Citigroup's Energy 2020 Conference

ENERGY 2020June 11, 2008

PAGE 2

Introductions

Chris Kearney Chairman, President and Chief Executive Officer

Patrick O’Leary EVP and Chief Financial Officer

Jeremy Smeltser VP of Finance

Ryan Taylor Manager of Investor Relations

PAGE 3

Forward-Looking Statements

Certain statements contained in this presentation that are not historical facts, including any statements as to future market conditions, results of operations and financial projections, are forward-looking statements and are thus prospective. These forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.

Particular risks facing SPX include economic, business and other risks stemming from our international operations, legal and regulatory risks, cost of raw materials, pricing pressures, pension funding requirements, integration of acquisitions and changes in the economy. More information regarding such risks can be found in SPX’s SEC filings.

The estimates of future performance and guidance are as presented on April 30, 2008. SPX’s inclusion of estimates and guidance in the presentation is not an update, confirmation, affirmation, or disavowal of the estimates.

Although SPX believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on the company’s current complement of businesses, which is subject to change.

Statements in this presentation are only as of the time made, and SPX does not intend to update any statements made in this presentation except as required by regulatory authorities.

This presentation includes non-GAAP financial measures. A copy of this presentation, including a reconciliation of the non-GAAP financial measures with the most comparable measures calculated and presented in accordance with GAAP, is available on our website at www.spx.com.

PAGE 4

Industrial Products &

Services

Test & Measurement

Flow Technology

Thermal Equipment &

Services

SPX Overview

$6b Global, Multi-Industrial Company; ~1/3 of SPX Revenue isFrom Sales into the Global Power and Energy Market

35% 28%

19%18%

2008E Revenueby Segment

Note: Data from continuing operations, 2008E as of 4/30/2008

Global, multi-industrial manufacturer of engineered products

2008E revenue: $6.2b

Operations in over 20 countries

Over 17,000 global employees

PAGE 5

SPX Earnings Growth

SPX Well Positioned for Future Growth in GlobalInfrastructure, Process Equipment and Tools & Diagnostics Markets

Global Infra

structu

re Process Equipment

Tools & Diagnostics

2005 2006 2007 2008E

…Driving Earnings Growth*

$2.62

$4.85

$3.07

$6.20 to $6.40

17%17% 58%58% ~30%~30%

Three Global Growth Markets…

*2005 – 2007 adjusted for certain items, see appendix for reconciliations; 2008E as of April 30, 2008

PAGE 6

SPX Operating Initiatives

Operating Initiatives Supporting Growth and Improvement Within SPX

Growth

Improvement

Resources

Emerging Markets

New Product Development

IT Infrastructure

Lean Organization

Supply-Chain Management

Learning and DevelopmentShared

Services

PAGE 7

Disciplined Capital Allocation

$675

$386

$716

2005 2006 2007

Disciplined Approach to Capital Allocation

15m

8m9m

Share Repurchases

Johnson Controls European Diagnostics

Strategic Acquisitions

5 acquisitions completed

~$1.2B total revenue

$1.8B of total share repurchases

Average purchase price of ~$58 per share

($ millions)

PAGE 8

Globalization of SPX Continues

ROW3%

North America70%

Asia-Pacific7%

Europe20%

Continued International Expansion;50% of 2007 Revenue Outside North America

Note: Data from continuing operations, 2007 pro forma for APV acquisition

2004 SPX Revenueby Geography

2007 Pro Forma SPX Revenue by Geography

ROW4%

North America49%

Asia-Pacific15%

Europe32%

PAGE 9

Key External Market Drivers

Global Growth Providing Opportunities for SPX

Global Infrastructure

Process Equipment

Tools & D

iagnostics

Growing world population

Advancement of developing countries

Increasing demand for power and energy

Increasing demand for processed food and beverages

Government regulations

Increasing environmental awareness

PAGE 10

SPX Global End Markets

53% of SPX Revenue Serves the Global Infrastructure Market;Significant Exposure to Global Power and Energy Markets

2007 Pro Forma Revenue by End Market

Note: Data from continuing operations, 2007 pro forma for APV acquisition; 2008E as of 4/30/2008

General Industrial

13%

Global Infrastructure

53%

Sanitary14%

Tools & Diagnostics

20%

Power & Energy

33%

HVAC, Telecom,

Other20%

2008E Market Trends

• Power & Energy

• Sanitary

• General Industrial

• HVAC, Telecom, Other

• Tools & Diagnostics

Double-Digit Growth

Mid/High-Single DigitGrowth

Low-Single DigitGrowth

PAGE 11

$562$640

$763

$348

$731$799

$1,217$1,254

$1,401

Q12007

Q42007

Q12008

Q12007

Q42007

Q12008

Q12007

Q42007

Q12008

Backlog Development

Strong Global Demand for Power and Energy InfrastructureAnd Process Equipment Driving Backlog Increases

Thermal($ millions)

Note: Data from continuing operations

FlowIndustrial

~3 Months Visibility

~9 MonthsVisibility

> 1 Year Visibility

PAGE 12

Global Energy Infrastructure Investment

$22 Trillion Estimated to be Spent on Energy Infrastructure From 2006 Through 2030

Coal3%

Power53%

Gas19%

Oil25%

$5.4 trillion

$11.6 trillion

Cumulative Expected Investment in Energy Infrastructure, 2006 - 2030

Source: WEO 2007 Copyright OECD/IEA, 2007; Table 1.9, page 95 , as modified by SPX Corporation

$4.3 trillion

PAGE 13

Investment in Power and Energy Infrastructure by Region

Perfect Storm of Aging Infrastructure in Developed Countries andRising Demand for Electricity Throughout the World

$5t

$2t $2t

$2t

$2t

$3t$4t

$1t

Source: WEO 2007 Copyright OECD/IEA, 2007; Figure 1.13, page 96, as modified by SPX Corporation

PAGE 14

Fuel Source Debate

Positive and Negative Factors About Each Power Source

Fuel Source

Abundant, less expensive

Easy to transport

Easy to transport, low pollution rate

Zero CO2 emissions, low fuel cost

Zero CO2 emissions, free inputs

Positive Factors Negative Factors

High emissions, CO2 storage concerns

Availability, inflating price, CO2 emissions

Availability, inflating price, CO2 emissions

High initial capital cost, long-term waste

Low energy density, reliability concerns

Coal

Oil

Natural Gas

Nuclear

Alternative Sources

PAGE 15

World Primary Energy Demand

Global Primary Energy Demand

Coal, Gas and Oil Expected to be the Primary Sources for Energy;Alternative Sources Gaining Momentum

0

2

4

6

8

10

12

14

16

18

1980 1990 2000 2010E 2020E 2030E

Coal Oil Gas Nuclear Hydro/Other

Source: WEO 2007 Copyright OECD/IEA, 2007; Figure 1.1, page 76, as modified by SPX Corporation

0.7%7.0%

2005 – 2030CAGR

2.1%

1.3%

2.2%Bill

ion

tonn

esof

oil

equi

vale

nt

PAGE 16

SPX Power and Energy Contract Examples

SPX Power and Energy Technologies Providing SolutionsAcross a Diverse, Global Landscape of Customer Needs

South AfricaCoal$235mQ4 2007

IcelandGeothermal$100mQ2 2008

United KingdomCoal$70mQ3 2006

NorwaySolar$40mQ3 2007

ChinaNuclear$13mQ3 2007

ChinaCoal40 plants2002 - present

QatarPetrochemical$100mQ1 2007

United StatesCoal$50mQ4 2007

PAGE 17

SPX Power and Energy Opportunities

SPX Technologies Serve Customers Across Many Global Power and Energy Applications

Coal Nuclear Solar T&DOil &

Natural Gas

Biofuels Petrochemicals Refinement Mining and Minerals

PAGE 18

Cooling Solutions

SPX Offers Broad Cooling System Technology That Serves Customers Across Many Types of Power Generation Facilities

Air Cooled Condensers (Dry Technology)

Mechanical Draft Evaporative Cooling

(Wet Technology)

Natural Draft Towers(Wet or Dry Technology)

Air2Air(Hybrid Technology)

PAGE 19

Thermal Equipment

SPX Provides Critical Components for Power Generation Facilities

Heat Exchangers

FeedwaterHeaters

Deaerators

Electrostatic Precipitators

PAGE 20

Flow Technology

SPX Engineered Flow Products Assist in Power Generation and Oil and Gas Exploration and Refinement

Flue Gas Desulfurization Mixers

Process Pumps & Systems

Steam, Control, Gate, Squib ValvesDryers Filters: Liquid & Air

PAGE 21

Typical Coal-Fired Power Plant

TEXT

Thermal SegmentFlow SegmentIndustrial Segment

PAGE 22

Nuclear Example

SPX Squib Valves Supporting Nuclear Power Growth

SPX contracted in 2007 to design and engineer squib valves for Westinghouse

US Department of Energy funded 50% of the design fees

Critical component for the AP1000 nuclear plant design

Expect deployment in the US and Asia

SPX Squib Valve

Permits the rapid exit of fluid from a pressurized fluid source

PAGE 23

Solar Example

SPX Has Leading Crystal Growing Technology with Global Reach;~$90m in Orders for Crystal Growers Received Within the Past Year

0

2

4

6

8

10

12

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Gig

aWat

ts

MonocrystallineDemand Projection

Source: BCC Research

Global reach:Large installed base of crystal growersSales into over 20 countries for solar

Reputation for reliability and quality:KX120PV a gold standard for solar market

High productivity equipment with sophisticated automatic operation

Focused on new product development

SPX Key Market Attributes

PAGE 24

Geothermal Example

SPX Helping Iceland Expand Its Energy Infrastructure

$100m project in Iceland

SPX chosen to engineer, design, manufacture and install complete cold end solution

5 geothermal plants at the base of the Hengill volcano

Total generating capacity of 225 MW

Iceland’s Svartsengi Power Plant

PAGE 25

Transmission and Distribution

PAGE 26

Power Transformers

SPX Custom Engineers Power Transformers for the Transmission and Distribution of Electricity in the US

Power Transformer

$235

$290

$420

10% to 15%

2005 2006 2007 2008E

Power Transformer Revenue

($ millions)

Note: 2008E as of April 30, 2008

PAGE 27

US Transmission and Distribution Market Drivers

Increased Electricity Demand, Regulatory Standards and Aging Infrastructure Driving Investment in US T&D Market

> Investment in medium power transformers (10-60 mva) has driven Waukesha’s organic growth and backlog growth

> Investment in large power transformers (>60 mva) is expected to increase in the near-term

> Three primary drivers of this investment in transformers:Increased Electricity Demand (1):

2007 demand was 83% of net capacity resources

Demand for electricity expected to increase 135,000 MW or 18% over the next decade

Heightened Regulatory Standards:Energy Policy Act of 2005

Electric Reliability Organization

Aging Infrastructure(1) US Department of Energy

PAGE 28

Installation History of US Transformers

Significant Capital Spending for NewUS Transformers Occurred ~30 Years Ago

Base Giga-Voltage Ampere (GVA) per Year Additions

0

20

40

60

80

100

120

140

160

180

200

1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996

Year

Tran

sfor

mer

GVA

Inst

alle

d

Source: Hartford Steam Boiler

PAGE 29

Aging US Transformers

0%10%20%

30%40%50%60%70%

80%90%

100%

2 8 14 20 26 32 38 44 50 56 62 68 74

Age

Haz

ard

Func

tion

Risk of Transformer Failure and Need for Replacement Begins Significant Increase at 30 Years of Age


Transformer Age

PAGE 30

Expected Rate of Failure

Failure Rate Forecast

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

1964

1968

1971

1974

1977

1980

1983

1986

1989

1992

1995

1998

2001

2004

2007

2010

2013


Rate of Failure Expected to Increase Over the Next 5 Years

Tran

sfor

mer

GVA

PAGE 31

Regulatory Influences on T&D Investment

Mandatory reliability standards

FERC incentives:Capacity margins, transmission constraints

State requirements and regulation

Homeland security

Customer Behavior Altered by Heightened Regulatory Standards;Driving Investment in Transmission and Distribution

ViolationRisk Factor Low Medium High Severe

Low $1 - $3 $2 -$8 $3 - $15 $5 - $25

Medium $2 - $30 $4 - $100 $6 - $200 $10 - $335

High $4 - $125 $8 - $300 $12 - $625 $20 - $1,000

NERC’s Base Penalty Amount Table

Source: NERC

PAGE 32

Summary

PAGE 33

SPX Power and Energy Initiatives

Focused on Maximizing Global Power & Energy Opportunities

Profitability improvement

Geographic expansion

New product development

Customer relationships

Increase capacity & optimize global footprint

Strengthen engineering capabilities

2006 2007

Power & Energy Revenue SPX Focus

~$1,950

~$1,500

PAGE 34

Financial Results

The Transformation of SPX is Clearly Reflected in Our Improving Financial Performance

*Excludes dilutive impact of APV

Segment Income Margins

11.1%

12.1%

13.5% to 14.0%*

13.0%

6% 10% ~5-7%10%

Revenue GrowthOrganic growth

($ millions)

2005 2006 2007 2008E

$3,658$4,097

$4,747

$6,175

2005 2006 2007 2008E

12.4% to 12.9%

Including APV

Note: Data from continuing operations; 2008E as of 4/30/2008; See appendix for non-GAAP reconciliations

PAGE 35

Questions

PAGE 36

Q1 2008 Highlights

Q1 2008

Note: Data from continuing operations, see appendix for non-GAAP reconciliations

Comments($ millions, except per share data)

Earnings Per Share

Revenue

Organic Growth

Segment Income Margin

$1.14 +115%

$1,393 +37%

7% Power & Energy Market Strength

11.6% +140 points

Significant Earnings Growth in Q1

PAGE 37

2008 Financial Targets

Targeting 27% to 32% Revenue Growth and 28% to 32% Earnings Growth

2008ETarget Range

Revenue

Segment Income Margin

Excluding APV

Earnings Per Share

Free Cash Flow

Capital Spending

Note: Data from continuing operations; see appendix for non-GAAP reconciliations; 2008E as of 4/30/2008

Comments+27% to 32% Organic: 5% to 7%

12.7% to 13.2% ~flat

13.8% to 14.3% +80 to 130 bps

$6.20 to $6.40 28% to 32% (1)

$260 to $300 75% to 85% of NI

$140 to $150 Capacity, Lean & IT Investments

($ millions, except per share data)

(1) As compared to 2007 adjusted EPS

PAGE 38

Full Year Financial Model($ millions, except per share data)

2008E Mid-Point EPS Guidance is $6.30 Per Share

(1)

2007

2008E Guidance Mid-Point

Revenue $4,822 $6,175Segment Income Margin 12.9% 12.9%

Corporate overhead (95) (102) Pension / PRHC (44) (39) Stock-based compensation (41) (46) Special charges (8) (15) Operating Income $435 $594 % of revenues 9.0% 9.6%

Equity Earnings in J/V 40 46 Other Income/(Expense) (5) (5) Interest Expense (71) (110) Pre-Tax Income from Continuing Operations $399 $526Tax Provision (126) (181) Income from Continuing Operations $273.1 $344

Tax Rate 32% 35%Weighted Average Dilutive Shares Outstanding 56 55

EPS from continuing operations 4.85$ 6.30$

Guidance Range $6.20 to $6.40

EBITDA 663$ 840$ Note: Data from continuing operations; see appendix for non-GAAP reconciliations; 2008E as of 4/30/2008

PAGE 39

Flow Technology

Chemical10%

Compressed Air5%

Sanitary41% Power &

Energy25%

General Industrial

19%

Providing Process Solutions to Global, Diverse Markets

2007 Pro Forma Revenue by End Market

Note: Data from continuing operations; pro forma for APV acquisition

2007 Pro Forma Revenueby Geography

ROW8%

North America33%

Asia-Pacific21%

Europe38%

PAGE 40

Flow Technology: Full Year Analysis

$1,121

2007 2008E

Targeting 5% to 7% Organic Growth in 2008

Full Year Revenue &Segment Margin

($ millions)

15.8%

Excluding APV Including APV

11.5% to 12.0%

88% to 92%

16.3% to 16.8%

APV Revenue:$885 to $900m

APV Dilution:~480 points


Key 2008 Drivers:

APV Integration

Global energy infrastructure development:

Power, oil & gas, and mining

Leverage on organic growth

11.3%

PAGE 41

Thermal Equipment and Services

Power & Energy61%

HVAC31%Industrial

8%

Global Provider of Thermal Equipment and Services;Power and Energy Infrastructure is Largest End Market

2007 Revenueby End Market


2007 Revenueby Geography

ROW2%

North America

42%

Asia-Pacific19%

Europe37%

PAGE 42

Thermal Equipment and Services: Full Year Analysis

$1,561

2007 2008E

Expect 9% to 11% Total Revenue Growth;Expect Margins Between 10.3% and 10.8%


($ millions)

10.4% 10.3% to 10.8%

+9 to 11%

Key 2008 Drivers:

Global demand for power plant refurbishments and capacity additions

Qatar contract ($100m):Dry cooling system for Lindepetrochemical plant

Majority of work expected to be completed in 2008

Discipline on project bids:Competitive China market

Contract execution

Lean manufacturing initiativesNote: Data from continuing operations; see appendix for non-GAAP reconciliations; 2008E as of 4/30/2008

PAGE 43

Test & Measurement

Other7%

Vehicle Tools &

Diagnostics81%

Utilities8%

Trans-portation

4%

Leading Global Provider of Essential Tools and Diagnostic Systems for New Vehicle Platforms

2007 Revenueby End Market



ROW1%

North America

59%

Asia-Pacific8%

Europe32%

PAGE 44

Test and Measurement: Full Year Analysis

$1,098

2007 2008E

Challenging N.A. OEM Markets Impacted Financial Performance;Focused on Long-Term Strategy for Global Expansion


($ millions)

10.9%10.8% to

11.3%

+9 to 11%

Key 2008 Drivers:

Integration of Johnson Controls European Diagnostics and Matra

North American market remains challenging

Focus on long-term strategy:

Global expansion into Europe and Asia

Restructure US business model

Invest in R&D


PAGE 45

Industrial Products and Services

Broadcast10%

Other Industrial

19%

Power & Energy44%

Hydraulic Tools15%

Aerospace12%

44% of Revenue Serves the Domestic Transmission and Distribution Market

2007 Revenue by End Market



North America

81%

Asia-Pacific7% Europe

12%

PAGE 46

Industrial Products and Services: Full Year Analysis

$966

2007 2008E

Demand for T&D Equipment Driving Margin Expansion and Double-Digit Organic Growth


($ millions)

16.2%

20.2% to 20.7%

+14% to16%

Key 2008 Drivers:

U.S. investment in transmission and distribution of electricity

Strong backlog

Positive growth in other key end markets

Pricing strength

Lean process improvements and capacity expansion


PAGE 47

EGS Electrical Group Joint Venture

Nearly 50% of Sales From Infrastructure Equipment;Solid Earnings and Cash Contributor

Equity Earnings

($ millions)

$39 $39

$46

2006 2007 2008E

Aerospace2%

Auto7%

Agriculture3% Chemical

6%

Infrastructure47% General

Industrial26%

Sanitary9%

EGS 2007 Revenueby End Market

Note: Data from continuing operations; 2008E as of April 30, 2008

PAGE 48

Balance Sheet

($ millions) 12/31/07 3/31/08 Change

Cash $354 $385 $31

Other Current Assets 2,342 2,512 169

Goodwill 1,944 2,005 61

Other Assets 1,597 1,636 39

Total Assets $6,237 $6,537 $300

Other Current Liabilities $1,838 $1,905 $67

Total Debt 1,569 1,624 55

Long-Term Liabilities 825 829 4

Shareholders' Equity 2,006 2,180 174Total Liabilities and Shareholders' Equity

$6,237 $6,537 $300

Debt / Capital Ratio 44% 43%LTM EBITDA (1) $663 $712Net Debt / EBITDA (1) 1.83x 1.73xGross Debt / EBITDA (1) 2.29x 2.20x

(1) Consolidated leverage ratios; Gross Debt to EBITDA as defined in the credit facility

PAGE 49

Capital Allocation Methodology

3/31/2008 Gross Debt to EBITDA at 2.2x;Expect to be In Target Leverage Range During 2008

Gross Debt to EBITDA (1) Excess Capital Usage

> 2.0x

< 2.0x

Debt reduction

Strategic acquisitions

Share repurchases

Target Leverage Range: 1.5x to 2.0x Gross Debt to EBITDA (1)

(1) Consolidated leverage ratios; Gross Debt to EBITDA as defined in the credit facility

PAGE 50

Debt Maturity Schedule

Minimal Debt Repayment Requirements for the Next 3 Years

$75 $75 $75

$195

$556

$30

$500

2008 2009 2010 2011 2012 2013 2014

PAGE 51

Re-Stated Quarterly Segment Data


2006 2007 2006 2007 2006 2007 2006 2007 2006 2007

Flow Technology Revenue $194 $251 $215 $278 $212 $269 $244 $323 $866 $1,121 Segment Income $28 $38 $34 $45 $34 $45 $37 $50 $133 $177 Segment Margins 14.3% 15.0% 15.9% 16.0% 16.2% 16.8% 15.2% 15.4% 15.4% 15.8%

Test and Measurement Revenue $242 $240 $270 $289 $260 $250 $296 $320 $1,067 $1,098 Segment Income $22 $24 $40 $33 $42 $23 $46 $41 $150 $120 Segment Margins 9.3% 9.9% 14.7% 11.3% 16.3% 9.2% 15.6% 12.7% 14.1% 10.9%

Thermal Equipment and Services Revenue $275 $313 $300 $388 $322 $422 $431 $438 $1,328 $1,561 Segment Income $12 $16 $15 $38 $34 $57 $50 $52 $111 $163 Segment Margins 4.4% 5.2% 4.9% 9.8% 10.7% 13.4% 11.7% 12.0% 8.4% 10.4%

Industrial Products and Services Revenue $196 $212 $207 $253 $206 $249 $227 $253 $837 $966 Segment Income $19 $26 $22 $34 $25 $44 $33 $52 $99 $156 Segment Margins 9.6% 12.3% 10.8% 13.5% 11.9% 17.7% 14.6% 20.5% 11.8% 16.2%

Full YearFirst Quarter Second Quarter Third Quarter Fourth Quarter

PAGE 52

Non-GAAP Reconciliations

PAGE 53

Pro Forma APV Calculation

Base Flow Segment APV

Purchase Accounting

Pro Forma Flow

SegmentQ1 2007

Revenue $251 $248 $499Segment Income $38 $9 $47Segment Margin 15.0% 3.5% 9.3%

Q1 2008Revenue $277 $227 $0 $504Segment Income $45 $8 ($8) $46Segment Margin 16.4% 3.6% na 9.1%


PAGE 54

Pro Forma Calculation

RevenueSegment Income

Segment Margin

2007SPX $4,747 $616 13.0%

APV $876 $19 2.2%

Pro Forma SPX $5,623 $635 11.3%

2008E

SPX $5,165 - $5,350 13.8% to 14.3%

APV $885 - $900 ~5%

Total SPX $6,050 - $6,250 12.7% to 13.2%

2008E

SPX Flow Technology 16.3% to 16.8%

APV ~5%

Total SPX Flow Technlogy 11.5% to 12.0%


PAGE 55

Organic Revenue Growth Reconciliation

Net Revenue Acquisitions Organic Growth/(Decline) and Other Growth/(Decline)

2005 6.2% 0.5% 0.0% 5.7%

2006 11.8% 1.4% 0.7% 9.7%

2007 15.7% 3.2% 2.7% 9.8%

2008E 27% - 32% 20% - 22% 2% - 3% 5% - 7%

Foreign Currency

Note: Data from continuing operations; 2008E as of 4/30/2008

PAGE 56

Q1 2008 Organic Revenue Growth Reconciliation

Net Revenue Acquisitions/ Organic Growth Divestitures Growth

Flow 101.0% 91.1% 5.2% 4.7%

Test 14.4% 13.0% 4.6% -3.2%

Thermal 10.9% 0.0% 6.1% 4.8%

Industrial 26.2% 0.0% 1.3% 24.8%

Consolidated 37.2% 25.5% 4.6% 7.1%

Foreign Currency

Quarter Ended March 31, 2008


PAGE 57

Q1 Free Cash Flow Reconciliation to GAAP Financial Measures

($ millions) Q1 2006 Q1 2007 Q1 2008

Net cash from continuing operations (114)$ (6)$ (28)$ Capital expenditures (10)$ (11)$ (21)$

Free cash flow from continuing operations (124)$ (17)$ (48)$ Taxes paid on LYONs tax recapture 84$

Adjusted free cash flow from continuing operations (40)$

Free Cash Flow Reconciliation(unaudited)

SPX Corporation and Subsidiaries

PAGE 58

2008E Free Cash Flow Reconciliation to GAAP Financial Measures

Net cash from continuing operations 400$ 450$ Capital expenditures (140)$ (150)$

Free cash flow from continuing operations 260$ 300$

2008 Guidance Range

SPX Corporation and SubsidiariesFree Cash Flow Reconciliation

(unaudited)

($ millions)

Note: Data from continuing operations; 2008E as of 4/30/2008

PAGE 59

EBITDA Reconciliations

Note: EBITDA as defined in the credit facility; 2008E as of 4/30/2008

($ millions) 2006 2007 2008E

Revenues $4,313 $4,822 $6,175

Net Income $171 $294 $344Income tax provision (benefit) 56 90 181Interest expense 50 77 110Income before interest and taxes $277 $461 $635

Depreciation and intangible amortization expense 90 83 122EBITDA from continuing operations $367 $544 $756

Adjustments:Non-cash compensation expense 38 41 46Extraordinary non-cash charges 41 14 0Extraordinary non-recurring cash charges 27 7 18Excess of JV distributions over JV income (12) 2 13Loss (Gain) on disposition or assets 56 4 0Pro Forma effect of acquisitions and divestitures 53 5Other 8 0 2

Adjusted LTM EBITDA from continuing operations $525 $663 $840

PAGE 60

Debt Reconciliations

($ millions) 12/31/2007 3/31/2008

Short-term debt 255$ 313$ Current maturities of long-term debt 79 79 Long-term debt 1,235 1,231

Gross Debt 1,569$ 1,624$

Less: Puchase card program and extended A/P programs (58)$ (53)$

Adjusted Gross Debt 1,511$ 1,570$

Less: Cash in excess of $50m (304)$ (335)$

Adjusted Net Debt 1,207$ 1,236$

Note: Debt as defined in the credit facility

PAGE 61

2007 Adjusted Earnings Per Share


FY 2007

GAAP EPS from continuing operations $5.33

Q3 Tax Benefits (0.34)

Q4 Tax Benefits (0.25)Q4 Asset Impairment 0.05

Q4 Legacy Legal Matters (Corporate Expense) 0.06

Adjusted EPS from continuing operations $4.85

PAGE 62

2006 Adjusted Earnings Per Share


FY 2006

GAAP EPS from continuing operations $3.74

Q2 Tax Accrual Reversal (0.57)

Q2 VSI Legal Settlement 0.20

Q4 Miscellaneous Tax Benefits (0.28)

Q4 Charges for Legacy Legal Matters 0.07

Loss from operations discontinued in 2007 (0.08)

Adjusted EPS from continuing operations $3.07

PAGE 63

2005 Adjusted EPS Reconciliation

Note: The model above has been presented on the same basis as the annual earnings per share model presented in SPX’s March 3, 2005 investor presentation

GAAP net income per share $15.33

Income from discontinued operations (15.61)SFAS 142 asset impairment 0.96Loss on early extinguishment of debt 0.96Normalized tax rate (40%) 0.41Projected share count (64m) 0.26Normalized interest expense ($37m) 0.12Other (1) 0.19

Adjusted earnings per share $2.62

(1) Includes income from businesses discontinued in the second half of 2005, other expense relating to FX losses on the repatriation of cash, a one-time legal settlement at our EGS joint venture and a one-time gain on the sale of property.

Year ended, Dec 31, 2005

PAGE 64

Economy & Finance

Citigroup's Energy 2020 Conference