporation.com, where considerably more information can be found. 2

3 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 Q1* Q2* Q3* Q4* Q1* Q1 2014 Performance Adjusted Earnings Per Share* (continuing operations) Q1 Q1/Q1 * Excludes discrete & other tax benefits of $0.02 in Q1 2013 , $0.36 in Q2 2013, $0.04 in Q3 2013, $0.04 in Q4 2013, and $0.01 in Q1 2014; excludes other one-time gains of $0.02 in Q3 2013 (a) See Press Release for free cash flow reconciliation 3 Quarterly Comments 2013 2014 Revenue $1.9B 7% Adj. EPS (cont.) $1.01 9% Bookings $2.0B 5% Seg. Margins 16.7% -40 bps Organic Rev. 4% Acq. Growth 3% FCF (a) $6M -80%  Revenue growth led by Fluids and Engineered Systems, along with solid growth in Energy  US markets were strong; Europe markets continue to grow; China markets moderated  Segment margin of 16.7% as expected, impacted 70 bps by recent acquisitions  Bookings growth of 5% is broad-based  Overall book-to-bill of 1.09 shows seasonal strength

4 Revenue Q1 2014 Energy Engineered Systems Fluids Refrigeration & Food Equip Total Organic 4% 4% 14% -3% 4% Acquisitions 1% 3% 11% - 3% Currency -1% - 1% - - Total 4% 7% 26% -3% 7%

5 Printing & ID Industrial $372 $427 $440 $478 $270 $283 $352 $363 $451 $494 $0 $200 $400 $600 $800 DE Q4 DE Q1 DES Q4 DES Q1 DF Q4 DF Q1 DRE Q4 DRE Q1 Sequential Results – Q4 2013 → Q1 2014 5 $375 $386 $458 $479 $277 $264 $344 $345 $426 $411 $0 $200 $400 $600 $800 DE Q4 DE Q1 DES Q4 DES Q1 DF Q4 DF Q1 DRE Q4 DRF Q1 Revenue ↑ 5% ↑ 10% ↓ 4% ↑ 3% Flat ↑ 11% Flat ↑ 9% Bookings

6 Energy  Drilling & Production revenue growth remains solid driven by increased well activity; winch markets remain weak  Bearings & Compression markets are solid  Overall margin remains strong and in-line with expectations at 24.8%  Bookings down of 7%; excluding the impact of large international artificial lift orders in Q1 2013 bookings grew 5%  Book-to-bill at 1.00 6 Q1 2014 Q1 2013 % Change Revenue $479 $463 4% Earnings $119 $119 Flat Margin 24.8% 25.7% -90 bps Bookings $478 $515 -7% Revenue by End-Market % of Q1 Revenue Y / Y Growth Drilling & Production 82% 4% Bearings & Compression 18% 3% $ in millions

7 Engineered Systems  Revenue growth is broad- based in Printing & Identification with strong results in the US and China  Revenue growth in Industrial is led by waste handling and vehicle services businesses  Margin expansion reflects leverage on volume and benefits of productivity initiatives  Broad-based bookings growth  Book-to-bill of 1.09 7 Q1 2014 Q1 2013 % Change Revenue $650 $605 7% Earnings $ 92 $ 83 11% Margin 14.2% 13.8% 40 bps Bookings $710 $643 11% Revenue by End-Market % of Q1 Revenue Y / Y Growth Printing & Identification 41% 11% Industrial 59% 5% $ in millions

8 Fluids  Revenue growth driven by strong demand across most end-markets and acquisitions  Pumps continues to see solid plastics and petro-chemical end-markets; Fluid transfer benefitting from global retail fueling trends  Excluding the impact of recent acquisitions, segment margin was 20% on strong leverage on volume  Bookings activity remains strong across the segment  Book-to-bill at 1.05 8 Q1 2014 Q1 2013 % Change Revenue $345 $274 26% Earnings $ 58 $ 48 22% Margin 16.8% 17.4% -60 bps Bookings $363 $304 20% Revenue by End-Market % of Q1 Revenue Y / Y Growth Pumps 48% 34% Fluid Transfer 52% 19% $ in millions

9 Refrigeration & Food Equipment  Revenue impacted by project timing with customers in both refrigeration and food equipment – Activity will accelerate in seasonally strong 2nd quarter  Margin impacted by lower volume and $5 million in net one-time items recorded in Q1 2013  Bookings and backlog growth reflective of normal seasonality  Book-to-bill at a strong 1.20 9 Q1 2014 Q1 2013 % Change Revenue $411 $422 -3% Earnings $ 45 $ 52 -14% Margin 10.9% 12.3% -140 bps Bookings $494 $483 2% Revenue by End-Market % of Q1 Revenue Y / Y Growth Refrigeration 77% -3% Food Equipment 23% -3% $ in millions

10 Q1 2014 Overview 10 Q1 2014 Net Interest Expense $33 million, up $2 million from last year and in- line with expectations Corporate Expense $31 million, down $3 million from last year, in- line with expectations Effective Tax Rate (ETR) Q1 normalized rate was 30.7%, excluding $0.01 of discrete tax benefits Capex $33 million, in-line with expectations Share Repurchases Repurchased 3.6M shares ($293M) in quarter. Completed $1 billion program.

11 FY 2014 Guidance (unchanged)  Revenue – Organic revenue: 3% - 4% – Completed acquisitions: 3% – Total revenue: 6% - 7%  Corporate expense: ≈ $123 million  Interest expense: ≈ $133 million  Full-year tax rate: ≈ 31.0%  Capital expenditures: ≈ 2.5% of revenue  FY free cash flow: ≈ 11% of revenue 2014 Organic growth rate Energy 4% - 5% Engineered Systems 3% - 4% Fluids 4% - 5% Refrigeration & Food Equipment 2% - 3% Total organic 3% - 4% Acquisitions ≈ 3% (a) Total growth 6% - 7% (a): Reflects completed acquisitions

12 2014 EPS Guidance Bridge – Continuing Ops  2013 EPS – Continuing Ops $ 4.81 – Less 2013 tax benefits(1): (0.46) – Other one-times gains(2): (0.02)  2013 Adjusted EPS $ 4.33 – Volume, mix, price (inc. FX): $0.16 - $0.28 – Net benefits of productivity: 0.14 - 0.22 – Acquisitions: 0.05 - 0.07 – Investment / Compensation: (0.19 - 0.23) – Corporate expenses: 0.03 - 0.04 – Interest / Shares / Tax rate (net): 0.08 - 0.09  2014 EPS – Continuing Ops $4.60 - $4.80 (1) $0.02 in Q1 2013 , $0.36 in Q2 2013, $0.04 in Q3 2013, $0.04 in Q4 2013 (2) $0.02 in Q3 2013